N-CSR 1 c100845_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number File No. 811-04415

COLLEGE RETIREMENT EQUITIES FUND

(Exact Name of Registrant as specified in charter)

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

(Address of Principal Executive Offices) (Zip code)

Rachael M. Zufall, Esq.

College Retirement Equities Fund

8500 Andrew Carnegie Blvd.

Charlotte, North Carolina 28262-8500

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2020

Item 1. Reports to Stockholders.

Annual Report ■ December 31, 2020

College Retirement
Equities Fund

The annual report contains the audited financial statements.

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

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

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

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

Contents

Understanding this report	3
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	14
CREF Growth Account	18
CREF Equity Index Account	22
CREF Bond Market Account	26
CREF Inflation-Linked Bond Account	30
CREF Social Choice Account	34
CREF Money Market Account	38

Summary portfolios of investments		42
Audited financial statements
Statements of assets and liabilities		80
Statements of operations		82
Statements of changes in net assets		84
Financial highlights		90
Notes to financial statements		100
Report of independent registered public accounting firm		118
Trustees and officers		120
Additional information about index providers		126
How to reach us	Inside back cover

Understanding this report

This annual report contains information about the CREF variable annuity accounts and describes their results for the twelve months ended December 31, 2020. The report contains four main sections:

•

A letter to participants from Liza M. Tyler, Principal Executive Officer, CREF; Senior Managing Director, Head of Variable Annuities.

•

The account performance section compares each account’s investment returns with those of its benchmark index.

•

The summary portfolios of investments list the industries and types of securities in which each account had investments as of December 31, 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 Annual Report

Letter to CREF participants

Domestic and international stock markets experienced steep declines in the early months of the COVID-19 pandemic but rallied to post solid gains for the full year. The U.S. economy contracted sharply in the spring of 2020, shaken by the virus and measures imposed to limit its spread. But a powerful recovery that began in the summer months helped the economy regain a great deal of lost ground. Most international economies also experienced a contraction, followed by growth later in the period. Responding to the economic challenge, the U.S. Federal Reserve lowered the federal funds target rate to 0.00%–0.25% in March 2020. The European Central Bank authorized a new bond-buying program to support its economies, and the Bank of England lowered its benchmark interest rate.

	•	The five CREF accounts with significant exposure to U.S. stocks recorded solid gains, ranging from a return of 13.3% for the Social Choice Account to an advance of 40.4% for the Growth Account.
	•	Among fixed-income categories, the Bond Market Account gained 7.7% while the Inflation-Linked Bond Account returned 7.8%.
	•	Four of the accounts equaled or exceeded the performance of their respective benchmarks, while four underperformed. All account returns are for Class R1.

CREF performance review

For the twelve-month period, all eight CREF accounts posted positive returns. In general, stocks outperformed bonds. Among domestic equities, growth outperformed value shares, and large-cap shares outpaced smaller caps. Domestic stocks generally outperformed international equities.

The Stock Account, which is the largest CREF account in terms of net assets, gained 17.6% but modestly underperformed its composite benchmark. The Growth Account gained 40.4% and outpaced its benchmark due in part to favorable stock and sector allocations. The Global Equities Account powered past its benchmark with a gain of 22.5%. The Equity Index Account returned 20.4% but fell slightly short of its benchmark, primarily due to expenses. The Social Choice Account, which excludes certain stocks due to environmental, social and governance criteria, gained 13.3% but lagged its composite benchmark.

Turning to fixed-income categories, the Bond Market Account outperformed its benchmark with a return of 7.7%. The Inflation-Linked Bond Account advanced 7.8% but fell short of its benchmark, while the Money Market Account matched its benchmark with a return of 0.3%.

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

4	2020 Annual Report ■ College Retirement Equities Fund

Stocks and bonds rose amid COVID-19 crisis

The domestic equity market, as represented by the broad Russell 3000^® Index, gained 20.9% for the twelve months. International stocks, as measured in U.S.-dollar terms by the MSCI EAFE^®Index, rose 7.8%. U.S. investment-grade fixed-rate bonds, as represented by the Bloomberg Barclays U.S. Aggregate Bond Index, advanced 7.5%. Yields on U.S. Treasury securities of all maturities declined, sending bond prices higher (bond yields move in the opposite direction of prices).

Liza Tyler

Keeping a focus on long-term goals

The events of 2020 should remind investors of two important principles. First, it’s nearly impossible to predict future events or their impact on the financial markets. At the outset, few could have foreseen the true global impact of the COVID-19 pandemic and how it would change the way we conduct our everyday lives. Second, while the market’s initial reaction to the pandemic was severe, the recovery was equally as dramatic, illustrating the importance of adhering to a well-thought-out financial plan that includes a diversified portfolio of asset classes. We believe this can be a prudent strategy to help investors manage through the inevitable ups and downs of the financial markets. 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 suggest that you speak with your financial advisor or call a TIAA financial consultant. To learn more, visit us at TIAA.org or call 800-842-2252. We would be pleased to assist you.

/s/ Liza M. Tyler

Liza M. Tyler

Principal Executive Officer, CREF

Senior Managing Director, Head of Variable Annuities

College Retirement Equities Fund ■ 2020 Annual Report

Information for CREF participants

Portfolio holdings

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

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

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

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

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

Proxy voting

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

Contacting TIAA

There are three easy ways to contact us: by email, using the Contact Us link 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 Annual Report ■ College Retirement Equities Fund

About the accounts’ benchmarks

CREF Stock Account

The Account’s composite benchmark is a weighted average of two unmanaged indexes: the Russell 3000^® Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World (ACWI) ex USA Investable Market Index (IMI), which measures the performance of small-, mid- and large-cap stocks in 49 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 27 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 Annual 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 Annual Report ■ College Retirement Equities Fund

Important information about expenses

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

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

The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (July 1, 2020–December 31, 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 Annual Report

CREF Stock Account

Performance for the twelve months ended December 31, 2020

The CREF Stock Account returned 17.64% for the year, compared with the 17.93% return of its composite benchmark, a weighted average of the Russell 3000^® Index and the MSCI All Country World (ACWI) ex USA Investable Market Index (IMI). (All returns for the Account are for Class R1.)

The U.S. economy contracted sharply early in the period in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020. The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%.

The U.S. stock market, as measured by the Russell 3000 Index, saw steep losses during the first months of the pandemic but rallied to an overall gain of 20.89% for the twelve months. International stocks, as measured by the MSCI ACWI ex USA IMI, gained 11.12% in U.S.-dollar terms for the twelve months.

Account advanced but trailed its composite benchmark

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

The Account trailed its benchmark for the period. Actively managed U.S. equities—especially large-cap core and large-cap growth—made a positive contribution to the Account’s relative performance versus its benchmark, but not enough to offset underperformance from quantitative strategies, which were the largest detractors. The Account’s actively managed international portfolios were also beneficial, with emerging-markets and certain developed-markets portfolios contributing most to its relative performance.

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 Annual Report ■ College Retirement Equities Fund

CREF Stock Account

Performance as of December 31, 2020

Stock Account		Total return			Average annual total return						Estimated annual
	Inception date	1 year			5 years			10 years			operating expenses		*
Class R1	7/31/1952		17.64	%		12.52	%		10.46	%		0.570	%
Class R2	4/24/2015		17.84			12.76			10.60	^†		0.385
Class R3	4/24/2015		17.91			12.84			10.65	^†		0.325
CREF Stock Account Composite Index^§	—		17.93			13.52			11.18			—
Broad market index
Morningstar Aggressive Target Risk Index	—		13.26			12.20			9.76			—

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 December 31, 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.

College Retirement Equities Fund ■ 2020 Annual Report

CREF Stock Account

$10,000 over 10 years (Class R1)

Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the values of the Account’s composite benchmark and a broad market index during the same period. The performance of other classes varies due to differences in expense charges.

Expense example

Six months ended December 31, 2020

Stock Account	Beginning account value (7/1/20		)	Ending account value (12/31/20		)	Expenses paid during period (7/1/20–12/31/20		* )
Actual return
Class R1		$1,000.00			$1,250.99			$3.00
Class R2		1,000.00			1,252.06			2.04
Class R3		1,000.00			1,252.41			1.70
5% annual hypothetical return
Class R1		1,000.00			1,022.47			2.69
Class R2		1,000.00			1,023.33			1.83
Class R3		1,000.00			1,023.63			1.53

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Account’s annualized six-month expense ratios for that period were 0.53% for Class R1, 0.36% for Class R2 and 0.30% for Class R3.

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

12	2020 Annual Report ■ College Retirement Equities Fund

CREF Stock Account

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2020
Class R1	0.52%
Class R2	0.35%
Class R3	0.29%

Account profile

as of 12/31/2020
Net assets		$126.96 billion
Portfolio turnover rate		69%
Number of holdings		9,883
Weighted median market capitalization		$71.43 billion
Price/earnings ratio (weighted 12-month trailing average)^†		45.6

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

Portfolio composition

Sector		% of net assets as of 12/31/2020
Information technology		22.7
Consumer discretionary		13.2
Financials		12.7
Health care		12.3
Industrials		10.0
Communication services		8.8
Consumer staples		6.3
Materials		4.5
Real estate		2.9
Utilities		2.5
Energy		2.4
Short-term investments, other assets & liabilities, net		1.7
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 12/31/2020
More than $50 billion		56.6
More than $15 billion–$50 billion		21.2
More than $2 billion–$15 billion		18.3
$2 billion or less		3.9
Total		100.0

Holdings by country

		% of portfolio investments as of 12/31/2020
United States		67.2
Japan		4.6
China		3.1
United Kingdom		2.8
France		1.9
Germany		1.7
Canada		1.7
Switzerland		1.7
72 other nations		12.8
Short-term investments		2.5
Total		100.0

College Retirement Equities Fund ■ 2020 Annual Report

CREF Global Equities Account

Performance for the twelve months ended December 31, 2020

The CREF Global Equities Account returned 22.48% for the year, compared with the 16.25% return of its benchmark, the MSCI All Country World Index (ACWI). (All returns for the Account are for Class R1.)

International equities fell early in the period as the COVID-19 pandemic spread around the world. However, stocks in both developed and emerging markets recovered to post solid gains for the twelve months. Most global economies contracted amid early efforts to control the spread of the virus, but they recovered in the following months. The Chinese economy returned to growth year-over-year in the second quarter of 2020, while economies in the 19-nation euro area and the United Kingdom expanded again in the third quarter. Central banks around the world responded aggressively to the pandemic. The U.S. Federal Reserve reduced the federal funds target rate twice in March to 0.00%–0.25%. The European Central Bank expanded its emergency bond-buying program. The Bank of England also increased stimulus efforts and cut its benchmark interest rate to 0.1%.

Of the 50 countries represented in the MSCI ACWI, 25 posted gains in U.S.-dollar terms for the twelve-month period. In local-currency terms, the returns of most countries were lower than—or the same as—their U.S.-dollar returns.

Account surpassed its benchmark

The Account outperformed its benchmark for the twelve months. The leading contributor was an overweight investment in Peloton Interactive, a U.S.-based provider of fitness and cycling equipment. Next were overweight positions in Taiwan Semiconductor Manufacturing and Australian iron ore producer Fortescue Metals Group.

Conversely, some stocks underperformed. Chief among these were overweight positions in Britain’s Lloyds Banking Group, Dutch financial company ING and Italian bank UniCredit.

14	2020 Annual Report ■ College Retirement Equities Fund

CREF Global Equities Account

Performance as of December 31, 2020

Global Equities Account		Total return			Average annual total return						Estimated annual
	Inception date	1 year			5 years			10 years			operating expenses		*
Class R1	5/1/1992		22.48	%		12.29	%		9.90	%		0.545	%
Class R2	4/24/2015		22.68			12.53			10.04	^†		0.360
Class R3	4/24/2015		22.75			12.61			10.09	^†		0.300
MSCI All Country World Index	—		16.25			12.26			9.13			—

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.

$10,000 over 10 years (Class R1)

Ending amounts are as of December 31, 2020. For the purpose of comparison, the graph also shows the change in the value of the Account’s benchmark during the same period. The performance of other classes varies due to differences in expense charges.

College Retirement Equities Fund ■ 2020 Annual Report

CREF Global Equities Account

Expense example

Six months ended December 31, 2020

Global Equities Account	Beginning account value (7/1/20		)	Ending account value (12/31/20		)	Expenses paid during period (7/1/20–12/31/20		* )
Actual return
Class R1		$1,000.00			$1,277.43			$2.92
Class R2		1,000.00			1,278.52			1.95
Class R3		1,000.00			1,278.88			1.60
5% annual hypothetical return
Class R1		1,000.00			1,022.57			2.59
Class R2		1,000.00			1,023.43			1.73
Class R3		1,000.00			1,023.73			1.42

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Account’s annualized six-month expense ratios for that period were 0.51% 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.

Actual expenses

Net expense ratio for the one-year period ended 12/31/2020

Class R1	0.50%
Class R2	0.33%
Class R3	0.27%

16	2020 Annual Report ■ College Retirement Equities Fund

CREF Global Equities Account

Account profile

as of 12/31/2020
Net assets		$24.37 billion
Portfolio turnover rate		63%
Number of holdings		3,116
Weighted median market capitalization		$91.60 billion
Price/earnings ratio (weighted 12-month trailing average)^†		39.9

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

Portfolio composition

Sector		% of net assets as of 12/31/2020
Information technology		22.2
Consumer discretionary		14.6
Financials		11.7
Health care		11.6
Industrials		9.5
Communication services		9.3
Consumer staples		7.1
Materials		5.8
Utilities		2.9
Energy		1.8
Real estate		1.6
Short-term investments, other assets & liabilities, net		1.9
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 12/31/2020
More than $50 billion		64.4
More than $15 billion–$50 billion		23.2
More than $2 billion–$15 billion		12.0
$2 billion or less		0.4
Total		100.0

Holdings by country

		% of portfolio investments as of 12/31/2020
United States		54.6
Japan		6.7
China		5.0
United Kingdom		4.1
France		3.4
Germany		3.0
Switzerland		2.6
Taiwan		2.2
48 other nations		16.4
Short-term investments		2.0
Total		100.0

College Retirement Equities Fund ■ 2020 Annual Report

CREF Growth Account

Performance for the twelve months ended December 31, 2020

The CREF Growth Account returned 40.44% for the year, compared with the 38.49% return of its benchmark, the Russell 1000^® Growth Index. (All returns for the Account are for Class R1.)

The U.S. stock market, as measured by the Russell 3000^® Index, saw steep losses during the first months of the pandemic but rallied to an overall gain of 20.89% for the twelve months. Growth stocks outpaced value shares, and large-cap stocks surpassed small- and mid-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Account posted a sizeable gain and outperformed its benchmark

Ten of the eleven industry sectors in the Russell 1000 Growth Index advanced for the twelve months. Information technology (up 53.3%)—the benchmark’s largest sector—contributed more than one-half of the index’s return. The next-largest contributors were consumer discretionary (up 62.6%), communication services (up 36.6%) and health care (up 19.4%). Together, these four sectors represented over 80.0% of the benchmark’s total market capitalization on December 31, 2020. Energy (down 18.2%)—the benchmark’s smallest sector after utilities—was the sole decliner as oil and gas prices slumped.

The Account outperformed its benchmark for the period on the strength of several stock and sector allocations. The top contributors to relative performance were an overweight position in PayPal and an out-of-benchmark position in Adyen. Both payment processors benefited from the pandemic-driven surge in e-commerce transactions. Overweight positions in Amazon.com and electric car maker Tesla were also helpful.

These and other favorable security selections were partly offset by stock picks that did not perform as anticipated. The largest detractor was an underweight position in Apple, whose stock price soared amid strong sales of laptop and tablet computers used for remote work and education. The next-largest detractors were out-of-benchmark positions in pharmaceutical firm AstraZeneca and aerospace company Airbus.

18	2020 Annual Report ■ College Retirement Equities Fund

CREF Growth Account

Performance as of December 31, 2020

Growth Account		Total return			Average annual total return						Estimated annual
	Inception date	1 year			5 years			10 years			operating expenses		*
Class R1	4/29/1994		40.44	%		19.31	%		16.53	%		0.500	%
Class R2	4/24/2015		40.68			19.57			16.68	^†		0.315
Class R3	4/24/2015		40.76			19.65			16.73	^†		0.255
Russell 1000^® Growth Index	—		38.49			21.00			17.21			—

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.

$10,000 over 10 years (Class R1)

College Retirement Equities Fund ■ 2020 Annual Report

CREF Growth Account

Expense example

Six months ended December 31, 2020

Growth Account	Beginning account value (7/1/20		)	Ending account value (12/31/20		)	Expenses paid during period (7/1/20–12/31/20		* )
Actual return
Class R1		$1,000.00			$1,260.35			$2.67
Class R2		1,000.00			1,261.43			1.71
Class R3		1,000.00			1,261.78			1.36
5% annual hypothetical return
Class R1		1,000.00			1,022.77			2.39
Class R2		1,000.00			1,023.63			1.53
Class R3		1,000.00			1,023.93			1.22

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 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.

Actual expenses

Net expense ratio for the one-year period ended 12/31/2020

Class R1	0.47%
Class R2	0.30%
Class R3	0.24%

20	2020 Annual Report ■ College Retirement Equities Fund

CREF Growth Account

Account profile

as of 12/31/2020
Net assets		$35.71 billion
Portfolio turnover rate		82%
Number of holdings		499
Weighted median market capitalization		$220.41 billion
Price/earnings ratio (weighted 12-month trailing average)^†		52.2

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

Portfolio composition

Sector		% of net assets as of 12/31/2020
Information technology		40.0
Consumer discretionary		18.1
Communication services		14.2
Health care		13.1
Consumer staples		5.0
Industrials		4.9
Financials		2.6
Real estate		0.8
Materials		0.7
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 12/31/2020
More than $50 billion		77.5
More than $15 billion–$50 billion		18.5
More than $2 billion–$15 billion		3.9
$2 billion or less		0.1
Total		100.0

College Retirement Equities Fund ■ 2020 Annual Report

CREF Equity Index Account

Performance for the twelve months ended December 31, 2020

The CREF Equity Index Account returned 20.35% for the year, compared with the 20.89% return of its benchmark, the Russell 3000^® Index. (All returns for the Account are for Class R1.)

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

The U.S. stock market, as measured by the Russell 3000 Index, saw steep losses during the first months of the pandemic but rallied to an overall gain of 20.89% for the twelve months. Growth stocks outpaced value shares, and large-cap stocks surpassed small- and mid-cap shares. (Returns by investment style and capitalization size are based on the Russell indexes.)

Information technology drove the benchmark’s gain

Seven of the eleven industry sectors in the Russell 3000 Index advanced for the twelve months. Information technology (up 46.1%)—the benchmark’s largest sector—contributed more than one-half of the index’s return. Consumer discretionary (up 46.9%), health care (up 19.0%) and communication services (up 25.8%) were the next-largest contributors. Together, these four sectors represented more than 60.0% of the benchmark’s total market capitalization on December 31, 2020. Energy (down 33.3%) was the worst-performing sector amid a sharp decline in oil prices. Financials (down 2.2%) was the largest detractor, hurt by concerns about banks’ profitability in the low interest-rate environment.

For the twelve-month period, all of the five largest stocks in the Russell 3000 Index posted sizeable gains that exceeded the overall return of the benchmark. Apple led the way, benefiting from strong sales of laptop and tablet computers, followed by Amazon.com, which helped supply essential products as people sheltered in place during the pandemic. Next in line were Microsoft, Facebook and Alphabet (the parent company of Google).

22	2020 Annual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Performance as of December 31, 2020

Equity Index Account					Average annual						Estimated
		Total return			total return						annual
	Inception date	1 year			5 years			10 years			operating expenses		*
Class R1	4/29/1994		20.35	%		14.87	%		13.29	%		0.475	%
Class R2	4/24/2015		20.56			15.12			13.43	^†		0.290
Class R3	4/24/2015		20.63			15.19			13.48	^†		0.230
Russell 3000^® Index	—		20.89			15.43			13.79			—

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

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

$10,000 over 10 years (Class R1)

College Retirement Equities Fund ■ 2020 Annual Report

CREF Equity Index Account

Expense example

Six months ended December 31, 2020

Equity Index Account	Beginning account value (7/1/20		)	Ending account value (12/31/20		)	Expenses paid during period (7/1/20–12/31/20		* )
Actual return
Class R1		$1,000.00			$1,249.27			$2.54
Class R2		1,000.00			1,250.34			1.58
Class R3		1,000.00			1,250.69			1.24
5% annual hypothetical return
Class R1		1,000.00			1,022.87			2.29
Class R2		1,000.00			1,023.73			1.42
Class R3		1,000.00			1,024.03			1.12

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Account’s annualized six-month expense ratios for that period were 0.45% for Class R1, 0.28% for Class R2 and 0.22% for Class R3.

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

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2020
Class R1	0.44%
Class R2	0.27%
Class R3	0.21%

24	2020 Annual Report ■ College Retirement Equities Fund

CREF Equity Index Account

Account profile

		as of 12/31/2020
Net assets		$21.83 billion
Portfolio turnover rate		3%
Number of holdings		2,765
Weighted median market capitalization		$109.24 billion
Price/earnings ratio (weighted 12-month trailing average)^†		47.2

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

Portfolio composition

Sector		% of net assets as of 12/31/2020
Information technology		27.0
Health care		13.9
Consumer discretionary		12.3
Financials		10.7
Communication services		9.8
Industrials		9.2
Consumer staples		5.8
Real estate		3.2
Materials		2.8
Utilities		2.6
Energy		2.1
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 12/31/2020
More than $50 billion		64.3
More than $15 billion–$50 billion		19.6
More than $2 billion–$15 billion		13.8
$2 billion or less		2.3
Total		100.0

College Retirement Equities Fund ■ 2020 Annual Report

CREF Bond Market Account

Performance for the twelve months ended December 31, 2020

The CREF Bond Market Account returned 7.67% for the year, compared with the 7.51% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. (All returns for the Account are for Class R1.)

The U.S. economy contracted sharply early on, in response to the COVID-19 pandemic, but it then expanded considerably later in the year. The unemployment rate spiked from 3.6% in January 2020 to 14.7% in April, then steadily declined to 6.7% by December. Core inflation, which includes all items except food and energy, rose 1.6% for the twelve months ended December 31, 2020.

The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%. Bond prices rose during the period as yields on U.S. Treasury securities of all maturities fell (bond yields move in the opposite direction of prices). Central banks around the world also took action as major international economies were jolted by the impact of the pandemic but later staged recoveries. The European Central Bank expanded its emergency bond-buying program, and the Bank of England cut its benchmark interest rate to 0.1%.

Account surpassed its benchmark

All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the twelve-month period. The U.S. Treasuries sector, the largest in the index with a weight of 38.2%, advanced 8.0%. Corporate bonds, the second-largest sector accounting for 26.4% of the index’s total market capitalization on December 31, 2020, returned 9.9%. Mortgage-backed securities—the benchmark’s third-largest sector at 26.0%—rose a more modest 4.0%. Commercial mortgage-backed securities and asset-backed securities advanced 8.1% and 4.5%, respectively.

The Account outperformed its benchmark for the period. Asset allocation was the primary performance driver. An overweight position in corporate bonds (including high yield and emerging markets) proved beneficial as risk appetites returned and spreads tightened dramatically following the March 2020 sell-off. Corporate bonds also benefited from direct and indirect government support, as well as an ongoing search for yield. Allocations to government-related agency securities, especially in emerging markets, were also helpful. Security selection within corporates contributed due to an emphasis on companies with the financial flexibility to weather a recession. Duration (a measure of interest-rate sensitivity) detracted over the full period as the Account’s positioning was shorter than the benchmark’s while interest rates fell for much of the year.

Effective May 1, 2021, the Account’s name will be changed to CREF Core Bond Account.

26	2020 Annual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Performance as of December 31, 2020

Bond Market Account					Average annual					Estimated
		Total return				total return					annual
	Inception date		1 year			5 years		10 years			operating expenses	*
Class R1	3/1/1990		7.67	%		4.52	%	3.83	%		0.505	%
Class R2	4/24/2015		7.85			4.75		3.96	^†		0.320
Class R3	4/24/2015		7.92			4.82		4.00	^†		0.260
Bloomberg Barclays U.S. Aggregate Bond Index	—		7.51			4.44		3.84			—

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 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.

$10,000 over 10 years (Class R1)

College Retirement Equities Fund ■ 2020 Annual Report

CREF Bond Market Account

Expense example

Six months ended December 31, 2020

Bond Market Account	Beginning account value (7/1/20		)	Ending account value (12/31/20		)	Expenses paid during period (7/1/20–12/31/20		* )
Actual return
Class R1		$1,000.00			$1,025.68			$2.44
Class R2		1,000.00			1,026.55			1.58
Class R3		1,000.00			1,026.84			1.32
5% annual hypothetical return
Class R1		1,000.00			1,022.72			2.44
Class R2		1,000.00			1,023.58			1.58
Class R3		1,000.00			1,023.83			1.32

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Account’s annualized six-month expense ratios for that period were 0.48% for Class R1, 0.31% for Class R2 and 0.26% for Class R3.

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

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2020
Class R1	0.48%
Class R2	0.31%
Class R3	0.25%

28	2020 Annual Report ■ College Retirement Equities Fund

CREF Bond Market Account

Account profile

as of 12/31/2020
Net assets		$15.03 billion
Portfolio turnover rate		135%
Portfolio turnover rate, excluding mortgage dollar-roll transactions		84%
Number of issues		2,146
Option-adjusted duration^‡		6.02 years
Average maturity^§		8.03 years

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

Portfolio composition

Sector		% of net assets as of 12/31/2020
Corporate bonds		32.3
Mortgage-backed securities		24.5
Foreign government & corporate bonds denominated in U.S. dollars		13.9
U.S. Treasury securities		7.6
Commercial mortgage-backed securities		6.7
Asset-backed securities		6.7
Municipal bonds		3.6
Bank loan obligations		0.8
U.S. agency securities		0.6
Preferred stock		0.1
Short-term investments, other assets & liabilities, net		3.2
Total		100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 12/31/2020
Less than 1 year		2.5
1–3 years		21.0
3–5 years		28.4
5–10 years		29.6
Over 10 years		18.5
Total		100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 12/31/2020
U.S. Treasury & U.S. agency securities*		32.6
Aaa/AAA		11.1
Aa/AA		8.0
A/A		17.1
Baa/BBB		26.0
Ba/BB		2.6
B/B		1.5
Below B/B		0.2
Non-rated		0.9
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.

College Retirement Equities Fund ■ 2020 Annual Report

CREF Inflation-Linked Bond Account

Performance for the twelve months ended December 31, 2020

The CREF Inflation-Linked Bond Account returned 7.78% for the year, compared with the 8.39% return of its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. (All returns for the Account are for Class R1.)

The Federal Reserve reduced the federal funds target rate twice in March, lowering the key short-term interest-rate measure to 0.00%–0.25%. Bond prices rose during the period as yields on U.S. Treasury securities of all maturities fell (bond yields move in the opposite direction of prices). Central banks around the world also took action. The European Central Bank expanded its emergency bond-buying program, and the Bank of England cut its benchmark interest rate to 0.1%.

TIPS surpassed the broader bond market

For the twelve months, the return of the TIPS 1–10 Year Index outperformed the 7.51% gain 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 period, driven by high-quality bonds. Despite a low core inflation rate throughout the twelve months, which can limit the returns of Treasury inflation-protected securities, TIPS benefited from the strength in the U.S. Treasury market.

The Account 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.

30	2020 Annual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Performance as of December 31, 2020

Inflation-Linked Bond Account					Average annual						Estimated
		Total return			total return						annual
	Inception										operating
	date	1 year			5 years			10 years			expenses		*
Class R1	5/1/1997		7.78	%		3.69	%		2.90	%		0.475	%
Class R2	4/24/2015		7.96			3.91			3.03	^†		0.290
Class R3	4/24/2015		8.03			3.98			3.07	^†		0.230
Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index	—		8.39			4.13			2.88			—

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.

$10,000 over 10 years (Class R1)

College Retirement Equities Fund ■ 2020 Annual Report

CREF Inflation-Linked Bond Account

Expense example

Six months ended December 31, 2020

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Inflation-Linked Bond Account	(7/1/20		)	(12/31/20		)	(7/1/20–12/31/20		)
Actual return
Class R1		$1,000.00			$1,036.18			$2.30
Class R2		1,000.00			1,037.06			1.43
Class R3		1,000.00			1,037.36			1.18
5% annual hypothetical return
Class R1		1,000.00			1,022.87			2.29
Class R2		1,000.00			1,023.73			1.42
Class R3		1,000.00			1,023.98			1.17

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Account’s annualized six-month expense ratios for that period were 0.45% for Class R1, 0.28% for Class R2 and 0.23% for Class R3.

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

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2020
Class R1	0.45%
Class R2	0.28%
Class R3	0.22%

32	2020 Annual Report ■ College Retirement Equities Fund

CREF Inflation-Linked Bond Account

Account profile

as of 12/31/2020
Net assets		$7.23 billion
Portfolio turnover rate		25%
Number of issues		55
Option-adjusted duration^‡		4.83 years
Average maturity^§		5.02 years

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

Portfolio composition

Sector		% of net assets as of 12/31/2020
U.S. Treasury securities		95.4
Mortgage-backed securities		2.8
U.S. agency securities		0.8
Foreign government & corporate bonds denominated in U.S. dollars		0.1
Short-term investments, other assets & liabilities, net		0.9
Total		100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 12/31/2020
Less than 1 year		0.8
1–3 years		25.0
3–5 years		26.5
5–10 years		45.7
Over 10 years		2.0
Total		100.0

Holdings by credit quality

% of fixed-income investments (excluding short-term investments) as of 12/31/2020
U.S. Treasury & U.S. agency securities*		99.6
Aa/AA		0.1
Non-rated		0.3
Total		100.0

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

College Retirement Equities Fund ■ 2020 Annual Report

CREF Social Choice Account

Performance for the twelve months ended December 31, 2020

The CREF Social Choice Account returned 13.26% for the year, compared with the 13.89% return of its composite benchmark, a weighted average of the Russell 3000^® Index, the MSCI EAFE+Canada Index and the Bloomberg Barclays U.S. Aggregate Bond Index. The Account utilizes environmental, social and governance (ESG) criteria, while the benchmark does not. (All returns for the Account are for Class R1.)

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

The Account’s domestic equity segment underperformed the Russell 3000 Index. Excluding PayPal, Facebook and Netflix detracted most from performance, while avoiding ExxonMobil, AT&T and Wells Fargo made the largest contributions. The Account’s international segment outperformed the MSCI EAFE+Canada Index. Excluding energy company Royal Dutch Shell, British bank HSBC Holdings, and oil and gas energy firm BP helped the most, while avoiding Japanese conglomerate SoftBank, French luxury goods company LVMH and Japanese medical information services provider M3 detracted the most.

Account trailed 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.

Relative to the Russell 3000 Index, the Account’s domestic equity component was hindered most by overweight positions in U.S. Bancorp, as well as energy companies Schlumberger and ConocoPhillips. On the other hand, overweight investments in electric car maker Tesla, semiconductor company NVIDIA and Apple made the largest contributions to relative performance.

The Account’s international equity holdings outperformed the MSCI EAFE+Canada Index, aided primarily by overweight positions in Canadian e-commerce firm Shopify, Australian iron ore producer Fortescue Metals Group and German electronic equipment manufacturer Sartorius. In contrast, overweight positions in Suncor Energy, French commercial real estate investor Unibail-Rodamco-Westfield and British international banking group Standard Chartered detracted most from performance relative to the benchmark.

The Account’s fixed-income component underperformed the 7.51% return of the Bloomberg Barclays U.S. Aggregate Bond Index, primarily due to yield curve positioning within the U.S. Treasuries sector.

34	2020 Annual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Performance as of December 31, 2020

Social Choice Account					Average annual						Estimated
		Total return			total return						annual
	Inception										operating
	date	1 year			5 years			10 years			expenses		*
Class R1	3/1/1990		13.26	%		9.69	%		8.26	%		0.500	%
Class R2	4/24/2015		13.45			9.93			8.40	^†		0.315
Class R3	4/24/2015		13.52			10.00			8.44	^†		0.255
CREF Social Choice Account Composite Index^§	—		13.89			9.89			8.67			—
Broad market index
Morningstar Moderate Target Risk Index	—		12.82			9.75			7.77			—

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 December 31, 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.

College Retirement Equities Fund ■ 2020 Annual Report

CREF Social Choice Account

$10,000 over 10 years (Class R1)

Expense example

Six months ended December 31, 2020

	Beginning			Ending			Expenses paid
	account value			account value			during period		*
Social Choice Account	(7/1/20		)	(12/31/20		)	(7/1/20–12/31/20		)
Actual return
Class R1		$1,000.00			$1,145.83			$2.59
Class R2		1,000.00			1,146.81			1.67
Class R3		1,000.00			1,147.13			1.35
5% annual hypothetical return
Class R1		1,000.00			1,022.72			2.44
Class R2		1,000.00			1,023.58			1.58
Class R3		1,000.00			1,023.88			1.27

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Account’s annualized six-month expense ratios for that period were 0.48% for Class R1, 0.31% for Class R2 and 0.25% for Class R3.

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

36	2020 Annual Report ■ College Retirement Equities Fund

CREF Social Choice Account

Actual expenses

	Net expense ratio for the one-year period ended 12/31/2020
Class R1	0.47%
Class R2	0.30%
Class R3	0.24%

Account profile

as of 12/31/2020
Net assets		$17.40 billion
Portfolio turnover rate		100%
Portfolio turnover rate, excluding mortgage dollar-roll transactions		73%
Equity segment
Number of holdings		1,011
Weighted median market capitalization		$61.11 billion
Price/earnings ratio (weighted 12-month trailing average)^†		53.3
Fixed-income segment
Number of issues		856
Option-adjusted duration^‡		6.16 years
Average maturity^§		9.13 years

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

Portfolio composition

Sector		% of net assets as of 12/31/2020
Equities		60.0
Fixed-income securities		39.4
Short-term investments, other assets & liabilities, net		0.6
Total		100.0

Holdings by company size

Market capitalization		% of equity investments as of 12/31/2020
More than $50 billion		54.9
More than $15 billion–$50 billion		29.5
More than $2 billion–$15 billion		14.1
$2 billion or less		1.5
Total		100.0

Holdings by maturity

% of fixed-income investments (excluding short-term investments) as of 12/31/2020
Less than 1 year		2.7
1–3 years		20.7
3–5 years		26.2
5–10 years		26.6
Over 10 years		23.8
Total		100.0

College Retirement Equities Fund ■ 2020 Annual Report

CREF Money Market Account

Performance for the twelve months ended December 31, 2020

The CREF Money Market Account returned 0.28% for the year, compared with the 0.28% 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 low interest-rate environment pushed yields on the short-term government securities in which the Account 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 twelve-month period, SOFR declined from 1.54% on January 2, 2020, to 0.07% on December 31, 2020. With short-term interest rates at historic lows, money market fund yields followed suit—a trend that is expected to continue.

Account matched the iMoneyNet average

For the year, the Money Market Account’s return matched that of the iMoneyNet average. The Account continued to invest in floating-rate government agency securities, which provide a yield enhancement over short-term fixed-rate securities while maintaining the high credit quality of government agency issues. As of December 29, 2020, the Account’s weighted average maturity (WAM) was 38 days, versus 48 days for the iMoneyNet average. iMoneyNet releases their data on a weekly basis, and December 29 was the last date of release for the month.

38	2020 Annual Report ■ College Retirement Equities Fund

CREF Money Market Account

Net annualized yield for the 7 days ended December 29, 2020^§

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

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

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

Performance as of December 31, 2020

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

College Retirement Equities Fund ■ 2020 Annual Report

CREF Money Market Account

	such event, the amount of recovery on any day will be approximately 25% of the class’ yield (net of all other expenses) on that day. This limited waiver may be terminated at any time and, in any event, will extend only through June 30, 2021.
*	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 December 31, 2020

Money Market Account	Beginning account value (7/1/20		)	Ending account value (12/31/20		)	Expenses paid during period (7/1/20–12/31/20		* )
Actual return
Class R1		$1,000.00			$1,000.00			$0.80
Class R2		1,000.00			1,000.00			0.80
Class R3		1,000.00			1,000.00			0.80
5% annual hypothetical return
Class R1		1,000.00			1,024.33			0.81
Class R2		1,000.00			1,024.33			0.81
Class R3		1,000.00			1,024.33			0.81

“Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 184/366. There were 184 days in the six months ended December 31, 2020. The Account’s annualized six-month expense ratios for that period were 0.16% for Class R1, 0.16% for Class R2 and 0.16% 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.

Actual expenses
	Net expense ratio for the one-year period ended 12/31/2020
Class R1	0.28%
Class R2	0.22%
Class R3	0.19%

40	2020 Annual Report ■ College Retirement Equities Fund

CREF Money Market Account

Account profile
	as of 12/31/2020
Net assets	$10.60 billion
Number of issues	117

Portfolio composition

Sector	% of net assets as of 12/31/2020
U.S. Treasury securities*	56.6
Floating-rate securities, government*	28.7
U.S. government agency securities*	15.0
Repurchase agreements	0.2
Other assets & liabilities, net	–0.5
Total	100.0

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

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments

CREF Stock Account ■ December 31, 2020

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
U.S. TREASURY SECURITIES					$	307		0.0	%
			TOTAL GOVERNMENT BONDS	(Cost $301)		307		0.0

	Shares		Company

COMMON STOCKS
AUTOMOBILES & COMPONENTS
	1,436,183	*,e	Tesla, Inc			1,013,471		0.8
			Other			1,485,684		1.2
						2,499,155		2.0
BANKS
	22,686,819		Bank of America Corp			687,637		0.6
	6,522,525		Citigroup, Inc			402,179		0.3
	8,240,763		JPMorgan Chase & Co			1,047,154		0.8
			Other			5,414,688		4.3
						7,551,658		6.0
CAPITAL GOODS
	2,897,578		Honeywell International, Inc			616,315		0.5
	4,241,092	a	Terex Corp			147,972		0.1
			Other			7,890,048		6.2
						8,654,335		6.8
COMMERCIAL & PROFESSIONAL SERVICES						1,577,041		1.2
CONSUMER DURABLES & APPAREL
	2,775,233		Nike, Inc (Class B)			392,612		0.3
			Other			2,404,290		1.9
						2,796,902		2.2
CONSUMER SERVICES
	8,846,639	a,e	Arcos Dorados Holdings, Inc			44,499		0.0
	2,307,193		McDonald’s Corp			495,077		0.4
			Other			2,364,804		1.9
						2,904,380		2.3
DIVERSIFIED FINANCIALS
	3,604,549	*	Berkshire Hathaway, Inc (Class B)			835,787		0.7
	6,704,061		Morgan Stanley			459,429		0.4
			Other			4,440,338		3.4
						5,735,554		4.5
ENERGY
	4,623,792		Chevron Corp			390,479		0.3
			Other			2,675,737		2.1
						3,066,216		2.4
FOOD & STAPLES RETAILING
	3,565,951		Walmart, Inc			514,032		0.4
			Other			1,265,435		1.0
						1,779,467		1.4

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2020

Shares			Company	Value (000)		% of net assets
FOOD, BEVERAGE & TOBACCO
	7,074,382		Coca-Cola Co	$	387,959		0.3	%
	3,866,379		Nestle S.A.		457,050		0.4
	3,676,264		PepsiCo, Inc		545,190		0.5
			Other		2,853,062		2.1
					4,243,261		3.3
HEALTH CARE EQUIPMENT & SERVICES
	3,588,671		Medtronic plc		420,377		0.4
	2,298,365		UnitedHealth Group, Inc		805,991		0.7
			Other		5,478,616		4.2
					6,704,984		5.3
HOUSEHOLD & PERSONAL PRODUCTS
	5,597,982		Procter & Gamble Co		778,903		0.6
			Other		1,248,081		1.0
					2,026,984		1.6
INSURANCE					2,888,999		2.2
MATERIALS					5,739,448		4.5
MEDIA & ENTERTAINMENT
	578,288	*	Alphabet, Inc (Class A)		1,013,531		0.8
	814,916	*	Alphabet, Inc (Class C)		1,427,635		1.1
	14,127,337		Comcast Corp (Class A)		740,272		0.6
	5,329,857	*	Facebook, Inc		1,455,904		1.1
	844,539	*	Netflix, Inc		456,668		0.4
	9,401,359		Tencent Holdings Ltd		676,463		0.5
	4,420,238	*	Walt Disney Co		800,859		0.6
			Other		2,502,745		2.0
					9,074,077		7.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	5,647,877		AbbVie, Inc		605,170		0.5
	4,907,358		Johnson & Johnson		772,320		0.6
	7,855,585		Merck & Co, Inc		642,587		0.5
	12,114,323		Pfizer, Inc		445,928		0.4
	1,118,639		Roche Holding AG.		389,620		0.3
			Other		6,063,052		4.7
					8,918,677		7.0
REAL ESTATE
	35,965,906	a	Hibernia REIT plc		50,704		0.0
			Other		3,568,099		2.9
					3,618,803		2.9
RETAILING
	2,485,547	*	Alibaba Group Holding Ltd (ADR)		578,461		0.5
	998,270	*,n	Amazon.com, Inc		3,251,296		2.6
	2,398,451		Home Depot, Inc		637,077		0.5
	142,466,800	*,a	Matahari Department Store Tbk PT		12,956		0.0
			Other		4,031,891		3.1
					8,511,681		6.7

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2020

Shares			Company		Value (000)		% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	906,219		ASML Holding NV		$	438,770		0.4	%
	1,196,328		Broadcom, Inc			523,812		0.4
	9,537,073	e	Intel Corp			475,137		0.4
	1,294,850		NVIDIA Corp			676,171		0.5
	3,063,082	n	QUALCOMM, Inc			466,630		0.4
	41,211,358		Taiwan Semiconductor Manufacturing Co Ltd			779,614		0.6
			Other			3,456,646		2.8
						6,816,780		5.5
SOFTWARE & SERVICES
	2,233,681		Mastercard, Inc (Class A)			797,290		0.6
	18,190,112		Microsoft Corp			4,045,845		3.2
	3,523,006	*,e	PayPal Holdings, Inc			825,088		0.6
	3,210,126	*	salesforce.com, Inc			714,349		0.6
	726,947	*	ServiceNow, Inc			400,133		0.3
	3,841,972		Visa, Inc (Class A)			840,355		0.7
			Other			6,374,395		5.0
						13,997,455		11.0
TECHNOLOGY HARDWARE & EQUIPMENT
	35,128,857	d	Apple, Inc			4,661,248		3.7
	9,959,071		Cisco Systems, Inc			445,668		0.4
	6,920,451		Samsung Electronics Co Ltd			516,788		0.4
			Other			2,290,726		1.7
						7,914,430		6.2
TELECOMMUNICATION SERVICES
	14,067,434		AT&T, Inc			404,579		0.3
	6,933,073		Verizon Communications, Inc			407,318		0.3
			Other			1,288,269		1.1
						2,100,166		1.7
TRANSPORTATION
	2,520,128		Union Pacific Corp			524,741		0.4
			Other			1,984,885		1.6
						2,509,626		2.0
UTILITIES						3,203,838		2.5
			TOTAL COMMON STOCKS	(Cost $96,480,066)		124,833,917		98.3

PREFERRED STOCKS
REAL ESTATE						18		0.0
			TOTAL PREFERRED STOCKS	(Cost $20)		18		0.0

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2020

	Shares	Company		Value (000)			% of net assets
RIGHTS / WARRANTS
CAPITAL GOODS				$	55			0.0	%
COMMERCIAL & PROFESSIONAL SERVICES					9			0.0
CONSUMER DURABLES & APPAREL					313			0.0
CONSUMER SERVICES					134			0.0
DIVERSIFIED FINANCIALS					9			0.0
ENERGY					44			0.0
MATERIALS					121			0.0
MEDIA & ENTERTAINMENT					1,508			0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					86			0.0
REAL ESTATE					36			0.0
TECHNOLOGY HARDWARE & EQUIPMENT					5			0.0
UTILITIES					6			0.0
		TOTAL RIGHTS / WARRANTS	(Cost $804)		2,326			0.0

	Principal	Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT					1,418,799			1.1
REPURCHASE AGREEMENT					70,735			0.0
TREASURY DEBT					593,115			0.5
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENT					1,096,761			0.9
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED				1,096,761			0.9
		TOTAL SHORT-TERM INVESTMENTS	(Cost $3,179,377)		3,179,410			2.5

		TOTAL PORTFOLIO	(Cost $99,660,568)		128,015,978			100.8
		OTHER ASSETS & LIABILITIES, NET			(1,054,802	)		(0.8	)
		NET ASSETS		$	126,961,176			100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	continued

CREF Stock Account ■ December 31, 2020

Abbreviation(s):

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

*	Non-income producing
a	Affiliated holding
d	All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,970,767,725. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.
n	All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.

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

At 12/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $1,328,766,996 or 1.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

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

Written options outstanding as of December 31, 2020 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Amazon.com, Inc, Call		4	$	(5	)	$	3,700.00	01/15/21	$	(2	)
Amazon.com, Inc, Put		4		(3	)		2,600.00	01/15/21		(1	)
QUALCOMM, Inc, Call		20		(4	)		175.00	01/15/21		(0	)^
QUALCOMM, Inc, Put		20		(2	)		125.00	01/15/21		(0	)^
Total		48	$	(14	)				$	(3	)

^	Amount represents less than $1,000.

Futures contracts outstanding as of December 31, 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		947		03/19/21	$	90,052	$	93,507	$	3,455
S&P 500 E Mini Index		6,407		03/19/21		1,173,974		1,200,928		26,954
S&P Mid-Cap 400 E Mini Index		677		03/19/21		151,346		155,947		4,601
Total		8,031			$	1,415,372	$	1,450,382	$	35,010

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	concluded

CREF Stock Account ■ December 31, 2020

Forward foreign currency contracts outstanding as of December 31, 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			)
$		8,951		AUD		12,600	Bank of America	01/21/21		$	(766	)
$		24,274		EUR		20,000	Bank of America	03/10/21			(198	)
$		58,678		GBP		44,000	Bank of America	03/10/21			(1,519	)
$		5,009		SEK		44,000	Bank of America	01/21/21			(340	)
Total										$	(2,823	)
$		9,934		CAD		13,100	Morgan Stanley	01/21/21		$	(358	)
$		61,724		CAD		79,000	Morgan Stanley	03/10/21			(352	)
$		17,004		JPY		1,790,000	Morgan Stanley	01/21/21			(337	)
EUR		14,500		$		17,125	Morgan Stanley	01/21/21			598
Total										$	(449	)
Total										$	(3,272	)

Abbreviation(s):


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

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary of market values by country (unaudited)

CREF Stock Account ■ December 31, 2020

Country	Value (000)		% of total portfolio
DOMESTIC
UNITED STATES	$	89,202,488		69.7	%
TOTAL DOMESTIC		89,202,488		69.7
FOREIGN
ARGENTINA		48,469		0.1
AUSTRALIA		1,825,444		1.4
AUSTRIA		223,241		0.2
BAHAMAS		718		0.0
BELGIUM		209,851		0.2
BERMUDA		31,018		0.0
BRAZIL		986,652		0.8
BURKINA FASO		2,938		0.0
CAMEROON		1,379		0.0
CANADA		2,217,923		1.7
CAYMAN ISLANDS		318		0.0
CHILE		61,279		0.1
CHINA		3,991,171		3.1
COLOMBIA		14,919		0.0
COTE D’IVOIRE		3,853		0.0
CYPRUS		69		0.0
CZECH REPUBLIC		6,222		0.0
DENMARK		536,484		0.4
EGYPT		16,367		0.0
FAROE ISLANDS		3,826		0.0
FINLAND		273,735		0.2
FRANCE		2,453,463		1.9
GEORGIA		1,472		0.0
GERMANY		2,239,758		1.7
GHANA		2,178		0.0
GREECE		14,829		0.0
GUERNSEY, C.I.		1,759		0.0
HONG KONG		660,607		0.5
HUNGARY		40,380		0.0
INDIA		1,073,715		0.8
INDONESIA		193,828		0.2
IRELAND		511,004		0.4
ISLE OF MAN		632		0.0
ISRAEL		269,236		0.2
ITALY		604,064		0.5
JAPAN		5,861,940		4.6
JERSEY, C.I.		1,224		0.0
JORDAN		2,361		0.0
KAZAKHSTAN		2,181		0.0

Country	Value (000)		% of total portfolio
KOREA, REPUBLIC OF	$	1,442,964		1.1	%
KYRGYZSTAN		2,812		0.0
LIECHTENSTEIN		737		0.0
LUXEMBOURG		45,547		0.0
MACAU		115,952		0.1
MALAYSIA		123,636		0.1
MALTA		4,115		0.0
MEXICO		277,948		0.2
MONACO		2,364		0.0
MONGOLIA		1,374		0.0
MYANMAR		333		0.0
NETHERLANDS		1,627,959		1.3
NEW ZEALAND		95,115		0.1
NORWAY		178,544		0.1
PAKISTAN		5,406		0.0
PANAMA		4,355		0.0
PERU		61,095		0.1
PHILIPPINES		62,929		0.1
POLAND		86,779		0.1
PORTUGAL		58,433		0.1
PUERTO RICO		23,689		0.0
QATAR		40,782		0.0
ROMANIA		1,138		0.0
RUSSIA		385,919		0.3
SAUDI ARABIA		170,334		0.1
SINGAPORE		220,381		0.2
SLOVENIA		5,632		0.0
SOUTH AFRICA		426,075		0.3
SPAIN		407,655		0.3
SWEDEN		738,131		0.6
SWITZERLAND		2,185,233		1.7
TAIWAN		1,679,425		1.3
TANZANIA, UNITED REPUBLIC OF		46,229		0.1
THAILAND		158,786		0.1
TURKEY		98,201		0.1
UKRAINE		1,156		0.0
UNITED ARAB EMIRATES		29,836		0.0
UNITED KINGDOM		3,577,982		2.8
VIETNAM		6,424		0.0
ZAMBIA		21,578		0.0
TOTAL FOREIGN		38,813,490		30.3

TOTAL PORTFOLIO	$	128,015,978		100.0	%

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Global Equities Account ■ December 31, 2020

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
ARGENTINA				$	14,467		0.1	%
AUSTRALIA
	6,936,465		Fortescue Metals Group Ltd		125,289		0.5
			Other		308,423		1.3
					433,712		1.8
AUSTRIA					13,791		0.1
BELGIUM					22,768		0.1
BERMUDA					10,181		0.0
BRAZIL					384,913		1.6
CANADA					411,755		1.7
CHILE					7,451		0.0
CHINA
	662,440	*	Alibaba Group Holding Ltd (ADR)		154,170		0.6
	1,276,271	*	GDS Holdings Ltd (ADR)		119,510		0.5
	4,225,700		Tencent Holdings Ltd		304,055		1.3
			Other		635,625		2.6
					1,213,360		5.0
COLOMBIA					2,979		0.0
CZECH REPUBLIC					5,072		0.0
DENMARK
	632,053	g	Orsted AS		129,321		0.5
			Other		74,147		0.3
					203,468		0.8
EGYPT					1,237		0.0
FINLAND					91,228		0.4
FRANCE
	791,467		Schneider Electric S.A.		114,389		0.5
			Other		703,090		2.9
					817,479		3.4
GERMANY
	3,981,534		Infineon Technologies AG.		152,049		0.6
	989,671		Siemens AG.		142,559		0.6
			Other		425,275		1.8
					719,883		3.0
GREECE					1,547		0.0
HONG KONG					95,087		0.4
HUNGARY					3,096		0.0
INDIA					135,266		0.6
INDONESIA					36,844		0.1

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments

continued

CREF Global Equities Account ■ December 31, 2020

Shares		Company	Value (000)		% of net assets
IRELAND			$	145,015		0.6	%
ISRAEL				21,994		0.1
ITALY				282,434		1.2
JAPAN
	347,659	Nintendo Co Ltd		223,177		0.9
	2,996,047	Sony Corp		301,906		1.3
	1,660,453	Toyota Motor Corp		128,137		0.5
		Other		971,830		4.0
				1,625,050		6.7
JORDAN				45		0.0
KOREA, REPUBLIC OF
	2,900,354	Samsung Electronics Co Ltd		216,585		0.9
		Other		224,639		0.9
				441,224		1.8
LUXEMBOURG				741		0.0
MACAU				2,059		0.0
MALAYSIA				22,255		0.1
MEXICO				25,470		0.1
NETHERLANDS
	312,350	ASML Holding NV		151,233		0.6
	16,085,162	ING Groep NV		149,557		0.6
		Other		121,725		0.5
				422,515		1.7
NEW ZEALAND				14,202		0.1
NORWAY				53,650		0.2
PAKISTAN				262		0.0
PERU				3,597		0.0
PHILIPPINES				18,677		0.1
POLAND				27,347		0.1
PORTUGAL				25,933		0.1
QATAR				10,282		0.0
ROMANIA				501		0.0
RUSSIA				190,955		0.8
SAUDI ARABIA				35,812		0.1
SINGAPORE				20,753		0.1
SOUTH AFRICA				47,527		0.2
SPAIN				99,400		0.4
SWEDEN				154,507		0.6

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Global Equities Account ■ December 31, 2020

Shares			Company	Value (000)		% of net assets
SWITZERLAND
	251,587		Lonza Group AG.	$	162,064		0.7	%
	558,772		Roche Holding AG.		194,619		0.8
			Other		274,638		1.1
					631,321		2.6
TAIWAN
	22,157,500		Taiwan Semiconductor Manufacturing Co Ltd		419,164		1.7
			Other		111,713		0.5
					530,877		2.2
TANZANIA, UNITED REPUBLIC OF					1,777		0.0
THAILAND					27,869		0.1
TURKEY					5,543		0.0
UNITED ARAB EMIRATES					7,687		0.0
UNITED KINGDOM
	603,534		Linde plc (Xetra)		159,138		0.6
	13,312,821	*	THG Holdings Ltd		142,001		0.6
			Other		709,766		2.9
					1,010,905		4.1
UNITED STATES
	1,554,456		Abbott Laboratories		170,197		0.7
	1,310,538		AbbVie, Inc		140,424		0.6
	1,589,812	*	Advanced Micro Devices, Inc		145,802		0.6
	95,488	*	Alphabet, Inc (Class A)		167,356		0.7
	145,862	*	Alphabet, Inc (Class C)		255,533		1.0
	168,252	*	Amazon.com, Inc		547,985		2.2
	5,630,683	d	Apple, Inc		747,135		3.1
	344,882		Broadcom, Inc		151,007		0.6
	1,961,206		Citigroup, Inc		120,928		0.5
	3,040,125		Coca-Cola Co		166,720		0.7
	393,495		Costco Wholesale Corp		148,261		0.6
	764,140	*	Facebook, Inc		208,733		0.9
	5,312,985		Freeport-McMoRan, Inc (Class B)		138,244		0.6
	685,218		Home Depot, Inc		182,008		0.7
	742,113		Honeywell International, Inc		157,847		0.6
	2,139,769		JPMorgan Chase & Co		271,900		1.1
	688,830		McDonald’s Corp		147,809		0.6
	3,212,623		Microsoft Corp		714,552		2.9
	2,729,155		Morgan Stanley		187,029		0.8
	1,105,237		Nike, Inc (Class B)		156,358		0.6
	886,281	*	PayPal Holdings, Inc		207,567		0.9
	1,487,984		Procter & Gamble Co		207,038		0.8
	899,485		QUALCOMM, Inc		137,028		0.6
	939,008	*	salesforce.com, Inc		208,957		0.9
	222,882	*	ServiceNow, Inc		122,681		0.5
	262,583	*	Tesla, Inc		185,297		0.8
	867,245		Union Pacific Corp		180,578		0.7

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	continued

CREF Global Equities Account ■ December 31, 2020

Shares			Company		Value (000)			% of net assets
UNITED STATES—continued
	467,680		UnitedHealth Group, Inc		$	164,006			0.7	%
	895,095		Visa, Inc (Class A)			195,784			0.8
	1,034,871		Walmart, Inc			149,177			0.6
	1,225,811	*	Walt Disney Co			222,092			0.9
			Other			6,457,776			26.5
						13,363,809			54.8
ZAMBIA						18,133			0.1
			TOTAL COMMON STOCKS	(Cost $17,700,712)		23,915,712			98.1
RIGHTS / WARRANTS
AUSTRALIA						203			0.0
CHINA						1			0.0
KOREA, REPUBLIC OF						27			0.0
SPAIN						3			0.0
SWITZERLAND						49			0.0
UNITED STATES						7			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $26)		290			0.0

Principal			Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						269,479			1.1
REPURCHASE AGREEMENTS						22,375			0.1
TREASURY DEBT						127,885			0.6
INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
REPURCHASE AGREEMENTS						60,000			0.2
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						60,000			0.2
			TOTAL SHORT-TERM INVESTMENTS	(Cost $479,733)		479,739			2.0

			TOTAL PORTFOLIO	(Cost $18,180,471)		24,395,741			100.1
			OTHER ASSETS & LIABILITIES, NET			(28,921	)		(0.1	)
			NET ASSETS		$	24,366,820			100.0	%

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	concluded

CREF Global Equities Account ■ December 31, 2020

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.
g	Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities, including those in “Other,” is $401,799,405 or 1.6% 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.

At 12/31/20, the aggregate value of securities on loan is $187,902,303. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 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		783		03/19/21	$	82,038	$	83,421	$	1,383
S&P 500 E Mini Index		957		03/19/21		175,369		179,380		4,011
Total		1,740			$	257,407	$	262,801	$	5,394

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary of market values by sector (unaudited)

CREF Global Equities Account ■ December 31, 2020

Sector	Value (000)			% of net assets
INFORMATION TECHNOLOGY	$	5,465,494			22.2	%
CONSUMER DISCRETIONARY		3,562,035			14.6
FINANCIALS		2,841,344			11.7
HEALTH CARE		2,815,214			11.6
INDUSTRIALS		2,305,986			9.5
COMMUNICATION SERVICES		2,265,184			9.3
CONSUMER STAPLES		1,721,409			7.1
MATERIALS		1,403,478			5.8
UTILITIES		696,615			2.9
ENERGY		440,438			1.8
REAL ESTATE		398,805			1.6
SHORT-TERM INVESTMENTS		479,739			2.0
OTHER ASSETS & LIABILITIES, NET		(28,921	)		(0.1	)
NET ASSETS	$	24,366,820			100.0	%

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Growth Account ■ December 31, 2020

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	1,114,337	*	Tesla, Inc	$	786,354		2.2	%
			Other		1,245		0.0
					787,599		2.2
BANKS					27,161		0.1
CAPITAL GOODS
	546,798		Roper Technologies Inc		235,719		0.7
			Other		406,719		1.1
					642,438		1.8
COMMERCIAL & PROFESSIONAL SERVICES
	1,731,770		Waste Connections, Inc		177,628		0.5
			Other		483,432		1.4
					661,060		1.9
CONSUMER DURABLES & APPAREL
	2,361,304		Nike, Inc (Class B)		334,054		1.0
			Other		265,719		0.7
					599,773		1.7
CONSUMER SERVICES
	141,579	*	Chipotle Mexican Grill, Inc (Class A)		196,329		0.6
			Other		535,559		1.4
					731,888		2.0
DIVERSIFIED FINANCIALS
	1,609,500	e	iShares Russell 1000 Growth Index Fund		388,115		1.1
	614,722		S&P Global, Inc		202,078		0.6
			Other		194,490		0.5
					784,683		2.2
ENERGY					14,643		0.0
FOOD & STAPLES RETAILING
	1,387,176		Costco Wholesale Corp		522,660		1.4
			Other		29,933		0.1
					552,593		1.5
FOOD, BEVERAGE & TOBACCO
	2,656,628	*	Monster Beverage Corp		245,685		0.7
			Other		598,066		1.7
					843,751		2.4
HEALTH CARE EQUIPMENT & SERVICES
	415,328	*	Align Technology, Inc		221,943		0.6
	868,817		Cigna Corp		180,870		0.5
	320,902	*	Intuitive Surgical, Inc		262,530		0.7
	800,873		UnitedHealth Group, Inc		280,850		0.8
			Other		960,940		2.7
					1,907,133		5.3

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	continued

CREF Growth Account ■ December 31, 2020

Shares			Company	Value (000)		% of net assets
HOUSEHOLD & PERSONAL PRODUCTS
	689,914		Estee Lauder Cos (Class A)	$	183,648		0.5	%
			Other		198,170		0.6
					381,818		1.1
INSURANCE					133,469		0.3
MATERIALS					232,202		0.7
MEDIA & ENTERTAINMENT
	237,675	*	Alphabet, Inc (Class A)		416,559		1.2
	722,984	*	Alphabet, Inc (Class C)		1,266,581		3.5
	1,177,218		Electronic Arts, Inc		169,048		0.5
	5,164,680	*	Facebook, Inc		1,410,784		4.0
	1,777,015	*	Match Group, Inc		268,667		0.8
	644,717	*	Netflix, Inc		348,618		1.0
	879,559	*	Walt Disney Co		159,358		0.4
			Other		533,843		1.4
					4,573,458		12.8
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,687,952		AbbVie, Inc		180,864		0.5
	7,538,589	*	Avantor, Inc		212,211		0.6
	1,598,213		Eli Lilly & Co		269,842		0.8
	708,635	*	Illumina, Inc		262,195		0.7
	3,584,726		Merck & Co, Inc		293,231		0.8
	811,135	*	Vertex Pharmaceuticals, Inc		191,704		0.5
	2,196,239		Zoetis, Inc		363,478		1.0
			Other		1,006,746		2.9
					2,780,271		7.8
REAL ESTATE					302,806		0.8
RETAILING
	842,107	*	Amazon.com, Inc		2,742,684		7.7
	175,647	*	Booking Holdings, Inc		391,213		1.1
	3,716,816		TJX Companies, Inc		253,821		0.7
			Other		961,298		2.7
					4,349,016		12.2
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	2,699,774		Applied Materials, Inc		232,991		0.7
	771,407		Broadcom, Inc		337,761		1.0
	1,118,510		NVIDIA Corp		584,086		1.6
	2,334,853		QUALCOMM, Inc		355,692		1.0
	1,706,270		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		186,052		0.5
			Other		783,556		2.2
					2,480,138		7.0
SOFTWARE & SERVICES
	650,776		Accenture plc		169,989		0.5
	713,123	*	Adobe, Inc		356,647		1.0
	75,211	*,g	Adyen NV		174,756		0.5

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Growth Account ■ December 31, 2020

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES—continued
	910,978		Intuit, Inc		$	346,035			1.0	%
	900,681		Mastercard, Inc (Class A)			321,489			0.9
	11,865,439		Microsoft Corp			2,639,111			7.4
	4,159,372	*	PayPal Holdings, Inc			974,125			2.7
	3,260,287	*	salesforce.com, Inc			725,512			2.0
	559,605	*	ServiceNow, Inc			308,023			0.9
	4,374,669		Visa, Inc (Class A)			956,871			2.7
			Other			1,670,209			4.6
						8,642,767			24.2
TECHNOLOGY HARDWARE & EQUIPMENT
	22,733,663		Apple, Inc			3,016,530			8.5
			Other			121,349			0.3
						3,137,879			8.8
TELECOMMUNICATION SERVICES
	1,216,796	*	IAC			230,400			0.6
	1,261,271	*	T-Mobile US, Inc			170,083			0.5
			Other			80,152			0.3
						480,635			1.4
TRANSPORTATION
	4,998,491	*	Uber Technologies, Inc			254,923			0.7
			Other			191,538			0.5
						446,461			1.2
UTILITIES						2,652			0.0
			TOTAL COMMON STOCKS	(Cost $24,521,687)		35,496,294			99.4

Principal			Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						72,646			0.2
REPURCHASE AGREEMENT						98,020			0.3
TREASURY DEBT						30,970			0.0

	Shares		Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	93,946,615	c	State Street Navigator Securities Lending
			Government Money Market Portfolio	0.080%		93,947			0.3
						93,947			0.3
			TOTAL SHORT-TERM INVESTMENTS	(Cost $295,582)		295,583			0.8

			TOTAL PORTFOLIO	(Cost $24,817,269)		35,791,877			100.2
			OTHER ASSETS & LIABILITIES, NET			(80,705	)		(0.2	)
			NET ASSETS		$	35,711,172			100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	concluded

CREF Growth Account ■ December 31, 2020

Abbreviation(s):

ADR American Depositary Receipt

*	Non-income producing
c	Investments made with cash collateral received from securities on loan.
e	All or a portion of these securities are out on loan. The aggregate value of securities on loan is $138,666,218. See Note 4 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 12/31/20, the aggregate value of these securities, including those in “Other,” is $254,907,758 or 0.7% 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.

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Equity Index Account ■ December 31, 2020

Shares			Company	Value (000)		% of net assets
COMMON STOCKS
AUTOMOBILES & COMPONENTS
	431,950	*	Tesla, Inc	$	304,814		1.4	%
			Other		111,499		0.5
					416,313		1.9
BANKS
	4,445,642		Bank of America Corp		134,747		0.6
	1,729,212		JPMorgan Chase & Co		219,731		1.0
			Other		538,797		2.5
					893,275		4.1
CAPITAL GOODS
	399,987		Honeywell International, Inc		85,077		0.4
			Other		1,242,175		5.7
					1,327,252		6.1
COMMERCIAL & PROFESSIONAL SERVICES					239,195		1.1
CONSUMER DURABLES & APPAREL
	697,015		Nike, Inc (Class B)		98,607		0.5
			Other		230,337		1.0
					328,944		1.5
CONSUMER SERVICES
	424,335		McDonald’s Corp		91,054		0.4
			Other		343,911		1.6
					434,965		2.0
DIVERSIFIED FINANCIALS
	1,072,481	*	Berkshire Hathaway, Inc (Class B)		248,676		1.2
			Other		742,189		3.3
					990,865		4.5
ENERGY
	1,104,982		Chevron Corp		93,316		0.4
	2,423,945	d	Exxon Mobil Corp		99,915		0.5
			Other		271,717		1.2
					464,948		2.1
FOOD & STAPLES RETAILING
	253,108		Costco Wholesale Corp		95,366		0.5
	801,188		Walmart, Inc		115,491		0.5
			Other		74,104		0.3
					284,961		1.3
FOOD, BEVERAGE & TOBACCO
	2,214,034		Coca-Cola Co		121,418		0.6
	789,734		PepsiCo, Inc		117,118		0.5
			Other		410,208		1.9
					648,744		3.0

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	continued

CREF Equity Index Account ■ December 31, 2020

Shares			Company	Value (000)		% of net assets
HEALTH CARE EQUIPMENT & SERVICES
	993,393		Abbott Laboratories	$	108,767		0.5	%
	767,831		Medtronic plc		89,944		0.4
	539,323		UnitedHealth Group, Inc		189,130		0.9
			Other		1,016,589		4.6
					1,404,430		6.4
HOUSEHOLD & PERSONAL PRODUCTS
	1,388,672		Procter & Gamble Co		193,220		0.9
			Other		146,630		0.6
					339,850		1.5
INSURANCE					444,812		2.1
MATERIALS					613,027		2.8
MEDIA & ENTERTAINMENT
	171,198	*	Alphabet, Inc (Class A)		300,048		1.4
	165,817	*	Alphabet, Inc (Class C)		290,492		1.4
	2,579,434		Comcast Corp (Class A)		135,162		0.6
	1,369,860	*	Facebook, Inc		374,191		1.7
	244,561	*	Netflix, Inc		132,241		0.6
	1,035,094	*	Walt Disney Co		187,538		0.9
			Other		394,085		1.7
					1,813,757		8.3
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	1,015,069		AbbVie, Inc		108,765		0.5
	1,304,669		Bristol-Myers Squibb Co		80,929		0.4
	482,415		Eli Lilly & Co		81,451		0.4
	1,510,254		Johnson & Johnson		237,684		1.1
	1,450,999		Merck & Co, Inc		118,692		0.5
	3,184,918		Pfizer, Inc		117,237		0.5
	226,190		Thermo Fisher Scientific, Inc		105,355		0.5
			Other		777,618		3.6
					1,627,731		7.5
REAL ESTATE					689,811		3.2
RETAILING
	242,367	*	Amazon.com, Inc		789,372		3.6
	611,924		Home Depot, Inc		162,539		0.8
			Other		562,389		2.5
					1,514,300		6.9
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	226,195		Broadcom, Inc		99,040		0.5
	2,341,089		Intel Corp		116,633		0.5
	336,336		NVIDIA Corp		175,635		0.8
	639,866		QUALCOMM, Inc		97,477		0.5
	525,626		Texas Instruments, Inc		86,271		0.4
			Other		470,614		2.2
					1,045,670		4.9

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Equity Index Account ■ December 31, 2020

Shares			Company		Value (000)			% of net assets
SOFTWARE & SERVICES
	364,220		Accenture plc		$	95,138			0.5	%
	273,882	*	Adobe, Inc			136,974			0.6
	505,267		Mastercard, Inc (Class A)			180,350			0.8
	4,277,369		Microsoft Corp			951,372			4.4
	670,750	*	PayPal Holdings, Inc			157,090			0.7
	502,148	*	salesforce.com, Inc			111,743			0.5
	962,229		Visa, Inc (Class A)			210,468			1.0
			Other			1,375,039			6.2
						3,218,174			14.7
TECHNOLOGY HARDWARE & EQUIPMENT
	9,218,858		Apple, Inc			1,223,250			5.6
	2,424,074		Cisco Systems, Inc			108,477			0.5
			Other			287,798			1.3
						1,619,525			7.4
TELECOMMUNICATION SERVICES
	4,068,506		AT&T, Inc			117,010			0.6
	2,359,224		Verizon Communications, Inc			138,604			0.6
			Other			71,023			0.3
						326,637			1.5
TRANSPORTATION						439,419			2.0
UTILITIES
	1,118,408		NextEra Energy, Inc			86,285			0.4
			Other			491,777			2.2
						578,062			2.6
			TOTAL COMMON STOCKS	(Cost $7,662,246)		21,704,667			99.4

RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4			0.0
			TOTAL RIGHTS / WARRANTS	(Cost $1)		4			0.0

Principal			Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT						82,002			0.4
REPURCHASE AGREEMENT						920			0.0
TREASURY DEBT						30,998			0.1

	Shares		Company
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	104,432,882	c	State Street Navigator Securities Lending
			Government Money Market Portfolio	0.080%		104,433			0.5
						104,433			0.5
			TOTAL SHORT-TERM INVESTMENTS	(Cost $218,351)		218,353			1.0

			TOTAL PORTFOLIO	(Cost $7,880,598)		21,923,024			100.4
			OTHER ASSETS & LIABILITIES, NET			(97,694	)		(0.4	)
			NET ASSETS		$	21,825,330			100.0	%

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	concluded

CREF Equity Index Account ■ December 31, 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 12/31/20, the aggregate value of securities on loan is $152,115,382. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

At 12/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $1,512,058 or 0.0% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 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		75		03/19/21	$	7,320	$	7,405	$	85
S&P 500 E Mini Index		481		03/19/21		88,349		90,159		1,810
S&P Mid-Cap 400 E Mini Index		28		03/19/21		6,361		6,450		89
Total		584			$	102,030	$	104,014	$	1,984

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Bond Market Account ■ December 31, 2020

Principal		Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
AUTOMOBILES & COMPONENTS				$	3,974		0.0	%
CAPITAL GOODS					7,352		0.1
COMMERCIAL & PROFESSIONAL SERVICES					10,193		0.1
CONSUMER DURABLES & APPAREL					922		0.0
CONSUMER SERVICES					6,423		0.1
DIVERSIFIED FINANCIALS					2,620		0.0
ENERGY					4,444		0.0
FOOD, BEVERAGE & TOBACCO					2,479		0.0
HEALTH CARE EQUIPMENT & SERVICES					13,132		0.1
HOUSEHOLD & PERSONAL PRODUCTS					725		0.0
INSURANCE					4,527		0.0
MATERIALS					13,810		0.1
MEDIA & ENTERTAINMENT					17,861		0.1
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES					9,897		0.1
REAL ESTATE					1,345		0.0
RETAILING					994		0.0
SOFTWARE & SERVICES					9,555		0.1
TECHNOLOGY HARDWARE & EQUIPMENT					4,375		0.0
TELECOMMUNICATION SERVICES					619		0.0
TRANSPORTATION					1,049		0.0
UTILITIES					1,743		0.0
		TOTAL BANK LOAN OBLIGATIONS	(Cost $118,586)		118,039		0.8
BONDS
CORPORATE BONDS
AUTOMOBILES & COMPONENTS					55,750		0.4
BANKS
$	61,875,000	Bank of America Corp	2.496%, 02/13/31		65,680		0.4
	49,250,000	Citigroup, Inc	2.666%, 01/29/31		52,807		0.4
	44,675,000	JPMorgan Chase & Co	2.739%, 10/15/30		48,615		0.3
		Other			1,020,101		6.9
					1,187,203		8.0
CAPITAL GOODS					181,918		1.2
COMMERCIAL & PROFESSIONAL SERVICES					43,902		0.3

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	continued

CREF Bond Market Account ■ December 31, 2020

Principal			Issuer			Value (000)		% of net assets
CONSUMER DURABLES & APPAREL						$	1,995		0.0	%
CONSUMER SERVICES							118,592		0.8
DIVERSIFIED FINANCIALS							428,309		2.9
ENERGY							534,117		3.6
FOOD & STAPLES RETAILING							87,451		0.6
FOOD, BEVERAGE & TOBACCO							215,841		1.4
HEALTH CARE EQUIPMENT & SERVICES							302,372		2.0
HOUSEHOLD & PERSONAL PRODUCTS							4,416		0.0
INSURANCE							199,487		1.3
MATERIALS							161,855		1.0
MEDIA & ENTERTAINMENT							404,666		2.7
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							308,855		2.1
REAL ESTATE							309,012		2.0
RETAILING							70,096		0.5
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT							91,770		0.6
SOFTWARE & SERVICES							159,960		1.1
TECHNOLOGY HARDWARE & EQUIPMENT							109,036		0.8
TELECOMMUNICATION SERVICES							419,662		2.8
TRANSPORTATION							109,170		0.7
UTILITIES							534,922		3.5
			TOTAL CORPORATE BONDS		(Cost $5,524,608)		6,040,357		40.3
GOVERNMENT BONDS
AGENCY SECURITIES							94,369		0.6
FOREIGN GOVERNMENT BONDS							781,820		5.2
MORTGAGE BACKED
$	188,142,222	i	Federal Home Loan Mortgage Corp (FHLMC)	3.000%–9.666%, 10/15/33–11/01/49			200,643		1.3
	39,821,057		Federal Home Loan Mortgage
			Corp Gold (FGLMC)		3.500%, 10/01/45		43,543		0.3
	61,095,324		FGLMC		3.500%, 08/01/46		66,734		0.5
	77,367,901		FGLMC		3.000%, 01/01/47		81,641		0.5
	62,541,377		FGLMC		3.000%, 02/01/47		66,141		0.4
	184,173,826		FGLMC	3.500%–8.000%, 05/01/23–11/01/48			203,372		1.3
	137,000,000	h	Federal National Mortgage Association (FNMA)		2.000%, 01/25/36		143,209		1.0
	72,149,228		FNMA		3.500%, 01/01/47		76,841		0.5
	95,456,911		FNMA		3.000%, 02/25/48		101,582		0.7

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Bond Market Account ■ December 31, 2020

Principal			Issuer			Value (000)		% of net assets
MORTGAGE BACKED—continued
$	41,137,917		FNMA		4.500%, 03/01/48	$	45,709		0.3	%
	80,014,181		FNMA		2.500%, 10/01/50		84,408		0.6
	195,173,046		FNMA		2.500%, 11/01/50		205,890		1.4
	285,250,000	h	FNMA		2.000%, 01/25/51		296,270		2.0
	111,000,000	h	FNMA		2.500%, 01/25/51		116,992		0.8
	92,250,000	h	FNMA		2.000%, 02/25/51		95,644		0.6
	59,000,000	h	FNMA		2.500%, 02/25/51		62,077		0.4
	94,050,000	h	FNMA		3.000%, 02/25/51		98,612		0.7
	753,561,585	h,i	FNMA	0.000%–9.000%, 07/01/24–07/01/50			795,398		5.3
	121,000,000	h	Government National Mortgage Association (GNMA)		2.000%, 01/20/51		126,516		0.8
	226,000,000	h	GNMA		2.500%, 01/20/51		239,198		1.6
	150,000,000	h	GNMA		3.000%, 02/20/51		156,930		1.1
			Other				88,821		0.5
							3,396,171		22.6
MUNICIPAL BONDS							534,331		3.6
U.S. TREASURY SECURITIES
	42,427,000		United States Treasury Bond		4.500%, 02/15/36		62,207		0.4
	56,375,000		United States Treasury Bond		3.625%, 08/15/43		79,484		0.5
	35,680,000		United States Treasury Bond		3.000%, 05/15/45		46,208		0.3
	81,710,000		United States Treasury Bond		2.875%, 08/15/45		103,768		0.7
	52,140,000		United States Treasury Bond		2.500%, 05/15/46		62,169		0.4
	52,015,000		United States Treasury Bond		3.000%, 08/15/48		68,292		0.5
	40,120,000		United States Treasury Bond		3.375%, 11/15/48		56,243		0.4
	118,809,000		United States Treasury Bond	2.750%–4.750%, 02/15/37–05/15/48			163,095		1.1
	79,581,000		United States Treasury Note		0.250%, 11/15/23		79,799		0.5
	81,500,000		United States Treasury Note		0.375%, 11/30/25		81,595		0.5
	47,150,000		United States Treasury Note		0.500%, 10/31/27		46,760		0.3
	118,185,000		United States Treasury Note		0.625%, 11/30/27		118,111		0.8
	49,900,000		United States Treasury Note		1.625%, 11/15/50		49,604		0.3
			Other				122,371		0.9
							1,139,706		7.6
			TOTAL GOVERNMENT BONDS		(Cost $5,604,792)		5,946,397		39.6
STRUCTURED ASSETS
ASSET BACKED
	59,500,000		Chase Issuance Trust
			Series–2020 A1 (Class A1)		1.530%, 01/15/25		61,076		0.4
	44,800,000		Verizon Owner Trust
			Series–2020 A (Class A1A)		1.850%, 07/22/24		45,874		0.3
			Other				1,012,367		6.7
							1,119,317		7.4
OTHER MORTGAGE BACKED							1,291,591		8.6
			TOTAL STRUCTURED ASSETS		(Cost $2,357,188)		2,410,908		16.0
			TOTAL BONDS		(Cost $13,486,588)		14,397,662		95.9

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	continued

CREF Bond Market Account ■ December 31, 2020

Shares		Company				Value (000)			% of net assets
COMMON STOCKS
TELECOMMUNICATION SERVICES						$	106			0.0	%
		TOTAL COMMON STOCKS			(Cost $462)		106			0.0

PREFERRED STOCKS
BANKS							21,972			0.1
		TOTAL PREFERRED STOCKS			(Cost $54,412)		21,972			0.1

Principal		Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	44,350,000	Federal Home Loan Bank (FHLB)			0.095%, 01/21/21		44,349			0.3
	59,500,000	FHLB	0.080%–0.092%, 02/10/21				59,495			0.4
	91,550,000	FHLB	0.085%–0.088%, 02/24/21				91,540			0.6
	42,184,000	FHLB	0.085%–0.110%, 03/19/21				42,176			0.3
	50,029,000	FHLB		0.080%–0.089%, 03/24/21			50,019			0.4
		Other					548,593			3.6
							836,172			5.6
REPURCHASE AGREEMENT							27,490			0.2
TREASURY DEBT%
	53,955,000	United States Cash Management Bill		0.096%–0.110%, 01/05/21			53,955			0.4
	60,000,000	United States Cash Management Bill		0.093%–0.096%, 02/23/21			59,995			0.4
	72,160,000	United States Cash Management Bill		0.075%–0.098%, 03/02/21			72,151			0.5
	56,680,000	United States Treasury Bill		0.075%–0.098%, 01/14/21			56,679			0.4
	43,250,000	United States Treasury Bill		0.082%–0.094%, 01/21/21			43,249			0.3
	79,715,000	United States Treasury Bill		0.090%–0.110%, 02/11/21			79,710			0.5
	50,000,000	United States Treasury Bill		0.077%, 03/18/21			49,993			0.3
	135,500,000	United States Treasury Bill		0.085%–0.106%, 03/25/21			135,477			0.9
	50,000,000	United States Treasury Bill			0.098%, 04/22/21		49,988			0.3
	50,000,000	United States Treasury Bill			0.092%, 06/03/21		49,983			0.3
		Other					194,930			1.3
							846,110			5.6
		TOTAL SHORT-TERM INVESTMENTS			(Cost $1,709,692)		1,709,772			11.4

		TOTAL PORTFOLIO			(Cost $15,369,740)		16,247,551			108.2
		OTHER ASSETS & LIABILITIES, NET					(1,222,362	)		(8.2	)
		NET ASSETS				$	15,025,189			100.0	%

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.

“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.

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

continued

CREF Bond Market Account ■ December 31, 2020

At 12/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $2,723,508,448 or 18.1% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.

Cost amounts are in thousands.

Forward foreign currency contracts outstanding as of December 31, 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		)
$	109	EUR	91	Australia and New Zealand Banking Group	02/26/21	$	(3	)
$	2,941	NZD	4,208	Australia and New Zealand Banking Group	02/26/21		(88	)
$	990	THB	30,050	Australia and New Zealand Banking Group	01/29/21		(13	)
Total						$	(104	)
$	17,215	CNY	113,874	Citibank N.A.	01/29/21	$	(227	)
$	1,015	PLN	3,803	Citibank N.A.	01/29/21		(3	)
Total						$	(230	)
$	6,960	CAD	9,049	Morgan Stanley	02/26/21	$	(150	)
$	1,504	ILS	4,995	Morgan Stanley	01/29/21		(51	)
$	38,540	JPY	4,017,062	Morgan Stanley	02/26/21		(388	)
EUR	398	$	485	Morgan Stanley	02/26/21		2
$	449	ZAR	6,919	Morgan Stanley	01/29/21		(19	)
Total						$	(606	)
$	4,734	AUD	6,447	Toronto Dominion Bank	02/26/21	$	(239	)
$	91,998	EUR	77,069	Toronto Dominion Bank	02/26/21		(2,274	)
$	19,990	GBP	14,947	Toronto Dominion Bank	02/26/21		(458	)
$	106	GBP	79	Toronto Dominion Bank	02/26/21		(3	)
$	6,255	KRW	6,983,099	Toronto Dominion Bank	01/29/21		(163	)
$	3,934	NOK	34,867	Toronto Dominion Bank	02/26/21		(132	)
$	760	SEK	6,471	Toronto Dominion Bank	02/26/21		(27	)
Total						$	(3,296	)
Total						$	(4,236	)

Abbreviation(s):

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

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments

concluded

CREF Bond Market Account ■ December 31, 2020

Centrally cleared credit default swap contracts outstanding as of December 31, 2020 were as follows (notional amounts and values are in thousands):

PURCHASED

Reference entity		Terms of payments to be paid		Terms of payments to be received		Counterparty		Maturity date		Frequency of payments		Notional amount	*	Value		Upfront premiums paid (received)		Variation margin			Unrealized appreciation (depreciation	)
CDX-NAHYS35V1- 5 Year Index		5.000	%	Credit event as specified in contract		Citigroup Global Markets, Inc		12/20/25		Quarterly		$48,500		$(4,591	)	$(1,853	)	$(69	)		$(2,738	)

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

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Inflation-Linked Bond Account ■ December 31, 2020

Principal			Issuer		Value (000)		% of net assets
GOVERNMENT BONDS
AGENCY SECURITIES
$	3,931,358		Crowley Conro LLC	4.181%, 08/15/43	$	4,703		0.1	%
	10,000,000		Federal Home Loan Bank (FHLB)	0.375%, 09/04/25		9,994		0.1
	16,160,000		Montefiore Medical Center	2.895%, 04/20/32		17,912		0.2
	15,000,000		Ukraine Government AID International Bonds	1.471%, 09/29/21		15,135		0.2
	5,000,000		United States International Development Finance Corp	1.490%, 08/15/31		5,153		0.1
			Other			7,138		0.1
						60,035		0.8
MORTGAGE BACKED
	21,718,507		Government National Mortgage Association (GNMA)	3.600%, 09/15/31		23,997		0.3
	10,770,639		GNMA	3.650%, 02/15/32		11,876		0.2
	40,081,659		GNMA	1.730%, 07/15/37		41,137		0.6
	58,819,001		GNMA	4.250%, 09/15/38		64,201		0.9
	25,209,050		GNMA	1.650%, 07/15/42		25,439		0.4
	27,004,909		GNMA	2.750%, 01/15/45		29,383		0.4
			Other			5,953		0.0
						201,986		2.8
U.S. TREASURY SECURITIES
	40,399,461	k	United States Treasury Inflation Indexed Bonds	1.125%, 01/15/21		40,409		0.6
	271,480,831	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/22		276,323		3.8
	283,194,860	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/22		289,117		4.0
	330,628,680	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/22		340,829		4.7
	337,292,930	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/23		350,343		4.8
	237,959,560	k	United States Treasury Inflation Indexed Bonds	0.625%, 04/15/23		250,532		3.5
	239,999,760	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/23		254,206		3.5
	155,396,038	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/24		166,756		2.3
	210,613,680	k	United States Treasury Inflation Indexed Bonds	0.500%, 04/15/24		225,725		3.1
	140,914,385	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/24		150,855		2.1
	175,068,525	k	United States Treasury Inflation Indexed Bonds	0.125%, 10/15/24		187,678		2.6
	179,194,050	k	United States Treasury Inflation Indexed Bonds	0.250%, 01/15/25		193,327		2.7
	272,489,046	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/25		318,352		4.4
	163,307,340	k	United States Treasury Inflation Indexed Bonds	0.125%, 04/15/25		175,652		2.4
	189,954,000	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/25		208,589		2.9
	140,492,800	k	United States Treasury Inflation Indexed Bonds	0.125%, 10/15/25		152,733		2.1
	161,088,480	k	United States Treasury Inflation Indexed Bonds	0.625%, 01/15/26		179,768		2.5
	217,547,476	k	United States Treasury Inflation Indexed Bonds	2.000%, 01/15/26		258,604		3.6
	149,908,020	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/26		164,816		2.3
	226,904,265	k	United States Treasury Inflation Indexed Bonds	0.375%, 01/15/27		253,135		3.5
	124,211,516	k	United States Treasury Inflation Indexed Bonds	2.375%, 01/15/27		154,381		2.1
	122,943,975	k	United States Treasury Inflation Indexed Bonds	0.375%, 07/15/27		138,277		1.9
	216,929,910	k	United States Treasury Inflation Indexed Bonds	0.500%, 01/15/28		245,893		3.4
	214,277,684	k	United States Treasury Inflation Indexed Bonds	1.750%, 01/15/28		262,749		3.6
	114,343,148	k	United States Treasury Inflation Indexed Bonds	3.625%, 04/15/28		157,158		2.2
	132,776,960	k	United States Treasury Inflation Indexed Bonds	0.750%, 07/15/28		154,370		2.1
	194,900,580	k	United States Treasury Inflation Indexed Bonds	0.875%, 01/15/29		228,965		3.2
	142,986,762	k	United States Treasury Inflation Indexed Bonds	2.500%, 01/15/29		187,764		2.6
	206,050,852	k	United States Treasury Inflation Indexed Bonds	3.875%, 04/15/29		296,790		4.1

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	concluded

CREF Inflation-Linked Bond Account ■ December 31, 2020

Principal			Issuer		Value (000)		% of net assets
U.S. TREASURY SECURITIES—continued
$	190,356,650	k	United States Treasury Inflation Indexed Bonds	0.250%, 07/15/29	$	215,402		3.0	%
	156,867,750	k	United States Treasury Inflation Indexed Bonds	0.125%, 01/15/30		174,924		2.4
	109,173,775	k	United States Treasury Inflation Indexed Bonds	0.125%, 07/15/30		122,410		1.7
	52,077,080	k	United States Treasury Inflation Indexed Bonds	3.375%, 04/15/32		79,297		1.1
	24,094,200	k	United States Treasury Inflation Indexed Bonds	2.125%, 02/15/40		37,286		0.5
	12,500,000		United States Treasury Note	0.375%, 11/30/25		12,515		0.2
						6,905,930		95.5
			TOTAL GOVERNMENT BONDS	(Cost $6,489,383)		7,167,951		99.1

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
	7,862,000		Federal Home Loan Bank (FHLB)	0.085%, 01/14/21		7,862		0.1
	15,000,000		FHLB	0.075%–0.080%, 01/27/21		14,999		0.2
	5,000,000		FHLB	0.080%, 02/03/21		5,000		0.1
						27,861		0.4
REPURCHASE AGREEMENT						3,825		0.1
TREASURY DEBT
	4,705,000		United States Cash Management Bill	0.082%, 02/09/21		4,705		0.0
						4,705		0.0
			TOTAL SHORT-TERM INVESTMENTS	(Cost $36,390)		36,391		0.5

			TOTAL PORTFOLIO	(Cost $6,525,773)		7,204,342		99.6
			OTHER ASSETS & LIABILITIES, NET			27,171		0.4
			NET ASSETS		$	7,231,513		100.0	%

k	Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.

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

Cost amounts are in thousands.

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Social Choice Account ■ December 31, 2020

Principal			Issuer		Value (000)		% of net assets
BANK LOAN OBLIGATIONS
TECHNOLOGY HARDWARE & EQUIPMENT					$	3,642		0.0	%
TRANSPORTATION						2,354		0.0
			TOTAL BANK LOAN OBLIGATIONS	(Cost $5,902)		5,996		0.0
BONDS

CORPORATE BONDS
AUTOMOBILES & COMPONENTS						16,210		0.1
BANKS						428,216		2.5
CAPITAL GOODS						85,296		0.5
COMMERCIAL & PROFESSIONAL SERVICES						28,171		0.2
CONSUMER SERVICES						119,189		0.6
DIVERSIFIED FINANCIALS						276,636		1.5
ENERGY						179,327		1.0
FOOD, BEVERAGE & TOBACCO						45,490		0.2
HEALTH CARE EQUIPMENT & SERVICES						17,960		0.1
HOUSEHOLD & PERSONAL PRODUCTS						27,105		0.2
INSURANCE						190,048		1.1
MATERIALS						152,985		0.9
MEDIA & ENTERTAINMENT						22,965		0.2
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						145,498		0.9
REAL ESTATE						133,429		0.8
RETAILING						10,052		0.1
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						6,035		0.0
SOFTWARE & SERVICES						51,531		0.3
TECHNOLOGY HARDWARE & EQUIPMENT						22,336		0.1
TRANSPORTATION						78,900		0.5
UTILITIES						709,772		4.1
			TOTAL CORPORATE BONDS	(Cost $2,567,699)		2,747,151		15.9
GOVERNMENT BONDS
AGENCY SECURITIES						330,507		1.9
FOREIGN GOVERNMENT BONDS						526,013		3.0
MORTGAGE BACKED
$	64,000,000		Federal National Mortgage Association (FNMA)	2.000%, 01/25/36		66,900		0.4
	52,302,572		FNMA	3.500%, 04/01/48		55,416		0.3
	77,276,637		FNMA	2.500%, 11/01/50		81,520		0.5
	138,250,000		FNMA	2.000%, 01/25/51		143,591		0.8
	58,750,000		FNMA	2.500%, 01/25/51		61,922		0.4
	96,225,000	h	FNMA	3.000%, 02/25/51		100,893		0.6
	401,170,396	i	FNMA	0.000%–8.000%, 07/01/24–10/01/50		427,317		2.5
	82,000,000	h	Government National Mortgage Association (GNMA)	2.000%, 01/20/51		85,738		0.4
	114,000,000	h	GNMA	2.500%, 01/20/51		120,657		0.7

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	continued

CREF Social Choice Account ■ December 31, 2020

Principal			Issuer		Value (000)		% of net assets
MORTGAGE BACKED—continued
$	90,000,000		GNMA	3.000%, 02/20/51	$	94,158		0.6	%
			Other			334,909		1.9
						1,573,021		9.1
MUNICIPAL BONDS						607,065		3.5
U.S. TREASURY SECURITIES
	95,145,000		United States Treasury Note	0.875%, 11/15/30		94,773		0.5
	116,292,000		United States Treasury Note	1.250%, 05/15/50		105,262		0.6
	53,750,000		United States Treasury Note	1.375%, 08/15/50		50,223		0.3
	209,049,000		United States Treasury Note	0.125%–2.875%, 05/31/22–11/30/27		215,018		1.2
			Other			58,201		0.4
						523,477		3.0
			TOTAL GOVERNMENT BONDS	(Cost $3,414,350)		3,560,083		20.5
STRUCTURED ASSETS
ASSET BACKED						198,949		1.1
OTHER MORTGAGE BACKED						336,996		1.9
			TOTAL STRUCTURED ASSETS	(Cost $521,839)		535,945		3.0
			TOTAL BONDS	(Cost $6,503,888)		6,843,179		39.4

Shares			Company

COMMON STOCKS
AUTOMOBILES & COMPONENTS
	197,503	*	Tesla, Inc			139,372		0.8
			Other			127,230		0.7
						266,602		1.5
BANKS						449,586		2.6
CAPITAL GOODS						671,346		3.9
COMMERCIAL & PROFESSIONAL SERVICES						168,124		1.0
CONSUMER DURABLES & APPAREL
	461,412		Nike, Inc (Class B)			65,276		0.4
			Other			155,173		0.9
						220,449		1.3
CONSUMER SERVICES
	530,209		Starbucks Corp			56,722		0.3
			Other			174,200		1.0
						230,922		1.3

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Social Choice Account ■ December 31, 2020

Shares			Company	Value (000)		% of net assets
DIVERSIFIED FINANCIALS
	71,237		BlackRock, Inc	$	51,400		0.3	%
	791,002		Morgan Stanley		54,207		0.3
			Other		502,315		2.9
					607,922		3.5
ENERGY					293,721		1.7
FOOD & STAPLES RETAILING					104,843		0.6
FOOD, BEVERAGE & TOBACCO
	1,281,288		Coca-Cola Co		70,266		0.4
	598,296		Nestle S.A.		70,725		0.4
	472,891		PepsiCo, Inc		70,130		0.4
			Other		177,388		1.0
					388,509		2.2
HEALTH CARE EQUIPMENT & SERVICES					596,806		3.4
HOUSEHOLD & PERSONAL PRODUCTS
	717,014		Procter & Gamble Co		99,765		0.6
			Other		173,628		1.0
					273,393		1.6
INSURANCE					353,805		2.0
MATERIALS
	234,216		Linde plc		61,718		0.4
			Other		458,639		2.6
					520,357		3.0
MEDIA & ENTERTAINMENT
	67,577	*	Alphabet, Inc (Class A)		118,438		0.7
	66,815	*	Alphabet, Inc (Class C)		117,052		0.7
			Other		365,050		2.1
					600,540		3.5
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
	454,860		AbbVie, Inc		48,738		0.3
	212,381		Amgen, Inc		48,831		0.3
	816,433		Bristol-Myers Squibb Co		50,643		0.3
	310,094		Eli Lilly & Co		52,356		0.3
	808,624		Merck & Co, Inc		66,145		0.4
	153,500		Roche Holding AG.		53,464		0.3
			Other		508,383		2.9
					828,560		4.8
REAL ESTATE					338,971		1.9
RETAILING
	24,474	*	Booking Holdings, Inc		54,510		0.3
	302,524		Home Depot, Inc		80,356		0.5
			Other		354,641		2.0
					489,507		2.8

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	continued

CREF Social Choice Account ■ December 31, 2020

Shares			Company		Value (000)		% of net assets
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
	1,494,488		Intel Corp		$	74,455		0.4	%
	178,323		NVIDIA Corp			93,120		0.5
	393,020		Texas Instruments, Inc			64,506		0.4
			Other			150,643		0.9
						382,724		2.2
SOFTWARE & SERVICES
	260,183		Accenture plc			67,962		0.4
	164,623	*	Adobe, Inc			82,331		0.5
	162,512	*	Autodesk, Inc			49,621		0.3
	443,959		International Business Machines Corp			55,886		0.3
	133,692		Intuit, Inc			50,783		0.3
	1,599,567		Microsoft Corp			355,776		2.0
	296,470	*	salesforce.com, Inc			65,973		0.4
			Other			427,697		2.4
						1,156,029		6.6
TECHNOLOGY HARDWARE & EQUIPMENT
	3,365,420		Apple, Inc			446,558		2.6
	1,398,771		Cisco Systems, Inc			62,595		0.4
			Other			132,324		0.7
						641,477		3.7
TELECOMMUNICATION SERVICES
	1,346,646		Verizon Communications, Inc			79,115		0.5
			Other			134,706		0.7
						213,821		1.2
TRANSPORTATION
	318,479		United Parcel Service, Inc (Class B)			53,632		0.3
			Other			221,366		1.3
						274,998		1.6
UTILITIES						309,266		1.8
			TOTAL COMMON STOCKS	(Cost $7,266,079)		10,382,278		59.7

PREFERRED STOCKS
BANKS						8,400		0.1
INSURANCE						4,925		0.0
REAL ESTATE						23,917		0.1
UTILITIES						21,465		0.1
			TOTAL PREFERRED STOCKS	(Cost $75,928)		58,707		0.3

RIGHTS / WARRANTS
ENERGY						358		0.0
			TOTAL RIGHTS / WARRANTS	(Cost $366)		358		0.0

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments	continued

CREF Social Choice Account ■ December 31, 2020

Principal			Issuer		Value (000)			% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	50,330,000		Federal Home Loan Bank (FHLB)	0.085%–0.115%, 02/26/21	$	50,324			0.3	%
			Other			350,943			2.0
						401,267			2.3
REPURCHASE AGREEMENT						40,315			0.2
TREASURY DEBT
	70,000,000		United States Cash Management Bill	0.098%, 01/12/21		69,999			0.4
	50,195,000		United States Cash Management Bill	0.080%–0.084%, 03/16/21		50,188			0.3
			Other			250,351			1.5
						370,538			2.2

Shares			Company

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES
	138,344,117	c	State Street Navigator Securities Lending
			Government Money Market Portfolio	0.080%		138,344			0.8
						138,344			0.8
TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						138,344			0.8
			TOTAL SHORT-TERM INVESTMENTS	(Cost $950,452)		950,464			5.5

			TOTAL PORTFOLIO	(Cost $14,802,615)		18,240,982			104.9
			OTHER ASSETS & LIABILITIES, NET			(845,914	)		(4.9	)
			NET ASSETS		$	17,395,068			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.

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

At 12/31/20, the aggregate value of securities on loan is $217,707,398. See Note 4 in the Notes to financial statements for additional information about securities lending collateral.

At 12/31/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933 amounted to $1,645,008,888 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.

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	concluded

CREF Social Choice Account ■ December 31, 2020

Forward foreign currency contracts outstanding as of December 31, 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			)
$		12,291		CLP		9,350,000	Bank of America	02/24/21		$	(869	)
$		2,953		EUR		2,471	Bank of America	02/26/21			(69	)
Total										$	(938	)

Abbreviation(s):

CLP Chilean Peso

EUR Euro

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

Summary portfolio of investments

CREF Money Market Account ■ December 31, 2020

Principal			Issuer		Value (000)		% of net assets
SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
$	151,844,000		Federal Home Loan Bank (FHLB)	0.010%, 01/22/21	$	151,836		1.4	%
	132,585,000		FHLB	0.010%, 01/27/21		132,577		1.3
	136,000,000		FHLB	0.010%, 02/03/21		135,990		1.3
	85,000,000		FHLB	0.100%, 02/03/21		85,000		0.8
	104,656,000		FHLB	0.010%, 02/10/21		104,646		1.0
	107,248,000		FHLB	0.010%, 02/17/21		107,236		1.0
	171,011,000		FHLB	0.010%, 02/24/21		170,989		1.6
	87,457,000		FHLB	0.010%, 03/19/21		87,440		0.8
	612,048,000		FHLB	0.010%–0.100%, 01/04/21–05/28/21		611,980		5.8
						1,587,694		15.0
REPURCHASE AGREEMENT						18,835		0.2
TREASURY DEBT
	221,720,000		United States Cash Management Bill	0.010%, 01/05/21		221,718		2.1
	182,856,000		United States Cash Management Bill	0.010%, 01/12/21		182,851		1.7
	77,273,000		United States Cash Management Bill	0.010%, 01/19/21		77,269		0.7
	270,189,000		United States Cash Management Bill	0.010%, 02/09/21		270,161		2.6
	120,356,000		United States Cash Management Bill	0.010%, 02/16/21		120,343		1.1
	332,827,000		United States Cash Management Bill	0.010%, 02/23/21		332,780		3.1
	153,113,000		United States Cash Management Bill	0.010%, 03/02/21		153,093		1.4
	180,359,000		United States Cash Management Bill	0.010%, 03/09/21		180,328		1.7
	262,314,000		United States Cash Management Bill	0.010%, 03/16/21		262,266		2.5
	201,000,000		United States Cash Management Bill	0.010%, 03/23/21		200,957		1.9
	190,803,000		United States Cash Management Bill	0.010%, 03/30/21		190,765		1.8
	99,065,000		United States Cash Management Bill	0.010%, 04/06/21		99,043		0.9
	126,659,000		United States Cash Management Bill	0.010%, 04/27/21		126,623		1.2
	145,641,000		United States Treasury Bill	0.010%, 01/07/21		145,638		1.4
	281,475,000		United States Treasury Bill	0.010%, 01/14/21		281,466		2.7
	211,494,000		United States Treasury Bill	0.010%, 01/28/21		211,480		2.0
	293,354,000		United States Treasury Bill	0.010%, 02/02/21		293,328		2.8
	400,216,000		United States Treasury Bill	0.010%, 02/04/21		400,179		3.8
	368,500,000		United States Treasury Bill	0.010%, 02/11/21		368,457		3.5
	221,925,000		United States Treasury Bill	0.010%, 02/18/21		221,895		2.1
	342,086,000		United States Treasury Bill	0.010%, 02/25/21		342,036		3.2
	241,591,000		United States Treasury Bill	0.010%, 03/04/21		241,551		2.3
	221,000,000		United States Treasury Bill	0.010%, 03/18/21		220,958		2.1
	238,368,000		United States Treasury Bill	0.010%, 03/25/21		238,316		2.2
	80,258,000		United States Treasury Bill	0.010%, 04/01/21		80,243		0.8
	205,648,000		United States Treasury Bill	0.010%, 04/22/21		205,587		1.9
	200,012,000		United States Treasury Bill	0.010%, 01/21/21–04/29/21		199,979		1.9
			Other			128,119		1.2
						5,997,429		56.6
VARIABLE RATE SECURITIES
	84,000,000	i	Federal Agricultural Mortgage Corp
			(FAMC), SOFR + 0.070%	0.160%, 02/08/21		84,000		0.8
	75,000,000	i	FAMC, SOFR + 0.280%	0.370%, 03/23/21		75,000		0.7

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Summary portfolio of investments	concluded

CREF Money Market Account ■ December 31, 2020

Principal			Issuer		Value (000)			% of net assets
VARIABLE RATE SECURITIES—continued
$	205,000,000	i	FAMC, SOFR + 0.060%–SOFR + 0.300%	0.150%–0.390%, 02/03/21–05/14/21	$	205,000			1.9	%
	100,000,000	i	Federal Farm Credit Bank (FFCB), SOFR + 0.280%	0.370%, 04/23/21		100,000			0.9
	75,000,000	i	FFCB, SOFR + 0.290%	0.380%, 04/23/21		75,000			0.7
	100,000,000	i	FFCB, SOFR + 0.300%	0.390%, 04/27/21		100,000			0.9
	85,000,000	i	FFCB, SOFR + 0.040%	0.130%, 06/01/22		84,997			0.8
	85,000,000	i	FFCB, SOFR + 0.045%	0.135%, 09/08/22		84,993			0.8
	381,000,000	i	FFCB, SOFR + 0.040%–SOFR + 0.190%	0.130%–0.280%, 01/19/21–10/21/22		381,000			3.6
	85,000,000	i	Federal Home Loan Bank (FHLB), SOFR + 0.030%	0.120%, 01/11/21		85,000			0.8
	85,000,000	i	FHLB, SOFR + 0.040%	0.130%, 02/26/21		85,000			0.8
	80,000,000	i	FHLB, SOFR + 0.280%	0.370%, 03/25/21		80,000			0.8
	150,000,000	i	FHLB, SOFR + 0.230%	0.320%, 04/13/21		150,000			1.4
	73,000,000	i	FHLB, SOFR + 0.120%	0.210%, 10/13/21		73,000			0.7
	84,000,000	i	FHLB, SOFR + 0.080%	0.170%, 02/22/22		84,000			0.8
	593,850,000	i	FHLB, LIBOR 1 M – 0.045%–LIBOR 1 M + 0.070%	0.099%–0.218%, 01/11/21–12/08/22		593,850			5.6
	273,000,000	i	FHLMC, SOFR + 0.030%–SOFR + 0.300%	0.120%–0.390%, 01/22/21–08/19/22		273,000			2.6
	83,000,000	i	Federal National Mortgage Association
			(FNMA), SOFR + 0.050%	0.140%, 03/04/21		83,000			0.8
	100,000,000	i	FNMA, SOFR + 0.250%	0.340%, 03/24/21		100,000			0.9
	80,000,000	i	FNMA, SOFR + 0.280%	0.370%, 04/26/21		80,000			0.8
	171,000,000	i	FNMA, SOFR + 0.120%–SOFR + 0.320%	0.210%–0.410%, 04/05/21–07/29/22		171,000			1.6
						3,047,840			28.7
			TOTAL SHORT-TERM INVESTMENTS	(Cost $10,651,798)		10,651,798			100.5

			TOTAL PORTFOLIO	(Cost $10,651,798)		10,651,798			100.5
			OTHER ASSETS & LIABILITIES, NET			(54,658	)		(0.5	)
			NET ASSETS		$	10,597,140			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.

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

[This page intentionally left blank.]

College Retirement Equities Fund ■ 2020 Annual Report

Statements of assets and liabilities

College Retirement Equities Fund ■ December 31, 2020

		Stock		Global Equities			Growth		Equity Index		Bond Market		Inflation-Linked		Social Choice		Money Market
(amounts in thousands, except accumulation unit value)		Account		Account			Account		Account		Account		Bond Account		Account		Account
ASSETS
Portfolio investments, at value*^†		$	127,759,847	$	24,395,741		$	35,791,877	$	21,923,024	$	16,247,551	$	7,204,342	$	18,240,982	$	10,651,798
Affiliated investments, at value^‡			256,131		—			—		—		—		—		—		—
Total portfolio investments, at value			128,015,978		24,395,741			35,791,877		21,923,024		16,247,551		7,204,342		18,240,982		10,651,798
Cash^#			—		—			—		—		94,848		1		29,884		2
Cash – foreign^{^}			4,649		874			6		—		—		—		1,100		—
Dividends and interest receivable			150,469		27,318			8,967		16,382		77,820		19,936		52,556		1,265
Receivable from securities transactions			65,394		60			24,149		306		1,680		—		7,035		—
Receivable for delayed delivery securities			2,714		185			—		—		413,578		—		289,375		—
Due from affiliates			—		5,099			—		—		3,054		7,492		1,969		—
Receivable for variation margin on open futures contracts			35,025		5,397			—		1,986		—		—		—		—
Unrealized appreciation on forward foreign currency contracts			598		—			—		—		2		—		—		—
Other			16,631		2,814			2,966		3,109		2,590		1,616		2,327		2,081
Total assets			128,291,458		24,437,488			35,827,965		21,944,807		16,841,123		7,233,387		18,625,228		10,655,146
LIABILITIES
Investment management fees payable			7,797		1,849			517		292		367		168		589		169
Service agreement fees payable			2,454		163			791		444		38		88		—		152
Payable for collateral for securities loaned			1,094,658		50,777			93,947		104,433		—		—		138,344		—
Payable for securities transactions			75,114		45			12,171		—		—		—		3,667		—
Payable for delayed delivery securities			—		—			—		—		1,808,927		—		1,084,471		—
Due to affiliates			99,842		3			6,405		10,489		2		1		1		55,604
Overdraft payable**			22,120		13,710			—		1,392		—		—		—		—
Written options^◊			3		—			—		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts			3,870		—			—		—		4,238		—		938		—
Payable for variation margin on centrally cleared swap contracts			—		—			—		—		69		—		—		—
Payable for trustee compensation			13,736		2,708			2,962		2,427		2,248		1,617		2,148		2,081
Other			10,688		1,413			—		—		45		—		2		—
Total liabilities			1,330,282		70,668			116,793		119,477		1,815,934		1,874		1,230,160		58,006
NET ASSETS		$	126,961,176	$	24,366,820		$	35,711,172	$	21,825,330	$	15,025,189	$	7,231,513	$	17,395,068	$	10,597,140
CLASS R1 (Accumulation):	Net assets	$	15,269,504	$	4,031,684		$	6,547,861	$	4,230,490	$	2,373,360	$	1,182,294	$	2,600,991	$	2,001,074
	Units outstanding		23,426		16,373			19,822		13,096		16,727		15,121		8,522		75,961
	Unit value	$	651.83	$	246.25		$	330.34	$	323.03	$	141.89	$	78.19	$	305.21	$	26.34
CLASS R2 (Accumulation):	Net assets	$	37,943,248	$	8,190,493		$	12,018,883	$	7,481,140	$	5,178,648	$	2,266,955	$	6,114,157	$	3,207,812
	Units outstanding		57,468		32,838			35,920		22,864		36,033		28,624		19,778		120,569
	Unit value	$	660.26	$	249.42		$	334.60	$	327.20	$	143.72	$	79.20	$	309.14	$	26.61
CLASS R3 (Accumulation):	Net assets	$	61,615,969	$	11,671,991		$	16,451,665	$	9,583,565	$	7,152,049	$	3,590,278	$	8,235,191	$	5,263,085
	Units outstanding		92,945		46,607			48,969		29,172		49,564		45,151		26,532		197,135
	Unit value	$	662.93	$	250.43		$	335.96	$	328.52	$	144.30	$	79.52	$	310.39	$	26.70
ANNUITY:	Net assets	$	12,132,455	$	472,652		$	692,763	$	530,135	$	321,132	$	191,986	$	444,729	$	125,169
* Includes securities loaned of		$	1,970,768	$	187,902		$	138,666	$	152,115	$	—	$	—	$	217,707	$	—
** Includes cash collateral for securities loaned of		$	—	$	(8,819	)	$	—	$	—	$	—	$	—	$	—	$	—
^# Includes cash collateral for mortgage dollar rolls of		$	—	$	—		$	—	$	—	$	95,000	$	—	$	27,501	$	—
^† Portfolio investments; unaffiliated issuers cost		$	99,428,388	$	18,180,471		$	24,817,269	$	7,880,598	$	15,369,740	$	6,525,773	$	14,802,615	$	10,651,798
^‡ Portfolio investments, affiliated issuers cost		$	232,180	$	—		$	—	$	—	$	—	$	—	$	—	$	—
^{^} Foreign cash, cost		$	4,642	$	873		$	6	$	—	$	—	$	—	$	1,101	$	—
◊ Written options premiums		$	14	$	—		$	—	$	—	$	—	$	—	$	—	$	—


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

Statements of operations

College Retirement Equities Fund ■ For the year ended December 31, 2020

	Stock			Global Equities			Growth			Equity Index			Bond Market			Inflation-Linked		Social Choice			Money Market
(amounts in thousands)	Account			Account			Account			Account			Account			Bond Account		Account			Account
INVESTMENT INCOME
Dividends:
Unaffiliated issuers*	$	1,984,957		$	343,392		$	219,248		$	329,669		$	—		$	—	$	179,317		$	—
Affiliated issuers*		2,330			—			—			—			—			—		—			—
Income from securities lending		25,100			4,510			2,062			2,508			—			—		2,406			—
Interest*		5,474			585			328			266			391,892			115,092		166,193			62,144
Other		1,165			910			—			36			3,605			3		609			26
Total income		2,019,026			349,397			221,638			332,479			395,497			115,095		348,525			62,170
EXPENSES
Investment management fees		104,272			15,880			12,314			3,021			7,715			1,662		7,390			2,940
Administrative – Class R1		39,908			10,269			16,504			11,047			6,914			3,303		7,038			6,397
Administrative – Class R2		59,338			12,249			18,066			11,703			9,039			3,902		9,687			6,258
Administrative – Class R3		89,922			14,015			20,175			12,386			10,266			5,059		10,755			8,432
Distribution fees – Class R1		16,610			4,275			6,874			4,598			2,876			1,374		2,929			2,660
Distribution fees – Class R2		23,071			4,765			7,035			4,550			3,511			1,516		3,767			2,432
Distribution fees – Class R3		32,828			5,115			7,369			4,519			3,744			1,845		3,925			3,075
Mortality and expense risk charges		5,533			1,013			1,498			953			735			345		771			583
Total expenses		371,482			67,581			89,835			52,777			44,800			19,006		46,262			32,777
Less: Expenses withheld by TIAA		—			—			—			—			—			—		—			(7,688	)
Net expenses		371,482			67,581			89,835			52,777			44,800			19,006		46,262			25,089
Net investment income (loss)		1,647,544			281,816			131,803			279,702			350,697			96,089		302,263			37,081
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS
Realized gain (loss):
Portfolio investments:
Unaffiliated issuers^†		5,098,520			861,347			6,137,540			1,363,604			291,510			14,616		692,738			442
Affiliated issuers		(28,104	)		—			—			—			—			—		—			—
Purchased options		9,463			66			—			—			—			—		—			—
Written options		(13,523	)		(1,139	)		—			—			—			—		—			—
Futures contracts		148,662			20,321			—			(63	)		17			—		1			—
Forward foreign currency contracts		(939	)		—			—			—			(10,101	)		—		(393	)		—
Swap contracts		—			—			—			—			4,195			—		—			—
Foreign currency transactions		(14,662	)		(3,352	)		(821	)		—			632			—		321			—
Net realized gain (loss) on total investments		5,199,417			877,243			6,136,719			1,363,541			286,253			14,616		692,667			442
Change in unrealized appreciation (depreciation) on:
Portfolio investments:
Unaffiliated issuers^‡		11,960,018			3,219,586			4,259,411			2,026,553			462,176			415,592		1,060,825			—
Affiliated issuers		18,284			—			—			—			—			—		—			—
Written options		(52	)		—			—			—			—			—		—			—
Futures contracts		24,288			2,951			—			1,612			—			—		—			—
Forward foreign currency contracts		(2,127	)		—			—			—			(2,217	)		—		(816	)		—
Swap contracts		—			—			—			—			(253	)		—		—			—
Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies		4,594			1,211			50			—			(644	)		—		598			—
Net change in unrealized appreciation (depreciation) on total investments		12,005,005			3,223,748			4,259,461			2,028,165			459,062			415,592		1,060,607			—
Net realized and unrealized gain (loss) on total investments		17,204,422			4,100,991			10,396,180			3,391,706			745,315			430,208		1,753,274			442
Net increase (decrease) in net assets from operations	$	18,851,966		$	4,382,807		$	10,527,983		$	3,671,408		$	1,096,012		$	526,297	$	2,055,537		$	37,523

* Net of foreign withholding taxes of unaffiliated issuers	$	81,256		$	17,210		$	1,707		$	27		$	183		$	—	$	6,986		$	—
^† Includes net realized gain (loss) from securities sold to affiliates of	$	629,547		$	208,825		$	693,813		$	139,145		$	—		$	—	$	13,656		$	—
^‡ Includes net change in unrealized foreign capital gains taxes of	$	(5,616	)	$	(710	)	$	—		$	—		$	(32	)	$	—	$	—		$	—


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

Statements of changes in net assets

College Retirement Equities Fund ■ For the year ended

		Stock Account						Global Equities Account						Growth Account
(amounts in thousands, except accumulation units)		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019

OPERATIONS
Net investment income (loss)		$	1,647,544		$	2,136,156		$	281,816		$	386,694		$	131,803		$	169,110
Net realized gain (loss) on total investments			5,199,417			6,052,252			877,243			951,173			6,136,719			3,248,644
Net change in unrealized appreciation (depreciation) on total investments			12,005,005			19,070,768			3,223,748			3,608,155			4,259,461			3,672,225
Net increase (decrease) in net assets from operations			18,851,966			27,259,176			4,382,807			4,946,022			10,527,983			7,089,979

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		401,380			419,648			139,187			168,295			302,936			225,735
	Class R2		805,365			886,355			231,542			219,387			346,985			257,856
	Class R3		1,526,195			1,511,960			633,822			430,907			659,126			493,263
Net transfers between CREF Accounts:	Class R1		(474,595	)		(138,706	)		(101,456	)		(15,647	)		(216,714	)		(75,553	)
	Class R2		(389,766	)		(314,196	)		86,482			8,864			(96,224	)		(162,025	)
	Class R3		(862,544	)		(527,435	)		31,169			(40,003	)		(269,931	)		(154,390	)
Withdrawals and death benefits:	Class R1		(1,499,736	)		(1,651,825	)		(423,941	)		(475,045	)		(668,907	)		(585,733	)
	Class R2		(3,536,605	)		(4,093,122	)		(748,176	)		(839,791	)		(1,091,170	)		(999,097	)
	Class R3		(6,026,060	)		(6,477,972	)		(1,149,964	)		(1,256,279	)		(1,655,054	)		(1,348,676	)
Annuity payments:			(1,169,339	)		(1,374,717	)		(35,623	)		(39,602	)		(48,765	)		(47,666	)
Net increase (decrease) from participant transactions			(11,225,705	)		(11,760,010	)		(1,336,958	)		(1,838,914	)		(2,737,718	)		(2,396,286	)
Net increase (decrease) in net assets			7,626,261			15,499,166			3,045,849			3,107,108			7,790,265			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		$	126,961,176		$	119,334,915		$	24,366,820		$	21,320,971		$	35,711,172		$	27,920,907

ACCUMULATION UNITS:
Units purchased:	Class R1		750,296			831,917			690,293			938,135			1,150,083			1,064,423
	Class R2		1,497,161			1,749,458			1,126,257			1,205,316			1,309,422			1,197,261
	Class R3		2,543,692			2,676,325			2,876,490			2,257,078			2,316,680			2,184,748
Units sold / transferred:	Class R1		(3,632,558	)		(3,559,148	)		(2,630,955	)		(2,699,139	)		(3,367,507	)		(3,095,678	)
	Class R2		(7,281,293	)		(8,668,268	)		(3,458,376	)		(4,530,578	)		(4,637,965	)		(5,380,848	)
	Class R3		(12,656,276	)		(13,658,015	)		(5,717,914	)		(7,017,380	)		(7,389,191	)		(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			173,838,288			192,617,266			95,817,222			102,931,427			104,710,446			115,328,924


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

Statements of changes in net assets

continued

College Retirement Equities Fund ■ For the year ended

		Equity Index Account						Bond Market Account						Inflation-Linked Bond Account
(amounts in thousands, except accumulation units)		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019

OPERATIONS
Net investment income (loss)		$	279,702		$	324,671		$	350,697		$	392,776		$	96,089		$	136,298
Net realized gain (loss) on total investments			1,363,541			934,581			286,253			115,047			14,616			(1,373	)
Net change in unrealized appreciation (depreciation) on total investments			2,028,165			3,718,832			459,062			662,264			415,592			271,988
Net increase (decrease) in net assets from operations			3,671,408			4,978,084			1,096,012			1,170,087			526,297			406,913

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		194,078			169,126			217,407			183,520			160,764			112,111
	Class R2		248,717			247,715			318,567			285,876			159,218			139,346
	Class R3		347,919			364,644			596,036			567,202			321,421			242,397
Net transfers between CREF Accounts:	Class R1		(170,783	)		(31,536	)		83,391			101,745			44,448			36,553
	Class R2		(130,354	)		(27,137	)		256,928			215,468			128,028			75,864
	Class R3		(210,828	)		(49,180	)		260,450			272,800			181,520			103,379
Withdrawals and death benefits:	Class R1		(461,461	)		(460,364	)		(317,040	)		(289,786	)		(147,653	)		(130,350	)
	Class R2		(778,664	)		(752,721	)		(633,037	)		(611,249	)		(285,131	)		(273,489	)
	Class R3		(1,115,170	)		(952,105	)		(1,015,615	)		(895,928	)		(469,097	)		(406,981	)
Annuity payments:			(42,421	)		(45,192	)		(30,278	)		(28,622	)		(18,632	)		(18,628	)
Net increase (decrease) from participant transactions			(2,118,967	)		(1,536,750	)		(263,191	)		(198,974	)		74,886			(119,798	)
Net increase (decrease) in net assets			1,552,441			3,441,334			832,821			971,113			601,183			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		$	21,825,330		$	20,272,889		$	15,025,189		$	14,192,368		$	7,231,513		$	6,630,330

ACCUMULATION UNITS:
Units purchased:	Class R1		733,048			702,275			1,590,164			1,425,839			2,133,720			1,570,229
	Class R2		957,051			1,019,672			2,298,506			2,208,673			2,093,085			1,945,878
	Class R3		1,232,194			1,416,310			4,051,035			4,216,412			4,028,507			3,224,346
Units sold / transferred:	Class R1		(2,366,813	)		(2,044,142	)		(1,708,690	)		(1,478,865	)		(1,372,803	)		(1,327,505	)
	Class R2		(3,475,139	)		(3,213,358	)		(2,748,719	)		(3,075,368	)		(2,089,147	)		(2,758,743	)
	Class R3		(4,979,337	)		(4,106,533	)		(5,469,527	)		(4,842,623	)		(3,819,802	)		(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			65,132,395			73,031,391			102,324,697			104,311,928			88,896,245			87,922,685


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

Statements of changes in net assets

concluded

College Retirement Equities Fund ■ For the year ended

		Social Choice Account						Money Market Account
(amounts in thousands, except accumulation units)		December 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019

OPERATIONS
Net investment income (loss)		$	302,263		$	342,311		$	37,081		$	188,092
Net realized gain (loss) on total investments			692,667			587,126			442			203
Net change in unrealized appreciation (depreciation) on total investments			1,060,607			1,695,423			—			—
Net increase (decrease) in net assets from operations			2,055,537			2,624,860			37,523			188,295

FROM PARTICIPANT TRANSACTIONS
Premiums and contributions:	Class R1		135,067			129,760			975,472			683,018
	Class R2		443,899			276,985			1,276,761			701,710
	Class R3		722,944			459,555			2,718,638			1,377,722
Net transfers between CREF Accounts:	Class R1		(6,274	)		17,602			163,240			35,623
	Class R2		211,036			119,106			537,084			149,485
	Class R3		257,112			134,898			688,582			264,420
Withdrawals and death benefits:	Class R1		(249,570	)		(257,228	)		(1,078,924	)		(678,356	)
	Class R2		(532,111	)		(512,009	)		(1,571,024	)		(924,766	)
	Class R3		(763,007	)		(656,578	)		(3,174,935	)		(1,640,679	)
Annuity payments:			(37,146	)		(37,737	)		(15,428	)		(14,695	)
Net increase (decrease) from participant transactions			181,950			(325,646	)		519,466			(46,518	)
Net increase (decrease) in net assets			2,237,487			2,299,214			556,989			141,777

NET ASSETS
Beginning of period			15,157,581			12,858,367			10,040,151			9,898,374
End of period		$	17,395,068		$	15,157,581		$	10,597,140		$	10,040,151

ACCUMULATION UNITS:
Units purchased:	Class R1		499,272			517,476			37,043,012			26,200,893
	Class R2		1,630,433			1,092,143			48,014,917			26,716,005
	Class R3		2,567,063			1,708,819			101,258,332			51,911,585
Units sold / transferred:	Class R1		(941,610	)		(963,165	)		(34,767,224	)		(24,656,686	)
	Class R2		(1,210,391	)		(1,565,109	)		(38,866,180	)		(29,532,791	)
	Class R3		(1,870,709	)		(2,075,868	)		(92,751,729	)		(52,284,054	)
Outstanding:
Beginning of period			54,157,355			55,443,059			373,734,208			375,379,256
End of period			54,831,413			54,157,355			393,665,336			373,734,208


88	2020 Annual Report ■ College Retirement Equities Fund	See notes to financial statements	See notes to financial statements	College Retirement Equities Fund ■ 2020 Annual Report	89

Financial highlights

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Accumulation
	For the year ended	Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss on total investments		)	Net change in accumulation unit value			Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Net investment income (loss		)	Portfolio turnover rate			units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ

STOCK ACCOUNT
Class R1:	12/31/20	$	9.890		$	2.810		$	7.080		$	90.652		$	97.732		$	554.098	$	651.830		17.64	%		0.52	%		1.31	%		69	%		23		$	15,270
	12/31/19		11.125			2.749			8.376			109.873			118.249			435.849		554.098		27.13			0.55			1.67			60			26			14,577
	12/31/18		10.238			2.573			7.665			(55.323	)		(47.658	)		483.507		435.849		(9.86	)		0.53			1.57			55			29			12,655
	12/31/17		8.937			2.869			6.068			84.379			90.447			393.060		483.507		23.01			0.65			1.38			48			33			15,853
	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
Class R2:	12/31/20		10.005			1.916			8.089			91.852			99.941			560.315		660.256		17.84			0.35			1.47			69			57			37,943
	12/31/19		11.240			1.772			9.468			110.979			120.447			439.868		560.315		27.38			0.35			1.86			60			63			35,441
	12/31/18		10.327			1.687			8.640			(55.847	)		(47.207	)		487.075		439.868		(9.69	)		0.34			1.75			55			70			30,866
	12/31/17		8.990			1.736			7.254			84.893			92.147			394.928		487.075		23.33			0.39			1.64			48			78			38,159
	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
Class R3:	12/31/20		10.044			1.598			8.446			92.234			100.680			562.248		662.928		17.91			0.29			1.53			69			93			61,616
	12/31/19		11.279			1.507			9.772			111.324			121.096			441.152		562.248		27.45			0.30			1.92			60			103			57,944
	12/31/18		10.352			1.485			8.867			(56.010	)		(47.143	)		488.295		441.152		(9.65	)		0.30			1.79			55			114			50,309
	12/31/17		9.010			1.395			7.615			85.073			92.688			395.607		488.295		23.43			0.32			1.72			48			124			60,531
	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

GLOBAL EQUITIES ACCOUNT
Class R1:	12/31/20		3.467			1.009			2.458			42.730			45.188			201.059		246.247		22.48			0.50			1.23			63			16			4,032
	12/31/19		4.042			0.913			3.129			40.803			43.932			157.127		201.059		27.96			0.50			1.73			67			18			3,682
	12/31/18		3.712			0.948			2.764			(25.325	)		(22.561	)		179.688		157.127		(12.56	)		0.53			1.54			77			20			3,154
	12/31/17		3.346			1.117			2.229			32.997			35.226			144.462		179.688		24.38			0.69			1.38			36			20			3,681
	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
Class R2:	12/31/20		3.505			0.678			2.827			43.288			46.115			203.309		249.424		22.68			0.33			1.39			63			33			8,190
	12/31/19		4.081			0.560			3.521			41.217			44.738			158.571		203.309		28.21			0.31			1.92			67			35			7,150
	12/31/18		3.746			0.624			3.122			(25.558	)		(22.436	)		181.007		158.571		(12.40	)		0.35			1.73			77			38			6,104
	12/31/17		3.365			0.700			2.665			33.198			35.863			145.144		181.007		24.71			0.43			1.64			36			39			7,131
	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
Class R3:	12/31/20		3.517			0.561			2.956			43.466			46.422			204.012		250.434		22.75			0.27			1.45			63			47			11,672
	12/31/19		4.095			0.465			3.630			41.347			44.977			159.035		204.012		28.28			0.25			1.98			67			49			10,088
	12/31/18		3.747			0.547			3.200			(25.626	)		(22.426	)		181.461		159.035		(12.36	)		0.30			1.77			77			54			8,621
	12/31/17		3.372			0.574			2.798			33.270			36.068			145.393		181.461		24.81			0.35			1.71			36			53			9,558
	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

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Financial highlights	continued

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Accumulation
	For the year ended	Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss on total investments		)	Net change in accumulation unit value			Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Net investment income (loss		)	Portfolio turnover rate			units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ

GROWTH ACCOUNT
Class R1:	12/31/20	$	1.972		$	1.242		$	0.730		$	94.391		$	95.121		$	235.215	$	330.336		40.44	%		0.47	%		0.27	%		82	%		20		$	6,548
	12/31/19		1.988			1.026			0.962			55.151			56.113			179.102		235.215		31.33			0.48			0.45			85			22			5,184
	12/31/18		2.166			0.914			1.252			(6.193	)		(4.941	)		184.043		179.102		(2.69	)		0.46			0.63			62			24			4,311
	12/31/17		1.818			0.977			0.841			43.121			43.962			140.081		184.043		31.38			0.60			0.52			48			26			4,841
	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
Class R2:	12/31/20		1.995			0.800			1.195			95.559			96.754			237.849		334.603		40.68			0.30			0.44			82			36			12,019
	12/31/19		2.007			0.609			1.398			55.701			57.099			180.750		237.849		31.59			0.28			0.65			85			39			9,335
	12/31/18		2.186			0.555			1.631			(6.277	)		(4.646	)		185.396		180.750		(2.51	)		0.28			0.82			62			43			7,850
	12/31/17		1.830			0.556			1.274			43.379			44.653			140.743		185.396		31.73			0.34			0.78			48			47			8,788
	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
Class R3:	12/31/20		2.003			0.644			1.359			95.929			97.288			238.674		335.962		40.76			0.24			0.50			82			49			16,452
	12/31/19		2.016			0.496			1.520			55.873			57.393			181.281		238.674		31.66			0.23			0.70			85			54			12,898
	12/31/18		2.193			0.471			1.722			(6.301	)		(4.579	)		185.860		181.281		(2.46	)		0.24			0.86			62			59			10,665
	12/31/17		1.834			0.429			1.405			43.471			44.876			140.984		185.860		31.83			0.26			0.86			48			62			11,524
	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

EQUITY INDEX ACCOUNT
Class R1:	12/31/20		4.683			1.182			3.501			51.129			54.630			268.398		323.028		20.35			0.44			1.30			3			13			4,230
	12/31/19		4.780			1.100			3.680			58.895			62.575			205.823		268.398		30.40			0.46			1.53			2			15			3,954
	12/31/18		4.426			0.992			3.434			(15.616	)		(12.182	)		218.005		205.823		(5.59	)		0.44			1.52			3			16			3,308
	12/31/17		3.836			1.126			2.710			34.271			36.981			181.024		218.005		20.43			0.57			1.37			4			18			3,912
	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
Class R2:	12/31/20		4.739			0.737			4.002			51.792			55.794			271.404		327.198		20.56			0.27			1.47			3			23			7,481
	12/31/19		4.832			0.630			4.202			59.485			63.687			207.717		271.404		30.66			0.26			1.73			2			25			6,889
	12/31/18		4.465			0.581			3.884			(15.774	)		(11.890	)		219.607		207.717		(5.41	)		0.26			1.71			3			28			5,728
	12/31/17		3.859			0.612			3.247			34.480			37.727			181.880		219.607		20.74			0.31			1.63			4			31			6,708
	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
Class R3:	12/31/20		4.757			0.578			4.179			52.002			56.181			272.341		328.522		20.63			0.21			1.53			3			29			9,584
	12/31/19		4.851			0.502			4.349			59.668			64.017			208.324		272.341		30.73			0.21			1.78			2			33			8,965
	12/31/18		4.479			0.486			3.993			(15.823	)		(11.830	)		220.154		208.324		(5.37	)		0.21			1.75			3			36			7,418
	12/31/17		3.869			0.458			3.411			34.551			37.962			182.192		220.154		20.84			0.23			1.71			4			39			8,486
	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

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Financial highlights	continued

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Portfolio			Accumulation
	For the year ended	Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss on total investments		)	Net change in accumulation unit value			Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Net investment income (loss		)	Portfolio turnover rate			turnover rate excluding mortgage dollar rolls			units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ

BOND MARKET ACCOUNT
Class R1:	12/31/20	$	3.696		$	0.655		$	3.041		$	7.068		$	10.109		$	131.777	$	141.886		7.67	%		0.48	%		2.21	%		135	%		84	%		17		$	2,373
	12/31/19		4.029			0.634			3.395			7.214			10.609			121.168		131.777		8.75			0.50			2.66			85			79			17			2,220
	12/31/18		3.829			0.620			3.209			(3.713	)		(0.504	)		121.672		121.168		(0.41	)		0.52			2.68			106			91			17			2,048
	12/31/17		3.517			0.764			2.753			1.670			4.423			117.249		121.672		3.77			0.64			2.30			140			96			18			2,209
	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
Class R2:	12/31/20		3.741			0.427			3.314			7.152			10.466			133.253		143.719		7.85			0.31			2.38			135			84			36			5,179
	12/31/19		4.070			0.385			3.685			7.286			10.971			122.282		133.253		8.97			0.30			2.86			85			79			36			4,862
	12/31/18		3.861			0.402			3.459			(3.741	)		(0.282	)		122.564		122.282		(0.23	)		0.33			2.87			106			91			37			4,567
	12/31/17		3.539			0.453			3.086			1.676			4.762			117.802		122.564		4.04			0.38			2.56			140			96			39			4,818
	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
Class R3:	12/31/20		3.756			0.346			3.410			7.176			10.586			133.712		144.298		7.92			0.25			2.44			135			84			50			7,152
	12/31/19		4.083			0.317			3.766			7.308			11.074			122.638		133.712		9.03			0.25			2.91			85			79			51			6,817
	12/31/18		3.872			0.352			3.520			(3.753	)		(0.233	)		122.871		122.638		(0.19	)		0.29			2.91			106			91			52			6,329
	12/31/17		3.546			0.360			3.186			1.681			4.867			118.004		122.871		4.12			0.30			2.63			140			96			53			6,527
	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

INFLATION-LINKED BOND ACCOUNT
Class R1:	12/31/20		1.271			0.338			0.933			4.714			5.647			72.542		78.189		7.78			0.45			1.24			25			25			15			1,182
	12/31/19		1.660			0.329			1.331			2.944			4.275			68.267		72.542		6.27			0.46			1.88			26			26			14			1,042
	12/31/18		2.105			0.307			1.798			(2.292	)		(0.494	)		68.761		68.267		(0.72	)		0.45			2.63			21			21			14			964
	12/31/17		1.731			0.395			1.336			(0.315	)		1.021			67.740		68.761		1.51			0.58			1.95			18			18			15			1,041
	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
Class R2:	12/31/20		1.270			0.213			1.057			4.787			5.844			73.353		79.197		7.96			0.28			1.39			25			25			29			2,267
	12/31/19		1.686			0.190			1.496			2.962			4.458			68.895		73.353		6.48			0.27			2.09			26			26			29			2,099
	12/31/18		2.122			0.182			1.940			(2.310	)		(0.370	)		69.265		68.895		(0.53	)		0.26			2.82			21			21			29			2,028
	12/31/17		1.743			0.218			1.525			(0.319	)		1.206			68.059		69.265		1.77			0.32			2.22			18			18			30			2,096
	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
Class R3:	12/31/20		1.274			0.168			1.106			4.805			5.911			73.606		79.517		8.03			0.22			1.44			25			25			45			3,590
	12/31/19		1.694			0.153			1.541			2.970			4.511			69.095		73.606		6.53			0.21			2.14			26			26			45			3,308
	12/31/18		2.125			0.154			1.971			(2.313	)		(0.342	)		69.437		69.095		(0.49	)		0.22			2.86			21			21			46			3,171
	12/31/17		1.746			0.165			1.581			(0.320	)		1.261			68.176		69.437		1.85			0.24			2.29			18			18			46			3,214
	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

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Financial highlights	continued

College Retirement Equities Fund

		Selected per accumulation unit data																						Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized													Ratios to average net assets									Portfolio			Accumulation
	For the year ended	Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss on total investments		)	Net change in accumulation unit value			Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Net investment income (loss		)	Portfolio turnover rate			turnover rate excluding mortgage dollar rolls			units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ

SOCIAL CHOICE ACCOUNT
Class R1:	12/31/20	$	6.129		$	1.279		$	4.850		$	30.887		$	35.737		$	269.468	$	305.205		13.26	%		0.47	%		1.79	%		100	%		73	%		9		$	2,601
	12/31/19		6.789			1.210			5.579			40.254			45.833			223.635		269.468		20.50			0.49			2.24			52			51			9			2,416
	12/31/18		6.291			1.102			5.189			(15.749	)		(10.560	)		234.195		223.635		(4.51	)		0.47			2.21			52			47			9			2,104
	12/31/17		5.627			1.327			4.300			24.249			28.549			205.646		234.195		13.88			0.60			1.95			53			37			10			2,426
	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
Class R2:	12/31/20		6.195			0.832			5.363			31.296			36.659			272.485		309.144		13.45			0.30			1.96			100			73			20			6,114
	12/31/19		6.857			0.724			6.133			40.661			46.794			225.691		272.485		20.73			0.29			2.43			52			51			19			5,275
	12/31/18		6.344			0.673			5.671			(15.895	)		(10.224	)		235.915		225.691		(4.33	)		0.28			2.39			52			47			20			4,476
	12/31/17		5.661			0.757			4.904			24.394			29.298			206.617		235.915		14.18			0.34			2.21			53			37			22			5,082
	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
Class R3:	12/31/20		6.218			0.672			5.546			31.423			36.969			273.423		310.392		13.52			0.24			2.01			100			73			27			8,235
	12/31/19		6.879			0.592			6.287			40.787			47.074			226.349		273.423		20.80			0.23			2.49			52			51			26			7,064
	12/31/18		6.361			0.576			5.785			(15.940	)		(10.155	)		236.504		226.349		(4.29	)		0.24			2.43			52			47			26			5,931
	12/31/17		5.673			0.586			5.087			24.445			29.532			206.972		236.504		14.27			0.26			2.29			53			37			28			6,547
	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

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Financial highlights	concluded

College Retirement Equities Fund

		Selected per accumulation unit data																					Ratios and supplemental data
		Gain (loss) from investment operations
											Net realized												Ratios to average net assets									Accumulation
	For the year ended	Investment income		^a	Expenses		^a	Net investment income (loss		)^a	& unrealized gain (loss on total investments		)	Net change in accumulation unit value		Accumulation unit value beginning of period		Accumulation unit value end of period		Total return		^b	Gross expenses			Expenses net of TIAA withholding			Net investment income (loss		)	units outstanding end of period (in millions		)	Accumulation fund net assets (in millions		)ⁱ

MONEY MARKET ACCOUNT
Class R1:	12/31/20	$	0.143		$	0.075		$	0.068		$	0.006		$	0.074	$	26.269	$	26.343		0.28	%		0.45	%		0.28	%		0.26	%		76		$	2,001
	12/31/19		0.577			0.175			0.402			0.001			0.403		25.866		26.269		1.56			0.47			0.67			1.54			74			1,936
	12/31/18		0.474			0.206			0.268			0.002			0.270		25.596		25.866		1.05			0.45			0.80			1.04			72			1,866
	12/31/17		0.227			0.165			0.062			0.000			0.062		25.534		25.596		0.25			0.57			0.64			0.32			72			1,842
	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
Class R2:	12/31/20		0.141			0.058			0.083			0.011			0.094		26.512		26.606		0.35			0.28			0.22			0.31			121			3,208
	12/31/19		0.582			0.071			0.511			0.001			0.512		26.000		26.512		1.97			0.27			0.27			1.94			111			2,954
	12/31/18		0.476			0.138			0.338			0.000			0.338		25.662		26.000		1.32			0.27			0.53			1.31			114			2,970
	12/31/17		0.227			0.116			0.111			0.002			0.113		25.549		25.662		0.44			0.31			0.45			0.58			111			2,838
	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
Class R3:	12/31/20		0.142			0.051			0.091			0.011			0.102		26.596		26.698		0.38			0.22			0.19			0.34			197			5,263
	12/31/19		0.583			0.057			0.526			0.001			0.527		26.069		26.596		2.02			0.22			0.22			2.00			189			5,017
	12/31/18		0.477			0.103			0.374			0.000			0.374		25.695		26.069		1.46			0.23			0.40			1.45			189			4,927
	12/31/17		0.228			0.102			0.126			0.002			0.128		25.567		25.695		0.50			0.23			0.40			0.66			177			4,539
	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

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

2020 Annual Report ■ College Retirement Equities Fund

See notes to financial statements

College Retirement Equities Fund ■ 2020 Annual Report

Notes to financial statements

College Retirement Equities Fund

Note 1—organization

The purpose of the College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities, and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. It consists of eight investment portfolios: the Stock, Global Equities, Growth, Equity Index, Bond Market, Inflation-Linked Bond, Social Choice and Money Market Accounts (individually referred to as the “Account” or collectively referred to as the “Accounts”).

Note 2—significant accounting policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Accounts are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The accumulation unit value (“AUV”) for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and participant transactions through the date of the report. Total return is computed based on the AUV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Accounts.

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

Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Accounts determine

100	2020 Annual Report ■ College Retirement Equities Fund

the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Accounts estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.

Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of an Account are allocated on a pro rata basis to each class, except for administrative service fees and distribution fees, which are unique to each class of each Account. Most expenses of CREF can be directly attributed to an Account or class. Expenses that cannot be directly attributed are allocated based upon the average net assets of each Account or class.

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

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

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

Trustee compensation: The Accounts pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Accounts until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities.

College Retirement Equities Fund ■ 2020 Annual Report

101

Notes to financial statements

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.

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

New accounting pronouncements: In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates 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.

New rule issuance: In December 2020, the SEC voted to adopt a new rule providing a framework for fund valuation practices. New Rule 2a-5 (“Rule 2a-5”) under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit boards, subject to board oversight and certain other conditions, to designate certain parties to perform fair value determinations. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of

102	2020 Annual Report ■ College Retirement Equities Fund

continued

the board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 will become effective on March 8, 2021. The compliance date for Rule 2a-5 and Rule 31a-4 is September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Accounts’ financial statements and various filings.

Note 3—valuation of investments

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

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

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

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

Exchange-traded equity securities, common and preferred stock: Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued

College Retirement Equities Fund ■ 2020 Annual Report

103

Notes to financial statements

based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are categorized as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and asked prices is utilized and are generally classified as Level 2.

For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Accounts’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.

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

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

Option contracts: Purchased and written options traded and listed on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported and are generally classified as Level 1. Over-the-counter (“OTC”) options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.

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

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

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

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

Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the

104	2020 Annual Report ■ College Retirement Equities Fund

continued

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

As of December 31, 2020, 100% of the value of investments in the Inflation-Linked Bond Account and Money Market Account were valued based on Level 2 inputs.

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

Account	Level 1			Level 2			Level 3		Total
Stock
Government bonds	$	—		$	307		$	—	$	307
Equity investments:
Communication services		9,067,700			2,108,016			35		11,175,751
Consumer discretionary		12,178,076			4,534,483			6		16,712,565
Consumer staples		4,943,890			3,101,442			4,380		8,049,712
Energy		1,787,876			1,277,708			676		3,066,260
Financials		10,205,479			5,970,448			293		16,176,220
Health care		12,045,084			3,578,479			184		15,623,747
Industrials		8,337,959			4,400,824			2,283		12,741,066
Information technology		23,461,237			5,267,291			142		28,728,670
Materials		2,784,670			2,954,891			8		5,739,569
Real estate		2,435,952			1,173,701			9,204		3,618,857
Utilities		2,121,521			1,082,317			6		3,203,844
Short-term investments		—			3,179,410			—		3,179,410
Written options**		(3	)		—			—		(3	)
Futures contracts**		35,010			—			—		35,010
Forward foreign currency contracts**		—			(3,272	)		—		(3,272	)
Total	$	89,404,451		$	38,626,045		$	17,217	$	128,047,713
Global Equities
Equity investments:
Asia	$	403,342		$	3,407,197		$	1	$	3,810,540
Australasia		—			433,913			2		433,915
Europe		41,439			3,138,197			—		3,179,636
North America		13,363,314			503			—		13,363,817
All other equity investments*		362,293			2,765,799			2		3,128,094
Short-term investments		—			479,739			—		479,739
Futures contracts**		5,394			—			—		5,394
Total	$	14,175,782		$	10,225,348		$	5	$	24,401,135

College Retirement Equities Fund ■ 2020 Annual Report

105

Notes to financial statements

Account	Level 1		Level 2			Level 3		Total
Growth
Equity investments:
Communication services	$	4,861,484	$	192,609		$	—	$	5,054,093
Consumer discretionary		6,111,281		356,995			—		6,468,276
Consumer staples		1,683,546		94,616			—		1,778,162
Health care		4,396,144		291,260			—		4,687,404
Industrials		1,608,447		141,512			—		1,749,959
Information technology		14,086,028		174,756			—		14,260,784
All other equity investments*		1,497,616		—			—		1,497,616
Short-term investments		93,947		201,636			—		295,583
Total	$	34,338,493	$	1,453,384		$	—	$	35,791,877
Equity Index
Equity investments:
Financials	$	2,328,947	$	—		$	5	$	2,328,952
Health care		3,032,131		—			34		3,032,165
Industrials		2,005,854		—			12		2,005,866
All other equity investments*		14,337,688		—			—		14,337,688
Short-term investments		104,433		113,920			—		218,353
Futures contracts**		1,984		—			—		1,984
Total	$	21,811,037	$	113,920		$	51	$	21,925,008
Bond Market
Bank loan obligations	$	—	$	118,039		$	—	$	118,039
Corporate bonds		—		6,039,878			479		6,040,357
Government bonds		—		5,946,163			234		5,946,397
Structured assets		—		2,410,284			624		2,410,908
Common stocks		106		—			—		106
Preferred stocks		21,972		—			—		21,972
Short-term investments		—		1,709,772			—		1,709,772
Forward foreign currency contracts**		—		(4,236	)		—		(4,236	)
Credit default swap contracts**		—		(2,738	)		—		(2,738	)
Total	$	22,078	$	16,217,162		$	1,337	$	16,240,577
Social Choice
Bank loan obligations	$	—	$	5,996		$	—	$	5,996
Corporate bonds		—		2,747,151			—		2,747,151
Government bonds		—		3,552,796			7,287		3,560,083
Structured assets		—		534,516			1,429		535,945
Equity investments:
Communication services		680,472		133,889			—		814,361
Consumer discretionary		838,505		368,975			—		1,207,480
Consumer staples		437,581		329,164			—		766,745
Energy		161,150		132,929			—		294,079
Financials		856,961		567,674			3		1,424,638
Health care		1,083,756		341,610			—		1,425,366
Industrials		683,889		430,579			—		1,114,468
Information technology		1,911,917		268,313			—		2,180,230
Materials		216,446		303,911			—		520,357
Real estate		251,797		111,091			—		362,888
Utilities		210,726		120,005			—		330,731
Short-term investments		138,344		812,120			—		950,464
Forward foreign currency contracts**		—		(938	)		—		(938	)
Total	$	7,471,544	$	10,759,781		$	8,719	$	18,240,044

*	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.

106	2020 Annual Report ■ College Retirement Equities Fund

continued

Note 4—investments

Mortgage dollar roll transactions: Some of the Accounts may enter into mortgage dollar rolls in which an Account sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, an Account forgoes principal and interest paid on the securities. The Account is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the repurchase price is recorded as a realized gain or loss.

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

Restricted securities: Restricted securities held by the Accounts, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.

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 December 31, 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 $179,268,063 related to equity securities and $38,439,335 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

College Retirement Equities Fund ■ 2020 Annual Report

107

Notes to financial statements

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 December 31, 2020, the total value of securities on loan and the total value of collateral received were as follows (dollar amounts are in thousands):

Account	Aggregate value of securities on loan		Cash collateral received		*	Non-cash collateral received		Total collateral received
Stock		$1,970,768		$1,094,658			$989,990		$2,084,648
Global Equities		187,902		50,777			148,123		198,900
Growth		138,666		93,947			50,733		144,680
Equity Index		152,115		104,433			54,180		158,613
Social Choice		217,707		138,344			88,014		226,358

*	May include cash and investment of cash collateral.

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

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

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

Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the year ended December 31, 2020 were as follows (dollar amounts are in thousands):

108	2020 Annual Report ■ College Retirement Equities Fund

continued

	Stock Account		Global Equities Account		Growth Account		Equity Index Account		Bond Market Account		Inflation- Linked Bond Account		Social Choice Account
Purchases:
Non-U.S. Government	$	75,126,118	$	12,534,689	$	24,524,179	$	493,611	$	5,009,914	$	5,000	$	6,045,615
U.S. Government		50,038		—		—		—		15,173,667		1,878,726		9,952,470
Sales:
Non-U.S. Government	$	85,198,074	$	13,786,773	$	27,260,969	$	2,306,481	$	4,590,734	$	9,091	$	6,346,464
U.S. Government		50,000		—		—		—		14,695,077		1,729,164		8,897,801

Note 5—derivative investments

Each Account is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. The Accounts record derivative instruments at fair value, with changes in fair value recognized on the Statements of operations, when applicable.

At December 31, 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 contract

Location

Fair value
amount

Location

Fair value
amount

Stock Account

Equity contracts

Futures contracts*

35,010

Written options

)

Foreign-exchange contracts

Forward foreign currency contracts

598

Forward foreign currency contracts

(3,870

)

Global Equities Account

Equity contracts

Futures contracts*

5,394

Equity Index Account

Equity contracts

Futures contracts*

1,984

Bond Market Account

Credit contracts

Credit default swap contracts*

(2,738

)

Foreign-exchange contracts

Forward foreign currency contracts

(4,238

)

Social Choice Account

Foreign-exchange contracts

Forward foreign currency contracts

(938

)

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

College Retirement Equities Fund ■ 2020 Annual Report

109

Notes to financial statements

For the year ended December 31, 2020, the effect of derivative contracts on the Accounts’ Statements of operations was as follows (dollar amounts are in thousands):

Derivative contract	Location	Realized gain (loss		)	Change in unrealized appreciation (depreciation		)
Stock Account
Equity contracts	Purchased options	$	9,463		$	—
Equity contracts	Written options		(13,523	)		(52	)
Equity contracts	Futures contracts		148,662			24,288
Foreign-exchange contracts	Forward foreign currency contracts		(939	)		(2,127	)
Global Equities Account
Equity contracts	Purchased options		66			—
Equity contracts	Written options		(1,139	)		—
Equity contracts	Futures contracts		20,321			2,951
Equity Index Account
Equity contracts	Futures contracts		(63	)		1,612
Bond Market Account
Interest-rate contracts	Futures contracts		17			—
Foreign-exchange contracts	Forward foreign currency contracts		(10,101	)		(2,217	)
Credit contracts	Swap contracts		4,195			(253	)
Social Choice Account
Interest-rate contracts	Futures contracts		1			—
Foreign-exchange contracts	Forward foreign currency contracts		(393	)		(816	)

Forward foreign currency contracts: Certain Accounts are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Accounts use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of assets and liabilities. The Accounts realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of assets and liabilities. During the year ended December 31, 2020, the Stock Account,

110	2020 Annual Report ■ College Retirement Equities Fund

continued

Bond Market Account and Social Choice Account had exposure to forwards contracts, based on underlying notional values, generally between 0% and 2% of net assets. The forward contracts outstanding as of December 31, 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 hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Accounts since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the year ended December 31, 2020, the Stock Account, Global Equities Account and Equity Index 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 December 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.

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

College Retirement Equities Fund ■ 2020 Annual Report

111

Notes to financial statements

underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the year ended December 31, 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 December 31, 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 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

112	2020 Annual Report ■ College Retirement Equities Fund

continued

are recognized as realized gains or losses. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.

The Accounts (other than the Money Market Account) invest in credit default swaps to hedge or manage the risks associated with assets held in the Accounts and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the year ended December 31, 2020, the Bond Market Account had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 1% of net assets. The credit default swap contracts outstanding as of December 31, 2020 are disclosed in the Summary portfolio of investments and the full Schedule of investments.

Note 6—Income tax and other tax matters

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

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

Net unrealized appreciation (depreciation): At December 31, 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):

Account	Tax cost		Gross unrealized appreciation		Gross unrealized (depreciation		)	Net unrealized appreciation (depreciation		)
Stock		$99,692,292		$30,307,188		$(1,951,767	)		$28,355,421
Global Equities		18,185,865		6,631,408		(416,138	)		6,215,270
Growth		24,817,269		11,165,342		(190,734	)		10,974,608
Equity Index		7,880,582		14,655,836		(613,410	)		14,042,426
Bond Market		15,362,779		934,075		(56,277	)		877,798
Inflation-Linked Bond		6,525,773		678,622		(53	)		678,569
Social Choice		14,801,677		3,740,365		(301,998	)		3,438,367

College Retirement Equities Fund ■ 2020 Annual Report

113

Notes to financial statements

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

Note 7—investment adviser and other transactions with affiliates

Investment advisory services for the Accounts are provided by TCIM in accordance with an Investment Management Services Agreement. TCIM is a registered investment adviser and a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), a companion organization of CREF. Investment management expenses generally include investment management, portfolio accounting and custodial services and are the same across all classes of an Account.

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

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

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

As of December 31, 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:

114	2020 Annual Report ■ College Retirement Equities Fund

continued

	Investment management fee		Administrative fee									Distribution fee
Account	All classes		Class R1			Class R2			Class R3			Class R1		Class R2			Class R3
Stock	0.094	%		0.296	%		0.180	%		0.140	%	0.123	%		0.070	%		0.051	%
Global Equities	0.078			0.296			0.180			0.140		0.123			0.070			0.051
Growth	0.041			0.297			0.180			0.140		0.124			0.070			0.051
Equity Index	0.016			0.296			0.180			0.140		0.123			0.070			0.051
Bond Market	0.053			0.296			0.180			0.140		0.123			0.070			0.051
Inflation-Linked Bond	0.024			0.296			0.180			0.140		0.123			0.070			0.051
Social Choice	0.048			0.296			0.180			0.140		0.123			0.070			0.051
Money Market	0.025			0.296			0.180			0.140		0.123			0.070			0.051

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 June 30, 2021. As of December 31, 2020, the cumulative amount of expenses waived subject to recovery is $3,564,909 for Class R1, $2,215,749 for Class R2, and $1,907,387 for Class R3. The amounts waived and recovered during the current period are disclosed on the Statements of operations.

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

The Accounts may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the year ended December 31, 2020, the Accounts engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):

Account	Purchases		Sales		Realized gain (loss		)
Stock		$1,331,539		$2,763,742		$629,547
Global Equities		843,281		1,131,748		208,825
Growth		1,786,335		1,971,939		693,813
Equity Index		16,380		190,646		139,145
Social Choice		34,471		31,296		13,656

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.

College Retirement Equities Fund ■ 2020 Annual Report

115

Notes to financial statements

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 12/31/20		Value at 12/31/20
Stock Account
Common Stock
Capital Goods
Terex Corp	$	100,748	^‡	$	99,241	$	86,963	$	(29,923	)	$	64,869		$	437		4,241,092	$	147,972
Consumer Services
Arcos Dorados Holdings, Inc^e		70,698			7,455		10,387		2,266			(25,533	)		410		8,846,639		44,499
Real Estate
Hibernia REIT plc		56,926			2,058		2,176		17			(6,121	)		1,483		35,965,906		50,704
Retailing
Matahari Department Store Tbk PT*		2,022	^‡		14,497		194		(464	)		(2,905	)		—		142,466,800		12,956
Total	$	230,394		$	123,251	$	99,720	$	(28,104	)	$	30,310		$	2,330		191,520,437	$	256,131

*	Non-income producing
^‡	At December 31, 2019, the issuer was not an affiliated company of the Account.
^e	Security on loan

Note 8—inter-fund lending program

Pursuant to an exemptive order issued by the SEC, the Accounts may participate in an inter-fund lending program. This program allows certain Accounts to lend cash to and/or borrow cash from other Accounts or certain other affiliated registered investment companies for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Account may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, each Account may participate in the program only if its participation is consistent with the Account’s investment policies and limitations and authorized by its portfolio manager(s). During the year ended December 31, 2020, there were no inter-fund borrowing or lending transactions.

Note 9—line of credit

The Accounts (other than the Money Market Account) participate in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, 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

116	2020 Annual Report ■ College Retirement Equities Fund

concluded

the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the year ended December 31, 2020, there were no borrowings under this credit facility by the Accounts.

Note 10—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) as a result of ownership of shares in Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Accounts’ exposure related to this matter are estimated to be 0.05% and 0.10%, respectively, of net assets as of December 31, 2020.

College Retirement Equities Fund ■ 2020 Annual Report

117

Report of independent registered public accounting firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting College Retirement Equities Fund, hereafter collectively referred to as the “Accounts”) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Accounts as of December 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2020 and each of the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

118	2020 Annual Report ■ College Retirement Equities Fund

confirmation of securities owned as of December 31, 2020 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Baltimore, Maryland
February 19, 2021

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

College Retirement Equities Fund ■ 2020 Annual Report

119

Trustees and officers (unaudited)

College Retirement Equities Fund ■ January 21, 2021

Trustees

Name, Address and Year of Birth (“YOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
Forrest Berkley c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Four-year term commencing 2018. Trustee since 2006.	Retired Partner (since 2006), Partner (1990–2005) and Head of Global Product Management (2003–2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management), and member of asset allocation portfolio management team, GMO (2003–2005).	88	Director, Save the Children Federation, Inc.; Investment Committee Member, Maine Community Foundation.
Joseph A. Boateng c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Four-year term commencing 2018. Trustee since 2018.	Chief Investment Officer, Casey Family Programs (since 2007). Director of U.S. Pension Plans at Johnson & Johnson (2002–2006). Manager, Financial Services Consultant, KPMG Consulting (2000–2002).	88	Board member, Lumina Foundation and Waterside School; Investment Advisory Committee Chair, Seattle City Employees’ Retirement System; Investment Committee Member, The Seattle Foundation.
Janice C. Eberly c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Four-year term commencing 2018. Trustee since 2018.	James R. and Helen D. Russell Professor of Finance at the Kellogg School of Management, Northwestern University (2002–2011 and since 2013), Senior Associate Dean for Strategy and Academics (since 2020) and Chair of the Finance Department (2005–2007). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011–2013).	88	Member of the Board of the Office of Finance, Federal Home Loan Banks; Director, Avant, LLC; Member of the Executive Board, American Economic Association.

120

2020 Annual Report ■ College Retirement Equities Fund

Nancy A. Eckl c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Trustee	Four-year term commencing 2018. Trustee since 2007.	Vice President (1990–2006), American Beacon Advisors, Inc. and of certain funds advised by American Beacon Advisors, Inc.	88	Independent Director, The Lazard Funds, Inc., Lazard Retirement Series, Inc. and Lazard Global Total Return and Income Fund, Inc.
Michael A. Forrester c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1967	Trustee	Four-year term commencing 2018. Trustee since 2007.	Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC. Chief Operating Officer, DDJ Capital Management (2003–2006).	88	Director, Copper Rock Capital Partners, LLC (investment adviser); Trustee, Dexter Southfield School; Member, Governing Council of the Independent Directors Council.
Howell E. Jackson c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1954	Trustee	Four-year term commencing 2018. Trustee since 2005.	James S. Reid, Jr. Professor of Law (since 2004), Senior Advisor to President and Provost (2010–2012), Acting Dean (2009), Vice Dean for Budget (2003–2006) and on the faculty (since 1989) of Harvard Law School.	88	Director, Commonwealth (non-profit organization).
Thomas J. Kenny c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Trustee	Four-year term commencing 2018. Trustee since 2011. Chairman for term ending July 1, 2021. Chairman since September 13, 2017.	Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management.	88	Director and Chair of the Finance and Investment Committee, Aflac Incorporated; Director and Investment Committee Member, Sansum Clinic; Director, ParentSquare; Member, University of California at Santa Barbara Arts and Lectures Advisory Council.

College Retirement Equities Fund ■ 2020 Annual Report

121

Trustees and officers (unaudited)

College Retirement Equities Fund ■ January 21, 2021

continued

Trustees—concluded

Name, Address and Year of Birth (“YOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee
James M. Poterba c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1958	Trustee	Four-year term commencing 2018. Trustee since 2006.	President and Chief Executive Officer (since 2008) and Program Director (1990–2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology (“MIT”) (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.	88	Director, National Bureau of Economic Research, Trustee, Alfred P. Sloan Foundation; Member, Congressional Budget Office Panel of Economic Advisers.
Maceo K. Sloan c/o Corporate Secretary 730 Third Avenue New York, NY 10017-3206 YOB: 1949	Trustee	Four-year term commencing 2018. Trustee since 1991.	Chairman, President and Chief Executive Officer, Sloan Financial Group, Inc. (1991–2018); Chairman and Chief Executive Officer (1991–2016), Chief Investment Officer (1991–2013) and Chief Compliance Officer (2015–2016), NCM Capital Management Group, Inc.; Chairman, Chief Executive Officer (2003–2016), Chief Investment Officer (2003–2013) and Chief Compliance Officer (2015–2016), NCM Capital Advisers, Inc.; and Chairman, President and Principal Executive Officer, NCM Capital Investment Trust (2007–2012).	88	Director, TheraTrue Inc.

122

2020 Annual Report ■ College Retirement Equities Fund

Laura T. Starks
c/o Corporate Secretary
730 Third Avenue
New York, NY 10017-3206
YOB: 1950

Trustee

Four-year term commencing 2018. Trustee since 2006.

Charles E. and Sarah M. Seay Regents Chair in Finance (since 2002), Co-Executive Director, Social Innovation Initiative (since 2015), Director, AIM Investment Center (2000–2016), Associate Dean for Research (2011–2016), Chairman, Department of Finance (2002–2011) and Professor (since 1987), McCombs School of Business, University of Texas at Austin. President (2019–2020), Vice President (2013–2018), Society of Financial Studies. President (since 2020), Vice President (2019–2020), American Finance Association.

Texa$aver Product Committee Member, Employees Retirement System of Texas.

College Retirement Equities Fund ■ 2020 Annual Report

123

Trustees and officers (unaudited)

College Retirement Equities Fund ■ January 21, 2021

concluded

Officers

Name, Address and Year of Birth (“YOB”)	Position(s) Held with CREF	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Richard S. Biegen TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Chief Compliance Officer	One-year term. Chief Compliance Officer since 2008.	Senior Managing Director, TIAA. Chief Compliance Officer of the College Retirement Equities Fund (“CREF”), TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds (collectively, the “TIAA-CREF Fund Complex”).
Derek B. Dorn TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1976	Senior Managing Director and Corporate Secretary	One-year term. Senior Managing Director and Corporate Secretary since 2020.	Senior Managing Director and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex. Formerly, Managing Director, Special Assistant to the CEO, and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center.
Roger W. Ferguson, Jr. TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1951	President and Chief Executive Officer	One-year term. President and Chief Executive Officer since 2008.	President and Chief Executive Officer of TIAA, CREF and TIAA Separate Account VA-1.
Jose Minaya TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1971	Executive Vice President	One-year term. Executive Vice President since 2018.	Chief Executive Officer, Nuveen. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, President and Chief Investment Officer, Nuveen; Executive Vice President, Chief Investment Officer, Nuveen Global Investments; and Senior Managing Director, President, Global Investments, TIAA.

124

2020 Annual Report ■ College Retirement Equities Fund

David Nason TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1970	Executive Vice President	One-year term. Executive Vice President since 2020.	Senior Executive Vice President, Chief Legal, Risk and Compliance Officer of TIAA. Executive Vice President of the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Chief Risk and Compliance Officer, TIAA. Prior to joining TIAA, Mr. Nason served as President and CEO of GE Energy Financial Services.
Phillip T. Rollock TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1962	Executive Vice President and Chief Legal Officer	One-year term. Executive Vice President and Chief Legal Officer since 2018.	Executive Vice President and Chief Legal Officer of TIAA and the TIAA-CREF Fund Complex. Formerly, Executive Vice President, Deputy Chief Legal Officer, TIAA and Senior Managing Director, Senior General Counsel and Corporate Secretary of TIAA and the TIAA-CREF Fund Complex.
E. Scott Wickerham TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1973	Treasurer	One-year term. Treasurer since 2017.	Senior Managing Director, Head, Publics Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of the TIAA-CREF Fund Complex; and Vice President and Controller of the Nuveen Funds. Formerly, Managing Director, Head, TC Fund Administration, Nuveen.
Sean N. Woodroffe TIAA 730 Third Avenue New York, NY 10017-3206 YOB: 1963	Executive Vice President	One-year term. Executive Vice President since 2018.	Senior Executive Vice President, Chief Human Resources Officer of TIAA and Executive Vice President of the TIAA-CREF Fund Complex. Prior to joining TIAA, Mr. Woodroffe served as Chief People Officer at National Life Group.

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

College Retirement Equities Fund ■ 2020 Annual Report

125

Additional information about index providers (unaudited)

Russell indexes

Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2021. 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)

126

2020 Annual Report ■ College Retirement Equities Fund

Morningstar indexes

© 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

College Retirement Equities Fund ■ 2020 Annual Report

127

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

		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

1453544

A10922 (2/21)

Printed on paper containing recycled fiber

1453544

A10922 (2/21)

1453544

A10922 (2/21)

Item 2. Code of Conduct.

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

2(b) No response required.

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

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

2(e) Not applicable.

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

Item 3. Audit Committee Financial Expert.

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

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

Item 4. Principal Accountant Fees and Services.

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

The aggregate fees billed by PwC as disclosed below for the fiscal year ended December 31, 2020 and December 31, 2019 may not align with the figures reported and filed with the Securities and Exchange Commission in Form N-CEN or Form N-CSR for each period, respectively, (SEC File No. 811-04415) because the fees disclosed in this statement reflect fees updated after the date of that Form N-CEN or Form N-CSR for the relevant periods.

4(a) Audit Fees.

For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for the audit of the Registrant’s annual financial statements were $798,486 and $790,580, respectively.

4(b) Audit Related Fees.

For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for services related to the performance of the audit of the Registrant’s annual financial statements were $0 and $0, respectively.

For the fiscal years ended December 31, 2020 and December 31, 2019, the Audit-Related Fees billed by PwC to Teachers Advisors, LLC (“Advisors”) or to any entity controlling, controlled by or under common control with Advisors that provides ongoing services to the Registrant (collectively, “Fund Service Providers”) were $0 and $0, respectively.

4(c) Tax Fees.

For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for tax services billed to the Registrant were $141,330 and $115,589, respectively.

For the fiscal years ended December 31, 2020 and December 31, 2019, the Tax Fees billed by PwC to the Fund Service Providers were $0 and $0, respectively.

4(d) All Other Fees.

For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for all other services billed to the Registrant were $18,582 and $21,858, respectively.

For the fiscal years ended December 31, 2020 and December 31, 2019, PwC’s aggregate fees for all other services billed to the Fund Service Providers were $0 and $0, respectively.

4(e)(1) Preapproval Policy.

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

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

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

Audit-Related Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Registrant.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of the Registrant.

Tax Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Registrant.

All Other Fees:

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended December 31, 2020 and December 31, 2019 on behalf of the Registrant.

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

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

For the fiscal years ended December 31, 2020 and December 31, 2019, aggregate non-audit fees billed to the Registrant and to its Fund Service Providers by PwC were $343,000 and $367,000, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not Applicable.

Item 6. Schedule of Investments.

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND

STOCK ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2020

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

U.S. TREASURY SECURITIES - 0.0%
$	300,000		United States Treasury Note		1.750	%	05/15/22	$	307
			TOTAL U.S. TREASURY SECURITIES						307

			TOTAL GOVERNMENT BONDS						307
			(Cost $301)

SHARES			COMPANY
COMMON STOCKS - 98.3%

AUTOMOBILES & COMPONENTS - 2.0%
	16,427		AB Dynamics plc						474
	3,387,093	*,e	Adient plc						117,769
	298,363		Aisin Seiki Co Ltd						8,948
	168,508	*	American Axle & Manufacturing Holdings, Inc						1,405
	268,339		Apollo Tyres Ltd						655
	415,454		Aptiv plc						54,130
	79,218		ARB Corp Ltd						1,885
	66,845	*,e,g	Aston Martin Lagonda Global Holdings plc						1,836
	3,170	*,e	Autoneum Holding AG.						580
	32,775		Bajaj Holdings and Investment Ltd						1,547
	76,320		Balkrishna Industries Ltd						1,723
	916,096		Bayerische Motoren Werke AG.						80,852
	1,664		Bayerische Motoren Werke AG. (Preference)						112
	495,917		Bharat Forge Ltd						3,571
	72,071		BorgWarner, Inc						2,785
	155,290		Brembo S.p.A						2,059
	239,027	e	Bridgestone Corp						7,839
	1,274,497		Brilliance China Automotive Holdings Ltd						1,163
	45,443		BYD Co Ltd						1,354
	584,962	e	BYD Co Ltd (H shares)						15,401
	14,843		Ceat Ltd						220
	5,739		Changzhou Xingyu Automotive Lighting Systems Co Ltd						176
	927,554		Chaowei Power Holdings Ltd						380
	690,885		Cheng Shin Rubber Industry Co Ltd						1,085
	159,791	*	China Motor Corp						288
	73,483	*	Chongqing Changan Automobile Co Ltd						246

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	74,203		Cie Automotive S.A.	$	1,999
	61,147	e	Compagnie Plastic-Omnium S.A.		2,104
	75,739		Continental AG.		11,273
	1,222,124	*,e	Controladora Nemak SAB de C.V.		161
	74,672		Cooper Tire & Rubber Co		3,024
	26,282	*	Cooper-Standard Holding, Inc		911
	43,847		Cub Elecparts, Inc		316
	41,700		Daikyonishikawa Corp		337
	85,511		Daimler AG. (Registered)		6,061
	219,305		Dana Inc		4,281
	340,219		Denso Corp		20,250
	72,000		Depo Auto Parts Ind Co Ltd		179
	306,678	e,g	Dometic Group AB		4,067
	1,196,517		Dongfeng Motor Group Co Ltd		1,398
	35,851	*	Dorman Products, Inc		3,113
	1,021,668		Drb-Hicom BHD		530
	27,700		Eagle Industry Co Ltd		267
	314,470		Eicher Motors Ltd		10,909
	32,275	*	ElringKlinger AG.		625
	26,791	g	Endurance Technologies Ltd		495
	18,982		Exedy Corp		233
	342,117		Exide Industries Ltd		897
	6,777		Faurecia		347
	164,886	*	FAW Jiefang Group Co Ltd		295
	36,000		FCC Co Ltd		623
	48,800		Ferrari NV		11,319
	93,219		Fiat DaimlerChrysler Automobiles NV		1,684
	2,103,364		Ford Motor Co		18,489
	22,880		Ford Otomotiv Sanayi AS		388
	46,570	*	Fox Factory Holding Corp		4,923
	443,932		Fuji Heavy Industries Ltd		8,883
	60,480		Futaba Industrial Co Ltd		309
	60,663		Fuyao Glass Industry Group Co Ltd		446
	214,962	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		1,183
	13,694,302		Geely Automobile Holdings Ltd		46,891
	2,223,305		General Motors Co		92,578
	26,439,191	*,†,q	General Motors Co		0
	6,062,000	*,†,q	General Motors Co		0
	24,057,000	*,†,q	General Motors Co		0
	35,983,677	*,†,q	General Motors Co		0
	40,684,487	*,†,e,q	General Motors Co		0
	18,507,434	*,†,q	General Motors Co		0
	85,268,000	*,†,e,q	General Motors Co		0
	7,950,000	*,†,q	General Motors Co		0
	4,230,271	*,†,e,q	General Motors Co		0
	722,689	*,†,e	General Motors Co		0
	134,638		Gentex Corp		4,568
	86,655	*	Gentherm, Inc		5,652
	162,006	g	Gestamp Automocion S.A.		784
	16,429	*	Global & Yuasa Battery Co Ltd		1,041
	32,000		Global PMX Co Ltd		196
	352,298		Goodyear Tire & Rubber Co		3,844
	110,859		Great Wall Motor Co Ltd		641
	2,125,746		Great Wall Motor Co Ltd		7,314
	24,700		G-Tekt Corp		360

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,269,042		Guangzhou Automobile Group Co Ltd (Hong Kong)	$	1,415
	81,548		GUD Holdings Ltd		737
	5,080		Halla Holdings Corp		175
	33,070	*	Hankook Tire Co Ltd		1,201
	17,491	*	Hankook Tire Worldwide Co Ltd		236
	73,853		Hanon Systems		1,106
	310,356	e	Harley-Davidson, Inc		11,390
	143,526		Hero Honda Motors Ltd		6,117
	988,190		Honda Motor Co Ltd		27,883
	1,035,990		Hota Industrial Manufacturing Co Ltd		3,866
	63,415		Huayu Automotive Systems Co Ltd		280
	60,357	*	Hyundai Mobis		14,206
	98,416	*	Hyundai Motor Co		17,445
	15,509	*	Hyundai Motor Co Ltd (2nd Preference)		1,283
	9,979	*	Hyundai Motor Co Ltd (Preference)		815
	12,182	*	Hyundai Wia Corp		602
	32,500		Ichikoh Industries Ltd		217
	9,616		Indus Motor Co Ltd		72
	246,151		Isuzu Motors Ltd		2,343
	521,842		Johnson Electric Holdings Ltd		1,292
	268,400		JTEKT Corp		2,084
	20,096	*	Kayaba Industry Co Ltd		460
	434,874		Kenda Rubber Industrial Co Ltd		541
	111,657	*	Kia Motors Corp		6,433
	46,787	*	Koito Manufacturing Co Ltd		3,184
	112,076	*	Kuang-Chi Technologies Co Ltd		382
	70,194	*	Kumho Tire Co, Inc		244
	39,791		LCI Industries, Inc		5,160
	14,982		Lear Corp		2,383
	109,359		Linamar Corp		5,792
	262,749		Magna International, Inc		18,600
	749,384		Mahindra & Mahindra Ltd		7,411
	70,292	*	Mahindra CIE Automotive Ltd		166
	29,812		Mahle-Metal Leve S.A. Industria e Comercio		121
	26,885	*	Mando Corp		1,458
	166,820		Martinrea International, Inc		1,948
	153,415		Maruti Suzuki India Ltd		16,096
	253,782		Mazda Motor Corp		1,699
	10,658		MGI Coutier		298
	565,307		Michelin (C.G.D.E.) (Class B)		72,787
	51,168		Minda Industries Ltd		280
	681,426		Minth Group Ltd		3,605
	1,226,000		Mitsubishi Motors Corp		2,579
	152,214	*	Modine Manufacturing Co		1,912
	568,146		Motherson Sumi Systems Ltd		1,289
	26,094	*,e	Motorcar Parts of America, Inc		512
	1,713		MRF Ltd		1,779
	42,038		Musashi Seimitsu Industry Co Ltd		669
	310,949		Nan Kang Rubber Tire Co Ltd		465
	466,000	g	Nemak SAB de C.V.		136
	28,843	*	Nexen Tire Corp		164
	6,461,000	e	Nexteer Automotive Group Ltd		6,954
	70,020		NGK Spark Plug Co Ltd		1,196
	211,915	*	NHK Spring Co Ltd		1,453

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,512		Nifco, Inc	$	3,550
	20,511		Ningbo Joyson Electronic Corp		80
	58,278		Ningbo Tuopu Group Co Ltd		344
	1,112,437	*	NIO, Inc (ADR)		54,220
	48,253		Nippon Seiki Co Ltd		547
	1,035,316	*	Nissan Motor Co Ltd		5,612
	55,310		Nissan Shatai Co Ltd		460
	34,027	*,e	Niu Technologies (ADR)		954
	93,288		NOK Corp		1,003
	137,670		Nokian Renkaat Oyj		4,849
	44,700		Pacific Industrial Co Ltd		466
	45,623		Patrick Industries, Inc		3,118
	256,846	e	Peugeot S.A.		7,034
	644,339		Piaggio & C S.p.A.		2,129
	30,994		Piolax Inc		476
	375,634	e,g	Pirelli & C S.p.A		2,036
	432,054		Porsche AG.		29,845
	101,954		Press Kogyo Co Ltd		302
	113,000		Prinx Chengshan Cayman Holding Ltd		122
	106,722,507		PT Astra International Tbk		45,872
	2,245,600		PT Selamat Sempurna Tbk		221
	616,830		Qingling Motors Co Ltd		123
	280,795		Renault S.A.		12,291
	68,396		S&T Daewoo Co Ltd		3,114
	199,223		SAIC Motor Corp Ltd		745
	393,920		Sanyang Industry Co Ltd		501
	39,705		Shandong Linglong Tyre Co Ltd		214
	24,600		Shoei Co Ltd		989
	12,007	*	SL Corp		180
	693,454		Sri Trang Agro-Industry PCL (Foreign)		614
	42,328		Standard Motor Products, Inc		1,713
	58,035		Stanley Electric Co Ltd		1,872
	178,738	*	Stoneridge, Inc		5,403
	336,493		Sumitomo Electric Industries Ltd		4,459
	41,417		Sumitomo Riko Co Ltd		244
	183,500	e	Sumitomo Rubber Industries, Inc		1,579
	68,701		Sundram Fasteners Ltd		490
	268,424		Suzuki Motor Corp		12,443
	29,600		Tachi-S Co Ltd		337
	5,202,668	*	Tata Motors Ltd		13,126
	26,400		Teikoku Piston Ring Co Ltd		363
	81,627	*	Tenneco, Inc		865
	1,436,183	*,e	Tesla, Inc		1,013,471
	98,572		Thor Industries, Inc		9,166
	217,121	e,g	TI Fluid Systems plc		728
	741,118	e	Tianneng Power International Ltd		1,791
	93,476		Tofas Turk Otomobil Fabrik		427
	54,847		Tokai Rika Co Ltd		928
	270,699		Tong Yang Industry Co Ltd		377
	36,568		Topre Corp		561
	114,725	e	Toyo Tire & Rubber Co Ltd		1,746
	29,250		Toyoda Gosei Co Ltd		849
	71,395		Toyota Boshoku Corp		1,160
	65,578		Toyota Industries Corp		5,210
	3,782,020		Toyota Motor Corp		291,859

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,226	e	Trigano S.A.	$	1,632
	41,700		TS Tech Co Ltd		1,288
	69,158		Tube Investments of India Ltd		759
	53,683	*	Tupy S.A.		217
	224,200		UMW Holdings BHD		190
	40,500		Unipres Corp		382
	1,095,586		Valeo S.A.		43,215
	45,459	*	Visteon Corp		5,706
	37,315		Volkswagen AG.		7,780
	15,500		Volkswagen AG. (Preference)		2,897
	15,901		Weifu High-Technology Group Co Ltd		56
	94,580		Winnebago Industries, Inc		5,669
	152,437	*,e	Workhorse Group, Inc		3,015
	661,907		Xingda International Holdings Ltd		193
	26,391	*,e	XPEL, Inc		1,361
	144,342	*,e	XPeng, Inc (ADR)		6,182
	933,031	g	Yadea Group Holdings Ltd		1,928
	163,074		Yamaha Motor Co Ltd		3,329
	127,400	e	Yokohama Rubber Co Ltd		1,898
	410,860	*	Yulon Motor Co Ltd		688
			TOTAL AUTOMOBILES & COMPONENTS		2,499,155

BANKS - 6.0%
	7,732		1st Constitution Bancorp		123
	24,990		1st Source Corp		1,007
	50,003		77 Bank Ltd		682
	65,415		Aareal Bank AG.		1,562
	20,592	*	Aavas Financiers Ltd		479
	655,524	*,g	ABN AMRO Group NV (ADR)		6,423
	654,408		Absa Group Ltd		5,350
	1,193,525		Abu Dhabi Commercial Bank PJSC		2,020
	1,284,674		Abu Dhabi Islamic Bank PJSC		1,648
	11,996		ACNB Corp		300
	24,898,383		Agricultural Bank of China Ltd		9,119
	3,762,162		Agricultural Bank of China Ltd (Class A)		1,807
	24,575,603		AIB Group plc		50,469
	8,547		Aichi Bank Ltd		243
	1,432,369	*	Akbank TAS		1,329
	55,991		Aktia Bank Oyj		670
	1,129,334		Al Rajhi Bank		22,156
	421,986	*	Alinma Bank		1,820
	78,687	*	Alior Bank S.A.		358
	31,828		Allegiance Bancshares, Inc		1,086
	716,300	*	Alliance Financial Group BHD		519
	1,114,733	*	Alpha Bank AE		1,291
	28,269		Altabancorp		789
	315,270	*,†	Amagerbanken AS		0
	51,927		Amalgamated Bank		713
	38,323	*	Amerant Bancorp Inc		583
	18,814		American National Bankshares, Inc		493
	132,103		Ameris Bancorp		5,029
	12,473	e	Ames National Corp		300
	28,669		Amlak International for Real Estate Finance Co		168
	1,554,982		AMMB Holdings BHD		1,413

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,000	e	Aomori Bank Ltd	$	443
	133,100	e	Aozora Bank Ltd		2,461
	248,143		Arab National Bank		1,330
	18,946		Arrow Financial Corp		567
	31,280		Aruhi Corp		550
	1,186,500		Ashikaga Holdings Co Ltd		2,338
	30,869		Associated Banc-Corp		526
	67,866	*	Atlantic Capital Bancshares, Inc		1,080
	121,884		Atlantic Union Bankshares Corp		4,015
	62,402	*,g	AU Small Finance Bank Ltd		729
	2,185	e	Auburn National Bancorporation, Inc		91
	2,805,501		Australia & New Zealand Banking Group Ltd		49,231
	34,444		Awa Bank Ltd		782
	2,015,426	*	Axis Bank Ltd		17,155
	146,333	*	Axos Financial, Inc		5,492
	69,720		Banc of California, Inc		1,026
	212,165	*,e	Banca Monte dei Paschi di Siena S.p.A		274
	11,026,022	e	Banca Popolare dell’Emilia Romagna Scrl		20,101
	458,919	*	Banca Popolare di Sondrio SCARL		1,238
	28,511		Bancfirst Corp		1,674
	77,365		Banco ABC Brasil S.A.		234
	61,811	*,e	Banco BBVA Argentina S.A. (ADR)		198
	1,879,162		Banco Bilbao Vizcaya Argentaria S.A.		9,314
	1,538,474	e	Banco BPM S.p.A.		3,413
	3,637,802		Banco Bradesco S.A.		17,053
	7,183,316		Banco Bradesco S.A. (Preference)		37,781
	43,890,752	*,e	Banco Comercial Portugues S.A.		6,594
	18,589,009		Banco de Chile		1,897
	19,186		Banco de Credito e Inversiones		753
	3,626,806		Banco de Oro Universal Bank		8,075
	6,186,562		Banco de Sabadell S.A.		2,677
	588,874	*,e,g	Banco del Bajio S.A.		807
	1,778,853		Banco do Brasil S.A.		13,373
	181,320		Banco do Estado do Rio Grande do Sul		511
	16,063,377	*,†	Banco Espirito Santo S.A.		196
	715,717		Banco Inter S.A.		13,574
	10,643,750		Banco Itau Holding Financeira S.A.		65,141
	36,812	*,e	Banco Macro S.A. (ADR) (Class B)		573
	3,154,201		Banco Pan S.A.		5,783
	177,610		Banco Santander Brasil S.A.		1,542
	27,774,971		Banco Santander Chile S.A.		1,333
	6,280,825		Banco Santander S.A. (AQXE)		19,586
	108,961		BanColombia S.A.		1,121
	401,152		BanColombia S.A. (Preference)		4,139
	161,426		BancorpSouth Bank		4,430
	647,258	*,g	Bandhan Bank Ltd		3,572
	368,081		Bangkok Bank PCL (Foreign)		1,463
	161,143		Bank AlBilad		1,218
	616,004		Bank Alfalah Ltd		136
	181,609		Bank Al-Jazira		661
	2,263,200	*	Bank Brisyariah Tbk PT		363
	5,549	e	Bank First Corp		360
	25,764	*	Bank Handlowy w Warszawie S.A.		243
	230,315	*	Bank Hapoalim Ltd		1,582
	294,925		Bank Leumi Le-Israel		1,741

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	549,129	*	Bank Millennium S.A.	$	481
	22,686,819		Bank of America Corp		687,637
	1,220,162		Bank of Beijing Co Ltd		903
	49,020		Bank of Chengdu Co Ltd		80
	1,836,944		Bank of China Ltd		894
	71,325,912		Bank of China Ltd (Hong Kong)		24,141
	27,422		Bank of Commerce Holdings		271
	2,465,312		Bank of Communications Co Ltd		1,690
	8,558,625		Bank of Communications Co Ltd (Hong Kong)		4,527
	1,286,783		Bank of East Asia Ltd		2,753
	42,640		Bank of Georgia Group plc		714
	299,895		Bank of Hangzhou Co Ltd		685
	8,521		Bank of Hawaii Corp		653
	26,850,714		Bank of Ireland Group plc		108,396
	9,259		Bank of Iwate Ltd		180
	768,118		Bank of Jiangsu Co Ltd		642
	567,394	*	Bank of Kaohsiung		211
	51,724		Bank of Kyoto Ltd		2,697
	40,630		Bank of Marin Bancorp		1,395
	678,917		Bank of Montreal		51,619
	13,310	e	Bank of Nagoya Ltd		330
	198,714		Bank of Nanjing Co Ltd		246
	321,570		Bank of Ningbo Co Ltd		1,739
	1,286,503		Bank of Nova Scotia		69,535
	148,383		Bank of NT Butterfield & Son Ltd		4,624
	23,200		Bank of Okinawa Ltd		616
	4,411		Bank of Princeton		103
	474,917	e	Bank of Queensland Ltd		2,837
	712,549		Bank of Shanghai Co Ltd		855
	1,223,015		Bank of the Philippine Islands		2,070
	46,005		Bank of the Ryukyus Ltd		341
	27,104		Bank OZK		848
	78,143	*	Bank Pekao S.A.		1,284
	75,940,759		Bank Rakyat Indonesia		22,577
	13,933	*	Bank Zachodni WBK S.A.		693
	3,937	e	Bank7 Corp		56
	38,183		BankFinancial Corp		335
	1,273,356		Bankia S.A.		2,267
	696,475		Bankinter S.A.		3,778
	219,459		BankUnited		7,633
	5,084		Bankwell Financial Group, Inc		99
	54,988		Banner Corp		2,562
	25,640	e	Banque Cantonale Vaudoise		2,791
	255,800		Banque Saudi Fransi		2,156
	26,462	e	Bar Harbor Bankshares		598
	38,938,721		Barclays plc		78,115
	1,001,004	g	BAWAG Group AG.		46,560
	19,526	*	Baycom Corp		296
	24,365		BCB Bancorp, Inc		270
	565,743	e	Bendigo Bank Ltd		4,076
	173,777		Berkshire Hills Bancorp, Inc		2,975
	409,300		BIMB Holdings BHD		434
	1,386,129		BNP Paribas S.A.		73,177
	3,714,816		BOC Hong Kong Holdings Ltd		11,260

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	5,779	*	Bogota Financial Corp	$	51
	35,019		BOK Financial Corp		2,398
	125,327		Boston Private Financial Holdings, Inc		1,059
	12,561		BRE Bank S.A.		606
	28,214		Bridge Bancorp, Inc		682
	58,230	*	Bridgewater Bancshares, Inc		727
	121,318		Brookline Bancorp, Inc		1,461
	33,034		Bryn Mawr Bank Corp		1,011
	222,062	*	BS Financial Group, Inc		1,163
	5,981,667		Bumiputra-Commerce Holdings BHD		6,404
	32,487		Business First Bancshares, Inc		661
	76,141		Byline Bancorp, Inc		1,176
	1,273		C&F Financial Corp		47
	463,536		Cadence BanCorp		7,611
	3,215,914		CaixaBank S.A.		8,266
	6,929	*	California Bancorp, Inc		108
	12,227		Cambridge Bancorp		853
	21,965		Camden National Corp		786
	45,823		Can Fin Homes Ltd		313
	473,857	e	Canadian Imperial Bank of Commerce		40,473
	186,738	e	Canadian Western Bank		4,199
	7,792	*	Capital Bancorp, Inc		109
	21,261		Capital City Bank Group, Inc		523
	675,053	*	Capitec Bank Holdings Ltd		66,017
	208,983		Capitol Federal Financial		2,612
	25,812		Capstar Financial Holdings, Inc		381
	40,972		Carter Bankshares, Inc		439
	259,228		Cathay General Bancorp		8,345
	8,200		CB Financial Services, Inc		164
	25,717		CBTX, Inc		656
	306,292		Central Pacific Financial Corp		5,823
	19,626		Central Valley Community Bancorp		292
	4,678		Century Bancorp, Inc		362
	1,986,342		Chang Hwa Commercial Bank		1,270
	5,459		Chemung Financial Corp		185
	427,654		Chiba Bank Ltd		2,360
	2,299,793	*,g	China Bohai Bank Co Ltd		1,504
	8,791,490		China Citic Bank		3,734
	300,607		China Construction Bank Corp		289
	84,943,546		China Construction Bank Corp (Hong Kong)		64,071
	2,244,704		China Everbright Bank Co Ltd		1,371
	3,327,845		China Everbright Bank Co Ltd (Hong Kong)		1,269
	3,459,981		China Merchants Bank Co Ltd		21,888
	7,327,996		China Merchants Bank Co Ltd (Class A)		49,293
	2,055,448		China Minsheng Banking Corp Ltd		1,635
	5,728,635		China Minsheng Banking Corp Ltd (Hong Kong)		3,266
	634,829		China Zheshang Bank Co Ltd		396
	16,076,388		Chinatrust Financial Holding Co		11,284
	12,644	e	ChoiceOne Financial Services, Inc		390
	1,220,946		Chongqing Rural Commercial Bank		498
	369,249		Chongqing Rural Commercial Bank Co Ltd		254
	157,200		Chugoku Bank Ltd		1,262
	11,100	e	Chukyo Bank Ltd		210
	186,619		CIT Group, Inc		6,700
	6,522,525		Citigroup, Inc		402,179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,574		Citizens & Northern Corp	$	388
	2,573,919		Citizens Financial Group, Inc		92,043
	4,150	e	Citizens Holding Co		87
	24,777		City Holding Co		1,723
	295,258		City Union Bank Ltd		728
	52,005		Civista Bancshares, Inc		912
	160,840		Close Brothers Group plc		3,033
	29,742		CNB Financial Corp		633
	7,810	*	Coastal Financial Corp		164
	8,954		Codorus Valley Bancorp, Inc		152
	309,317	*,e	Collector AB		907
	5,911		Colony Bankcorp Inc		87
	113,257		Columbia Banking System, Inc		4,066
	64,567	*	Columbia Financial, Inc		1,005
	36,898		Comerica, Inc		2,061
	40,314		Commerce Bancshares, Inc		2,649
	879,186		Commercial Bank of Qatar QSC		1,064
	3,024,375		Commercial International Bank		11,423
	1,078,064	e	Commerzbank AG.		6,967
	2,071,746		Commonwealth Bank of Australia		131,684
	84,938		Community Bank System, Inc		5,292
	29,213		Community Bankers Trust Corp		197
	4,109		Community Financial Corp		109
	22,623		Community Trust Bancorp, Inc		838
	738,460		Concordia Financial Group Ltd		2,605
	99,106		ConnectOne Bancorp, Inc		1,961
	786,845,882		Corpbanca S.A.		2,647
	4,563	e	County Bancorp, Inc		101
	234,077		Credicorp Ltd (NY)		38,393
	2,707,940		Credit Agricole S.A.		34,234
	69,719	*	Credito Emiliano S.p.A.		376
	60,723	*	Credito Valtellinese S.p.A		865
	72,740	*	CrossFirst Bankshares, Inc		782
	13,376		Cullen/Frost Bankers, Inc		1,167
	46,985	*	Customers Bancorp, Inc		854
	270,411		CVB Financial Corp		5,273
	1,836,295	*	CYBG plc		3,382
	5,646,074	*,†	Cyprus Popular Bank Public Co Ltd		69
	348,827		Dah Sing Banking Group Ltd		359
	115,108		Dah Sing Financial Holdings Ltd		325
	32,586		Daishi Hokuetsu Financial Group, Inc		703
	668,845		Danske Bank AS		11,054
	2,089,946		DBS Group Holdings Ltd		39,606
	135,753	g	Deutsche Pfandbriefbank AG.		1,477
	137,009	*	Development Credit Bank Ltd		224
	137,889	*	DGB Financial Group Co Ltd		864
	50,656		Dime Community Bancshares		799
	356,863		DNB NOR Holding ASA		6,993
	1,319,476	*	Doha Bank QSC		859
	746,945		Dubai Islamic Bank PJSC		941
	10,256,864		E.Sun Financial Holding Co Ltd		9,336
	11,893	e	Eagle Bancorp Montana, Inc		252
	50,691		Eagle Bancorp, Inc		2,094
	86,748		East West Bancorp, Inc		4,399

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	228,458	*	Eastern Bankshares, Inc	$	3,726
	31,575		Ehime Bank Ltd		304
	1,159,414		Emirates NBD Bank PJSC		3,262
	14,889		Enterprise Bancorp, Inc		380
	40,512		Enterprise Financial Services Corp		1,416
	12,990		Equitable Group, Inc		1,031
	28,870	*	Equity Bancshares, Inc		623
	23,337	*	Erste Bank der Oesterreichischen Sparkassen AG.		711
	9,642	*	Esquire Financial Holdings, Inc		185
	7,285		ESSA Bancorp, Inc		109
	339,843		Essent Group Ltd		14,681
	2,104,300	*	Eurobank Ergasias S.A.		1,478
	7,963		Evans Bancorp, Inc		219
	1,836,885		Far Eastern International Bank		710
	11,801		Farmers & Merchants Bancorp, Inc		271
	47,860		Farmers National Banc Corp		635
	46,308		FB Financial Corp		1,608
	12,812		Federal Agricultural Mortgage Corp (FAMC)		951
	1,435,662	*	Federal Bank Ltd		1,313
	20,030		FIBI Holdings Ltd		608
	6,504	e	Fidelity D&D Bancorp, Inc		419
	5,159,275		Fifth Third Bancorp		142,241
	48,623		Financial Institutions, Inc		1,094
	1,069,724		FinecoBank Banca Fineco S.p.A		17,642
	113,186		First Bancorp (NC)		3,829
	756,915	e	First Bancorp (Puerto Rico)		6,979
	15,567		First Bancorp, Inc		395
	34,258		First Bancshares, Inc		1,058
	12,474		First Bank		117
	83,161		First Busey Corp		1,792
	13,368		First Business Financial Services, Inc		246
	3,066	e	First Capital Inc		186
	12,919	e	First Choice Bancorp		239
	4,488		First Citizens Bancshares, Inc (Class A)		2,577
	154,366		First Commonwealth Financial Corp		1,689
	33,394		First Community Bancshares, Inc		721
	7,199		First Community Corp		122
	179,642		First Financial Bancorp		3,149
	100,800		First Financial Bankshares, Inc		3,646
	20,734		First Financial Corp		806
	9,539,788		First Financial Holding Co Ltd		7,259
	170,604		First Foundation, Inc		3,412
	455		First Guaranty Bancshares, Inc		8
	25,443	e	First Hawaiian, Inc		600
	130,740		First Horizon National Corp		1,668
	61,545		First International Bank Of Israel Ltd		1,635
	19,248		First Internet Bancorp		553
	66,953		First Interstate Bancsystem, Inc		2,730
	85,548		First Merchants Corp		3,200
	22,068		First Mid-Illinois Bancshares, Inc		743
	177,121		First Midwest Bancorp, Inc		2,820
	19,743		First National Financial Corp		643
	14,237		First Northwest Bancorp		222
	51,311		First of Long Island Corp		916
	447,155		First Republic Bank		65,700

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,997		First Savings Financial Group, Inc	$	195
	11,470	e	First United Corp		178
	6,438	*	First Western Financial, Inc		126
	210,814	e	Flagstar Bancorp, Inc		8,593
	101,383		Flushing Financial Corp		1,687
	67,248		FNB Corp		639
	14,398		FNCB Bancorp Inc		92
	3,279	e	Franklin Financial Services Corp		89
	6,897		FS Bancorp, Inc		378
	123,231		Fukuoka Financial Group, Inc		2,197
	253,368		Fulton Financial Corp		3,223
	8,929	*	FVCBankcorp, Inc		131
	42,682	e	Genworth MI Canada, Inc		1,456
	213,524		Genworth Mortgage Insurance Australia Ltd		392
	39,567		German American Bancorp, Inc		1,309
	211,908		Glacier Bancorp, Inc		9,750
	16,524		Great Southern Bancorp, Inc		808
	154,097		Great Western Bancorp, Inc		3,221
	3,273		Greene County Bancorp, Inc		83
	2,335,561	*	Grupo Financiero Banorte S.A. de C.V.		12,902
	88,467	e	Grupo Financiero Galicia S.A. (ADR) (Class B)		773
	920,377	*,e	Grupo Financiero Inbursa S.A.		928
	994,823		Grupo Security S.A.		185
	11,518		Guaranty Bancshares, Inc		345
	347,400		Gunma Bank Ltd		1,073
	54,102		Habib Bank Ltd		45
	367,800		Hachijuni Bank Ltd		1,225
	273,160		Hana Financial Group, Inc		8,701
	139,194		Hancock Whitney Corp		4,735
	995,385		Hang Seng Bank Ltd		17,178
	59,137		Hanmi Financial Corp		671
	83,576		HarborOne Northeast Bancorp, Inc		908
	4,523		Hawthorn Bancshares Inc		99
	15,075		HBT Financial, Inc		228
	578,764	*	HDFC Bank Ltd		11,400
	330,632	*	HDFC Bank Ltd (ADR)		23,891
	75,387		Heartland Financial USA, Inc		3,043
	207,614		Heritage Commerce Corp		1,842
	58,173		Heritage Financial Corp		1,361
	383,520		Hilltop Holdings, Inc		10,551
	1,826		Hingham Institution for Savings		394
	267,102	*	Hirogin Holdings, Inc		1,504
	16,000		Hokkoku Bank Ltd		406
	129,860		Hokuhoku Financial Group, Inc		1,235
	12,853		Home Bancorp, Inc		360
	252,089	e	Home Bancshares, Inc		4,911
	54,096	*	Home Capital Group, Inc		1,262
	35,728		HomeStreet, Inc		1,206
	58,291		HomeTrust Bancshares, Inc		1,126
	574,288		Hong Leong Bank BHD		2,601
	160,770		Hong Leong Credit BHD		723
	373,571		Hope Bancorp, Inc		4,076
	84,357		Horizon Bancorp		1,338

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,541,760		Housing Development Finance Corp	$	54,017
	20,700	*,e	Howard Bancorp, Inc		244
	6,374,294		HSBC Holdings plc		32,925
	3,585,157		Hua Nan Financial Holdings Co Ltd		2,331
	232,586		Huaxia Bank Co Ltd		222
	3,115,456		Huntington Bancshares, Inc		39,348
	181,274		Hyakugo Bank Ltd		524
	14,921		Hyakujushi Bank Ltd		215
	6,729,505	*	ICICI Bank Ltd		49,485
	1,494,861	*	ICICI Bank Ltd (ADR)		22,214
	2,288,178	*	IDFC Bank Ltd		1,161
	62,189	*	Illimity Bank S.p.A		685
	50,910		Independent Bank Corp (MA)		3,718
	78,484		Independent Bank Corp (MI)		1,450
	60,985		Independent Bank Group, Inc		3,813
	96,237		India Infoline Ltd		150
	311,827		Indiabulls Housing Finance Ltd		941
	201,643	*	IndusInd Bank Ltd		2,474
	2,810,439		Industrial & Commercial Bank of China Ltd		2,145
	53,886,914		Industrial & Commercial Bank of China Ltd (Hong Kong)		34,622
	1,155,284		Industrial Bank Co Ltd		3,690
	118,543	*	Industrial Bank of Korea		967
	26,898,899		ING Groep NV		250,102
	27,822		Intercorp Financial Services, Inc		900
	99,696		International Bancshares Corp		3,733
	16,441,866		Intesa Sanpaolo S.p.A.		38,864
	13,277		Investar Holding Corp		220
	4,017,328		Investimentos Itau S.A. - PR		9,117
	314,185		Investors Bancorp, Inc		3,318
	3,133,484		iShares Core MSCI EAFE ETF		216,492
	236,504		Israel Discount Bank Ltd		913
	243,654		Iyo Bank Ltd		1,531
	341,631		Japan Post Bank Co Ltd		2,808
	228,855	*	JB Financial Group Co Ltd		1,189
	6,400		Jiangsu Changshu Rural Commercial Bank Co Ltd		7
	8,240,763		JPMorgan Chase & Co		1,047,154
	31,940		Juroku Bank Ltd		582
	60,053	*	Jyske Bank		2,293
	105,800		Kansai Mirai Financial Group, Inc		513
	298,409	*	Karur Vysya Bank Ltd		187
	1,161,392		Kasikornbank PCL (Foreign)		4,420
	355,373	*	KB Financial Group, Inc		14,114
	838,563		KBC Groep NV		58,684
	200,746		Kearny Financial Corp		2,120
	109,748		Keiyo Bank Ltd		444
	190,939		Keycorp		3,133
	210,132		Kiatnakin Bank PCL (Foreign)		363
	1,410,000		King’s Town Bank		1,949
	64,619		Kiyo Bank Ltd		925
	33,071		Komercni Banka AS		1,011
	484,016	*	Kotak Mahindra Bank Ltd		13,228
	5,512,720		Krung Thai Bank PCL (Foreign)		2,041
	375,500		Kyushu Financial Group, Inc		1,542

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	149,704		Lakeland Bancorp, Inc	$	1,901
	38,733		Lakeland Financial Corp		2,075
	3,467		Landmark Bancorp, Inc		79
	47,201	e	Laurentian Bank of Canada		1,157
	13,220		LCNB Corp		194
	4,091		Level One Bancorp, Inc		83
	2,234,476	*	Liberbank S.A.		688
	256,377		LIC Housing Finance Ltd		1,270
	12,459	e	Liechtensteinische Landesbank AG.		737
	4,647	*,e	Limestone Bancorp, Inc		58
	46,863		Live Oak Bancshares, Inc		2,224
	60,719,162		Lloyds TSB Group plc		30,272
	27,067		Luther Burbank Corp		265
	63,928		M&T Bank Corp		8,138
	38,742		Macatawa Bank Corp		324
	7,452		Mackinac Financial Corp		95
	5,692	*,e	MainStreet Bancshares Inc		96
	3,651,189		Malayan Banking BHD		7,686
	1,352,538		Malaysia Building Society		227
	1,603,259		Masraf Al Rayan		1,997
	106,899		MCB Bank Ltd		124
	1,678,386	*	Mediobanca S.p.A.		15,537
	10,036,076		Mega Financial Holding Co Ltd		10,652
	23,331		Mercantile Bank Corp		634
	12,957		Merchants Bancorp		358
	165,859		Meridian Bancorp, Inc		2,473
	5,502		Meridian Corp		114
	54,512		Meta Financial Group, Inc		1,993
	30,829	e	Metrocity Bankshares, Inc		445
	4,080,230		Metropolitan Bank & Trust		4,169
	17,643	*	Metropolitan Bank Holding Corp		640
	660,040		MGIC Investment Corp		8,284
	5,654		Mid Penn Bancorp, Inc		124
	5,670		Middlefield Banc Corp		128
	40,470		Midland States Bancorp, Inc		723
	30,581		MidWestOne Financial Group, Inc		749
	11,756,324		Mitsubishi UFJ Financial Group, Inc		52,053
	11,500		Miyazaki Bank Ltd		246
	29,148		Mizrahi Tefahot Bank Ltd		676
	2,293,893		Mizuho Financial Group, Inc		29,115
	6,756	*	MMA Capital Holdings Inc		166
	987,642	g	Moneta Money Bank AS		3,129
	249,440	*	Mr Cooper Group, Inc		7,740
	43,368	e	Musashino Bank Ltd		629
	13,916		MVB Financial Corp		316
	27,849		Nanto Bank Ltd		471
	3,229,787		National Australia Bank Ltd		56,308
	168,986		National Bank Holdings Corp		5,536
	2,252,662		National Bank of Abu Dhabi PJSC		7,944
	446,100		National Bank of Canada		25,107
	443,094	*	National Bank of Greece S.A.		1,213
	356,000	*	National Bank Of Pakistan		96
	9,033		National Bankshares, Inc		283

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,351,326		National Commercial Bank	$	15,613
	67,038		NBT Bancorp, Inc		2,152
	161,759		Nedbank Group Ltd		1,428
	102,619		New York Community Bancorp, Inc		1,083
	15,213	*	Nicolet Bankshares, Inc		1,009
	129,764	e	Nishi-Nippon Financial Holdings, Inc		831
	362,441	*	NMI Holdings, Inc		8,209
	3,252,564	*	Nordea Bank Abp		26,566
	3,670,910		Nordea Bank Abp		30,085
	291,797		North Pacific Bank Ltd		617
	12,278		Northeast Bank		277
	75,683		Northfield Bancorp, Inc		933
	9,691		Northrim BanCorp, Inc		329
	182,639		Northwest Bancshares, Inc		2,327
	267,166		Norwegian Finans Holding ASA		2,285
	6,734		Norwood Financial Corp		176
	512,342	*	Nova Ljubljanska Banka dd (ADR)		5,633
	6,625	e	Oak Valley Bancorp		110
	859,812		O-Bank Co Ltd		212
	91,634		OceanFirst Financial Corp		1,707
	931	e	Oconee Federal Financial Corp		24
	177,092		OFG Bancorp		3,283
	30,907	e	Ogaki Kyoritsu Bank Ltd		628
	3,603	e	Ohio Valley Banc Corp		85
	15,674		Oita Bank Ltd		309
	266,769		Old National Bancorp		4,418
	86,102		Old Second Bancorp, Inc		870
	4,664		OP Bancorp		36
	36,305		Origin Bancorp, Inc		1,008
	14,665		Orrstown Financial Services, Inc		243
	798,894		OSB Group plc		4,628
	766,284	*	OTP Bank		34,532
	3,288,741	e	Oversea-Chinese Banking Corp		25,062
	148,151	e	Pacific Premier Bancorp, Inc		4,642
	112,771		PacWest Bancorp		2,864
	600,665		Paragon Group of Cos plc		4,026
	22,920	e	Park National Corp		2,407
	16,786	e	Parke Bancorp, Inc		262
	8,965	e	Partners Bancorp		58
	4,758		PCB Bancorp		48
	43,301		PCSB Financial Corp		690
	6,300	*	PDL Community Bancorp		66
	36,614		Peapack Gladstone Financial Corp		833
	6,878		Penns Woods Bancorp, Inc		179
	119,457		PennyMac Financial Services, Inc		7,839
	4,184		Peoples Bancorp of North Carolina, Inc		96
	29,163		Peoples Bancorp, Inc		790
	10,055		Peoples Financial Services Corp		370
	107,409		People’s United Financial, Inc		1,389
	5,638,041	*	Permanent TSB Group Holdings plc		5,967
	1,054,227		Ping An Bank Co Ltd		3,120
	16,160		Pinnacle Financial Partners, Inc		1,041
	11,420	*	Pioneer Bancorp, Inc		121
	217,705	*	Piraeus Bank S.A.		341

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,090	e	Plumas Bancorp	$	96
	49,576	*,g	PNB Housing Finance Ltd		248
	634,993		PNC Financial Services Group, Inc		94,614
	119,957		Popular, Inc		6,756
	8,986,972	g	Postal Savings Bank of China Co Ltd		5,078
	292,237		Postal Savings Bank of China Co Ltd		214
	365,234		Powszechna Kasa Oszczednosci Bank Polski S.A.		2,819
	30,031		Preferred Bank		1,516
	21,649		Premier Financial Bancorp, Inc		288
	130,801		Premier Financial Corp		3,008
	11,609	*	Professional Holding Corp		179
	60,404	e	Prosperity Bancshares, Inc		4,190
	11,902		Provident Bancorp Inc		143
	4,470		Provident Financial Holdings, Inc		70
	112,884		Provident Financial Services, Inc		2,027
	4,930		Prudential Bancorp, Inc		68
	13,216,674		PT Bank Central Asia Tbk		31,859
	2,199,800		PT Bank Jabar Banten Tbk		243
	16,210,616		PT Bank Mandiri Persero Tbk		7,315
	6,446,453		PT Bank Negara Indonesia		2,839
	3,126,200		PT Bank Pembangunan Daerah Jawa Timur Tbk		151
	3,162,100		PT Bank Tabungan Negara Tbk		389
	1,588,400		PT Bank Tabungan Pensiunan Nasional Syariah Tbk		424
	2,656,221		Public Bank BHD		13,620
	298,976		Qatar International Islamic Bank QSC		743
	490,612		Qatar Islamic Bank SAQ		2,308
	3,713,405		Qatar National Bank		18,195
	29,932		QCR Holdings, Inc		1,185
	168,041		Qingdao Rural Commercial Bank Corp		131
	1,255,130		Radian Group, Inc		25,416
	221,441		Raiffeisen International Bank Holding AG.		4,500
	27,498		RBB Bancorp		423
	402,451	g	RBL Bank Ltd		1,276
	7,835		Red River Bancshares Inc		388
	289,677	*,e	Regional SAB de C.V.		1,341
	188,555		Regions Financial Corp		3,040
	23,588		Reliant Bancorp Inc		439
	84,915	e	Renasant Corp		2,860
	15,530		Republic Bancorp, Inc (Class A)		560
	75,168	*	Republic First Bancorp, Inc		214
	2,829,558		Resona Holdings, Inc		9,906
	1,335,872		RHB Capital BHD		1,813
	22,000		Richmond Mutual Bancorporation, Inc		301
	49,206		Ringkjoebing Landbobank A.S.		4,474
	36,045		Riverview Bancorp, Inc		190
	579,409		Riyad Bank		3,122
	452,868	*,e	Rocket Cos, Inc		9,157
	5,200	*,†	Roskilde Bank		0
	1,560,637		Royal Bank of Canada		128,232
	7,348,965		Royal Bank of Scotland Group plc		16,800
	59,757		S&T Bancorp, Inc		1,484
	2,243	e	Salisbury Bancorp, Inc		84
	895,138		Samba Financial Group		7,292

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,200		San ju San Financial Group, Inc	$	271
	73,654		Sandy Spring Bancorp, Inc		2,371
	130,864		San-In Godo Bank Ltd		625
	340,052		Saudi British Bank		2,239
	11,246	e	SB Financial Group, Inc		206
	7,003,276		Sberbank of Russia (ADR)		101,548
	81,625	*	Seacoast Banking Corp of Florida		2,404
	190,740		Security Bank Corp		532
	8,954	*	Security National Financial Corp		75
	13,975	*	Select Bancorp, Inc		132
	237,480		Senshu Ikeda Holdings, Inc		341
	47,494		ServisFirst Bancshares, Inc		1,914
	703,300		Seven Bank Ltd		1,487
	2,933,352		Shanghai Commercial & Savings Bank Ltd		4,297
	1,642,434		Shanghai Pudong Development Bank Co Ltd		2,432
	50,800		Shiga Bank Ltd		1,040
	21,578		Shikoku Bank Ltd		142
	395,388	*	Shinhan Financial Group Co Ltd		11,732
	90,758	*	Shinsei Bank Ltd		1,121
	275,946		Shizuoka Bank Ltd		2,026
	22,251		Shore Bancshares, Inc		325
	1,263,061		Siam Commercial Bank PCL (Foreign)		3,686
	24,281		Sierra Bancorp		581
	76,761		Signature Bank		10,385
	100,155	*	Silvergate Capital Corp		7,443
	267,409		Simmons First National Corp (Class A)		5,773
	4,551,617		SinoPac Financial Holdings Co Ltd		1,857
	172,615	g	Skandiabanken ASA		1,387
	768,279		Skandinaviska Enskilda Banken AB (Class A)		7,911
	20,017		SmartFinancial, Inc		363
	77,344		Societe Generale		1,608
	19,259		South Plains Financial Inc		365
	114,641		South State Corp		8,289
	11,602	*	Southern First Bancshares, Inc		410
	12,047		Southern Missouri Bancorp, Inc		367
	68,996		Southern National Bancorp of Virginia, Inc		836
	49,360		Southside Bancshares, Inc		1,532
	92,203		Spar Nord Bank AS		903
	46,662		Sparebank Oestlandet		532
	197,014		SpareBank SR-Bank ASA		2,092
	138,446		Sparebanken Midt-Norge		1,576
	169,786		Sparebanken Nord-Norge		1,479
	21,787		Spirit of Texas Bancshares, Inc		366
	3,217		St Galler Kantonalbank		1,519
	3,913		Standard AVB Financial Corp		128
	1,160,634		Standard Bank Group Ltd		10,052
	3,844,764		Standard Chartered plc		24,414
	1,640,114	*	State Bank of India		6,184
	38,963		Sterling Bancorp		701
	15,206		Sterling Bancorp, Inc		69
	30,811		Stock Yards Bancorp, Inc		1,247
	1,646,638		Sumitomo Mitsui Financial Group, Inc		51,043
	296,945		Sumitomo Mitsui Trust Holdings, Inc		9,162
	13,638		Summit Financial Group, Inc		301

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,011,064	e	Suruga Bank Ltd	$	3,320
	9,677	*	SVB Financial Group		3,753
	613,177		Svenska Handelsbanken AB		6,181
	343,895		Swedbank AB (A Shares)		6,032
	60,993		Sydbank AS		1,351
	33,020		Synovus Financial Corp		1,069
	2,310,978		Taichung Commercial Bank		893
	4,307,148		Taishin Financial Holdings Co Ltd		2,034
	2,390,425		Taiwan Business Bank		829
	8,449,383		Taiwan Cooperative Financial Holding		6,126
	44,397	*	TBC Bank Group plc		757
	843,188		TCF Financial Corp		31,215
	1,349,442		TCS Group Holding plc (ADR)		44,397
	10,133		Territorial Bancorp, Inc		243
	84,196	*	Texas Capital Bancshares, Inc		5,010
	26,279	*	Texcell-NetCom Co Ltd		155
	67,293		TFS Financial Corp		1,186
	294,731		Thanachart Capital PCL		340
	296,143	*	The Bancorp, Inc		4,042
	122,109	e	Timbercreek Financial Corp		830
	10,035		Timberland Bancorp, Inc		243
	167,700		Tisco Bank PCL		495
	684,700		TMB Bank PCL (Foreign)		24
	199,343		Toho Bank Ltd		402
	25,478		Tokyo TY Financial Group, Inc		273
	115,264		Tomony Holdings, Inc		349
	22,140		Tompkins Financial Corp		1,563
	1,959,591		Toronto-Dominion Bank		110,719
	132,962		Towne Bank		3,122
	41,330		Trico Bancshares		1,458
	125,226	*	Tristate Capital Holdings, Inc		2,179
	35,978	*,e	Triumph Bancorp, Inc		1,747
	3,188,971		Truist Financial Corp		152,847
	339,661		Trustco Bank Corp NY		2,266
	99,050		Trustmark Corp		2,705
	30,072,246	*	Turkiye Garanti Bankasi AS		41,936
	506,764	*	Turkiye Halk Bankasi AS		379
	620,935	*	Turkiye Is Bankasi (Series C)		584
	71,335		UMB Financial Corp		4,921
	193,471		Umpqua Holdings Corp		2,929
	913,730	e,g	Unicaja Banco S.A.		803
	1,968,373		UniCredit S.p.A.		18,442
	1,416,456		Union Bank Of Taiwan		542
	380,958		United Bank Ltd		300
	209,796		United Bankshares, Inc		6,797
	291,883		United Community Banks, Inc		8,301
	1,160,500		United Overseas Bank Ltd		19,780
	11,166	e	United Security Bancshares		79
	13,531		Unity Bancorp, Inc		237
	91,961		Univest Financial Corp		1,893
	4,916,373		US Bancorp		229,054
	15,381		Valiant Holding		1,499
	641,526		Valley National Bancorp		6,255

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	302,413		Van Lanschot Kempen NV (ADR)	$	7,735
	71,516		Veritex Holdings, Inc		1,835
	706,819		VTB Bank PJSC (GDR) Equiduct		674
	73,930	*	VTB Bank PJSC (GDR) Tradegate		71
	44,738		Walker & Dunlop, Inc		4,117
	198,833		Washington Federal, Inc		5,118
	44,988		Washington Trust Bancorp, Inc		2,015
	66,951		Waterstone Financial, Inc		1,260
	19,401		Webster Financial Corp		818
	5,510,527		Wells Fargo & Co		166,308
	102,372		WesBanco, Inc		3,067
	22,590		West Bancorporation, Inc		436
	68,277	e	Westamerica Bancorporation		3,775
	21,735		Western Alliance Bancorp		1,303
	36,062		Western New England Bancorp, Inc		248
	3,741,969		Westpac Banking Corp		55,685
	12,376		Wintrust Financial Corp		756
	240,063	*	Woori Financial Group, Inc		2,154
	155,350		WSFS Financial Corp		6,972
	17,900		Yamagata Bank Ltd		178
	397,799		Yamaguchi Financial Group, Inc		2,246
	1,354,199	*	Yapi ve Kredi Bankasi		561
	9,181,789	*	Yes Bank Ltd		2,254
	45,232		Zions Bancorporation		1,965
			TOTAL BANKS		7,551,658

CAPITAL GOODS - 6.8%
	556,809		3M Co		97,325
	2,105	*	3M India Ltd		600
	602,722		A.O. Smith Corp		33,041
	103,428		Aalberts Industries NV		4,602
	1,457,677		Aamal Co		342
	32,171	e	Aaon, Inc		2,144
	51,893		AAR Corp		1,880
	965,069		ABB Ltd		27,069
	1,703,039		Aboitiz Equity Ventures, Inc		1,674
	340,270		AcBel Polytech, Inc		352
	183,986		ACS Actividades de Construccion y Servicios S.A.		6,113
	10,185		Acuity Brands, Inc		1,233
	38,793		Adapteo Oyj		449
	271,181		AddTech AB		3,604
	24,200		Advan Co Ltd		282
	272,146		Advanced Drainage Systems, Inc		22,746
	61,427		AECC Aero-Engine Control Co Ltd		216
	119,952		AECC Aviation Power Co Ltd		1,090
	296,351	*	Aecom Technology Corp		14,752
	65,494		Aecon Group, Inc		842
	48,030	*,e	Aegion Corp		912
	135,666	*	AerCap Holdings NV		6,184
	88,298	*	Aerojet Rocketdyne Holdings, Inc		4,667
	76,861	*	Aerovironment, Inc		6,679
	54,669	e	AFG Arbonia-Forster Hldg		881
	20,513	e	AG Growth International Inc		480
	457,454		AGCO Corp		47,159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,240		AIA Engineering Ltd	$	844
	51,352		Aica Kogyo Co Ltd		1,778
	35,900		Aichi Corp		319
	45,441		Aida Engineering Ltd		426
	148,745		Air Lease Corp		6,607
	1,036,894		Airbus SE		113,793
	102,268		Airtac International Group		3,287
	9,329		Alamo Group, Inc		1,287
	26,243		Albany International Corp (Class A)		1,927
	276,414		Alfa Laval AB		7,634
	2,597,544		Alfa S.A. de C.V. (Class A)		1,877
	13,197	*,g	Alfen Beheer BV		1,330
	37,378	g	Alimak Group AB		598
	254,682		Allegion plc		29,640
	2,987,800		Alliance Global Group, Inc		660
	13,393		Allied Motion Technologies, Inc		684
	188,130		Allison Transmission Holdings, Inc		8,114
	30,087	*,e	Alpha Pro Tech Ltd		335
	20,934	*	Alstom RGPT		1,192
	27,984	*,e	Alta Equipment Group, Inc		276
	661,874		Altra Industrial Motion Corp		36,688
	503,732		Amada Co Ltd		5,543
	71,672		Amara Raja Batteries Ltd		908
	19,409	*	Ameresco, Inc		1,014
	41,628	*	American Superconductor Corp		975
	31,545	*	American Woodmark Corp		2,960
	41,820		Ametek, Inc		5,058
	69,283		Andritz AG.		3,176
	32,887		Anest Iwata Corp		338
	441,830	*,g	API Group Corp		8,019
	37,489		Apogee Enterprises, Inc		1,188
	211,808		Applied Industrial Technologies, Inc		16,519
	89,012	*	Aprogen KIC, Inc		168
	3,510		Arad Investment & Industrial Development Ltd		378
	75,161	e	Arcadis NV		2,483
	77,563		Arcosa, Inc		4,261
	24,751		Argan, Inc		1,101
	77,463		Armstrong World Industries, Inc		5,762
	77,797	*	Array Technologies, Inc		3,356
	135,438		Asahi Glass Co Ltd		4,736
	244,390		Aselsan Elektronik Sanayi Ve Ticaret AS		600
	1,306,229		Ashok Leyland Ltd		1,709
	1,626,273		Ashtead Group plc		76,599
	62,437		Ashtrom Group Ltd		1,236
	949,782		Assa Abloy AB		23,471
	35,881		Astec Industries, Inc		2,077
	52,977		Astral Polytechnik Ltd		1,294
	45,505	*	Astronics Corp		602
	305,097	*	Atkore International Group, Inc		12,543
	341,430		Atlas Copco AB (A Shares)		17,548
	143,057		Atlas Copco AB (B Shares)		6,421
	81,260	*	ATS Automation Tooling Systems, Inc		1,427
	1,161,631		Austal Ltd		2,397

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	137,055		AVIC Aircraft Co Ltd	$	770
	172,031		AVIC Electromechanical Systems Co Ltd		301
	51,516		AVIC Shenyang Aircraft Co Ltd		616
	1,065,037		AviChina Industry & Technology Co		745
	31,059		AVICOPTER plc		298
	41,463		Avon Rubber plc		1,792
	132,532	*	Axon Enterprise, Inc		16,239
	250,815		Ayala Corp		4,316
	104,036	*	AZEK Co, Inc		4,000
	88,353		AZZ, Inc		4,191
	38,301	e	Badger Daylighting Ltd		1,144
	4,347,897		BAE Systems plc		28,995
	728,273		Balfour Beatty plc		2,696
	188,098	*	Ballard Power Systems, Inc		4,401
	159,960		Barloworld Ltd		992
	76,428		Barnes Group, Inc		3,874
	14,055		BayWa AG.		571
	155,750	*	Beacon Roofing Supply, Inc		6,260
	74,321		Beijer Ref AB		3,401
	79,512		Beijing New Building Materials plc		488
	603		Belimo Holding AG.		5,239
	955,000		BES Engineering Corp		340
	24,092	*	BGF Co Ltd		109
	936,193	*	Bharat Heavy Electricals		461
	122,225		Bidvest Group Ltd		1,309
	15,379	*	Biesse S.p.A.		359
	100,213		Bizlink Holdings Inc		871
	456,789	*,e	Bloom Energy Corp		13,092
	50,551	*	Blue Bird Corp		923
	42,608		Blue Star Ltd		468
	276,336	*	BMC Stock Holdings, Inc		14,834
	6,812	e	Bobst Group AG.		411
	87,706	g	BOC Aviation Ltd		759
	195,138		Bodycote plc		1,990
	1,100,779		Boeing Co		235,633
	2,336,503	*,e	Bombardier, Inc		881
	23,943		Bonheur ASA		676
	84,245		Boskalis Westminster		2,325
	6,163		Bossard Holding AG.		1,244
	196,713		Bouygues S.A.		8,090
	12,904		Brenntag AG.		1,003
	311,000		Brighton-Best International Taiwan, Inc		305
	7,106		Bucher Industries AG.		3,259
	9,482		Budimex S.A.		780
	30,481		Bufab AB		720
	617,978	*,e	Builders FirstSource, Inc		25,220
	156,100		Bunka Shutter Co Ltd		1,474
	382,804		Bunzl plc		12,781
	5,841	e	Burckhardt Compression Holding AG.		2,027
	4,809		Burkhalter Holding AG.		359
	74,826		BWX Technologies, Inc		4,511
	850,619		CAE, Inc		23,569
	119,535	e	Caesarstone Sdot-Yam Ltd		1,541
	23,314		CAI International, Inc		728

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,801		Carbone Lorraine	$	570
	74,500		Carborundum Universal Ltd		414
	44,736		Cargotec Corp (B Shares)		1,859
	90,646		Carlisle Cos, Inc		14,157
	1,002,835		Carrier Global Corp		37,827
	1,162,621		Caterpillar, Inc		211,620
	36,800		Central Glass Co Ltd		802
	3,781		Cera Sanitaryware Ltd		176
	83,305	*	Ceres Power Holdings plc		1,504
	893,544		CH Karnchang PCL		495
	70,500	g	Changsha Broad Homes Industrial Group Co Ltd		173
	603,738		Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		724
	83,748	*	Chart Industries, Inc		9,865
	74,204	*	Cheil Industries, Inc		9,446
	358,636		Chicony Power Technology Co Ltd		903
	63,912		China Aerospace Times Electronics Co Ltd		73
	240,846		China Aircraft Leasing Group Holdings Ltd		208
	33,892		China Avionics Systems Co Ltd		102
	879,770		China Communications Services Corp Ltd		389
	657,574		China Conch Venture Holdings Ltd		3,200
	270,675		China Fangda Group Co Ltd		106
	161,975		China Gezhouba Group Co Ltd		163
	1,807,000		China High Speed Transmission Equipment Group Co Ltd		1,771
	505,036		China Lesso Group Holdings Ltd		791
	742,000		China Machinery Engineering Corp		196
	231,006		China National Chemical Engineering Co Ltd		207
	1,135,312		China Railway Group Ltd		916
	1,886,870		China Railway Group Ltd (Hong Kong)		833
	1,397,825	*	China Shipbuilding Industry Co Ltd		895
	2,118,836		China State Construction Engineering Corp Ltd		1,611
	761,288		China State Construction International Holdings Ltd		435
	55,162		China Yuchai International Ltd		901
	175,945	*,e	Chiyoda Corp		484
	12,960		Chori Co Ltd		197
	31,000		Chudenko Corp		663
	263,000		Chung Hsin Electric & Machinery Manufacturing Corp		503
	590,988	*	Churchill Capital Corp IV		6,087
	134,500	g	CIMC Vehicles Group Co Ltd		125
	81,712	*	CIMIC Group Ltd		1,537
	30,872	*	CIRCOR International, Inc		1,187
	2,663,517		Citic Pacific Ltd		1,886
	2,453,000	*	Citic Resources Holdings Ltd		93
	7,540	*	CJ Corp		640
	2,340,547		CK Hutchison Holdings Ltd		16,341
	49,593		CKD Corp		1,063
	85,964		CNH Industrial NV		1,081
	8,960,875	e	CNH Industrial NV (NYSE)		115,058
	28,541	g	Cochin Shipyard Ltd		146
	1,012,420		Cofide S.p.A.		544
	211,603	*	Colfax Corp		8,092
	47,150		Columbus McKinnon Corp		1,812

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	202,302		Comfort Systems USA, Inc	$	10,653
	4,627,217		Compagnie de Saint-Gobain		212,817
	8,117	e	Compagnie d’Entreprises CFE		833
	120,617		COMSYS Holdings Corp		3,750
	49,255	*,e	Concrete Pumping Holdings Inc		189
	19,960	*	Construcciones y Auxiliar de Ferrocarriles S.A.		957
	80,200	*	Construction Partners Inc		2,335
	124,252		Contemporary Amperex Technology Co Ltd		6,688
	288,450		Continental Engineering Corp		213
	1,388		Conzzeta AG.		1,707
	716,469	*	Cornerstone Building Brands, Inc		6,649
	25,995		Cosel Co Ltd		317
	180,385		Crane Co		14,009
	4,915		CS Wind Corp		804
	167,746	*	CSBC Corp Taiwan		170
	49,845		CSW Industrials, Inc		5,578
	467,000		CTCI Corp		636
	47,810		Cubic Corp		2,966
	98,983		Cummins India Ltd		780
	27,993		Cummins, Inc		6,357
	63,764		Curtiss-Wright Corp		7,419
	12,765	*,†	Daelim Industrial Co		984
	8,158		Daetwyler Holding AG.		2,369
	139,274	*	Daewoo Engineering & Construction Co Ltd		640
	37,678	*	Daewoo International Corp		505
	14,587	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		369
	11,138		Dai-Dan Co Ltd		321
	220,913		Daifuku Co Ltd		27,337
	20,248		Daihen Corp		986
	16,489		Daiho Corp		582
	16,837		Daiichi Jitsugyo Co Ltd		671
	384,940		Daikin Industries Ltd		85,636
	35,100		Daiwa Industries Ltd		358
	13,896	e	Danieli & Co S.p.A.		245
	43,598		Danieli & Co S.p.A. (RSP)		511
	2,148		Dassault Aviation S.A.		2,339
	17,159	*	Dawonsys Co Ltd		323
	166,452		DCC plc		11,779
	647,959		Deere & Co		174,333
	15,484		Denyo Co Ltd		323
	110,611		Deutz AG.		691
	28,120	g	Dilip Buildcon Ltd		151
	181,477		Diploma plc		5,426
	3,134,000		DMCI Holdings, Inc		369
	1,158,102		Dogan Sirketler Grubu Holdings		478
	30,127		Donaldson Co, Inc		1,683
	112,729		Dongfang Electric Corp Ltd		172
	43,939	*	Doosan Bobcat, Inc		1,203
	4,770	*	Doosan Corp		230
	21,555	*	Doosan Fuel Cell Co Ltd		1,064
	222,095	*	Doosan Heavy Industries and Construction Co Ltd		2,772
	108,165	*	Doosan Infracore Co Ltd		790
	16,652		Douglas Dynamics, Inc		712
	648,984		Dover Corp		81,934

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	392,953	*,†	Drake & Scull International PJSC	$	1
	1,686,594		Dubai Investments PJSC		668
	17,450	*	Ducommun, Inc		937
	53,085		Duerr AG.		2,171
	225,100		Dufu Technology Corp Bhd		183
	26,744	*	DXP Enterprises, Inc		595
	32,500	*	Dycom Industries, Inc		2,454
	2,912,300		Dynasty Ceramic PCL		216
	119,716		East Group Co Ltd		146
	5,632	e	Eastern Co		136
	1,535,260		Eaton Corp		184,446
	96,300		Ebara Corp		3,152
	7,565		Ecopro BM Co Ltd		1,188
	51,600		Eiffage S.A.		4,988
	1,156,800		Ekovest BHD		150
	22,891		Elbit Systems Ltd		3,018
	20,429		Elco Holdings Ltd		1,035
	2,813		Electra Israel Ltd		1,541
	136,319	*,e	Electro Optic Systems Holdings Ltd		623
	1,173,815	*	Electrocomponents plc		13,957
	206,766	*	Electrolux Professional AB		1,184
	411,591		ElSwedy Cables Holding Co		257
	196,651		EMCOR Group, Inc		17,986
	470,946	*,e	Emeco Holdings Ltd		413
	111,065		Emerson Electric Co		8,926
	8,247,488	*	Empresa Brasileira de Aeronautica S.A.		14,034
	31,830		Encore Wire Corp		1,928
	26,137	*	Energy Recovery, Inc		357
	68,287		Enerpac Tool Group Corp		1,544
	66,319		EnerSys		5,508
	203,078		Engineers India Ltd		218
	61,010		EnPro Industries, Inc		4,607
	574,000	e	Enric Energy Equipment Holdings Ltd		344
	31,770		Epiroc AB		536
	54,413		Epiroc AB (Class A)		989
	21,388		ESCO Technologies, Inc		2,208
	126,643		Escorts Ltd		2,189
	55,407		Eve Energy Co Ltd		691
	4,543	*,e	EVI Industries, Inc		136
	419,397	*	Evoqua Water Technologies Corp		11,315
	238,300	*	Fangda Carbon New Material Co Ltd		258
	102,999		Fanuc Ltd		25,425
	2,854,631		Far Eastern Textile Co Ltd		2,946
	935,333		Fastenal Co		45,672
	264,177	e	Federal Signal Corp		8,763
	49,586		Ferguson plc		6,025
	419,469		Ferrovial S.A.		11,599
	574,478	*,e	Fincantieri S.p.A		389
	413,909	e	Finmeccanica S.p.A.		2,992
	178,179		Finning International, Inc		3,784
	54,990		Finolex Cables Ltd		260
	306,000	*	First Tractor Co		151
	88,323		Flowserve Corp		3,255

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,377,315		FLSmidth & Co AS	$	52,667
	48,540	e	Fluidra S.A.		1,246
	216,938		Fluor Corp		3,464
	92,381		Fomento de Construcciones y Contratas S.A.		993
	32,560	*,†	Fortitude Gold Corp		34
	743,396		Fortive Corp		52,647
	208,079		Fortune Brands Home & Security, Inc		17,837
	93,000		Fortune Electric Co Ltd		165
	2,370,008	e	Fosun International		3,722
	171,141	*	Foundation Building Materials, Inc		3,288
	70,791		Franklin Electric Co, Inc		4,899
	484,915	*,e	FuelCell Energy, Inc		5,416
	1,569		Fuji Electric Holdings Co Ltd		57
	64,045		Fuji Machine Manufacturing Co Ltd		1,688
	1,000,378		Fujikura Ltd		4,614
	67,339		Fujitec Co Ltd		1,455
	6,571		Fukuda Corp		359
	13,639		Fukushima Industries Corp		593
	31,756		Furukawa Co Ltd		378
	72,044		Furukawa Electric Co Ltd		1,945
	38,281		Futaba Corp/Chiba		331
	1,535,311		Gamuda BHD		1,488
	5,903	e	GARO AB		458
	65,213	*	Gates Industrial Corp plc		832
	56,168		GATX Corp		4,672
	219,011		GEA Group AG.		7,833
	11,817		Geberit AG.		7,397
	14,500		Gecoss Corp		135
	62,559	*	GEK Group of Cos S.A.		602
	13,177	*	Gencor Industries, Inc		162
	104,194	*	Generac Holdings, Inc		23,695
	205,732		General Dynamics Corp		30,617
	3,416,441		General Electric Co		36,898
	5,037	*	General Finance Corp		43
	4,282		Georg Fischer AG.		5,526
	117,178	*	Gibraltar Industries, Inc		8,430
	15,301		Giken Seisakusho Co, Inc		633
	52,056		Glory Ltd		1,051
	5,900		GMM Pfaudler Ltd		307
	95,793	*	GMS, Inc		2,920
	67,983	*	Godrej Industries Ltd		393
	25,586		Gorman-Rupp Co		830
	82,946		Graco, Inc		6,001
	97,794		GrafTech International Ltd		1,042
	230,890		Grafton Group plc		2,917
	21,493		Graham Corp		326
	68,570	e	Granite Construction, Inc		1,832
	47,921		Graphite India Ltd		199
	278,656	*	Great Lakes Dredge & Dock Corp		3,670
	51,284		Greenbrier Cos, Inc		1,866
	386,000	*,g	Greentown Management Holdings Co Ltd		165
	70,940		Griffon Corp		1,446
	353,193	e	Grupo Carso S.A. de C.V. (Series A1)		1,178
	25,690	e	Grupo Empresarial San Jose		141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	148,719	e	Grupo Rotoplas SAB de C.V.	$	204
	51,069	*	GS Engineering & Construction Corp		1,780
	71,154		GS Yuasa Corp		2,048
	260,324		GT Capital Holdings, Inc		3,172
	13,115		Guangdong Kinlong Hardware Products Co Ltd		289
	17,030	*	Guoxuan High-Tech Co Ltd		102
	217,431		GWA International Ltd		587
	52,216		H&E Equipment Services, Inc		1,557
	576,497		Haitian International Holdings Ltd		1,993
	249,696		Hangzhou Steam Turbine Co		370
	24,806	*	Hanjin Heavy Industries & Construction Co Ltd		167
	35,979		Hanwa Co Ltd		966
	17,938	*	Hanwha Corp		468
	23,548	*	Hanwha Systems Co Ltd		376
	538,081		HAP Seng Consolidated BHD		1,152
	568,000	*,e	Harbin Power Equipment		163
	17,300		Harmonic Drive Systems, Inc		1,548
	87,893		Havells India Ltd		1,103
	193,136		Hazama Ando Corp		1,349
	42,354	*,e	HC2 Holdings, Inc		138
	30,795	*	HDC Hyundai Development Co-Engineering & Construction		741
	397,348	e	Hebei Construction Group Corp Ltd		217
	33,460		Hefei Meiya Optoelectronic Technology, Inc		227
	10,171		HEG Ltd		129
	70,066		HEICO Corp		9,277
	277,538	e	HEICO Corp (Class A)		32,489
	53,760		Helios Technologies, Inc		2,865
	36,227	*	Herc Holdings, Inc		2,406
	91,212		Hexagon Composites ASA		582
	14,584	*,e	Hexagon Purus Holding AS.		85
	568,087		Hexcel Corp		27,547
	10,528		Hibiya Engineering Ltd		194
	120,097		Hillenbrand, Inc		4,780
	128,212	*	Hino Motors Ltd		1,095
	9,000		Hirata Corp		675
	497,526	*	Hitachi Construction Machinery Co Ltd		14,146
	171,420		Hitachi Zosen Corp		948
	103,042		Hiwin Technologies Corp		1,415
	19,497		Hochtief AG.		1,897
	2,897,578		Honeywell International, Inc		616,315
	41,575		Hongfa Technology Co Ltd		345
	38,350	e	Hoshizaki Electric Co Ltd		3,521
	12,301		Hosokawa Micron Corp		758
	994,236		Howden Joinery Group plc		9,366
	687,466		Howmet Aerospace, Inc		19,620
	443,603		Hubbell, Inc		69,553
	15,346		Huber & Suhner AG.		1,205
	12,144		Huntington Ingalls		2,070
	8,021		Hurco Cos, Inc		241
	3,516	*	Hyosung Heavy Industries Corp		202
	15,542		Hyster-Yale Materials Handling, Inc		926
	8,747	*	Hyundai Construction Equipment Co Ltd		265

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,393	*	Hyundai Electric & Energy System Co Ltd	$	233
	19,327	*	Hyundai Elevator Co Ltd		707
	68,928	*	Hyundai Engineering & Construction Co Ltd		2,380
	16,440	*	Hyundai Heavy Industries		1,646
	18,831	*	Hyundai Mipo Dockyard		834
	4,359	*	Hyundai Robotics Co Ltd		1,140
	50,650	*	Hyundai Rotem Co Ltd		804
	33,477		Idec Corp		592
	13,591		IDEX Corp		2,707
	12,854	*	IES Holdings, Inc		592
	2,111,800		IJM Corp BHD		911
	4,841	*	Iljin Diamond Co Ltd		214
	206,736		Illinois Tool Works, Inc		42,149
	284,560		IMI plc		4,535
	15,626	e	Implenia AG.		424
	251,059	e	Impregilo S.p.A.		364
	78,336		Inaba Denki Sangyo Co Ltd		1,920
	62,498		Inabata & Co Ltd		875
	16,470	g	IndiaMart InterMesh Ltd		1,449
	20,693		Indus Holding AG.		811
	21,536	e	Industria Macchine Automatiche S.p.A.		1,786
	793,922		Industries Qatar QSC		2,373
	290,871		Indutrade AB		6,226
	376,444	*	Ingersoll Rand, Inc		17,151
	31,000		Inner Mongolia First Machinery Group Co Ltd		58
	47,857	e	Instalco AB		1,445
	31,675		Insteel Industries, Inc		705
	78,443		Interpump Group S.p.A.		3,883
	1,020		Interroll Holding AG.		3,113
	127,446		Investment AB Latour		3,087
	42,595		INVISIO AB		1,286
	130,618		Inwido AB		1,915
	86,024		Iochpe-Maxion S.A.		258
	115,591		IRB Infrastructure Developers Ltd		188
	10,411	*	IS Dongseo Co Ltd		513
	19,400		Iseki & Co Ltd		260
	140,600		Ishikawajima-Harima Heavy Industries Co Ltd		2,799
	12,821		Italmobiliare S.p.A		459
	391,160	*	Itm Power plc		2,755
	1,278,493		Itochu Corp		36,770
	621,634		ITT, Inc		47,878
	36,822		Iwatani International Corp		2,269
	190,632	e	Jacobs Engineering Group, Inc		20,771
	7,932		Japan Pulp & Paper Co Ltd		279
	63,261		Japan Steel Works Ltd		1,890
	204,368		Jardine Matheson Holdings Ltd		11,432
	192,188		Jardine Strategic Holdings Ltd		4,782
	117,400		JDC Corp		647
	109,065	*	JELD-WEN Holding, Inc		2,766
	2,563,516		JG Summit Holdings (Series B)		3,828
	492,100		JGC Corp		4,609
	61,804		Jiangsu Hengli Hydraulic Co Ltd		1,069
	164,418		Jiangsu Zhongtian Technology Co Ltd		273
	24,747		John Bean Technologies Corp		2,818

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	517,731	g	John Laing Group plc	$	2,355
	135,459		Johnson Controls International plc		6,311
	16,819	g	JOST Werke AG.		883
	57,800	*,e	JTOWER, Inc		6,001
	5,082		Judges Scientific plc		443
	48,883		Jungheinrich AG.		2,185
	3,282		Kaba Holding AG.		1,864
	8,553		Kadant, Inc		1,206
	62,589		Kajaria Ceramics Ltd		603
	216,713		Kajima Corp		2,907
	50,418		Kalpataru Power Transmission Ltd		222
	188,900	*	Kama Co Ltd		73
	40,042		Kaman Corp		2,288
	23,375		Kamei Corp		260
	32,900		Kanamoto Co Ltd		707
	86,001		Kandenko Co Ltd		728
	81,600		Kanematsu Corp		1,019
	1,975,919	*	KAP Industrial Holdings Ltd		428
	6,227		Kardex AG.		1,372
	23,800		Katakura Industries Co Ltd		307
	181,300		Kawasaki Heavy Industries Ltd		4,094
	91,984		KEC International Ltd		459
	41,321		KEI Industries Ltd		270
	55,659		Keihan Electric Railway Co Ltd		2,668
	65,403		Keller Group plc		624
	1,503,032		Kennametal, Inc		54,470
	10,931	*	KEPCO Engineering & Construction Co, Inc		180
	1,269,579		Keppel Corp Ltd		5,170
	217,971		Kinden Corp		3,550
	12,876		Kingspan Group plc		903
	62,021		KION Group AG.		5,379
	73,400		Kitz Corp		447
	69,202	*	Kloeckner & Co AG.		677
	62,122		Knorr-Bremse AG.		8,476
	268,803		KOC Holding AS		763
	15,822	*	Koenig & Bauer AG.		467
	701,770		Komatsu Ltd		19,368
	3,886	e	Komax Holding AG.		772
	274,497	*	Kombassan Holdings AS		749
	48,590		Komori Corp		341
	55,615		Kone Oyj (Class B)		4,532
	64,331		Konecranes Oyj		2,274
	131,784		Kongsberg Gruppen ASA		2,711
	289,756	e	Koninklijke BAM Groep NV		600
	64,741	*	Korea Aerospace Industries Ltd		1,540
	4,477		Korea Electric Terminal Co Ltd		257
	307,999	*	Kornit Digital Ltd		27,452
	133,188	*	Kratos Defense & Security Solutions, Inc		3,653
	14,175		Krones AG.		1,143
	848,714	e	Kubota Corp		18,542
	93,504		Kumagai Gumi Co Ltd		2,358
	48,997		Kung Long Batteries Industrial Co Ltd		246
	70,710		Kurita Water Industries Ltd		2,703

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	33,654		Kyokuto Kaihatsu Kogyo Co Ltd	$	458
	105,955		Kyowa Exeo Corp		2,991
	45,022		Kyudenko Corp		1,454
	5,517	*	Kyung Dong Navien Co Ltd		265
	703,248		L3Harris Technologies, Inc		132,928
	2,335		Lakshmi Machine Works Ltd		147
	292,858		Larsen & Toubro Ltd		5,173
	5,461	*	Lawson Products, Inc		278
	23,513	*	LB Foster Co (Class A)		354
	83,938		Legrand S.A.		7,509
	51,491		Lennox International, Inc		14,107
	81,814	*	LG Corp		6,602
	4,772	*	LG Hausys Ltd		343
	118,689	*	LG International Corp		2,704
	44,772		Lifco AB		4,283
	9,652	*	LIG Nex1 Co Ltd		271
	18,436		Lincoln Electric Holdings, Inc		2,143
	142,654		Lindab International AB		2,959
	8,170	e	Lindsay Corp		1,050
	15,770		LISI		388
	936,486		LIXIL Group Corp		20,309
	406,802		Lockheed Martin Corp		144,407
	4,804,355		Lonking Holdings Ltd		1,487
	123,446	*	Lotte Corp		4,016
	14,022	*	LS Cable Ltd		924
	35,547	*	LS Industrial Systems Co Ltd		2,069
	38,813		LSI Industries, Inc		332
	44,343		Luxfer Holdings plc		728
	28,909	*	Lydall, Inc		868
	50,632		Mabuchi Motor Co Ltd		2,209
	410,115		Maeda Corp		3,650
	18,733	e	Maeda Kosen Co Ltd		493
	65,262	e	Maeda Road Construction Co Ltd		1,095
	166,463	e	Maire Tecnimont S.p.A		374
	22,439		Makino Milling Machine Co Ltd		812
	268,403		Makita Corp		13,462
	1,572,100		Malaysian Resources Corp BHD		186
	11,268		Manitou BF S.A.		329
	51,990	*	Manitowoc Co, Inc		692
	407,410		Marcopolo S.A.		226
	1,050,575		Marubeni Corp		6,999
	1,432,883		Masco Corp		78,708
	28,576	*	Masonite International Corp		2,810
	88,416	*,e	Mastec, Inc		6,028
	27,600		Max Co Ltd		385
	144,427		Maxar Technologies, Inc		5,573
	8,571	*	Mayville Engineering Co Inc		115
	2,387		MBB SE		315
	22,393	*	McPhy Energy S.A.		944
	827,797		Meggitt plc		5,264
	35,871		Meidensha Corp		809
	23,800		Meisei Industrial Co Ltd		181
	405,788		Melrose Industries plc		989
	92,912	*	Mercury Systems, Inc		8,182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	60,220	*,e	Meritor, Inc	$	1,681
	992,703		Metallurgical Corp of China Ltd		415
	26,200		METAWATER Co Ltd		590
	12,984	*	Middleby Corp		1,674
	54,694	e	Mie Kotsu Group Holdings, Inc		263
	21,571		Millat Tractors Ltd		148
	20,193		Miller Industries, Inc		768
	288,290		Minebea Co Ltd		5,735
	88,862		Miraito Holdings Corp		1,525
	227,054		MISUMI Group, Inc		7,454
	1,066,513		Mitsubishi Corp		26,291
	867,263		Mitsubishi Electric Corp		13,107
	253,027		Mitsubishi Heavy Industries Ltd		7,749
	30,000		Mitsubishi Nichiyu Forklift Co Ltd		345
	25,750		Mitsuboshi Belting Co Ltd		424
	1,901,587		Mitsui & Co Ltd		34,864
	75,131		Miura Co Ltd		4,194
	98,884		Monadelphous Group Ltd		1,024
	365,995		MonotaRO Co Ltd		18,588
	49,086		Moog, Inc (Class A)		3,893
	298,370		Morgan Crucible Co plc		1,271
	40,164		Morgan Sindall plc		840
	115,244	e	Mori Seiki Co Ltd		1,758
	34,300		Morita Holdings Corp		584
	93,692	*,e	Mota Engil SGPS S.A.		156
	356,369	*	MRC Global, Inc		2,363
	67,267		MSC Industrial Direct Co (Class A)		5,677
	45,906		MTU Aero Engines Holding AG.		11,966
	137,834		Mueller Industries, Inc		4,839
	330,276		Mueller Water Products, Inc (Class A)		4,089
	130,174	*,g	Munters Group AB		1,313
	58,216	*	MYR Group, Inc		3,499
	30,623	e	Nabtesco Corp		1,344
	13,933		Nachi-Fujikoshi Corp		579
	110,100		Nagase & Co Ltd		1,609
	63,536	*	Nanyang Topsec Technologies Group, Inc		204
	255,254		NARI Technology Co Ltd		1,039
	196,652		National Central Cooling Co PJSC		142
	7,345		National Presto Industries, Inc		650
	81,085	*	Navistar International Corp		3,564
	469,836		NBCC India Ltd		188
	201,991		NCC AB (B Shares)		3,667
	1,464,210	*	NEL ASA		4,954
	104,719		Neles Oyj		1,389
	12,215	*,e	Nesco Holdings, Inc		90
	27,858		Nexans S.A.		2,016
	61,835	e	NFI Group, Inc		1,170
	54,980		NGK Insulators Ltd		850
	373,714	e	Nibe Industrier AB		12,255
	61,640		Nichias Corp		1,468
	16,100		Nichiden Corp		349
	53,245		Nichiha Corp		1,679
	24,900	*	Nichireki Co Ltd		396

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	334,818		Nidec Corp	$	42,357
	4,785		Nihon Trim Co Ltd		193
	54,067	e	Nikkiso Co Ltd		527
	26,018	*	Nilfisk Holding A.S.		562
	104,976		Nippo Corp		2,876
	10,600		Nippon Carbon Co Ltd		406
	36,459		Nippon Densetsu Kogyo Co Ltd		754
	13,325		Nippon Koei Co Ltd		367
	7,100		Nippon Road Co Ltd		530
	7,472	*	Nippon Sharyo Ltd		175
	101,000	e	Nippon Sheet Glass Co Ltd		466
	19,417		Nippon Steel Trading Co Ltd		704
	55,465		Nishimatsu Construction Co Ltd		1,137
	20,700		Nishio Rent All Co Ltd		434
	8,595		Nissei ASB Machine Co Ltd		491
	131,831		Nisshinbo Industries, Inc		963
	54,700		Nissin Electric Co Ltd		648
	20,400		Nitta Corp		441
	373,200	e	Nitto Boseki Co Ltd		16,470
	42,135		Nitto Kogyo Corp		836
	11,073		Nitto Kohki Co Ltd		188
	16,235		Nittoku Engineering Co Ltd		655
	45,165	*	NKT Holding AS		2,012
	78,443	*,e	NN, Inc		515
	2,400	*,†,e	Noble Group Ltd		0	^
	40,571		Nolato AB (B Shares)		4,102
	65,264	*	Nordex AG.		1,784
	96,187		Nordson Corp		19,329
	9,983		Noritake Co Ltd		290
	20,251		Noritsu Koki Co Ltd		478
	31,631		Noritz Corp		494
	34,325		NORMA Group		1,756
	509,080		Northrop Grumman Corp		155,127
	16,365	*,e	Northwest Pipe Co		463
	440,958	*,e	NOW, Inc		3,166
	389,550		NRW Holdings Ltd		876
	612,355		NSK Ltd		5,329
	906,761		NTN Corp		2,336
	8,773	*	NV5 Global Inc		691
	40,628		nVent Electric plc		946
	1,610,000		NWS Holdings Ltd		1,496
	12,846		Obara Corp		490
	291,713		Obayashi Corp		2,519
	224,536		OC Oerlikon Corp AG.		2,330
	5,961		OHB AG.		281
	23,121		Oiles Corp		364
	38,800		Okabe Co Ltd		291
	25,667		Okuma Holdings, Inc		1,440
	25,700		Okumura Corp		636
	2,627		Omega Flex, Inc		384
	215,683	*,e	Opus Global Rt		211
	25,137		Organo Corp		1,496
	59,736	*	Orion Energy Systems, Inc		590
	89,706		OSG Corp		1,717

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,587		Oshkosh Corp	$	1,342
	39,754	*	OSRAM Licht AG.		2,527
	565,954		Otis Worldwide Corp		38,230
	6,497		Otokar Otobus Karoseri Sanayi AS		278
	651,282		Outotec Oyj		6,544
	1,887,130	e	Owens Corning, Inc		142,969
	62,255		PACCAR, Inc		5,371
	222,548	*,e	PAE, Inc		2,043
	15,149		Palfinger AG.		477
	32,749		Park Aerospace Corp		439
	889,771		Parker-Hannifin Corp		242,383
	14,577	e	Park-Ohio Holdings Corp		450
	31,336	*	Parsons Corp		1,141
	198,229		Peab AB (Series B)		2,159
	41,231		Pentair plc		2,189
	1,473,500		Pentamaster Corp BHD		1,860
	913,046		Penta-Ocean Construction Co Ltd		7,860
	31,200		PER Aarsleff A.S.		1,564
	5,381		Pfeiffer Vacuum Technology AG.		1,038
	72,205	*	PGT, Inc		1,469
	744,562	*	Plug Power, Inc		25,248
	65,161		PNC Infratech Ltd		158
	43,395		PNE AG.		421
	24,050		Polycab India Ltd		342
	229,410		Polypipe Group plc		1,873
	207,805		Polyplex PCL (Foreign)		157
	13,353	e	Porr AG.		211
	17,065		Powell Industries, Inc		503
	778,369		Power Construction Corp of China Ltd		462
	37,830	*	PowerCell Sweden AB		1,509
	5,064		Preformed Line Products Co		347
	327,093		Primoris Services Corp		9,031
	20,967	*	Proto Labs, Inc		3,216
	20,060		Prysmian S.p.A.		714
	144,321		PSG Group Ltd		592
	2,803,600	*,†	PT Inovisi Infracom Tbk		0	^
	2,588,588		PT Pembangunan Perumahan Tbk		344
	1,455,100	*	PT Sitara Propertindo Tbk		5
	3,718,800		PT Waskita Karya Persero Tbk		382
	2,302,872		PT Wijaya Karya		326
	596,053		QinetiQ plc		2,606
	50,830		Quanex Building Products Corp		1,127
	253,632		Quanta Services, Inc		18,267
	45,900		Raito Kogyo Co Ltd		808
	155,332		Randon Participacoes S.A.		483
	4,400		Rational AG.		4,093
	53,661		Raven Industries, Inc		1,776
	3,949,165		Raytheon Technologies Corp		282,405
	79,661	*	RBC Bearings, Inc		14,263
	464,000	*	Realord Group Holdings Ltd		268
	232,797		Rechi Precision Co Ltd		173
	81,266		Regal-Beloit Corp		9,980
	821,981		Reliance Worldwide Corp Ltd		2,574

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	325,163	*	Resideo Technologies, Inc	$	6,913
	125,682		Reunert Ltd		310
	75,243		REV Group, Inc		663
	853,035		Rexel S.A.		13,464
	471,254		Rexnord Corp		18,610
	97,000		Rexon Industrial Corp Ltd		252
	45,255		Rheinmetall AG.		4,791
	58,789		Richelieu Hardware Ltd		1,526
	3,012	e	Rieter Holding AG.		330
	254,143		Rockwell Automation, Inc		63,742
	673		Rockwool International AS (B Shares)		252
	7,407,631		Rolls-Royce Group plc		11,211
	361,900		Roper Technologies Inc		156,011
	1,697,702		Rotork plc		7,385
	148,600		Run Long Construction Co Ltd		316
	64,656		Rush Enterprises, Inc (Class A)		2,678
	9,937		Rush Enterprises, Inc (Class B)		377
	171,408		Russel Metals, Inc		3,061
	21,957		Ryobi Ltd		266
	80,864	e	Saab AB (Class B)		2,353
	390,870		Sacyr Vallehermoso S.A.		966
	278,358		Safran S.A.		39,453
	13,794		Salcef S.p.A		196
	68,566	*	Samsung Engineering Co Ltd		838
	200,586	*	Samsung Heavy Industries Co Ltd		1,303
	164,147	*	Samsung Techwin Co Ltd		4,314
	78,623		San Shing Fastech Corp		140
	2,705,660		Sandvik AB		66,731
	67,000		Sanki Engineering Co Ltd		788
	372,941		Sanwa Shutter Corp		4,355
	899,000		Sany Heavy Equipment International		674
	438,157		Sany Heavy Industry Co Ltd		2,349
	9,400		Sanyo Denki Co Ltd		506
	236,659	*	Saudi Ceramic Co		3,025
	33,327	e	Savaria Corp		379
	5,890		Schaeffler India Ltd		366
	78,772		Schindler Holding AG.		21,303
	1,681		Schindler Holding AG. (Registered)		454
	785,669		Schneider Electric S.A.		113,551
	1,104	e	Schweiter Technologies AG.		1,840
	29,295		Sekisui Jushi Corp		619
	960,378		SembCorp Industries Ltd		1,242
	8,078,436	*,e	SembCorp Marine Ltd		876
	23,410	*	Semperit AG. Holding		690
	472,064		Senior plc		576
	145,222	*	Sensata Technologies Holding plc		7,659
	366,686		Service Stream Ltd		510
	250,249	e	Seven Network Ltd		4,519
	13,480	*	SFA Engineering Corp		480
	18,178		SFS Group AG.		2,166
	69,327	*	SGL Carbon AG.		306
	196,708	*	SGSB Group Co Ltd		73
	394,027		Shanghai Construction Group Co Ltd		181
	335,280		Shanghai Diesel Engine Co Ltd		146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	308,903	*	Shanghai Electric Group Co Ltd	$	255
	225,248		Shanghai Highly Group Co Ltd		116
	317,000		Shanghai Industrial Holdings Ltd		433
	130,793		Shapir Engineering and Industry Ltd		995
	92,060		Shenzhen Inovance Technology Co Ltd		1,315
	21,836		Shibaura Machine Co Ltd		499
	14,500		Shibuya Kogyo Co Ltd		498
	251,766	*	Shikun & Binui Ltd		1,472
	33,100		Shima Seiki Manufacturing Ltd		562
	243,582		Shimizu Corp		1,773
	10,904	e	Shin Nippon Air Technologies Co Ltd		237
	125,361		Shin Zu Shing Co Ltd		593
	21,700		Shinko Electric Co Ltd		295
	61,484		Shinko Plantech Co Ltd		731
	54,700		Shinmaywa Industries Ltd		469
	39,048		Shinnihon Corp		314
	41,608		SHO-BOND Holdings Co Ltd		2,022
	1,537,469		Shun TAK Holdings Ltd		470
	26,065		Shyft Group, Inc		740
	43,500	*	Siasun Robot & Automation Co Ltd		82
	1,451,359		Siemens AG.		209,063
	1,602,817	*	Siemens Energy AG.		58,742
	19,949		Siemens Gamesa Renewable Energy		810
	25,326		Siemens India Ltd		547
	12,782	*	SIF Holding NV		258
	533,904	g	Signify NV		22,417
	1,270,859		Sime Darby BHD		731
	82,111		Simpson Manufacturing Co, Inc		7,673
	676,800		Singapore Technologies Engineering Ltd		1,959
	47,851		Sinko Industries Ltd		824
	798,096		Sino Thai Engineering & Construction PCL		338
	1,099,500	e	Sinopec Engineering Group Co Ltd		475
	641,967		Sinotruk Hong Kong Ltd		1,644
	42,961		Sintokogio Ltd		321
	57,220	*	SiteOne Landscape Supply, Inc		9,077
	31,173		SK C&C Co Ltd		6,916
	109,933	*	SK Networks Co Ltd		492
	297,039		Skanska AB (B Shares)		7,570
	80,115		SKF AB (B Shares)		2,085
	218,131		SM Investments Corp		4,767
	34,700	*	SMC Corp		21,193
	1,643,285		Smiths Group plc		33,801
	81,431		Snap-On, Inc		13,936
	205,935	e	SNC-Lavalin Group, Inc		3,516
	44,800	e	Sodick Co Ltd		383
	1,318,813		Sojitz Holdings Corp		2,945
	63,753		Spirax-Sarco Engineering plc		9,841
	185,604		Spirit Aerosystems Holdings, Inc (Class A)		7,255
	131,361	*	SPX Corp		7,164
	68,956	*	SPX FLOW, Inc		3,997
	25,156		Stabilus S.A.		1,778
	47,236	e	Stadler Rail AG.		2,158
	19,333		Standex International Corp		1,499

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	580,802		Stanley Black & Decker, Inc	$	103,708
	37,966		Star Micronics Co Ltd		610
	129,244	*	Sterling Construction Co, Inc		2,405
	25,784		Sulzer AG.		2,727
	900,805		Sumitomo Corp		11,938
	18,097		Sumitomo Densetsu Co Ltd		461
	394,000		Sumitomo Heavy Industries Ltd		9,738
	474,917		Sumitomo Mitsui Construction Co Ltd		1,973
	87,370		Sungrow Power Supply Co Ltd		967
	145,000		Sunonwealth Electric Machine Industry Co Ltd		279
	293,173	*	Sunrun, Inc		20,340
	301,848		Sunway Construction Group BHD		141
	22,863		Sunwoda Electronic Co Ltd		108
	24,463		Suzhou Gold Mantis Construction Decoration Co Ltd		35
	213,783		Sweco AB		3,924
	24,994		Systemax, Inc		897
	103,522		Tadano Ltd		887
	16,160	*	Taeyoung Engineering & Construction Co Ltd		176
	191,635	*	Taihan Electric Wire Co Ltd		242
	13,743		Taihei Dengyo Kaisha Ltd		313
	48,053		Taikisha Ltd		1,262
	85,693		Taisei Corp		2,956
	800,670	*	Taiwan Glass Industrial Corp		557
	10,239		Takamatsu Corp		203
	30,864		Takara Standard Co Ltd		454
	98,941		Takasago Thermal Engineering Co Ltd		1,502
	36,800		Takeuchi Manufacturing Co Ltd		869
	66,500		Takuma Co Ltd		1,189
	76,355	*,g	Talgo S.A.		384
	28,698		Tarkett S.A.		505
	43,200		Tatsuta Electric Wire and Cable Co Ltd		315
	186,066		TBEA Co Ltd		289
	1,545,073		Techtronic Industries Co		22,084
	1,430,000		Teco Electric and Machinery Co Ltd		1,409
	18,399		Teikoku Sen-I Co Ltd		426
	133,663		Tekfen Holding AS		297
	134,238	*	Teledyne Technologies, Inc		52,619
	18,840		Tennant Co		1,322
	4,241,092	a	Terex Corp		147,972
	85,237	*	Textainer Group Holdings Ltd		1,635
	786,456		Textron, Inc		38,009
	219,952		Thales S.A.		20,124
	9,956	*,e	The ExOne Company		94
	30,773		Thermax Ltd		383
	50,953	*	Thermon Group Holdings		796
	33,571		THK Co Ltd		1,086
	1,292,791		Timken Co		100,010
	15,242		Timken India Ltd		277
	78,302	*	Titan Machinery, Inc		1,531
	41,569		TKH Group NV		2,009
	45,300		Toa Corp/Tokyo		876
	51,711		Tocalo Co Ltd		710
	392,456		Toda Corp		2,600
	8,815		Toenec Corp		345

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	98,500		Tokai Corp	$	980
	89,802		Tokyu Construction Co Ltd		431
	85,404		Toro Co		8,100
	76,181		Toromont Industries Ltd		5,338
	318,837		Toshiba Corp		8,930
	27,477		Totetsu Kogyo Co Ltd		727
	111,586		Toto Ltd		6,716
	155,103		Toyo Construction Co Ltd		661
	12,700		Toyo Tanso Co Ltd		249
	118,364		Toyota Tsusho Corp		4,790
	54,878	*	TPI Composites, Inc		2,896
	1,052,410		Trane Technologies plc		152,768
	6,878	*,e	Transcat Inc		239
	116,799	*	TransDigm Group, Inc		72,281
	263,784		Travis Perkins plc		4,856
	259,283		Trelleborg AB (B Shares)		5,759
	198,710	*	Trex Co, Inc		16,636
	64,154	*	Trimas Corp		2,032
	18,307		Trinity Industries, Inc		483
	97,481		Triton International Ltd		4,729
	79,981		Triumph Group, Inc		1,005
	70,010		Troax Group AB		1,631
	42,610	e	Trusco Nakayama Corp		1,198
	45,930		Tsubaki Nakashima Co Ltd		501
	26,290		Tsubakimoto Chain Co		691
	44,300	e	Tsugami Corp		671
	25,700		Tsukishima Kikai Co Ltd		347
	18,514		Tsurumi Manufacturing Co Ltd		317
	1,137,211		Turk Sise ve Cam Fabrikalari AS		1,119
	54,317		Turk Traktor ve Ziraat Makineleri AS		1,336
	69,235	*	Tutor Perini Corp		897
	72,818	*	TY Holdings Co Ltd		1,861
	197,522	e	UFP Industries, Inc		10,972
	74,143		Ultra Electronics Holdings		2,087
	9,192	*,e	Ultralife Corp		59
	10,000		Union Tool Co		300
	79,685	*	Unison Co Ltd		360
	125,537		United Integrated Services Co Ltd		969
	13,918	*	United Rentals, Inc		3,228
	57,290	*	Univar Solutions Inc		1,089
	103,008		Uponor Oyj		2,293
	104,100		Ushio, Inc		1,356
	585,700		UWC BHD		1,434
	293,420		Valmet Corp		8,436
	30,402		Valmont Industries, Inc		5,318
	18,581	*,e	Varta AG.		2,679
	57,686	e,g	VAT Group AG.		14,439
	62,049	*	Vectrus, Inc		3,085
	114,966		Veidekke ASA		1,488
	18,018	*	Veritiv Corp		375
	383,640		Vertiv Holdings Co		7,163
	40,145		Vestas Wind Systems AS		9,483
	222,224		Vesuvius plc		1,625

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	121,664		V-Guard Industries Ltd	$	311
	15,251	*	Vicor Corp		1,406
	580,471		Vinci S.A.		57,820
	120,217	*,e	Virgin Galactic Holdings, Inc		2,853
	181,179		Voltas Ltd		2,049
	128,172		Voltronic Power Technology Corp		5,121
	342,394		Volvo AB (B Shares)		8,106
	9,170		Vossloh AG.		467
	583,977	g	VPower Group International Holdings Ltd		202
	420,013		W.W. Grainger, Inc		171,508
	86,917		Wabash National Corp		1,498
	808,322		Wabtec Corp		59,169
	35,506		Wacker Construction Equipment AG.		769
	24,600		Wakita & Co Ltd		252
	2,130,472		Walsin Lihwa Corp		1,467
	56,588		Wartsila Oyj (B Shares)		566
	11,895		Washtec AG.		641
	48,413		Watsco, Inc		10,968
	53,010		Watts Water Technologies, Inc (Class A)		6,451
	730,925		Weg S.A.		10,675
	828,709		Weichai Power Co Ltd		1,666
	162,758		Weichai Power Co Ltd (Class A)		393
	866,565		Weir Group plc		23,561
	489,802	*	Welbilt, Inc		6,465
	96,779	*	WESCO International, Inc		7,597
	2,532	*	Willis Lease Finance Corp		77
	641,734	*	WillScot Mobile Mini Holdings Corp		14,869
	45,474		Wilson Bayly Holmes-Ovcon Ltd		282
	82,293		Woodward Inc		10,001
	104,891	e	WSP Global, Inc		9,937
	421,538		XCMG Construction Machinery Co Ltd		347
	127,911		Xiamen C & D, Inc		161
	175,967		Xinjiang Goldwind Science & Technology Co Ltd		384
	754,413	e	Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		1,520
	1,574,000		Xinyi Glass Holdings Co Ltd		4,403
	97,112		Xxentria Technology Materials Corp		210
	32,782		Xylem, Inc		3,337
	27,772		Yahagi Construction Co Ltd		239
	37,080		YAMABIKO Corp		466
	38,800	e	Yamashin-Filter Corp		425
	50,270		Yamazen Corp		504
	2,559,100	e	Yangzijiang Shipbuilding		1,850
	20,720		Yantai Eddie Precision Machinery Co Ltd		219
	99,198		Yaskawa Electric Corp		4,946
	130,286	e	YIT Oyj		786
	49,779		Yokogawa Bridge Holdings Corp		1,053
	13,852		Yuasa Trading Co Ltd		445
	108,000		Yungtay Engineering Co Ltd		241
	40,600		Yurtec Corp		328
	10,438	*,†	Yuyang DNU Co Ltd		0
	328,494		Zardoya Otis S.A.		2,308
	23,381		Zehnder Group AG.		1,552
	119,963		Zhejiang Chint Electrics Co Ltd		719

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,492		Zhejiang Dingli Machinery Co Ltd	$	333
	92,312		Zhejiang Sanhua Intelligent Controls Co Ltd		348
	42,651		Zhejiang Weixing New Building Materials Co Ltd		122
	180,800		Zhengzhou Coal Mining Machinery Group Co Ltd		246
	30,485		Zhengzhou Yutong Bus Co Ltd		79
	227,135		Zhuzhou CSR Times Electric Co Ltd		992
	385,439		Zoomlion Heavy Industry Science and Technology Co Ltd		584
	32,506		Zumtobel AG.		242
			TOTAL CAPITAL GOODS		8,654,335

COMMERCIAL & PROFESSIONAL SERVICES - 1.2%
	10,891	*	51job, Inc (ADR)		762
	185,542		ABM Industries, Inc		7,021
	85,790	*	Acacia Research (Acacia Technologies)		338
	149,828		ACCO Brands Corp		1,266
	133,008		Adecco S.A.		8,859
	236,583		ADT, Inc		1,857
	24,520		Aeon Delight Co Ltd		639
	103,634		AF AB		3,164
	274,943		Aggreko plc		2,357
	33,448	*,e	Akerna Corp		108
	13,928	*,e	Akka Technologies S.A.		439
	425,276	g	A-Living Services Co Ltd		1,888
	497,447		ALS Ltd		3,672
	42,230		Altech Corp		860
	5,887	*	Amadeus Fire AG		861
	36,900	*	Ambipar Participacoes e Empreendimentos S		188
	150,866		Applus Services S.A.		1,674
	69,567	*	ASGN Inc		5,811
	256,370	*	Babcock International Group		980
	10,828		Barrett Business Services, Inc		739
	21,979		BayCurrent Consulting, Inc		3,857
	35,023	g	Befesa S.A.		2,209
	1,364,000	*	Beijing Enterprises Urban Resources Group Ltd		391
	115,277		Beijing Originwater Technology Co Ltd		135
	37,400		Bell System24 Holdings, Inc		587
	282,182		Benefit One, Inc		8,353
	24,362	e	BeNEXT Group Inc		302
	6,411		Bertrandt AG.		310
	23,886		BG Staffing, Inc		322
	311,711	*,g	Biffa plc		981
	30,628		Bilfinger Berger AG.		973
	329,814	e	Bingo Industries Ltd		618
	111,602	e	Boyd Group Services, Inc		19,250
	58,706	e	Brady Corp (Class A)		3,101
	1,323,323		Brambles Ltd		10,854
	212,892	g	Bravida Holding AB		2,833
	64,471	*	BrightView Holdings, Inc		975
	78,922		Brink’s Co		5,682
	26,044		Brunel International NV		232
	253,722		Bureau Veritas S.A.		6,773
	146,543	*	Calisen plc		517

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	80,436	*	Casella Waste Systems, Inc (Class A)	$	4,983
	110,488		Caverion Corp		784
	120,323	*	CBIZ, Inc		3,202
	47,469	*	Ceco Environmental Corp		330
	5,088		Central Security Patrols Co Ltd		177
	27,800		Centre Testing International Group Co Ltd		116
	6,278		Cewe Color Holding AG.		709
	1,667,085		China Everbright International Ltd		942
	140,195	*,e	Cimpress plc		12,301
	145,309		Cintas Corp		51,361
	810,933	*,e	Clarivate Analytics plc		24,093
	76,572	*	Clean Harbors, Inc		5,827
	68,000		Cleanaway Co Ltd		397
	2,084,631		Cleanaway Waste Management Ltd		3,773
	70,949		Clipper Logistics plc		557
	1,855		Compx International, Inc		26
	96,889	g	Coor Service Management Holding AB		857
	342,678	*	Copart, Inc		43,606
	164,580		CoreLogic Inc		12,725
	64,594	*	CoStar Group, Inc		59,703
	1,265,400		Country Garden Services Holdings Co Ltd		8,561
	154,591		Covanta Holding Corp		2,030
	24,038		CRA International, Inc		1,224
	1,320,000	*,†	CT Environmental Group Ltd		2
	166,895		Dai Nippon Printing Co Ltd		3,002
	38,721		Daiseki Co Ltd		1,137
	5,429		Danel Adir Yeoshua Ltd		896
	64,419		Deluxe Corp		1,881
	108,195		Derichebourg		774
	37,864		DKSH Holding AG.		2,837
	7,723	*,e	DO & CO AG.		632
	741,768		Downer EDI Ltd		3,048
	374	*,†	DRC Systems India Pvt Ltd		0	^
	131,397	*	Dun & Bradstreet Holdings, Inc		3,272
	41,498		Duskin Co Ltd		1,156
	333,000		Dynagreen Environmental Protection Group Co Ltd		138
	197,756		Elis S.A.		3,276
	29,320		en-japan, Inc		881
	37,272		Ennis, Inc		665
	195,456		Equifax, Inc		37,692
	542,000		Ever Sunshine Lifestyle Services Group Ltd		1,190
	958,669		Experian Group Ltd		36,419
	53,668		Exponent, Inc		4,832
	22,411	*	Fila S.p.A		251
	19,128	*	Forrester Research, Inc		801
	44,465	*	Franklin Covey Co		990
	443,400		Frontken Corp BHD		394
	51,959	*	FTI Consulting, Inc		5,805
	70,265	e	Fullcast Co Ltd		1,095
	39,954		Funai Soken Holdings, Inc		978
	14,211	*,e	GDI Integrated Facility Services, Inc		496
	174,665		GFL Environmental, Inc		5,092
	23,086	*	GP Strategies Corp		274
	63,500	*	Grace Technology, Inc		4,261

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,358,379		Greentown Service Group Co Ltd	$	1,679
	1,622,384		Group 4 Securicor plc		5,635
	2,662		Groupe CRIT		203
	149,163	*	Harsco Corp		2,682
	1,789,409		Hays plc		3,510
	251,891		Healthcare Services Group		7,078
	29,953		Heidrick & Struggles International, Inc		880
	23,498	*	Heritage-Crystal Clean, Inc		495
	123,539		Herman Miller, Inc		4,176
	66,711		HNI Corp		2,299
	381,304		HomeServe plc		5,339
	77,692	*	Huron Consulting Group, Inc		4,580
	206,798	*	IAA, Inc		13,438
	26,789	*	IBEX Ltd		501
	50,931		ICF International, Inc		3,786
	640,757		IHS Markit Ltd		57,559
	18,206		Insource Co Ltd		301
	59,209		Insperity, Inc		4,821
	354,502		Interface, Inc		3,722
	194,117		Intertek Group plc		14,994
	99,511	g	Intertrust NV		1,687
	742,350	e	Intrum Justitia AB		19,357
	233,782		IPH Ltd		1,158
	93,944		IR Japan Holdings Ltd		15,051
	168,299		ISS AS		2,895
	16,600	e	JAC Recruitment Co Ltd		305
	1,692,800		Japan Elevator Service Holdings Co Ltd		43,109
	306,900		JMT Network Services PCL		369
	507,751		KAR Auction Services, Inc		9,449
	25,000		KD Holding Corp		195
	52,928		Kelly Services, Inc (Class A)		1,089
	16,671	*	KEPCO Plant Service & Engineering Co Ltd		456
	150,283		Kforce, Inc		6,325
	123,023		Kimball International, Inc (Class B)		1,470
	121,013		Knoll, Inc		1,776
	16,338	*	Koentec Co Ltd		142
	84,008	e	Kokuyo Co Ltd		1,138
	88,810		Korn/Ferry International		3,863
	20,518	g	L&T Technology Services Ltd		658
	18,289	e	Link And Motivation, Inc		104
	75,894		Loomis AB		2,087
	13,186		Maharah Human Resources Co		266
	5,000	*,e	Makuake, Inc		400
	116,473		Manpower, Inc		10,504
	21,411	*	Mastech Holdings, Inc		340
	14,962		Matsuda Sangyo Co Ltd		259
	45,492		Matthews International Corp (Class A)		1,337
	78,618		McGrath RentCorp		5,275
	74,378		McMillan Shakespeare Ltd		709
	26,928		Meitec Corp		1,400
	336,921		Michael Page International plc		2,059
	45,117	*	Mistras Group, Inc		350
	1,127,174	*	Mitie Group		632

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,244		Mitsubishi Pencil Co Ltd	$	537
	11,934	*	Montrose Environmental Group, Inc		369
	75,283	e	Morneau Sobeco Income Fund		1,835
	32,037		Moshi Moshi Hotline, Inc		398
	57,202		MSA Safety, Inc		8,545
	90,582	*	NICE Information Service Co Ltd		2,072
	10,404		Nichiban Co Ltd		167
	92,043		Nielsen NV		1,921
	253,735		Nihon M&A Center, Inc		16,968
	16,400		Nippon Kanzai Co Ltd		330
	218,111		Nippon Parking Development Co Ltd		326
	6,676		NL Industries, Inc		32
	222,248		Nomura Co Ltd		1,839
	63,428		Okamura Corp		568
	116,109		Outsourcing, Inc		1,561
	20,402		Oyo Corp		242
	202,500		Park24 Co Ltd		3,524
	23,800		Pasona Group, Inc		479
	32,027	*	Pico Holdings, Inc		299
	29,442	e	Pilot Corp		827
	237,757		Pitney Bowes, Inc		1,465
	103,427		Prestige International, Inc		915
	4,800	*	Prored Partners Co Ltd		170
	513,742	e,g	Prosegur Cash S.A.		501
	239,238		Prosegur Cia de Seguridad S.A.		718
	82,596		Quad Graphics, Inc		316
	49,084	*,g	Quess Corp Ltd		368
	317,603	*	Raksul, Inc		13,717
	102,032		Randstad Holdings NV		6,605
	3,308,621		Recruit Holdings Co Ltd		138,972
	9,971	*,e	Red Violet, Inc		260
	1,897,155		RELX plc		46,360
	419,183		RELX plc (London)		10,256
	36,200	*	Renrui Human Resources Technology Holdings Ltd		119
	1,801,605		Rentokil Initial plc		12,561
	299,329		Republic Services, Inc		28,825
	51,985		Resources Connection, Inc		653
	119,656		Restore plc		676
	164,431		Ritchie Bros Auctioneers, Inc		11,430
	169,263		Robert Half International, Inc		10,576
	363,151		Rollins, Inc		14,188
	302,100		RWS Holdings plc		2,213
	16,092	*	S1 Corp (Korea)		1,260
	27,852		Sato Corp		602
	22,073	*,e	Sdiptech AB		619
	219,039		Secom Co Ltd		20,207
	270,728		Securitas AB (B Shares)		4,368
	1,269,292		Serco Group plc		2,084
	122,207		SG Fleet Group Ltd		233
	5,297		SGS S.A.		15,967
	20,135		Shanghai M&G Stationery, Inc		273
	100,500	*,†	Shanghai Youngsun Investment Co Ltd		83
	154,600		Shenzhen Dongjiang Environmental Co Ltd		109
	157,802		Smart Metering Systems plc		1,534

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	133,354		SmartGroup Corp Ltd	$	703
	284,787		SMS Co Ltd		10,921
	25,156	e	Societe BIC S.A.		1,423
	37,490		Sohgo Security Services Co Ltd		1,945
	61,413	*	SP Plus Corp		1,771
	120,572	e	SPIE S.A.		2,629
	66,732		S-Pool, Inc		487
	49,743		Sporton International, Inc		476
	122,854		Stantec, Inc		3,984
	139,421		Steelcase, Inc (Class A)		1,889
	272,921	*	Stericycle, Inc		18,922
	51,000		Sunny Friend Environmental Technology Co Ltd		424
	6,723	*	Synergie S.A		263
	336,660		Taiwan Secom Co Ltd		1,063
	213,340		Taiwan-Sogo Shinkong Security Corp		281
	41,000		Tanseisha Co Ltd		326
	50,449	*	Team, Inc		550
	8,212	*	TeamLease Services Ltd		295
	146,818		TechnoPro Holdings, Inc		12,197
	98,570		Teleperformance		32,723
	102,224		Temp Holdings Co Ltd		1,847
	57,245		Tetra Tech, Inc		6,628
	181,726		Thomson Reuters Corp		14,873
	371,000		Times Neighborhood Holdings Ltd		348
	34,513	*	Tinexta S.p.A		885
	115,877	e	Tomra Systems ASA		5,701
	52,206		Toppan Forms Co Ltd		536
	152,150		Toppan Printing Co Ltd		2,149
	156,326		Transcontinental, Inc		2,519
	385,501		TransUnion		38,249
	74,658	*	TriNet Group, Inc		6,017
	54,930	*	TrueBlue, Inc		1,027
	58,200		Uchida Yoko Co Ltd		2,393
	23,430		Unifirst Corp		4,960
	27,099	*	United Technology Holdings Co Ltd		844
	482,462	*	Upwork, Inc		16,655
	48,341		US Ecology, Inc		1,756
	265,592		Verisk Analytics, Inc		55,134
	30,933		Viad Corp		1,119
	14,391		VSE Corp		554
	378,717		Waste Connections, Inc		38,845
	1,053,655		Waste Management, Inc		124,258
	10,200		WDB Holdings Co Ltd		261
	5,500		Weathernews, Inc		297
	10,563	*	Willdan Group, Inc		440
	164,167		Wolters Kluwer NV		13,850
	8,700		World Holdings Co Ltd		166
	49,500	e	Yumeshin Holdings Co Ltd		335
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		1,577,041

CONSUMER DURABLES & APPAREL - 2.2%
	651,000		361 Degrees International Ltd		91
	21,130		Accell Group		667

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	49,335		Acushnet Holdings Corp	$	2,000
	265,419		Adidas-Salomon AG.		96,561
	135,293		Aksa Akrilik Kimya Sanayii		266
	152,970		Alpargatas S.A.		1,240
	13,872		Amber Enterprises India Ltd		448
	124,888	*	American Outdoor Brands, Inc		2,127
	617,157	*	AmTRAN Technology Co Ltd		275
	979,755		Anta Sports Products Ltd		15,546
	36,769		Arezzo Industria e Comercio S.A.		484
	156,373	e	Asics Corp		3,007
	166,238		Bafang Electric Suzhou Co Ltd		4,844
	34,495	*	Bajaj Electricals Ltd		289
	399,802		Barratt Developments plc		3,655
	47,129		Bata India Ltd		1,020
	49,183	*	Beazer Homes USA, Inc		745
	158,829		Bellway plc		6,412
	42,179		Beneteau S.A.		484
	10,501		Berkeley Group Holdings plc		679
	77,161		Bonava AB		737
	537,000	*,†,e	Boshiwa International Holding Ltd		1
	1,464,472	e	Bosideng International Holdings Ltd		747
	227,688	*	Bovis Homes Group plc		2,926
	96,454		Breville Group Ltd		1,898
	45,664		BRP, Inc (Toronto)		3,017
	34,635	e	Brunello Cucinelli S.p.A		1,512
	805,905		Brunswick Corp		61,442
	113,523	*	Burberry Group plc		2,772
	5,815,375		Cairn Homes plc		6,930
	5,552,409		Cairn Homes plc (London)		6,492
	434,412		Callaway Golf Co		10,430
	65,005	*,e	Canada Goose Holdings, Inc		1,932
	820,030	*	Capri Holdings Ltd		34,441
	10,292		Carter’s, Inc		968
	86,816	*	Casio Computer Co Ltd		1,589
	36,371	*,e	Casper Sleep, Inc		224
	20,195	*	Cavco Industries, Inc		3,543
	31,276	*	CCC S.A.		735
	44,407	*	Century Communities, Inc		1,944
	18,725		Chargeurs S.A.		404
	2,336,400		China Dongxiang Group Co		244
	349,698		China Lilang Ltd		239
	20,300		Chofu Seisakusho Co Ltd		410
	271,357		Chow Sang Sang Holding		308
	108,251		Cia Hering		359
	594,998		Cie Financiere Richemont S.A.		53,753
	1,506,000	*	Citychamp Watch & Jewellery Group Ltd		332
	52,077		Clarus Corp		802
	1,559,078		Coats Group plc		1,437
	6,534		Columbia Sportswear Co		571
	55,797		Construtora Tenda S.A.		325
	654,000	*,e,g	Cosmo Lady China Holdings Co Ltd		109
	854,329	*,g	Countryside Properties plc		5,448
	20,488	*	Coway Co Ltd		1,373
	22,366		COWELL FASHION Co Ltd		117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	275,782		Crest Nicholson Holdings plc	$	1,230
	224,275	*	CROCS, Inc		14,053
	388,478		Crompton Greaves Consumer Electricals Ltd		2,027
	656,375	g	Crystal International Group Ltd		202
	1,178	*	Cuckoo Electronics Co Ltd		108
	240,017		Cyrela Brazil Realty S.A.		1,369
	39,198	*	Deckers Outdoor Corp		11,241
	112,299		De’Longhi S.p.A.		3,537
	10,188		Delta-Galil Industries Ltd		258
	34,602		Descente Ltd		598
	4,741		Dixon Technologies India Ltd		875
	896,641		DR Horton, Inc		61,797
	37,463	e	Duni AB		490
	44,000		Dyaco International, Inc		185
	80,869		Eclat Textile Co Ltd		1,218
	10,588		Electra Consumer Products 1970 Ltd		367
	191,206	e	Electrolux AB (Series B)		4,449
	15,875		Escalade, Inc		336
	107,257	e	ES-Con Japan Ltd		850
	821,994		Essilor International S.A.		128,095
	36,790		Ethan Allen Interiors, Inc		744
	88,967		Even Construtora e Incorporadora S.A.		207
	81,598		Ez Tec Empreendimentos e Participacoes S.A.		678
	5,153	*	F&F Co Ltd		401
	162,889		Feng TAY Enterprise Co Ltd		1,159
	19,746	*	Fila Korea Ltd		796
	1,093		Forbo Holding AG.		1,882
	560,000		Formosa Taffeta Co Ltd		620
	75,570		Forus S.A.		129
	67,071	*,e	Fossil Group, Inc		582
	50,750		Foster Electric Co Ltd		627
	25,908		France Bed Holdings Co Ltd		226
	339,999	*,†,e	Fuguiniao Co Ltd		0	^
	10,500		Fujibo Holdings Inc		392
	60,621		Fujitsu General Ltd		1,644
	84,032		Fulgent Sun International Holding Co Ltd		336
	64,568		Fusheng Precision Co Ltd		399
	58,015		Games Workshop Group plc		8,883
	131,870	e	Garmin Ltd		15,780
	7,408		Garware Technical Fibres Ltd		230
	273,856		Giant Manufacturing Co Ltd		2,683
	67,536	*,e	G-III Apparel Group Ltd		1,603
	183,590		Gildan Activewear, Inc		5,133
	2,909,349	*,g	Glenveagh Properties plc		3,067
	2,700,000	*,e,g	Glenveagh Properties plc (London)		2,821
	20,447		Goldwin, Inc		1,351
	106,911	*,e	GoPro, Inc		885
	2,086,187		Gree Electric Appliances, Inc of Zhuhai		19,774
	136,036	*	Green Brick Partners, Inc		3,123
	231,131		Grendene S.A.		374
	143,700	*	GRUPO DE MODA SOMA S.A.		368
	29,601		Guangdong Xinbao Electrical Appliances Holdings Co Ltd		191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,810		Guararapes Confeccoes S.A.	$	209
	16,318		Gunze Ltd		532
	1,853,001	*,e	Haier Smart Home Co Ltd		6,717
	14,906		Hamilton Beach Brands Holding Co		261
	10,008	*	Handsome Co Ltd		279
	163,310		Hanesbrands, Inc		2,381
	403,086		Hangzhou Robam Appliances Co Ltd		2,515
	15,004		Hansae Co Ltd		242
	8,400	*	Hanssem Co Ltd		809
	184,451		Hasbro, Inc		17,254
	301,772		Haseko Corp		3,464
	51,489		Heiwa Corp		710
	26,251	*	Helen of Troy Ltd		5,833
	24,654	*,†	Hellenic Duty Free Shops S.A.		0	^
	18,630		Hermes International		20,032
	5,461	*	Hitachi Home & Life Solutions India Ltd		199
	39,955	*	HLB, Inc		3,407
	17,746		Hooker Furniture Corp		572
	466,000	*,†	HOSA International Ltd		1
	28,091	*	HS Industries Co Ltd		185
	61,319		Hugo Boss AG.		2,038
	710,138		Husqvarna AB (B Shares)		9,216
	15,347	*	Hwaseung Enterprise Co Ltd		201
	2,124	*	Hyosung TNC Co Ltd		413
	81,118		IG Design Group plc		717
	253,721		Iida Group Holdings Co Ltd		5,130
	47,349	*	Installed Building Products, Inc		4,826
	27,651	*,e	iRobot Corp		2,220
	49,310		Japan Wool Textile Co Ltd		477
	29,219		Jason Furniture Hangzhou Co Ltd		315
	56,897		JM AB		2,006
	134,994		JNBY Design Ltd		157
	76,000		Johnson Health Tech Co Ltd		251
	27,807		Johnson Outdoors, Inc		3,132
	44,357		Joyoung Co Ltd		218
	19,107		Kaufman & Broad S.A.		859
	123,250		KB Home		4,131
	874,244		Kinpo Electronics		379
	472,956		KMC Kuei Meng International In		2,916
	403,200		Konka Group Co Ltd		129
	83,233		Kontoor Brands, Inc		3,376
	13,258		KPR Mill Ltd		159
	14,500		Kurabo Industries Ltd		255
	14,085	*,e	Lakeland Industries, Inc		384
	71,430		La-Z-Boy, Inc		2,846
	483,776	*	Lealea Enterprise Co Ltd		228
	72,700		LEC, Inc		915
	8,305	*	Legacy Housing Corp		125
	200,205		Leggett & Platt, Inc		8,869
	395,804		Lennar Corp (Class A)		30,172
	21,177		Lennar Corp (Class B)		1,296
	153,703		Levi Strauss & Co		3,086
	43,674	*	LG Electronics, Inc		5,438
	15,915	*	LG Fashion Corp		216

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,209	*	LGI Homes, Inc	$	1,822
	1,790,121		Li Ning Co Ltd		12,318
	19,235		Lifetime Brands, Inc		292
	16,053	*	Lock & Lock Co Ltd		150
	8,834	*,e	Lovesac Co		381
	565	*	LPP S.A.		1,258
	234,730	*	Lululemon Athletica, Inc		81,693
	152,978		Luthai Textile Co Ltd		77
	295,183		LVMH Moet Hennessy Louis Vuitton S.A.		184,785
	42,165	*	M/I Homes, Inc		1,867
	159,271		Makalot Industrial Co Ltd		1,088
	65,824	*	Malibu Boats, Inc		4,110
	2,272,984		Man Wah Holdings Ltd		4,931
	6,442	*,†	Mariella Burani S.p.A.		0
	6,455		Marine Products Corp		94
	14,226		Mars Engineering Corp		214
	15,303	*	MasterCraft Boat Holdings, Inc		380
	1,822,876	*	Mattel, Inc		31,809
	32,489	*,g	Mavi Giyim Sanayi Ve Ticaret AS.		228
	141,371		Maytronics Ltd		2,129
	514,841	g	McCarthy & Stone plc		843
	78,501		MDC Holdings, Inc		3,815
	363,000		Merida Industry Co Ltd		3,050
	55,004	*	Meritage Homes Corp		4,555
	264,429		MIPS AB		16,580
	19,400		Mizuno Corp		378
	87,997	*	Mohawk Industries, Inc		12,403
	778,193	e	Moncler S.p.A		47,844
	27,053	*	Movado Group, Inc		450
	252,014		MRV Engenharia e Participacoes S.A.		923
	22,781	*	Nacon S.A.		221
	49,630		Namco Bandai Holdings, Inc		4,298
	36,000		Nan Liu Enterprise Co Ltd		239
	217,233	*,e	Nautilus, Inc		3,941
	30,767		NavInfo Co Ltd		67
	50,833	*,g	Neinor Homes S.A.		675
	2,351,192		Newell Brands Inc		49,916
	72,448		Nien Made Enterprise Co Ltd		842
	2,775,233		Nike, Inc (Class B)		392,612
	603,500		Nikon Corp		3,813
	113,286		Nobia AB		908
	20,355	*	NVR, Inc		83,046
	114,731		Onward Kashiyama Co Ltd		230
	10,632		Oppein Home Group, Inc		219
	86,384		Orient Electric Ltd		266
	26,388		Oxford Industries, Inc		1,729
	1,060,778		Pacific Textile Holdings Ltd		697
	2,585		Page Industries Ltd		978
	97,456		Paiho Shih Holdings Corp		103
	1,790,113		Panasonic Corp		20,868
	8,256		Pandora AS		924
	402,000	*,†	Peace Mark Holdings Ltd		0
	467,983	*	Peloton Interactive, Inc		71,002

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	147,928		Persimmon plc	$	5,583
	243,200	*	Peter England Fashions and Retail Ltd		552
	20,656	*	PIK Group (GDR)		167
	88,855		Polaris Inc		8,466
	1,035,006		Pou Chen Corp		1,158
	9,980,309	e	Prada S.p.A		65,949
	137,723	e	Pressance Corp		2,373
	494,844		Pulte Homes, Inc		21,338
	206,552		Puma AG. Rudolf Dassler Sport		23,243
	52,142	*	Purple Innovation, Inc		1,718
	55,872		PVH Corp		5,246
	330,000	e	Q Technology Group Co Ltd		560
	184,507		Qingdao Haier Co Ltd		826
	282,000		Quang Viet Enterprise Co Ltd		1,086
	86,803		Rajesh Exports Ltd		583
	13,231		Ralph Lauren Corp		1,373
	301,669		Redrow plc		2,353
	40,784		Relaxo Footwears Ltd		453
	52,170		Rinnai Corp		6,064
	11,778		Rocky Brands, Inc		331
	363,000	*	Roo Hsing Co Ltd		144
	248,000		Ruentex Industries Ltd		616
	56,919	e	Salvatore Ferragamo Italia S.p.A		1,105
	1,604,100	*,e,g	Samsonite International		2,849
	52,124		Sangetsu Co Ltd		784
	46,600		Sankyo Co Ltd		1,261
	15,612	*	Sanlorenzo S.p.A		319
	19,447		SEB S.A.		3,536
	149,082		Sega Sammy Holdings, Inc		2,353
	27,900		Seiko Holdings Corp		357
	38,193	e	Seiren Co Ltd		578
	163,267		Sekisui Chemical Co Ltd		3,096
	357,025		Sekisui House Ltd		7,273
	119,094	*,e	Sharp Corp		1,810
	187,145	*	Shenzhen MTC Co Ltd		178
	873,238		Shenzhou International Group Holdings Ltd		17,114
	56,253		Shimano, Inc		13,168
	8,114		Sioen Industries NV		218
	34,231	*	Skechers U.S.A., Inc (Class A)		1,230
	167,125	*	Skyline Champion Corp		5,171
	1,167,900	*	Skyworth Digital Holdings Ltd		326
	90,865	e	Smith & Wesson Brands, Inc		1,613
	482,510	*	Sonos, Inc		11,286
	2,816,674		Sony Corp		283,831
	616,061	*,g	Spin Master Corp		14,040
	3,398,714	*,e	Steinhoff International Holdings NV		241
	493,500		Stella International Holdings Ltd		573
	243,297		Steven Madden Ltd		8,593
	19,070		Sturm Ruger & Co, Inc		1,241
	393,097		Sumitomo Forestry Co Ltd		8,224
	5,833		Suofeiya Home Collection Co Ltd		23
	17,299		Superior Uniform Group, Inc		402
	9,845		Swatch Group AG.		2,676
	1,593		Swatch Group AG. (Registered)		84

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	12,195		Symphony Ltd	$	172
	804,602		Tainan Spinning Co Ltd		430
	597,600		Taiwan Paiho Ltd		1,577
	14,700		Tama Home Co Ltd		210
	56,500		Tamron Co Ltd		1,001
	164,024		Tapestry, Inc		5,098
	343,804	*	Taylor Morrison Home Corp		8,819
	3,118,727		Taylor Wimpey plc		7,054
	417,845		TCL Corp		453
	1,807,973		TCL Multimedia Technology Holdings Ltd		1,357
	268,396	*,e,g	Technogym S.p.A		3,038
	908,977	*	Tempur Sealy International, Inc		24,542
	294,500		Texhong Textile Group Ltd		253
	133,385	g	Thule Group AB		4,991
	295,737		Titan Industries Ltd		6,353
	11,155	e	Tod’s S.p.A.		390
	6,490		Token Corp		515
	173,128		Toll Brothers, Inc		7,526
	70,046	*	TomTom NV		723
	97,301		Tomy Co Ltd		859
	53,589	*	TopBuild Corp		9,865
	49,000		Topkey Corp		273
	352,156	*	TRI Pointe Homes, Inc		6,075
	70,253		Trisul S.A.		167
	2,638		TTK Prestige Ltd		223
	77,846	*	Tupperware Brands Corp		2,521
	122,367	*,e	Turtle Beach Corp		2,637
	51,933	*	Under Armour, Inc (Class A)		892
	2,045,613	*,e	Under Armour, Inc (Class C)		30,439
	26,483	*	Unifi, Inc		470
	30,289	*	Universal Electronics, Inc		1,589
	27,143	*	Universal Entertainment Corp		627
	7,551		Vaibhav Global Ltd		253
	4,921		VAN DE Velde		138
	17,076	*	Vardhman Textiles Ltd		254
	29,716	*	Vera Bradley, Inc		237
	60,579	*	Vestel Elektronik Sanayi		172
	388,380		VF Corp		33,172
	81,207	*,e	Victoria plc		727
	41,288		VIP Industries Ltd		207
	143,028	*	Vista Outdoor, Inc		3,398
	71,196		Vivara Participacoes S.A.		403
	34,843	*	VOXX International Corp (Class A)		445
	914	*	V-ZUG Holding AG.		91
	39,013		Wacoal Holdings Corp		786
	323,000		Weiqiao Textile Co		71
	249,275		Welspun India Ltd		232
	852,814	e	Whirlpool Corp		153,924
	6,798		Winix, Inc		149
	130,154		Wolverine World Wide, Inc		4,067
	13,851		Xiamen Intretech, Inc		136
	939,883		XTEP International Holdings		470
	120,596		Yamaha Corp		7,106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	388,758	*	YETI Holdings, Inc	$	26,618
	14,400		Yondoshi Holdings, Inc		279
	58,100	e	Yonex Co Ltd		338
	16,589	*	Youngone Corp		485
	4,616	*	Youngone Holdings Co Ltd		161
	816,500		Yue Yuen Industrial Holdings		1,701
	36,412		Zhejiang Semir Garment Co Ltd		56
	14,113		Zhejiang Supor Co Ltd		169
	6,772	*	Zinus, Inc		643
	36,700	e	Zojirushi Corp		657
			TOTAL CONSUMER DURABLES & APPAREL		2,796,902

CONSUMER SERVICES - 2.3%
	832,636		888 Holdings plc		3,251
	81,456	e,g	AcadeMedia AB		843
	39,388	*	Accel Entertainment, Inc		398
	350,570		Accor S.A.		12,719
	187,299	*	Adtalem Global Education, Inc		6,359
	8,072		Aeon Fantasy Co Ltd		191
	596,944	*,e	Afya Ltd		15,103
	75,935	*,e	Airbnb, Inc		11,147
	2,033,638	*,e	Alsea SAB de C.V.		2,646
	40,014	*	American Public Education, Inc		1,220
	63,308	*	AmRest Holdings SE		470
	409,945		ARAMARK Holdings Corp		15,775
	17,060	e	ARCLAND SERVICE Co Ltd		358
	194,181	*,e	Arco Platform Ltd		6,891
	8,846,639	a,e	Arcos Dorados Holdings, Inc		44,499
	498,050		Aristocrat Leisure Ltd		11,959
	16,838	*,e	Aspen Group, Inc		187
	7,447,668		Asset World Corp PCL		1,133
	87,500	e	Atom Corp		738
	135,717	*,e	Autogrill S.p.A.		912
	95,498	*	Bally’s Corp		4,797
	43,158	*,g	Basic-Fit NV		1,582
	119,576		Benesse Holdings, Inc		2,336
	615,861		Berjaya Sports Toto BHD		336
	5,458		bet-at-home.com AG.		214
	254,206		Betsson AB		2,269
	25,110	*	Better Collective A.S.		462
	81	*	Biglari Holdings, Inc (A Shares)		47
	7,878	*	Biglari Holdings, Inc (B Shares)		876
	34,480		BJ’s Restaurants, Inc		1,327
	182,990		BK Brasil Operacao e Assessoria a Restaurantes S.A.		384
	3,068,500		Bloomberry Resorts Corp		518
	139,460		Bloomin’ Brands, Inc		2,708
	9,180	e	Bluegreen Vacations Corp		73
	49,637	*	Bluegreen Vacations Holding Corp		672
	214,625	*,e	Boyd Gaming Corp		9,212
	98,911	*	Bright Horizons Family Solutions		17,111
	17,327		Bright Scholar Education Holdings Ltd (ADR)		100
	53,030		Brinker International, Inc		3,000
	10,300	e	BRONCO BILLY Co Ltd		229
	530,598	*,e	Caesars Entertainment, Inc		39,407

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	316,000		Cafe de Coral Holdings Ltd	$	682
	240,376		Cairo Investment & Real Estate Development Co SAE		224
	1,975,065		Carnival Corp		42,780
	165,632		Carnival plc		3,150
	77,812		Carriage Services, Inc		2,437
	56,718	*	Carrols Restaurant Group, Inc		356
	406,268		Central Plaza Hotel PCL		321
	58,907	*	Century Casinos, Inc		376
	68,152	e	Cheesecake Factory		2,526
	208,789	*	Chegg, Inc		18,860
	389,000	*,e	China Animation Characters Co Ltd		121
	313,271		China Beststudy Education Group		121
	256,860	g	China East Education Holdings Ltd		618
	345,303		China Education Group Holdings Ltd		666
	530,000		China Kepei Education Group Ltd		369
	1,116,000	e	China Maple Leaf Educational Systems Ltd		294
	597,000	g	China New Higher Education Group Ltd		372
	6,600	*,e	China Online Education Group (ADR)		179
	1,812,000	*	China Travel International Inv HK		248
	428,000	g	China Xinhua Education Group Ltd		143
	1,118,656	g	China Yuhua Education Corp Ltd		976
	103,265	*	Chipotle Mexican Grill, Inc (Class A)		143,199
	51,670		Choice Hotels International, Inc		5,515
	104,616		Churchill Downs, Inc		20,378
	34,741	*	Chuy’s Holdings, Inc		920
	11,606		Cie des Alpes		269
	1,473,700	*	Cogna Educacao		1,317
	22,071		Collectors Universe		1,664
	99,526		Collins Foods Ltd		741
	65,000	e	Colowide Co Ltd		1,030
	1,710,658		Compass Group plc		31,906
	116,318	e	Corporate Travel Management Ltd		1,581
	36,886		Cracker Barrel Old Country Store, Inc		4,866
	88,600	e	Create Restaurants Holdings, Inc		533
	322,927		Crown Resorts Ltd		2,403
	46,800		Curves Holdings Co Ltd		350
	131,966	*	CVC Brasil Operadora e Agencia de Viagens S.A.		523
	195,429		Dadi Early-Childhood Education Group Ltd		1,205
	223,546		Dalata Hotel Group plc		1,034
	609,575		Darden Restaurants, Inc		72,613
	57,277	e	Dave & Buster’s Entertainment, Inc		1,719
	119,109	*	Del Taco Restaurants, Inc		1,079
	58,743	*	Denny’s Corp		862
	22,913		Dine Brands Global Inc.		1,329
	64,586		Domino’s Pizza Enterprises Ltd		4,324
	441,848		Domino’s Pizza Group plc		1,904
	16,162		Domino’s Pizza, Inc		6,197
	6,751	*	DoubleUGames Co Ltd		375
	32,318		Doutor Nichires Holdings Co Ltd		465
	34,768		Dur Hospitality Co		266
	244,000	*	Edvantage Group Holdings Ltd		281
	124,356	*	EIH Ltd		153
	30,643	*	El Pollo Loco Holdings, Inc		555

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,374	e,g	Elior Participations S.C.A	$	581
	38,195	*	Emerson Pacific, Inc		284
	358,303	*	Everi Holdings, Inc		4,948
	178,512	e,g	Evolution Gaming Group AB		17,947
	261,501		Extended Stay America, Inc		3,873
	18,372	*	Fattal Holdings 1998 Ltd		1,988
	37,865	*	Fiesta Restaurant Group, Inc		432
	146,526	e	Flight Centre Travel Group Ltd		1,798
	432,305	*	Flutter Entertainment plc		89,427
	42,990		Formosa International Hotels Corp		207
	31,239		Franchise Group, Inc		951
	170,200	*	frontdoor, Inc		8,546
	749,000		Fu Shou Yuan International Group Ltd		704
	23,399	e	Fuji Kyuko Co Ltd		1,092
	18,000	e	Fujio Food System Co Ltd		219
	943,826		G8 Education Ltd		859
	83,483	*	GAEC Educacao S.A.		579
	8,618,043		Galaxy Entertainment Group Ltd		67,087
	17,153	*,e	GAN Ltd		348
	936,897		Genting BHD		1,041
	2,614,078		Genting Singapore Ltd		1,684
	45,416	*	Golden Entertainment, Inc		903
	67,739		Gourmet Master Co Ltd		341
	5,761		Graham Holdings Co		3,073
	69,534	*	Grand Canyon Education, Inc		6,474
	23,784	*	Grand Korea Leisure Co Ltd		366
	57,431	*	Great Canadian Gaming Corp		1,962
	12,228	*,e	GreenTree Hospitality Group Ltd		164
	102,385		Greggs plc		2,505
	69,097	*,e	GSX Techedu, Inc (ADR)		3,573
	504,537		GVC Holdings plc		7,826
	433,171		H&R Block, Inc		6,870
	1,367,776	e,g	Haidilao International Holding Ltd		10,548
	6,916	*	Hana Tour Service, Inc		357
	17,906		Herfy Food Services Co		284
	26,437	e	Hiday Hidaka Corp		445
	267,203	*	Hilton Grand Vacations, Inc		8,377
	1,001,842		Hilton Worldwide Holdings, Inc		111,465
	36,628		HIS Co Ltd		569
	476,500		Hongkong & Shanghai Hotels		425
	1,724,000	g	Hope Education Group Co Ltd		481
	367,323	*	Houghton Mifflin Harcourt Co		1,223
	179,975		Huangshan Tourism Development Co Ltd		134
	794,810		Huazhu Group Ltd (ADR)		35,790
	52,620		Hyatt Hotels Corp		3,907
	15,500		Ichibanya Co Ltd		774
	1,548,629		IDP Education Ltd		23,737
	565,034		Indian Hotels Co Ltd		931
	149,907		InterContinental Hotels Group plc		9,716
	554,404		International Game Technology plc		9,392
	141,837	e	Invocare Ltd		1,253
	69,368		Jack in the Box, Inc		6,437
	75,908		Jackpotjoy plc		1,182
	19,500		Japan Best Rescue System Co Ltd		170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	296,987	*,g	Jiumaojiu International Holdings Ltd	$	905
	178,943		Jollibee Foods Corp		728
	69,352		Jubilant Foodworks Ltd		2,654
	429,210	e	Jumbo Interactive Ltd		4,659
	24,004	*	Kambi Group plc		1,137
	48,210	*	Kangwon Land, Inc		1,045
	28,170	*,e	Kappa Create Co Ltd		395
	15,600	*	Kentucky Fried Chicken Japan Ltd		445
	304,366	e	Kindred Group plc (ADR)		2,978
	23,600		Kisoji Co Ltd		550
	49,600		KOMEDA Holdings Co Ltd		897
	216,572	*,e,g	Koolearn Technology Holding Ltd		781
	47,616	e	Koshidaka Holdings Co Ltd		205
	11,702	e	Kura Corp		711
	6,623	*,e	Kura Sushi USA, Inc		129
	29,283		Kyoritsu Maintenance Co Ltd		1,092
	74,073	g	La Francaise des Jeux SAEM		3,395
	2,041,225		Las Vegas Sands Corp		121,657
	211,127	*	Laureate Education, Inc		3,074
	18,027	*	Leejam Sports Co JSC		371
	451,305	g	LeoVegas AB		1,921
	19,125	*,e	Lindblad Expeditions Holdings, Inc		327
	10,100	*	Litalico, Inc		378
	23,987	*	Lotte Tour Development Co Ltd		332
	116,000		Lung Yen Life Service Corp		219
	551,407		Magnum BHD		313
	388,102		Marriott International, Inc (Class A)		51,198
	62,054		Marriott Vacations Worldwide Corp		8,515
	721,198	*	Marston’s plc		745
	9,800		Matsuya Foods Co Ltd		320
	2,307,193		McDonald’s Corp		495,077
	35,699	e	McDonald’s Holdings Co Japan Ltd		1,730
	6,414	*	MegaStudyEdu Co Ltd		231
	1,909,619		Melco Crown Entertainment Ltd (ADR)		35,423
	4,161,817		Melco International Development		8,105
	133,783	*,e	Melia Hotels International S.A.		932
	815,600	*	MGM China Holdings Ltd		1,403
	685,167		MGM Resorts International		21,590
	1,409,700		Minor International PCL (Foreign)		1,210
	654,000	g	Minsheng Education Group Co Ltd		95
	184,097	*	Mitchells & Butlers plc		607
	206,600		MK Restaurants Group PCL		340
	13,277	*	Monarch Casino & Resort, Inc		813
	5,417		Monogatari Corp		660
	21,900		MOS Food Services, Inc		619
	21,712	e	MTY Food Group, Inc		988
	4,104		Nathan’s Famous, Inc		227
	181,234	*	New Oriental Education & Technology Group (ADR)		33,675
	65,582	*	Noodles & Co		518
	478,173	*,e	Norwegian Cruise Line Holdings Ltd		12,160
	71,419		Offcn Education Technology Co Ltd		384
	13,800		Ohsho Food Service Corp		775
	55,711	*,e	OneSmart International Education Group Ltd (ADR)		212
	70,836		OneSpaWorld Holdings Ltd		718

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	90,420		OPAP S.A.	$	1,209
	186,167		Oriental Land Co Ltd		30,761
	144,874		Paddy Power plc		29,458
	94,553		Pandox AB		1,659
	51,201		Papa John’s International, Inc		4,344
	34,489	*	Paradise Co Ltd		487
	279,211	e	Park Lawn Corp		6,129
	38,470	*,†	Patisserie Holdings plc		0
	250,804	*	Penn National Gaming, Inc		21,662
	380,394	*	Perdoceo Education Corp		4,804
	4,393	e	PIA Corp		119
	133,688	*	Planet Fitness, Inc		10,378
	245,036	*	PlayAGS, Inc		1,764
	325,063		Playtech Ltd		1,786
	23,205		Plenus Co Ltd		393
	1,030,885	*,e	PointsBet Holdings Ltd		9,478
	31,350		Power Wind Health Industry, Inc		177
	2,437,800	*	PT Nusantara Properti International Tbk		101
	30,000	*	Puxin Ltd (ADR)		175
	13,916		RCI Hospitality Holdings, Inc		549
	18,378		Recipe Unlimited Corp		242
	25,149	*	Red Robin Gourmet Burgers, Inc		484
	465,226		Red Rock Resorts, Inc		11,649
	36,522	*,e	Regis Corp		336
	3,704,681		Resorts World BHD		2,484
	88,100		Resorttrust, Inc		1,261
	269,888		Restaurant Brands International, Inc (Toronto)		16,502
	36,951	*	Restaurant Brands New Zealand Ltd		307
	670,680	*,e	Restaurant Group plc		591
	22,000		Ringer Hut Co Ltd		481
	120,000		Riso Kyoiku Co Ltd		356
	70,561		Round One Corp		635
	291,387		Royal Caribbean Cruises Ltd		21,764
	29,200	*,e	Royal Holdings Co Ltd		521
	23,927		Ruth’s Hospitality Group Inc		424
	30,300	e	Saizeriya Co Ltd		561
	2,171,559		Sands China Ltd		9,484
	17,137		Saudi Airlines Catering Co		352
	102,644	e,g	Scandic Hotels Group AB		434
	122,000	e	Scholar Education Group		205
	145,505	*	Scientific Games Corp (Class A)		6,037
	117,196		SeaLink Travel Group Ltd		607
	168,656	*	SeaWorld Entertainment, Inc		5,328
	108,049	*	Seera Group Holding		546
	51,209	g	Ser Educacional S.A.		154
	250,782		Service Corp International		12,313
	10,800		SFP Holdings Co Ltd		133
	33,375	*,e	Shake Shack, Inc		2,829
	24,839		Shanghai Jinjiang International Hotels Development Co Ltd		196
	1,076,000		Shanghai Jinjiang International Hotels Group Co Ltd		165
	1,166,000	*	Shangri-La Asia Ltd		1,042
	181,872		Shenzhen Overseas Chinese Town Co Ltd		197
	182,200	*,e	Silver Life Co Ltd		3,825

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	111,484		Six Flags Entertainment Corp	$	3,802
	1,450,000		SJM Holdings Ltd		1,626
	45,060	*	SkiStar AB		587
	753,502		Sky City Entertainment Group Ltd		1,746
	210,282	e	Skylark Co Ltd		3,258
	76,059		Sodexho Alliance S.A.		6,433
	57,714		Songcheng Performance Development Co Ltd		156
	558,310		SSP Group plc		2,535
	16,500		St Marc Holdings Co Ltd		224
	914,308		Star Entertainment Grp Ltd		2,595
	1,320,239		Starbucks Corp		141,239
	63,364		Strategic Education, Inc		6,040
	61,854	*	Stride, Inc		1,313
	9,900		Studio Alice Co Ltd		185
	4,400	*,e	SuRaLa Net Co Ltd		231
	109,493		Sushiro Global Holdings Ltd		4,200
	3,245,224		Tabcorp Holdings Ltd		9,770
	350,018	*	TAL Education Group (ADR)		25,030
	22,561	*,e	Target Hospitality Corp		36
	257,741	*	Terminix Global Holdings, Inc		13,147
	259,775		Texas Roadhouse, Inc (Class A)		20,304
	923,000	e	Tianli Education International Holdings Ltd		972
	12,471	*	TKP Corp		341
	92,100	e	Tokyo Dome Corp		1,160
	17,885		Tokyotokeiba Co Ltd		812
	38,359		Toridoll.corp		515
	14,584		Tosho Co Ltd		221
	423,652	e	TUI AG. (DI)		2,661
	25,662	*	Universal Technical Institute, Inc		166
	63,294		Vail Resorts, Inc		17,656
	170,269	*,e	Vivint Smart Home, Inc		3,533
	23,792	e	Watami Co Ltd		201
	88,662		Wendy’s		1,943
	41,279	*	Westlife Development Ltd		258
	86,386	*	Wetherspoon (J.D.) plc		1,318
	174,131	*	Whitbread plc		7,376
	1,055,353		William Hill plc		3,886
	69,023		Wingstop, Inc		9,149
	516,000		Wisdom Education International Holdings Co Ltd		252
	133,084	*	WW International Inc		3,247
	818,077		Wyndham Destinations, Inc		36,699
	136,958		Wyndham Hotels & Resorts, Inc		8,141
	22,572,790	*	Wynn Macau Ltd		37,978
	1,168,583		Wynn Resorts Ltd		131,851
	309,000	e,g	Xiabuxiabu Catering Management China Holdings Co Ltd		706
	556,761		YDUQS Part		3,539
	63,919	e	Yoshinoya D&C Co Ltd		1,182
	1,150,039		Yum China Holdings, Inc		65,656
	1,645,296		Yum! Brands, Inc		178,613
	14,422		Zeal Network SE		811
	97,822		Zensho Co Ltd		2,551
			TOTAL CONSUMER SERVICES		2,904,380

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 4.5%
	51,411	*	360 Finance, Inc (ADR)	$	606
	81,424		3i Group plc		1,288
	23,586		ABC Arbitrage		209
	24,159		Ackermans & Van Haaren		3,629
	223,870		Acom Co Ltd		956
	369,271	*	Aditya Birla Capital Ltd		430
	81,511		Aeon Credit Service M BHD		244
	109,400		AEON Financial Service Co Ltd		1,312
	60,400		Aeon Thana Sinsap Thailand PCL		409
	69,512		Affiliated Managers Group, Inc		7,069
	3,014,496		AGNC Investment Corp		47,026
	337,200	*	Aiful Corp		811
	307,314		AJ Bell plc		1,824
	26,719		Aker ASA (A Shares)		1,745
	25,783		Alerus Financial Corp		706
	652,074		Alexander Forbes Group Holdings Ltd		176
	559,877		Ally Financial, Inc		19,965
	27,990	*	Alpha FX Group plc		498
	61,671		Altshuler Shaham Provident Funds & Pension Ltd		324
	1,081,858		Amanat Holdings PJSC		242
	10,733	e	A-Mark Precious Metals, Inc		275
	1,962,145		American Express Co		237,243
	170,602		Ameriprise Financial, Inc		33,153
	3,371,167		AMP Ltd		4,051
	5,067	g	Amundi S.A.		413
	292,455	g	Anima Holding S.p.A		1,390
	5,254,598		Annaly Capital Management, Inc		44,401
	171,962		Anworth Mortgage Asset Corp		466
	213,522		Apollo Commercial Real Estate Finance, Inc		2,385
	261,733		Apollo Global Management, Inc		12,820
	181,850	e	Arbor Realty Trust, Inc		2,579
	50,874		Ares Commercial Real Estate Corp		606
	169,392		Ares Management Corp		7,970
	68,298	*	Arlington Asset Investment Corp (Class A)		258
	106,402		ARMOUR Residential REIT, Inc		1,148
	259,616		Artisan Partners Asset Management, Inc		13,069
	612,111		Ashmore Group plc		3,615
	176,742	*	Assetmark Financial Holdings, Inc		4,277
	1,761		Associated Capital Group, Inc		62
	4,735	*,e	Atlanticus Holdings Corp		117
	88,245	*	Aurelius AG.		1,880
	243,144		Australian Stock Exchange Ltd		13,494
	284,251		Avanza Bank Holding AB		8,050
	123,914		Avic Capital Co Ltd		83
	2,215	*,†	Ayala Corp Preferred		0	^
	277,966		Azimut Holding S.p.A.		6,041
	27,416		B. Riley Financial, Inc		1,212
	1,858,338		B3 SA-Brasil Bolsa Balcao		22,249
	248,340		Bajaj Finance Ltd		18,031
	383,584	g	Banca Farmafactoring S.p.A		2,314
	716,261		Banca Generali S.p.A		23,956

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,205		Banca IFIS S.p.A.	$	273
	159,854		Banca Mediolanum S.p.A		1,389
	733,009		Banco BTG Pactual S.A. - Unit		13,248
	49,157		Banco Latinoamericano de Exportaciones S.A. (Class E)		778
	1,608,952		Bangkok Commercial Asset Management PCL		1,172
	4,136,319		Bank of New York Mellon Corp		175,545
	3,604,549	*	Berkshire Hathaway, Inc (Class B)		835,787
	495,639		BGC Partners, Inc (Class A)		1,983
	301,427		BlackRock, Inc		217,492
	294,085		Blackstone Group, Inc		19,060
	225,806		Blackstone Mortgage Trust, Inc		6,216
	258,157	*	Blucora, Inc		4,107
	977,012	e	BOCOM International Holdings Co Ltd		130
	545,674	e	Bolsa Mexicana de Valores S.A. de C.V.		1,293
	1,502,501	*,e	Brait S.A.		382
	486,234		Brewin Dolphin Holdings plc		2,024
	212,707		Brightsphere Investment Group, Inc		4,101
	211,376		Broadmark Realty Capital, Inc		2,156
	1,428,856		Brookfield Asset Management, Inc		59,067
	275,064		Brookfield Asset Management, Inc (New York)		11,352
	245,238		BT Investment Management Ltd		1,235
	54,441		Bure Equity AB		1,936
	1,699,550	*	Burford Capital Ltd		16,525
	2,562,800		Bursa Malaysia BHD		5,302
	175,502		Caitong Securities Co Ltd		339
	221,113		Canaccord Financial, Inc		1,939
	258,735	*	Cannae Holdings, Inc		11,454
	643,826		Capital One Financial Corp		63,642
	1,200,990		Capital Securities Corp		580
	186,485		Capstead Mortgage Corp		1,083
	174,686	e	Carlyle Group, Inc		5,492
	160,636		CBOE Global Markets, Inc		14,958
	68,302		Cembra Money Bank AG.		8,273
	465,173		Central Depository Services India Ltd		3,396
	24,310	e	Century Leasing System, Inc		1,929
	268,513	*	Cerved Information Solutions S.p.A		2,444
	1,036,099		Chailease Holding Co Ltd		6,202
	583,998		Challenger Financial Services Group Ltd		2,902
	287,564		Changjiang Securities Co Ltd		369
	3,354,144		Charles Schwab Corp		177,904
	33,607		Cherry Hill Mortgage Investment Corp		307
	307,914		Chimera Investment Corp		3,156
	610,000		China Bills Finance Corp		324
	4,396,574		China Cinda Asset Management Co Ltd		834
	417,444		China Everbright Ltd		559
	1,501,959		China Galaxy Securities Co Ltd		942
	196,550		China Galaxy Securities Co Ltd (Class A)		376
	79,821		China Great Wall Securities Co Ltd		157
	10,819,279	g	China Huarong Asset Management Co Ltd		1,201
	577,737	*,g	China International Capital Corp Ltd		1,566
	389,726		China Merchants Securities Co Ltd		1,392
	137,800	g	China Renaissance Holdings Ltd		282
	364,979		Cholamandalam Investment and Finance Co Ltd		1,939

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	482,057		CI Financial Corp	$	5,976
	957,405		CITIC Securities Co Ltd		2,160
	589,875		CITIC Securities Co Ltd (Class A)		2,651
	225,698	g	CMC Markets plc		1,207
	620,300		CME Group, Inc		112,926
	134,443		Coface S.A.		1,348
	123,652		Cohen & Steers, Inc		9,187
	129,306		Colony Credit Real Estate, Inc		970
	185,117		Coronation Fund Managers Ltd		544
	19,063		Corp Financiera Alba		905
	122,816	*	Corp Financiera Colombiana S.A.		1,167
	34,994		Cowen Group, Inc		909
	4,725	e	Creades AB		542
	15,124	*,e	Credit Acceptance Corp		5,235
	64,737		Credit Corp Group Ltd		1,484
	151,100		Credit Saison Co Ltd		1,740
	7,397,548		Credit Suisse Group		95,509
	35,393	*	CreditAccess Grameen Ltd		366
	12,065		CRISIL Ltd		317
	148,933		CSC Financial Co Ltd		957
	15,177		Curo Group Holdings Corp		217
	21,751	*	Daishin Securities Co Ltd		261
	14,002	*	Daishin Securities Co Ltd PF		131
	1,348,613	*	Daiwa Securities Group, Inc		6,143
	10,911	*	Daou Data Corp		129
	18,629	*	Daou Technology, Inc		376
	163,681	*	Deutsche Bank AG. (Registered)		1,800
	10,850		Deutsche Beteiligungs AG.		439
	90,548		Deutsche Boerse AG.		15,418
	5,305		Diamond Hill Investment Group, Inc		792
	2,138,000	*,e	Differ Group Holding Co Ltd		207
	2,759,245		Discover Financial Services		249,794
	44,491	g	doBank S.p.A		525
	116,725		Dongxing Securities Co Ltd		238
	206,172	*	Donnelley Financial Solutions, Inc		3,499
	133,761	*	Draper Esprit plc		1,207
	1,729,434		Dubai Financial Market		440
	35,162		Dynex Capital, Inc		626
	479,176		East Money Information Co Ltd		2,270
	165,843		Eaton Vance Corp		11,266
	253,267		ECN Capital Corp		1,287
	14,440,432	*	Edelweiss Capital Ltd		13,559
	9,865	e	EFG Financial Products Holding AG.		387
	92,747	e	EFG International		611
	31,086		eGuarantee, Inc		678
	416,480	*	Egyptian Financial Group-Hermes Holding		388
	4,658	*	Electreon Wireless Ltd		389
	480,940		Element Financial Corp		5,055
	65,988		Ellington Financial Inc		979
	21,990	e	Ellington Residential Mortgage REIT		287
	49,782	*	Encore Capital Group, Inc		1,939
	59,350	*	Enova International, Inc		1,470
	301,827	e	EQT AB		7,661

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,445,800		Equitable Holdings, Inc	$	62,588
	66,821		Eurazeo		4,540
	850,674	g	Euronext NV		93,701
	210,306		Everbright Securities Co Ltd		596
	59,020	e	Evercore Inc		6,471
	9,058		EXOR NV		736
	82,038	*	Ezcorp, Inc (Class A)		393
	37,330		Factset Research Systems, Inc		12,412
	778,401	e	Far East Horizon Ltd		802
	443,006		Federated Investors, Inc (Class B)		12,798
	76,274		Fiera Capital Corp		640
	69,700		Financial Products Group Co Ltd		340
	23,374	*	FinTech Group AG.		1,813
	94,153	e	FinVolution Group (ADR)		251
	223,891		First Capital Securities Co Ltd		340
	2,706,000		First Pacific Co		870
	49,095		FirstCash, Inc		3,439
	3,819,649		FirstRand Ltd		13,309
	36,958	g	Flow Traders		1,224
	78,620	*	Focus Financial Partners, Inc		3,420
	452,746	*	Founder Securities Co Ltd		718
	390,967		Franklin Resources, Inc		9,770
	8,532,363		Fuhwa Financial Holdings Co Ltd		6,251
	196,749	*,e,g	Funding Circle Holdings plc		242
	36,100	*,e	Futu Holdings Ltd (ADR)		1,652
	34,784		Fuyo General Lease Co Ltd		2,304
	4,676		GAMCO Investors, Inc (Class A)		83
	5,646,517	*,e	Gentera SAB de C.V.		2,761
	572,236		GF Securities Co Ltd		809
	380,908		GF Securities Co Ltd (Class A)		949
	22,054		Gimv NV		1,347
	40,301		GMO Financial Holdings, Inc		279
	268,505	e	goeasy Ltd		20,387
	848,905		Goldman Sachs Group, Inc		223,865
	93,893		Granite Point Mortgage Trust, Inc		938
	31,656		Great Ajax Corp		331
	121,435	*	Green Dot Corp		6,776
	12,207		Greenhill & Co, Inc		148
	28,011	e	GRENKELEASING AG.		1,328
	9,435		Groupe Bruxelles Lambert S.A. (EN Brussels)		951
	62,181		Grupo de Inversiones Suramericana S.A.		462
	36,734	e	Gruppo MutuiOnline S.p.A		1,564
	132,715		Guangzhou Yuexiu Financial Holdings Group Co Ltd		296
	92,704	*	Guolian Securities Co Ltd		302
	221,349		Guosen Securities Co Ltd		462
	3,285,800		Guotai Junan International Hol		441
	429,516		Guotai Junan Securities Co Ltd		1,151
	233,354		Guoyuan Securities Co Ltd		320
	2,062	*,e	GWG Holdings Inc		14
	329,781		Haci Omer Sabanci Holding AS		508
	2,526,282	e	Haitong International Securities Group Ltd		609
	1,255,173		Haitong Securities Co Ltd		1,122
	522,212		Haitong Securities Co Ltd (Class A)		1,028
	70,148		Hamilton Lane, Inc		5,475

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	116,160	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc	$	7,368
	94,242	*	Hanwha Securities Co		191
	130,095		Hargreaves Lansdown plc		2,709
	46,941	g	HDFC Asset Management Co Ltd		1,876
	53,539		Hitachi Capital Corp		1,295
	30,386		Hithink RoyalFlush Information Network Co Ltd		577
	2,344,841		Hong Kong Exchanges and Clearing Ltd		128,619
	138,000		Hotai Finance Co Ltd		397
	40,239		Houlihan Lokey, Inc		2,705
	209,725		Huaan Securities Co Ltd		257
	645,940	g	Huatai Securities Co Ltd		1,017
	452,540		Huatai Securities Co Ltd (Class A)		1,247
	118,151		Huaxi Securities Co Ltd		226
	56,618		HUB24 Ltd		934
	32,681	*	Hypoport AG.		20,768
	28,400		IBJ Leasing Co Ltd		856
	48,054	g	ICICI Securities Ltd		305
	1,728,924		IG Group Holdings plc		20,310
	236,506	e	IGM Financial, Inc		6,412
	26,184		IIFL Wealth Management Ltd		363
	175,209		Indiabulls Securities Ltd		772
	26,517	g	Indian Energy Exchange Ltd		83
	340,880		Industrial Securities Co Ltd		453
	92,381		Industrivarden AB		3,078
	13,343		Industrivarden AB		431
	883,047	*	Infrastructure Development Finance Co Ltd		448
	304,783		IntegraFin Holdings plc		2,312
	101,910		Interactive Brokers Group, Inc (Class A)		6,208
	874,183		Intercontinental Exchange Group, Inc		100,785
	303,525		Intermediate Capital Group plc		7,142
	30,186		Inversiones La Construccion S.A.		200
	569,611		Invesco Ltd		9,928
	308,640	e	Invesco Mortgage Capital, Inc		1,043
	239,021		Investec Ltd		596
	743,170		Investec plc		1,910
	31,873		Investment AB Oresund		482
	38,040		Investor AB (B Shares)		2,769
	626,286		IOOF Holdings Ltd		1,698
	1,835,712	*	IP Group plc		2,493
	105,826		Is Yatirim Menkul Degerler AS		251
	1,647,629		iShares Core MSCI Emerging Markets ETF		102,219
	9,390		iShares Core S&P 500 ETF		3,525
	21,300	e	iShares MSCI ACWI ex US ETF		1,130
	699,267	e	iShares MSCI Canada Index Fund		21,565
	43,681		iShares MSCI EAFE Index Fund		3,187
	12,800	e	iShares MSCI EAFE Small-Cap ETF		875
	21,677	e	iShares MSCI Emerging Markets		1,120
	5,000	e	iShares MSCI Emerging Markets Small-Cap ETF		264
	408,734		iShares MSCI Saudi Arabia ETF		12,716
	100	e	iShares Russell 2000 Index Fund		20
	120,000	e	iShares Russell Midcap Growth Index Fund		12,318
	211,835		Isracard Ltd		717
	23,625		Jaccs Co Ltd		419

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	50,518	*	Jafco Co Ltd	$	2,524
	185,906	e	Japan Investment Adviser Co Ltd		2,408
	66,800		Japan Securities Finance Co Ltd		349
	393,284		Jefferies Financial Group, Inc		9,675
	1,232,581		Jih Sun Financial Holdings Co Ltd		553
	321,009		JM Financial Ltd		371
	72,534		JSE Ltd		551
	22,100		Julius Baer Group Ltd		1,273
	110,356	*,e	Julius Baer Holding AG.		272
	458,960		Jupiter Investment Management Group Ltd		1,772
	68,547	*	KBC Ancora		2,918
	20,200		Kinnevik AB		1,015
	9,800	*	KIWOOM Securities Co Ltd		1,145
	771,205		KKR & Co, Inc		31,226
	44,713		KKR Real Estate Finance Trust, Inc		801
	37,170	*	Korea Investment Holdings Co Ltd		2,709
	14,325		KRUK S.A.		543
	920,153		Krungthai Card PCL		1,822
	358,965	*	Kumho Investment Bank		178
	563,903		L&T Finance Holdings Ltd		724
	167,302		Ladder Capital Corp		1,636
	351,330		Lazard Ltd (Class A)		14,861
	459,004	*	LendingClub Corp		4,847
	18,422	*,e	LendingTree, Inc		5,044
	79,200	*,e	LexinFintech Holdings Ltd (ADR)		531
	65,411		Liontrust Asset Management plc		1,164
	845,551		London Stock Exchange Group plc		104,372
	186,071		LPL Financial Holdings, Inc		19,392
	157,945	*	Lufax Holding Ltd		2,243
	6,353		Lundbergs AB (B Shares)		341
	13,400	*	M&A Capital Partners Co Ltd		768
	2,898,481		M&G plc		7,823
	337,496		Macquarie Group Ltd		36,024
	126,283		Magellan Financial Group Ltd		5,230
	585,905	*	Mahindra & Mahindra Financial Services Ltd		1,404
	14,196,112		Man Group plc		26,805
	388,271		Manappuram General Finance & Leasing Ltd		881
	61,832		MarketAxess Holdings, Inc		35,279
	6,220		Marlin Business Services Corp		76
	60,600	e	Marusan Securities Co Ltd		272
	12,626	*,g	MAS Financial Services Ltd		160
	112,500		Matsui Securities Co Ltd		884
	29,513	*	Meritz finance Holdings Co Ltd		267
	199,944	*	Meritz Securities Co Ltd		676
	12,738,680		Metro Pacific Investments Corp		1,137
	709,961		MFA Financial Inc		2,762
	248,181	*	Mirae Asset Daewoo Co Ltd		2,161
	226,070		Mitsubishi UFJ Lease & Finance Co Ltd		1,086
	65,089		MLP AG.		427
	42,022		Moelis & Co		1,965
	118,518		Moelis Australia Ltd		436
	179,452		Monex Beans Holdings, Inc		672
	272,271		Moody’s Corp		79,024

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,704,061		Morgan Stanley	$	459,429
	52,045		Morningstar, Inc		12,052
	29,969		Motilal Oswal Financial Services Ltd		247
	145,212		MSCI, Inc (Class A)		64,842
	608,282		Muangthai Capital PCL		1,195
	109,247		Multi Commodity Exchange of India Ltd		2,589
	104,203		Muthoot Finance Ltd		1,727
	172,139		Nanjing Securities Co Ltd		323
	164,983		Nasdaq Inc		21,900
	582,397		Natixis		1,996
	460,436	e	Navient Corp		4,521
	9,700		NEC Capital Solutions Ltd		178
	27,681		Nelnet, Inc (Class A)		1,972
	155,503		Netwealth Group Ltd		1,918
	619,894		New Residential Investment Corp		6,162
	582,019		New York Mortgage Trust, Inc		2,148
	56,823	*,†	NewStar Financial, Inc		14
	15,620	*	NICE Holdings Co Ltd		280
	129,392		Ninety One Ltd		389
	610,784		Ninety One plc		1,935
	90,996	g	Nippon Life India Asset Management Ltd		371
	13,643	*	Noah Holdings Ltd (ADR)		652
	3,935,456	*	Nomura Holdings, Inc		20,807
	1,183,948	*	Nordnet AB publ		18,577
	69,100		Northeast Securities Co Ltd		104
	36,122		Northern Trust Corp		3,364
	72,423		Numis Corp plc		335
	195,985		Oceanwide Holdings Co Ltd		98
	164,393		Okasan Holdings, Inc		598
	1,632,471		Omni Bridgeway Ltd		5,384
	817,417		OneMain Holdings, Inc		39,367
	155,936		Onex Corp		8,950
	34,251	*	Oportun Financial Corp		663
	15,950		Oppenheimer Holdings, Inc		501
	106,030	e	Orchid Island Capital, Inc		553
	582,700		Orient Corp		656
	288,637		Orient Securities Co Ltd		513
	1,857,840		ORIX Corp		28,581
	591,750		Osaka Securities Exchange Co Ltd		15,120
	71,574		P2P Global Investments plc		850
	475,942	*	Pacific Securities Co Ltd		297
	1,561		Partners Group		1,834
	157,225		PennyMac Mortgage Investment Trust		2,766
	59,811		Perpetual Trustees Australia Ltd		1,604
	305,377		Pinnacle Investment Management Group Ltd		1,664
	27,416		Piper Jaffray Cos		2,766
	2,412,166		Piramal Healthcare Ltd		47,177
	30,519		PJT Partners, Inc		2,297
	315,656		Platinum Asset Mangement Ltd		993
	98,176		Plus500 Ltd		1,945
	72,693	*	PRA Group, Inc		2,883
	572,683		President Securities Corp		375
	200,845		PROG Holdings, Inc		10,820
	260,299		Provident Financial plc		1,091

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,523,744	*	PT Pacific Strategic Financial Tbk	$	254
	58,134		Pzena Investment Management, Inc (Class A)		424
	127,880	*,e	Qudian, Inc (ADR)		176
	1,965,540	g	Quilter plc		4,116
	1,625,527		Ratchthani Leasing PCL		225
	61,711		Rathbone Brothers		1,299
	211,782		Ratos AB (B Shares)		987
	176,980		Raymond James Financial, Inc		16,932
	63,847		Ready Capital Corp		795
	371,613		Redwood Trust, Inc		3,263
	23,082		Regional Management Corp		689
	60,126		Reinet Investments S.C.A		1,128
	229,511		Remgro Ltd		1,508
	131,413	g	Resurs Holding AB		716
	239,000	*	Ribbit LEAP Ltd		3,578
	15,861		Ricoh Leasing Co Ltd		473
	647,542		Rural Electrification Corp Ltd		1,188
	513,359		S&P Global, Inc		168,757
	35,052	*	Safeguard Scientifics, Inc		224
	10,710	*	Samsung Card Co		321
	55,234	*	Samsung Securities Co Ltd		2,061
	145,250		Sanne Group plc		1,224
	108,202		Santander Consumer USA Holdings, Inc		2,383
	562,647	*	SBI Holdings, Inc		13,385
	10,385		Schroders plc		474
	49,389		Sculptor Capital Management, Inc		751
	159,463		SDIC Capital Co Ltd		337
	304,461		Sealand Securities Co Ltd		273
	166,529		SEI Investments Co		9,570
	250,900	*	Shanghai Dajiang Group		69
	199,779		Shanxi Securities Co Ltd		273
	288,000	e	Sheng Ye Capital Ltd		225
	1,351,344		Shenwan Hongyuan Group Co Ltd		1,091
	2,409		Shinyoung Securities Co Ltd		117
	307,063		Shriram Transport Finance Co Ltd		4,403
	890,441	*	SHUAA Capital PSC		166
	9,117	*,e	Siebert Financial Corp		38
	8,931		Silvercrest Asset Management Group, Inc		124
	1,393,401		Singapore Exchange Ltd		9,787
	157,182		Sinolink Securities Co Ltd		391
	27,555,077	e	Skyway Securities Group Ltd		476
	573,888		SLM Corp		7,110
	768,475	*,†,e	SNS Reaal		9
	5,647		Societe Fonciere Financiere et de Participations FFP		650
	13,449		Sofina S.A.		4,549
	214,447		SooChow Securities Co Ltd		324
	247,865		Southwest Securities Co Ltd		204
	12,487	*	Spandana Sphoorty Financial Ltd		128
	94,358		Sparx Group Co Ltd		233
	8,000		SPDR Trust Series 1		2,991
	23,762	e	Sprott, Inc		690
	910,327		Srisawad Corp PCL		1,994
	448,559		St. James’s Place plc		6,941

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,114,105		Standard Life Aberdeen plc	$	8,103
	854,496		Starwood Property Trust, Inc		16,492
	451,457		State Street Corp		32,857
	21,317	*,e	StepStone Group, Inc		848
	161,244		Stifel Financial Corp		8,136
	65,784	*	StoneX Group, Inc		3,809
	9,724		Strike Co Ltd		484
	589,735		Sun Hung Kai & Co Ltd		249
	45,661		Sundaram Finance Ltd		1,128
	22,218		Svolder AB		529
	8,811		Swissquote Group Holding S.A.		856
	3,114	*	SWK Holdings Corp		45
	830,306		Synchrony Financial		28,820
	339,011		T Rowe Price Group, Inc		51,323
	116,503		Taiwan Acceptance Corp		417
	118,479		Tamburi Investment Partners S.p.A.		993
	10,236		Tata Investment Corp Ltd		140
	1,248,631		Tel Aviv Stock Exchange Ltd		6,371
	70,312		TI Financial Holdings Ltd		516
	295,737		Tianfeng Securities Co Ltd		276
	59,104		TMX Group Ltd		5,903
	220,380		Tokai Tokyo Securities Co Ltd		652
	71,459	*	Tong Yang Investment Bank		202
	86,689		TPG RE Finance Trust, Inc		921
	135,012		Tradeweb Markets, Inc		8,431
	430,743	*	Transaction Capital Ltd		733
	578,409		Tullett Prebon plc		1,884
	4,907,055	*	Turkiye Sinai Kalkinma Bankasi AS		1,180
	418,801		Two Harbors Investment Corp		2,668
	3,999,187		UBS Group AG		56,308
	27,259		Ujjivan Financial Services Ltd		103
	151,634	*	Uranium Participation Corp		585
	18,600	*	Uzabase, Inc		646
	247		Value Line, Inc		8
	1,256,011		Value Partners Group Ltd		662
	25,000	e	Vanguard FTSE Developed Markets ETF		1,180
	196,102		Virtu Financial, Inc		4,936
	22,671		Virtus Investment Partners, Inc		4,920
	186,404		Vontobel Holding AG.		14,819
	1,304,951		Voya Financial, Inc		76,744
	21,532		VZ Holding AG.		1,974
	100,903	e	Waddell & Reed Financial, Inc (Class A)		2,570
	44,192		Warsaw Stock Exchange		542
	1,738,490		Waterland Financial Holdings		795
	22,967		Wendel		2,741
	107,130	e	Western Asset Mortgage Capital Corp		349
	176,603		Western Securities Co Ltd		274
	23,330		Westwood Holdings Group, Inc		338
	236,028		WisdomTree Investments, Inc		1,263
	91,361	*	Woori Investment & Securities Co Ltd		952
	7,050	*,e	World Acceptance Corp		721
	794,592		Zeder Investments Ltd		142
	121,565		Zenkoku Hosho Co Ltd		5,569

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	217,391		Zheshang Securities Co Ltd	$	508
	1,589,616	*,e	Zip Co Ltd		6,539
			TOTAL DIVERSIFIED FINANCIALS		5,735,554

ENERGY - 2.4%
	2,045	e	Adams Resources & Energy, Inc		49
	14,000,461		Adaro Energy Tbk		1,427
	208,822	*,e	Advantage Oil & Gas Ltd		281
	104,350		Aegis Logistics Ltd		361
	691,511		Aker BP ASA		17,450
	25,616		Aldrees Petroleum and Transport Services Co		443
	215,453		Ampol Ltd		4,725
	418,980		Antero Midstream Corp		3,230
	552,856	*,e	Antero Resources Corp		3,013
	170,853		Apache Corp		2,424
	389,275		ARC Resources Ltd		1,835
	23,583	*	Arch Resources, Inc		1,032
	209,544		Archrock, Inc		1,815
	82,122		Ardmore Shipping Corp		269
	35,245	*,e	Aspen Aerogels, Inc		588
	1,663,230		Baker Hughes Co		34,678
	899,700		Bangchak Corp PCL		601
	3,221,100		Banpu PCL (Foreign)		1,183
	1,777,601		Beach Petroleum Ltd		2,480
	121,272		Berry Petroleum Co LLC		446
	2,405,627		Bharat Petroleum Corp Ltd		12,563
	291,886	e	Birchcliff Energy Ltd		406
	32,789	*	Bonanza Creek Energy, Inc		634
	17,238,603		BP plc		59,486
	407,951		BP plc (ADR)		8,371
	191,666		Brigham Minerals, Inc		2,106
	4,650,000	*,†,e	Brightoil Petroleum Holdings Ltd		675
	10,214	*	Bristow Group, Inc		269
	350,613	g	BW LPG Ltd		2,418
	160,007	e	BW Offshore Ltd		705
	1,419,506		Cabot Oil & Gas Corp		23,110
	254,769		Cactus, Inc		6,642
	957,270	*	Cairn Energy plc		2,745
	382,773		Cameco Corp (Toronto)		5,127
	158,931		Canacol Energy Ltd		468
	1,383,870		Canadian Natural Resources Ltd (Canada)		33,257
	1,026,807		Cenovus Energy, Inc (Toronto)		6,252
	680,773	*	CGG S.A.		667
	613,693	*	ChampionX Corp		9,389
	507,377	*	Cheniere Energy, Inc		30,458
	4,623,792		Chevron Corp		390,479
	300,803		China Aviation Oil Singapore Corp Ltd		241
	425,278		China Merchants Energy Shipping Co Ltd		368
	1,919,122		China Oilfield Services Ltd		1,627
	361,376		China Shenhua Energy Co Ltd		996
	3,189,955		China Shenhua Energy Co Ltd (Hong Kong)		6,013
	2,887,000		China Suntien Green Energy Cor		886
	91,559		Cimarex Energy Co		3,434

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	498,537	*	Clean Energy Fuels Corp	$	3,918
	16,085,319		CNOOC Ltd		14,757
	430,586	*	CNX Resources Corp		4,650
	554,613		Coal India Ltd		1,031
	118	*,†,b	Cobalt International Energy, Inc		0	^
	88,001		Computer Modelling Group Ltd		337
	34,070	*,e	Comstock Resources Inc		149
	518,074		Concho Resources, Inc		30,230
	2,008,424		ConocoPhillips		80,317
	59,955	*,e	CONSOL Energy, Inc		432
	135,124	*,e	Contango Oil & Gas Co		309
	28,839	e	Continental Resources, Inc		470
	1,741,077	*,e	Cooper Energy Ltd		524
	127,813		Cosan SA Industria e Comercio		1,867
	236,793		COSCO SHIPPING Energy Transportation Co Ltd		242
	53,658		Cosmo Energy Holdings Co Ltd		956
	1,567,053	e	Crescent Point Energy Corp		3,656
	56,669		CropEnergies AG.		824
	46,072		CVR Energy, Inc		686
	2,833,704		Dana Gas PJSC		552
	6,848	*	Delek Group Ltd		214
	139,103		Delek US Holdings, Inc		2,235
	4,463,624		Devon Energy Corp		70,570
	179,388		DHT Holdings, Inc		938
	3,743,712		Dialog Group BHD		3,215
	49,272	*	Diamond S Shipping Inc		328
	214,862		Diamondback Energy, Inc		10,399
	1,440,305		Diversified Gas & Oil plc		2,218
	17,008		DMC Global, Inc		736
	610,659	e	DNO International ASA		488
	56,616	*,e	Dorian LPG Ltd		690
	20,224	*,e	Drilling Co of 1972		633
	54,398	*	Dril-Quip, Inc		1,611
	26,826	*,e	Earthstone Energy, Inc		143
	5,281,313		Ecopetrol S.A.		3,487
	338,546		Empresas COPEC S.A.		3,429
	74,353		Enauta Participacoes S.A.		169
	2,080,850		Enbridge, Inc (Toronto)		66,550
	425,369		EnCana Corp		6,108
	196,084		Enerflex Ltd		1,011
	104,533	*	Energean plc		1,031
	1,168,600	*,†	Energy Earth PCL		0	^
	92,228	*,e	Energy Fuels, Inc		393
	1		Energy Transfer LP		0	^
	245,585	e	Enerplus Resources Fund		768
	231,613		ENI S.p.A.		2,418
	1,975,716		EOG Resources, Inc		98,529
	3,698,753	e	EQT Corp		47,011
	2,929,904		Equinor ASA		49,446
	24,531	*	Equital Ltd		641
	627,394		Equitrans Midstream Corp		5,044
	826,300	*	Esso Thailand PCL (Foreign)		204
	301,323	e	Euronav NV		2,438
	42,436		Evolution Petroleum Corp		121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	70,528	*	Exterran Corp	$	312
	108,353		Exxaro Resources Ltd		1,024
	4,737,648		Exxon Mobil Corp		195,286
	64,956		Falcon Minerals Corp		205
	33,740	e	FLEX LNG Ltd		295
	1,022,269		Formosa Petrochemical Corp		3,636
	240,371	*	Frank’s International NV		659
	104,142		Freehold Royalty Trust		426
	177,656	e	Frontline Ltd		1,105
	175,508		Frontline Ltd (Sigmax MTF)		1,112
	91,468	*,e	Fugro NV (ADR)		842
	41,863		Galp Energia SGPS S.A.		444
	132,420		Gazprom (ADR)		742
	5,124,433		Gazprom OAO (ADR)		28,610
	23,396		Gaztransport Et Technigaz S.A.		2,267
	160,699	e	Gibson Energy, Inc		2,596
	143,044	*	Golar LNG Ltd		1,379
	8,816	*,e	Goodrich Petroleum Corp		89
	78,215		Great Eastern Shipping Co Ltd		282
	239,718	*	Green Plains Inc		3,157
	73,310		Grupa Lotos S.A.		814
	50,550	*	GS Holdings Corp		1,749
	641,686	*	Guanghui Energy Co Ltd		278
	729,133	*	Gulf International Services QSC		344
	61,790		Hafnia Ltd		114
	1,104,720		Halliburton Co		20,879
	623	*	Hankook Shell Oil Co Ltd		148
	222,304	*	Helix Energy Solutions Group, Inc		934
	47,057		Hellenic Petroleum S.A.		310
	21,454		Helmerich & Payne, Inc		497
	664,544		Hess Corp		35,081
	289,226		Hindustan Petroleum Corp Ltd		863
	67,213	e	HollyFrontier Corp		1,737
	160,517		Hunting plc		489
	135,848	e	Husky Energy, Inc		672
	109,010		Idemitsu Kosan Co Ltd		2,400
	239,441	e	Imperial Oil Ltd		4,545
	870,433		Indian Oil Corp Ltd		1,085
	780,400		Inner Mongolia Yitai Coal Co		437
	803,424		Inpex Holdings, Inc		4,332
	397,513	e	Inter Pipeline Ltd		3,707
	41,817		International Seaways, Inc		683
	9,524,686		IRPC PCL (Foreign)		1,183
	77,850		Itochu Enex Co Ltd		767
	36,477		Japan Petroleum Exploration Co		664
	704,483		John Wood Group plc		2,972
	2,855,680		JX Holdings, Inc		10,257
	242,915	e	Keyera Corp		4,317
	2,853,444		Kinder Morgan, Inc		39,007
	60,320		Koninklijke Vopak NV		3,168
	654,974		Kosmos Energy Ltd		1,539
	116,449	e	Liberty Oilfield Services, Inc		1,201
	386,437		LUKOIL PJSC (ADR)		26,417

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,029,085	e	Lundin Petroleum AB	$	27,891
	88,872	*,e	Magnolia Oil & Gas Corp		627
	612,679		Marathon Oil Corp		4,087
	665,106		Marathon Petroleum Corp		27,509
	24,400		Mari Petroleum Co Ltd		204
	164,114	*	Matador Resources Co		1,979
	131,521	*,e	Matrix Service Co		1,449
	984,676	*,e	MEG Energy Corp		3,442
	31,800		Mitsuuroko Co Ltd		411
	13,830		Modec, Inc		251
	189,334	*	MOL Hungarian Oil & Gas plc		1,396
	52,477		Motor Oil Hellas Corinth Refineries S.A.		754
	25,469		Murphy Oil Corp		308
	11,551	e	Nabors Industries Ltd		673
	7,077		Nacco Industries, Inc (Class A)		186
	18,777	*	Naphtha Israel Petroleum Corp Ltd		90
	40,986	*	National Energy Services Reunited Corp		407
	852,230		Neste Oil Oyj		61,875
	467,609	e	New Hope Corp Ltd		511
	163,613	*	Newpark Resources, Inc		314
	372,716	*	NexGen Energy Ltd		1,028
	10,105	*,e	NextDecade Corp		21
	695,603	*	NexTier Oilfield Solutions, Inc		2,393
	251,391	e	Nordic American Tankers Ltd		742
	94,314	*	Nov, Inc		1,295
	83,525		Novatek PJSC (GDR)		13,648
	319,605		Occidental Petroleum Corp		5,532
	69,001	e	Ocean Yield ASA		214
	313,165	*	Oceaneering International, Inc		2,490
	548,727		Offshore Oil Engineering Co Ltd		377
	503,303		Oil & Gas Development Co Ltd		326
	190,624		Oil India Ltd		281
	1,983,750	*	Oil Refineries Ltd		450
	1,715,304		Oil Search Ltd		4,916
	108,841	*	Oil States International, Inc		546
	12,303		OMV AG.		491
	639,974		ONEOK, Inc		24,562
	1,571,847		Origin Energy Ltd		5,771
	119,768	*	Overseas Shipholding Group, Inc		256
	100,021		Pakistan Oilfields Ltd		247
	505,514		Pakistan Petroleum Ltd		286
	179,403	*	Pakistan State Oil Co Ltd		241
	61,488	*	Par Pacific Holdings, Inc		860
	202,855	*	Parex Resources, Inc		2,792
	539,315	e	Parkland Corp		17,113
	4,432,722		Parsley Energy, Inc		62,945
	87,814		Pason Systems, Inc		544
	663,060		Patterson-UTI Energy, Inc		3,488
	11,004		Paz Oil Co Ltd		1,181
	157,247		PBF Energy, Inc		1,116
	220,592	*	PDC Energy, Inc		4,529
	509,195	e	Pembina Pipeline Income Fund		12,041
	73,031	*,e	Penn Virginia Corp		741
	83,481	*	Petro Rio S.A.		1,121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	274,904	e	Petrofac Ltd	$	518
	3,340,295		Petroleo Brasileiro S.A.		18,453
	4,271,727		Petroleo Brasileiro S.A. (Preference)		23,191
	2,131,100		Petron		177
	312,280		Petronas Dagangan BHD		1,664
	327,779		Petronet LNG Ltd		1,111
	180,996	e	Peyto Exploration & Development Corp		415
	781,458		Phillips 66		54,655
	1,211,480		Pioneer Natural Resources Co		137,975
	708,734		Polish Oil & Gas Co		1,058
	130,861		Polski Koncern Naftowy Orlen S.A.		2,026
	100,100	*,†	Poseidon Concepts Corp		1
	229,911	e	PrairieSky Royalty Ltd		1,822
	750,500		Prima Marine PCL		201
	547	*,e	PrimeEnergy Corp		24
	172,971	*	ProPetro Holding Corp		1,278
	1,350,972		PT AKR Corporindo Tbk		306
	326,100		PT Indo Tambangraya Megah		322
	6,454,192	*	PT Medco Energi Internasional Tbk		271
	2,732,628		PT Tambang Batubara Bukit Asam Tbk		547
	10,145,606		PT United Tractors Tbk		19,229
	1,309,148		PTT Exploration & Production PCL (Foreign)		4,293
	9,941,109		PTT PCL (Foreign)		14,070
	212,676		Qatar Fuel QSC		1,092
	2,417,604		Qatar Gas Transport Co Ltd		2,112
	115,294	*	Rabigh Refining & Petrochemical Co		425
	344,932	*	Range Resources Corp		2,311
	6,734,378		Reliance Industries Ltd		183,235
	105,517	*	Renewable Energy Group, Inc		7,473
	124,053		Repsol YPF S.A.		1,250
	8,611	*	Rex American Resources Corp		633
	603,662	*	Rosneft Oil Co PJSC (GDR)		3,405
	3,449,720		Royal Dutch Shell plc (A Shares)		60,496
	6,131,305		Royal Dutch Shell plc (B Shares)		103,918
	86,451	*,e	RPC, Inc		272
	623,302	e	Saipem S.p.A		1,692
	52,052		San-Ai Oil Co Ltd		565
	1,575,784		Santos Ltd		7,631
	6,872,500	*	Sapurakencana Petroleum BHD		214
	642,251	e	Saras S.p.A.		468
	238,610	*	Sasol Ltd		2,170
	2,077,919	g	Saudi Arabian Oil Co		19,392
	169,803		SBM Offshore NV		3,208
	1,929,560		Schlumberger Ltd		42,122
	24,695	e	Schoeller-Bleckmann Oilfield Equipment AG.		936
	89,012	e	Scorpio Tankers, Inc		996
	105,802	*	Select Energy Services, Inc		434
	823,100		Semirara Mining & Power Corp		236
	1,055,651		Serba Dinamik Holdings BHD		463
	196,923	e	Serica Energy plc		309
	50	*,†	Serval Integrated Energy Services		0
	311,307	*	Seven Generations Energy Ltd		1,617
	152,916	e	SFL Corp Ltd		960

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	525,438		Shaanxi Coal Industry Co Ltd	$	751
	287,986		Shanxi Lu’an Environmental Energy Development Co Ltd		287
	222,429	*	Shanxi Meijin Energy Co Ltd		228
	491,700		Shanxi Xishan Coal & Electricity Power Co Ltd		425
	745,472		Siamgas & Petrochemicals PCL		249
	6,800		Sinanen Co Ltd		195
	816,000		Sinopec Kantons Holdings Ltd		284
	50,134	*	SK Chemicals Co Ltd		3,042
	49,426	*	SK Energy Co Ltd		8,669
	2,266	*	SK Gas Co Ltd		219
	514,216		SM Energy Co		3,147
	42,816	*	S-Oil Corp		2,730
	52,077		Solaris Oilfield Infrastructure, Inc		424
	1,034,410	*	Southwestern Energy Co		3,083
	1,334,620		Star Petroleum Refining PCL		359
	248,007	*	Subsea 7 S.A.		2,548
	1,476,244		Suncor Energy, Inc		24,761
	688,959		Surgutneftegaz (ADR) (London)		3,204
	32,009	*	Talos Energy, Inc		264
	402,772	e	Targa Resources Investments, Inc		10,625
	222,656		Tatneft PJSC (ADR)		9,018
	1,127,401	e	TC Energy Corp		45,835
	8,033		TechnipFMC plc		75
	35,489	*,e	Tecnicas Reunidas S.A.		471
	270,263	*,e	Tellurian, Inc		346
	39,467		Tenaris S.A.		320
	121,320		TGS Nopec Geophysical Co ASA		1,881
	956,460		Thai Oil PCL (Foreign)		1,659
	69,258	*	Tidewater, Inc		598
	33,676	e	TORM plc		250
	2,179,782		Total S.A.		94,084
	344,747		Tourmaline Oil Corp		4,648
	52,311	*,e	Transportadora de Gas del Sur S.A. (ADR) (Class B)		272
	1,583,315	*,e	Tullow Oil plc		639
	62,164	*	Tupras Turkiye Petrol Rafine		902
	636,961		Ultrapar Participacoes S.A.		2,916
	2,576,862	*	UMW Oil & Gas Corp BHD		90
	576,800	*,e	Uranium Energy Corp		1,015
	118,060		US Silica Holdings, Inc		829
	1,233,537		Valero Energy Corp		69,781
	20,312		Verbio AG.		762
	349,999	e	Vermilion Energy, Inc		1,562
	893,373	g	Viva Energy Group Ltd		1,322
	179,478	*,e	W&T Offshore, Inc		389
	94,586	e	Washington H Soul Pattinson & Co Ltd		2,200
	803	*	Weatherford International Ltd		5
	1,165,662	e	Whitecap Resources, Inc		4,451
	925,530	e	Whitehaven Coal Ltd		1,176
	5,890	*	Whiting Petroleum Corp		147
	1,874,644		Williams Cos, Inc		37,587
	977,000		Wison Engineering Services Co Ltd		82
	827,072		Woodside Petroleum Ltd		14,511
	164,983		World Fuel Services Corp		5,141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	349,840		Worley Ltd	$	3,090
	1,217,081	*	WPX Energy, Inc		9,919
	72,733		Yantai Jereh Oilfield Services Group Co Ltd		390
	1,627,540		Yanzhou Coal Mining Co Ltd		1,304
	235,369		Yanzhou Coal Mining Co Ltd (Class A)		363
	509,700		Yinson Holdings BHD		730
	171,166	*	YPF S.A. (ADR) (Class D)		804
	548,380	*,e	Z Energy Ltd		1,265
			TOTAL ENERGY		3,066,216

FOOD & STAPLES RETAILING - 1.4%
	22,313	*,e	111, Inc (ADR)		155
	41,168		Abdullah Al Othaim Markets Co		1,348
	466,617		Aeon Co Ltd		15,308
	24,100	*	Aeon Hokkaido Corp		228
	25,683		Ain Pharmaciez Inc		1,587
	132,928		Al Meera Consumer Goods Co		757
	12,252	e	Albertsons Cos, Inc		215
	1,117,773		Alimentation Couche Tard, Inc		38,093
	188,729		Andersons, Inc		4,626
	43,479		Arcs Co Ltd		980
	335,495		Atacadao Distribuicao Comercio e Industria Ltd		1,251
	260,619	*,g	Avenue Supermarts Ltd		9,874
	242,147		Axfood AB		5,641
	16,155		Axial Retailing, Inc		787
	11,200		Belc Co Ltd		677
	1,112,812		Berli Jucker PCL		1,289
	85,674	*	BGF retail Co Ltd		10,702
	139,927		Bid Corp Ltd		2,515
	179,914		BIM Birlesik Magazalar AS		1,820
	754,543	*	BJ’s Wholesale Club Holdings, Inc		28,129
	1,100,618		Carrefour S.A.		18,847
	8,954	e	Casey’s General Stores, Inc		1,599
	48,379	*,e	Casino Guichard Perrachon S.A.		1,487
	13,751		Cawachi Ltd		392
	1,266,736		Centros Comerciales Sudamericanos S.A.		2,257
	52,242	*	Chefs’ Warehouse Holdings, Inc		1,342
	7,634,027		Cia Brasileira de Distribuicao		110,378
	104,579		Clicks Group Ltd		1,798
	35,360		Cocokara Fine Holdings, Inc		2,612
	1,159,185		Coles Group Ltd		16,195
	4,608		Colruyt S.A.		273
	1,382,763	*	Cosco Capital, Inc		163
	17,200		Cosmos Pharmaceutical Corp		2,777
	916,342		Costco Wholesale Corp		345,259
	4,833,116		CP Seven Eleven PCL (Foreign)		9,393
	28,800		Create SD Holdings Co Ltd		1,081
	5,118		Daikokutenbussaan Co Ltd		341
	695,800		Dairy Farm International Holdings Ltd		2,904
	35,230		DaShenLin Pharmaceutical Group Co Ltd		422
	289,892	*,g	Dino Polska S.A.		22,482
	243,490	*,g	Dis-Chem Pharmacies Ltd		348
	6,465,416	*,e	Distribuidora Internacional de Alimentacion S.A.		904

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	23,619	*	Dongsuh Co, Inc	$	739
	37,031		E-Mart Co Ltd		5,171
	292,669		Empire Co Ltd		7,999
	69,489	*	Eurocash S.A.		261
	3,715,200	*	Focus Dynamics Group Bhd		601
	11,900		G-7 Holdings, Inc		270
	8,600		Genky DrugStores Co Ltd		338
	88,520		George Weston Ltd		6,612
	257,649		GrainCorp Ltd-A		833
	636,088	*	Grocery Outlet Holding Corp		24,966
	280,587		Grupo Comercial Chedraui S.a. DE C.V.		405
	13,298	*	GS Retail Co Ltd		422
	9,000		Halows Co Ltd		302
	32,958		Heiwado Co Ltd		708
	60,493	*,e	HF Foods Group Inc		455
	31,816	*	Hyundai Greenfood Co Ltd		257
	12,414		ICA Gruppen AB		621
	25,300	*	Inageya Co Ltd		447
	22,915		Ingles Markets, Inc (Class A)		978
	5,570		Itochu-Shokuhin Co Ltd		297
	148,537		J Sainsbury plc		457
	12,000	e	Japan Meat Co Ltd		268
	728,335		Jeronimo Martins SGPS S.A.		12,243
	4,900		Kansai Super Market Ltd		57
	24,623		Kato Sangyo Co Ltd		835
	358,215		Kesko Oyj (B Shares)		9,194
	56,300		Kobe Bussan Co Ltd		1,730
	977,332		Koninklijke Ahold Delhaize NV		27,572
	255,920		Kroger Co		8,128
	15,834		Kusuri no Aoki Holdings Co Ltd		1,377
	396,481		La Comer SAB de C.V.		904
	11,855		Laobaixing Pharmacy Chain JSC		114
	22,651		Lawson, Inc		1,054
	18,096		Life Corp		625
	165,295		Loblaw Cos Ltd		8,156
	3,405	*	M Yochananof & Sons Ltd		163
	1,023,969	*	Magnit PJSC (GDR)		18,022
	37,318	e	MARR S.p.A.		769
	259,444	*,e	Massmart Holdings Ltd		742
	78,894		Matsumotokiyoshi Holdings Co Ltd		3,365
	12,400	*	Maxvalu Tokai Co Ltd		313
	1,063,087	e	Metcash Ltd		2,773
	173,923		Metro Wholesale & Food Specialist AG.		1,954
	233,185		Metro, Inc		10,405
	142,612	*	Migros Ticaret AS		821
	4,300		Ministop Co Ltd		59
	12,209		Natural Grocers by Vitamin C		168
	8,500		Nihon Chouzai Co Ltd		123
	53,958	e	North West Co, Inc		1,375
	14,662		Okuwa Co Ltd		185
	1,133,655	*	Performance Food Group Co		53,973
	273,265		Pick’n Pay Stores Ltd		935
	254,717		President Chain Store Corp		2,417
	35,316		Pricesmart, Inc		3,217

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,066,679	*	Puregold Price Club, Inc	$	912
	12,800		Qol Co Ltd		140
	909,635		Raia Drogasil S.A.		4,373
	9,292		Rami Levi Chain Stores Hashikma Marketing Ltd		651
	23,712		Retail Partners Co Ltd		335
	200,303	*,e	Rite Aid Corp		3,171
	469,600		Robinsons Retail Holdings, Inc		636
	19,741		Ryoshoku Ltd		547
	16,100		San-A Co Ltd		681
	692,977		Seven & I Holdings Co Ltd		24,539
	2,045,710		Sheng Siong Group Ltd		2,400
	11,411	e	Shoei Foods Corp		397
	202,804		Shoprite Holdings Ltd		1,932
	182,562		Shufersal Ltd		1,410
	28,498	*	Sligro Food Group NV		589
	2,107,041		SMU S.A.		317
	2,320,404	*	Sok Marketler Ticaret AS.		3,937
	848,394		Sonae SPGS S.A.		680
	77,544		Spar Group Ltd		998
	162,883		SpartanNash Co		2,836
	56,730	*	Sprouts Farmers Market, Inc		1,140
	36,596		Sugi Pharmacy Co Ltd		2,445
	131,764		Sundrug Co Ltd		5,266
	705,230		SYSCO Corp		52,370
	23,057,864		Tesco plc		72,765
	46,767		Tsuruha Holdings, Inc		6,650
	222,122	*	United Natural Foods, Inc		3,547
	46,250	e	United Super Markets Holdings, Inc		506
	326,828	*	US Foods Holding Corp		10,887
	37,894		Valor Co Ltd		972
	16,544		Village Super Market (Class A)		365
	846,658		Walgreens Boots Alliance, Inc		33,765
	17,117,936	e	Wal-Mart de Mexico SAB de C.V.		48,155
	3,565,951		Walmart, Inc		514,032
	15,826		Weis Markets, Inc		757
	80,960		Welcia Holdings Co Ltd		3,054
	201,135		WM Morrison Supermarkets plc		487
	1,183,743		Woolworths Ltd		35,880
	53,094		X5 Retail Group NV (GDR)		1,918
	7,300		YAKUODO Holdings Co Ltd		175
	18,000		Yaoko Co Ltd		1,254
	12,707		Yifeng Pharmacy Chain Co Ltd		175
	49,900		Yokohama Reito Co Ltd		417
	261,753		Yonghui Superstores Co Ltd		288
	106,911	*,e	Zur Rose Group AG.		34,305
			TOTAL FOOD & STAPLES RETAILING		1,779,467

FOOD, BEVERAGE & TOBACCO - 3.3%
	818,867	*	a2 Milk Co Ltd		7,122
	183,398		AAK AB		3,708
	79,981	*	Adecoagro S.A.		544
	107,730	*	AG. Barr plc		764
	13,236		Agrana Beteiligungs AG.		261

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,305,895		Ajinomoto Co, Inc	$	29,591
	7,729		Alico, Inc		240
	106,764		Almarai Co JSC		1,564
	3,023,720		Altria Group, Inc		123,972
	4,172,609	*	AMBEV S.A.		12,614
	7,960,330		Anadolu Efes Biracilik Ve Malt Sanayii AS		24,799
	20,511		Angel Yeast Co Ltd		160
	715,198	e	Anheuser-Busch InBev S.A.		49,897
	102,568		Anhui Gujing Distillery Co Ltd		1,429
	10,914		Anhui Gujing Distillery Co Ltd (Class A)		454
	20,417		Anhui Kouzi Distillery Co Ltd		215
	792,149		Archer-Daniels-Midland Co		39,932
	18,072		Ariake Japan Co Ltd		1,301
	1,120,054	*,e	Aryzta AG.		876
	304,364	e	Asahi Breweries Ltd		12,534
	45,713	*	Aseer Trading Tourism & Manufacturing Co		200
	589,113	*	Associated British Foods plc		18,189
	27,892		Astral Foods Ltd		264
	3,404,252	e	Ausnutria Dairy Corp Ltd		5,720
	95,535		Austevoll Seafood ASA		976
	342,827	*,e	Australian Agricultural Co Ltd		291
	40,514		Avanti Feeds Ltd		290
	253,006		AVI Ltd		1,263
	58,041	e	B&G Foods, Inc (Class A)		1,609
	53,583	e	Bakkafrost P		3,826
	165,384	g	Bakkavor Group plc		183
	799,900		Baladna		394
	96,008	*	Balrampur Chini Mills Ltd		227
	2,589		Barry Callebaut AG.		6,170
	433,429		Becle SAB de C.V.		1,088
	317,584	e	Bega Cheese Ltd		1,252
	54,101		Beijing Dabeinong Technology Group Co Ltd		80
	19,100		Beijing Shunxin Agriculture Co Ltd		212
	41,869		Beijing Yanjing Brewery Co Ltd		55
	2,368		Bell AG.		638
	86,170	*,e	Beyond Meat, Inc		10,771
	3,885	*	Binggrae Co Ltd		204
	234,314		Biostime International Holdings Ltd		868
	12,894		Bombay Burmah Trading Co		229
	18,384		Bonduelle S.C.A.		466
	15,268	*	Boston Beer Co, Inc (Class A)		15,181
	504,547	*	BRF S.A.		2,147
	1,749	*	Bridgford Foods Corp		32
	73,979		Britannia Industries Ltd		3,628
	111,600		British American Tobacco Malaysia BHD		391
	2,730,526		British American Tobacco plc		101,403
	279,040		Britvic plc		3,100
	73,999		Brown-Forman Corp (Class A)		5,437
	293,361		Brown-Forman Corp (Class B)		23,302
	1,105,200	*,e	Bubs Australia Ltd		505
	5,785,329	g	Budweiser Brewing Co APAC Ltd		19,111
	412,900	e	Bumitama Agri Ltd		159
	267,503		Bunge Ltd		17,543
	300,737	*	C&C Group plc		936

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,061		Calavo Growers, Inc	$	1,532
	68,104		Calbee, Inc		2,053
	58,599	*,e	Cal-Maine Foods, Inc		2,200
	91,367		Camil Alimentos S.A.		194
	275,429		Campbell Soup Co		13,317
	135,874		Carlsberg AS (Class B)		21,782
	112,100		Carlsberg Brewery-Malay BHD		648
	46,998		CCL Products India Ltd		173
	195,884	*,e	Celsius Holdings, Inc		9,855
	29,666		Chacha Food Co Ltd		245
	115,279		Charoen Pokphand Enterprise		297
	1,774,731		Charoen Pokphand Foods PCL		1,584
	1,030,356	g	China Feihe Ltd		2,418
	4,375,889	*,†,e	China Huishan Dairy Holdings Co Ltd		6
	370,000	*,†	China Huiyuan Juice Group Ltd		0	^
	2,928,227		China Mengniu Dairy Co Ltd		17,655
	1,559,000	*,e	China Modern Dairy Holdings		374
	1,841,392		China Resources Beer Holdings Company Ltd		16,933
	9,127		Chongqing Brewery Co Ltd		166
	23,804		Chongqing Fuling Zhacai Group Co Ltd		154
	22,307		Chubu Shiryo Co Ltd		302
	142,432		Cia Cervecerias Unidas S.A.		1,052
	3,255	*	CJ CheilJedang Corp		1,143
	190,705		Cloetta AB		567
	441,148		Coca-Cola Amatil Ltd		4,396
	7,074,382		Coca-Cola Co		387,959
	7,086		Coca-Cola Consolidated Inc		1,887
	230,533	e	Coca-Cola European Partners plc (Class A)		11,487
	506,668		Coca-Cola Femsa SAB de C.V.		2,330
	460,937		Coca-Cola HBC AG.		14,927
	121,382		Coca-Cola Icecek AS		1,074
	79,550	e	Coca-Cola West Japan Co Ltd		1,243
	11,628,825		Cofco International Ltd		3,811
	1,847,000	e	COFCO Meat Holdings Ltd		642
	833,597		ConAgra Brands, Inc		30,226
	280,640		Constellation Brands, Inc (Class A)		61,474
	13,293		Corby Spirit and Wine Ltd		176
	375,743		Costa Group Holdings Ltd		1,183
	54,804		Cranswick plc		2,634
	15,163	*	Daesang Corp		364
	855,820	g	Dali Foods Group Co Ltd		489
	696,980		Danone		45,866
	393,922	*	Darling International, Inc		22,721
	3,604,139		Davide Campari-Milano NV		41,312
	2,506,260		Diageo plc		99,170
	878	*	Dongwon F&B Co Ltd		145
	1,074	*	Dongwon Industries Co Ltd		220
	10,200		Dydo Drinco, Inc		530
	547,333		Eastern Tobacco		453
	71,786	e	Ebro Puleva S.A.		1,661
	303,911		Embotelladora Andina S.A.		782
	396,126		Embotelladoras Arca SAB de C.V.		1,905
	3,243		Emmi AG.		3,342

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	46,415	e	Ezaki Glico Co Ltd	$	2,041
	25,836	*	Farmer Bros Co		121
	24,307		Feed One Co Ltd		205
	5,238,300		Felda Global Ventures Holdings BHD		1,670
	1,140,599		Fevertree Drinks plc		39,415
	495,300		First Resources Ltd		480
	286,314		Flowers Foods, Inc		6,479
	1,716,683		Fomento Economico Mexicano S.A. de C.V.		12,969
	747,866		Fomento Economico Mexicano SAB de C.V. (ADR)		56,666
	41,925		ForFarmers NV		273
	64,878		Foshan Haitian Flavouring & Food Co Ltd		1,992
	118,590		Fraser & Neave Holdings BHD		947
	74,371	†,e	Freedom Foods Group Ltd		129
	49,345		Fresh Del Monte Produce, Inc		1,188
	176,307	*	Freshpet, Inc		25,034
	11,345		Fu Jian Anjoy Foods Co Ltd		335
	52,427		Fuji Oil Co Ltd		1,499
	36,600		Fujian Sunner Development Co Ltd		149
	17,432		Fujicco Co Ltd		338
	11,782		Fujiya Co Ltd		268
	398,443		Futuris Corp Ltd		3,031
	904,071		General Mills, Inc		53,159
	199,736		Genting Plantations BHD		490
	402,000		GFPT PCL (Foreign)		190
	218,170		Glanbia plc		2,767
	9,104		Godfrey Phillips India Ltd		121
	6,816,325		Golden Agri-Resources Ltd		820
	462,107		Great Wall Enterprise Co		836
	565,079		Greencore Group plc		901
	56,323	*,e	Grieg Seafood ASA		558
	190,966		Gruma SAB de C.V.		2,274
	1,342,341		Grupo Bimbo S.A. de C.V. (Series A)		2,917
	183,756	e	Grupo Herdez SAB de C.V.		482
	273,200		Guan Chong Bhd		182
	43,845		Guangdong Haid Group Co Ltd		439
	121,719	*	Hain Celestial Group, Inc		4,887
	8,325		Halwani Brothers Co		198
	54,947		Heilongjiang Agriculture Co Ltd		162
	99,611		Heineken Holding NV		9,376
	254,105		Heineken NV		28,317
	73,323		Henan Shuanghui Investment & Development Co Ltd		527
	378,379		Hershey Co		57,638
	20,400		Hokuto Corp		413
	395,129		Hormel Foods Corp		18,417
	446,420	*,e	Hostess Brands, Inc		6,536
	52,242	e	Hotel Chocolat Group Ltd		302
	63,562		House Foods Corp		2,416
	392,000		Ichitan Group PCL		121
	818,255		Imperial Tobacco Group plc		17,163
	872,809		Indofood CBP Sukses Makmur Tbk		595
	317,307		Inghams Group Ltd		762
	99,305		Ingredion, Inc		7,812
	166,253		Inner Mongolia Yili Industrial Group Co Ltd		1,128
	9,135,000	*,†	Inti Agri Resources Tbk PT		0	^

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,018,406		IOI Corp BHD	$	1,107
	2,203,686		ITC Ltd		6,311
	24,229		Ito En Ltd		1,534
	156,400		Itoham Yonekyu Holdings, Inc		1,021
	20,630		J&J Snack Foods Corp		3,205
	157,479		J.M. Smucker Co		18,205
	1,095,719	e	Japan Tobacco, Inc		22,339
	3,422,712		Japfa Comfeed Indonesia Tbk PT		357
	1,329,742		Japfa Ltd		932
	938,282		JBS S.A.		4,276
	74,703	*	JDE Peet’s BV		3,389
	25,357	*	Jeil Holdings Co Ltd		211
	29,826		Jiangsu King’s Luck Brewery JSC Ltd		262
	40,181		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		1,451
	55,606		Jiangxi Zhengbang Technology Co Ltd		145
	24,529	*	Jinro Ltd		720
	17,262		JiuGui Liquor Co Ltd		414
	33,933		John B. Sanfilippo & Son, Inc		2,676
	10,273		J-Oil Mills, Inc		352
	19,664		Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		200
	15,901		Juewei Food Co Ltd		189
	362,610		Juhayna Food Industries		137
	85,546	e	Kagome Co Ltd		3,019
	10,900		Kameda Seika Co Ltd		512
	41,674		Kaveri Seed Co Ltd		298
	377,996		Kellogg Co		23,523
	146,148		Kerry Group plc (Class A)		21,227
	2,148,940		Keurig Dr Pepper, Inc		68,766
	110,797		Kewpie Corp		2,439
	13,500		KEY Coffee, Inc		281
	1,182,200		Khon Kaen Sugar Industry PCL		91
	116,780		Kikkoman Corp		8,128
	807,804	e	Kirin Brewery Co Ltd		19,075
	20,480	e	Kotobuki Spirits Co Ltd		1,066
	924,784		Kraft Heinz Co		32,053
	38,108		KRBL Ltd		128
	49,449	*	KT&G Corp		3,786
	195,035		Kuala Lumpur Kepong BHD		1,149
	91,192		Kweichow Moutai Co Ltd		27,868
	13,026		KWS Saat AG.		1,034
	12,157		La Doria S.p.A		203
	1,793	*	Laird Superfood, Inc		85
	282,342		Lamb Weston Holdings, Inc		22,232
	18,630		Lancaster Colony Corp		3,423
	45,378	*	Landec Corp		492
	3,492	e	Lassonde Industries, Inc		475
	1,069,300		Leong Hup International BHD		183
	323,332		Leroy Seafood Group ASA		2,281
	609,369		Lien Hwa Industrial Corp		924
	23,810		Limoneira Co		396
	887		Lindt & Spruengli AG.		8,646
	87		Lindt & Spruengli AG. (Registered)		8,738

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,934	*	Lotte Chilsung Beverage Co Ltd	$	293
	1,264	*	Lotte Confectionery Co Ltd		119
	283	*	Lotte Samkang Co Ltd		86
	80,283		Luzhou Laojiao Co Ltd		2,778
	63,439		M Dias Branco S.A.		417
	2,709	*	Maeil Dairies Co Ltd		174
	88,515		Maple Leaf Foods, Inc		1,962
	314,599	*	Marfrig Global Foods S.A.		879
	19,300		Marudai Food Co Ltd		317
	42,400		Maruha Nichiro Corp		913
	385,626		McCormick & Co, Inc		36,866
	49,687		Megmilk Snow Brand Co Ltd		1,063
	85,314		MEIJI Holdings Co Ltd		6,004
	40,951		MGP Ingredients, Inc		1,927
	198,828		Minerva S.A.		389
	36,302	*	Mission Produce, Inc		546
	9,400		Mitsui Sugar Co Ltd		166
	251,413	e	Molson Coors Brewing Co (Class B)		11,361
	4,716,273		Mondelez International, Inc		275,760
	1,505,048	*	Monster Beverage Corp		139,187
	37,879		Morinaga & Co Ltd		1,425
	37,113		Morinaga Milk Industry Co Ltd		1,829
	376,602	e	Mowi ASA		8,389
	97,580		Muyuan Foodstuff Co Ltd		1,151
	12,113		Nagatanien Co Ltd		266
	123,000		Namchow Chemical Industrial Ltd		206
	40,159	*	National Agriculture Development Co		319
	10,490	e	National Beverage Corp		891
	36,087	*	Naturecell Co Ltd		341
	25,742		Nestle India Ltd		6,488
	59,714		Nestle Malaysia BHD		2,065
	3,866,379		Nestle S.A.		457,050
	102,305		New Hope Liuhe Co Ltd		351
	124,031	*	NewAge, Inc		326
	119,092		Nichirei Corp		3,346
	44,397		Nippon Flour Mills Co Ltd		693
	48,960		Nippon Meat Packers, Inc		2,156
	280,159		Nippon Suisan Kaisha Ltd		1,158
	25,922		Nisshin Oillio Group Ltd		763
	166,847		Nisshin Seifun Group, Inc		2,658
	40,533		Nissin Food Products Co Ltd		3,474
	361,568		Nissin Foods Co Ltd		298
	2,206	*	Nong Shim Co Ltd		610
	1,720	*	Nong Shim Holdings Co Ltd		123
	14,700		Norway Royal Salmon ASA		368
	61,198		Oceana Group Ltd		268
	141,583		Origin Enterprises plc		535
	16,833	*	Orion Corp		205
	9,273	*	Orion Corp/Republic of Korea		1,059
	6,881		Orior AG.		585
	709,064		Orkla ASA		7,199
	659,417		Osotspa PCL		781
	568	*	Ottogi Corp		302
	3,676,264		PepsiCo, Inc		545,190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	186,488		Pernod-Ricard S.A.	$	35,814
	396		Philip Morris CR		276
	3,488,025		Philip Morris International, Inc		288,774
	78,724	*	Pilgrim’s Pride Corp		1,544
	94,717	*	Post Holdings, Inc		9,567
	277,041		PPB Group BHD		1,276
	620,032	*	Premier Foods plc		850
	39,179		Premium Brands Holdings Corp		3,100
	71,538		Prima Meat Packers Ltd		2,268
	258,603		Primo Water Corp		4,055
	158,365		Primo Water Corp (Toronto)		2,483
	386,200		PT Astra Agro Lestari Tbk		339
	6,705,018		PT Charoen Pokphand Indonesia Tbk		3,118
	206,084	*	PT Gudang Garam Tbk		602
	5,692,209		PT Indofood Sukses Makmur Tbk		2,776
	2,574,700		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk		252
	11,410	*	Pulmuone Co Ltd		174
	30,336		Qianhe Condiment and Food Co Ltd		173
	912,600		QL Resources BHD		1,316
	414,100		R&B Food Supply PCL		129
	48,824		Radico Khaitan Ltd		306
	19,340		Remy Cointreau S.A.		3,610
	23,100		Riken Vitamin Co Ltd		305
	19,325	e	Rock Field Co Ltd		294
	102,667		Rogers Sugar, Inc		452
	14,600		Rokko Butter Co Ltd		256
	39,619		Ros Agro plc (ADR)		440
	101,678		Royal Unibrew A.S.		11,774
	19,994		S Foods, Inc		653
	760,570		Saigon Beer Alcohol Beverage Corp		6,425
	30,555		Sakata Seed Corp		1,060
	60,364		Salmar ASA		3,537
	1,661	*	Samlip General Foods Co Ltd		110
	2,711	*	Samyang Corp		151
	2,434	*	Samyang Foods Co Ltd		227
	2,921	*	Samyang Holdings Corp		200
	20,788		Sanderson Farms, Inc		2,748
	39,670		Sanquan Food Co Ltd		158
	145,507		Sao Martinho S.A.		769
	63,486	e	Sapporo Holdings Ltd		1,227
	226,740		Saputo, Inc		6,347
	14,687	*	Saudi Fisheries Co		215
	19,496		Saudia Dairy & Foodstuff Co		910
	109,586		Savola Group		1,242
	53,509		Scandi Standard AB		449
	144,085	g	Scandinavian Tobacco Group A.S.		2,457
	13,976		Schouw & Co		1,413
	360		Seaboard Corp		1,091
	109,057		Select Harvests Ltd		439
	12,057	*	Seneca Foods Corp		481
	26,778		Shanghai Bairun Investment Holding Group Co Ltd		428
	22,616		Shanxi Xinghuacun Fen Wine Factory Co Ltd		1,299

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,187		Showa Sangyo Co Ltd	$	507
	15,901		Sichuan Swellfun Co Ltd		202
	910,878		Sime Darby Plantation BHD		1,132
	248,687	*	Simply Good Foods Co		7,799
	70,239		SLC Agricola S.A.		372
	421,171	*,e,g	Smoore International Holdings Ltd		3,264
	179,891		Standard Foods Corp		393
	7,000		Starzen Co Ltd		287
	52,439		Strauss Group Ltd		1,573
	71,424		Suedzucker AG.		1,020
	80,261	*	SunOpta, Inc		938
	90,923	e	Suntory Beverage & Food Ltd		3,220
	444,044		Swedish Match AB		34,556
	89,081	*,e	Synlait Milk Ltd		335
	165,000		Taisun Enterprise Co Ltd		162
	422,000	*	Taiwan TEA Corp		269
	144,703		Takara Holdings, Inc		1,811
	376,200		Taokaenoi Food & Marketing PCL		131
	228,230		Tassal Group Ltd		590
	253,985		Tata Tea Ltd		2,055
	485,967		Tate & Lyle plc		4,478
	1,435,603		Thai Union Group PCL		652
	337,269		Thai Vegetable Oil PCL (Foreign)		380
	847,400		Thaifoods Group PCL		137
	62,889		Tiger Brands Ltd		891
	831,301		Tingyi Cayman Islands Holding Corp		1,422
	18,818		Toly Bread Co Ltd		170
	113,739		Tongwei Co Ltd		669
	15,439	e	Tootsie Roll Industries, Inc		459
	48,917		Toyo Suisan Kaisha Ltd		2,381
	623,908		Treasury Wine Estates Ltd		4,513
	82,316	*	TreeHouse Foods, Inc		3,498
	381,471		Tsingtao Brewery Co Ltd		3,997
	20,793		Tsingtao Brewery Co Ltd (Class A)		316
	24,000		Ttet Union Corp		122
	8,993		Turning Point Brands, Inc		401
	427,842		Tyson Foods, Inc (Class A)		27,570
	113,175	*	Ulker Biskuvi Sanayi AS		351
	658,616		Uni-President China Holdings Ltd		671
	3,067,384		Uni-President Enterprises Corp		7,378
	311,337		United Malt Grp Ltd		984
	122,089	*	United Spirits Ltd		968
	36,779		Universal Corp		1,788
	350,340		Universal Robina		1,112
	78,009		Varun Beverages Ltd		980
	214,893		Vector Group Ltd		2,503
	7,812		Vilmorin & Cie		470
	487,118		Vina Concha y Toro S.A.		846
	70,728		Viscofan S.A.		5,016
	12,472	*,e	Vital Farms, Inc		316
	790,000	e	Vitasoy International Holdings Ltd		3,077
	2,334,694		Want Want China Holdings Ltd		1,688
	212,561		Wei Chuan Food Corp		169
	169,170		Wens Foodstuffs Group Co Ltd		472

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,692,000	g	WH Group Ltd	$	9,804
	1,058,780		Wilmar International Ltd		3,728
	403,974		Wuliangye Yibin Co Ltd		18,042
	104,621		Yakult Honsha Co Ltd		5,276
	72,167	e	Yamazaki Baking Co Ltd		1,205
	605,407		Yihai International Holding Ltd		8,991
	37,917	*	Yuan Longping High-tech Agriculture Co Ltd		115
	448,000	e,g	Zhou Hei Ya International Holdings Co Ltd		477
	9,651		Zydus Wellness Ltd		263
			TOTAL FOOD, BEVERAGE & TOBACCO		4,243,261

HEALTH CARE EQUIPMENT & SERVICES - 5.3%
	216,558	*	1Life Healthcare, Inc		9,453
	2,986,161		Abbott Laboratories		326,955
	23,515	*	Abiomed, Inc		7,624
	106,020	*	Acadia Healthcare Co, Inc		5,329
	163,970	*,e	Accelerate Diagnostics, Inc		1,243
	12,201	*	Accolade, Inc		531
	63,065	*	Accuray, Inc		263
	7,034	*,e	Acutus Medical, Inc		203
	29,090	*	AdaptHealth Corp		1,093
	19,035	*	Addus HomeCare Corp		2,229
	216,806		Advanced Medical Solutions Group plc		717
	151,030	*	AGFA-Gevaert NV		721
	808,676		Aier Eye Hospital Group Co Ltd		9,266
	173,477	g	AK Medical Holdings Ltd		301
	133,871	*	Al Hammadi Co for Development and Investment		1,033
	1,124,576		Alcon, Inc		74,667
	31,490		Alfresa Holdings Corp		577
	5,439,829	*	Alibaba Health Information Technology Ltd		16,102
	153,665	*	Align Technology, Inc		82,116
	48,540		Alliar Medicos A Frente S.A.		104
	253,855	*	Allscripts Healthcare Solutions, Inc		3,666
	179,341	*	Alphatec Holdings Inc		2,604
	72,944	g	Ambea AB		579
	139,864	e	Ambu A.S.		6,008
	54,608	*,e	Amedisys, Inc		16,018
	26,214	*	American Renal Associates Holdings, Inc		300
	70,084	*,e	American Well Corp		1,775
	185,737		AmerisourceBergen Corp		18,158
	58,507	*	AMN Healthcare Services, Inc		3,993
	277,273		Amplifon S.p.A.		11,525
	12,346		Andlauer Healthcare Group, Inc		397
	89,912	*	Angiodynamics, Inc		1,378
	358,741		Ansell Ltd		9,590
	236,231	*	Antares Pharma, Inc		943
	881,087		Anthem, Inc		282,908
	77,737		Apollo Hospitals Enterprise Ltd		2,565
	16,084	*,e	Apollo Medical Holdings, Inc		294
	42,311	*	Apyx Medical Corp		305
	384,392		Arjo AB		2,936
	28,507		As One Corp		4,876
	132,740		Asahi Intecc Co Ltd		4,848

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	34,548	*	Ascom Holding AG.	$	515
	67,890	*,e	Aspira Women’s Health, Inc		456
	92,154	*,g	Aster DM Healthcare Ltd		209
	133,464	*	AtriCure, Inc		7,430
	1,075		Atrion Corp		690
	119,855	*,g	Attendo AB		647
	445,304		Australian Pharmaceutical Industries Ltd		422
	8,022		Autobio Diagnostics Co Ltd		178
	27,683	*,e	Avalon GloboCare Corp		31
	78,205	*	Avanos Medical, Inc		3,588
	35,486	*	AxoGen, Inc		635
	24,612	*,e	Axonics Modulation Technologies, Inc		1,229
	18,869	*,e	Bactiguard Holding AB		328
	1,021,556		Bangkok Chain Hospital PCL		463
	4,146,971		Bangkok Dusit Medical Services PCL (Foreign)		2,865
	4,658,005		Baxter International, Inc		373,758
	105,806		Becton Dickinson & Co		26,475
	66,750		Beijing Chunlizhengda Medical Instruments Co Ltd		188
	9,093	*	Bellerophon Therapeutics, Inc		61
	14,688	*,e	Beyond Air, Inc		77
	54,295	*,e,g	Biocartis NV		309
	34,175	*	BioLife Solutions Inc		1,363
	28,230		BioMerieux		3,973
	25,741	*,e	BioSig Technologies Inc		100
	25,828	*	BioTelemetry, Inc		1,862
	23,345		BML, Inc		726
	54,232	*	Boditech Med, Inc		1,191
	6,725,131	*	Boston Scientific Corp		241,768
	302,471	*	Brookdale Senior Living, Inc		1,340
	205,738		Bumrungrad Hospital PCL (Foreign)		824
	76,059		Cantel Medical Corp		5,998
	410,174		Cardinal Health, Inc		21,969
	31,300	*	Cardiovascular Systems, Inc		1,370
	202,900		Careplus Group Bhd		105
	79,799		Carl Zeiss Meditec AG.		10,583
	45,566	*	Castle Biosciences, Inc		3,060
	17,523		Cellavision AB		654
	70,058	*	Celltrion Healthcare Co Ltd		10,535
	1,231,689	*	Centene Corp		73,938
	462,327		Cerner Corp		36,283
	121,194	*	Cerus Corp		839
	28,916	*	CHA Bio & Diostech Co Ltd		535
	332,381	*	Change Healthcare, Inc		6,199
	17,989	*,e	Chembio Diagnostics, Inc		85
	22,326		Chemed Corp		11,891
	14,113		China National Accord Medicines Corp Ltd		99
	14,192		China National Medicines Corp Ltd		107
	626,500		China Resources Phoenix Healthcare Holdings Co Ltd		538
	3,667,974		Chularat Hospital PCL		301
	1,434,333		Cigna Corp		298,599
	870,874	*	Cleopatra Hospital		264
	356,000	e	C-Mer Eye Care Holdings Ltd		263
	180,902		Cochlear Ltd		26,396
	195,983	*,e	Co-Diagnostics, Inc		1,823

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	110,439		Coloplast AS	$	16,889
	5,413		Coltene Holding AG.		526
	364,230	*	Community Health Systems, Inc		2,706
	25,220		CompuGroup Medical SE & Co KgaA		2,433
	20,936	e	Computer Programs & Systems, Inc		562
	85,210		Conmed Corp		9,544
	1,597,306	g	ConvaTec Group plc		4,351
	10,237		Cooper Cos, Inc		3,719
	6,468	*	Corvel Corp		686
	290,362	*	Covetrus, Inc		8,345
	18,119	e	Craneware plc		570
	79,749	*	Cross Country Healthcare, Inc		707
	41,948	*	CryoLife, Inc		990
	52,976	*,e	CryoPort, Inc		2,325
	13,680	*,e	Cutera, Inc		330
	68,206	*	CVS Group plc		1,401
	1,699,725		CVS Health Corp		116,091
	106,831	*,e	CYBERDYNE, Inc		753
	31,296	*,e	CytoSorbents Corp		249
	26,517		Dallah Healthcare Co		341
	1,505,244		Danaher Corp		334,375
	117,708	*	DaVita, Inc		13,819
	5,665	*	Dentium Co Ltd		215
	342,549		Dentsply Sirona, Inc		17,936
	392,705	*	DexCom, Inc		145,191
	27,219		DiaSorin S.p.A.		5,683
	7,634	*	DIO Corp		223
	23,620	g	Dr Lal PathLabs Ltd		746
	46,578		Dr Sulaiman Al Habib Medical Services Group Co		1,353
	14,558		Draegerwerk AG.		1,127
	3,463		Draegerwerk AG. & Co KGaA		257
	90,165	*	Eargo, Inc		4,041
	43,003		Eckert & Ziegler Strahlen- und Medizintechnik AG.		2,356
	652,236	*	Edwards Lifesciences Corp		59,503
	34,100		Eiken Chemical Co Ltd		680
	12,093		El.En. S.p.A		394
	222,138		Elan Corp		3,231
	21,370	*	Electromed, Inc		210
	384,633	e	Elekta AB (B Shares)		5,153
	37,200		EM Systems Co Ltd		341
	64,101		EMIS Group plc		948
	161,275		Encompass Health Corp		13,336
	93,559		Ensign Group, Inc		6,822
	2,294,757	*,e	Envista Holdings Corp		77,402
	103,447	*	Enzo Biochem, Inc		261
	281,841	*	Evolent Health, Inc		4,518
	1,482	*,e	Exagen, Inc		20
	163,019	e	Extendicare, Inc		850
	61,251		Fagron NV		1,424
	971,591		Fisher & Paykel Healthcare Corp		23,074
	35,829	*,e	Five Star Senior Living, Inc		247
	163,006		Fleury S.A.		851
	10,147	*	FONAR Corp		176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	358,359	*	Fortis Healthcare Ltd	$	761
	468,916		Fresenius Medical Care AG.		39,102
	152,000		Fresenius SE		7,029
	11,706	*,e	Fulgent Genetics, Inc		610
	114,861	g	Galenica AG.		7,628
	834,675	g	Genertec Universal Medical Group Company Limited		623
	301,132	*	GenMark Diagnostics, Inc		4,397
	442,903		Getinge AB (B Shares)		10,365
	42,150		Ginko International Co Ltd		219
	33,547	*,e	Glaukos Corp		2,525
	33,235	*	Globus Medical, Inc		2,168
	103,261		GN Store Nord		8,231
	116,382	*,e	GoodRx Holdings, Inc		4,695
	71,168		Green Hospital Supply, Inc		3,964
	14,938		Guangzhou Kingmed Diagnostics Group Co Ltd		293
	8,638		Guangzhou Wondfo Biotech Co Ltd		118
	587,138	*	Guardant Health, Inc		75,670
	6,455		Guerbet		259
	123,465	*,g	GVS S.p.A		2,300
	23,436	*	Haemonetics Corp		2,783
	56,814	*	Hanger Inc		1,249
	456,866	g	Hapvida Participacoes e Investimentos S.A.		1,348
	694,382		Hartalega Holdings BHD		2,102
	653,239		HCA Healthcare, Inc		107,432
	530,973		Healius Ltd		1,523
	153,537	*,e	Health Catalyst, Inc		6,683
	119,979	*	HealthEquity, Inc		8,364
	73,679	*	HealthStream, Inc		1,609
	167,336	*	Henry Schein, Inc		11,188
	8,456	*	Heska Corp		1,232
	55,882		Hill-Rom Holdings, Inc		5,475
	31,632	*	HLB Life Science CO Ltd		794
	22,640		HLS Therapeutics, Inc		320
	271,356	*	HMS Holdings Corp		9,972
	24,400		Hogy Medical Co Ltd		794
	650,223	*	Hologic, Inc		47,356
	477,746	*	Hoya Corp		66,165
	39,278		Huadong Medicine Co Ltd		160
	469,543		Humana, Inc		192,639
	314,184		Ibnsina Pharma SAE		102
	18,555	*,e	iCAD, Inc		245
	5,477	*	ICU Medical, Inc		1,175
	193,095	*	IDEXX Laboratories, Inc		96,522
	842,889		IHH Healthcare BHD		1,154
	18,194	*	Immunovia AB		264
	7,852	*	Inari Medical, Inc		685
	25,267	*	InfuSystem Holdings, Inc		475
	17,687	*	Inmode Ltd		840
	19,288	*	Inogen, Inc		862
	378,453	*	Inovalon Holdings, Inc		6,876
	30,566	*	Inspire Medical Systems, Inc		5,749
	42,583		Instituto Hermes Pardini S.A.		186
	102,141	*	Insulet Corp		26,110
	19,056		Intco Medical Technology Co Ltd		490

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	73,668	*	Integer Holding Corp	$	5,981
	16,384	*	Integra LifeSciences Holdings Corp		1,064
	150,832		Integral Diagnostics Ltd		504
	14,999	*	IntriCon Corp		271
	104,843	*	Intuitive Surgical, Inc		85,772
	51,680		Invacare Corp		463
	24,065	e	Ion Beam Applications		359
	13,483	*	iRadimed Corp		307
	32,325	*	iRhythm Technologies, Inc		7,668
	326,000		IVD Medical Holding Ltd		89
	29,994		Jafron Biomedical Co Ltd		312
	56,900		Japan Lifeline Co Ltd		898
	16,200		Japan Medical Dynamic Marketing, Inc		371
	37,688		Jeol Ltd		1,779
	17,350		Jiangsu Yuyue Medical Equipment & Supply Co Ltd		75
	1,159,109	e,g	Jinxin Fertility Group Ltd		2,359
	14,400	*	JMDC, Inc		818
	45,361	*	Joint Corp		1,191
	68	*	Jointown Pharmaceutical Group Co Ltd		0	^
	1,206,515		Koninklijke Philips Electronics NV		64,992
	70,780		Korian-Medica		2,709
	508,749		Kossan Rubber Industries		572
	1,699,728		KPJ Healthcare BHD		423
	139,295	*	Laboratory Corp of America Holdings		28,354
	210,120	*	Lantheus Holdings, Inc		2,835
	5,499		Le Noble Age		330
	16,050		LeMaitre Vascular, Inc		650
	16,346	*	LENSAR, Inc		119
	23,613		Lepu Medical Technology Beijing Co Ltd		98
	42,192	*,e	LHC Group, Inc		9,000
	16,762,441	*	Life Healthcare Group Holdings Pte Ltd		19,137
	2,772,000	*	Lifetech Scientific Corp		1,590
	87,607	*	LivaNova plc		5,800
	458,638		M3, Inc		43,326
	71,394	*	Magellan Health Services, Inc		5,914
	74,563		Mani, Inc		2,034
	33,523	*	Masimo Corp		8,997
	314,736		McKesson Corp		54,739
	7,911	*,e,g	Medacta Group S.A.		783
	4,706	*,e,g	Medartis Holding AG.		247
	26,300		Medical Data Vision Co Ltd		724
	118,096		Medicare Group		288
	55,473		Mediceo Paltac Holdings Co Ltd		1,043
	405,977	*	Mediclinic International plc		1,569
	10,358	*	Medios AG.		473
	10,965	*	Medipost Co Ltd		350
	15,800	*,e	Medley, Inc		696
	120,230	*	MEDNAX, Inc		2,950
	13,800	*	MedPeer, Inc		1,094
	442,300		Medtecs International Corp Ltd		335
	3,588,671		Medtronic plc		420,377
	91,708	*	Meinian Onehealth Healthcare Holdings Co Ltd		159
	28,842		Menicon Co Ltd		1,749

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	6,815		Mercator Medical S.A.	$	770
	172,747	*	Meridian Bioscience, Inc		3,229
	54,406	*	Merit Medical Systems, Inc		3,020
	3,272	e	Mesa Laboratories, Inc		938
	217		Metall Zug AG.(B Shares)		367
	8,566,500	*	Metro Healthcare Indonesia TBK PT		196
	20,507	g	Metropolis Healthcare Ltd		550
	617,195		Microport Scientific Corp		3,332
	27,828	*	Middle East Healthcare Co		260
	70,355	*,e	Milestone Scientific, Inc		149
	51,400		Miraca Holdings, Inc		1,385
	32,479	*	Misonix Inc		406
	69,436	*,g	MLP Saglik Hizmetleri AS.		185
	117,567	*	Molina Healthcare, Inc		25,004
	39,760		Mouwasat Medical Services Co		1,463
	22,236		Nagaileben Co Ltd		636
	75,222		Nakanishi, Inc		1,651
	257,944	*	Nanosonics Ltd		1,596
	12,378	*,e	Nano-X Imaging Ltd		565
	78,347	*,e	NantHealth, Inc		253
	54,229		Narayana Hrudayalaya Ltd		333
	20,033		National Healthcare Corp		1,330
	18,575		National Medical Care Co		265
	10,948	e	National Research Corp		468
	112,279	*	Natus Medical, Inc		2,250
	6,565	*,e	Nemaura Medical, Inc		25
	136,468	*	Neogen Corp		10,822
	884,717		Network Healthcare Holdings Ltd		753
	1,812		Neuca S.A.		316
	239,381	*	Nevro Corp		41,437
	124,423	*	NextGen Healthcare, Inc		2,269
	84,277		Nihon Kohden Corp		3,139
	137,552		Nipro Corp		1,620
	159,379	*,†	NMC Health plc		2
	14,098	g	NNIT A.S.		281
	215,550		Notre Dame Intermedica Participacoes S.A.		3,267
	173,499	*	Novocure Ltd		30,022
	90,563	*	NuVasive, Inc		5,101
	33,136	*	Oak Street Health, Inc		2,027
	704,081		Oceania Healthcare Ltd		737
	190,675		Odontoprev S.A.		535
	491,970		Olympus Corp		10,771
	47,352	*	Omnicell, Inc		5,683
	7,114	*,e	Ontrak, Inc		440
	23,050	*	OptimizeRx Corp		718
	399,550	*	Option Care Health, Inc		6,249
	69,171	*	OraSure Technologies, Inc		732
	130,251		Oriola-KD Oyj (B Shares)		303
	72,171		Orpea		9,464
	76,665	*,e	Orthofix Medical Inc		3,295
	10,564	*,e	OrthoPediatrics Corp		436
	33,945	*	Osstem Implant Co Ltd		1,596
	6,688	*	Outset Medical, Inc		380
	16,277		Ovctek China, Inc		204

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	211,104		Owens & Minor, Inc	$	5,710
	21,772		Paramount Bed Holdings Co Ltd		994
	204,121		Patterson Cos, Inc		6,048
	30,893	*,e	PAVmed, Inc		65
	23,000		Pegavision Corp		232
	47,717	*	Pennant Group, Inc		2,770
	15,443	*	Penumbra, Inc		2,703
	39,039	*,e	PetIQ, Inc		1,501
	5,175		Pharmagest Inter@ctive		704
	242,722	*	Phreesia, Inc		13,170
	79,000	*,†	Pihsiang Machinery Manufacturing Co Ltd		0	^
	484,959	*,e,g	Ping An Healthcare and Technology Co Ltd		5,890
	590,586	*,e	PolyNovo Ltd		1,769
	141,653		Premier, Inc		4,972
	56,150	e	Pro Medicus Ltd		1,480
	15,255	*,e	Progenity, Inc		81
	51,654	*	Progyny, Inc		2,190
	75,838	*,e	Providence Service Corp		10,513
	23,600	*	Pulmonx Corp		1,629
	12,542	*,e	Pulse Biosciences, Inc		299
	181,063		Qualicorp S.A.		1,226
	380,532		Quest Diagnostics, Inc		45,348
	19,212	*	Quidel Corp		3,451
	55,120	*,e	Quotient Ltd		287
	721,009	*	R1 RCM, Inc		17,319
	50,259	*	RadNet, Inc		984
	1,066,399		Raffles Medical Group Ltd		803
	79,373		Ramsay Health Care Ltd		3,814
	45,289	*	Repro-Med Systems, Inc		273
	64,972		Resmed, Inc		13,810
	86,543	*,e	Retractable Technologies, Inc		929
	21,433		Revenio Group Oyj		1,317
	67,755	*,e	Rockwell Medical, Inc		68
	173,392		Ryman Healthcare Ltd		1,902
	34,387		Sartorius AG.		14,483
	35,813	*	Saudi Chemical Co		334
	132,651	*	Schrodinger, Inc		10,503
	49,671	*	SeaSpine Holdings Corp		867
	14,293	*	Sedana Medical AB		596
	83,577		Selcuk Ecza Deposu Ticaret ve Sanayi AS		153
	582,462	*	Select Medical Holdings Corp		16,111
	26,207		Shandong Pharmaceutical Glass Co Ltd		201
	2,148,682		Shandong Weigao Group Medical Polymer Co Ltd		4,861
	26,741		Shanghai Kindly Medical Instruments Co Ltd		141
	48,832		Shanghai Pharmaceuticals Holding Co Ltd		143
	364,227		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		641
	21,021	*,e	Sharps Compliance Corp		199
	208,134		Shenzhen Mindray Bio-Medical Electronics Co Ltd		13,540
	93,637	*	Shockwave Medical Inc		9,712
	148,172	*	SI-BONE, Inc		4,430
	204,953	g	Siemens Healthineers AG.		10,547
	73,365	e	Sienna Senior Living, Inc		815

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	46,789	*,e	Sientra, Inc	$	182
	1,016,691	*	Sigma Healthcare Ltd		482
	50,615	*	Silk Road Medical Inc		3,188
	9,531		Simulations Plus, Inc		685
	564,587		Sinopharm Group Co		1,370
	553,066		Smith & Nephew plc		11,489
	2,800		Software Service, Inc		295
	49,800		Solasto Corp		772
	5,093	*	Soliton Inc		39
	659,994		Sonic Healthcare Ltd		16,353
	57,276	*	Sonova Holdings AG		14,897
	316,479	g	Spire Healthcare Group plc		677
	395,500		Sri Trang Gloves Thailand PCL		1,003
	37,000		St. Shine Optical Co Ltd		369
	68,841	*	Staar Surgical Co		5,454
	40,684	*,e	Stereotaxis, Inc		207
	107,444	e	STERIS plc		20,365
	9,112		STRATEC Biomedical AG.		1,364
	9,945		Straumann Holding AG.		11,650
	322,980		Stryker Corp		79,143
	4,634	*	Suheung Capsule Co Ltd		218
	234,632		Summerset Group Holdings Ltd		2,122
	1,322,886	*	Supermax Corp BHD		1,987
	157,268	*	Surgalign Holdings, Inc		344
	53,259	*	Surgery Partners, Inc		1,545
	12,065	*	SurModics, Inc		525
	21,739		Suzuken Co Ltd		786
	169,942		Sysmex Corp		20,449
	14,150	*,e	Tabula Rasa HealthCare, Inc		606
	13,377	*	Tactile Systems Technology, Inc		601
	44,000		TaiDoc Technology Corp		284
	120,754	*	Tandem Diabetes Care, Inc		11,554
	4,974	*,e	Tela Bio, Inc		75
	156,046	*,e	Teladoc, Inc		31,203
	80,856		Teleflex, Inc		33,278
	253,071	*	Tenet Healthcare Corp		10,105
	662,364		Terumo Corp		27,717
	399,311		Thonburi Healthcare Group PCL		343
	14,164	g	Thyrocare Technologies Ltd		177
	58,643	*	Tivity Health, Inc		1,149
	144,130		Toho Pharmaceutical Co Ltd		2,534
	15,309		Tokai Corp (GIFU)		302
	2,002,786		Top Glove Corp BHD		3,060
	11,980	*	Topchoice Medical Corp		507
	2,414,000	*,†,e	Town Health International Medical Group Ltd		3
	21,434	*,e	Transmedics Group, Inc		427
	32,526	*	Triple-S Management Corp (Class B)		694
	57,118		Tsuki Corp		304
	230,380		Uniphar plc		670
	1,595,555		United Drug plc		17,031
	2,298,365		UnitedHealth Group, Inc		805,991
	86,004		Universal Health Services, Inc (Class B)		11,826
	29,000		Universal Vision Biotechnology Co Ltd		247
	8,914		US Physical Therapy, Inc		1,072

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,899		Utah Medical Products, Inc	$	413
	6,477	*	Value Added Technologies Co Ltd		134
	21,322	*,e	Vapotherm, Inc		573
	57,958	*,e	Varex Imaging Corp		967
	19,586	*	Varian Medical Systems, Inc		3,428
	221,359	*	Veeva Systems, Inc		60,265
	17,477	*	Venus Concept, Inc		30
	32,765	*	Viemed Healthcare, Inc		254
	38,665	*	Viemed Healthcare, Inc (Toronto)		302
	6,352	*	Vieworks Co Ltd		178
	236,925	*,e	ViewRay, Inc		905
	36,600		VITAL KSK Holdings, Inc		288
	23,729	*	Vocera Communications, Inc		985
	88,384	*,e	VolitionRX Ltd		344
	118,706	*	Well Health Technologies Corp		751
	309,162		West Pharmaceutical Services, Inc		87,589
	9,047	*	William Demant Holding A.S.		358
	44,572		Winning Health Technology Group Co Ltd		119
	166,561	*	Xvivo Perfusion AB		6,327
	3,336	e	Ypsomed Holding AG.		558
	2,370,447		Zimmer Biomet Holdings, Inc		365,262
	18,967	*,e	Zynex Inc		255
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		6,704,984

HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	6,921	*	Aekyung Industrial Co Ltd		156
	423,244	*	Amorepacific Corp		80,366
	57,358		Bajaj Corp Ltd		169
	149,691		Beiersdorf AG.		17,208
	167,888	*	BellRing Brands, Inc		4,081
	5,499,000	†,e	Best World International Ltd		4,244
	15,574	*,e	Blackmores Ltd		907
	276,735		BWX Ltd		879
	46,197		By-health Co Ltd		171
	80,640		C&S Paper Co Ltd		258
	38,907	*	Central Garden & Pet Co		1,502
	164,278	*	Central Garden and Pet Co (Class A)		5,968
	37,000		Chlitina Holding Ltd		261
	409,158		Church & Dwight Co, Inc		35,691
	214,847		Clorox Co		43,382
	1,545,722		Colgate-Palmolive Co		132,175
	51,845		Colgate-Palmolive India Ltd		1,112
	5,569	*	Cosmax, Inc		511
	399,591	e	Coty, Inc		2,805
	217,554		Dabur India Ltd		1,592
	14,830		Earth Chemical Co Ltd		836
	91,099		Edgewell Personal Care Co		3,150
	495,462	*,e	elf Beauty, Inc		12,481
	153,952		Emami Ltd		894
	102,994		Energizer Holdings, Inc		4,344
	526,168		Essity AB		16,953
	592,374		Estee Lauder Cos (Class A)		157,684
	88,800	*	Euglena Co Ltd		667

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	81,284		Fancl Corp	$	3,245
	5,042		Gillette India Ltd		400
	164,602		Godrej Consumer Products Ltd		1,670
	82,000		Grape King Industrial Co		518
	282,136		Hengan International Group Co Ltd		1,998
	111,341		Henkel KGaA		10,729
	154,040		Henkel KGaA (Preference)		17,369
	152,584	*	Herbalife Nutrition Ltd		7,332
	839,726		Hindustan Lever Ltd		27,567
	26,829	*	Hyundai Bioscience Co Ltd		723
	14,833	e	Inter Parfums S.A.		778
	12,197		Inter Parfums, Inc		738
	43,606		Jamieson Wellness, Inc		1,238
	106,198		Jyothy Laboratories Ltd		213
	625,384		Kao Corp		48,315
	529,723		Kimberly-Clark Corp		71,423
	1,358,918		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		2,321
	874,975	e	Kitanotatsujin Corp		3,933
	15,560		Kobayashi Pharmaceutical Co Ltd		1,902
	6,138	*	Kolmar BNH Co Ltd		294
	10,026	*	Korea Kolmar Co Ltd		471
	5,757	*	Korea Kolmar Holdings Co Ltd		138
	13,540		Kose Corp		2,314
	8,932	*	LG Household & Health Care Ltd		13,331
	743	*	LG Household & Health Care Ltd (Preference)		491
	13,973	*	Lifevantage Corp		130
	130,650	e	Lion Corp		3,165
	303,598		L’Oreal S.A.		115,838
	40,572		Mandom Corp		668
	229,548		Marico Ltd		1,266
	28,649		Medifast, Inc		5,625
	236,000	*	Microbio Co Ltd		571
	24,998		Milbon Co Ltd		1,593
	781,364	*	Natura & Co Holding S.A.		7,932
	14,757	*	Nature’s Sunshine Products, Inc		221
	16,400		Noevir Holdings Co Ltd		727
	74,502		Nu Skin Enterprises, Inc (Class A)		4,070
	8,411		Oil-Dri Corp of America		287
	67,456	e	Ontex Group NV		907
	38,985	*	Pacific Corp		1,973
	61,961	e	Pigeon Corp		2,557
	18,855	e	Pola Orbis Holdings, Inc		383
	5,597,982		Procter & Gamble Co		778,903
	7,998		Proya Cosmetics Co Ltd		218
	4,492,104		PT Industri Jamu Dan Farmasi Sido Muncul Tbk		257
	3,422,710		PT Unilever Indonesia Tbk		1,791
	194,501		PZ Cussons plc		612
	1,042,281		Reckitt Benckiser Group plc		93,028
	8,025	*	Revlon, Inc (Class A)		95
	76,702		Reynolds Consumer Products Inc		2,304
	100,645		Rohto Pharmaceutical Co Ltd		2,983
	25,302		Sarantis S.A.		289
	18,253		Shanghai Jahwa United Co Ltd		97
	7,000	*	Shinnihonseiyaku Co Ltd		193

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	369,233		Shiseido Co Ltd	$	25,560
	93,290		Spectrum Brands Holdings, Inc		7,368
	14,200		ST Corp		269
	339,128		TCI Co Ltd		2,420
	558,521		Uni-Charm Corp		26,488
	352,113		Unilever plc		21,321
	2,614,682		Unilever plc		156,812
	39,090	*	USANA Health Sciences, Inc		3,014
	84,090	*,e	Veru, Inc		727
	349,536		Vinda International Holdings Ltd		956
	11,252		WD-40 Co		2,989
	25,400		YA-MAN Ltd		461
	1,047	*	Yatsen Holding Ltd (ADR)		18
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		2,026,984

INSURANCE - 2.2%
	15,964		Admiral Group plc		631
	149,408		Aegon NV		596
	1,008,308		Aflac, Inc		44,839
	242,490	e	Ageas		12,878
	13,272,664		AIA Group Ltd		161,742
	14,497	*	Al Rajhi Co for Co-operative Insurance		312
	28,812		Alleghany Corp		17,394
	434,496		Allianz AG.		106,744
	785,594		Allstate Corp		86,360
	149,199		Alm Brand AS		1,797
	75,005	*	AMBAC Financial Group, Inc		1,154
	194,403		American Equity Investment Life Holding Co		5,377
	152,077		American Financial Group, Inc		13,325
	2,822,197		American International Group, Inc		106,848
	10,459		American National Group, Inc		1,005
	29,693		Amerisafe, Inc		1,705
	212,569		Anadolu Sigorta		216
	81,600	*	Anicom Holdings, Inc		853
	398,330		Aon plc		84,155
	559,631	*	Arch Capital Group Ltd		20,186
	51,328	*	Argo Group International Holdings Ltd		2,243
	274,467		Arthur J. Gallagher & Co		33,954
	146,764		ASR Nederland NV		5,872
	1,086,194		Assicurazioni Generali S.p.A.		19,018
	296,907		Assurant, Inc		40,445
	117,044		Assured Guaranty Ltd		3,686
	316,916	*	Athene Holding Ltd		13,672
	76,718		AUB Group Ltd		958
	6,384,336		Aviva plc		28,398
	1,852,960		AXA S.A.		44,438
	175,259	e	Axis Capital Holdings Ltd		8,831
	34,242		Bajaj Finserv Ltd		4,181
	41,085		Baloise Holding AG.		7,300
	481,500		Bangkok Life Assurance PCL		337
	618,646		BB Seguridade Participacoes S.A.		3,541
	1,913,439		Beazley plc		9,540
	139,613	*	Brighthouse Financial, Inc		5,055

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	416,446		Brown & Brown, Inc	$	19,744
	112,403	*	BRP Group, Inc		3,369
	23,865	*	Bupa Arabia for Cooperative Insurance Co		776
	7,014,807		Cathay Financial Holding Co Ltd		10,563
	5,825,625		China Development Financial Holding Corp		1,929
	1,552,932		China Insurance International Holdings Co Ltd		2,802
	11,720,790		China Life Insurance Co Ltd		25,803
	148,775		China Life Insurance Co Ltd (Class A)		873
	2,383,437		China Life Insurance Co Ltd (Taiwan)		1,886
	351,500		China Pacific Insurance Group Co Ltd		2,065
	2,489,209		China Pacific Insurance Group Co Ltd (Hong Kong)		9,733
	1,389,469		Chubb Ltd		213,867
	217,245		Cincinnati Financial Corp		18,981
	84,647	*,e	Citizens, Inc (Class A)		485
	50,886	*	Clal Insurance		799
	38,879		CNA Financial Corp		1,515
	122,660		CNP Assurances		1,993
	26,399	*	Co for Cooperative Insurance		561
	213,294		Conseco, Inc		4,742
	3,630,000	*,†,e	Convoy Financial Holdings Ltd		5
	1,085,267		Corp Mapfre S.A.		2,121
	26,189		Crawford & Co		194
	1,001,751		Dai-ichi Mutual Life Insurance Co		15,092
	113,958		Direct Line Insurance Group plc		498
	170,971		Discovery Holdings Ltd		1,787
	18,088		Donegal Group, Inc (Class A)		254
	42,566	*	Dongbu Insurance Co Ltd		1,715
	25,221	*	eHealth, Inc		1,781
	45,434		Employers Holdings, Inc		1,463
	19,381	*	Enstar Group Ltd		3,971
	40,997		Erie Indemnity Co (Class A)		10,069
	156,568		Everest Re Group Ltd		36,651
	33,116		Fairfax Financial Holdings Ltd		11,287
	33,526	e	Fanhua, Inc (ADR)		404
	16,143	e	FBL Financial Group, Inc (Class A)		848
	9,378		FedNat Holding Co		56
	389,430	e	Fidelity National Financial Inc		15,223
	211,319		First American Financial Corp		10,910
	5,963,613		Fubon Financial Holding Co Ltd		9,932
	822,776	*	Genworth Financial, Inc (Class A)		3,110
	160,637		Gjensidige Forsikring BA		3,585
	157,769		Globe Life, Inc		14,982
	59,489	*	GoHealth, Inc		813
	21,939		Goosehead Insurance, Inc		2,737
	294,242		Great-West Lifeco, Inc		7,016
	50,484	*,e	Greenlight Capital Re Ltd (Class A)		369
	60,147		Grupo Catalana Occidente S.A.		2,149
	6,145		Hannover Rueckversicherung AG.		979
	55,346		Hanover Insurance Group, Inc		6,471
	127,127	*	Harel Insurance Investments & Finances Ltd		1,174
	1,305,476		Hartford Financial Services Group, Inc		63,942
	9,327		HCI Group, Inc		488
	627,175	*,g	HDFC Life Insurance Co Ltd		5,822
	38,660		Helvetia Holding AG.		4,083

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	83,105		Heritage Insurance Holdings, Inc	$	842
	360,750		Hiscox Ltd		4,913
	81,729		Horace Mann Educators Corp		3,436
	221,549		Hubei Biocause Pharmaceutical Co Ltd		165
	53,625	*	Hyundai Marine & Fire Insurance Co Ltd		1,124
	113,263		iA Financial Corp, Inc		4,910
	283,248	*,g	ICICI Lombard General Insurance Co Ltd		5,905
	310,031	*,g	ICICI Prudential Life Insurance Co Ltd		2,119
	9,077		IDI Insurance Co Ltd		275
	8,036		Independence Holding Co		329
	2,387,971		Insurance Australia Group Ltd		8,666
	151,342		Intact Financial Corp		17,920
	1,463		Investors Title Co		224
	759,400		IRB Brasil Resseguros S		1,196
	42,790		James River Group Holdings Ltd		2,103
	1,474,660		Japan Post Holdings Co Ltd		11,486
	162,800		Japan Post Insurance Co Ltd		3,338
	1,168,291	*,e	Just Retirement Group plc		1,125
	118,503	e	Kemper Corp		9,105
	36,019		Kinsale Capital Group, Inc		7,208
	235,456	*	Korea Life Insurance Co Ltd		530
	56,095	*	Korean Reinsurance Co		408
	255,376		Lancashire Holdings Ltd		2,533
	5,381,018		Legal & General Group plc		19,611
	17,952	*,e	Lemonade, Inc		2,199
	108,213		Liberty Holdings Ltd		461
	35,800	*	Lifenet Insurance Co		559
	271,748		Lincoln National Corp		13,672
	339,656		Loews Corp		15,291
	2,064,814		Manulife Financial Corp (Toronto)		36,741
	19,104	*	Markel Corp		19,740
	1,400,736		Marsh & McLennan Cos, Inc		163,886
	164,115	*	Max India Ltd		1,516
	81,507	*,e	MBIA, Inc		536
	2,727,877		Medibank Pvt Ltd		6,318
	28,584	*	Menorah Mivtachim Holdings Ltd		537
	335,918		Mercuries & Associates Holding Ltd		248
	863,198	*	Mercuries Life Insurance Co Lt		266
	61,633		Mercury General Corp		3,218
	38,355	*	Meritz Fire & Marine Insurance Co Ltd		516
	1,720,059		Metlife, Inc		80,757
	417,127	*	Migdal Insurance Holdings Ltd		483
	56,007	*	Mirae Asset Life Insurance Co Ltd		199
	412,684		Mitsui Sumitomo Insurance Group Holdings, Inc		12,556
	825,106		Momentum Metropolitan Holdings		885
	30,258		Muenchener Rueckver AG.		8,990
	298,281	e	National General Holdings Corp		10,195
	4,073		National Western Life Group, Inc		841
	112,565		New China Life Insurance Co Ltd		998
	771,765		New China Life insurance Co Ltd (Hong Kong)		3,010
	16,575	*	NI Holdings, Inc		272
	491,340		nib holdings Ltd		2,254
	332,382		NKSJ Holdings, Inc		13,476

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	258,133		NN Group NV	$	11,159
	1,912,067		Old Mutual Ltd		1,552
	417,798		Old Republic International Corp		8,235
	16,290	*,e	Palomar Holdings, Inc		1,447
	7,876,388		People’s Insurance Co Group of China Ltd		2,500
	273,315		People’s Insurance Co Group of China Ltd (Class A)		275
	545,101		Phoenix Group Holdings plc		5,224
	164,689	*	Phoenix Holdings Ltd		1,254
	6,477,556		PICC Property & Casualty Co Ltd		4,900
	8,957,246		Ping An Insurance Group Co of China Ltd		109,006
	3,098,192		Ping An Insurance Group Co of China Ltd (Class A)		41,225
	442,030	g	Poste Italiane S.p.A		4,521
	790,650		Power Corp Of Canada		18,156
	256,699	*	Powszechny Zaklad Ubezpieczen S.A.		2,230
	64,887		Primerica, Inc		8,690
	394,264		Principal Financial Group		19,559
	82,280		ProAssurance Corp		1,464
	991,639		Progressive Corp		98,053
	25,213	*	ProSight Global, Inc		323
	8,742		Protective Insurance Corp		120
	82,716	*,e	Protector Forsikring ASA		574
	1,470,795		Prudential Financial, Inc		114,825
	2,911,590		Prudential plc		53,538
	10,234,300	*	PT Panin Life Tbk		179
	1,314,011		Qatar Insurance Co SAQ		853
	1,477,118		QBE Insurance Group Ltd		9,628
	547,894	e	Qualitas Controladora SAB de C.V.		2,950
	303,620		Rand Merchant Investment Holdings Ltd		662
	99,835		Reinsurance Group of America, Inc (Class A)		11,571
	106,125		RenaissanceRe Holdings Ltd		17,598
	34,850		RLI Corp		3,630
	106,657	*,e	Root, Inc		1,676
	107,371		RSA Insurance Group plc		995
	238,354	e,g	Sabre Insurance Group plc		906
	21,913		Safety Insurance Group, Inc		1,707
	437,645		Sampo Oyj (A Shares)		18,711
	27,379	*	Samsung Fire & Marine Insurance Co Ltd		4,730
	61,779	*	Samsung Life Insurance Co Ltd		4,508
	756,161		Sanlam Ltd		3,018
	33,994	*	Santam Ltd		589
	350,142	*,g	SBI Life Insurance Co Ltd		4,336
	18,749	*	SCOR SE		608
	130,118		Selective Insurance Group, Inc		8,715
	210,653	*,e	Selectquote, Inc		4,371
	10,135,866		Shin Kong Financial Holding Co Ltd		3,188
	179,564		Shinkong Insurance Co Ltd		247
	168,854	*,e	Societa Cattolica di Assicurazioni SCRL		946
	28,150		State Auto Financial Corp		499
	915,307		Steadfast Group Ltd		2,816
	39,990		Stewart Information Services Corp		1,934
	480,342		Storebrand ASA		3,598
	263,529		Sul America S.A.		2,257
	740,859		Sun Life Financial, Inc		32,943
	1,258,328		Suncorp-Metway Ltd		9,470

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,170		Swiss Life Holding	$	9,409
	28,789		Swiss Re Ltd		2,712
	211,900	*	Syarikat Takaful Malaysia BHD		255
	541,770		T&D Holdings, Inc		6,409
	329,355	*	Third Point Reinsurance Ltd		3,135
	38,031		Tiptree Inc		191
	744,335		Tokio Marine Holdings, Inc		38,349
	36,202	*	Tong Yang Life Insurance		117
	62,898		Topdanmark AS		2,730
	103,124		TQM Corp PCL		463
	364,821		Travelers Cos, Inc		51,210
	23,080	*	Trean Insurance Group, Inc		302
	9,030	*	Trisura Group Ltd		632
	74,284	*	Trupanion, Inc		8,893
	27,965	e	Tryg A.S.		880
	435,179		Unipol Gruppo Finanziario S.p.A		2,091
	121,630		Uniqa Versicherungen AG.		955
	33,652		United Fire Group Inc		845
	39,030		United Insurance Holdings Corp		223
	45,248		Universal Insurance Holdings, Inc		684
	286,796	e	Unum Group		6,579
	1,606	*,e	Vericity, Inc		16
	256,944		W.R. Berkley Corp		17,066
	26,941	*	Watford Holdings Ltd		932
	7,050		White Mountains Insurance Group Ltd		7,055
	41,704		Wiener Staedtische Allgemeine Versicherung AG.		1,060
	190,773	e	Willis Towers Watson plc		40,192
	66,783		Wiz Solucoes e Corretagem de Seguros S.A.		104
	24,836		Wuestenrot & Wuerttembergische AG.		501
	347,305	*,e,g	ZhongAn Online P&C Insurance Co Ltd		1,619
	96,285		Zurich Insurance Group AG		40,577
			TOTAL INSURANCE		2,888,999

MATERIALS - 4.5%
	69,865		Aarti Industries		1,183
	178,356		Acerinox S.A.		1,975
	88,838		ADEKA Corp		1,553
	402,308		Adelaide Brighton Ltd		1,041
	18,606		Advanced Emissions Solutions, Inc		102
	37,587		Advanced Enzyme Technologies Ltd		173
	33,475	e	Advanced Metallurgical Group NV		1,000
	42,848		Advanced Petrochemical Co		766
	129,140	*	Advansa Sasa Polyester Sanayi AS		351
	42,604	*	AdvanSix, Inc		852
	78,420		Aeci Ltd		461
	233,686		African Rainbow Minerals Ltd		4,164
	252,183		Agnico-Eagle Mines Ltd		17,749
	56,449	*	AgroFresh Solutions, Inc		128
	11,200		Aichi Steel Corp		300
	446,040		Air Liquide		73,127
	188,457		Air Products & Chemicals, Inc		51,490
	98,449		Air Water, Inc		1,752
	7,182		Akzo Nobel India Ltd		236

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	419,091		Akzo Nobel NV	$	44,983
	430,250		Alamos Gold, Inc		3,759
	336,234		Albemarle Corp		49,601
	348,950	*	Alcoa Corp		8,043
	447,307	*	Alkane Resources Ltd		331
	3,871		Alkyl Amines Chemicals		203
	366,964	*	Allegheny Technologies, Inc		6,154
	358,926	*,e	Alpek SAB de C.V.		314
	43,865	e	Altius Minerals Corp		472
	80,188	e	Altri SGPS S.A.		504
	28,294	*	Alujain Corp		356
	2,617,896		Alumina Ltd		3,712
	3,849,964	*	Aluminum Corp of China Ltd		1,355
	702,287	*	Aluminum Corp of China Ltd (Class A)		390
	292,925		Ambuja Cements Ltd		999
	2,321,767		Amcor plc		27,327
	43,599		American Vanguard Corp		677
	172,965	*,e	Amyris, Inc		1,068
	23,411		Anglo American Platinum Ltd		2,304
	1,182,413		Anglo American plc (London)		39,046
	424,864		AngloGold Ashanti Ltd		9,792
	1,610,792	e	AngloGold Ashanti Ltd (ADR)		36,436
	524,065		Anhui Conch Cement Co Ltd		3,284
	224,120		Anhui Conch Cement Co Ltd (Class A)		1,772
	352,546		Antofagasta plc		6,917
	51,528		APERAM		2,144
	38,805	*	APL Apollo Tubes Ltd		470
	19,120		Aptargroup, Inc		2,617
	72,383		Arabian Cement Co		711
	697,935		ArcelorMittal		15,962
	162,271	*	Arconic Corp		4,836
	30,251		Ardagh Group S.A.		521
	318,697	*	Argonaut Gold, Inc		686
	5,767		Arkema		660
	36,717		Asahi Holdings, Inc		1,306
	1,147,393		Asahi Kasei Corp		11,761
	202,966	e	Ashland Global Holdings, Inc		16,075
	349,125		Asia Cement China Holdings Corp		319
	909,044		Asia Cement Corp		1,400
	308,219		Asian Paints Ltd		11,675
	66,303		Associated Cement Co Ltd		1,470
	336,700		ATA IMS BHD		200
	11,760		Atul Ltd		1,036
	35,738		Aurubis AG.		2,789
	162,767		Avery Dennison Corp		25,247
	268,379		Avient Corp		10,810
	2,668,655	*	Axalta Coating Systems Ltd		76,190
	968,107		B2Gold Corp		5,423
	111,780		Balchem Corp		12,879
	546,566		Ball Corp		50,929
	1,154,985		Baoshan Iron & Steel Co Ltd		1,052
	2,048,810		Barrick Gold Corp (Canada)		46,677
	8,078		BASF India Ltd		180
	1,013,025		BASF SE		80,072

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	8,933		Bayer CropScience Ltd	$	666
	552,750		BBMG Corp		252
	109,931		Beijing Oriental Yuhong Waterproof Technology Co Ltd		653
	39,022		Bekaert S.A.		1,290
	766,191	*	Bellevue Gold Ltd		664
	89,124		Berger Paints India Ltd		928
	1,966,585	*	Berry Global Group, Inc		110,502
	3,403,941		BHP Billiton Ltd		111,222
	2,158,219		BHP Group plc		56,986
	183,926	e	Billerud AB		3,237
	4,000	*,†,e	Bio On S.p.A.		0	^
	17,103		Birla Corp Ltd		169
	437,559		BlueScope Steel Ltd		5,909
	122,870		Boise Cascade Co		5,873
	234,463		Boliden AB		8,318
	1,309,980		Boral Ltd		5,016
	101,237		Borregaard ASA		1,676
	188,606		Bradespar S.A.		2,321
	1,629,812	*	Breedon Group plc		1,948
	76,860		Brickworks Ltd		1,142
	2,259	*	Brodrene Hartmann A.S.		185
	180,505	e	Buzzi Unicem S.p.A.		4,309
	71,018		Buzzi Unicem S.p.A. RSP		1,142
	18,540		Cabot Corp		832
	498,700		Cahya Mata Sarawak BHD		264
	22,067	e	Caledonia Mining Corp plc		350
	234,629	*	Calibre Mining Corp		446
	110,467	*	Canfor Corp		1,994
	55,274		CAP S.A.		743
	76,005		Carpenter Technology Corp		2,213
	166,920		Cascades, Inc		1,908
	300,793		Castrol India Ltd		507
	139,093		CCL Industries		6,315
	357,329		Celanese Corp (Series A)		46,431
	54,245		Cementir Holding NV		442
	460,202		Cementos Argos S.A.		835
	13,307,630	*	Cemex S.A. de C.V.		6,868
	1,185,661		Centamin plc		2,007
	242,795		Centerra Gold, Inc		2,812
	163,019		Central Asia Metals plc		535
	87,259	*	Century Aluminum Co		962
	105,000		Century Iron & Steel Industrial Co Ltd		400
	31,432		Century Textile & Industries Ltd		177
	780,095		CF Industries Holdings, Inc		30,197
	248,671	*	Chalice Gold Mines Ltd		750
	132,960		Chambal Fertilizers & Chemicals Ltd		415
	584,557	*	Champion Iron Ltd		2,148
	5,645		Chase Corp		570
	37,854		Chemours Co		938
	1,513,006		Cheng Loong Corp		1,833
	290,000		Chia Hsin Cement Corp		197
	85,362	*	Chifeng Jilong Gold Mining Co Ltd		234

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	9,988,695		China BlueChemical Ltd	$	1,587
	275,127		China General Plastics Corp		249
	66,600		China Hi-ment Corp		113
	1,574,605		China Hongqiao Group Ltd		1,444
	212,600		China Jushi Co Ltd		649
	821,232	*	China Manmade Fibers Corp		328
	212,112		China Metal Products		240
	3,223,614		China Molybdenum Co Ltd		2,109
	482,844		China Molybdenum Co Ltd (Class A)		462
	3,322,276		China National Building Material Co Ltd		3,999
	190,629	*	China Northern Rare Earth Group High-Tech Co Ltd		382
	932,000		China Oriental Group Co Ltd		248
	2,381,359		China Petrochemical Development Corp		990
	1,104,248		China Resources Cement Holdings Ltd		1,233
	113,000		China Steel Chemical Corp		437
	10,526,181		China Steel Corp		9,280
	296,000		China XLX Fertiliser Ltd		96
	1,154,000	*,e	China Zhongwang Holdings Ltd		218
	176,910	*	Christian Hansen Holding		18,279
	46,678		Chugoku Marine Paints Ltd		471
	3,226		Chunbo Co Ltd		543
	722,000	*	Chung Hung Steel Corp		406
	317,540	*	Chung Hwa Pulp Corp		138
	338,222	*	Cia de Minas Buenaventura S.A. (ADR) (Series B)		4,123
	596,050		Cia Siderurgica Nacional S.A.		3,671
	22,343	*	Ciech S.A.		193
	52,379		City Cement Co		357
	16,639		Clariant AG.		353
	24,746	*	Clearwater Paper Corp		934
	639,885	e	Cleveland-Cliffs, Inc		9,317
	702,438	*	Coeur Mining, Inc		7,270
	241,200		Comfort Glove Bhd		180
	192,569		Commercial Metals Co		3,955
	86,132	*,†	Companhia Vale do Rio Doce		0
	486,348		Companhia Vale do Rio Doce (ADR)		8,151
	26,998		Compass Minerals International, Inc		1,666
	62,501		Corbion NV		3,500
	82,844		Coromandel International Ltd		925
	697,239	g	Coronado Global Resources, Inc (ADR)		613
	869,812		Corteva, Inc		33,679
	45,234		Corticeira Amorim SGPS S.A.		641
	512,503	g	Covestro AG.		31,577
	432,000		CPMC Holdings Ltd		200
	789,222		CRH plc		33,563
	14,505		Croda International plc		1,304
	2,115,669	*	Crown Holdings, Inc		211,990
	500,283		CSR Ltd		2,026
	1,601,400		D&L Industries Inc		257
	257,100		Daicel Chemical Industries Ltd		1,879
	28,031		Daido Steel Co Ltd		1,172
	12,200		Daiken Corp		207
	12,571		Dainichiseika Color & Chemicals Manufacturing Co Ltd		294
	81,901	e	Dainippon Ink and Chemicals, Inc		2,071

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	129,399		Daio Paper Corp	$	2,512
	957,414	*	De Grey Mining Ltd		754
	55,800		Deepak Nitrite Ltd		721
	83,549		Denki Kagaku Kogyo KK		3,267
	429,712	*	Deterra Royalties Ltd		1,590
	8,300		DKS Co Ltd		348
	213,600		Domtar Corp		6,760
	26,767	*	Dongjin Semichem Co Ltd		902
	47,596	*	Dongkuk Steel Mill Co Ltd		356
	4,316	*	Dongwon Systems Corp		142
	926,000		Dongyue Group		735
	2,214,770		Dow, Inc		122,920
	144,879		Dowa Holdings Co Ltd		5,252
	308,361		DRDGOLD Ltd		372
	1,437,366		DS Smith plc		7,347
	57,126		DSM NV		9,824
	9,022	*	Duk San Neolux Co Ltd		290
	159,530		Dundee Precious Metals, Inc		1,147
	4,265,889		DuPont de Nemours, Inc		303,347
	9,677		Eagle Materials, Inc		981
	769,400		Eastern Polymer Group PCL		183
	51,471		Eastern Province Cement Co		564
	38,336	e	Eastman Chemical Co		3,844
	633,939		Ecolab, Inc		137,159
	15,119		Ecopro Co Ltd		694
	55,079	*	EID Parry India Ltd		259
	191,397	*	Eldorado Gold Corp		2,537
	226,502		Element Solutions, Inc		4,016
	561,552		Elementis plc		883
	974,807		Empresas CMPC S.A.		2,566
	669	e	EMS-Chemie Holding AG.		644
	165,849	*,e	Ence Energia y Celulosa S.A.		687
	165,577	*	Endeavour Mining Corp		3,853
	170,359	*,e	Endeavour Silver Corp		861
	7,027	*	ENF Technology Co Ltd		309
	477,140		Engro Chemical Pakistan Ltd		918
	391,436		Engro Fertilizers Ltd		155
	238,461	*	Equinox Gold Corp		2,467
	10,509	*,e	Eramet		550
	555,082		Eregli Demir ve Celik Fabrikalari TAS		1,114
	71,142	*	ERO Copper Corp		1,141
	298,769		Essentra plc		1,254
	694,574		Eternal Chemical Co Ltd		905
	42,384	*	Eugene Corp		184
	1,924,483	*	Eurasia Mining plc		888
	313,128		Everlight Chemical Industrial Corp		190
	1,826,853		Evolution Mining Ltd		7,030
	208,056		Evonik Industries AG.		6,800
	45,094		Evraz plc		288
	926,850		Fauji Fertilizer Co Ltd		629
	361,050		Feng Hsin Iron & Steel Co		914
	35,798		Ferbasa-Ferro Ligas DA Bahia		132
	300,307		Ferrexpo plc		1,157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	72,922	*	Ferro Corp	$	1,067
	202,348	*,†	Ferroglobe plc		0
	5,713		Fine Organic Industries Ltd		198
	35,539		Finolex Industries Ltd		315
	212,123	*,e	First Majestic Silver Corp		2,846
	1,202,022		First Quantum Minerals Ltd		21,578
	860,431		Fletcher Building Ltd		3,661
	180,222		FMC Corp		20,713
	38,045	*	Foosung Co Ltd		414
	3,118,139		Formosa Chemicals & Fibre Corp		9,409
	3,358,019		Formosa Plastics Corp		11,534
	257,048	g	Forterra plc		858
	77,612	*	Forterra, Inc		1,335
	2,512,782		Fortescue Metals Group Ltd		45,387
	202,230	*,e	Fortuna Silver Mines, Inc		1,662
	46,320		FP Corp		1,947
	176,518		Franco-Nevada Corp		22,132
	2,791,333		Freeport-McMoRan, Inc (Class B)		72,630
	160,138		Fresnillo plc		2,473
	59,794		Fuchs Petrolub AG. (Preference)		3,374
	1,136,483		Fufeng Group Ltd		426
	39,877		Fuji Seal International, Inc		780
	19,275		Fujimi, Inc		732
	17,330		Fujimori Kogyo Co Ltd		802
	33,443		Furukawa-Sky Aluminum Corp		614
	3,710,296		Fushan International Energy Group Ltd		872
	18,700		Fuso Chemical Co Ltd		674
	45,168		FutureFuel Corp		574
	6,638		Galaxy Surfactants Ltd		182
	128,549	*	Gatos Silver, Inc		1,675
	89,385	*	GCP Applied Technologies, Inc		2,114
	283,079		GEM Co Ltd		303
	952,610		Gerdau S.A. (Preference)		4,495
	11,379		Givaudan S.A.		48,143
	193,527		Glatfelter Corp		3,170
	11,371,503		Glencore Xstrata plc		36,114
	28,336		Godo Steel Ltd		534
	815,551		Gold Fields Ltd		7,571
	113,960	e	Gold Resource Corp		332
	841,121	*	Gold Road Resources Ltd		859
	716,484		Goldsun Development & Construction Co Ltd		638
	61,273		Gran Colombia Gold Corp		388
	684,000	*	Grand Pacific Petrochemical		579
	108,679	e	Granges AB		1,328
	591,702		Graphic Packaging Holding Co		10,023
	119,598		Grasim Industries Ltd		1,520
	605,755	*,†	Great Basin Gold Ltd		5
	3,901,369	*	Greatland Gold plc		1,968
	656,000		Greatview Aseptic Packaging Co		384
	40,085	e	Greif, Inc (Class A)		1,879
	11,580		Greif, Inc (Class B)		560
	8,450		Groupe Guillin		253
	230,624		Grupo Argos S.A.		942
	147,893	e	Grupo Cementos de Chihuahua SAB de C.V.		892

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,717,138		Grupo Mexico S.A. de C.V. (Series B)	$	11,486
	157,410	*	Guangdong HEC Technology Holding Co Ltd		121
	35,529		Guangdong Hongda Blasting Co Ltd		196
	29,278		Guangzhou Tinci Materials Technology Co Ltd		465
	37,989	*	Gubre Fabrikalari TAS		440
	9,709		Gulf Oil Lubricants India Ltd		96
	943		Gurit Holding AG.		2,656
	58,032		H.B. Fuller Co		3,011
	1,371		Hanil Cement Co Ltd		133
	7,330	*	Hansol Chemical Co Ltd		1,329
	14,714		Hansol Paper Co Ltd		188
	91,315	*	Hanwha Chemical Corp		4,037
	466,367	*	Harmony Gold Mining Co Ltd		2,229
	10,736		Hawkins, Inc		562
	22,839	e	Haynes International, Inc		544
	856,685		Hecla Mining Co		5,551
	1,450,720		HeidelbergCement AG.		108,014
	38,447		HeidelbergCement India Ltd		120
	293,169		Hengli Petrochemical Co Ltd		1,254
	152,794		Hengyi Petrochemical Co Ltd		299
	1,010,116	*	Hesteel Co Ltd		346
	305,073	e	Hexpol AB		3,266
	81,414		Hill & Smith Holdings plc		1,570
	667,156		Hindalco Industries Ltd		2,204
	675,490		Hitachi Metals Ltd		10,270
	359,016	e	Hochschild Mining plc		1,023
	6,600		Hodogaya Chemical Co Ltd		326
	105,929		Hokuetsu Paper Mills Ltd		421
	55,325		Holcim Ltd		3,037
	97,519		Holmen AB		4,677
	15,511	*	Honam Petrochemical Corp		3,949
	172,000		Hsin Kuang Steel Co Ltd		242
	620,000	e	Huabao International Holdings Ltd		855
	75,901		Huaxin Cement Co Ltd		240
	13,643	*	Huchems Fine Chemical Corp		323
	583,464		HudBay Minerals, Inc		4,084
	101,219		Huhtamaki Oyj		5,249
	344,311		Hunan Valin Steel Co Ltd		252
	389,866		Huntsman Corp		9,801
	2,011	*	Hyosung Advanced Materials Corp		277
	1,625	*	Hyosung Chemical Corp		234
	6,882	*	Hyosung Corp		485
	30,168	*	Hyundai Development Co		307
	77,360	*	Hyundai Steel Co		2,827
	800,787	*,e	IAMGOLD Corp		2,938
	439,038	g	Ibstock plc		1,239
	436,710		Iluka Resources Ltd		2,193
	54,967		IMCD Group NV		6,996
	33,299		Imerys S.A.		1,570
	746,236		Impala Platinum Holdings Ltd		10,271
	2,044,411	*	Incitec Pivot Ltd		3,596
	1,309,511		Independence Group NL		6,454
	127,038		India Cements Ltd		295

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	779,404		Indorama Ventures PCL (Foreign)	$	962
	120,911	*	Industrias Penoles S.A. de C.V.		2,046
	90,059	*	Ingevity Corp		6,820
	2,996,318	*	Inner Mongolia BaoTou Steel Union Co Ltd		536
	394,703		Inner Mongolia Eerduosi Resourses Co Ltd		383
	492,188		Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		373
	50,243		Innospec, Inc		4,559
	19,405	*	Inox Fluorochemicals Ltd		151
	73,942	*	Interfor Corp		1,381
	516,912		International CSRC Investment Holdings Co		478
	203,044	e	International Flavors & Fragrances, Inc		22,099
	1		International Flavors & Fragrances, Inc (Tel Aviv)		0	^
	582,062		International Paper Co		28,940
	114,794		Intertape Polymer Group, Inc		2,177
	15,547	*	Intrepid Potash, Inc		375
	58,824		Israel Chemicals Ltd		300
	4,035	*	Israel Corp Ltd		772
	660,663	*	Ivanhoe Mines Ltd		3,560
	100,764	*	Izmir Demir Celik Sanayi AS		146
	532,315	*	James Hardie Industries NV		15,776
	40,128	*	Jastrzebska Spolka Weglowa S.A.		280
	22,100		JCU Corp		853
	357,206	*	JFE Holdings, Inc		3,430
	123,472		Jiangsu Shagang Co Ltd		207
	13,400		Jiangsu Yangnong Chemical Co Ltd		271
	1,142,115		Jiangxi Copper Co Ltd		1,798
	104,909		Jiangxi Copper Co Ltd (Class A)		320
	32,743		Jiangxi Ganfeng Lithium Co Ltd		507
	2,536,000	e	Jinchuan Group International Resources Co Ltd		333
	1,023,010	*	Jindal Steel & Power Ltd		3,746
	24,583		JK Cement Ltd		645
	16,165		Johnson Matthey plc		536
	14,007		JSP Corp		235
	112,078		JSR Corp		3,125
	349,988		JSW Steel Ltd		1,860
	1,447,059		Jupiter Mines Ltd		341
	194,754		K&S AG.		1,868
	24,418		Kaiser Aluminum Corp		2,415
	49,015		Kaneka Corp		1,717
	119,980		Kansai Paint Co Ltd		3,698
	117,100		Kanto Denka Kogyo Co Ltd		900
	648,366	*	Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D)		502
	242,965		KAZ Minerals plc		2,181
	13,209		KCC Corp		2,405
	104,057		Kemira Oyj		1,649
	55,536	*	KGHM Polska Miedz S.A.		2,736
	35,300		KH Neochem Co Ltd		936
	143,225		Kingfa Sci & Tech Co Ltd		376
	1,404,869		Kinross Gold Corp		10,308
	249,537		Kirkland Lake Gold Ltd		10,312
	602,738		Klabin S.A.		3,064
	31,400		Koatsu Gas Kogyo Co Ltd		242

100

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	379,900	*	Kobe Steel Ltd	$	2,034
	12,857	*	Kolon Industries, Inc		487
	32,058		Konishi Co Ltd		520
	41,583	*	Koppers Holdings, Inc		1,296
	8,082	*	Korea Kumho Petrochemical		1,081
	2,419	*	Korea Petrochemical Ind Co Ltd		513
	7,520	*	Korea Zinc Co Ltd		2,785
	31,504	*	Koza Altin Isletmeleri AS		410
	189,686	*	Koza Anadolu Metal Madencilik Isletmeleri AS		395
	224,287	*	KPM Tech Co Ltd		623
	51,727	*	Kraton Corp		1,437
	40,726		Kronos Worldwide, Inc		607
	66,010	*	Kuk-il Paper Manufacturing Co Ltd		316
	25,309		Kumba Iron Ore Ltd		1,073
	85,648		Kumiai Chemical Industry Co Ltd		772
	252,544		Kuraray Co Ltd		2,689
	17,400		Kureha CORP		1,229
	22,716		Kyoei Steel Ltd		315
	162,249		Labrador Iron Ore Royalty Corp		4,157
	1,325,420		Lanxess AG.		100,799
	338,255	*,e	Largo Resources Ltd		367
	1,232,927		Lee & Man Paper Manufacturing Ltd		1,012
	11,852	*	LEMON Co Ltd		121
	13,349	e	Lenzing AG.		1,345
	61,783	*	LG Chem Ltd		46,981
	7,122	*	LG Chem Ltd (Preference)		2,507
	16,716		Linde India Ltd		223
	1,134,489		Linde plc		298,949
	452,691		Linde plc (Xetra)		119,364
	40,800		Lintec Corp		902
	54,434	*	Lithium Americas Corp		683
	237,015	*,e	Livent Corp		4,465
	49,083	e	Loma Negra Cia Industrial Argentina S.A. (ADR)		302
	90,654		Lomon Billions Group Co Ltd		427
	542,704		Long Chen Paper Co Ltd		450
	370,400	g	Lotte Chemical Titan Holding BHD		256
	390,945		Louisiana-Pacific Corp		14,531
	232,732	*	Lucky Cement Ltd		1,014
	75,814	*	Lundin Gold, Inc		651
	611,645		Lundin Mining Corp		5,430
	915,677	*	Lynas Corp Ltd		2,821
	72,438		LyondellBasell Industries NV		6,640
	93,725		Madras Cements Ltd		1,022
	92,758	*	MAG. Silver Corp		1,899
	177,364	*	Mardin Cimento Sanayii		209
	54,939	*	Marrone Bio Innovations, Inc		69
	213,912		Marshalls plc		2,188
	11,878		Martin Marietta Materials, Inc		3,373
	66,601		Maruichi Steel Tube Ltd		1,475
	121,237		Materion Corp		7,725
	49,296		Maverix Metals, Inc		271
	146,980	*,e	Mechel PJSC (ADR)		301
	7,859,377	*	Merdeka Copper Gold Tbk PT		1,360

101

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,983,376		Mesaieed Petrochemical Holding Co	$	1,116
	596,344		Metalurgica Gerdau S.A.		1,289
	71,190		Methanex Corp		3,271
	339,741		Mineral Resources Ltd		9,823
	56,148		Minerals Technologies, Inc		3,488
	21,364		Miquel y Costas & Miquel S.A.		384
	41,373	g	Mishra Dhatu Nigam Ltd		114
	1,127,843		Mitsubishi Chemical Holdings Corp		6,833
	96,410		Mitsubishi Gas Chemical Co, Inc		2,217
	229,042		Mitsubishi Materials Corp		4,825
	123,134		Mitsui Chemicals, Inc		3,617
	674,164		Mitsui Mining & Smelting Co Ltd		24,779
	1,035,011		MMC Norilsk Nickel PJSC (ADR)		32,582
	1,944,000	*,e	MMG Ltd		846
	456,538		Mondi plc		10,698
	12,981	*,†	Mongolian Metals Corporation		0
	120,280		Mosaic Co		2,768
	455,450		Mount Gibson Iron Ltd		323
	190,483		M-real Oyj (B Shares)		2,006
	90,306		Myers Industries, Inc		1,877
	75,682		Mytilineos Holdings S.A.		1,099
	63,808		Najran Cement Co		310
	17,900	*	Namhae Chemical Corp		136
	51,887	*	Namsun Aluminum Co Ltd		225
	45,000		Nan Pao Resins Chemical Co Ltd		250
	4,514,887		Nan Ya Plastics Corp		11,567
	220,557		Nantex Industry Co Ltd		480
	658,399		National Aluminium Co Ltd		389
	150,217	*	National Industrialization Co		548
	26,166		Navin Fluorine International Ltd		937
	27,721		Neenah Inc		1,534
	705,887	*	New Gold, Inc		1,553
	92,073	*,e	New Pacific Metals Corp		581
	953,172		Newcrest Mining Ltd		19,023
	3,863		NewMarket Corp		1,539
	2,109,216		Newmont Goldcorp Corp		126,321
	913,581		Nickel Mines Ltd		781
	42,000		Nihon Nohyaku Co Ltd		205
	89,781		Nihon Parkerizing Co Ltd		931
	1,547,151		Nine Dragons Paper Holdings Ltd		2,199
	12,500		Nippon Fine Chemical Co Ltd		173
	146,066		Nippon Kayaku Co Ltd		1,356
	59,803		Nippon Light Metal Holdings Co Ltd		1,110
	115,752	e	Nippon Paint Co Ltd		12,719
	95,980		Nippon Paper Industries Co Ltd		1,112
	29,028		Nippon Shokubai Co Ltd		1,628
	24,684		Nippon Soda Co Ltd		734
	650,349	*	Nippon Steel Corp		8,388
	15,800		Nippon Valqua Industries Ltd		315
	118,831		Nissan Chemical Industries Ltd		7,451
	5,607		Nittetsu Mining Co Ltd		333
	197,888		Nitto Denko Corp		17,727
	72,182		NOF Corp		3,662
	53,767		Norbord, Inc		2,322

102

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,152,164		Norsk Hydro ASA	$	5,362
	1,519,693	*	Northam Platinum Ltd		21,739
	78,485		Northern Region Cement Co		254
	639,927		Northern Star Resources Ltd		6,255
	288,460	*	Novagold Resources Inc		2,789
	278,422	*,e	Novagold Resources, Inc		2,695
	58,215		Novolipetsk Steel PJSC (GDR)		1,615
	17,384		Novozymes AS		990
	429,264		Nucor Corp		22,833
	274,499	*	Nufarm Ltd		868
	45,893		Nuh Cimento Sanayi AS.		303
	768,029		Nutrien Ltd (Toronto)		36,950
	765,478	*	OceanaGold Corp		1,479
	14,703	*	OCI Co Ltd		1,261
	107,598	*	OCI NV		2,070
	60,550		Odisha Cement Ltd		898
	135,490		O-I Glass, Inc		1,612
	482,979		OJI Paper Co Ltd		2,750
	11,000		Okamoto Industries, Inc		422
	47,709		Olin Corp		1,172
	15,663		Olympic Steel, Inc		209
	925,848		Orbia Advance Corp SAB de C.V.		2,175
	349,602		Orica Ltd		4,089
	398,000		Oriental Union Chemical Corp		288
	112,791		Orion Engineered Carbons SA		1,933
	200,750	*	Orla Mining Ltd		1,082
	265,108	*	Orocobre Ltd		915
	999,584		Orora Ltd		2,079
	15,600		Osaka Organic Chemical Industry Ltd		484
	13,300		Osaka Soda Co Ltd		351
	14,529		Osaka Steel Co Ltd		173
	136,559	e	Osisko Gold Royalties Ltd		1,730
	319,178	*	Osisko Mining, Inc		928
	306,447	e	Outokumpu Oyj		1,208
	347,891		Oxiana Ltd		5,082
	17,550		Pacific Metals Co Ltd		380
	13,400		Pack Corp		367
	24,450		Packages Ltd		91
	258,362		Packaging Corp of America		35,631
	187,343	e	Pact Group Holdings Ltd		383
	6,194,289	*	Pactiv Evergreen, Inc		112,364
	194,643		Pan American Silver Corp (Toronto)		6,713
	677,666	*	Pangang Group Vanadium Titanium & Resources Co Ltd		225
	1,353,019		Perenti Global Ltd		1,435
	1,320,874	*	Perseus Mining Ltd		1,324
	2,749,257	*	Peter Hambro Mining plc		1,220
	1,003,075	*	Petkim Petrokimya Holding		671
	2,132,415		Petronas Chemicals Group BHD		3,949
	51,255		PhosAgro PJSC (GDR)		699
	67,731		PI Industries Ltd		2,037
	58,553		Pidilite Industries Ltd		1,417
	2,129,150	*	Pilbara Minerals Ltd		1,438

103

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	101,803		Polymetal International plc (ADR)	$	2,344
	4,441	*	Polyus PJSC (GDR)		448
	156,960		Polyus PJSC (GDR)		15,820
	13,577	*	Poongsan Corp		350
	220,853		Portucel Empresa Produtora de Pasta e Papel S.A.		670
	65,715		POSCO		16,421
	21,185	*	POSCO Refractories & Environment Co Ltd		2,034
	1,042,220		PPG Industries, Inc		150,309
	139,558		PQ Group Holdings, Inc		1,990
	221,459	*	Premier Gold Mines Ltd		524
	1,212,584		Press Metal BHD		2,533
	205,194	*	Pretium Resources, Inc		2,352
	6,563,804		PT Aneka Tambang Tbk		905
	24,776,297	*	PT Barito Pacific Tbk		1,942
	2,383,797		PT Indah Kiat Pulp and Paper Corp Tbk		1,771
	1,328,952		PT Indocement Tunggal Prakarsa Tbk		1,370
	851,000		PT Pabrik Kertas Tjiwi Kimia Tbk		598
	8,218,300	*,†	PT Sekawan Intipratama Tbk		0	^
	2,565,689		PT Semen Gresik Persero Tbk		2,271
	1,898,500	*	PT Timah Tbk		201
	7,568,400		PT Waskita Beton Precast Tbk		148
	1,802,809		PTT Global Chemical PCL (Foreign)		3,522
	35,353		Qassim Cement Co		764
	2,211,711		Qatar Aluminum Manufacturing Co		588
	143,087		Qatar National Cement Co		163
	10,337	e	Quaker Chemical Corp		2,619
	57,514		Rallis India Ltd		222
	1,326,818		Ramelius Resources Ltd		1,727
	156,048	*	Ranpak Holdings Corp		2,097
	12,140		Ratnamani Metals & Tubes Ltd		262
	101,271	*	Rayonier Advanced Materials, Inc		660
	43,978		Recticel S.A.		575
	509,650		Regis Resources Ltd		1,471
	267,436	e	Reliance Steel & Aluminum Co		32,025
	573,983		Rengo Co Ltd		4,811
	1,103,221	*	Resolute Mining Ltd		677
	32,057		Rhi Magnesita NV		1,536
	401,408		Rio Tinto Ltd		35,300
	1,642,559		Rio Tinto plc		123,641
	260,183		Rongsheng Petro Chemical Co Ltd		1,100
	348,412	*	Roxgold, Inc		441
	428,613	*	Royal Bafokeng Platinum Ltd		1,907
	125,077		Royal Gold, Inc		13,303
	65,096		RPM International, Inc		5,909
	49,104	*	Ryerson Holding Corp		670
	21,708		Sa des Ciments Vicat		911
	322,250	*	Sabina Gold & Silver Corp		833
	172,347		Sahara International Petrochemical Co		796
	13,219		Sakai Chemical Industry Co Ltd		253
	45,800	e	Sakata INX Corp		515
	39,048		Salzgitter AG.		1,035
	16,684	*	SAM KANG M&T Co Ltd		330
	14,197	*	Samsung Fine Chemicals Co Ltd		723
	187,469		Sandfire Resources NL		775

104

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	209,955	*	Sandstorm Gold Ltd	$	1,504
	13,211		Sanyo Chemical Industries Ltd		706
	21,306		Sanyo Special Steel Co Ltd		265
	436,453	*	Sappi Ltd		975
	1,123,657	*	Saracen Mineral Holdings Ltd		4,123
	252,517		Satipel Industrial S.A.		934
	90,600		Saudi Arabian Fertilizer Co		1,947
	186,894	*	Saudi Arabian Mining Co		2,019
	845,043		Saudi Basic Industries Corp		22,852
	31,875		Saudi Cement Co		523
	85,916		Saudi Industrial Investment Group		628
	333,306	*	Saudi Kayan Petrochemical Co		1,272
	38,190		Schnitzer Steel Industries, Inc (Class A)		1,219
	47,829		Schweitzer-Mauduit International, Inc		1,923
	187,800		Scientex BHD		593
	91,496	e	Scotts Miracle-Gro Co (Class A)		18,221
	58,958	*	Seabridge Gold, Inc		1,240
	11,107	*	Seah Besteel Corp		109
	54,728		Sealed Air Corp		2,506
	27,713		Semapa-Sociedade de Investimento e Gestao		304
	212,486		Sensient Technologies Corp		15,675
	821,096		Sesa Sterlite Ltd		1,819
	101,403		Severstal (GDR)		1,782
	221,168		Shandong Gold Mining Co Ltd		800
	547,505	g	Shandong Gold Mining Co Ltd		1,265
	90,929		Shandong Hualu Hengsheng Chemical Co Ltd		520
	953,666		Shandong Nanshan Aluminum Co Ltd		461
	42,446		Shandong Sinocera Functional Material Co Ltd		293
	79,311		Shandong Sun Paper Industry JSC Ltd		175
	327,000		Shanghai Chlor-Alkali Chemical Co Ltd		148
	23,366		Shanghai Putailai New Energy Technology Co Ltd		402
	384,063		Shanxi Taigang Stainless Steel Co Ltd		212
	20,638		Shenzhen Capchem Technology Co Ltd		320
	114,122		Sherwin-Williams Co		83,869
	24,900		Shikoku Chemicals Corp		290
	340,725		Shin-Etsu Chemical Co Ltd		59,803
	46,403		Shin-Etsu Polymer Co Ltd		425
	1,290,661		Shinkong Synthetic Fibers Corp		655
	60,400		Shiny Chemical Industrial Co Ltd		234
	171,000	e	Showa Denko KK		3,649
	4,381		Shree Cement Ltd		1,441
	653,083		Siam Cement PCL (Foreign)		8,239
	947,108		Sibanye Stillwater Ltd		3,817
	335,077		SIG Combibloc Group AG.		7,802
	11,842		Sika AG.		3,228
	202,848		Silgan Holdings, Inc		7,522
	880,466	*	Silver Lake Resources Ltd		1,215
	191,744		Silvercorp Metals, Inc		1,282
	120,629	*,e	SilverCrest Metals, Inc		1,345
	176,163		Sims Group Ltd		1,822
	47,000		Sinoma Science & Technology Co Ltd		174
	659,867		Sinopec Shanghai Petrochemical Co Ltd (Class A)		347
	6,831	*	SK Chemicals Co Ltd (New)		2,476

105

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,437	*	SKC Co Ltd	$	1,425
	10,866	*	SKCKOLONPI, Inc		371
	11,033		Skshu Paint Co Ltd		256
	506,214		Smurfit Kappa Group plc		23,525
	99,905		Sociedad Quimica y Minera de Chile S.A. (Class B)		4,866
	3,838	*	SODIFF Advanced Materials Co Ltd		1,265
	261,000		Solar Applied Materials Technology Co		405
	2,506,542	*	SolGold plc		1,111
	6,190		Solvay S.A.		730
	12,127	*	Songwon Industrial Co Ltd		178
	29,042		Sonoco Products Co		1,721
	27,351	*	Soulbrain Co Ltd		6,871
	4,210,655		South32 Ltd		8,047
	193,043		Southern Copper Corp (NY)		12,571
	53,947		Southern Province Cement Co		1,212
	23,435		SRF Ltd		1,791
	266,794		Ssab Svenskt Stal AB (Series A)		946
	643,493	e	Ssab Svenskt Stal AB (Series B)		2,040
	202,839	*	SSR Mining, Inc		4,073
	1,163,774		St Barbara Ltd		2,117
	295,083	e	Steel Dynamics, Inc		10,880
	38,970		Stelco Holdings, Inc		696
	11,000		Stella Chemifa Corp		354
	66,763		Stella-Jones, Inc		2,427
	50,759		Stepan Co		6,057
	2,887		STO AG.		456
	554,196		Stora Enso Oyj (R Shares)		10,612
	49,812		Sumitomo Bakelite Co Ltd		1,718
	1,264,432		Sumitomo Chemical Co Ltd		5,097
	282,385		Sumitomo Metal Mining Co Ltd		12,561
	34,321		Sumitomo Osaka Cement Co Ltd		1,004
	9,467		Sumitomo Seika Chemicals Co Ltd		377
	5,212	*,e	Sumitomo Titanium Corp		43
	467,717	*	Summit Materials, Inc		9,392
	146,541		SunCoke Energy, Inc		637
	2,444,500	*,†,e	Superb Summit International Group Ltd		3
	47,114		Supreme Industries Ltd		1,051
	653,017	*	Suzano Papel e Celulose S.A.		7,333
	523,828		Svenska Cellulosa AB (B Shares)		9,159
	50,000		Swancor Ind Co Ltd		272
	12,287		Symrise AG.		1,633
	28,900		T Hasegawa Co Ltd		608
	873,127		TA Chen Stainless Pipe		974
	225	*	Taekwang Industrial Co Ltd		166
	51,007		Taiheiyo Cement Corp		1,278
	2,063,482		Taiwan Cement Corp		3,177
	619,000		Taiwan Fertilizer Co Ltd		1,196
	397,725		Taiwan Hon Chuan Enterprise Co Ltd		855
	369,346		Taiwan Styrene Monomer		248
	18,600		Taiyo Ink Manufacturing Co Ltd		1,102
	248,619		Taiyo Nippon Sanso Corp		4,625
	13,655		Takasago International Corp		314
	5,300	e	Taki Chemical Co Ltd		335
	61,014		Takiron Co Ltd		408

106

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	68,216		Tangshan Jidong Cement Co Ltd	$	148
	132,078		Tata Chemicals Ltd		865
	299,541		Tata Steel Ltd		2,646
	9,046		Tayca Corp		133
	57,995	*	Technosemichem Co Ltd		2,414
	436,199		Teck Cominco Ltd		7,916
	118,646		Teijin Ltd		2,233
	16,600		Tenma Corp		329
	128,766	*	Teranga Gold Corp		1,382
	29,735	*	Tessenderlo Chemie NV		1,186
	3,004,442	*,e	ThyssenKrupp AG.		29,771
	2,524,000		Tiangong International Co Ltd		1,126
	81,061	*	TimkenSteel Corp		379
	538,359		Tipco Asphalt PCL		315
	32,337		Titan Cement International S.A.		543
	99,103		Toagosei Co Ltd		1,165
	17,424		Toho Titanium Co Ltd		150
	198,129	e	Tokai Carbon Co Ltd		2,481
	7,800		Tokushu Tokai Holdings Co Ltd		377
	65,241		Tokuyama Corp		1,469
	32,514	e	Tokyo Ohka Kogyo Co Ltd		2,284
	82,804	e	Tokyo Steel Manufacturing Co Ltd		536
	531,750	*	Ton Yi Industrial Corp		225
	106,844	*	Tong Yang Major Corp		117
	100,078		Tongkun Group Co Ltd		316
	511,065		Tongling Nonferrous Metals Group Co Ltd		201
	1,217,492		Toray Industries, Inc		7,221
	93,997	*	Torex Gold Resources, Inc		1,410
	188,173		Tosoh Corp		2,940
	5,100		Toyo Gosei Co Ltd		585
	41,000		Toyo Ink Manufacturing Co Ltd		785
	162,801		Toyo Seikan Kaisha Ltd		1,783
	78,948		Toyobo Co Ltd		1,057
	4,306,600		TPI Polene PCL		264
	217,410		Transfar Zhilian Co Ltd		157
	45,539	*	Trecora Resources		318
	44,284		Tredegar Corp		740
	52,531		Trinseo S.A.		2,690
	387,845	e	Tronox Holdings plc		5,670
	393,000		TSRC Corp		327
	759,259		Tung Ho Steel Enterprise Corp		988
	110,481	*,e	Turquoise Hill Resources Ltd		1,374
	104,526		UBE Industries Ltd		1,900
	16,205	*	UFP Technologies, Inc		755
	48,116		Ultra Tech Cement Ltd		3,489
	16,492		Umicore S.A.		793
	36,819		Uniao de Industrias Petroquimicas S.A.		364
	4,428		Unid Co Ltd		197
	201,656		United Phosphorus Ltd		1,289
	2,833		United States Lime & Minerals, Inc		323
	368,637	e	United States Steel Corp		6,182
	303,000		Universal Cement Corp		251
	592,650		UPC Technology Corp		406

107

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	467,487		UPM-Kymmene Oyj	$	17,433
	25,094	*	US Concrete, Inc		1,003
	1,283,973		USI Corp		1,034
	333,184		Usinas Siderurgicas de Minas Gerais S.A. (Preference)		940
	3,251,129		Vale S.A.		54,721
	65,283		Valvoline, Inc		1,511
	38,153	g	Verallia S.A.		1,353
	54,557		Verso Corp		656
	30,143	*	Vetropack Holding AG.		2,035
	37,575	*	Victoria Gold Corp		360
	93,455		Victrex plc		2,990
	20,150		Vinati Organics Ltd		334
	186,620		Vinythai PCL (Foreign)		200
	99,808	e	Voestalpine AG.		3,562
	25,088		Vulcan Materials Co		3,721
	270,717		Wacker Chemie AG.		38,784
	551,821	*,e	Wallbridge Mining Co Ltd		338
	169,896		Wanhua Chemical Group Co Ltd		2,367
	77,267		Warrior Met Coal, Inc		1,647
	32,089		Weihai Guangwei Composites Co Ltd		437
	152,706	*	Wesdome Gold Mines Ltd		1,274
	893,257	*	West African Resources Ltd		720
	1,606,491		West China Cement Ltd		239
	65,534	e	West Fraser Timber Co Ltd		4,210
	225,094		Western Areas NL		458
	334,516	*	Westgold Resources Ltd		682
	10,545		Westlake Chemical Corp		860
	364,890		WestRock Co		15,884
	466,932		Wheaton Precious Metals Corp		19,500
	4,068,851		Wienerberger AG.		129,636
	35,723		Winpak Ltd		1,202
	59,264		Worthington Industries, Inc		3,043
	455,467		WR Grace and Co		24,969
	45,415		Xiamen Tungsten Co Ltd		117
	311,401		Yamama Cement Co		2,453
	881,405		Yamana Gold, Inc		5,034
	40,105		Yamato Kogyo Co Ltd		1,073
	112,329		Yanbu Cement Co		1,216
	113,718		Yanbu National Petrochemical Co		1,937
	18,963		Yara International ASA		787
	245,974		Yeun Chyang Industrial Co Ltd		250
	811,220	*	Yieh Phui Enterprise		393
	130,523		Yintai Gold Co Ltd		172
	22,255		Yodogawa Steel Works Ltd		455
	7,496	*	Youlchon Chemical Co Ltd		142
	388	*	Young Poong Corp		192
	231,000	*,†,e	Youyuan International Holdings Ltd		0	^
	2,381,849		Yuen Foong Yu Paper Manufacturing Co Ltd		2,500
	367,590		Yule Catto & Co plc		2,255
	41,174		Yunnan Energy New Material Co Ltd		894
	32,986	*	Zaklady Azotowe w Tarnowie-Moscicach S.A.		243
	1,494,416		Zeon Corp		21,468
	997,580		Zhaojin Mining Industry Co Ltd		1,189
	61,953	*	Zhejiang Huayou Cobalt Co Ltd		752

108

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	107,900		Zhejiang Juhua Co Ltd	$	134
	180,818		Zhejiang Longsheng Group Co Ltd		377
	207,296		Zhongjin Gold Corp Ltd		280
	25,005		Zignago Vetro S.p.A.		418
	5,135,232		Zijin Mining Group Co Ltd		5,818
	1,124,916		Zijin Mining Group Co Ltd (Class A)		1,601
			TOTAL MATERIALS		5,739,448

MEDIA & ENTERTAINMENT - 7.1%
	1,962,081		Activision Blizzard, Inc		182,179
	16,513		Addcn Technology Co Ltd		125
	205,062	*	Adevinta ASA		3,447
	2,082,922	*,e	Advantage Solutions, Inc		27,432
	9,519	*	Affle India Ltd		494
	6,070	*	AfreecaTV Co Ltd		339
	7,000		Akatsuki, Inc		281
	5,511,173	*	Alibaba Pictures Group Ltd		684
	578,288	*	Alphabet, Inc (Class A)		1,013,531
	814,916	*	Alphabet, Inc (Class C)		1,427,635
	501,247	*,e	Altice USA, Inc		18,982
	95,700	*,e	Amazia, Inc		2,044
	85,774	e	AMC Entertainment Holdings, Inc		182
	94,859	*,e	AMC Networks, Inc		3,393
	21,740		Amuse, Inc		544
	102,269	e	Antena 3 de Television S.A.		360
	1,562		APG SGA S.A.		348
	147,636		Arnoldo Mondadori Editore S.p.A.		274
	413,708		Ascential plc		2,166
	563,700		Astro Malaysia Holdings BHD		127
	2,623,053	g	Auto Trader Group plc		21,351
	24,523		Autohome, Inc (ADR)		2,443
	37,859		Avex Group Holdings, Inc		420
	334,271	*	Baidu, Inc (ADR)		72,283
	81,857		Beijing Enlight Media Co Ltd		151
	72,287		Beijing Kunlun Tech Co Ltd		221
	7,300	*,e	Bengo4.com, Inc		722
	201,548	*,e	Bilibili, Inc (ADR)		17,277
	752,489		Bollore		3,115
	455,669	*,e	Borussia Dortmund GmbH & Co KGaA		3,011
	21,326	*	Boston Omaha Corp		590
	7,000	*	Bushiroad, Inc		152
	2,454		Cable One, Inc		5,467
	39,300		Capcom Co Ltd		2,549
	31,628	*,e	Cardlytics, Inc		4,516
	199,970	*	Cargurus, Inc		6,345
	109,302	*	Cars.com, Inc		1,235
	514,122		carsales.com Ltd		7,941
	261,000	*,g	Cathay Media And Education Group, Inc		277
	65,599	*	CD Projekt Red S.A.		4,837
	327,500	*	Charter Communications, Inc		216,658
	30,564	*	Cheil Communications, Inc		581
	161,865	*,†	Chennai Super Kings Cricket Ltd		31
	11,385		China Film Co Ltd		22

109

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	129,758	*,e,g	China Literature Ltd	$	1,020
	6,200		China South Publishing & Media Group Co Ltd		9
	164,951	e	Cinemark Holdings, Inc		2,872
	69,534	e	Cineplex Galaxy Income Fund		506
	1,157,173	e	Cineworld Group plc		1,018
	17,495	*	CJ CGV Co Ltd		407
	356,000		CMGE Technology Group Ltd		127
	54,970		Cogeco Communications, Inc		4,226
	13,913		Cogeco, Inc		896
	49,918	*,e	COLOPL, Inc		494
	7,056		Com2uSCorp		1,037
	14,127,337		Comcast Corp (Class A)		740,272
	100,695	*	comScore, Inc		251
	66,700	*	COOKPAD, Inc		201
	492,255		Corus Entertainment, Inc		1,655
	271,160		CTS Eventim AG.		18,125
	63,610		CyberAgent, Inc		4,388
	113,454		Cyfrowy Polsat S.A.		925
	39,831		Daiichikosho Co Ltd		1,378
	826	*	Daily Journal Corp		334
	173,833	e	Daily Mail & General Trust plc		1,771
	181,811		Dena Co Ltd		3,236
	183,228	e	Dentsu, Inc		5,453
	81,972	*	DHI Group, Inc		182
	25,764		Dip Corp		688
	33,490	*,e	Discovery, Inc (Class A)		1,008
	61,738	*	Discovery, Inc (Class C)		1,617
	383,419	*	DISH Network Corp (Class A)		12,400
	262,707		Domain Holdings Australia Ltd		909
	387,264	*,e	DouYu International Holdings Ltd (ADR)		4,283
	10,514		Echo Marketing, Inc		291
	670,658		Electronic Arts, Inc		96,307
	243,805	*	Embracer Group AB		5,802
	50,213		Emerald Holding, Inc		272
	231,225		Entercom Communications Corp (Class A)		571
	357,784		Entravision Communications Corp (Class A)		984
	295,826	*,e	Eros International plc		538
	111,723		Euromoney Institutional Investor plc		1,632
	181,003		Eutelsat Communications		2,048
	66,205	*,e	Eventbrite Inc		1,198
	49,490	*	EverQuote Inc		1,848
	122,808		EW Scripps Co (Class A)		1,878
	52,129		F@N Communications, Inc		212
	5,329,857	*	Facebook, Inc		1,455,904
	28,111	*	Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS		112
	63,839	*	Fluent, Inc		339
	838,907		Focus Media Information Technology Co Ltd		1,268
	260,461		Fox Corp (Class A)		7,585
	234,914		Fox Corp (Class B)		6,784
	20,227	*	Frontier Developments plc		852
	50,300	*	Fuji Television Network, Inc		537
	471,242		Future plc		11,170
	10,900	*	GA Technologies Co Ltd		331
	19,177	*	Gaia, Inc		189

110

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,248		Gakken Co Ltd	$	276
	4,170		G-bits Network Technology Xiamen Co Ltd		272
	37,165		Giant Network Group Co Ltd		99
	276,100	*,e	giftee, Inc		8,985
	683,896	*	Glu Mobile, Inc		6,162
	1,594		Gourmet Navigator, Inc		8
	229,705	*,e	Gray Television, Inc		4,109
	123,150		Gree, Inc		722
	2,141,929	*,e	Grupo Televisa S.A.		3,524
	4,944,977	*	Grupo Televisa SAB (ADR)		40,747
	107,643	*,e	GungHo Online Entertainment Inc		2,410
	141,037		Hakuhodo DY Holdings, Inc		1,938
	29,039	*	Hemisphere Media Group, Inc		301
	5,800	*,e	Heroz, Inc		150
	252,000		Homeland Interactive Technology Ltd		171
	254,630	e	HT&E Ltd		364
	1,930,425	*,e	HUYA, Inc (ADR)		38,473
	37,464	*	Hyundai Hy Communications & Network Co		133
	379,786	*	IBN18 Broadcast Ltd		161
	260,047	*,e	iClick Interactive Asia Group Ltd (ADR)		2,221
	361,600	*,e,g	iDreamSky Technology Holdings Ltd		191
	912,000		IGG, Inc		956
	224,410	*,e	iHeartMedia, Inc		2,913
	103,400	g	IMAX China Holding, Inc		175
	80,387	*	Imax Corp		1,449
	41,148		Info Edge India Ltd		2,684
	1,265,458		Informa plc		9,462
	42,508	*	Innocean Worldwide, Inc		2,334
	39,716	*	Inox Leisure Ltd		154
	47,854		International Games System Co Ltd		1,295
	483,376		Interpublic Group of Cos, Inc		11,369
	39,621		IPSOS		1,337
	116,548	*,e	IQIYI, Inc (ADR)		2,037
	9,900	*	ITmedia, Inc		212
	8,256	*	Itokuro, Inc		103
	7,838,008		ITV plc		11,421
	194,470	e	JC Decaux S.A.		4,436
	4,185	*	Jcontentree Corp		146
	8,472		John Wiley & Sons, Inc (Class A)		387
	24,416		JOYY, Inc (ADR)		1,953
	38,289	*	Just Dial Ltd		332
	563,610	*,e	Juventus Football Club S.p.A.		561
	20,049	*	JYP Entertainment Corp		710
	53,262		Kadokawa Dwango Corp		1,936
	78,780		Kakaku.com, Inc		2,156
	23,639	*	Kakao Corp		8,482
	291,500	*,e	Kamakura Shinsho Ltd		3,234
	14,571	e	Kinepolis Group NV		618
	36,184	*	KLab, Inc		315
	51,271		Konami Corp		2,885
	18,628	*	KT Skylife Co Ltd		151
	56,533	e	Lagardere S.C.A.		1,414
	443,759		Leo Group Co Ltd		206

111

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	11,775	*,e	Liberty Braves Group (Class A)	$	293
	129,782	*	Liberty Braves Group (Class C)		3,229
	35,213	*	Liberty Broadband Corp (Class A)		5,549
	250,260	*	Liberty Broadband Corp (Class C)		39,634
	37,997	*	Liberty Media Group (Class A)		1,444
	365,120	*	Liberty Media Group (Class C)		15,554
	119,923	*	Liberty SiriusXM Group (Class A)		5,179
	247,523	*	Liberty SiriusXM Group (Class C)		10,770
	128,799	*	Liberty TripAdvisor Holdings, Inc		559
	149,462	*,e	Lions Gate Entertainment Corp (Class A)		1,699
	166,676	*	Lions Gate Entertainment Corp (Class B)		1,730
	238,138	*	Live Nation, Inc		17,498
	222,065	*,e	LiveXLive Media, Inc		728
	54,087		Loral Space & Communications, Inc		1,135
	39,694		M6-Metropole Television		643
	27,827	*	Madison Square Garden Co		5,123
	26,717	*	Madison Square Garden Entertainment Corp		2,806
	588,201	*	Mail.Ru Group Ltd		15,470
	491,300		Major Cineplex Group PCL (Foreign)		300
	50,422		Mango Excellent Media Co Ltd		560
	35,600	e	Marcus Corp		480
	30,958		Marvelous, Inc		266
	1,218,324	*,e	Match Group, Inc		184,198
	7,322	*	MediaAlpha, Inc		286
	649,706	*	Mediaset Espana Comunicacion SA		3,377
	276,894	*,e	Mediaset S.p.A.		707
	261,399		Megacable Holdings SAB de C.V.		955
	1,772,500	*,g	Meitu, Inc		330
	92,644		Meredith Corp		1,779
	46,790		Mixi Inc		1,162
	375,697	*,g	Mobvista, Inc		234
	65,530	*	Modern Times Group AB (B Shares)		1,165
	63,415		Momo, Inc (ADR)		885
	57,239	*,e	MSG Networks, Inc		844
	21,100		MTI Ltd		168
	178,520		MultiChoice Group Ltd		1,630
	67,179		NanJi E-Commerce Co Ltd		141
	119,320		National CineMedia, Inc		444
	51,571	*	Naver Corp		13,902
	6,856	*	NCsoft		5,886
	9,643	*	Neowiz Games Corp		200
	172,634		NetDragon Websoft, Inc		387
	173,519	e	Netease.com (ADR)		16,618
	844,539	*	Netflix, Inc		456,668
	8,572	*,g	Netmarble Corp		1,039
	4,141		New Work SE		1,416
	241,054		New York Times Co (Class A)		12,479
	97,525		News Corp (Class A)		1,753
	29,796	e	News Corp (Class B)		529
	364,860		Nexon Co Ltd		11,258
	70,959		Nexstar Media Group Inc		7,748
	75,308	*	Next Co Ltd		270
	7,115	*	NHN Entertainment Corp		489
	1,519,344		Nine Entertainment Co Holdings Ltd		2,720

112

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	246,532		Nintendo Co Ltd	$	158,259
	56,600	*	Nippon Television Network Corp		617
	69,695		Nordic Entertainment Group AB		3,885
	101,296		Omnicom Group, Inc		6,318
	551,396		oOh!media Ltd		706
	17,400		OPT, Inc		294
	95,089		Paradox Interactive AB		2,954
	10,354	*	Pearl Abyss Corp		2,483
	444,107	e	Pearson plc		4,076
	117,634		Perfect World Co Ltd		531
	649,772	*	Pinterest, Inc		42,820
	1,523,405		Plan B Media PCL		318
	3,435		PlayWay S.A.		583
	105,100	*,e	PR Times, Inc		3,545
	244,140	*	Promotora de Informaciones S.A.		266
	229,550	e	ProSiebenSat. Media AG.		3,865
	61,008		Proto Corp		616
	3,483,198	*	PT Media Nusantara Citra Tbk		283
	12,428,300	*	PT Surya Citra Media Tbk		2,029
	18,100		Publicis Groupe S.A.		900
	31,470		PVR Ltd		570
	160,620		Quebecor, Inc		4,134
	109,078	*	QuinStreet, Inc		2,339
	49,054	*,e	Qutoutiao, Inc (ADR)		78
	86,504	g	RAI Way S.p.A		579
	45,833		REA Group Ltd		5,250
	1,658,496		Rightmove plc		14,735
	187,959	*	Roku, Inc		62,406
	50,600	e,g	Rovio Entertainment Oyj		390
	22,453	*,e	RPA Holdings, Inc		140
	339,400		RS PCL		196
	286,023	*	S4 Capital plc		1,956
	2,987		Saga Communications, Inc		72
	99,357		Sanoma-WSOY Oyj		1,668
	29,140	*	Saudi Research & Marketing Group		610
	6,668		Schibsted ASA		284
	84,421		Schibsted ASA (B Shares)		3,134
	47,017		Scholastic Corp		1,175
	285,139	g	Scout24 AG.		23,300
	268,449	*	Sea Ltd (ADR)		53,435
	291,210		Seek Ltd		6,385
	2,383,600		Septeni Holdings Co Ltd		9,791
	328,663		SES Global S.A.		3,085
	34,596		Shanghai Oriental Pearl Group Co Ltd		47
	431,593	e	Shaw Communications, Inc (B Shares)		7,575
	9,001		Shochiku Co Ltd		1,234
	24,060	*	Sina Corp		1,020
	71,700	e	Sinclair Broadcast Group, Inc (Class A)		2,284
	1,802,500	e	Singapore Press Holdings Ltd		1,542
	1,778,420	e	Sirius XM Holdings, Inc		11,329
	142,300		Sky Perfect Jsat Corp		701
	14,103	*	SM Entertainment Co		387
	617,600	*,†,e	SMI Holdings Group Ltd		1

113

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	54,497		Smiles Fidelidade S.A.	$	248
	362,539	*	Snap, Inc		18,152
	47,454	e	Societe Television Francaise 1		382
	55,540		Soft-World International Corp		210
	22,341	*	Sohu.com Ltd (ADR)		356
	215,261		Southern Cross Media Group		371
	17,700	*,e	So-Young International, Inc (ADR)		197
	299,241	*	Spotify Technology S.A.		94,159
	41,100		Square Enix Co Ltd		2,492
	303,260	*	Stillfront Group AB		3,680
	36,391	*,e	Storytel AB		1,201
	30,022		Stroer Out-of-Home Media AG.		2,967
	461,227	*	Take-Two Interactive Software, Inc		95,838
	3,034	*	Tamedia AG.		242
	134,632	*	Team17 Group plc		1,458
	98,222	*	TechTarget, Inc		5,806
	20,100		Tecmo Koei Holdings Co Ltd		1,227
	571,783		TEGNA, Inc		7,976
	48,831		Telenet Group Holding NV		2,089
	342,096		Television Broadcasts Ltd		353
	2,937		TEN Square Games S.A.		437
	9,401,359		Tencent Holdings Ltd		676,463
	834,185	*	Tencent Music Entertainment (ADR)		16,050
	9,500	e	Toei Animation Co Ltd		745
	5,684		Toei Co Ltd		930
	50,270		Toho Co Ltd		2,120
	36,600		Tokyo Broadcasting System, Inc		644
	138,800	*	Tongdao Liepin Group		334
	25,782		Tribune Publishing Co		353
	152,465	*	TripAdvisor, Inc		4,388
	160,710	*	TrueCar, Inc		675
	24,551		TV Asahi Corp		403
	6,500		TV Tokyo Corp		145
	1,876,005	*	Twitter, Inc		101,586
	247,092	*	Ubisoft Entertainment		23,812
	10,900	*,e	UUUM, Inc		169
	17,458		ValueCommerce Co Ltd		541
	32,335	*,e	Vector, Inc		313
	2,571,100		VGI PCL		571
	15,727		ViacomCBS, Inc (Class A)		595
	1,103,471		ViacomCBS, Inc (Class B)		41,115
	585,774		Vivendi Universal S.A.		18,894
	4,420,238	*	Walt Disney Co		800,859
	14,449	*	Webzen, Inc		461
	24,126	*,e	Weibo Corp (ADR)		989
	6,898	*	WeMade Entertainment Co Ltd		245
	168,190	*	WideOpenWest, Inc		1,795
	82,426		World Wrestling Entertainment, Inc (Class A)		3,961
	1,400		Wowow, Inc		38
	1,541,908		WPP plc		16,708
	58,523		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		280
	67,000	*	XD, Inc		405
	781,376	*	Yandex NV		54,368

114

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	247,605	*	Yelp, Inc	$	8,089
	7,671	*	YG Entertainment, Inc		316
	303,705		YouGov plc		4,340
	2,287,601		Z Holdings Corp		13,843
	364,365		ZEE Telefilms Ltd		1,118
	35,450		Zenrin Co Ltd		434
	397,313	*	Zhejiang Century Huatong Group Co Ltd		432
	63,000		ZIGExN Co Ltd		242
	88,595	*,e	Zillow Group, Inc (Class A)		12,044
	247,026	*,e	Zillow Group, Inc (Class C)		32,064
	1,471,196	*	Zynga, Inc		14,521
			TOTAL MEDIA & ENTERTAINMENT		9,074,077

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.0%
	255,981	*	10X Genomics, Inc		36,247
	546,651	*,g	3SBio, Inc		499
	56,410	*	89bio, Inc		1,375
	36,741		Aarti Drugs Ltd		355
	32,464	*,e	AB Science S.A.		790
	5,647,877		AbbVie, Inc		605,170
	218,245		Abcam plc		4,626
	89,334	*	Abeona Therapeutics, Inc		140
	20,552	*	ABLBio, Inc		590
	488,585	*	Acadia Pharmaceuticals, Inc		26,120
	90,205	*	Acceleron Pharma, Inc		11,541
	130,498	*,e	AcelRx Pharmaceuticals, Inc		162
	131,781	*	Adaptive Biotechnologies Corp		7,792
	39,398		Adcock Ingram Holdings Ltd		123
	244,000	*	Adimmune Corp		485
	52,178	*,e	ADMA Biologics, Inc		102
	140,281	*	Adverum Biotechnologies, Inc		1,521
	36,293	*	Aeglea BioTherapeutics, Inc		286
	101,841	*,e	Aerie Pharmaceuticals, Inc		1,376
	120,272	*	Affimed NV		700
	122,226	*	Agenus, Inc		389
	63,006	*,e	Agile Therapeutics, Inc		181
	74,331		Agilent Technologies, Inc		8,807
	115,763	*	Agios Pharmaceuticals, Inc		5,016
	19,335		Ajanta Pharma Ltd		432
	99,827	*	Akebia Therapeutics, Inc		280
	11,675	*	Akero Therapeutics, Inc		301
	10,394	*	Akouos, Inc		206
	17,026	*	Albireo Pharma, Inc		639
	75,281	*,†,e	Alder Biopharmaceuticals Inc		66
	76,741	*	Alector, Inc		1,161
	47,751		Alembic Pharmaceuticals Ltd		675
	255,677	*	Alexion Pharmaceuticals, Inc		39,947
	6,572	*	Aligos Therapeutics, Inc		182
	6,741	*	ALK-Abello AS		2,777
	86,034	*	Alkermes plc		1,716
	27,009	*,e	Allakos, Inc		3,781
	507,032		Alliance Pharma plc		607
	71,818	*,e	Allogene Therapeutics, Inc		1,813

115

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,304	*,e	Allovir, Inc	$	973
	184,263	*	Alnylam Pharmaceuticals, Inc		23,949
	8,097	*	Alteogen, Inc		1,342
	17,894	*	ALX Oncology Holdings, Inc		1,542
	816,552		Amgen, Inc		187,742
	10,710	*	Amicogen, Inc		380
	982,773	*	Amicus Therapeutics, Inc		22,692
	265,114	*	Amneal Pharmaceuticals, Inc		1,212
	71,029	*	Amphastar Pharmaceuticals, Inc		1,428
	33,760	*	AnaptysBio, Inc		726
	46,349	*,e	Anavex Life Sciences Corp		250
	130,372	*,e	AnGes MG, Inc		1,574
	12,733	*,e	ANI Pharmaceuticals, Inc		370
	22,578	*,e	Anika Therapeutics, Inc		1,022
	18,806	*	Annexon, Inc		471
	5,225	*	Anterogen Co Ltd		300
	1,287,120	*,†	Anxin-China Holdings Ltd		2
	79,033	*,e	Apellis Pharmaceuticals, Inc		4,521
	37,071		Apeloa Pharmaceutical Co Ltd		132
	300,921	*,e	Aphria, Inc		2,080
	37,688	*,e	Applied Genetic Technologies Corp		154
	11,475	*,e	Applied Molecular Transport, Inc		353
	12,072	*,e	Applied Therapeutics, Inc		266
	6,430	*,e	Aprea Therapeutics, Inc		32
	66,907	*,e	Aptinyx, Inc		231
	133,598	*,e	Aquestive Therapeutics, Inc		715
	11,607	*,e	Aravive Inc		65
	28,116	*	Arcturus Therapeutics Holdings, Inc		1,220
	80,473	*	Arcus Biosciences, Inc		2,089
	103,094	*,e	Arcutis Biotherapeutics, Inc		2,900
	117,801	*	Ardelyx, Inc		762
	184,548	*	Arena Pharmaceuticals, Inc		14,179
	70,614	*	Argenx SE		20,809
	214,403	*	Arrowhead Pharmaceuticals Inc		16,451
	58,415	*	Arvinas, Inc		4,961
	272,000	*,e,g	Ascletis Pharma, Inc		101
	20,596		ASKA Pharmaceutical Co Ltd		319
	164,365	*	Aspen Pharmacare Holdings Ltd		1,405
	38,056	*	Assembly Biosciences, Inc		230
	1,087,484		Astellas Pharma, Inc		16,838
	4,228		AstraZeneca Pharma India Ltd		267
	3,066,116		AstraZeneca plc		305,732
	966,988	e	AstraZeneca plc (ADR)		48,340
	26,816		Asymchem Laboratories Tianjin Co Ltd		1,227
	272,750	*	Atara Biotherapeutics, Inc		5,354
	9,798	*	Atea Pharmaceuticals, Inc		409
	22,474	*	ATGen Co Ltd		436
	171,864	*	Athenex, Inc		1,901
	157,580	*,e	Athersys, Inc		276
	8,323	*	Athira Pharma, Inc		285
	29,114	*,e	Atreca, Inc		470
	117,957	*,e	Aurinia Pharmaceuticals, Inc		1,627
	546,990		Aurobindo Pharma Ltd		6,888
	238,417	*,e	Aurora Cannabis, Inc		1,985

116

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	271,146	*	Avacta Group plc	$	423
	3,629,167	*	Avantor, Inc		102,161
	6,333	*,e	Avenue Therapeutics, Inc		38
	25,162	*,e	AVEO Pharmaceuticals, Inc		145
	357,768	*	Avid Bioservices, Inc		4,129
	14,702	*,e	Avidity Biosciences, Inc		375
	22,619	*,e	Avrobio, Inc		315
	22,308	*	Axcella Health, Inc		116
	200,469	*,e	Axsome Therapeutics, Inc		16,332
	2,412	*,e	Aytu BioScience, Inc		14
	6,301		Bachem Holding AG.		2,818
	11,894	*	Basilea Pharmaceutica		714
	295,906	*	Bausch Health Cos, Inc		6,139
	59,575	*,e	Bavarian Nordic AS		1,816
	389,144		Bayer AG.		22,925
	64,203	*,e	Beam Therapeutics, Inc		5,242
	18,858	*	BeiGene Ltd (ADR)		4,873
	36,091		Beijing Tiantan Biological Products Corp Ltd		230
	213,000	e	Beijing Tong Ren Tang Chinese Medicine Co Ltd		224
	126,383	*	Berkeley Lights, Inc		11,300
	21,661		Betta Pharmaceuticals Co Ltd		355
	48,464	*,e	Beyondspring Inc		591
	10,820		BGI Genomics Co Ltd		212
	21,294	*	Binex Co Ltd		522
	37,664	e,g	BioArctic AB		437
	184,636	*	Biocon Ltd		1,176
	397,157	*,e	BioCryst Pharmaceuticals, Inc		2,959
	578,758	*	BioDelivery Sciences International, Inc		2,431
	17,894		Biogaia AB (B Shares)		1,164
	253,569	*	Biogen, Inc		62,089
	117,530	*	Biohaven Pharmaceutical Holding Co Ltd		10,073
	461,357	*	BioMarin Pharmaceutical, Inc		40,456
	13,550	*	Bioneer Corp		222
	1	*	BioNTech SE (ADR)		0	^
	6,947	*	Bio-Rad Laboratories, Inc (Class A)		4,050
	64,495		Biotage AB		1,090
	17,105		Bio-Techne Corp		5,432
	305,938	*	Biovitrum AB		6,157
	16,917	*,e	Bioxcel Therapeutics Inc		782
	12,706	*	Black Diamond Therapeutics, Inc		407
	120,767	*	Bluebird Bio, Inc		5,226
	86,498	*	Blueprint Medicines Corp		9,701
	5,035		Boiron S.A.		254
	51,293	*,g	BoneSupport Holding AB		484
	17,350	*	Boryung Pharmaceutical Co Ltd		305
	24,956	*,e	BrainStorm Cell Therapeutics, Inc		113
	94,299	*,e	Bridgebio Pharma, Inc		6,706
	4,002,120		Bristol-Myers Squibb Co		248,252
	33,654		Bruker BioSciences Corp		1,822
	27,572		Bukwang Pharmaceutical Co Ltd		715
	6,970	*	C4 Therapeutics, Inc		231
	41,468	*,e	Cabaletta Bio, Inc		518
	53,552	*,e	Calithera Biosciences, Inc		263

117

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	29,479	*	Calliditas Therapeutics AB	$	499
	6,037	*,e	Calyxt, Inc		25
	32,188	*,e	Camurus AB		728
	206,270	*,e	Canopy Growth Corp (Toronto)		5,075
	27,675	*,e,g	CanSino Biologics, Inc		630
	92,875	*	Cantargia AB		722
	115,069	*,e	Cara Therapeutics, Inc		1,741
	170,195	*	CareDx, Inc		12,331
	2,312		Caregen Co Ltd		153
	42,827	*	CASI Pharmaceuticals, Inc		126
	137,514	*,e	Cassava Sciences, Inc		938
	21,976	*,e	Catabasis Pharmaceuticals, Inc		47
	672,550	*	Catalent, Inc		69,992
	51,870	*	Catalyst Biosciences, Inc		327
	255,975	*	Catalyst Pharmaceuticals, Inc		855
	68,429	*	Cellectis S.A.		1,957
	20,950	*	CELLINK AB		591
	4,881	*	Cellivery Therapeutics, Inc		847
	2,000	*	CellSource Co Ltd		211
	6,964	*	Celltrion Pharm Inc		1,532
	85,077	*,e	Celltrion, Inc		28,160
	12,060	*	Cellular Biomedicine Group, Inc		222
	24,257	*,e	CEL-SCI Corp		283
	230,765		Center Laboratories, Inc		569
	20,920	*	Centogene NV		226
	30,590	*	Cerecor Inc		81
	6,797	*	Champions Oncology, Inc		73
	9,914		Changchun High & New Technology Industry Group, Inc		681
	89,292	*	Charles River Laboratories International, Inc		22,311
	111,285	*,e	Charlottes Web Holdings, Inc		366
	7,945	*	Checkmate Pharmaceuticals, Inc		116
	70,388	*,e	Checkpoint Therapeutics Inc		187
	67,871	*	ChemoCentryx, Inc		4,203
	44,144		Chemometec A.S.		4,193
	20,434		Chengdu Kanghong Pharmaceutical Group Co Ltd		151
	80,853	*	Chiasma, Inc		352
	83,853	*	Chimerix, Inc		405
	1,212,000		China Grand Pharmaceutical and Healthcare Holdings Ltd		1,076
	545,660		China Medical System Holdings Ltd		610
	660,393	g	China Resources Pharmaceutical Group Ltd		340
	12,420		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		47
	584,560		China Shineway Pharmaceutical Group Ltd		400
	17,882	*	Chinook Therapeutics, Inc		284
	2,327	*	Chong Kun Dang Pharm Corp		274
	5,386	*	Chong Kun Dang Pharmaceutical Corp		1,124
	38,780		Chongqing Zhifei Biological Products Co Ltd		877
	10,289	*	Choongwae Pharma Corp		333
	40,182	*,e	ChromaDex Corp		193
	447,399		Chugai Pharmaceutical Co Ltd		23,871
	30,510	*,e	Cidara Therapeutics, Inc		61
	365,663		Cipla Ltd		4,107

118

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,094,000	e	CK Life Sciences International Holdings, Inc	$	351
	128,547		Clinigen Group plc		1,188
	112,159		Clinuvel Pharmaceuticals Ltd		1,929
	168,551	*,e	Clovis Oncology, Inc		809
	76,893	*	CMG Pharmaceutical Co Ltd		410
	95,637	*	Codexis, Inc		2,088
	3,437	*	Codiak Biosciences, Inc		111
	23,880	*,e	Cohbar, Inc		32
	155,294	*,e	Coherus Biosciences, Inc		2,699
	30,229	*	Collegium Pharmaceutical, Inc		605
	155,037	*,e	Compugen Ltd		1,877
	50,771	*	Concert Pharmaceuticals, Inc		642
	72,237	*	Constellation Pharmaceuticals, Inc		2,080
	324,126		Consun Pharmaceutical Group Ltd		127
	49,738	*,e	ContraFect Corp		251
	47,467	*	Corbus Pharmaceuticals Holdings, Inc		59
	134,124	*	Corcept Therapeutics, Inc		3,509
	142,192	*,e	CorMedix Inc		1,056
	18,023	*,e	Cortexyme Inc		501
	8,508	*,e	COSMO Pharmaceuticals NV		817
	54,908	*	Crinetics Pharmaceuticals, Inc		775
	33,706	*	CRISPR Therapeutics AG.		5,161
	211,522	*,e	Cronos Group, Inc		1,469
	26,971	*	CrystalGenomics, Inc		445
	544,744		CSL Ltd		119,022
	3,676,054		CSPC Pharmaceutical Group Ltd		3,743
	568,500	*,g	CStone Pharmaceuticals		739
	60,638	*	Cue Biopharma, Inc		759
	112,717	*	Cymabay Therapeutics, Inc		647
	177,607	*,e	Cytokinetics, Inc		3,691
	96,185	*	CytomX Therapeutics, Inc		630
	95,647		Da An Gene Co Ltd		502
	10,243	*	Daewon Pharmaceutical Co Ltd		183
	42,882	*	Daewoong Co Ltd		1,991
	3,376	*	Daewoong Pharmaceutical Co Ltd		514
	6,302,593		Daiichi Sankyo Co Ltd		215,991
	12,201		Daito Pharmaceutical Co Ltd		440
	666,032		Dechra Pharmaceuticals plc		31,368
	65,234	*	Deciphera Pharmaceuticals, Inc		3,723
	100,075	*,e	Denali Therapeutics, Inc		8,382
	24,359		Dermapharm Holding SE		1,695
	7,709	*,e	DermTech, Inc		250
	140,223	*	Dicerna Pharmaceuticals, Inc		3,089
	54,960		Divi S Laboratories Ltd		2,890
	2,505	*	Dong-A Pharmaceutical Co Ltd		283
	3,970	*	Dong-A ST Co Ltd		324
	17,971		Dong-E-E-Jiao Co Ltd		106
	18,276	*	DongKook Pharmaceutical Co Ltd		493
	14,841	*	Dongsung Pharmaceutical Co Ltd		171
	13,513	*	Dongwha Pharm Co Ltd		245
	172,559		Dr Reddy’s Laboratories Ltd		12,286
	96,374	e	Dr Reddys Laboratories Ltd (ADR)		6,871
	270,900		Duopharma Biotech Bhd		228

119

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	306,069	*,e	Durect Corp	$	634
	19,868	*	Dyadic International, Inc		107
	91,806	*,e	Dynavax Technologies Corp		409
	9,230	*	Dyne Therapeutics, Inc		194
	8,405	*	Eagle Pharmaceuticals, Inc		391
	160,669	*	Ecofibre Ltd		236
	134,274	*,e	Editas Medicine, Inc		9,414
	8,281	*,e	Eidos Therapeutics, Inc		1,090
	29,183	*	Eiger BioPharmaceuticals, Inc		359
	375,090		Eisai Co Ltd		26,824
	521,023	*	Elanco Animal Health, Inc		15,980
	1,750,596		Eli Lilly & Co		295,571
	16,249	*,e	Eloxx Pharmaceuticals, Inc		65
	101,835	*	Emergent Biosolutions, Inc		9,124
	29,830	*	Enanta Pharmaceuticals, Inc		1,256
	264,831	*	Endo International plc		1,901
	6,163	*,e	Enochian Biosciences Inc		18
	4,914	*	Enzychem Lifesciences Corp		477
	16,931	*	Eone Diagnomics Genome Center Co Ltd		149
	93,432	*,e	Epizyme, Inc		1,015
	29,600		EPS Co Ltd		280
	39,199	*	Ergomed plc		565
	27,577	g	Eris Lifesciences Ltd		219
	30,042	*,e	Esperion Thereapeutics, Inc		781
	246,000		Essex Bio-technology Ltd		135
	14,538	*,e	Eton Pharmaceuticals, Inc		118
	20,619	*	Eubiologics Co Ltd		405
	224,967	e	Eurofins Scientific SE		18,862
	5,556	*	Eutilex Co Ltd		193
	19,217	*,e	Evelo Biosciences, Inc		232
	73,697	*,e	Evofem Biosciences Inc		178
	28,258	*,e	Evolus, Inc		95
	150,336	*,e	Evotec AG.		5,555
	324,271	*	Exact Sciences Corp		42,963
	490,727	*	Exelixis, Inc		9,849
	60,698	*	Exicure, Inc		107
	512,146		Faes Farma S.A. (Sigma)		2,184
	169,858	*	Fate Therapeutics, Inc		15,445
	32,059		FDC Ltd		146
	49,259	*,e	Fennec Pharmaceuticals, Inc		367
	130,865	*,e	FibroGen, Inc		4,854
	132,091	*	Five Prime Therapeutics, Inc		2,247
	135,875	*,e	Flexion Therapeutics, Inc		1,568
	411,595	*	Fluidigm Corp		2,470
	4,741	*	Foghorn Therapeutics, Inc		96
	15,993	*	Forma Therapeutics Holdings, Inc		558
	54,091	*,e	Fortress Biotech, Inc		171
	18,491	*,e	Frequency Therapeutics, Inc		652
	15,900		Fuji Pharma Co Ltd		192
	87,371	*,e	Fulcrum Therapeutics, Inc		1,023
	188,938	*	G1 Therapeutics, Inc		3,399
	3,543	*,e	Galapagos NV		348
	38,939	*,e	Galectin Therapeutics, Inc		87
	7,896	*,e	Galera Therapeutics, Inc		81

120

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,812	*	GeneOne Life Science, Inc	$	631
	9,446	*	Generation Bio Co		268
	25,400	*	Genetron Holdings Ltd (ADR)		356
	14,434	*	Genexine Co Ltd		1,657
	242,476	*	Genmab A.S. (ADR)		9,859
	135,142	*	Genmab AS		54,799
	631,556	*,e	Genomma Lab Internacional S.A. de C.V.		598
	26,668	*,e	Genprex, Inc		111
	455,386	*	Genscript Biotech Corp		663
	83,742		Genus plc		4,792
	471,875	*,e	Geron Corp		750
	33,606		Gerresheimer AG.		3,624
	717,363		Gilead Sciences, Inc		41,794
	1,611,096		GlaxoSmithKline plc		29,480
	277,365		Glenmark Pharmaceuticals Ltd		1,873
	358,540	*	Global Blood Therapeutics, Inc		15,528
	291,858	*	GlycoMimetics, Inc		1,097
	44,901	*	GNI Group Ltd		788
	111,155	*	Gossamer Bio, Inc		1,075
	122,832		Granules India Ltd		592
	3,889	*	Graybug Vision, Inc		113
	4,877	*	Green Cross Cell Corp		230
	4,637	*	Green Cross Corp		1,736
	16,598	*	Green Cross Holdings Corp		635
	4,129	*	Green Cross LabCell Corp		351
	24,915	e	Grifols S.A.		727
	57,052	*,e	Gritstone Oncology, Inc		225
	17,531	*	G-treeBNT Co Ltd		472
	36,412		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		163
	8	*	GW Pharmaceuticals plc		0	^
	5,822		H Lundbeck AS		199
	351,652	*	Halozyme Therapeutics, Inc		15,019
	24,414	*	Han All Pharmarceutical Co		845
	7,082	*	Handok Pharmaceuticals Co Ltd		218
	104,370		Hangzhou Tigermed Consulting Co Ltd		2,577
	112,553	*,g	Hangzhou Tigermed Consulting Co Ltd (Hong Kong)		2,610
	2,460	*	Hanmi Pharm Co Ltd		831
	31,562	*	Hansa Medical AB		922
	477,839	*,g	Hansoh Pharmaceutical Group Co Ltd		2,316
	3,889	*,e	Harmony Biosciences Holdings, Inc		141
	73,336	*,e	Harpoon Therapeutics, Inc		1,218
	21,726	*,e	Harrow Health, Inc		149
	58,910	*	Harvard Bioscience, Inc		253
	23,000	*,e	HEALIOS KK		439
	171,420	*,e	Heron Therapeutics, Inc		3,628
	68,691		Hikma Pharmaceuticals plc		2,361
	659		Hisamitsu Pharmaceutical Co, Inc		39
	23,538	*	Homology Medicines, Inc		266
	13,721	*,e	Hookipa Pharma, Inc		152
	1,007,899	*	Horizon Therapeutics Plc		73,728
	2,548,684	*,†,e	Hua Han Health Industry Holdings Ltd		20
	89,737		Hualan Biological Engineering, Inc		580

121

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	18,535		Hubei Jumpcan Pharmaceutical Co Ltd	$	57
	5,132	*	Hugel, Inc		888
	67,648		Humanwell Healthcare Group Co Ltd		350
	4,362		Huons Co Ltd		249
	4,233		Huons Global Co Ltd		114
	31,143	*	Hutchison China MediTech Ltd (ADR)		997
	147,644		Hypermarcas S.A.		976
	156,109	*,e	iBio, Inc		164
	40,856	*	ICON plc		7,966
	40,641	*,e	Ideaya Biosciences, Inc		569
	112,991	*,e	Idorsia Ltd		3,261
	5,918	*,e	IGM Biosciences, Inc		523
	7,562	*	Il Dong Pharmaceutical Co Ltd		132
	449,739	*	Illumina, Inc		166,403
	10,467	*	Ilyang Pharmaceutical Co Ltd		635
	5,051	*,e	IMARA, Inc		111
	32,579	*	Immunic, Inc		498
	339,769	*	Immunogen, Inc		2,192
	123,000	*	Immunotech Biopharm Ltd		177
	126,256	*	Immunovant, Inc		5,832
	254,875	*	Incyte Corp		22,169
	1,306,334	*	Indivior plc		1,944
	8,457	*	Inhibrx, Inc		279
	132,191	*,e	Innate Pharma S.A.		562
	757,000	*,g	InnoCare Pharma Ltd		1,317
	1,203,573	*,g	Innovent Biologics, Inc		12,710
	299,427	*	Innoviva, Inc		3,710
	414,205	*,e	Inovio Pharmaceuticals, Inc		3,666
	5,992	*	Inozyme Pharma, Inc		124
	185,302	*	Insmed, Inc		6,169
	134,009	*	Intellia Therapeutics, Inc		7,290
	19,034	*	Intercept Pharmaceuticals, Inc		470
	182,390	*	Intersect ENT, Inc		4,177
	135,848	*,e	Intra-Cellular Therapies, Inc		4,320
	19,971	*	iNtRON Biotechnology, Inc		513
	271,411	*,e	Invitae Corp		11,348
	15,314		IOL Chemicals and Pharmaceuticals Ltd		155
	223,041	*	Ionis Pharmaceuticals, Inc		12,611
	200,295	*	Iovance Biotherapeutics, Inc		9,294
	58,875		Ipca Laboratories Ltd		1,763
	9,506		Ipsen		786
	370,948	*	IQVIA Holdings, Inc		66,463
	378,577	*	Ironwood Pharmaceuticals, Inc		4,312
	31,868	*	iTeos Therapeutics, Inc		1,078
	382,395	*	IVERIC bio, Inc		2,642
	453,519	*	Jazz Pharmaceuticals plc		74,853
	29,080		JB Chemicals & Pharmaceuticals Ltd		404
	58,244		JCR Pharmaceuticals Co Ltd		1,378
	3,626	*	Jeil Pharmaceutical Co Ltd		209
	8,528	*	JETEMA Co Ltd		180
	128,697		Jiangsu Hengrui Medicine Co Ltd		2,193
	32,366		Jilin Aodong Pharmaceutical Group Co Ltd		82
	44,315		Jinyu Bio-Technology Co Ltd		142
	4,907,358		Johnson & Johnson		772,320

122

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	40,458		Joincare Pharmaceutical Group Industry Co Ltd	$	86
	83,126	*	Jounce Therapeutics, Inc		582
	56,960		Jubilant Organosys Ltd		660
	26,749	*	JW Holdings Corp		144
	167,801	*	Kadmon Holdings, Inc		696
	69,979		Kaken Pharmaceutical Co Ltd		2,704
	117,542	*,e	Kala Pharmaceuticals, Inc		797
	20,240	*,e	Kaleido Biosciences Inc		184
	35,339	*	KalVista Pharmaceuticals Inc		671
	72,227	*	Karo Pharma AB		460
	20,900	*	Karuna Therapeutics, Inc		2,123
	329,926	*,e	Karyopharm Therapeutics, Inc		5,107
	49,425	*	Keros Therapeutics, Inc		3,486
	77,422	*	Kezar Life Sciences, Inc		404
	35,722	*	Kindred Biosciences, Inc		154
	136,047	*	Kiniksa Pharmaceuticals Ltd		2,404
	22,300		Kissei Pharmaceutical Co Ltd		484
	114,514	*	Knight Therapeutics, Inc		481
	45,543	*	Kodiak Sciences, Inc		6,691
	28,385	*	Komipharm International Co Ltd		352
	6,701	*	Korea United Pharm Inc		410
	9,437	*	Kronos Bio, Inc		282
	9,408	*	Krystal Biotech Inc		564
	196,664	*	Kura Oncology, Inc		6,423
	23,675	*	Kwang Dong Pharmaceutical Co Ltd		224
	8,525	*	Kymera Therapeutics, Inc		529
	35,881		Kyorin Co Ltd		675
	93,470		Kyowa Hakko Kogyo Co Ltd		2,552
	10,639		L&C Bio Co Ltd		338
	99,921	*,e	La Jolla Pharmaceutical Co		388
	80,342		Laboratorios Almirall S.A.		1,069
	59,733	*,e	Lannett Co, Inc		389
	424,373	g	Laurus Labs Ltd		2,055
	177,500		Lee’s Pharmaceutical Holdings Ltd		108
	12,709	*	LegoChem Biosciences, Inc		822
	77,179	*,e	Lexicon Pharmaceuticals, Inc		264
	14,641	*,e	Ligand Pharmaceuticals, Inc (Class B)		1,456
	32,999	*,e	Liquidia Technologies, Inc		97
	22,017		Livzon Pharmaceutical Group, Inc		137
	12,572	*,e	LogicBio Therapeutics, Inc		96
	465,981		Lonza Group AG.		300,169
	70,000	*	Lotus Pharmaceutical Co Ltd		200
	88,373		Luminex Corp		2,043
	208,250		Lupin Ltd		2,787
	750,314	e,g	Luye Pharma Group Ltd		349
	4,455	*	Lyra Therapeutics, Inc		51
	25,978		Maccura Biotechnology Co Ltd		185
	209,346	*	MacroGenics, Inc		4,786
	6,132	*,e	Madrigal Pharmaceuticals, Inc		682
	83,113	*	Magenta Therapeutics, Inc		652
	431,356	*,e	MannKind Corp		1,350
	100,000	*	Maravai LifeSciences Holdings, Inc		2,805
	18,269	*,e	Marinus Pharmaceuticals, Inc		223

123

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,487	*,e	Marker Therapeutics Inc	$	37
	3,621,766	*	Mayne Pharma Group Ltd		963
	41,053	*,e	MediciNova, Inc		216
	102,000	*	Medigen Vaccine Biologics Corp		371
	70,359	*	Medpace Holdings, Inc		9,794
	8,921	*	MedPacto, Inc		969
	3,700		Medy-Tox, Inc		597
	273,130		Mega Lifesciences PCL		326
	93,906	*	MEI Pharma, Inc		248
	32,323	*	MeiraGTx Holdings plc		489
	7,855,585		Merck & Co, Inc		642,587
	51,473		Merck KGaA		8,828
	5,383		Merck Ltd		502
	119,654	*	Mersana Therapeutics, Inc		3,184
	473,074	*,e	Mesoblast Ltd		817
	42,566	*	Mettler-Toledo International, Inc		48,512
	5,208	*	Mezzion Pharma Co Ltd		844
	29,531	*	Minerva Neurosciences, Inc		69
	55,101	*	Mirati Therapeutics, Inc		12,102
	10,491	*,e	Mirum Pharmaceuticals, Inc		183
	16,004	*,e	Mithra Pharmaceuticals S.A.		384
	26,375		Mochida Pharmaceutical Co Ltd		1,004
	8,800	*,e	Modalis Therapeutics Corp		189
	420,042	*	Moderna, Inc		43,882
	21,122	*,e	Molecular Partners AG.		495
	25,094	*	Molecular Templates, Inc		236
	16,830	*,e	Morphic Holding, Inc		565
	41,022	*	Morphosys AG.		4,796
	324,589	*,e	Mustang Bio, Inc		1,229
	114,625	*	Myriad Genetics, Inc		2,267
	11,883		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd		64
	130,405	*	NanoString Technologies, Inc		8,721
	20,893	*,e	NantKwest, Inc		279
	73,270		Natco Pharma Ltd		966
	260,616	*,e	Natera, Inc		25,937
	208,654	*,e	Nektar Therapeutics		3,547
	156,054	*	NeoGenomics, Inc		8,402
	48,429	*	Neoleukin Therapeutics, Inc		683
	64,947	*	Neubase Therapeutics, Inc		454
	4,261	*,e	NeuroBo Pharmaceuticals, Inc		22
	147,760	*	Neurocrine Biosciences, Inc		14,163
	16,091	*,e	NextCure Inc		175
	28,225	*,e	NGM Biopharmaceuticals Inc		855
	51,702		Nichi-iko Pharmaceutical Co Ltd		489
	20,000		Nippon Shinyaku Co Ltd		1,313
	19,873	*	Nkarta, Inc		1,222
	75,798	*	Novacyt S.A.		907
	1,714,521	e	Novartis AG.		161,436
	151,110	*,e	Novavax, Inc		16,850
	1,470,449		Novo Nordisk AS		102,577
	34,945	*	Nurix Therapeutics, Inc		1,149
	36,007	*,e	Nymox Pharmaceutical Corp		89
	96,963	*	OBI Pharma, Inc		479

124

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	159,827	*	Ocular Therapeutix, Inc	$	3,308
	11,494	*	Odonate Therapeutics, Inc		221
	89,182	*,e	Omeros Corp		1,274
	49,468	*,e	Oncocyte Corp		118
	80,054	*,g	Oncopeptides AB		1,644
	4,313	*	Oncorus, Inc		139
	168,679	*	Oneness Biotech Co Ltd		1,449
	380,020		Ono Pharmaceutical Co Ltd		11,452
	661,571	*,e	Opko Health, Inc		2,613
	132,164	*,e	Optinose, Inc		547
	252,892	*,e	Organigram Holdings, Inc		336
	46,777	*	Organogenesis Holdings Inc		352
	32,393	*,e	Orgenesis, Inc		146
	18,374	*,e	ORIC Pharmaceuticals, Inc		622
	55,523		Orion Oyj (Class B)		2,550
	16,234	*	Oscotec, Inc		982
	31,000	*,e	Osmotica Pharmaceuticals plc		128
	49,980	e	Otsuka Holdings KK		2,141
	42,789	*,e	Ovid therapeutics, Inc		99
	60,661	*	Oxford Biomedica plc		854
	25,793	*,e	Oyster Point Pharma, Inc		485
	309,485	*	Pacific Biosciences of California, Inc		8,028
	59,082	*,e	Pacira BioSciences Inc		3,535
	890,125	*	Paion AG.		2,610
	13,004	*	Pandion Therapeutics, Inc		193
	29,583	*,e	Paratek Pharmaceuticals, Inc		185
	23,407	*,e	Passage Bio, Inc		599
	59,500	*	PeptiDream, Inc		3,027
	62,947		PerkinElmer, Inc		9,033
	182,069		Perrigo Co plc		8,142
	18,986	*	Personalis, Inc		695
	12,114,323		Pfizer, Inc		445,928
	23,400	*,e	Pharma Foods International Co Ltd		462
	21,882	e	Pharma Mar S.A.		1,913
	3,641	*	PHARMA RESEARCH PRODUCTS Co Ltd		192
	78,472		PharmaEngine Inc		162
	141,480	*	PharmaEssentia Corp		474
	69,951	*,†	Pharmally International Holding Co Ltd		70
	115,482	g	Pharmaron Beijing Co Ltd		1,952
	44,991	*	Pharmicell Co Ltd		718
	2,804,623	*,e	Pharming Group NV		4,358
	30,882	*,e	PhaseBio Pharmaceuticals Inc		104
	26,476	*,e	Phathom Pharmaceuticals, Inc		880
	99,664		Phibro Animal Health Corp		1,935
	38,913	*	Pieris Pharmaceuticals, Inc		97
	7,417	*,e	Pliant Therapeutics, Inc		169
	9,013	*	PMV Pharmaceuticals, Inc		554
	9,359	*	Poseida Therapeutics, Inc		103
	310,119	*	PPD, Inc		10,612
	118,528	*,e	PRA Health Sciences, Inc		14,868
	7,441	*,e	Praxis Precision Medicines, Inc		409
	304,748	*,e	Precigen, Inc		3,108
	31,947	*	Precision BioSciences Inc		266

125

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,223	*	Prelude Therapeutics, Inc	$	517
	97,995	*	Prestige Consumer Healthcare, Inc.		3,417
	51,523	*,e	Prevail Therapeutics, Inc		1,189
	83,715	*,†	Progenics Pharmaceuticals, Inc		0
	24,087	*	Protagonist Therapeutics, Inc		486
	15,603	*,e	Protara Therapeutics, Inc		378
	99,443	*	Prothena Corp plc		1,194
	37,819	*,e	Provention Bio, Inc		641
	8,768,106		PT Kalbe Farma Tbk		924
	64,506	*	PTC Therapeutics, Inc		3,937
	47,599	*	Puma Biotechnology, Inc		488
	50,773	*	QIAGEN NV		2,683
	116,630	*,e	QIAGEN NV (Turquoise)		6,048
	79,947	*	Quanterix Corp		3,718
	126,018	*	Radius Health, Inc		2,251
	10,175	*,e	RAPT Therapeutics, Inc		201
	42,097	*,e	Reata Pharmaceuticals, Inc		5,204
	96,973	e	Recipharm AB (B Shares)		2,586
	8,734		Recordati S.p.A.		486
	20,804	*	Recro Pharma, Inc		59
	304,677	*	Regeneron Pharmaceuticals, Inc		147,193
	24,188	*,e	REGENXBIO, Inc		1,097
	29,611	*	Relay Therapeutics, Inc		1,231
	1,938,327	*,e	Relief Therapeutics Holding AG.		589
	10,976	*,e	Relmada Therapeutics, Inc		352
	90,101	*	Repligen Corp		17,266
	58,100	*,e	Replimune Group, Inc		2,217
	109,635	*	Revance Therapeutics, Inc		3,107
	47,038	*,e	REVOLUTION Medicines, Inc		1,862
	33,415	*	Rhythm Pharmaceuticals, Inc		993
	147,587		Richter Gedeon Rt		3,704
	283,412	*	Rigel Pharmaceuticals, Inc		992
	1,118,639		Roche Holding AG.		389,620
	33,199	*	Rocket Pharmaceuticals, Inc		1,821
	165,188		Royalty Pharma plc		8,268
	54,584	*,e	Rubius Therapeutics, Inc		414
	63,293	*	Sage Therapeutics, Inc		5,475
	10,681	*	Sam Chun Dang Pharm Co Ltd		809
	6,404	*	Samjin Pharmaceutical Co Ltd		161
	37,154	*,g	Samsung Biologics Co Ltd		28,288
	24,124	*,e	SanBio Co Ltd		313
	375,589	*	Sangamo Therapeutics Inc		5,861
	7,242		Sanofi India Ltd		825
	2,607,344		Sanofi-Aventis		252,712
	162,630		Santen Pharmaceutical Co Ltd		2,641
	199,028	*	Sarepta Therapeutics, Inc		33,932
	51,399		Sartorius Stedim Biotech		18,285
	10,385	*,e	Satsuma Pharmaceuticals, Inc		48
	74,571		Saudi Pharmaceutical Industries & Medical Appliances Corp		779
	40,417		Sawai Pharmaceutical Co Ltd		1,834
	161,687	*	Schnell Biopharmaceuticals, Inc		196
	40,468	*,e	Scholar Rock Holding Corp		1,964
	177,960		Scinopharm Taiwan Ltd		183

126

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	7,729	*	scPharmaceuticals, Inc	$	41
	717,505	*	Seagen, Inc		125,664
	55,619		Searle Co Ltd		87
	16,197		Seegene, Inc		2,883
	38,000		Seikagaku Corp		375
	217,200	*,e	Selecta Biosciences, Inc		658
	75,583	*,e	Seres Therapeutics, Inc		1,852
	15,713		Shandong Buchang Pharmaceuticals Co Ltd		55
	48,688		Shanghai Fosun Pharmaceutical Group Co Ltd		403
	474,929		Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		2,270
	319,000		Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd		157
	335,800		Shanghai Haixin Group Co		115
	33,941	g	Shanghai Haohai Biological Technology Co Ltd		204
	163,337		Shanghai RAAS Blood Products Co Ltd		185
	15,743	*	Shattuck Labs, Inc		825
	18,875		Shenzhen Hepalink Pharmaceutical Group Co Ltd		50
	17,030		Shenzhen Kangtai Biological Products Co Ltd		454
	33,025		Shenzhen Salubris Pharmaceuticals Co Ltd		143
	15,148		Shijiazhuang Yiling Pharmaceutical Co Ltd		59
	24,409		Shilpa Medicare Ltd		151
	12,403	*	Shin Poong Pharmaceutical Co Ltd		1,416
	83,032		Shionogi & Co Ltd		4,539
	29,355		Sichuan Kelun Pharmaceutical Co Ltd		87
	4,121		Siegfried Holding AG.		3,033
	43,406	*	SIGA Technologies, Inc		316
	2,803,000		Sihuan Pharmaceutical Holdings		296
	32,473	*	Silence Therapeutics plc		228
	13,434	*,†,e	SillaJen, Inc		0
	4,368,236		Sino Biopharmaceutical		4,213
	13,734	*	SK Biopharmaceuticals Co Ltd		2,141
	68,247	*	Soleno Therapeutics, Inc		132
	45,984	*,e	Solid Biosciences, Inc		349
	328,817	*,e	Sorrento Therapeutics, Inc		2,244
	77,908	*	Sosei Group		1,361
	639,505	*	Sotera Health Co		17,548
	231,188	*	Spectrum Pharmaceuticals, Inc		788
	33,152	*,e	Spero Therapeutics, Inc		643
	28,006	*	SpringWorks Therapeutics, Inc		2,031
	11,244	*	Spruce Biosciences, Inc		273
	2,694	*	SQZ Biotechnologies Co		78
	610,369		SSY Group Ltd		346
	6,601	*	ST Pharm Co Ltd		631
	9,614	*,e	Stoke Therapeutics, Inc		595
	52,431		Strides Arcolab Ltd		630
	196,251	*	Strongbridge Biopharma plc		477
	2,212		Sumitomo Dainippon Pharma Co Ltd		33
	56,030	*	Sun Pharma Advanced Research Company Ltd		149
	665,135		Sun Pharmaceutical Industries Ltd		5,400
	139,872	*	Supernus Pharmaceuticals, Inc		3,519
	104,807	*	Sutro Biopharma, Inc		2,275
	66,450	*	Suven Pharmaceuticals Ltd		411

127

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	82,259	*	Syndax Pharmaceuticals, Inc	$	1,829
	92,812	*	Syneos Health, Inc		6,323
	98,227	*,g	Syngene International Ltd		862
	31,493	*	Syros Pharmaceuticals, Inc		342
	241,799	*	Taigen Biopharmaceuticals Holdings Ltd		198
	27,027	e	Taiko Pharmaceutical Co Ltd		423
	131,000	*	TaiMed Biologics, Inc		393
	422		Taisho Pharmaceutical Holdings Co Ltd		28
	52,833		Takara Bio, Inc		1,420
	820,211		Takeda Pharmaceutical Co Ltd		29,683
	100,360	*	Tanvex BioPharma, Inc		134
	10,265	*	Taro Pharmaceutical Industries Ltd		754
	3,902	*	Tarsus Pharmaceuticals, Inc		161
	5,578	*	Taysha Gene Therapies, Inc		148
	65,970	*	TCR2 Therapeutics Inc		2,040
	12,497		Tecan Group AG.		6,130
	415,815	*	Teva Pharmaceutical Industries Ltd (ADR)		4,013
	202,094	*	TG Therapeutics, Inc		10,513
	22,659	*	Theragen Etex Co Ltd		216
	220,334	*,e	TherapeuticsMD, Inc		267
	39,586	*,e	Theravance Biopharma, Inc		703
	565,864		Thermo Fisher Scientific, Inc		263,568
	152,345		Tianjin Chase Sun Pharmaceutical Co Ltd		107
	420,000		Tong Ren Tang Technologies Co Ltd		263
	131,981		Tonghua Dongbao Pharmaceutical Co Ltd		270
	14,565		Torii Pharmaceutical Co Ltd		455
	21,762		Torrent Pharmaceuticals Ltd		835
	26,913		Towa Pharmaceutical Co Ltd		499
	111,222	*	Translate Bio, Inc		2,050
	134,605	*	Travere Therapeutics, Inc		3,669
	26,967	*,e	Tricida, Inc		190
	120,049	*	Trillium Therapeutics, Inc		1,766
	58,500		Tsumura & Co		1,759
	154,917		TTY Biopharm Co Ltd		378
	60,283	*	Turning Point Therapeutics Inc		7,345
	93,448	*	Twist Bioscience Corp		13,203
	70,706	*,e	Tyme Technologies, Inc		86
	146,969		UCB S.A.		15,182
	87,396	*	Ultragenyx Pharmaceutical, Inc		12,098
	2,179,562		United Laboratories Ltd		1,545
	199,227	*	United Therapeutics Corp		30,241
	29,597	*,e	UNITY Biotechnology, Inc		155
	80,932	*,e	UroGen Pharma Ltd		1,458
	68,310	*,e	Valneva SE		646
	87,489	*	Vanda Pharmaceuticals, Inc		1,150
	37,289	*,e	Vaxart Inc		213
	17,275	*,e	Vaxcyte, Inc		459
	264,127	*,e	VBI Vaccines, Inc		726
	585,233	*	Vectura Group plc		997
	179,509	*	Veracyte, Inc		8,785
	209,209	*,e	Verastem, Inc		446
	119,829	*	Vericel Corp		3,700
	13,886	*,e	Verrica Pharmaceuticals, Inc		160
	588,181	*	Vertex Pharmaceuticals, Inc		139,011

128

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,479,295	*	Viatris, Inc	$	27,722
	17,992	*,e	Viela Bio, Inc		647
	3,800	e	Vifor Pharma AG.		597
	109,346	*,e	Viking Therapeutics, Inc		616
	75,009	*,e	Vir Biotechnology, Inc		2,009
	8,397	*	Virbac S.A.		2,441
	30,366	*	ViroMed Co Ltd		925
	65,896		Vitrolife AB		1,725
	24,937	*	Voyager Therapeutics, Inc		178
	10,547	*,e	vTv Therapeutics, Inc		20
	267,434	*,e	VYNE Therapeutics, Inc		423
	42,528		Walvax Biotechnology Co Ltd		250
	12,642	*	Waters Corp		3,128
	32,475	*	WaVe Life Sciences Ltd		256
	2,840,404		Winteam Pharmaceutical Group Ltd		1,406
	61,583	*	Wockhardt Ltd		461
	114,712		WuXi AppTec Co Ltd		2,362
	116,615	e,g	WuXi AppTec Co Ltd (Hong Kong)		2,288
	10,795,878	*,g	Wuxi Biologics Cayman, Inc		143,168
	36,307	*	X4 Pharmaceuticals, Inc		233
	22,919	*,e	XBiotech, Inc		359
	90,602	*	Xencor, Inc		3,953
	45,090	*,e	Xeris Pharmaceuticals, Inc		222
	12,152	*,e	XOMA Corp		536
	255,904	e,g	YiChang HEC ChangJiang Pharmaceutical Co Ltd		292
	40,458		Yifan Pharmaceutical Co Ltd		117
	24,227	*	Y-mAbs Therapeutics, Inc		1,199
	18,809	*	Yuhan Corp		1,302
	67,589	*	Yungjin Pharmaceutical Co Ltd		501
	125,707		YungShin Global Holding Corp		200
	33,848		Yunnan Baiyao Group Co Ltd		588
	98,850	*	Zai Lab Ltd (ADR)		13,378
	30,478	*,e	Zealand Pharma AS		1,115
	43,944	*	Zentalis Pharmaceuticals, Inc		2,282
	19,000		Zeria Pharmaceutical Co Ltd		350
	13,901		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		569
	37,358		Zhejiang Huahai Pharmaceutical Co Ltd		193
	63,980		Zhejiang NHU Co Ltd		330
	11,667		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		137
	201,524	*,e	ZIOPHARM Oncology, Inc		508
	1,119,063		Zoetis, Inc		185,205
	50,265	*	Zogenix, Inc		1,005
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		8,918,677

REAL ESTATE - 2.9%
	482,813		Abacus Property Group		1,067
	135,884		Acadia Realty Trust		1,928
	842		Activia Properties Inc		3,558
	169,833	g	ADO Properties S.A.		6,017
	1,361		Advance Residence Investment Corp		4,082
	19,729	*,g	Aedas Homes SAU		509
	39,380	e	Aedifica S.A.		4,731
	46,254		Aeon Mall Co Ltd		764

129

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,522		AEON REIT Investment Corp	$	1,949
	25,329	*	Africa Israel Properties Ltd		1,037
	1,158,093		Agile Property Holdings Ltd		1,541
	149,613		Agree Realty Corp		9,961
	553,800		AIMS AMP Capital Industrial REIT		524
	71,116	*	Airport City Ltd		1,080
	1,738,431		Aldar Properties PJSC		1,494
	327,903		Alexander & Baldwin, Inc		5,633
	1,701		Alexander’s, Inc		472
	226,851		Alexandria Real Estate Equities, Inc		40,429
	99,122	*	Aliansce Sonae Shopping Centers sa		559
	71,308		Allied Properties Real Estate Investment Trust		2,119
	15,303		Allreal Holding AG.		3,514
	150,887		Alony Hetz Properties & Investments Ltd		2,112
	34,407		Alpine Income Property Trust, Inc		516
	169,172		Alstria Office REIT-AG.		3,078
	7,656	*	Altisource Portfolio Solutions S.A.		99
	44,133		Altus Group Ltd		1,704
	613,398		Amata Corp PCL (Foreign)		333
	182,189		American Assets Trust, Inc		5,262
	32,294		American Campus Communities, Inc		1,381
	172,258		American Finance Trust, Inc		1,280
	1,026,236		American Homes 4 Rent		30,787
	2,409	*,e	American Realty Investors, Inc		26
	939,134		American Tower Corp		210,798
	348,135	e	Americold Realty Trust		12,996
	197,751		Amot Investments Ltd		1,108
	39,645	*	Annehem Fastigheter AB		153
	220,000	e	Aoyuan Healthy Life Group Co Ltd		142
	36,140	*	Apartment Income REIT Corp		1,388
	21,824		Apartment Investment and Management Co		115
	42,879		Apple Hospitality REIT, Inc		554
	1,105,052		ARA LOGOS Logistics Trust		502
	918,120		Argosy Property Ltd		1,052
	224,992		Armada Hoffler Properties, Inc		2,524
	1,862,115		Aroundtown S.A.		13,884
	66,745		Arriyadh Development Co		306
	72,917		Artis Real Estate Investment Trust		611
	912,300		Ascendas India Trust		952
	3,129,282		Ascendas REIT		7,064
	1,987,204	e	Ascott Trust		1,623
	2,095,532		Asian Property Development PCL (Foreign)		506
	4,848,576		Assura Group Ltd		5,103
	45,055		Atrium Ljungberg AB		955
	416,897		AvalonBay Communities, Inc		66,883
	338,681		Aventus Retail Property Fund Ltd		716
	1,000,800		Axis Real Estate Investment Trust		505
	7,131,708		Ayala Land, Inc		6,077
	4,761,352	*,†	AZ BGP Holdings		15
	3,545		Azrieli Group		225
	8,872,000		Bangkok Land PCL		346
	895,697		Barwa Real Estate Co		838
	282,097		Bayside Land Corp		2,302
	20,300	*,e	BBX Capital, Inc		116
	35,602		Befimmo SCA Sicafi		1,579

130

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	898,809	e	Beijing Capital Land Ltd	$	152
	492,000		Beijing North Star Co		92
	6,652	*	Big Shopping Centers Ltd		741
	378,808		Big Yellow Group plc		5,676
	1,820		BLife Investment Corp		4,502
	5,876		Blue Square Real Estate Ltd		379
	38,168	e	Bluerock Residential Growth REIT, Inc		484
	847,861		BMO Commercial Property Trust Ltd		928
	25,069		Boardwalk REIT		664
	218,718		Boston Properties, Inc		20,675
	614,500	*	BR Malls Participacoes S.A.		1,176
	1,164,396		BR Properties S.A.		2,225
	2,561	*	Brack Capital Properties NV		237
	31,270		Brandywine Realty Trust		372
	223,538		British Land Co plc		1,497
	66,573		Brixmor Property Group, Inc		1,102
	106,050		Broadstone Net Lease, Inc		2,076
	68,814	e	Brookfield Property REIT, Inc		1,028
	15,392		Brt Realty Trust		234
	1,019,283		Bunnings Warehouse Property Trust		3,473
	257,417		C&D International Investment Group Ltd		399
	257,417	*	C&D Property Management Group Co Ltd		103
	67,884		CA Immobilien Anlagen AG.		2,587
	2,391,216	e	Cambridge Industrial Trust		715
	22,838		Camden Property Trust		2,282
	77,436		Canadian Apartment Properties REIT		3,041
	739,431		Capital & Counties Properties		1,470
	2,544,386		CapitaLand Ltd		6,313
	4,151,463		CapitaMall Trust		6,789
	984,087		CapitaRetail China Trust		1,037
	590,282		CareTrust REIT, Inc		13,092
	50,970		Carmila S.A.		734
	258,832	e	Castellum AB		6,598
	125,974		CatchMark Timber Trust, Inc		1,179
	26,924		Catena AB		1,265
	422,900		Cathay Real Estate Development Co Ltd		300
	472,778	*	CBRE Group, Inc		29,653
	888,020		CDL Hospitality Trusts		854
	68,799		Cedar Woods Properties Ltd		332
	222,223		Cencosud Shopping S.A.		356
	21,235		Centerspace		1,500
	239,000		Central China New Life Ltd		203
	691,968		Central China Real Estate Ltd		321
	2,051,682		Central Pattana PCL (Foreign)		3,267
	430,210		Centuria Capital Group		871
	470,764		Centuria Industrial REIT		1,116
	347,456		Centuria Office REIT		573
	2,210,806		Champion Real Estate Investment Trust		1,292
	322,658		Charter Hall Education Trust		814
	635,146		Charter Hall Group		7,213
	551,853		Charter Hall Long Wale REIT		1,978
	71,570		Chatham Lodging Trust		773

131

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,104,036		China Aoyuan Group Ltd	$	1,074
	1,698,899	e	China Evergrande Group		3,265
	99,850		China Fortune Land Development Co Ltd		198
	644,000	*,e,g	China Logistics Property Holdings Co Ltd		377
	575,000		China Merchants Commercial Real Estate Investment Trust		182
	886,000		China Merchants Land Ltd		130
	50,808		China Merchants Property Operation & Service Co Ltd		167
	165,227		China Merchants Shekou Industrial Zone Holdings Co Ltd		336
	1,261,794		China Overseas Grand Oceans Group Ltd		677
	3,282,786		China Overseas Land & Investment Ltd		7,132
	1,130,119		China Overseas Property Holdings Ltd		589
	2,896,602		China Resources Land Ltd		11,937
	111,200	*,g	China Resources Mixc Lifestyle Services Ltd		516
	1,316,452		China SCE Group Holdings Ltd		543
	3,184,000		China South City Holdings Ltd		472
	1,579,038		China Vanke Co Ltd		5,451
	561,318		China Vanke Co Ltd (Class A)		2,464
	401,000	g	China Vast Industrial Urban Development Co Ltd		164
	547,000	e	Chinese Estates Holdings Ltd		267
	331,088		Chong Hong Construction Co		944
	31,306		Cibus Nordic Real Estate AB		642
	2,883,822		CIFI Holdings Group Co Ltd		2,444
	12,755		CIM Commercial Trust Corp		182
	397,453		City Developments Ltd		2,396
	73,721		City Office REIT, Inc		720
	70,945	e	Citycon Oyj		691
	639,302		Civitas Social Housing plc		913
	2,727,176		CK Asset Holdings Ltd		13,955
	22,970		Clipper Realty, Inc		162
	27,341		Cofinimmo		4,069
	34,007	e	Colliers International Group, Inc		3,026
	787,984	e	Colony Capital, Inc		3,790
	261,000	e	Colour Life Services Group		117
	303,495		Columbia Property Trust, Inc		4,352
	608		Comforia Residential REIT, Inc		1,752
	97,881		Cominar Real Estate Investment Trust		624
	41,504		Community Healthcare Trust, Inc		1,955
	374,334		Concentradora Fibra Danhos S.A. de C.V.		457
	188,171		CoreCivic, Inc		1,233
	72,890		CorePoint Lodging, Inc		501
	66,669		Coresite Realty		8,352
	19,252	e	Corestate Capital Holding S.A.		343
	524,156		Corp Inmobiliaria Vesta SAB de C.V.		1,022
	24,837		Corporate Office Properties Trust		648
	1,330,000	*,e	Cosmopolitan International Holdings Ltd		262
	6,975,898		Country Garden Holdings Co Ltd		9,629
	217,397		Cousins Properties, Inc		7,283
	5,230		CRE Logistics REIT, Inc		7,965
	899		Crescendo Investment Corp		1,122
	50,033		Crombie Real Estate Investment Trust		564
	1,356,500		Cromwell European Real Estate Investment Trust		797
	1,766,830		Cromwell Group		1,187

132

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	921,934		Crown Castle International Corp	$	146,763
	56,286		CT Real Estate Investment Trust		693
	9,872		CTO Realty Growth, Inc		416
	201,312		CubeSmart		6,766
	147,989	*,e	Cushman & Wakefield plc		2,195
	452,505		Custodian Reit plc		543
	567,022		CyrusOne, Inc		41,478
	320		DA Office Investment Corp		2,034
	214,000		DaFa Properties Group Ltd		195
	52,710		Daibiru Corp		668
	34,673		Daito Trust Construction Co Ltd		3,240
	452,525		Daiwa House Industry Co Ltd		13,455
	1,467,284	*	DAMAC Properties Dubai Co PJSC		520
	233,939	*	Dar Al Arkan Real Estate Development Co		539
	130,580		Derwent London plc		5,550
	202,194		Deutsche Annington Immobilien SE		14,767
	52,867	*	Deutsche Euroshop AG.		1,197
	68,551		Deutsche Wohnen AG.		3,658
	664,000		Dexin China Holdings Co Ltd		254
	943,971		Dexus Property Group		6,847
	324,679	*	DiamondRock Hospitality Co		2,679
	94,536		DIC Asset AG.		1,558
	463,431		Digital Realty Trust, Inc		64,653
	95,071		Dios Fastigheter AB		888
	1,162,159		Diversified Healthcare Trust		4,788
	288,739		DLF Ltd		921
	37,308	*	Dongwon Development Co Ltd		174
	607,930	*	DoubleDragon Properties Corp		189
	96,898		Douglas Emmett, Inc		2,827
	81,836		Dream Industrial Real Estate Investment Trust		845
	29,693		Dream Office Real Estate Investment Trust		462
	32,810		DREAM Unlimited Corp		548
	399,528		Duke Realty Corp		15,969
	437,000	†	Eagle Hospitality Trust		4
	119,793		Easterly Government Properties, Inc		2,713
	44,448		EastGroup Properties, Inc		6,136
	365,700		E-House China Enterprise Holdings Ltd		336
	184,923	*	Emaar Economic City		454
	1,159,872	*	Emaar Malls Group PJSC		580
	1,580,406	*	Emaar Properties PJSC		1,524
	1,292,049		Emlak Konut Gayrimenkul Yatiri		371
	1,127,258		Emperor International Holdings		160
	21,547		Empire State Realty Trust, Inc		201
	1,081,603		Empiric Student Property plc		1,108
	185,698	e,g	Entra ASA		4,212
	189,821		EPR Properties		6,169
	165,360		Equinix, Inc		118,097
	412,284		Equites Property Fund Ltd		487
	17,468		Equity Commonwealth		477
	1,530,757		Equity Lifestyle Properties, Inc		96,989
	634,457		Equity Residential		37,611
	1,456,200	*,g	ESR Cayman Ltd		5,227
	163,299		Essential Properties Realty Trust, Inc		3,462

133

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	82,274		Essex Property Trust, Inc	$	19,533
	36,545	*	Eurocommercial Properties NV		684
	74,029	*,e	eXp World Holdings Inc		4,673
	247,651		Extra Space Storage, Inc		28,693
	276,947		Fabege AB		4,375
	1,085,738		Fantasia Holdings Group Co Ltd		189
	1,372,269		Far East Consortium		509
	889,405		Far East Hospitality Trust		418
	169,812		Farglory Land Development Co Ltd		341
	36,144	e	Farmland Partners, Inc		314
	119,551	*	Fastighets AB Balder		6,242
	8,455	*	Fathom Holdings, Inc		305
	170,470		Federal Realty Investment Trust		14,510
	2,805,897		Fibra Uno Administracion S.A. de C.V.		3,173
	6,309,000		Filinvest Land, Inc		147
	108,908		Financial Street Holdings Co Ltd		107
	161,363		First Capital Real Estate Investment Trust		1,718
	242,630		First Industrial Realty Trust, Inc		10,222
	36,232		FirstService Corp		4,959
	10,123		Fonciere Des Regions		929
	26,683	*	Forestar Group, Inc		538
	964,322		Fortress REIT Ltd (Class A)		896
	1,594,000		Fortune Real Estate Investment Trust		1,518
	80,501		Four Corners Property Trust, Inc		2,397
	165,597		Franklin Street Properties Corp		724
	2,515,156		Franshion Properties China Ltd		1,159
	1,239,877		Frasers Centrepoint Trust		2,308
	875,600		Frasers Hospitality Trust		348
	6,236,445		Frasers Logistics & Industrial Trust		6,667
	251,770		Front Yard Residential Corp		4,079
	473	e	Frontier Real Estate Investment Corp		1,832
	10,915	*	FRP Holdings, Inc		497
	698		Fukuoka REIT Corp		1,037
	64,598		Future Land Holdings Co Ltd		344
	457,995		Gaming and Leisure Properties, Inc		19,419
	404,000	*	Ganglong China Property Group Ltd		241
	140,917		Gazit Globe Ltd		922
	955,315		GCP Student Living plc		1,866
	920,362		GDI Property Group		859
	9,075		Gecina S.A.		1,411
	118,964		Gemdale Corp		245
	11,514,937		Gemdale Properties and Investment Corp Ltd		1,649
	185,545	e	Geo Group, Inc		1,644
	105,503		Getty Realty Corp		2,906
	48,566		Gladstone Commercial Corp		874
	27,488		Gladstone Land Corp		402
	70,473		Global Medical REIT, Inc		920
	141,981		Global Net Lease, Inc		2,434
	1,036		Global One Real Estate Investment Corp		1,053
	10,572,000	*,e	Glory Sun Financial Group Ltd		450
	50		GLP J-Reit		79
	60,629	*	Godrej Properties Ltd		1,190
	100,780		Goldcrest Co Ltd		1,571
	3,428,394		Goodman Group		50,114

134

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,114,522		Goodman Property Trust	$	1,869
	1,695,362		GPT Group		5,897
	807,064		Grainger plc		3,139
	162,374		Grand City Properties S.A.		4,195
	71,867		Granite REIT		4,398
	1,101,302		Great Portland Estates plc		10,074
	229,795		Greenland Holdings Corp Ltd		205
	608,000		Greenland Hong Kong Holdings Ltd		183
	845,322	e	Greentown China Holdings Ltd		1,235
	2,493	*	Griffin Land & Nurseries, Inc (Class A)		156
	250,597		Growthpoint Properties Australia Ltd		674
	1,554,051		Growthpoint Properties Ltd		1,331
	818,992		Guangzhou R&F Properties Co Ltd		1,055
	281,867		Guocoland Ltd		326
	958,000		Guorui Properties Ltd		95
	154,700		H&R Real Estate Investment Trust		1,615
	67,694		Hamborner AG.		748
	4,316,850		Hammerson plc		1,461
	928,442		Hang Lung Group Ltd		2,308
	1,988,341		Hang Lung Properties Ltd		5,240
	502		Hankyu Reit, Inc		621
	308,104		Healthcare Realty Trust, Inc		9,120
	428,259		Healthcare Trust of America, Inc		11,794
	999,885		Healthpeak Properties Inc		30,227
	32,522		Heiwa Real Estate Co Ltd		1,177
	121,860		Helical Bar plc		622
	343,246		Heliopolis Housing		133
	35,794	*	Hemisphere Properties India Ltd		47
	1,388,445		Henderson Land Development Co Ltd		5,394
	61,228		Hersha Hospitality Trust		483
	35,965,906	a	Hibernia REIT plc		50,704
	564,263		Highwealth Construction Corp		921
	26,360		Highwoods Properties, Inc		1,045
	151,836		Home Consortium		469
	1,238,597		Hongkong Land Holdings Ltd		5,116
	590,027		Hopson Development Holdings Ltd		1,503
	205	e	Hoshino Resorts REIT, Inc		1,001
	1,358,690		Host Hotels and Resorts, Inc		19,878
	57,929	*	Howard Hughes Corp		4,572
	712,393		Huaku Development Co Ltd		2,225
	300,470		Hudson Pacific Properties		7,217
	114,417		Hufvudstaden AB (Series A)		1,893
	700,000	e	Huijing Holdings Co Ltd		184
	214,255		Hulic Co Ltd		2,357
	1,592		Hulic Reit, Inc		2,377
	334,112		Hung Sheng Construction Co Ltd		233
	660,696		Hysan Development Co Ltd		2,420
	36,998		Icade		2,845
	270,125		Ichigo Holdings Co Ltd		814
	1,170		Ichigo Real Estate Investment Corp		845
	1,184,400		IGB Real Estate Investment Trust		506
	71,368		Iguatemi Empresa de Shopping Centers S.A.		512
	61,748	e	Immobiliare Grande Distribuzione SIIQ S.p.A		273

135

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	92,626	*,e	IMMOFINANZ AG.	$	1,910
	141,968		Independence Realty Trust, Inc		1,907
	159,349	*	Indiabulls Real Estate Ltd		179
	1,904		Industrial & Infrastructure Fund Investment Corp		3,515
	665,680		Industrial Buildings Corp		1,716
	243,081		Industrial Logistics Properties Trust		5,661
	2,711,786		Ingenia Communities Group		10,266
	296,648		Inmobiliaria Colonial S.A.		2,929
	45,916	e	Innovative Industrial Properties, Inc		8,409
	74,258		InterRent Real Estate Investment Trust		799
	1,177		Intershop Holding AG.		818
	22,419	e	Intervest Offices		620
	8,937		Invesco Office J-Reit, Inc		1,312
	606,182	e	Investec Australia Property Fund		593
	460,097	e	Investec Property Fund Ltd		285
	6,260		Invincible Investment Corp		2,015
	1,287,096		Invitation Homes, Inc		38,227
	973,300		IOI Properties Group BHD		375
	417,226		Irish Residential Properties REIT plc		763
	474,576	e	Iron Mountain, Inc		13,990
	123	e	IRSA Propiedades Comerciales S.A. (ADR)		1
	1,679		Isras Investment Co Ltd		352
	120,333	e	iStar Inc		1,787
	464	e	ITOCHU Advance Logistics Investment Corp		598
	793,848		IWG plc		3,731
	75,713		Jadwa REIT Saudi Fund		283
	1,300	e	Japan Excellent, Inc		1,613
	4,556		Japan Hotel REIT Investment Corp		2,343
	905		Japan Logistics Fund Inc		2,671
	1,145	e	Japan Prime Realty Investment Corp		3,798
	782		Japan Real Estate Investment Corp		4,519
	8,918		Japan Rental Housing Investments, Inc		8,279
	1,161		Japan Retail Fund Investment Corp		2,113
	26,473		JBG SMITH Properties		828
	29,127		Jereissati Participacoes S.A.		148
	1,026,590		JHSF Participacoes S.A.		1,549
	1,596,750	*,†	Jiangsu Future Land Co Ltd		9,138
	54,195		Jiangsu Zhongnan Construction Group Co Ltd		73
	1,170,000		Jiayuan International Group Ltd		463
	385,269		Jingrui Holdings Ltd		114
	101,205		Jinke Properties Group Co Ltd		110
	14,228	*	John Mattson Fastighetsforetagen AB		235
	50,251	*	Jones Lang LaSalle, Inc		7,456
	53,763	*	JR Reit XXVII		255
	326,000	e	JY Grandmark Holdings Ltd		120
	2,483,329		K Wah International Holdings Ltd		1,194
	985,657		Kaisa Group Holdings Ltd		487
	46,000	e	Kaisa Prosperity Holdings Ltd		113
	690,052		Katitas Co Ltd		22,266
	698,911	*	KE Holdings, Inc (ADR)		43,011
	35,500	e	Keihanshin Building Co Ltd		641
	491		Kenedix Realty Investment Corp		3,334
	901		Kenedix Residential Investment Corp		1,656
	277		Kenedix Retail REIT Corp		676

136

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	721,720		Kenedix, Inc	$	5,255
	442,076		Kennedy-Wilson Holdings, Inc		7,909
	1,384,817		Keppel DC REIT		2,949
	848,114		Keppel-KBS US REIT		587
	571,000		Kerry Properties Ltd		1,444
	13,663	*,e	K-fast Holding AB		439
	133,577		Killam Apartment Real Estate Investment Trust		1,796
	215,151		Kilroy Realty Corp		12,350
	103,384		Kimco Realty Corp		1,552
	2,573,704		Kindom Construction Co		3,085
	130,626		Kite Realty Group Trust		1,954
	1,700,433		Kiwi Property Group Ltd		1,496
	16,402		Klepierre		370
	613,790	e	Klovern AB (B Shares)		1,169
	125,828		Kojamo Oyj		2,793
	112,208	*	Korea Real Estate Investment Trust Co		209
	1,849,691		K-REIT Asia		1,567
	192,059	e	Kungsleden AB		2,105
	259,000		Kuoyang Construction Co Ltd		232
	730,000	*	KWG Living Group Holdings Ltd		593
	636,406		KWG Property Holding Ltd		870
	183,387	*	Lai Sun Development Co Ltd		146
	127,909		Lamar Advertising Co		10,645
	53,949	*	Lamda Development S.A.		468
	7,461,677		Land and Houses PCL Co Reg		1,981
	168,835		Land Securities Group plc		1,559
	881,000		Langham Hospitality Investments Ltd		116
	62,342		Lar Espana Real Estate Socimi S.A.		356
	1,632		LaSalle Logiport REIT		2,634
	12,928		LEG Immobilien AG.		2,006
	595,648		Lend Lease Corp Ltd		6,022
	918,826		Lendlease Global Commercial REIT		507
	152,743	*,e	Leopalace21 Corp		181
	438,338		Lexington Realty Trust		4,655
	32,221		Life Storage, Inc		3,847
	100,108		Lifestyle Communities Ltd		987
	1,903,058		Link REIT		17,283
	268,205		LOG Commercial Properties e Participacoes S.A.		1,777
	1,287,528		Logan Property Holdings Co Ltd		2,109
	891,140		London & Stamford Property plc		2,794
	1,608,593	g	Longfor Properties Co Ltd		9,409
	158,000		LOTTE Reit Co Ltd		779
	232,029		LSR Group PJSC (ADR)		530
	49,247		LTC Properties, Inc		1,916
	872,000		LVGEM China Real Estate Investment Co Ltd		262
	586,823		LXI REIT plc		956
	231,573	e	Macerich Co		2,471
	136,753		Mack-Cali Realty Corp		1,704
	516,304		Macquarie CountryWide Trust		1,458
	1,606,890		Macquarie MEAG Prime REIT		614
	852,834		Mah Sing Group BHD		185
	1,592,050		Manulife US Real Estate Investment Trust		1,185
	35,779	*,†,e	Mapeley Ltd		0	^

137

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,985,484		Mapletree Commercial Trust	$	3,201
	2,629,800		Mapletree Greater China Commercial Trust		1,930
	1,704,770		Mapletree Industrial Trust		3,732
	2,506,025		Mapletree Logistics Trust		3,814
	54,964	*	Marcus & Millichap, Inc		2,046
	383,856		Matrix Concepts Holdings BHD		169
	7,635	*	Maui Land & Pineapple Co, Inc		88
	701,200		MBK PCL		295
	295,507		Medical Properties Trust, Inc		6,439
	670,487		Medinet Nasr Housing		163
	24,891		Mega Or Holdings Ltd		760
	9,822,322		Megaworld Corp		834
	21,163		Melisron Ltd		1,151
	239,799		Mercialys S.A		2,108
	422,437		Merlin Properties Socimi S.A.		4,028
	50,639	*,g	Metrovacesa S.A.		374
	1,015,142	g	Mexico Real Estate Management S.A. de C.V.		1,437
	1,795		MID Reit, Inc		1,637
	33,467		Mid-America Apartment Communities, Inc		4,240
	119,800	*,g	Mindspace Business Parks REIT		525
	19,437		Minto Apartment Real Estate REIT NPV		311
	55,262		Mirae Asset Maps Asia Pacific Real Estate Investment		203
	1,668		Mirai Corp		623
	3,410,599		Mirvac Group		6,927
	1,060,121		Mitsubishi Estate Co Ltd		17,039
	318		Mitsubishi Estate Logistics REIT Investment Corp		1,327
	803,779		Mitsui Fudosan Co Ltd		16,831
	1,140		Mitsui Fudosan Logistics Park, Inc		5,782
	6,805	e	Mobimo Holding AG.		2,197
	85,800		Monmouth Real Estate Investment Corp (Class A)		1,486
	13,217		Montea C.V.A		1,498
	20,862		Morguard North American Resid		261
	1,791		Mori Hills REIT Investment Corp		2,470
	365		Mori Trust Hotel Reit, Inc		408
	997		Mori Trust Sogo Reit, Inc		1,286
	249,405		Multiplan Empreendimentos Imobiliarios S.A.		1,134
	60,007		National Health Investors, Inc		4,151
	105,165		National Retail Properties, Inc		4,303
	393,254		National Storage Affiliates Trust		14,169
	1,106,325		National Storage REIT		1,629
	1,278,000		Neo-China Land Group Holdings Ltd		135
	179,064		NEPI Rockcastle plc		1,139
	14,511		NESCO Ltd		109
	39,757		NETSTREIT Corp		775
	120,949		New Senior Investment Group, Inc		627
	1,477,620		New World Development Co Ltd		6,874
	346,839		Newmark Group, Inc		2,528
	42,613		Nexity		1,840
	119,225		NexPoint Residential Trust, Inc		5,044
	459		Nippon Accommodations Fund, Inc		2,580
	1,188		Nippon Building Fund, Inc		6,890
	1,727		Nippon ProLogis REIT, Inc		5,395
	482	e	NIPPON REIT Investment Corp		1,734
	51,351		Nomura Real Estate Holdings, Inc		1,139

138

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,846		Nomura Real Estate Master Fund, Inc	$	5,504
	94,836		NorthWest Healthcare Properties Real Estate Investment Trust		939
	20,097		NSI NV		802
	330,782	*	Nyfosa AB		3,305
	375,190	*	Oberoi Realty Ltd		2,999
	67,715		Office Properties Income Trust		1,538
	240,305		Omega Healthcare Investors, Inc		8,728
	26,377	e	One Liberty Properties, Inc		529
	63,502		Open House Co Ltd		2,336
	766,267		Origin Property PCL		193
	1,441		Orix JREIT, Inc		2,384
	2,461,674		OUE Commercial Real Estate Investment Trust		718
	210,380		Outfront Media, Inc		4,115
	352,422		Overseas Union Enterprise Ltd		320
	1,007,345		Oxley Holdings Ltd		164
	1,502,713	*	Palm Hills Developments SAE		131
	208,493		Paramount Group, Inc		1,885
	315,761		Park Hotels & Resorts, Inc		5,415
	423,324		Parkway Life Real Estate Investment Trust		1,240
	466,343		Parque Arauco S.A.		763
	74,029		Patrizia Immobilien AG.		2,378
	617,400		Pavilion Real Estate Investment Trust		230
	203,897		Pebblebrook Hotel Trust		3,833
	63,404	*	Phoenix Mills Ltd		673
	431,052		Physicians Realty Trust		7,673
	612,432		Picton Property Income Ltd		629
	202,589	e	Piedmont Office Realty Trust, Inc		3,288
	851,556		PLA Administradora Industrial S de RL de C.V.		1,313
	64,351		Platzer Fastigheter Holding AB		846
	37,201		Plymouth Industrial REIT, Inc		558
	1,393,817		Poly Hong Kong Investment Ltd		408
	50,619		Poly Property Development Co Ltd		399
	670,227		Poly Real Estate Group Co Ltd		1,619
	109,659		PotlatchDeltic Corp		5,485
	117,500	e	Powerlong Commercial Management Holdings Ltd		377
	1,740,908		Precinct Properties New Zealand Ltd		2,207
	85,521		Preferred Apartment Communities, Inc		633
	1,409		Premier Investment Co		1,743
	104,694		Prestige Estates Projects Ltd		382
	1,353,758		Primary Health Properties plc		2,830
	542,800		Prime US REIT		430
	709,826		Prince Housing & Development Corp		291
	440,453		ProLogis Property Mexico S.A. de C.V.		988
	2,083,377		Prologis, Inc		207,629
	2,036		Property & Building Corp		201
	1,444,000		Prosperity REIT		451
	436,300		Pruksa Holding PCL		182
	46,779		PS Business Parks, Inc		6,216
	70,825		PSP Swiss Property AG.		9,435
	5,433,100	*	PT Bumi Serpong Damai		475
	7,582,140		PT Ciputra Development Tbk		532
	16,315,400	*,†	PT Hanson International Tbk		29

139

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	25,229,540	*	PT Lippo Karawaci Tbk	$	385
	13,183,400	*	PT Pakuwon Jati Tbk		479
	38,725,158		PT Puradelta Lestari Tbk		679
	6,939,100	*	PT Summarecon Agung Tbk		398
	223,235		Public Storage, Inc		51,552
	1,556,500	*,e	Purplebricks Group plc		2,256
	346,206	e	QTS Realty Trust, Inc		21,423
	7,327,622		Quality House PCL		563
	407,841		Radium Life Tech Co Ltd		175
	11,021	*	Rafael Holdings, Inc		257
	198,236		Rayonier, Inc		5,824
	49,480	e	Raysum Co Ltd		454
	298,515		RDI REIT plc		389
	75,849		Re/Max Holdings, Inc		2,756
	88,210	*	Real Matters, Inc		1,331
	298,558	*	Realogy Holdings Corp		3,917
	90,242		Realty Income Corp		5,610
	802,000	e,g	Redco Properties Group Ltd		300
	4,361,998		Redefine Properties Ltd		998
	231,403	*	Redfin Corp		15,881
	780,000		Redsun Properties Group Ltd		271
	805,406		Regency Centers Corp		36,718
	463,422	g	Regional REIT Ltd		523
	190,662		Reit Ltd		956
	119,128		Relo Holdings, Inc		2,887
	258,868		Resilient REIT Ltd		745
	11,432		Retail Estates NV		826
	180,243		Retail Opportunities Investment Corp		2,413
	334,449		Retail Properties of America, Inc		2,863
	85,193		Retail Value, Inc		1,267
	1,275,766		Rexford Industrial Realty, Inc		62,653
	203,968		RioCan Real Estate Investment Trust		2,684
	81,063		RiseSun Real Estate Development Co Ltd		81
	259,126		RLJ Lodging Trust		3,667
	74,447		RMR Group, Inc		2,875
	164,277		Road King Infrastructure		210
	1,604,800		Robinsons Land Corp		708
	423,905	e	Ronshine China Holdings Ltd		296
	122,101		RPT Realty		1,056
	617,792		Ruentex Development Co Ltd		900
	303,189		Rural Funds Group		603
	62,013		Ryman Hospitality Properties		4,202
	335,032		Sabra Healthcare REIT, Inc		5,820
	20,720	e	Safehold, Inc		1,502
	572,097		Safestore Holdings plc		6,115
	138,484		Sagax AB		539
	131,989	e	Samhallsbyggnadsbolaget i - D		483
	839,621	e	Samhallsbyggnadsbolaget i Norden AB		2,939
	34,430		SAMTY Co Ltd		600
	333		Samty Residential Investment Corp		351
	8,594,982		Sansiri PCL		232
	609,100		Sasseur Real Estate Investment Trust		378
	72,189	*	Saudi Real Estate Co		291
	8,023		Saul Centers, Inc		254

140

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	152,100		Savills plc	$	1,985
	170,365		SBA Communications Corp		48,065
	1,772,546		SC Asset Corp PCL		165
	4,499,984		Scentre Group		9,666
	893,461		Seazen Group Ltd		746
	224,491		Segro plc		2,913
	4,330		Sekisui House Reit, Inc		3,151
	74,643		Selvaag Bolig ASA		504
	56,306	*,e	Seritage Growth Properties		827
	249,962		Service Properties Trust		2,872
	199,140	e	Shaftesbury plc		1,553
	44,481		Shanghai Lingang Holdings Corp Ltd		136
	1,250,692		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		979
	49,949		Shanghai Zhangjiang High-Tech Park Development Co Ltd		130
	1,618,072		Shenzhen Investment Ltd		555
	1,129,578		Shimao Property Holdings Ltd		3,598
	273,970	*	Shining Building Business Co Ltd		161
	1,130,750		Shopping Centres Australasia Property Group		2,190
	1,999,200		Shougang Concord International Enterprises Co Ltd		567
	2,394,000	e	Shui On Land Ltd		333
	227		SIA Reit, Inc		577
	977,940		Siam Future Development PCL		163
	30,700		Sichuan Languang Justbon Services Group Co Ltd		140
	964,000	*	Silver Grant International		113
	1,897,600		Sime Darby Property BHD		314
	1,548,308		Simon Property Group, Inc		132,040
	2,422,000		Singha Estate PCL		129
	2,735,763		Sino Land Co		3,560
	2,059,000		Sino-Ocean Land Holdings Ltd		411
	178,692		Sinyi Realty Co		185
	1,661,183		Sirius Real Estate Ltd		2,128
	830,267		SITE Centers Corp		8,402
	190,779		Six of October Development & Investment		180
	6,574	*	SK D&D Co Ltd		262
	2,030,000		Skyfame Realty Holdings Ltd		259
	108,029		SL Green Realty Corp		6,436
	44,994		Slate Grocery REIT		398
	8,895,788		SM Prime Holdings		7,133
	79,479		Smart Real Estate Investment Trust		1,441
	38,697		Sobha Developers Ltd		220
	1,506,000	*,e	Soho China Ltd		448
	1,003,869		Soilbuild Business Space REIT		407
	578		SOSiLA Logistics REIT, Inc		707
	1,260,200		SP Setia BHD		311
	46,928		Sparkassen Immobilien AG.		972
	1,024,200	e	SPH REIT		655
	322,883		Spirit Realty Capital, Inc		12,970
	5,700	*	SRE Holdings Corp		229
	196,678		ST Modwen Properties plc		1,081
	36,888		St. Joe Co		1,566
	378,329		STAG Industrial, Inc		11,849

141

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	20,003		Star Asia Investment Corp	$	9,784
	67,700		Starts Corp, Inc		1,883
	242		Starts Proceed Investment Corp		473
	1,026,691		Stockland Trust Group		3,315
	299,206	e	Stor-Age Property REIT Ltd		276
	1,223,000		StorageVault Canada, Inc		3,882
	505,691		STORE Capital Corp		17,183
	5,817	*,e	Stratus Properties, Inc		148
	191,990		Sumitomo Realty & Development Co Ltd		5,927
	165,043		Summit Hotel Properties, Inc		1,487
	82,303		Summit Industrial Income REIT		883
	42,729	*	Summit Real Estate Holdings Ltd		638
	297,433		Sun Communities, Inc		45,195
	92,580		Sun Frontier Fudousan Co Ltd		802
	1,260,155		Sun Hung Kai Properties Ltd		16,116
	2,328,197		Sunac China Holdings Ltd		8,606
	1,880,000	*,e	Suncity Group Holdings Ltd		167
	1,138,000		Sunlight Real Estate Investment Trust		553
	332,495		Sunstone Hotel Investors, Inc		3,767
	1,695,029		Suntec Real Estate Investment Trust		1,912
	42,020		Sunteck Realty Ltd		200
	1,395,400		Sunway Real Estate Investment		521
	1,144,801		Supalai PCL		783
	423,000		Swire Pacific Ltd (Class A)		2,330
	993,794		Swire Properties Ltd		2,889
	70,188		Swiss Prime Site AG.		6,881
	164,119		TAG Tegernsee Immobilien und Beteiligungs AG.		5,237
	321,500		Takara Leben Co Ltd		958
	490		Takara Leben Real Estate Investment Corp		439
	683,118		Talaat Moustafa Group		285
	139,935	e	Tanger Factory Outlet Centers, Inc		1,394
	36,614	*	Tejon Ranch Co		529
	186,702		Terreno Realty Corp		10,924
	41,480		TOC Co Ltd		280
	358,593	e	Tokyo Tatemono Co Ltd		4,923
	485,710		Tokyu Fudosan Holdings Corp		2,594
	878		Tokyu REIT, Inc		1,393
	166,443		Tosei Corp		1,910
	2,291	*	Transcontinental Realty Investors, Inc		55
	211,630	e	Tricon Capital Group, Inc		1,900
	8,391,720		Tritax Big Box REIT plc		19,280
	7,808,291	g	Tritax EuroBox plc		10,550
	56,079		UDR, Inc		2,155
	1,032,500	*	UEM Land Holdings BHD		127
	878,172		UK Commercial Property REIT Ltd		831
	47,454		UMH Properties, Inc		703
	11,565	e	Unibail-Rodamco-Westfield		901
	1,703,653	*	Union Properties PJSC		130
	1,350,640		Unite Group plc		19,294
	1,383,414		United Development Co PSC		629
	2,734		United Urban Investment Corp		3,385
	466,341		Uniti Group, Inc		5,470
	11,562		Universal Health Realty Income Trust		743
	406,402		UOL Group Ltd		2,370

142

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	151,815		Urban & Civic plc	$	714
	347,711		Urban Edge Properties		4,499
	46,307		Urstadt Biddle Properties, Inc (Class A)		654
	13,941		Vastned Retail NV		394
	570,827		Ventas, Inc		27,993
	291,737		VEREIT, Inc		11,025
	1,004,473		VICI Properties, Inc		25,614
	3,363,226		Vicinity Centres		4,159
	2,198,000		Vista Land & Lifescapes, Inc		214
	32,647		Vornado Realty Trust		1,219
	584,300		Vukile Property Fund Ltd		318
	167,248		Wallenstam AB		2,658
	628,409		Warehouse REIT plc		1,031
	214,524		Warehouses De Pauw CVA		7,437
	130,584		Washington REIT		2,825
	226,226		Watkin Jones plc		570
	705,436		Waypoint REIT		1,484
	125,520		Weingarten Realty Investors		2,720
	606,906		Welltower, Inc		39,218
	38,444	e	Wereldhave NV		503
	1,105,020		Weyerhaeuser Co		37,051
	6,477,209		WHA Corp PCL		656
	1,549,244		Wharf Holdings Ltd		4,161
	1,648,360	e	Wharf Real Estate Investment Co Ltd		8,567
	71,420		Whitestone REIT		569
	196,707		Wihlborgs Fastigheter AB		4,446
	405,040		Wing Tai Holdings Ltd		597
	137,160		Workspace Group plc		1,442
	28,477		WP Carey, Inc		2,010
	44,631		WPT Industrial Real Estate Investment Trust		645
	185,524		Xenia Hotels & Resorts, Inc		2,820
	267,608		Xinhu Zhongbao Co Ltd		127
	306,000		Xinji Shaxi Group Co Ltd		77
	18,202		Xior Student Housing NV		1,095
	27,286		Yango Group Co Ltd		27
	664,342		Yanlord Land Group Ltd		564
	8,497		YH Dimri Construction & Development Ltd		397
	422,000		Yincheng International Holding Co Ltd		130
	1,514,044	*,e	Yoma Strategic Holdings Ltd		333
	561,600		YTL Hospitality REIT		127
	1,273,000		Yuexiu Real Estate Investment Trust		621
	3,355,130		Yuexiul Property Co Ltd		675
	1,490,000		Yuzhou Properties Co		538
	651,089	e	Zhenro Properties Group Ltd		392
	205,959	*	Zhongtian Financial Group Co Ltd		99
	1,184,000	*	Zhuguang Holdings Group Co Ltd		165
			TOTAL REAL ESTATE		3,618,803

RETAILING - 6.7%
	266,012	*,e	1-800-FLOWERS.COM, Inc (Class A)		6,916
	82,955	*	Aaron’s Co, Inc		1,573
	23,069		ABC-Mart, Inc		1,283
	100,083		Abercrombie & Fitch Co (Class A)		2,038

143

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	22,960	*	Academy Sports & Outdoors, Inc	$	476
	365,827		Accent Group Ltd		652
	30,130		Adastria Holdings Co Ltd		605
	95,048		Advance Auto Parts, Inc		14,971
	1,725,800	*	Alibaba Group Holding Ltd		50,194
	2,485,547	*	Alibaba Group Holding Ltd (ADR)		578,461
	1,455,589	*,g	Allegro.eu S.A.		33,003
	1,057,400		AllHome Corp		202
	15,990		Alpen Co Ltd		367
	998,270	*,n	Amazon.com, Inc		3,251,296
	247,806	e	American Eagle Outfitters, Inc		4,973
	7,272	*	America’s Car-Mart, Inc		799
	684,927	*	AO World plc		3,863
	35,200	e	AOKI Holdings, Inc		177
	158,084		AP Eagers Ltd		1,621
	4,060,000	*,e	Apollo Future Mobility Group Ltd		404
	31,122		Arata Corp		1,479
	30,376		Arc Land Sakamoto Co Ltd		504
	93,247	*	Aritzia, Inc		1,889
	30,654	*	Arko Corp		262
	17,558		Asahi Co Ltd		276
	24,974	*	Asbury Automotive Group, Inc		3,640
	121,364		ASKUL Corp		4,529
	409,327	*	ASOS plc		26,676
	82,001	*	At Home Group, Inc		1,268
	64,688		Autobacs Seven Co Ltd		896
	127,320	*	Autonation, Inc		8,886
	38,032	*	AutoZone, Inc		45,085
	3,859,947		B&M European Value Retail S.A.		27,173
	24,129	g	B&S Group Sarl		217
	7,388,921	*	B2W Companhia Global Do Varejo		107,602
	341,405	*,e	Baozun, Inc (ADR)		11,727
	310,036	e	Bed Bath & Beyond, Inc		5,506
	55,005		Belluna Co Ltd		606
	674,273		Berjaya Auto BHD		244
	553,685		Best Buy Co, Inc		55,252
	86,424	*	BHG Group AB		1,887
	105,800		BIC CAMERA, Inc		1,176
	62,619	e	Big Lots, Inc		2,688
	142,269		Bilia AB		1,742
	3,366,442	*	boohoo.com plc		15,803
	131,185	*	Booking Holdings, Inc		292,184
	24,837	*	Boot Barn Holdings, Inc		1,077
	38,150	*,g	Boozt AB		876
	47,589		Buckle, Inc		1,390
	179,548	*	Burlington Stores, Inc		46,961
	367,462		Burson Group Ltd		2,210
	63,959	*	Bytes Technology Group plc		290
	87,924		C&A Modas Ltd		218
	61,996		Caleres, Inc		970
	147,225	e	Camping World Holdings, Inc		3,835
	87,758	e	Canadian Tire Corp Ltd		11,536
	571,458	*	CarMax, Inc		53,980
	88,326	*,e	CarParts.com, Inc		1,094

144

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	92,544	*	Carvana Co	$	22,168
	48,995		Cato Corp (Class A)		470
	153,161	*	Ceconomy AG		1,060
	782,265		Central Retail Corp PCL		804
	343,869	*,e	Children’s Place, Inc		17,228
	606,000	e	China Harmony New Energy Auto Holding Ltd		289
	240,492		China International Travel Service Corp Ltd		10,409
	2,504,629		China Meidong Auto Holdings Ltd		10,195
	155,000	e	China Tobacco International HK Co Ltd		297
	879,000	*,e	China ZhengTong Auto Services Holdings Ltd		98
	15,316		Chiyoda Co Ltd		136
	18,076		Citi Trends, Inc		898
	17,265	*	CJ O Shopping Co Ltd		2,223
	113,866	e	Clas Ohlson AB (B Shares)		1,083
	471,279		Com7 PCL (Foreign)		611
	49,293	*	Conn’s, Inc		576
	73,312	*	Container Store Group, Inc		699
	136,706		Core-Mark Holding Co, Inc		4,015
	5,634	*	Cuckoo Homesys Co Ltd		203
	258,246		DCM Japan Holdings Co Ltd		2,952
	58,051		Delek Automotive Systems Ltd		546
	198,241	*,g	Delivery Hero AG.		31,003
	24,500	*,e	Demae-Can Co Ltd		748
	110,710	e	Designer Brands, Inc		847
	166,002	*	Despegar.com Corp		2,127
	240,247		Dick’s Sporting Goods, Inc		13,504
	22,718		Dieteren S.A.		1,877
	11,880	e	Dillard’s, Inc (Class A)		749
	502,350		Dohome PCL		234
	441,254		Dollar General Corp		92,796
	400,050	*	Dollar Tree, Inc		43,221
	627,649		Dollarama, Inc		25,581
	522,800		Don Quijote Co Ltd		12,079
	25,100		Doshisha Co Ltd		474
	57,733		Dufry Group		3,637
	20,055	*,e	Duluth Holdings, Inc		212
	104,502		Dunelm Group plc		1,730
	60,242	g	Dustin Group AB		471
	1,171,142		eBay, Inc		58,850
	84,578		EDION Corp		860
	68,952	*,e	eDreams ODIGEO S.A.		351
	28,300	e	Enigmo, Inc		339
	7,295	*,e	Envela Corp		38
	231,902	*	Etsy, Inc		41,258
	358,492	g	Europris ASA		2,137
	499,398		Expedia Group, Inc		66,120
	745,000		Far Eastern Department Stores Co Ltd		637
	58,269	*	Farfetch Ltd		3,718
	53,279		Fast Retailing Co Ltd		47,774
	55,554	*	Fawaz Abdulaziz Al Hokair & Co		323
	114,881	*	Five Below, Inc		20,102
	26,355	*	Fiverr International Ltd		5,142
	161,509	*	Floor & Decor Holdings, Inc		14,996

145

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	15,636		Foot Locker, Inc	$	632
	264,746	*,e	Foschini Ltd		1,850
	8,005		Fox Wizel Ltd		805
	19,400		Fuji Co Ltd		368
	42,589	*,e	Funko, Inc		442
	187,749	*	Future Enterprises Ltd		202
	336,857	*,e	GameStop Corp (Class A)		6,346
	26,654		Gap, Inc		538
	22,234	*	Genesco, Inc		669
	27,316		Genuine Parts Co		2,743
	34,600		Geo Holdings Corp		406
	1,165,057		Gocompare.Com Group plc		2,055
	4,640,885	*,e	GOME Electrical Appliances Holdings Ltd		557
	561,500	*	Grand Baoxin Auto Group Ltd		60
	23,603	*,e	Greenlane Holdings Inc		93
	25,989		Group 1 Automotive, Inc		3,408
	17,073		Groupe Fnac		1,093
	79,521	*,e	Groupon, Inc		3,021
	39,035	*,e	GrowGeneration Corp		1,570
	381,889	*	GrubHub, Inc		28,363
	73,553	*	Grupo SBF S.A.		420
	2,373	*	GS Home Shopping, Inc		304
	65,395		Guess?, Inc		1,479
	60,600		Gulliver International Co Ltd		322
	589,086	*	Halfords Group plc		2,151
	93,225		Hankyu Department Stores, Inc		632
	615,162	e	Harvey Norman Holdings Ltd		2,223
	27,453		Haverty Furniture Cos, Inc		760
	557,541	*	HelloFresh SE		43,127
	17,796,000	*,e	HengTen Networks Group Ltd		609
	350,695		Hennes & Mauritz AB (B Shares)		7,362
	61,958	*	Hibbett Sports, Inc		2,861
	31,690		Hikari Tsushin, Inc		7,436
	2,398,451		Home Depot, Inc		637,077
	2,594,367		Home Product Center PCL (Foreign)		1,182
	26,926	*	Home24 SE		736
	509,000	*	Hong Kong Television Network Ltd		751
	9,079		Hornbach Baumarkt AG.		397
	23,739		Hornbach Holding AG. & Co KGaA		2,282
	201,482		Hotai Motor Co Ltd		4,624
	14,035	*	Hotel Shilla Co Ltd		1,065
	2,285,000	*,†	Hsin Chong Group Holdings Ltd		3
	10,478	*	Hyundai Department Store Co Ltd		690
	4,279	*	Hyundai Home Shopping Network Corp		322
	417,741		Inchcape plc		3,678
	846,111		Industria De Diseno Textil S.A.		26,855
	507,700		Isetan Mitsukoshi Holdings Ltd		3,010
	36,500		Izumi Co Ltd		1,323
	235,700		J Front Retailing Co Ltd		1,869
	58,768		Jarir Marketing Co		2,716
	209,376		JB Hi-Fi Ltd		7,861
	1,114,250	*,g	JD Health International, Inc		21,559
	392,538	*	JD Sports Fashion plc		4,612
	225,482	*	JD.com, Inc		9,931

146

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,889,843	*	JD.com, Inc (ADR)	$	166,117
	14,142		Jin Co Ltd		930
	30,520		Joshin Denki Co Ltd		806
	133,474	e	Joyful Honda Co Ltd		1,913
	46,435		JUMBO S.A.		801
	36,187		Keiyo Co Ltd		257
	120,140		Kering		87,190
	1,268,602	*	Kingfisher plc		4,688
	9,100		Kintetsu Department Store Co Ltd		277
	64,523		Kogan.com Ltd		947
	95,168		Kohl’s Corp		3,872
	73,205		Kohnan Shoji Co Ltd		2,281
	29,300	*	Kojima Co Ltd		202
	130,052		Komeri Co Ltd		3,677
	570,728		K’s Holdings Corp		7,952
	104,540		L Brands, Inc		3,888
	21,490	*,e	Lands’ End, Inc		464
	68,515	*	Leslie’s, Inc		1,901
	40,081		Liaoning Cheng Da Co Ltd		149
	514,000	*	Lifestyle International Holdings Ltd		408
	39,837	*	Liquidity Services, Inc		634
	52,429		Lithia Motors, Inc (Class A)		15,344
	58,826	*	LKQ Corp		2,073
	10,960,295		Lojas Americanas S.A. (Preference)		55,479
	1,427,600		Lojas Quero Quero S		4,469
	685,532		Lojas Renner S.A.		5,764
	7,951	*	LOTTE Himart Co Ltd		228
	4,937	*	Lotte Shopping Co Ltd		467
	59,444	e	Lovisa Holdings Ltd		522
	1,993,382		Lowe’s Companies, Inc		319,958
	321,561		Luk Fook Holdings International Ltd		776
	46,112	*	Lumber Liquidators, Inc		1,418
	463,515	e	Macy’s, Inc		5,215
	4,680,525		Magazine Luiza S.A.		22,444
	436,370	*,e	Magnite, Inc		13,401
	43,227	g	Maisons du Monde S.A.		791
	1,100,960	*	MakeMyTrip Ltd		32,511
	363,726	*,e,g	Maoyan Entertainment		575
	123,990	*	MarineMax, Inc		4,343
	227,080	*	Marisa Lojas S.A.		298
	2,088,707	*	Marks & Spencer Group plc		3,874
	85,409		Marui Co Ltd		1,504
	142,466,800	*,a	Matahari Department Store Tbk PT		12,956
	40,802	*	Matas A.S.		579
	29,716		Matsuya Co Ltd		216
	7,471	e	Media Do Holdings Co Ltd		537
	3,547,235	*	Meituan Dianping (Class B)		133,530
	44,888		Mekonomen AB		497
	11,174	*	MercadoLibre, Inc		18,719
	99,500	*,e	Mercari, Inc		4,411
	118,817	*,e	Michaels Cos, Inc		1,546
	45,693		Mobilezone Holding AG.		520
	28,141		momo.com, Inc		639

147

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	555,150		Moneysupermarket.com Group plc	$	1,983
	39,887		Monro Muffler, Inc		2,126
	115,210		Motus Holdings Ltd		439
	1,286,085		Mr Price Group Ltd		14,925
	211,000	*,e,g	Mulsanne Group Holding Ltd		134
	22,009		Murphy USA, Inc		2,880
	33,617	*	Musti Group Oyj		1,007
	14,400	*	Nafco Co Ltd		280
	7,875	*	Nagarro SE		875
	702,747		Naspers Ltd (N Shares)		143,905
	153,211	*	National Vision Holdings, Inc		6,939
	1,041,707	*	New Carphone Warehouse plc		1,652
	81,495		Next plc		7,858
	40,320		Nextage Co Ltd		518
	73,891		Nick Scali Ltd		550
	46,835		Nishimatsuya Chain Co Ltd		673
	85,504		Nitori Co Ltd		17,879
	102,162		Nojima Corp		2,802
	134,526	e	Nordstrom, Inc		4,199
	420,329	*	Ocado Ltd		13,144
	194,122	*	ODP Corp		5,688
	25,000	*	Oisix ra daichi, Inc		757
	95,174	*	Ollie’s Bargain Outlet Holdings, Inc		7,782
	137,734	g	On the Beach Group plc		702
	15,206	*	OneWater Marine, Inc		442
	12,184	*,e	Open Door, Inc		165
	122,546	*	O’Reilly Automotive, Inc		55,461
	72,844	*	Overstock.com, Inc		3,494
	10,000	*	Ozon Holdings plc (ADR)		414
	266,587		Padini Holdings BHD		191
	23,528		Pal Co Ltd		279
	142,915		Paltac Corp		7,779
	78,780		PC Home Online		253
	45,056		Penske Auto Group, Inc		2,676
	14,694	e	PetMed Express, Inc		471
	673,672		Petrobras Distribuidora S.A.		2,875
	515,111		Pets at Home Group plc		2,931
	593,979	*	Pinduoduo, Inc (ADR)		105,532
	82,206		Pool Corp		30,622
	1,640,129	*	Pou Sheng International Holdings Ltd		390
	43,701		Poya Co Ltd		897
	232,106		Premier Investments Ltd		4,211
	491,375		Prosus NV		53,058
	2,336,090		PT ACE Hardware Indonesia Tbk		286
	2,047,900	*	PT Bintang Oto Global Tbk		201
	6,102,279	*	PT Mitra Adiperkasa Tbk		343
	619,668		PTG Energy PCL (Foreign)		329
	96,960	*	Quotient Technology, Inc		913
	583,968		Qurate Retail Group, Inc QVC Group		6,406
	803,765	*	Rakuten, Inc		7,735
	151,583	*	RealReal, Inc		2,962
	203,941	*	Redbubble Ltd		868
	217,616		Rent-A-Center, Inc		8,333
	31,123	*,e	RH		13,928

148

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	665,242		Ripley Corp S.A.	$	207
	515,003		Ross Stores, Inc		63,248
	107,200		Ryohin Keikaku Co Ltd		2,194
	1,233,831	*,e	SA SA International Holdings Ltd		193
	1,171,616		SACI Falabella		4,337
	182,326	*	Sally Beauty Holdings, Inc		2,378
	52,300		Sanrio Co Ltd		716
	117,860		Saudi Co For Hardware CJSC		1,828
	22,417		Seobu Truck Terminal Co Ltd		156
	211,881		Seria Co Ltd		7,778
	44,504		Shanghai Yuyuan Tourist Mart Group Co Ltd		61
	49,992		Shimamura Co Ltd		5,253
	3,115		Shinsegae Co Ltd		688
	2,105	*	Shinsegae International Co Ltd		313
	13,418	e	Shoe Carnival, Inc		526
	11,404	*,g	Shop Apotheke Europe NV		2,065
	38,630		Shutterstock, Inc		2,770
	399,000		Sichuan Xinhua Winshare Chainstore Co Ltd		246
	81,600	e	Signet Jewelers Ltd		2,225
	40,225	g	Sleep Country Canada Holdings, Inc		837
	95,401	*	Sleep Number Corp		7,810
	26,487	*,g	SMCP S.A.		161
	100,205		Sonic Automotive, Inc (Class A)		3,865
	413,014	*	Sports Direct International plc		2,543
	190,796	*	Sportsman’s Warehouse Holdings, Inc		3,348
	30,026	*	Stamps.com, Inc		5,891
	283,130		Start Today Co Ltd		6,975
	58,527	*,e	Stitch Fix Inc		3,437
	297,224		Suning.com Co Ltd		351
	331,302		Super Cheap Auto Group Ltd		2,692
	280,526	*	Super Group Ltd		447
	3,202		Tadiran Holdings Ltd		236
	132,351		Takashimaya Co Ltd		1,139
	162,123	*,e,g	Takeaway.com Holding BV		18,280
	37,096		Takkt AG.		483
	992,719		Target Corp		175,245
	41,769		Telepark Corp		784
	554,027	*	Temple & Webster Group Ltd		4,743
	138,000		Test-Rite International Co		131
	5,251,560	*	THG Holdings Ltd		56,016
	171,716		Tiffany & Co		22,572
	48,491		Tilly’s, Inc		396
	2,806,614		TJX Companies, Inc		191,664
	76,304		Tokmanni Group Corp		1,514
	820,820	*	Tongcheng-Elong Holdings Ltd		1,591
	5,831,543	g	Topsports International Holdings Ltd		8,733
	194,579		Tractor Supply Co		27,354
	486,483	*,g	Trainline plc		3,093
	154,766		Trent Ltd		1,460
	196,403	*	Trip.com Group Ltd (ADR)		6,625
	335,734	e	Truworths International Ltd		842
	94,736	*	Ulta Beauty, Inc		27,204
	23,599		United Arrows Ltd		350

149

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	24,298		United Electronics Co	$	560
	396,385	*	Urban Outfitters, Inc		10,147
	324,243		USS Co Ltd		6,557
	110,723	*,e	Uxin Ltd (ADR)		97
	3,813		Valora Holding AG.		747
	5,000	*	Valuence Holdings, Inc		187
	1,112,367	*	Via Varejo S.A.		3,465
	1,297,584	*	Vipshop Holdings Ltd (ADR)		36,475
	6,781	*	V-Mart Retail Ltd		237
	39,653	*,e	Vroom, Inc		1,625
	86,988		VT Holdings Co Ltd		360
	425,866	*,e	Waitr Holdings Inc		1,184
	39,635		Wangfujing Group Co Ltd		198
	115,577	*,e	Wayfair, Inc		26,098
	327,865	e	Webjet Ltd		1,284
	1,035,444		Wesfarmers Ltd		40,245
	12,243	*	Westwing Group AG.		495
	5,563		Weyco Group, Inc		88
	133,417		WH Smith plc		2,751
	1,110,500		Wilcon Depot, Inc		392
	116,425		Williams-Sonoma, Inc		11,857
	6,758		Winmark Corp		1,256
	1,090,374		Woolworths Holdings Ltd		2,936
	82,800	e	Workman Co Ltd		7,064
	50,600		World Co Ltd		616
	165,783		Wuchan Zhongda Group Co Ltd		111
	22,042		Xebio Co Ltd		176
	149,008	*,e,g	XXL ASA		334
	1,116,394		Yamada Denki Co Ltd		5,931
	106,033		Yellow Hat Ltd		1,727
	172,363	*,g	Zalando SE		19,172
	239,572		Zhongsheng Group Holdings Ltd		1,711
	6,078	*	zooplus AG.		1,273
	91,847	*	Zumiez, Inc		3,378
			TOTAL RETAILING		8,511,681

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.5%
	161,615		A-DATA Technology Co Ltd		421
	55,988	*	Advanced Energy Industries, Inc		5,429
	2,478,286	*	Advanced Micro Devices, Inc		227,284
	9,694	*	Advanced Process Systems Corp		222
	102,483		Advanced Wireless Semiconductor Co		494
	88,600		Advantest Corp		6,636
	281,900		AEM Holdings Ltd		737
	116,651	*	Aixtron AG.		2,029
	47,000		Alchip Technologies Ltd		1,042
	43,358	*	Allegro MicroSystems, Inc		1,156
	31,831	*	Alpha & Omega Semiconductor Ltd		752
	58,339	*	Ambarella, Inc		5,357
	735,287		Amkor Technology, Inc		11,088
	300,918	*	ams AG.		6,557
	657,541		Analog Devices, Inc		97,139
	31,000		AP Memory Technology Corp		471
	3,586,626		Applied Materials, Inc		309,526

150

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	302,738		Ardentec Corp	$	417
	2,593,925		ASE Industrial Holding Co Ltd		7,525
	84,789		ASM International NV		18,503
	1,262,956		ASM Pacific Technology		16,679
	24,231		ASMedia Technology, Inc		1,358
	906,219		ASML Holding NV		438,770
	61,000		ASPEED Technology, Inc		3,731
	12,508	*,e	Atomera, Inc		201
	35,015	*	Atto Co Ltd		205
	51,442	*	Axcelis Technologies, Inc		1,498
	57,029	*	AXT, Inc		546
	103,336		BE Semiconductor Industries NV		6,205
	1,196,328		Broadcom, Inc		523,812
	267,600		Brooks Automation, Inc		18,157
	25,211	*	Camtek Ltd		562
	16,727	*	Ceva, Inc		761
	97,000		Chang Wah Technology Co Ltd		207
	11,538	*,†	China Energy Savings Technology, Inc		0
	1,531,000		Chipbond Technology Corp		3,625
	446,436		ChipMOS Technologies, Inc		547
	86,379	*	Cirrus Logic, Inc		7,100
	27,963		CMC Materials, Inc		4,231
	74,742		Cohu, Inc		2,854
	454,925	*,e	Cree, Inc		48,177
	6,091	*	CyberOptics Corp		138
	39,095	*,e	Daqo New Energy Corp (ADR)		2,242
	119,327	*	Dialog Semiconductor plc		6,502
	99,415	*	Diodes, Inc		7,009
	33,280		Disco Corp		11,216
	134,164	*	Dongbu HiTek Co Ltd		6,302
	25,369	*	DSP Group, Inc		421
	229,400		Elan Microelectronics Corp		1,092
	191,000		Elite Semiconductor Memory Technology, Inc		441
	10,193		Elmos Semiconductor AG.		342
	47,571		eMemory Technology, Inc		1,010
	326,272	*	Enphase Energy, Inc		57,251
	228,576		Entegris, Inc		21,966
	6,783	*	Eo Technics Co Ltd		732
	88,000		Episil-Precision, Inc		223
	860,000	*	Epistar Corp		1,300
	11,233		Eugene Technology Co Ltd		346
	791,000		Everlight Electronics Co Ltd		1,191
	181,060		Faraday Technology Corp		329
	39,433		Ferrotec		673
	136,797	*	First Solar, Inc		13,532
	285,000	*	Forhouse Corp		143
	352,824	*	Formfactor, Inc		15,178
	103,000		Formosa Advanced Technologies Co Ltd		139
	864,200		Formosa Sumco Technology Corp		4,162
	47,376		Foxsemicon Integrated Technology, Inc		355
	11,795,000	*,e	GCL Poly Energy Holdings Ltd		1,875
	336,406	*	GCL System Integration Technology Co Ltd		219
	24,783	*	GemVax & Kael Co Ltd		546

151

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	26,190		Gigadevice Semiconductor Beijing, Inc	$	792
	64,000		Global Lighting Technologies, Inc		256
	51,000		Global Mixed Mode Technology, Inc		290
	69,000		Global Unichip Corp		835
	278,088		Globalwafers Co Ltd		7,025
	447,233		Globetronics Technology BHD		301
	462,600	*	Greatech Technology Bhd		1,053
	223,000		Greatek Electronics, Inc		445
	28,683	*	GSI Technology, Inc		212
	36,000		Gudeng Precision Industrial Co Ltd		351
	27,736		Hangzhou First Applied Material Co Ltd		363
	84,144		Hangzhou Silan Microelectronics Co Ltd		322
	19,800	*	Hanmi Semiconductor Co Ltd		330
	129,000		Holtek Semiconductor, Inc		334
	199,531	*,e,g	Hua Hong Semiconductor Ltd		1,136
	1,145,417	*	Hynix Semiconductor, Inc		125,112
	16,994	*	Ichor Holdings Ltd		512
	68,021	*,e	Impinj, Inc		2,848
	2,749,476		Infineon Technologies AG.		104,999
	21,656	*	Ingenic Semiconductor Co Ltd		303
	5,435	*	Innox Advanced Materials Co Ltd		228
	89,289	*	Inphi Corp		14,328
	9,537,073	e	Intel Corp		475,137
	851,855	*,e	IQE plc		856
	5,151	*	ITM Semiconductor Co Ltd		270
	53,903	*	JA Solar Technology Co Ltd		337
	65,013		Japan Material Co Ltd		893
	51,000		Jentech Precision Industrial Co Ltd		450
	69,027	*,e	JinkoSolar Holding Co Ltd (ADR)		4,271
	878,000		King Yuan Electronics Co Ltd		1,088
	215,000		Kinsus Interconnect Technology Corp		621
	230,629		KLA Corp		59,712
	8,639	*	Koh Young Technology, Inc		836
	378,284		Lam Research Corp		178,652
	57,800		Land Mark Optoelectronics Corp		583
	171,448		Lasertec Corp		20,123
	467,796	*	Lattice Semiconductor Corp		21,434
	7,885		LEENO Industrial Inc		981
	200,517		LONGi Green Energy Technology Co Ltd		2,831
	28,278		Machvision, Inc		298
	115,073	*	MACOM Technology Solutions Holdings, Inc		6,334
	1,473,000		Macronix International		2,226
	70,000		Malaysian Pacific Industries BHD		452
	63,000		Marketech International Corp		262
	3,620,561		Marvell Technology Group Ltd		172,121
	8,711	*,e	Maxeon Solar Technologies Ltd		247
	255,480		Maxim Integrated Products, Inc		22,648
	76,247	*	MaxLinear, Inc		2,912
	2,648,365		MediaTek, Inc		70,625
	18,089		Megachips Corp		494
	20,701		Melexis NV		2,018
	2,294,451	*	Meyer Burger Technology AG.		901
	118,500		Mi Technovation Bhd		117
	264,926		Microchip Technology, Inc		36,589

152

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	3,370,399	*	Micron Technology, Inc	$	253,387
	31,400	e	Micronics Japan Co Ltd		395
	17,991		Mimasu Semiconductor Industry Co Ltd		451
	18,406		Mitsui High-Tec, Inc		692
	181,900		MKS Instruments, Inc		27,367
	138,596		Monolithic Power Systems, Inc		50,758
	255,000	*	Motech Industries, Inc		315
	109,959	*	Nanometrics, Inc		5,229
	503,075		Nanya Technology Corp		1,560
	25,314		NAURA Technology Group Co Ltd		700
	1,808,860	*	Neo Solar Power Corp		921
	207,280	*	NeoPhotonics Corp Ltd		1,884
	12,834	*	NEPES Corp		502
	148,578	*	Nordic Semiconductor ASA		2,387
	49,760	*	Nova Measuring Instruments Ltd		3,513
	233,758		Novatek Microelectronics Corp Ltd		3,076
	122,657		Nuvoton Technology Corp		208
	10,829		NVE Corp		608
	1,294,850		NVIDIA Corp		676,171
	1,002,050		NXP Semiconductors NV		159,336
	1,573,618	*	ON Semiconductor Corp		51,505
	31,252	e	Optorun Co Ltd		640
	202,100		Pan Jit International, Inc		390
	57,401		Parade Technologies Ltd		2,273
	22,678	*	PDF Solutions, Inc		490
	58,222		Phison Electronics Corp		691
	98,257	*	Photronics, Inc		1,097
	100,613		Pixart Imaging, Inc		689
	35,717	*	Pixelworks, Inc		101
	52,367	e	Power Integrations, Inc		4,287
	338,338		Powertech Technology, Inc		1,146
	101,564	*	Qorvo, Inc		16,887
	3,063,082	n	QUALCOMM, Inc		466,630
	1,266,983		Radiant Opto-Electronics Corp		5,160
	363,051	*	Rambus, Inc		6,339
	197,261		Realtek Semiconductor Corp		2,748
	3,140,015	*	Renesas Electronics Corp		32,866
	10,467	*	RFHIC Corp		430
	43,000		RichWave Technology Corp		606
	39,206		Rohm Co Ltd		3,801
	10,907		Rorze Corp		707
	6,500		RS Technologies Co Ltd		359
	12,050	*	S&S Tech Corp		483
	259,513		Sanan Optoelectronics Co Ltd		1,073
	23,613		Sanken Electric Co Ltd		1,026
	40,269	e	SCREEN Holdings Co Ltd		2,970
	103,000		SDI Corp		361
	97,885	*	Semtech Corp		7,057
	30,540	*	Seoul Semiconductor Co Ltd		578
	8,657	*	Seoul Viosys Co Ltd		154
	7,904		SG Micro Corp		319
	204,000	*	Shanghai Fudan Microelectronics Group Co Ltd		369
	25,385		Shenzhen Goodix Technology Co Ltd		605

153

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,821		Shenzhen SC New Energy Technology Corp	$	441
	946,700		Shinko Electric Industries		21,671
	94,543	*	Shinsung Holdings Co Ltd		300
	34,000		ShunSin Technology Holding Ltd		158
	306,116		Sigurd Microelectronics Corp		494
	186,578		Silergy Corp		16,057
	80,325	*	Silicon Laboratories, Inc		10,229
	8,590	*	Silicon Works Co Ltd		461
	21,730		Siltronic AG.		3,398
	14,503	*	SIMMTECH Co Ltd		306
	397,838		Sino-American Silicon Products, Inc		2,519
	15,955	*	SiTime Corp		1,786
	84,567		Sitronix Technology Corp		490
	503,072		Skyworks Solutions, Inc		76,910
	9,369	*	SMA Solar Technology AG.		640
	10,287	*,e	SMART Global Holdings, Inc		387
	23,018	*,e	SOITEC		4,464
	84,220	*	SolarEdge Technologies, Inc		26,876
	1,071,330	e	STMicroelectronics NV		39,635
	61,581	*	STS Semiconductor & Telecommunications		328
	2,722,516		Sumco Corp		59,782
	213,030	*,e	SunPower Corp		5,462
	62,482	*	Synaptics, Inc		6,023
	155,000		Taiwan Semiconductor Co Ltd		344
	41,211,358		Taiwan Semiconductor Manufacturing Co Ltd		779,614
	1,300,416	e	Taiwan Semiconductor Manufacturing Co Ltd (ADR)		141,797
	932,847		Taiwan Surface Mounting Technology Co Ltd		4,301
	312,582		Teradyne, Inc		37,475
	10,204		TES Co Ltd		279
	7,809	*	Tesna Co Ltd		404
	1,308,338		Texas Instruments, Inc		214,738
	162,125		Tianjin Zhonghuan Semiconductor Co Ltd		633
	162,361		Tianshui Huatian Technology Co Ltd		339
	3,476	*	Tokai Carbon Korea Co Ltd		401
	139,689		Tokyo Electron Ltd		52,183
	40,300		Tokyo Seimitsu Co Ltd		1,896
	72,048	*	TongFu Microelectronics Co Ltd		278
	316,330		Topco Scientific Co Ltd		1,348
	18,120	*	Toptec Co Ltd		206
	359,793	*,e	Tower Semiconductor Ltd		9,290
	105,499	*	Tower Semiconductor Ltd (Tel Aviv)		2,742
	5,100		Tri Chemical Laboratories, Inc		825
	1,746,000	*,†	Trony Solar Holdings Co Ltd.		2
	278,000	*	TSEC Corp		415
	7,119		U-Blox AG.		474
	105,084	*	Ultra Clean Holdings		3,273
	45,344		Ulvac, Inc		1,944
	32,306		Unigroup Guoxin Microelectronics Co Ltd		661
	113,300		Unisem M BHD		174
	4,865,071		United Microelectronics Corp		8,182
	12,660	*	UniTest, Inc		318
	113,663		Universal Display Corp		26,120
	959,144		Vanguard International Semiconductor Corp		3,969
	79,233	*	Veeco Instruments, Inc		1,375

154

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	166,000	*	Via Technologies, Inc	$	317
	108,068		Visual Photonics Epitaxy Co Ltd		432
	173,600		ViTrox Corp BHD		634
	357,975		Wafer Works Corp		547
	47,111		Will Semiconductor Ltd		1,668
	6,488,000		Win Semiconductors Corp		80,084
	1,234,389		Winbond Electronics Corp		1,280
	22,702	*	WONIK IPS Co Ltd		926
	122,355		Wuxi Taiji Industry Co Ltd		177
	27,690	*,e,g	X-Fab Silicon Foundries SE		166
	38,917	*,g	X-Fab Silicon Foundries SE		234
	367,602		Xilinx, Inc		52,115
	131,000	*	XinTec, Inc		860
	3,549,214		Xinyi Solar Holdings Ltd		9,307
	73,706		Zhejiang Jingsheng Mechanical & Electrical Co Ltd		339
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		6,816,780

SOFTWARE & SERVICES - 11.0%
	75,940	*	21Vianet Group, Inc (ADR)		2,634
	109,599	*,e	2U, Inc		4,385
	114,787		360 Security Technology, Inc		276
	88,618	*	8x8, Inc		3,055
	154,184	*	A10 Networks, Inc		1,520
	44,524		Absolute Software Corp		530
	1,063,521		Accenture plc		277,802
	119,197	*	ACI Worldwide, Inc		4,581
	2,987		Adesso SE		354
	4,263		Admicom Oyj		705
	511,695	*	Adobe, Inc		255,909
	39,517	*,g	Adyen NV		91,819
	512,454	*	Afterpay Touch Group Ltd		46,585
	55,199	*	Agilysys, Inc		2,119
	3,104,000	*	AGTech Holdings Ltd		115
	4,455	*	Ahnlab, Inc		313
	821	*	AI inside, Inc		584
	147,668	*	Akamai Technologies, Inc		15,504
	84,465	*	Alarm.com Holdings, Inc		8,738
	79,451	g	Alfa Financial Software Holdings plc		143
	7,875		Allgeier SE		179
	71,893		Alliance Data Systems Corp		5,327
	7,100		Alpha Systems, Inc		241
	34,054	*,e	Altair Engineering, Inc		1,981
	31,061	*	Alten		3,522
	54,320	*	Alteryx, Inc		6,616
	125,392		Altium Ltd		3,293
	509,955		Amadeus IT Holding S.A.		37,644
	137,007		Amdocs Ltd		9,718
	22,301		American Software, Inc (Class A)		383
	1,438,438	*	Anaplan, Inc		103,352
	90,728	*	Ansys, Inc		33,007
	168,516		Appen Ltd		3,217
	12,758	*	Appfolio, Inc		2,297
	32,985	*,e	Appian Corp		5,347

155

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	17,600		Argo Graphics, Inc	$	552
	67,024	*	Aspen Technology, Inc		8,730
	68,845		Asseco Poland S.A.		1,256
	21,726	*	Asure Software, Inc		154
	123,599	*	Atlassian Corp plc		28,906
	85,589	e	Atos Origin S.A.		7,816
	8,244		Aubay		345
	321,688	*	Autodesk, Inc		98,224
	749,186		Automatic Data Processing, Inc		132,007
	103,216	*	Avalara, Inc		17,019
	1,514,488	g	Avast plc		11,121
	376,444	*	Avaya Holdings Corp		7,209
	99,329		Aveva Group plc		4,337
	83,000	*,e	BASE, Inc		7,856
	9,744	*	BasWare Oyj		500
	128,155		Bechtle AG.		27,930
	26,237		Beijing E-Hualu Information Technology Co Ltd		123
	51,113		Beijing Shiji Information Technology Co Ltd		243
	95,318		Beijing Sinnet Technology Co Ltd		251
	33,612		Beijing Thunisoft Corp Ltd		123
	101,665	*	Benefitfocus, Inc		1,472
	20,723	*,e	BigCommerce Holdings, Inc		1,329
	125,795	*	Bill.Com Holdings, Inc		17,171
	308,727	*	Black Knight, Inc		27,276
	53,793		Blackbaud, Inc		3,096
	488,989	*	Blackberry Ltd (New)		3,242
	95,663	*,e	Blackline, Inc		12,760
	315,284	*	Blue Prism Group plc		7,404
	284,917		Booz Allen Hamilton Holding Co		24,839
	34,515	*	Bottomline Technologies, Inc		1,820
	600,836	*	Box, Inc		10,845
	249,702		Bravura Solutions Ltd		622
	208,137	*	Brightcove, Inc		3,830
	92,000	e	Broadleaf Co Ltd		608
	191,843		Broadridge Financial Solutions, Inc		29,390
	51,473	*	CACI International, Inc (Class A)		12,834
	444,993	*	Cadence Design Systems, Inc		60,710
	38,340	*	Cafe24 Corp		2,246
	40,245		Cancom SE		2,253
	139,180		Cap Gemini S.A.		21,650
	1,797,106	*	Capita Group plc		963
	36,068	*,e	Cardtronics plc		1,273
	11,226	e	Cass Information Systems, Inc		437
	184,415		CDK Global, Inc		9,558
	59,627	*,e	Cerence Inc		5,991
	190,065	*	Ceridian HCM Holding, Inc		20,253
	213,361	*	CGI, Inc		16,928
	27,400	*,e	Change, Inc		937
	181,111	*	ChannelAdvisor Corp		2,894
	383,500	*,e	Chatwork Co Ltd		4,750
	805,553	*	Check Point Software Technologies		107,066
	12,306,321	*	China Innovationpay Group Ltd		3,675
	11,291		China National Software & Service Co Ltd		136
	83,374		China TransInfo Technology Co Ltd		244

156

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,200,000		Chinasoft International Ltd	$	4,694
	907,400		Cielo S.A.		701
	97,003		Citrix Systems, Inc		12,620
	463,911	*	Cloudera, Inc		6,453
	110,689	*	Cloudflare, Inc		8,411
	10,795	*	CM.com NV		408
	398,846		Cognizant Technology Solutions Corp (Class A)		32,685
	146,462	*	Commvault Systems, Inc		8,110
	112,954		Computacenter plc		3,783
	57,436		Computer Engineering & Consulting Ltd		845
	211,014		Computershare Ltd		2,375
	20,288	e	Comture Corp		575
	85,597	*	Concentrix Corp		8,448
	689,947	*	Conduent, Inc		3,312
	18,645		Constellation Software, Inc		24,211
	54,183	*	Cornerstone OnDemand, Inc		2,386
	64,795	*	Coupa Software, Inc		21,960
	38,279	*,g	Crayon Group Holding ASA		563
	133,480	*	Crowdstrike Holdings, Inc		28,274
	41,201		CSG Systems International, Inc		1,857
	33,994	*	CyberArk Software Ltd		5,493
	23,700	e	Cybozu, Inc		592
	60,547		Cyient Ltd		426
	495,169		Dassault Systemes S.A.		100,430
	149,659		Data#3 Ltd		649
	269,011	*	Datadog, Inc		26,481
	4,713		Datagroup SE		290
	35,768	*	Datto Holding Corp		966
	373,636	*	Descartes Systems Group, Inc		21,853
	195,977		DHC Software Co Ltd		249
	8,425	*,e	Digimarc Corp		398
	11,100		Digital Arts, Inc		1,023
	1,569,831		Digital China Holdings Ltd		1,289
	33,713		Digital Garage, Inc		1,393
	245,412	*	Digital Turbine, Inc		13,881
	12,366	*	Docebo, Inc		804
	245,926	*	DocuSign, Inc		54,669
	137,713	*	Domo, Inc		8,782
	231,881	*	Dropbox, Inc		5,145
	45,300		DTS Corp		934
	37,237	*	Duck Creek Technologies, Inc		1,612
	15,917	*	DuzonBIzon Co Ltd		1,525
	202,471		DXC Technology Co		5,214
	1,093,178		Dye & Durham Ltd		43,387
	267,771	*	Dynatrace, Inc		11,586
	24,100	*,e	Ebase Co Ltd		238
	30,273	e	Ebix, Inc		1,149
	138,942	e	Econocom Group S.A.		419
	193,160		Edenred		10,970
	2,600		Edulab, Inc		160
	28,652	*	eGain Corp		338
	96,515	*	Elastic NV		14,104
	88,748		Ementor ASA		1,257

157

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	271,731	*	EML Payments Ltd	$	873
	91,375	*	Endurance International Group Holdings, Inc		864
	45,569		Enghouse Systems Ltd		2,207
	41,250	*	Envestnet, Inc		3,394
	50,185	*	EPAM Systems, Inc		17,984
	391,555	g	Equiniti Group plc		592
	74,960	*	Euronet Worldwide, Inc		10,863
	60,776	*	Everbridge, Inc		9,060
	152,007		EVERTEC, Inc		5,977
	53,563	*	Evo Payments, Inc		1,447
	161,923	*	Exasol AG.		5,511
	46,816	*	ExlService Holdings, Inc		3,985
	54,212	*	Fair Isaac Corp		27,705
	79,584	*,e	Fastly, Inc		6,953
	1,595,754		Fidelity National Information Services, Inc		225,735
	108,403	*,†,g	Finablr plc		2
	181,067	*	FireEye, Inc		4,175
	103,787	*	First Derivatives plc		4,542
	208,955		Firstsource Solutions Ltd		291
	1,210,039	*	Fiserv, Inc		137,775
	141,100	*	Five9, Inc		24,608
	24,400		Fixstars Corp		223
	138,137	*	FleetCor Technologies, Inc		37,688
	11,202		Formula Systems 1985 Ltd		968
	127,836	*	Fortinet, Inc		18,988
	86,461		Fortnox AB		4,860
	65,900	*,e	Freee KK		6,445
	92,982	*	F-Secure Oyj		436
	27,584		FUJI SOFT, Inc		1,380
	128,673		Fujitsu Ltd		18,598
	9,327		Fukui Computer Holdings, Inc		363
	24,100		Future Architect, Inc		412
	83,037	*	Gartner, Inc		13,302
	380,676		GB Group plc		4,871
	539,951	*	GDS Holdings Ltd (ADR)		50,561
	347,157		Genpact Ltd		14,358
	115,246	g	Global Dominion Access S.A.		529
	590,019		Global Payments, Inc		127,102
	108,034	*	Globant S.A.		23,509
	44,190		Glodon Co Ltd		533
	5,000	e	GMO Cloud KK		429
	110,470		GMO internet, Inc		3,172
	94,977		GMO Payment Gateway, Inc		12,763
	278,125	*	GoDaddy, Inc		23,070
	98,177	*,e	GreenSky, Inc		455
	109,245	*	Grid Dynamics Holdings, Inc		1,377
	34,065	*,e	GTT Communications, Inc		122
	62,971	*,e	GTY Technology Holdings Inc		326
	23,869	*	Guidewire Software, Inc		3,073
	103,354		Hackett Group, Inc		1,487
	178,892		Hansen Technologies Ltd		513
	1,091,263		HCL Technologies Ltd		14,163
	61,000	*,e	Hennge KK		4,914
	1,508,501	*	Hi Sun Technology China Ltd		197

158

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,494		Hilan Ltd	$	783
	247,758	*	HubSpot, Inc		98,221
	343,200	*,e,g	Huifu Payment Ltd		149
	52,094		Hundsun Technologies, Inc		837
	4,365	*	Hyundai Autoever Corp		497
	70,462	*	I3 Verticals, Inc		2,339
	188,002	e	Ideagen plc		720
	71,883		Iflytek Co Ltd		450
	131,489	*	Indra Sistemas S.A.		1,125
	20,009		Ines Corp		271
	264,386		Inesa Intelligent Tech, Inc - B		119
	154,021	*	Infibeam Incorporation Ltd		181
	21,453		Infocom Corp		705
	2,963,800		Infomart Corp		28,305
	38,021	*	Information Services Group, Inc		125
	21,148		Information Services International-Dentsu Ltd		641
	3,195,724		Infosys Technologies Ltd		54,784
	116,638		Integrated Research Ltd		240
	18,558	*,e	Intelligent Systems Corp		744
	648,545		International Business Machines Corp		81,639
	23,867	*,e	International Money Express Inc		370
	385,716		Intuit, Inc		146,514
	97,199		iomart Group plc		426
	191,873		Iress Market Technology Ltd		1,576
	100,327		IT Holdings Corp		2,057
	83,300		Itochu Techno-Science Corp		2,975
	62,079	*,e	j2 Global, Inc		6,065
	123,888		Jack Henry & Associates, Inc		20,069
	45,481	*	Jamf Holding Corp		1,361
	21,167	*	JFrog Ltd		1,330
	33,557		Justsystems Corp		2,331
	152,730		Kainos Group plc		2,544
	12,886		Kanematsu Electronics Ltd		519
	105,900	*,e	Kaonavi, Inc		4,643
	223,307		KBR, Inc		6,907
	632,248	*	Keywords Studios plc		24,689
	47,557		Kginicis Co Ltd		884
	132,808	*	Kinaxis, Inc		18,816
	2,246,495		Kingdee International Software Group Co Ltd		9,171
	51,092	*,e	Kingsoft Cloud Holdings Ltd (ADR)		2,225
	1,180,810		Kingsoft Corp Ltd		7,635
	20,664		KNOW IT AB		782
	105,303		KPIT Cummins Infosystems Ltd		357
	17,712	e	LAC Co Ltd		179
	45,805		Lakala Payment Co Ltd		210
	46,387	g	Larsen & Toubro Infotech Ltd		2,326
	1,214,614	*,e	Laybuy Group Holdings Ltd		1,218
	3,392,435		Learning Technologies Group plc		8,443
	196,787		Leidos Holdings, Inc		20,686
	334,987	*	Lightspeed POS, Inc		23,643
	21,004	e	Lime Technologies AB		1,043
	95,816	*,e	Limelight Networks, Inc		382
	553,932		Link Administration Holdings Ltd		2,367

159

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	113,586		Linx S.A.	$	823
	167,102	*	Liveperson, Inc		10,399
	152,431	*,e	LiveRamp Holdings, Inc		11,156
	160,382	g	Locaweb Servicos de Internet S.A.		2,495
	16,143	*	Lotte Data Communication Co		597
	26,283		Magic Software Enterprises Ltd		416
	109,664	*	Manhattan Associates, Inc		11,534
	47,871		Mantech International Corp (Class A)		4,258
	2,233,681		Mastercard, Inc (Class A)		797,290
	36,636		Matrix IT Ltd		830
	47,994		MAXIMUS, Inc		3,513
	55,925		McAfee Corp		933
	89,409	*,e	Medallia, Inc		2,970
	500,876	*	Megaport Ltd		5,501
	341,719		Micro Focus International plc		1,966
	18,190,112		Microsoft Corp		4,045,845
	8,024	*	MicroStrategy, Inc (Class A)		3,118
	59,009	*	Mimecast Ltd		3,354
	87,614		MindTree Ltd		1,995
	20,100	e	Miroku Jyoho Service Co Ltd		408
	138,102	*	Mitek Systems, Inc		2,455
	20,267		Mitsubishi Research Institute, Inc		840
	135,517	*	Model N, Inc		4,835
	37,188	*	Money Forward, Inc		1,769
	104,577	*	MoneyGram International, Inc		572
	51,474	*	MongoDB, Inc		18,481
	82,100		Mphasis Ltd		1,733
	1,851,700		My EG Services BHD		886
	852,000	*,†,e	National Agricultural Holdings Ltd		1
	296,533		NCC Group plc		1,022
	462,972	*,e	nCino, Inc		33,524
	2,400,105	*,e	nearmap Ltd		4,104
	104,520		NEC Corp		5,614
	73,343		NEC Networks & System Integration Corp		1,268
	80,142		Nemetschek AG.		5,956
	90,606		NET One Systems Co Ltd		3,197
	55,399	*,g	Netcompany Group A.S.		5,681
	483,410	g	Network International Holdings plc		2,178
	51,549	*	New Relic, Inc		3,371
	376,723	*,g	Nexi S.p.A		7,496
	4,151,617	*	NEXTDC Ltd		39,176
	10,864	*	NHN KCP Corp		686
	161,030		NIC, Inc		4,159
	54,261	*	Nice Systems Ltd		15,351
	107,638		Nihon Unisys Ltd		4,219
	18,166		NIIT Technologies Ltd		674
	72,200		Nippon System Development Co Ltd		1,558
	209,590		Nomura Research Institute Ltd		7,498
	530,115		NortonLifelock, Inc		11,016
	32,092	e	NS Solutions Corp		945
	558,245		NTT Data Corp		7,641
	634,402	*	Nuance Communications, Inc		27,971
	426,541	*	Nutanix, Inc		13,594
	110,150	*	Nuvei Corp		6,634

160

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	19,700		OBIC Business Consultants Ltd	$	1,361
	28,710		Obic Co Ltd		5,770
	200,795	*	Okta, Inc		51,054
	3,651		One Software Technologies Ltd		483
	24,774	*,e	OneSpan, Inc		512
	356,533		Open Text Corp		16,208
	251,804		Open Text Corp (Toronto)		11,442
	18,600	*	Optim Corp		506
	3,184,417		Oracle Corp		206,000
	3,439	*	Oracle Corp Japan		448
	7,438		Oro Co Ltd		316
	89,038		Otsuka Corp		4,697
	118,529	*,e	Pagerduty, Inc		4,943
	210,650	*,e	Pagseguro Digital Ltd		11,982
	88,009	*	Palo Alto Networks, Inc		31,278
	12,669	*	Park City Group, Inc		61
	520,220		Paychex, Inc		48,474
	82,592	*	Paycom Software, Inc		37,352
	86,627	*	Paylocity Holding Corp		17,837
	3,523,006	*,e	PayPal Holdings, Inc		825,088
	27,503	*,e	Paysign Inc		128
	103,639		Pegasystems, Inc		13,811
	23,875	*	Perficient, Inc		1,138
	37,199		Persistent Systems Ltd		773
	673,298		Perspecta, Inc		16,213
	76,302	*	Pexip Holding ASA		585
	14,039	*,e	PFSweb, Inc		95
	28,789	*,e	Ping Identity Holding Corp		825
	15,400	*	PKSHA Technology, Inc		384
	155,910	*	Pluralsight, Inc		3,268
	40,342	*	POSDATA Co Ltd		288
	8,851	*	Priority Technology Holdings Inc		62
	289,094		Progress Software Corp		13,064
	606,985	*,e	Proofpoint, Inc		82,799
	30,670	*	PROS Holdings, Inc		1,557
	105,648	*,e	PTC, Inc		12,637
	759,340	*	Pushpay Holdings Ltd		991
	39,335	*	Q2 Holdings, Inc		4,977
	9,049		QAD, Inc (Class A)		572
	40,174	*,e	Qualys, Inc		4,896
	30,806	*,e	Rackspace Technology, Inc		587
	77,600		Rakus Co Ltd		1,797
	52,900	*	Rapid7, Inc		4,769
	191,060	*	RealPage, Inc		16,668
	177,994	*	Repay Holdings Corp		4,850
	21,673		Reply S.p.A		2,537
	18,268	*	Rimini Street, Inc		81
	141,230	*	RingCentral, Inc		53,522
	15,821	*	Rsupport Co Ltd		193
	50,682		S&T AG.		1,196
	463,263		Sabre Corp		5,568
	961,585		Sage Group plc		7,635
	183,308	*	SailPoint Technologies Holding, Inc		9,759

161

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	28,220		Saipens International Corp NV	$	873
	3,210,126	*	salesforce.com, Inc		714,349
	14,242	*	Samsung SDS Co Ltd		2,344
	19,325		Sangfor Technologies, Inc		733
	13,300	*	Sansan, Inc		878
	1,100,764		SAP AG.		142,570
	20,755		Sapiens International Corp NV		635
	87,759		Science Applications International Corp		8,306
	28,572	*	Seachange International, Inc		40
	15,560	*,e	SecureWorks Corp		221
	2,000	*,e	Serverworks Co Ltd		79
	726,947	*	ServiceNow, Inc		400,133
	151,929	*,e	ServiceSource International LLC		267
	1,087,854	*	Sezzle, Inc (ADR)		5,171
	36,846		Shanghai Baosight Software Co Ltd		389
	324,972	*	SHIFT, Inc		45,033
	123,444	*	Shopify, Inc (Class A) (Toronto)		139,389
	7,334	*	ShotSpotter, Inc		277
	929,741		Silverlake Axis Ltd		190
	42,401		SimCorp AS		6,304
	37,580	*,g	Sinch AB		6,111
	686,876	*	Slack Technologies, Inc		29,014
	113,322	*	Smartsheet, Inc		7,852
	385,830	*	Smith Micro Software, Inc		2,091
	10,100		Softbank Technology Corp		342
	123,888		Softcat plc		2,330
	54,111		Software AG.		2,204
	33,443	*	SolarWinds Corp		500
	80,188	*,e	Solutions 30 SE		1,032
	43,556		Sonata Software Ltd		236
	408,962		Sonda S.A.		252
	28,835		Sopra Group S.A.		4,648
	91,662	e	Sourcenext Corp		249
	149,808	*	Splunk, Inc		25,451
	53,738	*	Sprout Social, Inc		2,440
	191,679	*	SPS Commerce, Inc		20,814
	611,694	*	Square, Inc		133,129
	328,032		SS&C Technologies Holdings, Inc		23,864
	35,273	*	StarTek, Inc		265
	709,573	*	StoneCo Ltd		59,547
	18,900		Sumisho Computer Systems Corp		1,081
	9,804	*,e	Sumo Logic, Inc		280
	789,224		SUNeVision Holdings Ltd		718
	20,228	*,†	Suvidhaa Infoserve Pvt Ltd		0	^
	610,095	*,e	SVMK, Inc		15,588
	149,503	e	Switch, Inc		2,447
	71,208	*	Sykes Enterprises, Inc		2,682
	72,856	*	Synchronoss Technologies, Inc		342
	787,191	*	Synopsys, Inc		204,071
	73,428		Systena Corp		1,542
	341,851		Systex Corp		1,068
	59,557		Tanla Platforms Ltd		552
	863,906		Tata Consultancy Services Ltd		33,921
	50,958		Tata Elxsi Ltd		1,284

162

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	289,431	*,g	TeamViewer AG.	$	15,548
	266,025		Tech Mahindra Ltd		3,556
	95,700		TechMatrix Corp		1,991
	239,313		Technology One Ltd		1,515
	122,810	*	TeleNav, Inc		577
	52,588		Temenos Group AG.		7,327
	270,190	*	Tenable Holdings, Inc		14,120
	103,024	*	Teradata Corp		2,315
	6,800	*,e	TerraSky Co Ltd		267
	21,661		Thunder Software Technology Co Ltd		388
	107,236		Tietoenator Oyj		3,529
	15,070		TKC		1,131
	34,676	*,†	Topicus.com, Inc		131
	427,352		Totvus S.A.		2,368
	68,516	*	Trade Desk, Inc		54,881
	38,961	*	Trans Cosmos, Inc/Japan		985
	419,219		Travelsky Technology Ltd		1,013
	135,524	*,e	Trend Micro, Inc		7,803
	14,154		TTEC Holdings, Inc		1,032
	6,633	*,e	Tucows, Inc		490
	221,016	*	Twilio, Inc		74,814
	66,441	*	Tyler Technologies, Inc		29,003
	181,874	*	Tyro Payments Ltd		446
	234,137	*	Unifiedpost Group S.A.		7,151
	96,452	*	Unisys Corp		1,898
	11,982	*	UNITED, Inc		159
	44,410	*,e	Unity Software, Inc		6,816
	38,171	*	Upland Software, Inc		1,752
	366,930		Vakrangee Ltd		347
	24,726	*	Varonis Systems, Inc		4,045
	37,892		Venustech Group, Inc		170
	240,711	*	Verint Systems, Inc		16,171
	500,778	*	VeriSign, Inc		108,368
	44,503	*,e	Veritone, Inc		1,266
	145,673	*	Verra Mobility Corp		1,955
	61,577	e	VirnetX Holding Corp		310
	24,516	*	Virtusa Corp		1,254
	3,841,972		Visa, Inc (Class A)		840,355
	76,407	*,e	VMware, Inc (Class A)		10,717
	149,414		Wangsu Science & Technology Co Ltd		158
	992,000	*,e,g	Weimob, Inc		1,788
	610,338		Western Union Co		13,391
	67,036	*	WEX, Inc		13,644
	487,565		Wipro Ltd		2,583
	374,038		Wisetech Global Ltd		8,889
	56,102	*	Wix.com Ltd		14,023
	166,156	*	Workday, Inc		39,813
	64,271	*	Workiva, Inc		5,889
	184,868	*,g	Worldline S.A.		17,960
	105,080	*	Xero Ltd		11,927
	302,311		Xperi Holding Corp		6,318
	85,539	*,e	Yext, Inc		1,345
	170,707		Yonyou Network Technology Co Ltd		1,146

163

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	407,028	*	Zendesk, Inc	$	58,254
	50,232		Zensar Technologies Ltd		164
	36,699	*	Zix Corp		317
	276,907	*	Zoom Video Communications, Inc		93,406
	72,897	*	Zscaler, Inc		14,558
	15,700		Zuken, Inc		440
	364,871	*	Zuora Inc		5,083
			TOTAL SOFTWARE & SERVICES		13,997,455

TECHNOLOGY HARDWARE & EQUIPMENT - 6.2%
	193,806	*,e	3D Systems Corp		2,031
	309,444	e	AAC Technologies Holdings, Inc		1,715
	91,947	*	Acacia Communications, Inc		6,708
	33,618		Accelink Technologies Co Ltd		149
	434,402		Accton Technology Corp		4,898
	24,794	*	ACE Technologies Corp		620
	1,224,532		Acer, Inc		1,033
	70,111		Addsino Co Ltd		295
	74,000		Adlink Technology, Inc		167
	76,820		Adtran, Inc		1,135
	132,098	*	ADVA AG. Optical Networking		1,144
	35,000		Advanced Ceramic X Corp		638
	139,331		Advantech Co Ltd		1,739
	41,406		Ai Holdings Corp		835
	22,023	*,e	Akoustis Technologies, Inc		269
	166,000		Alpha Networks, Inc		185
	950,800		Alps Electric Co Ltd		12,546
	6,535		ALSO Holding AG.		1,859
	54,150		Amano Corp		1,297
	298,264		Amphenol Corp (Class A)		39,004
	802,993	e	Anritsu Corp		17,926
	110,000		Apex International Co Ltd		269
	35,128,857	d	Apple, Inc		4,661,248
	30,117	*,e	Applied Optoelectronics, Inc		256
	105,409		Arcadyan Technology Corp		353
	72,297	*	Arista Networks, Inc		21,007
	461,914	*	Arlo Technologies, Inc		3,598
	109,761	*	Arrow Electronics, Inc		10,680
	165,000		Asia Optical Co, Inc		435
	229,000		Asia Vital Components Co Ltd		541
	37,000		ASROCK, Inc		206
	298,026		Asustek Computer, Inc		2,662
	69,000		Aten International Co Ltd		208
	3,564,534	*	AU Optronics Corp		1,783
	25,030		Audiocodes Ltd		689
	50,000		AURAS Technology Co Ltd		382
	27,598		Aurora Corp		87
	22,762		Austria Technologie & Systemtechnik AG.		724
	51,020		AVIC Jonhon Optronic Technology Co Ltd		612
	126,837	*	Avid Technology, Inc		2,013
	172,138		Avnet, Inc		6,044
	55,000		Azbil Corp		3,009
	34,948		Badger Meter, Inc		3,287
	68,710		Barco NV		1,495

164

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	4,178		Basler AG.	$	368
	27,343	*	Beijing BDStar Navigation Co Ltd		213
	16,331		Bel Fuse, Inc (Class B)		245
	127,453		Belden CDT, Inc		5,340
	57,888		Benchmark Electronics, Inc		1,564
	1,658,798		Benq Corp		1,713
	17,634		BH Co Ltd		357
	978,237		BOE Technology Group Co Ltd		899
	32,945		Brother Industries Ltd		680
	299,939	e	BYD Electronic International Co Ltd		1,574
	56,764	*	CalAmp Corp		563
	327,342	*	Calix, Inc		9,742
	24,050	*	Cambium Networks Corp		603
	198,000	*,†,e	Camsing International Holding Ltd		0	^
	11,500	*	Canon Electronics, Inc		167
	44,890		Canon Marketing Japan, Inc		1,026
	155,774	e	Canon, Inc		3,018
	312,996		Career Technology Co Ltd		391
	43,835	g	Carel Industries S.p.A		1,027
	43,232	*	Casa Systems, Inc		267
	127,943		Casetek Holdings Ltd		398
	284,947		Catcher Technology Co Ltd		2,095
	453,575		CDW Corp		59,777
	240,841	*	Celestica, Inc		1,943
	95,245		Chaozhou Three-Circle Group Co Ltd		543
	26,000		Chaun-Choung Technology Corp		195
	1,135,481		Cheng Uei Precision Industry Co Ltd		1,910
	238,021		Chicony Electronics Co Ltd		731
	176,179		Chilisin Electronics Corp		705
	489,600	*,†	China Fiber Optic Network System Group Ltd		1
	133,657		China Greatwall Technology Group Co Ltd		389
	293,000		Chin-Poon Industrial Co		332
	283,840		Chroma ATE, Inc		1,701
	15,000		Chunghwa Precision Test Tech Co Ltd		409
	715,412	*	Ciena Corp		37,810
	9,959,071		Cisco Systems, Inc		445,668
	300,100		Citizen Watch Co Ltd		857
	28,226	*	Clearfield, Inc		698
	286,393		Clevo Co		307
	755,743		CMC Magnetics Corp		256
	106,550		Codan Ltd		920
	456,807		Cognex Corp		36,675
	27,108	*	Coherent, Inc		4,067
	1,684,312	e	Comba Telecom Systems Holdings Ltd		492
	7,085		Comet Holding AG.		1,592
	2,755,099	*	CommScope Holding Co, Inc		36,918
	1,923,524		Compal Electronics, Inc		1,420
	1,341,000		Compeq Manufacturing Co		2,084
	44,430		Comtech Telecommunications Corp		919
	72,249		Concraft Holding Co Ltd		223
	287,600		Coretronic Corp		416
	1,043,412		Corning, Inc		37,563
	16,014	*,e	Corsair Gaming, Inc		580

165

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	491,000		Cowell e Holdings, Inc	$	371
	49,950		CTS Corp		1,715
	45,086	*	Daea TI Co Ltd		240
	25,900		Daeduck Electronics Co Ltd		301
	8,056	*	Daejoo Electronic Materials Co Ltd		346
	11,533	e	Dai-ichi Seiko Co Ltd		221
	81,414		Daiwabo Co Ltd		7,248
	48,955		Daktronics, Inc		229
	160,421		Darfon Electronics Corp		248
	16,600	e	Datalogic S.p.A.		284
	134,606	*	DataTec Ltd		225
	1,168,355	*	Dell Technologies, Inc		85,629
	268,057		Delta Electronics Thai PCL		4,348
	2,957,273		Delta Electronics, Inc		27,733
	10,199		Denki Kogyo Co Ltd		265
	56,401		Dexerials Corp		739
	54,770		Dicker Data Ltd		442
	263,308	*	Diebold, Inc		2,807
	47,822	*	Digi International, Inc		904
	60,233		Dolby Laboratories, Inc (Class A)		5,850
	9,149	*	Doosan Solus Co Ltd		418
	14,630	*	Dreamtech Co Ltd		158
	18,287	*	DZS, Inc		283
	243,100		Eastern Communications Co Ltd		107
	20,910	*,e	Eastman Kodak Co		170
	16,504	*,e	Ebang International Holdings, Inc		100
	68,287	*	EchoStar Corp (Class A)		1,447
	44,000		Egis Technology, Inc		270
	16,624		Eizo Nanao Corp		587
	21,948		Elecom Co Ltd		1,133
	19,400		Elematec Corp		191
	217,270		Elite Material Co Ltd		1,218
	45,704		Ennoconn Corp		410
	10,200		Enplas Corp		386
	27,076	*	ePlus, Inc		2,381
	4,546,856		Ericsson (LM) (B Shares)		54,087
	18,601		ESPEC Corp		373
	29,476		Evertz Technologies Ltd		306
	352,426	*	Extreme Networks, Inc		2,428
	69,149	*	F5 Networks, Inc		12,166
	130,359	*,e	Fabrinet		10,115
	36,227	*	FARO Technologies, Inc		2,559
	75,095	*	Feelux Co Ltd		284
	51,248		Fiberhome Telecommunication Technologies Co Ltd		189
	2,385,000	*,e	FIH Mobile Ltd		293
	251,596	*,e	Fingerprint Cards AB		536
	191,633		Firich Enterprises Co Ltd		197
	261,207	*	Fitbit, Inc		1,776
	262,392		FLEXium Interconnect, Inc		1,134
	198,317		FLIR Systems, Inc		8,692
	82,310		Flytech Technology Co Ltd		183
	10,495,812		Foxconn Industrial Internet Co Ltd		22,003
	1,713,193		Foxconn Technology Co Ltd		3,264
	82,577		Fujifilm Holdings Corp		4,356

166

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	75,212	*	Genasys, Inc	$	490
	188,000		General Interface Solution Holding Ltd		768
	62,378		Genius Electronic Optical Co Ltd		1,263
	280,271		Getac Technology Corp		489
	408,123		Gigabyte Technology Co Ltd		1,133
	34,558		Gilat Satellite Networks Ltd		226
	79,222		GoerTek, Inc		453
	287,000	*	Gold Circuit Electronics Ltd		517
	136,536		GRG Banking Equipment Co Ltd		223
	351,684		Guangdong LY Intelligent Manufacturing Co Ltd		646
	145,397		Guangzhou Haige Communications Group, Inc Co		241
	33,218		Guangzhou Shiyuan Electronic Technology Co Ltd		585
	818,245		Halma plc		27,403
	31,084		Hamamatsu Photonics KK		1,778
	470,200		Hana Microelectronics PCL (Foreign)		624
	237,365		Hannstar Board Corp		367
	1,963,330	*	HannStar Display Corp		862
	141,528	*	Harmonic, Inc		1,046
	77,973		Hengtong Optic-electric Co Ltd		167
	946,333		Hewlett Packard Enterprise Co		11,214
	111,539		Hexagon AB (B Shares)		10,226
	6,997	*	HFR, Inc		203
	500,000	*	High Tech Computer Corp		548
	10,200		Hioki EE Corp		413
	371		Hirose Electric Co Ltd		56
	1,563,709	*	Hitachi Ltd		61,718
	31,989		HMS Networks AB		1,009
	13,239		Hochiki Corp		164
	100,470		Holystone Enterprise Co Ltd		418
	5,236,640		Hon Hai Precision Industry Co, Ltd		17,171
	35,699		Horiba Ltd		2,097
	98,000		Hosiden Corp		944
	1,006,447		HP, Inc		24,749
	23,400		Huagong Tech Co Ltd		83
	22,427	*,e	Huami Corp (ADR)		266
	3,231,600		Ibiden Co Ltd		151,068
	9,100		Icom, Inc		240
	88,756		IEI Integration Corp		173
	164,048	*,e	II-VI, Inc		12,461
	18,103	*	Iljin Materials Co Ltd		850
	38,922	*	Immersion Corp		439
	5,473,070		Inari Amertron BHD		3,769
	1,710		Inficon Holding AG.		1,566
	187,400	*,e	Infinera Corp		1,964
	49,200		Innodisk Corp		291
	3,414,321		InnoLux Display Corp		1,718
	57,053	*,e	Inseego Corp		883
	83,475	*	Insight Enterprises, Inc		6,352
	68,976		Inspur Electronic Information Industry Co Ltd		284
	94,548	*,e	Intellicheck, Inc		1,078
	40,718		InterDigital, Inc		2,471
	37,768	*	Intevac, Inc		272
	1,126,172		Inventec Co Ltd		963

167

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	31,829	*	IPG Photonics Corp	$	7,123
	20,900		Iriso Electronics Co Ltd		905
	4,200		ITC Networks Corp		58
	168,820		ITEQ Corp		831
	73,411	*	Iteris, Inc		415
	31,560	*	Itron, Inc		3,027
	22,716		Ituran Location and Control Ltd		433
	210,771		Jabil Inc		8,964
	42,442		Japan Aviation Electronics Industry Ltd		651
	2,293,794	*	Japan Display, Inc		1,002
	317,700		Jaymart PCL		212
	51,279		Jenoptik AG.		1,566
	384,796		Juniper Networks, Inc		8,662
	17,800		Kaga Electronics Co Ltd		412
	647,500		KCE Electronics PCL		897
	224,462		Keyence Corp		126,264
	481,960	*	Keysight Technologies, Inc		63,662
	62,147	*	Kimball Electronics, Inc		994
	39,000		King Slide Works Co Ltd		413
	280,705		Kingboard Chemical Holdings Ltd		1,184
	1,035,246		Kingboard Laminates Holdings Ltd		1,692
	22,205	*	KMW Co Ltd		1,651
	368,125	*	Knowles Corp		6,785
	29,400		Koa Corp		421
	461,900		Konica Minolta Holdings, Inc		1,769
	23,911	*	KVH Industries, Inc		271
	3,893		Kyocera Corp		239
	13,433	*	L&F Co Ltd		886
	24,138	e	Landis&Gyr Group AG.		1,896
	41,625		Largan Precision Co Ltd		4,744
	510		LEM Holding S.A.		1,000
	3,082,399		Lenovo Group Ltd		2,914
	235,723		Lens Technology Co Ltd		1,103
	131,061		Leyard Optoelectronic Co Ltd		128
	5,990	*	LG Innotek Co Ltd		1,009
	100,249	*	LG.Philips LCD Co Ltd		1,714
	905,277		Lite-On Technology Corp		1,606
	35,186		Littelfuse, Inc		8,960
	179,340		Logitech International S.A.		17,413
	58,995		Lotes Co Ltd		1,000
	25,136		LPKF Laser & Electronics AG.		903
	197,868	*	Lumentum Holdings, Inc		18,758
	26,759	*	Luna Innovations, Inc		264
	361,924		Luxshare Precision Industry Co Ltd		3,110
	50,507		Macnica Fuji Electronics Holdings, Inc		993
	8,300		Maruwa Co Ltd		933
	55,100		Maxell Holdings Ltd		688
	8,258		Maxscend Microelectronics Co Ltd		721
	74,291		Mcj Co Ltd		798
	9,428		Mcnex Co Ltd		351
	21,100		Meiko Electronics Co		395
	5,165	*	Melco Holdings, Inc		168
	565,076		Merry Electronics Co Ltd		2,953
	68,203		Methode Electronics, Inc		2,611

168

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	149,464	e	Micronic Laser Systems AB	$	4,439
	278,200		Micro-Star International Co Ltd		1,315
	664,893		Mitac Holdings Corp		700
	303,328		Motorola Solutions, Inc		51,584
	30,687		MTS Systems Corp		1,785
	763,122		Murata Manufacturing Co Ltd		69,085
	181,000		Nan Ya Printed Circuit Board Corp		1,175
	7,747	*	Napco Security Technologies, Inc		203
	268,110		National Instruments Corp		11,781
	189,357	*	NCR Corp		7,114
	36,611		Neopost S.A.		703
	188,278		NetApp, Inc		12,472
	44,819	*	Netgear, Inc		1,821
	110,377	*	Netscout Systems, Inc		3,027
	88,412	*	Newmax Technology Co Ltd		165
	52,750		Nichicon Corp		668
	55,515		Ninestar Corp		227
	21,000		Nippon Ceramic Co Ltd		591
	249,876	e	Nippon Electric Glass Co Ltd		5,474
	46,256		Nippon Signal Co Ltd		422
	42,960	e	Nissha Printing Co Ltd		625
	59,582	*	nLight, Inc		1,945
	24,072		Nohmi Bosai Ltd		526
	1		Nokia Corp (ADR)		0	^
	4,888,306		Nokia Oyj (Turquoise)		18,880
	44,211	*	Novanta, Inc		5,227
	79,410		O-film Tech Co Ltd		160
	76,736		Oki Electric Industry Co Ltd		679
	112,199		Omron Corp		10,016
	36,079		Optex Co Ltd		661
	6,073	*	OptoElectronics Solutions Co Ltd		313
	73,902	*	OSI Systems, Inc		6,889
	301,224		Pan-International Industrial		276
	15,822	*,e	PAR Technology Corp		993
	31,944		Partron Co Ltd		330
	582,256		PAX Global Technology Ltd		518
	18,346	*,e	PC Connection, Inc		868
	32,625	e	PC-Tel, Inc		214
	841,915		Pegatron Technology Corp		2,021
	43,790		Plantronics, Inc		1,184
	49,606	*	Plexus Corp		3,880
	43,395	*	Powerfleet, Inc		322
	308,414		Primax Electronics Ltd		537
	8,774,000		Prime View International Co Ltd		14,347
	11,632,200	*	PT Erajaya Swasembada Tbk		1,827
	388,673	*	Pure Storage, Inc		8,788
	1,181,390		Quanta Computer, Inc		3,409
	165,000		Quanta Storage, Inc		229
	49,635	*	Quantum Corp		304
	40,487	*	Radware Ltd		1,124
	186,291		Redington India Ltd		338
	37,629		Renishaw plc		2,967
	24,039	*	Research Frontiers, Inc		68

169

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	249,582	*,e	Resonant, Inc	$	661
	22,047		Restar Holdings Corp		475
	198,420	*	Ribbon Communications, Inc		1,302
	481,003		Ricoh Co Ltd		3,163
	14,726		Riken Keiki Co Ltd		438
	21,498		Riso Kagaku Corp		291
	583,881	*	Ritek Corp		228
	58,010	*,e	Rogers Corp		9,008
	13,433		Ryosan Co Ltd		243
	16,500		Ryoyo Electro Corp		508
	6,629		SAES Getters S.p.A.		187
	394,743	*	Samsung Electro-Mechanics Co Ltd		64,826
	6,920,451		Samsung Electronics Co Ltd		516,788
	344,722		Samsung Electronics Co Ltd (Preference)		23,385
	43,318	*	Samsung SDI Co Ltd		25,105
	5,875	*	Samwha Capacitor Co Ltd		357
	6,506	*	Sang-A Frontec Co Ltd		274
	212,263	*	Sanmina Corp		6,769
	11,000	e	Sanshin Electronics Co Ltd		221
	38,311	*	Scansource, Inc		1,011
	4,251		Seagate Technology, Inc		264
	58,060		Seiko Epson Corp		863
	9,690	*,g	Sensirion Holding AG.		632
	17,000		Sensortek Technology Corp		412
	9,664	*	Seojin System Co Ltd		451
	190,419		Sercomm Corp		529
	23,719	*	Sesa S.p.A		2,994
	134,584		Shengyi Technology Co Ltd		581
	22,405		Shennan Circuits Co Ltd		371
	71,421		Shenzhen Kaifa Technology Co Ltd		208
	52,602		Shenzhen Sunway Communication Co Ltd		289
	98,470		Shimadzu Corp		3,828
	27,800	e	Shinko Shoji Co Ltd		202
	40,188	*	Sierra Wireless, Inc		585
	31,300		Siix Corp		469
	636,907		Simplo Technology Co Ltd		7,952
	539,423		Sinbon Electronics Co Ltd		4,158
	628,842		SKP Resources BHD		337
	148,686	*	S-MAC Co Ltd/Korea		246
	1,083,126		Softwareone Holding AG.		32,047
	33,810	*	Solid, Inc		349
	124,168		Spectris plc		4,783
	71,000		Speed Tech Corp		238
	1,036,713		Spirent Communications plc		3,748
	121,998		Sterlite Technologies Ltd		305
	210,085		Strix Group plc		632
	299,849		Sunny Optical Technology Group Co Ltd		6,551
	54,000		Sunrex Technology Corp		125
	60,360	*	Super Micro Computer, Inc		1,911
	265,985		Supreme Electronics Co Ltd		325
	109,741		Suzhou Dongshan Precision Manufacturing Co Ltd		437
	90,250		Syncmold Enterprise Corp		279
	86,361		Synnex Corp		7,033
	569,621		Synnex Technology International Corp		954

170

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	16,100		Tachibana Eletech Co Ltd	$	262
	186,000		Taiwan Union Technology Corp		804
	122,440		Taiyo Yuden Co Ltd		5,749
	78,500		Tamura Corp		436
	60,823		TDK Corp		9,177
	1,377,873		TE Connectivity Ltd		166,819
	214,110	*	TELCON, Inc		1,196
	863,802	e	Telefonaktiebolaget Lm Ericsson (ADR)		10,322
	119,495		Test Research, Inc		246
	60,000		Thinking Electronic Industrial Co Ltd		343
	31,304		Tianjin 712 Communication & Broadcasting Co Ltd		200
	81,330		Tianma Microelectronics Co Ltd		184
	73,284	*	Tobii AB		503
	121,220		Tong Hsing Electronic Industries Ltd		766
	3,240,000		Tongda Group Holdings Ltd		238
	110,456		Topcon Corp		1,375
	28,385		Toshiba TEC Corp		1,025
	235,000	*	TPK Holding Co Ltd		389
	158,000		Transcend Information, Inc		366
	285,285	*	Trimble Inc		19,048
	1,080,574		Tripod Technology Corp		4,570
	268,593	*	TTM Technologies, Inc		3,705
	236,039		TXC Corp		631
	13,808		Ubiquiti, Inc		3,846
	6,130	*	Ubiquoss Holdings, Inc		153
	488,011		Unimicron Technology Corp		1,525
	172,711		Unisplendour Corp Ltd		541
	411,500		Unitech Printed Circuit Board Corp		326
	108,898		Universal Scientific Industrial Shanghai Co Ltd		323
	9,505		V Technology Co Ltd		543
	119,500		Venture Corp Ltd		1,757
	85,858	*	Viasat, Inc		2,803
	412,753	*	Viavi Solutions, Inc		6,181
	219,434		Vishay Intertechnology, Inc		4,544
	76,028	*	Vishay Precision Group, Inc		2,393
	65,571	*	Visionox Technology, Inc		114
	2,086,922	*	Vontier Corp		69,703
	1,174,114		VS Industry BHD		759
	1,473,042		VST Holdings Ltd		1,208
	166,485		Vtech Holdings Ltd		1,292
	143,200		Wacom Co Ltd		1,201
	131,136		Wah Lee Industrial Corp		355
	129,841		Walsin Technology Corp		1,068
	400,000		Wasion Group Holdings Ltd		118
	393,091		Western Digital Corp		21,773
	70,484		Wingtech Technology Co Ltd		1,069
	190,500	*,†,b	Wintek Corp		0	^
	15,619	*	WiSoL Co Ltd		242
	1,221,323		Wistron Corp		1,351
	245,372		Wistron NeWeb Corp		680
	67,049		Wiwynn Corp		1,684
	685,519		WPG Holdings Co Ltd		1,048
	22,565	*,e	Wrap Technologies Inc		109

171

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	281,783		WT Microelectronics Co Ltd	$	405
	83,454		Wuhan Guide Infrared Co Ltd		534
	163,874		Wuhu Token Science Co Ltd		223
	112,348		WUS Printed Circuit Kunshan Co Ltd		323
	45,921		Wuxi Lead Intelligent Equipment Co Ltd		590
	119,590		Xerox Holdings Corp		2,773
	6,020,877	*,g	Xiaomi Corp		25,590
	15,750	*,†	Ya Hsin Industrial Co Ltd		0
	274,879		Yageo Corp		5,088
	37,947		Yealink Network Technology Corp Ltd		425
	2,809		Yokogawa Electric Corp		56
	16,384	e	Yokowo Co Ltd		493
	86,843	*	Zebra Technologies Corp (Class A)		33,376
	154,318		Zhejiang Dahua Technology Co Ltd		470
	227,558		Zhen Ding Technology Holding Ltd		926
	33,523		Zhongji Innolight Co Ltd		261
	207,303		ZTE Corp		1,067
	326,199	e	ZTE Corp (Class H)		822
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		7,914,430

TELECOMMUNICATION SERVICES - 1.7%
	479,071		Advanced Info Service PCL (Foreign)		2,816
	221,287		AFK Sistema (London)		1,655
	806,682	g	Airtel Africa plc		832
	90,009		Alaska Communications Systems Group, Inc		332
	536,416	*	Altice NV (Class A)		3,474
	29,863,032		America Movil S.A. de C.V. (Series L)		21,745
	28,699	*,e	Anterix, Inc		1,079
	28,300		ARTERIA Networks Corp		410
	1,396,929	*	Asia Pacific Telecom Co Ltd		502
	14,067,434		AT&T, Inc		404,579
	17,880		ATN International, Inc		747
	1,284,006		Axiata Group Bhd		1,195
	662,920	*,e	Axtel SAB de C.V.		208
	51,647	*	Bandwidth Inc		7,937
	142,386		BCE, Inc		6,089
	2,130,466	*	Bezeq Israeli Telecommunication Corp Ltd		2,118
	3,915,070		Bharti Airtel Ltd		27,341
	142,216		Bharti Infratel Ltd		449
	141,680	*	Boingo Wireless, Inc		1,802
	7,716,758	*	BT Group plc		13,909
	92,981	*	Cellcom Israel Ltd		460
	702,295	g	Cellnex Telecom SAU		42,175
	1,582,103		CenturyLink, Inc		15,426
	21,000		Chief Telecom, Inc		265
	2,552,089		China Mobile Hong Kong Ltd		14,548
	5,994,664		China Telecom Corp Ltd		1,654
	19,243,912	g	China Tower Corp Ltd		2,832
	2,618,021		China Unicom Ltd		1,494
	1,782,960		China United Network Communications Ltd		1,217
	463,386		Chorus Ltd		2,636
	1,663,653		Chunghwa Telecom Co Ltd		6,454
	68,481	*	Cincinnati Bell, Inc		1,046
	3,347,641		Citic 1616 Holdings Ltd		1,054

172

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	32,174		Cogent Communications Group, Inc	$	1,926
	135,401	*	Consolidated Communications Holdings, Inc		662
	3,453,311		Deutsche Telekom AG.		63,032
	1,319,244		Digi.Com BHD		1,359
	121,881		Elisa Oyj (Series A)		6,681
	754,473		Emirates Telecommunications Group Co PJSC		3,475
	120,942		Empresa Nacional de Telecomunicaciones S.A.		751
	170,129	*	Etihad Etisalat Co		1,299
	102,628	g	Euskaltel S.A.		1,090
	669,282		Far EasTone Telecommunications Co Ltd		1,459
	136,468		Freenet AG.		2,867
	13,267		Globe Telecom, Inc		561
	40,289	*,e	Gogo, Inc		388
	102,514		Hellenic Telecommunications Organization S.A.		1,648
	751,620		HKBN Ltd		1,164
	3,313,079		HKT Trust and HKT Ltd		4,297
	1,665,607		Hutchison Telecommunications Hong Kong Holdings Ltd		249
	373,749	*	IAC		70,769
	13,175,309	*	Idea Cellular Ltd		1,926
	33,040	*	IDT Corp (Class B)		408
	12,675		Iliad S.A.		2,602
	289,441	g	Infrastrutture Wireless Italiane S.p.A		3,509
	56,124		Internet Initiative Japan, Inc		1,106
	2,064,660		Intouch Holdings PCL (Class F)		3,874
	127,513	*	Iridium Communications, Inc		5,014
	2,878,985		Jasmine International PCL		306
	1,518,290		KDDI Corp		45,018
	3,453,363		Koninklijke KPN NV		10,496
	222,725	*,†,e	Let’s GOWEX S.A.		3
	95,609	*	LG Telecom Ltd		1,035
	194,001	*	Liberty Global plc (Class A)		4,699
	226,866	*	Liberty Latin America Ltd (Class A)		2,525
	405,233	*,e	Liberty Latin America Ltd (Class C)		4,494
	419,134		Magyar Telekom		537
	1,013,883		Maxis BHD		1,274
	105,494		Millicom International Cellular S.A.		4,150
	380,785	*	Mobile Telecommunications Co Saudi Arabia		1,380
	201,493		Mobile TeleSystems (ADR)		1,803
	79,465		Mobistar S.A.		2,118
	717,057	e	MTN Group Ltd		2,959
	3,220,966		NetLink NBN Trust		2,354
	1,683,526		Nippon Telegraph & Telephone Corp		43,198
	88,927	*	Ooma, Inc		1,281
	365,406		Ooredoo QSC		755
	1,935,197		Orange S. A.		23,039
	139,838	*	ORBCOMM, Inc		1,038
	146,778	*	Partner Communications		809
	3,755,327		PCCW Ltd		2,261
	38,837		PLDT, Inc		1,084
	131,481		Proximus plc		2,597
	2,367,000		PT Excelcomindo Pratama		460
	1,557,800	*	PT Indosat Tbk		560

173

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	823,029		PT Link Net Tbk	$	141
	592,716		PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A.		2,060
	20,743,801		PT Telekomunikasi Indonesia Persero Tbk		4,891
	328,229		Rogers Communications, Inc (Class B)		15,281
	137,271		Rostelecom (ADR)		1,074
	21,064,333		Sarana Menara Nusantara Tbk PT		1,440
	555,962		Saudi Telecom Co		15,717
	57,596		Shenandoah Telecom Co		2,491
	8,039,505		Singapore Telecommunications Ltd		14,038
	16,940		SK Telecom Co Ltd		3,723
	46,612,700	*	Smartfren Telecom Tbk PT		223
	390,141		SmarTone Telecommunications Holding Ltd		208
	2,237,540		Softbank Corp		28,086
	1,606,416		Softbank Group Corp		124,714
	32,978	e	Spok Holdings, Inc		367
	694,514		StarHub Ltd		688
	22,380		Swisscom AG.		12,052
	721,506		Taiwan Mobile Co Ltd		2,540
	668,646		TalkTalk Telecom Group plc		892
	56,964		Tata Communications Ltd		861
	427,994		Tele2 AB (B Shares)		5,662
	70,313	e	Telecom Argentina S.A. (ADR) (Class B)		461
	796,322		Telecom Corp of New Zealand Ltd		2,697
	289,845		Telecom Egypt		220
	5,182,015		Telecom Italia RSP		2,700
	7,156,225	e	Telecom Italia S.p.A.		3,322
	403,585		Telefonica Brasil S.A.		3,629
	896,355		Telefonica Deutschland Holding AG.		2,469
	233,863	*	Telefonica S.A.		927
	4,695,215		Telefonica S.A.		18,676
	220,311		Telekom Austria AG.		1,704
	447,484		Telekom Malaysia BHD		603
	286,249	*	Telekomunikacja Polska S.A.		507
	604,970		Telenor ASA		10,269
	148,652		Telephone & Data Systems, Inc		2,760
	1,072,300	*,e	Telesites SAB de C.V.		1,160
	2,121,497		TeliaSonera AB		8,761
	243,926		Telkom S.A. Ltd		510
	4,082,646		Telstra Corp Ltd		9,376
	392,438	e	TELUS Corp		7,772
	718,249		TIM S.A.		2,035
	273,627		Time dotCom BHD		902
	2,634,321	*	T-Mobile US, Inc		355,238
	128,555		Total Access Communication PCL (Foreign)		143
	28,776,800		Tower Bersama Infrastructure		3,345
	321,717	*	TPG Telecom Ltd		1,787
	5,183,562		True Corp PCL (Foreign)		595
	513,466		Turkcell Iletisim Hizmet AS		1,109
	92,926		United Internet AG.		3,912
	20,125	*	US Cellular Corp		618
	88,400	e	V-Cube, Inc		2,590
	6,933,073		Verizon Communications, Inc		407,318
	1,540,242	*,e	Vision, Inc		15,515

174

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	596,938	*	Vocus Communications Ltd	$	1,855
	265,931		Vodacom Group Pty Ltd		2,251
	26,268,375		Vodafone Group plc		43,145
	1,433,086		Vodafone Qatar		528
	526,554	*	Vonage Holdings Corp		6,779
			TOTAL TELECOMMUNICATION SERVICES		2,100,166

TRANSPORTATION - 2.0%
	52,528	*,†,e	Abertis Infraestructuras S.A. (Continuous)		1,178
	20,431	*	Aegean Airlines S.A.		128
	58,438	g	Aena S.A.		10,159
	172,782	*,g	Aeroflot PJSC (GDR)		920
	25,426		Aeroports de Paris		3,290
	1,806,723		Air Arabia PJSC		631
	615,917	*	Air Canada		11,018
	133,229		Air China Ltd		153
	661,910		Air China Ltd (H shares)		522
	194,196	*,e	Air France-KLM		1,211
	525,640	e	Air New Zealand Ltd		683
	68,386	*	Air Transport Services Group, Inc		2,143
	1,057,200	*	AirAsia BHD		234
	7,462,200		Airports of Thailand PCL (ADR)		15,485
	1,847,888		Airports of Thailand PCL (Foreign)		3,855
	234,053		Alaska Air Group, Inc		12,171
	106,936	g	ALD S.A.		1,493
	106,433		All Nippon Airways Co Ltd		2,352
	19,026		Allegiant Travel Co		3,600
	13,246		Amerco, Inc		6,013
	821,411	e	American Airlines Group, Inc		12,954
	340,000		Anhui Expressway Co		203
	5,132		AP Moller - Maersk AS (Class A)		10,602
	5,681		AP Moller - Maersk AS (Class B)		12,642
	617,902		Aramex PJSC		738
	41,352		ArcBest Corp		1,764
	1,803,100	*	Asia Aviation PCL		142
	39,700	*	Asiana Airlines		164
	39,526	*	Atlas Air Worldwide Holdings, Inc		2,156
	999,099		Atlas Arteria Ltd		5,024
	92,419	e	Atlas Corp		1,002
	1,080,198		Auckland International Airport Ltd		5,907
	63,487	*	Autostrada Torino-Milano S.p.A.		1,601
	428,818	*	Autostrade S.p.A.		7,744
	41,426	*	Avis Budget Group, Inc		1,545
	670,175	*	Azul S.A.		5,061
	501,700		Bangkok Airways Co Ltd		107
	155,800		Bangkok Aviation Fuel Services PCL		124
	6,804,262		Bangkok Expressway & Metro PCL		1,908
	930,810		Beijing Capital International Airport Co Ltd		777
	676,479		Beijing-Shanghai High Speed Railway Co Ltd		586
	148,300	*,e	BEST, Inc (ADR)		303
	3,681	*	Blue Dart Express Ltd		207
	104,917		bpost S.A.		1,084
	6,636,237		BTS Group Holdings PCL		2,060

175

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	748,710		Canadian National Railway Co	$	82,312
	125,528		Canadian Pacific Railway Ltd (Toronto)		43,542
	580,000	*,e	CAR, Inc		280
	106,960	*	Cathay Pacific Airways Ltd		99
	130,040	*	Cebu Air, Inc		137
	156,145		Central Japan Railway Co		22,079
	196,482	e	CH Robinson Worldwide, Inc		18,444
	1,857,000	*	China Airlines		798
	1,059,738	*	China COSCO Holdings Co Ltd		1,270
	300,987		China Eastern Airlines Corp Ltd		216
	738,667		China Merchants Holdings International Co Ltd		904
	604,447	*,e	China Southern Airlines Co Ltd		361
	240,959	*	China Southern Airlines Co Ltd (Class A)		220
	88,242	e	Chorus Aviation, Inc		256
	1,074,372		Cia de Concessoes Rodoviarias		2,795
	107,498		Cia de Distribucion Integral Logista Holdings SAU		2,089
	267,487		Cia de Locacao das Americas		1,510
	2,212,400		ComfortDelgro Corp Ltd		2,803
	32,226,118	*	Compania SudAmericana de Vapores S.A.		1,300
	102,052		Container Corp Of India Ltd		558
	530,175	*	Controladora Vuela Cia de Aviacion SAB de C.V.		660
	46,319	e	Copa Holdings S.A. (Class A)		3,577
	104,141	*	Cosan Logistica S.A.		371
	1,299,600	*	Cosco Corp Singapore Ltd		275
	481,120		Cosco International Holdings Ltd		147
	933,536		COSCO Pacific Ltd		649
	515,527	*	COSCO SHIPPING Holdings Co Ltd		963
	165,246		Costamare, Inc		1,368
	26,573	*,e	Covenant Transportation Group, Inc		394
	1,447,536		CSX Corp		131,364
	135,212		CTT-Correios de Portugal S.A.		386
	28,329		D/S Norden		512
	463,477		Daqin Railway Co Ltd		458
	123,580	*	Dart Group plc		2,410
	160,250	*	Daseke, Inc		931
	1,299,789		Delta Air Lines, Inc		52,265
	257,321	*	Deutsche Lufthansa AG.		3,405
	1,001,788		Deutsche Post AG.		49,624
	37,576		Dfds A.S.		1,697
	446,240		DSV AS		74,996
	12,561	*,e	Eagle Bulk Shipping, Inc		239
	339,327		East Japan Railway Co		22,638
	196,081		easyJet plc		2,225
	104,401	*	Echo Global Logistics, Inc		2,800
	157,635	*	EcoRodovias Infraestrutura e Logistica S.A.		408
	272,722	g	Enav S.p.A		1,200
	1,620,000		Eva Airways Corp		760
	399,000		Evergreen International Storage & Transport Corp		288
	1,029,532	*	Evergreen Marine Corp Tawain Ltd		1,495
	39,990		Exchange Income Corp		1,151
	266,851		Expeditors International of Washington, Inc		25,380
	349,095		FedEx Corp		90,632
	613,736	e	Finnair Oyj		565
	1,369,179	*	Firstgroup plc		1,392

176

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	21,415		Flughafen Zuerich AG.	$	3,778
	93,228		Forward Air Corp		7,164
	39,697		Fraport AG. Frankfurt Airport Services Worldwide		2,395
	28,460		Fukuyama Transporting Co Ltd		1,200
	46,197		Genco Shipping & Trading Ltd		340
	377,177		Getlink S.E.		6,526
	19,553	*	GLOVIS Co Ltd		3,318
	1,700,596	*	GMR Infrastructure Ltd		617
	36,523		Go-Ahead Group plc		492
	425,679	*	Gol Linhas Aereas Inteligentes S.A.		2,043
	91,019		Golden Ocean Group Ltd		425
	276,316	*	Grupo Aeroportuario del Centro Norte Sab de C.V.		1,783
	337,049	*,e	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		3,763
	181,608	*,e	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		3,005
	50,902		Guangzhou Baiyun International Airport Co Ltd		110
	208,390		Gujarat Pipavav Port Ltd		276
	270,510		Gulf Warehousing Co		380
	103,000	*	Hainan Meilan International Airport Co Ltd		545
	17,000		Hamakyorex Co Ltd		483
	27,662		Hamburger Hafen und Logistik AG.		623
	5,872	*	Hanjin Transportation Co Ltd		259
	164,418		Hankyu Hanshin Holdings, Inc		5,469
	71,416		Hawaiian Holdings, Inc		1,264
	115,403		Heartland Express, Inc		2,089
	49,025		Hitachi Transport System Ltd		1,461
	6,827		Hopewell Highway Infrastructure Ltd		2
	174,707	*	Hub Group, Inc (Class A)		9,958
	5,591,751		Hutchison Port Holdings Trust		1,108
	196,010	*	Hyundai Merchant Marine Co Ltd		2,520
	2,956	*	ID Logistics Group		818
	87,338		Iino Kaiun Kaisha Ltd		363
	129,079	e	Imperial Holdings Ltd		328
	40,187	*,g	InterGlobe Aviation Ltd		950
	872,489		International Container Term Services, Inc		2,244
	96,713		Japan Airlines Co Ltd		1,865
	43,450		Japan Airport Terminal Co Ltd		2,637
	1,609,000		Jasa Marga Tbk PT		531
	20,994		JB Hunt Transport Services, Inc		2,869
	8,453	*	Jeju Air Co Ltd		143
	460,382	*	JetBlue Airways Corp		6,694
	558,915		Jiangsu Express		625
	16,957	*	Jin Air Co Ltd		211
	155,900		Kamigumi Co Ltd		2,848
	778,187		Kansas City Southern		158,851
	49,288	*,e	Kawasaki Kisen Kaisha Ltd		1,012
	128,030		Keihin Electric Express Railway Co Ltd		2,196
	71,370		Keio Corp		5,537
	79,889		Keisei Electric Railway Co Ltd		2,704
	641,009		Kerry Logistics Network Ltd		1,407
	142,176		Kintetsu Corp		6,231
	259,800		Kintetsu World Express, Inc		6,170

177

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	86,731	*	Kirby Corp	$	4,495
	476,399		Knight-Swift Transportation Holdings, Inc		19,923
	25,868		Konoike Transport Co Ltd		257
	4,040	*	Korea Express Co Ltd		616
	93,652	*	Korea Line Corp		262
	37,490	*	Korean Air Lines Co Ltd		941
	67,971		Kuehne & Nagel International AG.		15,424
	96,316		Kyushu Railway Co		2,078
	47,026		Landstar System, Inc		6,333
	1,196,517		Localiza Rent A Car		15,946
	381,917	*	Lyft, Inc (Class A)		18,764
	109,205		Macquarie Infrastructure Co LLC		4,101
	635,545	g	Mahindra Logistics Ltd		3,600
	448,254		Malaysia Airports Holdings BHD		661
	245,235		Marten Transport Ltd		4,225
	41,650	e	Maruwa Unyu Kikan Co Ltd		889
	26,230		Maruzen Showa Unyu Co Ltd		885
	70,162		Matson, Inc		3,997
	43,599	*	Mesa Air Group, Inc		292
	1,314,340		MISC BHD		2,248
	57,928		Mitsubishi Logistics Corp		1,738
	113,700		Mitsui OSK Lines Ltd		3,480
	47,114		Mitsui-Soko Co Ltd		1,052
	570,300		MMC Corp BHD		128
	102,152		Movida Participacoes S.A.		406
	667,783		MTR Corp		3,735
	104,025		Mullen Group Ltd		891
	213,881		Mundra Port and Special Economic Zone Ltd		1,419
	84,235		Nagoya Railroad Co Ltd		2,223
	106,727		Nankai Electric Railway Co Ltd		2,709
	102,554		Napier Port Holdings Ltd		253
	582,025		National Express Group plc		1,890
	58,582		Nippon Express Co Ltd		3,941
	96,349		Nippon Konpo Unyu Soko Co Ltd		1,932
	72,690		Nippon Yusen Kabushiki Kaisha		1,696
	60,600		Nishi-Nippon Railroad Co Ltd		1,789
	212,515	*,g	Nobina AB		1,786
	47,371		Norfolk Southern Corp		11,256
	260,366		Northgate plc		949
	207,048		Odakyu Electric Railway Co Ltd		6,503
	34,265	e	Oesterreichische Post AG.		1,199
	160,312		Old Dominion Freight Line		31,290
	5,322,290	e	Pacific Basin Shipping Ltd		1,004
	1,803	*,e	PAM Transportation Services, Inc		88
	10,298	*	Pangaea Logistics Solutions Ltd		29
	27,641	*	Pegasus Hava Tasimaciligi AS.		278
	5,486		Piraeus Port Authority		131
	191,172		Promotora y Operadora de Infraestructura SAB de C.V.		1,687
	5,648,600	*,†	PT Trada Maritime Tbk		0	^
	905,792		Qantas Airways Ltd		3,396
	441,304		Qatar Navigation QSC		861
	2,098,928		QR National Ltd		6,306
	1,920,398		Qube Logistics Holdings Ltd		4,348
	116,145	*	Radiant Logistics, Inc		674

178

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	943,469	*	Royal Mail plc	$	4,348
	1,116,046	*	Rumo S.A.		4,128
	11,509		Ryder System, Inc		711
	109,105	*	Safe Bulkers, Inc		142
	75,597		Sagami Railway Co Ltd		1,813
	39,676	*	Saia, Inc		7,173
	96	*,†	SAir Group		0
	22,170		Sakai Moving Service Co Ltd		1,122
	58,350		Sankyu, Inc		2,206
	355,004		Santos Brasil Participacoes S.A.		360
	3,899,415	*,e	SAS AB		865
	74,734	*	Saudi Ground Services Co		639
	34,936		Saudi Industrial Services Co		302
	46,761	*	Saudi Public Transport Co		223
	85,504		SBS Holdings, Inc		2,167
	86,246		Schneider National, Inc		1,785
	14,542	e	Scorpio Bulkers, Inc		246
	31,003	*	SEACOR Holdings, Inc		1,285
	178,886		Seibu Holdings, Inc		1,755
	139,006		Seino Holdings Corp		1,962
	105,696		Senko Co Ltd		1,031
	99,639		SF Holding Co Ltd		1,344
	361,490		SG Holdings Co Ltd		9,856
	93,800	*	Shandong Airlines Co Ltd		74
	346,696		Shanghai International Airport Co Ltd		4,014
	333,260		Shanghai International Port Group Co Ltd		233
	119,844		Shanghai Jinjiang International Investment Holdings Co		80
	45,423		Shenzhen Airport Co Ltd		57
	1,105,972		Shenzhen International Holdings Ltd		1,787
	9,400		Shinwa Kaiun Kaisha Ltd		127
	226,800		SIA Engineering Co Ltd		338
	530,000		Sichuan Expressway Co Ltd		123
	876,468		Signature Aviation plc		4,619
	239,097	*	SIMPAR S.A.		1,637
	232,720		Sincere Navigation		188
	1,173,190	*	Singapore Airlines Ltd		3,807
	698,500	*	Singapore Airport Terminal Services Ltd		2,108
	1,601,019		Singapore Post Ltd		856
	233,247		Sinotrans Ltd (Class A)		157
	3,332,848		SITC International Co Ltd		7,198
	14,129	*	Sixt AG.		1,688
	18,817		Sixt AG. (Preference)		1,319
	75,381		Skywest, Inc		3,039
	851,857		Southwest Airlines Co		39,705
	265,224	*	SpiceJet Ltd		346
	150,586	*,e	Spirit Airlines, Inc		3,682
	21,734		Spring Airlines Co Ltd		185
	464,363		Stagecoach Group plc		468
	103,873		STO Express Co Ltd		160
	29,475		Stolt-Nielsen S.A.		377
	109,321	*	STX Pan Ocean Co Ltd		506
	63,083		Sumitomo Warehouse Co Ltd		808

179

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	1,056,656	*	Sydney Airport	$	5,230
	1,750,501		Taiwan High Speed Rail Corp		1,978
	137,214		TAV Havalimanlari Holding AS		393
	31,899		Tegma Gestao Logistica		166
	226,843		TFI International, Inc		11,678
	1,412,000		Tianjin Port Development Holdings Ltd		115
	762,327	*	TNT NV		2,599
	122,009		Tobu Railway Co Ltd		3,638
	361,289		Tokyu Corp		4,489
	6,015		Tonami Holdings Co Ltd		348
	12,907		Trancom Co Ltd		1,117
	2,371,398		Transurban Group		24,989
	190,013	*	Turk Hava Yollari		330
	3,509,139	*	Uber Technologies, Inc		178,966
	296,000		U-Ming Marine Transport Corp		389
	2,520,128		Union Pacific Corp		524,741
	425,633	*	United Airlines Holdings Inc		18,409
	241,360		United International Transportation Co		2,445
	1,555,416		United Parcel Service, Inc (Class B)		261,932
	37,334		Universal Logistics Holdings Inc		769
	36,308	*	US Xpress Enterprises, Inc		248
	67,336	*,†	Virgin Australia Int Holdings		0
	455,000		Wan Hai Lines Ltd		859
	96,479		Werner Enterprises, Inc		3,784
	125,016		West Japan Railway Co		6,546
	652,794		Westports Holdings BHD		699
	96,903	e	Westshore Terminals Investment Corp		1,187
	120,907		Wilh. Wilhelmsen ASA		328
	306,042		Wisdom Marine Lines Co Ltd		267
	136,557	*	XPO Logistics, Inc		16,278
	435,266		Yamato Transport Co Ltd		11,114
	945,523	*	Yang Ming Marine Transport		986
	195,259		YTO Express Group Co Ltd		344
	792,000		Yuexiu Transport Infrastructure Ltd		540
	79,015		Yunda Holding Co Ltd		190
	792,968		Zhejiang Expressway Co Ltd		670
	165,983		ZTO Express Cayman, Inc (ADR)		4,840
			TOTAL TRANSPORTATION		2,509,626

UTILITIES - 2.5%
	1,684,428		A2A S.p.A.		2,700
	1,393,181		Aboitiz Power Corp		771
	3,989,000		AC Energy Corp		747
	22,587	e	Acciona S.A.		3,232
	133,017		ACEA S.p.A.		2,795
	477,635	e	Actelios S.p.A.		3,872
	236,038	*	Adani Gas Ltd		1,215
	336,916	*	Adani Green Energy Ltd		4,867
	602,700	*	Adani Power Ltd		411
	562,544		AES Corp		13,220
	2,185,255		AES Gener S.A.		362
	130,576	*	AES Tiete Energia SA		415
	348,364	*,†	AET&D Holdings No 1 Ptd Ltd		0
	600,509		AGL Energy Ltd		5,543

180

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	2,256,303		Aguas Andinas S.A.	$	727
	574,895	e	Algonquin Power & Utilities Corp		9,462
	85,536		Allete, Inc		5,298
	1,961,931		Alliant Energy Corp		101,098
	555,619	e	AltaGas Ltd		8,171
	114,897		Alupar Investimento S.A.		600
	2,248,232		Ameren Corp		175,497
	2,505,212		American Electric Power Co, Inc		208,609
	28,159		American States Water Co		2,239
	33,455	e	American Water Works Co, Inc		5,134
	1,144,153		APA Group		8,513
	13,470		Artesian Resources Corp		499
	105,315		Ascopiave S.p.A.		466
	70,485		Atco Ltd		2,021
	33,421		Athens Water Supply & Sewage Co S.A.		280
	217,964	*,e	Atlantic Power Corp		458
	22,443		Atmos Energy Corp		2,142
	1,653,057		AusNet Services		2,240
	7,390		Avangrid, Inc		336
	108,374		Avista Corp		4,350
	70,109		Aygaz AS		138
	706,130		B Grimm Power PCL		1,141
	603,600		Banpu Power PCL		304
	495,100		BCPG PCL		235
	3,262,000	*,e	Beijing Energy International Holding Co Ltd		130
	245,679		Beijing Enterprises Holdings Ltd		802
	2,298,586		Beijing Enterprises Water Group Ltd		925
	1,096,000		Beijing Jingneng Clean Energy Co Ltd		359
	21,546		BKW S.A.		2,428
	153,879		Black Hills Corp		9,456
	4,776,000	*	Blue Sky Power Holdings Ltd		75
	89,475		Boralex, Inc		3,321
	42,065		Brookfield Infrastructure Corp		3,047
	37,949	e	Brookfield Infrastructure Corp		2,744
	111,633		Brookfield Renewable Corp		6,513
	312,385		Brookfield Renewable Corp		18,203
	25,594	*,e	Cadiz, Inc		273
	41,729		California Water Service Group		2,255
	120,264		Canadian Utilities Ltd		2,937
	495,000		Canvest Environment Protection Group Co Ltd		212
	119,244		Capital Power Corp		3,277
	97,816		Capital Stage AG.		2,553
	11,881,721		Centerpoint Energy, Inc		257,120
	280,649		Centrais Eletricas Brasileiras S.A.		1,998
	227,639		Centrais Eletricas Brasileiras S.A. (Preference)		1,634
	73,867	*,e	Central Puerto S.A. (ADR)		199
	6,117,375		Centrica plc		3,882
	44,027		CESC Ltd		370
	75,277		CEZ AS		1,805
	4,715,817	g	CGN Power Co Ltd		1,017
	30,327	e	Chesapeake Utilities Corp		3,282
	1,552,631		China Datang Corp Renewable Power Co Ltd		245
	513,000	e,g	China Everbright Greentech Ltd		226

181

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	680,913	e	China Everbright Water Ltd	$	116
	1,087,965		China Gas Holdings Ltd		4,311
	1,297,044		China Longyuan Power Group Corp		1,304
	257,519		China National Nuclear Power Co Ltd		194
	2,723,847		China Power International Development Ltd		584
	385,312		China Resources Gas Group Ltd		2,048
	842,373		China Resources Power Holdings Co		907
	247,500		China Tian Lun Gas Holdings Ltd		239
	642,254		China Water Affairs Group Ltd		502
	547,901		China Yangtze Power Co Ltd		1,605
	529,740		Chubu Electric Power Co, Inc		6,393
	141,912		Chugoku Electric Power Co, Inc		1,665
	306,601		Cia de Saneamento Basico do Estado de Sao Paulo		2,643
	148,800		Cia de Saneamento de Minas Gerais-COPASA		472
	144,549		Cia de Saneamento do Parana		727
	158,759		Cia de Saneamento do Parana (Preference)		156
	854,657		Cia Energetica de Minas Gerais		2,410
	905,421		Cia Energetica de Sao Paulo (Class B)		5,069
	11,856		Cia Energetica do Ceara		137
	85,603		Cia Paranaense de Energia		1,244
	636,000		CK Infrastructure Holdings Ltd		3,416
	1,815,580		CK Power PCL		269
	267,452		Clearway Energy, Inc (Class A)		7,903
	174,956		Clearway Energy, Inc (Class C)		5,586
	1,636,863		CLP Holdings Ltd		15,135
	1,512,183		CMS Energy Corp		92,258
	7,374,011		Colbun S.A.		1,303
	4,110,000		Concord New Energy Group Ltd		249
	62,290		Consolidated Edison, Inc		4,502
	26,361		Consolidated Water Co, Inc		318
	750,960		Contact Energy Ltd		4,834
	213,582	g	ContourGlobal plc		628
	186,328		CPFL Energia S.A.		1,172
	152,061		Dominion Energy, Inc		11,435
	61,785	*	Doral Group Renewable Energy Resources Ltd		293
	738,439		Drax Group plc		3,791
	35,256		DTE Energy Co		4,280
	1,129,395		Duke Energy Corp		103,407
	2,495,295		E.ON AG.		27,631
	527,000		Eastern Water Resources Development and Management PCL		164
	505,045		Edison International		31,727
	233,345		EDP - Energias do Brasil S.A.		887
	146,300		Electric Power Development Co		2,019
	557,439		Electricite de France		8,821
	273,117		Electricity Generating PCL		1,753
	26,561	e	Elia System Operator S.A.		3,170
	228,394		Emera, Inc		9,707
	381,991		Empresa Electrica del Norte Grande S.A.		468
	20,788		Enagas		457
	307,579	e	Endesa S.A.		8,437
	163,485	*	Enea S.A.		288
	11,764,147		Enel S.p.A.		119,697
	4,960,285		Energias de Portugal S.A.		31,133

182

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	154,333		Energisa S.A.	$	1,564
	201,696		Energix-Renewable Energies Ltd		921
	1,331,144		Energy Absolute PCL (Foreign)		2,178
	182,137	g	Enerjisa Enerji AS.		307
	25,222,005		Enersis Chile S.A.		1,963
	29,509,733		Enersis S.A.		4,812
	142,336	*	Eneva S.A.		1,705
	169,848		Engie Brasil Energia S.A.		1,443
	826,905	*	Enlight Renewable Energy Ltd		1,727
	326,435		ENN Energy Holdings Ltd		4,792
	1,723,117		Entergy Corp		172,036
	771,853		Equatorial Energia S.A.		3,458
	22,843	e	eRex Co Ltd		461
	60,398		ERG S.p.A.		1,735
	51,378		Essential Utilities Inc		2,430
	792,827		Evergy, Inc		44,010
	62,989		Eversource Energy		5,449
	39,016		EVN AG.		846
	2,683,431		Exelon Corp		113,294
	664,022		First Gen Corp		389
	1,872,980		FirstEnergy Corp		57,332
	99,937	g	Fjordkraft Holding ASA		975
	430,300		Fortis, Inc		17,578
	440,243		Fortum Oyj		10,636
	681,626		GAIL India Ltd		1,153
	1,799,431		Gaz de France		27,585
	526,069		Genesis Energy Ltd		1,375
	13,604		Genie Energy Ltd		98
	652,657		Global Power Synergy Co Ltd (Foreign)		1,603
	10,894		Global Water Resources, Inc		157
	1,285,210		Guangdong Investments Ltd		2,317
	138,880		Gujarat Gas Ltd		716
	644,294		Gujarat State Petronet Ltd		1,957
	2,081,727		Gulf Energy Development PCL		2,376
	3,189,719		Gunkul Engineering PCL		268
	24,137		Hawaiian Electric Industries, Inc		854
	1,663,372		Hera S.p.A.		6,053
	2,251,500		HK Electric Investments & HK Electric Investments Ltd		2,216
	175,093		Hokkaido Electric Power Co, Inc		638
	178,977		Hokuriku Electric Power Co		1,168
	81,845		Holding CO ADMIE IPTO S.A.		265
	10,533,680		Hong Kong & China Gas Ltd		15,759
	1,346,662		Hong Kong Electric Holdings Ltd		7,293
	255,919		Huadian Power International Corp Ltd (Class A)		133
	237,666		Huaneng Power International, Inc		163
	1,722,751		Huaneng Power International, Inc (Hong Kong)		629
	580,263		Hub Power Co Ltd		288
	509,018	g	Hydro One Ltd		11,457
	8,060,059		Iberdrola S.A.		115,825
	75,798		Idacorp, Inc		7,279
	134,579		Indraprastha Gas Ltd		925
	479,801	*	Infraestructura Energetica ,NV SAB de C.V.		1,870

183

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	747,389		Infratil Ltd	$	3,930
	134,193	e	Innergex Renewable Energy, Inc		2,885
	1,027,900	*,†	Inter Far East Energy Corp		0	^
	366,886		Interconexion Electrica S.A.		2,766
	367,665		Inversiones Aguas Metropolitanas S.A.		305
	695,154		Iride S.p.A.		1,814
	505,446		Italgas S.p.A		3,220
	271,909		JSW Energy Ltd		253
	15,300		K&O Energy Group, Inc		221
	763,593		Kansai Electric Power Co, Inc		7,222
	22,085		Kenon Holdings Ltd		651
	3,885,093		Keppel Infrastructure Trust		1,603
	2,365	*	Korea District Heating Corp		88
	111,191	*	Korea Electric Power Corp		2,806
	13,774	*	Korea Gas Corp		392
	240,870		Kyushu Electric Power Co, Inc		2,078
	191,334	*	Light S.A.		907
	28,000		Luenmei Quantum Co Ltd		49
	47,116		Mahanagar Gas Ltd		685
	1,145,100		Malakoff Corp BHD		255
	207,882		Manila Electric Co		1,265
	926,300	*	Manila Water Co, Inc		308
	404,753		MDU Resources Group, Inc		10,661
	224,800		Mega First Corp BHD		386
	802,833		Mercury NZ Ltd		3,778
	1,118,657		Meridian Energy Ltd		5,991
	50,066		MGE Energy, Inc		3,506
	13,872		Middlesex Water Co		1,005
	251,590		Mosenergo PJSC (ADR)		308
	35,612		National Fuel Gas Co		1,465
	30,852	*	National Gas & Industrialization Co		251
	2,976,418		National Grid plc		35,174
	237,439		Naturgy Energy Group S.A.		5,521
	32,113	*,e,g	Neoen S.A.		2,466
	152,942	e	New Jersey Resources Corp		5,437
	4,219,804		NextEra Energy, Inc		325,558
	35,729		Nippon Gas Co Ltd		1,917
	73,625		NiSource, Inc		1,689
	311,443	e	Northland Power Income Fund		11,174
	44,711		Northwest Natural Holding Co		2,056
	129,368		NorthWestern Corp		7,543
	534,029		NRG Energy, Inc		20,053
	1,918,514		NTPC Ltd		2,612
	47,926		OGE Energy Corp		1,527
	38,201		Okinawa Electric Power Co, Inc		514
	84,639	*	Omega Geracao S.A.		660
	106,913		ONE Gas, Inc		8,208
	64,867	*	OPC Energy Ltd		676
	31,726		Ormat Technologies, Inc		2,864
	295,930	g	Orsted AS		60,549
	261,514		Osaka Gas Co Ltd		5,360
	53,440		Otter Tail Corp		2,277
	38,383	*,e	Pampa Energia S.A. (ADR)		529
	488,569		Pennon Group plc		6,324

184

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	766,178		Petronas Gas BHD	$	3,275
	2,060,567	*	PG&E Corp		25,675
	28,876		Pinnacle West Capital Corp		2,309
	187,437		PNM Resources, Inc		9,096
	331,442	*	Polska Grupa Energetyczna S.A.		579
	147,787		Portland General Electric Co		6,321
	912,651		Power Grid Corp of India Ltd		2,373
	146,688		PPL Corp		4,137
	10,875,058		PT Perusahaan Gas Negara Persero Tbk		1,283
	83,087	*	Public Power Corp		754
	93,405		Public Service Enterprise Group, Inc		5,445
	31,612	*	Pure Cycle Corp		355
	245,169		Qatar Electricity & Water Co		1,203
	360,827		Ratch Group PCL		637
	474,385		Red Electrica Corp S.A.		9,740
	840,486		Redes Energeticas Nacionais S.A.		2,422
	37,400	*	RENOVA, Inc		1,440
	11,088		RGC Resources, Inc		264
	96,980		Rubis S.C.A		4,483
	2,654,145		RWE AG.		112,290
	23,900	*	Saibu Gas Co Ltd		720
	363,716		Saudi Electricity Co		2,066
	126,106	g	Scatec Solar ASA		5,022
	916,003		Scottish & Southern Energy plc		18,763
	186,412		SDIC Power Holdings Co Ltd		246
	46,539		Sechilienne-Sidec		2,663
	428,584		Sempra Energy		54,606
	19,942		Severn Trent plc		623
	130,229		Shanghai Electric Power Co Ltd		142
	170,676		Shenergy Co Ltd		136
	148,188		Shenzhen Energy Group Co Ltd		138
	165,342		Shikoku Electric Power Co, Inc		1,079
	36,910		Shizuoka Gas Co Ltd		370
	128,148		Sichuan Chuantou Energy Co Ltd		197
	46,316		SJW Corp		3,212
	169,561		Snam Rete Gas S.p.A.		958
	66,390	*	Solaria Energia y Medio Ambiente S.A.		1,928
	14,275	*,e	Solarpack Corp Tecnologica S.A.		506
	128,000	*,†	Sound Global Ltd		0	^
	108,827		South Jersey Industries, Inc		2,345
	194,610		Southern Co		11,955
	101,415		Southwest Gas Holdings Inc		6,161
	28,044	e	Spark Energy, Inc		268
	1,815,445		Spark Infrastructure Group		2,952
	409,300		SPCG PCL		275
	81,673		Spire, Inc		5,230
	348,953		Suez Environnement S.A.		6,916
	186,745	*	Sunnova Energy International, Inc		8,428
	12,431,856	*	Super Energy Corp PCL (Foreign)		398
	193,500	e	Superior Plus Corp		1,852
	311,450		Taiwan Cogeneration Corp		429
	1,208,086		Tata Power Co Ltd		1,252
	836,808	*	Tauron Polska Energia S.A.		612

185

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
	63,259		Telecom Plus plc	$	1,239
	2,091,904		Tenaga Nasional BHD		5,427
	36,721		Terna Energy S.A.		592
	1,196,428		Terna Rete Elettrica Nazionale S.p.A.		9,194
	1,056,678		Thai Tap Water Supply PCL		437
	39,059		Toho Gas Co Ltd		2,588
	248,467		Tohoku Electric Power Co, Inc		2,051
	1,092,768	*	Tokyo Electric Power Co, Inc		2,886
	462,910		Tokyo Gas Co Ltd		10,714
	207,511		Torrent Power Ltd		902
	824,000		Towngas China Co Ltd		372
	2,058,139		TPI Polene Power PCL		294
	303,128		TransAlta Corp		2,303
	117,039	e	TransAlta Renewables, Inc		2,001
	487,169		Transmissora Alianca de Energia Eletrica S.A.		3,133
	47,912		UGI Corp		1,675
	162,076		Uniper SE		5,616
	91,216		United Utilities Group plc		1,116
	23,306		Unitil Corp		1,032
	533,020		Veolia Environnement		13,143
	118,928	e	Verbund AG.		10,104
	849,082		Vistra Energy Corp		16,693
	285,803		WEC Energy Group, Inc		26,302
	17,100		West Holdings Corp		787
	892,500		WHA Utilities and Power PCL		125
	876,494		Xcel Energy, Inc		58,436
	9,212		York Water Co		429
	1,373,700	*	YTL Power International BHD		255
	1	*	Zorlu Enerji Elektrik Uretim AS		0
			TOTAL UTILITIES		3,203,838

			TOTAL COMMON STOCKS		124,833,917
			(Cost $96,480,066)

PREFERRED STOCKS - 0.0%

REAL ESTATE - 0.0%
	8,497,223	*,†	Ayala Land, Inc		18
			TOTAL REAL ESTATE		18

			TOTAL PREFERRED STOCKS		18
			(Cost $20)

RIGHTS / WARRANTS - 0.0%

CAPITAL GOODS - 0.0%
	79,135	e	Abengoa S.A. (B Shares)		1
	1,080		CS Wind Corp		54
			TOTAL CAPITAL GOODS		55

COMMERCIAL & PROFESSIONAL SERVICES - 0.0%
	33,859		JMT Network Services PCL		9
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		9

186

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

SHARES			COMPANY	VALUE (000)
CONSUMER DURABLES & APPAREL - 0.0%
	1,204,140		Cie Financiere Richemont S.A.	$	313
			TOTAL CONSUMER DURABLES & APPAREL		313

CONSUMER SERVICES - 0.0%
	58,941	e	PointsBet Holdings Pty Ltd		134
			TOTAL CONSUMER SERVICES		134

DIVERSIFIED FINANCIALS - 0.0%
	26,653		Srisawad Corp PCL		9
			TOTAL DIVERSIFIED FINANCIALS		9

ENERGY - 0.0%
	124,053		Repsol S.A.		42
	8,918	e	Weatherford International plc		2
			TOTAL ENERGY		44

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

MATERIALS - 0.0%
	4,340		POSCO Chemical Co Ltd		121
			TOTAL MATERIALS		121

MEDIA & ENTERTAINMENT - 0.0%
	529,104		Advantage Solutions, Inc		1,508
	230,631	†	Media General, Inc		0
			TOTAL MEDIA & ENTERTAINMENT		1,508

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	12,599	†	Chinook Therapeutics, Inc		0
	156,143	†	Elanco Animal Health, Inc CVR		9
	321,327		Faes Farma S.A.		65
	17,790	†,e	Omthera Pharmaceuticals, Inc		11
	20,027	†,e	Tobira Therapeutics, Inc		1
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		86

REAL ESTATE - 0.0%
	85,089		ARA LOGOS Logistics Trust		3
	34,712		MBK PCL		11
	66,478,080		U City PCL		22
			TOTAL REAL ESTATE		36

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

UTILITIES - 0.0%
	516,604	†	AES Gener S.A.		6
			TOTAL UTILITIES		6

			TOTAL RIGHTS / WARRANTS		2,326
			(Cost $804)

187

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 2.5%

GOVERNMENT AGENCY DEBT - 1.1%
$	10,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.120	%	02/01/21	$	10,000
	15,000,000		FAMC		0.080		03/01/21		14,998
	10,000,000		Federal Farm Credit Bank (FFCB)		0.080		01/28/21		10,000
	14,000,000		FFCB		0.100		03/26/21		13,997
	5,000,000		FFCB		0.100		08/03/21		4,997
	30,000,000		FFCB		0.100		08/18/21		29,981
	30,000,000		FFCB		0.110		09/30/21		29,975
	50,000,000		FFCB		0.120		10/13/21		49,957
	13,000,000		FFCB		0.110		11/19/21		12,987
	52,880,000		Federal Home Loan Bank (FHLB)		0.095		01/07/21		52,880
	39,748,000		FHLB		0.070-0.075		01/13/21		39,747
	39,555,000		FHLB		0.080-0.095		01/15/21		39,554
	45,000,000		FHLB		0.100		01/19/21		44,999
	58,412,000		FHLB		0.070-0.095		01/20/21		58,410
	50,000,000		FHLB		0.080		01/22/21		49,998
	32,960,000		FHLB		0.091-0.095		01/27/21		32,959
	20,000,000		FHLB		0.100		01/29/21		19,999
	67,310,000		FHLB		0.080-0.092		02/03/21		67,305
	17,267,000		FHLB		0.080-0.090		02/05/21		17,266
	41,445,000		FHLB		0.080		02/10/21		41,442
	21,000,000		FHLB		0.083		02/12/21		20,998
	36,946,000		FHLB		0.080-0.120		02/17/21		36,942
	25,000,000		FHLB		0.085		02/22/21		24,997
	125,000,000		FHLB		0.085		02/24/21		124,986
	22,000,000		FHLB		0.085		02/26/21		21,997
	15,000,000		FHLB		0.170		03/08/21		14,998
	43,003,000		FHLB		0.090		03/10/21		42,996
	72,532,000		FHLB		0.085-0.110		03/12/21		72,520
	86,419,000		FHLB		0.088-0.090		03/19/21		86,403
	75,000,000		FHLB		0.089		03/24/21		74,985
	10,750,000		FHLB		0.085		03/26/21		10,748
	27,000,000		FHLB		0.110		04/21/21		26,993
	100,000,000		FHLB		0.099		05/19/21		99,962
	29,000,000		FHLB		0.085		06/02/21		28,988
	51,365,000		FHLB		0.085-0.090		06/30/21		51,340
	25,000,000		Federal National Mortgage Association (FNMA)		0.090		01/13/21		25,000
	12,500,000		Federal Agricultural Mortgage Corp (FAMC)		0.095		05/28/21		12,495
			TOTAL GOVERNMENT AGENCY DEBT						1,418,799

REPURCHASE AGREEMENT - 0.0%
	70,735,000	r	Fixed Income Clearing Corp (FICC)		0.050		01/04/21		70,735
			TOTAL REPURCHASE AGREEMENT						70,735

TREASURY DEBT - 0.5%
	50,000,000		United States Cash Management Bill		0.101		01/05/21		50,000
	40,137,000		United States Cash Management Bill		0.093-0.098		01/12/21		40,137
	70,000,000		United States Cash Management Bill		0.052-0.098		01/26/21		69,998
	50,000,000		United States Cash Management Bill		0.098		02/16/21		49,996
	100,000,000		United States Cash Management Bill		0.086-0.091		03/02/21		99,987
	23,950,000		United States Cash Management Bill		0.081		03/09/21		23,946
	30,000,000		United States Cash Management Bill		0.087		04/20/21		29,993
	19,880,000		United States Cash Management Bill		0.088		04/27/21		19,875

188

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	50,000,000		United States Cash Management Bill		0.085	%	05/18/21	$	49,985
	75,918,000		United States Treasury Bill		0.074-0.110		01/14/21		75,917
	33,285,000		United States Treasury Bill		0.080		01/28/21		33,284
	50,000,000		United States Treasury Bill		0.098		02/04/21		49,997
			TOTAL TREASURY DEBT						593,115

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.9%

REPURCHASE AGREEMENT - 0.9%
	66,000,000	s	Barclays Capital		0.050		01/04/21		66,000
	29,761,000	t	Calyon		0.050		01/04/21		29,761
	51,000,000	u	Calyon		0.080		01/04/21		51,000
	100,000,000	v	Citigroup		0.070		01/04/21		100,000
	24,000,000	w	Deutsche Bank		0.050		01/04/21		24,000
	35,000,000	x	Goldman Sachs		0.050		01/04/21		35,000
	200,000,000	y	JP Morgan		0.080		01/04/21		200,000
	200,000,000	z	Merrill Lynch		0.080		01/04/21		200,000
	160,000,000	aa	Morgan Stanley		0.070		01/04/21		160,000
	54,000,000	ab	Nomura		0.050		01/04/21		54,000
	77,000,000	ac	Royal Bank of Scotland		0.050		01/04/21		77,000
	100,000,000	ad	Societe Generale		0.070		01/04/21		100,000
			TOTAL REPURCHASE AGREEMENT						1,096,761

			TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED						1,096,761

			TOTAL SHORT-TERM INVESTMENTS						3,179,410
			(Cost $3,179,377)
			TOTAL INVESTMENTS - 100.8%						128,015,978
			(Cost $99,660,568)
			OTHER ASSETS & LIABILITIES, NET - (0.8)%						(1,054,802	)
			NET ASSETS - 100.0%					$	126,961,176



		Abbreviation(s):
ADR		American Depositary Receipt
CVR		Contingent Value Right
ETF		Exchange Traded Fund
GDR		Global Depositary Receipt
REIT		Real Estate Investment Trust
SPDR		Standard & Poor’s Depositary Receipts

^		Amount represents less than $1,000.
*		Non-income producing
†		Security is categorized as Level 3 in the fair value hierarchy.
a		Affiliated holding
b		In bankruptcy
d		All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,970,767,725.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $1,328,766,996 or 1.0% 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.

189

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

q		In default
r		Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $70,735,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $72,149,712.
s		Agreement with Barclays Capital, 0.050% dated 12/31/20 to be repurchased at $66,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $67,320,093.
t		Agreement with Calyon, 0.050% dated 12/31/20 to be repurchased at $29,761,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $30,356,243.
u		Agreement with Calyon, 0.080% dated 12/31/20 to be repurchased at $51,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $52,020,000.
v		Agreement with Citigroup, 0.070% dated 12/31/20 to be repurchased at $100,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $102,000,086.
w		Agreement with Deutsche Bank, 0.050% dated 12/31/20 to be repurchased at $24,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $24,480,002.
x		Agreement with Goldman Sachs, 0.050% dated 12/31/20 to be repurchased at $35,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $35,700,000.
y		Agreement with JP Morgan, 0.080% dated 12/31/20 to be repurchased at $200,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $204,000,000.
z		Agreement with Merrill Lynch, 0.080% dated 12/31/20 to be repurchased at $200,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $204,000,000.
aa		Agreement with Morgan Stanley, 0.070% dated 12/31/20 to be repurchased at $160,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $163,200,756.
ab		Agreement with Nomura, 0.050% dated 12/31/20 to be repurchased at $54,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $55,080,031.
ac		Agreement with Royal Bank of Scotland, 0.050% dated 12/31/20 to be repurchased at $77,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $78,540,015.
ad		Agreement with Societe Generale, 0.070% dated 12/31/20 to be repurchased at $100,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $102,000,049.

		Cost amounts are in thousands.

Written options outstanding as of December 31, 2020 were as follows (notional amounts and values are in thousands):

Description/underlying investment	Number of contracts		Notional amount			Exercise price		Expiration date	Value
Amazon.com, Inc, Call		4	$	(5	)	$	3,700.00	01/15/21	$	(2	)
Amazon.com, Inc, Put		4		(3	)		2,600.00	01/15/21		(1	)
QUALCOMM, Inc, Call		20		(4	)		175.00	01/15/21		(0	)^
QUALCOMM, Inc, Put		20		(2	)		125.00	01/15/21		(0	)^
Total		48		(14	)				$	(3	)

^	Amount represents less than $1,000.

Futures contracts outstanding as of December 31, 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		947	03/19/21	$	90,052	$	93,507	$	3,455
S&P 500 E Mini Index		6,407	03/19/21		1,173,974		1,200,928		26,954
S&P Mid-Cap 400 E Mini Index		677	03/19/21		151,346		155,947		4,601
Total		8,031		$	1,415,372	$	1,450,382	$	35,010

190

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

Forward foreign currency contracts outstanding as of December 31, 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)
$	8,951	AUD	12,600	Bank of America	01/21/21	$	(766	)
$	24,274	EUR	20,000	Bank of America	03/10/21		(198	)
$	58,678	GBP	44,000	Bank of America	03/10/21		(1,519	)
$	5,009	SEK	44,000	Bank of America	01/21/21		(340	)
Total						$	(2,823	)
$	9,934	CAD	13,100	Morgan Stanley	01/21/21	$	(358	)
$	61,724	CAD	79,000	Morgan Stanley	03/10/21		(352	)
$	17,004	JPY	1,790,000	Morgan Stanley	01/21/21		(337	)
EUR	14,500	$	17,125	Morgan Stanley	01/21/21		598
Total						$	(449	)
Total						$	(3,272	)

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

191

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
December 31, 2020

	Value		% of total
Country	(000)		portfolio
DOMESTIC

UNITED STATES	$	89,202,488		69.7	%
TOTAL DOMESTIC		89,202,488		69.7
FOREIGN

ARGENTINA		48,469		0.1
AUSTRALIA		1,825,444		1.4
AUSTRIA		223,241		0.2
BAHAMAS		718		0.0
BELGIUM		209,851		0.2
BERMUDA		31,018		0.0
BRAZIL		986,652		0.8
BURKINA FASO		2,938		0.0
CAMEROON		1,379		0.0
CANADA		2,217,923		1.7
CAYMAN ISLANDS		318		0.0
CHILE		61,279		0.1
CHINA		3,991,171		3.1
COLOMBIA		14,919		0.0
COTE D’IVOIRE		3,853		0.0
CYPRUS		69		0.0
CZECH REPUBLIC		6,222		0.0
DENMARK		536,484		0.4
EGYPT		16,367		0.0
FAROE ISLANDS		3,826		0.0
FINLAND		273,735		0.2
FRANCE		2,453,463		1.9
GEORGIA		1,472		0.0
GERMANY		2,239,758		1.7
GHANA		2,178		0.0
GREECE		14,829		0.0
GUERNSEY, C.I.		1,759		0.0
HONG KONG		660,607		0.5
HUNGARY		40,380		0.0
INDIA		1,073,715		0.8
INDONESIA		193,828		0.2
IRELAND		511,004		0.4
ISLE OF MAN		632		0.0
ISRAEL		269,236		0.2
ITALY		604,064		0.5
JAPAN		5,861,940		4.6
JERSEY, C.I.		1,224		0.0
JORDAN		2,361		0.0
KAZAKHSTAN		2,181		0.0
KOREA, REPUBLIC OF		1,442,964		1.1
KYRGYZSTAN		2,812		0.0
LIECHTENSTEIN		737		0.0
LUXEMBOURG		45,547		0.0
MACAU		115,952		0.1
MALAYSIA		123,636		0.1

192

COLLEGE RETIREMENT EQUITIES FUND - Stock Account

	Value		% of total
Country	(000)		portfolio
MALTA	$	4,115		0.0	%
MEXICO		277,948		0.2
MONACO		2,364		0.0
MONGOLIA		1,374		0.0
MYANMAR		333		0.0
NETHERLANDS		1,627,959		1.3
NEW ZEALAND		95,115		0.1
NORWAY		178,544		0.1
PAKISTAN		5,406		0.0
PANAMA		4,355		0.0
PERU		61,095		0.1
PHILIPPINES		62,929		0.1
POLAND		86,779		0.1
PORTUGAL		58,433		0.1
PUERTO RICO		23,689		0.0
QATAR		40,782		0.0
ROMANIA		1,138		0.0
RUSSIA		385,919		0.3
SAUDI ARABIA		170,334		0.1
SINGAPORE		220,381		0.2
SLOVENIA		5,632		0.0
SOUTH AFRICA		426,075		0.3
SPAIN		407,655		0.3
SWEDEN		738,131		0.6
SWITZERLAND		2,185,233		1.7
TAIWAN		1,679,425		1.3
TANZANIA, UNITED REPUBLIC OF		46,229		0.1
THAILAND		158,786		0.1
TURKEY		98,201		0.1
UKRAINE		1,156		0.0
UNITED ARAB EMIRATES		29,836		0.0
UNITED KINGDOM		3,577,982		2.8
VIETNAM		6,424		0.0
ZAMBIA		21,578		0.0
TOTAL FOREIGN		38,813,490		30.3

TOTAL PORTFOLIO	$	128,015,978		100.0	%

193

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2020

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 98.1%

ARGENTINA - 0.1%
	6,876	*	Globant S.A.	$	1,496
	7,578	*	MercadoLibre, Inc		12,695
	13,400	e	Telecom Argentina S.A. (ADR) (Class B)		88
	39,900	*	YPF S.A. (ADR) (Class D)		188
			TOTAL ARGENTINA		14,467

AUSTRALIA - 1.8%
	262,755	*	Afterpay Touch Group Ltd		23,886
	91,546		AGL Energy Ltd		845
	629,582		AMP Ltd		757
	1,898		Ampol Ltd		42
	192,505		APA Group		1,432
	4,005		Aristocrat Leisure Ltd		96
	13,580		AusNet Services		18
	519,585		Australia & New Zealand Banking Group Ltd		9,118
	35,466		Australian Stock Exchange Ltd		1,968
	681,005	*,†	AZ BGP Holdings		2
	20,527		BHP Billiton Ltd		671
	14,717		BHP Group plc		389
	3,502		BlueScope Steel Ltd		47
	10,478		Brambles Ltd		86
	286	*	CIMIC Group Ltd		5
	3,531		Coca-Cola Amatil Ltd		35
	37,428		Cochlear Ltd		5,461
	9,295		Coles Group Ltd		130
	324,306		Commonwealth Bank of Australia		20,614
	3,392		Computershare Ltd		38
	2,595		Crown Resorts Ltd		19
	416,182		CSL Ltd		90,933
	7,604		Dexus Property Group		55
	12,889		Evolution Mining Ltd		50
	6,936,465		Fortescue Metals Group Ltd		125,289
	3,806,060		Glencore Xstrata plc		12,087
	11,563		Goodman Group		169
	13,668		GPT Group		48
	1,035,437		IDP Education Ltd		15,871
	2,735,824		Ingenia Communities Group		10,357
	426,184		Insurance Australia Group Ltd		1,547
	4,847		Lend Lease Corp Ltd		49
	61,723		Macquarie Group Ltd		6,588
	23,382		Magellan Financial Group Ltd		968
	504,530		Medibank Pvt Ltd		1,169
	207,035	*	Megaport Ltd		2,274
	30,912		Mirvac Group		63

194

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	586,199		National Australia Bank Ltd	$	10,220
	5,686		Newcrest Mining Ltd		113
	1,496,503	*	NEXTDC Ltd		14,122
	5,162		Northern Star Resources Ltd		50
	12,273		Oil Search Ltd		35
	2,828		Orica Ltd		33
	13,394		Origin Energy Ltd		49
	1,341,428	*	PointsBet Holdings Ltd		12,333
	186,491		Qantas Airways Ltd		699
	269,159		QBE Insurance Group Ltd		1,755
	13,341		QR National Ltd		40
	1,276		Ramsay Health Care Ltd		61
	367		REA Group Ltd		42
	2,587		Rio Tinto Ltd		228
	366,974		Rio Tinto plc		27,623
	13,908		Santos Ltd		67
	36,166		Scentre Group		78
	2,337		Seek Ltd		51
	96,540		Sonic Healthcare Ltd		2,392
	33,769		South32 Ltd		65
	18,518		Stockland Trust Group		60
	231,135		Suncorp-Metway Ltd		1,739
	9,214	*	Sydney Airport		46
	14,955		Tabcorp Holdings Ltd		45
	733,679		Telstra Corp Ltd		1,685
	2,356	*	TPG Telecom Ltd		13
	19,066		Transurban Group		201
	4,890		Treasury Wine Estates Ltd		35
	24,091		Vicinity Centres		30
	664	e	Washington H Soul Pattinson & Co Ltd		15
	81,842		Wesfarmers Ltd		3,181
	672,089		Westpac Banking Corp		10,002
	1,337		Wisetech Global Ltd		32
	6,650		Woodside Petroleum Ltd		117
	138,405		Woolworths Ltd		4,195
	2,208,434	*,e	Zip Co Ltd		9,084
			TOTAL AUSTRALIA		433,712

AUSTRIA - 0.1%
	272,884	g	BAWAG Group AG.		12,693
	2,165	*	Erste Bank der Oesterreichischen Sparkassen AG.		66
	924		OMV AG.		37
	1,032		Raiffeisen International Bank Holding AG.		21
	11,126	e	Verbund AG.		945
	809		Voestalpine AG.		29
			TOTAL AUSTRIA		13,791

BELGIUM - 0.1%
	1,220		Ageas		65
	82,741		Anheuser-Busch InBev S.A.		5,772
	331		Colruyt S.A.		20
	215		Elia System Operator S.A.		26
	296	*	Galapagos NV		29
	787		Groupe Bruxelles Lambert S.A. (EN Brussels)		79

195

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	235,844		KBC Groep NV	$	16,505
	957		Proximus plc		19
	105		Sofina S.A.		35
	516		Solvay S.A.		61
	881		UCB S.A.		91
	1,374		Umicore S.A.		66
			TOTAL BELGIUM		22,768

BERMUDA - 0.0%
	44,134		RenaissanceRe Holdings Ltd		7,318
	300,677	*	Third Point Reinsurance Ltd		2,863
			TOTAL BERMUDA		10,181

BRAZIL - 1.6%
	32,600		Alpargatas S.A.		264
	881,200	*	AMBEV S.A.		2,664
	221,841	*	Arco Platform Ltd		7,873
	67,400		Atacadao Distribuicao Comercio e Industria Ltd		251
	5,137,697	*	B2W Companhia Global Do Varejo		74,818
	381,300		B3 SA-Brasil Bolsa Balcao		4,565
	244,302		Banco Bradesco S.A.		1,145
	9,591,522		Banco Bradesco S.A. (Preference)		50,448
	43,400		Banco BTG Pactual S.A. - Unit		784
	159,532		Banco do Brasil S.A.		1,199
	1,024,500		Banco Inter S.A.		19,431
	901,019		Banco Itau Holding Financeira S.A.		5,514
	76,100		Banco Santander Brasil S.A.		661
	131,800		BB Seguridade Participacoes S.A.		754
	39,100		Bradespar S.A.		481
	109,600	*	BRF S.A.		466
	61,355		Centrais Eletricas Brasileiras S.A.		437
	50,400		Centrais Eletricas Brasileiras S.A. (Preference)		362
	2,138,800		Cia Brasileira de Distribuicao		30,924
	224,400		Cia de Concessoes Rodoviarias		584
	64,100		Cia de Saneamento Basico do Estado de Sao Paulo		553
	184,583		Cia Energetica de Minas Gerais		520
	19,500		Cia Paranaense de Energia		283
	127,000		Cia Siderurgica Nacional S.A.		782
	722,813		Companhia Vale do Rio Doce (ADR)		12,114
	28,700		Cosan SA Industria e Comercio		419
	44,200		CPFL Energia S.A.		278
	35,700		Energisa S.A.		362
	38,450		Engie Brasil Energia S.A.		327
	169,300		Equatorial Energia S.A.		759
	201,700		Gerdau S.A. (Preference)		952
	186,500	g	Hapvida Participacoes e Investimentos S.A.		550
	71,500		Hypermarcas S.A.		473
	816,940		Investimentos Itau S.A. - PR		1,854
	197,700		JBS S.A.		901
	129,700		Klabin S.A.		659
	1,733,690		Localiza Rent A Car		23,106
	3,099,671		Lojas Americanas S.A. (Preference)		15,690
	146,780		Lojas Renner S.A.		1,234
	4,618,600		Magazine Luiza S.A.		22,147

196

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	55,300		Multiplan Empreendimentos Imobiliarios S.A.	$	251
	163,995	*	Natura & Co Holding S.A.		1,665
	95,684		Notre Dame Intermedica Participacoes S.A.		1,450
	444,923	*	Pagseguro Digital Ltd		25,307
	140,100		Petrobras Distribuidora S.A.		598
	707,300		Petroleo Brasileiro S.A.		3,907
	903,538		Petroleo Brasileiro S.A. (Preference)		4,905
	198,500		Raia Drogasil S.A.		954
	242,400	*	Rumo S.A.		897
	456,431	*	StoneCo Ltd		38,304
	55,321		Sul America S.A.		474
	137,622	*	Suzano Papel e Celulose S.A.		1,546
	86,600		Telefonica Brasil S.A.		779
	152,400		TIM S.A.		432
	88,900		Totvus S.A.		493
	135,300		Ultrapar Participacoes S.A.		619
	686,500		Vale S.A.		11,555
	238,700	*	Via Varejo S.A.		744
	155,060		Weg S.A.		2,265
	3,124		Wheaton Precious Metals Corp		130
	1,214		Yara International ASA		50
			TOTAL BRAZIL		384,913

CANADA - 1.7%
	37,427		Agnico-Eagle Mines Ltd		2,634
	1,013	*	Air Canada		18
	4,127	e	Algonquin Power & Utilities Corp		68
	948,228		Alimentation Couche Tard, Inc		32,315
	1,947	e	AltaGas Ltd		29
	530		Atco Ltd		15
	7,284		B2Gold Corp		41
	117,200		Bank of Montreal		8,911
	222,236		Bank of Nova Scotia		12,012
	1,271,866		Barrick Gold Corp (Canada)		28,976
	1,071		BCE, Inc		46
	3,679	*	Blackberry Ltd (New)		24
	53,316		Brookfield Asset Management, Inc		2,204
	2,029		CAE, Inc		56
	2,984		Cameco Corp (Toronto)		40
	583		Canadian Apartment Properties REIT		23
	81,555		Canadian Imperial Bank of Commerce		6,966
	4,947		Canadian National Railway Co		544
	8,230		Canadian Natural Resources Ltd (Canada)		198
	222,863		Canadian Pacific Railway Ltd (Toronto)		77,304
	400	e	Canadian Tire Corp Ltd		53
	905		Canadian Utilities Ltd		22
	1,476	*,e	Canopy Growth Corp (Toronto)		36
	1,216		CCL Industries		55
	7,658		Cenovus Energy, Inc (Toronto)		47
	1,605	*	CGI, Inc		127
	37,837		CI Financial Corp		469
	140		Constellation Software, Inc		182
	671,863		Dollarama, Inc		27,383
	870,312	e	Dye & Durham Ltd		34,542

197

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,718		Emera, Inc	$	73
	1,333		Empire Co Ltd		36
	258,144		Enbridge, Inc (Toronto)		8,256
	4,897		Fairfax Financial Holdings Ltd		1,669
	18,843		First Capital Real Estate Investment Trust		201
	273		FirstService Corp		37
	3,237		Fortis, Inc		132
	1,328		Franco-Nevada Corp		167
	535		George Weston Ltd		40
	1,314		GFL Environmental, Inc		38
	1,423		Gildan Activewear, Inc		40
	50,981		Great-West Lifeco, Inc		1,216
	2,290	g	Hydro One Ltd		52
	19,582		iA Financial Corp, Inc		849
	15,375	e	IGM Financial, Inc		417
	1,554	e	Imperial Oil Ltd		30
	26,201		Intact Financial Corp		3,102
	2,991		Inter Pipeline Ltd		28
	1,288	e	Keyera Corp		23
	8,766		Kinross Gold Corp		64
	1,826		Kirkland Lake Gold Ltd		75
	360,379	*	Lightspeed POS, Inc		25,435
	1,244		Loblaw Cos Ltd		61
	1,977		Magna International, Inc		140
	355,307		Manulife Financial Corp (Toronto)		6,322
	1,754		Metro, Inc		78
	61,528		National Bank of Canada		3,463
	1,328	e	Northland Power Income Fund		48
	544,687		Nutrien Ltd (Toronto)		26,205
	15,169		Onex Corp		871
	1,894		Open Text Corp (Toronto)		86
	1,464		Pan American Silver Corp (Toronto)		50
	1,039	e	Parkland Corp		33
	3,831	e	Pembina Pipeline Income Fund		91
	102,454		Power Corp Of Canada		2,353
	1,208		Quebecor, Inc		31
	2,007		Restaurant Brands International, Inc (Toronto)		123
	89,812		RioCan Real Estate Investment Trust		1,182
	758		Ritchie Bros Auctioneers, Inc		53
	2,469		Rogers Communications, Inc (Class B)		115
	260,757		Royal Bank of Canada		21,426
	1,706		Saputo, Inc		48
	3,247	e	Shaw Communications, Inc (B Shares)		57
	28,721	*	Shopify, Inc (Class A) (Toronto)		32,431
	1,745	*	SSR Mining, Inc		35
	107,104		Sun Life Financial, Inc		4,762
	10,627		Suncor Energy, Inc		178
	267,232	e	TC Energy Corp		10,864
	3,282		Teck Cominco Ltd		60
	2,953		TELUS Corp		58
	31,790		Thomson Reuters Corp		2,602
	10,389		TMX Group Ltd		1,038
	260	*,†	Topicus.com, Inc		1
	573		Toromont Industries Ltd		40

198

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	331,397		Toronto-Dominion Bank	$	18,724
	10,706		West Fraser Timber Co Ltd		688
	789	e	WSP Global, Inc		75
	7,598		Yamana Gold, Inc		43
			TOTAL CANADA		411,755

CHILE - 0.0%
	2,748		Antofagasta plc		54
	8,353,166		Banco de Chile		853
	9,343		Banco de Credito e Inversiones		367
	11,766,130		Banco Santander Chile S.A.		564
	96,748		Cencosud Shopping S.A.		155
	272,213		Centros Comerciales Sudamericanos S.A.		485
	29,793		Cia Cervecerias Unidas S.A.		220
	1,609,232		Colbun S.A.		284
	71,825		Embotelladora Andina S.A.		185
	203,022		Empresas CMPC S.A.		534
	70,419		Empresas COPEC S.A.		713
	5,344,839		Enersis Chile S.A.		416
	6,408,399		Enersis S.A.		1,045
	4,602		Lundin Mining Corp		41
	134,521		SACI Falabella		498
	21,285		Sociedad Quimica y Minera de Chile S.A. (Class B)		1,037
			TOTAL CHILE		7,451

CHINA - 5.0%
	52,000		360 Security Technology, Inc		125
	246,500	*,g	3SBio, Inc		225
	5,300	*	51job, Inc (ADR)		371
	137,500		AAC Technologies Holdings, Inc		762
	3,800		Accelink Technologies Co Ltd		17
	14,200		Addsino Co Ltd		60
	9,700		AECC Aero-Engine Control Co Ltd		34
	27,200		AECC Aviation Power Co Ltd		247
	206,000		Agile Property Holdings Ltd		274
	5,319,000		Agricultural Bank of China Ltd		1,948
	873,100		Agricultural Bank of China Ltd (Class A)		419
	47,437		Aier Eye Hospital Group Co Ltd		544
	73,900		Air China Ltd		85
	364,000		Air China Ltd (H shares)		287
	23,000		Airtac International Group		739
	76,000	g	AK Medical Holdings Ltd		132
	662,440	*	Alibaba Group Holding Ltd (ADR)		154,170
	750,000	*	Alibaba Health Information Technology Ltd		2,220
	82,500	g	A-Living Services Co Ltd		366
	778,000	*	Aluminum Corp of China Ltd		274
	182,500	*	Aluminum Corp of China Ltd (Class A)		101
	9,300		Angel Yeast Co Ltd		73
	234,000		Anhui Conch Cement Co Ltd		1,466
	45,700		Anhui Conch Cement Co Ltd (Class A)		361
	19,900		Anhui Gujing Distillery Co Ltd		277
	4,400		Anhui Gujing Distillery Co Ltd (Class A)		183
	8,400		Anhui Kouzi Distillery Co Ltd		89
	200,000		Anta Sports Products Ltd		3,173

199

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	13,300		Apeloa Pharmaceutical Co Ltd	$	47
	2,300		Asymchem Laboratories Tianjin Co Ltd		105
	3,000		Autobio Diagnostics Co Ltd		67
	10,900		Autohome, Inc (ADR)		1,086
	33,200		AVIC Aircraft Co Ltd		186
	80,200		Avic Capital Co Ltd		54
	44,800		AVIC Electromechanical Systems Co Ltd		79
	5,800		AVIC Jonhon Optronic Technology Co Ltd		70
	10,200		AVIC Shenyang Aircraft Co Ltd		122
	501,000	e	AviChina Industry & Technology Co		350
	6,800		AVICOPTER plc		65
	50,800	*	Baidu, Inc (ADR)		10,985
	265,100		Bank of Beijing Co Ltd		196
	34,600		Bank of Chengdu Co Ltd		56
	443,500		Bank of China Ltd		216
	15,152,000		Bank of China Ltd (Hong Kong)		5,128
	502,500		Bank of Communications Co Ltd		344
	1,804,000		Bank of Communications Co Ltd (Hong Kong)		954
	61,800		Bank of Hangzhou Co Ltd		141
	185,380		Bank of Jiangsu Co Ltd		155
	115,600		Bank of Nanjing Co Ltd		143
	68,200		Bank of Ningbo Co Ltd		369
	152,422		Bank of Shanghai Co Ltd		183
	227,800		Baoshan Iron & Steel Co Ltd		207
	10,669	*,e	Baozun, Inc (ADR)		366
	96,300		BBMG Corp		44
	8,400	*	BeiGene Ltd (ADR)		2,170
	5,800	*	Beijing BDStar Navigation Co Ltd		45
	380,000		Beijing Capital International Airport Co Ltd		317
	55,100		Beijing Dabeinong Technology Group Co Ltd		81
	1,940		Beijing E-Hualu Information Technology Co Ltd		9
	23,800		Beijing Enlight Media Co Ltd		44
	113,500		Beijing Enterprises Holdings Ltd		371
	1,016,000		Beijing Enterprises Water Group Ltd		409
	15,100		Beijing Kunlun Tech Co Ltd		46
	19,100		Beijing New Building Materials plc		117
	24,150		Beijing Oriental Yuhong Waterproof Technology Co Ltd		143
	35,500		Beijing Originwater Technology Co Ltd		42
	10,900		Beijing Shiji Information Technology Co Ltd		52
	8,000		Beijing Shunxin Agriculture Co Ltd		89
	19,200		Beijing Sinnet Technology Co Ltd		50
	7,000		Beijing Thunisoft Corp Ltd		26
	13,740		Beijing Tiantan Biological Products Corp Ltd		88
	44,700		Beijing Yanjing Brewery Co Ltd		58
	127,200		Beijing-Shanghai High Speed Railway Co Ltd		110
	4,700		Betta Pharmaceuticals Co Ltd		77
	5,100		BGI Genomics Co Ltd		100
	22,300	*,e	Bilibili, Inc (ADR)		1,912
	388,800		BOE Technology Group Co Ltd		357
	644,000	e	Bosideng International Holdings Ltd		328
	564,000		Brilliance China Automotive Holdings Ltd		515
	12,500	g	Budweiser Brewing Co APAC Ltd		41
	20,300		BYD Co Ltd		605
	119,000	e	BYD Co Ltd (H shares)		3,133

200

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	125,500	e	BYD Electronic International Co Ltd	$	658
	21,000		By-health Co Ltd		78
	15,600		C&S Paper Co Ltd		50
	48,600		Caitong Securities Co Ltd		94
	11,200	*,g	CanSino Biologics, Inc		255
	5,600		Centre Testing International Group Co Ltd		23
	1,987,000	g	CGN Power Co Ltd		428
	5,800		Chacha Food Co Ltd		48
	4,500		Changchun High & New Technology Industry Group, Inc		309
	69,100		Changjiang Securities Co Ltd		89
	254,600		Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd		306
	2,600		Changzhou Xingyu Automotive Lighting Systems Co Ltd		80
	17,400		Chaozhou Three-Circle Group Co Ltd		99
	6,200		Chengdu Kanghong Pharmaceutical Group Co Ltd		46
	19,700	*	Chifeng Jilong Gold Mining Co Ltd		54
	40,000		China Aerospace Times Electronics Co Ltd		46
	206,000		China Aoyuan Group Ltd		200
	7,800		China Avionics Systems Co Ltd		23
	439,500	*,g	China Bohai Bank Co Ltd		287
	1,814,000		China Cinda Asset Management Co Ltd		344
	1,832,000		China Citic Bank		778
	492,000		China Communications Services Corp Ltd		217
	299,500		China Conch Venture Holdings Ltd		1,457
	149,000		China Construction Bank Corp		143
	17,920,000		China Construction Bank Corp (Hong Kong)		13,517
	483,000	*	China COSCO Holdings Co Ltd		579
	111,500	g	China East Education Holdings Ltd		268
	103,800		China Eastern Airlines Corp Ltd		74
	142,000		China Education Group Holdings Ltd		274
	491,100		China Everbright Bank Co Ltd		300
	629,000		China Everbright Bank Co Ltd (Hong Kong)		240
	721,555		China Everbright International Ltd		408
	180,000		China Everbright Ltd		241
	344,000	e	China Evergrande Group		661
	220,000	g	China Feihe Ltd		516
	20,700		China Film Co Ltd		39
	43,343		China Fortune Land Development Co Ltd		86
	680,500		China Galaxy Securities Co Ltd		427
	49,700		China Galaxy Securities Co Ltd (Class A)		95
	486,800		China Gas Holdings Ltd		1,929
	53,800		China Gezhouba Group Co Ltd		54
	28,100		China Great Wall Securities Co Ltd		55
	36,200		China Greatwall Technology Group Co Ltd		105
	334,000	e	China Hongqiao Group Ltd		306
	2,002,000	g	China Huarong Asset Management Co Ltd		222
	312,200		China Insurance International Holdings Co Ltd		563
	258,400	*,g	China International Capital Corp Ltd		701
	21,000		China International Travel Service Corp Ltd		909
	39,600		China Jushi Co Ltd		121
	206,000		China Lesso Group Holdings Ltd		323
	1,395,000		China Life Insurance Co Ltd		3,071
	28,200		China Life Insurance Co Ltd (Class A)		166
	57,600	*,e,g	China Literature Ltd		453

201

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	628,000		China Longyuan Power Group Corp	$	631
	259,000		China Medical System Holdings Ltd		289
	104,000		China Meidong Auto Holdings Ltd		423
	514,000		China Mengniu Dairy Co Ltd		3,099
	725,000		China Merchants Bank Co Ltd		4,586
	230,300		China Merchants Bank Co Ltd (Class A)		1,549
	99,200		China Merchants Energy Shipping Co Ltd		86
	317,426		China Merchants Holdings International Co Ltd		389
	11,900		China Merchants Property Operation & Service Co Ltd		39
	86,320		China Merchants Securities Co Ltd		308
	72,500		China Merchants Shekou Industrial Zone Holdings Co Ltd		147
	416,500		China Minsheng Banking Corp Ltd		331
	1,155,800	e	China Minsheng Banking Corp Ltd (Hong Kong)		659
	1,149,500		China Mobile Hong Kong Ltd		6,553
	678,000		China Molybdenum Co Ltd		444
	211,200		China Molybdenum Co Ltd (Class A)		202
	6,000		China National Accord Medicines Corp Ltd		42
	726,000		China National Building Material Co Ltd		874
	53,200		China National Chemical Engineering Co Ltd		48
	9,500		China National Medicines Corp Ltd		72
	145,600		China National Nuclear Power Co Ltd		110
	6,100		China National Software & Service Co Ltd		74
	42,900	*	China Northern Rare Earth Group High-Tech Co Ltd		86
	384,000		China Oilfield Services Ltd		325
	722,935		China Overseas Land & Investment Ltd		1,571
	71,900		China Pacific Insurance Group Co Ltd		422
	521,800		China Pacific Insurance Group Co Ltd (Hong Kong)		2,040
	1,104,000		China Power International Development Ltd		237
	236,400		China Railway Group Ltd		191
	773,000		China Railway Group Ltd (Hong Kong)		341
	270,000		China Resources Beer Holdings Company Ltd		2,483
	178,000		China Resources Gas Group Ltd		946
	595,836		China Resources Land Ltd		2,455
	325,500	g	China Resources Pharmaceutical Group Ltd		167
	406,000		China Resources Power Holdings Co		437
	11,100		China Resources Sanjiu Medical & Pharmaceutical Co Ltd		42
	85,400		China Shenhua Energy Co Ltd		235
	678,500	e	China Shenhua Energy Co Ltd (Hong Kong)		1,279
	269,700	*	China Shipbuilding Industry Co Ltd		173
	22,800		China South Publishing & Media Group Co Ltd		33
	326,000	*,e	China Southern Airlines Co Ltd		195
	102,600	*	China Southern Airlines Co Ltd (Class A)		94
	454,720		China State Construction Engineering Corp Ltd		346
	360,000		China State Construction International Holdings Ltd		206
	2,300,000		China Telecom Corp Ltd		634
	8,480,000	g	China Tower Corp Ltd		1,248
	17,400		China TransInfo Technology Co Ltd		51
	1,114,000		China Unicom Ltd		636
	361,400		China United Network Communications Ltd		247
	323,100		China Vanke Co Ltd		1,115
	109,300		China Vanke Co Ltd (Class A)		480
	199,800		China Yangtze Power Co Ltd		585
	232,000	g	China Yuhua Education Corp Ltd		202
	126,800		China Zheshang Bank Co Ltd		79

202

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	6,200		Chongqing Brewery Co Ltd	$	113
	42,600	*	Chongqing Changan Automobile Co Ltd		143
	9,300		Chongqing Fuling Zhacai Group Co Ltd		60
	545,000		Chongqing Rural Commercial Bank		222
	69,200		Chongqing Rural Commercial Bank Co Ltd		48
	17,800		Chongqing Zhifei Biological Products Co Ltd		402
	602,535		CIFI Holdings Group Co Ltd		511
	1,133,000		Citic Pacific Ltd		802
	422,500		CITIC Securities Co Ltd		953
	122,500		CITIC Securities Co Ltd (Class A)		551
	3,453,000		CNOOC Ltd		3,168
	26,300		Contemporary Amperex Technology Co Ltd		1,416
	364,445		COSCO Pacific Ltd		253
	64,900		COSCO SHIPPING Energy Transportation Co Ltd		66
	107,700	*	COSCO SHIPPING Holdings Co Ltd		201
	1,435,000		Country Garden Holdings Co Ltd		1,981
	271,000		Country Garden Services Holdings Co Ltd		1,833
	33,100		CSC Financial Co Ltd		213
	1,690,880		CSPC Pharmaceutical Group Ltd		1,722
	8,290		Da An Gene Co Ltd		44
	371,500	g	Dali Foods Group Co Ltd		212
	204,100		Daqin Railway Co Ltd		202
	7,300		DaShenLin Pharmaceutical Group Co Ltd		88
	42,000		DHC Software Co Ltd		53
	10,100		Dong-E-E-Jiao Co Ltd		60
	31,200		Dongfang Electric Corp Ltd		48
	518,000		Dongfeng Motor Group Co Ltd		605
	27,500		Dongxing Securities Co Ltd		56
	17,800	*	DouYu International Holdings Ltd (ADR)		197
	25,800		East Group Co Ltd		31
	92,360		East Money Information Co Ltd		438
	149,000		ENN Energy Holdings Ltd		2,187
	11,800	*,g	ESR Cayman Ltd		42
	20,370		Eve Energy Co Ltd		254
	42,900		Everbright Securities Co Ltd		122
	52,243	*	Fangda Carbon New Material Co Ltd		57
	376,000	e	Far East Horizon Ltd		388
	34,100	*	FAW Jiefang Group Co Ltd		61
	13,100		Fiberhome Telecommunication Technologies Co Ltd		48
	45,000		First Capital Securities Co Ltd		68
	174,700		Focus Media Information Technology Co Ltd		264
	29,960		Foshan Haitian Flavouring & Food Co Ltd		920
	486,000		Fosun International		763
	105,300	*	Founder Securities Co Ltd		167
	62,300		Foxconn Industrial Internet Co Ltd		131
	974,000		Franshion Properties China Ltd		449
	2,400		Fu Jian Anjoy Foods Co Ltd		71
	12,500		Fujian Sunner Development Co Ltd		51
	27,600		Future Land Holdings Co Ltd		147
	23,100		Fuyao Glass Industry Group Co Ltd		170
	100,400	g	Fuyao Glass Industry Group Co Ltd (Hong Kong)		553
	700		G-bits Network Technology Xiamen Co Ltd		46
	69,900	*	GCL System Integration Technology Co Ltd		45
	1,276,271	*	GDS Holdings Ltd (ADR)		119,510

203

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,094,000		Geely Automobile Holdings Ltd	$	3,746
	57,600		GEM Co Ltd		62
	49,100		Gemdale Corp		101
	202,000	*	Genscript Biotech Corp		294
	254,400		GF Securities Co Ltd		360
	76,000		GF Securities Co Ltd (Class A)		189
	21,900		Giant Network Group Co Ltd		58
	5,180		Gigadevice Semiconductor Beijing, Inc		157
	6,000		Glodon Co Ltd		72
	36,100		GoerTek, Inc		206
	1,905,000	*,e	GOME Electrical Appliances Holdings Ltd		229
	578,500		Great Wall Motor Co Ltd		1,990
	23,700		Great Wall Motor Co Ltd		137
	73,800		Greenland Holdings Corp Ltd		66
	160,500	e	Greentown China Holdings Ltd		234
	272,000		Greentown Service Group Co Ltd		336
	30,400		GRG Banking Equipment Co Ltd		50
	14,500	*,e	GSX Techedu, Inc (ADR)		750
	17,600		Guangdong Haid Group Co Ltd		176
	36,200	*	Guangdong HEC Technology Holding Co Ltd		28
	7,600		Guangdong Hongda Blasting Co Ltd		42
	564,000		Guangdong Investments Ltd		1,017
	3,300		Guangdong Kinlong Hardware Products Co Ltd		73
	63,900		Guangdong LY Intelligent Manufacturing Co Ltd		117
	6,800		Guangdong Xinbao Electrical Appliances Holdings Co Ltd		44
	132,800	*	Guanghui Energy Co Ltd		58
	554,000		Guangzhou Automobile Group Co Ltd (Hong Kong)		618
	31,300		Guangzhou Baiyun International Airport Co Ltd		68
	17,300		Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd		77
	23,500		Guangzhou Haige Communications Group, Inc Co		39
	5,100		Guangzhou Kingmed Diagnostics Group Co Ltd		100
	330,000		Guangzhou R&F Properties Co Ltd		425
	5,995		Guangzhou Shiyuan Electronic Technology Co Ltd		106
	6,200		Guangzhou Tinci Materials Technology Co Ltd		99
	3,400		Guangzhou Wondfo Biotech Co Ltd		46
	19,200		Guangzhou Yuexiu Financial Holdings Group Co Ltd		43
	19,000	*	Guolian Securities Co Ltd		62
	47,700		Guosen Securities Co Ltd		99
	86,400		Guotai Junan Securities Co Ltd		232
	14,600	*	Guoxuan High-Tech Co Ltd		88
	41,990		Guoyuan Securities Co Ltd		58
	147,000	e,g	Haidilao International Holding Ltd		1,134
	371,200	*,e	Haier Smart Home Co Ltd		1,345
	124,000		Haitian International Holdings Ltd		429
	533,600		Haitong Securities Co Ltd		477
	111,400		Haitong Securities Co Ltd (Class A)		219
	6,600		Hangzhou First Applied Material Co Ltd		86
	11,730		Hangzhou Robam Appliances Co Ltd		73
	17,000		Hangzhou Silan Microelectronics Co Ltd		65
	178,300		Hangzhou Tigermed Consulting Co Ltd		4,403
	23,400	*,g	Hangzhou Tigermed Consulting Co Ltd (Hong Kong)		543
	220,000	*,g	Hansoh Pharmaceutical Group Co Ltd		1,066
	85,500	e	Hebei Construction Group Corp Ltd		47
	6,400		Hefei Meiya Optoelectronic Technology, Inc		43

204

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	24,400		Heilongjiang Agriculture Co Ltd	$	72
	32,400		Henan Shuanghui Investment & Development Co Ltd		233
	125,000		Hengan International Group Co Ltd		885
	60,580		Hengli Petrochemical Co Ltd		259
	20,400		Hengtong Optic-electric Co Ltd		44
	44,330		Hengyi Petrochemical Co Ltd		87
	170,900	*	Hesteel Co Ltd		59
	6,300		Hithink RoyalFlush Information Network Co Ltd		120
	9,100		Hongfa Technology Co Ltd		76
	9,260		Hopewell Highway Infrastructure Ltd		3
	122,000		Hopson Development Holdings Ltd		311
	85,000	*,e,g	Hua Hong Semiconductor Ltd		484
	48,600		Huaan Securities Co Ltd		59
	95,000		Huadian Power International Corp Ltd (Class A)		49
	22,540		Huadong Medicine Co Ltd		92
	10,800		Huagong Tech Co Ltd		38
	22,360		Hualan Biological Engineering, Inc		145
	113,600		Huaneng Power International, Inc		78
	750,000		Huaneng Power International, Inc (Hong Kong)		274
	292,000	g	Huatai Securities Co Ltd		460
	87,800		Huatai Securities Co Ltd (Class A)		242
	30,800		Huaxi Securities Co Ltd		59
	119,200		Huaxia Bank Co Ltd		114
	17,000		Huaxin Cement Co Ltd		54
	36,500		Huayu Automotive Systems Co Ltd		161
	29,483		Huazhu Group Ltd (ADR)		1,328
	51,000		Hubei Biocause Pharmaceutical Co Ltd		38
	15,600		Hubei Jumpcan Pharmaceutical Co Ltd		48
	14,500		Humanwell Healthcare Group Co Ltd		75
	72,200		Hunan Valin Steel Co Ltd		53
	12,163		Hundsun Technologies, Inc		195
	13,000	*	Hutchison China MediTech Ltd (ADR)		416
	12,700	*,e	HUYA, Inc (ADR)		253
	27,700		Iflytek Co Ltd		173
	624,600		Industrial & Commercial Bank of China Ltd		477
	11,382,000		Industrial & Commercial Bank of China Ltd (Hong Kong)		7,313
	234,700		Industrial Bank Co Ltd		750
	83,900		Industrial Securities Co Ltd		111
	4,300	*	Ingenic Semiconductor Co Ltd		60
	578,600	*	Inner Mongolia BaoTou Steel Union Co Ltd		104
	21,900		Inner Mongolia First Machinery Group Co Ltd		41
	92,700		Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd		70
	73,100		Inner Mongolia Yili Industrial Group Co Ltd		496
	182,000	*,g	Innovent Biologics, Inc		1,922
	17,584		Inspur Electronic Information Industry Co Ltd		72
	3,600		Intco Medical Technology Co Ltd		93
	51,553	*,e	IQIYI, Inc (ADR)		901
	11,400	*	JA Solar Technology Co Ltd		71
	10,260		Jafron Biomedical Co Ltd		107
	6,600		Jason Furniture Hangzhou Co Ltd		71
	40,400	*,g	JD Health International, Inc		782
	407,200	*	JD.com, Inc (ADR)		35,793
	34,800		Jiangsu Changshu Rural Commercial Bank Co Ltd		39

205

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	264,000		Jiangsu Express	$	295
	14,504		Jiangsu Hengli Hydraulic Co Ltd		251
	58,652		Jiangsu Hengrui Medicine Co Ltd		999
	13,600		Jiangsu King’s Luck Brewery JSC Ltd		119
	26,899		Jiangsu Shagang Co Ltd		45
	17,200		Jiangsu Yanghe Brewery Joint-Stock Co Ltd		621
	1,700		Jiangsu Yangnong Chemical Co Ltd		34
	12,100		Jiangsu Yuyue Medical Equipment & Supply Co Ltd		52
	44,600		Jiangsu Zhongnan Construction Group Co Ltd		60
	32,600		Jiangsu Zhongtian Technology Co Ltd		54
	240,000		Jiangxi Copper Co Ltd		378
	25,158		Jiangxi Copper Co Ltd (Class A)		77
	11,700		Jiangxi Ganfeng Lithium Co Ltd		181
	32,400		Jiangxi Zhengbang Technology Co Ltd		85
	13,300		Jilin Aodong Pharmaceutical Group Co Ltd		33
	51,200		Jinke Properties Group Co Ltd		55
	250,000	e,g	Jinxin Fertility Group Ltd		509
	14,000		Jinyu Bio-Technology Co Ltd		45
	3,600		JiuGui Liquor Co Ltd		86
	20,800		Joincare Pharmaceutical Group Industry Co Ltd		44
	19,100	*	Jointown Pharmaceutical Group Co Ltd		53
	9,400		Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd		96
	8,800		Joyoung Co Ltd		43
	10,800		JOYY, Inc (ADR)		864
	6,500		Juewei Food Co Ltd		77
	424,000	e	Kaisa Group Holdings Ltd		210
	17,200	*	KE Holdings, Inc (ADR)		1,058
	121,000		Kingboard Chemical Holdings Ltd		511
	452,000		Kingdee International Software Group Co Ltd		1,845
	29,500		Kingfa Sci & Tech Co Ltd		77
	10,200	*,e	Kingsoft Cloud Holdings Ltd (ADR)		444
	155,000	e	Kingsoft Corp Ltd		1,002
	47,500	*,e,g	Koolearn Technology Holding Ltd		171
	23,700	*	Kuang-Chi Technologies Co Ltd		81
	13,900		Kweichow Moutai Co Ltd		4,248
	237,064		KWG Property Holding Ltd		324
	9,400		Lakala Payment Co Ltd		43
	4,760		Laobaixing Pharmacy Chain JSC		46
	251,000		Lee & Man Paper Manufacturing Ltd		206
	1,378,000		Lenovo Group Ltd		1,303
	48,500		Lens Technology Co Ltd		227
	90,000		Leo Group Co Ltd		42
	21,000		Lepu Medical Technology Beijing Co Ltd		87
	16,000		Leyard Optoelectronic Co Ltd		16
	392,000		Li Ning Co Ltd		2,697
	17,200		Liaoning Cheng Da Co Ltd		64
	8,100		Livzon Pharmaceutical Group, Inc		50
	250,000		Logan Property Holdings Co Ltd		410
	19,700		Lomon Billions Group Co Ltd		93
	331,500	g	Longfor Properties Co Ltd		1,939
	43,460		LONGi Green Energy Technology Co Ltd		614
	12,900		Luenmei Quantum Co Ltd		22
	31,401	*	Lufax Holding Ltd		446

206

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	76,409		Luxshare Precision Industry Co Ltd	$	657
	343,500	e,g	Luye Pharma Group Ltd		160
	16,300		Luzhou Laojiao Co Ltd		564
	5,500		Maccura Biotechnology Co Ltd		39
	18,590		Mango Excellent Media Co Ltd		206
	1,600		Maxscend Microelectronics Co Ltd		140
	47,000	*	Meinian Onehealth Healthcare Holdings Co Ltd		82
	667,800	*	Meituan Dianping (Class B)		25,138
	188,900		Metallurgical Corp of China Ltd		79
	134,000	e	Microport Scientific Corp		723
	140,000		Minth Group Ltd		741
	28,600		Momo, Inc (ADR)		399
	40,060		Muyuan Foodstuff Co Ltd		472
	29,500		NanJi E-Commerce Co Ltd		62
	3,430		Nanjing King-Friend Biochemical Pharmaceutical Co Ltd		18
	39,900		Nanjing Securities Co Ltd		75
	6,300	*	Nanyang Topsec Technologies Group, Inc		20
	50,600		NARI Technology Co Ltd		206
	5,300		NAURA Technology Group Co Ltd		147
	24,400		NavInfo Co Ltd		53
	77,000		Netease.com (ADR)		7,374
	23,200		New China Life Insurance Co Ltd		206
	161,100		New China Life insurance Co Ltd (Hong Kong)		628
	46,800		New Hope Liuhe Co Ltd		161
	28,224	*	New Oriental Education & Technology Group (ADR)		5,244
	12,100		Ninestar Corp		50
	15,700		Ningbo Joyson Electronic Corp		61
	12,100		Ningbo Tuopu Group Co Ltd		71
	237,147	*	NIO, Inc (ADR)		11,559
	6,400	*	Noah Holdings Ltd (ADR)		306
	30,200		Northeast Securities Co Ltd		45
	75,900		Oceanwide Holdings Co Ltd		38
	16,859		Offcn Education Technology Co Ltd		91
	93,200		Offshore Oil Engineering Co Ltd		64
	35,400		O-film Tech Co Ltd		71
	3,640		Oppein Home Group, Inc		75
	63,000		Orient Securities Co Ltd		112
	6,750		Ovctek China, Inc		85
	91,300	*	Pacific Securities Co Ltd		57
	90,600	*	Pangang Group Vanadium Titanium & Resources Co Ltd		30
	1,656,000		People’s Insurance Co Group of China Ltd		526
	70,300		People’s Insurance Co Group of China Ltd (Class A)		71
	23,400		Perfect World Co Ltd		106
	23,800	g	Pharmaron Beijing Co Ltd		402
	1,336,000		PICC Property & Casualty Co Ltd		1,011
	70,597	*	Pinduoduo, Inc (ADR)		12,543
	215,000		Ping An Bank Co Ltd		636
	205,900	*,e,g	Ping An Healthcare and Technology Co Ltd		2,501
	5,825,203		Ping An Insurance Group Co of China Ltd		70,890
	121,200		Ping An Insurance Group Co of China Ltd (Class A)		1,613
	23,200	e	Poly Property Development Co Ltd		183
	139,300		Poly Real Estate Group Co Ltd		337
	123,000		Postal Savings Bank of China Co Ltd		90
	1,920,000	g	Postal Savings Bank of China Co Ltd		1,085

207

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	175,500		Power Construction Corp of China Ltd	$	104
	1,800		Proya Cosmetics Co Ltd		49
	6,500		Qianhe Condiment and Food Co Ltd		37
	75,200		Qingdao Haier Co Ltd		337
	63,300		Qingdao Rural Commercial Bank Corp		49
	51,600		RiseSun Real Estate Development Co Ltd		52
	60,500		Rongsheng Petro Chemical Co Ltd		256
	92,100		SAIC Motor Corp Ltd		345
	51,600		Sanan Optoelectronics Co Ltd		213
	4,600		Sangfor Technologies, Inc		174
	8,300		Sanquan Food Co Ltd		33
	94,300		Sany Heavy Industry Co Ltd		505
	36,400		SDIC Capital Co Ltd		77
	79,800		SDIC Power Holdings Co Ltd		105
	74,700		Sealand Securities Co Ltd		67
	382,000		Seazen Group Ltd		319
	42,400		SF Holding Co Ltd		572
	1,800		SG Micro Corp		73
	110,500		Shaanxi Coal Industry Co Ltd		158
	16,370		Shandong Buchang Pharmaceuticals Co Ltd		58
	112,000	e,g	Shandong Gold Mining Co Ltd		259
	45,220		Shandong Gold Mining Co Ltd		164
	20,100		Shandong Hualu Hengsheng Chemical Co Ltd		115
	12,200		Shandong Linglong Tyre Co Ltd		66
	177,200		Shandong Nanshan Aluminum Co Ltd		86
	6,800		Shandong Pharmaceutical Glass Co Ltd		52
	9,600		Shandong Sinocera Functional Material Co Ltd		66
	28,800		Shandong Sun Paper Industry JSC Ltd		64
	472,000		Shandong Weigao Group Medical Polymer Co Ltd		1,068
	5,600		Shanghai Bairun Investment Holding Group Co Ltd		89
	8,900		Shanghai Baosight Software Co Ltd		94
	74,200		Shanghai Construction Group Co Ltd		34
	79,500	*	Shanghai Electric Group Co Ltd		66
	32,800		Shanghai Electric Power Co Ltd		36
	23,400		Shanghai Fosun Pharmaceutical Group Co Ltd		194
	103,000		Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong)		492
	12,300		Shanghai International Airport Co Ltd		142
	100,900		Shanghai International Port Group Co Ltd		71
	9,100		Shanghai Jahwa United Co Ltd		48
	9,200		Shanghai Jinjiang International Hotels Development Co Ltd		73
	10,100		Shanghai Lingang Holdings Corp Ltd		31
	234,669		Shanghai Lujiazui Finance & Trade Zone Development Co Ltd		184
	8,100		Shanghai M&G Stationery, Inc		110
	44,100		Shanghai Oriental Pearl Group Co Ltd		60
	25,500		Shanghai Pharmaceuticals Holding Co Ltd		75
	156,600		Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong)		276
	330,600		Shanghai Pudong Development Bank Co Ltd		490
	5,000		Shanghai Putailai New Energy Technology Co Ltd		86
	66,900		Shanghai RAAS Blood Products Co Ltd		76
	31,100		Shanghai Yuyuan Tourist Mart Group Co Ltd		42

208

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	20,500		Shanghai Zhangjiang High-Tech Park Development Co Ltd	$	53
	61,779		Shanxi Lu’an Environmental Energy Development Co Ltd		62
	62,400	*	Shanxi Meijin Energy Co Ltd		64
	30,030		Shanxi Securities Co Ltd		41
	76,500		Shanxi Taigang Stainless Steel Co Ltd		42
	10,000		Shanxi Xinghuacun Fen Wine Factory Co Ltd		574
	73,970		Shanxi Xishan Coal & Electricity Power Co Ltd		64
	56,400		Shenergy Co Ltd		45
	24,500		Shengyi Technology Co Ltd		106
	3,280		Shennan Circuits Co Ltd		54
	282,300		Shenwan Hongyuan Group Co Ltd		228
	33,600		Shenzhen Airport Co Ltd		42
	4,500		Shenzhen Capchem Technology Co Ltd		70
	36,500		Shenzhen Energy Group Co Ltd		34
	5,500		Shenzhen Goodix Technology Co Ltd		131
	10,200		Shenzhen Hepalink Pharmaceutical Group Co Ltd		27
	19,100		Shenzhen Inovance Technology Co Ltd		273
	213,985		Shenzhen International Holdings Ltd		346
	638,776		Shenzhen Investment Ltd		219
	11,600		Shenzhen Kaifa Technology Co Ltd		34
	7,200		Shenzhen Kangtai Biological Products Co Ltd		192
	82,561		Shenzhen Mindray Bio-Medical Electronics Co Ltd		5,371
	41,800	*	Shenzhen MTC Co Ltd		40
	86,800		Shenzhen Overseas Chinese Town Co Ltd		94
	14,300		Shenzhen Salubris Pharmaceuticals Co Ltd		62
	3,200		Shenzhen SC New Energy Technology Corp		71
	11,600		Shenzhen Sunway Communication Co Ltd		64
	154,100		Shenzhou International Group Holdings Ltd		3,020
	14,500		Shijiazhuang Yiling Pharmaceutical Co Ltd		57
	230,500		Shimao Property Holdings Ltd		734
	11,900	*	Siasun Robot & Automation Co Ltd		22
	50,000		Sichuan Chuantou Energy Co Ltd		77
	21,900		Sichuan Kelun Pharmaceutical Co Ltd		65
	6,600		Sichuan Swellfun Co Ltd		84
	304,400		Silergy Corp		26,197
	10,628	*	Sina Corp		450
	35,900		Sinolink Securities Co Ltd		89
	18,700		Sinoma Science & Technology Co Ltd		69
	119,300		Sinopec Shanghai Petrochemical Co Ltd (Class A)		63
	258,400		Sinopharm Group Co		627
	24,400		Sinotrans Ltd (Class A)		16
	129,500		Sinotruk Hong Kong Ltd		332
	2,500		Skshu Paint Co Ltd		58
	87,000	*,g	Smoore International Holdings Ltd		674
	29,200		Songcheng Performance Development Co Ltd		79
	43,940		SooChow Securities Co Ltd		66
	60,100		Southwest Securities Co Ltd		49
	7,300		Spring Airlines Co Ltd		62
	18,800		STO Express Co Ltd		29
	476,000		Sunac China Holdings Ltd		1,760
	16,400		Sungrow Power Supply Co Ltd		182
	107,000		Suning.com Co Ltd		126
	132,400		Sunny Optical Technology Group Co Ltd		2,893

209

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,000		Sunwoda Electronic Co Ltd	$	89
	5,900		Suofeiya Home Collection Co Ltd		23
	16,500		Suzhou Dongshan Precision Manufacturing Co Ltd		66
	26,900		Suzhou Gold Mantis Construction Decoration Co Ltd		39
	70,300	*	TAL Education Group (ADR)		5,027
	16,900		Tangshan Jidong Cement Co Ltd		37
	46,900		TBEA Co Ltd		73
	156,400		TCL Corp		169
	4,225,700		Tencent Holdings Ltd		304,055
	68,500	*	Tencent Music Entertainment (ADR)		1,318
	4,400		Thunder Software Technology Co Ltd		79
	82,500		Tianfeng Securities Co Ltd		77
	5,100		Tianjin 712 Communication & Broadcasting Co Ltd		33
	37,900		Tianjin Chase Sun Pharmaceutical Co Ltd		27
	33,400		Tianjin Zhonghuan Semiconductor Co Ltd		130
	21,800		Tianma Microelectronics Co Ltd		49
	32,600		Tianshui Huatian Technology Co Ltd		68
	374,000		Tingyi Cayman Islands Holding Corp		640
	5,100		Toly Bread Co Ltd		46
	168,800	*,e	Tongcheng-Elong Holdings Ltd		327
	13,500	*	TongFu Microelectronics Co Ltd		52
	31,900		Tonghua Dongbao Pharmaceutical Co Ltd		65
	23,300		Tongkun Group Co Ltd		73
	113,400		Tongling Nonferrous Metals Group Co Ltd		45
	44,700		Tongwei Co Ltd		263
	3,500	*	Topchoice Medical Corp		148
	7,114,912	g	Topsports International Holdings Ltd		10,655
	43,700		Transfar Zhilian Co Ltd		32
	184,000		Travelsky Technology Ltd		445
	88,500	*	Trip.com Group Ltd (ADR)		2,985
	86,000		Tsingtao Brewery Co Ltd		901
	9,100		Tsingtao Brewery Co Ltd (Class A)		138
	7,200		Unigroup Guoxin Microelectronics Co Ltd		147
	263,000		Uni-President China Holdings Ltd		268
	28,700		Unisplendour Corp Ltd		90
	15,400		Universal Scientific Industrial Shanghai Co Ltd		46
	4,300		Venustech Group, Inc		19
	82,700	*	Vipshop Holdings Ltd (ADR)		2,325
	7,500	*	Visionox Technology, Inc		13
	17,400		Walvax Biotechnology Co Ltd		102
	8,500		Wangfujing Group Co Ltd		42
	29,900		Wangsu Science & Technology Co Ltd		32
	36,400		Wanhua Chemical Group Co Ltd		507
	959,000		Want Want China Holdings Ltd		693
	10,700	*,e	Weibo Corp (ADR)		439
	373,000		Weichai Power Co Ltd		750
	71,000		Weichai Power Co Ltd (Class A)		172
	11,600		Weifu High-Technology Group Co Ltd		41
	6,000		Weihai Guangwei Composites Co Ltd		82
	79,440		Wens Foodstuffs Group Co Ltd		222
	48,800		Western Securities Co Ltd		76
	9,400		Will Semiconductor Ltd		333
	14,862		Wilmar International Ltd		52
	13,700		Wingtech Technology Co Ltd		208

210

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	29,250		Winning Health Technology Group Co Ltd	$	78
	554,000		Winteam Pharmaceutical Group Ltd		274
	61,700		Wuchan Zhongda Group Co Ltd		41
	18,020		Wuhan Guide Infrared Co Ltd		115
	22,600		Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd		108
	31,200		Wuhu Token Science Co Ltd		42
	43,600		Wuliangye Yibin Co Ltd		1,947
	12,200		WUS Printed Circuit Kunshan Co Ltd		35
	23,980		WuXi AppTec Co Ltd		494
	51,972	e,g	WuXi AppTec Co Ltd (Hong Kong)		1,020
	7,985,850	*,g	Wuxi Biologics Cayman, Inc		105,903
	10,800		Wuxi Lead Intelligent Equipment Co Ltd		139
	26,200		Wuxi Taiji Industry Co Ltd		38
	78,500		XCMG Construction Machinery Co Ltd		65
	12,300		Xiamen C & D, Inc		15
	5,300		Xiamen Intretech, Inc		52
	8,700		Xiamen Tungsten Co Ltd		22
	2,645,600	*,g	Xiaomi Corp		11,245
	110,000		Xinhu Zhongbao Co Ltd		52
	42,600		Xinjiang Goldwind Science & Technology Co Ltd		93
	142,600	e	Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong)		287
	758,863		Xinyi Solar Holdings Ltd		1,990
	30,968	*	XPeng, Inc (ADR)		1,326
	196,000	g	Yadea Group Holdings Ltd		405
	48,100		Yango Group Co Ltd		48
	5,300		Yantai Eddie Precision Machinery Co Ltd		56
	13,300		Yantai Jereh Oilfield Services Group Co Ltd		71
	338,000		Yanzhou Coal Mining Co Ltd		271
	44,500		Yanzhou Coal Mining Co Ltd (Class A)		69
	7,050		Yealink Network Technology Corp Ltd		79
	15,100		Yifan Pharmaceutical Co Ltd		44
	5,340		Yifeng Pharmacy Chain Co Ltd		74
	87,000		Yihai International Holding Ltd		1,292
	36,820		Yintai Gold Co Ltd		49
	120,400		Yonghui Superstores Co Ltd		132
	35,659		Yonyou Network Technology Co Ltd		239
	39,100		YTO Express Group Co Ltd		69
	19,100	*	Yuan Longping High-tech Agriculture Co Ltd		58
	1,322,000		Yuexiul Property Co Ltd		266
	264,670		Yum China Holdings, Inc		15,110
	29,380		Yunda Holding Co Ltd		71
	14,400		Yunnan Baiyao Group Co Ltd		250
	8,200		Yunnan Energy New Material Co Ltd		178
	12,700	*	Zai Lab Ltd (ADR)		1,719
	6,500		Zhangzhou Pientzehuang Pharmaceutical Co Ltd		266
	200,500		Zhaojin Mining Industry Co Ltd		239
	86,320	*	Zhejiang Century Huatong Group Co Ltd		94
	22,600		Zhejiang Chint Electrics Co Ltd		135
	33,600		Zhejiang Dahua Technology Co Ltd		102
	4,860		Zhejiang Dingli Machinery Co Ltd		75
	302,000		Zhejiang Expressway Co Ltd		255
	18,150		Zhejiang Huahai Pharmaceutical Co Ltd		94

211

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	14,910	*	Zhejiang Huayou Cobalt Co Ltd	$	181
	13,700		Zhejiang Jingsheng Mechanical & Electrical Co Ltd		63
	36,900		Zhejiang Juhua Co Ltd		46
	43,900		Zhejiang Longsheng Group Co Ltd		92
	24,900		Zhejiang NHU Co Ltd		128
	39,390		Zhejiang Sanhua Intelligent Controls Co Ltd		149
	31,300		Zhejiang Semir Garment Co Ltd		48
	5,600		Zhejiang Supor Co Ltd		67
	20,500		Zhejiang Weixing New Building Materials Co Ltd		59
	5,300		Zhejiang Wolwo Bio-Pharmaceutical Co Ltd		62
	28,200		Zhengzhou Yutong Bus Co Ltd		73
	271,000		Zhenro Properties Group Ltd		163
	36,500		Zheshang Securities Co Ltd		85
	72,600	*,e,g	ZhongAn Online P&C Insurance Co Ltd		338
	7,200		Zhongji Innolight Co Ltd		56
	47,900		Zhongjin Gold Corp Ltd		65
	104,500		Zhongsheng Group Holdings Ltd		746
	78,600	*	Zhongtian Financial Group Co Ltd		38
	108,700		Zhuzhou CSR Times Electric Co Ltd		475
	1,094,000		Zijin Mining Group Co Ltd		1,239
	223,800		Zijin Mining Group Co Ltd (Class A)		319
	61,800		Zoomlion Heavy Industry Science and Technology Co Ltd		94
	46,800		ZTE Corp		241
	150,000	e	ZTE Corp (Class H)		378
	75,346		ZTO Express Cayman, Inc (ADR)		2,197
			TOTAL CHINA		1,213,360

COLOMBIA - 0.0%
	45,373		BanColombia S.A.		467
	82,333		BanColombia S.A. (Preference)		849
	1,113,159		Ecopetrol S.A.		735
	41,509		Grupo de Inversiones Suramericana S.A.		309
	82,104		Interconexion Electrica S.A.		619
			TOTAL COLOMBIA		2,979

CZECH REPUBLIC - 0.0%
	32,620		CEZ AS		782
	13,623		Komercni Banka AS		416
	1,222,625	g	Moneta Money Bank AS		3,874
			TOTAL CZECH REPUBLIC		5,072

DENMARK - 0.8%
	1,114	e	Ambu A.S.		48
	22		AP Moller - Maersk AS (Class A)		45
	43	e	AP Moller - Maersk AS (Class B)		96
	103,482		Carlsberg AS (Class B)		16,589
	735	*	Christian Hansen Holding		76
	15,616		Coloplast AS		2,388
	4,806		Danske Bank AS		79
	1,442		DSV AS		242
	27,111	*	Genmab AS		10,993
	892		GN Store Nord		71
	486		H Lundbeck AS		17
	615,569		Novo Nordisk AS		42,942

212

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,450		Novozymes AS	$	83
	632,053	g	Orsted AS		129,321
	697		Pandora AS		78
	56		Rockwool International AS (B Shares)		21
	784	e	Tryg A.S.		25
	1,372		Vestas Wind Systems AS		324
	755	*	William Demant Holding A.S.		30
			TOTAL DENMARK		203,468

EGYPT - 0.0%
	256,188		Commercial International Bank		968
	213,703		Eastern Tobacco		177
	148,275		ElSwedy Cables Holding Co		92
			TOTAL EGYPT		1,237

FINLAND - 0.4%
	991		Elisa Oyj (Series A)		54
	3,095		Fortum Oyj		75
	1,903		Kesko Oyj (B Shares)		49
	2,368		Kone Oyj (Class B)		193
	864,626		Neste Oil Oyj		62,775
	39,397		Nokia Oyj (Turquoise)		152
	834,631	*	Nordea Bank Abp		6,817
	765,882		Nordea Bank Abp		6,277
	738		Orion Oyj (Class B)		34
	305,732		Sampo Oyj (A Shares)		13,071
	81,535		Stora Enso Oyj (R Shares)		1,561
	3,719		UPM-Kymmene Oyj		138
	3,172		Wartsila Oyj (B Shares)		32
			TOTAL FINLAND		91,228

FRANCE - 3.4%
	288,897		Accor S.A.		10,481
	1,572	*	Adevinta ASA		26
	156		Aeroports de Paris		20
	47,524		Air Liquide		7,791
	1,034,312		Airbus SE		113,510
	2,135	*	Alstom RGPT		122
	423	g	Amundi S.A.		34
	481		Arkema		55
	690	e	Atos Origin S.A.		63
	13,478		AXA S.A.		323
	327		BioMerieux		46
	1,325,080		BNP Paribas S.A.		69,954
	6,159		Bollore		26
	1,589		Bouygues S.A.		65
	2,047		Bureau Veritas S.A.		55
	1,122		Cap Gemini S.A.		175
	4,273		Carrefour S.A.		73
	1,460		CNP Assurances		24
	624,442		Compagnie de Saint-Gobain		28,720
	592,630		Credit Agricole S.A.		7,492
	245,346		Danone		16,145
	11		Dassault Aviation S.A.		12

213

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	340,524		Dassault Systemes S.A.	$	69,065
	1,718		Edenred		98
	590		Eiffage S.A.		57
	99,225		Electricite de France		1,570
	206,811		Essilor International S.A.		32,228
	274		Eurazeo		19
	577		Faurecia		30
	362		Fonciere Des Regions		33
	317,762		Gaz de France		4,871
	6,234		Gecina S.A.		969
	3,066		Getlink S.E.		53
	221		Hermes International		238
	8,133		Icade		625
	103		Iliad S.A.		21
	265		Ipsen		22
	123,665		Kering		89,748
	1,359		Klepierre		31
	599	g	La Francaise des Jeux SAEM		27
	1,861		Legrand S.A.		166
	153,346		L’Oreal S.A.		58,509
	47,779		LVMH Moet Hennessy Louis Vuitton S.A.		29,910
	136,928		Michelin (C.G.D.E.) (Class B)		17,630
	8,065		Natixis		28
	321,569		Orange S. A.		3,828
	360		Orpea		47
	9,237		Pernod-Ricard S.A.		1,774
	4,098	e	Peugeot S.A.		112
	1,510		Publicis Groupe S.A.		75
	159		Remy Cointreau S.A.		30
	1,339		Renault S.A.		59
	2,233		Safran S.A.		317
	288,535		Sanofi-Aventis		27,966
	19,454		Sartorius Stedim Biotech		6,921
	791,467		Schneider Electric S.A.		114,389
	1,118	*	SCOR SE		36
	158		SEB S.A.		29
	5,649		Societe Generale		117
	616		Sodexho Alliance S.A.		52
	66,204		Suez Environnement S.A.		1,312
	134,939		Teleperformance		44,797
	742		Thales S.A.		68
	89,870		Total S.A.		3,879
	638	*	Ubisoft Entertainment		62
	1,024		Unibail-Rodamco-Westfield		80
	1,201,821		Valeo S.A.		47,405
	90,536		Veolia Environnement		2,232
	3,627		Vinci S.A.		361
	5,783		Vivendi Universal S.A.		187
	187		Wendel		22
	1,668	*,g	Worldline S.A.		162
			TOTAL FRANCE		817,479

214

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
GERMANY - 3.0%
	55,737		Adidas-Salomon AG.	$	20,277
	61,441		Allianz AG.		15,094
	450,608		Aroundtown S.A.		3,360
	89,453		BASF SE		7,071
	236,774		Bayer AG.		13,949
	890		Bayerische Motoren Werke AG.		79
	2,287		Bayerische Motoren Werke AG. (Preference)		154
	61,520		Bechtle AG.		13,408
	137,118		Beiersdorf AG.		15,763
	589,670	*	Borussia Dortmund GmbH & Co KGaA		3,897
	1,077		Brenntag AG.		84
	295		Carl Zeiss Meditec AG.		39
	6,981		Commerzbank AG.		45
	767		Continental AG.		114
	59,742	g	Covestro AG.		3,681
	5,964		Daimler AG. (Registered)		423
	902	*,g	Delivery Hero AG.		141
	77,574		Deutsche Annington Immobilien SE		5,666
	13,681	*	Deutsche Bank AG. (Registered)		150
	99,818		Deutsche Boerse AG.		16,996
	2,083	*	Deutsche Lufthansa AG.		28
	6,893		Deutsche Post AG.		341
	865,815		Deutsche Telekom AG.		15,803
	61,534		Deutsche Wohnen AG.		3,283
	392,714		E.ON AG.		4,349
	1,461		Evonik Industries AG.		48
	68,887		Fresenius Medical Care AG.		5,744
	2,913		Fresenius SE		135
	484		Fuchs Petrolub AG. (Preference)		27
	1,069		GEA Group AG.		38
	420		Hannover Rueckversicherung AG.		67
	932,781		HeidelbergCement AG.		69,451
	369,511	*	HelloFresh SE		28,582
	33,249		Henkel KGaA		3,204
	1,241		Henkel KGaA (Preference)		140
	172		Hochtief AG.		17
	3,981,534		Infineon Technologies AG.		152,049
	543		KION Group AG.		47
	505		Knorr-Bremse AG.		69
	579		Lanxess AG.		44
	10,848		LEG Immobilien AG.		1,683
	901		Merck KGaA		155
	370		MTU Aero Engines Holding AG.		96
	28,705		Muenchener Rueckver AG.		8,529
	395		Nemetschek AG.		29
	1,117	*	OSRAM Licht AG.		71
	699,281	*	Paion AG.		2,050
	1,067		Porsche AG.		74
	683		Puma AG. Rudolf Dassler Sport		77
	36		Rational AG.		34
	2,273,615		RWE AG.		96,190
	141,976		SAP AG.		18,389
	248		Sartorius AG.		104
	750	g	Scout24 AG.		61

215

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	989,671		Siemens AG.	$	142,559
	310,497	*	Siemens Energy AG.		11,380
	1,873	g	Siemens Healthineers AG.		96
	896		Symrise AG.		119
	158,856	*,e,g	Takeaway.com Holding BV		17,911
	296,098	*,g	TeamViewer AG.		15,906
	7,254		Telefonica Deutschland Holding AG.		20
	1,599		Uniper SE		55
	743		United Internet AG.		31
	1,541		Volkswagen AG. (Preference)		288
	1,066	*,g	Zalando SE		119
			TOTAL GERMANY		719,883

GREECE - 0.0%
	5,760	*,†	Hellenic Duty Free Shops S.A.		0	^
	44,099		Hellenic Telecommunications Organization S.A.		709
	19,961		JUMBO S.A.		344
	36,915		OPAP S.A.		494
			TOTAL GREECE		1,547

HONG KONG - 0.4%
	2,214,558		AIA Group Ltd		26,987
	2,140,000	*	Alibaba Pictures Group Ltd		265
	1,818		ASM Pacific Technology		24
	243,085		Bank of East Asia Ltd		520
	677,853		BOC Hong Kong Holdings Ltd		2,055
	192,000	*,e	Cathay Pacific Airways Ltd		178
	2,584,000	*	China Innovationpay Group Ltd		772
	220,000		China Overseas Property Holdings Ltd		115
	451,999		China Resources Cement Holdings Ltd		505
	18,125		CK Asset Holdings Ltd		93
	97,953		CK Infrastructure Holdings Ltd		526
	299,954		CLP Holdings Ltd		2,773
	607,654		Hang Lung Properties Ltd		1,601
	140,072	e	Hang Seng Bank Ltd		2,417
	232,073		Henderson Land Development Co Ltd		901
	13,000	e	HK Electric Investments & HK Electric Investments Ltd		13
	24,660		HKT Trust and HKT Ltd		32
	1,831,878		Hong Kong & China Gas Ltd		2,741
	222,988		Hong Kong Electric Holdings Ltd		1,208
	220,578		Hong Kong Exchanges and Clearing Ltd		12,099
	377,865		Hongkong Land Holdings Ltd		1,561
	1,500		Jardine Matheson Holdings Ltd		84
	1,500		Jardine Strategic Holdings Ltd		37
	202,500		Kingboard Laminates Holdings Ltd		331
	236,168		Link REIT		2,145
	1,401,376		Melco Crown Entertainment Ltd (ADR)		25,995
	10,580		MTR Corp		59
	269,573	e	New World Development Co Ltd		1,254
	310,000	e	Nine Dragons Paper Holdings Ltd		441
	29,262		PCCW Ltd		18
	1,949,250		Sino Biopharmaceutical		1,880
	22,885	e	Sino Land Co		30
	18,611		SJM Holdings Ltd		21
	270,000		SSY Group Ltd		153

216

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	233,968		Sun Hung Kai Properties Ltd	$	2,992
	3,628		Swire Pacific Ltd (Class A)		20
	8,177		Swire Properties Ltd		24
	9,402	e	Techtronic Industries Co		134
	70,000		Vinda International Holdings Ltd		191
	66,500	g	WH Group Ltd		56
	291,000		Wharf Holdings Ltd		782
	196,537		Wharf Real Estate Investment Co Ltd		1,021
	12,000		Xinyi Glass Holdings Co Ltd		33
			TOTAL HONG KONG		95,087

HUNGARY - 0.0%
	83,927	*	MOL Hungarian Oil & Gas plc		619
	41,193	*	OTP Bank		1,856
	24,748		Richter Gedeon Rt		621
			TOTAL HUNGARY		3,096

INDIA - 0.6%
	72,361	*	Adani Green Energy Ltd		1,045
	128,931		Ambuja Cements Ltd		440
	16,824		Apollo Hospitals Enterprise Ltd		555
	71,231		Asian Paints Ltd		2,698
	10,000		Associated Cement Co Ltd		222
	54,530		Aurobindo Pharma Ltd		687
	29,906	*,g	Avenue Supermarts Ltd		1,133
	420,632	*	Axis Bank Ltd		3,580
	50,242		Bajaj Finance Ltd		3,648
	7,117		Bajaj Finserv Ltd		869
	13,038		Bajaj Holdings and Investment Ltd		615
	15,945		Balkrishna Industries Ltd		360
	136,498	*,g	Bandhan Bank Ltd		753
	43,417		Berger Paints India Ltd		452
	40,580		Bharat Forge Ltd		292
	127,534		Bharat Petroleum Corp Ltd		666
	235,343		Bharti Airtel Ltd		1,644
	67,782		Bharti Infratel Ltd		214
	78,500	*	Biocon Ltd		500
	20,276		Britannia Industries Ltd		994
	83,231		Cipla Ltd		935
	257,033		Coal India Ltd		478
	22,827		Colgate-Palmolive India Ltd		490
	52,700		Container Corp Of India Ltd		288
	98,770		Dabur India Ltd		723
	24,558		Divi S Laboratories Ltd		1,292
	108,938		DLF Ltd		347
	21,710		Dr Reddy’s Laboratories Ltd		1,546
	25,363		Eicher Motors Ltd		880
	308,551		GAIL India Ltd		522
	75,831		Godrej Consumer Products Ltd		769
	55,182		Grasim Industries Ltd		701
	40,252		Havells India Ltd		505
	201,223		HCL Technologies Ltd		2,612
	9,681	g	HDFC Asset Management Co Ltd		387
	129,309	*,g	HDFC Life Insurance Co Ltd		1,200

217

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	22,534		Hero Honda Motors Ltd	$	960
	292,781		Hindalco Industries Ltd		967
	152,791		Hindustan Lever Ltd		5,016
	133,595		Hindustan Petroleum Corp Ltd		399
	315,806		Housing Development Finance Corp		11,065
	947,063	*	ICICI Bank Ltd		6,964
	38,529	*,g	ICICI Lombard General Insurance Co Ltd		803
	64,420	*,g	ICICI Prudential Life Insurance Co Ltd		440
	382,985		Indian Oil Corp Ltd		477
	59,172		Indraprastha Gas Ltd		407
	13,133		Info Edge India Ltd		857
	632,784		Infosys Technologies Ltd		10,848
	17,896	*,g	InterGlobe Aviation Ltd		423
	12,636		Ipca Laboratories Ltd		378
	557,737		ITC Ltd		1,597
	156,179		JSW Steel Ltd		830
	14,641		Jubilant Foodworks Ltd		560
	102,858	*	Kotak Mahindra Bank Ltd		2,811
	9,689	g	Larsen & Toubro Infotech Ltd		486
	128,274		Larsen & Toubro Ltd		2,266
	42,719		Lupin Ltd		572
	149,994		Mahindra & Mahindra Ltd		1,483
	97,297		Marico Ltd		537
	25,198		Maruti Suzuki India Ltd		2,644
	237,244		Motherson Sumi Systems Ltd		538
	354		MRF Ltd		368
	96,684		Mundra Port and Special Economic Zone Ltd		641
	21,898		Muthoot Finance Ltd		363
	6,262		Nestle India Ltd		1,578
	839,972		NTPC Ltd		1,144
	1,054		Page Industries Ltd		399
	145,900		Petronet LNG Ltd		495
	15,191		PI Industries Ltd		457
	28,210		Pidilite Industries Ltd		682
	16,980		Piramal Healthcare Ltd		332
	397,645		Power Grid Corp of India Ltd		1,034
	529,799		Reliance Industries Ltd		14,415
	168,977		Rural Electrification Corp Ltd		310
	73,234	*,g	SBI Life Insurance Co Ltd		907
	360,496		Sesa Sterlite Ltd		799
	2,015		Shree Cement Ltd		663
	35,367		Shriram Transport Finance Co Ltd		507
	13,543		Siemens India Ltd		293
	334,258	*	State Bank of India		1,260
	155,295		Sun Pharmaceutical Industries Ltd		1,261
	174,405		Tata Consultancy Services Ltd		6,848
	329,129	*	Tata Motors Ltd		830
	127,392		Tata Steel Ltd		1,126
	111,143		Tata Tea Ltd		899
	117,040		Tech Mahindra Ltd		1,564
	65,309		Titan Industries Ltd		1,403
	9,576		Torrent Pharmaceuticals Ltd		367
	33,105		Trent Ltd		312
	21,381		Ultra Tech Cement Ltd		1,550

218

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	90,778		United Phosphorus Ltd	$	580
	53,756	*	United Spirits Ltd		426
	211,296		Wipro Ltd		1,119
	1,884,469	*	Yes Bank Ltd		463
	163,309		ZEE Telefilms Ltd		501
			TOTAL INDIA		135,266

INDONESIA - 0.1%
	3,008,000		Adaro Energy Tbk		306
	68,152,400		Bank Rakyat Indonesia		20,262
	416,100		Indofood CBP Sukses Makmur Tbk		284
	1,800,400	*	Merdeka Copper Gold Tbk PT		312
	1,289,900		PT ACE Hardware Indonesia Tbk		158
	3,752,100		PT Astra International Tbk		1,613
	1,820,700		PT Bank Central Asia Tbk		4,389
	3,459,747		PT Bank Mandiri Persero Tbk		1,561
	1,364,100		PT Bank Negara Indonesia		601
	5,195,700	*	PT Barito Pacific Tbk		407
	1,381,100		PT Charoen Pokphand Indonesia Tbk		642
	85,400	*	PT Gudang Garam Tbk		249
	481,300		PT Indah Kiat Pulp and Paper Corp Tbk		358
	291,400		PT Indocement Tunggal Prakarsa Tbk		300
	851,900		PT Indofood Sukses Makmur Tbk		415
	3,866,000		PT Kalbe Farma Tbk		407
	2,261,000		PT Perusahaan Gas Negara Persero Tbk		267
	543,400		PT Semen Gresik Persero Tbk		481
	9,353,900		PT Telekomunikasi Indonesia Persero Tbk		2,205
	1,392,100		PT Unilever Indonesia Tbk		729
	317,600		PT United Tractors Tbk		602
	4,332,600		Sarana Menara Nusantara Tbk PT		296
			TOTAL INDONESIA		36,844

IRELAND - 0.6%
	5,775,060		AIB Group plc		11,860
	3,537,040		Bank of Ireland Group plc		14,279
	391,280		CRH plc		16,640
	164,830	*	Flutter Entertainment plc		34,097
	9,343,848		Hibernia REIT plc		13,173
	13,941		Kerry Group plc (Class A)		2,025
	614,784	*	Keywords Studios plc		24,007
	1,074		Kingspan Group plc		75
	1,079		Paddy Power plc		219
	616,292		Smurfit Kappa Group plc		28,640
			TOTAL IRELAND		145,015

ISRAEL - 0.1%
	182		Azrieli Group		11
	208,007	*	Bank Hapoalim Ltd		1,429
	266,146		Bank Leumi Le-Israel		1,571
	782	*	Check Point Software Technologies		104
	185		Elbit Systems Ltd		24
	4,908		Israel Chemicals Ltd		25
	213,228		Israel Discount Bank Ltd		823
	192,043	*	Kornit Digital Ltd		17,117

219

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	25,685		Mizrahi Tefahot Bank Ltd	$	596
	437	*	Nice Systems Ltd		124
	7,638	*	Teva Pharmaceutical Industries Ltd (ADR)		74
	384	*	Wix.com Ltd		96
			TOTAL ISRAEL		21,994

ITALY - 1.2%
	675,955		Amplifon S.p.A.		28,097
	7,687		Assicurazioni Generali S.p.A.		135
	3,453	*	Autostrade S.p.A.		62
	3,041,291		Davide Campari-Milano NV		34,860
	160		DiaSorin S.p.A.		34
	9,139,437		Enel S.p.A.		92,991
	17,726		ENI S.p.A.		185
	122,383		Ferrari NV		28,386
	4,248		FinecoBank Banca Fineco S.p.A		70
	2,215	g	Infrastrutture Wireless Italiane S.p.A		27
	2,443,455		Intesa Sanpaolo S.p.A.		5,776
	4,328	*	Mediobanca S.p.A.		40
	589,307	e	Moncler S.p.A		36,231
	3,095	*,g	Nexi S.p.A		62
	3,640	g	Poste Italiane S.p.A		37
	1,591,881	e	Prada S.p.A		10,519
	1,682		Prysmian S.p.A.		60
	791		Recordati S.p.A.		44
	14,051		Snam Rete Gas S.p.A.		79
	42,004		Telecom Italia RSP		22
	58,268	e	Telecom Italia S.p.A.		27
	9,804		Terna Rete Elettrica Nazionale S.p.A.		75
	4,761,790		UniCredit S.p.A.		44,615
			TOTAL ITALY		282,434

JAPAN - 6.7%
	110		ABC-Mart, Inc		6
	73,100		Acom Co Ltd		312
	260		Activia Properties Inc		1,099
	1,400		Advantest Corp		105
	4,546		Aeon Co Ltd		149
	797		Aeon Mall Co Ltd		13
	25,473		Air Water, Inc		453
	277,390		Aisin Seiki Co Ltd		8,319
	3,268		Ajinomoto Co, Inc		74
	1,305		Alfresa Holdings Corp		24
	9,150		All Nippon Airways Co Ltd		202
	2,744		Amada Co Ltd		30
	141,499	*,e	Amazia, Inc		3,023
	20,800	e	Aozora Bank Ltd		385
	3,151	e	Asahi Breweries Ltd		130
	1,301		Asahi Glass Co Ltd		45
	1,400		Asahi Intecc Co Ltd		51
	214,226		Asahi Kasei Corp		2,196
	163,400		Ashikaga Holdings Co Ltd		322
	257,600		Astellas Pharma, Inc		3,989
	900		Azbil Corp		49

220

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,421		Bank of Kyoto Ltd	$	543
	130,500	*,e	BASE, Inc		12,352
	468,700		Benefit One, Inc		13,874
	272		BLife Investment Corp		673
	3,730	e	Bridgestone Corp		122
	1,585		Brother Industries Ltd		33
	800		Calbee, Inc		24
	6,977	e	Canon, Inc		135
	600		Capcom Co Ltd		39
	1,133	*	Casio Computer Co Ltd		21
	59,081		Central Japan Railway Co		8,354
	7,800		Century Leasing System, Inc		619
	96,262		Chiba Bank Ltd		531
	137,606		Chubu Electric Power Co, Inc		1,661
	99,307		Chugai Pharmaceutical Co Ltd		5,299
	1,666		Chugoku Electric Power Co, Inc		20
	500	e	Coca-Cola West Japan Co Ltd		8
	187,200		Concordia Financial Group Ltd		660
	100		Cosmos Pharmaceutical Corp		16
	800		CyberAgent, Inc		55
	1,738		Dai Nippon Printing Co Ltd		31
	62,100		Daifuku Co Ltd		7,685
	197,511		Dai-ichi Mutual Life Insurance Co		2,976
	2,602,482		Daiichi Sankyo Co Ltd		89,187
	109,877		Daikin Industries Ltd		24,444
	5,349		Daito Trust Construction Co Ltd		500
	3,956		Daiwa House Industry Co Ltd		118
	264,580	*	Daiwa Securities Group, Inc		1,205
	2,987		Denso Corp		178
	1,555	e	Dentsu, Inc		46
	200		Disco Corp		67
	2,832		Don Quijote Co Ltd		65
	122,197		East Japan Railway Co		8,152
	277,028		Eisai Co Ltd		19,811
	1,385		Fanuc Ltd		342
	5,983		Fast Retailing Co Ltd		5,365
	864		Fuji Electric Holdings Co Ltd		31
	4,239		Fuji Heavy Industries Ltd		85
	2,486		Fujifilm Holdings Corp		131
	1,398		Fujitsu Ltd		202
	31,146		Fukuoka Financial Group, Inc		555
	29		GLP J-Reit		46
	125,599		GMO Payment Gateway, Inc		16,878
	1,600		Hakuhodo DY Holdings, Inc		22
	1,000		Hamamatsu Photonics KK		57
	1,593		Hankyu Hanshin Holdings, Inc		53
	300		Harmonic Drive Systems, Inc		27
	132		Hikari Tsushin, Inc		31
	1,982	*	Hino Motors Ltd		17
	273		Hirose Electric Co Ltd		41
	375		Hisamitsu Pharmaceutical Co, Inc		22
	198,533	*	Hitachi Construction Machinery Co Ltd		5,645
	2,186,715	*	Hitachi Ltd		86,308
	33,585		Hitachi Metals Ltd		511

221

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	11,396		Honda Motor Co Ltd	$	322
	412	e	Hoshizaki Electric Co Ltd		38
	2,627	*	Hoya Corp		364
	124,828		Hulic Co Ltd		1,373
	591		Hulic Reit, Inc		882
	700		Ibiden Co Ltd		33
	35,676		Idemitsu Kosan Co Ltd		785
	1,029		Iida Group Holdings Co Ltd		21
	7,152,600		Infomart Corp		68,309
	158,784		Inpex Holdings, Inc		856
	8		Invincible Investment Corp		3
	122,000		IR Japan Holdings Ltd		19,546
	4,300		Isuzu Motors Ltd		41
	1,700		IT Holdings Corp		35
	400		Ito En Ltd		25
	9,369		Itochu Corp		269
	700		Itochu Techno-Science Corp		25
	924		Japan Airlines Co Ltd		18
	303		Japan Airport Terminal Co Ltd		18
	817,400		Japan Elevator Service Holdings Co Ltd		20,816
	74,146		Japan Post Bank Co Ltd		609
	288,440		Japan Post Holdings Co Ltd		2,247
	41,200		Japan Post Insurance Co Ltd		845
	9		Japan Real Estate Investment Corp		52
	16		Japan Retail Fund Investment Corp		29
	182,563	e	Japan Tobacco, Inc		3,722
	86,123	*	JFE Holdings, Inc		827
	379,600		JGC Corp		3,555
	33,159		JSR Corp		925
	514,388		JX Holdings, Inc		1,848
	3,286		Kajima Corp		44
	934		Kakaku.com, Inc		26
	353,700	*,e	Kamakura Shinsho Ltd		3,924
	262,735		Kansai Electric Power Co, Inc		2,485
	34,515		Kansai Paint Co Ltd		1,064
	88,285		Kao Corp		6,821
	11,197		KDDI Corp		332
	700		Keihan Electric Railway Co Ltd		34
	1,160		Keihin Electric Express Railway Co Ltd		20
	823		Keio Corp		64
	913		Keisei Electric Railway Co Ltd		31
	53		Kenedix Realty Investment Corp		360
	210,100	e	Kenedix, Inc		1,530
	1,276		Keyence Corp		718
	995		Kikkoman Corp		69
	1,149		Kintetsu Corp		50
	5,749	e	Kirin Brewery Co Ltd		136
	400		Kobayashi Pharmaceutical Co Ltd		49
	1,000		Kobe Bussan Co Ltd		31
	700	*	Koito Manufacturing Co Ltd		48
	6,050		Komatsu Ltd		167
	686		Konami Corp		39
	228		Kose Corp		39
	7,198	e	Kubota Corp		157

222

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	59,575		Kuraray Co Ltd	$	634
	677		Kurita Water Industries Ltd		26
	2,200		Kyocera Corp		135
	1,845		Kyowa Hakko Kogyo Co Ltd		50
	39,077		Kyushu Electric Power Co, Inc		337
	900		Kyushu Railway Co		19
	500		Lasertec Corp		59
	480		Lawson, Inc		22
	1,600	e	Lion Corp		39
	1,864		LIXIL Group Corp		40
	143,876		M3, Inc		13,592
	1,588		Makita Corp		80
	11,465		Marubeni Corp		76
	1,609		Marui Co Ltd		28
	9,000		Maruichi Steel Tube Ltd		199
	3,915		Mazda Motor Corp		26
	500	e	McDonald’s Holdings Co Japan Ltd		24
	1,259		Mediceo Paltac Holdings Co Ltd		24
	908		MEIJI Holdings Co Ltd		64
	600	*,e	Mercari, Inc		27
	2,500		Minebea Co Ltd		50
	2,000		MISUMI Group, Inc		66
	236,663		Mitsubishi Chemical Holdings Corp		1,434
	9,322		Mitsubishi Corp		230
	12,714		Mitsubishi Electric Corp		192
	297,396		Mitsubishi Estate Co Ltd		4,780
	30,380		Mitsubishi Gas Chemical Co, Inc		699
	2,211		Mitsubishi Heavy Industries Ltd		68
	18,258		Mitsubishi Materials Corp		385
	2,239,162		Mitsubishi UFJ Financial Group, Inc		9,914
	74,000		Mitsubishi UFJ Lease & Finance Co Ltd		355
	706,582		Mitsui & Co Ltd		12,955
	31,229		Mitsui Chemicals, Inc		917
	6,456		Mitsui Fudosan Co Ltd		135
	967		Mitsui Fudosan Logistics Park, Inc		4,904
	81,542		Mitsui Sumitomo Insurance Group Holdings, Inc		2,481
	600		Miura Co Ltd		33
	441,765		Mizuho Financial Group, Inc		5,607
	473,625		MonotaRO Co Ltd		24,055
	226		Mori Hills REIT Investment Corp		312
	4,005		Murata Manufacturing Co Ltd		363
	839	e	Nabtesco Corp		37
	1,500		Nagoya Railroad Co Ltd		40
	1,406		Namco Bandai Holdings, Inc		122
	1,761		NEC Corp		95
	3,400		Nexon Co Ltd		105
	1,824		NGK Insulators Ltd		28
	648		NGK Spark Plug Co Ltd		11
	3,134		Nidec Corp		396
	1,100		Nihon M&A Center, Inc		74
	347,659		Nintendo Co Ltd		223,177
	10		Nippon Building Fund, Inc		58
	544		Nippon Express Co Ltd		37
	572		Nippon Meat Packers, Inc		25

223

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	26,726	e	Nippon Paint Co Ltd	$	2,937
	17		Nippon ProLogis REIT, Inc		53
	400		Nippon Shinyaku Co Ltd		26
	128,202	*	Nippon Steel Corp		1,653
	856,484		Nippon Telegraph & Telephone Corp		21,976
	1,076		Nippon Yusen Kabushiki Kaisha		25
	20,439		Nissan Chemical Industries Ltd		1,282
	16,127	*	Nissan Motor Co Ltd		87
	1,331		Nisshin Seifun Group, Inc		21
	445		Nissin Food Products Co Ltd		38
	513		Nitori Co Ltd		107
	27,437		Nitto Denko Corp		2,458
	61,538		NKSJ Holdings, Inc		2,495
	575,880	*	Nomura Holdings, Inc		3,045
	574		Nomura Real Estate Holdings, Inc		13
	642		Nomura Real Estate Master Fund, Inc		919
	2,200		Nomura Research Institute Ltd		79
	536,247		NSK Ltd		4,667
	4,400		NTT Data Corp		60
	5,096		Obayashi Corp		44
	500		Obic Co Ltd		100
	2,046		Odakyu Electric Railway Co Ltd		64
	142,294		OJI Paper Co Ltd		810
	8,168		Olympus Corp		179
	111,755		Omron Corp		9,976
	2,568		Ono Pharmaceutical Co Ltd		77
	303	*	Oracle Corp Japan		39
	29,231		Oriental Land Co Ltd		4,830
	240,628		ORIX Corp		3,702
	434		Orix JREIT, Inc		718
	2,620		Osaka Gas Co Ltd		54
	93,222		Osaka Securities Exchange Co Ltd		2,382
	722		Otsuka Corp		38
	2,700	e	Otsuka Holdings KK		116
	331,400		Paltac Corp		18,039
	394,855		Panasonic Corp		4,603
	700	*	PeptiDream, Inc		36
	800	e	Pigeon Corp		33
	1,010	e	Pola Orbis Holdings, Inc		20
	6,000	*	Rakuten, Inc		58
	1,517,953		Recruit Holdings Co Ltd		63,758
	2,291,000	*	Renesas Electronics Corp		23,980
	382,942		Resona Holdings, Inc		1,341
	4,682		Ricoh Co Ltd		31
	312		Rinnai Corp		36
	635		Rohm Co Ltd		62
	1,540		Ryohin Keikaku Co Ltd		31
	2,553		Santen Pharmaceutical Co Ltd		41
	43,291	*	SBI Holdings, Inc		1,030
	1,467		Secom Co Ltd		135
	1,252		Sega Sammy Holdings, Inc		20
	1,700		Seibu Holdings, Inc		17
	1,900		Seiko Epson Corp		28
	2,495		Sekisui Chemical Co Ltd		47

224

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	113,620		Sekisui House Ltd	$	2,315
	348,900		Seria Co Ltd		12,808
	90,886		Seven & I Holdings Co Ltd		3,218
	103,800		Seven Bank Ltd		219
	2,400		SG Holdings Co Ltd		65
	1,499	*,e	Sharp Corp		23
	114,198	*	SHIFT, Inc		15,825
	1,547		Shimadzu Corp		60
	227		Shimamura Co Ltd		24
	492		Shimano, Inc		115
	3,362		Shimizu Corp		24
	2,500		Shin-Etsu Chemical Co Ltd		439
	28,377	*	Shinsei Bank Ltd		351
	1,890		Shionogi & Co Ltd		103
	21,093		Shiseido Co Ltd		1,460
	76,301		Shizuoka Bank Ltd		560
	363	*	SMC Corp		222
	496,600		SMS Co Ltd		19,043
	20,000		Softbank Corp		251
	260,432		Softbank Group Corp		20,219
	500		Sohgo Security Services Co Ltd		26
	2,996,047		Sony Corp		301,906
	600		Square Enix Co Ltd		36
	914		Stanley Electric Co Ltd		29
	2,602		Star Asia Investment Corp		1,273
	800		Start Today Co Ltd		20
	1,089,435		Sumco Corp		23,922
	400		Sumisho Computer Systems Corp		23
	266,983		Sumitomo Chemical Co Ltd		1,076
	8,265		Sumitomo Corp		110
	1,763		Sumitomo Dainippon Pharma Co Ltd		26
	5,247		Sumitomo Electric Industries Ltd		70
	375,901		Sumitomo Heavy Industries Ltd		9,291
	41,515		Sumitomo Metal Mining Co Ltd		1,847
	1,736,791		Sumitomo Mitsui Financial Group, Inc		53,837
	61,818		Sumitomo Mitsui Trust Holdings, Inc		1,907
	2,136		Sumitomo Realty & Development Co Ltd		66
	500		Sundrug Co Ltd		20
	1,000	e	Suntory Beverage & Food Ltd		35
	507		Suzuken Co Ltd		18
	2,534		Suzuki Motor Corp		117
	1,171		Sysmex Corp		141
	98,795		T&D Holdings, Inc		1,169
	800		Taiheiyo Cement Corp		20
	1,493		Taisei Corp		51
	356		Taisho Pharmaceutical Holdings Co Ltd		24
	19,867		Taiyo Nippon Sanso Corp		370
	11,011		Takeda Pharmaceutical Co Ltd		398
	856		TDK Corp		129
	201,799		TechnoPro Holdings, Inc		16,765
	300		Tecmo Koei Holdings Co Ltd		18
	31,487		Teijin Ltd		592
	1,202		Temp Holdings Co Ltd		22
	4,492		Terumo Corp		188

225

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	594		THK Co Ltd	$	19
	1,334		Tobu Railway Co Ltd		40
	775		Toho Co Ltd		33
	500		Toho Gas Co Ltd		33
	2,913		Tohoku Electric Power Co, Inc		24
	115,664		Tokio Marine Holdings, Inc		5,959
	275,525	*	Tokyo Electric Power Co, Inc		728
	1,016		Tokyo Electron Ltd		380
	141,932		Tokyo Gas Co Ltd		3,285
	198,300	e	Tokyo Tatemono Co Ltd		2,723
	4,029		Tokyu Corp		50
	4,300		Tokyu Fudosan Holdings Corp		23
	1,767		Toppan Printing Co Ltd		25
	243,446		Toray Industries, Inc		1,444
	2,655		Toshiba Corp		74
	49,321		Tosoh Corp		771
	942		Toto Ltd		57
	26,300		Toyo Seikan Kaisha Ltd		288
	699		Toyo Suisan Kaisha Ltd		34
	497		Toyoda Gosei Co Ltd		14
	993		Toyota Industries Corp		79
	1,660,453		Toyota Motor Corp		128,137
	1,494		Toyota Tsusho Corp		60
	928	*,e	Trend Micro, Inc		53
	300		Tsuruha Holdings, Inc		43
	2,807		Uni-Charm Corp		133
	393		United Urban Investment Corp		487
	1,530		USS Co Ltd		31
	700		Welcia Holdings Co Ltd		26
	1,107		West Japan Railway Co		58
	175,800	e	Workman Co Ltd		14,999
	1,004		Yakult Honsha Co Ltd		51
	5,031		Yamada Denki Co Ltd		27
	908		Yamaha Corp		53
	2,191		Yamaha Motor Co Ltd		45
	2,155		Yamato Transport Co Ltd		55
	953		Yamazaki Baking Co Ltd		16
	1,624		Yaskawa Electric Corp		81
	1,610		Yokogawa Electric Corp		32
	18,438		Z Holdings Corp		112
			TOTAL JAPAN		1,625,050

JORDAN - 0.0%
	1,306		Hikma Pharmaceuticals plc		45
			TOTAL JORDAN		45

KOREA, REPUBLIC OF - 1.8%
	3,284	*	Alteogen, Inc		544
	5,993	*	Amorepacific Corp		1,138
	1,528	*	BGF retail Co Ltd		191
	12,850	*	Celltrion Healthcare Co Ltd		1,932
	3,054	*	Celltrion Pharm Inc		672
	17,872	*	Celltrion, Inc		5,916
	11,744	*	Cheil Communications, Inc		223

226

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	15,773	*	Cheil Industries, Inc	$	2,008
	1,552	*	CJ CheilJedang Corp		545
	2,858	*	CJ Corp		243
	2,075	*	CJ O Shopping Co Ltd		267
	9,100	*	Coway Co Ltd		610
	7,022	*	Daewoo Shipbuilding & Marine Engineering Co Ltd		178
	8,768	*	Dongbu Insurance Co Ltd		353
	9,222	*	Doosan Bobcat, Inc		252
	35,858	*	Doosan Heavy Industries and Construction Co Ltd		448
	3,503	*	DuzonBIzon Co Ltd		336
	3,689		E-Mart Co Ltd		515
	8,738	*	Fila Korea Ltd		352
	3,494	*	GLOVIS Co Ltd		593
	10,580	*	GS Engineering & Construction Corp		369
	10,667	*	GS Holdings Corp		369
	5,056	*	GS Retail Co Ltd		160
	55,309		Hana Financial Group, Inc		1,762
	13,616	*	Hankook Tire Co Ltd		495
	1,230	*	Hanmi Pharm Co Ltd		416
	34,260		Hanon Systems		513
	19,239	*	Hanwha Chemical Corp		850
	7,203	*	Hanwha Corp		188
	8,345	*	HLB, Inc		712
	3,194	*	Honam Petrochemical Corp		813
	5,945	*	Hotel Shilla Co Ltd		451
	101,370	*	Hynix Semiconductor, Inc		11,072
	14,888	*	Hyundai Engineering & Construction Co Ltd		514
	7,231	*	Hyundai Heavy Industries		724
	11,526	*	Hyundai Marine & Fire Insurance Co Ltd		242
	12,302	*	Hyundai Mobis		2,895
	27,733	*	Hyundai Motor Co		4,916
	6,761	*	Hyundai Motor Co Ltd (2nd Preference)		559
	4,303	*	Hyundai Motor Co Ltd (Preference)		351
	1,858	*	Hyundai Robotics Co Ltd		486
	16,309	*	Hyundai Steel Co		596
	49,248	*	Industrial Bank of Korea		402
	10,595	*	Kakao Corp		3,802
	19,930	*	Kangwon Land, Inc		432
	73,320	*	KB Financial Group, Inc		2,912
	48,766	*	Kia Motors Corp		2,810
	4,742	*	KMW Co Ltd		353
	13,325	*	Korea Aerospace Industries Ltd		317
	49,661	*	Korea Electric Power Corp		1,253
	1,566	*	Korea Express Co Ltd		239
	6,214	*	Korea Gas Corp		177
	7,619	*	Korea Investment Holdings Co Ltd		555
	3,343	*	Korea Kumho Petrochemical		447
	1,593	*	Korea Zinc Co Ltd		590
	15,255	*	Korean Air Lines Co Ltd		383
	22,050	*	KT&G Corp		1,688
	131,467	*	LG Chem Ltd		99,970
	1,430	*	LG Chem Ltd (Preference)		503
	17,445	*	LG Corp		1,408
	19,705	*	LG Electronics, Inc		2,454

227

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,734	*	LG Household & Health Care Ltd	$	2,588
	407	*	LG Household & Health Care Ltd (Preference)		269
	2,581	*	LG Innotek Co Ltd		435
	40,327	*	LG Telecom Ltd		437
	44,239	*	LG.Philips LCD Co Ltd		756
	4,997	*	Lotte Corp		163
	2,534	*	Lotte Shopping Co Ltd		240
	44,264	*	Meritz Securities Co Ltd		150
	51,098	*	Mirae Asset Daewoo Co Ltd		445
	22,818	*	Naver Corp		6,151
	3,046	*	NCsoft		2,615
	3,980	*,g	Netmarble Corp		482
	4,235	*	Orion Corp/Republic of Korea		484
	210	*	Ottogi Corp		112
	5,399	*	Pacific Corp		273
	1,085	*	Pearl Abyss Corp		260
	13,836		POSCO		3,457
	4,080	*	POSCO Refractories & Environment Co Ltd		392
	3,078	*	S1 Corp (Korea)		241
	3,052	*,g	Samsung Biologics Co Ltd		2,324
	5,040	*	Samsung Card Co		151
	10,336	*	Samsung Electro-Mechanics Co Ltd		1,697
	2,900,354		Samsung Electronics Co Ltd		216,585
	152,824		Samsung Electronics Co Ltd (Preference)		10,367
	28,665	*	Samsung Engineering Co Ltd		350
	5,722	*	Samsung Fire & Marine Insurance Co Ltd		988
	91,728	*	Samsung Heavy Industries Co Ltd		596
	12,996	*	Samsung Life Insurance Co Ltd		948
	10,188	*	Samsung SDI Co Ltd		5,904
	6,440	*	Samsung SDS Co Ltd		1,060
	11,650	*	Samsung Securities Co Ltd		435
	3,454		Seegene, Inc		615
	5,476	*	Shin Poong Pharmaceutical Co Ltd		625
	81,676	*	Shinhan Financial Group Co Ltd		2,424
	1,399		Shinsegae Co Ltd		309
	2,876	*	SK Biopharmaceuticals Co Ltd		448
	6,561		SK C&C Co Ltd		1,456
	1,419	*	SK Chemicals Co Ltd (New)		514
	10,398	*	SK Energy Co Ltd		1,824
	7,508		SK Telecom Co Ltd		1,650
	8,924	*	S-Oil Corp		569
	49,431	*	STX Pan Ocean Co Ltd		229
	100,304	*	Woori Financial Group, Inc		900
	20,185	*	Woori Investment & Securities Co Ltd		210
	9,133	*	Yuhan Corp		632
			TOTAL KOREA, REPUBLIC OF		441,224

LUXEMBOURG - 0.0%
	4,995		ArcelorMittal		114
	924	e	Eurofins Scientific SE		78
	28,307		Reinet Investments S.C.A		531
	1,940		SES Global S.A.		18
			TOTAL LUXEMBOURG		741

228

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
MACAU - 0.0%
	252,803		Galaxy Entertainment Group Ltd	$	1,968
	16,733		Sands China Ltd		73
	10,683	*,e	Wynn Macau Ltd		18
			TOTAL MACAU		2,059

MALAYSIA - 0.1%
	315,600		AMMB Holdings BHD		287
	519,443		Axiata Group Bhd		483
	1,213,816		Bumiputra-Commerce Holdings BHD		1,300
	747,800		Dialog Group BHD		642
	578,300		Digi.Com BHD		596
	26,000		Fraser & Neave Holdings BHD		208
	336,731		Gamuda BHD		326
	419,900		Genting BHD		466
	40,900		Genting Plantations BHD		100
	118,000		HAP Seng Consolidated BHD		252
	317,200		Hartalega Holdings BHD		960
	114,300		Hong Leong Bank BHD		518
	32,500		Hong Leong Credit BHD		146
	397,000		IHH Healthcare BHD		544
	458,000		IOI Corp BHD		498
	234,900		Kossan Rubber Industries		264
	79,230		Kuala Lumpur Kepong BHD		467
	735,107		Malayan Banking BHD		1,548
	211,600		Malaysia Airports Holdings BHD		312
	419,100		Maxis BHD		527
	266,000		MISC BHD		455
	12,500		Nestle Malaysia BHD		432
	448,600		Petronas Chemicals Group BHD		831
	62,900		Petronas Dagangan BHD		335
	153,400		Petronas Gas BHD		656
	117,880		PPB Group BHD		543
	267,200		Press Metal BHD		558
	540,600		Public Bank BHD		2,772
	197,250		QL Resources BHD		284
	604,200		Resorts World BHD		405
	298,300		RHB Capital BHD		405
	495,700		Sime Darby BHD		285
	374,300		Sime Darby Plantation BHD		465
	1,153		SP Setia BHD		0	^
	287,448	*	Supermax Corp BHD		432
	220,200		Telekom Malaysia BHD		297
	430,700		Tenaga Nasional BHD		1,117
	905,500		Top Glove Corp BHD		1,384
	145,100		Westports Holdings BHD		155
			TOTAL MALAYSIA		22,255

MEXICO - 0.1%
	562,500		Alfa S.A. de C.V. (Class A)		406
	6,301,200		America Movil S.A. de C.V. (Series L)		4,588
	102,600		Becle SAB de C.V.		258
	2,808,394	*	Cemex S.A. de C.V.		1,449
	104,300		Coca-Cola Femsa SAB de C.V.		480

229

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	79,600		Embotelladoras Arca SAB de C.V.	$	383
	598,500		Fibra Uno Administracion S.A. de C.V.		677
	362,600		Fomento Economico Mexicano S.A. de C.V.		2,739
	1,284		Fresnillo plc		20
	39,640		Gruma SAB de C.V.		472
	69,200	*	Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares)		773
	38,105	*	Grupo Aeroportuario del Sureste S.A. de C.V. (Class B)		630
	299,100		Grupo Bimbo S.A. de C.V. (Series A)		650
	86,100		Grupo Carso S.A. de C.V. (Series A1)		287
	482,100	*	Grupo Financiero Banorte S.A. de C.V.		2,663
	425,727	*,e	Grupo Financiero Inbursa S.A.		429
	575,200		Grupo Mexico S.A. de C.V. (Series B)		2,432
	448,900	*	Grupo Televisa S.A.		739
	27,295	*	Industrias Penoles S.A. de C.V.		462
	107,800	*	Infraestructura Energetica ,NV SAB de C.V.		420
	276,300		Kimberly-Clark de Mexico S.A. de C.V. (Class A)		472
	58,600		Megacable Holdings SAB de C.V.		214
	199,400		Orbia Advance Corp SAB de C.V.		468
	41,490		Promotora y Operadora de Infraestructura SAB de C.V.		366
	229,500	*	Telesites SAB de C.V.		248
	975,800		Wal-Mart de Mexico SAB de C.V.		2,745
			TOTAL MEXICO		25,470

NETHERLANDS - 1.7%
	3,051	*,g	ABN AMRO Group NV (ADR)		30
	11,710	*,g	Adyen NV		27,209
	12,141		Aegon NV		48
	112,901		Akzo Nobel NV		12,118
	3,821	*	Altice NV (Class A)		25
	22,493	*	Argenx SE		6,628
	312,350		ASML Holding NV		151,233
	1,201		DSM NV		207
	61,033	g	Euronext NV		6,723
	756		EXOR NV		61
	803		Heineken Holding NV		76
	52,381		Heineken NV		5,837
	16,085,162		ING Groep NV		149,557
	522	*	JDE Peet’s BV		24
	223,276		Koninklijke Ahold Delhaize NV		6,299
	566,545		Koninklijke KPN NV		1,722
	159,827		Koninklijke Philips Electronics NV		8,609
	490		Koninklijke Vopak NV		26
	2,009		NN Group NV		87
	177,683		NXP Semiconductors NV		28,253
	3,396		Prosus NV		367
	830		Randstad Holdings NV		54
	953,693		Royal Dutch Shell plc (A Shares)		16,724
	25,825		Royal Dutch Shell plc (B Shares)		438
	1,902		Wolters Kluwer NV		160
			TOTAL NETHERLANDS		422,515

230

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
NEW ZEALAND - 0.1%
	5,172	*	a2 Milk Co Ltd	$	45
	8,722		Auckland International Airport Ltd		48
	583,904		Fisher & Paykel Healthcare Corp		13,867
	4,747		Mercury NZ Ltd		22
	8,928		Meridian Energy Ltd		48
	2,423		Ryman Healthcare Ltd		27
	14,551		Telecom Corp of New Zealand Ltd		49
	846	*	Xero Ltd		96
			TOTAL NEW ZEALAND		14,202

NORWAY - 0.2%
	1,178,178		Aker BP ASA		29,730
	6,607		DNB NOR Holding ASA		130
	1,107,300		Equinor ASA		18,687
	215,536		Gjensidige Forsikring BA		4,811
	3,063		Mowi ASA		68
	8,727		Norsk Hydro ASA		41
	5,234		Orkla ASA		53
	527		Schibsted ASA		22
	683		Schibsted ASA (B Shares)		25
	4,876		Telenor ASA		83
			TOTAL NORWAY		53,650

PAKISTAN - 0.0%
	70,800		Habib Bank Ltd		59
	52,200		MCB Bank Ltd		60
	219,956		Oil & Gas Development Co Ltd		143
			TOTAL PAKISTAN		262

PERU - 0.0%
	41,400	*	Cia de Minas Buenaventura S.A. (ADR) (Series B)		504
	12,700		Credicorp Ltd (NY)		2,083
	15,507		Southern Copper Corp (NY)		1,010
			TOTAL PERU		3,597

PHILIPPINES - 0.1%
	374,260		Aboitiz Equity Ventures, Inc		368
	305,200		Aboitiz Power Corp		169
	52,190		Ayala Corp		898
	1,498,570		Ayala Land, Inc		1,277
	356,230		Banco de Oro Universal Bank		793
	334,070		Bank of the Philippine Islands		565
	6,030		Globe Telecom, Inc		255
	18,674		GT Capital Holdings, Inc		228
	185,150		International Container Term Services, Inc		476
	539,605		JG Summit Holdings (Series B)		806
	82,200		Jollibee Foods Corp		334
	40,890		Manila Electric Co		249
	2,159,927		Megaworld Corp		184
	2,876,900		Metro Pacific Investments Corp		257
	336,563		Metropolitan Bank & Trust		344
	16,040		PLDT, Inc		448
	180,500	*	Puregold Price Club, Inc		154
	5,826,950		Robinsons Retail Holdings, Inc		7,898

231

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	44,835		SM Investments Corp	$	980
	1,847,800		SM Prime Holdings		1,482
	161,450		Universal Robina		512
			TOTAL PHILIPPINES		18,677

POLAND - 0.1%
	814,777	*,g	Allegro.eu S.A.		18,473
	34,572	*	Bank Pekao S.A.		568
	6,564	*	Bank Zachodni WBK S.A.		326
	12,350	*	CD Projekt Red S.A.		911
	51,708		Cyfrowy Polsat S.A.		421
	8,729	*,g	Dino Polska S.A.		677
	25,591	*	KGHM Polska Miedz S.A.		1,261
	244	*	LPP S.A.		543
	340,734		Polish Oil & Gas Co		509
	166,946	*	Polska Grupa Energetyczna S.A.		292
	58,755		Polski Koncern Naftowy Orlen S.A.		910
	162,592		Powszechna Kasa Oszczednosci Bank Polski S.A.		1,255
	113,820	*	Powszechny Zaklad Ubezpieczen S.A.		989
	119,430	*	Telekomunikacja Polska S.A.		212
			TOTAL POLAND		27,347

PORTUGAL - 0.1%
	1,864,761		Energias de Portugal S.A.		11,704
	3,493		Galp Energia SGPS S.A.		37
	844,255		Jeronimo Martins SGPS S.A.		14,192
			TOTAL PORTUGAL		25,933

QATAR - 0.0%
	388,110		Barwa Real Estate Co		363
	360,336		Commercial Bank of Qatar QSC		436
	334,939		Industries Qatar QSC		1,001
	676,499		Masraf Al Rayan		843
	834,166		Mesaieed Petrochemical Holding Co		470
	155,377		Ooredoo QSC		321
	104,641		Qatar Electricity & Water Co		513
	94,866		Qatar Fuel QSC		487
	481,438		Qatar Gas Transport Co Ltd		421
	138,705		Qatar International Islamic Bank QSC		345
	209,881		Qatar Islamic Bank SAQ		987
	835,669		Qatar National Bank		4,095
			TOTAL QATAR		10,282

ROMANIA - 0.0%
	78,688		NEPI Rockcastle plc		501
			TOTAL ROMANIA		501

RUSSIA - 0.8%
	3,553		Evraz plc		23
	69,503		Gazprom (ADR)		389
	1,058,416		Gazprom OAO (ADR)		5,909
	80,113		LUKOIL PJSC (ADR)		5,477
	68,766	*	Magnit PJSC (GDR)		1,210
	19,675	*	Mail.Ru Group Ltd		517
	118,448		MMC Norilsk Nickel PJSC (ADR)		3,729

232

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	92,500		Mobile TeleSystems (ADR)	$	828
	17,659		Novatek PJSC (GDR)		2,886
	24,712		Novolipetsk Steel PJSC (GDR)		686
	29,387		PhosAgro PJSC (GDR)		401
	45,494		Polymetal International plc (ADR)		1,047
	12,630		Polyus PJSC (GDR)		1,273
	245,518	*	Rosneft Oil Co PJSC (GDR)		1,385
	3,572,984		Sberbank of Russia (ADR)		51,808
	43,088		Severstal (GDR)		757
	286,730		Surgutneftegaz (ADR) (London)		1,333
	46,551		Tatneft PJSC (ADR)		1,885
	365,873	*	VTB Bank PJSC (GDR) Tradegate		349
	23,510		X5 Retail Group NV (GDR)		849
	1,555,241	*	Yandex NV		108,214
			TOTAL RUSSIA		190,955

SAUDI ARABIA - 0.1%
	8,156		Abdullah Al Othaim Markets Co		267
	19,222		Advanced Petrochemical Co		343
	227,332		Al Rajhi Bank		4,460
	178,711	*	Alinma Bank		771
	46,588		Almarai Co JSC		683
	106,598		Arab National Bank		572
	66,047		Bank AlBilad		499
	75,968		Bank Al-Jazira		277
	110,032		Banque Saudi Fransi		927
	10,839	*	Bupa Arabia for Cooperative Insurance Co		352
	11,195	*	Co for Cooperative Insurance		238
	101,819	*	Dar Al Arkan Real Estate Development Co		234
	9,499		Dr Sulaiman Al Habib Medical Services Group Co		276
	71,429	*	Emaar Economic City		175
	66,889	*	Etihad Etisalat Co		511
	10,630		Jarir Marketing Co		491
	80,225	*	Mobile Telecommunications Co Saudi Arabia		291
	272,216		National Commercial Bank		3,145
	65,422	*	National Industrialization Co		239
	50,635	*	Rabigh Refining & Petrochemical Co		187
	249,312		Riyad Bank		1,343
	74,984		Sahara International Petrochemical Co		346
	181,442		Samba Financial Group		1,478
	6,941		Saudi Airlines Catering Co		143
	37,585		Saudi Arabian Fertilizer Co		808
	79,733	*	Saudi Arabian Mining Co		862
	411,250	g	Saudi Arabian Oil Co		3,838
	168,628		Saudi Basic Industries Corp		4,560
	151,840		Saudi British Bank		1,000
	14,834		Saudi Cement Co		243
	158,663		Saudi Electricity Co		901
	44,226		Saudi Industrial Investment Group		323
	141,513	*	Saudi Kayan Petrochemical Co		540
	110,905		Saudi Telecom Co		3,135
	46,681		Savola Group		529
	48,464		Yanbu National Petrochemical Co		825
			TOTAL SAUDI ARABIA		35,812

233

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
SINGAPORE - 0.1%
	467,081		Ascendas REIT	$	1,054
	39,800	g	BOC Aviation Ltd		345
	404,196		CapitaLand Ltd		1,003
	31,578		CapitaMall Trust		52
	3,200		City Developments Ltd		19
	328,722		DBS Group Holdings Ltd		6,230
	42,092		Genting Singapore Ltd		27
	10,168	e	Keppel Corp Ltd		41
	15,000		Mapletree Commercial Trust		24
	20,990	e	Mapletree Logistics Trust		32
	605,591	e	Oversea-Chinese Banking Corp		4,615
	9,360	*,e	Singapore Airlines Ltd		30
	147,643	e	Singapore Exchange Ltd		1,037
	10,907	e	Singapore Technologies Engineering Ltd		32
	1,422,691		Singapore Telecommunications Ltd		2,484
	1,200		Singapore Telecommunications Ltd		2
	7,200		Suntec Real Estate Investment Trust		8
	215,443		United Overseas Bank Ltd		3,672
	3,231		UOL Group Ltd		19
	1,800		Venture Corp Ltd		27
			TOTAL SINGAPORE		20,753

SOUTH AFRICA - 0.2%
	131,962		Absa Group Ltd		1,079
	20,457		African Rainbow Minerals Ltd		365
	10,391		Anglo American Platinum Ltd		1,023
	8,548		Anglo American plc (London)		282
	72,423	*	Aspen Pharmacare Holdings Ltd		619
	62,446		Bid Corp Ltd		1,122
	54,627		Bidvest Group Ltd		585
	12,857	*	Capitec Bank Holdings Ltd		1,257
	45,391		Clicks Group Ltd		780
	70,549		Discovery Holdings Ltd		738
	47,849		Exxaro Resources Ltd		452
	883,392		FirstRand Ltd		3,078
	162,541		Gold Fields Ltd		1,509
	666,010		Growthpoint Properties Ltd		571
	101,873	*	Harmony Gold Mining Co Ltd		487
	150,167		Impala Platinum Holdings Ltd		2,067
	11,846		Kumba Iron Ore Ltd		502
	48,652		Mr Price Group Ltd		565
	318,068	e	MTN Group Ltd		1,313
	82,083		MultiChoice Group Ltd		749
	80,752		Naspers Ltd (N Shares)		16,536
	69,259		Nedbank Group Ltd		612
	67,003	*	Northam Platinum Ltd		958
	137,081		Rand Merchant Investment Holdings Ltd		299
	99,135		Remgro Ltd		651
	333,483		Sanlam Ltd		1,331
	106,455	*	Sasol Ltd		968
	93,425		Shoprite Holdings Ltd		890
	421,190		Sibanye Stillwater Ltd		1,698

234

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	34,624		Spar Group Ltd	$	446
	238,588		Standard Bank Group Ltd		2,066
	31,314		Tiger Brands Ltd		444
	116,989		Vodacom Group Pty Ltd		990
	184,014		Woolworths Holdings Ltd		495
			TOTAL SOUTH AFRICA		47,527

SPAIN - 0.4%
	2,100		ACS Actividades de Construccion y Servicios S.A.		70
	470	g	Aena S.A.		82
	271,862		Amadeus IT Holding S.A.		20,068
	46,462		Banco Bilbao Vizcaya Argentaria S.A.		230
	120,765		Banco Santander S.A. (AQXE)		377
	25,008		CaixaBank S.A.		64
	2,205	g	Cellnex Telecom SAU		132
	1,874		Enagas		41
	2,213	e	Endesa S.A.		61
	3,392		Ferrovial S.A.		94
	2,079	e	Grifols S.A.		61
	4,465,510		Iberdrola S.A.		64,171
	243,538		Industria De Diseno Textil S.A.		7,730
	108,528	*,†,e	Let’s GOWEX S.A.		1
	54,551		Naturgy Energy Group S.A.		1,268
	68,149		Red Electrica Corp S.A.		1,399
	10,199	e	Repsol YPF S.A.		103
	1,864		Siemens Gamesa Renewable Energy		76
	845,982		Telefonica S.A.		3,365
	1,856	*	Telefonica S.A.		7
			TOTAL SPAIN		99,400

SWEDEN - 0.6%
	2,192		Alfa Laval AB		61
	938,808		Assa Abloy AB		23,200
	4,679		Atlas Copco AB (A Shares)		240
	2,719		Atlas Copco AB (B Shares)		122
	6,371		Autoliv, Inc		587
	1,906		Boliden AB		68
	1,659		Electrolux AB (Series B)		39
	2,831		Epiroc AB		48
	4,592		Epiroc AB (Class A)		83
	1,630	e	EQT AB		41
	2,404,068		Ericsson (LM) (B Shares)		28,597
	4,241		Essity AB		137
	1,115	g	Evolution Gaming Group AB		112
	48,028	*	Fastighets AB Balder		2,508
	5,598		Hennes & Mauritz AB (B Shares)		118
	263,306		Hexagon AB (B Shares)		24,140
	3,370		Husqvarna AB (B Shares)		44
	701		ICA Gruppen AB		35
	1,113		Industrivarden AB		36
	744		Industrivarden AB		25
	498,177	e	Intrum Justitia AB		12,990
	998		Investment AB Latour		24
	3,174		Investor AB (B Shares)		231

235

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,686		Kinnevik AB	$	85
	530		Lundbergs AB (B Shares)		28
	194,940		Lundin Petroleum AB		5,283
	2,173	e	Nibe Industrier AB		71
	670,180		Sandvik AB		16,529
	102,954	*	SAS AB		23
	2,182		Securitas AB (B Shares)		35
	11,341		Skandinaviska Enskilda Banken AB (Class A)		117
	2,370		Skanska AB (B Shares)		60
	2,653		SKF AB (B Shares)		69
	4,222		Svenska Cellulosa AB (B Shares)		74
	10,841		Svenska Handelsbanken AB		109
	6,310		Swedbank AB (A Shares)		111
	489,266		Swedish Match AB		38,075
	3,480		Tele2 AB (B Shares)		46
	17,098		TeliaSonera AB		71
	9,923		Volvo AB (B Shares)		235
			TOTAL SWEDEN		154,507

SWITZERLAND - 2.6%
	12,842		ABB Ltd		360
	1,080		Adecco S.A.		72
	132,898		Alcon, Inc		8,824
	323		Baloise Holding AG.		57
	151		Banque Cantonale Vaudoise		16
	22		Barry Callebaut AG.		52
	92,506		Cie Financiere Richemont S.A.		8,357
	1,388		Clariant AG.		30
	1,395		Coca-Cola HBC AG.		45
	6,761,044		Credit Suisse Group		87,291
	57	e	EMS-Chemie Holding AG.		55
	258		Geberit AG.		162
	3,443		Givaudan S.A.		14,567
	3,648		Holcim Ltd		200
	1,560		Julius Baer Group Ltd		90
	376		Kuehne & Nagel International AG.		85
	1,146		Logitech International S.A.		111
	251,587		Lonza Group AG.		162,064
	527,537		Nestle S.A.		62,361
	260,882		Novartis AG.		24,564
	130		Partners Group		153
	7,394		PSP Swiss Property AG.		985
	558,772		Roche Holding AG.		194,619
	284		Schindler Holding AG.		77
	151		Schindler Holding AG. (Registered)		41
	42		SGS S.A.		127
	988		Sika AG.		269
	381	*	Sonova Holdings AG		99
	585,234	e	STMicroelectronics NV		21,651
	72		Straumann Holding AG.		84
	1,404		Swatch Group AG. (Registered)		74
	212		Swiss Life Holding		99
	7,923		Swiss Prime Site AG.		777
	1,991		Swiss Re Ltd		188

236

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	180		Swisscom AG.	$	97
	465		Temenos Group AG.		65
	681,316		UBS Group AG		9,593
	317	e	Vifor Pharma AG.		50
	78,094		Zurich Insurance Group AG		32,910
			TOTAL SWITZERLAND		631,321

TAIWAN - 2.2%
	95,000		Accton Technology Corp		1,071
	543,000		Acer, Inc		458
	70,391		Advantech Co Ltd		879
	610,000		ASE Industrial Holding Co Ltd		1,769
	410,000		Asia Cement Corp		631
	5,000		ASMedia Technology, Inc		280
	133,000		Asustek Computer, Inc		1,188
	1,637,000	*	AU Optronics Corp		819
	130,189		Catcher Technology Co Ltd		957
	1,470,412		Cathay Financial Holding Co Ltd		2,214
	225,707		Chailease Holding Co Ltd		1,351
	905,350		Chang Hwa Commercial Bank		579
	331,000		Cheng Shin Rubber Industry Co Ltd		520
	112,335		Chicony Electronics Co Ltd		345
	2,362,000		China Development Financial Holding Corp		782
	491,045		China Life Insurance Co Ltd (Taiwan)		389
	2,196,000		China Steel Corp		1,936
	3,262,000		Chinatrust Financial Holding Co		2,289
	709,000		Chunghwa Telecom Co Ltd		2,750
	816,000		Compal Electronics, Inc		602
	929,727		Dadi Early-Childhood Education Group Ltd		5,733
	361,000		Delta Electronics, Inc		3,385
	2,075,087		E.Sun Financial Holding Co Ltd		1,889
	35,000		Eclat Textile Co Ltd		527
	424,731	*	Evergreen Marine Corp Tawain Ltd		617
	572,000		Far Eastern Textile Co Ltd		590
	306,000		Far EasTone Telecommunications Co Ltd		667
	73,040		Feng TAY Enterprise Co Ltd		520
	1,886,530		First Financial Holding Co Ltd		1,436
	661,000		Formosa Chemicals & Fibre Corp		1,994
	220,000		Formosa Petrochemical Corp		782
	715,000		Formosa Plastics Corp		2,456
	167,000		Foxconn Technology Co Ltd		318
	1,234,000		Fubon Financial Holding Co Ltd		2,055
	1,809,600		Fuhwa Financial Holdings Co Ltd		1,326
	56,000		Giant Manufacturing Co Ltd		549
	41,000		Globalwafers Co Ltd		1,036
	119,800		Highwealth Construction Corp		196
	48,107		Hiwin Technologies Corp		660
	2,322,000		Hon Hai Precision Industry Co, Ltd		7,614
	1,934,278		Hota Industrial Manufacturing Co Ltd		7,219
	55,000		Hotai Motor Co Ltd		1,262
	1,482,281		Hua Nan Financial Holdings Co Ltd		964
	1,577,000		InnoLux Display Corp		794
	475,000		Inventec Co Ltd		406
	18,604		Largan Precision Co Ltd		2,120

237

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	398,000		Lite-On Technology Corp	$	706
	279,242		MediaTek, Inc		7,447
	2,026,000		Mega Financial Holding Co Ltd		2,150
	126,000		Micro-Star International Co Ltd		596
	962,000		Nan Ya Plastics Corp		2,465
	230,000		Nanya Technology Corp		713
	30,000		Nien Made Enterprise Co Ltd		349
	107,000		Novatek Microelectronics Corp Ltd		1,408
	36,000	*	Oneness Biotech Co Ltd		309
	372,000		Pegatron Technology Corp		893
	27,000		Phison Electronics Corp		320
	451,000		Pou Chen Corp		504
	144,000		Powertech Technology, Inc		488
	108,000		President Chain Store Corp		1,025
	540,000		Quanta Computer, Inc		1,558
	89,000		Realtek Semiconductor Corp		1,240
	155,100		Ruentex Development Co Ltd		226
	613,999		Shanghai Commercial & Savings Bank Ltd		899
	2,060,622		Shin Kong Financial Holding Co Ltd		648
	1,905,300		SinoPac Financial Holdings Co Ltd		777
	75,000		Standard Foods Corp		164
	251,000		Synnex Technology International Corp		421
	1,766,089		Taishin Financial Holdings Co Ltd		834
	970,417		Taiwan Business Bank		336
	911,192		Taiwan Cement Corp		1,403
	1,686,945		Taiwan Cooperative Financial Holding		1,223
	351,000		Taiwan High Speed Rail Corp		397
	313,000		Taiwan Mobile Co Ltd		1,102
	22,157,500		Taiwan Semiconductor Manufacturing Co Ltd		419,164
	223,000		Unimicron Technology Corp		697
	905,000		Uni-President Enterprises Corp		2,177
	2,160,000		United Microelectronics Corp		3,633
	170,000		Vanguard International Semiconductor Corp		703
	59,000		Walsin Technology Corp		485
	63,000		Win Semiconductors Corp		778
	563,000		Winbond Electronics Corp		584
	532,690		Wistron Corp		589
	15,000		Wiwynn Corp		377
	289,640		WPG Holdings Co Ltd		443
	69,339		Yageo Corp		1,283
	108,000		Zhen Ding Technology Holding Ltd		439
			TOTAL TAIWAN		530,877

TANZANIA, UNITED REPUBLIC OF - 0.0%
	77,096		AngloGold Ashanti Ltd		1,777
			TOTAL TANZANIA, UNITED REPUBLIC OF		1,777

THAILAND - 0.1%
	224,700		Advanced Info Service PCL (Foreign)		1,321
	786,200		Airports of Thailand PCL (Foreign)		1,640
	1,497,000		Asset World Corp PCL		228
	157,100		B Grimm Power PCL		254
	104,700		Bangkok Bank PCL (Foreign)		416
	325,000		Bangkok Commercial Asset Management PCL		237

238

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,770,900		Bangkok Dusit Medical Services PCL (Foreign)	$	1,224
	1,335,800		Bangkok Expressway & Metro PCL		374
	219,100		Berli Jucker PCL		254
	1,335,390		BTS Group Holdings PCL		415
	86,700		Bumrungrad Hospital PCL (Foreign)		347
	417,300		Central Pattana PCL (Foreign)		664
	337,175		Central Retail Corp PCL		346
	711,300		Charoen Pokphand Foods PCL		635
	1,095,100		CP Seven Eleven PCL (Foreign)		2,128
	114,000		Delta Electronics Thai PCL		1,849
	53,100		Electricity Generating PCL		341
	284,900		Energy Absolute PCL (Foreign)		466
	137,900		Global Power Synergy Co Ltd (Foreign)		339
	429,930		Gulf Energy Development PCL		491
	1,067,500		Home Product Center PCL (Foreign)		486
	328,400		Indorama Ventures PCL (Foreign)		405
	422,000		Intouch Holdings PCL (Class F)		792
	325,600		Kasikornbank PCL (Foreign)		1,239
	684,000		Krung Thai Bank PCL (Foreign)		253
	141,600		Krungthai Card PCL		280
	1,468,000		Land and Houses PCL Co Reg		390
	583,900		Minor International PCL (Foreign)		501
	134,600		Muangthai Capital PCL		264
	138,600		Osotspa PCL		164
	297,500		PTT Exploration & Production PCL (Foreign)		976
	424,900		PTT Global Chemical PCL (Foreign)		830
	2,222,500		PTT PCL (Foreign)		3,146
	148,300		Ratch Group PCL		262
	149,000		Siam Cement PCL (Foreign)		1,880
	157,600		Siam Commercial Bank PCL (Foreign)		460
	79,500		Sri Trang Gloves Thailand PCL		202
	136,600		Srisawad Corp PCL		299
	233,300		Thai Oil PCL (Foreign)		405
	599,400		Thai Union Group PCL		272
	122,900		Total Access Communication PCL (Foreign)		136
	2,248,300		True Corp PCL (Foreign)		258
			TOTAL THAILAND		27,869

TURKEY - 0.0%
	551,907	*	Akbank TAS		512
	125,082		Aselsan Elektronik Sanayi Ve Ticaret AS		307
	84,675		BIM Birlesik Magazalar AS		857
	264,121		Eregli Demir ve Celik Fabrikalari TAS		530
	12,638		Ford Otomotiv Sanayi AS		214
	174,450		Haci Omer Sabanci Holding AS		269
	143,217		KOC Holding AS		406
	27,026	*	Tupras Turkiye Petrol Rafine		392
	113,370	*	Turk Hava Yollari		197
	256,045		Turk Sise ve Cam Fabrikalari AS		252
	229,672		Turkcell Iletisim Hizmet AS		496
	429,870	*	Turkiye Garanti Bankasi AS		600
	300,880	*	Turkiye Is Bankasi (Series C)		283
	551,174	*	Yapi ve Kredi Bankasi		228
			TOTAL TURKEY		5,543

239

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
UNITED ARAB EMIRATES - 0.0%
	517,286		Abu Dhabi Commercial Bank PJSC	$	875
	263,428		Abu Dhabi Islamic Bank PJSC		338
	716,379		Aldar Properties PJSC		616
	325,077		Dubai Islamic Bank PJSC		409
	499,758	*	Emaar Malls Group PJSC		250
	627,507	*	Emaar Properties PJSC		605
	474,728		Emirates NBD Bank PJSC		1,336
	321,032		Emirates Telecommunications Group Co PJSC		1,479
	504,658		National Bank of Abu Dhabi PJSC		1,779
	5,358	*,†	NMC Health plc		0	^
			TOTAL UNITED ARAB EMIRATES		7,687

UNITED KINGDOM - 4.1%
	6,781		3i Group plc		107
	1,520		Admiral Group plc		60
	1,356,050		Ashtead Group plc		63,871
	118,738	*	Associated British Foods plc		3,666
	1,142,238		AstraZeneca plc		113,896
	6,730	g	Auto Trader Group plc		55
	1,029		Aveva Group plc		45
	27,369		Aviva plc		122
	22,415		BAE Systems plc		150
	6,639,360		Barclays plc		13,319
	8,012		Barratt Developments plc		73
	1,866,804		Beazley plc		9,308
	876		Berkeley Group Holdings plc		57
	96,123		Big Yellow Group plc		1,440
	1,672,026		BP plc		5,770
	256,747		BP plc (ADR)		5,268
	563,025		British American Tobacco plc		20,909
	228,594		British Land Co plc		1,531
	62,193	*	BT Group plc		112
	2,347		Bunzl plc		78
	2,820	*	Burberry Group plc		69
	19,043		CK Hutchison Holdings Ltd		133
	7,130		CNH Industrial NV		90
	82,759		Coca-Cola European Partners plc (Class A)		4,124
	255,387		Compass Group plc		4,763
	972		Croda International plc		87
	686		DCC plc		49
	366,616		Dechra Pharmaceuticals plc		17,266
	29,576		Derwent London plc		1,257
	367,656		Diageo plc		14,548
	9,834		Direct Line Insurance Group plc		43
	1,804,801	*	Electrocomponents plc		21,460
	6,386		Experian Group Ltd		243
	666,212		Fevertree Drinks plc		23,022
	7,678		Fiat DaimlerChrysler Automobiles NV		139
	301,245		GlaxoSmithKline plc		5,512
	147,882		Great Portland Estates plc		1,353
	4,066		GVC Holdings plc		63
	2,645		Halma plc		89

240

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	2,670	e	Hargreaves Lansdown plc	$	56
	141,920		HSBC Holdings plc		733
	6,595		Imperial Tobacco Group plc		138
	269,768		Informa plc		2,017
	1,209		InterContinental Hotels Group plc		78
	1,125		Intertek Group plc		87
	13,835		J Sainsbury plc		43
	3,052	*	JD Sports Fashion plc		36
	1,349		Johnson Matthey plc		45
	14,704	*	Kingfisher plc		54
	167,769	e	Land Securities Group plc		1,550
	41,577		Legal & General Group plc		152
	298,626	*	Liberty Global plc (Class A)		7,233
	26,973	*	Liberty Global plc (Class C)		638
	91,747		Linde plc		24,176
	603,534		Linde plc (Xetra)		159,138
	128,853,148		Lloyds TSB Group plc		64,241
	362,003		London Stock Exchange Group plc		44,684
	948,184		M&G plc		2,559
	5,539,152		Man Group plc		10,459
	35,840		Melrose Industries plc		87
	43,155		Mondi plc		1,011
	24,529		National Grid plc		290
	28,633		Next plc		2,761
	3,388	*	Ocado Ltd		106
	885,298		Old Mutual Ltd		718
	5,676	e	Pearson plc		52
	2,222		Persimmon plc		84
	3,829		Phoenix Group Holdings plc		37
	948,726		Prudential plc		17,445
	126,113		Reckitt Benckiser Group plc		11,256
	649,196		RELX plc		15,864
	221,882		RELX plc (London)		5,429
	12,921		Rentokil Initial plc		90
	58,308		Rolls-Royce Group plc		88
	33,795		Royal Bank of Scotland Group plc		77
	8,094		RSA Insurance Group plc		75
	118,305		Safestore Holdings plc		1,264
	7,602		Sage Group plc		60
	866	e	Schroders plc		40
	184,703		Scottish & Southern Energy plc		3,783
	200,546		Segro plc		2,602
	1,664		Severn Trent plc		52
	6,101		Smith & Nephew plc		127
	2,761		Smiths Group plc		57
	514		Spirax-Sarco Engineering plc		79
	3,741		St. James’s Place plc		58
	18,694		Standard Chartered plc		119
	15,626		Standard Life Aberdeen plc		60
	24,640		Taylor Wimpey plc		56
	27,846,623		Tesco plc		87,877
	13,312,821	*	THG Holdings Ltd		142,001
	5,028,907		Tritax Big Box REIT plc		11,554
	342,732		Unilever plc		20,753

241

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	370,552		Unilever plc	$	22,223
	4,752		United Utilities Group plc		58
	4,744,917		Vodafone Group plc		7,794
	1,544	*	Whitbread plc		65
	18,190		WM Morrison Supermarkets plc		44
	225,679		WPP plc		2,445
			TOTAL UNITED KINGDOM		1,010,905

UNITED STATES - 54.8%
	4,661	*	10X Genomics, Inc		660
	77,722		3M Co		13,585
	10,650		A.O. Smith Corp		584
	1,554,456		Abbott Laboratories		170,197
	1,310,538		AbbVie, Inc		140,424
	10,801	*	Abiomed, Inc		3,502
	141,894		Accenture plc		37,064
	644,594		Activision Blizzard, Inc		59,851
	185,116	*	Adient plc		6,436
	36,403	*	Adobe, Inc		18,206
	5,221		Advance Auto Parts, Inc		822
	1,589,812	*	Advanced Micro Devices, Inc		145,802
	50,217		AES Corp		1,180
	50,587		Aflac, Inc		2,250
	47,280		Agilent Technologies, Inc		5,602
	41,914		AGNC Investment Corp		654
	22,182		Agree Realty Corp		1,477
	48,591		Air Products & Chemicals, Inc		13,276
	12,382	*	Akamai Technologies, Inc		1,300
	95,319		Albemarle Corp		14,061
	47,338		Alexandria Real Estate Equities, Inc		8,437
	16,832	*	Alexion Pharmaceuticals, Inc		2,630
	27,890	*	Align Technology, Inc		14,904
	13,178		Alleghany Corp		7,955
	234,116	*	Allegheny Technologies, Inc		3,926
	7,139		Allegion plc		831
	257,453		Alliant Energy Corp		13,267
	77,229		Allstate Corp		8,490
	28,885		Ally Financial, Inc		1,030
	47,895	*	Alnylam Pharmaceuticals, Inc		6,225
	95,488	*	Alphabet, Inc (Class A)		167,356
	145,862	*	Alphabet, Inc (Class C)		255,533
	46,719	*	Altice USA, Inc		1,769
	394,191		Altria Group, Inc		16,162
	168,252	*	Amazon.com, Inc		547,985
	114,846		Amcor plc		1,352
	614		Amerco, Inc		279
	191,586		Ameren Corp		14,955
	239,965		American Electric Power Co, Inc		19,982
	52,196		American Express Co		6,311
	5,951		American Financial Group, Inc		521
	97,602		American Homes 4 Rent		2,928
	435,066		American International Group, Inc		16,472
	87,987		American Tower Corp		19,750
	13,813		American Water Works Co, Inc		2,120

242

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	67,123		Americold Realty Trust	$	2,506
	9,000		Ameriprise Financial, Inc		1,749
	11,649		AmerisourceBergen Corp		1,139
	17,003		Ametek, Inc		2,056
	121,158		Amgen, Inc		27,857
	22,593		Amphenol Corp (Class A)		2,954
	28,111		Analog Devices, Inc		4,153
	108,890		Annaly Capital Management, Inc		920
	6,532	*	Ansys, Inc		2,376
	58,263		Anthem, Inc		18,708
	44,677		Aon plc		9,439
	13,092		Apollo Global Management, Inc		641
	5,630,683	d	Apple, Inc		747,135
	69,168		Applied Materials, Inc		5,969
	119,869		Aptiv plc		15,618
	17,426		ARAMARK Holdings Corp		671
	30,931	*	Arch Capital Group Ltd		1,116
	42,373		Archer-Daniels-Midland Co		2,136
	4,362	*	Arista Networks, Inc		1,267
	6,037	*	Arrow Electronics, Inc		587
	14,483		Arthur J. Gallagher & Co		1,792
	4,563		Assurant, Inc		622
	1,748,217		AT&T, Inc		50,279
	242,212	*	Athene Holding Ltd		10,449
	8,779		Atmos Energy Corp		838
	16,721	*	Autodesk, Inc		5,106
	96,487		Automatic Data Processing, Inc		17,001
	3,277	*	AutoZone, Inc		3,885
	6,085	*	Avalara, Inc		1,003
	28,479		AvalonBay Communities, Inc		4,569
	469,778	*	Avantor, Inc		13,224
	6,358		Avery Dennison Corp		986
	700,221	*	Axalta Coating Systems Ltd		19,991
	74,216		Axis Capital Holdings Ltd		3,740
	50,410		Baker Hughes Co		1,051
	24,875		Ball Corp		2,318
	1,164,912		Bank of America Corp		35,308
	518,476		Bank of New York Mellon Corp		22,004
	2,422	*	Bausch Health Cos, Inc		50
	176,935		Baxter International, Inc		14,197
	66,472		Becton Dickinson & Co		16,633
	288,613	*	Berkshire Hathaway, Inc (Class B)		66,921
	244,002	*	Berry Global Group, Inc		13,710
	38,925		Best Buy Co, Inc		3,884
	32,024	*	Biogen, Inc		7,841
	13,817	*	BioMarin Pharmaceutical, Inc		1,212
	9,067	*	Bio-Rad Laboratories, Inc (Class A)		5,285
	11,529	*	Black Knight, Inc		1,019
	34,032		BlackRock, Inc		24,555
	132,197		Blackstone Group, Inc		8,568
	410,543		Boeing Co		87,881
	6,668	*	Booking Holdings, Inc		14,851
	10,586		Booz Allen Hamilton Holding Co		923
	18,652		BorgWarner, Inc		721

243

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	28,304		Boston Properties, Inc	$	2,676
	2,180,752	*	Boston Scientific Corp		78,398
	493,391		Bristol-Myers Squibb Co		30,605
	344,882		Broadcom, Inc		151,007
	8,765		Broadridge Financial Solutions, Inc		1,343
	840		Brookfield Renewable Corp		49
	18,534		Brown & Brown, Inc		879
	23,581		Brown-Forman Corp (Class B)		1,873
	10,826		Bunge Ltd		710
	40,478	*	Burlington Stores, Inc		10,587
	366		Cable One, Inc		815
	702,755		Cabot Oil & Gas Corp		11,441
	21,296	*	Cadence Design Systems, Inc		2,905
	7,422		Camden Property Trust		742
	14,047		Campbell Soup Co		679
	34,731		Capital One Financial Corp		3,433
	22,325		Cardinal Health, Inc		1,196
	10,505		Carlyle Group, Inc		330
	12,280	*	CarMax, Inc		1,160
	97,678		Carnival Corp		2,116
	61,188		Carrier Global Corp		2,308
	4,741	*	Carvana Co		1,136
	56,495	*	Catalent, Inc		5,879
	448,643		Caterpillar, Inc		81,662
	8,268		CBOE Global Markets, Inc		770
	25,283	*	CBRE Group, Inc		1,586
	328,350		CDW Corp		43,273
	9,015		Celanese Corp (Series A)		1,171
	230,560	*	Centene Corp		13,840
	1,257,440		Centerpoint Energy, Inc		27,211
	70,776		CenturyLink, Inc		690
	10,077	*	Ceridian HCM Holding, Inc		1,074
	78,092		Cerner Corp		6,129
	42,716		CF Industries Holdings, Inc		1,654
	10,288		CH Robinson Worldwide, Inc		966
	448,643		Charles Schwab Corp		23,796
	37,027	*	Charter Communications, Inc		24,495
	54,220	*	Cheniere Energy, Inc		3,255
	483,624		Chevron Corp		40,842
	5,726	*,e	Chewy, Inc		515
	2,021	*	Chipotle Mexican Grill, Inc (Class A)		2,803
	220,364		Chubb Ltd		33,918
	18,766		Church & Dwight Co, Inc		1,637
	119,454		Cigna Corp		24,868
	11,746		Cincinnati Financial Corp		1,026
	6,743		Cintas Corp		2,383
	1,059,947		Cisco Systems, Inc		47,433
	1,961,206		Citigroup, Inc		120,928
	421,824		Citizens Financial Group, Inc		15,084
	8,947		Citrix Systems, Inc		1,164
	30,735		Clorox Co		6,206
	11,703	*	Cloudflare, Inc		889
	95,576		CME Group, Inc		17,400
	215,887		CMS Energy Corp		13,171

244

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,040,125		Coca-Cola Co	$	166,720
	13,223		Cognex Corp		1,062
	41,249		Cognizant Technology Solutions Corp (Class A)		3,380
	207,992		Colgate-Palmolive Co		17,785
	1,771,270		Comcast Corp (Class A)		92,815
	3,760,585	*	CommScope Holding Co, Inc		50,392
	239,955		ConAgra Brands, Inc		8,701
	15,000		Concho Resources, Inc		875
	394,143		ConocoPhillips		15,762
	25,488		Consolidated Edison, Inc		1,842
	39,722		Constellation Brands, Inc (Class A)		8,701
	4,069		Cooper Cos, Inc		1,478
	16,118	*	Copart, Inc		2,051
	58,052		Corning, Inc		2,090
	223,241		Corteva, Inc		8,644
	3,003	*	CoStar Group, Inc		2,776
	393,495		Costco Wholesale Corp		148,261
	9,683		Coty, Inc		68
	5,086	*	Coupa Software, Inc		1,724
	10,889	*	Crowdstrike Holdings, Inc		2,306
	143,670		Crown Castle International Corp		22,871
	556,599	*	Crown Holdings, Inc		55,771
	311,740		CSX Corp		28,290
	11,257		Cummins, Inc		2,556
	270,190		CVS Health Corp		18,454
	222	*	CyberArk Software Ltd		36
	30,315		CyrusOne, Inc		2,218
	193,986		Danaher Corp		43,092
	9,799		Darden Restaurants, Inc		1,167
	11,592	*	Datadog, Inc		1,141
	6,020	*	DaVita, Inc		707
	132,737		Deere & Co		35,713
	18,388	*	Dell Technologies, Inc		1,348
	141,332		Delta Air Lines, Inc		5,683
	16,521		Dentsply Sirona, Inc		865
	33,973	*	DexCom, Inc		12,560
	11,203		Diamondback Energy, Inc		542
	50,788		Digital Realty Trust, Inc		7,085
	324,499		Discover Financial Services		29,377
	11,816	*,e	Discovery, Inc (Class A)		356
	24,775	*	Discovery, Inc (Class C)		649
	54,307	*	DISH Network Corp (Class A)		1,756
	13,274	*	DocuSign, Inc		2,951
	47,791		Dollar General Corp		10,050
	68,375	*	Dollar Tree, Inc		7,387
	64,036		Dominion Energy, Inc		4,815
	2,986		Domino’s Pizza, Inc		1,145
	10,497		Dover Corp		1,325
	1,095,847		Dow, Inc		60,819
	26,352		DR Horton, Inc		1,816
	12,916	*	DraftKings, Inc		601
	19,143	*	Dropbox, Inc		425
	14,695		DTE Energy Co		1,784
	180,927		Duke Energy Corp		16,566

245

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	66,631		Duke Realty Corp	$	2,663
	1,384,587		DuPont de Nemours, Inc		98,458
	13,951	*	Dynatrace, Inc		604
	10,269		Eastman Chemical Co		1,030
	349,222		Eaton Corp		41,956
	187,916		eBay, Inc		9,443
	19,466		Ecolab, Inc		4,212
	89,995		Edison International		5,653
	813,244	*	Edwards Lifesciences Corp		74,192
	30,214	*	Elanco Animal Health, Inc		927
	22,023		Electronic Arts, Inc		3,162
	185,244		Eli Lilly & Co		31,277
	45,577		Emerson Electric Co		3,663
	9,084	*	Enphase Energy, Inc		1,594
	163,504		Entergy Corp		16,324
	147,882	*	Envista Holdings Corp		4,988
	115,021		EOG Resources, Inc		5,736
	4,247	*	EPAM Systems, Inc		1,522
	434,840		EQT Corp		5,527
	9,260		Equifax, Inc		1,786
	9,710		Equinix, Inc		6,935
	858,930		Equitable Holdings, Inc		21,980
	101,992		Equity Lifestyle Properties, Inc		6,462
	89,008		Equity Residential		5,276
	1,935		Erie Indemnity Co (Class A)		475
	18,008		Essential Utilities Inc		852
	12,379		Essex Property Trust, Inc		2,939
	66,549		Estee Lauder Cos (Class A)		17,715
	9,051	*	Etsy, Inc		1,610
	3,049		Everest Re Group Ltd		714
	17,110		Evergy, Inc		950
	25,709		Eversource Energy		2,224
	67,721	*	Exact Sciences Corp		8,972
	237,717		Exelon Corp		10,036
	34,294		Expedia Group, Inc		4,541
	12,709		Expeditors International of Washington, Inc		1,209
	32,048		Extra Space Storage, Inc		3,713
	882,851		Exxon Mobil Corp		36,391
	4,639	*	F5 Networks, Inc		816
	764,140	*	Facebook, Inc		208,733
	2,903		Factset Research Systems, Inc		965
	2,188	*	Fair Isaac Corp		1,118
	43,708		Fastenal Co		2,134
	18,938		FedEx Corp		4,917
	1,567		Ferguson plc		190
	21,221		Fidelity National Financial Inc		830
	47,147		Fidelity National Information Services, Inc		6,669
	610,599		Fifth Third Bancorp		16,834
	88,723		First Republic Bank		13,036
	256,027		FirstEnergy Corp		7,837
	43,412	*	Fiserv, Inc		4,943
	6,394	*	FleetCor Technologies, Inc		1,744
	9,377		FMC Corp		1,078
	297,991		Ford Motor Co		2,619

246

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	10,482	*	Fortinet, Inc	$	1,557
	220,708		Fortive Corp		15,631
	10,525		Fortune Brands Home & Security, Inc		902
	25,867		Fox Corp (Class A)		753
	12,722		Fox Corp (Class B)		367
	20,347		Franklin Resources, Inc		508
	5,312,985		Freeport-McMoRan, Inc (Class B)		138,244
	68,087		Gaming and Leisure Properties, Inc		2,887
	10,953		Garmin Ltd		1,311
	6,801	*	Gartner, Inc		1,089
	4,767	*	Generac Holdings, Inc		1,084
	18,196		General Dynamics Corp		2,708
	667,256		General Electric Co		7,206
	100,307		General Mills, Inc		5,898
	18,159,000	*,†,q	General Motors Co		0
	18,106,794	*,†,e,q	General Motors Co		0
	98,251		General Motors Co		4,091
	4,461,000	*,†,q	General Motors Co		0
	19,417,463	*,†,q	General Motors Co		0
	69,850,000	*,†,q	General Motors Co		0
	61,921,000	*,†,e,q	General Motors Co		0
	13,592,224	*,†,q	General Motors Co		0
	29,845,445	*,†,q	General Motors Co		0
	26,439,985	*,†,q	General Motors Co		0
	530,757	*,†	General Motors Co		0
	10,414		Genuine Parts Co		1,046
	133,101		Gilead Sciences, Inc		7,754
	259,713		Global Payments, Inc		55,947
	7,672		Globe Life, Inc		729
	12,500	*	GoDaddy, Inc		1,037
	318,727		Goldman Sachs Group, Inc		84,051
	53,237	*	Guardant Health, Inc		6,861
	6,321	*	Guidewire Software, Inc		814
	464,085		Halliburton Co		8,771
	255,535		Hartford Financial Services Group, Inc		12,516
	9,865		Hasbro, Inc		923
	30,957		HCA Healthcare, Inc		5,091
	38,449		Healthcare Trust of America, Inc		1,059
	156,395		Healthpeak Properties Inc		4,728
	3,347		HEICO Corp		443
	5,590		HEICO Corp (Class A)		654
	10,768	*	Henry Schein, Inc		720
	11,245		Hershey Co		1,713
	20,811		Hess Corp		1,099
	96,975		Hewlett Packard Enterprise Co		1,149
	133,508		Hexcel Corp		6,474
	21,148		Hilton Worldwide Holdings, Inc		2,353
	96,389	*	Hologic, Inc		7,020
	685,218		Home Depot, Inc		182,008
	742,113		Honeywell International, Inc		157,847
	57,750	*	Horizon Therapeutics Plc		4,224
	22,587		Hormel Foods Corp		1,053
	172,046		Host Hotels and Resorts, Inc		2,517
	30,350		Howmet Aerospace, Inc		866

247

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	109,074		HP, Inc	$	2,682
	124,281		Hubbell, Inc		19,486
	3,286	*	HubSpot, Inc		1,303
	33,362		Humana, Inc		13,687
	78,510		Huntington Bancshares, Inc		992
	2,767		Huntington Ingalls		472
	5,996	*	IAC		1,135
	5,765		IDEX Corp		1,148
	27,221	*	IDEXX Laboratories, Inc		13,607
	51,649		IHS Markit Ltd		4,640
	23,824		Illinois Tool Works, Inc		4,857
	53,917	*	Illumina, Inc		19,949
	14,101	*	Incyte Corp		1,226
	414,527	*	Ingersoll Rand, Inc		18,886
	4,998	*	Insulet Corp		1,278
	1,062,546		Intel Corp		52,936
	87,951		Intercontinental Exchange Group, Inc		10,140
	67,757		International Business Machines Corp		8,529
	5,951	e	International Flavors & Fragrances, Inc		648
	106		International Flavors & Fragrances, Inc (Tel Aviv)		12
	53,505		International Paper Co		2,660
	187,113		Interpublic Group of Cos, Inc		4,401
	19,893		Intuit, Inc		7,556
	26,614	*	Intuitive Surgical, Inc		21,773
	29,946		Invesco Ltd		522
	189,022		Invitation Homes, Inc		5,614
	60,225	*	Ionis Pharmaceuticals, Inc		3,405
	2,879	*	IPG Photonics Corp		644
	64,409	*	IQVIA Holdings, Inc		11,540
	22,432	e	Iron Mountain, Inc		661
	271,259	e	iShares MSCI Canada Index Fund		8,366
	64,126		iShares MSCI South Korea Index Fund		5,518
	8,734		J.M. Smucker Co		1,010
	5,873		Jack Henry & Associates, Inc		951
	9,839		Jacobs Engineering Group, Inc		1,072
	3,089	*	James Hardie Industries NV		92
	52,534	*	Jazz Pharmaceuticals plc		8,671
	6,488		JB Hunt Transport Services, Inc		887
	606,389		Johnson & Johnson		95,433
	56,740		Johnson Controls International plc		2,643
	2,139,769		JPMorgan Chase & Co		271,900
	25,320		Juniper Networks, Inc		570
	126,597		Kansas City Southern		25,842
	18,664		Kellogg Co		1,161
	1,660,678		Keurig Dr Pepper, Inc		53,142
	74,888		Keycorp		1,229
	14,235	*	Keysight Technologies, Inc		1,880
	14,788		Kilroy Realty Corp		849
	90,897		Kimberly-Clark Corp		12,256
	151,229		Kinder Morgan, Inc		2,067
	38,362		KKR & Co, Inc		1,553
	11,831		KLA Corp		3,063
	9,738		Knight-Swift Transportation Holdings, Inc		407
	49,436		Kraft Heinz Co		1,713

248

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	228,897		Kroger Co	$	7,270
	401,582		L3Harris Technologies, Inc		75,907
	36,182	*	Laboratory Corp of America Holdings		7,365
	11,078		Lam Research Corp		5,232
	11,051		Lamb Weston Holdings, Inc		870
	764,155		Las Vegas Sands Corp		45,544
	4,312		Lear Corp		686
	10,292		Leidos Holdings, Inc		1,082
	20,948		Lennar Corp (Class A)		1,597
	2,615		Lennox International, Inc		716
	1,972	*	Liberty Broadband Corp (Class A)		311
	12,065	*	Liberty Broadband Corp (Class C)		1,911
	15,524	*	Liberty Media Group (Class C)		661
	6,804	*	Liberty SiriusXM Group (Class A)		294
	12,941	*	Liberty SiriusXM Group (Class C)		563
	14,962		Lincoln National Corp		753
	12,201	*	Live Nation, Inc		897
	22,019	*	LKQ Corp		776
	19,084		Lockheed Martin Corp		6,774
	19,298		Loews Corp		869
	227,648		Lowe’s Companies, Inc		36,540
	106,771	*	Lululemon Athletica, Inc		37,159
	20,361		LyondellBasell Industries NV		1,866
	9,840		M&T Bank Corp		1,253
	49,598		Marathon Petroleum Corp		2,051
	993	*	Markel Corp		1,026
	2,893		MarketAxess Holdings, Inc		1,651
	21,020		Marriott International, Inc (Class A)		2,773
	113,455		Marsh & McLennan Cos, Inc		13,274
	4,692		Martin Marietta Materials, Inc		1,332
	50,789		Marvell Technology Group Ltd		2,414
	19,884		Masco Corp		1,092
	24,658	*	Masimo Corp		6,618
	259,123		Mastercard, Inc (Class A)		92,491
	615,346	*	Match Group, Inc		93,034
	20,342		Maxim Integrated Products, Inc		1,803
	18,870		McCormick & Co, Inc		1,804
	688,830		McDonald’s Corp		147,809
	54,710		McKesson Corp		9,515
	40,463		Medical Properties Trust, Inc		882
	327,180		Medtronic plc		38,326
	735,974		Merck & Co, Inc		60,203
	92,554		Metlife, Inc		4,345
	1,824	*	Mettler-Toledo International, Inc		2,079
	36,095		MGM Resorts International		1,137
	18,764		Microchip Technology, Inc		2,591
	980,652	*	Micron Technology, Inc		73,725
	3,212,623		Microsoft Corp		714,552
	26,364		Mid-America Apartment Communities, Inc		3,340
	20,792	*	Moderna, Inc		2,172
	4,714	*	Mohawk Industries, Inc		664
	4,495	*	Molina Healthcare, Inc		956
	14,455		Molson Coors Brewing Co (Class B)		653
	551,936		Mondelez International, Inc		32,272

249

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	3,691	*	MongoDB, Inc	$	1,325
	3,237		Monolithic Power Systems, Inc		1,185
	984,173	*	Monster Beverage Corp		91,016
	12,876		Moody’s Corp		3,737
	2,729,155		Morgan Stanley		187,029
	27,573		Mosaic Co		634
	12,972		Motorola Solutions, Inc		2,206
	6,476		MSCI, Inc (Class A)		2,892
	8,774		Nasdaq Inc		1,165
	16,678		NetApp, Inc		1,105
	93,066	*	Netflix, Inc		50,324
	6,731	*	Neurocrine Biosciences, Inc		645
	29,576	*	Nevro Corp		5,120
	30,763		Newell Brands Inc		653
	519,854		Newmont Goldcorp Corp		31,134
	29,754		News Corp (Class A)		535
	474,601		NextEra Energy, Inc		36,615
	1,105,237		Nike, Inc (Class B)		156,358
	29,183		NiSource, Inc		669
	4,146		Nordson Corp		833
	19,531		Norfolk Southern Corp		4,641
	14,907		Northern Trust Corp		1,388
	111,592		Northrop Grumman Corp		34,004
	42,970		NortonLifelock, Inc		893
	6,517	*	Novocure Ltd		1,128
	61,614		NRG Energy, Inc		2,314
	22,706		Nucor Corp		1,208
	46,932		NVIDIA Corp		24,508
	257	*	NVR, Inc		1,048
	69,771		Occidental Petroleum Corp		1,208
	13,657		OGE Energy Corp		435
	8,886	*	Okta, Inc		2,259
	7,192		Old Dominion Freight Line		1,404
	17,333		Omega Healthcare Investors, Inc		630
	16,322		Omnicom Group, Inc		1,018
	1,783,196	*	ON Semiconductor Corp		58,364
	103,076		ONEOK, Inc		3,956
	429,569		Oracle Corp		27,789
	9,618	*	O’Reilly Automotive, Inc		4,353
	76,275		Otis Worldwide Corp		5,152
	113,190		Owens Corning, Inc		8,575
	25,698		PACCAR, Inc		2,217
	16,814		Packaging Corp of America		2,319
	2,640,756	*	Pactiv Evergreen, Inc		47,903
	7,359	*	Palo Alto Networks, Inc		2,615
	160,038		Parker-Hannifin Corp		43,596
	24,627		Paychex, Inc		2,295
	3,803	*	Paycom Software, Inc		1,720
	886,281	*	PayPal Holdings, Inc		207,567
	553,427	*	Peloton Interactive, Inc		83,966
	12,629		Pentair plc		670
	336,336		PepsiCo, Inc		49,879
	49,929		PerkinElmer, Inc		7,165
	44,377		Perrigo Co plc		1,985

250

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	1,222,538		Pfizer, Inc	$	45,002
	362,612	*	PG&E Corp		4,518
	313,330		Philip Morris International, Inc		25,941
	227,662		Phillips 66		15,923
	8,575		Pinnacle West Capital Corp		686
	35,111	*	Pinterest, Inc		2,314
	124,267		Pioneer Natural Resources Co		14,153
	31,936		PNC Financial Services Group, Inc		4,758
	3,042		Pool Corp		1,133
	9,263	*	PPD, Inc		317
	78,912		PPG Industries, Inc		11,381
	56,584		PPL Corp		1,596
	20,870		Principal Financial Group		1,035
	1,487,984		Procter & Gamble Co		207,038
	201,599		Progressive Corp		19,934
	233,209		Prologis, Inc		23,242
	99,232		Prudential Financial, Inc		7,747
	8,350	*	PTC, Inc		999
	38,571		Public Service Enterprise Group, Inc		2,249
	31,225		Public Storage, Inc		7,211
	20,564		Pulte Homes, Inc		887
	1,608	*	QIAGEN NV (Turquoise)		83
	8,756	*	Qorvo, Inc		1,456
	45,843	e	QTS Realty Trust, Inc		2,837
	899,485		QUALCOMM, Inc		137,028
	75,538		Quest Diagnostics, Inc		9,002
	9,404		Raymond James Financial, Inc		900
	496,347		Raytheon Technologies Corp		35,494
	64,655		Realty Income Corp		4,020
	79,529		Regency Centers Corp		3,626
	113,251	*	Regeneron Pharmaceuticals, Inc		54,713
	73,544		Regions Financial Corp		1,186
	5,191		Reinsurance Group of America, Inc (Class A)		602
	16,380		Republic Services, Inc		1,577
	16,953		Resmed, Inc		3,604
	214,429		Rexford Industrial Realty, Inc		10,531
	5,588	*	RingCentral, Inc		2,118
	8,795		Robert Half International, Inc		549
	56,575		Rockwell Automation, Inc		14,190
	7,791	*	Roku, Inc		2,587
	17,211		Rollins, Inc		672
	69,271		Roper Technologies Inc		29,862
	57,243		Ross Stores, Inc		7,030
	34,248		Royal Caribbean Cruises Ltd		2,558
	8,637		Royalty Pharma plc		432
	9,974		RPM International, Inc		905
	61,974		S&P Global, Inc		20,373
	939,008	*	salesforce.com, Inc		208,957
	10,401	*	Sarepta Therapeutics, Inc		1,773
	19,752		SBA Communications Corp		5,573
	383,493		Schlumberger Ltd		8,372
	17,627		Seagate Technology, Inc		1,096
	494,337	*	Seagen, Inc		86,578
	11,912		Sealed Air Corp		545

251

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	8,664		SEI Investments Co	$	498
	69,442		Sempra Energy		8,848
	11,909	*	Sensata Technologies Holding plc		628
	222,882	*	ServiceNow, Inc		122,681
	23,576		Sherwin-Williams Co		17,326
	579,900		Simon Property Group, Inc		49,454
	82,801	e	Sirius XM Holdings, Inc		527
	12,728		Skyworks Solutions, Inc		1,946
	29,061	*	Slack Technologies, Inc		1,228
	68,111	*	Snap, Inc		3,410
	3,934		Snap-On, Inc		673
	2,255	*,e	Snowflake, Inc		635
	3,804	*	SolarEdge Technologies, Inc		1,214
	80,561		Southern Co		4,949
	11,115		Southwest Airlines Co		518
	12,117	*	Splunk, Inc		2,059
	99,957	*	Spotify Technology S.A.		31,452
	27,749	*	Square, Inc		6,039
	17,651		SS&C Technologies Holdings, Inc		1,284
	25,180		Stanley Black & Decker, Inc		4,496
	263,132		Starbucks Corp		28,150
	26,848		State Street Corp		1,954
	16,130		Steel Dynamics, Inc		595
	6,484		STERIS plc		1,229
	107,109		Stryker Corp		26,246
	52,518		Sun Communities, Inc		7,980
	8,611	*	Sunrun, Inc		597
	3,892	*	SVB Financial Group		1,509
	40,056		Synchrony Financial		1,390
	11,509	*	Synopsys, Inc		2,984
	84,482		SYSCO Corp		6,274
	17,356		T Rowe Price Group, Inc		2,628
	230,495	*	Take-Two Interactive Software, Inc		47,895
	639,709		Target Corp		112,928
	206,752		TE Connectivity Ltd		25,031
	33,876	*,e	Teladoc, Inc		6,774
	2,796	*	Teledyne Technologies, Inc		1,096
	10,542		Teleflex, Inc		4,339
	3,290		Tenaris S.A.		27
	12,693		Teradyne, Inc		1,522
	38,449		Terreno Realty Corp		2,250
	262,583	*	Tesla, Inc		185,297
	69,574		Texas Instruments, Inc		11,419
	298,725		Textron, Inc		14,437
	114,454		Thermo Fisher Scientific, Inc		53,310
	8,362		Tiffany & Co		1,099
	227,742		TJX Companies, Inc		15,552
	271,369	*	T-Mobile US, Inc		36,594
	8,825		Tractor Supply Co		1,241
	3,125	*	Trade Desk, Inc		2,503
	6,300		Tradeweb Markets, Inc		393
	380,881		Trane Technologies plc		55,289
	3,918	*	TransDigm Group, Inc		2,425
	14,480		TransUnion		1,437

252

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	19,290		Travelers Cos, Inc	$	2,708
	19,157	*	Trimble Inc		1,279
	403,806		Tronox Holdings plc		5,904
	102,786		Truist Financial Corp		4,927
	9,906	*	Twilio, Inc		3,353
	59,901	*	Twitter, Inc		3,244
	3,044	*	Tyler Technologies, Inc		1,329
	45,602		Tyson Foods, Inc (Class A)		2,939
	724,131	*	Uber Technologies, Inc		36,931
	22,875		UDR, Inc		879
	15,754		UGI Corp		551
	11,187	*	Ulta Beauty, Inc		3,212
	867,245		Union Pacific Corp		180,578
	103,605		United Parcel Service, Inc (Class B)		17,447
	5,495	*	United Rentals, Inc		1,274
	467,680		UnitedHealth Group, Inc		164,006
	6,024		Universal Health Services, Inc (Class B)		828
	613,907		US Bancorp		28,602
	7,718		Vail Resorts, Inc		2,153
	149,269		Valero Energy Corp		8,444
	711,485	e	Vanguard Emerging Markets ETF		35,652
	50,000	e	Vanguard FTSE Developed Markets ETF		2,360
	21,719	*	Varian Medical Systems, Inc		3,801
	39,586	*	Veeva Systems, Inc		10,777
	72,822		Ventas, Inc		3,571
	16,717		VEREIT, Inc		632
	188,900	*	VeriSign, Inc		40,878
	11,762		Verisk Analytics, Inc		2,442
	936,315		Verizon Communications, Inc		55,008
	19,788	*	Vertex Pharmaceuticals, Inc		4,677
	51,692		VF Corp		4,415
	126,030		ViacomCBS, Inc (Class B)		4,696
	192,264	*	Viatris, Inc		3,603
	151,648		VICI Properties, Inc		3,867
	895,095		Visa, Inc (Class A)		195,784
	85,423		Vistra Energy Corp		1,679
	6,439	*,e	VMware, Inc (Class A)		903
	12,445		Vornado Realty Trust		465
	401,253		Voya Financial, Inc		23,598
	10,104		Vulcan Materials Co		1,499
	10,903		W.R. Berkley Corp		724
	87,434		W.W. Grainger, Inc		35,703
	13,783		Wabtec Corp		1,009
	55,263		Walgreens Boots Alliance, Inc		2,204
	1,034,871		Walmart, Inc		149,177
	1,225,811	*	Walt Disney Co		222,092
	19,478		Waste Connections, Inc		1,998
	31,696		Waste Management, Inc		3,738
	4,751	*	Waters Corp		1,175
	4,909	*,e	Wayfair, Inc		1,108
	24,065		WEC Energy Group, Inc		2,215
	492,629		Wells Fargo & Co		14,868
	85,079		Welltower, Inc		5,498
	44,877		West Pharmaceutical Services, Inc		12,714

253

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES			COMPANY	VALUE (000)
	22,680		Western Digital Corp	$	1,256
	31,210		Western Union Co		685
	19,559		WestRock Co		851
	98,927		Weyerhaeuser Co		3,317
	4,686		Whirlpool Corp		846
	294,067		Williams Cos, Inc		5,896
	17,013		Willis Towers Watson plc		3,584
	13,295	*	Workday, Inc		3,186
	13,155		WP Carey, Inc		928
	233,321	*	WPX Energy, Inc		1,902
	888,122		Wynn Resorts Ltd		100,207
	40,072		Xcel Energy, Inc		2,672
	18,557		Xilinx, Inc		2,631
	6,951	*	XPO Logistics, Inc		829
	13,731		Xylem, Inc		1,398
	173,177	*	YETI Holdings, Inc		11,857
	76,098		Yum! Brands, Inc		8,261
	4,062	*	Zebra Technologies Corp (Class A)		1,561
	8,763	*	Zendesk, Inc		1,254
	4,557	*	Zillow Group, Inc (Class A)		619
	10,710	*	Zillow Group, Inc (Class C)		1,390
	72,929		Zimmer Biomet Holdings, Inc		11,238
	152,785		Zoetis, Inc		25,286
	13,129	*	Zoom Video Communications, Inc		4,429
	5,539	*	Zscaler, Inc		1,106
			TOTAL UNITED STATES		13,363,809

ZAMBIA - 0.1%
	1,010,119		First Quantum Minerals Ltd		18,133
			TOTAL ZAMBIA		18,133

			TOTAL COMMON STOCKS		23,915,712
			(Cost $17,700,712)

RIGHTS / WARRANTS - 0.0%

AUSTRALIA - 0.0%
	89,428	e	PointsBet Holdings Ltd		203
			TOTAL AUSTRALIA		203

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

KOREA, REPUBLIC OF - 0.0%
	972		POSCO Chemical Co Ltd		27
			TOTAL KOREA, REPUBLIC OF		27

SPAIN - 0.0%
	10,199		Repsol S.A.		3
			TOTAL SPAIN		3

254

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

SHARES		COMPANY	VALUE (000)
SWITZERLAND - 0.0%
	186,636	Cie Financiere Richemont S.A.	$	49
		TOTAL SWITZERLAND		49

UNITED STATES - 0.0%
	10,700	Bristol-Myers Squibb Co		7
		TOTAL UNITED STATES		7

		TOTAL RIGHTS / WARRANTS		290
		(Cost $26)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 2.0%

GOVERNMENT AGENCY DEBT - 1.1%
$	37,500,000		Federal Agricultural Mortgage Corp (FAMC)		0.075	%	01/21/21	37,499
	11,896,000		Federal Farm Credit Bank (FFCB)		0.070		01/07/21	11,896
	4,953,000		Federal Home Loan Bank (FHLB)		0.070		01/20/21	4,953
	73,919,000		FHLB		0.070-0.091		01/27/21	73,916
	32,725,000		FHLB		0.090-0.092		02/03/21	32,723
	19,225,000		FHLB		0.075		02/10/21	19,223
	15,000,000		FHLB		0.085		02/17/21	14,999
	15,000,000		FHLB		0.085		02/22/21	14,998
	21,319,000		FHLB		0.090		03/12/21	21,315
	37,974,000		FHLB		0.100		06/16/21	37,957
			TOTAL GOVERNMENT AGENCY DEBT					269,479

REPURCHASE AGREEMENT - 0.1%
	22,375,000	r	Fixed Income Clearing Corp (FICC)		0.050		01/04/21	22,375
			TOTAL REPURCHASE AGREEMENT					22,375

TREASURY DEBT - 0.6%
	13,010,000		United States Cash Management Bill		0.095		02/09/21	13,009
	29,052,000		United States Cash Management Bill		0.080-0.086		03/02/21	29,048
	34,310,000		United States Treasury Bill		0.073-0.075		01/14/21	34,310
	24,028,000		United States Treasury Bill		0.080		01/28/21	24,027
	2,498,000		United States Treasury Bill		0.093		02/04/21	2,498
	25,000,000		United States Treasury Bill		0.095		04/29/21	24,993
			TOTAL TREASURY DEBT					127,885

INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.2%

REPURCHASE AGREEMENT - 0.2%
	5,000,000	s	Barclays Capital		0.050		01/04/21	5,000
	8,000,000	t	Calyon		0.080		01/04/21	8,000
	5,000,000	u	Citigroup		0.070		01/04/21	5,000
	5,000,000	v	Deutsche Bank		0.050		01/04/21	5,000
	7,000,000	w	Goldman Sachs		0.050		01/04/21	7,000
	5,000,000	x	JP Morgan		0.080		01/04/21	5,000
	5,000,000	y	Merrill Lynch		0.080		01/04/21	5,000
	5,000,000	z	Morgan Stanley		0.070		01/04/21	5,000
	5,000,000	aa	Royal Bank of Scotland		0.050		01/04/21	5,000
	10,000,000	ab	Societe Generale		0.070		01/04/21	10,000

255

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

VALUE
(000)

TOTAL REPURCHASE AGREEMENT

60,000

TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED

60,000

TOTAL SHORT-TERM INVESTMENTS

479,739

(Cost $479,733)

TOTAL INVESTMENTS - 100.1%

24,395,741

(Cost $18,180,471)

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(28,921

)

NET ASSETS - 100.0%

24,366,820



		Abbreviation(s):
ADR		American Depositary Receipt
ETF		Exchange Traded Fund
GDR		Global Depositary Receipt
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 $187,902,303.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $401,799,405 or 1.6% of net assets.
q		In default.
r		Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $22,375,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $22,822,524.
s		Agreement with Barclays Capital, 0.050% dated 12/31/20 to be repurchased at $5,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $5,100,036.
t		Agreement with Calyon, 0.080% dated 12/31/20 to be repurchased at $8,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $8,160,001.
u		Agreement with Citigroup, 0.070% dated 12/31/20 to be repurchased at $5,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $5,100,066.
v		Agreement with Deutsche Bank, 0.050% dated 12/31/20 to be repurchased at $5,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $5,100,097.
w		Agreement with Goldman Sachs, 0.050% dated 12/31/20 to be repurchased at $7,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $7,140,000.
x		Agreement with JP Morgan, 0.080% dated 12/31/20 to be repurchased at $5,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $5,100,000.
y		Agreement with Merrill Lynch, 0.080% dated 12/31/20 to be repurchased at $5,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $5,100,000.
z		Agreement with Morgan Stanley, 0.070% dated 12/31/20 to be repurchased at $5,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $5,100,012.
aa		Agreement with Royal Bank of Scotland, 0.050% dated 12/31/20 to be repurchased at $5,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $5,100,059.
ab		Agreement with Societe Generale, 0.070% dated 12/31/20 to be repurchased at $10,000,000 on 1/04/21, collateralized by U.S. Government Agency Securities valued at $10,200,153.

256

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 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		783	03/19/21	$	82,038	$	83,421	$	1,383
S&P 500 E Mini Index		957	03/19/21		175,369		179,380		4,011
Total		1,740		$	257,407	$	262,801	$	5,394

257

COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account

COLLEGE RETIREMENT EQUITIES FUND

GLOBAL EQUITIES ACCOUNT

SUMMARY OF MARKET VALUES BY SECTOR (unaudited)

December 31, 2020

SECTOR	VALUE (000)			% OF ASSETS
INFORMATION TECHNOLOGY	$	5,465,494			22.2	%
CONSUMER DISCRETIONARY		3,562,035			14.6
FINANCIALS		2,841,344			11.7
HEALTH CARE		2,815,214			11.6
INDUSTRIALS		2,305,986			9.5
COMMUNICATION SERVICES		2,265,184			9.3
CONSUMER STAPLES		1,721,409			7.1
MATERIALS		1,403,478			5.8
UTILITIES		696,615			2.9
ENERGY		440,438			1.8
REAL ESTATE		398,805			1.6
SHORT-TERM INVESTMENTS		479,739			2.0
OTHER ASSETS & LIABILITES, NET		(28,921	)		(0.1	)
NET ASSETS	$	24,366,820			100.0	%

258

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2020

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 2.2%
	32,212		BorgWarner, Inc	$	1,245
	1,114,337	*	Tesla, Inc		786,354
			TOTAL AUTOMOBILES & COMPONENTS		787,599

BANKS - 0.1%
	1,343,256	*,e	Rocket Cos, Inc		27,161
			TOTAL BANKS		27,161

CAPITAL GOODS - 1.8%
	376,048		3M Co		65,729
	59,127		Allegion plc		6,881
	74,367		Allison Transmission Holdings, Inc		3,207
	17,605		Armstrong World Industries, Inc		1,310
	4,423	*	Array Technologies, Inc		191
	64,413	*	Axon Enterprise, Inc		7,893
	6,832	*	AZEK Co, Inc		263
	53,968		BWX Technologies, Inc		3,253
	310,817		Carrier Global Corp		11,724
	883,976	*	Churchill Capital Corp IV		9,105
	12,306	e	Donaldson Co, Inc		688
	470,597		Fastenal Co		22,979
	57,789	*	Generac Holdings, Inc		13,142
	80,748		Graco, Inc		5,842
	37,680		HEICO Corp		4,989
	64,940		HEICO Corp (Class A)		7,602
	3,620		Huntington Ingalls		617
	139,869		Illinois Tool Works, Inc		28,517
	24,601		Lincoln Electric Holdings, Inc		2,860
	251,542		Lockheed Martin Corp		89,292
	45,051	*	Mercury Systems, Inc		3,967
	48,671		Nordson Corp		9,780
	146,458		Northrop Grumman Corp		44,629
	27,736		Quanta Services, Inc		1,998
	58,564		Rockwell Automation, Inc		14,688
	546,798		Roper Technologies Inc		235,719
	93,054		Toro Co		8,825
	12,083	*	TransDigm Group, Inc		7,478
	120,190	*	Trex Co, Inc		10,062
	229,257		Vertiv Holdings Co		4,280
	55,727	*,e	Virgin Galactic Holdings, Inc		1,322
	33,319		W.W. Grainger, Inc		13,606
			TOTAL CAPITAL GOODS		642,438

259

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
COMMERCIAL & PROFESSIONAL SERVICES - 1.9%
	524,903	*,e	Cimpress plc	$	46,055
	79,701		Cintas Corp		28,171
	3,250,903	*	Clarivate Analytics plc		96,584
	206,080	*	Copart, Inc		26,224
	3,910		CoreLogic Inc		302
	39,494	*	CoStar Group, Inc		36,503
	41,119	*	Dun & Bradstreet Holdings, Inc		1,024
	93,114		Equifax, Inc		17,956
	3,725,114		Experian Group Ltd		141,512
	32,835	*	IAA, Inc		2,134
	224,641		IHS Markit Ltd		20,179
	8,017		MSA Safety, Inc		1,198
	189,124		Rollins, Inc		7,389
	180,578		TransUnion		17,917
	163,075		Verisk Analytics, Inc		33,853
	1,731,770		Waste Connections, Inc		177,628
	54,532		Waste Management, Inc		6,431
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		661,060

CONSUMER DURABLES & APPAREL - 1.7%
	508,102		Essilor International S.A.		79,180
	115,518	*	Lululemon Athletica, Inc		40,204
	206,827	*	Mattel, Inc		3,609
	2,361,304		Nike, Inc (Class B)		334,054
	340	*	NVR, Inc		1,387
	445,272	*	Peloton Interactive, Inc		67,557
	6,195		Polaris Inc		590
	10,240,600		Prada S.p.A		67,669
	142,920	*	Tempur Sealy International, Inc		3,859
	19,490		VF Corp		1,664
			TOTAL CONSUMER DURABLES & APPAREL		599,773

CONSUMER SERVICES - 2.0%
	98,718	*,e	Airbnb, Inc		14,492
	43,314	*	Bright Horizons Family Solutions		7,493
	5,608,681		Carnival Corp		121,484
	125,227	*	Chegg, Inc		11,312
	141,579	*	Chipotle Mexican Grill, Inc (Class A)		196,329
	39,029		Domino’s Pizza, Inc		14,966
	688,845	*	Flutter Entertainment plc		142,495
	13,582	*	frontdoor, Inc		682
	136,995		H&R Block, Inc		2,173
	1,818,335		Las Vegas Sands Corp		108,373
	110,628		McDonald’s Corp		23,738
	46,398	*	Planet Fitness, Inc		3,602
	684,112		Starbucks Corp		73,186
	3,066		Vail Resorts, Inc		855
	185,187		Wendy’s		4,059
	24,094		Wynn Resorts Ltd		2,718
	28,178		Yum China Holdings, Inc		1,609
	21,387		Yum! Brands, Inc		2,322
			TOTAL CONSUMER SERVICES		731,888

260

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
DIVERSIFIED FINANCIALS - 2.2%
	88,153		Apollo Global Management, Inc	$	4,318
	102,259		Ares Management Corp		4,811
	11,397		Carlyle Group, Inc		358
	24,039		CBOE Global Markets, Inc		2,238
	681	*,e	Credit Acceptance Corp		236
	37,801		Factset Research Systems, Inc		12,569
	192,119		Intercontinental Exchange Group, Inc		22,149
	1,609,500	e	iShares Russell 1000 Growth Index Fund		388,115
	7,664	*,e	LendingTree, Inc		2,098
	6,451		LPL Financial Holdings, Inc		672
	38,242		MarketAxess Holdings, Inc		21,819
	166,826		Moody’s Corp		48,420
	18,666		Morningstar, Inc		4,322
	83,792		MSCI, Inc (Class A)		37,416
	1,191,512	*	Ribbit LEAP Ltd		17,837
	614,722		S&P Global, Inc		202,078
	81,955		SLM Corp		1,015
	53,601		T Rowe Price Group, Inc		8,115
	74,391		Tradeweb Markets, Inc		4,646
	57,638		Virtu Financial, Inc		1,451
			TOTAL DIVERSIFIED FINANCIALS		784,683

ENERGY - 0.0%
	238,433	*	Cheniere Energy, Inc		14,313
	40,987		Equitrans Midstream Corp		330
			TOTAL ENERGY		14,643

FOOD & STAPLES RETAILING - 1.5%
	18,347	e	Albertsons Cos, Inc		322
	1,387,176		Costco Wholesale Corp		522,660
	39,003	*	Grocery Outlet Holding Corp		1,531
	99,092	*	Sprouts Farmers Market, Inc		1,992
	351,303		SYSCO Corp		26,088
			TOTAL FOOD & STAPLES RETAILING		552,593

FOOD, BEVERAGE & TOBACCO - 2.4%
	830,065		Altria Group, Inc		34,033
	42,538	*,e	Beyond Meat, Inc		5,317
	9,198	*	Boston Beer Co, Inc (Class A)		9,145
	39,256		Brown-Forman Corp (Class A)		2,884
	155,480		Brown-Forman Corp (Class B)		12,350
	80,698		Campbell Soup Co		3,902
	2,319,464		Coca-Cola Co		127,199
	157,062		Constellation Brands, Inc (Class A)		34,404
	6,486,079		Davide Campari-Milano NV		74,346
	529,667		Fevertree Drinks plc		18,304

261

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	118,143		Hershey Co	$	17,997
	43,366	*	JDE Peet’s BV		1,967
	79,616		Kellogg Co		4,954
	2,529,869		Keurig Dr Pepper, Inc		80,956
	35,050		Lamb Weston Holdings, Inc		2,760
	143,384		McCormick & Co, Inc		13,707
	2,656,628	*	Monster Beverage Corp		245,685
	1,037,293		PepsiCo, Inc		153,831
	534	*	Pilgrim’s Pride Corp		10
			TOTAL FOOD, BEVERAGE & TOBACCO		843,751

HEALTH CARE EQUIPMENT & SERVICES - 5.3%
	679,842		Abbott Laboratories		74,436
	45,795	*	Abiomed, Inc		14,847
	1,224,937		Alcon, Inc		81,331
	415,328	*	Align Technology, Inc		221,943
	32,611	*	Amedisys, Inc		9,566
	32,118	*,e	American Well Corp		814
	69,722		AmerisourceBergen Corp		6,816
	65,633		Anthem, Inc		21,074
	217,964		Baxter International, Inc		17,489
	1,802,972	*	Boston Scientific Corp		64,817
	296,412		Cardinal Health, Inc		15,876
	161,444	*	Centene Corp		9,691
	308,704		Cerner Corp		24,227
	183,796	*	Change Healthcare, Inc		3,428
	15,397		Chemed Corp		8,201
	868,817		Cigna Corp		180,870
	5,207		Cooper Cos, Inc		1,892
	14,118	*	DaVita, Inc		1,657
	203,072	*	DexCom, Inc		75,080
	629,871	*	Edwards Lifesciences Corp		57,463
	45,745		Encompass Health Corp		3,783
	372,140	*,e	GoodRx Holdings, Inc		15,012
	724,288	*	Guardant Health, Inc		93,346
	47,938	*	Haemonetics Corp		5,693
	144,450		HCA Healthcare, Inc		23,756
	7,827		Hill-Rom Holdings, Inc		767
	178,907	*	Hologic, Inc		13,030
	51,602		Humana, Inc		21,171
	5,276	*	ICU Medical, Inc		1,132
	86,052	*	IDEXX Laboratories, Inc		43,015
	65,908	*	Insulet Corp		16,848
	320,902	*	Intuitive Surgical, Inc		262,530
	5,411	*	Laboratory Corp of America Holdings		1,101
	50,827	*	Masimo Corp		13,641
	124,922		McKesson Corp		21,726
	40,913	*	Molina Healthcare, Inc		8,701
	98,908	*	Novocure Ltd		17,115
	8,107	*	Oak Street Health, Inc		496
	34,140	*	Penumbra, Inc		5,975
	38,359	*	Quidel Corp		6,891

262

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	147,273		Resmed, Inc	$	31,304
	4,482		STERIS plc		850
	117,369		Stryker Corp		28,760
	54,924	*	Tandem Diabetes Care, Inc		5,255
	98,281	*,e	Teladoc, Inc		19,652
	29,407		Teleflex, Inc		12,103
	800,873		UnitedHealth Group, Inc		280,850
	12,070	*	Varian Medical Systems, Inc		2,112
	137,497	*	Veeva Systems, Inc		37,434
	76,122		West Pharmaceutical Services, Inc		21,566
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,907,133

HOUSEHOLD & PERSONAL PRODUCTS - 1.1%
	251,623		Church & Dwight Co, Inc		21,949
	92,852		Clorox Co		18,749
	49,595		Energizer Holdings, Inc		2,092
	689,914		Estee Lauder Cos (Class A)		183,648
	11,788	*	Herbalife Nutrition Ltd		566
	1,110,102		Procter & Gamble Co		154,460
	11,781		Reynolds Consumer Products Inc		354
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		381,818

INSURANCE - 0.3%
	1,274		Alleghany Corp		769
	231,772		Aon plc		48,967
	7,979		Axis Capital Holdings Ltd		402
	11,775		Brown & Brown, Inc		558
	13,602		Erie Indemnity Co (Class A)		3,341
	678	*	GoHealth, Inc		9
	23,531		Lincoln National Corp		1,184
	401,032		Marsh & McLennan Cos, Inc		46,921
	25,307		Primerica, Inc		3,389
	174,828		Progressive Corp		17,287
	18,074		RenaissanceRe Holdings Ltd		2,997
	486,652	*,e	Root, Inc		7,645
			TOTAL INSURANCE		133,469

MATERIALS - 0.7%
	28,905		Air Products & Chemicals, Inc		7,897
	243,389		Amcor plc		2,865
	35,972		Avery Dennison Corp		5,580
	303,902		Ball Corp		28,318
	47,639	*	Berry Global Group, Inc		2,677
	14,754	*	Crown Holdings, Inc		1,478
	47,689		Ecolab, Inc		10,318
	26,848		FMC Corp		3,086
	59,567		Graphic Packaging Holding Co		1,009
	305,526		Linde plc		80,509

263

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	5,802		NewMarket Corp	$	2,311
	48,658		Royal Gold, Inc		5,175
	105,692		RPM International, Inc		9,595
	39,216		Scotts Miracle-Gro Co (Class A)		7,809
	84,996		Sherwin-Williams Co		62,464
	20,266		WR Grace and Co		1,111
			TOTAL MATERIALS		232,202

MEDIA & ENTERTAINMENT - 12.8%
	309,360		Activision Blizzard, Inc		28,724
	237,675	*	Alphabet, Inc (Class A)		416,559
	722,984	*	Alphabet, Inc (Class C)		1,266,581
	298,389	*	Altice USA, Inc		11,300
	5,305		Cable One, Inc		11,818
	133,766	*	Charter Communications, Inc		88,493
	1,177,218		Electronic Arts, Inc		169,048
	5,164,680	*	Facebook, Inc		1,410,784
	10,914	*	Liberty SiriusXM Group (Class A)		471
	22,415	*	Liberty SiriusXM Group (Class C)		975
	147,122	*	Live Nation, Inc		10,810
	1,777,015	*	Match Group, Inc		268,667
	644,717	*	Netflix, Inc		348,618
	29,817		Nexstar Media Group Inc		3,256
	337,386	*	Pinterest, Inc		22,234
	108,643	*	Roku, Inc		36,072
	744,414	e	Sirius XM Holdings, Inc		4,742
	132,998	*	Spotify Technology S.A.		41,849
	104,850	*	Take-Two Interactive Software, Inc		21,787
	1,562,914		Tencent Holdings Ltd		112,458
	2,332,666	*	Twitter, Inc		126,314
	879,559	*	Walt Disney Co		159,358
	46,048		World Wrestling Entertainment, Inc (Class A)		2,213
	6,072	*	Zillow Group, Inc (Class A)		825
	15,978	*	Zillow Group, Inc (Class C)		2,074
	752,571	*	Zynga, Inc		7,428
			TOTAL MEDIA & ENTERTAINMENT		4,573,458

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8%
	367,164	*	10X Genomics, Inc		51,990
	1,687,952		AbbVie, Inc		180,864
	114,249	*	Acadia Pharmaceuticals, Inc		6,108
	50,013	*	Acceleron Pharma, Inc		6,399
	78,536	*	Adaptive Biotechnologies Corp		4,644
	27,326		Agilent Technologies, Inc		3,238
	6,448	*	Agios Pharmaceuticals, Inc		279
	34,759	*	Alexion Pharmaceuticals, Inc		5,431
	119,747	*	Alnylam Pharmaceuticals, Inc		15,564
	593,582		Amgen, Inc		136,476
	985,927		AstraZeneca plc		98,310
	7,538,589	*	Avantor, Inc		212,211
	5,461	*	Berkeley Lights, Inc		488

264

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	47,446	*	Biogen, Inc	$	11,618
	169,825	*	BioMarin Pharmaceutical, Inc		14,892
	35,922		Bio-Techne Corp		11,407
	29,192	*	Bluebird Bio, Inc		1,263
	840,443		Bristol-Myers Squibb Co		52,133
	43,866		Bruker BioSciences Corp		2,374
	45,147	*	Charles River Laboratories International, Inc		11,280
	1,598,213		Eli Lilly & Co		269,842
	129,304	*	Exact Sciences Corp		17,132
	114,891	*	Exelixis, Inc		2,306
	59,607	*	Global Blood Therapeutics, Inc		2,582
	718,477	*	Horizon Therapeutics Plc		52,557
	708,635	*	Illumina, Inc		262,195
	188,909	*	Incyte Corp		16,431
	60,956	*	Ionis Pharmaceuticals, Inc		3,446
	141,090	*	Iovance Biotherapeutics, Inc		6,547
	71,738	*	IQVIA Holdings, Inc		12,853
	359,412		Johnson & Johnson		56,564
	173,275		Lonza Group AG.		111,618
	3,584,726		Merck & Co, Inc		293,231
	22,748	*	Mettler-Toledo International, Inc		25,925
	292,159	*	Moderna, Inc		30,522
	95,680	*	Neurocrine Biosciences, Inc		9,171
	22,926		PerkinElmer, Inc		3,290
	138,761	*	PPD, Inc		4,748
	50,936	*	PRA Health Sciences, Inc		6,389
	22,038	*	Reata Pharmaceuticals, Inc		2,724
	98,733	*	Regeneron Pharmaceuticals, Inc		47,699
	54,080	*	Repligen Corp		10,363
	38,711		Royalty Pharma plc		1,938
	4,090	*	Sage Therapeutics, Inc		354
	77,466	*	Sarepta Therapeutics, Inc		13,207
	129,457	*	Seagen, Inc		22,673
	6,517	*	Syneos Health, Inc		444
	236,665		Thermo Fisher Scientific, Inc		110,234
	811,135	*	Vertex Pharmaceuticals, Inc		191,704
	4,587	*	Waters Corp		1,135
	2,196,239		Zoetis, Inc		363,478
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		2,780,271

REAL ESTATE - 0.8%
	450,470		American Tower Corp		101,113
	19,638	e	Americold Realty Trust		733
	38,294	e	Brookfield Property REIT, Inc		572
	23,932		Coresite Realty		2,998
	396,690		Crown Castle International Corp		63,149
	89,943		Equinix, Inc		64,235
	75,848		Equity Lifestyle Properties, Inc		4,806
	90,220		Extra Space Storage, Inc		10,453
	162,124	e	Iron Mountain, Inc		4,779

265

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	100,887		Public Storage, Inc	$	23,298
	15,572		SBA Communications Corp		4,393
	261,218		Simon Property Group, Inc		22,277
			TOTAL REAL ESTATE		302,806

RETAILING - 12.2%
	842,107	*	Amazon.com, Inc		2,742,684
	1,038,086	*	ASOS plc		67,651
	13,877	*	AutoZone, Inc		16,450
	43,822		Best Buy Co, Inc		4,373
	175,647	*	Booking Holdings, Inc		391,213
	60,002	*	Burlington Stores, Inc		15,694
	1,535,135	*	CarMax, Inc		145,009
	54,285	*	Carvana Co		13,003
	257,251		Dollar General Corp		54,100
	111,633	*	Dollar Tree, Inc		12,061
	613,402		eBay, Inc		30,823
	120,363	*	Etsy, Inc		21,414
	16,657		Expedia Group, Inc		2,205
	56,066	*	Five Below, Inc		9,810
	97,299	*	Floor & Decor Holdings, Inc		9,034
	974,141	*	GrubHub, Inc		72,349
	548,482		Home Depot, Inc		145,688
	924,710	*	JD.com, Inc (ADR)		81,282
	17,536	*	Leslie’s, Inc		487
	775,382		Lowe’s Companies, Inc		124,457
	50,036	*	Ollie’s Bargain Outlet Holdings, Inc		4,091
	72,991	*	O’Reilly Automotive, Inc		33,034
	40,195		Pool Corp		14,973
	287,831		Ross Stores, Inc		35,349
	3,716,816		TJX Companies, Inc		253,821
	117,768		Tractor Supply Co		16,556
	66	*	Trip.com Group Ltd (ADR)		2
	50,299	*	Ulta Beauty, Inc		14,444
	18,778	*	Vroom, Inc		769
	65,950	*,e	Wayfair, Inc		14,892
	12,741		Williams-Sonoma, Inc		1,298
			TOTAL RETAILING		4,349,016

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.0%
	1,139,267	*	Advanced Micro Devices, Inc		104,482
	12,169	*	Allegro MicroSystems, Inc		324
	40,108		Analog Devices, Inc		5,925
	2,699,774		Applied Materials, Inc		232,991
	771,407		Broadcom, Inc		337,761
	107,018	*	Enphase Energy, Inc		18,779
	130,046		Entegris, Inc		12,497
	49,936	*	Inphi Corp		8,013
	828,279		Intel Corp		41,265
	157,616		KLA Corp		40,808

266

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	148,470		Lam Research Corp	$	70,118
	2,527,816		Marvell Technology Group Ltd		120,172
	91,430		Maxim Integrated Products, Inc		8,105
	191,413		Microchip Technology, Inc		26,436
	41,917		MKS Instruments, Inc		6,306
	43,446		Monolithic Power Systems, Inc		15,911
	1,118,510		NVIDIA Corp		584,086
	2,334,853		QUALCOMM, Inc		355,692
	963,071		Skyworks Solutions, Inc		147,234
	48,329	*	SolarEdge Technologies, Inc		15,423
	1,706,270		Taiwan Semiconductor Manufacturing Co Ltd (ADR)		186,052
	166,874		Teradyne, Inc		20,007
	464,248		Texas Instruments, Inc		76,197
	43,277		Universal Display Corp		9,945
	251,177		Xilinx, Inc		35,609
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		2,480,138

SOFTWARE & SERVICES - 24.2%
	21,296	*,e	2U, Inc		852
	650,776		Accenture plc		169,989
	713,123	*	Adobe, Inc		356,647
	75,211	*,g	Adyen NV		174,756
	136,630	*	Akamai Technologies, Inc		14,345
	54,513	*	Alteryx, Inc		6,639
	131,024	*	Anaplan, Inc		9,414
	87,951	*	Ansys, Inc		31,997
	61,241	*	Aspen Technology, Inc		7,977
	130,572	*	Atlassian Corp plc		30,537
	150,477	*	Autodesk, Inc		45,947
	378,276		Automatic Data Processing, Inc		66,652
	85,521	*	Avalara, Inc		14,102
	7,813	*	BigCommerce Holdings, Inc		501
	74,688	*	Bill.Com Holdings, Inc		10,195
	156,430	*	Black Knight, Inc		13,821
	139,977		Booz Allen Hamilton Holding Co		12,203
	118,706		Broadridge Financial Solutions, Inc		18,186
	4,061	*	CACI International, Inc (Class A)		1,012
	283,430	*	Cadence Design Systems, Inc		38,668
	16,212		CDK Global, Inc		840
	78,195	*	Ceridian HCM Holding, Inc		8,332
	34,763		Citrix Systems, Inc		4,523
	112,966	*	Cloudflare, Inc		8,584
	39,702		Cognizant Technology Solutions Corp (Class A)		3,254
	67,893	*	Coupa Software, Inc		23,010
	111,877	*	Crowdstrike Holdings, Inc		23,698
	154,947	*	Datadog, Inc		15,253
	11,953	*	Datto Holding Corp		323
	440,107	*	DocuSign, Inc		97,836
	257,230	*	Dropbox, Inc		5,708

267

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	6,266	*	Duck Creek Technologies, Inc	$	271
	188,920	*	Dynatrace, Inc		8,175
	67,856	*	Elastic NV		9,916
	55,111	*	EPAM Systems, Inc		19,749
	35,467	*	Everbridge, Inc		5,287
	28,059	*	Fair Isaac Corp		14,339
	76,128	*,e	Fastly, Inc		6,651
	48,130	*	FireEye, Inc		1,110
	169,037	*	Fiserv, Inc		19,247
	64,295	*	Five9, Inc		11,213
	84,745	*	FleetCor Technologies, Inc		23,121
	137,918	*	Fortinet, Inc		20,485
	87,342	*	Gartner, Inc		13,991
	77,831		Genpact Ltd		3,219
	40,046	*	Globant S.A.		8,714
	171,722	*	GoDaddy, Inc		14,244
	16,498	*	Guidewire Software, Inc		2,124
	42,896	*	HubSpot, Inc		17,006
	910,978		Intuit, Inc		346,035
	61,628		Jack Henry & Associates, Inc		9,983
	10,434	*	Jamf Holding Corp		312
	11,314	*	JFrog Ltd		711
	14,484		Leidos Holdings, Inc		1,523
	58,934	*	Manhattan Associates, Inc		6,199
	900,681		Mastercard, Inc (Class A)		321,489
	18,613		McAfee Corp		311
	87,901	*,e	Medallia, Inc		2,920
	11,865,439		Microsoft Corp		2,639,111
	52,168	*	MongoDB, Inc		18,730
	6,789	*	nCino, Inc		492
	52,944	*	New Relic, Inc		3,463
	567,712		NortonLifelock, Inc		11,797
	190,773	*	Nutanix, Inc		6,080
	116,936	*	Okta, Inc		29,732
	1,696,663		Oracle Corp		109,757
	71,764	*,e	Pagerduty, Inc		2,993
	96,191	*	Palo Alto Networks, Inc		34,185
	263,407		Paychex, Inc		24,544
	50,340	*	Paycom Software, Inc		22,766
	36,154	*	Paylocity Holding Corp		7,444
	4,159,372	*	PayPal Holdings, Inc		974,125
	36,427		Pegasystems, Inc		4,854
	107,013	*	Pluralsight, Inc		2,243
	59,092	*	Proofpoint, Inc		8,061
	108,199	*	PTC, Inc		12,942
	79,540	*	RealPage, Inc		6,939
	78,823	*	RingCentral, Inc		29,872
	3,260,287	*	salesforce.com, Inc		725,512
	7,184		Science Applications International Corp		680

268

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	VALUE (000)
	559,605	*	ServiceNow, Inc	$	308,023
	1,879,236	*	Slack Technologies, Inc		79,379
	114,003	*	Smartsheet, Inc		7,899
	163,457	*	Splunk, Inc		27,770
	377,727	*	Square, Inc		82,208
	49,377		SS&C Technologies Holdings, Inc		3,592
	205,930	*	StoneCo Ltd		17,282
	89,189		Switch, Inc		1,460
	473,551	*	Synopsys, Inc		122,763
	86,703	*,e	Teradata Corp		1,948
	41,999	*	Trade Desk, Inc		33,641
	116,401	*	Twilio, Inc		39,402
	40,328	*	Tyler Technologies, Inc		17,604
	24,452	*,e	Unity Software, Inc		3,753
	62,886	*	VeriSign, Inc		13,608
	4,374,669		Visa, Inc (Class A)		956,871
	81,949	*,e	VMware, Inc (Class A)		11,494
	83,297		Western Union Co		1,828
	3,623	*	WEX, Inc		737
	176,685	*	Workday, Inc		42,335
	119,109	*	Zendesk, Inc		17,047
	171,037	*	Zoom Video Communications, Inc		57,694
	69,907	*	Zscaler, Inc		13,961
			TOTAL SOFTWARE & SERVICES		8,642,767

TECHNOLOGY HARDWARE & EQUIPMENT - 8.8%
	173,436		Amphenol Corp (Class A)		22,680
	22,733,663		Apple, Inc		3,016,530
	50,041	*	Arista Networks, Inc		14,540
	143,113		CDW Corp		18,861
	167,515		Cognex Corp		13,449
	20,379	*	Coherent, Inc		3,057
	13,311	*	CommScope Holding Co, Inc		178
	15,730	*	Dell Technologies, Inc		1,153
	6,928		Dolby Laboratories, Inc (Class A)		673
	2,519	*	IPG Photonics Corp		564
	30,891		Jabil Inc		1,314
	64,898	*	Keysight Technologies, Inc		8,572
	8,863	*	Lumentum Holdings, Inc		840
	18,210		Motorola Solutions, Inc		3,097
	125,524		NetApp, Inc		8,315
	145,576	*	Pure Storage, Inc		3,292
	7,096		Ubiquiti, Inc		1,976
	48,884	*	Zebra Technologies Corp (Class A)		18,788
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		3,137,879

269

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY				VALUE (000)
TELECOMMUNICATION SERVICES - 1.4%
	1,334,688	g	Cellnex Telecom SAU				$	80,152
	1,216,796	*	IAC					230,400
	1,261,271	*	T-Mobile US, Inc					170,083
			TOTAL TELECOMMUNICATION SERVICES					480,635

TRANSPORTATION - 1.2%
	21,772		CH Robinson Worldwide, Inc					2,044
	101,583		Expeditors International of Washington, Inc					9,661
	23,482		JB Hunt Transport Services, Inc					3,209
	31,655		Landstar System, Inc					4,263
	87,215		Old Dominion Freight Line					17,023
	4,998,491	*	Uber Technologies, Inc					254,923
	351,950		Union Pacific Corp					73,283
	483,682		United Parcel Service, Inc (Class B)					81,452
	5,063	*	XPO Logistics, Inc					603
			TOTAL TRANSPORTATION					446,461

UTILITIES - 0.0%
	70,627		NRG Energy, Inc					2,652
			TOTAL UTILITIES					2,652

			TOTAL COMMON STOCKS					35,496,294
			(Cost $24,521,687)

PRINCIPAL			ISSUER	RATE		MATURITY DATE
SHORT-TERM INVESTMENTS - 0.8%

GOVERNMENT AGENCY DEBT - 0.2%
$	20,000,000		Federal Agricultural Mortgage Corp (FAMC)	0.075	%	01/12/21		19,999
	20,150,000		Federal Home Loan Bank (FHLB)	0.080		01/20/21		20,149
	10,000,000		FHLB	0.070		01/27/21		10,000
	12,500,000		FHLB	0.080		02/10/21		12,499
	10,000,000		FHLB	0.080		02/19/21		9,999
			TOTAL GOVERNMENT AGENCY DEBT					72,646

REPURCHASE AGREEMENT - 0.3%
	98,020,000	r	Fixed Income Clearing Corp (FICC)	0.050		01/04/21		98,020
			TOTAL REPURCHASE AGREEMENT					98,020

TREASURY DEBT - 0.0%
	5,972,000		United States Treasury Bill	0.080		01/28/21		5,972
	25,000,000		United States Treasury Bill	0.090		02/11/21		24,998
			TOTAL TREASURY DEBT					30,970

270

COLLEGE RETIREMENT EQUITIES FUND - Growth Account

SHARES			COMPANY	RATE		VALUE (000)
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.3%
	93,946,615	c	State Street Navigator Securities Lending Government Money Market Portfolio	0.080	%	$	93,947
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES				93,947

			TOTAL SHORT-TERM INVESTMENTS				295,583
			(Cost $295,582)
			TOTAL INVESTMENTS - 100.2%				35,791,877
			(Cost $24,817,269)
			OTHER ASSETS & LIABILITIES, NET - (0.2)%				(80,705	)
			NET ASSETS - 100.0%			$	35,711,172


		Abbreviation(s):
ADR		American Depositary Receipt
REIT		Real Estate Investment Trust

*		Non-income producing
c		Investments made with cash collateral received from securities on loan.
e		All or a portion of these securities are out on loan. The aggregate value of securities on loan is $138,666,218.
g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $254,907,758 or 0.7% of net assets.
r		Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $98,020,000 on 01/04/21, collateralized by U.S. Treasury Notes valued at $99,980,447.

		Cost amounts are in thousands.

271

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

COLLEGE RETIREMENT EQUITIES FUND

EQUITY INDEX ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2020

SHARES			COMPANY	VALUE (000)
COMMON STOCKS - 99.4%

AUTOMOBILES & COMPONENTS - 1.9%
	49,971	*	Adient plc	$	1,737
	60,325	*	American Axle & Manufacturing Holdings, Inc		503
	153,172		Aptiv plc		19,957
	139,436		BorgWarner, Inc		5,388
	30,001		Cooper Tire & Rubber Co		1,215
	12,534	*	Cooper-Standard Holding, Inc		435
	76,541		Dana Inc		1,494
	12,642	*	Dorman Products, Inc		1,098
	2,214,895		Ford Motor Co		19,469
	25,297	*	Fox Factory Holding Corp		2,674
	706,199		General Motors Co		29,406
	125,049		Gentex Corp		4,243
	26,543	*	Gentherm, Inc		1,731
	137,668		Goodyear Tire & Rubber Co		1,502
	87,213		Harley-Davidson, Inc		3,201
	12,667		LCI Industries, Inc		1,643
	31,486		Lear Corp		5,007
	36,302	*	Modine Manufacturing Co		456
	13,147	*,e	Motorcar Parts of America, Inc		258
	17,097		Patrick Industries, Inc		1,169
	6,449		Standard Motor Products, Inc		261
	20,247	*	Stoneridge, Inc		612
	28,062	*	Tenneco, Inc		297
	431,950	*	Tesla, Inc		304,814
	33,002		Thor Industries, Inc		3,069
	16,494	*	Visteon Corp		2,070
	22,457		Winnebago Industries, Inc		1,346
	37,702	*,e	Workhorse Group, Inc		746
	9,934	*	XPEL, Inc		512
			TOTAL AUTOMOBILES & COMPONENTS		416,313

BANKS - 4.1%
	12,408		1st Source Corp		500
	4,570		ACNB Corp		114
	7,958		Allegiance Bancshares, Inc		272
	9,341		Altabancorp		261
	12,491	*	Amerant Bancorp Inc		190
	5,882		American National Bankshares, Inc		154
	38,500		Ameris Bancorp		1,466
	7,069		Ames National Corp		170
	8,680		Arrow Financial Corp		260
	48,087		Associated Banc-Corp		820
	14,762	*	Atlantic Capital Bancshares, Inc		235
	42,326		Atlantic Union Bankshares Corp		1,394
	43,167	*	Axos Financial, Inc		1,620
	31,112		Banc of California, Inc		458

272

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,574		Bancfirst Corp	$	679
	62,103		BancorpSouth Bank		1,704
	3,732	e	Bank First Corp		242
	4,445,642		Bank of America Corp		134,747
	11,787		Bank of Commerce Holdings		117
	23,380		Bank of Hawaii Corp		1,791
	7,728		Bank of Marin Bancorp		265
	13,738		Bank of NT Butterfield & Son Ltd		428
	82,422		Bank OZK		2,577
	12,265		BankFinancial Corp		108
	56,051		BankUnited		1,949
	3,897		Bankwell Financial Group, Inc		76
	23,725		Banner Corp		1,105
	11,016		Bar Harbor Bankshares		249
	6,936	*	Baycom Corp		105
	7,059		BCB Bancorp, Inc		78
	26,834		Berkshire Hills Bancorp, Inc		459
	15,941		BOK Financial Corp		1,092
	59,217		Boston Private Financial Holdings, Inc		500
	13,328		Bridge Bancorp, Inc		322
	54,590		Brookline Bancorp, Inc		657
	12,987		Bryn Mawr Bank Corp		397
	6,436		Business First Bancshares, Inc		131
	5,576		Byline Bancorp, Inc		86
	2,353		C&F Financial Corp		87
	65,383		Cadence BanCorp		1,074
	2,502		Cambridge Bancorp		174
	11,436		Camden National Corp		409
	9,158		Capital City Bank Group, Inc		225
	92,364		Capitol Federal Financial		1,155
	5,956		Capstar Financial Holdings, Inc		88
	14,623		Carter Bankshares, Inc		157
	40,414		Cathay General Bancorp		1,301
	12,633		CBTX, Inc		322
	21,511		Central Pacific Financial Corp		409
	6,214		Central Valley Community Bancorp		93
	2,245		Century Bancorp, Inc		174
	2,189		Chemung Financial Corp		74
	49,642		CIT Group, Inc		1,782
	1,187,678		Citigroup, Inc		73,232
	9,568		Citizens & Northern Corp		190
	254,905		Citizens Financial Group, Inc		9,115
	10,955		City Holding Co		762
	7,262		Civista Bancshares, Inc		127
	9,772		CNB Financial Corp		208
	6,775		Codorus Valley Bancorp, Inc		115
	51,998		Columbia Banking System, Inc		1,867
	33,673	*	Columbia Financial, Inc		524
	83,206		Comerica, Inc		4,648
	65,067		Commerce Bancshares, Inc		4,275
	35,397		Community Bank System, Inc		2,206
	15,668		Community Bankers Trust Corp		106
	2,846		Community Financial Corp		75
	11,638		Community Trust Bancorp, Inc		431

273

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,722		ConnectOne Bancorp, Inc	$	430
	29,153	*,e	CrossFirst Bankshares, Inc		313
	33,515		Cullen/Frost Bankers, Inc		2,923
	19,196	*	Customers Bancorp, Inc		349
	75,634		CVB Financial Corp		1,475
	23,810		Dime Community Bancshares		375
	22,688		Eagle Bancorp, Inc		937
	80,570		East West Bancorp, Inc		4,086
	94,260	*	Eastern Bankshares, Inc		1,537
	6,481		Enterprise Bancorp, Inc		166
	16,077		Enterprise Financial Services Corp		562
	7,477	*	Equity Bancshares, Inc		161
	6,121		ESSA Bancorp, Inc		92
	64,560		Essent Group Ltd		2,789
	3,168		Evans Bancorp, Inc		87
	6,654	e	Farmers & Merchants Bancorp, Inc		153
	18,150		Farmers National Banc Corp		241
	13,107		FB Financial Corp		455
	6,481		Federal Agricultural Mortgage Corp (FAMC)		481
	419,394		Fifth Third Bancorp		11,563
	10,211		Financial Institutions, Inc		230
	20,427		First Bancorp (NC)		691
	114,850		First Bancorp (Puerto Rico)		1,059
	6,485		First Bancorp, Inc		165
	6,018		First Bancshares, Inc		186
	26,747		First Busey Corp		576
	6,176		First Business Financial Services, Inc		114
	3,600		First Citizens Bancshares, Inc (Class A)		2,067
	69,402		First Commonwealth Financial Corp		759
	12,139		First Community Bancshares, Inc		262
	42,129		First Financial Bancorp		738
	76,885		First Financial Bankshares, Inc		2,781
	8,330		First Financial Corp		324
	19,660		First Foundation, Inc		393
	3,324		First Guaranty Bancshares, Inc		59
	71,845		First Hawaiian, Inc		1,694
	308,284		First Horizon National Corp		3,934
	4,089		First Internet Bancorp		117
	18,329		First Interstate Bancsystem, Inc		747
	29,933		First Merchants Corp		1,120
	7,120		First Mid-Illinois Bancshares, Inc		240
	26,566		First Midwest Bancorp, Inc		423
	7,602		First Northwest Bancorp		119
	15,462		First of Long Island Corp		276
	98,489		First Republic Bank		14,471
	15,789		Flagstar Bancorp, Inc		644
	20,105		Flushing Financial Corp		335
	181,165		FNB Corp		1,721
	84,379		Fulton Financial Corp		1,073
	14,703		German American Bancorp, Inc		487
	55,696		Glacier Bancorp, Inc		2,563
	7,809		Great Southern Bancorp, Inc		382
	23,192		Great Western Bancorp, Inc		485
	2,003		Greene County Bancorp, Inc		51

274

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,224		Guaranty Bancshares, Inc	$	37
	47,878		Hancock Whitney Corp		1,629
	23,963		Hanmi Financial Corp		272
	16,668		HarborOne Northeast Bancorp, Inc		181
	17,800		Heartland Financial USA, Inc		719
	25,661		Heritage Commerce Corp		228
	22,188		Heritage Financial Corp		519
	54,190		Hilltop Holdings, Inc		1,491
	997		Hingham Institution for Savings		215
	4,264		Home Bancorp, Inc		119
	81,882		Home Bancshares, Inc		1,595
	15,022		HomeStreet, Inc		507
	13,541		HomeTrust Bancshares, Inc		261
	38,615		Hope Bancorp, Inc		421
	23,268		Horizon Bancorp		369
	6,001	*	Howard Bancorp, Inc		71
	617,910		Huntington Bancshares, Inc		7,804
	23,332		Independent Bank Corp (MA)		1,704
	17,558		Independent Bank Corp (MI)		324
	20,253		Independent Bank Group, Inc		1,266
	40,567		International Bancshares Corp		1,519
	5,550		Investar Holding Corp		92
	69,458		Investors Bancorp, Inc		733
	1,729,212		JPMorgan Chase & Co		219,731
	83,674		Kearny Financial Corp		884
	534,261		Keycorp		8,767
	32,502		Lakeland Bancorp, Inc		413
	18,387		Lakeland Financial Corp		985
	6,780		LCNB Corp		100
	14,926		Live Oak Bancshares, Inc		708
	70,925		M&T Bank Corp		9,029
	19,210		Macatawa Bank Corp		161
	12,428		Mercantile Bank Corp		338
	10,918		Merchants Bancorp		302
	35,757		Meridian Bancorp, Inc		533
	20,574		Meta Financial Group, Inc		752
	4,420	*	Metropolitan Bank Holding Corp		160
	210,298		MGIC Investment Corp		2,639
	10,800		Midland States Bancorp, Inc		193
	7,821		MidWestOne Financial Group, Inc		192
	34,360	*	Mr Cooper Group, Inc		1,066
	19,324		National Bank Holdings Corp		633
	5,351		National Bankshares, Inc		168
	31,726		NBT Bancorp, Inc		1,018
	195,074		New York Community Bancorp, Inc		2,058
	6,480	*,e	Nicolet Bankshares, Inc		430
	38,864	*	NMI Holdings, Inc		880
	5,235		Northeast Bank		118
	33,024		Northfield Bancorp, Inc		407
	5,019		Northrim BanCorp, Inc		170
	39,220		Northwest Bancshares, Inc		500
	4,425	e	Norwood Financial Corp		116
	30,487		OceanFirst Financial Corp		568
	33,903		OFG Bancorp		629

275

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	3,155		Ohio Valley Banc Corp	$	74
	90,192		Old National Bancorp		1,494
	21,667		Old Second Bancorp, Inc		219
	11,057		Origin Bancorp, Inc		307
	5,318		Orrstown Financial Services, Inc		88
	41,564		Pacific Premier Bancorp, Inc		1,302
	66,007		PacWest Bancorp		1,677
	4,350	e	Park National Corp		457
	4,594		Parke Bancorp, Inc		72
	13,465		PCSB Financial Corp		215
	11,582		Peapack Gladstone Financial Corp		264
	4,446		Penns Woods Bancorp, Inc		116
	17,636		PennyMac Financial Services, Inc		1,157
	3,256		Peoples Bancorp of North Carolina, Inc		75
	12,623		Peoples Bancorp, Inc		342
	5,712		Peoples Financial Services Corp		210
	202,790		People’s United Financial, Inc		2,622
	41,191		Pinnacle Financial Partners, Inc		2,653
	243,339		PNC Financial Services Group, Inc		36,257
	47,405		Popular, Inc		2,670
	8,859		Preferred Bank		447
	8,456		Premier Financial Bancorp, Inc		112
	28,197		Premier Financial Corp		649
	48,715		Prosperity Bancshares, Inc		3,379
	6,589		Provident Bancorp Inc		79
	18,723		Provident Financial Services, Inc		336
	6,101		Prudential Bancorp, Inc		84
	8,729		QCR Holdings, Inc		346
	122,609		Radian Group, Inc		2,483
	9,265		RBB Bancorp		142
	550,925		Regions Financial Corp		8,881
	4,712		Reliant Bancorp Inc		88
	30,881		Renasant Corp		1,040
	6,104		Republic Bancorp, Inc (Class A)		220
	34,776	*	Republic First Bancorp, Inc		99
	13,238		Riverview Bancorp, Inc		70
	62,631	*,e	Rocket Cos, Inc		1,266
	25,676		S&T Bancorp, Inc		638
	22,606		Sandy Spring Bancorp, Inc		728
	28,631	*	Seacoast Banking Corp of Florida		843
	32,848		ServisFirst Bancshares, Inc		1,323
	8,913		Shore Bancshares, Inc		130
	8,919		Sierra Bancorp		213
	34,007		Signature Bank		4,601
	8,903	*	Silvergate Capital Corp		662
	55,218		Simmons First National Corp (Class A)		1,192
	5,382		SmartFinancial, Inc		98
	43,651		South State Corp		3,156
	4,079	*	Southern First Bancshares, Inc		144
	4,139		Southern Missouri Bancorp, Inc		126
	8,140		Southern National Bancorp of Virginia, Inc		99
	20,042		Southside Bancshares, Inc		622
	93,752		Sterling Bancorp		1,686
	11,631		Sterling Bancorp, Inc		53

276

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	16,305		Stock Yards Bancorp, Inc	$	660
	6,101		Summit Financial Group, Inc		135
	28,236	*	SVB Financial Group		10,951
	85,330		Synovus Financial Corp		2,762
	81,693		TCF Financial Corp		3,024
	5,870		Territorial Bancorp, Inc		141
	35,836	*	Texas Capital Bancshares, Inc		2,132
	34,383		TFS Financial Corp		606
	35,393	*	The Bancorp, Inc		483
	4,645		Timberland Bancorp, Inc		113
	10,641		Tompkins Financial Corp		751
	46,422		Towne Bank		1,090
	19,212		Trico Bancshares		678
	16,178	*	Tristate Capital Holdings, Inc		281
	10,668	*	Triumph Bancorp, Inc		518
	771,113		Truist Financial Corp		36,959
	71,043		Trustco Bank Corp NY		474
	49,168		Trustmark Corp		1,343
	26,057		UMB Financial Corp		1,798
	117,477		Umpqua Holdings Corp		1,779
	83,649		United Bankshares, Inc		2,710
	24,332		United Community Banks, Inc		692
	9,461		United Security Bancshares		67
	5,346		Unity Bancorp, Inc		94
	19,117		Univest Financial Corp		393
	789,290		US Bancorp		36,773
	196,375		Valley National Bancorp		1,915
	22,054		Veritex Holdings, Inc		566
	19,235		Walker & Dunlop, Inc		1,770
	29,442		Washington Federal, Inc		758
	10,818		Washington Trust Bancorp, Inc		485
	19,189		Waterstone Financial, Inc		361
	51,153		Webster Financial Corp		2,156
	2,152,621		Wells Fargo & Co		64,966
	23,487		WesBanco, Inc		704
	11,970		West Bancorporation, Inc		231
	18,981		Westamerica Bancorporation		1,049
	57,400		Western Alliance Bancorp		3,441
	19,137		Western New England Bancorp, Inc		132
	38,890		Wintrust Financial Corp		2,376
	37,123		WSFS Financial Corp		1,666
	106,318		Zions Bancorporation		4,618
			TOTAL BANKS		893,275

CAPITAL GOODS - 6.1%
	321,062		3M Co		56,118
	69,666		A.O. Smith Corp		3,819
	21,498		Aaon, Inc		1,432
	23,226		AAR Corp		841
	24,498		Acuity Brands, Inc		2,966
	24,758		Advanced Drainage Systems, Inc		2,069
	93,206	*	Aecom Technology Corp		4,640
	24,436	*	Aegion Corp		464
	39,078	*	Aerojet Rocketdyne Holdings, Inc		2,065

277

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,335	*	Aerovironment, Inc	$	1,246
	32,215		AGCO Corp		3,321
	56,080		Air Lease Corp		2,491
	6,904		Alamo Group, Inc		952
	21,082		Albany International Corp (Class A)		1,548
	47,686		Allegion plc		5,550
	4,493		Allied Motion Technologies, Inc		230
	51,690		Allison Transmission Holdings, Inc		2,229
	41,492		Altra Industrial Motion Corp		2,300
	13,776	*	Ameresco, Inc		720
	15,290	*	American Superconductor Corp		358
	10,171	*	American Woodmark Corp		955
	129,674		Ametek, Inc		15,683
	83,309	*,g	API Group Corp		1,512
	4,581		Apogee Enterprises, Inc		145
	27,154		Applied Industrial Technologies, Inc		2,118
	30,718		Arcosa, Inc		1,687
	10,471		Argan, Inc		466
	26,334		Armstrong World Industries, Inc		1,959
	31,330	*	Array Technologies, Inc		1,352
	15,250		Astec Industries, Inc		883
	15,755	*	Astronics Corp		208
	23,836	*	Atkore International Group, Inc		980
	35,579	*	Axon Enterprise, Inc		4,359
	40,595	*	AZEK Co, Inc		1,561
	19,364		AZZ, Inc		919
	25,595		Barnes Group, Inc		1,297
	25,043	*	Beacon Roofing Supply, Inc		1,006
	35,611	*,e	Bloom Energy Corp		1,021
	3,946	*	Blue Bird Corp		72
	47,040	*	BMC Stock Holdings, Inc		2,525
	307,198		Boeing Co		65,759
	67,070	*	Builders FirstSource, Inc		2,737
	56,807		BWX Technologies, Inc		3,424
	14,163	e	Caesarstone Sdot-Yam Ltd		183
	8,775		CAI International, Inc		274
	27,634		Carlisle Cos, Inc		4,316
	483,911		Carrier Global Corp		18,253
	308,873		Caterpillar, Inc		56,221
	22,344	*	Chart Industries, Inc		2,632
	12,045	*	CIRCOR International, Inc		463
	64,286	*	Colfax Corp		2,458
	14,727	e	Columbus McKinnon Corp		566
	24,840		Comfort Systems USA, Inc		1,308
	11,212	*	Construction Partners Inc		326
	29,151	*	Cornerstone Building Brands, Inc		271
	27,810		Crane Co		2,160
	10,574		CSW Industrials, Inc		1,183
	18,660		Cubic Corp		1,158
	82,465		Cummins, Inc		18,728
	22,308		Curtiss-Wright Corp		2,596
	160,823		Deere & Co		43,269
	71,161		Donaldson Co, Inc		3,976
	16,771	e	Douglas Dynamics, Inc		717

278

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	80,236		Dover Corp	$	10,130
	8,048	*	Ducommun, Inc		432
	11,117	*	DXP Enterprises, Inc		247
	16,954	*	Dycom Industries, Inc		1,280
	3,733		Eastern Co		90
	227,853		Eaton Corp		27,374
	28,208		EMCOR Group, Inc		2,580
	345,535		Emerson Electric Co		27,771
	15,305		Encore Wire Corp		927
	24,905	*	Energy Recovery, Inc		340
	43,959		Enerpac Tool Group Corp		994
	25,301		EnerSys		2,101
	8,505		EnPro Industries, Inc		642
	13,003		ESCO Technologies, Inc		1,342
	2,576	*	EVI Industries, Inc		77
	51,314	*	Evoqua Water Technologies Corp		1,384
	319,390		Fastenal Co		15,596
	42,557		Federal Signal Corp		1,412
	82,555		Flowserve Corp		3,042
	91,070		Fluor Corp		1,454
	11,209	*,†	Fortitude Gold Corp		12
	168,372		Fortive Corp		11,924
	82,435		Fortune Brands Home & Security, Inc		7,066
	9,256	*	Foundation Building Materials, Inc		178
	25,145		Franklin Electric Co, Inc		1,740
	126,698	*,e	FuelCell Energy, Inc		1,415
	30,738	*	Gates Industrial Corp plc		392
	15,077	e	GATX Corp		1,254
	4,980	*	Gencor Industries, Inc		61
	36,885	*	Generac Holdings, Inc		8,388
	142,376		General Dynamics Corp		21,188
	5,010,309		General Electric Co		54,111
	22,869	*	Gibraltar Industries, Inc		1,645
	17,148	*	GMS, Inc		523
	2,315	e	Gorman-Rupp Co		75
	92,773		Graco, Inc		6,712
	26,067		GrafTech International Ltd		278
	7,763		Graham Corp		118
	33,088	e	Granite Construction, Inc		884
	44,924	*	Great Lakes Dredge & Dock Corp		592
	19,838		Greenbrier Cos, Inc		722
	20,793		Griffon Corp		424
	23,777		H&E Equipment Services, Inc		709
	26,390		HEICO Corp		3,494
	46,469		HEICO Corp (Class A)		5,440
	16,194		Helios Technologies, Inc		863
	17,889	*	Herc Holdings, Inc		1,188
	57,257		Hexcel Corp		2,776
	34,596		Hillenbrand, Inc		1,377
	399,987		Honeywell International, Inc		85,077
	229,339		Howmet Aerospace, Inc		6,545
	30,217		Hubbell, Inc		4,738
	19,225		Huntington Ingalls		3,277
	4,796		Hurco Cos, Inc		144

279

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,224	e	Hyster-Yale Materials Handling, Inc	$	430
	41,386		IDEX Corp		8,244
	5,334	*	IES Holdings, Inc		246
	179,560		Illinois Tool Works, Inc		36,609
	201,626	*	Ingersoll Rand, Inc		9,186
	13,472		Insteel Industries, Inc		300
	46,862		ITT, Inc		3,609
	68,282		Jacobs Engineering Group, Inc		7,440
	20,391	*	JELD-WEN Holding, Inc		517
	16,888		John Bean Technologies Corp		1,923
	417,675		Johnson Controls International plc		19,459
	8,084		Kadant, Inc		1,140
	7,065		Kaman Corp		404
	56,290		Kennametal, Inc		2,040
	50,983	*	Kratos Defense & Security Solutions, Inc		1,398
	119,728		L3Harris Technologies, Inc		22,631
	4,456	*	Lawson Products, Inc		227
	5,677	*	LB Foster Co (Class A)		85
	20,121		Lennox International, Inc		5,513
	27,531		Lincoln Electric Holdings, Inc		3,200
	7,273		Lindsay Corp		934
	142,490		Lockheed Martin Corp		50,581
	17,575		Luxfer Holdings plc		289
	12,223	*	Lydall, Inc		367
	22,630	*	Manitowoc Co, Inc		301
	151,526		Masco Corp		8,323
	18,516	*	Masonite International Corp		1,821
	38,304	*	Mastec, Inc		2,612
	38,365		Maxar Technologies, Inc		1,481
	25,978	*	Mercury Systems, Inc		2,288
	34,734	*	Meritor, Inc		969
	30,281	*	Middleby Corp		3,904
	7,280		Miller Industries, Inc		277
	15,909		Moog, Inc (Class A)		1,262
	64,419	*	MRC Global, Inc		427
	25,456		MSC Industrial Direct Co (Class A)		2,148
	22,547		Mueller Industries, Inc		792
	66,266		Mueller Water Products, Inc (Class A)		820
	10,993	*	MYR Group, Inc		661
	3,534		National Presto Industries, Inc		313
	35,673	*	Navistar International Corp		1,568
	19,066	*	NN, Inc		125
	33,227		Nordson Corp		6,677
	88,277		Northrop Grumman Corp		26,900
	6,891	*	Northwest Pipe Co		195
	78,206	*	NOW, Inc		562
	5,211	*	NV5 Global Inc		411
	87,536		nVent Electric plc		2,039
	2,354	e	Omega Flex, Inc		344
	38,204		Oshkosh Corp		3,288
	231,043		Otis Worldwide Corp		15,607
	56,584		Owens Corning, Inc		4,287
	188,380		PACCAR, Inc		16,253
	35,158	*	PAE, Inc		323

280

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	14,228		Park Aerospace Corp	$	191
	71,385		Parker-Hannifin Corp		19,446
	6,136		Park-Ohio Holdings Corp		190
	12,058	*	Parsons Corp		439
	96,376		Pentair plc		5,117
	36,380	*	PGT, Inc		740
	212,948	*	Plug Power, Inc		7,221
	7,077		Powell Industries, Inc		209
	1,801		Preformed Line Products Co		123
	28,783		Primoris Services Corp		795
	18,284	*	Proto Labs, Inc		2,805
	25,291		Quanex Building Products Corp		561
	75,730		Quanta Services, Inc		5,454
	25,955		Raven Industries, Inc		859
	816,362		Raytheon Technologies Corp		58,378
	16,634	*	RBC Bearings, Inc		2,978
	20,978		Regal-Beloit Corp		2,576
	82,950	*	Resideo Technologies, Inc		1,764
	8,757		REV Group, Inc		77
	56,852		Rexnord Corp		2,245
	67,253		Rockwell Automation, Inc		16,868
	59,026		Roper Technologies Inc		25,446
	32,265		Rush Enterprises, Inc (Class A)		1,336
	6,895		Rush Enterprises, Inc (Class B)		261
	88,808	*	Sensata Technologies Holding plc		4,684
	24,709		Shyft Group, Inc		701
	29,530		Simpson Manufacturing Co, Inc		2,760
	24,415	*	SiteOne Landscape Supply, Inc		3,873
	30,839		Snap-On, Inc		5,278
	59,911		Spirit Aerosystems Holdings, Inc (Class A)		2,342
	30,406	*	SPX Corp		1,658
	29,148	*	SPX FLOW, Inc		1,689
	8,333		Standex International Corp		646
	85,086		Stanley Black & Decker, Inc		15,193
	18,886	*	Sterling Construction Co, Inc		351
	85,453	*	Sunrun, Inc		5,929
	9,938		Systemax, Inc		357
	20,977	*	Teledyne Technologies, Inc		8,223
	12,744		Tennant Co		894
	35,787		Terex Corp		1,249
	18,852	*	Textainer Group Holdings Ltd		362
	129,842		Textron, Inc		6,275
	24,419	*	Thermon Group Holdings		382
	30,037		Timken Co		2,324
	11,613	*	Titan Machinery, Inc		227
	55,598		Toro Co		5,273
	7,431	*	TPI Composites, Inc		392
	136,721		Trane Technologies plc		19,846
	29,953	*	TransDigm Group, Inc		18,536
	70,402	*	Trex Co, Inc		5,894
	34,233	*	Trimas Corp		1,084
	63,620		Trinity Industries, Inc		1,679
	26,040		Triton International Ltd		1,263
	32,779		Triumph Group, Inc		412

281

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	27,269	*	Tutor Perini Corp	$	353
	31,994		UFP Industries, Inc		1,777
	41,346	*	United Rentals, Inc		9,589
	107,143	*	Univar Solutions Inc		2,037
	10,628		Valmont Industries, Inc		1,859
	7,860	*	Vectrus, Inc		391
	7,828	*	Veritiv Corp		163
	119,277		Vertiv Holdings Co		2,227
	12,845	*	Vicor Corp		1,185
	36,030	*,e	Virgin Galactic Holdings, Inc		855
	25,541		W.W. Grainger, Inc		10,429
	42,603		Wabash National Corp		734
	99,754		Wabtec Corp		7,302
	18,257		Watsco, Inc		4,136
	12,563		Watts Water Technologies, Inc (Class A)		1,529
	88,290	*	Welbilt, Inc		1,165
	28,009	*	WESCO International, Inc		2,199
	3,392	*	Willis Lease Finance Corp		103
	98,203	*	WillScot Mobile Mini Holdings Corp		2,275
	30,482		Woodward Inc		3,704
	98,686		Xylem, Inc		10,045
			TOTAL CAPITAL GOODS		1,327,252

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%
	40,285		ABM Industries, Inc		1,524
	37,820	*	Acacia Research (Acacia Technologies)		149
	9,390		ACCO Brands Corp		79
	66,939		ADT, Inc		525
	27,574	*	ASGN Inc		2,303
	5,145		Barrett Business Services, Inc		351
	4,266		BG Staffing, Inc		58
	22,496		Brady Corp (Class A)		1,188
	16,522	*	BrightView Holdings, Inc		250
	33,001	e	Brink’s Co		2,376
	29,675	*	Casella Waste Systems, Inc (Class A)		1,838
	10,752	*	CBIZ, Inc		286
	18,496	*,e	Ceco Environmental Corp		129
	8,021	*	Cimpress plc		704
	49,302		Cintas Corp		17,426
	30,748	*	Clean Harbors, Inc		2,340
	116,214	*	Copart, Inc		14,788
	48,580		CoreLogic Inc		3,756
	21,937	*	CoStar Group, Inc		20,276
	84,474		Covanta Holding Corp		1,109
	7,013		CRA International, Inc		357
	27,694		Deluxe Corp		809
	49,788	*	Dun & Bradstreet Holdings, Inc		1,240
	20,052		Ennis, Inc		358
	69,309		Equifax, Inc		13,366
	29,463		Exponent, Inc		2,653
	7,582	*	Forrester Research, Inc		318
	7,620	*	Franklin Covey Co		170
	21,634	*	FTI Consulting, Inc		2,417
	9,864	*	GP Strategies Corp		117

282

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	59,172	*	Harsco Corp	$	1,064
	49,914		Healthcare Services Group		1,403
	14,300		Heidrick & Struggles International, Inc		420
	8,893	*	Heritage-Crystal Clean, Inc		187
	28,968		Herman Miller, Inc		979
	31,637		HNI Corp		1,090
	15,850	*	Huron Consulting Group, Inc		934
	78,470	*	IAA, Inc		5,099
	13,124		ICF International, Inc		976
	227,325		IHS Markit Ltd		20,421
	25,976		Insperity, Inc		2,115
	44,581		Interface, Inc		468
	88,200		KAR Auction Services, Inc		1,641
	20,372		Kelly Services, Inc (Class A)		419
	18,302		Kforce, Inc		770
	25,171		Kimball International, Inc (Class B)		301
	35,963		Knoll, Inc		528
	37,013		Korn/Ferry International		1,610
	31,415		Manpower, Inc		2,833
	22,585		Matthews International Corp (Class A)		664
	10,506		McGrath RentCorp		705
	13,300	*	Mistras Group, Inc		103
	19,573	e	MSA Safety, Inc		2,924
	179,667		Nielsen NV		3,750
	4,961		NL Industries, Inc		24
	17,372	*	Pico Holdings, Inc		162
	133,127		Pitney Bowes, Inc		820
	21,796		Quad Graphics, Inc		83
	117,504		Republic Services, Inc		11,316
	20,546		Resources Connection, Inc		258
	69,302		Robert Half International, Inc		4,330
	127,813		Rollins, Inc		4,994
	12,140	*	SP Plus Corp		350
	61,807		Steelcase, Inc (Class A)		838
	49,051	*	Stericycle, Inc		3,401
	20,907	*	Team, Inc		228
	29,513		Tetra Tech, Inc		3,417
	109,499		TransUnion		10,865
	22,121	*	TriNet Group, Inc		1,783
	346	*	TrueBlue, Inc		6
	8,983		Unifirst Corp		1,902
	55,193	*	Upwork, Inc		1,905
	16,280		US Ecology, Inc		591
	88,487		Verisk Analytics, Inc		18,369
	15,178		Viad Corp		549
	5,586		VSE Corp		215
	236,583		Waste Management, Inc		27,900
	5,398	*	Willdan Group, Inc		225
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		239,195

CONSUMER DURABLES & APPAREL - 1.5%
	15,286		Acushnet Holdings Corp		620
	9,880	*	American Outdoor Brands, Inc		168
	21,459	*	Beazer Homes USA, Inc		325

283

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	44,121		Brunswick Corp	$	3,364
	69,841		Callaway Golf Co		1,677
	68,422	*	Capri Holdings Ltd		2,874
	20,899		Carter’s, Inc		1,966
	6,102	*	Cavco Industries, Inc		1,071
	13,611	*	Century Communities, Inc		596
	14,289		Clarus Corp		220
	13,474		Columbia Sportswear Co		1,177
	35,306	*	CROCS, Inc		2,212
	16,069	*	Deckers Outdoor Corp		4,608
	188,748		DR Horton, Inc		13,008
	7,865		Escalade, Inc		166
	18,783		Ethan Allen Interiors, Inc		380
	31,215	*	Fossil Group, Inc		271
	82,696		Garmin Ltd		9,895
	4,831	*	G-III Apparel Group Ltd		115
	74,136	*	GoPro, Inc		614
	16,535	*	Green Brick Partners, Inc		380
	6,360	e	Hamilton Beach Brands Holding Co		111
	201,239		Hanesbrands, Inc		2,934
	72,105		Hasbro, Inc		6,745
	15,207	*	Helen of Troy Ltd		3,379
	7,913		Hooker Furniture Corp		255
	13,822	*	Installed Building Products, Inc		1,409
	18,443	*,e	iRobot Corp		1,481
	3,583		Johnson Outdoors, Inc		404
	60,650		KB Home		2,033
	30,075		Kontoor Brands, Inc		1,220
	36,137		La-Z-Boy, Inc		1,440
	78,980		Leggett & Platt, Inc		3,499
	154,377		Lennar Corp (Class A)		11,768
	541		Lennar Corp (Class B)		33
	12,635	*	LGI Homes, Inc		1,337
	7,210		Lifetime Brands, Inc		110
	5,568	*	Lovesac Co		240
	64,542	*	Lululemon Athletica, Inc		22,463
	3,308	*	M/I Homes, Inc		146
	13,092	*	Malibu Boats, Inc		817
	8,407		Marine Products Corp		122
	13,690	*	MasterCraft Boat Holdings, Inc		340
	199,106	*	Mattel, Inc		3,474
	30,198		MDC Holdings, Inc		1,468
	22,102	*	Meritage Homes Corp		1,830
	31,434	*	Mohawk Industries, Inc		4,431
	11,320	*	Movado Group, Inc		188
	17,631	*	Nautilus, Inc		320
	207,669		Newell Brands Inc		4,409
	697,015		Nike, Inc (Class B)		98,607
	1,853	*	NVR, Inc		7,560
	11,750		Oxford Industries, Inc		770
	145,284	*	Peloton Interactive, Inc		22,042
	32,179		Polaris Inc		3,066
	157,608		Pulte Homes, Inc		6,796
	8,506	*	Purple Innovation, Inc		280

284

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	40,092		PVH Corp	$	3,764
	30,697		Ralph Lauren Corp		3,184
	79,579	*	Skechers U.S.A., Inc (Class A)		2,860
	32,514	*	Skyline Champion Corp		1,006
	39,523		Smith & Wesson Brands, Inc		701
	45,047	*	Sonos, Inc		1,054
	60,523		Steven Madden Ltd		2,138
	12,383		Sturm Ruger & Co, Inc		806
	5,163		Superior Uniform Group, Inc		120
	144,360		Tapestry, Inc		4,487
	67,492	*	Taylor Morrison Home Corp		1,731
	107,044	*	Tempur Sealy International, Inc		2,890
	69,223		Toll Brothers, Inc		3,009
	20,867	*	TopBuild Corp		3,841
	65,578	*	TRI Pointe Homes, Inc		1,131
	28,980	*	Tupperware Brands Corp		939
	110,698	*	Under Armour, Inc (Class A)		1,901
	110,542	*	Under Armour, Inc (Class C)		1,645
	10,905	*	Unifi, Inc		193
	10,485	*	Universal Electronics, Inc		550
	16,444	*	Vera Bradley, Inc		131
	185,564		VF Corp		15,849
	41,550	*	Vista Outdoor, Inc		987
	34,621		Whirlpool Corp		6,249
	48,726	e	Wolverine World Wide, Inc		1,523
	44,122	*	YETI Holdings, Inc		3,021
			TOTAL CONSUMER DURABLES & APPAREL		328,944

CONSUMER SERVICES - 2.0%
	25,118	*	Accel Entertainment, Inc		254
	29,568	*	Adtalem Global Education, Inc		1,004
	12,233	*	American Public Education, Inc		373
	143,934		ARAMARK Holdings Corp		5,539
	13,497	*	Bally’s Corp		678
	769	*	Biglari Holdings, Inc (B Shares)		86
	15,173		BJ’s Restaurants, Inc		584
	44,145		Bloomin’ Brands, Inc		857
	8,897	*	Bluegreen Vacations Holding Corp		120
	43,510	*	Boyd Gaming Corp		1,867
	36,213	*	Bright Horizons Family Solutions		6,265
	25,489		Brinker International, Inc		1,442
	102,314	*	Caesars Entertainment, Inc		7,599
	276,948		Carnival Corp		5,999
	11,838		Carriage Services, Inc		371
	27,792	*	Carrols Restaurant Group, Inc		175
	16,727	*	Century Casinos, Inc		107
	31,824	e	Cheesecake Factory		1,179
	72,467	*	Chegg, Inc		6,546
	15,782	*	Chipotle Mexican Grill, Inc (Class A)		21,885
	17,380		Choice Hotels International, Inc		1,855
	20,586		Churchill Downs, Inc		4,010
	12,474	*	Chuy’s Holdings, Inc		330
	5,424		Collectors Universe		409
	15,120		Cracker Barrel Old Country Store, Inc		1,995

285

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	77,856		Darden Restaurants, Inc	$	9,274
	16,608	e	Dave & Buster’s Entertainment, Inc		499
	23,487	*	Del Taco Restaurants, Inc		213
	41,277	*	Denny’s Corp		606
	626		Dine Brands Global Inc.		36
	21,807		Domino’s Pizza, Inc		8,362
	14,501	*	El Pollo Loco Holdings, Inc		263
	45,885	*	Everi Holdings, Inc		634
	105,919		Extended Stay America, Inc		1,569
	20,469	*	Fiesta Restaurant Group, Inc		233
	11,421		Franchise Group, Inc		348
	54,509	*	frontdoor, Inc		2,737
	13,690	*,e	GAN Ltd		278
	7,389	*	Golden Entertainment, Inc		147
	1,652		Graham Holdings Co		881
	26,419	*	Grand Canyon Education, Inc		2,460
	98,961		H&R Block, Inc		1,570
	49,665	*	Hilton Grand Vacations, Inc		1,557
	156,658		Hilton Worldwide Holdings, Inc		17,430
	76,812	*	Houghton Mifflin Harcourt Co		256
	24,452		Hyatt Hotels Corp		1,816
	36,131	e	International Game Technology plc		612
	14,716	e	Jack in the Box, Inc		1,366
	189,050		Las Vegas Sands Corp		11,267
	62,559	*	Laureate Education, Inc		911
	10,890	*	Lindblad Expeditions Holdings, Inc		186
	153,692		Marriott International, Inc (Class A)		20,275
	21,099		Marriott Vacations Worldwide Corp		2,895
	424,335		McDonald’s Corp		91,054
	281,649		MGM Resorts International		8,875
	7,140	*	Monarch Casino & Resort, Inc		437
	2,378		Nathan’s Famous, Inc		131
	8,091	*	Noodles & Co		64
	180,120	*,e	Norwegian Cruise Line Holdings Ltd		4,580
	29,338		OneSpaWorld Holdings Ltd		298
	18,811		Papa John’s International, Inc		1,596
	88,526	*	Penn National Gaming, Inc		7,646
	46,334	*	Perdoceo Education Corp		585
	51,866	*	Planet Fitness, Inc		4,026
	10,854	*	PlayAGS, Inc		78
	6,547		RCI Hospitality Holdings, Inc		258
	9,211	*,e	Red Robin Gourmet Burgers, Inc		177
	37,399		Red Rock Resorts, Inc		937
	27,109	*,e	Regis Corp		249
	106,238		Royal Caribbean Cruises Ltd		7,935
	21,790		Ruth’s Hospitality Group Inc		386
	37,197	*	Scientific Games Corp (Class A)		1,543
	30,308	*	SeaWorld Entertainment, Inc		957
	95,406		Service Corp International		4,684
	15,620	*	Shake Shack, Inc		1,324
	48,601		Six Flags Entertainment Corp		1,657
	663,287		Starbucks Corp		70,958
	11,328		Strategic Education, Inc		1,080
	26,055	*	Stride, Inc		553

286

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	21,327	*,e	Target Hospitality Corp	$	34
	75,406	*	Terminix Global Holdings, Inc		3,846
	40,109		Texas Roadhouse, Inc (Class A)		3,135
	23,348		Vail Resorts, Inc		6,513
	41,530	*	Vivint Smart Home, Inc		862
	107,288		Wendy’s		2,352
	17,626		Wingstop, Inc		2,336
	26,120	*	WW International Inc		637
	42,519		Wyndham Destinations, Inc		1,907
	51,637		Wyndham Hotels & Resorts, Inc		3,069
	58,587		Wynn Resorts Ltd		6,610
	221,986		Yum China Holdings, Inc		12,673
	172,373		Yum! Brands, Inc		18,713
			TOTAL CONSUMER SERVICES		434,965

DIVERSIFIED FINANCIALS - 4.5%
	24,496		Affiliated Managers Group, Inc		2,491
	310,978		AGNC Investment Corp		4,851
	8,948		Alerus Financial Corp		245
	213,556		Ally Financial, Inc		7,615
	374,015		American Express Co		45,222
	66,165		Ameriprise Financial, Inc		12,858
	802,434		Annaly Capital Management, Inc		6,781
	70,479		Anworth Mortgage Asset Corp		191
	68,911		Apollo Commercial Real Estate Finance, Inc		770
	102,107		Apollo Global Management, Inc		5,001
	61,262		Arbor Realty Trust, Inc		869
	22,112		Ares Commercial Real Estate Corp		263
	58,699		Ares Management Corp		2,762
	16,506	*,e	Arlington Asset Investment Corp (Class A)		62
	26,163		ARMOUR Residential REIT, Inc		282
	32,135		Artisan Partners Asset Management, Inc		1,618
	8,796	*	Assetmark Financial Holdings, Inc		213
	4,316		Associated Capital Group, Inc		152
	10,240		B. Riley Financial, Inc		453
	21,466		Banco Latinoamericano de Exportaciones S.A. (Class E)		340
	446,938		Bank of New York Mellon Corp		18,968
	1,072,481	*	Berkshire Hathaway, Inc (Class B)		248,676
	166,153		BGC Partners, Inc (Class A)		665
	83,440		BlackRock, Inc		60,205
	73,790		Blackstone Mortgage Trust, Inc		2,031
	30,473	*	Blucora, Inc		485
	40,173		Brightsphere Investment Group, Inc		775
	76,557		Broadmark Realty Capital, Inc		781
	48,331	*	Cannae Holdings, Inc		2,140
	259,824		Capital One Financial Corp		25,684
	71,072		Capstead Mortgage Corp		413
	69,672		Carlyle Group, Inc		2,190
	68,387		CBOE Global Markets, Inc		6,368
	788,627		Charles Schwab Corp		41,829
	7,464		Cherry Hill Mortgage Investment Corp		68
	94,757		Chimera Investment Corp		971
	204,249		CME Group, Inc		37,184
	15,440		Cohen & Steers, Inc		1,147

287

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,402		Colony Credit Real Estate, Inc	$	56
	18,127		Cowen Group, Inc		471
	6,049	*,e	Credit Acceptance Corp		2,094
	7,834		Curo Group Holdings Corp		112
	2,179		Diamond Hill Investment Group, Inc		325
	175,968		Discover Financial Services		15,930
	19,156	*	Donnelley Financial Solutions, Inc		325
	11,107		Dynex Capital, Inc		198
	64,523		Eaton Vance Corp		4,383
	17,423		Ellington Financial Inc		259
	17,368	*,e	Encore Capital Group, Inc		676
	23,911	*	Enova International, Inc		592
	210,922		Equitable Holdings, Inc		5,397
	22,566		Evercore Inc		2,474
	38,445	*	Ezcorp, Inc (Class A)		184
	21,287		Factset Research Systems, Inc		7,078
	68,886		Federated Investors, Inc (Class B)		1,990
	24,222		FirstCash, Inc		1,697
	12,579	*	Focus Financial Partners, Inc		547
	135,894		Franklin Resources, Inc		3,396
	4,049		GAMCO Investors, Inc (Class A)		72
	187,460		Goldman Sachs Group, Inc		49,435
	31,227		Granite Point Mortgage Trust, Inc		312
	9,250		Great Ajax Corp		97
	33,057	*	Green Dot Corp		1,845
	19,893		Greenhill & Co, Inc		242
	18,233		Hamilton Lane, Inc		1,423
	35,286	e	Hannon Armstrong Sustainable Infrastructure Capital, Inc		2,238
	25,893		Houlihan Lokey, Inc		1,741
	47,028		Interactive Brokers Group, Inc (Class A)		2,865
	317,060		Intercontinental Exchange Group, Inc		36,554
	215,498		Invesco Ltd		3,756
	100,745	e	Invesco Mortgage Capital, Inc		341
	121,590		Jefferies Financial Group, Inc		2,991
	305,123		KKR & Co, Inc		12,354
	7,773	e	KKR Real Estate Finance Trust, Inc		139
	49,932		Ladder Capital Corp		488
	61,713		Lazard Ltd (Class A)		2,610
	42,896	*	LendingClub Corp		453
	4,628	*,e	LendingTree, Inc		1,267
	49,263		LPL Financial Holdings, Inc		5,134
	21,047		MarketAxess Holdings, Inc		12,009
	6,533		Marlin Business Services Corp		80
	270,747		MFA Financial Inc		1,053
	26,390		Moelis & Co		1,234
	91,615		Moody’s Corp		26,590
	756,450		Morgan Stanley		51,840
	9,849		Morningstar, Inc		2,281
	47,531		MSCI, Inc (Class A)		21,224
	61,538		Nasdaq Inc		8,169
	72,560		Navient Corp		713
	14,990		Nelnet, Inc (Class A)		1,068
	231,837		New Residential Investment Corp		2,304
	225,109		New York Mortgage Trust, Inc		831

288

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	22,218	*,†	NewStar Financial, Inc	$	5
	107,408		Northern Trust Corp		10,004
	37,084		OneMain Holdings, Inc		1,786
	11,565	*	Oportun Financial Corp		224
	7,363		Oppenheimer Holdings, Inc		231
	23,694	e	Orchid Island Capital, Inc		124
	47,765		PennyMac Mortgage Investment Trust		840
	10,272		Piper Jaffray Cos		1,036
	13,025		PJT Partners, Inc		980
	33,753	*	PRA Group, Inc		1,339
	36,804		PROG Holdings, Inc		1,983
	9,591		Pzena Investment Management, Inc (Class A)		70
	66,436		Raymond James Financial, Inc		6,356
	11,012		Ready Capital Corp		137
	49,700		Redwood Trust, Inc		436
	8,577		Regional Management Corp		256
	137,714		S&P Global, Inc		45,271
	16,951	*	Safeguard Scientifics, Inc		108
	57,054		Santander Consumer USA Holdings, Inc		1,256
	10,879		Sculptor Capital Management, Inc		165
	58,985		SEI Investments Co		3,390
	5,338		Silvercrest Asset Management Group, Inc		74
	211,103		SLM Corp		2,616
	153,692		Starwood Property Trust, Inc		2,966
	202,294		State Street Corp		14,723
	11,043	*,e	StepStone Group, Inc		440
	57,525		Stifel Financial Corp		2,903
	11,369	*	StoneX Group, Inc		658
	348,966		Synchrony Financial		12,113
	127,026		T Rowe Price Group, Inc		19,230
	7,897		TPG RE Finance Trust, Inc		84
	49,135		Tradeweb Markets, Inc		3,068
	174,270		Two Harbors Investment Corp		1,110
	37,412		Virtu Financial, Inc		942
	4,800		Virtus Investment Partners, Inc		1,042
	63,062		Voya Financial, Inc		3,709
	22,709		Waddell & Reed Financial, Inc (Class A)		578
	28,538	e	Western Asset Mortgage Capital Corp		93
	5,409		Westwood Holdings Group, Inc		78
	84,317		WisdomTree Investments, Inc		451
	4,248	*,e	World Acceptance Corp		434
			TOTAL DIVERSIFIED FINANCIALS		990,865

ENERGY - 2.1%
	146,439		Antero Midstream Corp		1,129
	132,421	*,e	Antero Resources Corp		722
	241,520		Apache Corp		3,427
	9,586	*	Arch Resources, Inc		420
	85,865		Archrock, Inc		744
	20,832		Ardmore Shipping Corp		68
	372,296		Baker Hughes Co		7,762
	36,376		Berry Petroleum Co LLC		134
	14,562	*	Bonanza Creek Energy, Inc		281
	10,396		Brigham Minerals, Inc		114

289

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,788	*	Bristow Group, Inc	$	126
	217,282		Cabot Oil & Gas Corp		3,537
	16,011		Cactus, Inc		417
	110,556	*	ChampionX Corp		1,692
	138,494	*	Cheniere Energy, Inc		8,314
	1,104,982		Chevron Corp		93,316
	49,611		Cimarex Energy Co		1,861
	96,211	*	Clean Energy Fuels Corp		756
	126,418	*	CNX Resources Corp		1,365
	109,609		Concho Resources, Inc		6,396
	611,183		ConocoPhillips		24,441
	20,666	*,e	CONSOL Energy, Inc		149
	53,393	*,e	Contango Oil & Gas Co		122
	32,957	e	Continental Resources, Inc		537
	11,149		CVR Energy, Inc		166
	26,329		Delek US Holdings, Inc		423
	242,317		Devon Energy Corp		3,831
	55,111		DHT Holdings, Inc		288
	14,000	*	Diamond S Shipping Inc		93
	90,044		Diamondback Energy, Inc		4,358
	9,586		DMC Global, Inc		415
	20,589	*	Dorian LPG Ltd		251
	27,635	*	Dril-Quip, Inc		819
	7,121	*	Earthstone Energy, Inc		38
	155,692		EnCana Corp		2,236
	56,201	*,e	Energy Fuels, Inc		239
	335,801		EOG Resources, Inc		16,746
	153,612		EQT Corp		1,952
	246,829		Equitrans Midstream Corp		1,985
	17,517		Evolution Petroleum Corp		50
	23,313	*	Exterran Corp		103
	2,423,945	d	Exxon Mobil Corp		99,915
	24,885		Falcon Minerals Corp		78
	36,662	*	Frank’s International NV		100
	70,150	e	Frontline Ltd		436
	69,477	*	Golar LNG Ltd		670
	26,945	*,e	Green Plains Inc		355
	500,751		Halliburton Co		9,464
	100,808	*	Helix Energy Solutions Group, Inc		423
	52,744		Helmerich & Payne, Inc		1,222
	156,996		Hess Corp		8,288
	97,848		HollyFrontier Corp		2,529
	20,967		International Seaways, Inc		342
	1,073,625		Kinder Morgan, Inc		14,676
	234,852		Kosmos Energy Ltd		552
	9,873		Liberty Oilfield Services, Inc		102
	65,268	*	Magnolia Oil & Gas Corp		461
	503,108		Marathon Oil Corp		3,356
	370,118		Marathon Petroleum Corp		15,308
	12,294	*	Matador Resources Co		148
	19,934	*	Matrix Service Co		220
	86,947		Murphy Oil Corp		1,052
	4,061	e	Nabors Industries Ltd		236
	3,180		Nacco Industries, Inc (Class A)		84

290

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	63,344	*	Newpark Resources, Inc	$	122
	76,759	*	NexTier Oilfield Solutions, Inc		264
	68,002	e	Nordic American Tankers Ltd		201
	256,371	*	Nov, Inc		3,520
	468,293		Occidental Petroleum Corp		8,106
	71,446	*	Oceaneering International, Inc		568
	38,178	*	Oil States International, Inc		192
	254,378		ONEOK, Inc		9,763
	26,237	*	Overseas Shipholding Group, Inc		56
	23,180	*	Par Pacific Holdings, Inc		324
	177,587	e	Parsley Energy, Inc		2,522
	150,779		Patterson-UTI Energy, Inc		793
	14,770		PBF Energy, Inc		105
	44,499	*	PDC Energy, Inc		914
	10,090	*,e	Penn Virginia Corp		102
	249,606		Phillips 66		17,457
	93,446		Pioneer Natural Resources Co		10,643
	48,018	*	ProPetro Holding Corp		355
	139,657	*	Range Resources Corp		936
	21,719	*	Renewable Energy Group, Inc		1,538
	4,186	*	Rex American Resources Corp		308
	42,512	*	RPC, Inc		134
	794,502		Schlumberger Ltd		17,344
	12,739	e	Scorpio Tankers, Inc		143
	6,869	*	Select Energy Services, Inc		28
	45,041		SFL Corp Ltd		283
	80,594		SM Energy Co		493
	6,855		Solaris Oilfield Infrastructure, Inc		56
	271,987	*	Southwestern Energy Co		811
	13,911	*	Talos Energy, Inc		115
	141,390		Targa Resources Investments, Inc		3,730
	39,279	*,e	Tellurian, Inc		50
	16,234	*	Tidewater, Inc		140
	95,169	*,e	Uranium Energy Corp		167
	58,687		US Silica Holdings, Inc		412
	233,145		Valero Energy Corp		13,189
	14,396	*,e	W&T Offshore, Inc		31
	695,357		Williams Cos, Inc		13,942
	29,960		World Fuel Services Corp		934
	284,313	*	WPX Energy, Inc		2,317
			TOTAL ENERGY		464,948

FOOD & STAPLES RETAILING - 1.3%
	26,613	e	Albertsons Cos, Inc		468
	19,849		Andersons, Inc		486
	81,482	*	BJ’s Wholesale Club Holdings, Inc		3,038
	22,168		Casey’s General Stores, Inc		3,960
	14,374	*	Chefs’ Warehouse Holdings, Inc		369
	253,108		Costco Wholesale Corp		95,366
	32,707	*	Grocery Outlet Holding Corp		1,284
	21,180	*	HF Foods Group Inc		159
	10,217	e	Ingles Markets, Inc (Class A)		436
	438,070		Kroger Co		13,913
	6,410		Natural Grocers by Vitamin C		88

291

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	70,016	*	Performance Food Group Co	$	3,333
	14,866		Pricesmart, Inc		1,354
	38,176	*,e	Rite Aid Corp		604
	27,344		SpartanNash Co		476
	72,919	*	Sprouts Farmers Market, Inc		1,466
	284,759		SYSCO Corp		21,146
	36,929	*	United Natural Foods, Inc		590
	129,589	*	US Foods Holding Corp		4,317
	4,843		Village Super Market (Class A)		107
	408,367		Walgreens Boots Alliance, Inc		16,286
	801,188		Walmart, Inc		115,491
	4,684		Weis Markets, Inc		224
			TOTAL FOOD & STAPLES RETAILING		284,961

FOOD, BEVERAGE & TOBACCO - 3.0%
	2,296		Alico, Inc		71
	1,057,543		Altria Group, Inc		43,359
	314,593		Archer-Daniels-Midland Co		15,859
	48,393	e	B&G Foods, Inc (Class A)		1,342
	29,996	*,e	Beyond Meat, Inc		3,750
	4,644	*	Boston Beer Co, Inc (Class A)		4,617
	21,579		Brown-Forman Corp (Class A)		1,585
	99,618		Brown-Forman Corp (Class B)		7,913
	82,637		Bunge Ltd		5,419
	11,455		Calavo Growers, Inc		795
	22,629	*	Cal-Maine Foods, Inc		849
	99,585		Campbell Soup Co		4,815
	20,431	*	Celsius Holdings, Inc		1,028
	2,214,034		Coca-Cola Co		121,418
	3,092		Coca-Cola Consolidated Inc		823
	277,399		ConAgra Brands, Inc		10,058
	91,830		Constellation Brands, Inc (Class A)		20,115
	96,358	*	Darling International, Inc		5,558
	5,320	*	Farmer Bros Co		25
	103,413		Flowers Foods, Inc		2,340
	20,613		Fresh Del Monte Produce, Inc		496
	23,047	*	Freshpet, Inc		3,272
	345,141		General Mills, Inc		20,294
	50,738	*	Hain Celestial Group, Inc		2,037
	81,896		Hershey Co		12,475
	153,581		Hormel Foods Corp		7,158
	57,996	*	Hostess Brands, Inc		849
	34,138		Ingredion, Inc		2,686
	10,369		J&J Snack Foods Corp		1,611
	62,685		J.M. Smucker Co		7,246
	5,780		John B. Sanfilippo & Son, Inc		456
	142,937		Kellogg Co		8,895
	255,737		Keurig Dr Pepper, Inc		8,184
	370,323		Kraft Heinz Co		12,835
	86,473		Lamb Weston Holdings, Inc		6,809
	13,060		Lancaster Colony Corp		2,400
	19,323	*	Landec Corp		210
	8,386		Limoneira Co		140
	142,822		McCormick & Co, Inc		13,654

292

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	9,193		MGP Ingredients, Inc	$	433
	100,662		Molson Coors Brewing Co (Class B)		4,549
	804,955		Mondelez International, Inc		47,066
	206,228	*	Monster Beverage Corp		19,072
	8,574	e	National Beverage Corp		728
	46,743	*	NewAge, Inc		123
	789,734		PepsiCo, Inc		117,118
	888,797		Philip Morris International, Inc		73,584
	2,181	*	Pilgrim’s Pride Corp		43
	35,377	*	Post Holdings, Inc		3,573
	92,946		Primo Water Corp		1,457
	11,652		Sanderson Farms, Inc		1,540
	192		Seaboard Corp		582
	5,451	*	Seneca Foods Corp		218
	40,880	*	Simply Good Foods Co		1,282
	11,646	e	Tootsie Roll Industries, Inc		346
	29,630	*	TreeHouse Foods, Inc		1,259
	4,760		Turning Point Brands, Inc		212
	167,956		Tyson Foods, Inc (Class A)		10,823
	13,804		Universal Corp		671
	53,131		Vector Group Ltd		619
			TOTAL FOOD, BEVERAGE & TOBACCO		648,744

HEALTH CARE EQUIPMENT & SERVICES - 6.4%
	45,310	*	1Life Healthcare, Inc		1,978
	993,393		Abbott Laboratories		108,767
	25,665	*	Abiomed, Inc		8,321
	56,824	*	Acadia Healthcare Co, Inc		2,856
	18,841	*,e	Accelerate Diagnostics, Inc		143
	6,707	*	Accolade, Inc		292
	58,290	*	Accuray, Inc		243
	5,674	*	Acutus Medical, Inc		163
	14,403	*	AdaptHealth Corp		541
	5,501	*	Addus HomeCare Corp		644
	44,769	*	Align Technology, Inc		23,924
	133,589	*	Allscripts Healthcare Solutions, Inc		1,929
	31,277	*	Alphatec Holdings Inc		454
	19,731	*	Amedisys, Inc		5,788
	6,596	*	American Renal Associates Holdings, Inc		76
	25,827	*,e	American Well Corp		654
	83,564		AmerisourceBergen Corp		8,169
	31,962	*	AMN Healthcare Services, Inc		2,181
	26,107	*	Angiodynamics, Inc		400
	104,354	*	Antares Pharma, Inc		416
	142,553		Anthem, Inc		45,772
	16,786	*	Apollo Medical Holdings, Inc		307
	45,045	*,e	Aspira Women’s Health, Inc		302
	22,609	*	AtriCure, Inc		1,259
	1,019		Atrion Corp		654
	33,829	*	Avanos Medical, Inc		1,552
	18,090	*,e	AxoGen, Inc		324
	9,978	*,e	Axonics Modulation Technologies, Inc		498
	290,979		Baxter International, Inc		23,348
	157,859		Becton Dickinson & Co		39,499

293

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	7,927	*	BioLife Solutions Inc	$	316
	19,708	*	BioTelemetry, Inc		1,421
	815,131	*	Boston Scientific Corp		29,304
	135,933	*	Brookdale Senior Living, Inc		602
	25,974		Cantel Medical Corp		2,048
	164,290		Cardinal Health, Inc		8,799
	23,626	*	Cardiovascular Systems, Inc		1,034
	6,101	*	Castle Biosciences, Inc		410
	325,464	*	Centene Corp		19,538
	170,053		Cerner Corp		13,346
	71,510	*	Cerus Corp		495
	138,891	*	Change Healthcare, Inc		2,590
	9,197		Chemed Corp		4,898
	202,918		Cigna Corp		42,243
	15,433	*,e	Co-Diagnostics, Inc		144
	49,106	*	Community Health Systems, Inc		365
	8,700		Computer Programs & Systems, Inc		233
	19,875	e	Conmed Corp		2,226
	26,916		Cooper Cos, Inc		9,779
	7,512	*	Corvel Corp		796
	66,022	*	Covetrus, Inc		1,897
	25,224	*	Cross Country Healthcare, Inc		224
	23,064	*	CryoLife, Inc		545
	16,944	*,e	CryoPort, Inc		743
	10,004	*	Cutera, Inc		241
	740,243		CVS Health Corp		50,559
	19,235	*	CytoSorbents Corp		153
	359,622		Danaher Corp		79,886
	41,271	*	DaVita, Inc		4,845
	130,875		Dentsply Sirona, Inc		6,853
	53,725	*	DexCom, Inc		19,863
	4,541	*	Eargo, Inc		204
	348,603	*	Edwards Lifesciences Corp		31,803
	54,203		Encompass Health Corp		4,482
	25,058		Ensign Group, Inc		1,827
	90,976	*	Envista Holdings Corp		3,069
	27,058	*	Enzo Biochem, Inc		68
	45,708	*	Evolent Health, Inc		733
	7,703	*	Fulgent Genetics, Inc		401
	30,765	*	GenMark Diagnostics, Inc		449
	20,642	*	Glaukos Corp		1,553
	48,523	*	Globus Medical, Inc		3,165
	44,457	*	Guardant Health, Inc		5,730
	31,065	*	Haemonetics Corp		3,689
	23,398	*	Hanger Inc		514
	151,759		HCA Healthcare, Inc		24,958
	11,667	*	Health Catalyst, Inc		508
	41,555	*	HealthEquity, Inc		2,897
	18,780	*	HealthStream, Inc		410
	82,116	*	Henry Schein, Inc		5,490
	4,605	*	Heska Corp		671
	36,164		Hill-Rom Holdings, Inc		3,543
	44,045	*	HMS Holdings Corp		1,619
	143,873	*	Hologic, Inc		10,478

294

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	75,223		Humana, Inc	$	30,862
	10,885	*	ICU Medical, Inc		2,335
	49,115	*	IDEXX Laboratories, Inc		24,551
	4,432	*	Inari Medical, Inc		387
	12,244	*	Inogen, Inc		547
	43,464	*	Inovalon Holdings, Inc		790
	15,579	*	Inspire Medical Systems, Inc		2,930
	38,127	*	Insulet Corp		9,746
	22,691	*	Integer Holding Corp		1,842
	34,017	*	Integra LifeSciences Holdings Corp		2,208
	4,136	*	IntriCon Corp		75
	66,007	*	Intuitive Surgical, Inc		54,000
	23,110		Invacare Corp		207
	16,105	*	iRhythm Technologies, Inc		3,820
	53,982	*	Laboratory Corp of America Holdings		10,988
	34,223	*	Lantheus Holdings, Inc		462
	9,523		LeMaitre Vascular, Inc		386
	9,155	*	LENSAR, Inc		66
	17,004	*	LHC Group, Inc		3,627
	33,006	*	LivaNova plc		2,185
	16,931	*	Magellan Health Services, Inc		1,403
	29,131	*	Masimo Corp		7,818
	90,561		McKesson Corp		15,750
	43,753	*	MEDNAX, Inc		1,074
	767,831		Medtronic plc		89,944
	31,965	*	Meridian Bioscience, Inc		597
	35,220	*	Merit Medical Systems, Inc		1,955
	2,255		Mesa Laboratories, Inc		646
	33,870	*	Molina Healthcare, Inc		7,203
	7,753		National Healthcare Corp		515
	5,598		National Research Corp		239
	24,197	*	Natus Medical, Inc		485
	35,733	*	Neogen Corp		2,834
	19,942	*	Nevro Corp		3,452
	37,773	*	NextGen Healthcare, Inc		689
	54,721	*	Novocure Ltd		9,469
	36,380	*	NuVasive, Inc		2,049
	10,001	*	Oak Street Health, Inc		612
	26,681	*	Omnicell, Inc		3,202
	4,594	*,e	Ontrak, Inc		284
	8,440	*	OptimizeRx Corp		263
	21,564	*	Option Care Health, Inc		337
	40,487	*	OraSure Technologies, Inc		429
	12,159	*	Orthofix Medical Inc		523
	5,177	*,e	OrthoPediatrics Corp		214
	5,659	*	Outset Medical, Inc		322
	43,714		Owens & Minor, Inc		1,182
	57,408		Patterson Cos, Inc		1,701
	17,723	*	Pennant Group, Inc		1,029
	17,918	*	Penumbra, Inc		3,136
	5,304	*,e	PetIQ, Inc		204
	16,748	*	Phreesia, Inc		909
	69,502		Premier, Inc		2,439
	15,686	*	Progyny, Inc		665

295

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,662	*	Providence Service Corp	$	1,201
	6,596	*	Pulmonx Corp		455
	1,366	*	Pulse Biosciences, Inc		33
	76,286		Quest Diagnostics, Inc		9,091
	20,943	*	Quidel Corp		3,762
	36,034	*	Quotient Ltd		188
	72,154	*	R1 RCM, Inc		1,733
	25,914	*	RadNet, Inc		507
	83,296		Resmed, Inc		17,705
	37,335	*,e	Rockwell Medical, Inc		38
	17,095	*	Schrodinger, Inc		1,354
	15,644	*	SeaSpine Holdings Corp		273
	77,335	*	Select Medical Holdings Corp		2,139
	15,867	*	Shockwave Medical Inc		1,646
	10,272	*	SI-BONE, Inc		307
	10,185	*,e	Sientra, Inc		40
	18,916	*	Silk Road Medical Inc		1,191
	7,680		Simulations Plus, Inc		552
	26,141	*	Staar Surgical Co		2,071
	46,976		STERIS plc		8,904
	199,607		Stryker Corp		48,912
	38,631	*	Surgalign Holdings, Inc		85
	13,353	*	Surgery Partners, Inc		387
	10,275	*	SurModics, Inc		447
	6,560	*,e	Tabula Rasa HealthCare, Inc		281
	6,719	*	Tactile Systems Technology, Inc		302
	35,006	*	Tandem Diabetes Care, Inc		3,349
	60,341	*,e	Teladoc, Inc		12,066
	26,634		Teleflex, Inc		10,962
	59,665	*	Tenet Healthcare Corp		2,382
	30,967	*	Tivity Health, Inc		607
	11,786	*	Transmedics Group, Inc		235
	18,960	*	Triple-S Management Corp (Class B)		405
	539,323		UnitedHealth Group, Inc		189,130
	44,084		Universal Health Services, Inc (Class B)		6,062
	9,158	e	US Physical Therapy, Inc		1,101
	2,349	e	Utah Medical Products, Inc		198
	7,211	*,e	Vapotherm, Inc		194
	27,229	*	Varex Imaging Corp		454
	49,189	*	Varian Medical Systems, Inc		8,609
	77,535	*	Veeva Systems, Inc		21,109
	20,450	*	Viemed Healthcare, Inc		159
	19,827	*,e	ViewRay, Inc		76
	20,093	*	Vocera Communications, Inc		834
	44,107		West Pharmaceutical Services, Inc		12,496
	120,493		Zimmer Biomet Holdings, Inc		18,567
	9,856	*,e	Zynex Inc		133
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		1,404,430

HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	25,021	*	BellRing Brands, Inc		608
	7,431	*	Central Garden & Pet Co		287
	24,471	*	Central Garden and Pet Co (Class A)		889
	139,764		Church & Dwight Co, Inc		12,192

296

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	72,404		Clorox Co	$	14,620
	476,899		Colgate-Palmolive Co		40,780
	215,270		Coty, Inc		1,511
	41,449		Edgewell Personal Care Co		1,433
	15,146	*	elf Beauty, Inc		382
	37,105		Energizer Holdings, Inc		1,565
	126,654		Estee Lauder Cos (Class A)		33,714
	48,450	*	Herbalife Nutrition Ltd		2,328
	12,258		Inter Parfums, Inc		741
	191,893		Kimberly-Clark Corp		25,873
	7,966		Medifast, Inc		1,564
	5,868	*	Nature’s Sunshine Products, Inc		88
	36,417		Nu Skin Enterprises, Inc (Class A)		1,989
	3,981		Oil-Dri Corp of America		136
	1,388,672		Procter & Gamble Co		193,220
	8,319	*	Revlon, Inc (Class A)		99
	29,272		Reynolds Consumer Products Inc		879
	27,100		Spectrum Brands Holdings, Inc		2,140
	8,349	*	USANA Health Sciences, Inc		644
	30,185	*	Veru, Inc		261
	7,178		WD-40 Co		1,907
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		339,850

INSURANCE - 2.1%
	409,580		Aflac, Inc		18,214
	8,152		Alleghany Corp		4,921
	169,524		Allstate Corp		18,636
	32,424	*	AMBAC Financial Group, Inc		499
	39,602		American Equity Investment Life Holding Co		1,095
	43,725		American Financial Group, Inc		3,831
	496,335		American International Group, Inc		18,791
	5,469		American National Group, Inc		526
	13,468		Amerisafe, Inc		773
	131,957		Aon plc		27,879
	229,608	*	Arch Capital Group Ltd		8,282
	24,041	*	Argo Group International Holdings Ltd		1,051
	108,100		Arthur J. Gallagher & Co		13,373
	35,672		Assurant, Inc		4,859
	36,683		Assured Guaranty Ltd		1,155
	53,840	*	Athene Holding Ltd		2,323
	49,119		Axis Capital Holdings Ltd		2,475
	37,914	*	Brighthouse Financial, Inc		1,373
	131,778		Brown & Brown, Inc		6,248
	11,865	*	BRP Group, Inc		356
	259,826		Chubb Ltd		39,992
	89,646		Cincinnati Financial Corp		7,832
	32,879	*,e	Citizens, Inc (Class A)		188
	6,112		CNA Financial Corp		238
	66,761		Conseco, Inc		1,484
	7,812		Donegal Group, Inc (Class A)		110
	15,165	*	eHealth, Inc		1,071
	23,170		Employers Holdings, Inc		746
	5,156	*	Enstar Group Ltd		1,056
	15,223		Erie Indemnity Co (Class A)		3,739

297

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	24,282		Everest Re Group Ltd	$	5,684
	7,071		FBL Financial Group, Inc (Class A)		371
	10,321		FedNat Holding Co		61
	156,733		Fidelity National Financial Inc		6,127
	67,815		First American Financial Corp		3,501
	311,286	*	Genworth Financial, Inc (Class A)		1,177
	59,180		Globe Life, Inc		5,620
	24,045	*	GoHealth, Inc		328
	6,616		Goosehead Insurance, Inc		825
	20,683	*,e	Greenlight Capital Re Ltd (Class A)		151
	15,929		Hanover Insurance Group, Inc		1,862
	216,161		Hartford Financial Services Group, Inc		10,588
	5,533		HCI Group, Inc		289
	18,411		Heritage Insurance Holdings, Inc		187
	29,606		Horace Mann Educators Corp		1,245
	5,237		Independence Holding Co		215
	1,119		Investors Title Co		171
	12,617		James River Group Holdings Ltd		620
	38,336		Kemper Corp		2,945
	10,502		Kinsale Capital Group, Inc		2,102
	7,374	*,e	Lemonade, Inc		903
	108,445		Lincoln National Corp		5,456
	126,990		Loews Corp		5,717
	7,794	*	Markel Corp		8,054
	287,780		Marsh & McLennan Cos, Inc		33,670
	59,989	*	MBIA, Inc		395
	20,342		Mercury General Corp		1,062
	431,658		Metlife, Inc		20,266
	35,673		National General Holdings Corp		1,219
	1,551		National Western Life Group, Inc		320
	7,308	*	NI Holdings, Inc		120
	128,828		Old Republic International Corp		2,539
	7,880	*	Palomar Holdings, Inc		700
	23,895		Primerica, Inc		3,200
	160,225		Principal Financial Group		7,949
	37,307		ProAssurance Corp		664
	332,906		Progressive Corp		32,918
	6,904		Protective Insurance Corp		95
	227,351		Prudential Financial, Inc		17,749
	37,637		Reinsurance Group of America, Inc (Class A)		4,362
	28,312		RenaissanceRe Holdings Ltd		4,695
	23,570		RLI Corp		2,455
	11,093		Safety Insurance Group, Inc		864
	35,222		Selective Insurance Group, Inc		2,359
	18,354	*	Selectquote, Inc		381
	11,039		State Auto Financial Corp		196
	15,315		Stewart Information Services Corp		741
	51,271	*	Third Point Reinsurance Ltd		488
	22,143		Tiptree Inc		111
	142,016		Travelers Cos, Inc		19,935
	15,868	*	Trupanion, Inc		1,900
	16,104		United Fire Group Inc		404
	12,682		United Insurance Holdings Corp		73
	22,402		Universal Insurance Holdings, Inc		339

298

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	87,659		Unum Group	$	2,011
	83,367		W.R. Berkley Corp		5,537
	13,074	*	Watford Holdings Ltd		452
	1,751		White Mountains Insurance Group Ltd		1,752
	73,934		Willis Towers Watson plc		15,576
			TOTAL INSURANCE		444,812

MATERIALS - 2.8%
	15,014		Advanced Emissions Solutions, Inc		83
	22,501	*	AdvanSix, Inc		450
	126,056		Air Products & Chemicals, Inc		34,441
	60,026		Albemarle Corp		8,855
	122,406	*	Alcoa Corp		2,821
	78,013	*	Allegheny Technologies, Inc		1,308
	907,892		Amcor plc		10,686
	20,501		American Vanguard Corp		318
	41,780	*,e	Amyris, Inc		258
	36,989		Aptargroup, Inc		5,063
	57,334	*	Arconic Corp		1,709
	13,288		Ardagh Group S.A.		229
	36,159		Ashland Global Holdings, Inc		2,864
	47,576		Avery Dennison Corp		7,380
	58,890		Avient Corp		2,372
	113,646	*	Axalta Coating Systems Ltd		3,245
	19,086		Balchem Corp		2,199
	184,827		Ball Corp		17,222
	67,446	*	Berry Global Group, Inc		3,790
	27,727		Boise Cascade Co		1,325
	31,457		Cabot Corp		1,412
	31,590		Carpenter Technology Corp		920
	63,694		Celanese Corp (Series A)		8,276
	36,798	*	Century Aluminum Co		406
	127,807		CF Industries Holdings, Inc		4,947
	5,158		Chase Corp		521
	72,704		Chemours Co		1,802
	11,678	*	Clearwater Paper Corp		441
	234,932	e	Cleveland-Cliffs, Inc		3,421
	119,550	*	Coeur Mining, Inc		1,237
	66,530		Commercial Metals Co		1,367
	20,319		Compass Minerals International, Inc		1,254
	423,054		Corteva, Inc		16,381
	68,490	*	Crown Holdings, Inc		6,863
	32,116		Domtar Corp		1,016
	426,068		Dow, Inc		23,647
	429,890		DuPont de Nemours, Inc		30,569
	18,480		Eagle Materials, Inc		1,873
	73,320		Eastman Chemical Co		7,353
	141,037		Ecolab, Inc		30,515
	111,084		Element Solutions, Inc		1,970
	60,041	*	Ferro Corp		878
	47,286	*,†	Ferroglobe plc		0
	71,763		FMC Corp		8,248
	16,526	*	Forterra, Inc		284
	814,176		Freeport-McMoRan, Inc (Class B)		21,185

299

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	17,819		FutureFuel Corp	$	226
	23,656	*	GCP Applied Technologies, Inc		559
	32,454		Glatfelter Corp		532
	39,231		Gold Resource Corp		114
	145,764		Graphic Packaging Holding Co		2,469
	18,292		Greif, Inc (Class A)		858
	3,993		Greif, Inc (Class B)		193
	34,325		H.B. Fuller Co		1,781
	7,923		Hawkins, Inc		414
	9,402		Haynes International, Inc		224
	335,463		Hecla Mining Co		2,174
	119,837		Huntsman Corp		3,013
	30,403	*	Ingevity Corp		2,302
	11,273		Innospec, Inc		1,023
	60,340	e	International Flavors & Fragrances, Inc		6,567
	235,393		International Paper Co		11,704
	6,735	*	Intrepid Potash, Inc		163
	12,178		Kaiser Aluminum Corp		1,204
	15,231	*	Koppers Holdings, Inc		475
	21,628	*	Kraton Corp		601
	14,288		Kronos Worldwide, Inc		213
	298,297		Linde plc		78,604
	93,236	*	Livent Corp		1,757
	61,245		Louisiana-Pacific Corp		2,276
	145,406		LyondellBasell Industries NV		13,328
	37,207		Martin Marietta Materials, Inc		10,566
	14,781		Materion Corp		942
	23,990		Minerals Technologies, Inc		1,490
	201,587		Mosaic Co		4,639
	18,118		Myers Industries, Inc		376
	10,909		Neenah Inc		603
	2,464		NewMarket Corp		981
	464,145		Newmont Goldcorp Corp		27,798
	149,512	*	Novagold Resources Inc		1,446
	162,746		Nucor Corp		8,656
	90,414		O-I Glass, Inc		1,076
	85,291		Olin Corp		2,095
	6,559		Olympic Steel, Inc		87
	38,461		Orion Engineered Carbons SA		659
	58,185		Packaging Corp of America		8,024
	22,477	*	Pactiv Evergreen, Inc		408
	131,569		PPG Industries, Inc		18,975
	20,162		PQ Group Holdings, Inc		287
	9,399		Quaker Chemical Corp		2,382
	31,957	*	Rayonier Advanced Materials, Inc		208
	31,705		Reliance Steel & Aluminum Co		3,797
	41,577		Royal Gold, Inc		4,422
	68,580		RPM International, Inc		6,226
	8,418	*	Ryerson Holding Corp		115
	19,399		Schnitzer Steel Industries, Inc (Class A)		619
	20,766		Schweitzer-Mauduit International, Inc		835
	24,552		Scotts Miracle-Gro Co (Class A)		4,889
	93,004		Sealed Air Corp		4,259
	23,291		Sensient Technologies Corp		1,718

300

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	46,890		Sherwin-Williams Co	$	34,460
	30,024		Silgan Holdings, Inc		1,113
	46,787		Sonoco Products Co		2,772
	40,287		Southern Copper Corp (NY)		2,623
	120,908		Steel Dynamics, Inc		4,458
	14,267		Stepan Co		1,702
	45,056	*	Summit Materials, Inc		905
	48,451		SunCoke Energy, Inc		211
	29,755	*	TimkenSteel Corp		139
	15,246	*	Trecora Resources		107
	19,671		Tredegar Corp		328
	23,427		Trinseo S.A.		1,200
	47,159		Tronox Holdings plc		689
	4,630	*	UFP Technologies, Inc		216
	1,357		United States Lime & Minerals, Inc		155
	113,186	e	United States Steel Corp		1,898
	11,048	*	US Concrete, Inc		442
	92,954		Valvoline, Inc		2,151
	22,885		Verso Corp		275
	75,562		Vulcan Materials Co		11,207
	11,178		Warrior Met Coal, Inc		238
	24,489		Westlake Chemical Corp		1,998
	148,721		WestRock Co		6,474
	13,987		Worthington Industries, Inc		718
	32,691		WR Grace and Co		1,792
			TOTAL MATERIALS		613,027

MEDIA & ENTERTAINMENT - 8.3%
	438,946		Activision Blizzard, Inc		40,756
	171,198	*	Alphabet, Inc (Class A)		300,048
	165,817	*	Alphabet, Inc (Class C)		290,492
	155,026	*	Altice USA, Inc		5,871
	39,663	e	AMC Entertainment Holdings, Inc		84
	16,067	*,e	AMC Networks, Inc		575
	3,042		Cable One, Inc		6,777
	15,383	*,e	Cardlytics, Inc		2,196
	51,402	*	Cargurus, Inc		1,631
	51,951	*	Cars.com, Inc		587
	82,026	*	Charter Communications, Inc		54,264
	76,895	e	Cinemark Holdings, Inc		1,339
	2,579,434		Comcast Corp (Class A)		135,162
	31,610	*	comScore, Inc		79
	772	*	Daily Journal Corp		312
	89,117	*,e	Discovery, Inc (Class A)		2,682
	165,600	*	Discovery, Inc (Class C)		4,337
	139,918	*	DISH Network Corp (Class A)		4,525
	162,180		Electronic Arts, Inc		23,289
	11,002		Emerald Holding, Inc		60
	88,350		Entercom Communications Corp (Class A)		218
	50,932		Entravision Communications Corp (Class A)		140
	20,620	*,e	Eros International plc		38
	23,593	*,e	Eventbrite Inc		427
	8,345	*	EverQuote Inc		312
	42,935		EW Scripps Co (Class A)		656

301

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	1,369,860	*	Facebook, Inc	$	374,191
	10,504	*	Fluent, Inc		56
	186,618		Fox Corp (Class A)		5,434
	87,909		Fox Corp (Class B)		2,539
	6,584	*	Gaia, Inc		65
	54,344	*	Glu Mobile, Inc		490
	46,930	*	Gray Television, Inc		840
	11,523	*	Hemisphere Media Group, Inc		119
	35,623	*,e	iHeartMedia, Inc		462
	42,177	*	Imax Corp		760
	230,004		Interpublic Group of Cos, Inc		5,410
	30,218		John Wiley & Sons, Inc (Class A)		1,380
	7,655	*,e	Liberty Braves Group (Class A)		190
	25,374	*	Liberty Braves Group (Class C)		631
	12,929	*	Liberty Broadband Corp (Class A)		2,037
	89,605	*	Liberty Broadband Corp (Class C)		14,191
	15,619	*	Liberty Media Group (Class A)		593
	123,792	*	Liberty Media Group (Class C)		5,274
	50,898	*	Liberty SiriusXM Group (Class A)		2,198
	98,761	*	Liberty SiriusXM Group (Class C)		4,297
	53,282	*	Liberty TripAdvisor Holdings, Inc		231
	37,150	*,e	Lions Gate Entertainment Corp (Class A)		422
	71,817	*	Lions Gate Entertainment Corp (Class B)		745
	88,266	*	Live Nation, Inc		6,486
	9,932		Loral Space & Communications, Inc		208
	13,200	*	Madison Square Garden Co		2,430
	13,200	*	Madison Square Garden Entertainment Corp		1,387
	14,211		Marcus Corp		192
	128,028	*	Match Group, Inc		19,357
	6,104	*	MediaAlpha, Inc		238
	5,731		Meredith Corp		110
	43,336	*	MSG Networks, Inc		639
	46,358		National CineMedia, Inc		172
	244,561	*	Netflix, Inc		132,241
	89,935		New York Times Co (Class A)		4,656
	232,243		News Corp (Class A)		4,173
	86,319		News Corp (Class B)		1,534
	19,748		Nexstar Media Group Inc		2,156
	120,575		Omnicom Group, Inc		7,520
	226,806	*	Pinterest, Inc		14,947
	20,643	*	QuinStreet, Inc		443
	61,383	*	Roku, Inc		20,380
	3,161		Saga Communications, Inc		76
	19,984		Scholastic Corp		500
	42,650	e	Sinclair Broadcast Group, Inc (Class A)		1,358
	604,849	e	Sirius XM Holdings, Inc		3,853
	76,607	*	Spotify Technology S.A.		24,105
	65,316	*	Take-Two Interactive Software, Inc		13,572
	12,153	*	TechTarget, Inc		718
	119,764		TEGNA, Inc		1,671
	15,283		Tribune Publishing Co		209
	71,015	*	TripAdvisor, Inc		2,044
	44,667	*	TrueCar, Inc		188
	447,169	*	Twitter, Inc		24,214

302

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,594		ViacomCBS, Inc (Class A)	$	174
	313,588		ViacomCBS, Inc (Class B)		11,684
	1,035,094	*	Walt Disney Co		187,538
	15,148	*	WideOpenWest, Inc		162
	27,047		World Wrestling Entertainment, Inc (Class A)		1,300
	41,665	*	Yelp, Inc		1,361
	30,754	*	Zillow Group, Inc (Class A)		4,181
	82,774	*	Zillow Group, Inc (Class C)		10,744
	549,506	*	Zynga, Inc		5,424
			TOTAL MEDIA & ENTERTAINMENT		1,813,757

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	32,568	*	10X Genomics, Inc		4,612
	1,015,069		AbbVie, Inc		108,765
	35,579	*	Abeona Therapeutics, Inc		56
	70,913	*	Acadia Pharmaceuticals, Inc		3,791
	27,490	*	Acceleron Pharma, Inc		3,517
	41,261	*	Adaptive Biotechnologies Corp		2,440
	42,500	*,e	ADMA Biologics, Inc		83
	36,900	*	Adverum Biotechnologies, Inc		400
	25,056	*	Aeglea BioTherapeutics, Inc		197
	21,807	*	Aerie Pharmaceuticals, Inc		295
	43,765	*	Affimed NV		255
	56,789	*	Agenus, Inc		181
	179,262		Agilent Technologies, Inc		21,241
	34,493	*	Agios Pharmaceuticals, Inc		1,495
	62,063	*	Akebia Therapeutics, Inc		174
	6,662	*	Akero Therapeutics, Inc		172
	8,375	*	Akouos, Inc		166
	6,175	*	Albireo Pharma, Inc		232
	34,164	*,†	Alder Biopharmaceuticals Inc		30
	19,353	*	Alector, Inc		293
	124,174	*	Alexion Pharmaceuticals, Inc		19,401
	110,420	*	Alkermes plc		2,203
	12,247	*	Allakos, Inc		1,715
	28,864	*	Allogene Therapeutics, Inc		728
	10,335	*	Allovir, Inc		397
	68,830	*	Alnylam Pharmaceuticals, Inc		8,946
	5,521	*	ALX Oncology Holdings, Inc		476
	333,636		Amgen, Inc		76,710
	151,298	*	Amicus Therapeutics, Inc		3,493
	53,162	*,e	Amneal Pharmaceuticals, Inc		243
	25,774	*	Amphastar Pharmaceuticals, Inc		518
	12,566	*	AnaptysBio, Inc		270
	30,524	*,e	Anavex Life Sciences Corp		165
	5,767	*	ANI Pharmaceuticals, Inc		167
	10,943	*	Anika Therapeutics, Inc		495
	8,875	*	Annexon, Inc		222
	43,255	*	Apellis Pharmaceuticals, Inc		2,474
	7,158	*	Applied Molecular Transport, Inc		220
	2,776	*	Applied Therapeutics, Inc		61
	4,282	*,e	Aprea Therapeutics, Inc		21
	7,756	*	Arcturus Therapeutics Holdings, Inc		336
	20,717	*	Arcus Biosciences, Inc		538

303

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	5,644	*,e	Arcutis Biotherapeutics, Inc	$	159
	22,973	*	Ardelyx, Inc		149
	33,642	*	Arena Pharmaceuticals, Inc		2,585
	58,978	*	Arrowhead Pharmaceuticals Inc		4,525
	11,368	*	Arvinas, Inc		965
	10,043	*	Assembly Biosciences, Inc		61
	34,194	*	Atara Biotherapeutics, Inc		671
	8,237	*	Atea Pharmaceuticals, Inc		344
	28,525	*	Athenex, Inc		315
	52,762	*,e	Athersys, Inc		92
	7,303	*	Athira Pharma, Inc		250
	12,676	*	Atreca, Inc		205
	284,322	*	Avantor, Inc		8,004
	33,858	*	Avid Bioservices, Inc		391
	9,645	*	Avidity Biosciences, Inc		246
	13,157	*	Avrobio, Inc		183
	15,727	*	Axsome Therapeutics, Inc		1,281
	22,668	*,e	Beam Therapeutics, Inc		1,851
	5,427	*	Berkeley Lights, Inc		485
	68,998	*	BioCryst Pharmaceuticals, Inc		514
	52,671	*	BioDelivery Sciences International, Inc		221
	87,789	*	Biogen, Inc		21,496
	28,080	*	Biohaven Pharmaceutical Holding Co Ltd		2,407
	108,133	*	BioMarin Pharmaceutical, Inc		9,482
	12,637	*	Bio-Rad Laboratories, Inc (Class A)		7,367
	23,799		Bio-Techne Corp		7,557
	6,302	*	Bioxcel Therapeutics Inc		291
	7,321	*	Black Diamond Therapeutics, Inc		235
	33,689	*	Bluebird Bio, Inc		1,458
	28,144	*	Blueprint Medicines Corp		3,156
	15,901	*,e	BrainStorm Cell Therapeutics, Inc		72
	46,072	*,e	Bridgebio Pharma, Inc		3,276
	1,304,669		Bristol-Myers Squibb Co		80,929
	63,170		Bruker BioSciences Corp		3,419
	21,820	*	Calithera Biosciences, Inc		107
	5,849	*,e	Calyxt, Inc		25
	19,366	*,e	Cara Therapeutics, Inc		293
	21,908	*	CareDx, Inc		1,587
	33,837	*	CASI Pharmaceuticals, Inc		100
	90,837	*	Catalent, Inc		9,453
	50,782	*	Catalyst Pharmaceuticals, Inc		170
	20,222	*,e	CEL-SCI Corp		236
	27,950	*	Charles River Laboratories International, Inc		6,984
	26,464	*	ChemoCentryx, Inc		1,639
	21,853	*	Chiasma, Inc		95
	30,594	*	Chimerix, Inc		148
	7,917	*	Chinook Therapeutics, Inc		126
	28,650	*,e	Clovis Oncology, Inc		137
	23,538	*	Codexis, Inc		514
	27,864	*	Coherus Biosciences, Inc		484
	16,286	*	Collegium Pharmaceutical, Inc		326
	11,239	*	Concert Pharmaceuticals, Inc		142
	9,720	*	Constellation Pharmaceuticals, Inc		280
	32,828	*	Corbus Pharmaceuticals Holdings, Inc		41

304

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,375	*	Corcept Therapeutics, Inc	$	1,710
	7,159	*,e	Cortexyme Inc		199
	16,128	*	Crinetics Pharmaceuticals, Inc		228
	11,975	*	Cue Biopharma, Inc		150
	39,943	*	Cymabay Therapeutics, Inc		229
	30,153	*	Cytokinetics, Inc		627
	21,311	*	CytomX Therapeutics, Inc		140
	22,263	*	Deciphera Pharmaceuticals, Inc		1,271
	35,588	*	Denali Therapeutics, Inc		2,981
	30,105	*	Dicerna Pharmaceuticals, Inc		663
	117,742	*	Durect Corp		244
	35,256	*,e	Dynavax Technologies Corp		157
	6,368	*	Eagle Pharmaceuticals, Inc		297
	35,681	*,e	Editas Medicine, Inc		2,502
	10,671	*	Eidos Therapeutics, Inc		1,404
	14,062	*	Eiger BioPharmaceuticals, Inc		173
	242,355	*	Elanco Animal Health, Inc		7,433
	482,415		Eli Lilly & Co		81,451
	14,575	*,e	Eloxx Pharmaceuticals, Inc		58
	24,015	*	Emergent Biosolutions, Inc		2,152
	11,786	*	Enanta Pharmaceuticals, Inc		496
	161,263	*	Endo International plc		1,158
	56,660	*,e	Epizyme, Inc		615
	9,694	*,e	Esperion Thereapeutics, Inc		252
	13,985	*,e	Evofem Biosciences Inc		34
	85,635	*	Exact Sciences Corp		11,346
	189,826	*	Exelixis, Inc		3,810
	42,216	*,e	Fate Therapeutics, Inc		3,839
	50,667	*	FibroGen, Inc		1,879
	19,800	*	Five Prime Therapeutics, Inc		337
	19,463	*,e	Flexion Therapeutics, Inc		225
	20,851	*	Fluidigm Corp		125
	9,293	*	Forma Therapeutics Holdings, Inc		324
	16,778	*,e	Frequency Therapeutics, Inc		592
	20,311	*	G1 Therapeutics, Inc		365
	7,088	*	Generation Bio Co		201
	114,325	*,e	Geron Corp		182
	719,115		Gilead Sciences, Inc		41,896
	36,433	*	Global Blood Therapeutics, Inc		1,578
	22,784	*	GlycoMimetics, Inc		86
	12,922	*	Gossamer Bio, Inc		125
	79,065	*	Halozyme Therapeutics, Inc		3,377
	52,161	*,e	Heron Therapeutics, Inc		1,104
	11,341	*	Homology Medicines, Inc		128
	109,952	*	Horizon Therapeutics Plc		8,043
	2,211	*,e	IGM Biosciences, Inc		195
	83,999	*	Illumina, Inc		31,080
	65,469	*	Immunogen, Inc		422
	11,380	*	Immunovant, Inc		526
	110,207	*	Incyte Corp		9,586
	4,616	*	Inhibrx, Inc		152
	55,553	*	Innoviva, Inc		688
	85,599	*,e	Inovio Pharmaceuticals, Inc		758
	60,247	*	Insmed, Inc		2,006

305

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	28,468	*	Intellia Therapeutics, Inc	$	1,549
	12,921	*	Intercept Pharmaceuticals, Inc		319
	18,642	*	Intersect ENT, Inc		427
	25,348	*	Intra-Cellular Therapies, Inc		806
	68,678	*,e	Invitae Corp		2,871
	79,163	*	Ionis Pharmaceuticals, Inc		4,476
	74,052	*	Iovance Biotherapeutics, Inc		3,436
	110,831	*	IQVIA Holdings, Inc		19,858
	95,014	*	Ironwood Pharmaceuticals, Inc		1,082
	26,875	*	IVERIC bio, Inc		186
	32,370	*	Jazz Pharmaceuticals plc		5,343
	1,510,254		Johnson & Johnson		237,684
	4,482	*	Jounce Therapeutics, Inc		31
	47,099	*	Kadmon Holdings, Inc		195
	5,857	*,e	Kala Pharmaceuticals, Inc		40
	9,228	*	Karuna Therapeutics, Inc		937
	46,110	*,e	Karyopharm Therapeutics, Inc		714
	4,158	*	Keros Therapeutics, Inc		293
	15,620	*	Kindred Biosciences, Inc		67
	11,321	*	Kiniksa Pharmaceuticals Ltd		200
	15,063	*,e	Kodiak Sciences, Inc		2,213
	8,299	*	Kronos Bio, Inc		248
	5,660	*	Krystal Biotech Inc		340
	31,598	*	Kura Oncology, Inc		1,032
	5,728	*	Kymera Therapeutics, Inc		355
	12,410	*,e	La Jolla Pharmaceutical Co		48
	19,506	*,e	Lannett Co, Inc		127
	30,110	*,e	Lexicon Pharmaceuticals, Inc		103
	8,586	*,e	Ligand Pharmaceuticals, Inc (Class B)		854
	31,134		Luminex Corp		720
	23,459	*	MacroGenics, Inc		536
	3,934	*,e	Madrigal Pharmaceuticals, Inc		437
	94,899	*	MannKind Corp		297
	6,168	*,e	Marinus Pharmaceuticals, Inc		75
	22,034	*,e	MediciNova, Inc		116
	17,824	*	Medpace Holdings, Inc		2,481
	61,495	*	MEI Pharma, Inc		162
	10,086	*	MeiraGTx Holdings plc		153
	1,450,999		Merck & Co, Inc		118,692
	27,294	*	Mersana Therapeutics, Inc		726
	13,612	*	Mettler-Toledo International, Inc		15,513
	18,922	*	Minerva Neurosciences, Inc		44
	21,876	*	Mirati Therapeutics, Inc		4,805
	160,850	*	Moderna, Inc		16,804
	33,966	*	Molecular Templates, Inc		319
	8,159	*	Morphic Holding, Inc		274
	46,607	*	Myriad Genetics, Inc		922
	22,499	*	NanoString Technologies, Inc		1,505
	17,123	*,e	NantKwest, Inc		228
	39,201	*	Natera, Inc		3,901
	106,507	*	Nektar Therapeutics		1,811
	58,635	*	NeoGenomics, Inc		3,157
	17,673	*	Neoleukin Therapeutics, Inc		249
	57,167	*	Neurocrine Biosciences, Inc		5,479

306

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	8,857	*	NextCure Inc	$	97
	15,360	*,e	NGM Biopharmaceuticals Inc		465
	9,374	*	Nkarta, Inc		576
	34,678	*,e	Novavax, Inc		3,867
	6,406	*	Nurix Therapeutics, Inc		211
	13,115	*	Ocular Therapeutix, Inc		271
	7,487	*	Odonate Therapeutics, Inc		144
	29,642	*,e	Omeros Corp		423
	238,337	*,e	Opko Health, Inc		941
	10,903	*,e	Optinose, Inc		45
	5,193	*	ORIC Pharmaceuticals, Inc		176
	25,504	*,e	Ovid therapeutics, Inc		59
	100,456	*	Pacific Biosciences of California, Inc		2,606
	28,237	*	Pacira BioSciences Inc		1,690
	17,330	*	Paratek Pharmaceuticals, Inc		108
	8,093	*	Passage Bio, Inc		207
	66,642		PerkinElmer, Inc		9,563
	81,033		Perrigo Co plc		3,624
	11,655	*	Personalis, Inc		427
	3,184,918		Pfizer, Inc		117,237
	6,396	*,e	Phathom Pharmaceuticals, Inc		212
	12,927		Phibro Animal Health Corp		251
	24,527	*	Pieris Pharmaceuticals, Inc		61
	7,763	*	PMV Pharmaceuticals, Inc		477
	91,338	*	PPD, Inc		3,126
	34,913	*	PRA Health Sciences, Inc		4,379
	6,265	*,e	Praxis Precision Medicines, Inc		345
	39,456	*,e	Precigen, Inc		402
	22,592	*	Precision BioSciences Inc		188
	5,217	*	Prelude Therapeutics, Inc		373
	38,233	*	Prestige Consumer Healthcare, Inc.		1,333
	51,583	*,†	Progenics Pharmaceuticals, Inc		0
	13,443	*	Protagonist Therapeutics, Inc		271
	27,579	*	Prothena Corp plc		331
	25,243	*,e	Provention Bio, Inc		428
	37,990	*	PTC Therapeutics, Inc		2,318
	20,506	*	Puma Biotechnology, Inc		210
	125,141	*	QIAGEN NV		6,614
	6,148	*,e	Quanterix Corp		286
	27,010	*	Radius Health, Inc		482
	6,533	*,e	RAPT Therapeutics, Inc		129
	12,412	*	Reata Pharmaceuticals, Inc		1,534
	8,471	*	Recro Pharma, Inc		24
	55,370	*	Regeneron Pharmaceuticals, Inc		26,750
	19,715	*	REGENXBIO, Inc		894
	18,557	*	Relay Therapeutics, Inc		771
	8,368	*,e	Relmada Therapeutics, Inc		268
	33,047	*	Repligen Corp		6,333
	10,254	*	Replimune Group, Inc		391
	33,815	*	Revance Therapeutics, Inc		958
	8,731	*	REVOLUTION Medicines, Inc		346
	6,147	*	Rhythm Pharmaceuticals, Inc		183
	86,450	*	Rigel Pharmaceuticals, Inc		303
	20,281	*	Rocket Pharmaceuticals, Inc		1,112

307

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	49,384		Royalty Pharma plc	$	2,472
	22,395	*,e	Rubius Therapeutics, Inc		170
	32,762	*	Sage Therapeutics, Inc		2,834
	52,234	*	Sangamo Therapeutics Inc		815
	44,554	*	Sarepta Therapeutics, Inc		7,596
	5,477	*	Satsuma Pharmaceuticals, Inc		25
	13,353	*,e	Scholar Rock Holding Corp		648
	72,859	*	Seagen, Inc		12,760
	13,345	*	Seres Therapeutics, Inc		327
	7,447	*	Shattuck Labs, Inc		390
	35,191	*	SIGA Technologies, Inc		256
	6,168	*,e	Solid Biosciences, Inc		47
	127,563	*,e	Sorrento Therapeutics, Inc		871
	56,104	*	Spectrum Pharmaceuticals, Inc		191
	6,568	*	SpringWorks Therapeutics, Inc		476
	10,464	*	Stoke Therapeutics, Inc		648
	34,621	*	Supernus Pharmaceuticals, Inc		871
	15,843	*	Sutro Biopharma, Inc		344
	6,983	*	Syndax Pharmaceuticals, Inc		155
	39,474	*	Syneos Health, Inc		2,689
	9,466	*	Syros Pharmaceuticals, Inc		103
	9,709	*	TCR2 Therapeutics Inc		300
	57,481	*	TG Therapeutics, Inc		2,990
	114,084	*,e	TherapeuticsMD, Inc		138
	29,259	*	Theravance Biopharma, Inc		520
	226,190		Thermo Fisher Scientific, Inc		105,355
	18,965	*	Translate Bio, Inc		349
	25,726	*	Travere Therapeutics, Inc		701
	7,799	*	Tricida, Inc		55
	17,419	*	Turning Point Therapeutics Inc		2,122
	18,585	*	Twist Bioscience Corp		2,626
	68,656	*,e	Tyme Technologies, Inc		84
	33,751	*,e	Ultragenyx Pharmaceutical, Inc		4,672
	28,234	*	United Therapeutics Corp		4,286
	16,428	*,e	UNITY Biotechnology, Inc		86
	12,098	*,e	UroGen Pharma Ltd		218
	31,395	*	Vanda Pharmaceuticals, Inc		412
	30,212	*,e	Vaxart Inc		172
	10,502	*,e	Vaxcyte, Inc		279
	102,172	*,e	VBI Vaccines, Inc		281
	29,749	*	Veracyte, Inc		1,456
	97,480	*	Verastem, Inc		208
	24,994	*	Vericel Corp		772
	150,761	*	Vertex Pharmaceuticals, Inc		35,631
	680,939	*	Viatris, Inc		12,761
	11,899	*,e	Viela Bio, Inc		428
	29,514	*,e	Viking Therapeutics, Inc		166
	27,553	*,e	Vir Biotechnology, Inc		738
	8,673	*	Voyager Therapeutics, Inc		62
	36,641	*	Waters Corp		9,066
	39,150	*	WaVe Life Sciences Ltd		308
	11,934	*,e	XBiotech, Inc		187
	27,098	*	Xencor, Inc		1,182
	13,141	*	Y-mAbs Therapeutics, Inc		651

308

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	6,160	*	Zentalis Pharmaceuticals, Inc	$	320
	90,754	*,e	ZIOPHARM Oncology, Inc		229
	273,040		Zoetis, Inc		45,188
	33,098	*	Zogenix, Inc		662
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		1,627,731

REAL ESTATE - 3.2%
	36,029		Acadia Realty Trust		511
	31,682		Agree Realty Corp		2,109
	47,563		Alexander & Baldwin, Inc		817
	1,329		Alexander’s, Inc		369
	74,271		Alexandria Real Estate Equities, Inc		13,237
	8,343	*	Altisource Portfolio Solutions S.A.		107
	28,646		American Assets Trust, Inc		827
	84,782		American Campus Communities, Inc		3,626
	68,972		American Finance Trust, Inc		512
	140,940		American Homes 4 Rent		4,228
	253,133		American Tower Corp		56,818
	109,124		Americold Realty Trust		4,074
	79,626	*	Apartment Income REIT Corp		3,058
	79,626		Apartment Investment and Management Co		420
	113,878		Apple Hospitality REIT, Inc		1,470
	31,681		Armada Hoffler Properties, Inc		355
	80,469		AvalonBay Communities, Inc		12,910
	16,903		Bluerock Residential Growth REIT, Inc		214
	86,787		Boston Properties, Inc		8,204
	121,360		Brandywine Realty Trust		1,445
	188,541		Brixmor Property Group, Inc		3,120
	20,157		Broadstone Net Lease, Inc		395
	43,270	e	Brookfield Property REIT, Inc		646
	56,479		Camden Property Trust		5,643
	50,740		CareTrust REIT, Inc		1,125
	29,192		CatchMark Timber Trust, Inc		273
	183,350	*	CBRE Group, Inc		11,500
	9,060		Centerspace		640
	28,285		Chatham Lodging Trust		305
	21,833		City Office REIT, Inc		213
	10,462		Clipper Realty, Inc		74
	350,580		Colony Capital, Inc		1,686
	35,353		Columbia Property Trust, Inc		507
	9,586		Community Healthcare Trust, Inc		452
	49,610		CoreCivic, Inc		325
	7,951		CorePoint Lodging, Inc		55
	24,055		Coresite Realty		3,014
	72,219		Corporate Office Properties Trust		1,883
	84,914		Cousins Properties, Inc		2,845
	239,055		Crown Castle International Corp		38,055
	3,998		CTO Realty Growth, Inc		169
	114,248		CubeSmart		3,840
	66,192	*	Cushman & Wakefield plc		982
	65,743		CyrusOne, Inc		4,809
	144,818	*	DiamondRock Hospitality Co		1,195
	159,721		Digital Realty Trust, Inc		22,283
	136,618		Diversified Healthcare Trust		563

309

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	102,445		Douglas Emmett, Inc	$	2,989
	204,536		Duke Realty Corp		8,175
	45,779		Easterly Government Properties, Inc		1,037
	23,644		EastGroup Properties, Inc		3,264
	82,308		Empire State Realty Trust, Inc		767
	45,571		EPR Properties		1,481
	50,248		Equinix, Inc		35,886
	62,602		Equity Commonwealth		1,708
	96,734		Equity Lifestyle Properties, Inc		6,129
	209,454		Equity Residential		12,416
	50,764		Essential Properties Realty Trust, Inc		1,076
	39,045		Essex Property Trust, Inc		9,270
	14,218	*	eXp World Holdings Inc		897
	72,420		Extra Space Storage, Inc		8,391
	19,962	e	Farmland Partners, Inc		174
	43,819		Federal Realty Investment Trust		3,730
	67,202		First Industrial Realty Trust, Inc		2,831
	425	*	Forestar Group, Inc		9
	44,705		Four Corners Property Trust, Inc		1,331
	72,511		Franklin Street Properties Corp		317
	37,147		Front Yard Residential Corp		602
	4,942	*	FRP Holdings, Inc		225
	113,795		Gaming and Leisure Properties, Inc		4,825
	42,598	e	Geo Group, Inc		377
	18,198		Getty Realty Corp		501
	17,811		Gladstone Commercial Corp		321
	11,325		Gladstone Land Corp		166
	10,990		Global Medical REIT, Inc		144
	44,961		Global Net Lease, Inc		771
	82,789		Healthcare Realty Trust, Inc		2,451
	142,087		Healthcare Trust of America, Inc		3,913
	322,762		Healthpeak Properties Inc		9,757
	27,708		Hersha Hospitality Trust		219
	59,455		Highwoods Properties, Inc		2,356
	443,417		Host Hotels and Resorts, Inc		6,487
	22,285	*	Howard Hughes Corp		1,759
	96,055		Hudson Pacific Properties		2,307
	48,914		Independence Realty Trust, Inc		657
	34,891		Industrial Logistics Properties Trust		813
	12,344		Innovative Industrial Properties, Inc		2,261
	304,970		Invitation Homes, Inc		9,058
	151,368	e	Iron Mountain, Inc		4,462
	49,646		iStar Inc		737
	64,898		JBG SMITH Properties		2,029
	25,075	*	Jones Lang LaSalle, Inc		3,720
	84,885		Kennedy-Wilson Holdings, Inc		1,519
	60,054		Kilroy Realty Corp		3,447
	238,176		Kimco Realty Corp		3,575
	55,102		Kite Realty Group Trust		824
	51,720		Lamar Advertising Co		4,304
	144,484		Lexington Realty Trust		1,534
	25,812		Life Storage, Inc		3,082
	26,668		LTC Properties, Inc		1,038
	85,142	e	Macerich Co		908

310

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	65,387		Mack-Cali Realty Corp	$	815
	11,498	*	Marcus & Millichap, Inc		428
	4,532	*	Maui Land & Pineapple Co, Inc		52
	294,106		Medical Properties Trust, Inc		6,409
	63,650		Mid-America Apartment Communities, Inc		8,064
	50,307		Monmouth Real Estate Investment Corp (Class A)		871
	19,871		National Health Investors, Inc		1,374
	102,134		National Retail Properties, Inc		4,179
	31,451		National Storage Affiliates Trust		1,133
	55,714		New Senior Investment Group, Inc		289
	22,112		Newmark Group, Inc		161
	12,730		NexPoint Residential Trust, Inc		539
	23,677		Office Properties Income Trust		538
	129,929		Omega Healthcare Investors, Inc		4,719
	9,166		One Liberty Properties, Inc		184
	76,197		Outfront Media, Inc		1,490
	73,752		Paramount Group, Inc		667
	161,864		Park Hotels & Resorts, Inc		2,776
	85,851		Pebblebrook Hotel Trust		1,614
	107,460		Physicians Realty Trust		1,913
	71,716		Piedmont Office Realty Trust, Inc		1,164
	47,001		PotlatchDeltic Corp		2,351
	21,687		Preferred Apartment Communities, Inc		160
	418,760		Prologis, Inc		41,734
	13,748		PS Business Parks, Inc		1,827
	84,829		Public Storage, Inc		19,590
	34,553		QTS Realty Trust, Inc		2,138
	68,743		Rayonier, Inc		2,020
	13,117		Re/Max Holdings, Inc		477
	32,589	*	Realogy Holdings Corp		428
	204,582		Realty Income Corp		12,719
	57,095	*	Redfin Corp		3,918
	100,880		Regency Centers Corp		4,599
	78,162		Retail Opportunities Investment Corp		1,047
	173,060		Retail Properties of America, Inc		1,481
	11,072		Retail Value, Inc		165
	67,055		Rexford Industrial Realty, Inc		3,293
	92,471		RLJ Lodging Trust		1,308
	5,123		RMR Group, Inc		198
	57,913		RPT Realty		501
	24,668		Ryman Hospitality Properties		1,672
	116,469		Sabra Healthcare REIT, Inc		2,023
	7,521		Safehold, Inc		545
	6,451		Saul Centers, Inc		204
	62,457		SBA Communications Corp		17,621
	18,501	*,e	Seritage Growth Properties		272
	93,168		Service Properties Trust		1,071
	182,204		Simon Property Group, Inc		15,538
	103,764		SITE Centers Corp		1,050
	38,290		SL Green Realty Corp		2,281
	56,193		Spirit Realty Capital, Inc		2,257
	33,773		St. Joe Co		1,434
	84,224		STAG Industrial, Inc		2,638
	121,165		STORE Capital Corp		4,117

311

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	4,495	*	Stratus Properties, Inc	$	115
	73,018		Summit Hotel Properties, Inc		658
	56,879		Sun Communities, Inc		8,643
	159,024		Sunstone Hotel Investors, Inc		1,802
	67,688	e	Tanger Factory Outlet Centers, Inc		674
	12,164	*	Tejon Ranch Co		176
	35,329		Terreno Realty Corp		2,067
	175,727		UDR, Inc		6,753
	20,169		UMH Properties, Inc		299
	119,952		Uniti Group, Inc		1,407
	9,264		Universal Health Realty Income Trust		595
	70,770		Urban Edge Properties		916
	20,808		Urstadt Biddle Properties, Inc (Class A)		294
	223,467		Ventas, Inc		10,959
	132,285		VEREIT, Inc		4,999
	309,977		VICI Properties, Inc		7,904
	109,042		Vornado Realty Trust		4,072
	30,441		Washington REIT		658
	67,227		Weingarten Realty Investors		1,457
	243,431		Welltower, Inc		15,731
	417,868		Weyerhaeuser Co		14,011
	25,132		Whitestone REIT		200
	102,407		WP Carey, Inc		7,228
	79,064		Xenia Hotels & Resorts, Inc		1,202
			TOTAL REAL ESTATE		689,811

RETAILING - 6.9%
	18,290	*	1-800-FLOWERS.COM, Inc (Class A)		476
	18,402	*	Aaron’s Co, Inc		349
	36,579		Abercrombie & Fitch Co (Class A)		745
	35,386		Advance Auto Parts, Inc		5,574
	242,367	*	Amazon.com, Inc		789,372
	85,497		American Eagle Outfitters, Inc		1,716
	5,481	*	America’s Car-Mart, Inc		602
	12,332	*	Asbury Automotive Group, Inc		1,797
	17,984	*	At Home Group, Inc		278
	35,195	*	Autonation, Inc		2,456
	13,297	*	AutoZone, Inc		15,763
	76,045	e	Bed Bath & Beyond, Inc		1,351
	129,220		Best Buy Co, Inc		12,895
	20,052		Big Lots, Inc		861
	23,525	*	Booking Holdings, Inc		52,397
	9,762	*	Boot Barn Holdings, Inc		423
	14,004		Buckle, Inc		409
	36,184	*	Burlington Stores, Inc		9,464
	28,267		Caleres, Inc		442
	22,123		Camping World Holdings, Inc		576
	97,372	*	CarMax, Inc		9,198
	19,398	*,e	CarParts.com, Inc		240
	32,716	*	Carvana Co		7,837
	12,003		Cato Corp (Class A)		115
	12,596	*,e	Children’s Place, Inc		631
	11,556		Citi Trends, Inc		574
	13,169	*,e	Conn’s, Inc		154

312

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	11,400	*	Container Store Group, Inc	$	109
	33,096		Core-Mark Holding Co, Inc		972
	49,292		Designer Brands, Inc		377
	38,579		Dick’s Sporting Goods, Inc		2,169
	3,340	e	Dillard’s, Inc (Class A)		211
	142,766		Dollar General Corp		30,024
	130,420	*	Dollar Tree, Inc		14,091
	7,236	*,e	Duluth Holdings, Inc		76
	375,661		eBay, Inc		18,877
	70,655	*	Etsy, Inc		12,570
	78,395		Expedia Group, Inc		10,380
	34,498	*	Five Below, Inc		6,036
	48,609	*	Floor & Decor Holdings, Inc		4,513
	58,795		Foot Locker, Inc		2,378
	10,965	*,e	Funko, Inc		114
	17,488	*,e	GameStop Corp (Class A)		329
	99,905		Gap, Inc		2,017
	13,677	*	Genesco, Inc		412
	81,090		Genuine Parts Co		8,144
	5,913	e	Group 1 Automotive, Inc		775
	12,244	*	Groupon, Inc		465
	20,639	*,e	GrowGeneration Corp		830
	53,119	*	GrubHub, Inc		3,945
	10,337		Guess?, Inc		234
	13,840		Haverty Furniture Cos, Inc		383
	16,994	*,e	Hibbett Sports, Inc		785
	611,924		Home Depot, Inc		162,539
	101,978		Kohl’s Corp		4,150
	132,963		L Brands, Inc		4,945
	9,431	*	Lands’ End, Inc		203
	26,380	*	Leslie’s, Inc		732
	19,090	*	Liquidity Services, Inc		304
	14,703		Lithia Motors, Inc (Class A)		4,303
	174,884	*	LKQ Corp		6,163
	429,004		Lowe’s Companies, Inc		68,859
	19,294	*	Lumber Liquidators, Inc		593
	172,372	e	Macy’s, Inc		1,939
	61,168	*,e	Magnite, Inc		1,878
	18,578	*	MarineMax, Inc		651
	11,632	*,e	Michaels Cos, Inc		151
	13,761	e	Monro Muffler, Inc		733
	16,896		Murphy USA, Inc		2,211
	47,869	*	National Vision Holdings, Inc		2,168
	70,237	e	Nordstrom, Inc		2,192
	8,211	*	ODP Corp		241
	28,621	*	Ollie’s Bargain Outlet Holdings, Inc		2,340
	41,249	*	O’Reilly Automotive, Inc		18,668
	24,586	*	Overstock.com, Inc		1,179
	12,813		Penske Auto Group, Inc		761
	14,105	e	PetMed Express, Inc		452
	22,316		Pool Corp		8,313
	53,361	*	Quotient Technology, Inc		503
	201,751		Qurate Retail Group, Inc QVC Group		2,213
	31,889	*	RealReal, Inc		623

313

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,873		Rent-A-Center, Inc	$	1,182
	8,975	*	RH		4,017
	195,609		Ross Stores, Inc		24,023
	66,571	*,e	Sally Beauty Holdings, Inc		868
	2,356		Shoe Carnival, Inc		92
	13,499		Shutterstock, Inc		968
	9,872	e	Signet Jewelers Ltd		269
	15,272	*	Sleep Number Corp		1,250
	20,728	e	Sonic Automotive, Inc (Class A)		800
	19,952	*	Sportsman’s Warehouse Holdings, Inc		350
	8,050	*	Stamps.com, Inc		1,579
	27,087	*,e	Stitch Fix Inc		1,591
	282,926		Target Corp		49,945
	70,002		Tiffany & Co		9,202
	6,790		Tilly’s, Inc		55
	677,828		TJX Companies, Inc		46,289
	65,015		Tractor Supply Co		9,140
	29,632	*	Ulta Beauty, Inc		8,509
	50,352	*	Urban Outfitters, Inc		1,289
	14,221	*	Vroom, Inc		583
	38,206	*	Wayfair, Inc		8,627
	5,214		Weyco Group, Inc		83
	47,928		Williams-Sonoma, Inc		4,881
	1,945		Winmark Corp		361
	11,661	*	Zumiez, Inc		429
			TOTAL RETAILING		1,514,300

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9%
	26,575	*	Advanced Energy Industries, Inc		2,577
	685,708	*	Advanced Micro Devices, Inc		62,886
	15,539	*	Alpha & Omega Semiconductor Ltd		367
	23,188	*	Ambarella, Inc		2,129
	31,089		Amkor Technology, Inc		469
	207,274		Analog Devices, Inc		30,621
	521,664		Applied Materials, Inc		45,020
	20,849	*	Axcelis Technologies, Inc		607
	26,991	*	AXT, Inc		258
	226,195		Broadcom, Inc		99,040
	39,365		Brooks Automation, Inc		2,671
	15,710	*	Ceva, Inc		715
	36,649	*	Cirrus Logic, Inc		3,013
	15,115		CMC Materials, Inc		2,287
	26,675		Cohu, Inc		1,019
	62,345	*	Cree, Inc		6,602
	4,191	*	CyberOptics Corp		95
	28,713	*	Diodes, Inc		2,024
	14,071	*	DSP Group, Inc		233
	60,252	*	Enphase Energy, Inc		10,572
	70,117		Entegris, Inc		6,738
	49,996	*	First Solar, Inc		4,946
	51,293	*	Formfactor, Inc		2,207
	8,421	*	Ichor Holdings Ltd		254
	13,074	*	Impinj, Inc		547
	29,376	*	Inphi Corp		4,714

314

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	2,341,089		Intel Corp	$	116,633
	87,347		KLA Corp		22,615
	82,006		Lam Research Corp		38,729
	75,431	*	Lattice Semiconductor Corp		3,456
	29,103	*	MACOM Technology Solutions Holdings, Inc		1,602
	376,817		Marvell Technology Group Ltd		17,914
	5,322	*,e	Maxeon Solar Technologies Ltd		151
	145,434		Maxim Integrated Products, Inc		12,893
	43,500	*	MaxLinear, Inc		1,661
	142,860		Microchip Technology, Inc		19,730
	638,599	*	Micron Technology, Inc		48,010
	31,199		MKS Instruments, Inc		4,694
	25,309		Monolithic Power Systems, Inc		9,269
	18,536	*	Nanometrics, Inc		881
	21,168	*	NeoPhotonics Corp Ltd		192
	3,184		NVE Corp		179
	336,336		NVIDIA Corp		175,635
	248,719	*	ON Semiconductor Corp		8,141
	20,605	*	PDF Solutions, Inc		445
	46,544	*	Photronics, Inc		519
	40,270		Power Integrations, Inc		3,297
	64,112	*	Qorvo, Inc		10,660
	639,866		QUALCOMM, Inc		97,477
	79,664	*	Rambus, Inc		1,391
	38,440	*	Semtech Corp		2,771
	24,113	*	Silicon Laboratories, Inc		3,071
	5,258	*	SiTime Corp		589
	95,527		Skyworks Solutions, Inc		14,604
	2,025	*	SMART Global Holdings, Inc		76
	29,247	*	SolarEdge Technologies, Inc		9,333
	42,585	*,e	SunPower Corp		1,092
	17,210	*	Synaptics, Inc		1,659
	92,360		Teradyne, Inc		11,073
	525,626		Texas Instruments, Inc		86,271
	23,500	*	Ultra Clean Holdings		732
	24,314		Universal Display Corp		5,587
	34,384	*	Veeco Instruments, Inc		597
	137,056		Xilinx, Inc		19,430
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		1,045,670

SOFTWARE & SERVICES - 14.7%
	36,774	*,e	2U, Inc		1,471
	65,506	*	8x8, Inc		2,258
	32,215	*	A10 Networks, Inc		318
	364,220		Accenture plc		95,138
	68,208	*	ACI Worldwide, Inc		2,621
	273,882	*	Adobe, Inc		136,974
	11,056	*	Agilysys, Inc		424
	92,148	*	Akamai Technologies, Inc		9,675
	26,945	*	Alarm.com Holdings, Inc		2,787
	24,151		Alliance Data Systems Corp		1,790
	16,908	*,e	Altair Engineering, Inc		984
	29,506	*	Alteryx, Inc		3,594
	67,407		Amdocs Ltd		4,781

315

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	15,720		American Software, Inc (Class A)	$	270
	78,020	*	Anaplan, Inc		5,606
	48,349	*	Ansys, Inc		17,589
	9,509	*	Appfolio, Inc		1,712
	20,140	*,e	Appian Corp		3,264
	35,444	*	Aspen Technology, Inc		4,617
	74,256	*	Atlassian Corp plc		17,366
	124,797	*	Autodesk, Inc		38,106
	245,690		Automatic Data Processing, Inc		43,291
	46,044	*	Avalara, Inc		7,592
	25,111	*	Avaya Holdings Corp		481
	11,374	*	Benefitfocus, Inc		165
	5,132	*	BigCommerce Holdings, Inc		329
	41,807	*	Bill.Com Holdings, Inc		5,707
	82,754	*	Black Knight, Inc		7,311
	34,044		Blackbaud, Inc		1,960
	29,853	*	Blackline, Inc		3,982
	73,456		Booz Allen Hamilton Holding Co		6,404
	29,562	*	Bottomline Technologies, Inc		1,559
	86,219	*	Box, Inc		1,556
	20,694	*	Brightcove, Inc		381
	63,918		Broadridge Financial Solutions, Inc		9,792
	12,641	*	CACI International, Inc (Class A)		3,152
	154,560	*	Cadence Design Systems, Inc		21,087
	20,152	*	Cardtronics plc		711
	10,596		Cass Information Systems, Inc		412
	76,663		CDK Global, Inc		3,973
	22,039	*	Cerence Inc		2,214
	63,532	*	Ceridian HCM Holding, Inc		6,770
	15,814	*	ChannelAdvisor Corp		253
	71,481		Citrix Systems, Inc		9,300
	114,390	*	Cloudera, Inc		1,591
	65,273	*	Cloudflare, Inc		4,960
	299,614		Cognizant Technology Solutions Corp (Class A)		24,553
	28,135	*	Commvault Systems, Inc		1,558
	23,676	*	Concentrix Corp		2,337
	137,713	*	Conduent, Inc		661
	37,259	*	Cornerstone OnDemand, Inc		1,641
	39,352	*	Coupa Software, Inc		13,337
	87,974	*	Crowdstrike Holdings, Inc		18,635
	24,883		CSG Systems International, Inc		1,121
	83,532	*	Datadog, Inc		8,223
	13,627	*	Datto Holding Corp		368
	7,264	*,e	Digimarc Corp		343
	49,997	*	Digital Turbine, Inc		2,828
	103,217	*	DocuSign, Inc		22,945
	11,005	*	Domo, Inc		702
	137,416	*	Dropbox, Inc		3,049
	8,296	*	Duck Creek Technologies, Inc		359
	118,954		DXC Technology Co		3,063
	106,055	*	Dynatrace, Inc		4,589
	17,480	e	Ebix, Inc		664
	33,437	*	Elastic NV		4,886
	43,380	*	Endurance International Group Holdings, Inc		410

316

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,234	*	Envestnet, Inc	$	2,488
	29,695	*	EPAM Systems, Inc		10,641
	30,598	*	Euronet Worldwide, Inc		4,434
	21,053	*	Everbridge, Inc		3,138
	44,094		EVERTEC, Inc		1,734
	10,859	*	Evo Payments, Inc		293
	21,916	*	ExlService Holdings, Inc		1,866
	15,593	*	Fair Isaac Corp		7,969
	43,606	*,e	Fastly, Inc		3,810
	355,166		Fidelity National Information Services, Inc		50,242
	127,712	*	FireEye, Inc		2,945
	323,861	*	Fiserv, Inc		36,875
	37,675	*	Five9, Inc		6,571
	47,157	*	FleetCor Technologies, Inc		12,866
	75,872	*	Fortinet, Inc		11,269
	50,118	*	Gartner, Inc		8,028
	104,053		Genpact Ltd		4,304
	168,497		Global Payments, Inc		36,298
	21,651	*	Globant S.A.		4,711
	93,198	*	GoDaddy, Inc		7,731
	37,008	*	GreenSky, Inc		171
	18,964	*,e	GTT Communications, Inc		68
	48,005	*	Guidewire Software, Inc		6,180
	17,956		Hackett Group, Inc		258
	24,272	*	HubSpot, Inc		9,622
	9,245	*	I3 Verticals, Inc		307
	24,668	*	Information Services Group, Inc		81
	4,355	*,e	Intelligent Systems Corp		175
	503,935		International Business Machines Corp		63,435
	13,645	*	International Money Express Inc		212
	143,750		Intuit, Inc		54,603
	27,386	*	j2 Global, Inc		2,675
	44,253		Jack Henry & Associates, Inc		7,169
	11,579	*	Jamf Holding Corp		346
	7,631	*	JFrog Ltd		479
	82,538		KBR, Inc		2,553
	74,334		Leidos Holdings, Inc		7,814
	50,961	*,e	Limelight Networks, Inc		203
	40,701	*	Liveperson, Inc		2,533
	44,500	*	LiveRamp Holdings, Inc		3,257
	40,270	*	Manhattan Associates, Inc		4,236
	18,418		Mantech International Corp (Class A)		1,638
	505,267		Mastercard, Inc (Class A)		180,350
	36,930		MAXIMUS, Inc		2,703
	21,219		McAfee Corp		354
	41,794	*,e	Medallia, Inc		1,388
	4,277,369		Microsoft Corp		951,372
	4,156	*	MicroStrategy, Inc (Class A)		1,615
	33,586	*	Mimecast Ltd		1,909
	22,456	*	Mitek Systems, Inc		399
	14,483	*	Model N, Inc		517
	35,218	*	MoneyGram International, Inc		192
	29,161	*	MongoDB, Inc		10,470
	4,458	*	nCino, Inc		323

317

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	30,028	*	New Relic, Inc	$	1,964
	46,584		NIC, Inc		1,203
	302,178		NortonLifelock, Inc		6,279
	160,685	*	Nuance Communications, Inc		7,085
	92,944	*	Nutanix, Inc		2,962
	65,920	*	Okta, Inc		16,761
	21,489	*	OneSpan, Inc		444
	1,079,219		Oracle Corp		69,815
	41,005	*	Pagerduty, Inc		1,710
	52,826	*	Palo Alto Networks, Inc		18,774
	182,234		Paychex, Inc		16,981
	27,676	*	Paycom Software, Inc		12,516
	18,614	*	Paylocity Holding Corp		3,833
	670,750	*	PayPal Holdings, Inc		157,090
	19,229	*,e	Paysign Inc		89
	20,541		Pegasystems, Inc		2,737
	25,493	*	Perficient, Inc		1,215
	71,338		Perspecta, Inc		1,718
	8,669	*,e	Ping Identity Holding Corp		248
	40,409	*	Pluralsight, Inc		847
	31,483		Progress Software Corp		1,423
	34,295	*	Proofpoint, Inc		4,678
	19,034	*	PROS Holdings, Inc		966
	62,466	*	PTC, Inc		7,472
	29,530	*	Q2 Holdings, Inc		3,736
	7,729		QAD, Inc (Class A)		488
	22,512	*	Qualys, Inc		2,744
	19,217	*	Rackspace Technology, Inc		366
	31,056	*	Rapid7, Inc		2,800
	52,587	*	RealPage, Inc		4,588
	21,786	*	Repay Holdings Corp		594
	44,988	*	RingCentral, Inc		17,049
	186,641		Sabre Corp		2,243
	52,403	*	SailPoint Technologies Holding, Inc		2,790
	502,148	*	salesforce.com, Inc		111,743
	15,268		Sapiens International Corp NV		467
	32,160		Science Applications International Corp		3,044
	4,599	*	SecureWorks Corp		65
	111,332	*	ServiceNow, Inc		61,280
	4,906	*,e	ShotSpotter, Inc		185
	224,484	*	Slack Technologies, Inc		9,482
	66,115	*	Smartsheet, Inc		4,581
	16,667	*	SolarWinds Corp		249
	92,257	*	Splunk, Inc		15,674
	15,701	*	Sprout Social, Inc		713
	24,492	*	SPS Commerce, Inc		2,660
	211,489	*	Square, Inc		46,028
	121,462		SS&C Technologies Holdings, Inc		8,836
	115,269	*	StoneCo Ltd		9,673
	8,074	*	Sumo Logic, Inc		231
	70,963	*	SVMK, Inc		1,813
	52,841		Switch, Inc		865
	29,262	*	Sykes Enterprises, Inc		1,102
	85,444	*	Synopsys, Inc		22,150

318

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	20,400	*	TeleNav, Inc	$	96
	36,255	*	Tenable Holdings, Inc		1,895
	76,002	*	Teradata Corp		1,708
	23,414	*	Trade Desk, Inc		18,755
	10,054		TTEC Holdings, Inc		733
	6,516	*,e	Tucows, Inc		481
	80,070	*	Twilio, Inc		27,104
	22,772	*	Tyler Technologies, Inc		9,940
	38,674	*	Unisys Corp		761
	16,490	*	Unity Software, Inc		2,531
	4,914	*	Upland Software, Inc		226
	18,823	*	Varonis Systems, Inc		3,080
	45,384	*	Verint Systems, Inc		3,049
	56,553	*	VeriSign, Inc		12,238
	13,662	*	Veritone, Inc		389
	63,620	*	Verra Mobility Corp		854
	32,131	e	VirnetX Holding Corp		162
	19,953	*	Virtusa Corp		1,020
	962,229		Visa, Inc (Class A)		210,468
	43,180	*,e	VMware, Inc (Class A)		6,056
	229,572		Western Union Co		5,037
	27,596	*	WEX, Inc		5,617
	98,598	*	Workday, Inc		23,625
	16,351	*	Workiva, Inc		1,498
	41,557		Xperi Holding Corp		869
	55,032	*	Yext, Inc		865
	69,807	*	Zendesk, Inc		9,991
	42,422	*	Zix Corp		366
	96,529	*	Zoom Video Communications, Inc		32,561
	40,123	*	Zscaler, Inc		8,013
	55,037	*	Zuora Inc		767
			TOTAL SOFTWARE & SERVICES		3,218,174

TECHNOLOGY HARDWARE & EQUIPMENT - 7.4%
	74,639	*,e	3D Systems Corp		782
	14,729	*	Acacia Communications, Inc		1,075
	35,649		Adtran, Inc		527
	18,515	*,e	Akoustis Technologies, Inc		226
	163,134		Amphenol Corp (Class A)		21,333
	9,218,858		Apple, Inc		1,223,250
	13,189	*,e	Applied Optoelectronics, Inc		112
	31,561	*	Arista Networks, Inc		9,171
	47,303	*	Arlo Technologies, Inc		369
	40,463	*	Arrow Electronics, Inc		3,937
	24,161	*	Avid Technology, Inc		383
	63,498		Avnet, Inc		2,229
	19,362		Badger Meter, Inc		1,821
	7,316		Bel Fuse, Inc (Class B)		110
	30,293		Belden CDT, Inc		1,269
	35,867		Benchmark Electronics, Inc		969
	26,799	*	CalAmp Corp		266
	28,887	*	Calix, Inc		860
	9,824	*	Casa Systems, Inc		61
	79,859		CDW Corp		10,525

319

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	88,003	*	Ciena Corp	$	4,651
	2,424,074		Cisco Systems, Inc		108,477
	8,964	*	Clearfield, Inc		222
	98,192		Cognex Corp		7,883
	14,446	*	Coherent, Inc		2,167
	115,638	*	CommScope Holding Co, Inc		1,550
	16,237		Comtech Telecommunications Corp		336
	415,791		Corning, Inc		14,968
	8,680	*,e	Corsair Gaming, Inc		314
	23,637		CTS Corp		811
	27,847		Daktronics, Inc		130
	141,606	*	Dell Technologies, Inc		10,378
	53,560	*,e	Diebold, Inc		571
	18,652	*	Digi International, Inc		353
	30,575		Dolby Laboratories, Inc (Class A)		2,970
	33,587	*	EchoStar Corp (Class A)		712
	9,278	*	ePlus, Inc		816
	79,396	*	Extreme Networks, Inc		547
	34,732	*	F5 Networks, Inc		6,111
	26,560	*	Fabrinet		2,061
	12,851	*	FARO Technologies, Inc		908
	124,310	*	Fitbit, Inc		845
	84,050		FLIR Systems, Inc		3,684
	58,321	*,e	Harmonic, Inc		431
	707,951		Hewlett Packard Enterprise Co		8,389
	766,457		HP, Inc		18,847
	53,614	*	II-VI, Inc		4,073
	21,661	*	Immersion Corp		245
	103,799	*,e	Infinera Corp		1,088
	40,550	*,e	Inseego Corp		627
	16,992	*	Insight Enterprises, Inc		1,293
	18,324		InterDigital, Inc		1,112
	21,818	*	IPG Photonics Corp		4,883
	18,293	*	Iteris, Inc		103
	24,355	*	Itron, Inc		2,336
	71,872		Jabil Inc		3,057
	201,956		Juniper Networks, Inc		4,546
	103,680	*	Keysight Technologies, Inc		13,695
	21,162	*	Kimball Electronics, Inc		338
	64,648	*	Knowles Corp		1,191
	10,929	*	KVH Industries, Inc		124
	14,095		Littelfuse, Inc		3,589
	44,541	*	Lumentum Holdings, Inc		4,223
	25,950		Methode Electronics, Inc		993
	97,449		Motorola Solutions, Inc		16,572
	12,096		MTS Systems Corp		704
	7,937	*	Napco Security Technologies, Inc		208
	76,957		National Instruments Corp		3,382
	68,992	*	NCR Corp		2,592
	124,222		NetApp, Inc		8,228
	23,887	*	Netgear, Inc		971
	43,446	*	Netscout Systems, Inc		1,191
	20,535	*	nLight, Inc		670
	18,332	*	Novanta, Inc		2,167

320

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
	12,827	*,e	OSI Systems, Inc	$	1,196
	7,480	*,e	PAR Technology Corp		470
	8,216	*	PC Connection, Inc		389
	24,496		Plantronics, Inc		662
	17,083	*	Plexus Corp		1,336
	148,433	*	Pure Storage, Inc		3,356
	37,508	*	Ribbon Communications, Inc		246
	12,852	*	Rogers Corp		1,996
	36,299	*	Sanmina Corp		1,158
	17,777	*	Scansource, Inc		469
	26,460	*	Super Micro Computer, Inc		838
	23,676		Synnex Corp		1,928
	141,748	*	Trimble Inc		9,465
	66,124	*	TTM Technologies, Inc		912
	4,802		Ubiquiti, Inc		1,337
	38,380	*	Viasat, Inc		1,253
	136,006	*	Viavi Solutions, Inc		2,037
	97,366		Vishay Intertechnology, Inc		2,016
	9,508	*	Vishay Precision Group, Inc		299
	67,348	*	Vontier Corp		2,249
	174,116		Western Digital Corp		9,644
	105,309		Xerox Holdings Corp		2,442
	29,192	*	Zebra Technologies Corp (Class A)		11,219
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		1,619,525

TELECOMMUNICATION SERVICES - 1.5%
	7,472	*	Anterix, Inc		281
	4,068,506		AT&T, Inc		117,010
	7,918		ATN International, Inc		331
	10,381	*	Bandwidth Inc		1,595
	27,406	*	Boingo Wireless, Inc		349
	627,826		CenturyLink, Inc		6,121
	33,512	*	Cincinnati Bell, Inc		512
	25,280		Cogent Communications Group, Inc		1,513
	48,355	*	Consolidated Communications Holdings, Inc		236
	42,541	*,e	Gogo, Inc		410
	44,962	*	IAC		8,514
	60,764	*	Iridium Communications, Inc		2,390
	29,453	*	Liberty Latin America Ltd (Class A)		328
	103,346	*	Liberty Latin America Ltd (Class C)		1,146
	13,047	*	Ooma, Inc		188
	44,329	*	ORBCOMM, Inc		329
	33,638		Shenandoah Telecom Co		1,455
	14,641		Spok Holdings, Inc		163
	37,739		Telephone & Data Systems, Inc		701
	313,807	*	T-Mobile US, Inc		42,317
	9,529	*	US Cellular Corp		292
	2,359,224		Verizon Communications, Inc		138,604
	143,849	*	Vonage Holdings Corp		1,852
			TOTAL TELECOMMUNICATION SERVICES		326,637

321

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
TRANSPORTATION - 2.0%
	37,928	*	Air Transport Services Group, Inc	$	1,189
	69,726		Alaska Air Group, Inc		3,626
	5,038		Allegiant Travel Co		953
	5,336		Amerco, Inc		2,422
	293,091	e	American Airlines Group, Inc		4,622
	19,331		ArcBest Corp		825
	16,948	*	Atlas Air Worldwide Holdings, Inc		924
	19,991	*	Avis Budget Group, Inc		746
	74,862		CH Robinson Worldwide, Inc		7,027
	14,813		Copa Holdings S.A. (Class A)		1,144
	23,634		Costamare, Inc		196
	8,672	*	Covenant Transportation Group, Inc		128
	434,491		CSX Corp		39,430
	14,173	*,e	Daseke, Inc		82
	364,563		Delta Air Lines, Inc		14,659
	4,116	*,e	Eagle Bulk Shipping, Inc		78
	21,041	*	Echo Global Logistics, Inc		564
	91,689		Expeditors International of Washington, Inc		8,721
	136,335		FedEx Corp		35,395
	20,963		Forward Air Corp		1,611
	6,118		Genco Shipping & Trading Ltd		45
	36,387		Hawaiian Holdings, Inc		644
	6,848		Heartland Express, Inc		124
	21,791	*	Hub Group, Inc (Class A)		1,242
	46,395		JB Hunt Transport Services, Inc		6,340
	146,479	*	JetBlue Airways Corp		2,130
	53,559		Kansas City Southern		10,933
	37,438	*	Kirby Corp		1,940
	71,730		Knight-Swift Transportation Holdings, Inc		3,000
	20,412		Landstar System, Inc		2,749
	142,708	*	Lyft, Inc (Class A)		7,011
	43,936		Macquarie Infrastructure Co LLC		1,650
	34,852		Marten Transport Ltd		601
	32,238		Matson, Inc		1,837
	145,313		Norfolk Southern Corp		34,528
	57,372		Old Dominion Freight Line		11,198
	29,335	*	Radiant Logistics, Inc		170
	30,762		Ryder System, Inc		1,900
	33,371	*	Safe Bulkers, Inc		43
	13,620	*	Saia, Inc		2,462
	22,723		Schneider National, Inc		470
	4,092	e	Scorpio Bulkers, Inc		69
	11,768	*	SEACOR Holdings, Inc		488
	28,022		Skywest, Inc		1,130
	338,643		Southwest Airlines Co		15,784
	50,261	*,e	Spirit Airlines, Inc		1,229
	798,391	*	Uber Technologies, Inc		40,718
	387,830		Union Pacific Corp		80,754
	173,644	*	United Airlines Holdings Inc		7,510
	406,920		United Parcel Service, Inc (Class B)		68,525
	6,297		Universal Logistics Holdings Inc		130
	14,010	*	US Xpress Enterprises, Inc		96
	36,247		Werner Enterprises, Inc		1,422
	52,058	*	XPO Logistics, Inc		6,205
			TOTAL TRANSPORTATION		439,419

322

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY	VALUE (000)
UTILITIES - 2.6%
	387,805		AES Corp	$	9,113
	19,359		Allete, Inc		1,199
	137,659		Alliant Energy Corp		7,094
	143,050		Ameren Corp		11,166
	288,252		American Electric Power Co, Inc		24,003
	25,230		American States Water Co		2,006
	104,951		American Water Works Co, Inc		16,107
	4,909		Artesian Resources Corp		182
	92,825	*,e	Atlantic Power Corp		195
	69,836		Atmos Energy Corp		6,664
	27,653		Avangrid, Inc		1,257
	33,562		Avista Corp		1,347
	26,080		Black Hills Corp		1,603
	18,748	e	Brookfield Infrastructure Corp		1,355
	59,127		Brookfield Renewable Corp		3,445
	15,011	*,e	Cadiz, Inc		160
	35,650		California Water Service Group		1,926
	288,758		Centerpoint Energy, Inc		6,249
	11,318		Chesapeake Utilities Corp		1,225
	24,011		Clearway Energy, Inc (Class A)		710
	47,061		Clearway Energy, Inc (Class C)		1,503
	161,672		CMS Energy Corp		9,864
	200,639		Consolidated Edison, Inc		14,500
	10,961		Consolidated Water Co, Inc		132
	466,704		Dominion Energy, Inc		35,096
	105,937		DTE Energy Co		12,862
	416,754		Duke Energy Corp		38,158
	204,477		Edison International		12,845
	116,501		Entergy Corp		11,631
	120,688		Essential Utilities Inc		5,707
	139,501		Evergy, Inc		7,744
	203,372		Eversource Energy		17,594
	548,641		Exelon Corp		23,164
	301,466		FirstEnergy Corp		9,228
	6,410		Global Water Resources, Inc		92
	66,960		Hawaiian Electric Industries, Inc		2,370
	24,079		Idacorp, Inc		2,312
	119,020		MDU Resources Group, Inc		3,135
	16,881		MGE Energy, Inc		1,182
	11,759		Middlesex Water Co		852
	44,613		National Fuel Gas Co		1,835
	41,672		New Jersey Resources Corp		1,481
	1,118,408		NextEra Energy, Inc		86,285
	211,543		NiSource, Inc		4,853
	14,483		Northwest Natural Holding Co		666
	27,636		NorthWestern Corp		1,611
	135,219		NRG Energy, Inc		5,077
	114,606		OGE Energy Corp		3,651
	29,641		ONE Gas, Inc		2,276
	20,715		Ormat Technologies, Inc		1,870
	27,545		Otter Tail Corp		1,174
	756,962	*	PG&E Corp		9,432
	62,725		Pinnacle West Capital Corp		5,015

323

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

SHARES			COMPANY					VALUE (000)
	40,790		PNM Resources, Inc					$	1,980
	50,460		Portland General Electric Co						2,158
	434,828		PPL Corp						12,262
	287,400		Public Service Enterprise Group, Inc						16,755
	11,616	*	Pure Cycle Corp						130
	4,887		RGC Resources, Inc						116
	166,316		Sempra Energy						21,190
	12,005		SJW Corp						833
	58,642		South Jersey Industries, Inc						1,264
	598,674		Southern Co						36,777
	26,282		Southwest Gas Holdings Inc						1,597
	7,544	e	Spark Energy, Inc						72
	26,256		Spire, Inc						1,681
	17,984	*	Sunnova Energy International, Inc						812
	132,205		UGI Corp						4,622
	10,272		Unitil Corp						455
	291,990		Vistra Energy Corp						5,741
	183,758		WEC Energy Group, Inc						16,911
	301,223		Xcel Energy, Inc						20,083
	9,006		York Water Co						420
			TOTAL UTILITIES						578,062

			TOTAL COMMON STOCKS						21,704,667
			(Cost $7,662,246)

RIGHTS / WARRANTS - 0.0%

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

MEDIA & ENTERTAINMENT - 0.0%
	80,085	†	Media General, Inc						0
			TOTAL MEDIA & ENTERTAINMENT						0

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0%
	7,917	†	Chinook Therapeutics, Inc						0
	29,050	†	Elanco Animal Health, Inc CVR						2
	4,045	†	Omthera Pharmaceuticals, Inc						2
	6,981	†	Tobira Therapeutics, Inc						0
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						4

			TOTAL RIGHTS / WARRANTS						4
			(Cost $1)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 1.0%

GOVERNMENT AGENCY DEBT - 0.4%
$	49,377,000		Federal Home Loan Bank (FHLB)		0.070	%	01/08/21		49,377
	20,150,000		FHLB		0.080		01/20/21		20,149
	10,483,000		FHLB		0.080		01/27/21		10,483

324

COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account

PRINCIPAL

ISSUER

RATE

MATURITY
DATE

VALUE
(000)

1,993,000

FHLB

0.075

02/03/21

1,993

TOTAL GOVERNMENT AGENCY DEBT

82,002

REPURCHASE AGREEMENT - 0.0%

920,000

Fixed Income Clearing Corp (FICC)

0.050

01/04/21

920

TOTAL REPURCHASE AGREEMENT

920

TREASURY DEBT - 0.1%

6,000,000

United States Treasury Bill

0.075

01/14/21

6,000

25,000,000

United States Treasury Bill

0.090

02/11/21

24,998

TOTAL TREASURY DEBT

30,998

SHARES

COMPANY

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.5%

104,432,882

State Street Navigator Securities Lending Government Money Market Portfolio

0.080

104,433

TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

104,433

TOTAL SHORT-TERM INVESTMENTS

218,353

(Cost $218,351)

TOTAL INVESTMENTS - 100.4%

21,923,024

(Cost $7,880,598)

OTHER ASSETS & LIABILITIES, NET - (0.4)%

(97,694

)

NET ASSETS - 100.0%

21,825,330

Abbreviation(s):

REIT

Real Estate Investment Trust

CVR

Contingent Value Right

Non-income producing

Amount represents less than $1,000.

†

Security is categorized as Level 3 in the fair value hierarchy.

Investments made with cash collateral received from securities on loan.

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

All or a portion of these securities are out on loan. The aggregate value of securities on loan is $152,115,382.

Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $1,512,058 or 0.0% of net assets.

Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $920,000 on 01/04/21, collateralized by U.S. Treasury Notes valued at $938,507.

Cost amounts are in thousands.

Futures contracts outstanding as of December 31, 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		75	03/19/21	$	7,320	$	7,405	$	85
S&P 500 E Mini Index		481	03/19/21		88,349		90,159		1,810
S&P Mid-Cap 400 E Mini Index		28	03/19/21		6,361		6,450		89
Total		584		$	102,030	$	104,014	$	1,984

325

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

COLLEGE RETIREMENT EQUITIES FUND

BOND MARKET ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.8%

AUTOMOBILES & COMPONENTS - 0.0%
$	987,469	i	Adient US LLC	LIBOR 1 and 3 M + 4.250%		4.463	%	05/06/24	$	986
	972,073	i	Clarios Global LP	LIBOR 1 M + 3.500%		3.647		04/30/26		967
	2,028,770	i	Gates Global LLC	LIBOR 1 M + 2.750%		3.750		04/01/24		2,021
			TOTAL AUTOMOBILES & COMPONENTS							3,974

CAPITAL GOODS - 0.1%
	174,057	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.750%		2.500		01/15/25		172
	223,313	i	Avolon TLB Borrower US LLC	LIBOR 1 M + 1.500%		2.250		02/12/27		222
	1,480,964	i	Beacon Roofing Supply, Inc	LIBOR 1 M + 2.250%		2.397		01/02/25		1,469
	994,898	i	Cornerstone Building Brands, Inc	LIBOR 1 M + 3.750%		3.880		04/12/25		992
	995,000	i	Gardner Denver, Inc	LIBOR 1 M + 2.750%		2.897		03/01/27		994
	736,838	i	Prometric Holdings Inc	LIBOR 1 M + 3.000%		4.000		01/29/25		716
	1,365,106	i	TransDigm, Inc	LIBOR 1 M + 2.250%		2.397		08/22/24		1,337
	1,481,231	i	TransDigm, Inc	LIBOR 1 M + 2.250%		2.397		05/30/25		1,450
			TOTAL CAPITAL GOODS							7,352

COMMERCIAL & PROFESSIONAL SERVICES - 0.1%
	1,615,252	i	GFL Environmental, Inc	LIBOR 3 M + 3.000%		4.500		05/31/25		1,616
	593,878	i	Packers Holdings LLC	LIBOR 1 M + 3.000%		4.000		12/04/24		591
	675,000	i	PAE Holding Corp	LIBOR 3 M + 4.500%		5.250		10/14/27		676
	1,800,578	i	Prime Security Services Borrower LLC	LIBOR 1 and 3 M + 3.250%		4.250		09/23/26		1,805
	989,744	i	Spin Holdco, Inc	LIBOR 3 M + 3.250%		4.250		11/14/22		983
	1,717,633	i	Syneos Health Inc	LIBOR 1 M + 1.750%		1.896		08/01/24		1,701
	1,806,923	i	Trans Union LLC	LIBOR 1 M + 1.750%		1.896		11/16/26		1,798
	1,026,375	i	United Rentals North America, Inc	LIBOR 1 M + 1.750%		1.897		10/31/25		1,023
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							10,193

CONSUMER DURABLES & APPAREL - 0.0%
	540,000	i	Hanesbrands, Inc	LIBOR 1 M + 1.750%		1.896		12/16/24		536
	394,374	i	Samsonite IP Holdings Sarl	LIBOR 1 M + 1.750%		1.897		04/25/25		386
			TOTAL CONSUMER DURABLES & APPAREL							922

CONSUMER SERVICES - 0.1%
	442,538	i	1011778 BC ULC	LIBOR 1 M + 1.750%		1.897		11/19/26		436
	321,264	i	Boyd Gaming Corp	LIBOR 1 W + 2.250%		2.352		09/15/23		318
	500,000	h,i	IRB Holding Corp	LIBOR 3M + 3.250%		4.250		12/15/27		500
	1,974,619	i	Scientific Games International, Inc	LIBOR 1 M + 2.750%		2.897		08/14/24		1,926
	1,575,000	i	Sophia LP	LIBOR 3 M + 3.750%		4.500		10/07/27		1,576
	1,681,831	i	YUM! Brands	LIBOR 1 M + 1.750%		1.908		04/03/25		1,667
			TOTAL CONSUMER SERVICES							6,423

DIVERSIFIED FINANCIALS - 0.0%
	874,633	i	Lions Gate Capital Holdings LLC	LIBOR 1 M + 2.250%		2.397		03/24/25		860
	1,775,000	i	Reynolds Group Holdings, Inc	LIBOR 1 M + 3.250%		3.397		02/05/26		1,760
			TOTAL DIVERSIFIED FINANCIALS							2,620

326

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
ENERGY - 0.0%
$	1,985,000	i	Buckeye Partners LP	LIBOR 1 M + 2.750%		2.897	%	11/02/26	$	1,981
	560,625	i	ChampionX Holding, Inc	LIBOR 3 M + 5.000%		6.000		06/03/27		569
	1,974,730	i	Delek US Holdings, Inc	LIBOR 1 M + 2.250%		2.397		03/31/25		1,894
			TOTAL ENERGY							4,444

FOOD, BEVERAGE & TOBACCO - 0.0%
	598,500	i	Chobani LLC	LIBOR 1 M + 3.500%		4.500		10/20/27		596
	890,977	i	Hostess Brands LLC	LIBOR 1 and 3 M + 2.250%		3.000		08/01/25		886
	997,500	i	Shearer’s Foods LLC	LIBOR 3 M + 4.000%		4.750		09/15/27		997
			TOTAL FOOD, BEVERAGE & TOBACCO							2,479

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	1,361,529	i	Change Healthcare Holdings LLC	LIBOR 1 and 3 M + 2.500%		3.500		03/01/24		1,354
	2,214,436	i	Da Vinci Purchaser Corp	LIBOR 3 M + 4.000%		5.000		01/08/27		2,218
	987,525	i	DaVita, Inc	LIBOR 1 M + 1.750%		1.897		08/12/26		978
	2,450,250	i	Grifols Worldwide Operations USA, Inc	LIBOR 1 M + 2.000%		2.102		11/15/27		2,428
	2,012,842	i	RegionalCare Hospital Partners Holdings, Inc	LIBOR 1 M + 3.750%		3.897		11/16/25		2,005
	2,920,100	i	Select Medical Corp	LIBOR 3 M + 2.250%		2.530		03/06/25		2,891
	1,416,870	i	Team Health Holdings, Inc	LIBOR 1 M + 2.750%		3.750		02/06/24		1,258
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							13,132

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	725,000	i	Weber-Stephen Products LLC	LIBOR 1 M + 3.250%		4.000		10/29/27		725
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							725

INSURANCE - 0.0%
	149,510	i	Alliant Holdings Intermediate LLC	LIBOR 1 M + 3.750%		4.250		11/05/27		149
	1,985,000	i	NFP Corp	LIBOR 1 M + 3.250%		3.397		02/15/27		1,941
	2,474,425	i	USI, Inc	LIBOR 3 M + 3.000%		3.254		05/16/24		2,437
			TOTAL INSURANCE							4,527

MATERIALS - 0.1%
	1,745,625	i	Asplundh Tree Expert LLC	LIBOR 1 M + 2.500%		2.501		09/07/27		1,749
	982,872	i	Atotech Alpha 3 BV	LIBOR 3 M + 3.000%		4.000		01/31/24		978
	517,563	i	Berry Global, Inc	LIBOR 1 M + 2.000%		2.149		10/01/22		517
	1,442,001	i	Berry Global, Inc	LIBOR 1 M + 2.000%		2.149		01/19/24		1,438
	1,714,535	i	Chemours Co	LIBOR 1 M + 1.750%		1.900		04/03/25		1,678
	1,995,000	i	Illuminate Buyer LLC	LIBOR 1 M + 4.000%		4.147		06/30/27		1,994
	485,000	i	Ineos US Finance LLC	LIBOR 1 M + 2.000%		2.147		03/31/24		479
	1,901,521	i	Messer Industries USA, Inc	LIBOR 3 M + 2.500%		2.754		03/01/26		1,885
	1,372,447	i	PolyOne Corp	LIBOR 1 M + 1.750%		1.897		01/30/26		1,364
	319,092	i	Reynolds Consumer Products LLC	LIBOR 1 M + 1.750%		1.897		02/04/27		317
	430,719	i	Starfruit US Holdco LLC	LIBOR 1 M + 3.000%		3.153		10/01/25		426
	989,975	i	Tamko Building Products, Inc	LIBOR 1 M + 3.250%		4.750		05/29/26		985
			TOTAL MATERIALS							13,810

MEDIA & ENTERTAINMENT - 0.1%
	1,675,000	i	Alliance Laundry Systems LLC	LIBOR 3 M + 3.500%		4.250		10/08/27		1,673

327

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	350,000	i	Arterra Wines Canada, Inc	LIBOR 3 M + 3.500%		4.250	%	11/19/27	$	352
	425,000	i	Cablevision Lightpath LLC	LIBOR 2 M + 3.250%		3.750		11/30/27		424
	1,975,000	i	Charter Communications Operating LLC	LIBOR 1 M + 1.750%		1.900		02/01/27		1,962
	975,000	i	CNT Holdings I Corp	LIBOR 3 M + 3.750%		4.500		11/08/27		973
	717,764	i	CSC Holdings LLC	LIBOR 1 M + 2.500%		2.659		04/15/27		710
	987,500	i	Diamond Sports Group LLC	LIBOR 1 M + 3.250%		3.400		08/24/26		870
	530,364	i	Nielsen Finance LLC	LIBOR 1 M + 2.000%		2.146		10/04/23		528
	2,363,125	i	Nielsen Finance LLC	LIBOR 1 M + 3.750%		4.750		06/06/25		2,374
	495,000	i	Pregis TopCo Corp	LIBOR 1 M + 3.750%		3.897		07/31/26		493
	189,000	i	Pregis TopCo LLC	LIBOR 1 M + 4.250%		5.000		07/31/26		188
	1,550,000	i	Radiate Holdco LLC	LIBOR 1 M + 3.500%		4.250		09/25/26		1,551
	800,000	i	SkyMiles IP Ltd	LIBOR 3 M + 3.750%		4.750		10/20/27		828
	990,000	i	Terrier Media Buyer, Inc	LIBOR 1 M + 4.250%		4.397		12/17/26		990
	1,712,500	i	Vertical US Newco, Inc	LIBOR 6 M + 4.250%		4.567		07/14/27		1,718
	2,250,000	i	Virgin Media Bristol LLC	LIBOR 1 M + 2.500%		2.659		01/31/28		2,227
			TOTAL MEDIA & ENTERTAINMENT							17,861

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1%
	950,000	i	Avantor, Inc	LIBOR 1 M + 2.500%		3.500		10/29/27		951
	1,736,583	i	Bausch Health Americas, Inc	LIBOR 1 M + 3.000%		3.148		06/02/25		1,729
	1,714,286	i	Bausch Health Americas, Inc	LIBOR 1 M + 2.750%		2.898		11/27/25		1,696
	2,481,061	i	Catalent Pharma Solutions, Inc	LIBOR 1 M + 2.250%		3.250		05/18/26		2,478
	2,594,984	i	Endo Luxembourg Finance I Co Sarl	LIBOR 3 M + 4.250%		5.000		04/29/24		2,550
	493,473	i	Jaguar Holding Co II	LIBOR 1 M + 2.500%		3.500		08/18/22		493
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							9,897

REAL ESTATE - 0.0%
	1,372,131	i	Cushman & Wakefield plc	LIBOR 1 M + 2.750%		2.897		08/21/25		1,345
			TOTAL REAL ESTATE							1,345

RETAILING - 0.0%
	321,750	i	Camelot Finance S.A.	LIBOR 1 M + 3.000%		3.147		10/30/26		320
	675,000	i	LS GROUP OPCO ACQUISITIO	LIBOR 3 M + 3.500%		4.250		11/02/27		674
			TOTAL RETAILING							994

SOFTWARE & SERVICES - 0.1%
	1,000,000	i	Camelot US Acquisition	LIBOR 1 M + 3.000%		4.000		10/31/26		999
	673,278	i	Hyland Software, Inc	LIBOR 1 M + 3.500%		4.250		07/01/24		674
	1,974,619	i	Open Text Corp	LIBOR 1 M + 1.750%		1.897		05/30/25		1,968
	1,492,268	i	Rackspace Technology Global, Inc	LIBOR 3 M + 3.000%		4.000		11/03/23		1,489
	989,924	i	Rocket Software, Inc	LIBOR 1 M + 4.250%		4.397		11/28/25		980
	96,032	i	Sabre GLBL, Inc	LIBOR 1 M + 2.000%		2.147		02/22/24		94
	1,620,938	i	Ultimate Software Group, Inc	LIBOR 3 M + 4.000%		4.750		05/04/26		1,628
	1,750,000	i	Web.com Group Inc	LIBOR 1 M + 3.750%		3.898		10/10/25		1,723
			TOTAL SOFTWARE & SERVICES							9,555

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
	2,393,337	i	Dell International LLC	LIBOR 1 M + 2.000%		2.750		09/19/25		2,393
	1,259,245	i	Plantronics, Inc	LIBOR 1 M + 2.500%		2.646		07/02/25		1,230
	755,472	i	TTM Technologies, Inc	LIBOR 1 M + 2.500%		2.655		09/28/24		752
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							4,375

328

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
TELECOMMUNICATION SERVICES - 0.0%
$	623,553	i	Zayo Group Holdings, Inc	LIBOR 1 M + 3.000%		3.147	%	03/09/27	$	619
			TOTAL TELECOMMUNICATION SERVICES							619

TRANSPORTATION - 0.0%
	636,244	i	American Airlines, Inc	LIBOR 1 M + 2.000%		2.159		12/14/23		570
	472,625	i	Delta Air Lines, Inc	LIBOR 3 M + 4.750%		5.750		05/01/23		479
			TOTAL TRANSPORTATION							1,049

UTILITIES - 0.0%
	773,058	i	Alera Group Intermediate Holdings, Inc	LIBOR 1 M + 4.000%		4.500		08/01/25		763
	989,615	i	Gopher Resource LLC	LIBOR 1 M + 3.250%		4.250		03/06/25		980
			TOTAL UTILITIES							1,743

			TOTAL BANK LOAN OBLIGATIONS							118,039
			(Cost $118,586)

BONDS - 95.9%

CORPORATE BONDS - 40.3%

AUTOMOBILES & COMPONENTS - 0.4%
EUR	450,000	g	Adient Global Holdings Ltd			3.500		08/15/24		547
$	350,000	g	Adient US LLC			9.000		04/15/25		390
EUR	500,000		Aptiv plc			1.500		03/10/25		643
$	225,000		Dana, Inc			5.375		11/15/27		239
	350,000		Dana, Inc			5.625		06/15/28		377
	1,250,000		Ford Motor Co			8.500		04/21/23		1,409
	1,275,000		Ford Motor Co			9.000		04/22/25		1,567
	11,000,000		General Motors Co			6.125		10/01/25		13,340
	5,600,000		General Motors Co			5.000		10/01/28		6,661
	6,950,000		General Motors Co			6.600		04/01/36		9,504
	6,500,000		General Motors Co			5.200		04/01/45		7,882
	1,925,000		General Motors Co			6.750		04/01/46		2,777
EUR	400,000	g,o	IHO Verwaltungs GmbH			3.750		09/15/26		502
$	8,675,000		Magna International, Inc			3.625		06/15/24		9,503
EUR	300,000		Volkswagen Bank GmbH			2.500		07/31/26		409
			TOTAL AUTOMOBILES & COMPONENTS							55,750

BANKS - 8.0%
$	8,250,000	g	Australia & New Zealand Banking Group Ltd			2.950		07/22/30		8,703
EUR	400,000		Banco Bilbao Vizcaya Argentaria S.A.			6.000		N/A‡		539
$	5,250,000	g	Banco del Estado de Chile			2.704		01/09/25		5,545
	300,000	g	Banco General S.A.			4.125		08/07/27		340
	3,800,000	g	Banco Internacional del Peru SAA Interbank			3.375		01/18/23		3,947
	3,225,000	g	Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand			5.375		04/17/25		3,705
	5,950,000		Banco Santander S.A.			2.746		05/28/25		6,350
	3,800,000		Banco Santander S.A.			3.800		02/23/28		4,302
	5,600,000		Banco Santander S.A.			2.749		12/03/30		5,780
	600,000		Banco Santander S.A.			7.500		N/A‡		663
	6,200,000		Bancolombia S.A.			3.000		01/29/25		6,448

329

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,650,000		Bancolombia S.A.		4.625	%	12/18/29	$	2,783
	300,000	g	Bangkok Bank PCL		3.733		09/25/34		312
	2,750,000	g	Banistmo S.A.		4.250		07/31/27		2,954
	6,300,000	g	Bank Leumi Le-Israel BM		3.275		01/29/31		6,528
	5,000,000		Bank of America Corp		3.550		03/05/24		5,342
EUR	400,000		Bank of America Corp		1.375		03/26/25		517
$	10,200,000		Bank of America Corp		3.875		08/01/25		11,632
	7,100,000		Bank of America Corp		1.319		06/19/26		7,250
EUR	300,000		Bank of America Corp		1.776		05/04/27		399
$	18,265,000		Bank of America Corp		3.248		10/21/27		20,435
	17,250,000		Bank of America Corp		3.824		01/20/28		19,806
	61,875,000		Bank of America Corp		2.496		02/13/31		65,680
	17,450,000		Bank of America Corp		2.592		04/29/31		18,699
	39,000,000		Bank of America Corp		1.922		10/24/31		39,492
	18,000,000		Bank of America Corp		4.083		03/20/51		22,695
	5,000,000		Bank of America Corp		6.250		N/A‡		5,548
	3,000,000		Bank of America Corp		6.100		N/A‡		3,399
	5,350,000		Bank of Montreal		3.803		12/15/32		6,062
EUR	400,000		Barclays plc		0.625		11/14/23		494
$	5,900,000		Barclays plc		4.338		05/16/24		6,385
	10,000,000		Barclays plc		3.932		05/07/25		10,938
	11,000,000	g	BNP Paribas S.A.		2.819		11/19/25		11,752
	1,850,000	g	BNP Paribas S.A.		2.219		06/09/26		1,936
	7,375,000	g	BNP Paribas S.A.		1.904		09/30/28		7,528
	7,300,000	g	BNP Paribas S.A.		3.052		01/13/31		7,962
	5,700,000	g	BNP Paribas S.A.		2.588		08/12/35		5,824
	7,674,000	g	BPCE S.A.		4.625		07/11/24		8,577
	2,950,000		Citigroup, Inc		2.700		10/27/22		3,068
	8,500,000		Citigroup, Inc		3.875		03/26/25		9,487
	36,375,000		Citigroup, Inc		3.200		10/21/26		40,640
GBP	250,000		Citigroup, Inc		1.750		10/23/26		360
$	6,575,000		Citigroup, Inc		4.300		11/20/26		7,666
	21,485,000		Citigroup, Inc		4.450		09/29/27		25,331
	49,250,000		Citigroup, Inc		2.666		01/29/31		52,807
	11,000,000		Citigroup, Inc		4.412		03/31/31		13,329
	7,125,000		Citigroup, Inc		2.572		06/03/31		7,590
	5,000,000		Citigroup, Inc		5.000		N/A‡		5,197
	4,000,000		Citigroup, Inc		6.300		N/A‡		4,336
	6,875,000		Cooperatieve Rabobank UA		3.950		11/09/22		7,306
	4,500,000	g	Cooperatieve Rabobank UA		2.625		07/22/24		4,811
	15,225,000		Cooperatieve Rabobank UA		3.750		07/21/26		17,202
	4,325,000	g	Credicorp Ltd		2.750		06/17/25		4,498
	11,050,000	g	Credit Agricole S.A.		3.250		10/04/24		11,985
	10,350,000	g	Credit Agricole S.A.		1.907		06/16/26		10,733
	2,450,000	g	DBS Group Holdings Ltd		4.520		12/11/28		2,680
	4,875,000		Discover Bank		3.200		08/09/21		4,947
	8,200,000		Discover Bank		2.450		09/12/24		8,671
	8,455,000		Discover Bank		3.450		07/27/26		9,454
	4,575,000		Discover Bank		2.700		02/06/30		4,850
	4,000,000	g	Grupo Aval Ltd		4.750		09/26/22		4,190
	3,325,000	g	Grupo Aval Ltd		4.375		02/04/30		3,541
GBP	500,000		HSBC Holdings plc		2.175		06/27/23		700
$	3,325,000		HSBC Holdings plc		2.633		11/07/25		3,539
	6,100,000		HSBC Holdings plc		1.645		04/18/26		6,238

330

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	6,075,000		HSBC Holdings plc		3.900	%	05/25/26	$	6,933
	20,075,000		HSBC Holdings plc		4.292		09/12/26		22,874
	1,250,000		HSBC Holdings plc		4.375		11/23/26		1,442
	6,450,000		HSBC Holdings plc		4.041		03/13/28		7,363
	4,200,000		HSBC Holdings plc		2.013		09/22/28		4,298
	4,375,000		HSBC Holdings plc		4.950		03/31/30		5,474
	8,950,000		HSBC Holdings plc		3.973		05/22/30		10,345
	3,850,000		HSBC Holdings plc		2.357		08/18/31		3,974
	13,025,000		Huntington National Bank		2.500		08/07/22		13,450
	3,375,000	g	ICICI Bank Ltd		3.800		12/14/27		3,650
	4,350,000	g	ING Groep NV		4.625		01/06/26		5,115
	15,200,000	g	ING Groep NV		1.400		07/01/26		15,452
	2,125,000	g	Intercorp Financial Services, Inc		4.125		10/19/27		2,253
	500,000	g	Intesa Sanpaolo S.p.A		5.710		01/15/26		572
	4,850,000		JPMorgan Chase & Co		2.700		05/18/23		5,099
	35,850,000		JPMorgan Chase & Co		2.301		10/15/25		38,049
	20,000,000		JPMorgan Chase & Co		2.005		03/13/26		21,004
	14,900,000		JPMorgan Chase & Co		3.200		06/15/26		16,678
EUR	600,000		JPMorgan Chase & Co		1.638		05/18/28		802
$	12,000,000		JPMorgan Chase & Co		4.203		07/23/29		14,341
	23,700,000		JPMorgan Chase & Co		3.702		05/06/30		27,479
	44,675,000		JPMorgan Chase & Co		2.739		10/15/30		48,615
	23,000,000		JPMorgan Chase & Co		4.493		03/24/31		28,278
	24,550,000		JPMorgan Chase & Co		2.522		04/22/31		26,373
	4,575,000		JPMorgan Chase & Co		2.956		05/13/31		5,015
	2,525,000		JPMorgan Chase & Co		1.764		11/19/31		2,549
	5,500,000		JPMorgan Chase & Co		5.000		N/A‡		5,786
	6,400,000		JPMorgan Chase & Co		6.750		N/A‡		7,185
	1,200,000	g	Kookmin Bank		2.500		11/04/30		1,223
	9,000,000		Mitsubishi UFJ Financial Group, Inc		2.193		02/25/25		9,510
	5,700,000		MUFG Americas Holdings Corp		3.500		06/18/22		5,958
	8,850,000		Natwest Group plc		3.032		11/28/35		9,153
	3,100,000	g	Oversea-Chinese Banking Corp Ltd		1.832		09/10/30		3,148
	4,000,000		PNC Bank NA		2.700		10/22/29		4,371
	6,000,000		PNC Financial Services Group, Inc		3.900		04/29/24		6,647
	11,800,000		Royal Bank of Canada		2.550		07/16/24		12,616
	6,325,000		Royal Bank of Scotland Group plc		3.073		05/22/28		6,862
	9,350,000		Santander Holdings USA, Inc		3.400		01/18/23		9,821
	3,675,000		Sumitomo Mitsui Financial Group, Inc		2.778		10/18/22		3,830
	11,050,000		Sumitomo Mitsui Financial Group, Inc		2.696		07/16/24		11,796
	11,000,000		Toronto-Dominion Bank		1.150		06/12/25		11,230
	2,350,000		Toronto-Dominion Bank		3.625		09/15/31		2,663
	5,700,000		Truist Bank		2.750		05/01/23		6,002
	4,800,000		Truist Bank		2.150		12/06/24		5,086
	5,000,000		Truist Financial Corp		4.000		05/01/25		5,661
	4,000,000		Truist Financial Corp		4.800		N/A‡		4,214
	5,000,000		Truist Financial Corp		4.950		N/A‡		5,500
	450,000	g	UniCredit S.p.A		2.569		09/22/26		459
	2,550,000	g	United Overseas Bank Ltd		3.750		04/15/29		2,737
	8,400,000		Wells Fargo & Co		3.750		01/24/24		9,169
	5,300,000		Wells Fargo & Co		3.550		09/29/25		5,952
	5,600,000		Wells Fargo & Co		3.000		10/23/26		6,206
	21,575,000		Wells Fargo & Co		2.393		06/02/28		22,960
	11,950,000		Wells Fargo & Co		2.879		10/30/30		13,031

331

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	8,500,000		Wells Fargo & Co		5.875	%	N/A‡	$	9,637
	6,000,000		Wells Fargo & Co		5.900		N/A‡		6,368
	4,650,000		Westpac Banking Corp		2.850		05/13/26		5,162
	6,450,000		Westpac Banking Corp		4.110		07/24/34		7,376
			TOTAL BANKS						1,187,203

CAPITAL GOODS - 1.2%
	5,000,000		Air Lease Corp		3.125		12/01/30		5,196
EUR	400,000		Airbus SE		1.625		06/09/30		536
GBP	1,000,000		BAE Systems plc		4.125		06/08/22		1,436
$	4,175,000	g	BAE Systems plc		3.400		04/15/30		4,727
	2,475,000	g	BAE Systems plc		1.900		02/15/31		2,501
	225,000	g	Beacon Roofing Supply, Inc		4.500		11/15/26		236
	3,600,000	g	BOC Aviation Ltd		3.000		09/11/29		3,717
	13,350,000		Boeing Co		2.950		02/01/30		13,810
	3,352,000		Boeing Co		3.250		02/01/35		3,435
	3,775,000	g	Embraer Netherlands Finance BV		6.950		01/17/28		4,266
	1,432,000		General Electric Co		5.875		01/14/38		1,939
	108,000		General Electric Co		6.875		01/10/39		159
	3,075,000	g	H&E Equipment Services, Inc		3.875		12/15/28		3,098
EUR	500,000		Honeywell International, Inc		0.000		03/10/24		614
$	275,000		Howmet Aerospace, Inc		6.875		05/01/25		324
	1,000,000		Ingersoll-Rand Global Holding Co Ltd		3.750		08/21/28		1,153
	13,245,000		Ingersoll-Rand Luxembourg Finance S.A.		3.800		03/21/29		15,497
	3,000,000	g	Korea East-West Power Co Ltd		1.750		05/06/25		3,133
	3,150,000		L3Harris Technologies, Inc		3.850		06/15/23		3,402
	5,070,000		L3Harris Technologies, Inc		2.900		12/15/29		5,599
	1,700,000		Lockheed Martin Corp		1.850		06/15/30		1,783
	2,150,000		Lockheed Martin Corp		2.800		06/15/50		2,320
	9,825,000	g	Molex Electronic Technologies LLC		3.900		04/15/25		10,164
	8,925,000		Northrop Grumman Corp		3.250		01/15/28		10,088
EUR	500,000		Parker-Hannifin Corp		1.125		03/01/25		636
$	19,200,000		Parker-Hannifin Corp		3.250		06/14/29		21,778
	6,600,000		Raytheon Technologies Corp		2.250		07/01/30		7,007
	325,000	g	Rolls-Royce plc		5.750		10/15/27		360
	5,475,000		Roper Technologies, Inc		3.800		12/15/26		6,323
	2,650,000		Roper Technologies, Inc		2.950		09/15/29		2,910
	5,775,000		Roper Technologies, Inc		2.000		06/30/30		5,899
	4,000,000	g	TSMC Global Ltd		0.750		09/28/25		3,984
	4,000,000	g	TSMC Global Ltd		1.000		09/28/27		3,960
	361,000		United Technologies Corp		3.650		08/16/23		389
	16,850,000		United Technologies Corp		4.125		11/16/28		20,079
	6,665,000		United Technologies Corp		4.500		06/01/42		8,679
	400,000	g	WESCO Distribution, Inc		7.125		06/15/25		440
	300,000	g	WESCO Distribution, Inc		7.250		06/15/28		341
			TOTAL CAPITAL GOODS						181,918

COMMERCIAL & PROFESSIONAL SERVICES - 0.3%
	875,000		AECOM		5.875		10/15/24		976
	325,000	g	ASGN, Inc		4.625		05/15/28		338
	250,000	g	GFL Environmental, Inc		4.250		06/01/25		259
	1,000,000	g	GFL Environmental, Inc		3.750		08/01/25		1,020
	1,950,000		IHS Markit Ltd		4.125		08/01/23		2,120
	3,175,000		IHS Markit Ltd		4.250		05/01/29		3,857

332

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,350,000	g	Prime Security Services Borrower LLC		5.250	%	04/15/24	$	2,509
	2,000,000	g	Prime Security Services Borrower LLC		5.750		04/15/26		2,190
	1,325,000	g	Prime Security Services Borrower LLC		3.375		08/31/27		1,315
	725,000	g	Prime Security Services Borrower LLC		6.250		01/15/28		778
EUR	500,000		RELX Capital, Inc		1.300		05/12/25		646
$	7,971,000		Republic Services, Inc		2.900		07/01/26		8,805
	1,250,000		Verisk Analytics, Inc		4.125		03/15/29		1,501
	1,050,000		Verisk Analytics, Inc		3.625		05/15/50		1,222
	9,650,000		Waste Management, Inc		2.900		09/15/22		10,000
	2,225,000		Waste Management, Inc		4.100		03/01/45		2,786
	3,550,000		Waste Management, Inc		2.500		11/15/50		3,580
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES						43,902

CONSUMER DURABLES & APPAREL - 0.0%
	1,600,000		Leggett & Platt, Inc		4.400		03/15/29		1,831
	149,000		Newell Brands, Inc		4.875		06/01/25		164
			TOTAL CONSUMER DURABLES & APPAREL						1,995

CONSUMER SERVICES - 0.8%
	9,820,000		Amherst College		4.100		11/01/45		12,331
	29,085,000		Anheuser-Busch Cos LLC		3.650		02/01/26		32,859
	9,500,000		Anheuser-Busch Cos LLC		4.900		02/01/46		12,364
	1,100,000	g	Arcos Dorados Holdings, Inc		5.875		04/04/27		1,158
	1,825,000	g	Cedar Fair LP		5.500		05/01/25		1,902
	3,800,000	g	ENA Master Trust		4.000		05/19/48		4,094
	125,000	g	Hilton Domestic Operating Co, Inc		5.375		05/01/25		133
	125,000	g	Hilton Domestic Operating Co, Inc		5.750		05/01/28		136
	1,610,000	g	International Game Technology plc		6.500		02/15/25		1,800
	8,000,000		President and Fellows of Harvard College		3.529		10/01/31		9,663
	14,250,000		President and Fellows of Harvard College		3.619		10/01/37		17,095
	2,100,000		Sands China Ltd		5.400		08/08/28		2,457
	1,000,000	g	Scientific Games International, Inc		5.000		10/15/25		1,032
EUR	500,000	g	Scientific Games International, Inc		3.375		02/15/26		605
$	15,000,000		Smith College		4.620		07/01/45		19,682
	1,125,000	g	Wynn Macau Ltd		5.500		01/15/26		1,170
	100,000	g	Yum! Brands, Inc		7.750		04/01/25		111
			TOTAL CONSUMER SERVICES						118,592

DIVERSIFIED FINANCIALS - 2.9%
	3,500,000		AerCap Ireland Capital DAC		3.650		07/21/27		3,813
	7,000,000		AerCap Ireland Capital DAC		4.625		10/15/27		7,924
	5,525,000		American Express Co		2.500		08/01/22		5,701
	4,000,000		American Express Co		3.700		08/03/23		4,331
	2,775,000		American Express Credit Corp		3.300		05/03/27		3,156
EUR	425,000		American Honda Finance Corp		1.950		10/18/24		558
$	3,975,000		Ameriprise Financial, Inc		3.000		03/22/22		4,105
	2,700,000	g	BBVA Bancomer S.A.		1.875		09/18/25		2,727
	300,000	g	BBVA Bancomer S.A.		5.350		11/12/29		319
	1,500,000	g	BBVA Bancomer S.A.		5.125		01/18/33		1,616
	4,525,000		Berkshire Hathaway, Inc		3.125		03/15/26		5,055
	20,775,000		Capital One Bank USA NA		3.375		02/15/23		21,963
EUR	150,000		Capital One Financial Corp		0.800		06/12/24		187
$	6,250,000		Community Preservation Corp		2.867		02/01/30		6,532
	9,800,000	g	Credit Suisse Group AG.		2.997		12/14/23		10,246

333

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	8,475,000	g	Credit Suisse Group AG.		2.193	%	06/05/26	$	8,855
GBP	300,000		Credit Suisse Group AG.		2.250		06/09/28		435
$	8,525,000	g	Credit Suisse Group AG.		4.194		04/01/31		10,022
	7,700,000		Credit Suisse Group Funding Guernsey Ltd		3.800		06/09/23		8,292
	10,250,000		Credit Suisse Group Funding Guernsey Ltd		3.750		03/26/25		11,377
GBP	300,000		Danske Bank A.S.		2.250		01/14/28		429
$	500,000		Deutsche Bank AG.		2.129		11/24/26		511
	4,000,000		Ford Motor Credit Co LLC		3.096		05/04/23		4,041
	4,825,000		GE Capital International Funding Co		3.373		11/15/25		5,369
	25,700,000		GE Capital International Funding Co		4.418		11/15/35		30,646
	20,000,000		General Motors Financial Co, Inc		2.750		06/20/25		21,382
	5,475,000		General Motors Financial Co, Inc		5.650		01/17/29		6,797
	11,000,000		General Motors Financial Co, Inc		3.600		06/21/30		12,273
	5,450,000		General Motors Financial Co, Inc		5.700		N/A‡		6,009
EUR	850,000		Goldman Sachs Group, Inc		2.000		07/27/23		1,095
$	13,575,000		Goldman Sachs Group, Inc		3.500		01/23/25		14,980
	3,500,000		Goldman Sachs Group, Inc		1.093		12/09/26		3,535
	26,625,000		Goldman Sachs Group, Inc		3.691		06/05/28		30,691
	7,400,000		Goldman Sachs Group, Inc		2.600		02/07/30		7,959
	6,075,000		Goldman Sachs Group, Inc		4.017		10/31/38		7,404
	7,675,000		Goldman Sachs Group, Inc		4.800		07/08/44		10,601
	3,000,000		Goldman Sachs Group, Inc		4.950		N/A‡		3,174
	399		Golondrina Leasing LLC		1.822		05/03/25		0	^
	1,600,000		Indian Railway Finance Corp Ltd		3.730		03/29/24		1,707
	1,975,000	g	Indian Railway Finance Corp Ltd		3.249		02/13/30		2,101
	5,000,000		International Lease Finance Corp		5.875		08/15/22		5,402
	1,305,000		Legg Mason, Inc		3.950		07/15/24		1,446
	3,000,000	g	Minejesa Capital BV		4.625		08/10/30		3,229
	19,000,000		Morgan Stanley		2.188		04/28/26		20,065
	37,625,000		Morgan Stanley		3.125		07/27/26		42,133
EUR	700,000		Morgan Stanley		1.342		10/23/26		907
$	6,900,000		Morgan Stanley		3.625		01/20/27		7,917
	21,500,000		Morgan Stanley		2.699		01/22/31		23,327
	3,350,000	g	Power Finance Corp Ltd		3.950		04/23/30		3,574
	550,000		Springleaf Finance Corp		5.375		11/15/29		619
	2,600,000	g	Swiss Re Finance Luxembourg SA		5.000		04/02/49		3,025
	3,750,000		Synchrony Financial		4.375		03/19/24		4,128
	5,519,000		Synchrony Financial		4.250		08/15/24		6,097
	10,157,000	g	UBS Group AG		2.859		08/15/23		10,529
	5,900,000	g	UBS Group AG		3.126		08/13/30		6,608
	1,000,000		Voya Financial, Inc		5.700		07/15/43		1,385
			TOTAL DIVERSIFIED FINANCIALS						428,309

ENERGY - 3.6%
	1,825,000	g	Abu Dhabi Crude Oil Pipeline LLC		4.600		11/02/47		2,269
	1,050,000		AmeriGas Partners LP		5.875		08/20/26		1,181
	2,000,000		Cenovus Energy, Inc		5.375		07/15/25		2,254
	11,000,000		Chevron Corp		1.554		05/11/25		11,425
	4,925,000		Chevron Corp		2.236		05/11/30		5,268
	11,200,000		Concho Resources, Inc		2.400		02/15/31		11,715
	2,375,000		Crestwood Midstream Partners LP		5.750		04/01/25		2,417
	10,000,000		Diamondback Energy, Inc		2.875		12/01/24		10,510
	250,000		Ecopetrol S.A.		5.375		06/26/26		288
	4,100,000		Ecopetrol S.A.		6.875		04/29/30		5,293

334

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,230,000		Ecopetrol S.A.		5.875	%	05/28/45	$	1,489
	475,000		Enable Midstream Partners LP		4.150		09/15/29		472
	8,225,000		Enbridge, Inc		3.125		11/15/29		9,039
	6,421,000		Energy Transfer Operating LP		3.600		02/01/23		6,726
	5,930,000		Energy Transfer Operating LP		4.200		09/15/23		6,391
	4,575,000		Energy Transfer Operating LP		2.900		05/15/25		4,839
	4,725,000		Energy Transfer Operating LP		4.750		01/15/26		5,345
	2,950,000		Energy Transfer Operating LP		5.500		06/01/27		3,475
	7,850,000		Energy Transfer Operating LP		4.950		06/15/28		9,044
	4,225,000		Energy Transfer Operating LP		5.250		04/15/29		4,931
	10,350,000		Energy Transfer Operating LP		3.750		05/15/30		11,158
	8,700,000		Energy Transfer Operating LP		6.250		04/15/49		10,508
	9,125,000		Energy Transfer Operating LP		5.000		05/15/50		9,866
	5,125,000		Enterprise Products Operating LLC		3.700		02/15/26		5,804
	6,275,000		Enterprise Products Operating LLC		3.125		07/31/29		6,952
	700,000		Enterprise Products Operating LLC		2.800		01/31/30		758
	1,250,000		Enterprise Products Operating LLC		4.900		05/15/46		1,589
	4,025,000		Enterprise Products Operating LLC		4.250		02/15/48		4,712
	6,200,000		Enterprise Products Operating LLC		4.800		02/01/49		7,813
	4,200,000		Enterprise Products Operating LLC		4.200		01/31/50		4,926
	10,600,000		Enterprise Products Operating LLC		3.700		01/31/51		11,647
	5,125,000		Enterprise Products Operating LLC		3.950		01/31/60		5,662
	1,225,000	g	EQM Midstream Partners LP		6.000		07/01/25		1,341
	3,300,000	g	Galaxy Pipeline Assets Bidco Ltd		2.625		03/31/36		3,426
	300,000	g	Gazprom OAO Via Gaz Capital S.A.		4.950		03/23/27		340
	3,475,000	g	KazTransGas JSC		4.375		09/26/27		3,997
	4,850,000		Kinder Morgan Energy Partners LP		5.400		09/01/44		6,041
	2,065,000		Kinder Morgan, Inc		5.300		12/01/34		2,543
	2,000,000	g	Leviathan Bond Ltd		5.750		06/30/23		2,130
	800,000	g	Leviathan Bond Ltd		6.125		06/30/25		878
	10,675,000		Magellan Midstream Partners LP		3.250		06/01/30		11,983
	9,075,000		Marathon Petroleum Corp		3.800		04/01/28		10,113
	6,235,000		Marathon Petroleum Corp		4.750		09/15/44		7,146
	5,500,000		Marathon Petroleum Corp		5.000		09/15/54		6,213
	8,950,000		MPLX LP		1.750		03/01/26		9,260
	15,100,000		MPLX LP		2.650		08/15/30		15,816
	12,525,000		MPLX LP		4.500		04/15/38		14,309
	6,150,000		MPLX LP		4.700		04/15/48		7,282
	275,000		Murphy Oil Corp		5.875		12/01/27		271
	1,000,000		NAK Naftogaz Ukraine via Kondor Finance plc		7.375		07/19/22		1,032
	900,000		Noble Energy, Inc		3.900		11/15/24		1,004
	1,675,000		Noble Energy, Inc		3.850		01/15/28		1,947
	3,465,000		Noble Energy, Inc		5.050		11/15/44		4,864
	1,400,000		NuStar Logistics LP		5.750		10/01/25		1,491
	3,000,000		Occidental Petroleum Corp		3.500		06/15/25		2,898
	2,200,000		Occidental Petroleum Corp		5.550		03/15/26		2,297
	3,900,000		Occidental Petroleum Corp		4.300		08/15/39		3,280
	1,350,000	g	Oleoducto Central S.A.		4.000		07/14/27		1,465
	1,775,000		ONEOK, Inc		4.000		07/13/27		1,978
	11,642,000		ONEOK, Inc		4.550		07/15/28		13,319
	12,150,000		ONEOK, Inc		4.350		03/15/29		13,773
	10,380,000		ONEOK, Inc		3.400		09/01/29		11,103
	5,500,000		ONEOK, Inc		3.100		03/15/30		5,856
	2,000,000		ONEOK, Inc		5.200		07/15/48		2,331

335

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,500,000		ONEOK, Inc		4.500	%	03/15/50	$	5,758
	3,000,000	g	Pertamina Persero PT		4.300		05/20/23		3,217
	1,425,000	g	Pertamina Persero PT		3.650		07/30/29		1,593
	2,600,000	g	Peru LNG Srl		5.375		03/22/30		2,319
	1,200,000		Petrobras Global Finance BV		5.999		01/27/28		1,405
	1,100,000		Petrobras Global Finance BV		5.093		01/15/30		1,229
	4,000,000		Petrobras Global Finance BV		5.600		01/03/31		4,597
	750,000		Petrobras Global Finance BV		7.250		03/17/44		968
EUR	375,000		Petroleos Mexicanos		1.875		04/21/22		454
$	4,000,000		Petroleos Mexicanos		1.950		12/20/22		4,073
	2,140,000		Petroleos Mexicanos		2.000		12/20/22		2,180
	3,900,000		Petroleos Mexicanos		4.500		01/23/26		3,886
	3,775,000		Petroleos Mexicanos		6.500		03/13/27		3,976
	2,650,000		Petroleos Mexicanos		5.350		02/12/28		2,614
	2,988,000		Petroleos Mexicanos		7.000		01/23/30		3,128
	5,300,000		Petroleos Mexicanos		5.950		01/28/31		5,287
	1,950,000	g	Petronas Capital Ltd		3.500		04/21/30		2,240
	3,250,000		Phillips 66 Partners LP		3.150		12/15/29		3,379
	3,275,000		Phillips 66 Partners LP		4.680		02/15/45		3,547
	1,900,000	g	PTTEP Treasury Center Co Ltd		2.587		06/10/27		1,983
	1,200,000		Regency Energy Partners LP		4.500		11/01/23		1,298
	2,597,000	g	Rio Oil Finance Trust		8.200		04/06/28		2,909
	9,875,000		Sabine Pass Liquefaction LLC		4.200		03/15/28		11,330
	10,200,000	g	Sabine Pass Liquefaction LLC		4.500		05/15/30		12,084
	7,175,000	g	Saudi Arabian Oil Co		2.250		11/24/30		7,302
	5,000,000	g	Saudi Arabian Oil Co		3.250		11/24/50		5,061
	5,550,000		Shell International Finance BV		2.250		01/06/23		5,764
	4,875,000		Shell International Finance BV		2.875		05/10/26		5,390
	6,900,000		Shell International Finance BV		3.125		11/07/49		7,607
	6,500,000		Sunoco Logistics Partners Operations LP		4.000		10/01/27		7,110
	1,925,000		Sunoco Logistics Partners Operations LP		5.400		10/01/47		2,168
	600,000		Targa Resources Partners LP		5.125		02/01/25		615
	425,000		Targa Resources Partners LP		6.500		07/15/27		461
	5,800,000	g	Thaioil Treasury Center Co Ltd		2.500		06/18/30		5,769
	11,000,000		Total Capital International S.A.		3.127		05/29/50		11,899
	19,150,000		TransCanada PipeLines Ltd		4.250		05/15/28		22,610
	400,000		Tullow Oil Jersey Ltd		6.625		07/12/21		346
	1,400,000		Vale Overseas Ltd		6.250		08/10/26		1,736
	5,075,000		Williams Partners LP		3.750		06/15/27		5,789
	2,000,000	g	YPF S.A.		8.500		07/28/25		1,543
			TOTAL ENERGY						534,117

FOOD & STAPLES RETAILING - 0.6%
	5,225,000		Costco Wholesale Corp		1.375		06/20/27		5,381
	7,850,000		Costco Wholesale Corp		1.600		04/20/30		8,039
	2,450,000		Costco Wholesale Corp		1.750		04/20/32		2,544
	1,223,000		Ingles Markets, Inc		5.750		06/15/23		1,235
	5,575,000		Kroger Co		3.700		08/01/27		6,407
	3,140,000		Kroger Co		3.875		10/15/46		3,673
	1,325,000		Kroger Co		4.450		02/01/47		1,665
	2,636,000		Kroger Co		3.950		01/15/50		3,196
EUR	1,000,000		SYSCO Corp		1.250		06/23/23		1,253
$	22,300,000		Walmart, Inc		3.700		06/26/28		26,255
	4,350,000		Walmart, Inc		3.250		07/08/29		5,060

336

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	13,650,000		Walmart, Inc		2.375	%	09/24/29	$	14,908
	6,150,000		Walmart, Inc		3.950		06/28/38		7,835
			TOTAL FOOD & STAPLES RETAILING						87,451

FOOD, BEVERAGE & TOBACCO - 1.4%
	6,425,000		Altria Group, Inc		4.800		02/14/29		7,704
	3,375,000		Altria Group, Inc		3.400		05/06/30		3,785
	5,800,000		Altria Group, Inc		5.950		02/14/49		8,113
	18,600,000		Anheuser-Busch InBev Worldwide, Inc		4.750		01/23/29		22,937
	5,045,000		Anheuser-Busch InBev Worldwide, Inc		4.439		10/06/48		6,269
	6,275,000		BAT Capital Corp		2.259		03/25/28		6,511
	16,425,000		BAT Capital Corp		4.906		04/02/30		19,827
	12,850,000		BAT Capital Corp		2.726		03/25/31		13,302
	5,225,000		BAT Capital Corp		3.734		09/25/40		5,443
	5,500,000		BAT Capital Corp		4.540		08/15/47		6,098
	2,725,000		BAT Capital Corp		3.984		09/25/50		2,839
	1,500,000	g	BRF S.A.		5.750		09/21/50		1,669
	2,750,000		Coca-Cola Co		1.450		06/01/27		2,839
	25,000,000		Coca-Cola Co		1.000		03/15/28		25,076
	3,375,000		Coca-Cola Co		1.650		06/01/30		3,463
EUR	400,000		Coca-Cola Co		0.800		03/15/40		504
$	1,700,000		Constellation Brands, Inc		4.400		11/15/25		1,973
	2,675,000		Constellation Brands, Inc		3.700		12/06/26		3,061
	1,825,000		Constellation Brands, Inc		3.600		02/15/28		2,084
	3,225,000		Constellation Brands, Inc		3.150		08/01/29		3,590
	1,125,000		Constellation Brands, Inc		2.875		05/01/30		1,232
	3,000,000	g	Corp Lindley S.A.		4.625		04/12/23		3,116
	5,500,000		Diageo Capital plc		2.125		10/24/24		5,804
	4,500,000		Diageo Capital plc		1.375		09/29/25		4,629
	8,050,000		Diageo Capital plc		2.375		10/24/29		8,662
	3,900,000		Diageo Capital plc		2.000		04/29/30		4,065
	3,600,000	g	Embotelladora Andina S.A.		3.950		01/21/50		4,041
	1,550,000		General Mills, Inc		2.875		04/15/30		1,718
	3,700,000	g	Grupo Bimbo SAB de C.V.		4.700		11/10/47		4,590
	2,400,000	g	Grupo Bimbo SAB de C.V.		5.950		N/A‡		2,577
	1,550,000		JM Smucker Co		2.375		03/15/30		1,640
	3,900,000		Kellogg Co		3.400		11/15/27		4,409
EUR	400,000		PepsiCo, Inc		0.500		05/06/28		506
$	3,125,000		PepsiCo, Inc		3.450		10/06/46		3,772
	6,325,000		Philip Morris International, Inc		2.100		05/01/30		6,593
	1,600,000		Philip Morris International, Inc		6.375		05/16/38		2,439
	2,050,000	g	Post Holdings, Inc		4.625		04/15/30		2,156
	3,500,000	g	Sigma Alimentos S.A. de C.V.		4.125		05/02/26		3,859
	2,700,000		Tyson Foods, Inc		3.900		09/28/23		2,946
			TOTAL FOOD, BEVERAGE & TOBACCO						215,841

HEALTH CARE EQUIPMENT & SERVICES - 2.0%
	4,750,000		Abbott Laboratories		3.875		09/15/25		5,440
	11,022,000		Abbott Laboratories		3.750		11/30/26		12,908
	2,250,000		Abbott Laboratories		5.300		05/27/40		3,309
	11,100,000		Anthem, Inc		3.650		12/01/27		12,795
EUR	430,000		Becton Dickinson & Co		1.401		05/24/23		542
	670,000		Becton Dickinson & Co		1.900		12/15/26		884
$	11,589,000		Becton Dickinson & Co		3.700		06/06/27		13,295

337

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,850,000		Boston Scientific Corp		4.000	%	03/01/29	$	5,713
	3,650,000		Centene Corp		4.250		12/15/27		3,869
	2,910,000		Centene Corp		3.000		10/15/30		3,084
	19,230,000		Children’s Hospital Medic		4.268		05/15/44		24,182
	5,350,000		Cigna Corp		2.400		03/15/30		5,701
	5,075,000		Cigna Corp		3.200		03/15/40		5,557
	6,775,000		CVS Health Corp		2.625		08/15/24		7,259
	15,950,000		CVS Health Corp		2.875		06/01/26		17,528
	23,450,000		CVS Health Corp		3.750		04/01/30		27,276
	25,800,000		CVS Health Corp		1.750		08/21/30		25,938
	7,675,000		CVS Health Corp		1.875		02/28/31		7,754
	10,300,000		CVS Health Corp		4.780		03/25/38		12,997
	4,675,000		CVS Health Corp		2.700		08/21/40		4,723
	8,350,000		CVS Health Corp		5.050		03/25/48		11,299
	3,750,000		CVS Health Corp		4.250		04/01/50		4,683
	4,105,000		Dartmouth-Hitchcock Health		4.178		08/01/48		4,838
	1,250,000	g	DaVita, Inc		4.625		06/01/30		1,325
	4,325,000	g	DaVita, Inc		3.750		02/15/31		4,391
EUR	500,000		DH Europe Finance Sarl		1.200		06/30/27		653
$	875,000		Encompass Health Corp		4.625		04/01/31		936
	4,225,000		HCA, Inc		5.625		09/01/28		4,991
	5,000,000		HCA, Inc		5.500		06/15/47		6,669
	3,500,000	g	Hologic, Inc		3.250		02/15/29		3,561
	6,250,000		Humana, Inc		3.950		03/15/27		7,191
	12,500,000		Mercy Health		3.382		11/01/25		13,778
	500,000	g	Molina Healthcare, Inc		4.375		06/15/28		526
	5,000,000		New York and Presbyterian Hospital		3.563		08/01/36		5,545
	11,046,000	g	SBA Tower Trust		1.884		01/15/26		11,368
EUR	450,000		Stryker Corp		2.625		11/30/30		663
$	150,000	g	Teleflex, Inc		4.250		06/01/28		159
	375,000	g	Tenet Healthcare Corp		4.625		06/15/28		393
	5,775,000		UnitedHealth Group, Inc		2.950		10/15/27		6,485
	4,625,000		UnitedHealth Group, Inc		3.750		10/15/47		5,735
	2,150,000		Zimmer Biomet Holdings, Inc		3.700		03/19/23		2,293
	3,745,000		Zimmer Biomet Holdings, Inc		3.550		04/01/25		4,136
			TOTAL HEALTH CARE EQUIPMENT & SERVICES						302,372

HOUSEHOLD & PERSONAL PRODUCTS - 0.0%
	3,000,000		Kimberly-Clark Corp		1.050		09/15/27		3,039
EUR	600,000		The Procter & Gamble Company		0.625		10/30/24		757
	400,000		The Procter & Gamble Company		1.875		10/30/38		620
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS						4,416

INSURANCE - 1.3%
$	1,925,000		Aetna, Inc		6.625		06/15/36		2,828
	1,525,000	g	AIA Group Ltd		3.200		09/16/40		1,599
	825,000	g	Alliant Holdings Intermediate LLC		4.250		10/15/27		844
	2,700,000		American Financial Group, Inc		3.500		08/15/26		2,945
	7,450,000		American International Group, Inc		3.400		06/30/30		8,531
	6,350,000		Aon Corp		2.800		05/15/30		6,924
	12,975,000		Aon plc		3.500		06/14/24		14,146
	3,250,000		AXIS Specialty Finance LLC		4.900		01/15/40		3,399
	2,275,000		Berkshire Hathaway Finance Corp		1.850		03/12/30		2,396
	2,400,000		Berkshire Hathaway Finance Corp		4.250		01/15/49		3,183

338

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	21,100,000		Berkshire Hathaway Finance Corp		2.850	%	10/15/50	$	22,581
	6,250,000		Chubb INA Holdings, Inc		2.875		11/03/22		6,515
EUR	450,000		Chubb INA Holdings, Inc		0.875		06/15/27		577
	500,000		Chubb INA Holdings, Inc		1.550		03/15/28		670
	450,000		Chubb INA Holdings, Inc		1.400		06/15/31		609
$	3,525,000		CNA Financial Corp		3.950		05/15/24		3,897
	3,775,000		CNA Financial Corp		2.050		08/15/30		3,847
	1,825,000	g	Equitable Financial Life Global Funding		1.400		07/07/25		1,874
EUR	250,000	g	Fairfax Financial Holdings Ltd		2.750		03/29/28		339
$	5,575,000	g	Five Corners Funding Trust		4.419		11/15/23		6,183
	7,325,000	g	Five Corners Funding Trust II		2.850		05/15/30		8,099
	5,500,000		Hartford Financial Services Group, Inc		2.800		08/19/29		5,972
	1,350,000		Hartford Financial Services Group, Inc		4.300		04/15/43		1,700
	3,375,000		Hartford Financial Services Group, Inc		3.600		08/19/49		3,953
	728,000	g	Liberty Mutual Group, Inc		4.250		06/15/23		792
EUR	750,000		Liberty Mutual Group, Inc		2.750		05/04/26		1,038
$	4,100,000	g	Liberty Mutual Group, Inc		3.951		10/15/50		4,901
	1,600,000		Marsh & McLennan Cos, Inc		3.500		06/03/24		1,745
	1,365,000		Marsh & McLennan Cos, Inc		3.500		03/10/25		1,514
	4,325,000		MetLife, Inc		3.600		11/13/25		4,895
	18,175,000		MetLife, Inc		3.850		N/A‡		19,175
	3,025,000	g	Metropolitan Life Global Funding I		2.950		04/09/30		3,404
	11,875,000		PartnerRe Finance B LLC		4.500		10/01/50		12,432
	6,000,000		Principal Financial Group, Inc		2.125		06/15/30		6,265
	2,500,000		Prudential Financial, Inc		3.905		12/07/47		3,004
	6,960,000		Prudential Financial, Inc		3.700		10/01/50		7,362
	3,000,000	g	Prudential Funding LLC		6.750		09/15/23		3,432
	4,150,000		Reinsurance Group of America, Inc		3.900		05/15/29		4,756
	7,750,000	g,i	Vitality Re IX Ltd		1.658		01/10/22		7,677
	3,500,000	g,i	Vitality Re X Ltd		1.808		01/10/23		3,484
			TOTAL INSURANCE						199,487

MATERIALS - 1.0%
	4,550,000	g	Anglo American Capital plc		2.625		09/10/30		4,755
	5,825,000		AngloGold Ashanti Holdings plc		3.750		10/01/30		6,258
	1,570,000	g	Antofagasta plc		2.375		10/14/30		1,574
	250,000	g	Arconic Corp		6.000		05/15/25		267
	175,000	g	Arconic Rolled Products Corp		6.125		02/15/28		189
EUR	200,000	g	Ashland Services BV		2.000		01/30/28		243
	250,000		Ball Corp		4.375		12/15/23		336
	425,000		Ball Corp		0.875		03/15/24		519
$	1,875,000		Ball Corp		2.875		08/15/30		1,870
	852,000		Bemis Co, Inc		3.100		09/15/26		920
	2,600,000		Bemis Co, Inc		2.630		06/19/30		2,814
	3,700,000	g	Berry Global, Inc		1.570		01/15/26		3,732
	200,000		Celulosa Arauco y Constitucion S.A.		3.875		11/02/27		220
	3,000,000	g	Celulosa Arauco y Constitucion S.A.		4.250		04/30/29		3,375
	1,650,000	g	Celulosa Arauco y Constitucion S.A.		4.200		01/29/30		1,864
	2,000,000	g	Cemex SAB de C.V.		7.375		06/05/27		2,276
	2,500,000	g	Cemex SAB de C.V.		5.450		11/19/29		2,750
	3,900,000	g	Corp Nacional del Cobre de Chile		3.625		08/01/27		4,351
	3,000,000	g	Corp Nacional del Cobre de Chile		3.150		01/14/30		3,269
	2,000,000	g	Corp Nacional del Cobre de Chile		3.150		01/15/51		2,011
	2,000,000	g	Corp Nacional del Cobre de Chile-CODELCO		3.700		01/30/50		2,196

339

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,000,000		DowDuPont, Inc		4.725	%	11/15/28	$	4,926
	500,000	g	Element Solutions, Inc		3.875		09/01/28		514
	3,000,000	g	First Quantum Minerals Ltd		6.875		10/15/27		3,255
	3,000,000		Freeport-McMoRan, Inc		5.450		03/15/43		3,735
	2,600,000	g	Fresnillo plc		4.250		10/02/50		2,854
	1,850,000	g	Gold Fields Orogen Holdings BVI Ltd		6.125		05/15/29		2,243
	775,000	g	Hudbay Minerals, Inc		6.125		04/01/29		835
EUR	350,000	g	INEOS Finance plc		2.875		05/01/26		433
$	2,561,000		International Paper Co		5.000		09/15/35		3,374
	3,750,000		International Paper Co		4.350		08/15/48		4,903
	3,000,000	g	Inversiones CMPC S.A.		4.375		04/04/27		3,409
	1,500,000	g	Inversiones CMPC S.A.		3.850		01/13/30		1,680
	1,300,000	g	Klabin Finance S.A.		4.875		09/19/27		1,450
	3,500,000	g	MEGlobal Canada ULC		5.000		05/18/25		3,933
	5,800,000	g	Midwest Connector Capital Co LLC		3.900		04/01/24		5,944
	5,800,000	g	Midwest Connector Capital Co LLC		4.625		04/01/29		6,077
	1,725,000		Mosaic Co		4.875		11/15/41		1,991
	4,000,000		Newmont Corp		2.250		10/01/30		4,207
	2,000,000	g	Nova Chemicals Corp		4.875		06/01/24		2,083
	4,767,000		Nutrien Ltd		3.375		03/15/25		5,240
	7,500,000		Nutrien Ltd		2.950		05/13/30		8,244
EUR	375,000	g	OCI NV		3.125		11/01/24		471
$	525,000	g	OCI NV		5.250		11/01/24		545
	2,375,000	g	OCI NV		4.625		10/15/25		2,464
EUR	250,000	g	OI European Group BV		3.125		11/15/24		315
$	375,000	g	PolyOne Corp		5.750		05/15/25		398
	350,000	g	POSCO		2.500		01/17/25		367
	8,050,000		Praxair, Inc		1.100		08/10/30		7,961
	2,550,000	g	SABIC Capital II BV		4.000		10/10/23		2,748
	1,850,000		SASOL Financing USA LLC		5.875		03/27/24		1,964
	1,300,000		SASOL Financing USA LLC		6.500		09/27/28		1,408
	8,200,000		Sherwin-Williams Co		2.300		05/15/30		8,558
EUR	400,000		Silgan Holdings, Inc		3.250		03/15/25		494
$	1,925,000		Suzano Austria GmbH		6.000		01/15/29		2,315
	725,000	g	Tronox, Inc		6.500		05/01/25		776
	11,300,000		WRKCo, Inc		4.900		03/15/29		13,952
			TOTAL MATERIALS						161,855

MEDIA & ENTERTAINMENT - 2.7%
	4,350,000		Activision Blizzard, Inc		3.400		09/15/26		4,947
	3,700,000		Activision Blizzard, Inc		1.350		09/15/30		3,632
	9,250,000		Alphabet, Inc		1.100		08/15/30		9,113
	6,100,000		Alphabet, Inc		2.050		08/15/50		5,810
	3,000,000	g	Banco Nacional de Panama		2.500		08/11/30		3,000
	1,775,000	g	Cable Onda S.A.		4.500		01/30/30		1,957
	5,000,000	g	CCO Holdings LLC		4.250		02/01/31		5,269
	8,000,000		Charter Communications Operating LLC		3.750		02/15/28		8,966
	8,350,000		Charter Communications Operating LLC		4.200		03/15/28		9,631
	5,000,000		Charter Communications Operating LLC		2.800		04/01/31		5,282
	6,150,000		Charter Communications Operating LLC		5.125		07/01/49		7,494
	21,620,000		Charter Communications Operating LLC		4.800		03/01/50		25,797
	11,800,000		Comcast Corp		3.950		10/15/25		13,554
	10,650,000		Comcast Corp		2.350		01/15/27		11,459
	6,670,000		Comcast Corp		3.300		02/01/27		7,531

340

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
EUR	450,000		Comcast Corp		0.250	%	05/20/27	$	558
$	31,750,000		Comcast Corp		4.150		10/15/28		38,203
	11,875,000		Comcast Corp		2.650		02/01/30		12,972
	15,000,000		Comcast Corp		3.400		04/01/30		17,290
	12,175,000		Comcast Corp		1.950		01/15/31		12,520
	7,675,000		Comcast Corp		1.500		02/15/31		7,621
	5,000,000		Comcast Corp		4.400		08/15/35		6,393
	18,200,000		Comcast Corp		3.200		07/15/36		20,654
	3,000,000		Comcast Corp		3.900		03/01/38		3,667
	2,500,000		Comcast Corp		4.700		10/15/48		3,478
	28,150,000		Comcast Corp		2.800		01/15/51		29,261
	7,700,000		Comcast Corp		2.450		08/15/52		7,485
	1,500,000	g	CSC Holdings LLC		7.500		04/01/28		1,687
	5,000,000	g	CSC Holdings LLC		3.375		02/15/31		4,906
	2,099,000		Discovery Communications LLC		2.950		03/20/23		2,211
GBP	300,000		Discovery Communications LLC		2.500		09/20/24		431
$	6,375,000		Discovery Communications LLC		3.625		05/15/30		7,299
	6,400,000		Discovery Communications LLC		5.200		09/20/47		8,324
	3,000,000		DISH DBS Corp		7.375		07/01/28		3,195
	2,000,000	g	Empresa de los Ferrocarriles del Estado		3.068		08/18/50		1,945
	1,975,000	g	Gray Television, Inc		4.750		10/15/30		2,005
	1,895,000		Grupo Televisa SAB		6.625		01/15/40		2,649
	650,000		Lamar Media Corp		3.750		02/15/28		668
	1,000,000		Lamar Media Corp		4.000		02/15/30		1,038
	4,300,000	g	LUKOIL Securities BV		3.875		05/06/30		4,647
	2,000,000	g	Medco Bell Pte Ltd		6.375		01/30/27		2,041
	2,675,000	g	Sirius XM Radio, Inc		4.125		07/01/30		2,847
	975,000	g	TEGNA, Inc		4.750		03/15/26		1,041
	675,000	g	TEGNA, Inc		4.625		03/15/28		690
	250,000	g	Tencent Holdings Ltd		3.975		04/11/29		285
	5,675,000		Time Warner Cable LLC		5.875		11/15/40		7,565
	4,075,000		Time Warner Cable LLC		4.500		09/15/42		4,769
	11,200,000	g	Upjohn, Inc		2.700		06/22/30		11,878
	2,425,000	g	Upjohn, Inc		3.850		06/22/40		2,733
	4,200,000		ViacomCBS, Inc		2.900		01/15/27		4,607
	2,500,000		ViacomCBS, Inc		3.375		02/15/28		2,810
	2,250,000		ViacomCBS, Inc		4.375		03/15/43		2,654
	1,150,000		ViacomCBS, Inc		5.850		09/01/43		1,598
	2,105,000		Walt Disney Co		7.625		11/30/28		3,006
	12,750,000		Walt Disney Co		2.000		09/01/29		13,319
	1,578,000		Walt Disney Co		6.550		03/15/33		2,313
	10,900,000		Walt Disney Co		3.600		01/13/51		13,205
	2,700,000		Weibo Corp		3.375		07/08/30		2,756
			TOTAL MEDIA & ENTERTAINMENT						404,666

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1%
EUR	400,000		Abbott Ireland Financing DAC		1.500		09/27/26		531
$	3,500,000		AbbVie, Inc		2.850		05/14/23		3,680
EUR	550,000		AbbVie, Inc		1.250		06/01/24		698
$	8,700,000		AbbVie, Inc		3.800		03/15/25		9,704
	26,000,000		AbbVie, Inc		2.950		11/21/26		28,761
EUR	350,000		AbbVie, Inc		2.625		11/15/28		505
$	22,275,000		AbbVie, Inc		3.200		11/21/29		24,951
	12,850,000		AbbVie, Inc		4.050		11/21/39		15,504

341

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	6,700,000		AbbVie, Inc		4.400	%	11/06/42	$	8,401
	2,680,000		AbbVie, Inc		4.450		05/14/46		3,404
	9,525,000		AbbVie, Inc		4.250		11/21/49		11,938
	5,650,000		AstraZeneca plc		3.125		06/12/27		6,354
EUR	500,000	g	Avantor Funding, Inc		3.875		07/15/28		641
$	1,500,000	g	Avantor Funding, Inc		4.625		07/15/28		1,586
	325,000	g	Bausch Health Cos, Inc		5.000		01/30/28		335
	2,900,000		Bristol-Myers Squibb Co		2.900		07/26/24		3,147
	2,900,000		Bristol-Myers Squibb Co		3.875		08/15/25		3,310
	13,600,000		Bristol-Myers Squibb Co		3.450		11/15/27		15,683
	6,575,000		Bristol-Myers Squibb Co		3.400		07/26/29		7,651
	21,200,000		Bristol-Myers Squibb Co		1.450		11/13/30		21,294
	4,570,000		Bristol-Myers Squibb Co		4.250		10/26/49		6,179
	2,650,000		Bristol-Myers Squibb Co		2.550		11/13/50		2,705
	10,000,000		Eli Lilly & Co		2.250		05/15/50		9,809
	225,000	g	Emergent BioSolutions, Inc		3.875		08/15/28		233
	3,725,000		Gilead Sciences, Inc		1.200		10/01/27		3,749
	9,000,000		Gilead Sciences, Inc		1.650		10/01/30		9,024
	1,775,000		Gilead Sciences, Inc		4.000		09/01/36		2,141
	8,950,000		Gilead Sciences, Inc		2.800		10/01/50		8,867
	125,000	g	Jaguar Holding Co II		4.625		06/15/25		132
	100,000	g	Jaguar Holding Co II		5.000		06/15/28		107
	3,950,000		Johnson & Johnson		2.900		01/15/28		4,455
	3,750,000		Johnson & Johnson		3.400		01/15/38		4,530
	15,800,000		Merck & Co, Inc		1.450		06/24/30		15,960
	9,300,000		Merck & Co, Inc		2.450		06/24/50		9,609
	5,750,000		Mylan, Inc		4.550		04/15/28		6,833
	9,600,000		Novartis Capital Corp		3.000		11/20/25		10,617
	5,200,000	g	Royalty Pharma plc		2.200		09/02/30		5,337
	21,850,000		Takeda Pharmaceutical Co Ltd		2.050		03/31/30		22,343
EUR	400,000	g	Takeda Pharmaceutical Co Ltd		3.000		11/21/30		601
	400,000		Takeda Pharmaceutical Co Ltd		1.375		07/09/32		524
$	1,975,000		Takeda Pharmaceutical Co Ltd		3.025		07/09/40		2,081
	3,000,000		Teva Pharmaceutical Finance Netherlands III BV		3.150		10/01/26		2,884
	9,775,000		Thermo Fisher Scientific, Inc		4.133		03/25/25		11,113
EUR	300,000		Thermo Fisher Scientific, Inc		1.950		07/24/29		419
	325,000		Thermo Fisher Scientific, Inc		2.875		07/24/37		525
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES						308,855

REAL ESTATE - 2.0%
$	1,675,000		Alexandria Real Estate Equities, Inc		3.950		01/15/27		1,927
	2,300,000		Alexandria Real Estate Equities, Inc		3.950		01/15/28		2,671
	5,500,000		Alexandria Real Estate Equities, Inc		4.900		12/15/30		6,996
	3,725,000		Alexandria Real Estate Equities, Inc		1.875		02/01/33		3,716
	5,950,000		American Tower Corp		3.000		06/15/23		6,304
	5,775,000		American Tower Corp		2.950		01/15/25		6,255
EUR	600,000		American Tower Corp		1.950		05/22/26		799
$	2,418,000		American Tower Corp		3.375		10/15/26		2,716
	10,000,000		American Tower Corp		2.750		01/15/27		10,845
	1,600,000		American Tower Corp		3.600		01/15/28		1,817
	8,850,000		American Tower Corp		3.800		08/15/29		10,284
	13,700,000		American Tower Corp		2.900		01/15/30		14,926
	9,925,000		American Tower Corp		1.875		10/15/30		10,006
	5,575,000		Brandywine Operating Partnership LP		4.100		10/01/24		5,959

342

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,825,000		Brixmor Operating Partnership LP		3.850	%	02/01/25	$	6,379
	1,950,000		Camden Property Trust		3.150		07/01/29		2,194
	2,150,000		Camden Property Trust		2.800		05/15/30		2,386
	1,700,000		Crown Castle International Corp		3.650		09/01/27		1,919
	1,825,000		Crown Castle International Corp		3.800		02/15/28		2,103
	14,025,000		Crown Castle International Corp		2.250		01/15/31		14,539
	3,075,000		Digital Realty Trust LP		3.700		08/15/27		3,533
	1,600,000		Duke Realty LP		3.250		06/30/26		1,792
	2,525,000		Duke Realty LP		4.000		09/15/28		2,975
	3,125,000		Duke Realty LP		1.750		07/01/30		3,158
	3,825,000		Equinix, Inc		2.150		07/15/30		3,888
	2,754,000		Essex Portfolio LP		3.375		01/15/23		2,885
	9,100,000		Essex Portfolio LP		3.000		01/15/30		10,032
	6,600,000		Healthcare Realty Trust, Inc		3.875		05/01/25		7,310
	3,000,000		Healthcare Realty Trust, Inc		3.625		01/15/28		3,398
	1,750,000		Healthcare Realty Trust, Inc		2.400		03/15/30		1,824
	1,850,000		Healthcare Realty Trust, Inc		2.050		03/15/31		1,857
	6,250,000		Healthcare Trust of America Holdings LP		3.500		08/01/26		7,076
	11,400,000		Healthcare Trust of America Holdings LP		3.100		02/15/30		12,446
	7,950,000		Highwoods Realty LP		3.875		03/01/27		8,787
	2,900,000		Highwoods Realty LP		4.125		03/15/28		3,261
	2,875,000		Highwoods Realty LP		4.200		04/15/29		3,276
	6,000,000		Highwoods Realty LP		3.050		02/15/30		6,345
	3,250,000		Highwoods Realty LP		2.600		02/01/31		3,313
	1,833,000		Hudson Pacific Properties LP		3.950		11/01/27		2,017
	3,000,000		Hudson Pacific Properties LP		3.250		01/15/30		3,197
	800,000		iStar, Inc		4.750		10/01/24		810
	850,000		Life Storage LP		2.200		10/15/30		867
	575,000	g	MGM Growth Properties Operating Partnership LP		4.625		06/15/25		616
	5,224,000		Mid-America Apartments LP		4.300		10/15/23		5,697
	5,525,000		Mid-America Apartments LP		3.750		06/15/24		6,018
	4,300,000		Mid-America Apartments LP		4.000		11/15/25		4,867
	7,734,000		Mid-America Apartments LP		3.600		06/01/27		8,746
	11,100,000		Mid-America Apartments LP		2.750		03/15/30		12,052
	5,400,000		Mid-America Apartments LP		1.700		02/15/31		5,377
	5,425,000		National Retail Properties, Inc		3.300		04/15/23		5,728
	2,575,000		National Retail Properties, Inc		4.000		11/15/25		2,903
	3,000,000		National Retail Properties, Inc		3.600		12/15/26		3,299
EUR	360,000		ProLogis Euro Finance LLC		0.375		02/06/28		449
$	7,225,000		Regency Centers LP		3.900		11/01/25		8,035
	4,750,000		Regency Centers LP		3.600		02/01/27		5,219
	5,500,000		Regency Centers LP		2.950		09/15/29		5,876
	5,700,000		Retail Properties of America, Inc		4.750		09/15/30		6,049
	2,968,000		SITE Centers Corp		3.625		02/01/25		3,082
	350,000		SITE Centers Corp		4.700		06/01/27		383
	775,000	g	VICI Properties LP		3.500		02/15/25		793
	1,170,000		Weingarten Realty Investors		3.375		10/15/22		1,207
	4,800,000		Weingarten Realty Investors		3.500		04/15/23		4,975
	3,025,000		Weingarten Realty Investors		4.450		01/15/24		3,236
	3,950,000		Weingarten Realty Investors		3.850		06/01/25		4,238
	1,300,000		Weingarten Realty Investors		3.250		08/15/26		1,379
			TOTAL REAL ESTATE						309,012

343

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
RETAILING - 0.5%
$	2,950,000		AutoNation, Inc		3.800	%	11/15/27	$	3,262
	6,525,000		AutoZone, Inc		1.650		01/15/31		6,479
	100,000	g	Camelot Finance S.A.		4.500		11/01/26		105
	600,000		CDW LLC		3.250		02/15/29		612
	550,000	g	Group 1 Automotive, Inc		4.000		08/15/28		567
	350,000		JD.com, Inc		3.375		01/14/30		380
	525,000	g	L Brands, Inc		6.875		07/01/25		570
	200,000	g	L Brands, Inc		9.375		07/01/25		246
	925,000	g	L Brands, Inc		6.625		10/01/30		1,029
	875,000	g	Lithia Motors, Inc		4.625		12/15/27		923
	950,000	g	Lithia Motors, Inc		4.375		01/15/31		1,019
	5,100,000		O’Reilly Automotive, Inc		3.550		03/15/26		5,753
	6,875,000		O’Reilly Automotive, Inc		3.600		09/01/27		7,825
	4,075,000		O’Reilly Automotive, Inc		4.200		04/01/30		4,906
	4,750,000		O’Reilly Automotive, Inc		1.750		03/15/31		4,754
	750,000	g	PetSmart, Inc		5.875		06/01/25		770
	2,775,000	g	Prosus NV		3.680		01/21/30		3,018
	6,000,000	g	Prosus NV		3.832		02/08/51		5,878
	3,000,000	g	Staples, Inc		7.500		04/15/26		3,133
	17,275,000		Target Corp		2.350		02/15/30		18,867
			TOTAL RETAILING						70,096

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
	12,025,000		Broadcom, Inc		4.150		11/15/30		13,900
	15,640,000		Intel Corp		2.875		05/11/24		16,874
	4,800,000		Intel Corp		2.600		05/19/26		5,236
	7,325,000		Intel Corp		3.750		03/25/27		8,485
	2,500,000		Intel Corp		3.734		12/08/47		2,983
	2,875,000		Lam Research Corp		3.750		03/15/26		3,286
	3,275,000		Lam Research Corp		4.000		03/15/29		3,927
	1,100,000		Lam Research Corp		1.900		06/15/30		1,142
	8,075,000		Lam Research Corp		2.875		06/15/50		8,684
	6,750,000	g	NXP BV		4.625		06/01/23		7,378
	5,725,000	g	NXP BV		3.875		06/18/26		6,554
	2,450,000	g	NXP BV		3.400		05/01/30		2,777
	3,475,000		Texas Instruments, Inc		2.625		05/15/24		3,711
	2,500,000		Texas Instruments, Inc		2.250		09/04/29		2,692
	3,100,000		Texas Instruments, Inc		4.150		05/15/48		4,141
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						91,770

SOFTWARE & SERVICES - 1.1%
	10,050,000		Adobe, Inc		2.300		02/01/30		10,872
	2,800,000		Baidu, Inc		2.875		07/06/22		2,882
	1,725,000		Baidu, Inc		4.375		05/14/24		1,898
	275,000	g	Black Knight InfoServ LLC		3.625		09/01/28		282
	925,000	g	Booz Allen Hamilton, Inc		3.875		09/01/28		953
EUR	375,000		Fidelity National Information Services, Inc		1.100		07/15/24		476
$	3,750,000		Fidelity National Information Services, Inc		3.750		05/21/29		4,400
	14,800,000		Fiserv, Inc		2.750		07/01/24		15,890
	23,750,000		Fiserv, Inc		3.500		07/01/29		27,106
GBP	200,000		Fiserv, Inc		3.000		07/01/31		317
$	900,000	g	Gartner, Inc		3.750		10/01/30		945
	4,725,000		Global Payments, Inc		2.650		02/15/25		5,059
	10,275,000		Global Payments, Inc		3.200		08/15/29		11,404

344

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	20,825,000		International Business Machines Corp		1.950	%	05/15/30	$	21,453
EUR	400,000		International Business Machines Corp		0.650		02/11/32		505
$	1,625,000	g	j2 Global, Inc		4.625		10/15/30		1,714
	26,300,000		Microsoft Corp		2.400		08/08/26		28,686
	2,355,000		Microsoft Corp		4.100		02/06/37		3,087
	5,850,000		Microsoft Corp		3.700		08/08/46		7,407
	1,395,000		Microsoft Corp		2.525		06/01/50		1,468
	550,000	g	Open Text Holdings, Inc		4.125		02/15/30		585
	175,000	g	Presidio Holdings, Inc		4.875		02/01/27		186
	2,425,000		salesforce.com, Inc		3.700		04/11/28		2,860
	7,075,000		Visa, Inc		2.050		04/15/30		7,563
	1,800,000		Visa, Inc		2.700		04/15/40		1,962
			TOTAL SOFTWARE & SERVICES						159,960

TECHNOLOGY HARDWARE & EQUIPMENT - 0.8%
	7,025,000		Amphenol Corp		2.800		02/15/30		7,745
EUR	675,000		Amphenol Technologies Holding GmbH		2.000		10/08/28		935
$	8,075,000		Apple, Inc		2.450		08/04/26		8,812
	36,100,000		Apple, Inc		2.050		09/11/26		38,593
EUR	750,000		Apple, Inc		1.375		05/24/29		1,019
$	4,525,000		Apple, Inc		4.650		02/23/46		6,422
	19,975,000		Broadcom Corp		3.875		01/15/27		22,444
	2,075,000		Corning, Inc		4.375		11/15/57		2,590
	7,050,000	g	Dell International LLC		5.300		10/01/29		8,634
	2,425,000	g	NCR Corp		5.000		10/01/28		2,558
	6,669,000		Tyco Electronics Group S.A.		3.500		02/03/22		6,852
	2,175,000		Tyco Electronics Group S.A.		3.700		02/15/26		2,432
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						109,036

TELECOMMUNICATION SERVICES - 2.8%
	4,936,000		AT&T, Inc		3.000		06/30/22		5,108
	15,225,000		AT&T, Inc		4.350		03/01/29		18,146
EUR	500,000		AT&T, Inc		2.350		09/05/29		708
$	14,855,000		AT&T, Inc		4.300		02/15/30		17,745
	12,650,000		AT&T, Inc		2.250		02/01/32		12,825
	36,093,000	g	AT&T, Inc		2.550		12/01/33		37,114
	9,000,000		AT&T, Inc		4.500		05/15/35		10,913
	12,280,000		AT&T, Inc		3.650		06/01/51		12,835
	15,575,000		AT&T, Inc		3.300		02/01/52		15,413
	15,320,000	g	AT&T, Inc		3.550		09/15/55		15,239
	30,978,000	g	AT&T, Inc		3.800		12/01/57		32,174
	5,127,000	g	AT&T, Inc		3.650		09/15/59		5,142
	2,875,000	g	Avaya, Inc		6.125		09/15/28		3,071
	2,000,000	g	Bharti Airtel International Netherlands BV		5.350		05/20/24		2,205
	2,000,000	g	Bharti Airtel Ltd		4.375		06/10/25		2,174
	3,000,000	g	C&W Senior Financing Designated Activity Co		6.875		09/15/27		3,237
	4,000,000		Deutsche Telekom International Finance BV		8.750		06/15/30		6,325
	1,175,000	g	Millicom International Cellular S.A.		4.500		04/27/31		1,269
	4,000,000	g	MTN Mauritius Investment Ltd		6.500		10/13/26		4,581
	398,000	o	Oi S.A.		10.000		07/27/25		423
	3,950,000		Orange S.A.		5.375		01/13/42		5,595
	3,800,000		Rogers Communications, Inc		3.700		11/15/49		4,484
	1,525,000	g	Switch Ltd		3.750		09/15/28		1,548

345

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,125,000		Telefonica Emisiones SAU		4.103	%	03/08/27	$	2,459
	32,175,000	g	T-Mobile USA, Inc		3.875		04/15/30		37,259
	21,500,000	g	T-Mobile USA, Inc		2.550		02/15/31		22,577
	2,525,000	g	T-Mobile USA, Inc		3.000		02/15/41		2,618
	2,350,000	g	T-Mobile USA, Inc		4.500		04/15/50		2,898
	7,800,000	g	T-Mobile USA, Inc		3.300		02/15/51		8,025
	2,400,000	g	Turk Telekomunikasyon AS.		6.875		02/28/25		2,646
	577,000		Verizon Communications, Inc		3.376		02/15/25		641
	6,600,000		Verizon Communications, Inc		3.875		02/08/29		7,765
EUR	400,000		Verizon Communications, Inc		1.875		10/26/29		557
$	10,000,000		Verizon Communications, Inc		4.016		12/03/29		11,861
	24,589,000		Verizon Communications, Inc		3.150		03/22/30		27,550
	2,325,000	g	Verizon Communications, Inc		1.680		10/30/30		2,314
	2,525,000		Verizon Communications, Inc		1.750		01/20/31		2,511
	30,220,000		Verizon Communications, Inc		4.272		01/15/36		37,439
EUR	300,000		Verizon Communications, Inc		2.875		01/15/38		481
$	11,300,000		Verizon Communications, Inc		2.875		11/20/50		11,374
	8,700,000		Vodafone Group plc		4.375		05/30/28		10,415
	7,000,000		Vodafone Group plc		4.250		09/17/50		8,670
	1,325,000	g	Zayo Group Holdings, Inc		4.000		03/01/27		1,328
			TOTAL TELECOMMUNICATION SERVICES						419,662

TRANSPORTATION - 0.7%
	4,850,000	g	Adani Ports & Special Economic Zone Ltd		4.000		07/30/27		5,173
	2,000,000	g	Adani Ports & Special Economic Zone Ltd		4.200		08/04/27		2,142
	5,175,000		Burlington Northern Santa Fe LLC		3.050		02/15/51		5,847
	3,700,000		Canadian Pacific Railway Co		2.050		03/05/30		3,886
	2,040,000		CSX Corp		2.600		11/01/26		2,230
	7,125,000		CSX Corp		3.250		06/01/27		8,051
	3,500,000		CSX Corp		3.800		03/01/28		4,078
	23,495,000		CSX Corp		4.250		03/15/29		28,450
	10,650,000		CSX Corp		2.400		02/15/30		11,509
	9,250,000		Delta Air Lines, Inc		2.900		10/28/24		9,125
	2,150,000	g	Delta Air Lines, Inc		7.000		05/01/25		2,482
	1,275,000	g	Delta Air Lines, Inc		4.500		10/20/25		1,362
	4,575,000		Delta Air Lines, Inc		3.750		10/28/29		4,432
	1,450,000	g	DP World Ltd		5.625		09/25/48		1,847
EUR	400,000		FedEx Corp		1.000		01/11/23		499
	325,000		FedEx Corp		1.625		01/11/27		433
$	1,350,000	g	Lima Metro Line 2 Finance Ltd		4.350		04/05/36		1,497
	1,175,000	g	Mileage Plus Holdings LLC		6.500		06/20/27		1,263
	6,150,000		Union Pacific Corp		3.950		09/10/28		7,298
	6,125,000		Union Pacific Corp		3.839		03/20/60		7,566
			TOTAL TRANSPORTATION						109,170

UTILITIES - 3.5%
	1,905,875	g	Adani Transmission Ltd		4.250		05/21/36		2,018
	1,650,000		AEP Transmission Co LLC		3.100		12/01/26		1,856
	1,650,000		AEP Transmission Co LLC		4.000		12/01/46		2,051
	3,475,000		Alabama Power Co		4.150		08/15/44		4,402
	7,000,000		Alabama Power Co		3.450		10/01/49		8,229
	2,500,000		Ameren Corp		3.500		01/15/31		2,873
	2,750,000		American Water Capital Corp		3.000		12/01/26		3,055
	2,025,000		American Water Capital Corp		2.800		05/01/30		2,234
	2,375,000		American Water Capital Corp		4.000		12/01/46		2,994

346

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	7,175,000		American Water Capital Corp		3.750	%	09/01/47	$	8,773
	1,325,000		American Water Capital Corp		3.450		05/01/50		1,564
	6,038,000		Appalachian Power Co		4.450		06/01/45		7,747
	10,375,000		Atmos Energy Corp		1.500		01/15/31		10,376
	1,175,000		Atmos Energy Corp		4.125		10/15/44		1,476
	6,500,000		Baltimore Gas & Electric Co		3.750		08/15/47		7,953
	5,500,000		Baltimore Gas & Electric Co		3.200		09/15/49		6,131
	5,925,000		Berkshire Hathaway Energy Co		3.250		04/15/28		6,770
	6,225,000		Black Hills Corp		4.250		11/30/23		6,823
	1,575,000		Black Hills Corp		3.150		01/15/27		1,713
	3,550,000		CenterPoint Energy Resources Corp		6.250		02/01/37		4,744
EUR	350,000		CEZ AS.		0.875		12/02/26		438
$	4,675,000		CMS Energy Corp		3.600		11/15/25		5,237
	4,200,000		Commonwealth Edison Co		5.900		03/15/36		6,058
	8,250,000		Commonwealth Edison Co		3.000		03/01/50		8,985
	3,325,000		Consumers Energy Co		2.500		05/01/60		3,333
	4,125,000		Dominion Energy Gas Holdings LLC		2.500		11/15/24		4,412
	3,775,000		Dominion Resources, Inc		2.000		08/15/21		3,807
	13,775,000		DTE Electric Co		2.250		03/01/30		14,770
	5,825,000		Duke Energy Corp		1.800		09/01/21		5,875
	8,675,000		Duke Energy Corp		2.650		09/01/26		9,450
	5,000,000		Duke Energy Florida LLC		3.400		10/01/46		5,699
	1,438,452		Duke Energy Florida Project Finance LLC		1.731		09/01/22		1,452
	11,425,000		Duke Energy Indiana LLC		2.750		04/01/50		11,857
	1,450,000		Duke Energy Ohio, Inc		3.800		09/01/23		1,566
	6,100,000		Duke Energy Progress LLC		2.500		08/15/50		6,130
EUR	500,000		EDP Finance BV		1.125		02/12/24		632
	300,000		Electricite de France S.A.		2.000		10/02/30		426
$	3,445,000	g	Empresas Publicas de Medellin ESP		4.250		07/18/29		3,703
	3,000,000		Enel Chile S.A.		4.875		06/12/28		3,533
	4,000,000	g	EnfraGen Energia Sur S.A.		5.375		12/30/30		4,150
	4,300,000	g	ENN Energy Holdings Ltd		2.625		09/17/30		4,322
	5,700,000		Entergy Corp		2.950		09/01/26		6,281
	3,000,000	g	Eskom Holdings SOC Ltd		5.750		01/26/21		2,985
	2,050,000		Eversource Energy		0.800		08/15/25		2,046
	7,000,000		Eversource Energy		3.450		01/15/50		7,955
	2,475,000		Exelon Corp		4.050		04/15/30		2,927
	9,450,000		Exelon Generation Co LLC		3.400		03/15/22		9,756
	925,000		Florida Power & Light Co		2.850		04/01/25		1,006
	5,775,000		Florida Power & Light Co		3.990		03/01/49		7,539
UGX	2,000,000,000	†,g	ICBC Standard Bank plc		14.250		06/26/34		479
$	3,600,000		Indiana Michigan Power Co		3.750		07/01/47		4,272
	4,525,000	g	Israel Electric Corp Ltd		4.250		08/14/28		5,219
	2,850,000	g	Kallpa Generacion SA		4.125		08/16/27		3,071
	3,675,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		3,965
	6,975,000		MidAmerican Energy Co		3.650		04/15/29		8,281
	6,150,000		MidAmerican Energy Co		3.650		08/01/48		7,506
	7,350,000		Nevada Power Co		2.400		05/01/30		7,906
	3,335,000		Nevada Power Co		5.450		05/15/41		4,492
	17,000,000		NextEra Energy Capital Holdings, Inc		2.250		06/01/30		17,813
	7,100,000		NiSource, Inc		3.490		05/15/27		8,048
	10,840,000		NiSource, Inc		3.600		05/01/30		12,537
	13,435,000		NiSource, Inc		1.700		02/15/31		13,360
	8,250,000	g	NRG Energy, Inc		2.450		12/02/27		8,683

347

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,675,000		NSTAR Electric Co		3.950	%	04/01/30	$	2,030
	3,600,000		Ohio Power Co		2.600		04/01/30		3,927
	6,150,000		Ohio Power Co		4.150		04/01/48		7,783
	6,150,000		Ohio Power Co		4.000		06/01/49		7,742
	1,280,000		Oncor Electric Delivery Co LLC		5.250		09/30/40		1,821
	3,500,000		ONE Gas, Inc		3.610		02/01/24		3,789
	600,000	g	Pattern Energy Operations LP		4.500		08/15/28		633
	2,775,000		PECO Energy Co		3.000		09/15/49		3,055
	3,700,000		PECO Energy Co		2.800		06/15/50		3,929
	1,500,000	g	Perusahaan Gas Negara Persero Tbk PT		5.125		05/16/24		1,658
	3,000,000	g	Perusahaan Listrik Negara PT		4.125		05/15/27		3,315
	650,000	g	Perusahaan Listrik Negara PT		3.875		07/17/29		713
	3,000,000	g	Perusahaan Listrik Negara PT		3.375		02/05/30		3,180
	200,000	g	Perusahaan Listrik Negara PT		4.875		07/17/49		227
	5,000,000	g	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara		4.000		06/30/50		5,123
	750,000		Potomac Electric Power Co		7.900		12/15/38		1,244
	4,300,000		PPL Capital Funding, Inc		3.950		03/15/24		4,693
	2,000,000		PPL Electric Utilities Corp		3.000		09/15/21		2,024
	3,300,000	g	Promigas S.A. ESP		3.750		10/16/29		3,510
	9,725,000		PSEG Power LLC		3.850		06/01/23		10,462
	3,000,000		Public Service Co of Colorado		4.050		09/15/49		3,896
	4,450,000		Public Service Co of Colorado		3.200		03/01/50		5,150
	7,970,000		Public Service Electric & Gas Co		3.150		01/01/50		9,050
	5,450,000		Public Service Enterprise Group, Inc		0.800		08/15/25		5,451
	20,000,000		Southern Co		4.000		01/15/51		21,181
	8,475,000		Southern Co Gas Capital Corp		3.875		11/15/25		9,510
	2,125,000		Southern Co Gas Capital Corp		4.400		06/01/43		2,605
	2,000,000		Southern Co Gas Capital Corp		3.950		10/01/46		2,351
	8,250,000		Southern Power Co		2.500		12/15/21		8,403
	7,825,000		Southern Power Co		4.150		12/01/25		8,974
	2,440,000		Southwestern Public Service Co		3.400		08/15/46		2,757
	350,000	g	Tengizchevroil Finance Co International Ltd		2.625		08/15/25		364
	3,680,000		Virginia Electric & Power Co		2.950		01/15/22		3,755
	3,250,000		Virginia Electric & Power Co		2.950		11/15/26		3,615
	3,250,000		Virginia Electric & Power Co		3.500		03/15/27		3,709
	12,379,000		Virginia Electric & Power Co		3.800		04/01/28		14,481
	1,000,000		Virginia Electric and Power Co		2.450		12/15/50		1,001
	4,125,000		Wisconsin Power & Light Co		4.100		10/15/44		5,030
	2,975,000		Xcel Energy, Inc		3.350		12/01/26		3,355
	2,890,000		Xcel Energy, Inc		4.800		09/15/41		3,682
			TOTAL UTILITIES						534,922

			TOTAL CORPORATE BONDS						6,040,357
			(Cost $5,524,608)

GOVERNMENT BONDS - 39.6%

AGENCY SECURITIES - 0.6%
	1,867,691		AMAL Ltd		3.465		08/21/21		1,890
	2,500,000		Amber Circle Funding Ltd		3.250		12/04/22		2,598
	3,395,000		Canal Barge Co, Inc		4.500		11/12/34		3,948
	10,890,000		Lutheran Medical Center		1.982		02/20/30		11,313
	24,000,000	g	Private Export Funding Corp (PEFCO)		3.266		11/08/21		24,623

348

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	25,747,000		PEFCO		2.050	%	11/15/22	$	26,603
	8,225,000		PEFCO		1.750		11/15/24		8,609
	3,000,000	g	Reliance Industries Ltd		3.667		11/30/27		3,350
	11,415,000		UNM Sandoval Regional Medical Center		4.500		07/20/36		11,435
			TOTAL AGENCY SECURITIES						94,369

FOREIGN GOVERNMENT BONDS - 5.2%
	4,000,000	g	Abu Dhabi Government International Bond		3.125		05/03/26		4,439
	2,000,000	g	Abu Dhabi Government International Bond		2.500		09/30/29		2,159
	4,500,000	g	Abu Dhabi Government International Bond		3.125		09/30/49		4,815
	750,000	g	Abu Dhabi Government International Bond		2.700		09/02/70		703
	3,325,000	g	Arab Petroleum Investments Corp		4.125		09/18/23		3,590
	34,039		Argentina Republic Government International Bond		1.000		07/09/29		15
	979,700		Argentina Republic Government International Bond (Step Bond)		0.125		07/09/30		397
AUD	400,000		Australia Government International Bond		2.250		05/21/28		344
$	3,000,000	g	Bahrain Government International Bond		5.450		09/16/32		3,154
	5,000,000	g	Banque Ouest Africaine de Developpement		4.700		10/22/31		5,409
	3,450,000	g	Bermuda Government International Bond		3.717		01/25/27		3,855
	2,500,000	g	Bermuda Government International Bond		4.750		02/15/29		3,044
	1,375,000	g	Bermuda Government International Bond		2.375		08/20/30		1,442
	17,400,000	g	BNG Bank NV		3.000		09/20/23		18,669
CLP	570,000,000	g	Bonos de la Tesoreria de la Republica en pesos		2.300		10/01/28		805
$	3,120,000	g	Brazil Minas SPE via State of Minas Gerais		5.333		02/15/28		3,385
	2,975,000		Brazilian Government International Bond		3.875		06/12/30		3,139
	5,700,000		Brazilian Government International Bond		5.625		02/21/47		6,806
EUR	1,450,000		Bundesrepublik Deutschland Bundesanleihe		0.000		02/15/30		1,870
$	4,000,000	g	Caisse d’Amortissement de la Dette Sociale		1.875		02/12/22		4,072
CAD	1,300,000	g	Canada Housing Trust No 1		2.550		12/15/23		1,086
	1,550,000		Canadian Government International Bond		1.500		02/01/22		1,236
	1,000,000		Canadian Government International Bond		5.000		06/01/37		1,269
$	3,050,000		Chile Government International Bond		2.550		01/27/32		3,279
CNY	17,000,000		China Government Bond		1.990		04/09/25		2,499
	22,500,000		China Government Bond		3.270		11/19/30		3,475
	26,500,000		China Government International Bond		2.360		07/02/23		4,004
	9,700,000		China Government International Bond		2.940		10/17/24		1,483
	47,400,000		China Government International Bond		3.120		12/05/26		7,244
$	4,000,000	g	China Government International Bond		1.200		10/21/30		3,993
CNY	18,900,000		China Government International Bond		3.860		07/22/49		2,930
	10,000,000		China Government International Bond		3.390		03/16/50		1,425
$	2,000,000	g	China Government International Bond		2.250		10/21/50		1,978
NOK	7,000,000		City of Oslo Norway		2.050		10/31/24		854
$	7,650,000		Colombia Government International Bond		3.000		01/30/30		8,017
	3,600,000		Colombia Government International Bond		5.000		06/15/45		4,392
	1,850,000	g	Corp Financiera de Desarrollo S.A.		2.400		09/28/27		1,874
	4,100,000	g	Costa Rica Government International Bond		5.625		04/30/43		3,434
	20,200,000	g	CPPIB Capital, Inc		2.250		01/25/22		20,638
	16,400,000	g	CPPIB Capital, Inc		2.750		11/02/27		18,423
DOP	48,650,000	g	Dominican Republic Government International Bond		8.900		02/15/23		860
	8,000,000	g	Dominican Republic Government International Bond		9.750		06/05/26		147
$	4,500,000	g	Dominican Republic Government International Bond		4.875		09/23/32		4,978

349

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,000,000	g	Dominican Republic Government International Bond		6.500	%	02/15/48	$	2,360
	24,960	g	Ecuador Government International Bond		0.000		07/31/30		12
	75,600	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/30		48
	198,120	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/35		107
	90,800	g	Ecuador Government International Bond (Step Bond)		0.500		07/31/40		46
	1,725,000	g	Egypt Government International Bond		5.577		02/21/23		1,820
	500,000	g	Egypt Government International Bond		4.550		11/20/23		518
	425,000	g	Egypt Government International Bond		5.750		05/29/24		455
EGP	19,025,000		Egypt Government International Bond		15.900		07/02/24		1,273
$	325,000	g	Egypt Government International Bond		5.250		10/06/25		346
	725,000	g	Egypt Government International Bond		7.600		03/01/29		832
EUR	1,100,000	g	Egypt Government International Bond		5.625		04/16/30		1,403
	700,000	g	Egypt Government International Bond		6.375		04/11/31		920
$	2,700,000	g	Egypt Government International Bond		8.500		01/31/47		3,061
	1,445,000	g	El Salvador Government International Bond		7.125		01/20/50		1,290
	2,000,000		Emirate of Dubai Government International Bonds		3.900		09/09/50		1,972
	10,000,000		European Investment Bank		2.500		04/15/21		10,066
	3,500,000		European Investment Bank		4.875		02/15/36		5,155
	4,000,000	g	Export-Import Bank of India		3.875		02/01/28		4,406
	2,800,000		Export-Import Bank of Korea		0.750		09/21/25		2,792
	3,350,000		Export-Import Bank of Korea		1.250		09/21/30		3,292
EUR	3,000,000		French Republic Government Bond OAT		0.500		05/25/25		3,854
	2,650,000		French Republic Government Bond OAT		0.750		11/25/28		3,564
	1,820,000		French Republic Government Bond OAT		1.250		05/25/34		2,648
	1,200,000	g	French Republic Government Bond OAT		2.000		05/25/48		2,136
	860,000	g	French Republic Government Bond OAT		0.750		05/25/52		1,170
$	2,325,000	g	Ghana Government International Bond		8.125		03/26/32		2,458
	1,000,000	g	Ghana Government International Bond		8.627		06/16/49		1,023
	3,600,000	g	Guatemala Government International Bond		4.500		05/03/26		3,996
	450,000	g	Guatemala Government International Bond		4.375		06/05/27		499
	200,000	g	Guatemala Government International Bond		5.375		04/24/32		244
	600,000	g	Guatemala Government International Bond		6.125		06/01/50		792
EUR	2,150,000	g	Hellenic Republic Government International Bond		1.875		07/23/26		2,867
	1,500,000	g	Hellenic Republic Government International Bond		3.875		03/12/29		2,320
	1,250,000	g	Hellenic Republic Government International Bond		1.500		06/18/30		1,649
$	3,625,000	g	Honduras Government International Bond		6.250		01/19/27		4,191
	350,000	g	Honduras Government International Bond		5.625		06/24/30		400
CAD	1,475,000		Hydro-Quebec		5.000		02/15/45		1,806
$	6,675,000	g	Indonesia Government International Bond		4.625		04/15/43		8,030
IDR	7,750,000,000		Indonesia Treasury Bond		8.125		05/15/24		608
	28,000,000,000		Indonesia Treasury Bond		7.000		09/15/30		2,157
	19,350,000,000		Indonesia Treasury Bond		7.500		05/15/38		1,501
AUD	500,000		Inter-American Development Bank		4.750		08/27/24		446
	900,000		Inter-American Development Bank		2.750		10/30/25		767
	1,300,000		International Bank for Reconstruction & Development		2.800		01/13/21		1,003
NZD	941,000		International Bank for Reconstruction & Development		3.375		01/25/22		698
AUD	400,000		International Bank for Reconstruction & Development		2.200		02/27/24		326

350

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
CAD	1,300,000		International Bank for Reconstruction & Development		1.900	%	01/16/25	$	1,077
GBP	500,000		International Finance Corp		0.250		12/15/25		687
$	1,921,875	g	Iraq Government International Bond		5.800		01/15/28		1,792
	6,200,000		Israel Government International Bond		3.250		01/17/28		7,072
ILS	3,100,000		Israel Government International Bond		5.500		01/31/42		1,652
	3,200,000		Israel Government International Bond		3.750		03/31/47		1,391
$	4,375,000		Israel Government International Bond		4.125		01/17/48		5,633
EUR	1,250,000		Italy Buoni Poliennali Del Tesoro		0.050		04/15/21		1,529
	3,500,000		Italy Buoni Poliennali Del Tesoro		2.450		10/01/23		4,606
	3,345,000		Italy Buoni Poliennali Del Tesoro		1.250		12/01/26		4,372
	1,225,000	g	Italy Buoni Poliennali Del Tesoro		2.950		09/01/38		1,952
	1,550,000	g	Italy Buoni Poliennali Del Tesoro		3.850		09/01/49		2,991
	425,000	g	Italy Buoni Poliennali Del Tesoro		1.700		09/01/51		552
	1,000,000	g	Ivory Coast Government International Bond		5.875		10/17/31		1,348
	100,000	g	Ivory Coast Government International Bond		4.875		01/30/32		125
$	1,851,500	g	Ivory Coast Government International Bond (Step Bond)		5.750		12/31/32		1,868
	2,850,000		Jamaica Government International Bond		7.875		07/28/45		4,083
	6,000,000		Japan Bank for International Cooperation		2.375		04/20/26		6,531
	2,700,000	g	Japan Finance Organization for Municipalities		2.125		02/12/21		2,705
	4,000,000	g	Japan Finance Organization for Municipalities		2.125		04/13/21		4,019
	6,650,000	g	Japan Finance Organization for Municipalities		3.375		09/27/23		7,162
JPY	113,000,000		Japan Finance Organization for Municipalities		0.450		03/14/25		1,115
$	2,500,000	g	Japan Finance Organization for Municipalities		1.000		05/21/25		2,534
JPY	103,000,000		Japan Finance Organization for Municipalities		0.484		06/13/25		1,019
	140,000,000		Japan Finance Organization for Municipalities		0.020		03/13/26		1,357
	76,000,000		Japan Government Five Year Bond		0.100		06/20/23		740
	440,000,000		Japan Government Ten Year Bond		0.100		09/20/26		4,309
	369,000,000		Japan Government Ten Year Bond		0.100		12/20/26		3,616
	122,000,000		Japan Government Ten Year Bond		0.100		06/20/29		1,196
	162,000,000		Japan Government Ten Year Bond		0.100		12/20/29		1,585
	350,000,000		Japan Government Thirty Year Bond		2.400		11/20/31		4,244
	350,000,000		Japan Government Thirty Year Bond		2.300		05/20/32		4,235
	418,000,000		Japan Government Thirty Year Bond		2.500		09/20/34		5,311
	450,000,000		Japan Government Thirty Year Bond		0.500		09/20/46		4,316
	105,000,000		Japan Government Thirty Year Bond		0.600		09/20/50		1,005
	530,000,000		Japan Government Twenty Year Bond		1.900		03/22/21		5,155
	93,000,000		Japan Government Twenty Year Bond		0.600		12/20/36		946
	219,000,000		Japan Government Twenty Year Bond		0.500		12/20/38		2,175
	153,000,000		Japan Government Twenty Year Bond		0.300		06/20/39		1,463
	91,000,000		Japan Government Twenty Year Bond		0.400		09/20/40		881
$	2,500,000	g	Jordan Government International Bond		4.950		07/07/25		2,650
	1,000,000	g	Jordan Government International Bond		5.750		01/31/27		1,102
	3,000,000	g	Kazakhstan Government International Bond		4.875		10/14/44		4,061
	1,525,000	g	Kenya Government International Bond		6.875		06/24/24		1,672
	2,350,000	g	Kenya Government International Bond		7.000		05/22/27		2,589
EUR	1,875,000	g	Kingdom of Belgium Government International Bond		0.000		10/22/27		2,379
$	3,750,000	g	Kommunalbanken AS.		1.625		02/10/21		3,755
	5,000,000	g	Kommunalbanken AS.		2.250		01/25/22		5,109
	2,600,000	g	Kommunalbanken AS.		2.750		02/05/24		2,793
	3,000,000	g	Kommunalbanken AS.		1.125		06/14/30		2,998
	4,500,000	g	Kommuninvest I Sverige AB		2.250		05/29/21		4,537

351

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	2,833,000	g	Kommuninvest I Sverige AB			2.625	%	09/15/22	$	2,948
	1,200,000	i	Korea Development Bank	LIBOR 3 M + 0.550%		0.770		03/12/21		1,201
	6,975,000	g	Korea Electric Power Corp			1.125		06/15/25		7,086
	2,675,000	g	Korea Housing Finance Corp			2.000		10/11/21		2,706
	5,775,000	g	Korea Housing Finance Corp			3.000		10/31/22		6,031
KRW	1,220,000,000		Korea Treasury Bond			1.875		03/10/22		1,138
	1,270,000,000		Korea Treasury Bond			1.500		03/10/25		1,180
	1,800,000,000		Korea Treasury Bond			1.500		12/10/26		1,660
	2,380,000,000		Korea Treasury Bond			2.375		09/10/38		2,370
$	18,750,000		Kreditanstalt fuer Wiederaufbau			2.625		01/25/22		19,238
	5,750,000	g	Kuwait Government International Bond			2.750		03/20/22		5,908
	1,750,000	†,q	Lebanon Government International Bond			6.750		11/29/27		234
	5,250,000	g	Lithuania Government International Bond			6.625		02/01/22		5,597
MYR	3,100,000		Malaysia Government International Bond			4.893		06/08/38		909
	23,500,000		Mexican Bonos			5.750		03/05/26		1,234
	14,300,000		Mexican Bonos			7.750		05/29/31		844
$	3,000,000		Mexico Government International Bond			4.150		03/28/27		3,461
	9,250,000		Mexico Government International Bond			3.250		04/16/30		9,988
	6,051,000		Mexico Government International Bond			6.050		01/11/40		8,103
	3,500,000		Mexico Government International Bond			4.600		02/10/48		4,104
	1,953,000	g	Mongolia Government International Bond			5.125		12/05/22		2,026
EUR	900,000	g	Morocco Government International Bond			1.500		11/27/31		1,069
$	5,750,000	g	Morocco Government International Bond			5.500		12/11/42		7,171
	3,075,000	g	Namibia Government International Bond			5.250		10/29/25		3,302
	4,500,000	g	Nederlandse Waterschapsbank NV			2.125		11/15/21		4,573
	5,000,000	g	Nederlandse Waterschapsbank NV			1.875		04/14/22		5,104
	4,000,000	g	Nederlandse Waterschapsbank NV			3.125		12/05/22		4,220
EUR	400,000	g	Netherlands Government International Bond			2.750		01/15/47		872
AUD	500,000		New South Wales Treasury Corp			4.000		05/20/26		457
NZD	1,450,000		New Zealand Government International Bond			2.750		04/15/25		1,147
	1,350,000		New Zealand Government International Bond			3.000		04/20/29		1,141
$	4,600,000	g	Nigeria Government International Bond			6.500		11/28/27		4,953
EUR	850,000	g	North Macedonia Government International Bond			3.675		06/03/26		1,162
NOK	26,080,000	g	Norway Government International Bond			1.375		08/19/30		3,159
$	975,000	g	Oman Government International Bond			6.750		10/28/27		1,056
	1,500,000	g	Oman Government International Bond			6.000		08/01/29		1,548
	21,300,000	g	OMERS Finance Trust			2.500		05/02/24		22,744
	15,000,000	g	Ontario Teachers’ Finance Trust			1.625		09/12/24		15,618
	3,600,000		Panama Government International Bond			3.160		01/23/30		3,987
	4,000,000		Panama Government International Bond			4.300		04/29/53		5,070
	6,455,000		Panama Notas del Tesoro			3.750		04/17/26		7,058
	925,000	g	Paraguay Government International Bond			5.400		03/30/50		1,170
	3,825,000	g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		4,216
	9,350,000	g	Perusahaan Penerbit SBSN Indonesia III			4.400		03/01/28		10,944
	4,475,000		Peruvian Government International Bond			4.125		08/25/27		5,258
	3,000,000		Peruvian Government International Bond			1.862		12/01/32		3,024
PEN	14,725,000	g	Peruvian Government International Bond			5.400		08/12/34		4,485
$	364,584	g	Petroamazonas EP			4.625		12/06/21		339
EUR	900,000	g	Portugal Obrigacoes do Tesouro OT			0.700		10/15/27		1,170
	1,525,000	g	Portugal Obrigacoes do Tesouro OT			1.950		06/15/29		2,185
CAD	650,000		Province of Quebec Canada			2.750		09/01/27		571
$	6,000,000		Province of Quebec Canada			7.500		09/15/29		9,065
	2,000,000	g	Provincia de Mendoza Argentina (Step Bond)			2.750		03/19/29		1,340
	925,000	g	Qatar Government International Bond			3.400		04/16/25		1,020

352

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,050,000	g	Qatar Government International Bond		3.750	%	04/16/30	$	2,412
	4,000,000	g	Qatar Government International Bond		4.400		04/16/50		5,222
	7,000,000		Republic of Italy Government International Bond		4.000		10/17/49		7,689
	2,000,000	g	Republic of Paraguay		6.100		08/11/44		2,675
PLN	6,225,000		Republic of Poland Government International Bond		2.750		10/25/29		1,902
$	1,400,000	g	Republic of Uzbekistan Bond		3.700		11/25/30		1,475
	3,225,000	g	Republic of Uzbekistan Government International Bond		4.750		02/20/24		3,494
RON	7,500,000		Romania Government Bond		4.250		06/28/23		1,958
$	3,000,000	g	Romanian Government International Bond		3.000		02/14/31		3,223
EUR	600,000	g	Romanian Government International Bond		2.000		01/28/32		768
$	1,900,000	g	Romanian Government International Bond		4.000		02/14/51		2,071
RUB	72,000,000		Russian Federal Bond-OFZ		4.500		07/16/25		945
$	3,200,000	g	Russian Foreign Bond - Eurobond		5.100		03/28/35		4,047
	500,000	g	Saudi Government International Bond		2.500		02/03/27		528
	6,775,000	g	Saudi Government International Bond		4.500		04/17/30		8,186
	6,150,000	g	Saudi Government International Bond		3.750		01/21/55		6,716
EUR	1,000,000	g	Senegal Government International Bond		4.750		03/13/28		1,303
$	2,000,000	g	Senegal Government International Bond		6.750		03/13/48		2,200
EUR	1,250,000	g	Serbia Government International Bond		1.500		06/26/29		1,578
$	2,900,000	g	Serbia International Bond		2.125		12/01/30		2,869
RSD	96,000,000		Serbia Treasury Bonds		5.875		02/08/28		1,181
	31,700,000		Serbia Treasury Bonds		4.500		08/20/32		360
$	4,000,000		South Africa Government International Bond		5.875		09/16/25		4,576
ZAR	12,200,000		South Africa Government International Bond		10.500		12/21/26		983
	15,100,000		South Africa Government International Bond		8.750		01/31/44		841
$	2,800,000		South Africa Government International Bond		5.375		07/24/44		2,744
	3,850,000	g	Southern Gas Corridor CJSC		6.875		03/24/26		4,650
EUR	2,550,000	g	Spain Government International Bond		2.750		10/31/24		3,507
	845,000	g	Spain Government International Bond		1.400		07/30/28		1,156
	1,475,000	g	Spain Government International Bond		0.600		10/31/29		1,907
	2,350,000	g	Spain Government International Bond		1.200		10/31/40		3,178
$	550,000	g	Sri Lanka Government International Bond		6.850		03/14/24		330
	1,000,000	g	Sri Lanka Government International Bond		6.825		07/18/26		570
	3,100,000		State of Israel		3.375		01/15/50		3,430
	5,280,000		Svensk Exportkredit AB		1.625		11/14/22		5,412
	9,590,000		Svensk Exportkredit AB		1.750		12/12/23		9,994
SEK	6,500,000		Sweden Government Bond		0.500		11/24/45		790
THB	48,800,000		Thailand Government International Bond		3.300		06/17/38		2,023
UAH	25,000,000		Ukraine Government International Bond		17.000		05/11/22		936
EUR	1,000,000	g	Ukraine Government International Bond		6.750		06/20/26		1,344
	5,400,000	g	Ukraine Government International Bond		4.375		01/27/30		6,300
GBP	2,850,000		United Kingdom Gilt		1.625		10/22/28		4,372
	2,450,000		United Kingdom Gilt		4.750		12/07/30		4,850
	2,450,000		United Kingdom Gilt		1.750		09/07/37		3,973
	900,000		United Kingdom Gilt		1.500		07/22/47		1,456
	950,000		United Kingdom Gilt		0.625		10/22/50		1,257
UYU	21,800,000	g	Uruguay Government International Bond		8.500		03/15/28		539
$	4,357,410		Uruguay Government International Bond		4.375		01/23/31		5,343
	850,000		Uruguay Government International Bond		4.125		11/20/45		1,058
	1,400,000		Uruguay Government International Bond		5.100		06/18/50		1,960
AUD	2,735,000		Western Australian Treasury Corp		2.750		07/24/29		2,424
			TOTAL FOREIGN GOVERNMENT BONDS						781,820

353

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
MORTGAGE BACKED - 22.6%
$	7,732,106		Federal Home Loan Mortgage Corp (FHLMC)		3.000	%	10/15/33	$	8,525
	16,283,232		FHLMC		3.500		08/15/43		16,814
	10,020,392		FHLMC		3.500		03/15/44		10,909
	8,375,716	i	FHLMC		5.761		03/15/44		1,644
	26,253,349		FHLMC		4.000		10/01/47		28,953
	23,701,244		FHLMC		4.000		06/01/48		25,858
	16,103,239	i	FHLMC		9.666		06/15/48		20,153
	14,460,591		FHLMC		4.000		07/01/48		15,888
	19,710,068		FHLMC		3.000		09/01/48		20,716
	12,786,416	i	FHLMC		9.586		10/15/48		16,048
	32,715,869		FHLMC		3.000		11/01/49		35,135
	2,366		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		05/01/23		2
	17,971		FGLMC		8.000		01/01/31		18
	4,783		FGLMC		7.000		01/01/32		5
	389,751		FGLMC		4.500		07/01/33		431
	2,718,572		FGLMC		7.000		12/01/33		3,175
	624,407		FGLMC		4.500		10/01/34		688
	516,668		FGLMC		4.500		04/01/35		571
	752,454		FGLMC		7.000		05/01/35		865
	2,202,092		FGLMC		5.000		06/01/36		2,557
	816,386		FGLMC		5.000		07/01/39		949
	110,410		FGLMC		4.500		12/01/43		123
	72,329		FGLMC		4.500		02/01/44		81
	2,633,195		FGLMC		4.500		10/01/44		2,944
	1,105,823		FGLMC		4.500		11/01/44		1,238
	1,757,369		FGLMC		4.500		11/01/44		1,966
	775,033		FGLMC		4.500		12/01/44		854
	1,169,974		FGLMC		4.500		12/01/44		1,310
	5,059,563		FGLMC		3.500		04/01/45		5,556
	812,066		FGLMC		4.500		05/01/45		873
	24,149,717		FGLMC		3.500		08/01/45		26,534
	39,821,057		FGLMC		3.500		10/01/45		43,543
	23,271,291		FGLMC		4.000		12/01/45		25,776
	61,095,324		FGLMC		3.500		08/01/46		66,734
	77,367,901		FGLMC		3.000		01/01/47		81,641
	62,541,377		FGLMC		3.000		02/01/47		66,141
	2,459,890		FGLMC		4.500		06/01/47		2,751
	4,851,802		FGLMC		4.000		09/01/47		5,325
	4,662,490		FGLMC		3.500		12/01/47		5,095
	23,766,856		FGLMC		3.500		03/01/48		25,969
	26,267,661		FGLMC		4.000		03/01/48		28,960
	12,596,649		FGLMC		4.000		07/01/48		13,843
	19,261,147		FGLMC		4.500		08/01/48		21,407
	8,904,835		FGLMC		4.500		10/01/48		9,913
	12,440,272		FGLMC		3.500		11/01/48		13,593
	23,435		Federal National Mortgage Association (FNMA)		8.000		07/01/24		26
	6,640		FNMA		9.000		11/01/25		7
	4,286,443		FNMA		3.500		05/01/32		4,602
	29,863,915		FNMA		3.000		10/01/32		31,346

354

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	400,648		FNMA		4.500	%	10/01/33	$	443
	695,960		FNMA		4.500		05/01/35		766
	4,504,465		FNMA		5.000		05/01/35		5,229
	2,069,057		FNMA		5.000		10/01/35		2,404
	137,000,000	h	FNMA		2.000		01/25/36		143,209
	24,000,000	h	FNMA		2.500		01/25/36		25,029
	1,734,864		FNMA		5.000		02/01/36		2,016
	3,879,044		FNMA		5.500		11/01/38		4,560
	2,804,047		FNMA		3.000		10/01/39		2,936
	27,690,954		FNMA		3.000		05/01/40		29,151
	3,803,125		FNMA		5.000		09/01/40		4,422
	5,829,785		FNMA		5.000		05/01/41		6,778
	19,746,285		FNMA		4.000		09/01/42		21,584
	11,382,383		FNMA		3.500		04/01/43		12,445
	4,942,911		FNMA		3.000		04/25/43		5,116
	10,131,908		FNMA		3.500		09/01/43		11,075
	10,116,618	i	FNMA		5.802		09/25/43		2,295
	5,064,290		FNMA		4.000		01/01/44		5,592
	8,850,857		FNMA		4.500		03/01/44		10,164
	5,241,294		FNMA		4.500		06/01/44		5,865
	5,263,133		FNMA		4.500		10/01/44		5,883
	9,580,575		FNMA		4.500		11/01/44		10,715
	3,032,104		FNMA		5.000		11/01/44		3,518
	3,318,979		FNMA		4.500		12/01/44		3,714
	3,976,499		FNMA		4.000		01/01/45		4,351
	5,410,197		FNMA		3.000		02/25/45		5,573
	28,476,908		FNMA		3.000		02/25/45		29,738
	407,319		FNMA		3.500		03/01/45		447
	358,253		FNMA		3.500		03/01/45		393
	1,105,114		FNMA		4.500		03/01/45		1,235
	8,161,164		FNMA		3.000		03/25/45		8,436
	466,451		FNMA		4.500		04/01/45		521
	22,323,404		FNMA		3.500		04/25/45		23,162
	11,094,235		FNMA		3.500		05/01/45		12,252
	5,689,922		FNMA		4.000		06/01/45		6,263
	9,395,686		FNMA		4.000		12/01/45		10,369
	38,401,325		FNMA		3.000		12/25/45		39,851
	14,409,388		FNMA		3.500		01/01/46		15,752
	26,262,268		FNMA		4.000		01/01/46		28,980
	724,711		FNMA		4.000		03/01/46		796
	13,100,612		FNMA		3.500		06/01/46		14,321
	14,173,997		FNMA		3.500		07/01/46		15,495
	25,710,227		FNMA		3.500		07/01/46		28,084
	4,298,901		FNMA		3.000		10/01/46		4,434
	14,980,799		FNMA		3.500		10/01/46		16,377
	20,093,345		FNMA		3.000		11/01/46		21,217
	72,149,228		FNMA		3.500		01/01/47		76,841
	6,173,827		FNMA		3.000		04/25/47		6,618
	6,549,216		FNMA		4.500		05/01/47		7,315
	2,233,346		FNMA		3.500		08/01/47		2,384
	2,456,678		FNMA		3.500		09/01/47		2,623
	7,796,156		FNMA		4.000		09/01/47		8,385
	444,084		FNMA		4.000		09/01/47		477
	1,082,906		FNMA		3.000		11/01/47		1,115

355

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,071,851		FNMA		3.000	%	11/01/47	$	3,168
	10,829,533		FNMA		3.500		11/01/47		11,830
	36,803,676		FNMA		4.000		12/01/47		40,588
	9,871,637		FNMA		4.000		12/01/47		10,603
	24,531,390		FNMA		3.500		01/01/48		26,796
	2,560,220		FNMA		3.500		01/01/48		2,797
	11,042,330		FNMA		4.500		01/01/48		12,272
	6,518,752		FNMA		3.500		02/01/48		6,917
	9,736,362		FNMA		4.500		02/01/48		10,823
	95,456,911		FNMA		3.000		02/25/48		101,582
	10,059,663		FNMA		4.000		03/01/48		11,088
	41,137,917		FNMA		4.500		03/01/48		45,709
	31,879,224		FNMA		4.000		04/01/48		34,121
	7,665,723		FNMA		4.500		05/01/48		8,528
	5,737,983		FNMA		4.500		05/01/48		6,383
	16,348,492		FNMA		5.000		08/01/48		18,644
	10,348,076		FNMA		0.000		11/25/48		9,493
	10,348,076		FNMA		3.000		11/25/48		1,201
	3,128,126		FNMA		3.000		06/01/49		3,224
	5,249,187		FNMA		3.000		08/01/49		5,729
	8,964,619		FNMA		3.000		01/25/50		9,634
	24,846,008		FNMA		3.000		07/01/50		26,914
	80,014,181		FNMA		2.500		10/01/50		84,408
	195,173,046		FNMA		2.500		11/01/50		205,890
	34,500,000	h	FNMA		1.500		01/25/51		34,852
	285,250,000	h	FNMA		2.000		01/25/51		296,270
	111,000,000	h	FNMA		2.500		01/25/51		116,992
	92,250,000	h	FNMA		2.000		02/25/51		95,644
	59,000,000	h	FNMA		2.500		02/25/51		62,077
	94,050,000	h	FNMA		3.000		02/25/51		98,612
	12,541,714		Government National Mortgage Association (GNMA)		3.700		10/15/33		13,790
	322,983		GNMA		5.000		04/15/38		366
	346,334		GNMA		6.500		11/20/38		406
	59,380		GNMA		4.500		02/20/39		71
	1,317,979		GNMA		5.000		06/15/39		1,519
	784,982		GNMA		5.000		06/15/39		905
	10,605,053		GNMA		3.700		08/15/40		11,439
	80,290		GNMA		4.500		08/20/41		94
	191,727		GNMA		4.500		09/20/41		219
	56,204		GNMA		4.500		01/20/44		67
	35,322		GNMA		4.500		02/20/44		40
	111,754		GNMA		4.500		05/20/44		133
	509,481		GNMA		4.500		05/20/44		581
	880,417		GNMA		4.500		08/20/44		1,045
	468,093		GNMA		4.500		09/20/44		539
	276,728		GNMA		4.500		10/20/44		312
	140,529		GNMA		4.500		11/20/44		152
	507,730		GNMA		4.500		12/20/44		603
	662,098		GNMA		4.500		02/20/45		769
	909,608		GNMA		4.500		08/20/45		1,082
	795,682		GNMA		4.500		08/20/45		944
	544,164		GNMA		4.500		12/20/45		621
	9,552,694		GNMA		4.000		06/20/46		1,130
	15,653,839		GNMA		3.500		01/20/49		17,142
	121,000,000	h	GNMA		2.000		01/20/51		126,516
	226,000,000	h	GNMA		2.500		01/20/51		239,198
	150,000,000	h	GNMA		3.000		02/20/51		156,930
			TOTAL MORTGAGE BACKED						3,396,171

356

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
MUNICIPAL BONDS - 3.6%
$	14,595,000	Bay Area Toll Authority		3.552	%	04/01/54	$	15,695
	2,975,000	Chicago Housing Authority		3.682		01/01/25		3,214
	245,000	City & County of San Francisco CA Community Facilities District		3.264		09/01/25		266
	1,000,000	City & County of San Francisco CA Community Facilities District		4.038		09/01/34		1,134
	845,000	City & County of San Francisco CA Community Facilities District		3.750		09/01/37		921
	2,000,000	City & County of San Francisco CA Community Facilities District		4.000		09/01/48		2,156
	1,350,000	City of Dallas TX Waterworks & Sewer System Revenue		2.389		10/01/25		1,466
	3,995,000	City of Los Angeles CA Wastewater System Revenue		4.029		06/01/39		4,505
	7,470,000	City of New York NY		3.010		08/01/24		8,059
	4,870,000	City of New York NY		3.430		12/01/24		5,368
	4,940,000	City of New York NY		3.200		12/01/26		5,552
	1,575,000	City of San Antonio TX Customer Facility Charge Revenue		4.353		07/01/25		1,721
	4,055,000	Commonwealth Financing Authority		3.864		06/01/38		4,762
	19,355,000	Commonwealth Financing Authority		3.807		06/01/41		22,832
	1,060,000	County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		1,070
	815,000	County of Miami-Dade FL Aviation Revenue		1.885		10/01/21		824
	1,505,000	County of Miami-Dade FL Aviation Revenue		2.218		10/01/22		1,544
	1,500,000	County of Miami-Dade FL Aviation Revenue		2.368		10/01/23		1,564
	2,500,000	County of Miami-Dade FL Aviation Revenue		3.285		10/01/23		2,669
	3,500,000	County of Miami-Dade FL Aviation Revenue		2.504		10/01/24		3,710
	2,250,000	County of Miami-Dade FL Aviation Revenue		3.405		10/01/24		2,459
	4,365,000	County of Miami-Dade FL Aviation Revenue		2.604		10/01/25		4,693
	2,375,000	County of Miami-Dade FL Aviation Revenue		3.505		10/01/25		2,652
	2,500,000	County of Miami-Dade FL Aviation Revenue		2.704		10/01/26		2,697
	3,940,000	County of Miami-Dade FL Aviation Revenue		3.049		10/01/26		4,325
	3,750,000	County of Miami-Dade FL Aviation Revenue		3.612		10/01/26		4,233
	4,700,000	County of Miami-Dade FL Aviation Revenue		2.529		10/01/30		4,815
	3,730,000	County of Miami-Dade FL Aviation Revenue		3.732		10/01/37		4,032
	3,900,000	County of Miami-Dade FL Aviation Revenue		3.982		10/01/41		4,231
	9,160,000	County of Miami-Dade FL Aviation Revenue		4.280		10/01/41		10,089
	2,000,000	Duke University		3.199		10/01/38		2,154
	5,080,000	Illinois Finance Authority		3.944		08/15/47		6,066
	1,000,000	Los Angeles County Redevelopment Agency		2.000		09/01/22		1,027
	4,805,000	Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy		3.375		09/01/35		5,153
	2,000,000	Menlo Park City School District		2.969		07/01/38		2,121
	2,560,000	Michigan Finance Authority		1.941		11/01/21		2,593
	3,000,000	Michigan Finance Authority		2.244		11/01/22		3,098
	14,000,000	Michigan Finance Authority		2.988		09/01/49		14,922
	500,000	New Jersey Economic Development Authority		3.700		06/15/21		505
	1,110,000	New Jersey Economic Development Authority		3.800		07/01/22		1,145
	870,000	New York City Housing Development Corp		3.403		05/01/22		900
	750,000	New York City Housing Development Corp		3.453		11/01/22		786
	1,360,000	New York City Housing Development Corp		3.523		05/01/23		1,444

357

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,815,000	New York City Housing Development Corp		3.573	%	11/01/23	$	1,950
	1,000,000	New York City Housing Development Corp		3.650		05/01/24		1,087
	5,680,000	New York State Dormitory Authority		3.998		07/01/39		6,289
	10,605,000	New York State Dormitory Authority		4.294		07/01/44		11,835
	6,000,000	New York State Dormitory Authority		3.879		07/01/46		6,405
	5,000,000	New York State Thruway Authority		2.256		01/01/25		5,248
	6,460,000	New York State Thruway Authority		2.406		01/01/26		6,842
	4,750,000	New York State Thruway Authority		2.500		01/01/27		5,073
	810,000	Oklahoma City Economic Development Trust		3.440		09/01/24		898
	2,350,000	Oregon State Lottery		2.505		04/01/24		2,493
	2,160,000	Permanent University Fund		2.408		07/01/21		2,183
	2,750,000	Permanent University Fund		2.508		07/01/22		2,843
	3,250,000	Permanent University Fund		2.708		07/01/24		3,517
	3,775,000	Permanent University Fund		2.908		07/01/26		4,221
	4,000,000	Permanent University Fund		3.008		07/01/27		4,520
	2,000,000	Port of Corpus Christi Authority of Nueces County		3.138		12/01/22		2,094
	3,400,000	Port of Corpus Christi Authority of Nueces County		3.287		12/01/23		3,648
	1,500,000	Port of Corpus Christi Authority of Nueces County		3.387		12/01/24		1,645
	1,000,000	Port of Corpus Christi Authority of Nueces County		3.487		12/01/25		1,121
	1,910,000	Public Finance Authority		4.269		07/01/40		2,288
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.037		05/15/23		1,035
	1,000,000	Regents of the University of California Medical Center Pooled Revenue		2.259		05/15/24		1,055
	1,250,000	Regents of the University of California Medical Center Pooled Revenue		2.359		05/15/25		1,338
	1,785,000	Regents of the University of California Medical Center Pooled Revenue		2.459		05/15/26		1,931
	1,600,000	Regents of the University of California Medical Center Pooled Revenue		2.559		05/15/27		1,746
	700,000	Regents of the University of California Medical Center Pooled Revenue		2.659		05/15/28		770
	900,000	Regents of the University of California Medical Center Pooled Revenue		2.759		05/15/29		999
	6,000,000	San Francisco City & County Airport Comm-San Francisco International Airport		3.046		05/01/22		6,199
	6,360,000	San Jose Redevelopment Agency		3.375		08/01/34		6,834
	1,340,000	Santa Ana Community Redevelopment Agency Successor Agency		3.567		09/01/23		1,454
	13,060,000	State of California		4.600		04/01/38		15,703
	4,305,000	State of Georgia		2.950		07/01/27		4,476
	4,520,000	State of Georgia		3.050		07/01/28		4,703
	3,245,000	State of Georgia		3.150		07/01/29		3,380
	12,500,000	State of Illinois		2.250		06/15/21		12,501
	10,500,000	State of Illinois		3.150		06/15/26		10,487
	12,500,000	State of Illinois		3.250		06/15/27		12,427
	27,150,000	State of Illinois		5.100		06/01/33		29,219
	10,500,000	State of Michigan		1.779		11/01/21		10,636
	9,700,000	State of Oregon Department of Administrative Services		4.103		05/01/39		10,925
	9,900,000	State of Wisconsin		3.154		05/01/27		11,208
	25,860,000	University of California		3.063		07/01/25		28,524
	10,230,000	University of California		4.601		05/15/31		12,471
	17,045,000	University of California		3.931		05/15/45		20,247

358

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	21,000,000		University of Chicago		4.151	%	10/01/45	$	22,080
	7,620,000		University of Massachusetts Building Authority		3.097		11/01/35		8,165
	13,000,000		University of Massachusetts Building Authority		3.434		11/01/40		14,028
	20,000,000		University of New Mexico		3.532		06/20/32		21,817
	500,000		Utah Municipal Power Agency		2.023		07/01/21		503
	1,750,000		Utah Municipal Power Agency		2.262		07/01/22		1,786
	1,500,000		Utah Municipal Power Agency		2.512		07/01/23		1,558
	2,160,000		Virginia Port Authority		4.228		07/01/36		2,344
	390,000		Washington Convention & Sports Authority		3.969		10/01/30		410
			TOTAL MUNICIPAL BONDS						534,331

U.S. TREASURY SECURITIES - 7.6%
	42,427,000		United States Treasury Bond		4.500		02/15/36		62,207
	4,500,000		United States Treasury Bond		4.750		02/15/37		6,853
	22,750,000		United States Treasury Bond		3.500		02/15/39		30,853
	12,050,000		United States Treasury Bond		3.875		08/15/40		17,246
	19,135,000		United States Treasury Bond		4.375		05/15/41		29,291
	16,434,000		United States Treasury Bond		3.750		08/15/41		23,317
	6,000,000		United States Treasury Bond		2.750		11/15/42		7,421
	56,375,000		United States Treasury Bond		3.625		08/15/43		79,484
	35,680,000		United States Treasury Bond		3.000		05/15/45		46,208
	81,710,000		United States Treasury Bond		2.875		08/15/45		103,768
	52,140,000		United States Treasury Bond		2.500		05/15/46		62,169
	1,075,000		United States Treasury Bond		3.000		05/15/47		1,405
	30,710,000		United States Treasury Bond		2.750		11/15/47		38,463
	6,155,000		United States Treasury Bond		3.125		05/15/48		8,246
	52,015,000		United States Treasury Bond		3.000		08/15/48		68,292
	40,120,000		United States Treasury Bond		3.375		11/15/48		56,243
	31,592,052	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/24		33,859
	39,285,000		United States Treasury Note		0.125		08/31/22		39,286
	23,505,000		United States Treasury Note		0.125		10/31/22		23,508
	79,581,000		United States Treasury Note		0.250		11/15/23		79,799
	360,000		United States Treasury Note		0.125		12/15/23		360
	4,880,000		United States Treasury Note		0.250		10/31/25		4,858
	81,500,000		United States Treasury Note		0.375		11/30/25		81,595
	47,150,000		United States Treasury Note		0.500		10/31/27		46,760
	118,185,000		United States Treasury Note		0.625		11/30/27		118,111
	10,000,000		United States Treasury Note		1.125		08/15/40		9,452
	9,930,000		United States Treasury Note		1.250		05/15/50		8,988
	2,205,000		United States Treasury Note		1.375		08/15/50		2,060
	49,900,000		United States Treasury Note		1.625		11/15/50		49,604
			TOTAL U.S. TREASURY SECURITIES						1,139,706

			TOTAL GOVERNMENT BONDS						5,946,397
			(Cost $5,604,792)

STRUCTURED ASSETS - 16.0%

ASSET BACKED - 7.4%
	5,000,000	g,i	AGL CLO 7 Ltd		2.050		07/15/31		5,017
			Series - 2020 7A (Class A1)
	7,500,000	g,i	AIMCO CLO Ltd		1.605		10/15/31		7,509
			Series - 2020 11A (Class A1)

359

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	8,000,000	g,h,i	AIMCO CLO Ltd		0.000	%	01/17/32	$	8,004
			Series - 2020 12A (Class B)
	3,000,000	g,i	AIMCO CLO Series		1.478		07/20/29		3,000
			Series - 2017 AA (Class A)
	2,000,000	g,i	Allegany Park CLO Ltd		1.548		01/20/33		2,003
			Series - 2019 1A (Class A)
	10,000,000		AmeriCredit Automobile Receivables Trust		1.110		08/19/24		10,092
			Series - 2020 1 (Class A3)
	5,500,000		AmeriCredit Automobile Receivables Trust		0.660		12/18/24		5,528
			Series - 2020 2 (Class A3)
	4,120,000		AmeriCredit Automobile Receivables Trust		2.130		03/18/26		4,246
			Series - 2020 2 (Class D)
	6,190,000		AmeriCredit Automobile Receivables Trust		1.490		09/18/26		6,211
			Series - 2020 3 (Class D)
	2,121,964	g	AMSR Trust		1.819		04/17/37		2,162
			Series - 2020 SFR1 (Class A)
	3,499,000	g	AMSR Trust		3.148		01/19/39		3,634
			Series - 2019 SFR1 (Class C)
	3,347,000	g	AMSR Trust		3.247		01/19/39		3,457
			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)
	1,842,108	i	Asset Backed Securities Corp Home Equity Loan Trust		3.386		08/25/34		1,790
			Series - 2004 HE5 (Class M1)
	8,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.450		03/20/23		8,211
			Series - 2019 1A (Class A)
	12,000,000	g	Avis Budget Rental Car Funding AESOP LLC		3.070		09/20/23		12,393
			Series - 2017 1A (Class A)
	32,000,000	g	Avis Budget Rental Car Funding AESOP LLC		2.970		03/20/24		33,251
			Series - 2017 2A (Class A)
	17,600,000		BA Credit Card Trust		1.740		01/15/25		18,032
			Series - 2019 A1 (Class A1)
	4,745,000	i	Bayview Financial Mortgage Pass-Through Trust		1.123		02/28/41		4,717
			Series - 2006 A (Class M3)
	4,742,779	i	Bear Stearns Asset Backed Securities Trust		1.153		04/25/36		4,720
			Series - 2006 SD1 (Class M1)
	3,631,924	g	BRE Grand Islander Timeshare Issuer LLC		3.280		09/26/33		3,767
			Series - 2019 A (Class A)
	7,389,135	g	Capital Automotive REIT		3.660		10/15/44		7,410
			Series - 2014 1A (Class A)
	6,435,857	g	Capital Automotive REIT		3.870		04/15/47		6,445
			Series - 2017 1A (Class A1)
	12,718,919	g	Capital Automotive REIT		2.690		02/15/50		13,101
			Series - 2020 1A (Class A1)
	7,550,000		CarMax Auto Owner Trust		1.890		12/16/24		7,745
			Series - 2020 1 (Class A3)
	10,000,000	g	Cars Net Lease Mortgage Notes Series		2.010		12/15/50		9,981
			Series - 2020 1A (Class A1)
	27,000,000	g,i	Cayuga Park CLO, Ltd.		1.832		07/17/31		27,069
			Series - 2020 1A (Class A)
	1,327,762	i	C-BASS Trust		0.228		07/25/36		1,278
			Series - 2006 CB6 (Class A1)

360

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	18,228,636	g	CF Hippolyta LLC		1.690	%	07/15/60	$	18,568
			Series - 2020 1 (Class A1)
	5,464,637	g	CF Hippolyta LLC		1.990		07/15/60		5,534
			Series - 2020 1 (Class A2)
	3,120,819	g	CF Hippolyta LLC		2.280		07/15/60		3,169
			Series - 2020 1 (Class B1)
	428,194	i	Chase Funding Mortgage Loan Asset-Backed Certificates		5.700		02/26/35		454
			Series - 2004 2 (Class 1M2)
	59,500,000		Chase Issuance Trust		1.530		01/15/25		61,076
			Series - 2020 A1 (Class A1)
	1,500,000	g,i	CIFC Funding Ltd		1.438		07/20/30		1,500
			Series - 2017 3A (Class A1)
	2,000,000	g,i	CIFC Funding Ltd		1.818		11/16/30		1,984
			Series - 2017 5A (Class A2)
	11,750,000	g,i	CIFC Funding Ltd		1.932		08/24/32		11,800
			Series - 2020 2A (Class A1)
	199,078		CIT Group Home Equity Loan Trust (Step Bond)		6.200		02/25/30		204
			Series - 2002 1 (Class AF6)
	9,835,958	g	Corevest American Finance Trust		1.832		03/15/50		9,978
			Series - 2020 1 (Class A1)
	18,608,788	g	DB Master Finance LLC		3.629		11/20/47		19,103
			Series - 2017 1A (Class A2I)
	4,740,000	g	DB Master Finance LLC		3.787		05/20/49		4,857
			Series - 2019 1A (Class A2I)
	8,206,125	g	DB Master Finance LLC		4.021		05/20/49		8,643
			Series - 2019 1A (Class A2II)
	3,203,075	g	Diamond Resorts Owner Trust		3.700		01/21/31		3,345
			Series - 2018 1 (Class A)
	8,399,515	g	Diamond Resorts Owner Trust		2.890		02/20/32		8,685
			Series - 2019 1A (Class A)
	38,872,750	g	Domino's Pizza Master Issuer LLC		3.082		07/25/47		39,080
			Series - 2017 1A (Class A2II)
	5,920,000	g,i	Dryden 50 Senior Loan Fund		1.457		07/15/30		5,920
			Series - 2017 50A (Class A1)
	2,883,435	g,i	Ellington Loan Acquisition Trust		1.248		05/25/37		2,880
			Series - 2007 2 (Class A2C)
	6,000,000	g	Ford Credit Auto Owner Trust		2.620		08/15/28		6,152
			Series - 2017 1 (Class A)
	17,050,000	g	Ford Credit Auto Owner Trust		2.360		03/15/29		17,635
			Series - 2017 2 (Class A)
	12,000,000		Ford Credit Floorplan Master Owner Trust		2.230		09/15/24		12,375
			Series - 2019 3 (Class A1)
	750,000	g,i	FREMF Mortgage Trust		4.021		03/25/49		829
			Series - 2016 K53 (Class B)
	9,750,000		GM Financial Automobile Leasing Trust		1.670		12/20/22		9,880
			Series - 2020 1 (Class A3)
	10,100,000		GM Financial Consumer Automobile Receivables Trust		1.840		09/16/24		10,319
			Series - 2020 1 (Class A3)
	2,000,000	g,i	GoldenTree Loan Opportunities IX Ltd		1.323		10/29/29		1,998
			Series - 2014 9A (Class AR2)
	4,000,000	g	GSCG Trust		2.936		09/06/34		4,096
			Series - 2019 600C (Class A)

361

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	472,625	g	HERO Funding Trust		3.280	%	09/20/48	$	488
			Series - 2017 2A (Class A1)
	945,662	g	HERO Funding Trust		4.070		09/20/48		986
			Series - 2017 2A (Class A2)
	1,200,786	g	Hertz Vehicle Financing II LP		3.710		03/25/23		1,202
			Series - 2019 1A (Class A)
	3,531,003	g	Hertz Vehicle Financing II LP		3.290		02/25/24		3,535
			Series - 2018 1A (Class A)
	1,141,415	g	Hertz Vehicle Financing II LP		3.420		05/25/25		1,145
			Series - 2019 2A (Class A)
	2,282,177	g	Hertz Vehicle Financing LLC		4.030		07/25/24		2,285
			Series - 2018 3A (Class A)
	3,628,182	g	Hilton Grand Vacations Trust		2.660		12/26/28		3,710
			Series - 2017 AA (Class A)
	3,129,307	g	Hilton Grand Vacations Trust		2.960		12/26/28		3,166
			Series - 2017 AA (Class B)
	7,185,356	g	Hilton Grand Vacations Trust		2.340		07/25/33		7,439
			Series - 2019 AA (Class A)
	721,152	i	Home Equity Asset Trust		1.648		06/25/33		726
			Series - 2003 1 (Class M1)
	11,035,000		Honda Auto Receivables Owner Trust		1.830		01/18/24		11,259
			Series - 2019 4 (Class A3)
	4,828,860	g	Horizon Aircraft Finance III Ltd		3.425		11/15/39		4,666
			Series - 2019 2 (Class A)
	399,921	g,i	Invitation Homes Trust		1.609		06/17/37		399
			Series - 2018 SFR2 (Class D)
	2,286,269	g,i	Invitation Homes Trust		1.153		07/17/37		2,286
			Series - 2018 SFR3 (Class A)
	5,012,854	g,i	Invitation Homes Trust		1.253		01/17/38		5,050
			Series - 2018 SFR4 (Class A)
	1,500,000	g,i	Invitation Homes Trust		1.403		01/17/38		1,500
			Series - 2018 SFR4 (Class B)
	2,700,000	g,i	Invitation Homes Trust		1.803		01/17/38		2,693
			Series - 2018 SFR4 (Class D)
	5,653,908	g	JG Wentworth XXII LLC		3.820		12/15/48		5,930
			Series - 2010 3A (Class A)
	4,807,683	i	JP Morgan Mortgage Acquisition Trust		0.468		03/25/37		4,741
			Series - 2007 CH3 (Class A1B)
	16,605,098	i	JP Morgan Mortgage Acquisition Trust		0.308		06/25/37		16,287
			Series - 2007 CH5 (Class A1)
	5,000,000	g,i	KKR Clo 32 Ltd		0.000		01/15/32		5,003
			Series - 2020 32A (Class B)
	4,092,105	g	Laurel Road Prime Student Loan Trust		0.720		11/25/50		4,094
			Series - 2020 A (Class A1FX)
	1,000,000	g,i	Madison Park Funding X Ltd		2.018		01/20/29		1,000
			Series - 2012 10A (Class BR2)
	530,000	g,i	Magnetite XVIII Ltd		1.721		11/15/28		527
			Series - 2016 18A (Class BR)
	1,390,844	g	MVW Owner Trust		2.520		12/20/32		1,398
			Series - 2015 1A (Class A)
	3,076,857	g	MVW Owner Trust		2.420		12/20/34		3,151
			Series - 2017 1A (Class A)
	3,506,415	g	MVW Owner Trust		3.450		01/21/36		3,644
			Series - 2018 1A (Class A)

362

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	3,852,384	g	MVW Owner Trust		2.890	%	11/20/36	$	3,998
			Series - 2019 1A (Class A)
	12,675,187	g	MVW Owner Trust		2.220		10/20/38		13,038
			Series - 2019 2A (Class A)
	8,400,000	g	Navient Private Education Refi Loan Trust		1.310		01/15/69		8,486
			Series - 2020 HA (Class A)
	3,500,000	g	Navient Private Education Refi Loan Trust		2.780		01/15/69		3,562
			Series - 2020 HA (Class B)
	4,400,000	g	Navient Student Loan Trust		3.390		12/15/59		4,612
			Series - 2019 BA (Class A2A)
	19,500,000	g,i	Octagon Investment Partners 46 Ltd		1.899		07/15/33		19,552
			Series - 2020 2A (Class A)
	9,500,000	g,i	OHA Credit Funding 7 Ltd		1.475		10/19/32		9,508
			Series - 2020 7A (Class A)
	17,005,000	g	OneMain Financial Issuance Trust		3.840		05/14/32		17,935
			Series - 2020 1A (Class A)
	17,350,000	g	OneMain Financial Issuance Trust		1.750		09/14/35		17,661
			Series - 2020 2A (Class A)
	1,045,279	g	Orange Lake Timeshare Trust		3.100		11/08/30		1,072
			Series - 2018 A (Class A)
	6,250,000	g	PFS Financing Corp		0.930		08/15/24		6,287
			Series - 2020 F (Class A)
	20,500,000	g	PFS Financing Corp		1.270		06/15/25		20,785
			Series - 2020 A (Class A)
	9,000,000	g	PFS Financing Corp		1.000		10/15/25		9,065
			Series - 2020 E (Class A)
	9,861,000	g	PFS Financing Corp		0.970		02/15/26		9,913
			Series - 2020 G (Class A)
	2,809,000	g	Progress Residential Trust		2.937		10/17/36		2,907
			Series - 2019 SFR4 (Class B)
	2,790,000	i	RASC Trust		3.080		08/25/35		2,785
			Series - 2005 KS8 (Class M4)
	12,653	i	Renaissance Home Equity Loan Trust		1.028		08/25/33		12
			Series - 2003 2 (Class A)
	15,420,000		Santander Drive Auto Receivables Trust		2.220		09/15/26		15,854
			Series - 2020 2 (Class D)
	3,690,000		Santander Drive Auto Receivables Trust		1.480		01/15/27		3,726
			Series - 2020 4 (Class D)
	2,373,710	g	Sierra Timeshare Receivables Funding LLC		2.330		07/20/33		2,379
			Series - 2016 2A (Class A)
	377,979	g	Sierra Timeshare Receivables Funding LLC		2.780		07/20/33		379
			Series - 2016 2A (Class B)
	1,852,689	g	Sierra Timeshare Receivables Funding LLC		2.430		10/20/33		1,868
			Series - 2016 3A (Class A)
	1,097,890	g	Sierra Timeshare Receivables Funding LLC		2.630		10/20/33		1,100
			Series - 2016 3A (Class B)
	5,916,186	g	Sierra Timeshare Receivables Funding LLC		2.910		03/20/34		6,021
			Series - 2017 1A (Class A)
	2,727,309	g	Sierra Timeshare Receivables Funding LLC		3.200		03/20/34		2,756
			Series - 2017 1A (Class B)
	3,189,567	g	Sierra Timeshare Receivables Funding LLC		3.500		06/20/35		3,311
			Series - 2018 2A (Class A)
	3,640,550	g	Sierra Timeshare Receivables Funding LLC		3.200		01/20/36		3,774
			Series - 2019 1A (Class A)

363

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	5,653,828	g	Sierra Timeshare Receivables Funding LLC		2.590	%	05/20/36	$	5,844
			Series - 2019 2A (Class A)
	3,483,092	g	Sierra Timeshare Receivables Funding LLC		2.340		08/20/36		3,565
			Series - 2019 3A (Class A)
	1,177,329	g	SMB Private Education Loan Trust		2.490		06/15/27		1,190
			Series - 2015 A (Class A2A)
	2,691,636	g	SMB Private Education Loan Trust		2.750		07/15/27		2,730
			Series - 2015 C (Class A2A)
	6,602,589	g	SMB Private Education Loan Trust		2.430		02/17/32		6,788
			Series - 2016 B (Class A2A)
	9,873,105	g	SMB Private Education Loan Trust		2.880		09/15/34		10,326
			Series - 2017 A (Class A2A)
	10,406,669	g	SMB Private Education Loan Trust		2.820		10/15/35		10,792
			Series - 2017 B (Class A2A)
	4,500,041	g	SMB Private Education Loan Trust		3.500		02/15/36		4,765
			Series - 2018 A (Class A2A)
	5,900,491	g	SoFi Professional Loan Program LLC		2.340		04/25/33		6,013
			Series - 2016 D (Class A2B)
	4,296,456	g	SoFi Professional Loan Program LLC		2.490		01/25/36		4,351
			Series - 2016 E (Class A2B)
	1,028,683	g	SoFi Professional Loan Program LLC		2.760		12/26/36		1,045
			Series - 2016 A (Class A2)
	2,154,178	g	SoFi Professional Loan Program LLC		2.400		03/26/40		2,181
			Series - 2017 A (Class A2B)
	5,744,721	g	SoFi Professional Loan Program LLC		2.740		05/25/40		5,849
			Series - 2017 B (Class A2FX)
	2,040,948	g	SoFi Professional Loan Program LLC		2.630		07/25/40		2,079
			Series - 2017 C (Class A2B)
	7,820,154	g	SoFi Professional Loan Program LLC		2.720		11/26/40		7,956
			Series - 2017 E (Class A2B)
	9,612,249	g	SoFi Professional Loan Program LLC		2.840		01/25/41		9,825
			Series - 2017 F (Class A2FX)
	18,458,667	g	SoFi Professional Loan Program LLC		2.950		02/25/42		18,844
			Series - 2018 A (Class A2B)
	12,052,119	g	SoFi Professional Loan Program LLC		2.060		05/15/46		12,141
			Series - 2020 A (Class A1FX)
	5,500,000	g	SoFi Professional Loan Program LLC		3.690		06/15/48		5,732
			Series - 2019 A (Class A2FX)
	9,161,128	g	SpringCastle America Funding LLC		1.970		09/25/37		9,228
			Series - 2020 AA (Class A)
	9,021,000	g	SpringCastle America Funding LLC		2.660		09/25/37		9,040
			Series - 2020 AA (Class B)
	9,000,000	g	Stack Infrastructure Issuer LLC		1.893		08/25/45		9,095
			Series - 2020 1A (Class A2)
	175,196	i	Structured Asset Investment Loan Trust		1.048		09/25/34		167
			Series - 2004 8 (Class M1)
	896,080	i	Structured Asset Investment Loan Trust		1.148		09/25/34		890
			Series - 2004 8 (Class A9)
	7,000,000		Synchrony Credit Card Master Note Trust		2.620		10/15/25		7,283
			Series - 2017 2 (Class A)
	1,833,500	g	Taco Bell Funding LLC		4.970		05/25/46		1,977
			Series - 2016 1A (Class A23)
	16,758,000	g	Taco Bell Funding LLC		4.318		11/25/48		16,998
			Series - 2018 1A (Class A2I)

364

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	10,500,000	g	Tesla Auto Lease Trust		2.160	%	10/20/22	$	10,728
			Series - 2019 A (Class A3)
	7,800,000	g	Tesla Auto Lease Trust		0.680		12/20/23		7,845
			Series - 2020 A (Class A3)
	2,300,000	g	Tesla Auto Lease Trust		0.780		12/20/23		2,315
			Series - 2020 A (Class A4)
	2,562,205	g	TLF National Tax Lien Trust		3.090		12/15/29		2,580
			Series - 2017 1A (Class A)
	5,675,000		Toyota Auto Receivables Owner Trust		1.910		09/15/23		5,764
			Series - 2019 C (Class A3)
	16,800,000		Toyota Auto Receivables Owner Trust		1.660		05/15/24		17,132
			Series - 2020 A (Class A3)
	945,291	g	Tricon American Homes Trust		2.716		09/17/34		957
			Series - 2017 SFR1 (Class A)
	4,400,000	g	Tricon American Homes Trust		4.011		09/17/34		4,479
			Series - 2017 SFR1 (Class E)
	3,917,392	g	Tricon American Homes Trust		2.928		01/17/36		4,038
			Series - 2017 SFR2 (Class A)
	1,050,000	g	Tricon American Homes Trust		3.275		01/17/36		1,081
			Series - 2017 SFR2 (Class B)
	44,800,000		Verizon Owner Trust		1.850		07/22/24		45,874
			Series - 2020 A (Class A1A)
	440,000		Verizon Owner Trust		0.770		04/21/25		441
			Series - 2020 C (Class C)
	3,026,285	g	VOLT LXXV LLC (Step Bond)		3.967		02/25/49		3,033
			Series - 2019 NPL2 (Class A1)
	1,642,000	g	VOLT LXXV LLC (Step Bond)		3.967		10/25/49		1,640
			Series - 2019 NPL7 (Class A1B)
	6,600,000	g	VOLT LXXXIV LLC (Step Bond)		3.967		12/27/49		6,599
			Series - 2019 NP10 (Class A1B)
	29,585,000	g	Wendys Funding LLC		3.573		03/15/48		30,497
			Series - 2018 1A (Class A2I)
	15,800,000		World Omni Auto Receivables Trust		1.700		01/17/23		16,127
			Series - 2020 A (Class A3)
			TOTAL ASSET BACKED						1,119,317

OTHER MORTGAGE BACKED - 8.6%
	3,000,000	g,i	20 Times Square Trust		3.100		05/15/35		2,989
			Series - 2018 20TS (Class B)
	12,000,000	g,i	20 TSQ GROUNDCO LLC		3.100		05/15/35		11,399
			Series - 2018 20TS (Class E)
	1,264,911	g,i	Agate Bay Mortgage Trust		3.500		11/25/44		1,286
			Series - 2014 3 (Class A13)
	3,917,442	g,i	Agate Bay Mortgage Trust		3.500		09/25/45		3,977
			Series - 2015 6 (Class A9)
	1,010,111	i	Alternative Loan Trust		0.898		06/25/34		1,022
			Series - 2004 8CB (Class M1)
	1,230,176	i	Ameriquest Mortgage Securities		1.168		10/25/34		1,226
			Series - 2004 R9 (Class M3)
	2,500,000	i	BANK		4.071		11/15/50		2,612
			Series - 2017 BNK8 (Class C)
	3,800,000		BANK		3.203		12/15/52		4,251
			Series - 2019 BN23 (Class AS)

365

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,000,000		BANK		2.758	%	09/15/62	$	2,197
			Series - 2019 BN20 (Class A2)
	8,000,000	i	BANK		3.283		11/15/62		9,013
			Series - 2019 BN24 (Class AS)
	3,850,000	g	BBCMS Mortgage Trust		3.821		09/05/32		3,798
			Series - 2013 TYSN (Class C)
	1,500,000	g,i	BBCMS Mortgage Trust		4.267		08/05/38		1,037
			Series - 2018 CHRS (Class E)
	5,000,000		BBCMS Mortgage Trust		3.488		02/15/50		5,483
			Series - 2017 C1 (Class ASB)
	857,474	i	Bear Stearns Commercial Mortgage Securities Trust		5.117		02/11/41		851
			Series - 2005 PWR7 (Class B)
	2,000,000	g,i	Benchmark Mortgage Trust		2.791		09/15/48		2,145
			Series - 2020 IG2 (Class AM)
	2,500,000	g,i	Benchmark Mortgage Trust		3.229		09/15/48		2,757
			Series - 2020 IG3 (Class AS)
	2,500,000	g,i	Benchmark Mortgage Trust		3.654		09/15/48		2,667
			Series - 2020 IG3 (Class BXA)
	1,000,000	i	Benchmark Mortgage Trust		3.882		02/15/51		1,161
			Series - 2018 B2 (Class A5)
	1,445,000		Benchmark Mortgage Trust		4.232		01/15/52		1,730
			Series - 2018 B8 (Class A5)
	1,500,000		Benchmark Mortgage Trust		3.419		08/15/52		1,690
			Series - 2019 B12 (Class AS)
	830,000		Benchmark Mortgage Trust		4.241		05/15/53		974
			Series - 2018 B7 (Class A3)
	5,921,744	i	Benchmark Mortgage Trust		4.510		05/15/53		7,210
			Series - 2018 B7 (Class A4)
	2,500,000		Benchmark Mortgage Trust		3.231		12/15/72		2,798
			Series - 2019 B15 (Class AS)
	2,500,000	g	BWAY Mortgage Trust		3.342		01/10/35		2,460
			Series - 2015 1740 (Class C)
	1,898,596	g,i	BX Commercial Mortgage Trust		1.079		10/15/36		1,902
			Series - 2019 XL (Class A)
	7,698,000	i	CCUBS Commercial Mortgage Trust		3.462		11/15/50		8,542
			Series - 2017 C1 (Class ASB)
	5,167,000		CD Mortgage Trust		2.622		08/10/49		5,466
			Series - 2016 CD1 (Class ASB)
	9,000,000		CD Mortgage Trust		2.926		08/10/49		9,498
			Series - 2016 CD1 (Class AM)
	5,750,000	i	CD Mortgage Trust		3.879		11/10/49		6,171
			Series - 2016 CD2 (Class B)
	1,000,000	i	CD Mortgage Trust		4.024		11/10/49		1,009
			Series - 2016 CD2 (Class C)
	1,000,000		CD Mortgage Trust		3.453		02/10/50		1,091
			Series - 2017 CD3 (Class AAB)
	500,000	i	CD Mortgage Trust		4.559		02/10/50		510
			Series - 2017 CD3 (Class C)
	5,000,000		CD Mortgage Trust		3.220		08/15/50		5,476
			Series - 2017 CD5 (Class AAB)
	3,457,000		CD Mortgage Trust		2.812		08/15/57		3,822
			Series - 2019 CD8 (Class ASB)
	1,000,000	g,i	CFCRE Commercial Mortgage Trust		6.043		04/15/44		1,008
			Series - 2011 C1 (Class C)

366

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	932,614		CFCRE Commercial Mortgage Trust		3.121	%	05/10/58	$	987
			Series - 2016 C4 (Class AHR)
	1,134,576	i	CHL Mortgage Pass-Through Trust		2.806		02/20/35		1,142
			Series - 2004 HYB9 (Class 1A1)
	2,500,000	g,i	Citigroup Commercial Mortgage Trust		3.518		05/10/35		2,596
			Series - 2013 375P (Class B)
	5,750,000	g	Citigroup Commercial Mortgage Trust		3.341		05/10/36		6,137
			Series - 2019 PRM (Class A)
	917,000	i	Citigroup Commercial Mortgage Trust		3.732		04/10/46		963
			Series - 2013 GC11 (Class B)
	2,400,000		Citigroup Commercial Mortgage Trust		4.023		03/10/47		2,619
			Series - 2014 GC19 (Class A4)
	3,169,187		Citigroup Commercial Mortgage Trust		3.371		10/10/47		3,315
			Series - 2014 GC25 (Class AAB)
	1,700,000	i	Citigroup Commercial Mortgage Trust		3.758		04/10/48		1,808
			Series - 2015 GC29 (Class B)
	3,000,000	i	Citigroup Commercial Mortgage Trust		4.151		04/10/48		3,068
			Series - 2015 GC29 (Class C)
	209,693		Citigroup Commercial Mortgage Trust		1.506		05/10/49		210
			Series - 2016 C1 (Class A1)
	5,300,000		Citigroup Commercial Mortgage Trust		3.243		08/15/50		5,798
			Series - 2017 B1 (Class AAB)
	6,765,000		Citigroup Commercial Mortgage Trust		3.764		10/12/50		7,638
			Series - 2017 C4 (Class AS)
	2,000,000		Citigroup Commercial Mortgage Trust		3.778		09/10/58		2,248
			Series - 2015 GC33 (Class A4)
	650,000	i	Citigroup Mortgage Loan Trust		0.898		01/25/36		646
			Series - 2006 WFH1 (Class M4)
	2,247,000	g	COMM Mortgage Trust		3.086		08/10/29		2,256
			Series - 2016 GCT (Class B)
	5,000,000	g	COMM Mortgage Trust		3.244		10/10/29		5,241
			Series - 2017 PANW (Class A)
	2,000,000	i	COMM Mortgage Trust		4.219		07/10/45		2,160
			Series - 2013 CR9 (Class A4)
	3,727,236		COMM Mortgage Trust		2.853		10/15/45		3,836
			Series - 2012 CR4 (Class A3)
	1,140,000	g	COMM Mortgage Trust		3.147		03/10/46		1,185
			Series - 2013 CR6 (Class AM)
	3,359,721	g,i	COMM Mortgage Trust		3.950		06/10/46		3,511
			Series - 2013 CR8 (Class B)
	2,000,000	g,i	COMM Mortgage Trust		4.789		08/10/46		2,129
			Series - 2013 CR10 (Class B)
	4,780,000	g,i	COMM Mortgage Trust		4.789		08/10/46		4,855
			Series - 2013 CR10 (Class C)
	3,000,000		COMM Mortgage Trust		4.199		03/10/47		3,267
			Series - 2014 UBS2 (Class AM)
	750,000		COMM Mortgage Trust		4.174		05/10/47		817
			Series - 2014 CR17 (Class AM)
	9,131,817		COMM Mortgage Trust		3.917		10/10/47		10,075
			Series - 2014 LC17 (Class A5)
	5,000,000	i	COMM Mortgage Trust		4.188		10/10/47		5,512
			Series - 2014 LC17 (Class AM)
	1,300,000	i	COMM Mortgage Trust		4.490		10/10/47		1,426
			Series - 2014 LC17 (Class B)

367

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	800,979	i	COMM Mortgage Trust		3.829	%	02/10/48	$	865
			Series - 2015 LC19 (Class B)
	1,000,000	g	COMM Mortgage Trust		3.000		03/10/48		732
			Series - 2015 CR22 (Class E)
	1,445,000		COMM Mortgage Trust		3.309		03/10/48		1,588
			Series - 2015 CR22 (Class A5)
	3,382,775	i	COMM Mortgage Trust		3.603		03/10/48		3,713
			Series - 2015 CR22 (Class AM)
	1,805,000	i	COMM Mortgage Trust		4.106		03/10/48		1,907
			Series - 2015 CR22 (Class C)
	7,150,000		COMM Mortgage Trust		3.801		05/10/48		7,871
			Series - 2015 CR23 (Class AM)
	4,000,000	i	COMM Mortgage Trust		4.183		05/10/48		4,356
			Series - 2015 CR23 (Class B)
	2,549,000	i	COMM Mortgage Trust		4.291		05/10/48		2,697
			Series - 2015 CR23 (Class C)
	4,412,599		COMM Mortgage Trust		3.421		07/10/48		4,672
			Series - 2015 LC21 (Class ASB)
	1,500,000	i	COMM Mortgage Trust		3.463		08/10/48		1,332
			Series - 2015 CR24 (Class D)
	2,550,000		COMM Mortgage Trust		3.696		08/10/48		2,862
			Series - 2015 CR24 (Class A5)
	5,000,000	i	COMM Mortgage Trust		4.028		08/10/48		5,544
			Series - 2015 CR24 (Class AM)
	1,467,000	i	COMM Mortgage Trust		4.379		08/10/48		1,500
			Series - 2015 CR24 (Class C)
	2,000,000	i	COMM Mortgage Trust		4.379		08/10/48		2,203
			Series - 2015 CR24 (Class B)
	1,352,000		COMM Mortgage Trust		3.612		10/10/48		1,512
			Series - 2015 CR27 (Class A4)
	3,212,210		COMM Mortgage Trust		3.630		10/10/48		3,600
			Series - 2015 CR26 (Class A4)
	1,575,000		COMM Mortgage Trust		3.774		10/10/48		1,753
			Series - 2015 LC23 (Class A4)
	1,375,000	i	COMM Mortgage Trust		4.480		10/10/48		1,515
			Series - 2015 CR26 (Class B)
	1,044,527		COMM Mortgage Trust		3.651		02/10/49		1,118
			Series - 2016 CR28 (Class AHR)
	4,650,000	i	COMM Mortgage Trust		4.639		02/10/49		5,079
			Series - 2016 CR28 (Class B)
	1,500,000	i	COMM Mortgage Trust		5.112		08/10/50		1,630
			Series - 2013 CR11 (Class B)
	6,500,000		COMM Mortgage Trust		3.263		08/15/57		7,276
			Series - 2019 GC44 (Class AM)
	18,646,176	i	Connecticut Avenue Securities		2.748		05/25/24		18,162
			Series - 2014 C02 (Class 1M2)
	650,172	i	Connecticut Avenue Securities		3.048		07/25/24		652
			Series - 2014 C03 (Class 2M2)
	11,007,789	i	Connecticut Avenue Securities		3.148		07/25/24		10,684
			Series - 2014 C03 (Class 1M2)
	1,446,146	i	Connecticut Avenue Securities		5.148		11/25/24		1,482
			Series - 2014 C04 (Class 2M2)
	799,078	i	Connecticut Avenue Securities		5.698		04/25/28		841
			Series - 2015 C04 (Class 2M2)

368

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,329,657	i	Connecticut Avenue Securities		5.848	%	04/25/28	$	1,419
			Series - 2015 C04 (Class 1M2)
	4,108,722	i	Connecticut Avenue Securities		6.898		08/25/28		4,405
			Series - 2016 C01 (Class 1M2)
	3,705,257	i	Connecticut Avenue Securities		6.148		09/25/28		3,929
			Series - 2016 C02 (Class 1M2)
	2,684,025	i	Connecticut Avenue Securities		6.048		10/25/28		2,821
			Series - 2016 C03 (Class 2M2)
	2,899,463	i	Connecticut Avenue Securities		4.598		01/25/29		3,019
			Series - 2016 C05 (Class 2M2)
	2,232,736	i	Connecticut Avenue Securities		4.398		04/25/29		2,338
			Series - 2016 C06 (Class 1M2)
	3,005,968	i	Connecticut Avenue Securities		0.998		09/25/29		2,934
			Series - 2017 C02 (Class 2ED4)
	1,290,491	i	Connecticut Avenue Securities		2.348		01/25/30		1,295
			Series - 2017 C05 (Class 1M2A)
	6,857,490	i	Connecticut Avenue Securities		0.598		07/25/30		6,687
			Series - 2018 C01 (Class 1EB1)
	2,585,095	i	Connecticut Avenue Securities		2.398		07/25/30		2,572
			Series - 2018 C01 (Class 1M2)
	2,410,456	i	Connecticut Avenue Securities		0.998		10/25/30		2,395
			Series - 2018 C03 (Class 1EA2)
	1,934,643	i	Connecticut Avenue Securities		2.698		12/25/30		1,940
			Series - 2018 C04 (Class 2M2)
	625,785	g,i	Connecticut Avenue Securities		2.598		07/25/31		625
			Series - 2019 R01 (Class 2M2)
	1,250,761	g,i	Connecticut Avenue Securities		2.248		09/25/39		1,248
			Series - 2019 R06 (Class 2M2)
	1,240,000	g,i	Connecticut Avenue Securities		2.148		01/25/40		1,231
			Series - 2020 R02 (Class 2M2)
	3,750,000	g	CPT Mortgage Trust		2.865		11/13/39		4,115
			Series - 2019 CPT (Class A)
	2,000,000	g,i	CPT Mortgage Trust		2.997		11/13/39		1,956
			Series - 2019 CPT (Class E)
	7,400,000	g,i	Credit Suisse Commercial Mortgage Trust		3.728		11/10/32		7,924
			Series - 2017 CALI (Class B)
	2,396,067	g,i	Credit Suisse Commercial Mortgage Trust		0.798		05/25/36		2,397
			Series - 2006 CF2 (Class M3)
	10,320,700	g,i	Credit Suisse Commercial Mortgage Trust		3.500		02/25/48		10,541
			Series - 2018 J1 (Class A11)
	1,910,000	g,i	Credit Suisse Mortgage Capital Certificates		1.759		05/15/36		1,891
			Series - 2019 ICE4 (Class D)
	4,170,939		CSAIL Commercial Mortgage Trust		3.314		11/15/49		4,431
			Series - 2016 C7 (Class ASB)
	9,250,000		DBGS Mortgage Trust		4.466		10/15/51		11,200
			Series - 2018 C1 (Class A4)
	11,000,000		DBJPM Mortgage Trust		2.756		08/10/49		11,669
			Series - 2016 C3 (Class ASB)
	10,000,000		DBJPM Mortgage Trust		3.121		06/10/50		10,872
			Series - 2017 C6 (Class ASB)
	5,300,000		DBJPM Mortgage Trust		2.340		09/15/53		5,550
			Series - 2020 C9 (Class AM)
	17,410,000	g	DBUBS Mortgage Trust		3.452		10/10/34		18,806
			Series - 2017 BRBK (Class A)

369

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	15,500,000	g,i	DBUBS Mortgage Trust		3.530	%	10/10/34	$	16,669
			Series - 2017 BRBK (Class B)
	3,068,745	g	DBUBS Mortgage Trust		4.452		05/10/44		2,987
			Series - 2011 LC3A (Class PM1)
	18,715,125	g	DBUBS Mortgage Trust		4.537		07/10/44		18,810
			Series - 2011 LC2A (Class A4)
	3,100,000	g,i	DBUBS Mortgage Trust		4.998		07/10/44		3,115
			Series - 2011 LC2A (Class B)
	5,000,000	g,i	DBUBS Mortgage Trust		5.487		07/10/44		5,013
			Series - 2011 LC2A (Class C)
	5,500,000	g,i	DBUBS Mortgage Trust		5.335		08/10/44		5,553
			Series - 2011 LC3A (Class AM)
	2,084,000	g,i	DBUBS Mortgage Trust		5.335		08/10/44		2,102
			Series - 2011 LC3A (Class B)
	4,840,000	g,i	DBUBS Mortgage Trust		5.565		11/10/46		4,852
			Series - 2011 LC1A (Class C)
	2,051,000	g,i	Ellington Financial Mortgage Trust		3.587		06/25/59		2,061
			Series - 2019 1 (Class M1)
	1,989,690	i	Fieldstone Mortgage Investment Trust		0.883		12/25/35		1,980
			Series - 2005 2 (Class M2)
	1,313,157	g,i	FirstKey Mortgage Trust		3.500		11/25/44		1,340
			Series - 2014 1 (Class A8)
	1,827,636	g,i	Flagstar Mortgage Trust		3.500		03/25/47		1,834
			Series - 2017 1 (Class 1A5)
	2,557,191	g,i	Flagstar Mortgage Trust		4.109		10/25/47		2,681
			Series - 2017 2 (Class B3)
	1,062,921	g,i	Flagstar Mortgage Trust		4.000		09/25/48		1,077
			Series - 2018 5 (Class A11)
	10,000,000	g	GRACE Mortgage Trust		3.369		06/10/28		9,999
			Series - 2014 GRCE (Class A)
	8,970,000	g	GRACE Mortgage Trust		3.520		06/10/28		8,968
			Series - 2014 GRCE (Class B)
	5,943,000	g	GS Mortgage Securities Corp II		3.551		04/10/34		6,000
			Series - 2012 ALOH (Class A)
	4,430,000	g	GS Mortgage Securities Corp II		2.954		11/05/34		4,425
			Series - 2012 BWTR (Class A)
	1,350,000	i	GS Mortgage Securities Corp II		3.777		05/10/50		1,468
			Series - 2015 GC30 (Class AS)
	6,850,000	i	GS Mortgage Securities Corp II		3.992		03/10/51		8,021
			Series - 2018 GS9 (Class A4)
	3,500,000	i	GS Mortgage Securities Corp II		4.155		07/10/51		4,104
			Series - 2018 GS10 (Class A5)
	2,000,000	g,i	GS Mortgage Securities Trust		1.609		07/15/31		1,916
			Series - 2018 TWR (Class C)
	1,253,255		GS Mortgage Securities Trust		3.206		02/10/48		1,319
			Series - 2015 GC28 (Class AAB)
	2,816,500		GS Mortgage Securities Trust		3.396		02/10/48		3,079
			Series - 2015 GC28 (Class A5)
	2,000,000	i	GS Mortgage Securities Trust		4.018		07/10/48		2,223
			Series - 2015 GC32 (Class AS)
	3,253,509		GS Mortgage Securities Trust		3.278		10/10/48		3,441
			Series - 2015 GC34 (Class AAB)
	128,685		GS Mortgage Securities Trust		2.635		05/10/49		129
			Series - 2016 GS2 (Class A2)

370

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	2,000,000		GS Mortgage Securities Trust		3.143	%	10/10/49	$	2,167
			Series - 2016 GS3 (Class AS)
	2,000,000		GS Mortgage Securities Trust		3.674		03/10/50		2,279
			Series - 2017 GS5 (Class A4)
	4,150,000	i	GS Mortgage Securities Trust		3.826		03/10/50		4,635
			Series - 2017 GS5 (Class AS)
	1,750,000	i	GS Mortgage Securities Trust		4.047		03/10/50		1,945
			Series - 2017 GS5 (Class B)
	12,000,000		GS Mortgage Securities Trust		3.230		05/10/50		13,040
			Series - 2017 GS6 (Class AAB)
	6,000,000		GS Mortgage Securities Trust		3.433		05/10/50		6,763
			Series - 2017 GS6 (Class A3)
	3,000,000		GS Mortgage Securities Trust		3.837		11/10/50		3,440
			Series - 2017 GS8 (Class ABP)
	1,374,000	i	GS Mortgage Securities Trust		4.336		11/10/50		1,412
			Series - 2017 GS8 (Class C)
	2,000,000	g,i	GS Mortgage Securities Trust		3.550		07/10/52		1,988
			Series - 2019 GC40 (Class DBC)
	2,500,000	i	GS Mortgage Securities Trust		3.173		02/13/53		2,788
			Series - 2020 GC45 (Class AS)
	1,231,570	g,i	GS Mortgage-Backed Securities Corp Trust		4.000		11/25/49		1,247
			Series - 2019 PJ2 (Class A1)
	3,217,104	g,i	GS Mortgage-Backed Securities Corp Trust		4.000		11/25/49		3,250
			Series - 2019 PJ2 (Class A4)
	624,512	g,i	GS Mortgage-Backed Securities Corp Trust		3.500		07/25/50		637
			Series - 2020 PJ2 (Class A4)
	2,839,186	i	HarborView Mortgage Loan Trust		0.772		08/19/45		2,784
			Series - 2005 11 (Class 2A1A)
	6,000,000	g	Hudson Yards Mortgage Trust		2.835		08/10/38		6,522
			Series - 2016 10HY (Class A)
	2,500,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		2,723
			Series - 2016 10HY (Class B)
	7,250,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		7,799
			Series - 2016 10HY (Class C)
	2,750,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		2,708
			Series - 2019 55HY (Class E)
	5,500,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		5,673
			Series - 2019 55HY (Class D)
	464,126	i	Impac CMB Trust		0.808		03/25/35		461
			Series - 2004 11 (Class 2A1)
	10,882,253	g	JP Morgan Chase Commercial Mortgage Securities Corp		4.717		02/15/46		10,913
			Series - 2011 C3 (Class A4)
	10,975,000	g,i	JP Morgan Chase Commercial Mortgage Securities Corp		5.360		02/15/46		9,818
			Series - 2011 C3 (Class C)
	4,941,962	g	JP Morgan Chase Commercial Mortgage Securities Corp		4.388		07/15/46		4,978
			Series - 2011 C4 (Class A4)
	15,000,000	g	JP Morgan Chase Commercial Mortgage Securities Corp		4.801		07/15/46		15,107
			Series - 2011 C4 (Class B)

371

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		5.426	%	07/15/46	$	6,495
			Series - 2011 C4 (Class C)
	2,800,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		2,924
			Series - 2013 C10 (Class AS)
	1,430,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.914		01/15/49		1,629
			Series - 2015 JP1 (Class A5)
	750,000	i	JP Morgan Chase Commercial Mortgage Securities Corp		4.119		01/15/49		842
			Series - 2015 JP1 (Class AS)
	7,000,000		JP Morgan Chase Commercial Mortgage Securities Corp		2.713		08/15/49		7,406
			Series - 2016 JP2 (Class ASB)
	4,500,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.379		09/15/50		4,795
			Series - 2017 JP7 (Class A3)
	150,000	i	JP Morgan Chase Commercial Mortgage Securities Trust		4.078		01/15/46		160
			Series - 2013 C13 (Class AS)
	4,489,470	g,i	JP Morgan Mortgage Trust		2.124		12/25/44		4,577
			Series - 2015 1 (Class B1)
	733,904	g,i	JP Morgan Mortgage Trust		3.500		05/25/45		747
			Series - 2015 3 (Class A19)
	5,742,622	g,i	JP Morgan Mortgage Trust		3.500		10/25/45		5,839
			Series - 2015 6 (Class A13)
	69,568	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		70
			Series - 2016 1 (Class A5)
	1,341,302	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		1,364
			Series - 2016 1 (Class A13)
	171,688	g,i	JP Morgan Mortgage Trust		3.500		01/25/47		172
			Series - 2017 1 (Class A3)
	3,115,545	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		3,127
			Series - 2017 2 (Class A5)
	3,335,201	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		3,406
			Series - 2017 2 (Class A13)
	119,382	g,i	JP Morgan Mortgage Trust		3.500		08/25/47		119
			Series - 2017 3 (Class 1A5)
	1,932,846	g,i	JP Morgan Mortgage Trust		3.500		09/25/48		1,977
			Series - 2018 3 (Class A13)
	768,460	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		771
			Series - 2018 4 (Class A5)
	651,871	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		676
			Series - 2018 4 (Class A13)
	2,536,621	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		2,629
			Series - 2018 5 (Class A13)
	1,196,355	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		1,229
			Series - 2018 8 (Class A13)
	27,208	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		27
			Series - 2018 8 (Class A5)
	3,390,184	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		3,481
			Series - 2018 9 (Class A13)

372

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,994,283	g,i	JP Morgan Mortgage Trust		4.000	%	05/25/49	$	2,057
			Series - 2019 1 (Class A3)
	3,283,081	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		3,353
			Series - 2019 1 (Class A15)
	1,540,716	g,i	JP Morgan Mortgage Trust		4.766		09/25/49		1,651
			Series - 2019 3 (Class B1)
	6,035,871	g,i	JP Morgan Mortgage Trust		1.098		10/25/49		6,043
			Series - 2019 INV1 (Class A11)
	7,579	g,i	JP Morgan Mortgage Trust		4.000		11/25/49		8
			Series - 2019 5 (Class A4)
	7,020,111	g,i	JP Morgan Mortgage Trust		3.888		06/25/50		7,433
			Series - 2020 1 (Class B2)
	1,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.133		08/15/46		1,078
			Series - 2013 C14 (Class A4)
	1,350,000		JPMBB Commercial Mortgage Securities Trust		3.775		08/15/47		1,481
			Series - 2014 C21 (Class A5)
	5,000,000		JPMBB Commercial Mortgage Securities Trust		3.997		08/15/47		5,484
			Series - 2014 C21 (Class AS)
	2,000,000	i	JPMBB Commercial Mortgage Securities Trust		4.472		09/15/47		2,149
			Series - 2014 C23 (Class B)
	3,000,000		JPMBB Commercial Mortgage Securities Trust		3.898		02/15/48		3,187
			Series - 2015 C27 (Class B)
	2,556,000		JPMBB Commercial Mortgage Securities Trust		3.611		05/15/48		2,850
			Series - 2015 C29 (Class A4)
	2,500,000	i	JPMBB Commercial Mortgage Securities Trust		3.917		05/15/48		2,757
			Series - 2015 C29 (Class AS)
	1,600,000	i	JPMBB Commercial Mortgage Securities Trust		4.118		05/15/48		1,680
			Series - 2015 C29 (Class B)
	3,500,000		JPMBB Commercial Mortgage Securities Trust		4.106		08/15/48		3,912
			Series - 2015 C31 (Class AS)
	9,125,000	i	JPMBB Commercial Mortgage Securities Trust		4.619		08/15/48		10,063
			Series - 2015 C31 (Class B)
	4,610,000		JPMBB Commercial Mortgage Securities Trust		3.576		03/15/49		5,188
			Series - 2016 C1 (Class A5)
	4,750,000		JPMCC Commercial Mortgage Securities Trust		3.457		03/15/50		5,333
			Series - 2017 JP5 (Class A4)
	1,220,000		JPMCC Commercial Mortgage Securities Trust		3.549		03/15/50		1,338
			Series - 2017 JP5 (Class ASB)
	3,000,000		JPMDB Commercial Mortgage Securities Trust		3.694		03/15/50		3,420
			Series - 2017 C5 (Class A5)
	9,000,000		JPMDB Commercial Mortgage Securities Trust		2.536		05/13/53		9,594
			Series - 2020 COR7 (Class AS)
	3,608,106	g	Ladder Capital Commercial Mortgage Securities		3.575		02/15/36		3,883
			Series - 2013 GCP (Class A1)
	5,000,000	g	Ladder Capital Commercial Mortgage Securities		3.357		07/12/50		5,477
			Series - 2017 LC26 (Class ASB)
	7,250,000	g	Liberty Street Trust		3.597		02/10/36		8,044
			Series - 2016 225L (Class A)
	4,000,000	g,i	MAD Mortgage Trust		3.188		08/15/34		4,148
			Series - 2017 330M (Class A)
	1,500,000	g,i	Manhattan West		2.335		09/10/39		1,566
			Series - 2020 1MW (Class B)
	3,000,000	g,i	Manhattan West		2.335		09/10/39		3,103
			Series - 2020 1MW (Class C)

373

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	886,674	i	Merrill Lynch Mortgage Investors Trust		2.278	%	01/25/37	$	847
			Series - 2006 WMC1 (Class A1B)
	1,361,249		Morgan Stanley Bank of America Merrill Lynch Trust		2.469		02/15/46		1,385
			Series - 2013 C7 (Class AAB)
	2,860,667	g	Morgan Stanley Bank of America Merrill Lynch Trust		3.989		12/15/46		3,005
			Series - 2014 C19 (Class LNC1)
	942,559	g	Morgan Stanley Bank of America Merrill Lynch Trust		4.384		12/15/46		992
			Series - 2014 C19 (Class LNC2)
	4,650,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.832		12/15/47		5,057
			Series - 2014 C19 (Class AS)
	1,600,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.605		02/15/48		1,735
			Series - 2015 C20 (Class AS)
	2,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.338		03/15/48		2,725
			Series - 2015 C21 (Class A4)
	5,500,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.652		03/15/48		6,003
			Series - 2015 C21 (Class AS)
	2,925,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.306		04/15/48		3,179
			Series - 2015 C22 (Class A4)
	3,000,000		Morgan Stanley Bank of America Merrill Lynch Trust		3.561		04/15/48		3,234
			Series - 2015 C22 (Class AS)
	873,835	i	Morgan Stanley Capital I Trust		0.973		08/25/34		863
			Series - 2004 HE6 (Class M1)
	3,548,000	g	Morgan Stanley Capital I Trust		4.193		09/15/47		3,458
			Series - 2011 C1 (Class F)
	7,075,000	g,i	Morgan Stanley Capital I Trust		5.563		09/15/47		7,079
			Series - 2011 C1 (Class D)
	2,795,000	i	Morgan Stanley Capital I Trust		3.779		05/15/48		3,125
			Series - 2015 MS1 (Class A4)
	424,418	†,i	Morgan Stanley Capital I Trust		6.259		12/12/49		253
			Series - 2007 IQ16 (Class AJFX)
	622,196	†,i	Morgan Stanley Capital I Trust		6.259		12/12/49		371
			Series - 2007 IQ16 (Class AJ)
	6,000,000		Morgan Stanley Capital I Trust		3.304		06/15/50		6,512
			Series - 2017 H1 (Class ASB)
	1,458,000		Morgan Stanley Capital I Trust		3.587		12/15/50		1,673
			Series - 2017 HR2 (Class A4)
	5,250,000		Morgan Stanley Capital I Trust		4.177		07/15/51		6,262
			Series - 2018 H3 (Class A5)
	3,000,000	g,i	MSDB Trust		3.316		07/11/39		3,250
			Series - 2017 712F (Class A)
	1,200,000	g,i	Natixis Commercial Mortgage Securities Trust		3.790		11/15/32		1,236
			Series - 2018 285M (Class A)
	4,000,000	g,i	Natixis Commercial Mortgage Securities Trust		3.790		11/15/32		4,056
			Series - 2018 285M (Class C)

374

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	15,010,000	g,i	Natixis Commercial Mortgage Securities Trust		1.659	%	07/15/36	$	14,954
			Series - 2019 MILE (Class A)
	5,000,000	g,i	Natixis Commercial Mortgage Securities Trust		1.959		07/15/36		4,926
			Series - 2019 MILE (Class B)
	5,000,000	g,i	Natixis Commercial Mortgage Securities Trust		2.909		07/15/36		4,839
			Series - 2019 MILE (Class D)
	5,000,000	g	Natixis Commercial Mortgage Securities Trust		2.507		10/15/36		5,143
			Series - 2019 1776 (Class A)
	2,000,000	g	Natixis Commercial Mortgage Securities Trust		2.966		12/15/38		2,095
			Series - 2020 2PAC (Class A)
	432,953	g,i	New Residential Mortgage Loan Trust		3.750		05/28/52		460
			Series - 2015 1A (Class A3)
	109,355	g,i	New Residential Mortgage Loan Trust		4.000		08/27/57		118
			Series - 2017 6A (Class A1)
	721,209	i	New York Mortgage Trust		0.628		02/25/36		712
			Series - 2005 3 (Class A1)
	1,798,093	g,i	OBX Trust		0.798		06/25/57		1,793
			Series - 2018 1 (Class A2)
	1,435,076	g,i	OBX Trust		0.898		07/25/58		1,433
			Series - 2018 EXP2 (Class 2A1A)
	373,038	g	Prima Capital CRE Securitization Ltd		2.550		08/24/49		371
			Series - 2015 4A (Class MR-A)
	2,000,000	g	RBS Commercial Funding, Inc Trust		3.511		03/11/31		1,899
			Series - 2013 SMV (Class B)
	1,758,843	g,i	Sequoia Mortgage Trust		3.500		05/25/45		1,800
			Series - 2015 2 (Class A1)
	1,545,502	g,i	Sequoia Mortgage Trust		3.500		06/25/46		1,576
			Series - 2016 1 (Class A19)
	814,198	g,i	Sequoia Mortgage Trust		3.500		11/25/46		822
			Series - 2016 3 (Class A10)
	426,643	g,i	Sequoia Mortgage Trust		3.500		02/25/47		435
			Series - 2017 2 (Class A19)
	2,414,042	g,i	Sequoia Mortgage Trust		3.500		02/25/47		2,430
			Series - 2017 2 (Class A4)
	2,741,180	g,i	Sequoia Mortgage Trust		3.500		04/25/47		2,753
			Series - 2017 3 (Class A4)
	137,125	g,i	Sequoia Mortgage Trust		3.500		04/25/47		140
			Series - 2017 3 (Class A19)
	267,117	g,i	Sequoia Mortgage Trust		3.500		09/25/47		268
			Series - 2017 6 (Class A4)
	2,279,813	g,i	Sequoia Mortgage Trust		3.747		09/25/47		2,426
			Series - 2017 6 (Class B1)
	1,091,786	g,i	Sequoia Mortgage Trust		3.500		02/25/48		1,117
			Series - 2018 2 (Class A1)
	205,997	g,i	Sequoia Mortgage Trust		3.500		02/25/48		210
			Series - 2018 2 (Class A19)
	235,536	g,i	Sequoia Mortgage Trust		3.500		03/25/48		236
			Series - 2018 3 (Class A4)
	4,491,646	g,i	Sequoia Mortgage Trust		3.500		03/25/48		4,596
			Series - 2018 3 (Class A1)
	575,188	g,i	Sequoia Mortgage Trust		4.000		09/25/48		586
			Series - 2018 7 (Class A19)
	726,770	g,i	Sequoia Mortgage Trust		4.000		11/25/48		737
			Series - 2018 8 (Class A19)

375

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	4,326,097	g,i	Sequoia Mortgage Trust		4.000	%	06/25/49	$	4,420
			Series - 2019 2 (Class A1)
	1,361,117	g,i	Sequoia Mortgage Trust		4.000		06/25/49		1,383
			Series - 2019 2 (Class A19)
	7,759,984	g,i	Sequoia Mortgage Trust		3.500		11/25/49		7,908
			Series - 2019 4 (Class A1)
	4,972,321	g,i	Sequoia Mortgage Trust		3.500		12/25/49		5,068
			Series - 2019 5 (Class A19)
	8,611,354	g,i	Sequoia Mortgage Trust		3.500		12/25/49		8,777
			Series - 2019 5 (Class A1)
	14,018,181	g,i	Sequoia Mortgage Trust		3.000		04/25/50		14,295
			Series - 2020 3 (Class A19)
	720,952	g,i	Shellpoint Co-Originator Trust		3.500		11/25/46		725
			Series - 2016 1 (Class 1A10)
	1,378,898	g,i	Shellpoint Co-Originator Trust		3.500		04/25/47		1,408
			Series - 2017 1 (Class A19)
	256,067	i	Structured Agency Credit Risk Debt Note (STACR)		4.298		01/25/25		259
			Series - 2015 DN1 (Class M3)
	4,461,807	i	STACR		4.798		10/25/28		4,642
			Series - 2016 DNA2 (Class M3)
	13,246,990	i	STACR		3.398		07/25/29		13,561
			Series - 2017 DNA1 (Class M2)
	1,624,451	i	STACR		1.348		10/25/29		1,624
			Series - 2017 DNA2 (Class M1)
	943,001	i	STACR		1.948		07/25/30		935
			Series - 2018 DNA1 (Class M2)
	2,324,971	g,i	STACR		4.481		11/25/48		2,325
			Series - 2018 SPI4 (Class M2)
	2,939,267	g,i	STACR		2.098		10/25/49		2,935
			Series - 2019 DNA4 (Class M2)
	2,945,536	g,i	STACR		2.198		11/25/49		2,937
			Series - 2019 HQA4 (Class M2)
	1,531,000	g,i	STACR		1.848		12/25/49		1,519
			Series - 2020 DNA1 (Class M2)
	3,400,000	g,i	STACR		1.998		02/25/50		3,379
			Series - 2020 DNA2 (Class M2)
	7,181,169	g,i	STACR		3.248		03/25/50		7,231
			Series - 2020 HQA2 (Class M2)
	708,381	g,i	STACR		1.248		07/27/50		709
			Series - 2020 HQA2 (Class M1)
	1,275,000	g	Tricon American Homes		2.049		07/17/38		1,309
			Series - 2020 SFR1 (Class B)
	12,548,000		UBS Commercial Mortgage Trust		3.256		06/15/50		13,606
			Series - 2017 C1 (Class ASB)
	2,000,000		UBS Commercial Mortgage Trust		3.366		10/15/50		2,190
			Series - 2017 C4 (Class ASB)
	4,000,000		UBS-Barclays Commercial Mortgage Trust		2.850		12/10/45		4,146
			Series - 2012 C4 (Class A5)
	3,635,953	g	VERUS A3 (Step Bond)		1.733		05/25/65		3,641
			Series - 2020 5 (Class A3)
	4,000,000	g,i	Verus Securitization Trust		3.781		05/25/59		4,008
			Series - 2019 2 (Class M1)
	2,150,000	g,i	Verus Securitization Trust		3.139		07/25/59		2,184
			Series - 2019 3 (Class M1)

376

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,231,078	g	VSE VOI Mortgage LLC		2.540	%	07/20/33	$	1,238
			Series - 2016 A (Class A)
	943,904	g	VSE VOI Mortgage LLC		2.740		07/20/33		938
			Series - 2016 A (Class B)
	3,578,922	g	VSE VOI Mortgage LLC		2.330		03/20/35		3,654
			Series - 2017 A (Class A)
	8,200,000		Wells Fargo Commercial Mortgage Trust		3.539		10/15/45		8,513
			Series - 2012 LC5 (Class AS)
	1,740,030		Wells Fargo Commercial Mortgage Trust		3.405		12/15/47		1,909
			Series - 2014 LC18 (Class A5)
	990,000		Wells Fargo Commercial Mortgage Trust		3.406		05/15/48		1,067
			Series - 2015 NXS1 (Class AS)
	2,000,000	i	Wells Fargo Commercial Mortgage Trust		3.658		05/15/48		2,089
			Series - 2015 NXS1 (Class B)
	2,566,000		Wells Fargo Commercial Mortgage Trust		3.637		06/15/48		2,865
			Series - 2015 C29 (Class A4)
	10,000,000		Wells Fargo Commercial Mortgage Trust		2.788		07/15/48		10,552
			Series - 2016 C35 (Class ASB)
	168,087		Wells Fargo Commercial Mortgage Trust		1.321		08/15/49		168
			Series - 2016 BNK1 (Class A1)
	15,000,000		Wells Fargo Commercial Mortgage Trust		2.514		08/15/49		15,727
			Series - 2016 BNK1 (Class ASB)
	15,000,000		Wells Fargo Commercial Mortgage Trust		2.825		10/15/49		15,879
			Series - 2016 LC24 (Class ASB)
	9,676,749		Wells Fargo Commercial Mortgage Trust		2.749		03/15/50		9,832
			Series - 2017 RB1 (Class A2)
	7,500,000		Wells Fargo Commercial Mortgage Trust		3.446		03/15/50		8,219
			Series - 2017 RB1 (Class ASB)
	872,111		Wells Fargo Commercial Mortgage Trust		3.635		03/15/50		997
			Series - 2017 RB1 (Class A5)
	2,000,000		Wells Fargo Commercial Mortgage Trust		3.757		03/15/50		2,245
			Series - 2017 RB1 (Class AS)
	1,825,000		Wells Fargo Commercial Mortgage Trust		3.184		04/15/50		1,996
			Series - 2015 LC20 (Class A5)
	15,000,000		Wells Fargo Commercial Mortgage Trust		3.261		07/15/50		16,308
			Series - 2017 C38 (Class ASB)
	7,000,000		Wells Fargo Commercial Mortgage Trust		3.453		07/15/50		7,941
			Series - 2017 C38 (Class A5)
	10,000,000		Wells Fargo Commercial Mortgage Trust		3.212		09/15/50		10,910
			Series - 2017 C39 (Class ASB)
	4,710,000		Wells Fargo Commercial Mortgage Trust		4.302		01/15/52		5,631
			Series - 2018 C48 (Class A5)
	7,000,000	i	Wells Fargo Commercial Mortgage Trust		3.767		07/15/58		7,824
			Series - 2015 NXS2 (Class A5)
	1,000,000	i	Wells Fargo Commercial Mortgage Trust		4.293		07/15/58		1,081
			Series - 2015 NXS2 (Class B)
	3,800,000		Wells Fargo Commercial Mortgage Trust		3.560		01/15/59		4,219
			Series - 2016 C32 (Class A4)
	6,000,000		Wells Fargo Commercial Mortgage Trust		3.749		03/15/59		6,632
			Series - 2016 C33 (Class AS)
	650,000		Wells Fargo Commercial Mortgage Trust		2.933		11/15/59		691
			Series - 2016 C36 (Class ASB)
	1,810,796	g,i	Wells Fargo Mortgage Backed Securities Trust		4.000		04/25/49		1,839
			Series - 2019 2 (Class A17)

377

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	10,391,321	g,i	Wells Fargo Mortgage Backed Securities Trust		3.500	%	09/25/49	$	10,721
			Series - 2019 4 (Class A1)
	30,000,000	g,i	WFRBS Commercial Mortgage Trust		4.902		06/15/44		30,171
			Series - 2011 C4 (Class A4)
	1,770,000		WFRBS Commercial Mortgage Trust		3.345		05/15/45		1,858
			Series - 2013 C13 (Class AS)
	4,075,308	i	WFRBS Commercial Mortgage Trust		4.079		03/15/46		4,419
			Series - 2013 UBS1 (Class A4)
	1,050,000	i	WFRBS Commercial Mortgage Trust		4.162		12/15/46		1,150
			Series - 2013 C18 (Class A5)
	2,185,281		WFRBS Commercial Mortgage Trust		3.995		05/15/47		2,394
			Series - 2014 C20 (Class A5)
	3,865,000		WFRBS Commercial Mortgage Trust		3.607		11/15/47		4,227
			Series - 2014 C24 (Class A5)
	8,000,000		WFRBS Commercial Mortgage Trust		3.560		03/15/48		8,374
			Series - 2013 C12 (Class AS)
			TOTAL OTHER MORTGAGE BACKED						1,291,591

			TOTAL STRUCTURED ASSETS						2,410,908
			(Cost $2,357,188)

			TOTAL BONDS						14,397,662
			(Cost $13,486,588)


SHARES			COMPANY
COMMON STOCKS - 0.0%

TELECOMMUNICATION SERVICES - 0.0%
	52,000	*	Oi S.A. (ADR)						106
			TOTAL TELECOMMUNICATION SERVICES						106

			TOTAL COMMON STOCKS						106
			(Cost $462)

PREFERRED STOCKS - 0.1%

BANKS - 0.1%
	178,800	*	Bank of America Corp						4,747
	470,597	*	Federal Home Loan Mortgage Corp						4,123
	1,527,061	*	Federal National Mortgage Association						13,102
			TOTAL BANKS						21,972

			TOTAL PREFERRED STOCKS						21,972
			(Cost $54,412)

PRINCIPAL			ISSUER
SHORT-TERM INVESTMENTS - 11.4%

GOVERNMENT AGENCY DEBT - 5.6%
$	25,000,000		Federal Agricultural Mortgage Corp (FAMC)		0.070	%	01/11/21		25,000

378

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	37,500,000		FAMC		0.075	%	01/21/21	$	37,499
	10,007,000		FAMC		0.125		01/28/21		10,006
	3,093,000		Federal Farm Credit Bank (FFCB)		0.070		01/20/21		3,093
	10,000,000		FFCB		0.105		01/29/21		9,999
	15,000,000		FFCB		0.100		07/26/21		14,991
	41,460,000		Federal Home Loan Bank (FHLB)		0.070		01/08/21		41,460
	13,096,000		FHLB		0.080		01/15/21		13,096
	32,836,000		FHLB		0.070-0.100		01/20/21		32,835
	44,350,000		FHLB		0.095		01/21/21		44,349
	25,000,000		FHLB		0.095		01/25/21		24,999
	20,000,000		FHLB		0.100		01/29/21		19,999
	5,003,000		FHLB		0.075		02/03/21		5,003
	41,648,000		FHLB		0.075		02/09/21		41,645
	59,500,000		FHLB		0.080-0.092		02/10/21		59,495
	40,000,000		FHLB		0.080		02/11/21		39,996
	20,000,000		FHLB		0.086		02/19/21		19,998
	25,000,000		FHLB		0.085		02/22/21		24,997
	91,550,000		FHLB		0.085-0.088		02/24/21		91,540
	5,000,000		FHLB		0.170		03/08/21		4,999
	30,000,000		FHLB		0.075-0.090		03/10/21		29,995
	29,790,000		FHLB		0.110-0.115		03/12/21		29,785
	34,270,000		FHLB		0.085-0.120		03/17/21		34,264
	42,184,000		FHLB		0.085-0.110		03/19/21		42,176
	50,029,000		FHLB		0.080-0.089		03/24/21		50,019
	25,000,000		FHLB		0.100		05/12/21		24,991
	40,766,000		FHLB		0.085-0.090		05/19/21		40,751
	14,407,000		FHLB		0.100		06/16/21		14,400
	4,792,000		Federal Home Loan Mortgage Corp (FHLMC)		0.095		02/01/21		4,792
			TOTAL GOVERNMENT AGENCY DEBT						836,172

REPURCHASE AGREEMENT - 0.2%
	27,490,000	r	Fixed Income Clearing Corp (FICC)		0.050		01/04/21		27,490
			TOTAL REPURCHASE AGREEMENT						27,490

TREASURY DEBT - 5.6%
EGP	26,500,000		Egypt Treasury Bill		0.000		01/05/21		1,684
	46,900,000		Egypt Treasury Bill		0.000		02/16/21		2,941
UAH	16,000,000		Ukraine Treasury Bill		0.000		10/27/21		521
$	53,955,000		United States Cash Management Bill		0.096-0.110		01/05/21		53,955
	19,100,000		United States Cash Management Bill		0.090		01/12/21		19,100
	12,175,000		United States Cash Management Bill		0.070		02/16/21		12,174
	60,000,000		United States Cash Management Bill		0.093-0.096		02/23/21		59,995
	72,160,000		United States Cash Management Bill		0.075-0.098		03/02/21		72,151
	28,760,000		United States Cash Management Bill		0.082-0.086		04/20/21		28,753
	22,692,000		United States Treasury Bill		0.075		01/07/21		22,692
	56,680,000		United States Treasury Bill		0.075-0.098		01/14/21		56,679
	43,250,000		United States Treasury Bill		0.082-0.094		01/21/21		43,249
	25,000,000		United States Treasury Bill		0.080		01/28/21		24,999
	27,085,000		United States Treasury Bill		0.093-0.111		02/04/21		27,084
	79,715,000		United States Treasury Bill		0.090-0.110		02/11/21		79,710
	50,000,000		United States Treasury Bill		0.077		03/18/21		49,993
	135,500,000		United States Treasury Bill		0.085-0.106		03/25/21		135,477
	50,000,000		United States Treasury Bill		0.098		04/22/21		49,988
	30,000,000		United States Treasury Bill		0.098		04/29/21		29,992

379

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	50,000,000	United States Treasury Bill		0.092	%	06/03/21	$	49,983
	25,000,000	United States Treasury Bill		0.083		07/01/21		24,990
		TOTAL TREASURY DEBT						846,110

		TOTAL SHORT-TERM INVESTMENTS						1,709,772
		(Cost $1,709,692)
		TOTAL INVESTMENTS - 108.2%						16,247,551
		(Cost $15,369,740)
		OTHER ASSETS & LIABILITIES, NET - (8.2)%						(1,222,362	)
		NET ASSETS - 100.0%					$	15,025,189


		Abbreviation(s):
ADR		American Depositary Receipt
AUD		Australian Dollar
CAD		Canadian Dollar
CLP		Chilean Peso
CNY		Chinese Yuan
DOP		Dominican Republic Peso
EGP		Egyptian Pound
EUR		Euro
GBP		Pound Sterling
IDR		Indonesian Rupiah
ILS		Israeli New Shekel
JPY		Japanese Yen
KRW		South Korean Won
LIBOR		London Interbank Offered 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
RON		Romanian Leu
RSD		Serbian Dinar
RUB		Russian Ruble
SEK		Swedish Krona
THB		Thai Baht
UAH		Ukrainian Hryvnia
UGX		Ugandan shilling
UYU		Uruguayan Peso
W		Week
ZAR		South African Rand

*		Non-income producing
^		Amount represents less than $1,000.
†		Security is categorized as Level 3 in the fair value hierarchy.
‡		Perpetual security

380

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

g		Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $2,723,508,448 or 18.1% of net assets.
h		All or a portion of these securities were purchased on a delayed delivery basis.
i		Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
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, 0.050% dated 12/31/20 to be repurchased at $27,490,000 on 01/04/21, collateralized by U.S. Treasury Notes valued at $28,039,805.

		Cost amounts are in thousands.

Forward foreign currency contracts outstanding as of December 31, 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)
$	109	EUR	91	Australia and New Zealand Banking Group	02/26/21	$	(3	)
$	2,941	NZD	4,208	Australia and New Zealand Banking Group	02/26/21		(88	)
$	990	THB	30,050	Australia and New Zealand Banking Group	01/29/21		(13	)
Total						$	(104	)
$	17,215	CNY	113,874	Citibank N.A.	01/29/21	$	(227	)
$	1,015	PLN	3,803	Citibank N.A.	01/29/21		(3	)
Total						$	(230	)
$	6,960	CAD	9,049	Morgan Stanley	02/26/21	$	(150	)
$	1,504	ILS	4,995	Morgan Stanley	01/29/21		(51	)
$	38,540	JPY	4,017,062	Morgan Stanley	02/26/21		(388	)
EUR	398	$	485	Morgan Stanley	02/26/21		2
$	449	ZAR	6,919	Morgan Stanley	01/29/21		(19	)
Total						$	(606	)
$	4,734	AUD	6,447	Toronto Dominion Bank	02/26/21	$	(239	)
$	91,998	EUR	77,069	Toronto Dominion Bank	02/26/21		(2,274	)
$	19,990	GBP	14,947	Toronto Dominion Bank	02/26/21		(458	)
$	106	GBP	79	Toronto Dominion Bank	02/26/21		(3	)
$	6,255	KRW	6,983,099	Toronto Dominion Bank	01/29/21		(163	)
$	3,934	NOK	34,867	Toronto Dominion Bank	02/26/21		(132	)
$	760	SEK	6,471	Toronto Dominion Bank	02/26/21		(27	)
Total						$	(3,296	)
Total						$	(4,236	)


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

381

COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account

Centrally cleared credit default swap contracts outstanding as of December 31, 2020 were as follows (notional amounts and values are in thousands):

PURCHASED

Reference entity		Terms of payments to be paid		Terms of payments to be received		Counterparty		Maturity date		Frequency of payments				Notional amount*				Value				Upfront premiums paid (received)			Variation margin				Unrealized appreciation (depreciation)
CDX-NAHYS35V1-5 Year Index		5.000%		Credit event as specified in contract		Citigroup Global Markets, Inc		12/20/25			Quarterly			$	48,500			$	(4,591	)		$	(1,853	)	$	(69	)		$	(2,738	)

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

382

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2020

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
GOVERNMENT BONDS - 99.1%

AGENCY SECURITIES - 0.8%
$	3,931,358		Crowley Conro LLC		4.181	%	08/15/43	$	4,703
	10,000,000		Federal Home Loan Bank (FHLB)		0.375		09/04/25		9,994
	16,160,000		Montefiore Medical Center		2.895		04/20/32		17,912
	3,000,000		Private Export Funding Corp (PEFCO)		3.250		06/15/25		3,353
	3,618,421		Reliance Industries Ltd		2.444		01/15/26		3,785
	15,000,000		Ukraine Government AID International Bonds		1.471		09/29/21		15,135
	5,000,000		United States International Development Finance Corp		1.490		08/15/31		5,153
			TOTAL AGENCY SECURITIES						60,035

MORTGAGE BACKED - 2.8%
	21,718,507		Government National Mortgage Association (GNMA)		3.600		09/15/31		23,997
	10,770,639		GNMA		3.650		02/15/32		11,876
	2,368,602		GNMA		3.380		07/15/35		2,576
	3,061,467		GNMA		3.870		10/15/36		3,377
	40,081,659		GNMA		1.730		07/15/37		41,137
	58,819,001		GNMA		4.250		09/15/38		64,201
	25,209,050		GNMA		1.650		07/15/42		25,439
	27,004,909		GNMA		2.750		01/15/45		29,383
			TOTAL MORTGAGE BACKED						201,986

U.S. TREASURY SECURITIES - 95.5%
	40,399,461	k	United States Treasury Inflation Indexed Bonds		1.125		01/15/21		40,409
	271,480,831	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/22		276,323
	283,194,860	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/22		289,117
	330,628,680	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/22		340,829
	337,292,930	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/23		350,343
	237,959,560	k	United States Treasury Inflation Indexed Bonds		0.625		04/15/23		250,532
	239,999,760	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/23		254,206
	155,396,038	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/24		166,756
	210,613,680	k	United States Treasury Inflation Indexed Bonds		0.500		04/15/24		225,725
	140,914,385	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/24		150,855
	175,068,525	k	United States Treasury Inflation Indexed Bonds		0.125		10/15/24		187,678
	179,194,050	k	United States Treasury Inflation Indexed Bonds		0.250		01/15/25		193,327
	272,489,046	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/25		318,352
	163,307,340	k	United States Treasury Inflation Indexed Bonds		0.125		04/15/25		175,652
	189,954,000	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/25		208,589
	140,492,800	k	United States Treasury Inflation Indexed Bonds		0.125		10/15/25		152,733
	161,088,480	k	United States Treasury Inflation Indexed Bonds		0.625		01/15/26		179,768
	217,547,476	k	United States Treasury Inflation Indexed Bonds		2.000		01/15/26		258,604
	149,908,020	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/26		164,816
	226,904,265	k	United States Treasury Inflation Indexed Bonds		0.375		01/15/27		253,135
	124,211,516	k	United States Treasury Inflation Indexed Bonds		2.375		01/15/27		154,381
	122,943,975	k	United States Treasury Inflation Indexed Bonds		0.375		07/15/27		138,277
	216,929,910	k	United States Treasury Inflation Indexed Bonds		0.500		01/15/28		245,893
	214,277,684	k	United States Treasury Inflation Indexed Bonds		1.750		01/15/28		262,749
	114,343,148	k	United States Treasury Inflation Indexed Bonds		3.625		04/15/28		157,158
	132,776,960	k	United States Treasury Inflation Indexed Bonds		0.750		07/15/28		154,370

383

COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	194,900,580	k	United States Treasury Inflation Indexed Bonds		0.875	%	01/15/29	$	228,965
	142,986,762	k	United States Treasury Inflation Indexed Bonds		2.500		01/15/29		187,764
	206,050,852	k	United States Treasury Inflation Indexed Bonds		3.875		04/15/29		296,790
	190,356,650	k	United States Treasury Inflation Indexed Bonds		0.250		07/15/29		215,402
	156,867,750	k	United States Treasury Inflation Indexed Bonds		0.125		01/15/30		174,924
	109,173,775	k	United States Treasury Inflation Indexed Bonds		0.125		07/15/30		122,410
	52,077,080	k	United States Treasury Inflation Indexed Bonds		3.375		04/15/32		79,297
	24,094,200	k	United States Treasury Inflation Indexed Bonds		2.125		02/15/40		37,286
	12,500,000		United States Treasury Note		0.375		11/30/25		12,515
			TOTAL U.S. TREASURY SECURITIES						6,905,930

			TOTAL GOVERNMENT BONDS						7,167,951
			(Cost $6,489,383)

SHORT-TERM INVESTMENTS - 0.5%

GOVERNMENT AGENCY DEBT - 0.4%
	7,862,000		Federal Home Loan Bank (FHLB)		0.085		01/14/21		7,862
	15,000,000		FHLB		0.075		01/27/21		14,999
	5,000,000		FHLB		0.080		02/03/21		5,000
			TOTAL GOVERNMENT AGENCY DEBT						27,861

REPURCHASE AGREEMENT - 0.1%
	3,825,000	r	Fixed Income Clearing Corp (FICC)		0.050		01/04/21		3,825
			TOTAL REPURCHASE AGREEMENT						3,825

TREASURY DEBT - 0.0%
	4,705,000		United States Cash Management Bill		0.082		02/09/21		4,705
			TOTAL TREASURY DEBT						4,705

			TOTAL SHORT-TERM INVESTMENTS						36,391
			(Cost $36,390)
			TOTAL INVESTMENTS - 99.6%						7,204,342
			(Cost $6,525,773)
			OTHER ASSETS & LIABILITIES, NET - 0.4%						27,171
			NET ASSETS - 100.0%					$	7,231,513


	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, 0.050% dated 12/31/20 to be repurchased at $3,825,000 on 1/4/21, collateralized by U.S. Treasury Notes valued at $3,901,591.

			Cost amounts are in thousands.

384

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS
December 31, 2020

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
BANK LOAN OBLIGATIONS - 0.0%

TECHNOLOGY HARDWARE & EQUIPMENT - 0.0%
$	3,650,972	i	MTS Systems Corp	LIBOR 1 M + 3.250%		4.000	%	07/05/23	$	3,642
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT							3,642

TRANSPORTATION - 0.0%
	2,320,838	i	Delta Air Lines, Inc	LIBOR 3 M + 4.750%		5.750		05/01/23		2,354
			TOTAL TRANSPORTATION							2,354

			TOTAL BANK LOAN OBLIGATIONS							5,996
			(Cost $5,902)

BONDS - 39.4%

CORPORATE BONDS - 15.9%

AUTOMOBILES & COMPONENTS - 0.1%
	5,400,000	e	BorgWarner, Inc			2.650		07/01/27		5,804
	2,125,000	g	Harley-Davidson Financial Services, Inc			2.850		01/15/21		2,127
	8,000,000	g	Harley-Davidson Financial Services, Inc			4.050		02/04/22		8,279
			TOTAL AUTOMOBILES & COMPONENTS							16,210

BANKS - 2.5%
	13,750,000		Bank of America Corp			0.981		09/25/25		13,897
	14,025,000		Bank of America Corp			2.456		10/22/25		14,948
	7,449,000	g	BNP Paribas S.A.			2.219		06/09/26		7,795
	4,350,000	g	BNP Paribas S.A.			1.904		09/30/28		4,440
	10,500,000	g	BNP Paribas S.A.			2.588		08/12/35		10,728
	10,000,000		Citigroup, Inc			1.678		05/15/24		10,300
	29,125,000		Citigroup, Inc			0.776		10/30/24		29,312
	10,250,000		Citizens Bank NA			2.250		04/28/25		10,874
	3,800,000		Citizens Bank NA			3.750		02/18/26		4,317
	9,075,000		Citizens Financial Group, Inc			3.250		04/30/30		10,246
	26,161,000		Cooperatieve Rabobank UA			3.750		07/21/26		29,559
	14,850,000	g	Credit Agricole S.A.			1.907		06/16/26		15,399
	16,025,000	g	ING Groep NV			1.400		07/01/26		16,291
	6,200,000	g	Intesa Sanpaolo S.p.A			6.500		02/24/21		6,249
	2,714,000	g	Intesa Sanpaolo S.p.A			3.375		01/12/23		2,842
	1,825,000	g	Intesa Sanpaolo S.p.A			5.017		06/26/24		1,996
	9,750,000	g	Intesa Sanpaolo S.p.A			3.250		09/23/24		10,416
	6,775,000	g	Intesa Sanpaolo S.p.A			5.710		01/15/26		7,753
	7,200,000	g	Intesa Sanpaolo S.p.A			4.000		09/23/29		8,113
	5,525,000	g	Intesa Sanpaolo S.p.A			4.700		09/23/49		6,925
	2,375,000		KeyCorp			2.550		10/01/29		2,571
	9,570,000	g	Kookmin Bank			2.500		11/04/30		9,750
	4,000,000		Lloyds Banking Group plc			4.500		11/04/24		4,474

385

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	9,494,000		Lloyds Banking Group plc			3.870	%	07/09/25	$	10,470
	285,000		Manufacturers & Traders Trust Co			2.900		02/06/25		310
	3,425,000		Manufacturers & Traders Trust Co			3.400		08/17/27		3,871
	10,000,000		Mitsubishi UFJ Financial Group, Inc			2.527		09/13/23		10,551
	5,925,000	i	Mizuho Financial Group, Inc	LIBOR 3 M + 0.630%		0.837		03/01/28		5,935
	11,125,000	g	National Australia Bank Ltd			2.332		08/21/30		11,304
	9,250,000		National Bank of Canada			0.550		11/15/24		9,275
	10,250,000		People’s United Bank NA			4.000		07/15/24		11,053
	18,057,000		People’s United Financial, Inc			3.650		12/06/22		18,917
	2,790,000		Royal Bank of Scotland Group plc			2.359		05/22/24		2,903
	10,200,000	g	Standard Chartered plc			1.319		10/14/23		10,303
	27,620,000	g,i	Standard Chartered plc	SOFR + 1.250%		1.335		10/14/23		27,801
	7,275,000		Sumitomo Mitsui Financial Group, Inc			1.474		07/08/25		7,449
	17,785,000		SVB Financial Group			3.500		01/29/25		19,381
	4,350,000		SVB Financial Group			3.125		06/05/30		4,895
	9,000,000	i	Toronto-Dominion Bank	SOFR + 0.450%		0.540		09/28/23		9,025
	7,000,000		Truist Financial Corp			3.875		03/19/29		8,169
	15,000,000	g	UniCredit S.p.A			2.569		09/22/26		15,307
	2,000,000	g	USAA Capital Corp			2.125		05/01/30		2,102
			TOTAL BANKS							428,216

CAPITAL GOODS - 0.5%
	7,564,000		3M Co			2.000		02/14/25		8,017
	10,450,000		Carrier Global Corp			2.700		02/15/31		11,221
	6,250,000		CNH Industrial Capital LLC			3.875		10/15/21		6,397
	4,800,000		CNH Industrial Capital LLC			4.200		01/15/24		5,264
	3,175,000		Ingersoll-Rand Luxembourg Finance S.A.			3.500		03/21/26		3,580
	8,975,000		Ingersoll-Rand Luxembourg Finance S.A.			3.800		03/21/29		10,501
	4,150,000		Johnson Controls International plc			1.750		09/15/30		4,234
	5,000,000		Otis Worldwide Corp			3.112		02/15/40		5,433
	4,975,000		Parker-Hannifin Corp			4.200		11/21/34		6,144
	2,465,000	g	Siemens Fin NV			3.400		03/16/27		2,780
	7,000,000	g	Siemens Financieringsmaatschappij NV			2.350		10/15/26		7,554
	9,875,000		Xylem, Inc			1.950		01/30/28		10,408
	3,575,000		Xylem, Inc			2.250		01/30/31		3,763
			TOTAL CAPITAL GOODS							85,296

COMMERCIAL & PROFESSIONAL SERVICES - 0.2%
	9,225,000		Republic Services, Inc			1.750		02/15/32		9,241
	18,210,000		Rockefeller Foundation			2.492		10/01/50		18,930
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES							28,171

CONSUMER SERVICES - 0.6%
	3,125,000		Conservation Fund			3.474		12/15/29		3,381
	10,000,000		Henry J Kaiser Family Foundation			3.356		12/01/25		10,532
	5,145,000		Low Income Investment Fund			3.711		07/01/29		5,595
	3,440,000		Nature Conservancy			1.294		02/01/24		3,438
	17,500,000		New York Public Library Astor Lenox & Tilden Foundations			4.305		07/01/45		18,354
	4,060,000		Salvation Army			5.637		09/01/26		4,963
	20,000,000		Salvation Army			4.528		09/01/48		22,521
	12,300,000		Starbucks Corp			2.450		06/15/26		13,278
	9,500,000		Starbucks Corp			4.450		08/15/49		12,510
	11,440,000		Wisconsin Alumni Research Foundation			3.564		10/01/49		12,405

386

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	11,065,000		YMCA of Greater New York		5.151	%	08/01/48	$	12,212
			TOTAL CONSUMER SERVICES						119,189

DIVERSIFIED FINANCIALS - 1.5%
	8,680,000		AXA Equitable Holdings, Inc		5.000		04/20/48		11,415
	3,300,000		Bank of New York Mellon Corp		4.700		N/A‡		3,639
	21,375,000	g	BPCE S.A.		1.652		10/06/26		21,869
	11,500,000		Century Housing Corp		3.995		11/01/21		11,593
	8,725,000		Charles Schwab Corp		4.000		N/A‡		9,183
	9,220,000		Community Preservation Corp		2.867		02/01/30		9,636
	4,750,000		Enterprise Community Loan Fund, Inc		4.152		11/01/28		5,026
	10,115,000	e	Equitable Holdings, Inc		4.950		N/A‡		10,760
	15,000,000		Ford Foundation		2.815		06/01/70		16,018
	2,300,000		Legg Mason, Inc		3.950		07/15/24		2,549
	14,950,000		Morgan Stanley		0.985		12/10/26		15,057
	10,000,000	g	NongHyup Bank		1.250		07/20/25		10,200
	680,000		Reinvestment Fund, Inc		3.377		02/15/22		687
	1,378,000		Reinvestment Fund, Inc		3.166		11/01/23		1,400
	3,000,000		Reinvestment Fund, Inc		3.600		02/15/24		3,089
	10,250,000		Reinvestment Fund, Inc		3.366		11/01/24		10,534
	2,570,000		Reinvestment Fund, Inc		3.513		11/01/25		2,661
	15,240,000		Reinvestment Fund, Inc		3.880		02/15/27		15,952
	10,435,000		Reinvestment Fund, Inc		3.930		02/15/28		10,993
	20,300,000	g	Societe Generale S.A.		1.488		12/14/26		20,461
	4,475,000	g	Starwood Property Trust, Inc		5.500		11/01/23		4,676
	12,500,000		State Street Corp		2.354		11/01/25		13,339
	5,300,000	g	Swiss Re Finance Luxembourg SA		5.000		04/02/49		6,166
	10,000,000		Toyota Motor Credit Corp		2.150		02/13/30		10,737
	4,825,000	g	UBS Group AG		1.008		07/30/24		4,871
	14,700,000	g	UBS Group AG		1.364		01/30/27		14,861
	11,075,000	e	Unilever Capital Corp		2.000		07/28/26		11,808
	5,523,000		Unilever Capital Corp		2.125		09/06/29		5,913
	6,125,000		Unilever Capital Corp		1.375		09/14/30		6,149
	3,450,000	g	WLB Asset II B Pte Ltd		3.950		12/10/24		3,431
	1,925,000	g	WLB Asset II Pte Ltd		4.000		01/14/24		1,963
			TOTAL DIVERSIFIED FINANCIALS						276,636

ENERGY - 1.0%
	6,899,000	g	Aker BP ASA		4.750		06/15/24		7,137
	10,500,000	g	Aker BP ASA		2.875		01/15/26		10,713
	10,000,000	g	Aker BP ASA		4.000		01/15/31		10,827
	6,075,000		Chevron Corp		1.995		05/11/27		6,440
	5,500,000		Chevron Corp		2.236		05/11/30		5,883
	6,479,363	g	Continental Wind LLC		6.000		02/28/33		7,529
	9,625,000		Enbridge, Inc		2.500		01/15/25		10,304
	5,830,000		Enbridge, Inc		5.750		07/15/80		6,560
	4,450,000		EOG Resources, Inc		5.100		01/15/36		5,537
	4,500,000		Equinor ASA		2.650		01/15/24		4,778
	8,125,000		Equinor ASA		2.375		05/22/30		8,692
	5,932,000		Equinor ASA		3.950		05/15/43		7,236
	8,100,000		Equinor ASA		3.250		11/18/49		8,985
	3,875,000		ONEOK, Inc		4.000		07/13/27		4,319
	12,175,000	e	ONEOK, Inc		6.350		01/15/31		15,602
	6,200,000		ONEOK, Inc		4.950		07/13/47		6,917

387

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	18,000,000	g	TerraForm Power Operating LLC			5.000	%	01/31/28	$	20,226
	12,850,000		Total Capital International S.A.			2.986		06/29/41		14,033
	6,316,000		Total Capital International S.A.			3.127		05/29/50		6,832
	10,750,000	i	Valero Energy Corp	LIBOR 3 M + 1.150%		1.367		09/15/23		10,777
			TOTAL ENERGY							179,327

FOOD, BEVERAGE & TOBACCO - 0.2%
	9,200,000		Coca-Cola Co			1.750		09/06/24		9,636
	6,375,000		Coca-Cola Co			2.600		06/01/50		6,713
	10,000,000	e,g	NBM US Holdings, Inc			6.625		08/06/29		11,475
	5,650,000	g	Nutrition & Biosciences, Inc			1.832		10/15/27		5,821
	6,350,000	g	Nutrition & Biosciences, Inc			3.268		11/15/40		6,814
	4,500,000		PepsiCo, Inc			2.875		10/15/49		5,031
			TOTAL FOOD, BEVERAGE & TOBACCO							45,490

HEALTH CARE EQUIPMENT & SERVICES - 0.1%
	16,350,000		Becton Dickinson & Co			2.823		05/20/30		17,960
			TOTAL HEALTH CARE EQUIPMENT & SERVICES							17,960

HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
	7,125,000		Kimberly-Clark Corp			2.875		02/07/50		8,012
	5,300,000		Procter & Gamble Co			3.000		03/25/30		6,109
	12,975,000		Procter & Gamble Co			1.200		10/29/30		12,984
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS							27,105

INSURANCE - 1.1%
	6,850,000	g	AIA Group Ltd			3.600		04/09/29		7,704
	11,450,000	g	AIA Group Ltd			3.375		04/07/30		12,827
	2,400,000		Chubb INA Holdings, Inc			1.375		09/15/30		2,394
	3,750,000		CNA Financial Corp			2.050		08/15/30		3,821
	11,400,000	g	Empower Finance 2020 LP			1.357		09/17/27		11,481
	4,000,000	g	Empower Finance 2020 LP			1.776		03/17/31		4,100
	15,500,000	g	Equitable Financial Life Global Funding			1.400		08/27/27		15,589
	15,675,000	g	Five Corners Funding Trust II			2.850		05/15/30		17,331
	4,700,000	g	Great-West Lifeco US Finance 2020 LP			0.904		08/12/25		4,720
	20,000,000		Principal Financial Group, Inc			2.125		06/15/30		20,883
	8,425,000	g	Protective Life Global Funding			1.082		06/09/23		8,570
	16,504,000		Prudential Financial, Inc			1.500		03/10/26		17,120
	15,000,000		Prudential Financial, Inc			5.200		03/15/44		15,932
	4,265,000		Prudential Financial, Inc			3.700		10/01/50		4,511
	6,100,000		Reinsurance Group of America, Inc			3.150		06/15/30		6,696
	18,222,000	g	Swiss Re Treasury US Corp			2.875		12/06/22		18,732
	14,024,000	g	Swiss Re Treasury US Corp			4.250		12/06/42		17,637
			TOTAL INSURANCE							190,048

MATERIALS - 0.9%
	7,250,000	g	Celulosa Arauco y Constitucion S.A.			4.200		01/29/30		8,193
	10,000,000	g	Celulosa Arauco y Constitucion S.A.			5.150		01/29/50		11,540
	4,800,000		Commercial Metals Co			5.750		04/15/26		4,956
	14,000,000		Ecolab, Inc			1.300		01/30/31		13,858
	10,500,000		Fibria Overseas Finance Ltd			5.500		01/17/27		11,957
	5,000,000		International Paper Co			6.000		11/15/41		7,314
	4,600,000		International Paper Co			4.800		06/15/44		6,181

388

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	17,000,000	e,g	Inversiones CMPC S.A.			4.375	%	04/04/27	$	19,316
	10,000,000	g	Klabin Austria GmbH			7.000		04/03/49		12,788
	8,125,000	g	Klabin Finance S.A.			4.875		09/19/27		9,059
EUR	2,500,000	g	LG Chem Ltd			0.500		04/15/23		3,085
$	3,250,000	g	LG Chem Ltd			3.625		04/15/29		3,666
	10,000,000	i	LYB International Finance III LLC	LIBOR 3 M + 1.000%		1.238		10/01/23		10,017
	5,925,000		LYB International Finance III LLC			3.375		10/01/40		6,322
	5,000,000		Newmont Corp			2.250		10/01/30		5,259
	5,250,000		Newmont Goldcorp Corp			3.625		06/09/21		5,297
	12,736,000		Teck Resources Ltd			3.900		07/15/30		14,177
			TOTAL MATERIALS							152,985

MEDIA & ENTERTAINMENT - 0.2%
	10,000,000		Alphabet, Inc			1.100		08/15/30		9,852
	2,900,000		Bush Foundation			2.754		10/01/50		3,068
	4,411,000	g	Discovery Communications LLC			4.000		09/15/55		4,928
	2,685,000	g	Liberty Utilities Finance GP			2.050		09/15/30		2,697
	2,320,000		Smithsonian Institution			2.645		09/01/39		2,420
			TOTAL MEDIA & ENTERTAINMENT							22,965

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9%
	8,325,000		AbbVie, Inc			3.800		03/15/25		9,286
	4,800,000		Bristol-Myers Squibb Co			2.350		11/13/40		4,932
	7,700,000		Bristol-Myers Squibb Co			2.550		11/13/50		7,861
	6,275,000		Gilead Sciences, Inc			1.200		10/01/27		6,315
	5,625,000		Gilead Sciences, Inc			2.600		10/01/40		5,671
	15,400,000		Gilead Sciences, Inc			2.800		10/01/50		15,257
	8,650,000		GlaxoSmithKline Capital, Inc			3.625		05/15/25		9,718
	18,450,000		Merck & Co, Inc			0.750		02/24/26		18,654
	9,075,000		Merck & Co, Inc			1.450		06/24/30		9,167
	10,600,000		Merck & Co, Inc			2.350		06/24/40		10,952
	13,700,000		Merck & Co, Inc			2.450		06/24/50		14,155
	20,175,000		Takeda Pharmaceutical Co Ltd			2.050		03/31/30		20,631
	12,125,000		Takeda Pharmaceutical Co Ltd			3.175		07/09/50		12,899
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES							145,498

REAL ESTATE - 0.8%
	13,400,000		American Tower Corp			1.500		01/31/28		13,478
	7,250,000		Boston Properties LP			3.250		01/30/31		7,989
	1,975,000		Brandywine Operating Partnership LP			3.950		02/15/23		2,057
	4,300,000		Brandywine Operating Partnership LP			3.950		11/15/27		4,594
	9,095,000		Brixmor Operating Partnership LP			3.900		03/15/27		10,120
	2,350,000		Equinix, Inc			1.800		07/15/27		2,418
	3,500,000		Federal Realty Investment Trust			2.750		06/01/23		3,654
	6,900,000		Federal Realty Investment Trust			1.250		02/15/26		7,025
	6,425,000	g	HAT Holdings I LLC			5.250		07/15/24		6,682
	1,975,000	g	HAT Holdings I LLC			6.000		04/15/25		2,113
	10,000,000	g	HAT Holdings I LLC			3.750		09/15/30		10,375
	3,500,000		Host Hotels & Resorts LP			3.500		09/15/30		3,686
	11,075,000		Kilroy Realty LP			3.450		12/15/24		12,006
	14,360,000		Kilroy Realty LP			2.500		11/15/32		14,549
	3,940,000		Life Storage LP			2.200		10/15/30		4,019
	16,822,000		Regency Centers LP			3.750		06/15/24		17,960
	10,155,000	g	Scentre Group Trust 2			5.125		09/24/80		10,704
			TOTAL REAL ESTATE							133,429

389

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
RETAILING - 0.1%
$	4,100,000		Advance Auto Parts, Inc		1.750	%	10/01/27	$	4,162
	5,525,000		Lowe’s Cos, Inc		3.000		10/15/50		5,890
			TOTAL RETAILING						10,052

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.0%
	5,325,000	g	NXP BV		3.400		05/01/30		6,035
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT						6,035

SOFTWARE & SERVICES - 0.3%
	10,000,000		Automatic Data Processing, Inc		1.250		09/01/30		9,976
	7,500,000		Visa, Inc		1.900		04/15/27		7,980
	5,000,000		Visa, Inc		0.750		08/15/27		4,984
	17,000,000		Visa, Inc		1.100		02/15/31		16,750
	12,425,000		Visa, Inc		2.000		08/15/50		11,841
			TOTAL SOFTWARE & SERVICES						51,531

TECHNOLOGY HARDWARE & EQUIPMENT - 0.1%
	6,075,000		Apple, Inc		2.850		02/23/23		6,379
	14,250,000		Apple, Inc		3.000		06/20/27		15,957
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT						22,336

TRANSPORTATION - 0.5%
	5,350,000		Canadian Pacific Railway Co		2.050		03/05/30		5,618
	1,665,391		Delta Air Lines, Inc		4.250		07/30/23		1,703
	7,150,000		Delta Air Lines, Inc		3.204		04/25/24		7,346
	7,825,000		Delta Air Lines, Inc		2.900		10/28/24		7,719
	6,250,000	g	Delta Air Lines, Inc		7.000		05/01/25		7,215
	5,100,000		Delta Air Lines, Inc		7.375		01/15/26		5,824
	4,850,515		Delta Air Lines, Inc		2.000		06/10/28		4,838
	13,176,524		Delta Air Lines, Inc		2.500		06/10/28		12,511
	7,000,000		Kansas City Southern		4.300		05/15/43		8,221
	12,000,000		Kansas City Southern		4.950		08/15/45		15,312
	475,000		Norfolk Southern Corp		5.590		05/17/25		566
	1,360,000		United Parcel Service of America, Inc (Step Bond)		7.620		04/01/30		2,027
			TOTAL TRANSPORTATION						78,900

UTILITIES - 4.1%
	10,875,000	g	AES Corp		1.375		01/15/26		10,969
	12,675,000	g	AES Corp		2.450		01/15/31		12,839
	14,500,000	g	AES Gener S.A.		6.350		10/07/79		15,914
	4,375,000		Arizona Public Service Co		3.750		05/15/46		5,313
	14,950,000		Avangrid, Inc		3.200		04/15/25		16,363
	13,200,000		Avangrid, Inc		3.800		06/01/29		15,132
	10,275,000		Avista Corp		4.350		06/01/48		13,031
	700,000	g	Azure Power Energy Ltd		5.500		11/03/22		718
	5,900,000	g	Azure Power Solar Energy Pvt Ltd		5.650		12/24/24		6,281
	9,750,000	g	Brooklyn Union Gas Co		4.273		03/15/48		12,383
	13,500,000	g	Brooklyn Union Gas Co		4.487		03/04/49		17,849
	3,000,000		Clearway Energy Operating LLC		5.750		10/15/25		3,157
	3,550,000		CMS Energy Corp		4.750		06/01/50		3,997

390

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	7,525,000	g	Consorcio Transmantaro SA		4.700	%	04/16/34	$	8,889
	4,200,000		Consumers Energy Co		2.500		05/01/60		4,210
	8,850,000		Dominion Energy Gas Holdings LLC		2.500		11/15/24		9,466
	7,110,000		Dominion Energy, Inc		3.600		03/15/27		8,078
	4,850,000		Dominion Energy, Inc (Step Bond)		3.071		08/15/24		5,235
	8,787,000		DTE Electric Co		3.950		03/01/49		11,378
	17,467,000		Duke Energy Florida LLC		2.500		12/01/29		19,057
	3,350,000	g	East Ohio Gas Co		1.300		06/15/25		3,413
	3,100,000	g	East Ohio Gas Co		2.000		06/15/30		3,211
	11,625,000	g	EDP Finance BV		3.625		07/15/24		12,687
	22,750,000	g	Electricite de France S.A.		3.625		10/13/25		25,498
	11,735,000		Essential Utilities, Inc		2.704		04/15/30		12,706
	9,375,000		Essential Utilities, Inc		3.351		04/15/50		10,378
	2,800,000		Eversource Energy		0.800		08/15/25		2,794
	2,050,000		Florida Power & Light Co		2.850		04/01/25		2,230
	9,885,000	e	Georgia Power Co		3.250		04/01/26		11,055
	6,850,000	g	Greenko Dutch BV		4.875		07/24/22		6,917
	14,000,000	g	Hanwha Energy USA Holdings Corp		2.375		07/30/22		14,391
	2,745,000		International Transmission Co		4.625		08/15/43		3,433
	24,325,000	g	Korea Hydro & Nuclear Power Co Ltd		3.750		07/25/23		26,245
	5,875,000		MidAmerican Energy Co		3.100		05/01/27		6,583
	2,375,000		MidAmerican Energy Co		3.650		04/15/29		2,820
	1,000,000		MidAmerican Energy Co		3.950		08/01/47		1,255
	4,250,000		MidAmerican Energy Co		3.150		04/15/50		4,885
	4,300,000	g	Narragansett Electric Co		3.919		08/01/28		4,970
	12,350,000		National Fuel Gas Co		5.500		01/15/26		14,242
	3,225,000	g	NextEra Energy Operating Partners LP		4.250		07/15/24		3,451
	186,000	g	NextEra Energy Operating Partners LP		4.250		09/15/24		199
	10,320,000	g	Niagara Mohawk Power Corp		1.960		06/27/30		10,630
	9,732,000	g	Niagara Mohawk Power Corp		4.278		10/01/34		12,123
	9,750,000	g	Niagara Mohawk Power Corp		4.119		11/28/42		11,931
	7,350,000		NorthWestern Corp		4.176		11/15/44		8,853
	5,425,000	e	Oklahoma Gas & Electric Co		3.250		04/01/30		6,173
	1,925,000	g	Pattern Energy Operations LP		4.500		08/15/28		2,031
	13,050,000		PSEG Power LLC		3.850		06/01/23		14,040
	630,000		Public Service Co of Colorado		4.750		08/15/41		819
	5,000,000		Public Service Co of Colorado		3.200		03/01/50		5,786
	2,975,000		Public Service Co of New Hampshire		3.600		07/01/49		3,608
	19,475,000		Public Service Enterprise Group, Inc		0.800		08/15/25		19,477
	19,350,000		Public Service Enterprise Group, Inc		1.600		08/15/30		19,067
	6,900,000		Sempra Energy		4.875		N/A‡		7,374
	22,514,439	g	Solar Star Funding LLC		3.950		06/30/35		23,130
	21,071,362	g	Solar Star Funding LLC		5.375		06/30/35		23,269
	25,000,000		Southern Power Co		4.150		12/01/25		28,670
	2,200,000		Southwest Gas Corp		2.200		06/15/30		2,320
	8,025,000		Southwestern Public Service Co		3.750		06/15/49		9,761
	5,400,000		Southwestern Public Service Co		3.150		05/01/50		5,983
	28,207,700	g	Star Energy Geothermal Wayang Windu Ltd		6.750		04/24/33		31,885
	19,565,020	g	Topaz Solar Farms LLC		4.875		09/30/39		21,279
	10,886,258	g	Topaz Solar Farms LLC		5.750		09/30/39		12,459
	8,000,000		Tucson Electric Power Co		1.500		08/01/30		7,918
	8,755,000	g	UEP Penonome II S.A.		6.500		10/01/38		9,121
	16,400,000		Union Electric Co		2.625		03/15/51		17,138
	19,650,000		Westar Energy, Inc		2.550		07/01/26		21,305

391

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
			TOTAL UTILITIES						$	709,772

			TOTAL CORPORATE BONDS							2,747,151
			(Cost $2,567,699)

GOVERNMENT BONDS - 20.5%

AGENCY SECURITIES - 1.9%
$	4,242,000		Canal Barge Co, Inc			4.500	%	11/12/34		4,934
	1,257,052		DY7 Leasing LLC			2.578		12/10/25		1,315
	7,269,958		Ethiopian Leasing LLC			2.566		08/14/26		7,647
	11,250,000		Federal Home Loan Mortgage Corp (FHLMC)			0.125		07/25/22		11,252
	23,000,000		FHLMC			0.375		05/05/23		23,117
	18,700,000		FHLMC			0.250		08/24/23		18,728
	13,650,000		FHLMC			0.250		09/08/23		13,674
	23,636,000		FHLMC			0.250		12/04/23		23,658
	20,000,000		Federal National Mortgage Association (FNMA)			0.250		07/10/23		20,046
	8,000,000		FNMA			0.625		04/22/25		8,092
	18,880,000		FNMA			0.875		08/05/30		18,531
	5,950,000		Hashemite Kingdom of Jordan Government AID Bond			3.000		06/30/25		6,570
	2,960,000	g	Hospital for Special Surgery			3.500		01/01/23		3,029
	4,875,000	i	India Government AID Bond	LIBOR 3 M + 0.100%		0.314		02/01/27		4,828
	3,625,000		Lutheran Medical Center			1.982		02/20/30		3,766
	2,515,000	g	Montefiore Medical Center			3.896		05/20/27		2,549
	17,145,000		Montefiore Medical Center			2.895		04/20/32		19,003
	13,555,000		New York Society for the Relief of the Ruptured & Crippled			2.881		12/20/31		14,250
	1,105,676		Overseas Private Investment Corp (OPIC)			2.040		12/15/26		1,140
	12,934,332		OPIC			3.220		09/15/29		14,454
	5,881,381		OPIC			1.790		10/15/29		6,201
	18,379,316		OPIC			2.360		10/15/29		19,759
	2,161,217		OPIC			2.610		04/15/30		2,344
	2,992,500		OPIC			2.930		05/15/30		3,305
	4,945,500		OPIC			3.040		05/15/30		5,490
	5,588,333		OPIC			3.540		06/15/30		6,324
	14,626,863		OPIC			3.370		12/15/30		16,418
	1,029,852		OPIC			2.810		07/31/33		1,157
	1,647,762		OPIC			2.940		07/31/33		1,865
	5,400,000		OPIC			2.450		07/15/38		6,000
	4,000,000		Private Export Funding Corp (PEFCO)			3.550		01/15/24		4,373
	8,000,000		PEFCO			3.250		06/15/25		8,941
	570,951		Tayarra Ltd			3.628		02/15/22		581
	498,210		Tricahue Leasing LLC			3.503		11/19/21		506
	8,750,000		United States International Development Finance Corp			1.630		07/15/38		9,049
	6,580,000		UNM Sandoval Regional Medical Center			4.500		07/20/36		6,591
	1,900,000		US Department of Housing and Urban Development (HUD)			5.050		08/01/21		1,907
	3,217,000		HUD			2.910		08/01/23		3,265
	5,000,000		HUD			3.535		08/01/36		5,848
			TOTAL AGENCY SECURITIES							330,507

392

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
FOREIGN GOVERNMENT BONDS - 3.0%
$	4,000,000		African Development Bank			3.000	%	12/06/21	$	4,103
	12,750,000		African Development Bank			0.750		04/03/23		12,901
	9,500,000		Asian Development Bank			2.125		03/19/25		10,186
	6,500,000		Asian Development Bank			1.750		08/14/26		6,937
	14,000,000		Asian Development Bank			3.125		09/26/28		16,388
	12,400,000	g	BNG Bank NV			2.625		02/27/24		13,301
CLP	9,475,000,000	g	Bonos de la Tesoreria de la Republica en pesos			2.300		10/01/28		13,376
$	10,000,000	e,g	Caisse d’Amortissement de la Dette Sociale			0.375		09/23/25		9,946
	9,000,000		Chile Government International Bond			3.500		01/25/50		10,327
	9,925,000	g	Egypt Government International Bond			5.250		10/06/25		10,559
	12,750,000	e	European Bank for Reconstruction & Development			1.875		07/15/21		12,863
	19,500,000		European Bank for Reconstruction & Development			1.625		09/27/24		20,441
	3,750,000	e	European Investment Bank			2.375		05/24/27		4,140
	3,725,000		European Investment Bank			0.625		10/21/27		3,694
	11,600,000		European Investment Bank			1.625		10/09/29		12,280
	2,000,000		European Investment Bank			4.875		02/15/36		2,946
	1,925,000	g	Guatemala Government International Bond			5.375		04/24/32		2,346
	6,082,000		Hydro Quebec			8.400		01/15/22		6,569
	20,000,000	i	Inter-American Development Bank	LIBOR 3 M + 0.010%		0.247		01/15/22		20,000
	11,000,000		International Bank for Reconstruction & Development			0.625		04/22/25		11,104
	14,750,000		International Bank for Reconstruction & Development			3.125		11/20/25		16,650
	27,150,000	e,g	International Development Association			2.750		04/24/23		28,704
	46,500,000		International Finance Corp			1.546		11/04/21		46,950
	1,000,000		International Finance Corp			2.000		10/24/22		1,032
	7,375,000		International Finance Corp			0.500		03/20/23		7,425
	33,500,000		International Finance Corp			2.125		04/07/26		36,348
	5,000,000		Japan Bank for International Cooperation			1.875		04/20/21		5,024
	12,500,000	g	Kommunalbanken AS.			2.125		02/11/25		13,351
	8,750,000	i	Korea Development Bank International Bond	LIBOR 3 M + 0.725%		0.959		07/06/22		8,809
	10,100,000	g	Korea Electric Power Corp			1.125		06/15/25		10,261
	13,000,000		Landwirtschaftliche Rentenbank			0.875		09/03/30		12,779
	18,250,000	g	Nederlandse Waterschapsbank NV			1.750		01/15/25		19,202
	19,000,000	g	Nederlandse Waterschapsbank NV			2.375		03/24/26		20,730
	6,708,000		North American Development Bank			2.400		10/26/22		6,906
	22,800,000	g	Perusahaan Penerbit SBSN Indonesia III			3.750		03/01/23		24,282
	10,500,000	e,g	Perusahaan Penerbit SBSN Indonesia III			3.900		08/20/24		11,572
	12,700,000		Province of Manitoba Canada			3.050		05/14/24		13,809
	10,000,000		Province of Quebec Canada			2.750		04/12/27		11,176
	5,000,000		Province of Quebec Canada			7.500		09/15/29		7,554
	10,000,000		Republic of Italy Government International Bond			2.875		10/17/29		10,529
	7,750,000		Republic of Italy Government International Bond			4.000		10/17/49		8,513
			TOTAL FOREIGN GOVERNMENT BONDS							526,013

MORTGAGE BACKED - 9.1%
	2,600,000		Federal Home Loan Mortgage Corp (FHLMC)			3.000		10/15/33		2,867
	199,903		FHLMC			4.000		06/01/42		218
	5,477,769		FHLMC			3.500		08/15/43		5,656
	9,066,069		FHLMC			3.500		03/15/44		9,870
	1,987,384	i	FHLMC			5.761		03/15/44		390
	5,750,290		FHLMC			4.000		10/01/47		6,342
	3,822,963		FHLMC			4.000		06/01/48		4,171
	6,135,356	i	FHLMC			9.666		06/15/48		7,678

393

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	6,012,721		FHLMC		4.000	%	07/01/48	$	6,606
	4,444,802	i	FHLMC		9.586		10/15/48		5,579
	15,099,631		FHLMC		3.000		11/01/49		16,216
	947		Federal Home Loan Mortgage Corp Gold (FGLMC)		7.000		05/01/23		1
	10,682		FGLMC		8.000		01/01/31		11
	171,054		FGLMC		4.500		07/01/33		189
	1,194,540		FGLMC		7.000		12/01/33		1,395
	330,490		FGLMC		7.000		05/01/35		380
	815,861		FGLMC		5.000		06/01/36		947
	254,924		FGLMC		5.000		07/01/39		296
	438,866		FGLMC		4.500		10/01/44		491
	781,053		FGLMC		4.500		11/01/44		874
	491,477		FGLMC		4.500		11/01/44		550
	344,459		FGLMC		4.500		12/01/44		380
	519,988		FGLMC		4.500		12/01/44		582
	1,673,755		FGLMC		3.500		04/01/45		1,838
	14,999,426		FGLMC		3.500		10/01/45		16,401
	6,968,898		FGLMC		4.000		12/01/45		7,719
	23,645,182		FGLMC		3.500		08/01/46		25,827
	9,917,132		FGLMC		3.000		02/01/47		10,488
	886,409		FGLMC		4.500		06/01/47		991
	2,074,502		FGLMC		4.000		09/01/47		2,277
	1,464,022		FGLMC		3.500		12/01/47		1,600
	8,018,601		FGLMC		3.500		03/01/48		8,761
	9,627,667		FGLMC		4.000		03/01/48		10,615
	2,230,719		FGLMC		4.000		07/01/48		2,452
	6,904,826		FGLMC		4.500		08/01/48		7,674
	23,000,000	h	Federal national Mortgage Association (FNMA)		1.500		01/25/51		23,234
	58,750,000	h	FNMA		2.500		01/25/51		61,922
	6,484		FNMA		8.000		07/01/24		7
	18,500,000	i	FNMA		2.801		02/25/27		20,549
	3,500,000	i	FNMA		3.325		06/25/28		4,030
	2,078,465		FNMA		3.500		05/01/32		2,231
	2,725,376		FNMA		3.000		10/01/32		2,861
	2,102,084		FNMA		5.000		05/01/35		2,440
	921,195		FNMA		2.500		07/01/35		962
	1,379,371		FNMA		5.000		10/01/35		1,603
	64,000,000	h	FNMA		2.000		01/25/36		66,900
	28,000,000	h	FNMA		2.500		01/25/36		29,200
	1,037,035		FNMA		5.000		02/01/36		1,205
	1,551,618		FNMA		5.500		11/01/38		1,824
	342,144		FNMA		3.000		05/01/40		360
	1,059,945		FNMA		5.000		09/01/40		1,232
	1,840,985		FNMA		5.000		05/01/41		2,140
	1,576,656		FNMA		4.000		09/01/42		1,723
	1,573,252		FNMA		3.000		04/25/43		1,628
	2,946,243	i	FNMA		5.802		09/25/43		668
	630,563		FNMA		4.000		01/01/44		696
	1,676,564		FNMA		4.500		03/01/44		1,925
	636,284		FNMA		4.500		06/01/44		711
	6,651,366		FNMA		4.500		06/01/44		7,443
	1,531,805		FNMA		4.500		08/01/44		1,713
	3,683,179		FNMA		4.500		10/01/44		4,117
	7,184,296		FNMA		4.500		11/01/44		8,035

394

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL		ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,331,635	FNMA		5.000	%	11/01/44	$	1,545
	1,849,714	FNMA		4.500		12/01/44		2,070
	839,451	FNMA		4.000		01/01/45		919
	8,353,226	FNMA		3.000		02/25/45		8,723
	2,161,260	FNMA		3.000		02/25/45		2,226
	203,660	FNMA		3.500		03/01/45		224
	179,126	FNMA		3.500		03/01/45		197
	368,371	FNMA		4.500		03/01/45		412
	2,511,127	FNMA		3.000		03/25/45		2,596
	466,451	FNMA		4.500		04/01/45		521
	6,532,610	FNMA		3.500		04/25/45		6,778
	3,533,195	FNMA		3.500		05/01/45		3,902
	1,905,967	FNMA		4.000		12/01/45		2,103
	13,856,202	FNMA		3.000		12/25/45		14,379
	5,146,209	FNMA		3.500		01/01/46		5,626
	6,450,382	FNMA		4.000		01/01/46		7,118
	6,550,306	FNMA		3.500		06/01/46		7,161
	3,688,453	FNMA		3.500		07/01/46		4,032
	6,227,262	FNMA		3.500		07/01/46		6,802
	1,750,975	FNMA		3.500		08/01/46		1,914
	895,604	FNMA		3.000		10/01/46		924
	4,864,294	FNMA		3.500		10/01/46		5,318
	7,611,911	FNMA		3.000		11/01/46		8,037
	12,160,804	FNMA		3.500		01/01/47		12,952
	1,927,929	FNMA		3.000		04/25/47		2,067
	2,219,746	FNMA		4.500		05/01/47		2,479
	671,569	FNMA		3.500		08/01/47		717
	1,474,007	FNMA		3.500		09/01/47		1,574
	5,912,085	FNMA		4.000		09/01/47		6,359
	1,929,051	FNMA		4.000		09/01/47		2,070
	5,839,876	FNMA		4.000		10/01/47		6,243
	755,426	FNMA		3.000		11/01/47		779
	397,613	FNMA		3.500		11/01/47		434
	567,068	FNMA		4.500		11/01/47		630
	4,596,125	FNMA		4.000		12/01/47		5,069
	15,774,713	FNMA		4.000		12/01/47		16,944
	804,089	FNMA		3.500		01/01/48		879
	7,648,986	FNMA		3.500		01/01/48		8,110
	3,956,259	FNMA		4.500		01/01/48		4,397
	1,073,440	FNMA		3.500		02/01/48		1,139
	3,227,847	FNMA		4.500		02/01/48		3,588
	41,244,600	FNMA		3.000		02/25/48		43,891
	12,620,228	FNMA		3.500		03/01/48		13,371
	3,836,139	FNMA		4.000		03/01/48		4,228
	13,643,781	FNMA		4.500		03/01/48		15,160
	52,302,572	FNMA		3.500		04/01/48		55,416
	5,133,216	FNMA		4.000		04/01/48		5,494
	2,758,259	FNMA		4.500		05/01/48		3,068
	2,047,973	FNMA		4.500		05/01/48		2,278
	5,363,722	FNMA		5.000		08/01/48		6,117
	2,678,959	FNMA		0.000		11/25/48		2,458
	2,678,959	FNMA		3.000		11/25/48		311
	716,380	FNMA		3.000		08/01/49		782
	6,800,745	FNMA		3.000		01/25/50		7,309

395

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	18,689,260		FNMA		3.000	%	07/01/50	$	20,245
	31,609,241		FNMA		2.500		10/01/50		33,345
	77,276,637		FNMA		2.500		11/01/50		81,520
	138,250,000	h	FNMA		2.000		01/25/51		143,591
	36,750,000	h	FNMA		2.000		02/25/51		38,102
	29,000,000	h	FNMA		2.500		02/25/51		30,512
	96,225,000	h	FNMA		3.000		02/25/51		100,893
	3,507,853		Government National Mortgage Association (GNMA)		2.580		08/15/25		3,659
	9,510,264		GNMA		2.690		06/15/33		10,174
	7,797,091		GNMA		3.700		10/15/33		8,573
	98,281		GNMA		5.000		04/15/38		111
	173,167		GNMA		6.500		11/20/38		203
	21,933		GNMA		4.500		02/20/39		26
	7,637,189		GNMA		3.700		08/15/40		8,238
	29,657		GNMA		4.500		08/20/41		35
	70,818		GNMA		4.500		09/20/41		81
	20,760		GNMA		4.500		01/20/44		25
	13,047		GNMA		4.500		02/20/44		15
	41,279		GNMA		4.500		05/20/44		49
	188,187		GNMA		4.500		05/20/44		215
	325,200		GNMA		4.500		08/20/44		386
	172,899		GNMA		4.500		09/20/44		199
	102,215		GNMA		4.500		10/20/44		115
	51,907		GNMA		4.500		11/20/44		56
	187,540		GNMA		4.500		12/20/44		223
	12,186,852		GNMA		2.750		01/15/45		13,260
	244,558		GNMA		4.500		02/20/45		284
	331,788		GNMA		4.500		08/20/45		395
	293,901		GNMA		4.500		08/20/45		349
	200,997		GNMA		4.500		12/20/45		229
	3,202,301		GNMA		4.000		06/20/46		379
	9,729,095		GNMA		3.500		12/20/46		10,433
	7,075,149		GNMA		3.500		01/20/47		7,604
	5,618,436		GNMA		3.500		01/20/49		6,153
	2,939,634		GNMA		3.500		10/20/50		3,260
	82,000,000	h	GNMA		2.000		01/20/51		85,738
	114,000,000	h	GNMA		2.500		01/20/51		120,657
	90,000,000	h	GNMA		3.000		02/20/51		94,158
			TOTAL MORTGAGE BACKED						1,573,021

MUNICIPAL BONDS - 3.5%
	4,500,000	g	Basin Electric Power Coop		6.127		06/01/41		6,350
	1,170,000		Brunswick & Glynn County Development Authority		3.060		04/01/25		1,281
	3,000,000		California Earthquake Authority		1.477		07/01/23		3,021
	1,315,000	g	California Municipal Finance Authority		4.250		11/01/23		1,313
	14,000,000		Chicago Housing Authority		4.361		01/01/38		15,656
	11,645,000		Chicago Metropolitan Water Reclamation District-Greater Chicago		5.720		12/01/38		16,693
	3,035,000		City & County of Honolulu HI		2.668		10/01/27		3,316
	5,645,000		City & County of Honolulu HI		3.974		09/01/35		6,436
	1,615,000		City & County of Honolulu HI		4.004		09/01/36		1,840
	7,085,000		City & County of San Francisco CA		4.000		04/01/47		7,627

396

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	5,500,000		City & County of San Francisco CA Community Facilities District			4.000	%	09/01/48	$	5,929
	5,395,000		City of Chicago IL			7.750		01/01/42		6,907
	1,105,000		City of Chicago IL			7.750		01/01/42		1,198
	1,250,000		City of Florence SC			4.250		12/01/34		1,360
	1,000,000		City of Houston TX Combined Utility System Revenue			3.375		11/15/24		1,104
	1,275,000		City of Houston TX Combined Utility System Revenue			4.172		11/15/38		1,495
	7,500,000		City of Los Angeles CA			3.880		09/01/38		8,489
	1,780,000	g	City of Miami FL			4.808		01/01/39		2,014
	3,665,000		City of Norfolk VA			3.050		10/01/36		4,391
	4,835,000		City of Oakland CA			2.070		01/15/29		4,967
	3,345,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.000		11/01/26		3,759
	3,725,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.950		11/01/36		4,205
	8,615,000		City of San Francisco CA Public Utilities Commission Water Revenue			3.303		11/01/39		9,196
	18,410,000		City of San Francisco CA Public Utilities Commission Water Revenue			2.825		11/01/41		19,281
	18,500,000		City of San Francisco CA Public Utilities Commission Water Revenue			4.185		11/01/46		20,284
	1,000,000		City of San Juan Capistrano CA			3.700		08/01/31		1,122
	2,730,000		Commonwealth Financing Authority			3.864		06/01/38		3,206
	11,650,000	i	Connecticut Housing Finance Authority	SOFR + 0.650%		0.750		05/15/49		11,650
	7,650,000		County of Alameda CA			3.820		08/01/38		8,522
	1,500,000		County of Miami-Dade FL Aviation Revenue			2.218		10/01/22		1,539
	12,015,000		County of Miami-Dade FL Water & Sewer System Revenue			3.490		10/01/42		12,963
	935,000		County of Saline AR			3.550		06/01/42		978
	3,500,000		District of Columbia			3.432		04/01/42		3,797
	15,000,000		District of Columbia Water & Sewer Authority			4.814		10/01/14		22,297
	1,000,000		Grant County Public Utility District No 2			5.470		01/01/34		1,121
	1,250,000		Grant County Public Utility District No 2			4.164		01/01/35		1,528
	22,445,000		Grant County Public Utility District No 2			2.918		01/01/40		23,373
	9,255,000		Grant County Public Utility District No 2			3.210		01/01/40		9,855
	3,230,000		Great Lakes Water Authority Sewage Disposal System Revenue			3.056		07/01/39		3,443
	16,915,000		Great Lakes Water Authority Water Supply System Revenue			3.473		07/01/41		18,203
	1,200,000		Guadalupe Valley Electric Coop, Inc			5.671		10/01/32		1,480
	605,000		Guadalupe-Blanco River Authority Industrial Development Corp			3.287		04/15/23		627
	640,000		Henry County Water Authority			3.000		01/01/43		652
	850,000		Henry County Water Authority			3.200		01/01/49		862
	1,000,000		Honolulu City & County Board of Water Supply			2.327		07/01/32		1,041
	2,000,000		Kern County Water Agency Improvement District No 4			4.276		05/01/36		2,456
	6,430,000		Lavaca-Navidad River Authority			4.430		08/01/35		6,929
	8,655,000		Los Angeles Community College District			2.106		08/01/32		9,020
	3,300,000		Maryland Community Development Administration Housing Revenue			3.797		03/01/39		3,508
	4,650,000		Massachusetts St. Water Pollution Abatement			5.192		08/01/40		5,610

397

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	10,735,000		Metropolitan Transportation Authority			5.175	%	11/15/49	$	12,579
	2,000,000		Michigan Finance Authority			5.000		07/01/31		2,287
	7,400,000		New Jersey Economic Development Authority			5.706		06/15/30		9,004
	3,000,000		New Jersey Economic Development Authority			5.756		06/15/31		3,691
	3,375,000		New Mexico Finance Authority			4.090		06/15/38		3,766
	4,065,000		New York City Housing Development Corp			3.119		08/01/38		4,153
	2,500,000		New York City Housing Development Corp			3.720		11/01/39		2,642
	1,225,000		New York State Environmental Facilities Corp			3.195		06/15/25		1,363
	2,120,000		New York State Environmental Facilities Corp			3.520		07/15/27		2,455
	17,500,000		New York Transportation Development Corp			5.000		01/01/26		20,296
	11,245,000		Ohio State Water Development Authority			4.879		12/01/34		13,758
	13,250,000	†,g,q	Oregon State Business Development Commission			6.500		04/01/31		7,287
	3,470,000	g	Oregon State Business Development Commission			0.000		04/01/37		2,736
	2,500,000		Palm Beach County Solid Waste Authority			2.636		10/01/24		2,687
	4,930,000		Papio-Missouri River Natural Resource District			2.088		12/15/24		5,211
	4,500,000		Pend Oreille County Public Utility District No Box Canyon			5.000		01/01/30		4,667
	7,250,000	g	Pennsylvania Economic Development Financing Authority			10.000		12/01/29		7,415
	180,000	g	Pennsylvania Economic Development Financing Authority			5.750		06/01/36		182
	1,735,000	g	Public Finance Authority			9.000		06/01/29		1,728
	2,000,000		San Francisco City & County Redevelopment Agency			4.375		08/01/44		2,227
	36,330,000		State of California			3.750		10/01/37		39,854
	11,565,000		State of California			4.600		04/01/38		13,905
	10,050,000		State of California			4.988		04/01/39		10,738
	5,445,000	i	State of California	LIBOR 1 M + 0.780%		0.933		04/01/47		5,443
	8,000,000		State of Illinois			5.000		02/01/22		8,332
	9,000,000		State of Illinois			5.520		04/01/38		9,705
	4,405,000		State of Michigan			3.590		12/01/26		4,630
	2,500,000		State of Ohio			5.412		09/01/28		3,265
	3,370,000		State of Texas			3.726		08/01/43		3,569
	3,000		State of Wisconsin			5.700		05/01/26		3
	1,650,000	g	Syracuse Industrial Development Agency			5.000		01/01/36		1,418
	2,280,000		Tampa Bay Water			2.612		10/01/25		2,467
	3,225,000		Tampa Bay Water			2.782		10/01/26		3,485
	3,000,000		Tampa Bay Water			2.952		10/01/27		3,235
	1,255,000		Texas Water Development Board			4.248		10/15/35		1,413
	5,880,000		Texas Water Development Board			4.340		10/15/48		6,778
	4,170,000		Texas Water Development Board			4.648		04/15/50		4,635
	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		3,551
	11,400,000		University of California			4.009		05/15/30		13,604
	1,000,000		University of Cincinnati			3.250		06/01/29		1,080
	1,560,000		University of Cincinnati			3.650		06/01/34		1,684
	1,615,000		University of Cincinnati			3.700		06/01/35		1,741
	18,000,000		University of New Mexico			3.532		06/20/32		19,636
	500,000		Upper Allegheny Joint Sanitary Authority			3.550		09/01/39		555
	1,500,000		Upper Allegheny Joint Sanitary Authority			3.800		09/01/49		1,622
	5,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/42		5,405
	3,000,000		Vermont Educational & Health Buildings Financing Agency			4.000		12/01/46		3,223

398

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,000,000		Washington County Clean Water Services		5.078	%	10/01/24	$	1,162
			TOTAL MUNICIPAL BONDS						607,065

U.S. TREASURY SECURITIES - 3.0%
	6,000,000		United States Treasury Bond		3.125		02/15/43		7,856
	1,000,000		United States Treasury Bond		3.375		05/15/44		1,365
	35,830,000		United States Treasury Bond		2.875		11/15/46		45,689
	2,500,000		United States Treasury Bond		3.000		02/15/49		3,291
	9,350,000		United States Treasury Note		0.125		05/31/22		9,352
	4,150,000		United States Treasury Note		2.000		07/31/22		4,272
	4,500,000		United States Treasury Note		1.750		09/30/22		4,627
	21,821,000		United States Treasury Note		0.125		10/31/22		21,824
	31,765,000		United States Treasury Note		2.875		09/30/23		34,121
	28,710,000		United States Treasury Note		0.125		12/15/23		28,674
	6,100,000		United States Treasury Note		2.625		12/31/23		6,547
	5,000,000		United States Treasury Note		1.500		09/30/24		5,235
	1,525,000		United States Treasury Note		2.250		10/31/24		1,642
	9,350,000		United States Treasury Note		2.125		11/30/24		10,030
	17,630,000		United States Treasury Note		0.375		11/30/25		17,651
	18,842,000		United States Treasury Note		2.500		02/28/26		20,884
	15,031,000		United States Treasury Note		0.500		10/31/27		14,906
	35,275,000		United States Treasury Note		0.625		11/30/27		35,253
	95,145,000		United States Treasury Note		0.875		11/15/30		94,773
	116,292,000		United States Treasury Note		1.250		05/15/50		105,262
	53,750,000		United States Treasury Note		1.375		08/15/50		50,223
			TOTAL U.S. TREASURY SECURITIES						523,477

			TOTAL GOVERNMENT BONDS						3,560,083
			(Cost $3,414,350)

STRUCTURED ASSETS - 3.0%

ASSET BACKED - 1.1%
	99,904	g	AMSR Trust		1.819		04/17/37		102
			Series - 2020 SFR1 (Class A)
	900,000	g	AMSR Trust		3.148		01/19/39		935
			Series - 2019 SFR1 (Class C)
	800,000	g	AMSR Trust		3.247		01/19/39		826
			Series - 2019 SFR1 (Class D)
	5,000,000	g,i	AREIT Trust		1.173		09/14/36		4,916
			Series - 2019 CRE3 (Class A)
	488,187	i	Asset Backed Securities Corp Home Equity Loan Trust		3.386		08/25/34		474
			Series - 2004 HE5 (Class M1)
	1,500,000	i	Bayview Financial Mortgage Pass-Through Trust		1.123		02/28/41		1,491
			Series - 2006 A (Class M3)
	72,553	i	Bear Stearns Asset Backed Securities Trust		1.153		04/25/36		72
			Series - 2006 SD1 (Class M1)
	4,500,000	g,i	BFLD Trust		2.259		10/15/35		4,500
			Series - 2020 EYP (Class C)
	3,694,568	g	Capital Automotive REIT		3.660		10/15/44		3,705
			Series - 2014 1A (Class A)
	3,677,633	g	Capital Automotive REIT		3.870		04/15/47		3,683
			Series - 2017 1A (Class A1)

399

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	476,344	i	C-BASS Trust		0.228	%	07/25/36	$	458
			Series - 2006 CB6 (Class A1)
	3,760,396	i	Chase Funding Loan Acquisition Trust		1.003		06/25/34		3,667
			Series - 2004 OPT1 (Class M1)
	216,391	g	Corevest American Finance Trust		1.832		03/15/50		220
			Series - 2020 1 (Class A1)
	1,458,750	g	DB Master Finance LLC		3.629		11/20/47		1,497
			Series - 2017 1A (Class A2I)
	6,887,000	g	Domino’s Pizza Master Issuer LLC		3.082		07/25/47		6,924
			Series - 2017 1A (Class A2II)
	299,501	g,i	Ellington Loan Acquisition Trust		1.248		05/25/37		299
			Series - 2007 2 (Class A2C)
	4,523,697	g	HERO Funding Trust		3.840		09/21/40		4,781
			Series - 2015 1A (Class A)
	1,232,700	†,g	HERO Funding Trust		3.990		09/21/40		1,265
			Series - 2014 2A (Class A)
	2,244,708	g	HERO Funding Trust		3.750		09/20/41		2,342
			Series - 2016 2A (Class A)
	2,137,279	g	HERO Funding Trust		4.050		09/20/41		2,234
			Series - 2016 1A (Class A)
	836,963	g	HERO Funding Trust		3.080		09/20/42		859
			Series - 2016 3A (Class A1)
	38,524	†,g	HERO Funding Trust		4.500		09/21/42		38
			Series - 2016 1R (Class A1)
	5,860,599	g	HERO Funding Trust		3.710		09/20/47		6,122
			Series - 2017 1A (Class A1)
	5,921,261	g	HERO Funding Trust		3.190		09/20/48		6,099
			Series - 2017 3A (Class A1)
	1,418,493	g	HERO Funding Trust		3.280		09/20/48		1,466
			Series - 2017 2A (Class A1)
	6,570,749	g	HERO Funding Trust		4.670		09/20/48		7,035
			Series - 2018 1A (Class A2)
	27,657	i	Home Equity Asset Trust		1.648		06/25/33		28
			Series - 2003 1 (Class M1)
	99,980	g,i	Invitation Homes Trust		1.609		06/17/37		100
			Series - 2018 SFR2 (Class D)
	320,078	g,i	Invitation Homes Trust		1.153		07/17/37		320
			Series - 2018 SFR3 (Class A)
	848,329	g,i	Invitation Homes Trust		1.253		01/17/38		855
			Series - 2018 SFR4 (Class A)
	600,000	g,i	Invitation Homes Trust		1.403		01/17/38		600
			Series - 2018 SFR4 (Class B)
	499,336	i	JP Morgan Mortgage Acquisition Trust		0.468		03/25/37		492
			Series - 2007 CH3 (Class A1B)
	6,591,077	i	JP Morgan Mortgage Acquisition Trust		0.308		06/25/37		6,465
			Series - 2007 CH5 (Class A1)
	5,000,000	g,h	Loanpal Solar Loan Ltd		2.290		01/20/48		5,035
			Series - 2021 1GS (Class A)
	2,499,681	g	Mosaic Solar Loan Trust		2.100		04/20/46		2,551
			Series - 2020 1A (Class A)
	3,459,379	g	Mosaic Solar Loan Trust		3.100		04/20/46		3,615
			Series - 2020 1A (Class B)
	5,137,893	g	Mosaic Solar Loans LLC		3.820		06/22/43		5,529
			Series - 2017 2A (Class A)

400

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	650,000	i	RASC Trust		3.080	%	08/25/35	$	649
			Series - 2005 KS8 (Class M4)
	3,418,635	g	Renew		3.670		09/20/52		3,522
			Series - 2017 1A (Class A)
	7,327,819	g	Renew		3.950		09/20/53		7,570
			Series - 2018 1 (Class A)
	3,981,979	g	SolarCity LMC		4.590		04/20/44		3,951
			Series - 2014 1 (Class A)
	21,519,105	g	SolarCity LMC		4.020		07/20/44		21,904
			Series - 2014 2 (Class A)
	3,107,454	g	SolarCity LMC		4.800		09/20/48		3,242
			Series - 2016 A (Class A)
	13,363	i	Structured Asset Investment Loan Trust		1.048		09/25/34		13
			Series - 2004 8 (Class M1)
	67,117	i	Structured Asset Investment Loan Trust		1.148		09/25/34		67
			Series - 2004 8 (Class A9)
	1,772,405	i	Structured Asset Securities Corp Mortgage Loan Trust		1.655		04/25/35		1,753
			Series - 2005 7XS (Class 2A1A)
	2,855,229	g	Sunrun Athena Issuer LLC		5.310		04/30/49		3,209
			Series - 2018 1 (Class A)
	9,492,367	g	Sunrun Atlas Issuer LLC		3.610		02/01/55		10,141
			Series - 2019 2 (Class A)
	11,474,178	g	TES LLC		4.330		10/20/47		11,781
			Series - 2017 1A (Class A)
	2,500,000	g	TES LLC		7.740		10/20/47		2,377
			Series - 2017 1A (Class B)
	7,054,418	g	TES LLC		4.120		02/20/48		7,212
			Series - 2017 2A (Class A)
	709,495	g	Tesla Auto Lease Trust		3.710		08/20/21		714
			Series - 2018 B (Class A)
	4,125,000	g	Tesla Auto Lease Trust		2.200		11/21/22		4,228
			Series - 2019 A (Class A4)
	1,000,000	g	Tricon American Homes Trust		4.011		09/17/34		1,018
			Series - 2017 SFR1 (Class E)
	1,092,903	g	Tricon American Homes Trust		2.928		01/17/36		1,127
			Series - 2017 SFR2 (Class A)
	200,000	g	Tricon American Homes Trust		3.275		01/17/36		206
			Series - 2017 SFR2 (Class B)
	14,398,312	g	Vivint Colar Financing V LLC		4.730		04/30/48		15,771
			Series - 2018 1A (Class A)
	5,250,000	g	Vivint Solar Financing VII LLC		2.210		07/31/51		5,394
			Series - 2020 1A (Class A)
	1,455,000	g	Wendys Funding LLC		3.573		03/15/48		1,500
			Series - 2018 1A (Class A2I)
			TOTAL ASSET BACKED						198,949

OTHER MORTGAGE BACKED - 1.9%
	531,704	g,i	Agate Bay Mortgage Trust		3.500		11/25/44		541
			Series - 2014 3 (Class A13)
	279,817	g,i	Agate Bay Mortgage Trust		3.500		09/25/45		284
			Series - 2015 6 (Class A9)
	258,224	i	Alternative Loan Trust		0.898		06/25/34		261
			Series - 2004 8CB (Class M1)

401

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	168,635	g,i	Bancorp Commercial Mortgage Trust		1.059	%	09/15/35	$	168
			Series - 2018 CRE4 (Class A)
	5,440,000	g,i	BBCMS Mortgage Trust		4.267		08/05/38		3,762
			Series - 2018 CHRS (Class E)
	12,500,000	g	BBCMS Trust		3.593		09/15/32		12,879
			Series - 2015 MSQ (Class A)
	3,600,000	g	BBCMS Trust		3.894		09/15/32		3,709
			Series - 2015 MSQ (Class B)
	3,000,000	g,i	BBCMS Trust		3.688		02/15/53		3,147
			Series - 2020 C6 (Class F5TA)
	1,000,000		Benchmark Mortgage Trust		3.419		08/15/52		1,127
			Series - 2019 B12 (Class AS)
	8,870,000	g,i	Benchmark Mortgage Trust		3.899		03/15/62		9,367
			Series - 2019 B10 (Class 3CCA)
	2,000,000	i	CD Mortgage Trust		3.879		11/10/49		2,147
			Series - 2016 CD2 (Class B)
	2,000,000	i	Citigroup Commercial Mortgage Trust		4.151		04/10/48		2,045
			Series - 2015 GC29 (Class C)
	4,000,000		Citigroup Commercial Mortgage Trust		3.300		11/10/52		4,506
			Series - 2019 GC43 (Class AS)
	3,115,000		Citigroup Commercial Mortgage Trust		3.018		08/10/56		3,428
			Series - 2019 GC41 (Class AS)
	325,000	i	Citigroup Mortgage Loan Trust		0.898		01/25/36		323
			Series - 2006 WFH1 (Class M4)
	3,000,000	g,i	Cityline Commercial Mortgage Trust		2.778		11/10/31		3,090
			Series - 2016 CLNE (Class A)
	3,000,000	g	COMM Mortgage Trust		2.681		08/10/29		3,016
			Series - 2016 GCT (Class A)
	2,750,000	g,i	COMM Mortgage Trust		3.413		10/10/29		2,882
			Series - 2017 PANW (Class B)
	3,000,000	g,i	COMM Mortgage Trust		3.538		10/10/29		3,123
			Series - 2017 PANW (Class C)
	5,120,000	g	COMM Mortgage Trust		4.353		08/10/30		5,478
			Series - 2013 300P (Class A1)
	3,500,000	g,i	COMM Mortgage Trust		4.106		03/10/48		3,381
			Series - 2015 CR22 (Class D)
	1,100,000	i	COMM Mortgage Trust		4.291		05/10/48		1,164
			Series - 2015 CR23 (Class C)
	2,000,000	i	COMM Mortgage Trust		4.291		05/10/48		1,812
			Series - 2015 CR23 (Class D)
	2,500,000	i	COMM Mortgage Trust		3.463		08/10/48		2,219
			Series - 2015 CR24 (Class D)
	1,000,000		COMM Mortgage Trust		3.263		08/15/57		1,119
			Series - 2019 GC44 (Class AM)
	2,345,375	i	Connecticut Avenue Securities		2.748		05/25/24		2,284
			Series - 2014 C02 (Class 1M2)
	5,630,778	i	Connecticut Avenue Securities		3.148		07/25/24		5,465
			Series - 2014 C03 (Class 1M2)
	927,436	i	Connecticut Avenue Securities		5.148		11/25/24		950
			Series - 2014 C04 (Class 2M2)
	280,208	i	Connecticut Avenue Securities		5.698		04/25/28		295
			Series - 2015 C04 (Class 2M2)
	466,303	i	Connecticut Avenue Securities		5.848		04/25/28		498
			Series - 2015 C04 (Class 1M2)

402

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	1,270,197	i	Connecticut Avenue Securities		6.898	%	08/25/28	$	1,362
			Series - 2016 C01 (Class 1M2)
	1,153,526	i	Connecticut Avenue Securities		7.098		08/25/28		1,225
			Series - 2016 C01 (Class 2M2)
	867,436	i	Connecticut Avenue Securities		6.148		09/25/28		920
			Series - 2016 C02 (Class 1M2)
	1,815,393	i	Connecticut Avenue Securities		6.048		10/25/28		1,908
			Series - 2016 C03 (Class 2M2)
	3,285,715	i	Connecticut Avenue Securities		4.398		01/25/29		3,420
			Series - 2016 C04 (Class 1M2)
	2,634,933	i	Connecticut Avenue Securities		4.598		01/25/29		2,744
			Series - 2016 C05 (Class 2M2)
	1,228,005	i	Connecticut Avenue Securities		4.398		04/25/29		1,286
			Series - 2016 C06 (Class 1M2)
	735,521	i	Connecticut Avenue Securities		2.348		01/25/30		738
			Series - 2017 C05 (Class 1M2A)
	579,538	i	Connecticut Avenue Securities		2.398		07/25/30		577
			Series - 2018 C01 (Class 1M2)
	328,221	i	Connecticut Avenue Securities		2.348		08/25/30		326
			Series - 2018 C02 (Class 2M2)
	643,842	i	Connecticut Avenue Securities		0.998		10/25/30		640
			Series - 2018 C03 (Class 1EA2)
	117,251	i	Connecticut Avenue Securities		2.698		12/25/30		118
			Series - 2018 C04 (Class 2M2)
	314,449	g,i	Connecticut Avenue Securities		2.598		07/25/31		314
			Series - 2019 R01 (Class 2M2)
	236,212	g,i	Connecticut Avenue Securities		2.248		09/25/39		236
			Series - 2019 R06 (Class 2M2)
	1,360,000	g,i	Connecticut Avenue Securities		2.148		01/25/40		1,350
			Series - 2020 R02 (Class 2M2)
	15,000,000	g	CPT Mortgage Trust		2.865		11/13/39		16,459
			Series - 2019 CPT (Class A)
	2,000,000	g,i	CPT Mortgage Trust		2.997		11/13/39		1,956
			Series - 2019 CPT (Class E)
	5,000,000	g,i	Credit Suisse Commercial Mortgage Trust		3.728		11/10/32		5,354
			Series - 2017 CALI (Class B)
	712,858	g,i	Credit Suisse Commercial Mortgage Trust		0.798		05/25/36		713
			Series - 2006 CF2 (Class M3)
	3,244,051	g,i	Credit Suisse Commercial Mortgage Trust		3.500		02/25/48		3,313
			Series - 2018 J1 (Class A11)
	6,650,000	g,i	CSAIL Commercial Mortgage Trust		3.677		06/15/37		6,899
			Series - 2017 C8 (Class 85BA)
	6,100,000	g,i	CSAIL Commercial Mortgage Trust		3.677		06/15/37		5,901
			Series - 2017 C8 (Class 85BB)
	1,500,000	g,i	DBUBS Mortgage Trust		5.565		11/10/46		1,504
			Series - 2011 LC1A (Class C)
	500,000	g,i	Ellington Financial Mortgage Trust		3.587		06/25/59		502
			Series - 2019 1 (Class M1)
	605,438	i	Fieldstone Mortgage Investment Trust		0.883		12/25/35		603
			Series - 2005 2 (Class M2)
	1,633,593	g,i	FirstKey Mortgage Trust		3.500		11/25/44		1,667
			Series - 2014 1 (Class A8)
	559,765	g,i	Flagstar Mortgage Trust		4.109		10/25/47		587
			Series - 2017 2 (Class B3)

403

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	372,084	g,i	Flagstar Mortgage Trust		4.000	%	09/25/48	$	377
			Series - 2018 5 (Class A11)
	4,987,061		Freddie Mac Multifamily Structured Pass Through Certificates		1.555		01/25/36		5,023
			Series - 2020 Q014 (Class A1)
	10,273,569	i	Freddie Mac Multifamily Structured Pass Through Certificates		2.805		10/25/55		2,256
			Series - 2020 Q014 (Class X)
	6,150,000		Freddie Mac Multifamily Variable Rate Certificate		1.761		09/15/38		6,170
			Series - 2020 M061 (Class A)
	1,144,788	g,i	Freddie Mac Structured Agency Credit Risk Debt Notes		3.723		02/25/48		1,145
			Series - 2018 SPI1 (Class M2)
	5,000,000	g	GRACE Mortgage Trust		3.369		06/10/28		4,999
			Series - 2014 GRCE (Class A)
	2,000,000	g,i	GS Mortgage Securities Trust		1.249		10/15/31		2,000
			Series - 2018 HART (Class A)
	3,000,000		GS Mortgage Securities Trust		3.143		10/10/49		3,250
			Series - 2016 GS3 (Class AS)
	830,000	i	GS Mortgage Securities Trust		3.811		11/10/49		788
			Series - 2016 GS4 (Class C)
	1,922,932	g,i	GS Mortgage-Backed Securities Corp Trust		3.500		07/25/50		1,962
			Series - 2020 PJ2 (Class A4)
	1,019,632	i	HarborView Mortgage Loan Trust		0.772		08/19/45		1,000
			Series - 2005 11 (Class 2A1A)
	6,000,000	g	Hudson Yards Mortgage Trust		2.835		08/10/38		6,522
			Series - 2016 10HY (Class A)
	5,000,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		5,445
			Series - 2016 10HY (Class B)
	5,000,000	g,i	Hudson Yards Mortgage Trust		2.977		08/10/38		5,378
			Series - 2016 10HY (Class C)
	7,000,000	g	Hudson Yards Mortgage Trust		3.228		07/10/39		7,913
			Series - 2019 30HY (Class A)
	1,000,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		1,032
			Series - 2019 55HY (Class D)
	7,000,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		6,892
			Series - 2019 55HY (Class E)
	2,500,000	g,i	Hudson Yards Mortgage Trust		2.943		12/10/41		2,292
			Series - 2019 55HY (Class F)
	223,414	i	Impac CMB Trust		0.808		03/25/35		222
			Series - 2004 11 (Class 2A1)
	2,800,000		JP Morgan Chase Commercial Mortgage Securities Corp		3.372		12/15/47		2,924
			Series - 2013 C10 (Class AS)
	1,557,917	g,i	JP Morgan Mortgage Trust		2.124		12/25/44		1,588
			Series - 2015 1 (Class B1)
	280,537	g,i	JP Morgan Mortgage Trust		3.500		05/25/45		285
			Series - 2015 3 (Class A19)
	1,153,562	g,i	JP Morgan Mortgage Trust		3.500		10/25/45		1,173
			Series - 2015 6 (Class A13)
	525,439	g,i	JP Morgan Mortgage Trust		3.500		05/25/46		534
			Series - 2016 1 (Class A13)
	52,460	g,i	JP Morgan Mortgage Trust		3.500		01/25/47		53
			Series - 2017 1 (Class A3)

404

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	659,949	g,i	JP Morgan Mortgage Trust		3.500	%	05/25/47	$	674
			Series - 2017 2 (Class A13)
	1,274,162	g,i	JP Morgan Mortgage Trust		3.500		05/25/47		1,279
			Series - 2017 2 (Class A5)
	241,747	g,i	JP Morgan Mortgage Trust		3.500		08/25/47		242
			Series - 2017 3 (Class 1A5)
	260,615	g,i	JP Morgan Mortgage Trust		3.500		09/25/48		267
			Series - 2018 3 (Class A13)
	85,434	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		89
			Series - 2018 4 (Class A13)
	342,580	g,i	JP Morgan Mortgage Trust		3.500		10/25/48		355
			Series - 2018 5 (Class A13)
	6,436	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		6
			Series - 2018 8 (Class A5)
	431,688	g,i	JP Morgan Mortgage Trust		4.000		01/25/49		443
			Series - 2018 8 (Class A13)
	916,772	g,i	JP Morgan Mortgage Trust		4.000		02/25/49		941
			Series - 2018 9 (Class A13)
	986,002	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		1,007
			Series - 2019 1 (Class A15)
	179,665	g,i	JP Morgan Mortgage Trust		4.000		05/25/49		185
			Series - 2019 1 (Class A3)
	140,683	g,i	JP Morgan Mortgage Trust		4.766		09/25/49		151
			Series - 2019 3 (Class B1)
	2,134,887	g,i	JP Morgan Mortgage Trust		1.098		10/25/49		2,137
			Series - 2019 INV1 (Class A11)
	1,654,159	g,i	JP Morgan Mortgage Trust		3.888		06/25/50		1,751
			Series - 2020 1 (Class B2)
	10,000,000	g	Liberty Street Trust		3.597		02/10/36		11,095
			Series - 2016 225L (Class A)
	4,000,000	g,i	MAD Mortgage Trust		3.188		08/15/34		4,148
			Series - 2017 330M (Class A)
	4,000,000	g,i	MAD Mortgage Trust		3.366		08/15/34		4,128
			Series - 2017 330M (Class B)
	3,000,000	g,i	Manhattan West		2.335		09/10/39		3,103
			Series - 2020 1MW (Class C)
	518,948	i	Morgan Stanley Capital I Trust		0.973		08/25/34		512
			Series - 2004 HE6 (Class M1)
	2,000,000	g,i	Morgan Stanley Capital I Trust		5.563		09/15/47		2,001
			Series - 2011 C1 (Class D)
	212,209	†,i	Morgan Stanley Capital I Trust		6.259		12/12/49		126
			Series - 2007 IQ16 (Class AJFX)
	3,000,000	g,i	MSDB Trust		3.316		07/11/39		3,250
			Series - 2017 712F (Class A)
	15,780,000	g,i	Natixis Commercial Mortgage Securities Trust		0.942		07/15/33		15,664
			Series - 2018 850T (Class A)
	5,750,000	g,i	Natixis Commercial Mortgage Securities Trust		1.659		07/15/36		5,729
			Series - 2019 MILE (Class A)
	9,000,000	g,i	Natixis Commercial Mortgage Securities Trust		3.659		07/15/36		8,599
			Series - 2019 MILE (Class E)
	1,750,000	g,i	Natixis Commercial Mortgage Securities Trust		4.409		07/15/36		1,655
			Series - 2019 MILE (Class F)
	101,892	i	New York Mortgage Trust		0.628		02/25/36		101
			Series - 2005 3 (Class A1)

405

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	669,583	g,i	OBX Trust		0.798	%	06/25/57	$	668
			Series - 2018 1 (Class A2)
	434,699	g,i	OBX Trust		0.898		07/25/58		434
			Series - 2018 EXP2 (Class 2A1A)
	11,800,000	g	One Bryant Park Trust		2.516		09/15/54		12,609
			Series - 2019 OBP (Class A)
	3,900,000	g	One Market Plaza Trust		3.614		02/10/32		4,042
			Series - 2017 1MKT (Class A)
	1,194,701	g,i	Sequoia Mortgage Trust		3.500		05/25/45		1,223
			Series - 2015 2 (Class A1)
	515,164	g,i	Sequoia Mortgage Trust		3.500		06/25/46		525
			Series - 2016 1 (Class A19)
	180,054	g,i	Sequoia Mortgage Trust		3.500		11/25/46		182
			Series - 2016 3 (Class A10)
	1,292,891	g,i	Sequoia Mortgage Trust		3.500		04/25/47		1,318
			Series - 2017 3 (Class A19)
	714,280	g,i	Sequoia Mortgage Trust		3.747		09/25/47		760
			Series - 2017 6 (Class B1)
	329,596	g,i	Sequoia Mortgage Trust		3.500		02/25/48		336
			Series - 2018 2 (Class A19)
	411,995	g,i	Sequoia Mortgage Trust		3.500		02/25/48		422
			Series - 2018 2 (Class A1)
	55,420	g,i	Sequoia Mortgage Trust		3.500		03/25/48		55
			Series - 2018 3 (Class A4)
	76,692	g,i	Sequoia Mortgage Trust		4.000		09/25/48		78
			Series - 2018 7 (Class A19)
	22,819	g,i	Sequoia Mortgage Trust		4.000		11/25/48		23
			Series - 2018 8 (Class A19)
	328,257	g,i	Sequoia Mortgage Trust		4.000		06/25/49		334
			Series - 2019 2 (Class A19)
	1,354,388	g,i	Sequoia Mortgage Trust		4.000		06/25/49		1,384
			Series - 2019 2 (Class A1)
	1,194,075	g,i	Sequoia Mortgage Trust		3.500		11/25/49		1,217
			Series - 2019 4 (Class A1)
	1,168,340	g,i	Sequoia Mortgage Trust		3.500		12/25/49		1,191
			Series - 2019 5 (Class A1)
	652,896	g,i	Sequoia Mortgage Trust		3.500		12/25/49		665
			Series - 2019 5 (Class A19)
	2,104,027	g,i	Sequoia Mortgage Trust		3.000		04/25/50		2,146
			Series - 2020 3 (Class A19)
	153,193	g,i	Shellpoint Co-Originator Trust		3.500		11/25/46		154
			Series - 2016 1 (Class 1A10)
	1,412,145	g,i	Shellpoint Co-Originator Trust		3.500		10/25/47		1,439
			Series - 2017 2 (Class A1)
	80,825	i	Structured Agency Credit Risk Debt Note (STACR)		4.298		01/25/25		82
			Series - 2015 DN1 (Class M3)
	35,267	i	STACR		3.948		03/25/25		35
			Series - 2015 HQ1 (Class M3)
	280,531	i	STACR		1.498		03/25/29		281
			Series - 2016 HQA3 (Class M2)
	336,462	i	STACR		3.398		07/25/29		344
			Series - 2017 DNA1 (Class M2)
	464,573	i	STACR		1.348		10/25/29		465
			Series - 2017 DNA2 (Class M1)

406

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	486,208	i	STACR		1.948	%	07/25/30	$	482
			Series - 2018 DNA1 (Class M2)
	1,460,091	i	STACR		2.472		08/25/30		1,455
			Series - 2018 HQA1 (Class M2)
	12,969	g,i	STACR		4.141		08/25/48		13
			Series - 2018 SPI3 (Class M2)
	1,559,179	g,i	STACR		4.481		11/25/48		1,559
			Series - 2018 SPI4 (Class M2)
	335,916	g,i	STACR		2.098		10/25/49		335
			Series - 2019 DNA4 (Class M2)
	2,204,689	g,i	STACR		2.198		11/25/49		2,198
			Series - 2019 HQA4 (Class M2)
	620,000	g,i	STACR		1.848		12/25/49		615
			Series - 2020 DNA1 (Class M2)
	670,000	g,i	STACR		1.998		02/25/50		666
			Series - 2020 DNA2 (Class M2)
	2,620,000	g,i	STACR		3.248		03/25/50		2,638
			Series - 2020 HQA2 (Class M2)
	475,000	g	Tricon American Homes		2.049		07/17/38		487
			Series - 2020 SFR1 (Class B)
	1,398,443	g	VERUS A3 (Step Bond)		1.733		05/25/65		1,400
			Series - 2020 5 (Class A3)
	1,600,000	g,i	Verus Securitization Trust		3.781		05/25/59		1,603
			Series - 2019 2 (Class M1)
	1,600,000	g,i	Verus Securitization Trust		3.139		07/25/59		1,625
			Series - 2019 3 (Class M1)
	1,030,000		Wells Fargo Commercial Mortgage Trust		3.539		10/15/45		1,069
			Series - 2012 LC5 (Class AS)
	478,540	g,i	Wells Fargo Mortgage Backed Securities Trust		4.000		04/25/49		486
			Series - 2019 2 (Class A17)
			TOTAL OTHER MORTGAGE BACKED						336,996

			TOTAL STRUCTURED ASSETS						535,945
			(Cost $521,839)

			TOTAL BONDS						6,843,179
			(Cost $6,503,888)

SHARES			COMPANY
COMMON STOCKS - 59.7%

AUTOMOBILES & COMPONENTS - 1.5%
	77,916		Aptiv plc						10,152
	163,465		Bayerische Motoren Werke AG.						14,427
	60,180		Bayerische Motoren Werke AG. (Preference)						4,054
	14,525		BorgWarner, Inc						561
	187,282		Denso Corp						11,147
	590,480		Honda Motor Co Ltd						16,661
	105,512		Magna International, Inc						7,469
	56,903		Michelin (C.G.D.E.) (Class B)						7,327
	443,409	e	Peugeot S.A.						12,143
	31,000		Stanley Electric Co Ltd						1,000

407

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	97,152	*	Tenneco, Inc	$	1,030
	197,503	*	Tesla, Inc		139,372
	491,800		Toyota Motor Corp		37,952
	83,830		Valeo S.A.		3,307
			TOTAL AUTOMOBILES & COMPONENTS		266,602

BANKS - 2.6%
	2,364		Ameris Bancorp		90
	33,649		Associated Banc-Corp		574
	1,050,317		Australia & New Zealand Banking Group Ltd		18,431
	2,678,905		Banco Bilbao Vizcaya Argentaria S.A.		13,278
	1,221,231	*	Bank Hapoalim Ltd		8,388
	238,972		Bank of Montreal		18,169
	180,784		Bank of Nova Scotia		9,771
	55,179		Bank OZK		1,725
	2,405		Banner Corp		112
	55,754		Berkshire Hills Bancorp, Inc		955
	376,943		BNP Paribas S.A.		19,900
	3,442,500		BOC Hong Kong Holdings Ltd		10,435
	16,180		Brookline Bancorp, Inc		195
	10,169		Bryn Mawr Bank Corp		311
	2,629		Cadence BanCorp		43
	2,629,194		CaixaBank S.A.		6,758
	6,038		Camden National Corp		216
	79,444		Canadian Imperial Bank of Commerce		6,785
	546,055		Citizens Financial Group, Inc		19,527
	2,120		Columbia Banking System, Inc		76
	125,626		Comerica, Inc		7,018
	747		Commerce Bancshares, Inc		49
	473,839		Commonwealth Bank of Australia		30,118
	889		Community Trust Bancorp, Inc		33
	4,937		Cullen/Frost Bankers, Inc		431
	58,867	*	Customers Bancorp, Inc		1,070
	750,793		DBS Group Holdings Ltd		14,228
	15,927		Federal Agricultural Mortgage Corp (FAMC)		1,183
	7,030		First Busey Corp		152
	52,606		First Republic Bank		7,729
	2,590		Glacier Bancorp, Inc		119
	61,111		Great Western Bancorp, Inc		1,277
	5,441		Hancock Whitney Corp		185
	658,200		Hang Seng Bank Ltd		11,359
	10,817		Heartland Financial USA, Inc		437
	8,039		Heritage Financial Corp		188
	24,702		HomeStreet, Inc		834
	336,483		Huntington Bancshares, Inc		4,250
	6,966,032		Intesa Sanpaolo S.p.A.		16,466
	139,026		Investors Bancorp, Inc		1,468
	122,862		KBC Groep NV		8,598
	115,824		Kearny Financial Corp		1,223
	254,567		Keycorp		4,177
	27,446		Live Oak Bancshares, Inc		1,303
	95,265		M&T Bank Corp		12,127
	12,050		MGIC Investment Corp		151
	17,431	*	Mr Cooper Group, Inc		541

408

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	31,830		National Bank Holdings Corp	$	1,043
	3,324		NBT Bancorp, Inc		107
	543,216		New York Community Bancorp, Inc		5,731
	9,051		Old National Bancorp		150
	189,303		People’s United Financial, Inc		2,448
	60,922		Pinnacle Financial Partners, Inc		3,923
	303,472		PNC Financial Services Group, Inc		45,217
	791,727		Regions Financial Corp		12,763
	2,027,100		Resona Holdings, Inc		7,096
	1,005,063		Skandinaviska Enskilda Banken AB (Class A)		10,350
	112,861		Societe Generale		2,346
	2,006,311		Standard Chartered plc		12,740
	13,659		Stock Yards Bancorp, Inc		553
	344,200		Sumitomo Mitsui Trust Holdings, Inc		10,620
	22,588	*	SVB Financial Group		8,760
	906,846		Svenska Handelsbanken AB		9,141
	3,121	*	Texas Capital Bancshares, Inc		186
	6,965		TFS Financial Corp		123
	26,551	*	The Bancorp, Inc		362
	7,365		Trico Bancshares		260
	33,943	*	Tristate Capital Holdings, Inc		591
	603,337		Truist Financial Corp		28,918
	1,700		Trustmark Corp		46
	5,827		Umpqua Holdings Corp		88
	12,481		Univest Financial Corp		257
	5,960		Webster Financial Corp		251
	25,913		WesBanco, Inc		776
	3,019		Westamerica Bancorporation		167
	1,282,302		Westpac Banking Corp		19,082
	1,110		Wintrust Financial Corp		68
	1,706		WSFS Financial Corp		77
	66,607		Zions Bancorporation		2,893
			TOTAL BANKS		449,586

CAPITAL GOODS - 3.9%
	250,270		3M Co		43,745
	790		Acuity Brands, Inc		96
	17,432	*	Aegion Corp		331
	110,001		Ashtead Group plc		5,181
	142,033		Assa Abloy AB		3,510
	212,409		Atlas Copco AB (A Shares)		10,917
	202,746		Atlas Copco AB (B Shares)		9,101
	99,002	*	Axon Enterprise, Inc		12,131
	53,682		Barnes Group, Inc		2,721
	2,120	*	Beacon Roofing Supply, Inc		85
	172,413	*,e	Bloom Energy Corp		4,941
	46,560		Bouygues S.A.		1,915
	38,706		Brenntag AG.		3,010
	308,152		CAE, Inc		8,538
	20,439		Carlisle Cos, Inc		3,192
	219,371		Caterpillar, Inc		39,930
	919,426		CNH Industrial NV		11,558
	48,087		Cubic Corp		2,983
	42,051		Cummins, Inc		9,550

409

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	86,153		Curtiss-Wright Corp	$	10,024
	39,500		Daifuku Co Ltd		4,888
	84,700		Daikin Industries Ltd		18,843
	92,545		DCC plc		6,549
	117,448		Deere & Co		31,599
	201,312		Eaton Corp		24,186
	2,820		EMCOR Group, Inc		258
	139,227		Fastenal Co		6,798
	118,097		Ferguson plc		14,349
	117,553		Fortive Corp		8,325
	15,340	*	Herc Holdings, Inc		1,019
	166,454		Hexcel Corp		8,071
	103,600	*	Hitachi Construction Machinery Co Ltd		2,946
	26,167		Hochtief AG.		2,546
	1,811		IDEX Corp		361
	188,762		Illinois Tool Works, Inc		38,485
	375,727		Johnson Controls International plc		17,505
	303,500		Kajima Corp		4,071
	1,335,270	e	Keppel Corp Ltd		5,438
	417,800		Komatsu Ltd		11,530
	573,800	e	Kubota Corp		12,536
	14,151		Legrand S.A.		1,266
	86		Lennox International, Inc		24
	201,170		Masco Corp		11,050
	107,470	*	Mercury Systems, Inc		9,464
	618,000		Mitsubishi Corp		15,235
	27,341		Moog, Inc (Class A)		2,168
	48,277		MTU Aero Engines Holding AG.		12,584
	6,318	*	MYR Group, Inc		380
	333,800		Obayashi Corp		2,882
	5,749		Owens Corning, Inc		435
	73,177		PACCAR, Inc		6,314
	56,410		Parker-Hannifin Corp		15,367
	148,986	*	Plug Power, Inc		5,052
	44,712		Rockwell Automation, Inc		11,214
	44,046		Roper Technologies Inc		18,988
	6,577		Rush Enterprises, Inc (Class A)		272
	256,074		Sandvik AB		6,316
	162,668		Schneider Electric S.A.		23,510
	386,200		Shimizu Corp		2,811
	203,027		Siemens AG.		29,245
	825,000	e	Singapore Technologies Engineering Ltd		2,388
	11,008		Snap-On, Inc		1,884
	13,095		Stanley Black & Decker, Inc		2,338
	44,001	*	Teledyne Technologies, Inc		17,247
	81,936		Trane Technologies plc		11,894
	20,355	*	Trimas Corp		645
	35,823	*	United Rentals, Inc		8,308
	20,908	*	Vectrus, Inc		1,039
	46,500		Vestas Wind Systems AS		10,985
	646,525		Volvo AB (B Shares)		15,305
	15,523		W.W. Grainger, Inc		6,339
	1,964		Wabash National Corp		34
	350,496		Wartsila Oyj (B Shares)		3,508

410

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	3,684	*	WESCO International, Inc	$	289
	42,524		Woodward Inc		5,168
	12,800	e	WSP Global, Inc		1,213
	43,453		Xylem, Inc		4,423
			TOTAL CAPITAL GOODS		671,346

COMMERCIAL & PROFESSIONAL SERVICES - 1.0%
	2,604		ABM Industries, Inc		99
	20,398		ACCO Brands Corp		172
	25,543		Adecco S.A.		1,701
	1,000	*	ASGN Inc		84
	1,175		Brambles Ltd		10
	18,474		Cintas Corp		6,530
	162,221	*	Copart, Inc		20,643
	14,671	*	FTI Consulting, Inc		1,639
	7,701		Heidrick & Struggles International, Inc		226
	9,677	*	Huron Consulting Group, Inc		570
	5,731		ICF International, Inc		426
	310,207		IHS Markit Ltd		27,866
	125,772		Intertek Group plc		9,715
	47,960		Kelly Services, Inc (Class A)		987
	37,666		Randstad Holdings NV		2,438
	399,200		Recruit Holdings Co Ltd		16,768
	724,451		RELX plc (London)		17,725
	21,731		Resources Connection, Inc		273
	61,501		Robert Half International, Inc		3,843
	1,100		Secom Co Ltd		101
	3,476		SGS S.A.		10,478
	11,939		Teleperformance		3,963
	140,551		TransUnion		13,945
	1,668	*	TriNet Group, Inc		134
	17,456		Verisk Analytics, Inc		3,624
	42,474		Viad Corp		1,536
	170,549		Waste Management, Inc		20,113
	29,805		Wolters Kluwer NV		2,515
			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		168,124

CONSUMER DURABLES & APPAREL - 1.3%
	51,093		Adidas-Salomon AG.		18,588
	540,582		Barratt Developments plc		4,942
	73,428		Berkeley Group Holdings plc		4,750
	92,878	*	Burberry Group plc		2,268
	17,548		Callaway Golf Co		421
	56,547		DR Horton, Inc		3,897
	109,662		Essilor International S.A.		17,089
	46,726		Ethan Allen Interiors, Inc		944
	6,993		Garmin Ltd		837
	30,027	*,e	GoPro, Inc		249
	9,916	*	Green Brick Partners, Inc		228
	804		Hasbro, Inc		75
	27,566	*,e	iRobot Corp		2,213
	46,681		Lennar Corp (Class A)		3,559
	32,205	*	Lululemon Athletica, Inc		11,208
	20,479	*	Mohawk Industries, Inc		2,887

411

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	10,439		Newell Brands Inc	$	222
	461,412		Nike, Inc (Class B)		65,276
	2,483	*	NVR, Inc		10,130
	990,000		Panasonic Corp		11,541
	23,595		Pandora AS		2,641
	9,035		Puma AG. Rudolf Dassler Sport		1,017
	448		PVH Corp		42
	5,792		SEB S.A.		1,053
	296,900		Sekisui House Ltd		6,048
	225,400	*,e	Sharp Corp		3,425
	157,693	*	Sonos, Inc		3,688
	324,000		Sony Corp		32,649
	1,162,041		Taylor Wimpey plc		2,628
	69,479		VF Corp		5,934
			TOTAL CONSUMER DURABLES & APPAREL		220,449

CONSUMER SERVICES - 1.3%
	138,079		Accor S.A.		5,010
	33,403	*	American Public Education, Inc		1,018
	39,030	*	Bright Horizons Family Solutions		6,752
	31,423		Carriage Services, Inc		984
	12,054	*	Chipotle Mexican Grill, Inc (Class A)		16,715
	780,154		Compass Group plc		14,551
	50,941		Darden Restaurants, Inc		6,068
	92,226	e	Dave & Buster’s Entertainment, Inc		2,769
	28,039		Domino’s Pizza, Inc		10,752
	43,553	*	El Pollo Loco Holdings, Inc		788
	16,104	*	frontdoor, Inc		809
	8,416		Graham Holdings Co		4,489
	278,551		Hilton Worldwide Holdings, Inc		30,992
	173,838		InterContinental Hotels Group plc		11,267
	20,270		Marriott Vacations Worldwide Corp		2,782
	65,700		Oriental Land Co Ltd		10,856
	32,596	*	Planet Fitness, Inc		2,530
	250,815		Royal Caribbean Cruises Ltd		18,733
	92,666		Service Corp International		4,550
	3,541	*	Shake Shack, Inc		300
	85,196		Six Flags Entertainment Corp		2,905
	530,209		Starbucks Corp		56,722
	101,904	*	Terminix Global Holdings, Inc		5,198
	22,729		Vail Resorts, Inc		6,341
	87,052		Wendy’s		1,908
	105,535	*	Whitbread plc		4,470
	27,187	*	WW International Inc		663
			TOTAL CONSUMER SERVICES		230,922

DIVERSIFIED FINANCIALS - 3.5%
	799,668		3i Group plc		12,648
	208,403		Ally Financial, Inc		7,432
	385,720		American Express Co		46,637
	2,187		Ameriprise Financial, Inc		425
	64,319	g	Amundi S.A.		5,242
	24,514		Annaly Capital Management, Inc		207
	592,322		Bank of New York Mellon Corp		25,138

412

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	71,237		BlackRock, Inc	$	51,400
	3,313		Blackstone Group, Inc		215
	448,702		Brookfield Asset Management, Inc		18,549
	723,762		Charles Schwab Corp		38,388
	149,577		CME Group, Inc		27,231
	47,319		Deutsche Boerse AG.		8,057
	416,331		Discover Financial Services		37,690
	1,832		Equitable Holdings, Inc		47
	42,522		Eurazeo		2,889
	10,467		Factset Research Systems, Inc		3,480
	115,174		Franklin Resources, Inc		2,878
	12,011	*	Green Dot Corp		670
	399,546		Hong Kong Exchanges and Clearing Ltd		21,916
	408,106		Intercontinental Exchange Group, Inc		47,051
	48,473		Invesco Ltd		845
	201,402		Kinnevik AB		10,118
	136,242		London Stock Exchange Group plc		16,817
	147,667		Macquarie Group Ltd		15,762
	22,024		MarketAxess Holdings, Inc		12,566
	426,600		Mitsubishi UFJ Lease & Finance Co Ltd		2,049
	78,611		Moody’s Corp		22,816
	791,002		Morgan Stanley		54,207
	27,645		Nasdaq Inc		3,670
	1,019,122		Natixis		3,492
	12,048	*,†	NewStar Financial, Inc		3
	140,070		Northern Trust Corp		13,046
	5,978	*	PRA Group, Inc		237
	126,235		S&P Global, Inc		41,497
	132,283		Schroders plc		6,032
	2,147,611		Standard Life Aberdeen plc		8,232
	146,431		State Street Corp		10,657
	32,063		T Rowe Price Group, Inc		4,854
	1,271,858		UBS Group AG		17,908
	29,618		Voya Financial, Inc		1,742
	26,666		Wendel		3,182
			TOTAL DIVERSIFIED FINANCIALS		607,922

ENERGY - 1.7%
	437,299		Antero Midstream Corp		3,372
	194,622		Apache Corp		2,762
	305,507		Baker Hughes Co		6,370
	1,115,825		Cenovus Energy, Inc (Toronto)		6,794
	3,725	*	ChampionX Corp		57
	156,366	*	Cheniere Energy, Inc		9,387
	521,055		Chevron Corp		44,003
	17,352		Cimarex Energy Co		651
	554,223		ConocoPhillips		22,163
	4,244		Delek US Holdings, Inc		68
	591,524		Enbridge, Inc (Toronto)		18,918
	1,343,790		ENI S.p.A.		14,029
	244,316		EQT Corp		3,105
	718,937		Equinor ASA		12,133
	504,797		Galp Energia SGPS S.A.		5,349
	306,792	*	Helix Energy Solutions Group, Inc		1,289

413

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	113,341		Hess Corp	$	5,983
	257,586		Inpex Holdings, Inc		1,389
	5,808	e	Keyera Corp		103
	1,116,266		Kinder Morgan, Inc		15,259
	6,109		Koninklijke Vopak NV		321
	840,835		Kosmos Energy Ltd		1,976
	1,622,075		Marathon Oil Corp		10,819
	208,906		Neste Oil Oyj		15,167
	9,659	*	Nov, Inc		133
	5,830	*	Oceaneering International, Inc		46
	158,558		OMV AG.		6,333
	26,109		ONEOK, Inc		1,002
	247,971		Parsley Energy, Inc		3,521
	1,044,025		Repsol YPF S.A.		10,518
	582,790		Schlumberger Ltd		12,722
	114,888	*	Select Energy Services, Inc		471
	861,890	*	Southwestern Energy Co		2,568
	770,598		Suncor Energy, Inc		12,925
	662,053		Total S.A.		28,576
	237,258		Valero Energy Corp		13,422
	966		Woodside Petroleum Ltd		17
			TOTAL ENERGY		293,721

FOOD & STAPLES RETAILING - 0.6%
	293,800		Aeon Co Ltd		9,639
	232,229		Alimentation Couche Tard, Inc		7,914
	222,221	*	BJ’s Wholesale Club Holdings, Inc		8,285
	86,085		Carrefour S.A.		1,474
	61,798		Casey’s General Stores, Inc		11,038
	57,614	*	Chefs’ Warehouse Holdings, Inc		1,480
	13,275		Coles Group Ltd		186
	81,599		George Weston Ltd		6,095
	1,559		ICA Gruppen AB		78
	1,937,913		J Sainsbury plc		5,957
	1,474		Jeronimo Martins SGPS S.A.		25
	75,900		Kobe Bussan Co Ltd		2,332
	800		Lawson, Inc		37
	138,558		Loblaw Cos Ltd		6,837
	54,697	*	Performance Food Group Co		2,604
	43,004		Pricesmart, Inc		3,917
	72,150		SpartanNash Co		1,256
	233,349	*	Sprouts Farmers Market, Inc		4,690
	4,786,458		Tesco plc		15,105
	111,709	*	United Natural Foods, Inc		1,784
	289,247	*	US Foods Holding Corp		9,635
	1,600		Welcia Holdings Co Ltd		60
	1,824,513		WM Morrison Supermarkets plc		4,415
			TOTAL FOOD & STAPLES RETAILING		104,843

FOOD, BEVERAGE & TOBACCO - 2.2%
	364,500		Ajinomoto Co, Inc		8,260
	246,023	*	Associated British Foods plc		7,596
	3,213		Barry Callebaut AG.		7,657
	54,699	*,e	Beyond Meat, Inc		6,837

414

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	1,758		Bunge Ltd	$	115
	90,938		Campbell Soup Co		4,397
	423,452		Coca-Cola Amatil Ltd		4,219
	1,281,288		Coca-Cola Co		70,266
	216,281		Coca-Cola European Partners plc (Class A)		10,777
	214,966		Coca-Cola HBC AG.		6,961
	251,545		Danone		16,553
	14,883	*	Darling International, Inc		859
	64,024		Fresh Del Monte Produce, Inc		1,541
	431,309		General Mills, Inc		25,361
	2,360	*	Hain Celestial Group, Inc		95
	244,776		Hormel Foods Corp		11,409
	155,751		Kellogg Co		9,692
	91,432		Kerry Group plc (Class A)		13,280
	146,000		Kikkoman Corp		10,161
	85,126		McCormick & Co, Inc		8,138
	88,600		MEIJI Holdings Co Ltd		6,236
	113,527	e	Mowi ASA		2,529
	598,296		Nestle S.A.		70,725
	29,600		Nissin Food Products Co Ltd		2,537
	302,914		Orkla ASA		3,075
	472,891		PepsiCo, Inc		70,130
	141,100	e	Suntory Beverage & Food Ltd		4,998
	9,964	*	TreeHouse Foods, Inc		423
	73,000		Yakult Honsha Co Ltd		3,682
			TOTAL FOOD, BEVERAGE & TOBACCO		388,509

HEALTH CARE EQUIPMENT & SERVICES - 3.4%
	43,051	*	Abiomed, Inc		13,957
	40,357	*,e	Accelerate Diagnostics, Inc		306
	219,862		Alcon, Inc		14,598
	199,000		Alfresa Holdings Corp		3,647
	49,876	*	Align Technology, Inc		26,653
	320,627	*	Allscripts Healthcare Solutions, Inc		4,630
	71,154	*	Angiodynamics, Inc		1,091
	224,873	*	Antares Pharma, Inc		897
	32,319	*	AtriCure, Inc		1,799
	1,820	*,e	Axonics Modulation Technologies, Inc		91
	49,966		Becton Dickinson & Co		12,502
	2,533	*	BioTelemetry, Inc		183
	169,501		Cardinal Health, Inc		9,078
	27,564	*	Cardiovascular Systems, Inc		1,206
	433,259	*	Centene Corp		26,008
	367,178		Cerner Corp		28,816
	291,182	*	Cerus Corp		2,015
	153,079		Cigna Corp		31,868
	6,294		Cochlear Ltd		918
	50,637		Coloplast AS		7,744
	22,324	e	Computer Programs & Systems, Inc		599
	40,883		Cooper Cos, Inc		14,854
	100,033	*	Covetrus, Inc		2,875
	414,093		CVS Health Corp		28,283
	206,372		Dentsply Sirona, Inc		10,806
	56,191	*	DexCom, Inc		20,775

415

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	419,401	*	Edwards Lifesciences Corp	$	38,262
	163,472	*	Envista Holdings Corp		5,514
	355,621		Fisher & Paykel Healthcare Corp		8,445
	50,275	*	GenMark Diagnostics, Inc		734
	15,806	*	Glaukos Corp		1,190
	57,077	*	Globus Medical, Inc		3,723
	81,349		GN Store Nord		6,485
	11,735	*	Guardant Health, Inc		1,512
	9,550	*	Haemonetics Corp		1,134
	124,712		HCA Healthcare, Inc		20,510
	66,730	*	Health Catalyst, Inc		2,905
	27,544	*	Henry Schein, Inc		1,842
	14,207	*,e	Heska Corp		2,069
	28,109		Hill-Rom Holdings, Inc		2,754
	36,001	*	HMS Holdings Corp		1,323
	110,573	*	Hologic, Inc		8,053
	103,119		Humana, Inc		42,307
	58,569	*	IDEXX Laboratories, Inc		29,277
	8,609	*	Inogen, Inc		385
	527	*	Insulet Corp		135
	23,129	*	Integer Holding Corp		1,878
	45,180	*	Laboratory Corp of America Holdings		9,196
	27,738		LeMaitre Vascular, Inc		1,123
	9,373	*	LivaNova plc		621
	1,600	*	Magellan Health Services, Inc		132
	14,728	*	Meridian Bioscience, Inc		275
	104,888	*	Merit Medical Systems, Inc		5,822
	109,076	*	NextGen Healthcare, Inc		1,990
	42,357	*	Omnicell, Inc		5,084
	61,303	*	OraSure Technologies, Inc		649
	37,581	*	Orthofix Medical Inc		1,615
	15,154	*	Penumbra, Inc		2,652
	2,830		Premier, Inc		99
	3,235	*	Providence Service Corp		448
	27,819		Quest Diagnostics, Inc		3,315
	74,643	*	Quidel Corp		13,410
	143,876		Ramsay Health Care Ltd		6,913
	81,129		Resmed, Inc		17,245
	282,183		Ryman Healthcare Ltd		3,096
	41,536	*	Sonova Holdings AG		10,803
	47,805	*	Staar Surgical Co		3,787
	32,812		STERIS plc		6,219
	79,600		Sysmex Corp		9,578
	31,551	*	Tactile Systems Technology, Inc		1,418
	26,344	*	Tandem Diabetes Care, Inc		2,521
	100,833	*,e	Teladoc, Inc		20,163
	16,267	*,e	Triple-S Management Corp (Class B)		347
	37,627	*	Varian Medical Systems, Inc		6,585
	61,028	*,e	Vocera Communications, Inc		2,534
	44,226		West Pharmaceutical Services, Inc		12,530
			TOTAL HEALTH CARE EQUIPMENT & SERVICES		596,806

HOUSEHOLD & PERSONAL PRODUCTS - 1.6%
	32,966		Beiersdorf AG.		3,790

416

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	83,755		Clorox Co	$	16,912
	305,727		Colgate-Palmolive Co		26,143
	367,053		Essity AB		11,826
	79,988		Estee Lauder Cos (Class A)		21,292
	100,862		Henkel KGaA		9,719
	37,753		Henkel KGaA (Preference)		4,257
	172,500		Kao Corp		13,327
	64,819		Kimberly-Clark Corp		8,740
	23,200		Kobayashi Pharmaceutical Co Ltd		2,836
	10,600		Kose Corp		1,811
	92,800	e	Lion Corp		2,248
	69,478		L’Oreal S.A.		26,509
	717,014		Procter & Gamble Co		99,765
	189,400		Shiseido Co Ltd		13,111
	234,200		Uni-Charm Corp		11,107
			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		273,393

INSURANCE - 2.0%
	1,924,431		Aegon NV		7,676
	319,193		Aflac, Inc		14,195
	112,946		Allianz AG.		27,748
	113,139		Allstate Corp		12,437
	74,175		Aon plc		15,671
	114		Arthur J. Gallagher & Co		14
	519,493		Assicurazioni Generali S.p.A.		9,096
	2,745,027		Aviva plc		12,210
	574,060		AXA S.A.		13,767
	233,047		Chubb Ltd		35,871
	181,875		CNP Assurances		2,955
	1,814	*	eHealth, Inc		128
	286,581	*	Genworth Financial, Inc (Class A)		1,083
	3,720,580		Legal & General Group plc		13,559
	84,233		Lincoln National Corp		4,238
	207,462		Loews Corp		9,340
	276,576		Marsh & McLennan Cos, Inc		32,360
	82,300		Mitsui Sumitomo Insurance Group Holdings, Inc		2,504
	31,684		Muenchener Rueckver AG.		9,414
	234,400		NKSJ Holdings, Inc		9,503
	642		Principal Financial Group		32
	287,037		Progressive Corp		28,382
	314,755		Prudential Financial, Inc		24,573
	75,475		Sun Life Financial, Inc		3,356
	120,642		Swiss Re Ltd		11,366
	130,200		Tokio Marine Holdings, Inc		6,708
	150,972		Travelers Cos, Inc		21,192
	388		White Mountains Insurance Group Ltd		388
	15,095		Willis Towers Watson plc		3,180
	49,497		Zurich Insurance Group AG		20,859
			TOTAL INSURANCE		353,805

MATERIALS - 3.0%
	142,583		Agnico-Eagle Mines Ltd		10,035
	132,474		Air Liquide		21,719
	16,377		Amcor plc		193

417

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	164,633		Antofagasta plc	$	3,230
	12,657		Aptargroup, Inc		1,733
	480,800		Asahi Kasei Corp		4,928
	612	*	Axalta Coating Systems Ltd		17
	784,715		B2Gold Corp		4,395
	237,537		Ball Corp		22,134
	175,954		BASF SE		13,908
	213,652		BlueScope Steel Ltd		2,885
	292,613		Boliden AB		10,381
	83,968	*	Century Aluminum Co		926
	4,061	*	Christian Hansen Holding		420
	1,679		Compass Minerals International, Inc		104
	345,191		CRH plc		14,680
	89,942		Croda International plc		8,088
	45,293		DSM NV		7,789
	514,235		DuPont de Nemours, Inc		36,567
	165,231		Ecolab, Inc		35,749
	496,318		Evolution Mining Ltd		1,910
	805,215		Fortescue Metals Group Ltd		14,544
	68,702		Franco-Nevada Corp		8,614
	3,439		Givaudan S.A.		14,550
	102,204		HeidelbergCement AG.		7,610
	204,900		Hitachi Metals Ltd		3,115
	15,725	e	International Flavors & Fragrances, Inc		1,712
	11,455		Johnson Matthey plc		380
	234,216		Linde plc		61,718
	17,256		Martin Marietta Materials, Inc		4,900
	486,000		Mitsubishi Chemical Holdings Corp		2,944
	141,592		Mitsui Chemicals, Inc		4,159
	279,116		Mondi plc		6,540
	148,116		Mosaic Co		3,408
	435,438		Newcrest Mining Ltd		8,690
	487,682		Newmont Goldcorp Corp		29,207
	9,600	e	Nippon Paint Co Ltd		1,055
	704,000	*	Nippon Steel Corp		9,080
	89,700		Nitto Denko Corp		8,035
	1,459,283		Norsk Hydro ASA		6,792
	153,802		Nucor Corp		8,181
	281,776		Nutrien Ltd (Toronto)		13,556
	22,345		PPG Industries, Inc		3,223
	3,446		Reliance Steel & Aluminum Co		413
	5,386		Schnitzer Steel Industries, Inc (Class A)		172
	119,300		Shin-Etsu Chemical Co Ltd		20,939
	48,119		Sika AG.		13,117
	152,065		Stora Enso Oyj (R Shares)		2,912
	1,354,900		Sumitomo Chemical Co Ltd		5,461
	250,200		Sumitomo Metal Mining Co Ltd		11,129
	168,077	*	Summit Materials, Inc		3,375
	454,344		Svenska Cellulosa AB (B Shares)		7,944
	506,492		Teck Cominco Ltd		9,192
	9,000		Toray Industries, Inc		53
	27,032		Trinseo S.A.		1,384
	190,257		Umicore S.A.		9,145
	24,373		UPM-Kymmene Oyj		909

418

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	33,281	*	US Concrete, Inc	$	1,330
	112,930		Voestalpine AG.		4,031
	120,838		Wheaton Precious Metals Corp		5,047
			TOTAL MATERIALS		520,357

MEDIA & ENTERTAINMENT - 3.5%
	523,493		Activision Blizzard, Inc		48,606
	67,577	*	Alphabet, Inc (Class A)		118,438
	66,815	*	Alphabet, Inc (Class C)		117,052
	3,382		Cable One, Inc		7,534
	17,428	*,e	Cardlytics, Inc		2,488
	212,229	e	Cinemark Holdings, Inc		3,695
	329,886	*,e	Discovery, Inc (Class A)		9,926
	450,836	*	Discovery, Inc (Class C)		11,807
	184,375		Electronic Arts, Inc		26,476
	178,423	*	Gray Television, Inc		3,192
	122,243	*,e	iHeartMedia, Inc		1,587
	101,331	*	Imax Corp		1,826
	655,398		Informa plc		4,901
	118,083		Interpublic Group of Cos, Inc		2,777
	56,677		John Wiley & Sons, Inc (Class A)		2,588
	11,188	*	Liberty Broadband Corp (Class A)		1,763
	200,071	*	Liberty Broadband Corp (Class C)		31,685
	139,444	*	Live Nation, Inc		10,246
	20,095	*	Madison Square Garden Co		3,700
	67,975		New York Times Co (Class A)		3,519
	34,700		Nintendo Co Ltd		22,275
	344,725		Omnicom Group, Inc		21,501
	585,089	*	Pinterest, Inc		38,557
	44,164		Scholastic Corp		1,104
	10,426		Seek Ltd		229
	106,166	e	Sinclair Broadcast Group, Inc (Class A)		3,381
	2,097,487	e	Sirius XM Holdings, Inc		13,361
	10,548	*	Snap, Inc		528
	91,975	*	Take-Two Interactive Software, Inc		19,112
	15,254		TEGNA, Inc		213
	208,391	*	TripAdvisor, Inc		5,998
	504,552	*	Twitter, Inc		27,322
	157,334		Vivendi Universal S.A.		5,075
	45,378		World Wrestling Entertainment, Inc (Class A)		2,180
	766,310		WPP plc		8,304
	1,782,581	*	Zynga, Inc		17,594
			TOTAL MEDIA & ENTERTAINMENT		600,540

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.8%
	454,860		AbbVie, Inc		48,738
	62,725	*	Acadia Pharmaceuticals, Inc		3,353
	89,901	*	Aerie Pharmaceuticals, Inc		1,215
	177,155		Agilent Technologies, Inc		20,991
	54,311	*	Agios Pharmaceuticals, Inc		2,353
	212,381		Amgen, Inc		48,831
	22,172	*	AnaptysBio, Inc		477
	49,057	*	Assembly Biosciences, Inc		297
	789,014		Astellas Pharma, Inc		12,217

419

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	316,107		AstraZeneca plc	$	31,520
	12,200		AstraZeneca plc (ADR)		610
	83,143	*	Atara Biotherapeutics, Inc		1,632
	7,622	*,e	Avrobio, Inc		106
	3,566	*	Axsome Therapeutics, Inc		291
	307,679	*	BioCryst Pharmaceuticals, Inc		2,292
	69,173	*	Biogen, Inc		16,938
	56,285	*	BioMarin Pharmaceutical, Inc		4,936
	130,039	*	Bluebird Bio, Inc		5,627
	816,433		Bristol-Myers Squibb Co		50,643
	238,969	*,e	Canopy Growth Corp (Toronto)		5,880
	307,691		Chugai Pharmaceutical Co Ltd		16,417
	66,315	*	Collegium Pharmaceutical, Inc		1,328
	121,874		CSL Ltd		26,629
	93,300		Eisai Co Ltd		6,672
	310,094		Eli Lilly & Co		52,356
	5,911	*,e	Esperion Thereapeutics, Inc		154
	39,409	*,e	Flexion Therapeutics, Inc		455
	434,627		Gilead Sciences, Inc		25,321
	879,129		GlaxoSmithKline plc		16,086
	74,501		H Lundbeck AS		2,551
	39,223	*	Halozyme Therapeutics, Inc		1,675
	15,959	*	Illumina, Inc		5,905
	39,698	*	Insmed, Inc		1,322
	23,067	*	Intersect ENT, Inc		528
	105,537	*	Intra-Cellular Therapies, Inc		3,356
	67,936	*	IQVIA Holdings, Inc		12,172
	32,728	*	Jazz Pharmaceuticals plc		5,402
	76,245	*	Karyopharm Therapeutics, Inc		1,180
	27,166		Lonza Group AG.		17,499
	93,846	*	MacroGenics, Inc		2,145
	808,624		Merck & Co, Inc		66,145
	78,350		Merck KGaA		13,438
	6,953	*	Mettler-Toledo International, Inc		7,924
	3,119	*	Mirati Therapeutics, Inc		685
	6,222	*,e	Novavax, Inc		694
	442,599		Novo Nordisk AS		30,875
	341,800		Ono Pharmaceutical Co Ltd		10,300
	436,736	*,e	Opko Health, Inc		1,725
	112,050		Orion Oyj (Class B)		5,147
	49,854		Perrigo Co plc		2,230
	83,235	*	Prothena Corp plc		1,000
	11,317	*	Regeneron Pharmaceuticals, Inc		5,467
	17,211	*	Repligen Corp		3,298
	86,242	*	Revance Therapeutics, Inc		2,444
	153,500		Roche Holding AG.		53,464
	7,354	*	Sage Therapeutics, Inc		636
	103,278	*	Sangamo Therapeutics Inc		1,612
	18,000		Santen Pharmaceutical Co Ltd		292
	125,300		Shionogi & Co Ltd		6,850
	189,500		Sumitomo Dainippon Pharma Co Ltd		2,801
	468,149	*,e	TherapeuticsMD, Inc		567
	104,261		Thermo Fisher Scientific, Inc		48,563
	5,130	*	Tricida, Inc		36

420

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	104,008		UCB S.A.	$	10,744
	32,761	*,e	Ultragenyx Pharmaceutical, Inc		4,535
	162,787	*	Vertex Pharmaceuticals, Inc		38,473
	21,956	*	Waters Corp		5,432
	30,112	*,e	ZIOPHARM Oncology, Inc		76
	270,039		Zoetis, Inc		44,691
	15,799	*	Zogenix, Inc		316
			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES		828,560

REAL ESTATE - 1.9%
	58,223		Alexandria Real Estate Equities, Inc		10,377
	187,032		American Tower Corp		41,981
	3,067		Americold Realty Trust		114
	85,052		Boston Properties, Inc		8,040
	768,947		British Land Co plc		5,150
	60,579		Brixmor Property Group, Inc		1,003
	2,816,573		CapitaLand Ltd		6,989
	32,768		CatchMark Timber Trust, Inc		307
	97,199	*	CBRE Group, Inc		6,096
	176,600		City Developments Ltd		1,065
	9,814		Coresite Realty		1,229
	28,593		Cousins Properties, Inc		958
	36,196		CyrusOne, Inc		2,648
	301,100		Daiwa House Industry Co Ltd		8,953
	155,597		Deutsche Wohnen AG.		8,302
	274,216	*	DiamondRock Hospitality Co		2,262
	6,866		Douglas Emmett, Inc		200
	26,997		Easterly Government Properties, Inc		611
	42,559		Equinix, Inc		30,395
	39,158		First Industrial Realty Trust, Inc		1,650
	28,167		Fonciere Des Regions		2,585
	55,983		Franklin Street Properties Corp		245
	539		Gecina S.A.		84
	710,446		Goodman Group		10,385
	683,337		GPT Group		2,377
	238,957		Healthpeak Properties Inc		7,224
	345,578		Host Hotels and Resorts, Inc		5,056
	37,139	*	Howard Hughes Corp		2,931
	26,120		Hudson Pacific Properties		627
	322,500		Hulic Co Ltd		3,548
	945	e	Iron Mountain, Inc		28
	30,104		iStar Inc		447
	6,486	*	Jones Lang LaSalle, Inc		962
	4,380		Kilroy Realty Corp		251
	98,487		Kimco Realty Corp		1,478
	37,913	e	Klepierre		855
	55,191		Lend Lease Corp Ltd		558
	1,388,400		Link REIT		12,609
	281,831	e	Macerich Co		3,007
	1,039,835		Mirvac Group		2,112
	567,800		Mitsubishi Estate Co Ltd		9,126
	362,810		Mitsui Fudosan Co Ltd		7,597
	97,100		Nomura Real Estate Holdings, Inc		2,153
	478,042		Park Hotels & Resorts, Inc		8,198

421

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	7,000		Piedmont Office Realty Trust, Inc	$	114
	408,978		Prologis, Inc		40,759
	6,300		QTS Realty Trust, Inc		390
	68,873	*	Realogy Holdings Corp		904
	17,946		Regency Centers Corp		818
	37,230		RLJ Lodging Trust		527
	3,556		RMR Group, Inc		137
	59,552		SBA Communications Corp		16,801
	672,078		Segro plc		8,721
	603,735		Stockland Trust Group		1,949
	536,500		Swire Pacific Ltd (Class A)		2,955
	1,257,600		Swire Properties Ltd		3,656
	38,059		UDR, Inc		1,463
	120,218	e	Unibail-Rodamco-Westfield		9,363
	77,936		Ventas, Inc		3,822
	208,077		Welltower, Inc		13,446
	279,243		Weyerhaeuser Co		9,363
	66,474		Xenia Hotels & Resorts, Inc		1,010
			TOTAL REAL ESTATE		338,971

RETAILING - 2.8%
	52,124	*	1-800-FLOWERS.COM, Inc (Class A)		1,355
	28,610		Advance Auto Parts, Inc		4,506
	24,474	*	Booking Holdings, Inc		54,510
	99	*	Burlington Stores, Inc		26
	3,890	*	CarMax, Inc		367
	65,087	*,g	Delivery Hero AG.		10,179
	102,541		Designer Brands, Inc		784
	21,858	*	Dollar Tree, Inc		2,362
	805,244		eBay, Inc		40,464
	280,263		Expedia Group, Inc		37,107
	15,700		Fast Retailing Co Ltd		14,078
	7,052	*	Five Below, Inc		1,234
	26,527		Gap, Inc		536
	28,224	*	Genesco, Inc		849
	679		Genuine Parts Co		68
	45,833	*	Groupon, Inc		1,741
	54,715		Hennes & Mauritz AB (B Shares)		1,149
	31,775	*,e	Hibbett Sports, Inc		1,467
	302,524		Home Depot, Inc		80,356
	318,925		Industria De Diseno Textil S.A.		10,123
	185,262	*	JD Sports Fashion plc		2,176
	25,673		Kering		18,632
	579,682	*	Kingfisher plc		2,142
	22,420	*	Lands’ End, Inc		484
	93,580	*	LKQ Corp		3,298
	250,310		Lowe’s Companies, Inc		40,177
	491,707	e	Macy’s, Inc		5,532
	38,743	*	MarineMax, Inc		1,357
	700		Marui Co Ltd		12
	370	*	MercadoLibre, Inc		620
	40,457		Next plc		3,901
	177,046	*	Ocado Ltd		5,536
	201		Pool Corp		75

422

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	165,869		Prosus NV	$	17,910
	171,930	*	Quotient Technology, Inc		1,620
	823,400	*,e	Rakuten, Inc		7,923
	128,948	*	RealReal, Inc		2,520
	50,322		Ross Stores, Inc		6,180
	1,746	*,e	Sally Beauty Holdings, Inc		23
	18,267		Shoe Carnival, Inc		716
	236,234		Target Corp		41,702
	29,768		Tiffany & Co		3,913
	369,711		TJX Companies, Inc		25,248
	19,268		Tractor Supply Co		2,709
	100,139	*,e	Wayfair, Inc		22,612
	33,038		Williams-Sonoma, Inc		3,365
	874		Winmark Corp		162
	44,352	*,g	Zalando SE		4,933
	20,869	*	Zumiez, Inc		768
			TOTAL RETAILING		489,507

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
	413,065		Applied Materials, Inc		35,648
	277,300		ASM Pacific Technology		3,662
	95,851		ASML Holding NV		46,409
	25,773	*	Cirrus Logic, Inc		2,119
	27,445	*	Cree, Inc		2,906
	83,349	*	First Solar, Inc		8,245
	1,494,488		Intel Corp		74,455
	66,387		Lam Research Corp		31,353
	178,323		NVIDIA Corp		93,120
	22,132	*	Silicon Laboratories, Inc		2,818
	393,020		Texas Instruments, Inc		64,506
	46,800		Tokyo Electron Ltd		17,483
			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT		382,724

SOFTWARE & SERVICES - 6.6%
	260,183		Accenture plc		67,962
	164,623	*	Adobe, Inc		82,331
	110,866		Amadeus IT Holding S.A.		8,184
	9,303	*	Anaplan, Inc		668
	25,925	*	Aspen Technology, Inc		3,377
	107,836	e	Atos Origin S.A.		9,847
	162,512	*	Autodesk, Inc		49,621
	178,260		Automatic Data Processing, Inc		31,409
	170,770	*	Avaya Holdings Corp		3,270
	59,147	*	Benefitfocus, Inc		856
	12,888	*	Bill.Com Holdings, Inc		1,759
	16,128		Blackbaud, Inc		928
	100,224	*	Blackline, Inc		13,368
	158,601	*	Cadence Design Systems, Inc		21,638
	95,154		Cap Gemini S.A.		14,801
	117,233	*	CGI, Inc		9,301
	36,352	*	ChannelAdvisor Corp		581
	3,509		Computershare Ltd		40
	32,803	*	Concentrix Corp		3,238
	343,734	*	Conduent, Inc		1,650

423

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	64,411		CSG Systems International, Inc	$	2,903
	506,298		DXC Technology Co		13,037
	44,846	*	Elastic NV		6,553
	66,107	*	ExlService Holdings, Inc		5,628
	124,003	*	Five9, Inc		21,626
	101,000		Fujitsu Ltd		14,598
	443,959		International Business Machines Corp		55,886
	133,692		Intuit, Inc		50,783
	262,881	*,e	Limelight Networks, Inc		1,049
	20,765	*	Liveperson, Inc		1,292
	1,599,567		Microsoft Corp		355,776
	206,881		NEC Corp		11,112
	101,388	*	New Relic, Inc		6,631
	206,400		Nomura Research Institute Ltd		7,384
	141,561	*	Nutanix, Inc		4,512
	71,694	*	Okta, Inc		18,229
	8,622	*	OneSpan, Inc		178
	1,800		Otsuka Corp		95
	32,226	*	Paylocity Holding Corp		6,636
	63,705	*	Perficient, Inc		3,036
	24,547	*,e	Qualys, Inc		2,992
	34,558	*	Rapid7, Inc		3,116
	550,697		Sabre Corp		6,619
	296,470	*	salesforce.com, Inc		65,973
	262,574		SAP AG.		34,008
	116,359		Science Applications International Corp		11,012
	26,716	*	Shopify, Inc (Class A) (Toronto)		30,167
	40,288	*	Smartsheet, Inc		2,792
	70,959	*	SPS Commerce, Inc		7,705
	900		Sumisho Computer Systems Corp		51
	127,872	*	SVMK, Inc		3,267
	80,712	*	Sykes Enterprises, Inc		3,040
	223,164	*	Teradata Corp		5,015
	34,810		TTEC Holdings, Inc		2,539
	55,027	*	Virtusa Corp		2,814
	157,927	*,e	VMware, Inc (Class A)		22,151
	85,692	*	WEX, Inc		17,441
	149,466		Wisetech Global Ltd		3,552
	79,076	*	Workday, Inc		18,947
	10,974	*	Workiva, Inc		1,005
	439	*	Xero Ltd		50
			TOTAL SOFTWARE & SERVICES		1,156,029

TECHNOLOGY HARDWARE & EQUIPMENT - 3.7%
	3,365,420		Apple, Inc		446,558
	4,043		Belden CDT, Inc		169
	4,665		Benchmark Electronics, Inc		126
	152,962	*	Ciena Corp		8,084
	1,398,771		Cisco Systems, Inc		62,595
	3,877		Cognex Corp		311
	39,338		CTS Corp		1,351
	75,293		Dolby Laboratories, Inc (Class A)		7,313
	2,887	*	Fabrinet		224
	1,776,446		Hewlett Packard Enterprise Co		21,051

424

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	211,151		HP, Inc	$	5,192
	14,782	*	Insight Enterprises, Inc		1,125
	5,007	*	Itron, Inc		480
	50,674		Keyence Corp		28,505
	61,326	*	Keysight Technologies, Inc		8,101
	28,526	*	Kimball Electronics, Inc		456
	17,715	*	Lumentum Holdings, Inc		1,679
	8,736		Methode Electronics, Inc		334
	3,785		Motorola Solutions, Inc		644
	180,700		Murata Manufacturing Co Ltd		16,359
	4,340	*	Novanta, Inc		513
	57,800		Omron Corp		5,160
	1,511	*	OSI Systems, Inc		141
	64,222	*	Ribbon Communications, Inc		421
	13,456	*,e	Rogers Corp		2,090
	5,900		Shimadzu Corp		229
	31,435		Synnex Corp		2,560
	48,500		TDK Corp		7,318
	4,348		TE Connectivity Ltd		526
	46,836	*	Trimble Inc		3,127
	62,237	*	TTM Technologies, Inc		859
	85,318		Vishay Intertechnology, Inc		1,767
	15,895	*	Zebra Technologies Corp (Class A)		6,109
			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT		641,477

TELECOMMUNICATION SERVICES - 1.2%
	79,759	*	Boingo Wireless, Inc		1,015
	6,624,506	*	BT Group plc		11,940
	193,993	*	Iridium Communications, Inc		7,629
	551,132		KDDI Corp		16,341
	75,553		Koninklijke KPN NV		230
	2,960	*	Liberty Global plc (Class A)		72
	7,192	*	Liberty Global plc (Class C)		170
	921,525		Orange S. A.		10,971
	185,118		Rogers Communications, Inc (Class B)		8,618
	536,300		Singapore Telecommunications Ltd		941
	2,639,500		Singapore Telecommunications Ltd		4,609
	1,208,500		Softbank Corp		15,169
	2,271		Swisscom AG.		1,223
	2,071		Tele2 AB (B Shares)		27
	394,386		Telefonica Deutschland Holding AG.		1,086
	230,397		Telenor ASA		3,911
	217,361		TeliaSonera AB		898
	14,204		TELUS Corp		281
	242,599	*	T-Mobile US, Inc		32,715
	1,346,646		Verizon Communications, Inc		79,115
	10,265,012		Vodafone Group plc		16,860
			TOTAL TELECOMMUNICATION SERVICES		213,821

TRANSPORTATION - 1.6%
	115,400		All Nippon Airways Co Ltd		2,550
	50,525		ArcBest Corp		2,156
	143,974		Auckland International Airport Ltd		787
	32,552	*	Avis Budget Group, Inc		1,214

425

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY	VALUE (000)
	209,029		Canadian National Railway Co	$	22,980
	47,700		Central Japan Railway Co		6,745
	63,926		CH Robinson Worldwide, Inc		6,001
	448,253		CSX Corp		40,679
	900,692		Delta Air Lines, Inc		36,217
	362,224		Deutsche Post AG.		17,943
	134,300		East Japan Railway Co		8,960
	53,304	*	Echo Global Logistics, Inc		1,430
	75,281		Getlink S.E.		1,302
	11,500		Hankyu Hanshin Holdings, Inc		383
	6,165		Kansas City Southern		1,258
	100		Keio Corp		8
	16,500		Kintetsu Corp		723
	18,511		Kuehne & Nagel International AG.		4,201
	459		Landstar System, Inc		62
	1,661,864		MTR Corp		9,294
	161,978		Nippon Yusen Kabushiki Kaisha		3,779
	132,954		Norfolk Southern Corp		31,591
	1,374		Old Dominion Freight Line		268
	123,000		SG Holdings Co Ltd		3,354
	672,749	*,e	Singapore Airlines Ltd		2,183
	364,523	*	Sydney Airport		1,804
	1,279,550		Transurban Group		13,484
	318,479		United Parcel Service, Inc (Class B)		53,632
	200		West Japan Railway Co		10
			TOTAL TRANSPORTATION		274,998

UTILITIES - 1.8%
	200,189	e	Algonquin Power & Utilities Corp		3,295
	324,826		American Electric Power Co, Inc		27,048
	38,037		American Water Works Co, Inc		5,837
	500,415		APA Group		3,723
	146,628		Centerpoint Energy, Inc		3,173
	983,500		CLP Holdings Ltd		9,094
	14,457		CMS Energy Corp		882
	219,010		Consolidated Edison, Inc		15,828
	218,974		Dominion Energy, Inc		16,467
	24,387		DTE Energy Co		2,961
	2,341,767		Enel S.p.A.		23,827
	186,602		Energias de Portugal S.A.		1,171
	158,422		Eversource Energy		13,705
	117,320		Fortis, Inc		4,793
	7,133,034		Hong Kong & China Gas Ltd		10,672
	1,541,403		Iberdrola S.A.		22,150
	503,460		Meridian Energy Ltd		2,696
	263,382		Naturgy Energy Group S.A.		6,125
	76,816	g	Orsted AS		15,717
	242,992		Public Service Enterprise Group, Inc		14,166
	612,383		Scottish & Southern Energy plc		12,543
	190,604		Sempra Energy		24,285
	10,780		South Jersey Industries, Inc		232
	586,435		Southern Co		36,025
	20,822	*	Sunnova Energy International, Inc		940
	100		Toho Gas Co Ltd		7

426

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

SHARES			COMPANY					VALUE (000)
	181,100		Tokyo Gas Co Ltd					$	4,192
	36,029		UGI Corp						1,260
	132,546		WEC Energy Group, Inc						12,198
	213,805		Xcel Energy, Inc						14,254
			TOTAL UTILITIES						309,266

			TOTAL COMMON STOCKS						10,382,278
			(Cost $7,266,079)

PREFERRED STOCKS - 0.3%

BANKS - 0.1%
	233,115	*,e	Federal Home Loan Mortgage Corp						2,042
	740,991	*,e	Federal National Mortgage Association						6,358
			TOTAL BANKS						8,400

INSURANCE - 0.0%
	180,000	*	Assurant, Inc						4,925
			TOTAL INSURANCE						4,925

REAL ESTATE - 0.1%
	390,000		Brookfield Property Partners LP						9,044
	695,000		Brookfield Property Partners LP						14,873
			TOTAL REAL ESTATE						23,917

UTILITIES - 0.1%
	490,000	e	Brookfield Infrastructure Partners LP						13,063
	308,000		Brookfield Renewable Partners LP						8,402
			TOTAL UTILITIES						21,465

			TOTAL PREFERRED STOCKS						58,707
			(Cost $75,928)

RIGHTS / WARRANTS - 0.0%

ENERGY - 0.0%
	1,044,025		Repsol S.A.						358
			TOTAL ENERGY						358

MEDIA & ENTERTAINMENT - 0.0%
	38,808	†	Media General, Inc						0
			TOTAL MEDIA & ENTERTAINMENT						0

			TOTAL RIGHTS / WARRANTS						358
			(Cost $366)

PRINCIPAL			ISSUER	RATE			MATURITY DATE
SHORT-TERM INVESTMENTS - 5.5%

GOVERNMENT AGENCY DEBT - 2.3%
$	12,500,000		Federal Agricultural Mortgage Corp (FAMC)		0.095	%	05/28/21		12,495
	1,000,000		Federal Farm Credit Bank (FFCB)		0.110		08/17/21		1,000
	2,000,000		FFCB		0.110		09/28/21		1,998

427

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
$	20,000,000		Federal Home Loan Bank (FHLB)		0.090	%	01/06/21	$	20,000
	9,281,000		FHLB		0.085		01/14/21		9,281
	45,394,000		FHLB		0.075-0.080		01/27/21		45,392
	9,295,000		FHLB		0.100		01/29/21		9,295
	31,088,000		FHLB		0.075-0.092		02/10/21		31,085
	35,000,000		FHLB		0.080		02/11/21		34,997
	10,000,000		FHLB		0.085		02/22/21		9,999
	28,743,000		FHLB		0.085-0.088		02/24/21		28,740
	50,330,000		FHLB		0.085-0.115		02/26/21		50,324
	20,000,000		FHLB		0.115		03/03/21		19,997
	4,352,000		FHLB		0.085		03/19/21		4,351
	40,000,000		FHLB		0.089		03/24/21		39,992
	34,464,000		FHLB		0.090-0.095		05/19/21		34,451
	29,000,000		FHLB		0.085		06/02/21		28,988
	18,890,000		FHLB		0.080		06/04/21		18,882
			TOTAL GOVERNMENT AGENCY DEBT						401,267

REPURCHASE AGREEMENT - 0.2%
	40,315,000	r	Fixed Income Clearing Corp (FICC)		0.050		01/04/21		40,315
			TOTAL REPURCHASE AGREEMENT						40,315

TREASURY DEBT - 2.2%
	48,400,000		United States Cash Management Bill		0.097		01/05/21		48,400
	70,000,000		United States Cash Management Bill		0.098		01/12/21		69,999
	25,000,000		United States Cash Management Bill		0.096		02/23/21		24,998
	10,000,000		United States Cash Management Bill		0.075		03/02/21		9,999
	50,195,000		United States Cash Management Bill		0.080-0.084		03/16/21		50,188
	43,163,000		United States Cash Management Bill		0.088		04/20/21		43,153
	25,000,000		United States Treasury Bill		0.072		01/14/21		25,000
	28,815,000		United States Treasury Bill		0.093		02/04/21		28,813
	25,000,000		United States Treasury Bill		0.093		02/11/21		24,998
	20,000,000		United States Treasury Bill		0.085		03/25/21		19,997
	25,000,000		United States Treasury Bill		0.095		04/29/21		24,993
			TOTAL TREASURY DEBT						370,538

SHARES			COMPANY
INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.8%
	138,344,117	c	State Street Navigator Securities Lending Government Money Market Portfolio		0.080				138,344
			TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES						138,344

			TOTAL SHORT-TERM INVESTMENTS						950,464
			(Cost $950,452)
			TOTAL INVESTMENTS - 104.9%						18,240,982
			(Cost $14,802,615)
			OTHER ASSETS & LIABILITIES, NET - (4.9)%						(845,914	)
			NET ASSETS - 100.0%					$	17,395,068

428

COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account

Abbreviation(s):

ADR

American Depositary Receipt

CLP

Chilean Peso

EUR

Euro

LIBOR

London Interbank Offered Rate

Month

REIT

Real Estate Investment Trust

SOFR

Secure Overnight Financing Rate

	*				Non-income producing
	†				Security is categorized as Level 3 in the fair value hierarchy.
	c				Investments made with cash collateral received from securities on loan.
	e				All or a portion of these securities are out on loan. The aggregate value of securities on loan is $217,707,398.
	g				Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/20, the aggregate value of these securities is $1,645,008,887 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.
	q				In default
	r				Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $40,315,000 on 01/04/21, collateralized by U.S. Treasury Notes valued at $41,121,390.

					Cost amounts are in thousands.

Forward foreign currency contracts outstanding as of December 31, 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)

12,291

CLP

9,350,000

Bank of America

02/24/21

$ (869)

2,953

EUR

2,471

Bank of America

02/26/21

(69)

Total

$ (938)


					Abbreviation(s):
	CLP				Chilean Peso
	EUR				Euro

429

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

COLLEGE RETIREMENT EQUITIES FUND

MONEY MARKET ACCOUNT

SCHEDULE OF INVESTMENTS

December 31, 2020

PRINCIPAL			ISSUER	RATE			MATURITY DATE	VALUE (000)
SHORT-TERM INVESTMENTS - 100.5%

GOVERNMENT AGENCY DEBT - 15.0%
$	60,500,000		Federal Home Loan Bank (FHLB)		0.010	%	01/04/21	$	60,499
	5,000,000		FHLB		0.010		01/06/21		5,000
	3,100,000		FHLB		0.010		01/08/21		3,100
	19,100,000		FHLB		0.010		01/15/21		19,099
	57,983,000		FHLB		0.010		01/20/21		57,979
	151,844,000		FHLB		0.010		01/22/21		151,836
	132,585,000		FHLB		0.010		01/27/21		132,577
	45,000,000		FHLB		0.100		01/28/21		45,000
	70,700,000		FHLB		0.010		01/29/21		70,695
	85,000,000		FHLB		0.100		02/03/21		85,000
	136,000,000		FHLB		0.010		02/03/21		135,990
	1,000,000		FHLB		0.010		02/04/21		1,000
	29,828,000		FHLB		0.010		02/05/21		29,825
	64,000,000		FHLB		0.010		02/08/21		63,995
	104,656,000		FHLB		0.010		02/10/21		104,646
	107,248,000		FHLB		0.010		02/17/21		107,236
	57,035,000		FHLB		0.010		02/19/21		57,028
	171,011,000		FHLB		0.010		02/24/21		170,989
	16,250,000		FHLB		0.010		03/01/21		16,248
	11,404,000		FHLB		0.010		03/05/21		11,402
	69,000,000		FHLB		0.010		03/10/21		68,989
	2,000,000		FHLB		0.010		03/12/21		2,000
	25,000,000		FHLB		0.010		03/17/21		24,995
	87,457,000		FHLB		0.010		03/19/21		87,440
	6,950,000		FHLB		0.010		03/24/21		6,949
	13,198,000		FHLB		0.010		03/26/21		13,195
	10,000,000		FHLB		0.010		03/31/21		9,998
	9,000,000		FHLB		0.010		05/26/21		8,997
	36,000,000		FHLB		0.010		05/28/21		35,987
			TOTAL GOVERNMENT AGENCY DEBT						1,587,694

REPURCHASE AGREEMENT - 0.2%
	18,835,000	r	Fixed Income Clearing Corp (FICC)		0.050		01/04/21		18,835
			TOTAL REPURCHASE AGREEMENT						18,835

TREASURY DEBT - 56.6%
	221,720,000		United States Cash Management Bill		0.010		01/05/21		221,718
	182,856,000		United States Cash Management Bill		0.010		01/12/21		182,851
	77,273,000		United States Cash Management Bill		0.010		01/19/21		77,269
	22,181,000		United States Cash Management Bill		0.010		01/26/21		22,179
	270,189,000		United States Cash Management Bill		0.010		02/09/21		270,161
	120,356,000		United States Cash Management Bill		0.010		02/16/21		120,343
	332,827,000		United States Cash Management Bill		0.010		02/23/21		332,780
	153,113,000		United States Cash Management Bill		0.010		03/02/21		153,093
	180,359,000		United States Cash Management Bill		0.010		03/09/21		180,328
	262,314,000		United States Cash Management Bill		0.010		03/16/21		262,266
	201,000,000		United States Cash Management Bill		0.010		03/23/21		200,957
	190,803,000		United States Cash Management Bill		0.010		03/30/21		190,765

430

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	99,065,000		United States Cash Management Bill			0.010	%	04/06/21	$	99,043
	65,890,000		United States Cash Management Bill			0.010		04/13/21		65,873
	126,659,000		United States Cash Management Bill			0.010		04/27/21		126,623
	145,641,000		United States Treasury Bill			0.010		01/07/21		145,638
	281,475,000		United States Treasury Bill			0.010		01/14/21		281,466
	67,150,000		United States Treasury Bill			0.010		01/21/21		67,147
	211,494,000		United States Treasury Bill			0.010		01/28/21		211,480
	293,354,000		United States Treasury Bill			0.010		02/02/21		293,328
	400,216,000		United States Treasury Bill			0.010		02/04/21		400,179
	368,500,000		United States Treasury Bill			0.010		02/11/21		368,457
	221,925,000		United States Treasury Bill			0.010		02/18/21		221,895
	342,086,000		United States Treasury Bill			0.010		02/25/21		342,036
	241,591,000		United States Treasury Bill			0.010		03/04/21		241,551
	50,000,000		United States Treasury Bill			0.010		03/11/21		49,992
	221,000,000		United States Treasury Bill			0.010		03/18/21		220,958
	238,368,000		United States Treasury Bill			0.010		03/25/21		238,316
	80,258,000		United States Treasury Bill			0.010		04/01/21		80,243
	43,362,000		United States Treasury Bill			0.010		04/08/21		43,352
	205,648,000		United States Treasury Bill			0.010		04/22/21		205,587
	39,500,000		United States Treasury Bill			0.010		04/29/21		39,488
	30,000,000		United States Treasury Note			2.125		01/31/21		30,050
	10,000,000		United States Treasury Note			1.125		02/28/21		10,017
			TOTAL TREASURY DEBT							5,997,429

VARIABLE RATE SECURITIES - 28.7%
	10,000,000	i	Federal Agricultural Mortgage Corp (FAMC)	LIBOR 1 M + 0.120%		0.268		02/03/21		10,000
	84,000,000	i	FAMC	SOFR + 0.070%		0.160		02/08/21		84,000
	50,000,000	i	FAMC	LIBOR 1 M + 0.000%		0.153		02/17/21		50,000
	50,000,000	i	FAMC	SOFR + 0.060%		0.150		02/22/21		50,000
	75,000,000	i	FAMC	SOFR + 0.280%		0.370		03/23/21		75,000
	30,000,000	i	FAMC	SOFR + 0.060%		0.150		03/25/21		30,000
	50,000,000	i	FAMC	SOFR + 0.300%		0.390		03/26/21		50,000
	15,000,000	i	FAMC	SOFR + 0.250%		0.340		05/14/21		15,000
	50,000,000	i	Federal Farm Credit Bank (FFCB)	US Treasury Bill 3 M + 0.160%		0.255		01/19/21		50,000
	100,000,000	i	FFCB	SOFR + 0.280%		0.370		04/23/21		100,000
	75,000,000	i	FFCB	SOFR + 0.290%		0.380		04/23/21		75,000
	100,000,000	i	FFCB	SOFR + 0.300%		0.390		04/27/21		100,000
	63,000,000	i	FFCB	SOFR + 0.040%		0.130		08/04/21		63,000
	64,000,000	i	FFCB	SOFR + 0.055%		0.145		10/15/21		64,000
	64,000,000	i	FFCB	SOFR + 0.070%		0.160		02/17/22		64,000
	50,000,000	i	FFCB	SOFR + 0.170%		0.260		03/15/22		50,000
	85,000,000	i	FFCB	SOFR + 0.040%		0.130		06/01/22		84,997
	34,000,000	i	FFCB	SOFR + 0.190%		0.280		07/14/22		34,000
	20,000,000	i	FFCB	SOFR + 0.145%		0.235		07/28/22		20,000
	15,000,000	i	FFCB	SOFR + 0.070%		0.160		08/11/22		15,000
	85,000,000	i	FFCB	SOFR + 0.045%		0.135		09/08/22		84,993
	21,000,000	i	FFCB	SOFR + 0.060%		0.150		10/21/22		21,000
	85,000,000	i	Federal Home Loan Bank (FHLB)	SOFR + 0.030%		0.120		01/11/21		85,000
	25,000,000	i	FHLB	LIBOR 1 M + 0.070%		0.218		01/11/21		25,000
	30,000,000	i	FHLB	SOFR + 0.050%		0.140		01/22/21		30,000
	50,000,000	i	FHLB	LIBOR 1 M - 0.045%		0.099		02/22/21		50,000

431

COLLEGE RETIREMENT EQUITIES FUND - Money Market Account

PRINCIPAL			ISSUER	REFERENCE RATE & SPREAD	RATE			MATURITY DATE	VALUE (000)
$	85,000,000	i	FHLB	SOFR + 0.040%		0.130	%	02/26/21	$	85,000
	36,000,000	i	FHLB	SOFR + 0.065%		0.155		02/26/21		36,000
	80,000,000	i	FHLB	SOFR + 0.280%		0.370		03/25/21		80,000
	150,000,000	i	FHLB	SOFR + 0.230%		0.320		04/13/21		150,000
	68,000,000	i	FHLB	SOFR + 0.070%		0.160		04/21/21		68,000
	40,000,000	i	FHLB	SOFR + 0.055%		0.145		05/14/21		40,000
	50,000,000	i	FHLB	SOFR + 0.100%		0.190		07/09/21		50,000
	73,000,000	i	FHLB	SOFR + 0.120%		0.210		10/13/21		73,000
	65,000,000	i	FHLB	SOFR + 0.065%		0.155		12/21/21		65,000
	84,000,000	i	FHLB	SOFR + 0.080%		0.170		02/22/22		84,000
	64,000,000	i	FHLB	SOFR + 0.055%		0.145		05/13/22		64,000
	38,500,000	i	FHLB	SOFR + 0.090%		0.180		05/26/22		38,500
	64,000,000	i	FHLB	SOFR + 0.085%		0.175		10/05/22		64,000
	63,350,000	i	FHLB	SOFR + 0.060%		0.150		12/08/22		63,350
	25,000,000	i	Federal Home Loan Mortgage Corp (FHLMC)	SOFR + 0.030%		0.120		01/22/21		25,000
	44,000,000	i	FHLMC	SOFR + 0.030%		0.120		02/24/21		44,000
	50,000,000	i	FHLMC	SOFR + 0.050%		0.140		03/05/21		50,000
	40,000,000	i	FHLMC	SOFR + 0.240%		0.330		07/23/21		40,000
	50,000,000	i	FHLMC	SOFR + 0.300%		0.390		10/25/21		50,000
	64,000,000	i	FHLMC	SOFR + 0.095%		0.185		08/19/22		64,000
	83,000,000	i	Federal National Mortgage Association (FNMA)	SOFR + 0.050%		0.140		03/04/21		83,000
	100,000,000	i	FNMA	SOFR + 0.250%		0.340		03/24/21		100,000
	60,000,000	i	FNMA	SOFR + 0.190%		0.280		04/05/21		60,000
	80,000,000	i	FNMA	SOFR + 0.280%		0.370		04/26/21		80,000
	40,000,000	i	FNMA	SOFR + 0.320%		0.410		10/22/21		40,000
	50,000,000	i	FNMA	SOFR + 0.280%		0.370		10/27/21		50,000
	21,000,000	i	FNMA	SOFR + 0.120%		0.210		07/29/22		21,000
			TOTAL VARIABLE RATE SECURITIES							3,047,840

			TOTAL SHORT-TERM INVESTMENTS							10,651,798
			(Cost $10,651,798)

			TOTAL INVESTMENTS - 100.5%							10,651,798
			(Cost $10,651,798)
			OTHER ASSETS & LIABILITIES, NET - (0.5)%							(54,658	)
			NET ASSETS - 100.0%						$	10,597,140



		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.
r		Agreement with Fixed Income Clearing Corporation, 0.050% dated 12/31/20 to be repurchased at $18,835,000 on 01/04/21, collateralized by U.S. Treasury Bond valued at $19,211,749.

		Cost amounts are in thousands.

432

Report of Independent Registered Public Accounting Firm

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the summary portfolios of investments, of Stock Account, Global Equities Account, Growth Account, Equity Index Account, Bond Market Account, Inflation-Linked Bond Account, Social Choice Account and Money Market Account (constituting College Retirement Equities Fund, hereafter collectively referred to as the “Accounts”) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2020 (included in Item 1 of this Form N-CSR) and the schedules of investments (included in Item 6 of this Form N-CSR) as of December 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Accounts as of December 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2020 and each of the financial highlights for each of the five years in the period ended December 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020 by correspondence with the custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP
Baltimore, Maryland
February 19, 2021

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

(A10944-A 2/21)

433

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this annual reporting period.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. Exhibits.

13(a)(1) Copy of current SOX code of conduct for Senior Financial Officers

13(a)(2)(i) Section 302 certification of the principal executive officer

13(a)(2)(ii) Section 302 certification of the principal financial officer

13(b) Section 906 certification of principal executive officer and principal financial officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COLLEGE RETIREMENT EQUITIES FUND

Dated: February 19, 2021	By:	/s/Liza M. Tyler
		Liza M. Tyler
		Principal Executive Officer and Senior Managing Director

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Dated: February 19, 2021	By:	/s/Liza M. Tyler
		Liza M. Tyler
		Principal Executive Officer and Senior Managing Director (principal executive officer)

Dated: February 19, 2021	By:	/s/E. Scott Wickerham
		E. Scott Wickerham
		Principal Financial Officer, Principal Accounting Officer and Treasurer (principal financial officer)