Chubb Group of Insurance Companies 202B Hall’s Mill Road Whitehouse Station, NJ 08889	DECLARATIONS FINANCIAL INSTITUTION INVESTMENT COMPANY ASSET PROTECTION BOND
NAME OF ASSURED (including its Subsidiaries):	Bond Number: 81598991
COLLEGE RETIREMENT EQUITIES FUND
730 THIRD AVENUE NEW YORK, NY 10017	FEDERAL INSURANCE COMPANY Incorporated under the laws of Indiana a stock insurance company herein called the COMPANY Capital Center, 251 North Illinois, Suite 1100 Indianapolis, IN 46204-1927

ITEM 1.	BOND PERIOD:	from	12:01 a.m. on    April 1, 2022
		to	12:01 a.m. on    April 1, 2023

ITEM 2. LIMITS OF LIABILITY--DEDUCTIBLE AMOUNTS:

If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference shall be deemed to be deleted. There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company.

INSURING CLAUSE		SINGLE LOSS LIMIT OF LIABILITY	DEDUCTIBLE AMOUNT
1.	Employee	$   10,000,000	$   0.00
2.	On Premises	$   10,000,000	$   100,000
3.	In Transit	$   10,000,000	$   100,000
4.	Forgery or Alteration	$   10,000,000	$   100,000
5.	Extended Forgery	$   10,000,000	$   100,000
6.	Counterfeit Money	$   10,000,000	$   100,000
7.	Threats to Person	$   NOT COVERED	$   NOT COVERED
8.	Computer System	$   10,000,000	$   100,000
9.	Voice Initiated Funds Transfer Instruction	$   10,000,000	$   100,000
10.	Uncollectible Items of Deposit	$   100,000	$   5,000
11.	Audit Expense	$   50,000	$   5,000

ITEM 3.	THE LIABILITY OF THE COMPANY IS ALSO SUBJECT TO THE TERMS OF THE FOLLOWING ENDORSEMENTS EXECUTED SIMULTANEOUSLY HEREWITH:
	1-18

IN WITNESS WHEREOF, THE COMPANY has caused this Bond to be signed by its authorized officers, but it shall not be valid unless also signed by an authorized representative of the Company.

Secretary	President
April 7, 2022
Date	Authorized Representative

ICAP Bond (5-98) - Federal
Form 17-02-1421 (Ed. 5-98) Page 1 of 1

	The COMPANY, in consideration of payment of the required premium, and in reliance on the APPLICATION and all other statements made and information furnished to the COMPANY by the ASSURED, and subject to the DECLARATIONS made a part of this Bond and to all other terms and conditions of this Bond, agrees to pay the ASSURED for:
Insuring Clauses
Employee	1.	Loss resulting directly from Larceny or Embezzlement committed by any Employee, alone or in collusion with others.
On Premises	2.	Loss of Property resulting directly from robbery, burglary, false pretenses, common law or statutory larceny, misplacement, mysterious unexplainable disappearance, damage, destruction or removal, from the possession, custody or control of the ASSURED, while such Property is lodged or deposited at premises located anywhere.
In Transit	3.	Loss of Property resulting directly from common law or statutory larceny, misplacement, mysterious unexplainable disappearance, damage or destruction, while the Property is in transit anywhere:
		a.	in an armored motor vehicle, including loading and unloading thereof,
		b.	in the custody of a natural person acting as a messenger of the ASSURED, or
		c.	in the custody of a Transportation Company and being transported in a conveyance other than an armored motor vehicle provided, however, that covered Property transported in such manner is limited to the following:
			(1)	written records,
			(2)	securities issued in registered form, which are not endorsed or are restrictively endorsed, or
			(3)	negotiable instruments not payable to bearer, which are not endorsed or are restrictively endorsed.
		Coverage under this INSURING CLAUSE begins immediately on the receipt of such Property by the natural person or Transportation Company and ends immediately on delivery to the premises of the addressee or to any representative of the addressee located anywhere.

ICAP Bond (5-98)
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Insuring Clauses
(continued)
Forgery Or Alteration	4.	Loss resulting directly from:
		a.	Forgery on, or fraudulent material alteration of, any bills of exchange, checks, drafts, acceptances, certificates of deposits, promissory notes, due bills, money orders, orders upon public treasuries, letters of credit, other written promises, orders or directions to pay sums certain in money, or receipts for the withdrawal of Property, or
		b.	transferring, paying or delivering any funds or other Property, or establishing any credit or giving any value in reliance on any written instructions, advices or applications directed to the ASSURED authorizing or acknowledging the transfer, payment, delivery or receipt of funds or other Property, which instructions, advices or applications fraudulently purport to bear the handwritten signature of any customer of the ASSURED, or shareholder or subscriber to shares of an Investment Company, or of any financial institution or Employee but which instructions, advices or applications either bear a Forgery or have been fraudulently materially altered without the knowledge and consent of such customer, shareholder, subscriber, financial institution or Employee;
		excluding, however, under this INSURING CLAUSE any loss covered  under INSURING CLAUSE 5. of this Bond, whether or not coverage for  INSURING CLAUSE 5. is provided for in the DECLARATIONS of this Bond.
		For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.
Extended Forgery	5.	Loss resulting directly from the ASSURED having, in good faith, and in the ordinary course of business, for its own account or the account of others in any capacity:
		a.	acquired, accepted or received, sold or delivered, or given value, extended credit or assumed liability, in reliance on any original Securities, documents or other written instruments which prove to:
			(1)	bear a Forgery or a fraudulently material alteration,
			(2)	have been lost or stolen, or
			(3)	be Counterfeit, or
		b.	guaranteed in writing or witnessed any signatures on any transfer, assignment, bill of sale, power of attorney, guarantee, endorsement or other obligation upon or in connection with any Securities, documents or other written instruments.
		Actual physical possession, and continued actual physical possession if taken as collateral, of such Securities, documents or other written instruments by an Employee, Custodian, or a Federal or State chartered deposit institution of the ASSURED is a condition precedent to the ASSURED having relied on such items. Release or return of such collateral is an acknowledgment by the  ASSURED that it no longer relies on such collateral.

ICAP Bond (5-98)
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Insuring Clauses
Extended Forgery(continued)		For the purpose of this INSURING CLAUSE, a mechanically reproduced facsimile signature is treated the same as a handwritten signature.
Counterfeit Money	6.	Loss resulting directly from the receipt by the ASSURED in good faith of any Counterfeit money.
Threats To Person	7.	Loss resulting directly from surrender of Property away from an office of the ASSURED as a result of a threat communicated to the ASSURED to do bodily harm to an Employee as defined in SECTION 1.e. (1), (2) and (5), a Relative or invitee of such Employee, or a resident of the household of such Employee, who is, or allegedly is, being held captive provided, however, that prior to the surrender of such Property:
		a.	the Employee who receives the threat has made a reasonable effort to notify an officer of the ASSURED who is not involved in such threat, and
		b.	the ASSURED has made a reasonable effort to notify the Federal Bureau of Investigation and local law enforcement authorities concerning such threat.
		It is agreed that for purposes of this INSURING CLAUSE, any Employee of the ASSURED, as set forth in the preceding paragraph, shall be deemed to be an ASSURED hereunder, but only with respect to the surrender of money, securities and other tangible personal property in which such Employee has a legal or equitable interest.
Computer System	8.	Loss resulting directly from fraudulent:
		a.	entries of data into, or
		b.	changes of data elements or programs within,
		a Computer System, provided the fraudulent entry or change causes:
			(1)	funds or other property to be transferred, paid or delivered,
			(2)	an account of the ASSURED or of its customer to be added, deleted, debited or credited, or
			(3)	an unauthorized account or a fictitious account to be debited or credited.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 3 of 19

Insuring Clauses
(continued)
Voice Initiated Funds Transfer Instruction	9.	Loss resulting directly from Voice Initiated Funds Transfer Instruction directed to the ASSURED authorizing the transfer of dividends or redemption proceeds of Investment Company shares from a Customer’s account, provided such Voice Initiated Funds Transfer Instruction was:
		a.	received at the ASSURED’S offices by those Employees of the ASSURED specifically authorized to receive the Voice Initiated Funds Transfer Instruction,
		b.	made by a person purporting to be a Customer, and
		c.	made by said person for the purpose of causing the ASSURED or Customer to sustain a loss or making an improper personal financial gain for such person or any other person.
		In order for coverage to apply under this INSURING CLAUSE, all Voice Initiated Funds Transfer Instructions must be received and processed in accordance with the Designated Procedures outlined in the APPLICATION furnished to the COMPANY.
Uncollectible Items of Deposit	10.	Loss resulting directly from the ASSURED having credited an account of a customer, shareholder or subscriber on the faith of any Items of Deposit which prove to be uncollectible, provided that the crediting of such account causes:
		a.	redemptions or withdrawals to be permitted,
		b.	shares to be issued, or
		c.	dividends to be paid,
		from an account of an Investment Company.
		In order for coverage to apply under this INSURING CLAUSE, the ASSURED must hold Items of Deposit for the minimum number of days stated in the APPLICATION before permitting any redemptions or withdrawals, issuing any shares or paying any dividends with respect to such Items of Deposit.
		Items of Deposit shall not be deemed uncollectible until the ASSURED’S standard collection procedures have failed.
Audit Expense	11.	Expense incurred by the ASSURED for that part of the cost of audits or examinations required by any governmental regulatory authority or self-regulatory organization to be conducted by such authority, organization or their appointee by reason of the discovery of loss sustained by the ASSURED and covered by this Bond.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 4 of 19

General Agreements
Additional Companies Included As Assured	A.	If more than one corporation, or Investment Company, or any combination of them is included as the ASSURED herein:
		(1)	The total liability of the COMPANY under this Bond for loss or losses sustained by any one or more or all of them shall not exceed the limit for which the COMPANY would be liable under this Bond if all such loss were sustained by any one of them.
		(2)	Only the first named ASSURED shall be deemed to be the sole agent of the others for all purposes under this Bond, including but not limited to the giving or receiving of any notice or proof required to be given and for the purpose of effecting or accepting any amendments to or termination of this Bond. The COMPANY shall furnish each Investment Company with a copy of the Bond and with any amendment thereto, together with a copy of each formal filing of claim by any other named ASSURED and notification of the terms of the settlement of each such claim prior to the execution of such settlement.
		(3)	The COMPANY shall not be responsible for the proper application of any payment made hereunder to the first named ASSURED.
		(4)	Knowledge possessed or discovery made by any partner, director, trustee, officer or supervisory employee of any ASSURED shall constitute knowledge or discovery by all the ASSUREDS for the purposes of this Bond.
		(5)	If the first named ASSURED ceases for any reason to be covered under this Bond, then the ASSURED next named on the APPLICATION shall thereafter be considered as the first named ASSURED for the purposes of this Bond.
Representation Made By Assured	B.	The ASSURED represents that all information it has furnished in the APPLICATION for this Bond or otherwise is complete, true and correct. Such APPLICATION and other information constitute part of this Bond.
		The ASSURED must promptly notify the COMPANY of any change in any fact or circumstance which materially affects the risk assumed by the COMPANY under this Bond.
		Any intentional misrepresentation, omission, concealment or incorrect statement of a material fact, in the APPLICATION or otherwise, shall be grounds for recision of this Bond.

ICAP Bond (5-98)
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General Agreements
(continued)
Additional Offices Or Employees - Consolidation, Merger Or Purchase Or Acquisition Of Assets Or Liabilities - Notice To Company	C.	If the ASSURED, other than an Investment Company, while this Bond is in force, merges or consolidates with, or purchases or acquires assets or liabilities of another institution, the ASSURED shall not have the coverage afforded under this Bond for loss which has:
		(1)	occurred or will occur on premises, or
		(2)	been caused or will be caused by an employee, or
		(3)	arisen or will arise out of the assets or liabilities,
		of such institution, unless the ASSURED:
		a.	gives the COMPANY written notice of the proposed consolidation, merger or purchase or acquisition of assets or liabilities prior to the proposed effective date of such action, and
		b.	obtains the written consent of the COMPANY to extend some or all of the coverage provided by this Bond to such additional exposure, and
		c.	on obtaining such consent, pays to the COMPANY an additional premium.
Change Of Control - Notice To Company	D.	When the ASSURED learns of a change in control (other than in an Investment Company), as set forth in Section 2(a) (9) of the Investment Company Act of 1940, the ASSURED shall within sixty (60) days give written notice to the COMPANY setting forth:
		(1)	the names of the transferors and transferees (or the names of the beneficial owners if the voting securities are registered in another name),
		(2)	the total number of voting securities owned by the transferors and the transferees (or the beneficial owners), both immediately before and after the transfer, and
		(3)	the total number of outstanding voting securities.
		Failure to give the required notice shall result in termination of coverage for any loss involving a transferee, to be effective on the date of such change in control.
Court Costs And Attorneys’ Fees	E.	The COMPANY will indemnify the ASSURED for court costs and reasonable attorneys’ fees incurred and paid by the ASSURED in defense, whether or not successful, whether or not fully litigated on the merits and whether or not settled, of any claim, suit or legal proceeding with respect to which the ASSURED would be entitled to recovery under this Bond. However, with respect to INSURING CLAUSE 1., this Section shall only apply in the event that:
		(1)	an Employee admits to being guilty of Larceny or Embezzlement,
		(2)	an Employee is adjudicated to be guilty of Larceny or Embezzlement, or

ICAP Bond (5-98)
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General Agreements
Court Costs And Attorneys’ Fees (continued)	(3)	in the absence of 1 or 2 above, an arbitration panel agrees, after a review of an agreed statement of facts between the COMPANY and the ASSURED, that an Employee would be found guilty of Larceny or Embezzlement if such Employee were prosecuted.
	The ASSURED shall promptly give notice to the COMPANY of any such suit or legal proceeding and at the request of the COMPANY shall furnish copies of all pleadings and pertinent papers to the COMPANY. The COMPANY may, at its sole option, elect to conduct the defense of all or part of such legal proceeding. The defense by the COMPANY shall be in the name of the ASSURED through attorneys selected by the COMPANY. The ASSURED shall provide all reasonable information and assistance as required by the COMPANY for such defense.
	If the COMPANY declines to defend the ASSURED, no settlement without the prior written consent of the COMPANY nor judgment against the ASSURED shall determine the existence, extent or amount of coverage under this Bond.
	If the amount demanded in any such suit or legal proceeding is within the DEDUCTIBLE AMOUNT, if any, the COMPANY shall have no liability for court costs and attorney’s fees incurred in defending all or part of such suit or legal proceeding.
	If the amount demanded in any such suit or legal proceeding is in excess of the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE, the COMPANY’S liability for court costs and attorney’s fees incurred in defending all or part of such suit or legal proceedings is limited to the proportion of such court costs and attorney’s fees incurred that the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE bears to the total of the amount demanded in such suit or legal proceeding.
	If the amount demanded is any such suit or legal proceeding is in excess of the DEDUCTIBLE AMOUNT, if any, but within the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS for the applicable INSURING CLAUSE, the COMPANY’S liability for court costs and attorney’s fees incurred in defending all or part of such suit or legal proceedings shall be limited to the proportion of such court costs or attorney’s fees that the amount demanded that would be payable under this Bond after application of the DEDUCTIBLE AMOUNT, bears to the total amount demanded.
	Amounts paid by the COMPANY for court costs and attorneys’ fees shall be in addition to the LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS.

ICAP Bond (5-98)
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Conditions and Limitations
Definitions	1.	As used in this Bond:
		a.	Computer System means a computer and all input, output, processing, storage, off-line media libraries, and communication facilities which are connected to the computer and which are under the control and supervision of the operating system(s) or application(s) software used by the ASSURED.
		b.	Counterfeit means an imitation of an actual valid original which is intended to deceive and be taken as the original.
		c.	Custodian means the institution designated by an Investment Company to maintain possession and control of its assets.
		d.	Customer means an individual, corporate, partnership, trust customer, shareholder or subscriber of an Investment Company which has a written agreement with the ASSURED for Voice Initiated Funds Transfer Instruction.
		e.	Employee means:
			(1)	an officer of the ASSURED,
			(2)	a natural person while in the regular service of the ASSURED at any of the ASSURED’S premises and compensated directly by the ASSURED through its payroll system and subject to the United States Internal Revenue Service Form W-2 or equivalent income reporting plans of other countries, and whom the ASSURED has the right to control and direct both as to the result to be accomplished and details and means by which such result is accomplished in the performance of such service,
			(3)	a guest student pursuing studies or performing duties in any of the ASSURED’S premises,
			(4)	an attorney retained by the ASSURED and an employee of such attorney while either is performing legal services for the ASSURED,
			(5)	a natural person provided by an employment contractor to perform employee duties for the ASSURED under the ASSURED’S supervision at any of the ASSURED’S premises,
			(6)	an employee of an institution merged or consolidated with the ASSURED prior to the effective date of this Bond,
			(7)	a director or trustee of the ASSURED, but only while performing acts within the scope of the customary and usual duties of any officer or other employee of the ASSURED or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to Property of the ASSURED, or

ICAP Bond (5-98)
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Conditions and Limitations
Definitions (continued)	(8)	each natural person, partnership or corporation authorized by written agreement with the ASSURED to perform services as electronic data processor of checks or other accounting records related to such checks but only while such person, partnership or corporation is actually performing such services and not:
		a.	creating, preparing, modifying or maintaining the ASSURED’S computer software or programs, or
		b.	acting as transfer agent or in any other agency capacity in issuing checks, drafts or securities for the ASSURED,
	(9)	any partner, officer or employee of an investment advisor, an underwriter (distributor), a transfer agent or shareholder accounting recordkeeper, or an administrator, for an Investment Company while performing acts coming within the scope of the customary and usual duties of an officer or employee of an Investment Company or acting as a member of any committee duly elected or appointed to examine, audit or have custody of or access to Property of an Investment Company.
		The term Employee shall not include any partner, officer or employee of a transfer agent, shareholder accounting recordkeeper or administrator:
		a.	which is not an “affiliated person” (as defined in Section 2(a) of the Investment Company Act of 1940) of an Investment Company or of the investment advisor or underwriter (distributor) of such Investment Company, or
		b.	which is a “bank” (as defined in Section 2(a) of the Investment Company Act of 1940).
			This Bond does not afford coverage in favor of the employers of persons as set forth in e. (4), (5) and (8) above, and upon payment to the ASSURED by the COMPANY resulting directly from Larceny or Embezzlement committed by any of the partners, officers or employees of such employers, whether acting alone or in collusion with others, an assignment of such of the ASSURED’S rights and causes of action as it may have against such employers by reason of such acts so committed shall, to the extent of such payment, be given by the ASSURED to the COMPANY, and the ASSURED shall execute all papers necessary to secure to the COMPANY the rights provided for herein.
		Each employer of persons as set forth in e.(4), (5) and (8) above and the partners, officers and other employees of such employers shall collectively be deemed to be one person for all the purposes of this Bond; excepting, however, the fifth paragraph of Section 13.
		Independent contractors not specified in e.(4), (5) or (8) above, intermediaries, agents, brokers or other representatives of the same general character shall not be considered Employees.

ICAP Bond (5-98)
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Conditions and Limitations
Definitions (continued)	f.	Forgery means the signing of the name of another natural person with the intent to deceive but does not mean a signature which consists in whole or in part of one’s own name, with or without authority, in any capacity for any purpose.
	g.	Investment Company means any investment company registered under the Investment Company Act of 1940 and listed under the NAME OF ASSURED on the DECLARATIONS.
	h.	Items of Deposit means one or more checks or drafts drawn upon a financial institution in the United States of America.
	i.	Larceny or Embezzlement means larceny or embezzlement as defined in Section 37 of the Investment Company Act of 1940.
	j.	Property means money, revenue and other stamps; securities; including any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of deposit, certificate of interest or participation in any profit- sharing agreement, collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any interest or instruments commonly known as a security under the Investment Company Act of 1940, any other certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing; bills of exchange; acceptances; checks; withdrawal orders; money orders; travelers’ letters of credit; bills of lading; abstracts of title; insurance policies, deeds, mortgages on real estate and/or upon chattels and interests therein; assignments of such policies, deeds or mortgages; other valuable papers, including books of accounts and other records used by the ASSURED in the conduct of its business (but excluding all electronic data processing records); and, all other instruments similar to or in the nature of the foregoing in which the ASSURED acquired an interest at the time of the ASSURED’S consolidation or merger with, or purchase of the principal assets of, a predecessor or which are held by the ASSURED for any purpose or in any capacity and whether so held gratuitously or not and whether or not the ASSURED is liable therefor.
	k.	Relative means the spouse of an Employee or partner of the ASSURED and any unmarried child supported wholly by, or living in the home of, such Employee or partner and being related to them by blood, marriage or legal guardianship.
	l.	Securities, documents or other written instruments means original (including original counterparts) negotiable or non-negotiable instruments, or assignments thereof, which in and of themselves represent an equitable interest, ownership, or debt and which are in the ordinary course of business transferable by delivery of such instruments with any necessary endorsements or assignments.

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Conditions and Limitations
Definitions (continued)		m.	Subsidiary means any organization that, at the inception date of this Bond, is named in the APPLICATION or is created during the BOND PERIOD and of which more than fifty percent (50%) of the outstanding securities or voting rights representing the present right to vote for election of directors is owned or controlled by the ASSURED either directly or through one or more of its subsidiaries.
		n.	Transportation Company means any organization which provides its own or its leased vehicles for transportation or which provides freight forwarding or air express services.
		o.	Voice Initiated Election means any election concerning dividend options available to Investment Company shareholders or subscribers which is requested by voice over the telephone.
		p.	Voice Initiated Redemption means any redemption of shares issued by an Investment Company which is requested by voice over the telephone.
		q.	Voice Initiated Funds Transfer Instruction means any Voice Initiated Redemption or Voice Initiated Election.
		For the purposes of these definitions, the singular includes the plural and the plural includes the singular, unless otherwise indicated.
General Exclusions - Applicable to All Insuring Clauses	2.	This bond does not directly or indirectly cover:
		a.	loss not reported to the COMPANY in writing within sixty (60) days after termination of this Bond as an entirety;
		b.	loss due to riot or civil commotion outside the United States of America and Canada, or any loss due to military, naval or usurped power, war or insurrection. This Section 2.b., however, shall not apply to loss which occurs in transit in the circumstances recited in INSURING CLAUSE 3., provided that when such transit was initiated there was no knowledge on the part of any person acting for the ASSURED of such riot, civil commotion, military, naval or usurped power, war or insurrection;
		c.	loss resulting from the effects of nuclear fission or fusion or radioactivity;
		d.	loss of potential income including, but not limited to, interest and dividends not realized by the ASSURED or by any customer of the ASSURED;
		e.	damages of any type for which the ASSURED is legally liable, except compensatory damages, but not multiples thereof, arising from a loss covered under this Bond;
		f.	costs, fees and expenses incurred by the ASSURED in establishing the existence of or amount of loss under this Bond, except to the extent covered under INSURING CLAUSE 11.;
		g.	loss resulting from indirect or consequential loss of any nature;

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Conditions and Limitations
General Exclusions - Applicable to All Insuring Clauses (continued)		h.	loss resulting from dishonest acts by any member of the Board of Directors or Board of Trustees of the ASSURED who is not an Employee, acting alone or in collusion with others;
		i.	loss, or that part of any loss, resulting solely from any violation by the ASSURED or by any Employee:
			(1)	of any law regulating:
				a.	the issuance, purchase or sale of securities,
				b.	securities transactions on security or commodity exchanges or the over the counter market,
				c.	investment companies,
				d.	investment advisors, or
			(2)	of any rule or regulation made pursuant to any such law; or
		j.	loss of confidential information, material or data;
		k.	loss resulting from voice requests or instructions received over the telephone, provided however, this Section 2.k. shall not apply to INSURING CLAUSE 7. or 9.
Specific Exclusions - Applicable To All Insuring Clauses Except Insuring Clause 1.	3.	This Bond does not directly or indirectly cover:
		a.	loss caused by an Employee, provided, however, this Section 3.a. shall not apply to loss covered under INSURING CLAUSE 2. or 3. which results directly from misplacement, mysterious unexplainable disappearance, or damage or destruction of Property;
		b.	loss through the surrender of property away from premises of the ASSURED as a result of a threat:
			(1)	to do bodily harm to any natural person, except loss of Property in transit in the custody of any person acting as messenger of the ASSURED, provided that when such transit was initiated there was no knowledge by the ASSURED of any such threat, and provided further that this Section 3.b. shall not apply to INSURING CLAUSE 7., or
			(2)	to do damage to the premises or Property of the ASSURED;
		c.	loss resulting from payments made or withdrawals from any account involving erroneous credits to such account;
		d.	loss involving Items of Deposit which are not finally paid for any reason provided however, that this Section 3.d. shall not apply to INSURING CLAUSE 10.;
		e.	loss of property while in the mail;

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Conditions and Limitations
Specific Exclusions - Applicable To All Insuring Clauses Except Insuring Clause 1. (continued)		f.	loss resulting from the failure for any reason of a financial or depository institution, its receiver or other liquidator to pay or deliver funds or other Property to the ASSURED provided further that this Section 3.f. shall not apply to loss of Property resulting directly from robbery, burglary, misplacement, mysterious unexplainable disappearance, damage, destruction or removal from the possession, custody or control of the ASSURED.
		g.	loss of Property while in the custody of a Transportation Company, provided however, that this Section 3.g. shall not apply to INSURING CLAUSE 3.;
		h.	loss resulting from entries or changes made by a natural person with authorized access to a Computer System who acts in good faith on instructions, unless such instructions are given to that person by a software contractor or its partner, officer, or employee authorized by the ASSURED to design, develop, prepare, supply, service, write or implement programs for the ASSURED’s Computer System; or
		i.	loss resulting directly or indirectly from the input of data into a Computer System terminal, either on the premises of the customer of the ASSURED or under the control of such a customer, by a customer or other person who had authorized access to the customer’s authentication mechanism.
Specific Exclusions - Applicable To All Insuring Clauses Except Insuring Clauses 1., 4., And 5.	4.	This bond does not directly or indirectly cover:
		a.	loss resulting from the complete or partial non-payment of or default on any loan whether such loan was procured in good faith or through trick, artifice, fraud or false pretenses; provided, however, this Section 4.a. shall not apply to INSURING CLAUSE 8.;
		b.	loss resulting from forgery or any alteration;
		c.	loss involving a counterfeit provided, however, this Section 4.c. shall not apply to INSURING CLAUSE 5. or 6.
Limit Of Liability/Non- Reduction And Non- Accumulation Of Liability	5.	At all times prior to termination of this Bond, this Bond shall continue in force for the limit stated in the applicable sections of ITEM 2. of the  DECLARATIONS, notwithstanding any previous loss for which the COMPANY may have  paid or be liable to pay under this Bond provided, however, that the liability of the  COMPANY under this Bond with respect to all loss resulting from:
		a.	any one act of burglary, robbery or hold-up, or attempt thereat, in which no Employee is concerned or implicated, or
		b.	any one unintentional or negligent act on the part of any one person resulting in damage to or destruction or misplacement of Property, or
		c.	all acts, other than those specified in a. above, of any one person, or

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 13 of 19

Conditions and Limitations
Limit Of Liability/Non- Reduction And Non- Accumulation Of Liability (continued)		d.	any one casualty or event other than those specified in a., b., or c. above,
		shall be deemed to be one loss and shall be limited to the applicable LIMIT OF LIABILITY stated in ITEM 2. of the DECLARATIONS of this Bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from period to period.
		All acts, as specified in c. above, of any one person which
		i.	directly or indirectly aid in any way wrongful acts of any other person or persons, or
		ii.	permit the continuation of wrongful acts of any other person or persons
		whether such acts are committed with or without the knowledge of the wrongful acts of the person so aided, and whether such acts are committed with or without the intent to aid such other person, shall be deemed to be one loss with the wrongful acts of all persons so aided.
Discovery	6.	This Bond applies only to loss first discovered by an officer of the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of an officer of the ASSURED being aware of:
		a.	facts which may subsequently result in a loss of a type covered by this Bond, or
		b.	an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,
		regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details of loss may not then be known.
Notice To Company - Proof - Legal Proceedings Against Company	7.	a.	The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to exceed sixty (60) days after discovery of loss, in an amount that is in excess of 50% of the applicable DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS.
		b.	The ASSURED shall furnish to the COMPANY proof of loss, duly sworn to, with full particulars within six (6) months after such discovery.
		c.	Securities listed in a proof of loss shall be identified by certificate or bond numbers, if issued with them.
		d.	Legal proceedings for the recovery of any loss under this Bond shall not be brought prior to the expiration of sixty (60) days after the proof of loss is filed with the COMPANY or after the expiration of twenty-four (24) months from the discovery of such loss.
		e.	This Bond affords coverage only in favor of the ASSURED. No claim, suit, action or legal proceedings shall be brought under this Bond by anyone other than the ASSURED.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 14 of 19

Conditions and Limitations
Notice To Company - Proof - Legal Proceedings Against Company (continued)		f.	Proof of loss involving Voice Initiated Funds Transfer Instruction shall include electronic recordings of such instructions.
Deductible Amount	8.	The COMPANY shall not be liable under any INSURING CLAUSES of this Bond on account of loss unless the amount of such loss, after deducting the net amount of all reimbursement and/or recovery obtained or made by the ASSURED, other than from any Bond or policy of insurance issued by an insurance company and covering such loss, or by the COMPANY on account thereof prior to payment by the COMPANY of such loss, shall exceed the DEDUCTIBLE AMOUNT set forth in ITEM 3. of the DECLARATIONS, and then for such excess only, but in no event for more than the applicable LIMITS OF LIABILITY stated in ITEM 2. of the DECLARATIONS.
		There shall be no deductible applicable to any loss under INSURING CLAUSE 1. sustained by any Investment Company.
Valuation	9.	BOOKS OF ACCOUNT OR OTHER RECORDS
		The value of any loss of Property consisting of books of account or other records used by the ASSURED in the conduct of its business shall be the amount paid by the ASSURED for blank books, blank pages, or other materials which replace the lost books of account or other records, plus the cost of labor paid by the ASSURED for the actual transcription or copying of data to reproduce such books of account or other records.
		The value of any loss of Property other than books of account or other records used by the ASSURED in the conduct of its business, for which a claim is made shall be determined by the average market value of such Property on the business day immediately preceding discovery of such loss provided, however, that the value of any Property replaced by the ASSURED with the consent of the COMPANY and prior to the settlement of any claim for such Property shall be the actual market value at the time of replacement.
		In the case of a loss of interim certificates, warrants, rights or other securities, the production of which is necessary to the exercise of subscription, conversion, redemption or deposit privileges, the value of them shall be the market value of such privileges immediately preceding their expiration if said loss is not discovered until after their expiration. If no market price is quoted for such Property or for such privileges, the value shall be fixed by agreement between the parties.
		OTHER PROPERTY
		The value of any loss of Property, other than as stated above, shall be the actual cash value or the cost of repairing or replacing such Property with Property of like quality and value, whichever is less.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 15 of 19

Conditions and Limitations
(continued)
Securities Settlement	10.	In the event of a loss of securities covered under this Bond, the COMPANY may, at its sole discretion, purchase replacement securities, tender the value of the securities in money, or issue its indemnity to effect replacement securities.
		The indemnity required from the ASSURED under the terms of this Section against all loss, cost or expense arising from the replacement of securities by the COMPANY’S indemnity shall be:
		a.	for securities having a value less than or equal to the applicable DEDUCTIBLE AMOUNT - one hundred (100%) percent;
		b.	for securities having a value in excess of the DEDUCTIBLE AMOUNT but within the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT bears to the value of the securities;
		c.	for securities having a value greater than the applicable LIMIT OF LIABILITY - the percentage that the DEDUCTIBLE AMOUNT and portion in excess of the applicable LIMIT OF LIABILITY bears to the value of the securities.
		The value referred to in Section 10.a., b., and c. is the value in accordance with Section 9, Valuation, regardless of the value of such securities at the time the loss under the COMPANY’S indemnity is sustained.
		The COMPANY is not required to issue its indemnity for any portion of a loss of securities which is not covered by this Bond; however, the COMPANY may do so as a courtesy to the ASSURED and at its sole discretion.
		The ASSURED shall pay the proportion of the Company’s premium charge for the Company’s indemnity as set forth in Section 10.a., b., and c. No portion of the LIMIT OF LIABILITY shall be used as payment of premium for any indemnity purchased by the ASSURED to obtain replacement securities.
Subrogation - Assignment – Recovery	11.	In the event of a payment under this Bond, the COMPANY shall be subrogated to all of the ASSURED’S rights of recovery against any person or entity to the extent of such payment. On request, the ASSURED shall deliver to the COMPANY an assignment of the ASSURED’S rights, title and interest and causes of action against any person or entity to the extent of such payment.
		Recoveries, whether effected by the COMPANY or by the ASSURED, shall be applied net of the expense of such recovery in the following order:
		a.	first, to the satisfaction of the ASSURED’S loss which would otherwise have been paid but for the fact that it is in excess of the applicable LIMIT OF LIABILITY,
		b.	second, to the COMPANY in satisfaction of amounts paid in settlement of the ASSURED’S claim,
		c.	third, to the ASSURED in satisfaction of the applicable DEDUCTIBLE AMOUNT, and

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 16 of 19

Conditions and Limitations
Subrogation - Assignment – Recovery (continued)		d.	fourth, to the ASSURED in satisfaction of any loss suffered by the ASSURED which was not covered under this Bond.
		Recovery from reinsurance or indemnity of the COMPANY shall not be deemed a recovery under this section.
Cooperation Of Assured	12.	At the COMPANY’S request and at reasonable times and places designated by the COMPANY, the ASSURED shall:
		a.	submit to examination by the COMPANY and subscribe to the same under oath,
		b.	produce for the COMPANY’S examination all pertinent records, and
		c.	cooperate with the COMPANY in all matters pertaining to the loss.
		The ASSURED shall execute all papers and render assistance to secure to the COMPANY the rights and causes of action provided for under this Bond. The ASSURED shall do nothing after loss to prejudice such rights or causes of action.
Termination	13.	If the Bond is for a sole ASSURED, it shall not be terminated unless written notice shall have been given by the acting party to the affected party and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination.
		If the Bond is for a joint ASSURED, it shall not be terminated unless written notice shall have been given by the acting party to the affected party, and by the COMPANY to all ASSURED Investment Companies and to the Securities and Exchange Commission, Washington, D.C., not less than sixty (60) days prior to the effective date of such termination.
		This Bond will terminate as to any one ASSURED, other than an Investment Company:
		a.	immediately on the taking over of such ASSURED by a receiver or other liquidator or by State or Federal officials, or
		b.	immediately on the filing of a petition under any State or Federal statute relative to bankruptcy or reorganization of the ASSURED, or assignment for the benefit of creditors of the ASSURED, or
		c.	immediately upon such ASSURED ceasing to exist, whether through merger into another entity, disposition of all of its assets or otherwise.
		The COMPANY shall refund the unearned premium computed at short rates in accordance with the standard short rate cancellation tables if terminated by the ASSURED or pro rata if terminated for any other reason.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 17 of 19

Conditions and Limitations
Termination (continued)		If any partner, director, trustee, or officer or supervisory employee of an ASSURED not acting in collusion with an Employee learns of any dishonest act committed by such Employee at any time, whether in the employment of the ASSURED or otherwise, whether or not such act is of the type covered under this Bond, and whether against the ASSURED or any other person or entity, the ASSURED:
		a.	shall immediately remove such Employee from a position that would enable such Employee to cause the ASSURED to suffer a loss covered by this Bond; and
		b.	within forty-eight (48) hours of learning that an Employee has committed any dishonest act, shall notify the COMPANY, of such action and provide full particulars of such dishonest act.
		The COMPANY may terminate coverage as respects any Employee sixty (60) days after written notice is received by each ASSURED Investment Company and the Securities and Exchange Commission, Washington, D.C. of its desire to terminate this Bond as to such Employee.
Other Insurance	14.	Coverage under this Bond shall apply only as excess over any valid and collectible insurance, indemnity or suretyship obtained by or on behalf of:
		a.	the ASSURED,
		b.	a Transportation Company, or
		c.	another entity on whose premises the loss occurred or which employed the person causing the loss or engaged the messenger conveying the Property involved.
Conformity	15.	If any limitation within this Bond is prohibited by any law controlling this Bond’s construction, such limitation shall be deemed to be amended so as to equal the minimum period of limitation provided by such law.
Change or Modification	16.	This Bond or any instrument amending or affecting this Bond may not be changed or modified orally. No change in or modification of this Bond shall be effective except when made by written endorsement to this Bond signed by an authorized representative of the COMPANY.
		If this Bond is for a sole ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to the Securities and Exchange Commission, Washington, D.C., by the acting party.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 18 of 19

Conditions And Limitations
Change or Modification (continued)	If this Bond is for a joint ASSURED, no charge or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured Investment Companies and to the Securities and Exchange Commission, Washington, D.C., by the COMPANY.

ICAP Bond (5-98)
Form 17-02-1421 (Ed. 5-98) Page 19 of 19

ENDORSEMENT/RIDER

Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 1
	To be attached to and form a part of Policy No. 81598991

Issued to: COLLEGE RETIREMENT EQUITIES FUND

COMPLIANCE WITH APPLICABLE TRADE SANCTION LAWS

It is agreed that this insurance does not apply to the extent that trade or economic sanctions or other similar laws or regulations prohibit the coverage provided by this insurance.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Policy shall remain unchanged.

Authorized Representative

14-02-9228 (2/2010) Page 1

FEDERAL INSURANCE COMPANY
Endorsement No:	2
Bond Number:	81598991

NAME OF ASSURED: COLLEGE RETIREMENT EQUITIES FUND

NAME OF ASSURED ENDORSEMENT

It is agreed that the NAME OF ASSURED in the DECLARATIONS is amended to read as follows:

COLLEGE RETIREMENT EQUITIES FUND
TIAA-CREF FUNDS

TIAA-CREF LIFE FUNDS

TIAA SEPARATE ACCOUNT VA-1

This Endorsement applies to loss discovered after 12:01 a.m. on April 1, 2022.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: April 7, 2022	By
		Authorized Representative

ICAP Bond
Form 17-02-0949 (Rev. 1-97) Page 1

ENDORSEMENT/RIDER

Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	3
	To be attached to and form a part of Bond No.	81598991

Issued to: COLLEGE RETIREMENT EQUITIES FUND

DELETING VALUATION-OTHER PROPERTY AND AMENDING CHANGE OR MODIFICATION ENDORSEMENT

In consideration of the premium charged, it is agreed that this Bond is amended as follows:

1.	The paragraph titled Other Property in Section 9, Valuation, is deleted in its entirety.
2.	The third paragraph in Section 16, Change or Modification, is deleted in its entirety and replaced with the following:
	If this Bond is for a joint ASSURED, no change or modification which would adversely affect the rights of the ASSURED shall be effective prior to sixty (60) days after written notice has been furnished to all insured Investment Companies and the Securities and Exchange Commission, Washington, D.C., by the COMPANY.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

Authorized Representative

17-02-2437 (12/2006) rev. Page 1

FEDERAL INSURANCE COMPANY
Endorsement No.:	4
Bond Number:	81598991

NAME OF ASSURED: COLLEGE RETIREMENT EQUITIES FUND

NEW YORK AMENDATORY ENDORSEMENT

It is agreed that this Bond is amended as follows:

1.	By adding to Section 13, Termination, the following:
	Bonds In Effect Sixty (60) Days Or Less
	If this Bond has been in effect for less than sixty (60) days and if it is not a renewal Bond, the COMPANY may terminate it for any reason by mailing or delivering to the ASSURED and to the authorized agent or broker, if any, written notice of termination at least sixty (60) days before the effective date of termination.
	Bonds In Effect More Than Sixty (60) Days
	If this Bond has been in effect for sixty (60) days or more, or if it is a renewal of a Bond issued by the COMPANY, it may be terminated by the COMPANY by mailing or delivering to the ASSURED and to the authorized agent or broker, if any, written notice of termination at least sixty (60) days before the effective date of termination. Furthermore, when the Bond is a renewal or has been in effect for sixty (60) days or more, the COMPANY may terminate only for one or more of the reasons stated in 1-7 below.

1.	Nonpayment of premium;
2.	Conviction of a crime arising out of acts increasing the hazard insured against ;
3.	Discovery of fraud or material misrepresentation in the obtaining of this Bond or in the presentation of a claim thereunder;
4.	Violation of any provision of this Bond that substantially and materially increases the hazard insured against, and which occurred subsequent to inception of the current BOND PERIOD;
5.	If applicable, material physical change in the property insured, occurring after issuance or last annual renewal anniversary date of this Bond, which results in the property becoming uninsurable in accordance with the COMPANY’s objective, uniformly applied underwriting standards in effect at the time this Bond was issued or last renewed; or material change in the nature or extent of this Bond occurring after issuance or last annual renewal anniversary date of this Bond, which causes the risk of loss to be substantially and materially increased beyond that contemplated at the time this Bond was issued or last renewed;

ICAP Bond - New York
Form 17-02-2863 (Rev. 7-03) Page 1

6.	A determination by the Superintendent of Insurance that continuation of the present premium volume of the COMPANY would jeopardize the COMPANY’s policyholders, creditors or the public, or continuing the Bond itself would place the COMPANY in violation of any provision of the New York Insurance Code; or
7.	Where the COMPANY has reason to believe, in good faith and with sufficient cause, that there is a probable risk or danger that the Property will be destroyed by the ASSURED for the purpose of collecting the insurance proceeds.

Notice Of Termination

Notice of termination under this SECTION shall be mailed to the ASSURED and to the authorized agent or broker, if any, at the address shown on the DECLARATIONS of this Bond. The COMPANY, however, may deliver any notice instead of mailing it.

Return Premium Calculations

The COMPANY shall refund the unearned premium computed pro rata if this Bond is terminated by the COMPANY.”

2.	By adding a new Section reading as follows:
	“Section 17. Election To Conditionally Renew / Nonrenew This Bond
	Conditional Renewal
	If the COMPANY conditionally renews this Bond subject to:

1.	Change of limits of liability ;
2.	Change in type of coverage;
3.	Reduction of coverage;
4.	Increased deductible;
5.	Addition of exclusion; or
6.	Increased premiums in excess of 10%, exclusive of any premium increase due to and commensurate with insured value added; or as a result of experience rating, retrospective rating or audit; the COMPANY shall send notice as provided in Notices Of Nonrenewal And Conditional Renewal immediately below.

Notices Of Nonrenewal And Conditional Renewal

1.	If the COMPANY elects not to renew this Bond, or to conditionally renew this Bond as provided herein, the COMPANY shall mail or deliver written notice to the ASSURED at least sixty (60) but not more than one hundred twenty (120) days before:
	a.	The expiration date; or
	b.	The anniversary date if this Bond has been written for a term of more than one year.

ICAP Bond - New York
Form 17-02-2863 (Rev. 7-03) Page 2

2.	Notice shall be mailed or delivered to the ASSURED at the address shown on the DECLARATIONS of this Bond and the authorized agent or broker, if any. If notice is mailed, proof of mailing shall be sufficient proof of notice.
3.	Paragraphs 1. and 2. immediately above shall not apply when the ASSURED, authorized agent or broker, or another insurer has mailed or delivered written notice to the COMPANY that the Bond has been replaced or is no longer desired.

3.	By adding to General Agreement B., Representations Made By Assured, the following:
	No misrepresentation shall be deemed material unless knowledge by the COMPANY would have lead to the COMPANY’S refusal to write this Bond.

This Endorsement applies to loss discovered after 12:01 a.m. on April 1, 2022.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: April 7, 2022	By
		Authorized Representative

ICAP Bond - New York
Form 17-02-2863 (Rev. 7-03) Page 3

ENDORSEMENT/RIDER

Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 5
	To be attached to and form a part of Bond No. 81598991

Issued to: COLLEGE RETIREMENT EQUITIES FUND

AMENDED TERMINATION ENDORSEMENT

It is agreed that this Bond is amended by adding to Conditions and Limitations, Section 13., Termination, the following at the end of the last paragraph:

Provided, however, that the COMPANY shall not terminate coverage as to any Employee if the dishonest act occurred prior to employment with the ASSURED and involved less than $10,000.

This Endorsement applies to loss discovered after 12:01 a.m. on April 01, 2022.

All other terms, conditions and limitations of this Policy shall remain unchanged.

Authorized Representative

DFICREFUND (02/2019) Page 1 of 1

ENDORSEMENT/RIDER

Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 6
	To be attached to and form a part of Bond No. 81598991

Issued to: COLLEGE RETIREMENT EQUITIES FUND

AMENDED DEFINITION OF EMPLOYEE ENDORSEMENT

It is agreed that the attached bond is amended by adding the following to the Definition of Employee:

(10) Acts of an Employee, as defined in this Investment Company Asset Protection Bond, are covered under INSURING CLAUSE 1. only while the Employee is in the ASSURED’S employ. Should a loss involving a former Employee of the ASSURED be discovered subsequent to the termination of employment, coverage would still apply under INSURING CLAUSE 1. if the direct, proximate cause of the loss occurred while the former Employee performed duties within the scope of his or her employment.

This Endorsement applies to loss discovered after 12:01 a.m. on April 01, 2022.  

All other terms, conditions and limitations of this Policy shall remain unchanged.  

Authorized Representative

QCOLLEGERET (02/2019) Page 1 of 1

NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.

FEDERAL INSURANCE COMPANY
Endorsement No.:	7
Bond Number:	81598991

NAME OF ASSURED: COLLEGE RETIREMENT EQUITIES FUND

CLAIMS EXPENSE ENDORSEMENT

It is agreed that this Bond is amended as follows:

1. By adding the following INSURING CLAUSE:

12. Claims Expense

Reasonable expense incurred by the ASSURED, solely for independent firms or individuals to determine the amount of loss where:

(1)	the loss is covered under the Bond, and
(2)	the loss is in excess of the applicable DEDUCTIBLE AMOUNT.

2. Under General Exclusions-Applicable To All Insuring Clauses, Section 2.f. does not apply to loss covered under this INSURING CLAUSE.

This Endorsement applies to loss discovered after 12:01 a.m. on April 1, 2022.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: April 7, 2022	By
		Authorized Representative

ICAP Bond
Form 17-02-6282 (Ed. 11-04)

ENDORSEMENT/RIDER

Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.	8
	To be attached to and form a part of Bond No.	81598991

Issued to: COLLEGE RETIREMENT EQUITIES FUND

AMEND DISCOVERY AND NOTICE ENDORSEMENT

In consideration of the premium charged, it is agreed that this Bond is amended as follows:

(1)	Section 6., Discovery, is deleted in its entirety and replaced it with the following:
	Discovery

This Bond applies only to loss first discovered by the Insurance Risk Management Department or senior-most General Counsel of the ASSURED during the BOND PERIOD. Discovery occurs at the earlier of the Insurance Risk Management Department or senior-most General Counsel of the ASSURED being aware of:

a.	facts which may subsequently result in a loss of a type covered by this Bond, or
b.	an actual or potential claim in which it is alleged that the ASSURED is liable to a third party,
regardless of when the act or acts causing or contributing to such loss occurred, even though the amount of loss does not exceed the applicable DEDUCTIBLE AMOUNT, or the exact amount or details of loss may not then be known.

(2) Section 7., Notice to Company-Proof-Legal Proceedings Against Company, is amended by deleting paragraph a. and replacing it with the following:

a. The ASSURED shall give the COMPANY notice thereof at the earliest practicable moment, not to exceed ninety (90) days after discovery of loss by Insurance Risk Management Department or senior-most General Counsel of the ASSURED, in an amount that is in excess of fifty percent (50%) of the applicable DEDUCTIBLE AMOUNT, as stated in ITEM 2. of the DECLARATIONS.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

Authorized Representative

14-02-14521 (08/2008) Page 1

ENDORSEMENT/RIDER

Effective date of this endorsement/rider: April 1, 2022
	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 9
	To be attached to and form a part of Bond No. 81598991

Issued to: COLLEGE RETIREMENT EQUITIES FUND

EXTENDED COMPUTER SYSTEMS ENDORSEMENT

It is agreed that this Bond is amended as follows:

1. By adding the following INSURING CLAUSE:

Extended Computer Systems
A.	Electronic Communication

Loss resulting directly from the ASSURED having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any electronic communications directed to the ASSURED, which were transmitted or appear to have been transmitted through:

(1)	an Electronic Communication System,
(2)	an automated clearing house or custodian, or
(3)	A Telex, TWX, or similar means of communication.

directly into the ASSURED’S Computer System or Communication Terminal, and fraudulently purport to have been sent by a customer, automated clearing house, custodian, or financial institution, but which communications were either not sent by said customer, automated clearing house, custodian, or financial institution, or were fraudulently modified during physical transit of Electronic Media to the ASSURED or during electronic transmission to the ASSURED’S Computer System or Communication Terminal.

B. Electronic Transmission

Loss resulting directly from a customer of the ASSURED, any automated clearing house, custodian, or financial institution having transferred, paid or delivered any funds or property, established any credit, debited any account or given any value on the faith of any electronic communications, purporting to have been directed by the ASSURED to such customer, automated clearing house, custodian, or financial institution initiating, authorizing, or acknowledging, the transfer, payment, delivery or receipt of funds or property, which communications were transmitted through:

(1)	an Electronic Communication System,
(2)	an automated clearing house or custodian, or
(3)	a Telex, TWX, or similar means of communication,

MS-324890 (04/2021) Page 1 of 3

directly into a Computer System or Communication Terminal of said customer, automated clearing house, custodian, or financial institution, and fraudulently purport to have been directed by the ASSURED, but which communications were either not sent by the ASSURED, or were fraudulently modified during physical transit of Electronic Media from the ASSURED or during electronic transmission from the ASSURED’S Computer System or Communication Terminal, and for which loss the ASSURED is held to be legally liable.

2. By adding to Section 1., Definitions, the following:

Communication Terminal means a teletype, teleprinter or video display terminal, or similar device capable of sending or receiving information electronically. Communication Terminal does not mean a telephone.

Electronic Communication System means electronic communication operations by Fedwire, Clearing House Interbank Payment System (CHIPS), Society of Worldwide International Financial Telecommunication (SWIFT), similar automated interbank communication systems, and Internet access facilities.

Electronic Data means facts or information converted to a form usable in Computer Systems and which is stored on Electronic Media for use by computer programs.

Electronic Instruction means computer programs converted to a form usable in a Computer System to act upon Electronic Data.

Electronic Media means the magnetic tape, magnetic disk, optical disk, or any other bulk media on which data is recorded.

3. By adding the following Section after Section 4., Specific Exclusions-Applicable to All INSURING CLAUSES except 1., 4., and 5.:

Section 4.A. Specific Exclusions-Applicable to Extended Computer Systems INSURING CLAUSE

This Bond does not directly or indirectly cover:

a.	loss resulting directly or indirectly from Forged, altered or fraudulent negotiable instruments, securities, documents or written instruments used as source documentation in the preparation of Electronic Data;
b.	loss of negotiable instruments, securities, documents or written instruments except as converted to Electronic Data and then only in that converted form;
c.	loss resulting from mechanical failure, faulty construction, error in design, latent defect, wear or tear, gradual deterioration, electrical disturbance, Electronic Media failure or breakdown or any malfunction or error in programming or error or omission in processing;
d.	loss resulting directly or indirectly from the input of Electronic Data at an authorized electronic terminal of an Electronic Funds Transfer System or a Customer Communication System by a person who had authorized access from a customer to that customer’s authentication mechanism; or
e.	liability assumed by the ASSURED by agreement under any contract, unless such liability would have attached to the ASSURED even in the absence of such agreement; or

MS-324890 (04/2021) Page 2 of 3

f. loss resulting directly or indirectly from:

(1)	written instruction unless covered under this INSURING CLAUSE; or
(2)	instruction by voice over the telephone, unless covered under this INSURING CLAUSE.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Policy shall remain unchanged.

Authorized Representative

MS-324890 (04/2021) Page 3 of 3

FEDERAL INSURANCE COMPANY
Endorsement No.:	10
Bond Number:	81598991

NAME OF ASSURED: COLLEGE RETIREMENT EQUITIES FUND

UNAUTHORIZED SIGNATURE ENDORSEMENT

It is agreed that this Bond is amended as follows:

1. By adding the following INSURING CLAUSE:

14. Unauthorized Signature

Loss resulting directly from the ASSURED having accepted, paid or cashed any check or Withdrawal Order made or drawn on or against the account of the ASSURED’S customer which bears the signature or endorsement of one other than a person whose name and signature is on file with the ASSURED as a signatory on such account.

It shall be a condition precedent to the ASSURED’S right of recovery under this INSURING CLAUSE that the ASSURED shall have on file signatures of all the persons who are signatories on such account.

2. By adding to Section 1., Definitions, the following:

w.	Instruction means a written order to the issuer of an Uncertificated Security requesting that the transfer, pledge or release from pledge of the specified Uncertificated Security be registered.
x.	Uncertificated Security means a share, participation or other interest in property of or an enterprise of the issuer or an obligation of the issuer, which is:

(1)	not represented by an instrument and the transfer of which is registered on books maintained for that purpose by or on behalf of the issuer, and
(2)	of a type commonly dealt in on securities exchanges or markets, and
(3)	either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.

ICAP Bond
Form 17-02-5602 (Ed. 10-03) Page 1

y. Withdrawal Order means a non-negotiable instrument, other than an Instruction, signed by a customer of the ASSURED authorizing the ASSURED to debit the customer’s account in the amount of funds stated therein.

This Endorsement applies to loss discovered after 12:01 a.m. on April 1, 2022.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: April 7, 2022	By
		Authorized Representative

ICAP Bond
Form 17-02-5602 (Ed. 10-03) Page 2

FEDERAL INSURANCE COMPANY
Endorsement No.:	11
Bond Number:	81598991

NAME OF ASSURED: COLLEGE RETIREMENT EQUITIES FUND

TELEFACSIMILE INSTRUCTION FRAUD ENDORSEMENT

It is agreed that this Bond is amended as follows:

1. By adding the following INSURING CLAUSE:

15. Telefacsimile Instruction

Loss resulting directly from the ASSURED having transferred, paid or delivered any funds or other Property or established any credit, debited any account or given any value on the faith of any fraudulent instructions sent by a Customer, financial institution or another office of the ASSURED by Telefacsimile directly to the ASSURED authorizing or acknowledging the transfer, payment or delivery of funds or Property or the establishment of a credit or the debiting of an account or the giving of value by the ASSURED where such Telefacsimile instructions:

a.

bear a valid test key exchanged between the ASSURED and a Customer or another financial institution with authority to use such test key for Telefacsimile instructions in the ordinary course of business, but which test key has been wrongfully obtained by a person who was not authorized to initiate, make, validate or authenticate a test key arrangement, and

b.

fraudulently purport to have been sent by such Customer or financial institution when such Telefacsimile instructions were transmitted without the knowledge or consent of such Customer or financial institution by a person other than such Customer or financial institution and which bear a Forgery of a signature, provided that the Telefacsimile instruction was verified by a direct call back to an employee of the financial institution, or a person thought by the ASSURED to be the Customer, or an employee of another financial institution.

2. By deleting from Section 1., Definitions, the definition of Customer in its entirety, and substituting the following:

d. Customer means an individual, corporate, partnership, trust customer, shareholder or subscriber of an Investment Company which has a written agreement with the ASSURED for Voice Initiated Funds Transfer Instruction or Telefacsimile Instruction.

ICAP Bond
Form 17-02-2367 (Rev. 10-03) Page 1

3. By adding to Section 1., Definitions, the following:

z. Telefacsimile means a system of transmitting written documents by electronic signals over telephone lines to equipment maintained by the ASSURED for the purpose of reproducing a copy of said document. Telefacsimile does not mean electronic communication sent by Telex or similar means of communication, or through an electronic communication system or through an automated clearing house.

4. By adding to Section 3., Specific Exclusions Applicable to All Insuring Clauses Except Insuring Clause 1. the following:

j. loss resulting directly or indirectly from Telefacsimile instructions provided, however, this exclusion shall not apply to this INSURING CLAUSE.

This Endorsement applies to loss discovered after 12:01 a.m. on April 1, 2022.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: April 7, 2022	By
		Authorized Representative

ICAP Bond
Form 17-02-2367 (Rev. 10-03) Page 2

ENDORSEMENT/RIDER

Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 12
	To be attached to and form a part of Bond No. 81598991

Issued to: COLLEGE RETIREMENT EQUITIES FUND

RIGHTS AFTER TERMINATION RIDER

In consideration of the premium charged, it is agreed that:

(1)

At any time prior to the cancellation or termination of this Bond, whether by the ASSURED or by the COMPANY, the ASSURED may deliver to the COMPANY notice that it desires under this Bond an additional period of one year within which to discover loss sustained by the ASSURED prior to the effective date of such cancellation or termination and shall pay an additional premium therefore in the amount of one hundred (100%) percent of the total annual premium of the current Bond Period.

(2)

Upon receipt of such notice from the ASSURED, the COMPANY shall give its written consent thereto; provided,

however, that such additional period of time shall terminate immediately:

(a)	on the effective date of any other insurance obtained by the ASSURED, its successor in business or any other party replacing, in whole or in part, the insurance afforded by this Bond, whether or not such other insurance provides coverage for loss sustained prior to its effective date; or
(b)	upon any takeover of the ASSURED’s business by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed for this purpose, without the necessity of the COMPANY giving notice of such termination. In the event that such additional period of time is terminated as provided above, the COMPANY shall refund any unearned premium.

The right to purchase such additional period for the discovery of loss may not be exercised by any State or Federal official or agency, or by any receiver or liquidator, acting or appointed to take over the ASSURED’s business for the operation of or for the liquidation thereof or for any other purpose.

The COMPANY’s total liability for all loss(es) discovered during such additional period of time shall be part of, and not in addition to, the Aggregate Limit of Liability as shown in the Declarations.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Policy shall remain unchanged.

Authorized Representative

Q10-881 (02/2019) Page 1 of 1

NOTICE: THESE POLICY FORMS AND THE APPLICABLE RATES ARE EXEMPT FROM THE FILING REQUIREMENTS OF THE NEW YORK STATE INSURANCE LAW AND REGULATIONS. HOWEVER, THE FORMS AND RATES MUST MEET THE MINIMUM STANDARDS OF THE NEW YORK INSURANCE LAW AND REGULATIONS.

	ENDORSEMENT/RIDER
Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 13
	To be attached to and form a part of Bond No. 81598991

Issued to:    COLLEGE RETIREMENT EQUITIES FUND

AMEND EXCLUSION (D) ENDORSEMENT

In consideration of the premium charged, it is agreed that Section 2, General Exclusions-Applicable to All Insuring Clauses, Exclusion (d), is deleted and replaced with the following:

(d) loss of potential income including, but not limited to, interest and dividends not realized by the ASSURED or by any customer of the ASSURED; provided however, that in the event of a covered loss, this exclusion shall not apply to accrued interest and/or dividends for which the ASSURED is legally liable to a customer of the ASSURED as a result of such covered loss;

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Policy shall remain unchanged.

Authorized Representative

Q13-523 (07/2019) Page 1 of 1 282938

	ENDORSEMENT/RIDER
Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 14
	To be attached to and form a part of Bond No. 81598991

Issued to:    COLLEGE RETIREMENT EQUITIES FUND

AMEND EXCLUSION (G) ENDORSEMENT

In consideration of the premium charged, it is agreed that Section 2, General Exclusions-Applicable to All Insuring Clauses, Exclusion (g), is deleted and replaced with the following:

(g) loss resulting from indirect or consequential loss of any nature; provided, however, that this exclusion shall not apply to accrued interest and/or dividends for which the ASSURED is legally liable to a customer of the ASSURED as a result of a covered loss;

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Policy shall remain unchanged.

Authorized Representative

Q13-524 (07/2019) Page 1 of 1 282938

	ENDORSEMENT/RIDER
Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No. 15
	To be attached to and form a part of Bond No. 81598991

Issued to:    COLLEGE RETIREMENT EQUITIES FUND

AMEND EXCLUSION (j) ENDORSEMENT

In consideration of the premium charged, it is agreed that Section 2, General Exclusions-Applicable to All Insuring Clauses, Exclusion (j), is deleted and replaced with the following:

(j) loss of confidential information, material or data; provided, however, that this exclusion shall not apply when such information is used to support or facilitate the commission of an act otherwise covered by this bond;

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Policy shall remain unchanged.

Authorized Representative

Q13-525 (07/2019) Page 1 of 1 282938

FEDERAL INSURANCE COMPANY
Endorsement No.:	16
Bond Number:	81598991

NAME OF ASSURED:    COLLEGE RETIREMENT EQUITIES FUND

AMENDING DEFINITION OF EMPLOYEE-CONSULTANT ENDORSEMENT

It is agreed that this Bond is amended by adding to the definition of Employee in Section 1., Definitions, the following:

(11) a consultant retained by the ASSURED and an employee of such consultant while either is performing consulting services for the ASSURED pursuant to a written contract.

This Endorsement applies to loss discovered after 12:01 a.m. on April 1, 2022.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: April 7, 2022	By
		Authorized Representative

ICAP Bond

Form 17-02-2336 (Ed. 10-00)

FEDERAL INSURANCE COMPANY
Endorsement No.	17
Bond Number:	81598991

NAME OF ASSURED:     COLLEGE RETIREMENT EQUITIES FUND

REVISE ITEM 2. ENDORSEMENT

It is agreed that this Bond is amended by deleting ITEM 2. in its entirety on the DECLARATIONS and substituting the following:

ITEM 2. LIMITS OF LIABILITY-DEDUCTIBLE AMOUNTS:

If “Not Covered” is inserted below opposite any specified INSURING CLAUSE, such INSURING CLAUSE and any other reference to such INSURING CLAUSE in this Bond shall be deemed to be deleted. There shall be no deductible applicable to any loss under INSURING CLAUSE 1 sustained by any Investment Company.

INSURING CLAUSE		SINGLE LOSS LIMIT OF LIABILITY		DEDUCTIBLE AMOUNT
1.	Employee	$	10,000,000	$	0
2.	On Premises	$	10,000,000	$	100,000
3.	In Transit	$	10,000,000	$	100,000
4.	Forgery or Alteration	$	10,000,000	$	100,000
5.	Extended Forgery	$	10,000,000	$	100,000
6.	Counterfeit Money	$	10,000,000	$	100,000
7.	Threats to Person	$	Not Covered	$	Not Covered
8.	Computer System	$	10,000,000	$	100,000
9.	Voice Initiated Funds Transfer Instruction	$	10,000,000	$	100,000
10.	Uncollectible Items of Deposit	$	100,000	$	5,000
11.	Audit Expense	$	50,000	$	5,000
12.	Claims Expense	$	25,000	$	5,000
13.	Extended Computer System	$	10,000,000	$	100,000
14.	Unauthorized Signature	$	50,000	$	5,000
15.	Telefacsimile Instruction	$	10,000,000	$	100,000

This Endorsement applies to loss discovered after 12:01 a.m. on April 1, 2022.

ALL OTHER TERMS AND CONDITIONS OF THIS BOND REMAIN UNCHANGED.

Date: April 7, 2022	By
		Authorized Representative

ICAP Bond

Form 17-02-1582 (Ed. 5-98) Page 1

ENDORSEMENT/RIDER

Effective date of this endorsement/rider: April 1, 2022	FEDERAL INSURANCE COMPANY
	Endorsement/Rider No.18
	To be attached to and form a part of Policy No.81598991

Issued to:     COLLEGE RETIREMENT EQUITIES FUND

FRAUDULENT INSTRUCTIONS EXCLUSION ENDORSEMENT (ICAP)

In consideration of the premium charged, it is agreed that the Conditions and Limitations of this Bond is amended to include the following Section:

Specific Exclusions – Applicable to Insuring Clause 8.:

This Bond does not cover loss resulting directly or indirectly from any transfer, payment or delivery of Property:

(1)	authorized by an Employee; or
(2)	arising out of any misrepresentation received by any Employee, agent, broker, factor, commission merchant, independent contractor, intermediary, finder or other representative of the same general character of the ASSURED,

whether such transfer, payment or delivery was made in good faith or as a result of trick, artifice, fraud or false pretenses.

The title and any headings in this endorsement/rider are solely for convenience and form no part of the terms and conditions of coverage.

All other terms, conditions and limitations of this Bond shall remain unchanged.

Authorized Representative

MS-307332 (09/2020) Page 1 of 1

Important Notice:

The SEC Requires Proof of Your Fidelity Insurance Policy

Your company is now required to file an electronic copy of your fidelity insurance coverage (Chubb’s ICAP Bond policy) to the Securities and Exchange Commission (SEC), according to rules adopted by the SEC on June 12, 2006.

Chubb is in the process of providing your agent/broker with an electronic copy of your insurance policy as well as instructions on how to submit this proof of fidelity insurance coverage to the SEC. You can expect to receive this information from your agent/broker shortly.

The electronic copy of your policy is provided by Chubb solely as a convenience and does not affect the terms and conditions of coverage as set forth in the paper policy you receive by mail. The terms and conditions of the policy mailed to you, which are the same as those set forth in the electronic copy, constitute the entire agreement between your company and Chubb.

If you have any questions, please contact your agent or broker.

Form 14-02-12160 (ed. 7/2006)

IMPORTANT NOTICE TO POLICYHOLDERS

All of the members of the Chubb Group of Insurance companies doing business in the United States (hereinafter “Chubb”) distribute their products through licensed insurance brokers and agents (“producers”). Detailed information regarding the types of compensation paid by Chubb to producers on US insurance transactions is available under the Producer Compensation link located at the bottom of the page at www.chubb.com, or by calling 1-866-588-9478. Additional information may be available from your producer.

Thank you for choosing Chubb.

10-02-1295 (ed. 6/2007)

Exhibit B

FIDELITY BOND

JOINT INSUREDS AGREEMENT

THIS JOINT INSUREDS AGREEMENT (“Agreement”) is made as of the 1^st day of April, 2022, by and among the College Retirement Equities Fund, a New York not-for-profit membership corporation (“CREF”), TIAA Separate Account VA-1, a separate account of Teachers Insurance and Annuity Association of America, a New York nonprofit stock life insurance company (“TIAA VA-1”), TIAA-CREF Life Funds, a Delaware statutory trust (the “Life Funds”), and TIAA-CREF Funds, a Delaware statutory trust (“T-C Funds”) (CREF, TIAA VA-1, Life Funds and T-C Funds are collectively referred to herein as the “Funds” or the “Insureds”).

WITNESSETH:

WHEREAS, the Funds have, in accordance with Rule 17g-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), acquired a joint insured blanket bond issued by Federal Insurance Company (“Chubb”), effective April 1, 2022 and

NOW THEREFORE, in consideration of the foregoing, and of the mutual covenants and conditions contained herein, and of other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Insureds hereby agree as follows:

1.         Amount of the Bond. The amount of the Bond (“Bond”) shall be at $10,000,000.00 per occurrence of an event covered under the terms and conditions of the Bond.

2.         Coverage Required by Rule 17g-1. In the case of the Funds, the following amounts reflect the amount of coverage each of the Funds would have been required to maintain under Rule 17g-1 (“Individual Coverage”) had each acquired an individual fidelity bond.

Funds	Individual Coverage
CREF	$3,250,000
T-C Funds	3,250,000
TIAA VA-1	1,750,000
Life Funds	1,750,000
Total Amount of the Bond:	$10,000,000

3.         Allocation of Premium. Each of the Insureds shall pay a portion of the total Bond premium based upon the level of Individual Coverage of each of the Funds. Specifically, the amount of the Individual Coverage shall be divided by the Total Amount of the Bond, and the resulting percentage shall be multiplied by the amount of the total Bond premium to determine the portion of the Bond premium (the “Premium Percentage”) of each of the Insureds. The following percentages reflect the approximate percentage each of the Insured’s Individual Coverage reflects of the Bond as a whole:

Insureds	Premium Percentage
CREF	32.50%
T-C Funds	32.50%
TIAA VA-1	17.50%
Life Funds	17.50%
TOTAL:	100.00%

4.         Allocation of Recovery

A.        Loss to One Insured. In the event of an insured loss to only one Insured, the entire proceeds from the Bond for that loss shall be allocated to the Insured incurring such loss.

B.        Loss to More Than One Insured. If an event covered under the terms and conditions of the Bond occurs to more than one Insured, each Insured involved in an insured loss shall receive a portion of the recovery under the Bond equal to the lesser of (i) the amount of that Insured’s loss, or (ii) the total amount of the recovery multiplied by a fraction, the numerator of which is that Insured’s Premium Percentage and the denominator of which is the sum of the Premium Percentages of all of the Insureds involved in such insured loss.

Any recovery under the Bond unallocated after the initial allocation shall be allocated by repeating the following procedure until all amounts recovered under the Bond are allocated: To each Insured involved in the loss for which the loss was not covered by the prior allocation, there shall be allocated a portion of the unallocated recovery equal to the lesser of (i) the amount of that Insured’s loss not covered by the prior allocation, or (ii) an amount equal to the unallocated recovery under the Bond multiplied by a fraction, the numerator of which is that Insured’s loss percentage and the denominator of which is the sum of the loss percentages of all the Insureds involved in the insured loss, and for which the loss was not covered by the prior allocation.

5.         Agent. TIAA is hereby appointed as the agent for the Insureds for the purpose of making, adjusting, receiving and enforcing payment of all claims under the Bond and otherwise dealing with Chubb with respect to the Bond. Any expenses incurred by TIAA in its capacity as agent in connection with a claim shall be shared by the Insureds in proportion to the Bond’s proceeds received by the Insureds for the loss. All other expenses incurred by TIAA in its capacity as agent shall be shared by the Insureds in the same portion as their Loss Percentages.

6.         Modification and Termination. This Agreement may be modified or amended from time to time by mutual written agreement of the Insureds. It may be terminated by not less than 60 days’ written notice to the other Insureds. It shall terminate as of the date that any Insured ceases to be an insured under the Bond; provided that such termination shall not affect such Insured’s rights and obligations hereunder with respect to any claims on behalf of such Insured which are paid under the Bond by Chubb after the date such Insured ceases to be an insured under the Bond.

2

7.         Further Assurances. Each Insured agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof.

IN WITNESS WHEREOF, the Insureds have caused this Agreement to be executed and delivered as of the day and year first above written.

College Retirement Equities Fund

By: /s/ Rachael Zufall
Name:	Rachael Zufall
Title:	Assistant Secretary

Teachers Insurance and Annuity Association of America,
on behalf of TIAA Separate Account VA-1

By: /s/ Rachael Zufall
Name:	Rachael Zufall
Title:	Assistant Secretary

TIAA-CREF Life Funds

By: /s/ Rachael Zufall
Name:	Rachael Zufall
Title:	Assistant Secretary

TIAA-CREF Funds

By: /s/ Rachael Zufall
Name:	Rachael Zufall
Title:	Assistant Secretary

3

Exhibit C

Attachment I

All Funds

Resolved, that, after due consideration of all factors, including, but not limited to, the value of the aggregate assets of each of College Retirement Equities Fund (“CREF”), TIAA-CREF Funds (“TCF”), TIAA-CREF Life Funds (“TCLF”) and TIAA Separate Account VA-1 (“VA-1”) (each a “Fund Complex Insured,” and collectively “Fund Complex Insureds”) to which any covered person may have access, the type and terms of the arrangements made for the custody and safekeeping of such assets, and the nature of the securities held by the Fund Complex Insureds’ series or accounts (each, an “Insured Fund”), the Fund Complex Insureds’ maintenance of required fidelity bond coverage under joint insurance arrangements in the form and amount presented at the May 2022 meeting (“Fidelity Bond”) for the twelve-month period April 1, 2022 to April 1, 2023, as previously approved at the February 15, 2022 meeting, be, and it hereby is, ratified; and further

Resolved, that, after having considered all factors, including, but not limited to, the number of other parties named as insureds under the Fidelity Bond, the nature of the business activities of such other parties, the amount of the Fidelity Bond, the amount of the premium for the Fidelity Bond, the ratable allocation of the premium among all parties named as insureds, and the extent to which the share of the premium allocated to each Insured Fund of each Fund Complex Insured is less than the premium that such Insured Fund would have had to pay if it had provided and maintained a single insured bond, the payment or reimbursement by each of the Fund Complex Insureds of their respective portions of the premium for coverage under the Fidelity Bond presented at the May 2022 meeting and as previously approved at the February 15, 2022 meeting, be, and it hereby is, ratified; and further

Resolved, that each Fund Complex Insured’s participation in the joint arrangements for liability insurance presented at the May 2022 meeting for the twelve-month period April 1, 2022 to April 1, 2023, with premiums to be reimbursed or paid as outlined in the materials presented at the meeting above and in the meeting, be, and it hereby is, approved and ratified; and further

Resolved, that the Board has determined that (i) such arrangements are in the best interest of each Fund Complex Insured, and (ii) the premiums to be allocated to each Insured Fund, based upon its proportionate share of the sum of the premiums that would have been paid if such insurance coverage were purchased separately by the insured parties and, thereafter, based upon each Fund Complex Insured’s proportionate share of such premiums based upon the Fund Complex Insured’s assets, are fair and reasonable to each Fund Complex Insured, based upon its review of the final arrangements, as presented at the May 2022 meeting; and further

Resolved, that each Fund Complex Insured’s participation in the independent director liability coverage presented at the May 2022 meeting and as previously approved at the February 15, 2022 meeting, be, and it hereby is, ratified; and further

Resolved, that each Fund Complex Insured’s participation in the Fund Only liability coverage presented at the May 2022 meeting and as previously approved at the February 15, 2022 meeting, be, and it hereby is, ratified; and further

Resolved, that the participation of each Fund Complex Insured in the joint arrangements for cybersecurity insurance presented at the May 2022 meeting for the twelve-month period August 1, 2021 to August 1, 2022, with no premiums therefor to be allocated to any Fund Complex Insured, be, and it hereby is, approved; and further

Resolved, that the Board has determined that (i) such independent director liability insurance coverage is in the best interest of each Insured Fund, (ii) such Fund Only liability coverage is in the best interest of each Insured Fund, (iii) such cybersecurity insurance coverage is in the best interest of each Insured Fund, and (iv) the premiums to be allocated to each Insured Fund (if any), based upon each Insured Fund’s proportionate share of the Fund Complex Insureds’ aggregate assets, are fair and reasonable to each Insured Fund, based upon its review of the arrangements, as presented at the May 2022 meeting.

2

Exhibit D

Required Fidelity Bond Coverage

Insureds:	CREF, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds
Scope of Coverage:	Indemnity against losses incurred by the insureds resulting from dishonest or fraudulent acts committed by an employee (including Trustees), theft or destruction of property, or forgery or alteration of negotiable instruments and securities.
Amount of Insurance:	$10,000,000
Insurer:	Federal Insurance Company (Chubb Group)
Retention:	-Employee Fidelity	$0   (As required under the 1940 Act)
	-All Other	$100,000 per loss
Policy Period:	April 1, 2022 to April 1, 2023
Total Policy Premium:	$43,150

Allocated Premium (Fee):

CREF	$14,024
TIAA-CREF Funds	14,024
TIAA Separate Account VA-1	7,551
TIAA-CREF Life Funds	7,551
Total Policy Premium:	$43,150

Exhibit E

Statement Pursuant to Rule 17g-1 Filing

Amount of coverage each Fund would have obtained had it not been included in the joint fidelity bond:

CREF	$3,250,000
TIAA-CREF Funds	$3,250,000
TIAA VA-1	$1,750,000
Life Funds	$1,750,000

Period of Coverage of Joint Fidelity Bond (includes the period for which premiums have been paid): April 1, 2022 to April 1, 2023.