UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-04415
COLLEGE RETIREMENT EQUITIES FUND
(Exact Name of Registrant as specified in charter)
730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)
Rachael M. Zufall, Esq.
College Retirement Equities Fund
8500 Andrew Carnegie Blvd.
Charlotte, North Carolina 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code: 704-595-1000
Date of fiscal year end: December 31
Date of reporting period: June 30, 2020
Item 1. Reports to Stockholders.
Semiannual Report ■ June 30, 2020
College Retirement Equities Fund
The semiannual report contains the financial statements (unaudited).
| Account name | | Class R1 | | Class R2 | | Class R3 |
| Stock Account | | QCSTRX | | QCSTPX | | QCSTIX |
| Global Equities Account | | QCGLRX | | QCGLPX | | QCGLIX |
| Growth Account | | QCGRRX | | QCGRPX | | QCGRIX |
| Equity Index Account | | QCEQRX | | QCEQPX | | QCEQIX |
| Bond Market Account | | QCBMRX | | QCBMPX | | QCBMIX |
| Inflation-Linked Bond Account | | QCILRX | | QCILPX | | QCILIX |
| Social Choice Account | | QCSCRX | | QCSCPX | | QCSCIX |
| Money Market Account | | QCMMRX | | QCMMPX | | QCMMIX |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the CREF Accounts’ (the “Accounts”) annual and semiannual reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive these reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive reports and other communications from the Accounts electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you hold your Account units through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Account units.
If you invest in the Accounts through a TIAA Account, you may elect to continue to receive all future reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 877-518-9161 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your reports. Your election to receive reports in paper will apply to all funds held through your financial intermediary or, if you invest through a TIAA Account, to all funds held with the Accounts and any other investment companies within the same group of related investment companies.
Contents
Understanding this report
This semiannual report contains information about the CREF variable annuity accounts and describes their results for the six months ended June 30, 2020. The report contains four main sections:
| | • | A letter to participants from Carol Deckbar, Principal Executive Officer, CREF; Executive Vice President, Chief Product Officer. |
| | • | The account performance section compares each account’s investment returns with those of its benchmark index. |
| | • | The summary portfolios of investments list the industries and types of securities in which each account had investments as of June 30, 2020. |
| | • | The financial statements provide detailed information about the operations and financial condition of each account. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any account, please read the latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any account before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 877-518-9161. We urge you to read the prospectus carefully before investing.
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Letter to CREF participants
As economies and financial markets across the globe struggled with the impact of the COVID-19 pandemic and measures taken to limit its spread, most domestic and international stock markets declined for the six months. The U.S. economy contracted at an annualized rate of 5.0% during the first quarter of 2020, leading to a sharp rise in unemployment in the latter months of the period. Likewise, most other global economies also contracted during the first quarter, and central banks responded with stimulus measures. The U.S. Federal Reserve cut the federal funds target rate in March to 0.00%–0.25%; the European Central Bank created a large bond-buying program to support their economies; and the Bank of England reduced its benchmark interest rate.
| | • | The five CREF accounts with significant exposure to U.S. equities posted mixed results, ranging from a decline of 6.0% for the Stock Account to a gain of 11.4% for the Growth Account. |
| | • | Within fixed income, the Bond Account advanced 5.0% and the Inflation-Linked Bond Account gained 4.0%. |
| | • | For the period, three accounts outperformed their benchmarks, while five others underperformed. All account returns are for Class R1. |
CREF performance review
For the six-month period, four of the eight CREF accounts had positive returns. Overall, fixed-income securities outperformed common stocks. Within the equity space, domestic growth outpaced value shares, while large-cap stocks surpassed small caps. Domestic equities generally outperformed international stocks.
Turning to individual account performances, the Stock Account, which is the largest CREF account in terms of net assets, returned –6.0% and underperformed its composite benchmark due to certain stock allocations. The Growth Account gained an impressive 11.4%, outpacing its benchmark as a result of favorable security selection. The Global Equities Account declined 4.1% but outperformed its benchmark, while the Equity Index Account’s return of –3.7% modestly underperformed its benchmark, primarily due to the effect of expenses. The Social Choice Account, which excludes certain stocks due to environmental, social and governance criteria, trailed its benchmark with a return of –1.2%.
The Bond Market Account rose 5.0%, and the Inflation-Linked Bond Account gained 4.0%, but both underperformed their respective benchmarks. The Money Market Account slightly outperformed its average.
For more information regarding the performance of the CREF accounts, please see the commentaries starting on page 10.
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Carol Deckbar
U.S. stocks declined amid pandemic
The domestic equity market, as measured by the broad Russell 3000® Index, returned –3.5% for the six-month period. Foreign stocks, as represented in U.S.-dollar terms by the MSCI EAFE® Index, returned –11.3%. U.S. investment-grade fixed-rate bonds, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 6.1%. Yields on U.S. Treasury securities of all maturities declined, pushing bond prices higher (bond yields move in the opposite direction of prices).
Diversification in an uncertain environment
The first half of 2020 was a challenging time for people around the world. Few have seen anything like the COVID-19 pandemic in their lifetimes. Worries about health and safety, as well as concerns about the economic implications of trying to contain the virus, were all well founded during the period. But it’s worth remembering that the U.S. economy has had a long history of recovering from adversity—notably, the events of September 11th and the 2007–2008 credit crisis.
During the six months, stock markets fell sharply when the virus first emerged but later staged a powerful rally. While periods of market volatility will likely occur in the future, the experience of early 2020 speaks to the value of sticking to a sound financial plan that aims to achieve long-term investment goals. We believe a thoughtful investment approach and a balanced, well-diversified portfolio can be an important part of such a plan. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.
If you have any questions or concerns about your investments, we recommend you speak with your financial advisor or call a TIAA financial consultant. To learn more, visit us at TIAA.org or call 800-842-2252. We would be happy to assist you.
/s/ Carol W. Deckbar
Carol W. Deckbar
Principal Executive Officer, CREF
Executive Vice President, Chief Product Officer
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Information for CREF participants
Portfolio holdings
Securities and Exchange Commission (SEC) rules allow investment companies to list the top holdings of each account in their annual and semiannual reports instead of providing complete portfolio listings. CREF also files complete portfolio listings with the SEC, and they are available to the public.
You can obtain a complete list of the CREF accounts’ holdings (Schedules of Investments) as of the most recently completed fiscal quarter in the following ways:
| | • | By visiting our website at TIAA.org; or |
| | • | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the CREF accounts’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our SEC Form N-CSR and Form N-PORT or Form N-MFP (for money market products only) filings. Form N-CSR filings are as of December 31 or June 30; Form N-PORT or Form N-MFP filings are as of March 31 or September 30. Copies of these forms are available:
| | • | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or |
| | • | From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information. |
Proxy voting
CREF’s ownership of stock gives it the right to vote on proxy issues of companies in which it invests. A description of our proxy voting policies and procedures can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the accounts voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.
Account management
The CREF Accounts are managed by the portfolio management teams of TIAA-CREF Investment Management, LLC. The members of these teams are responsible for the day-to-day investment management of the accounts.
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About the accounts’ benchmarks
CREF Stock Account
The Account’s composite benchmark is a weighted average of two unmanaged indexes: the Russell 3000® Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World (ACWI) ex USA Investable Market Index (IMI), which measures the performance of small-, mid- and large-cap stocks in 48 developed- and emerging-markets nations throughout the world, excluding the United States.
The Morningstar Aggressive Target Risk Index is a broad-based securities market index for the Stock Account and has a 95% global equity market exposure and a multi-asset class exposure that is similar to the Stock Account.
CREF Global Equities Account
The Account’s benchmark is the MSCI All Country World Index (ACWI), which measures the performance of large- and mid-capitalization stocks in 23 developed-markets countries and 26 emerging-markets countries.
CREF Growth Account
The Account’s benchmark is the Russell 1000® Growth Index, a subset of the Russell 1000 Index, which measures the performance of the stocks of the 1,000 largest companies in the Russell 3000 Index, based on market capitalization. The Russell 1000 Growth Index measures the performance of those stocks of the Russell 1000 Index with higher relative forecasted growth rates and price/book ratios.
CREF Equity Index Account
The Account’s benchmark is the Russell 3000 Index, which measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market.
CREF Bond Market Account
The Account’s benchmark is the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities.
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About the accounts’ benchmarks
CREF Inflation-Linked Bond Account
The Account’s benchmark is the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index, which measures the performance of fixed-income securities with maturities between 1 and 10 years that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U).
CREF Social Choice Account
The Account’s composite benchmark is a weighted average of three unmanaged indexes: the Russell 3000® Index, which measures the performance of the broad U.S. stock market; the Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of the domestic investment-grade, fixed-rate bond market; and the MSCI EAFE+Canada Index, which measures stock performance in 22 developed-markets nations, excluding the United States.
The Morningstar Moderate Target Risk Index is a broad-based securities market index for the Social Choice Account. The index has a multi-asset class exposure (60% global equity, 40% global fixed income) that is similar to the Social Choice Account.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the accounts’ latest prospectus.
Russell 1000® and Russell 3000 are trademarks and service marks of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. EAFE stands for Europe, Australasia, Far East.
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Important information about expenses
All participants in the CREF Accounts incur ongoing costs, including management fees and other account expenses.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. Participants in the CREF Accounts do not incur a sales charge for purchases or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (January 1, 2020–June 30, 2020).
Actual expenses
The first section in each table uses the Account’s actual expenses and its actual rate of return. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period.
Hypothetical example for comparison purposes
The second section in the table shows hypothetical account values and expenses based on the Account’s actual expense ratio for each Class for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the Account’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Account with the costs of other accounts. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other variable annuity accounts and mutual funds.
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CREF Stock Account
Performance for the six months ended June 30, 2020
The CREF Stock Account returned –5.96% for the period, compared with the –5.84% return of its composite benchmark, a weighted average of the Russell 3000® Index and the MSCI All Country World (ACWI) ex USA Investable Market Index (IMI). For the twelve months ended June 30, 2020, the Account returned 2.07%, versus 3.08% for the composite index. (All returns for the Account are for Class R1.)
During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.
The U.S. stock market, as measured by the Russell 3000 Index, was negative across most investment styles and capitalization sizes. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (Returns by investment style and capitalization size are based on the Russell indexes.)
The MSCI ACWI ex USA IMI, which measures the performance of small-, mid-and large-cap stocks in 48 developed- and emerging-markets nations throughout the world, excluding the United States, declined 11.24% in U.S.-dollar terms for the six months.
Account lagged its composite benchmark
For the six months, the Account underperformed its benchmark. The primary detractors were an overweight position in banking giant JPMorgan Chase, an underweight in Microsoft and an overweight in Parsley Energy. Significant contributors were overweights in Amazon.com and PayPal and an underweight in Exxon Mobil.
The Account’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Account’s fair value pricing adjustments or of the timing of foreign currency valuations. Many foreign exchanges close for trading before the Account’s accumulation unit value (AUV) is calculated (see the current CREF prospectus for more details on AUV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Account’s benchmark. These changes are, however, taken into account to value the Account’s portfolio holdings at the time the Account’s AUV is calculated; these are known as fair value pricing adjustments.
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CREF Stock Account
Performance as of June 30, 2020
| Stock Account | | | | Total return | | | Average annual
total return | | | Estimated
annual | |
| | | Inception
date | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | operating
expenses | * |
| Class R1 | | 7/31/1952 | | | –5.96 | % | | | 2.07 | % | | | 6.64 | % | | | 10.48 | % | | | 0.570 | % |
| Class R2 | | 4/24/2015 | | | –5.89 | | | | 2.25 | | | | 6.89 | | | | 10.61 | † | | | 0.385 | |
| Class R3 | | 4/24/2015 | | | –5.86 | | | | 2.31 | | | | 6.97 | | | | 10.65 | † | | | 0.325 | |
| CREF Stock Account Composite Index§ | | — | | | –5.84 | | | | 3.08 | | | | 7.71 | | | | 11.14 | | | | — | |
| Broad market index | | | | | | | | | | | | | | | | | | | | | | |
| Morningstar Aggressive Target Risk Index | | — | | | –8.58 | | | | –0.81 | | | | 6.38 | | | | 9.84 | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
| § | As of the close of business on June 30, 2020, the CREF Stock Account Composite Benchmark consisted of: 70.0% Russell 3000® Index and 30.0% MSCI ACWI ex USA IMI. The Account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
Expense example
Six months ended June 30, 2020
| Stock Account | | Beginning
account value
(1/1/20 | ) | | Ending
account value
(6/30/20 | ) | | Expenses paid
during period
(1/1/20–6/30/20 | *
) |
| Actual return | | | | | | | | | |
| Class R1 | | $ | 1,000.00 | | | $ | 940.37 | | | | $2.41 | |
| Class R2 | | | 1,000.00 | | | | 941.14 | | | | 1.64 | |
| Class R3 | | | 1,000.00 | | | | 941.44 | | | | 1.35 | |
| 5% annual hypothetical return | | | | | | | | | | | | |
| Class R1 | | | 1,000.00 | | | | 1,022.38 | | | | 2.51 | |
| Class R2 | | | 1,000.00 | | | | 1,023.17 | | | | 1.71 | |
| Class R3 | | | 1,000.00 | | | | 1,023.47 | | | | 1.41 | |
| * | “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were |
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CREF Stock Account
182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.50% for Class R1, 0.34% for Class R2 and 0.28% for Class R3.
For more information about this expense example, please see page 9.
| Account profile | |
| | as of 6/30/2020 |
| Net assets | $106.44 billion |
| Portfolio turnover rate* | 39% |
| Number of holdings | 9,727 |
| Weighted median market capitalization | $59.91 billion |
| Price/earnings ratio (weighted 12-month trailing average)† | 27.0 |
| * | The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
| Portfolio composition | |
| Sector | % of net assets
as of 6/30/2020 |
| Information technology | 21.7 |
| Health care | 13.5 |
| Financials | 12.6 |
| Consumer discretionary | 12.0 |
| Industrials | 9.5 |
| Communication services | 9.1 |
| Consumer staples | 6.8 |
| Materials | 4.2 |
| Real estate | 3.2 |
| Energy | 3.0 |
| Utilities | 3.0 |
| Short-term investments, other assets & liabilities, net | 1.4 |
| Total | 100.0 |
| Holdings by company size |
| Market capitalization | % of equity investments
as of 6/30/2020 |
| More than $50 billion | 54.3 |
| More than $15 billion–$50 billion | 21.6 |
| More than $2 billion–$15 billion | 19.0 |
| $2 billion or less | 5.1 |
| Total | 100.0 |
| Holdings by country |
| | % of portfolio investments
as of 6/30/2020 |
| United States | 66.7 |
| Japan | 5.0 |
| China | 3.2 |
| United Kingdom | 3.1 |
| Switzerland | 2.0 |
| France | 1.9 |
| Canada | 1.8 |
| Germany | 1.6 |
| 72 other nations | 12.2 |
| Short-term investments | 2.5 |
| Total | 100.0 |
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CREF Global Equities Account
Performance for the six months ended June 30, 2020
The CREF Global Equities Account returned –4.12% for the period, compared with the –6.25% return of its benchmark, the MSCI All Country World Index (ACWI). For the twelve months ended June 30, 2020, the Account returned 4.94%, versus 2.11% for the index. (All returns for the Account are for Class R1.)
International equities in both developed and emerging markets declined for the period, rattled by the COVID-19 pandemic and efforts to limit its spread. Most global economies shrank during the first quarter of 2020. The 19-nation euro area’s economy contracted by 3.1% on a year-over-year basis, while China’s economy shrank by 6.8% for the same period. The Japanese economy contracted by an annualized rate of 2.2% during the first quarter of 2020. In the face of the pandemic, central banks acted quickly: the U.S. Federal Reserve lowered the federal funds target rate twice in March to 0.00%–0.25%; the European Central Bank increased its pandemic emergency purchase program to more than 1.3 trillion euros; and the Bank of England reduced its benchmark interest rate to 0.1% in March.
Most country components within the MSCI ACWI declined for the six months. U.S.-dollar returns for 29 of the 49 index nations were lower than, or equal to, their local-currency returns.
Account outperformed its benchmark
The Account outpaced its benchmark for the six months. The top contributors were an out-of-benchmark investment in Peloton Interactive, a U.S.-based provider of fitness and cycling equipment, followed by overweight positions in Swiss chemical producer Lonza Group and Chinese Internet conglomerate Tencent Holdings.
In contrast, certain stocks did not perform as anticipated. Overweight positions in Airbus, Dutch financial firm ING and Britain’s Lloyds Banking Group were the largest detractors.
The Account’s returns may sometimes diverge from the returns of its benchmark more than would be expected. This divergence may be the result of the Account’s fair value pricing adjustments or of the timing of foreign currency valuations. Many foreign exchanges close for trading before the Account’s accumulation unit value (AUV) is calculated (see the current CREF prospectus for more details on AUV calculations). In the intervening hours, the values of foreign securities can change, and these changes are not reflected immediately in the returns of the Account’s benchmark. These changes are, however, taken into account to value the Account’s portfolio holdings at the time the Account’s AUV is calculated; these are known as fair value pricing adjustments.
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CREF Global Equities Account
Performance as of June 30, 2020
| Global Equities Account | | | | Total return | | | Average annual
total return | | | Estimated
annual | |
| | | Inception
date | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | operating
expenses | * |
| Class R1 | | 5/1/1992 | | | –4.12 | % | | | 4.94 | % | | | 5.97 | % | | | 9.65 | % | | | 0.545 | % |
| Class R2 | | 4/24/2015 | | | –4.04 | | | | 5.13 | | | | 6.21 | | | | 9.78 | † | | | 0.360 | |
| Class R3 | | 4/24/2015 | | | –4.01 | | | | 5.19 | | | | 6.29 | | | | 9.82 | † | | | 0.300 | |
| MSCI All Country World Index | | — | | | –6.25 | | | | 2.11 | | | | 6.46 | | | | 9.16 | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
Expense example
Six months ended June 30, 2020
| Global Equities Account | | Beginning
account value
(1/1/20 | ) | | Ending
account value
(6/30/20 | ) | | Expenses paid
during period
(1/1/20–6/30/20 | *
) |
| Actual return | | | | | | | | | |
| Class R1 | | $ | 1,000.00 | | | $ | 958.76 | | | | $2.39 | |
| Class R2 | | | 1,000.00 | | | | 959.56 | | | | 1.61 | |
| Class R3 | | | 1,000.00 | | | | 959.86 | | | | 1.32 | |
| 5% annual hypothetical return | | | | | | | | | | | | |
| Class R1 | | | 1,000.00 | | | | 1,022.43 | | | | 2.46 | |
| Class R2 | | | 1,000.00 | | | | 1,023.22 | | | | 1.66 | |
| Class R3 | | | 1,000.00 | | | | 1,023.52 | | | | 1.36 | |
| * | “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.49% for Class R1, 0.33% for Class R2 and 0.27% for Class R3. |
For more information about this expense example, please see page 9.
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CREF Global Equities Account
| Account profile | |
| | as of 6/30/2020 |
| Net assets | $19.34 billion |
| Portfolio turnover rate* | 42% |
| Number of holdings | 3,156 |
| Weighted median market capitalization | $82.33 billion |
| Price/earnings ratio (weighted 12-month trailing average)† | 24.3 |
| * | The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Portfolio composition
| Sector | % of net assets
as of 6/30/2020 |
| Information technology | 22.2 |
| Consumer discretionary | 14.8 |
| Health care | 13.6 |
| Financials | 11.5 |
| Communication services | 8.9 |
| Industrials | 8.9 |
| Consumer staples | 7.6 |
| Materials | 4.7 |
| Utilities | 2.8 |
| Energy | 2.0 |
| Real estate | 1.8 |
| Short-term investments, other assets & liabilities, net | 1.2 |
| Total | 100.0 |
| Holdings by company size |
| Market capitalization | % of equity investments
as of 6/30/2020 |
| More than $50 billion | 62.4 |
| More than $15 billion–$50 billion | 22.8 |
| More than $2 billion–$15 billion | 13.3 |
| $2 billion or less | 1.5 |
| Total | 100.0 |
| Holdings by country |
| | % of portfolio investments
as of 6/30/2020 |
| United States | 55.5 |
| Japan | 6.7 |
| China | 5.7 |
| United Kingdom | 4.0 |
| France | 3.4 |
| Switzerland | 3.0 |
| Germany | 2.5 |
| Netherlands | 2.0 |
| 47 other nations | 15.5 |
| Short-term investments | 1.7 |
| Total | 100.0 |
| College Retirement Equities Fund ■ 2020 Semiannual Report | 15 |
CREF Growth Account
Performance for the six months ended June 30, 2020
The CREF Growth Account returned 11.43% for the period, compared with the 9.81% return of its benchmark, the Russell 1000® Growth Index. For the twelve months ended June 30, 2020, the Account returned 20.19%, versus 23.28% for the index. (All returns for the Account are for Class R1.)
During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.
The U.S. stock market, as measured by the Russell 3000® Index, declined sharply early in the period but rallied in the latter months to post an overall return of –3.48%. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (Returns by investment style and capitalization size are based on the Russell indexes.)
Fund posted double-digit gains, surpassed its benchmark
Six of the eleven industry sectors in the Russell 1000 Growth Index advanced for the six months. Information technology (up 18.4%)—the benchmark’s largest sector—had the biggest impact, as technology stocks generally fared well during the COVID-19 crisis. Consumer discretionary (up 19.5%) and communication services (up 8.9%) were the next-largest contributors. Together, these three sectors represented two-thirds of the benchmark’s total market capitalization on June 30, 2020. The industrials, consumer staples, materials and financials sectors all posted negative returns, as did energy (down 33.8%)—the benchmark’s smallest sector—which was the worst performer.
The Account outperformed its benchmark for the period due to astute security selection and allocation decisions. Significant overweight positions in financial transaction giant PayPal, Amazon.com and electric car maker Tesla made the largest contributions to relative performance. PayPal and Amazon benefited from stay-at-home advisories driven by the pandemic, while Tesla’s stock continued to surge due to strong global demand for electric cars.
By contrast, certain positions limited the Account’s return versus the benchmark. Underweight positions in Apple and Microsoft, both of which had strong performance, were the leading detractors, followed by an out-of-benchmark position in Walt Disney, which performed poorly.
| 16 | 2020 Semiannual Report ■ College Retirement Equities Fund |
CREF Growth Account
Performance as of June 30, 2020
| Growth Account | | | | | | | | | | Average annual | | Estimated | |
| | | | | | | Total return | | | total return | | | annual | |
| | | | Inception | | | | | | | | | | | | | | | | | | | operating | |
| | | | date | | | 6 months | | | | 1 year | | | | 5 years | | | | 10 years | | | | expenses | * |
| Class R1 | | | 4/29/1994 | | | 11.43 | % | | | 20.19 | % | | | 14.12 | % | | | 16.48 | % | | | 0.500 | % |
| Class R2 | | | 4/24/2015 | | | 11.52 | | | | 20.41 | | | | 14.38 | | | | 16.62 | † | | | 0.315 | |
| Class R3 | | �� | 4/24/2015 | | | 11.56 | | | | 20.48 | | | | 14.47 | | | | 16.66 | † | | | 0.255 | |
| Russell 1000® Growth Index | | | — | | | 9.81 | | | | 23.28 | | | | 15.89 | | | | 17.23 | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
Expense example
Six months ended June 30, 2020
| Growth Account | | Beginning
account value
(1/1/20 | ) | | Ending
account value
(6/30/20 | ) | | Expenses paid
during period
(1/1/20–6/30/20 | *
) |
| Actual return | | | | | | | | | | | | |
| Class R1 | | | $1,000.00 | | | | $1,114.30 | | | | $2.42 | |
| Class R2 | | | 1,000.00 | | | | 1,115.24 | | | | 1.53 | |
| Class R3 | | | 1,000.00 | | | | 1,115.58 | | | | 1.21 | |
| 5% annual hypothetical return | | | | | | | | | | | | |
| Class R1 | | | 1,000.00 | | | | 1,022.58 | | | | 2.31 | |
| Class R2 | | | 1,000.00 | | | | 1,023.42 | | | | 1.46 | |
| Class R3 | | | 1,000.00 | | | | 1,023.72 | | | | 1.16 | |
| * | “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.46% for Class R1, 0.29% for Class R2 and 0.23% for Class R3. |
For more information about this expense example, please see page 9.
| College Retirement Equities Fund ■ 2020 Semiannual Report | 17 |
CREF Growth Account
Account profile
| | | as of 6/30/2020 |
| Net assets | | | $29.41 billion |
| Portfolio turnover rate* | | | 44% |
| Number of holdings | | | 485 |
| Weighted median market capitalization | | | $153.74 billion |
| Price/earnings ratio (weighted 12-month trailing average)† | | | 44.6 |
| * | The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
| Portfolio composition | | |
| | | % of net assets |
| Sector | | as of 6/30/2020 |
| Information technology | | | 36.7 |
| Consumer discretionary | | | 18.0 |
| Health care | | | 15.7 |
| Communication services | | | 15.1 |
| Industrials | | | 6.0 |
| Financials | | | 3.4 |
| Consumer staples | | | 3.3 |
| Materials | | | 1.0 |
| Real estate | | | 0.3 |
| Energy | | | 0.1 |
| Short-term investments, other assets & liabilities, net | | | 0.4 |
| Total | | | 100.0 |
| Holdings by company size | | | |
| % of equity investments |
| Market capitalization | | as of 6/30/2020 |
| More than $50 billion | | | 77.1 |
| More than $15 billion–$50 billion | | | 17.0 |
| More than $2 billion–$15 billion | | | 5.7 |
| $2 billion or less | | | 0.2 |
| Total | | | 100.0 |
| 18 | 2020 Semiannual Report ■ College Retirement Equities Fund |
CREF Equity Index Account
Performance for the six months ended June 30, 2020
The CREF Equity Index Account returned –3.66% for the period, compared with the –3.48% return of its benchmark, the Russell 3000® Index. For the twelve months ended June 30, 2020, the Account returned 6.10%, versus 6.53% for the index. (All returns for the Account are for Class R1.)
For the six-month period, the Account’s return underperformed that of its benchmark index due to the effect of expenses. The Account’s return includes a deduction for expenses, while the benchmark’s does not. The Account had a risk profile similar to that of its benchmark.
During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%.
The U.S. stock market, as measured by the Russell 3000 Index, was negative across most investment styles and capitalization sizes. Growth stocks advanced, outperforming value shares, while large-cap stocks surpassed smaller equities. (Returns by investment style and capitalization size are based on the Russell indexes.)
Most benchmark sectors suffered losses
Eight of the eleven industry sectors in the Russell 3000 Index lost ground for the six months. Energy (down 36.3%) was the worst-performing sector as oil prices plunged. Financials (down 24.2%)—the third-largest sector in the benchmark—was the biggest detractor from the index’s return. Industrials (down 14.6%) and real estate (down 13.9%) were also significant detractors. Together, these four sectors accounted for more than one-quarter of the benchmark’s total market capitalization on June 30, 2020. Information technology (up 14.7%)—the benchmark’s largest sector—was the best performer, as technology stocks generally fared well during the COVID-19 crisis. Consumer discretionary and health care were also beneficial.
For the six-month period, all of the five largest stocks in the Russell 3000 Index posted solid gains and exceeded the overall return of the benchmark. Amazon.com performed best, benefiting from surging demand due to COVID-19. Next in line were Microsoft, which continued to profit from its cloud-computing business, and Apple, which reported strong revenues. Alphabet (the parent company of Google) and Facebook advanced more modestly.
| College Retirement Equities Fund ■ 2020 Semiannual Report | 19 |
CREF Equity Index Account
| Performance as of June 30, 2020 | | | | | | | | | | | | | | |
| Equity Index Account | | | | | | | | | | Average annual | | Estimated | |
| | | | | Total return | | total return | | annual | |
| | | Inception | | | | | | | | | | | | | | operating | |
| | | | date | | | 6 months | | | | 1 year | | | | 5 years | | | | 10 years | | | | expenses | * |
| Class R1 | | | 4/29/1994 | | | –3.66 | % | | | 6.10 | % | | | 9.48 | % | | | 13.22 | % | | | 0.475 | % |
| Class R2 | | | 4/24/2015 | | | –3.58 | | | | 6.29 | | | | 9.74 | | | | 13.35 | † | | | 0.290 | |
| Class R3 | | | 4/24/2015 | | | –3.55 | | | | 6.35 | | | | 9.81 | | | | 13.40 | † | | | 0.230 | |
| Russell 3000® Index | | | — | | | –3.48 | | | | 6.53 | | | | 10.03 | | | | 13.72 | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
Expense example
Six months ended June 30, 2020
| | | Beginning | | | Ending | | | Expenses paid | |
| | | account value | | | account value | | | during period | * |
| Equity Index Account | | | (1/1/20 | ) | | | (6/30/20 | ) | | | (1/1/20–6/30/20 | ) |
| Actual return | | | | | | | | | | | | |
| Class R1 | | | $1,000.00 | | | $ | 963.40 | | | | $2.10 | |
| Class R2 | | | 1,000.00 | | | | 964.20 | | | | 1.27 | |
| Class R3 | | | 1,000.00 | | | | 964.50 | | | | 0.98 | |
| 5% annual hypothetical return | | | | | | | | | | | | |
| Class R1 | | | 1,000.00 | | | | 1,022.73 | | | | 2.16 | |
| Class R2 | | | 1,000.00 | | | | 1,023.57 | | | | 1.31 | |
| Class R3 | | | 1,000.00 | | | | 1,023.87 | | | | 1.01 | |
| * | “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.43% for Class R1, 0.26% for Class R2 and 0.20% for Class R3. |
For more information about this expense example, please see page 9.
| 20 | 2020 Semiannual Report ■ College Retirement Equities Fund |
CREF Equity Index Account
| Account profile | | |
| | | as of 6/30/2020 |
| Net assets | | | $18.36 billion |
| Portfolio turnover rate* | | | 2% |
| Number of holdings | | | 2,724 |
| Weighted median market capitalization | | | $102.54 billion |
| Price/earnings ratio (weighted 12-month trailing average)† | | | 31.2 |
| * | The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
Portfolio composition
| | | % of net assets |
| Sector | | as of 6/30/2020 |
| Information technology | | | 26.5 |
| Health care | | | 14.8 |
| Consumer discretionary | | | 11.3 |
| Financials | | | 10.4 |
| Communication services | | | 9.8 |
| Industrials | | | 8.7 |
| Consumer staples | | | 6.2 |
| Real estate | | | 3.6 |
| Utilities | | | 3.0 |
| Materials | | | 2.7 |
| Energy | | | 2.6 |
| Short-term investments, other assets & liabilities, net | | | 0.4 |
| Total | | | 100.0 |
| Holdings by company size |
| % of equity investments |
| Market capitalization | | as of 6/30/2020 |
| More than $50 billion | | | 63.0 |
| More than $15 billion–$50 billion | | | 18.4 |
| More than $2 billion–$15 billion | | | 15.4 |
| $2 billion or less | | | 3.2 |
| Total | | | 100.0 |
| College Retirement Equities Fund ■ 2020 Semiannual Report | 21 |
CREF Bond Market Account
Performance for the six months ended June 30, 2020
The CREF Bond Market Account returned 4.98% for the period, compared with the 6.14% return of its benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2020, the Account returned 7.43%, versus 8.74% for the index. (All returns for the Account are for Class R1.)
During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020.
The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%. Yields on U.S. Treasury securities of all maturities fell sharply during the period, boosting bond prices (bond yields move in the opposite direction of prices). Economies around the world were also rattled by the pandemic, and foreign central banks responded similarly with accommodative measures. The European Central Bank increased its pandemic emergency purchase program to more than 1.3 trillion euros. The Bank of England reduced its benchmark interest rate to 0.1% in March.
Account trailed its benchmark
All of the sectors in the Bloomberg Barclays U.S. Aggregate Bond Index produced positive returns for the six-month period. U.S. Treasuries, the largest index sector with a weight of 39.5%, advanced 8.7% and was the primary driver of the benchmark’s overall performance. Corporate bonds, which accounted for 25.3% of the index’s total market capitalization on June 30, 2020, returned 5.0%. Mortgage-backed securities— the benchmark’s second-largest sector at 26.2%— rose 3.6%. Government credit securities and commercial mortgage-backed securities (CMBS) both advanced 5.2%.
The Account underperformed its benchmark for the period primarily due to sector allocation. Much of the underperformance occurred in the first quarter of 2020 as a result of the COVID-19 related shock. The Account’s broad overweight to non-Treasury spread sectors was the largest detractor as U.S. Treasuries handily outperformed all other sectors. An overweight allocation to corporate bonds, including small high-yield and emerging-market corporate positions, detracted most. Security selection within the investment-grade corporate sector was positive as companies with the financial flexibility to weather a recession were emphasized, and this almost fully offset the negative impact of the sector allocation. Security selection within CMBS and asset-backed securities also hurt. Yield curve positioning hindered results due to a slightly shorter duration than the Account’s benchmark, as interest rates generally fell during the period.
| 22 | 2020 Semiannual Report ■ College Retirement Equities Fund |
CREF Bond Market Account
Performance as of June 30, 2020
| Bond Market Account | | | | Total return | | | Average annual
total return | | | Estimated
annual | |
| | | Inception | | | | | | | | | | | | | | operating | |
| | | date | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | expenses | * |
| Class R1 | | 3/1/1990 | | | 4.98 | % | | | 7.43 | % | | | 4.06 | % | | | 3.72 | % | | | 0.505 | % |
| Class R2 | | 4/24/2015 | | | 5.06 | | | | 7.63 | | | | 4.30 | | | | 3.84 | † | | | 0.320 | |
| Class R3 | | 4/24/2015 | | | 5.10 | | | | 7.69 | | | | 4.38 | | | | 3.88 | † | | | 0.260 | |
| Bloomberg Barclays U.S. Aggregate Bond Index | | — | | | 6.14 | | | | 8.74 | | | | 4.30 | | | | 3.82 | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
Expense example
Six months ended June 30, 2020
| | | Beginning | | | Ending | | | Expenses paid | |
| | | account value | | | account value | | | during period | * |
| Bond Market Account | | (1/1/20 | ) | | (6/30/20 | ) | | (1/1/20–6/30/20 | ) |
| Actual return | | | | | | | | | | | | |
| Class R1 | | | $1,000.00 | | | | $1,049.76 | | | | $2.40 | |
| Class R2 | | | 1,000.00 | | | | 1,050.65 | | | | 1.53 | |
| Class R3 | | | 1,000.00 | | | | 1,050.97 | | | | 1.22 | |
| 5% annual hypothetical return | | | | | | | | | | | | |
| Class R1 | | | 1,000.00 | | | | 1,022.53 | | | | 2.36 | |
| Class R2 | | | 1,000.00 | | | | 1,023.37 | | | | 1.51 | |
| Class R3 | | | 1,000.00 | | | | 1,023.67 | | | | 1.21 | |
| * | “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.47% for Class R1, 0.30% for Class R2 and 0.24% for Class R3. |
| | |
| For more information about this expense example, please see page 9. |
| College Retirement Equities Fund ■ 2020 Semiannual Report | 23 |
CREF Bond Market Account
Account profile
| | | as of 6/30/2020 |
| Net assets | | | $14.83 billion |
| Portfolio turnover rate* | | | 52% |
| Portfolio turnover rate, excluding mortgage dollar-roll transactions* | | | 47% |
| Number of issues | | | 2,077 |
| Option-adjusted duration‡ | | | 5.43 years |
| Average maturity§ | | | 7.92 years |
| * | The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
Portfolio composition
| Sector | | % of net assets
as of 6/30/2020 |
| Corporate bonds | | | 33.0 |
| Mortgage-backed securities | | | 20.1 |
| Foreign government & corporate bonds denominated in U.S. dollars | | | 13.3 |
| Asset-backed securities | | | 8.4 |
| Commercial mortgage-backed securities | | | 7.2 |
| U.S. Treasury securities | | | 6.9 |
| Municipal bonds | | | 5.0 |
| U.S. agency securities | | | 1.8 |
| Bank loan obligations | | | 0.7 |
| Preferred stock | | | 0.1 |
| Short-term investments, other assets & liabilities, net | | | 3.5 |
| Total | | | 100.0 |
Holdings by maturity
| | | % of fixed-income investments
(excluding short-term investments)
as of 6/30/2020 |
| Less than 1 year | | | 4.4 |
| 1–3 years | | | 22.1 |
| 3–5 years | | | 23.6 |
| 5–10 years | | | 31.9 |
| Over 10 years | | | 18.0 |
| Total | | | 100.0 |
Holdings by credit quality
| | | % of fixed-income investments
(excluding short-term investments)
as of 6/30/2020 |
| U.S. Treasury & U.S. agency securities* | | | 28.4 |
| Aaa/AAA | | | 13.8 |
| Aa/AA | | | 9.8 |
| A/A | | | 18.8 |
| Baa/BBB | | | 24.8 |
| Ba/BB | | | 1.8 |
| B/B | | | 0.9 |
| Below B/B | | | 0.2 |
| Non-rated | | | 1.5 |
| Total | | | 100.0 |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
| 24 | 2020 Semiannual Report ■ College Retirement Equities Fund |
CREF Inflation-Linked Bond Account
Performance for the six months ended June 30, 2020
The CREF Inflation-Linked Bond Account returned 4.02% for the period, compared with the 4.08% return of its benchmark, the Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. For the twelve months ended June 30, 2020, the Account returned 5.42%, versus 5.75% for the index. (All returns for the Account are for Class R1.)
During the six-month period, the U.S. economy was jolted by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020.
The Federal Reserve cut the federal funds target rate twice in March, reducing the key short-term interest-rate measure to 0.00%–0.25%. Yields on U.S. Treasury securities of all maturities fell sharply during the period, boosting bond prices (bond yields move in the opposite direction of prices). The European Central Bank increased its pandemic emergency purchase program to more than 1.3 trillion euros. The Bank of England reduced its benchmark interest rate to 0.1% in March.
TIPS trailed the broader bond market
For the twelve months, the return of the TIPS 1–10 Year Index trailed the 6.14% return of the broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index.
The decline in high-quality bond yields continued during the period, accelerating as the COVID-19 pandemic caused investors to seek the relative safety of U.S. Treasuries and other government-issued fixed-income securities. As a result, bonds generally performed well for the six months. However, the core inflation rate remained low, which tended to limit the returns of Treasury inflation-protected securities.
The Account slightly trailed its benchmark, primarily due to its expense charge. The Account’s return includes a deduction for expenses, while the benchmark’s return does not. Since the Account’s portfolio resembled the composition of its benchmark, the above discussion of the benchmark’s performance also applies to the Account’s performance.
During the period, the Account’s portfolio managers kept the Account’s duration—a measure of its sensitivity to interest-rate changes—close to that of the TIPS 1–10 Year Index. This strategy helped the Account’s risk and reward characteristics to more closely resemble those of its benchmark.
| College Retirement Equities Fund ■ 2020 Semiannual Report | 25 |
CREF Inflation-Linked Bond Account
Performance as of June 30, 2020
| Inflation-Linked Bond Account | | | | Total return | | | Average annual
total return | | | Estimated
annual | |
| | | Inception | | | | | | | | | | | | | | operating | |
| | | date | | 6 months | | | 1 year | | | 5 years | | | 10 years | | | expenses | * |
| Class R1 | | 5/1/1997 | | | 4.02 | % | | | 5.42 | % | | | 2.55 | % | | | 2.69 | % | | | 0.475 | % |
| Class R2 | | 4/24/2015 | | | 4.10 | | | | 5.61 | | | | 2.78 | | | | 2.81 | † | | | 0.290 | |
| Class R3 | | 4/24/2015 | | | 4.14 | | | | 5.68 | | | | 2.86 | | | | 2.85 | † | | | 0.230 | |
| Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index | | — | | | 4.08 | | | | 5.75 | | | | 2.97 | | | | 2.66 | | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
Expense example
Six months ended June 30, 2020
| | | Beginning | | | Ending | | | Expenses paid | |
| | | account value | | | account value | | | during period | * |
| Inflation-Linked Bond Account | | (1/1/20 | ) | | (6/30/20 | ) | | (1/1/20–6/30/20 | ) |
| Actual return | | | | | | | | | | | | |
| Class R1 | | | $1,000.00 | | | | $1,040.16 | | | | $2.23 | |
| Class R2 | | | 1,000.00 | | | | 1,041.04 | | | | 1.37 | |
| Class R3 | | | 1,000.00 | | | | 1,041.36 | | | | 1.07 | |
| 5% annual hypothetical return | | | | | | | | | | | | |
| Class R1 | | | 1,000.00 | | | | 1,022.68 | | | | 2.21 | |
| Class R2 | | | 1,000.00 | | | | 1,023.52 | | | | 1.36 | |
| Class R3 | | | 1,000.00 | | | | 1,023.82 | | | | 1.06 | |
| * | “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.44% for Class R1, 0.27% for Class R2 and 0.21% for Class R3. |
For more information about this expense example, please see page 9.
| 26 | 2020 Semiannual Report ■ College Retirement Equities Fund |
CREF Inflation-Linked Bond Account
Account profile
| | | as of 6/30/2020 |
| Net assets | | | $6.90 billion |
| Portfolio turnover rate* | | | 13% |
| Number of issues | | | 55 |
| Option-adjusted duration‡ | | | 4.79 years |
| Average maturity§ | | | 5.15 years |
| * | The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
Portfolio composition
| Sector | | % of net assets
as of 6/30/2020 |
| U.S. Treasury securities | | | 95.0 |
| Mortgage-backed securities | | | 2.6 |
| U.S. agency securities | | | 0.9 |
| Short-term investments, other assets & liabilities, net | | | 1.5 |
| Total | | | 100.0 |
Holdings by maturity
| | | % of fixed-income investments
(excluding short-term investments)
as of 6/30/2020 |
| Less than 1 year | | | 0.6 |
| 1–3 years | | | 25.9 |
| 3–5 years | | | 24.1 |
| 5–10 years | | | 47.9 |
| Over 10 years | | | 1.5 |
| Total | | | 100.0 |
Holdings by credit quality
| | | % of fixed-income investments
(excluding short-term investments)
as of 6/30/2020 |
| U.S. Treasury & U.S. agency securities* | | | 99.1 |
| Non-rated | | | 0.9 |
| Total | | | 100.0 |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
Credit quality ratings are based on the Bloomberg Barclays methodology, which uses the median rating of those compiled by the Moody’s, Standard & Poor’s and Fitch ratings agencies. If ratings are available from only two of these agencies, the lower rating is used. When only one rating is available, that one is used. These ratings are subject to change without notice.
| College Retirement Equities Fund ■ 2020 Semiannual Report | 27 |
CREF Social Choice Account
Performance for the six months ended June 30, 2020
The CREF Social Choice Account returned –1.15% for the period, compared with the –0.76% return of its composite benchmark, a weighted average of the Russell 3000® Index, the MSCI EAFE+Canada Index and the Bloomberg Barclays U.S. Aggregate Bond Index. For the twelve months ended June 30, 2020, the Account returned 5.75%, versus 5.78% for the benchmark. The Account utilizes environmental, social and governance (ESG) criteria, while the benchmark does not. (All returns for the Account are for Class R1.)
Because of its ESG criteria, the Account did not invest in a number of stocks and bonds that were included in the indexes that comprise its composite benchmark. Avoiding these investments produced mixed results, but the net effect was that the Account underperformed its benchmark.
The performance of the Account’s domestic equities outpaced that of the Russell 3000 Index. Avoiding JPMorgan Chase, Wells Fargo and Berkshire Hathaway benefited the Account most, while excluding PayPal, Facebook and Netflix detracted most. The Account’s international equities outperformed the MSCI EAFE+Canada Index, helped by omitting Royal Dutch Shell, British bank HSBC and Airbus, but hindered by excluding Barrick Gold, Japanese conglomerate SoftBank and global consumer goods firm Reckitt Benckiser.
Account underperformed its composite benchmark
To compensate for the Account’s exclusion of some stocks, its managers use quantitative (mathematical) modeling and other techniques in an attempt to match the overall investment characteristics of the portfolio with those of its composite benchmark.
The performance of the Account’s domestic equities versus the Russell 3000 Index was helped by overweight positions in information technology company NVIDIA, electric car maker Tesla and software company Adobe. On the other hand, an underweight in Amazon.com and overweights in U.S. Bancorp and energy giant Schlumberger detracted.
Relative to the MSCI EAFE+Canada Index, the Account’s international holdings benefited from overweight positions in Canadian e-commerce platform provider Shopify, Japan’s Chugai Pharmaceutical and German electronic equipment manufacturer Sartorius. Conversely, overweight positions in French commercial real estate investor WFD Unibail-Rodamco, Canadian oil company Cenovus Energy and British aerospace engineering group Meggitt detracted most.
The Account’s fixed-income segment trailed the 6.14% return of the Bloomberg Barclays U.S. Aggregate Bond Index mainly due to its positions in the U.S. Treasury and mortgage-backed securities sectors.
| 28 | 2020 Semiannual Report ■ College Retirement Equities Fund |
CREF Social Choice Account
Performance as of June 30, 2020
| Social Choice Account | | | | | | | | | Average annual | | Estimated | |
| | | | | Total return | | total return | | annual | |
| | | Inception | | | | | | | | | | | | operating | |
| | | date | | 6 months | | 1 year | | | 5 years | | 10 years | | | expenses | * |
| Class R1 | | 3/1/1990 | | –1.15 | % | 5.75 | % | | 6.36 | % | 8.22 | % | | 0.500 | % |
| Class R2 | | 4/24/2015 | | –1.07 | | 5.95 | | | 6.61 | | 8.35 | † | | 0.315 | |
| Class R3 | | 4/24/2015 | | –1.04 | | 6.01 | | | 6.69 | | 8.39 | † | | 0.255 | |
| CREF Social Choice Account Composite Index§ | | — | | –0.76 | | 5.78 | | | 6.58 | | 8.69 | | | — | |
| Broad market index | | | | | | | | | | | | | | | |
| Morningstar Moderate Target Risk Index | | — | | –2.35 | | 3.70 | | | 6.00 | | 7.76 | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
| * | The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
| § | As of the close of business on June 30, 2020, the CREF Social Choice Composite Benchmark consisted of: 42.0% Russell 3000® Index, 40.0% Bloomberg Barclays U.S. Aggregate Bond Index and 18.0% MSCI EAFE+Canada Index. The Account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
Expense example
Six months ended June 30, 2020
| | | Beginning | | | Ending | | | Expenses paid | |
| | | account value | | | account value | | | during period | * |
| Social Choice Account | | (1/1/20 | ) | | (6/30/20 | ) | | (1/1/20–6/30/20 | ) |
| Actual return | | | | | | | | | | | | |
| Class R1 | | | $1,000.00 | | | | $ 988.47 | | | | $2.27 | |
| Class R2 | | | 1,000.00 | | | | 989.29 | | | | 1.48 | |
| Class R3 | | | 1,000.00 | | | | 989.60 | | | | 1.14 | |
| 5% annual hypothetical return | | | | | | | | | | | | |
| Class R1 | | | 1,000.00 | | | | 1,022.58 | | | | 2.31 | |
| Class R2 | | | 1,000.00 | | | | 1,023.37 | | | | 1.51 | |
| Class R3 | | | 1,000.00 | | | | 1,023.72 | | | | 1.16 | |
| * | “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were |
| College Retirement Equities Fund ■ 2020 Semiannual Report | 29 |
CREF Social Choice Account
182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.46% for Class R1, 0.30% for Class R2 and 0.23% for Class R3.
For more information about this expense example, please see page 9.
Account profile
| | as of 6/30/2020 |
| Net assets | $15.25 billion |
| Portfolio turnover rate* | 45% |
| Portfolio turnover rate, excluding mortgage dollar-roll transactions* | 43% |
| Equity segment | |
| Number of holdings | 1,024 |
| Weighted median market capitalization | $55.14 billion |
| Price/earnings ratio (weighted 12-month trailing average)† | 28.9 |
| Fixed-income segment | |
| Number of issues | 873 |
| Option-adjusted duration‡ | 5.95 years |
| Average maturity§ | 9.11 years |
| * | The portfolio turnover rate covers the six-month period from January 1, 2020–June 30, 2020, and is not annualized. |
| † | Price/earnings ratio is the price of a stock divided by its earnings per share for the past twelve-month period. |
| ‡ | Option-adjusted duration estimates how much the value of a bond portfolio would be affected by a change in prevailing interest rates, taking into account the options embedded in the individual securities. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. |
| § | Average maturity is a simple average of the maturities of all the bonds in an account’s portfolio. The maturity of a bond is the amount of time until the bond’s principal becomes due or payable. |
Portfolio composition
| | % of net assets |
| Sector | as of 6/30/2020 |
| Equities | 59.6 |
| Fixed-income securities | 39.5 |
| Short-term investments, other assets & liabilities, net | 0.9 |
| Total | 100.0 |
Holdings by company size
| % of equity investments |
| Market capitalization | as of 6/30/2020 |
| More than $50 billion | 51.3 |
| More than $15 billion–$50 billion | 29.2 |
| More than $2 billion–$15 billion | 17.7 |
| $2 billion or less | 1.8 |
| Total | 100.0 |
Holdings by maturity
| % of fixed-income investments |
| (excluding short-term investments) |
| | as of 6/30/2020 |
| Less than 1 year | 1.5 |
| 1–3 years | 22.2 |
| 3–5 years | 24.0 |
| 5–10 years | 28.2 |
| Over 10 years | 24.1 |
| Total | 100.0 |
| 30 | 2020 Semiannual Report ■ College Retirement Equities Fund |
CREF Money Market Account
Performance for the six months ended June 30, 2020
The CREF Money Market Account returned 0.28% for the six months, compared with the 0.27% return of the iMoneyNet Money Fund Averages™—All Government, a simple average of over 500 money market funds that invest in short-term U.S. government securities. The iMoneyNet average is not an index, and its return reflects the deduction of expenses charged by the funds included in the average. (All returns for the Account are for Class R1.)
The U.S. economy closed 2019 with steady, moderate growth, but it was jolted in March 2020 by the COVID-19 pandemic and efforts to contain the spread of the virus. The unemployment rate jumped from 3.6% in January 2020 to 14.7% in April before ending the period at 11.1%. Core inflation, which includes all items except food and energy, held steady at 1.2% for the twelve months ended June 30, 2020. In March, the Federal Reserve took swift action and substantially lowered the federal funds target rate—a key short-term interest-rate measure—to 0.00%–0.25%. The Fed also stated that it remains committed to monetary policies designed to spur economic growth.
As a result of the heightened volatility in the financial markets during the period, government money market fund assets experienced steady increases, with growth of more than $1 trillion between December 2019 and May 2020.
The low interest-rate environment pushed yields on the short-term government securities in which the Fund invests sharply lower. The “secured overnight financing rate” (SOFR), which represents dealer transactions in Treasury collateralized overnight repurchase agreements, has become widely accepted by government agencies as a key indicator of short-term government money market rates. Over the six-month period, SOFR declined from 1.54% on January 2, 2020, to 0.10% on June 30, 2020. As a result, with short-term interest rates at historic lows, money market fund yields followed suit—a trend that is expected to continue.
Account surpassed the iMoneyNet average
For the six-month period, the Money Market Account’s return slightly outperformed that of the iMoneyNet average. In pursuit of additional yield, the Account continued to invest in longer-dated floating-rate government agency securities, which was generally beneficial. As of June 30, 2020, the Account’s weighted average maturity (WAM) was 45 days, versus 42 days for the iMoneyNet average, and this longer WAM also benefited the Account’s relative performance.
Effective October 1, 2020, Joseph Rolston is no longer a portfolio manager of the Money Market Account. Chad Kemper and Andrew Hurst each continue to be portfolio managers on the Account.
| College Retirement Equities Fund ■ 2020 Semiannual Report | 31 |
CREF Money Market Account
Net annualized yield for the 7 days ended June 30, 2020§
| | | Current yield | | | Effective yield | |
| Money Market Account | | | | | | | | |
| Class R1 | | | 0.00 | % | | | 0.00 | % |
| Class R2 | | | 0.00 | | | | 0.00 | |
| Class R3 | | | 0.01 | | | | 0.01 | |
| iMoneyNet Money Fund Averages™—All Government‡ | | | 0.03 | | | | 0.03 | |
The current yield more closely reflects current earnings than does the total return.
| § | Typically, iMoneyNet reports its 7-day yields as of Tuesday of each week. |
Performance as of June 30, 2020
| Money Market Account# | | | | Total return | | Average annual
total return | | Estimated
annual | |
| | | Inception | | | | | | | | | | | | operating | |
| | | date | | 6 months | | 1 year | | | 5 years | | 10 years | | | expenses | * |
| Class R1 | | 4/1/1988 | | 0.28 | % | 1.07 | % | | 0.63 | % | 0.31 | % | | 0.475 | % |
| Class R2 | | 4/24/2015 | | 0.35 | | 1.24 | | | 0.83 | | 0.41 | † | | 0.290 | |
| Class R3 | | 4/24/2015 | | 0.38 | | 1.30 | | | 0.90 | | 0.45 | † | | 0.230 | |
| iMoneyNet Money Fund Averages™—All Government‡ | | — | | 0.27 | | 1.06 | | | 0.80 | | 0.41 | | | — | |
The returns in this report show past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.
You could lose money by investing in this Account. Because the accumulation unit value of the Account will fluctuate, the value of your investment may increase or decrease. An investment in the Account is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The Account’s sponsor has no legal obligation to provide support to the Account, and you should not expect that the sponsor will provide financial support to the Account at any time. For a detailed discussion of risk, please see the prospectus. The current yield more closely reflects current earnings than does the total return.
Note: Unlike most money market funds, the CREF Money Market Account does not distribute income on a daily basis. Therefore, the Account does not maintain a constant value of $1.00 per accumulation unit.
| # | Between July 16, 2009, and March 7, 2017, TIAA withheld (“waived”) a portion of the 12b–1 distribution and/or administrative expenses for each class of the CREF Money Market Account when a class’ yield was less than zero. Without this waiver, the total returns of the Money Market Account would have been lower. For a period of three years after the date an amount was waived, it was eligible for recoupment by TIAA, under certain conditions. All eligible expenses were recouped by July 2018 for Class R3, September 2018 for Class R2 and June 2019 for Class R1. |
| | TIAA has agreed to withhold (“waive”) a portion of the Rule 12b-1 distribution and/or administrative expenses for each class of the CREF Money Market Account (the “Account”) when a class’ yield is less than zero. Without this waiver, the total returns of each class of the Account would be lower, and could be negative. TIAA may, for a period of three years after the date an amount was waived, recover from the Account a portion of the amounts waived at such time as the class’ daily yield would be positive absent the effect of the waiver and, in such event, the amount of recovery on any day will be approximately 25% of the class’ yield (net of all other |
| 32 | 2020 Semiannual Report ■ College Retirement Equities Fund |
CREF Money Market Account
| | expenses) on that day. This limited waiver may be terminated at any time and, in any event, will extend only through December 31, 2020. |
| * | The estimated annual operating expenses are taken from the Account’s current prospectus. Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. |
| † | The performance shown for Classes R2 and R3 that is prior to their inception date is based on performance of the Account’s Class R1. The performance for these periods has not been restated to reflect the lower expenses of Classes R2 and R3. If those expenses had been reflected, the performance would have been higher. |
| ‡ | The iMoneyNet Money Fund Averages—All Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. agencies, repurchase agreements and government-backed floating-rate notes. You cannot invest directly in it. |
Expense example
Six months ended June 30, 2020
| | | Beginning | | | Ending | | | Expenses paid | |
| | | account value | | | account value | | | during period | * |
| Money Market Account | | (1/1/20 | ) | | (6/30/20 | ) | | (1/1/20–6/30/20 | ) |
| Actual return | | | | | | | | | | | | |
| Class R1 | | | $1,000.00 | | | | $1,002.84 | | | | $ 2.04 | |
| Class R2 | | | 1,000.00 | | | | 1,003.53 | | | | 1.34 | |
| Class R3 | | | 1,000.00 | | | | 1,003.82 | | | | 1.10 | |
| 5% annual hypothetical return | | | | | | | | | | | | |
| Class R1 | | | 1,000.00 | | | | 1,022.82 | | | | 2.06 | |
| Class R2 | | | 1,000.00 | | | | 1,023.52 | | | | 1.36 | |
| Class R3 | | | 1,000.00 | | | | 1,023.77 | | | | 1.11 | |
| * | “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 182/366. There were 182 days in the six months ended June 30, 2020. The Account’s annualized six-month expense ratios for that period were 0.41% for Class R1, 0.27% for Class R2 and 0.22% for Class R3. The expense charges of the Account reflect a voluntary waiver. Without this waiver, the expenses of the account would have been higher and its performance lower. |
For more information about this expense example, please see page 9.
Account profile
| | as of 6/30/2020 |
| Net assets | $12.13 billion |
| Number of issues | 159 |
Portfolio composition
| | % of net assets |
| Sector | as of 6/30/2020 |
| U.S. Treasury securities* | 45.7 |
| U.S. government agency securities* | 29.1 |
| Floating-rate securities, government* | 25.2 |
| Total | 100.0 |
| * | These securities are guaranteed by the full faith and credit of the U.S. government. |
| College Retirement Equities Fund ■ 2020 Semiannual Report | 33 |
Summary portfolio of investments (unaudited)
CREF Stock Account ■ June 30, 2020
| Principal | | | | Issuer | | | | Value
(000) | | | | % of net
assets |
| GOVERNMENT BONDS |
| U.S. TREASURY SECURITIES | | | | $ | 309 | | | | 0.0 | % |
| | | | | | TOTAL GOVERNMENT BONDS | (Cost $301) | | | 309 | | | | 0.0 | |
| | | | | | | | | | | | | | | | |
| Shares | | | | Company | | | | | | | | | | |
| COMMON STOCKS | | | | | | | | | | |
| AUTOMOBILES & COMPONENTS | | | | | | | | | | |
| | 368,419 | | * | | Tesla, Inc | | | 397,823 | | | | 0.4 | |
| | | | | | Other | | | 1,140,619 | | | | 1.0 | |
| | | | | | | | | | | 1,538,442 | | | | 1.4 | |
| BANKS | | | | | | | | | | |
| | 14,928,805 | | | | Bank of America Corp | | | 354,559 | | | | 0.3 | |
| | 10,594,362 | | n | | JPMorgan Chase & Co | | | 996,506 | | | | 1.0 | |
| | | | | | Other | | | | | 4,620,201 | | | | 4.3 | |
| | | | | | | | | | | 5,971,266 | | | | 5.6 | |
| CAPITAL GOODS | | | | | | | | | | |
| | 3,138,646 | | | | Honeywell International, Inc | | | 453,817 | | | | 0.4 | |
| | | | | | Other | | | 6,369,414 | | | | 6.0 | |
| | | | | | | | | | | 6,823,231 | | | | 6.4 | |
| COMMERCIAL & PROFESSIONAL SERVICES | | | 1,401,352 | | | | 1.3 | |
| CONSUMER DURABLES & APPAREL | | | | | | | | |
| | 3,266,381 | | | | Nike, Inc (Class B) | | | 320,269 | | | | 0.3 | |
| | | | | | Other | | | | | 1,724,628 | | | | 1.6 | |
| | | | | | | | | | | 2,044,897 | | | | 1.9 | |
| CONSUMER SERVICES | | | | | | | | | | |
| | 2,053,294 | | | | McDonald’s Corp | | | 378,771 | | | | 0.4 | |
| | | | | | Other | | | | | 1,488,057 | | | | 1.4 | |
| | | | | | | | | | | 1,866,828 | | | | 1.8 | |
| DIVERSIFIED FINANCIALS | | | | | | | | | | |
| | 10,047,005 | | n | | Morgan Stanley | | | 485,270 | | | | 0.5 | |
| | | | | | Other | | | | | 3,476,570 | | | | 3.2 | |
| | | | | | | | | | | 3,961,840 | | | | 3.7 | |
| ENERGY | | | | | | | | | | | | | | |
| | 4,691,984 | | | | Chevron Corp | | | 418,666 | | | | 0.4 | |
| | | | | | Other | | | 2,752,091 | | | | 2.6 | |
| | | | | | | | | | | 3,170,757 | | | | 3.0 | |
| FOOD & STAPLES RETAILING | | | | | | | | | | |
| | 1,161,446 | | | | Costco Wholesale Corp | | | 352,162 | | | | 0.3 | |
| | 3,524,407 | | | | Walmart, Inc | | | 422,153 | | | | 0.4 | |
| | | | | | Other | | | 756,835 | | | | 0.7 | |
| | | | | | | | | | | 1,531,150 | | | | 1.4 | |
| 34 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
| | |
| CREF Stock Account ■ June 30, 2020 |
| Shares | | | | Company | | Value
(000) | | | % of net
assets |
| FOOD, BEVERAGE & TOBACCO |
| | 8,497,728 | | | | Coca-Cola Co | | $ | 379,679 | | | | 0.4 | % |
| | 4,007,419 | | | | Nestle S.A. | | | 444,305 | | | | 0.4 | |
| | 3,094,851 | | | | PepsiCo, Inc | | | 409,325 | | | | 0.4 | |
| | | | | | Other | | | 2,701,571 | | | | 2.5 | |
| | | | | | | | | 3,934,880 | | | | 3.7 | |
| HEALTH CARE EQUIPMENT & SERVICES |
| | 3,790,638 | | | | Abbott Laboratories | | | 346,578 | | | | 0.3 | |
| | 2,147,409 | | | | UnitedHealth Group, Inc | | | 633,378 | | | | 0.6 | |
| | | | | | Other | | | 4,523,548 | | | | 4.3 | |
| | | | �� | | | | | 5,503,504 | | | | 5.2 | |
| HOUSEHOLD & PERSONAL PRODUCTS |
| | 5,567,010 | | | | Procter & Gamble Co | | | 665,647 | | | | 0.6 | |
| | | | | | Other | | | 1,154,209 | | | | 1.1 | |
| | | | | | | | | 1,819,856 | | | | 1.7 | |
| INSURANCE | | | | | | | | | |
| | 3,871,101 | | * | | Berkshire Hathaway, Inc (Class B) | | | 691,030 | | | | 0.6 | |
| | | | | | Other | | | 2,827,373 | | | | 2.7 | |
| | | | | | | | | 3,518,403 | | | | 3.3 | |
| MATERIALS | | | | 4,516,497 | | | | 4.2 | |
| MEDIA & ENTERTAINMENT |
| | 567,718 | | * | | Alphabet, Inc (Class A) | | | 805,053 | | | | 0.7 | |
| | 854,905 | | *,n | | Alphabet, Inc (Class C) | | | 1,208,502 | | | | 1.1 | |
| | 12,549,671 | | | | Comcast Corp (Class A) | | | 489,186 | | | | 0.5 | |
| | 6,555,469 | | *,n | | Facebook, Inc | | | 1,488,550 | | | | 1.4 | |
| | 846,768 | | * | | Netflix, Inc | | | 385,313 | | | | 0.4 | |
| | 9,442,890 | | | | Tencent Holdings Ltd | | | 605,080 | | | | 0.6 | |
| | 5,309,554 | | | | Walt Disney Co | | | 592,068 | | | | 0.5 | |
| | | | | | Other | | | 1,920,695 | | | | 1.8 | |
| | | | | | | | | | 7,494,447 | | | | 7.0 | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
| | 6,893,414 | | | | AbbVie, Inc | | | 676,795 | | | | 0.6 | |
| | 3,205,222 | | | | AstraZeneca plc | | | 333,582 | | | | 0.3 | |
| | 5,475,018 | | | | Johnson & Johnson | | | 769,952 | | | | 0.7 | |
| | 4,698,912 | | | | Merck & Co, Inc | | | 363,367 | | | | 0.4 | |
| | 12,576,754 | | | | Pfizer, Inc | | | 411,260 | | | | 0.4 | |
| | 557,592 | | * | | Regeneron Pharmaceuticals, Inc | | | 347,742 | | | | 0.3 | |
| | 1,119,131 | | | | Roche Holding AG. | | | 387,722 | | | | 0.4 | |
| | | | | | Other | | | 5,573,303 | | | | 5.2 | |
| | | | | | | | | 8,863,723 | | | | 8.3 | |
| REAL ESTATE | | | | | 3,445,286 | | | | 3.2 | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 35 |
| Summary portfolio of investments (unaudited) | continued |
| | |
| CREF Stock Account ■ June 30, 2020 | |
| | |
| Shares | | | | Company | | | Value
(000) | | | % of net
assets |
| RETAILING | | | | | | | | | |
| | 2,797,407 | | * | | Alibaba Group Holding Ltd (ADR) | | | $ | 603,401 | | | | 0.6 | % |
| | 1,076,508 | | *,n | | Amazon.com, Inc | | | | 2,969,892 | | | | 2.8 | |
| | 2,860,724 | | | | Home Depot, Inc | | | | 716,640 | | | | 0.7 | |
| | | | | | Other | | | | 3,022,528 | | | | 2.8 | |
| | | | | | | | | | 7,312,461 | | | | 6.9 | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | | | |
| | 1,074,064 | | | | Broadcom, Inc | | | | 338,985 | | | | 0.3 | |
| | 10,873,435 | | | | Intel Corp | | | | 650,558 | | | | 0.6 | |
| | 1,421,789 | | | | NVIDIA Corp | | | | 540,152 | | | | 0.5 | |
| | 3,522,763 | | | | QUALCOMM, Inc | | | | 321,311 | | | | 0.3 | |
| | 40,870,458 | | | | Taiwan Semiconductor Manufacturing Co Ltd | | | | 436,477 | | | | 0.4 | |
| | | | | | Other | | | | 2,863,875 | | | | 2.8 | |
| | | | | | | | | | 5,151,358 | | | | 4.9 | |
| SOFTWARE & SERVICES | | | | | | | | | |
| | 2,479,237 | | | | Mastercard, Inc (Class A) | | | | 733,110 | | | | 0.7 | |
| | 17,625,597 | | | | Microsoft Corp | | | | 3,586,985 | | | | 3.4 | |
| | 3,987,232 | | * | | PayPal Holdings, Inc | | | | 694,695 | | | | 0.7 | |
| | 3,660,007 | | * | | salesforce.com, Inc | | | | 685,629 | | | | 0.6 | |
| | 4,597,806 | | | | Visa, Inc (Class A) | | | | 888,158 | | | | 0.8 | |
| | | | | | Other | | | | 5,316,059 | | | | 5.0 | |
| | | | | | | | | | 11,904,636 | | | | 11.2 | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | |
| | 9,071,086 | | d,n | | Apple, Inc | | | | 3,309,132 | | | | 3.1 | |
| | 7,462,194 | | n | | Cisco Systems, Inc | | | | 348,037 | | | | 0.3 | |
| | | | | | Other | | | | 2,299,586 | | | | 2.2 | |
| | | | | | | | | | 5,956,755 | | | | 5.6 | |
| TELECOMMUNICATION SERVICES | | | | | | | | | |
| | 14,664,997 | | | | AT&T, Inc | | | | 443,323 | | | | 0.4 | |
| | 8,036,299 | | | | Verizon Communications, Inc | | | | 443,041 | | | | 0.4 | |
| | | | | | Other | | | | 1,289,488 | | | | 1.3 | |
| | | | | | | | | | 2,175,852 | | | | 2.1 | |
| TRANSPORTATION | | | | | | | | | |
| | 2,261,580 | | | | Union Pacific Corp | | | | 382,365 | | | | 0.4 | |
| | | | | | Other | | | | 1,512,329 | | | | 1.4 | |
| | | | | | | | | | 1,894,694 | | | | 1.8 | |
| UTILITIES | | | | 3,170,009 | | | | 3.0 | |
| | | | | | TOTAL COMMON STOCKS | (Cost $97,018,453) | | | 104,972,124 | | | | 98.6 | |
| | | | | | | | | | | | | | | |
| PURCHASED OPTIONS | | | | | | | | | |
| DIVERSIFIED FINANCIALS | | | | 543 | | | | 0.0 | |
| MATERIALS | | | | | | | | 61 | | | | 0.0 | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | 2,878 | | | | 0.0 | |
| UTILITIES | | | | | | | | 792 | | | | 0.0 | |
| | | | | | TOTAL PURCHASED OPTIONS | (Cost $5,070) | | | 4,274 | | | | 0.0 | |
| | | | | | | | | | | | | | | |
| 36 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
| | |
| CREF Stock Account ■ June 30, 2020 | |
| | |
| Shares | | | | Company | | | | Value
(000) | | | % of net
assets |
| PREFERRED STOCKS | | | | | | | | |
| REAL ESTATE | | | | $ | 17 | | | | 0.0 | % |
| | | | | TOTAL PREFERRED STOCKS | (Cost $20) | | | 17 | | | | 0.0 | |
| RIGHTS / WARRANTS | | | | | | | | | | |
| CAPITAL GOODS | | | | | 431 | | | | 0.0 | |
| CONSUMER DURABLES & APPAREL | | | | | 6 | | | | 0.0 | |
| CONSUMER SERVICES | | | | | 10 | | | | 0.0 | |
| ENERGY | | | | | 449 | | | | 0.0 | |
| MEDIA & ENTERTAINMENT | | | | | 5 | | | | 0.0 | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | 21 | | | | 0.0 | |
| REAL ESTATE | | | | | 22 | | | | 0.0 | |
| RETAILING | | | | | 4 | | | | 0.0 | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | | 5 | | | | 0.0 | |
| TELECOMMUNICATION SERVICES | | | | | 1,355 | | | | 0.0 | |
| TRANSPORTATION | | | | | 138 | | | | 0.0 | |
| | | | | TOTAL RIGHTS / WARRANTS | (Cost $2,823) | | | 2,446 | | | | 0.0 | |
| | | | | | | | | | | | | | | |
| Principal | | | | Issuer | | | | | | | | | | |
| SHORT-TERM INVESTMENTS | | | | | | | | | |
| GOVERNMENT AGENCY DEBT | | | | 805,291 | | | | 0.7 | |
| REPURCHASE AGREEMENT | | | | | | | | | | |
| | $319,510,000 | | r | | Fixed Income Clearing Corp | | 0.070%, 07/01/20 | | | 319,510 | | | | 0.3 | |
| | | | | | | | | | 319,510 | | | | 0.3 | |
| TREASURY DEBT | | | | | 297,537 | | | | 0.3 | |
| INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | | | | | | | | |
| CERTIFICATE OF DEPOSIT | | | 166,000 | | | | 0.2 | |
| REPURCHASE AGREEMENT | | | 1,067,434 | | | | 1.0 | |
| TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | | | | 1,233,434 | | | | 1.2 | |
| TOTAL SHORT-TERM INVESTMENTS | (Cost $2,655,817) | | | 2,655,772 | | | | 2.5 | |
| | | | | | | | | | | | | | | |
| | | | | TOTAL PORTFOLIO | (Cost $99,682,484) | | | 107,634,942 | | | | 101.1 | |
| OTHER ASSETS & LIABILITIES, NET | | | | (1,193,837 | ) | | | (1.1 | ) |
| NET ASSETS | | | $ | 106,441,105 | | | | 100.0 | % |
Abbreviation(s):
| ADR | American Depositary Receipt |
| | |
| * | Non-income producing |
| d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
| n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
| r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $319,510,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $325,900,201. |
| | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 37 |
| Summary portfolio of investments (unaudited) | continued |
CREF Stock Account ■ June 30, 2020
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 6/30/20, the aggregate value of securities on loan is $1,867,232,815. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $986,620,381 or 0.9% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
Purchased options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | Value | |
| Cisco Systems, Inc, Call | | | 2,500 | | | $ | 542 | | | $ | 47.50 | | | 10/16/20 | | $ | 638 | |
| Cisco Systems, Inc, Call | | | 16,000 | | | | 3,167 | | | | 50.00 | | | 10/16/20 | | | 2,240 | |
| Dow, Inc, Call | | | 340 | | | | 47 | | | | 50.00 | | | 01/15/21 | | | 61 | |
| Energy Select Sector SPDR Fund, Call | | | 3,600 | | | | 727 | | | | 43.00 | | | 12/18/20 | | | 792 | |
| Financial Select Sector SPDR Fund, Call | | | 5,600 | | | | 587 | | | | 26.00 | | | 12/18/20 | | | 543 | |
| Total | | | 28,040 | | | $ | 5,070 | | | | | | | | | $ | 4,274 | |
Written options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description/underlying investment | | Number of
contracts | | | Notional
amount | | | Exercise
price | | | Expiration
date | | Value | |
| Alphabet, Inc, Call | | | 37 | | | $ | (89 | ) | | $ | 1,520.00 | | | 07/17/20 | | $ | (11 | ) |
| Alphabet, Inc, Put | | | 37 | | | | (38 | ) | | | 1,300.00 | | | 07/17/20 | | | (20 | ) |
| Amazon.com, Inc, Call | | | 15 | | | | (34 | ) | | | 2,900.00 | | | 07/17/20 | | | (33 | ) |
| Amazon.com, Inc, Put | | | 10 | | | | (30 | ) | | | 1,850.00 | | | 07/17/20 | | | (1 | ) |
| Amazon.com, Inc, Put | | | 20 | | | | (91 | ) | | | 1,900.00 | | | 07/17/20 | | | (1 | ) |
| Amazon.com, Inc, Put | | | 10 | | | | (16 | ) | | | 2,300.00 | | | 07/17/20 | | | (3 | ) |
| Amazon.com, Inc, Put | | | 5 | | | | (25 | ) | | | 2,370.00 | | | 08/21/20 | | | (19 | ) |
| Amazon.com, Inc, Put | | | 10 | | | | (148 | ) | | | 1,600.00 | | | 09/18/20 | | | (4 | ) |
| Apple, Inc, Call | | | 351 | | | | (658 | ) | | | 350.00 | | | 08/21/20 | | | (953 | ) |
| Apple, Inc, Put | | | 171 | | | | (69 | ) | | | 255.00 | | | 07/17/20 | | | (2 | ) |
| Apple, Inc, Put | | | 351 | | | | (159 | ) | | | 300.00 | | | 08/21/20 | | | (109 | ) |
| Cisco Systems, Inc, Call | | | 18,500 | | | | (222 | ) | | | 60.00 | | | 10/16/20 | | | (203 | ) |
| Cisco Systems, Inc, Put | | | 2,500 | | | | (307 | ) | | | 36.00 | | | 10/16/20 | | | (159 | ) |
| Cisco Systems, Inc, Put | | | 16,000 | | | | (1,068 | ) | | | 37.50 | | | 10/16/20 | | | (1,360 | ) |
| Dow, Inc, Put | | | 340 | | | | (47 | ) | | | 25.00 | | | 01/15/21 | | | (40 | ) |
| DuPont de Nemours, Inc, Put | | | 209 | | | | (85 | ) | | | 42.50 | | | 10/16/20 | | | (33 | ) |
| DuPont de Nemours, Inc, Put | | | 209 | | | | (110 | ) | | | 45.00 | | | 10/16/20 | | | (48 | ) |
| Facebook, Inc, Call | | | 263 | | | | (72 | ) | | | 270.00 | | | 07/17/20 | | | (4 | ) |
| Hess Corp, Put | | | 20 | | | | (4 | ) | | | 35.00 | | | 07/17/20 | | | (0 | )^ |
| Hess Corp, Put | | | 20 | | | | (7 | ) | | | 30.00 | | | 08/21/20 | | | (1 | ) |
| JPMorgan Chase & Co, Put | | | 20 | | | | (2 | ) | | | 75.00 | | | 07/17/20 | | | (0 | )^ |
| Morgan Stanley, Put | | | 30 | | | | (8 | ) | | | 42.00 | | | 09/18/20 | | | (6 | ) |
| Southwest Airlines Co, Call | | | 1,500 | | | | (170 | ) | | | 40.00 | | | 07/17/20 | | | (52 | ) |
| Total | | | 40,628 | | | $ | (3,459 | ) | | | | | | | | $ | (3,062 | ) |
| ^ | Amount represents less than $1,000. |
| | |
| 38 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
CREF Stock Account ■ June 30, 2020
Futures contracts outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| | | Number of | | | | | | | | | | | Unrealized | |
| | | long (short | ) | | Expiration | | Notional | | | | | | appreciation | |
| Description | | contracts | | | date | | amount | | | Value | | | (depreciation | ) |
| Russell 2000 E Mini Index | | | 693 | | | 09/18/20 | | $ | 50,454 | | | $ | 49,813 | | | $ | (641 | ) |
| S&P 500 E Mini Index | | | 4,116 | | | 09/18/20 | | | 651,633 | | | | 635,963 | | | | (15,670 | ) |
| S&P Mid-Cap 400 E Mini Index | | | 430 | | | 09/18/20 | | | 79,150 | | | | 76,501 | | | | (2,649 | ) |
| Total | | | 5,239 | | | | | $ | 781,237 | | | $ | 762,277 | | | $ | (18,960 | ) |
Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):
| Currency | | | | Currency | | | | | | | | Unrealized | |
| to be | | | | to be | | | | | | | | appreciation | |
| purchased | | Receive | | sold | | Deliver | | Counterparty | | Settlement date | | (depreciation | ) |
| $ | | 3,502 | | AUD | | 5,500 | | Bank of America | | 07/22/20 | | $ | (294 | ) |
| $ | | 4,005 | | SEK | | 40,000 | | Bank of America | | 07/22/20 | | | (288 | ) |
| EUR | | 8,300 | | $ | | 9,051 | | Bank of America | | 07/22/20 | | | 279 | |
| Total | | | | | | | | | | | | $ | (303 | ) |
| $ | | 2,981 | | CAD | | 4,200 | | Morgan Stanley | | 07/22/20 | | $ | (113 | ) |
| $ | | 51,248 | | CAD | | 69,000 | | Morgan Stanley | | 09/10/20 | | | 415 | |
| $ | | 8,003 | | GBP | | 6,400 | | Morgan Stanley | | 07/22/20 | | | 72 | |
| $ | | 38,359 | | GBP | | 30,000 | | Morgan Stanley | | 09/10/20 | | | 1,170 | |
| $ | | 6,529 | | JPY | | 700,000 | | Morgan Stanley | | 07/22/20 | | | 44 | |
| CHF | | 2,400 | | $ | | 2,489 | | Morgan Stanley | | 07/22/20 | | | 46 | |
| Total | | | | | | | | | | | | $ | 1,634 | |
| Total | | | | | | | | | | | | $ | 1,331 | |
Abbreviation(s):
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | Pound Sterling |
| JPY | Japanese Yen |
| SEK | Swedish Krona |
| | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 39 |
Summary of market values by country (unaudited)
CREF Stock Account ■ June 30, 2020
| | | | | | % of | |
| | | Value | | | total | |
| Country | | | (000) | | | | portfolio | |
| DOMESTIC | | | | | | | | |
| UNITED STATES | | $ | 74,514,131 | | | | 69.2 | % |
| TOTAL DOMESTIC | | | 74,514,131 | | | | 69.2 | |
| | | | | | | | | |
| FOREIGN | | | | | | | | |
| ARGENTINA | | | 31,200 | | | | 0.0 | |
| AUSTRALIA | | | 1,577,078 | | | | 1.5 | |
| AUSTRIA | | | 166,062 | | | | 0.2 | |
| BAHAMAS | | | 201 | | | | 0.0 | |
| BELGIUM | | | 168,340 | | | | 0.2 | |
| BERMUDA | | | 37,128 | | | | 0.0 | |
| BRAZIL | | | 660,901 | | | | 0.6 | |
| BURKINA FASO | | | 3,239 | | | | 0.0 | |
| CAMEROON | | | 933 | | | | 0.0 | |
| CANADA | | | 1,942,211 | | | | 1.8 | |
| CAYMAN ISLANDS | | | 443 | | | | 0.0 | |
| CHILE | | | 64,325 | | | | 0.1 | |
| CHINA | | | 3,444,473 | | | | 3.2 | |
| COLOMBIA | | | 16,572 | | | | 0.0 | |
| COTE D’IVOIRE | | | 2,132 | | | | 0.0 | |
| CYPRUS | | | 63 | | | | 0.0 | |
| CZECH REPUBLIC | | | 10,648 | | | | 0.0 | |
| DENMARK | | | 425,754 | | | | 0.4 | |
| EGYPT | | | 18,017 | | | | 0.0 | |
| FAROE ISLANDS | | | 2,316 | | | | 0.0 | |
| FINLAND | | | 234,148 | | | | 0.2 | |
| FRANCE | | | 2,053,271 | | | | 1.9 | |
| GEORGIA | | | 271 | | | | 0.0 | |
| GERMANY | | | 1,753,185 | | | | 1.6 | |
| GHANA | | | 3,521 | | | | 0.0 | |
| GREECE | | | 14,902 | | | | 0.0 | |
| GUERNSEY, C.I. | | | 1,025 | | | | 0.0 | |
| HONG KONG | | | 583,629 | | | | 0.6 | |
| HUNGARY | | | 17,254 | | | | 0.0 | |
| INDIA | | | 755,307 | | | | 0.7 | |
| INDONESIA | | | 150,949 | | | | 0.1 | |
| IRELAND | | | 375,835 | | | | 0.4 | |
| ISLE OF MAN | | | 275 | | | | 0.0 | |
| ISRAEL | | | 131,355 | | | | 0.1 | |
| ITALY | | | 545,922 | | | | 0.5 | |
| JAPAN | | | 5,407,441 | | | | 5.0 | |
| JERSEY, C.I. | | | 605 | | | | 0.0 | |
| JORDAN | | | 3,609 | | | | 0.0 | |
| KAZAKHSTAN | | | 6,126 | | | | 0.0 | |
| | | | | | % of | |
| | | Value | | | total | |
| Country | | | (000) | | | | portfolio | |
| KENYA | | $ | 4,139 | | | | 0.0 | % |
| KOREA, REPUBLIC OF | | | 1,034,898 | | | | 1.0 | |
| KYRGYZSTAN | | | 2,815 | | | | 0.0 | |
| LIECHTENSTEIN | | | 1,096 | | | | 0.0 | |
| LUXEMBOURG | | | 34,465 | | | | 0.0 | |
| MACAU | | | 76,419 | | | | 0.1 | |
| MALAYSIA | | | 150,417 | | | | 0.1 | |
| MALTA | | | 2,414 | | | | 0.0 | |
| MEXICO | �� | | 182,082 | | | | 0.2 | |
| MONACO | | | 1,598 | | | | 0.0 | |
| MONGOLIA | | | 849 | | | | 0.0 | |
| MYANMAR | | | 163 | | | | 0.0 | |
| NETHERLANDS | | | 1,410,972 | | | | 1.3 | |
| NEW ZEALAND | | | 75,957 | | | | 0.1 | |
| NORWAY | | | 150,437 | | | | 0.1 | |
| PAKISTAN | | | 6,661 | | | | 0.0 | |
| PANAMA | | | 2,816 | | | | 0.0 | |
| PERU | | | 43,162 | | | | 0.0 | |
| PHILIPPINES | | | 64,090 | | | | 0.1 | |
| POLAND | | | 55,834 | | | | 0.1 | |
| PORTUGAL | | | 53,483 | | | | 0.0 | |
| PUERTO RICO | | | 19,682 | | | | 0.0 | |
| QATAR | | | 64,661 | | | | 0.1 | |
| ROMANIA | | | 3,027 | | | | 0.0 | |
| RUSSIA | | | 267,781 | | | | 0.2 | |
| SAUDI ARABIA | | | 192,593 | | | | 0.2 | |
| SINGAPORE | | | 226,463 | | | | 0.2 | |
| SLOVENIA | | | 4,241 | | | | 0.0 | |
| SOUTH AFRICA | | | 356,162 | | | | 0.3 | |
| SPAIN | | | 394,469 | | | | 0.4 | |
| SWEDEN | | | 625,119 | | | | 0.6 | |
| SWITZERLAND | | | 2,110,321 | | | | 2.0 | |
| TAIWAN | | | 1,287,486 | | | | 1.2 | |
| THAILAND | | | 166,775 | | | | 0.2 | |
| TURKEY | | | 76,408 | | | | 0.1 | |
| UKRAINE | | | 681 | | | | 0.0 | |
| UNITED ARAB EMIRATES | | | 41,463 | | | | 0.0 | |
| UNITED KINGDOM | | | 3,306,749 | | | | 3.1 | |
| VIETNAM | | | 2,838 | | | | 0.0 | |
| ZAMBIA | | | 8,459 | | | | 0.0 | |
| TOTAL FOREIGN | | | 33,120,811 | | | | 30.8 | |
| |
| TOTAL PORTFOLIO | | $ | 107,634,942 | | | | 100.0 | % |
| 40 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
Summary portfolio of investments (unaudited)
CREF Global Equities Account ■ June 30, 2020
| | | | | | | | | Value | | | | % of net |
| | Shares | | | | Company | | | (000) | | | | assets |
| COMMON STOCKS |
| ARGENTINA | | | | | | $ | 5,496 | | | | 0.0 | % |
| AUSTRALIA | | | | | | | | | | | | |
| | 578,642 | | | | CSL Ltd | | | 115,086 | | | | 0.6 | |
| | | | | | Other | | | 224,303 | | | | 1.2 | |
| | | | | | | | | 339,389 | | | | 1.8 | |
| AUSTRIA | | | | | | | 9,613 | | | | 0.1 | |
| BELGIUM | | | | | | | 4,722 | | | | 0.0 | |
| BERMUDA | | | | | | | 6,436 | | | | 0.0 | |
| BRAZIL | | | | | | | | | | | | |
| | 5,814,800 | | * | | B2W Companhia Global Do Varejo | | | 114,465 | | | | 0.6 | |
| | | | | | Other | | | 224,406 | | | | 1.2 | |
| | | | | | | | | 338,871 | | | | 1.8 | |
| CANADA | | | | | | | 323,431 | | | | 1.7 | |
| CHILE | | | | | | | 6,729 | | | | 0.0 | |
| CHINA | | | | | | | | | | | | |
| | 1,035,644 | | * | | Alibaba Group Holding Ltd (ADR) | | | 223,388 | | | | 1.1 | |
| | 1,376,648 | | * | | GDS Holdings Ltd (ADR) | | | 109,664 | | | | 0.6 | |
| | 4,430,200 | | | | Tencent Holdings Ltd | | | 283,878 | | | | 1.5 | |
| | | | | | Other | | | 482,277 | | | | 2.5 | |
| | | | | | | | | 1,099,207 | | | | 5.7 | |
| COLOMBIA | | | | | | | 2,173 | | | | 0.0 | |
| CZECH REPUBLIC | | | | 2,985 | | | | 0.0 | |
| DENMARK | | | | | | | | | | | | |
| | 1,764,618 | | | | Novo Nordisk AS | | | 114,961 | | | | 0.6 | |
| | | | | | Other | | | 123,667 | | | | 0.6 | |
| | | | | | | | | 238,628 | | | | 1.2 | |
| EGYPT | | | | | | | 1,288 | | | | 0.0 | |
| FINLAND | | | | | | | 44,490 | | | | 0.2 | |
| FRANCE | | | | | | | 651,741 | | | | 3.4 | |
| GERMANY | | | | | | | | | | | | |
| | 4,001,510 | | | | Infineon Technologies AG. | | | 93,764 | | | | 0.5 | |
| | 857,428 | | | | Siemens AG. | | | 101,123 | | | | 0.5 | |
| | | | | | Other | | | 282,398 | | | | 1.5 | |
| | | | | | | | | 477,285 | | | | 2.5 | |
| GREECE | | | | | | | 1,531 | | | | 0.0 | |
| HONG KONG | | | | | | | 71,488 | | | | 0.4 | |
| HUNGARY | | | | | | | 2,529 | | | | 0.0 | |
| INDIA | | | | | | | 89,102 | | | | 0.5 | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 41 |
| Summary portfolio of investments (unaudited) | continued |
CREF Global Equities Account ■ June 30, 2020
| | | | | | | | | Value | | | | % of net |
| | Shares | | | | Company | | | (000) | | | | assets |
| INDONESIA | | | | | | $ | 28,731 | | | | 0.2 | % |
| IRELAND | | | | | | | 117,950 | | | | 0.6 | |
| ISRAEL | | | | | | | 3,357 | | | | 0.0 | |
| ITALY | | | | | | | 245,409 | | | | 1.3 | |
| JAPAN | | | | | | | | | | | | |
| | 299,559 | | | | Nintendo Co Ltd | | | 133,923 | | | | 0.7 | |
| | 2,692,240 | | | | Sony Corp | | | 185,846 | | | | 1.0 | |
| | 1,659,153 | | | | Toyota Motor Corp | | | 104,334 | | | | 0.5 | |
| | | | | | Other | | | 876,177 | | | | 4.5 | |
| | | | | | | | | 1,300,280 | | | | 6.7 | |
| JORDAN | | | | | | | 83 | | | | 0.0 | |
| KOREA, REPUBLIC OF | | | | | | | | | | |
| | 3,105,351 | | | | Samsung Electronics Co Ltd | | | 137,467 | | | | 0.7 | |
| | | | | | Other | | | 140,341 | | | | 0.7 | |
| | | | | | | | | 277,808 | | | | 1.4 | |
| LUXEMBOURG | | | | | | | 882 | | | | 0.0 | |
| MACAU | | | | | | | 10,232 | | | | 0.1 | |
| MALAYSIA | | | | | | | 19,693 | | | | 0.1 | |
| MEXICO | | | | | | | 19,402 | | | | 0.1 | |
| NETHERLANDS | | | | | | | | | | | | |
| | 347,959 | | | | ASML Holding NV | | | 127,288 | | | | 0.6 | |
| | 15,838,222 | | | | ING Groep NV | | | 110,407 | | | | 0.6 | |
| | | | | | Other | | | 150,046 | | | | 0.8 | |
| | | | | | | | | 387,741 | | | | 2.0 | |
| NEW ZEALAND | | | | | | | 12,794 | | | | 0.1 | |
| NORWAY | | | | | | | 33,466 | | | | 0.2 | |
| PAKISTAN | | | | | | | 236 | | | | 0.0 | |
| PERU | | | | | | | 2,795 | | | | 0.0 | |
| PHILIPPINES | | | | | | | 17,036 | | | | 0.1 | |
| POLAND | | | | | | | 8,048 | | | | 0.0 | |
| PORTUGAL | | | | | | | 20,639 | | | | 0.1 | |
| QATAR | | | | | | | 9,265 | | | | 0.0 | |
| ROMANIA | | | | | | | 387 | | | | 0.0 | |
| RUSSIA | | | | | | | 145,427 | | | | 0.8 | |
| SAUDI ARABIA | | | | | | | 29,670 | | | | 0.2 | |
| SINGAPORE | | | | | | | 18,097 | | | | 0.1 | |
| SOUTH AFRICA | | | | | | | 38,694 | | | | 0.2 | |
| SPAIN | | | | | | | 82,311 | | | | 0.4 | |
| 42 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
CREF Global Equities Account ■ June 30, 2020
| | | | | | | | | Value | | | | % of net |
| | Shares | | | | Company | | | (000) | | | | assets |
| SWEDEN | | | | | | $ | 89,356 | | | | 0.5 | % |
| SWITZERLAND | | | | | | | | | | | | |
| | 281,498 | | | | Lonza Group AG. | | | 149,109 | | | | 0.8 | |
| | 582,665 | | | | Roche Holding AG. | | | 201,864 | | | | 1.1 | |
| | | | | | Other | | | 239,790 | | | | 1.2 | |
| | | | | | | | | 590,763 | | | | 3.1 | |
| TAIWAN | | | | | | | | | | | | |
| | 21,093,500 | | | | Taiwan Semiconductor Manufacturing Co Ltd | | | 225,268 | | | | 1.1 | |
| | | | | | Other | | | 112,148 | | | | 0.6 | |
| | | | | | | | | 337,416 | | | | 1.7 | |
| THAILAND | | | | | | | 25,397 | | | | 0.1 | |
| TURKEY | | | | | | | 5,090 | | | | 0.0 | |
| UNITED ARAB EMIRATES | | | 5,886 | | | | 0.0 | |
| UNITED KINGDOM | | | | | | | | | |
| | 1,038,620 | | | | AstraZeneca plc | | | 108,094 | | | | 0.5 | |
| | 618,315 | | | | Linde plc (Xetra) | | | 130,956 | | | | 0.7 | |
| | | | | | Other | | | 535,729 | | | | 2.8 | |
| | | | | | | | | 774,779 | | | | 4.0 | |
| UNITED STATES | | | | | | | | | |
| | 1,662,975 | | | | Abbott Laboratories | | | 152,046 | | | | 0.8 | |
| | 1,608,037 | | | | AbbVie, Inc | | | 157,877 | | | | 0.8 | |
| | 85,109 | | * | | Alphabet, Inc (Class A) | | | 120,689 | | | | 0.6 | |
| | 149,911 | | *,n | | Alphabet, Inc (Class C) | | | 211,916 | | | | 1.1 | |
| | 184,166 | | * | | Amazon.com, Inc | | | 508,081 | | | | 2.6 | |
| | 955,333 | | | | American Express Co | | | 90,948 | | | | 0.5 | |
| | 1,613,560 | | n | | Apple, Inc | | | 588,627 | | | | 3.0 | |
| | 330,237 | | | | Broadcom, Inc | | | 104,226 | | | | 0.5 | |
| | 2,220,737 | | | | Citigroup, Inc | | | 113,480 | | | | 0.6 | |
| | 3,294,522 | | | | Coca-Cola Co | | | 147,199 | | | | 0.8 | |
| | 402,858 | | | | Costco Wholesale Corp | | | 122,151 | | | | 0.6 | |
| | 1,124,419 | | *,n | | Facebook, Inc | | | 255,322 | | | | 1.3 | |
| | 711,733 | | | | Home Depot, Inc | | | 178,296 | | | | 0.9 | |
| | 784,456 | | | | Honeywell International, Inc | | | 113,424 | | | | 0.6 | |
| | 3,164,951 | | | | Intel Corp | | | 189,359 | | | | 1.0 | |
| | 664,446 | | | | Johnson & Johnson | | | 93,441 | | | | 0.5 | |
| | 2,408,623 | | | | JPMorgan Chase & Co | | | 226,555 | | | | 1.2 | |
| | 750,035 | | | | McDonald’s Corp | | | 138,359 | | | | 0.7 | |
| | 3,142,684 | | | | Microsoft Corp | | | 639,568 | | | | 3.3 | |
| | 3,009,329 | | | | Morgan Stanley | | | 145,351 | | | | 0.7 | |
| | 1,324,009 | | | | Nike, Inc (Class B) | | | 129,819 | | | | 0.7 | |
| | 958,200 | | * | | PayPal Holdings, Inc | | | 166,947 | | | | 0.9 | |
| | 1,566,890 | | | | Procter & Gamble Co | | | 187,353 | | | | 1.0 | |
| | 892,379 | | * | | salesforce.com, Inc | | | 167,169 | | | | 0.9 | |
| | 216,379 | | * | | ServiceNow, Inc | | | 87,646 | | | | 0.4 | |
| | 114,639 | | * | | Tesla, Inc | | | 123,788 | | | | 0.6 | |
| | 847,155 | | | | Union Pacific Corp | | | 143,229 | | | | 0.7 | |
| | 442,147 | | | | UnitedHealth Group, Inc | | | 130,411 | | | | 0.7 | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 43 |
| Summary portfolio of investments (unaudited) | continued |
CREF Global Equities Account ■ June 30, 2020
| | | | | | | | Value | | | % of net |
| Shares | | | | Company | | | (000) | | | assets |
| UNITED STATES—continued |
| | 927,568 | | | | Visa, Inc (Class A) | | | $ | 179,178 | | | | 0.9 | % |
| | 911,114 | | | | Walmart, Inc | | | | 109,133 | | | | 0.6 | |
| | 1,320,007 | | | | Walt Disney Co | | | | 147,194 | | | | 0.8 | |
| | | | | | Other | | | | 4,854,334 | | | | 25.1 | |
| | | | | | | | | | 10,723,116 | | | | 55.4 | |
| ZAMBIA | | | | | | | | 3,422 | | | | 0.0 | |
| | TOTAL COMMON STOCKS | (Cost $17,140,917) | | | 19,102,792 | | | | 98.8 | |
| | | | | | | | | | | | | | | |
| PURCHASED OPTIONS | | | | | | | | | |
| UNITED STATES | | | | | 67 | | | | 0.0 | |
| | TOTAL PURCHASED OPTIONS | (Cost $51) | | | 67 | | | | 0.0 | |
| | | | | | | | | | | | | | | |
| RIGHTS / WARRANTS | | | | | | | | | |
| CHINA | | | | | | | | 1 | | | | 0.0 | |
| KOREA, REPUBLIC OF | | | | 9 | | | | 0.0 | |
| SPAIN | | | | | | | | 146 | | | | 0.0 | |
| THAILAND | | | | | | | | 5 | | | | 0.0 | |
| UNITED STATES | | | | | | 57 | | | | 0.0 | |
| | TOTAL RIGHTS / WARRANTS | (Cost $261) | | | 218 | | | | 0.0 | |
| | | | | | | | | | | | | | | |
| | Principal | | | | Issuer | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS | | | | | | | | | |
| GOVERNMENT AGENCY DEBT | | | | 124,156 | | | | 0.6 | |
| REPURCHASE AGREEMENTS | | | | 20,040 | | | | 0.1 | |
| TREASURY DEBT | | | | 58,587 | | | | 0.3 | |
| | | | | | | | | | |
| INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | | | | | | | | | |
| CERTIFICATE OF DEPOSIT | | | | 7,000 | | | | 0.0 | |
| REPURCHASE AGREEMENTS | | 113,000 | | | | 0.6 | |
| | TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | | | | 120,000 | | | | 0.6 | |
| | TOTAL SHORT-TERM INVESTMENTS | (Cost $322,778) | | | 322,783 | | | | 1.6 | |
| | | | | | | | | | | | | | | |
| | TOTAL PORTFOLIO | (Cost $17,464,007) | | | 19,425,860 | | | | 100.4 | |
| | OTHER ASSETS & LIABILITIES, NET | | | | (86,823 | ) | | | (0.4 | ) |
| | NET ASSETS | | | $ | 19,339,037 | | | | 100.0 | % |
Abbreviation(s):
ADR American Depositary Receipt
| * | Non-income producing |
| n | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
| 44 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
CREF Global Equities Account ■ June 30, 2020
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 6/30/20, the aggregate value of securities on loan is $245,216,895. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $258,703,548 or 1.3% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
Purchased options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| | | Number of | | Notional | | | Exercise | | | Expiration | | | |
| Description/underlying investment | | contracts | | amount | | | price | | | date | | Value | |
| Dow, Inc, Call | | 370 | | | $51 | | | | $50.00 | | | 01/15/21 | | | $ 67 | |
| | | | | | | | | | | | | | | | | |
| Written options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands): |
| |
| | | Number of | | Notional | | | Exercise | | | Expiration | | | |
| Description/underlying investment | | contracts | | amount | | | price | | | date | | Value | |
| Alphabet, Inc, Call | | 25 | | $ | (60 | ) | | $ | 1,520.00 | | | 07/17/20 | | | $ (8 | ) |
| Alphabet, Inc, Put | | 25 | | | (26 | ) | | | 1,300.00 | | | 07/17/20 | | | (14 | ) |
| Apple, Inc, Call | | 234 | | | (439 | ) | | | 350.00 | | | 08/21/20 | | | (635 | ) |
| Apple, Inc, Put | | 114 | | | (46 | ) | | | 255.00 | | | 07/17/20 | | | (1 | ) |
| Apple, Inc, Put | | 234 | | | (106 | ) | | | 300.00 | | | 08/21/20 | | | (73 | ) |
| Dow, Inc, Put | | 370 | | | (51 | ) | | | 25.00 | | | 01/15/21 | | | (43 | ) |
| DuPont de Nemours, Inc, Put | | 228 | | | (93 | ) | | | 42.50 | | | 10/16/20 | | | (36 | ) |
| DuPont de Nemours, Inc, Put | | 228 | | | (120 | ) | | | 45.00 | | | 10/16/20 | | | (53 | ) |
| Facebook, Inc, Call | | 176 | | | (48 | ) | | | 270.00 | | | 07/17/20 | | | (2 | ) |
| Southwest Airlines Co, Call | | 800 | | | (90 | ) | | | 40.00 | | | 07/17/20 | | | (28 | ) |
| Total | | 2,434 | | $ | (1,079 | ) | | | | | | | | | $(893 | ) |
Futures contracts outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| | | Number of | | | | | | | | | | Unrealized | |
| | | long (short | ) | Expiration | | Notional | | | | | | appreciation | |
| Description | | contracts | | date | | amount | | | Value | | | (depreciation | ) |
| MSCI EAFE Index | | 384 | | 09/18/20 | | | $ 34,217 | | | | $ 34,145 | | | | $ (72 | ) |
| S&P 500 E Mini Index | | 461 | | 09/18/20 | | | 73,186 | | | | 71,229 | | | | (1,957 | ) |
| Total | | 845 | | | | | $107,403 | | | | $105,374 | | | | $(2,029 | ) |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 45 |
Summary of market values by sector (unaudited)
CREF Global Equities Account ■ June 30, 2020
| | | Value | | | % of net |
| Sector | | (000) | | | assets |
| INFORMATION TECHNOLOGY | | $ | 4,269,109 | | | | 22.2 | % |
| CONSUMER DISCRETIONARY | | | 2,869,068 | | | | 14.8 | |
| HEALTH CARE | | | 2,626,863 | | | | 13.6 | |
| FINANCIALS | | | 2,225,741 | | | | 11.5 | |
| COMMUNICATION SERVICES | | | 1,728,725 | | | | 8.9 | |
| INDUSTRIALS | | | 1,715,319 | | | | 8.9 | |
| CONSUMER STAPLES | | | 1,477,994 | | | | 7.6 | |
| MATERIALS | | | 918,569 | | | | 4.7 | |
| UTILITIES | | | 545,937 | | | | 2.8 | |
| ENERGY | | | 380,230 | | | | 2.0 | |
| REAL ESTATE | | | 345,522 | | | | 1.8 | |
| SHORT-TERM INVESTMENTS | | | 322,783 | | | | 1.6 | |
| OTHER ASSETS & LIABILITIES, NET | | | (86,823 | ) | | | (0.4 | ) |
| NET ASSETS | | $ | 19,339,037 | | | | 100.0 | % |
| 46 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
Summary portfolio of investments (unaudited)
CREF Growth Account ■ June 30, 2020
| Shares | | | | Company | | Value
(000) | | | % of net
assets |
| COMMON STOCKS |
| AUTOMOBILES & COMPONENTS |
| | 376,421 | | * | | Tesla, Inc | | | | $ | 406,463 | | | | 1.4 | % |
| | | | | | Other | | | | | 58,528 | | | | 0.2 | |
| | | | | | | | | | | 464,991 | | | | 1.6 | |
| BANKS | | | | | | | 474 | | | | 0.0 | |
| CAPITAL GOODS | | | | | | | | | | | | |
| | 3,116,495 | | * | | Raytheon Technologies Corp | | | | | 192,038 | | | | 0.6 | |
| | 572,906 | | | | Roper Technologies Inc | | | 222,437 | | | | 0.8 | |
| | | | | | Other | | | 243,582 | | | | 0.8 | |
| | | | | | | | | | | 658,057 | | | | 2.2 | |
| COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | |
| | 2,223,709 | | | | Waste Connections, Inc | | | | | 208,562 | | | | 0.7 | |
| | | | | | Other | | | 524,762 | | | | 1.8 | |
| | | | | | | | | | | 733,324 | | | | 2.5 | |
| CONSUMER DURABLES & APPAREL | | | | | | | |
| | 2,692,800 | | | | Nike, Inc (Class B) | | | | | 264,029 | | | | 0.9 | |
| | | | | | Other | | | 254,273 | | | | 0.9 | |
| | | | | | | | | 518,302 | | | | 1.8 | |
| CONSUMER SERVICES | | | | | | | |
| | 207,315 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | | | 218,170 | | | | 0.7 | |
| | | | | | Other | | | 282,960 | | | | 1.0 | |
| | | | | | | | | | | 501,130 | | | | 1.7 | |
| DIVERSIFIED FINANCIALS | | | | | | | |
| | 1,409,500 | | e | | iShares Russell 1000 Growth Index Fund | | | | | 270,554 | | | | 0.9 | |
| | 1,556,992 | | | | S&P Global, Inc | | | 512,998 | | | | 1.7 | |
| | | | | | Other | | | 195,491 | | | | 0.7 | |
| | | | | | | | | 979,043 | | | | 3.3 | |
| ENERGY | | | | | | | 27,945 | | | | 0.1 | |
| FOOD & STAPLES RETAILING | | | | | | | |
| | 1,282,508 | | | | Costco Wholesale Corp | | | 388,869 | | | | 1.3 | |
| | | | | | Other | | | 4,823 | | | | 0.0 | |
| | | | | | | | | 393,692 | | | | 1.3 | |
| FOOD, BEVERAGE & TOBACCO | | | | | | | |
| | 2,911,418 | | * | | Monster Beverage Corp | | | 201,819 | | | | 0.7 | |
| | | | | | Other | | | 228,967 | | | | 0.8 | |
| | | | | | | | | 430,786 | | | | 1.5 | |
| HEALTH CARE EQUIPMENT & SERVICES | | | | | | | |
| | 4,864,240 | | * | | Boston Scientific Corp | | | 170,783 | | | | 0.6 | |
| | 278,076 | | * | | Intuitive Surgical, Inc | | | 158,456 | | | | 0.5 | |
| | | | | | Other | | | 766,035 | | | | 2.6 | |
| | | | | | | | | | | 1,095,274 | | | | 3.7 | |
| HOUSEHOLD & PERSONAL PRODUCTS | | 140,647 | | | | 0.5 | |
| | | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 47 |
| Summary portfolio of investments (unaudited) | continued |
CREF Growth Account ■ June 30, 2020
| Shares | | | | Company | | Value
(000) | | | % of net
assets |
| INSURANCE | | | | $ | 23,415 | | | | 0.1 | % |
| MATERIALS | | | | | 280,631 | | | | 1.0 | |
| MEDIA & ENTERTAINMENT | | | | | | | |
| | 261,039 | | * | | Alphabet, Inc (Class A) | | | 370,166 | | | | 1.3 | |
| | 729,344 | | * | | Alphabet, Inc (Class C) | | | 1,031,008 | | | | 3.5 | |
| | 1,259,846 | | * | | Electronic Arts, Inc | | | 166,363 | | | | 0.6 | |
| | 6,371,388 | | * | | Facebook, Inc | | | 1,446,751 | | | | 4.9 | |
| | 1,208,595 | | * | | Match Group, Inc (Euro OTC) | | | 390,860 | | | | 1.3 | |
| | 424,614 | | * | | Netflix, Inc | | | 193,216 | | | | 0.7 | |
| | 5,534,009 | | * | | Twitter, Inc | | | 164,858 | | | | 0.6 | |
| | 2,170,252 | | | | Walt Disney Co | | | 242,005 | | | | 0.8 | |
| | | | | | Other | | | 293,862 | | | | 0.9 | |
| | | | | | | | | 4,299,089 | | | | 14.6 | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | |
| | 3,943,465 | | | | AbbVie, Inc | | | 387,169 | | | | 1.3 | |
| | 4,328,187 | | | | AstraZeneca plc | | | | | 450,454 | | | | 1.5 | |
| | 1,774,749 | | | | Eli Lilly & Co | | | | | 291,378 | | | | 1.0 | |
| | 1,074,221 | | * | | Illumina, Inc | | | | | 397,838 | | | | 1.4 | |
| | 416,550 | | | | Lonza Group AG. | | | | | 220,645 | | | | 0.8 | |
| | 466,148 | | * | | Regeneron Pharmaceuticals, Inc | | | | | 290,713 | | | | 1.0 | |
| | 1,130,774 | | * | | Vertex Pharmaceuticals, Inc | | | | | 328,275 | | | | 1.1 | |
| | 3,375,849 | | | | Zoetis, Inc | | | | | 462,626 | | | | 1.6 | |
| | | | | | Other | | | | | 703,527 | | | | 2.3 | |
| | | | | | | | | 3,532,625 | | | | 12.0 | |
| REAL ESTATE | | | | | 81,582 | | | | 0.3 | |
| RETAILING | | | | | | | | | | |
| | 874,353 | | * | | Amazon.com, Inc | | | | | 2,412,183 | | | | 8.2 | |
| | 169,770 | | * | | Booking Holdings, Inc | | | | | 270,332 | | | | 0.9 | |
| | 1,726,048 | | * | | CarMax, Inc | | | | | 154,568 | | | | 0.5 | |
| | 675,859 | | | | Home Depot, Inc | | | | | 169,309 | | | | 0.6 | |
| | 1,254,166 | | | | Lowe’s Companies, Inc | | | | | 169,463 | | | | 0.6 | |
| | 4,609,271 | | | | TJX Companies, Inc | | | | | 233,045 | | | | 0.8 | |
| | | | | | Other | | | | | 387,610 | | | | 1.3 | |
| | | | | | | | | 3,796,510 | | | | 12.9 | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | |
| | 4,740,260 | | | | Applied Materials, Inc | | | | | 286,549 | | | | 1.0 | |
| | 996,281 | | | | NVIDIA Corp | | | | | 378,497 | | | | 1.3 | |
| | 2,109,481 | | | | NXP Semiconductors NV | | | | | 240,565 | | | | 0.8 | |
| | 1,667,084 | | | | QUALCOMM, Inc | | | | | 152,055 | | | | 0.5 | |
| | | | | | Other | | | | | 901,804 | | | | 3.1 | |
| | | | | | | | | 1,959,470 | | | | 6.7 | |
| SOFTWARE & SERVICES | | | | | | | |
| | 773,826 | | * | | Adobe, Inc | | | | | 336,854 | | | | 1.1 | |
| | 214,365 | | *,g | | Adyen NV | | | | | 312,007 | | | | 1.1 | |
| | 1,538,893 | | | | Intuit, Inc | | | | | 455,805 | | | | 1.5 | |
| | 1,010,030 | | | | Mastercard, Inc (Class A) | | | | | 298,666 | | | | 1.0 | |
| | 9,500,731 | | | | Microsoft Corp | | | | | 1,933,494 | | | | 6.6 | |
| | | |
| 48 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
CREF Growth Account ■ June 30, 2020
| Shares | | | | Company | | | | Value
(000) | | | % of net
assets | |
| SOFTWARE & SERVICES—continued | | | | | | | | | |
| | 5,124,240 | | * | | PayPal Holdings, Inc | | | | $ | 892,796 | | | | 3.0 | % |
| | 4,647,330 | | * | | salesforce.com, Inc | | | | | 870,584 | | | | 3.0 | |
| | 699,826 | | * | | ServiceNow, Inc | | | | | 283,472 | | | | 1.0 | |
| | 5,226,694 | | | | Visa, Inc (Class A) | | | | | 1,009,640 | | | | 3.4 | |
| | | | | | Other | | | | | 770,140 | | | | 2.6 | |
| | | | | | | | | | | 7,163,458 | | | | 24.3 | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | |
| | 4,270,850 | | | | Apple, Inc | | | | | 1,558,006 | | | | 5.3 | |
| | | | | | Other | | | | | 136,106 | | | | 0.4 | |
| | | | | | | | | | | 1,694,112 | | | | 5.7 | |
| TELECOMMUNICATION SERVICES | | | | | | | | | |
| | 1,488,679 | | * | | T-Mobile US, Inc | | | | | 155,046 | | | | 0.5 | |
| | | | | | | | | | | 155,046 | | | | 0.5 | |
| TRANSPORTATION | | | | | | | | | |
| | 6,180,487 | | * | | Uber Technologies, Inc | | | | | 192,090 | | | | 0.7 | |
| | | | | | Other | | | | | 181,883 | | | | 0.6 | |
| | | | | | | | | | | 373,973 | | | | 1.3 | |
| UTILITIES | | | | 612 | | | | 0.0 | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $21,265,800) | | | 29,304,188 | | | | 99.6 | |
| | | | | | | | | | | | | | | | |
| RIGHTS / WARRANTS | | | | | | | | | |
| TELECOMMUNICATION SERVICES | | | | 0 | ^ | | | 0.0 | |
| | | | | | TOTAL RIGHTS / WARRANTS | | (Cost $1) | | | 0 | ^ | | | 0.0 | |
| | | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS | | | | | | | | | |
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | | |
| | 125,498,869 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 125,499 | | | | 0.4 | |
| | | | | | | | | | | 125,499 | | | | 0.4 | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $125,499) | | | 125,499 | | | | 0.4 | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $21,391,300) | | | 29,429,687 | | | | 100.0 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (19,682 | ) | | | (0.0 | ) |
| | | | | | NET ASSETS | | | | $ | 29,410,005 | | | | 100.0 | % |
Abbreviation(s):
| OTC | Over The Counter |
| * | Non-income producing |
| ^ | Amount represents less than $1,000. |
| c | Investments made with cash collateral received from securities on loan. |
| e | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $149,769,119. See Note 5 in the Notes to financial statements for additional information about securities lending collateral. |
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities, including those in “Other,” is $425,059,102 or 1.4% of net assets. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 49 |
Summary portfolio of investments (unaudited)
CREF Equity Index Account ■ June 30, 2020
| Shares | | | | Company | | Value
(000) | | | % of net
assets |
| COMMON STOCKS | | | | | | | | |
| AUTOMOBILES & COMPONENTS | | | | | | | | |
| | 88,696 | | * | | Tesla, Inc | | $ | 95,775 | | | | 0.5 | % |
| | | | | | Other | | | 79,203 | | | | 0.5 | |
| | | | | | | | | 174,978 | | | | 1.0 | |
| BANKS | | | | | | | | |
| | 4,639,339 | | | | Bank of America Corp | | | 110,184 | | | | 0.6 | |
| | 1,816,802 | | | | JPMorgan Chase & Co | | | 170,888 | | | | 0.9 | |
| | | | | | Other | | | 453,623 | | | | 2.5 | |
| | | | | | | | | 734,695 | | | | 4.0 | |
| CAPITAL GOODS | | | 1,063,574 | | | | 5.8 | |
| COMMERCIAL & PROFESSIONAL SERVICES | | | 200,026 | | | | 1.1 | |
| CONSUMER DURABLES & APPAREL | | | | | | | | |
| | 726,526 | | | | Nike, Inc (Class B) | | | 71,236 | | | | 0.4 | |
| | | | | | Other | | | 168,316 | | | | 0.9 | |
| | | | | | | | | 239,552 | | | | 1.3 | |
| CONSUMER SERVICES | | | | | | | | |
| | 446,525 | | | | McDonald’s Corp | | | 82,370 | | | | 0.4 | |
| | | | | | Other | | | 254,719 | | | | 1.4 | |
| | | | | | | | | 337,089 | | | | 1.8 | |
| DIVERSIFIED FINANCIALS | | | 589,034 | | | | 3.2 | |
| ENERGY | | | | | | | | | |
| | 1,121,304 | | | | Chevron Corp | | | 100,054 | | | | 0.6 | |
| | 2,538,479 | | d | | Exxon Mobil Corp | | | 113,521 | | | | 0.6 | |
| | | | | | Other | | | 264,951 | | | | 1.4 | |
| | | | | | | | | 478,526 | | | | 2.6 | |
| FOOD & STAPLES RETAILING | | | | | | | | |
| | 264,671 | | | | Costco Wholesale Corp | | | 80,251 | | | | 0.4 | |
| | 835,845 | | | | Walmart, Inc | | | 100,118 | | | | 0.5 | |
| | | | | | Other | | | 66,198 | | | | 0.4 | |
| | | | | | | | | 246,567 | | | | 1.3 | |
| FOOD, BEVERAGE & TOBACCO | | | | | | | | |
| | 2,318,733 | | | | Coca-Cola Co | | | 103,601 | | | | 0.6 | |
| | 832,524 | | | | PepsiCo, Inc | | | 110,110 | | | | 0.6 | |
| | | | | | Other | | | 374,056 | | | | 2.0 | |
| | | | | | | | | 587,767 | | | | 3.2 | |
| HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | |
| | 1,036,767 | | | | Abbott Laboratories | | | 94,792 | | | | 0.5 | |
| | 804,567 | | | | Medtronic plc | | | 73,779 | | | | 0.4 | |
| | 566,232 | | | | UnitedHealth Group, Inc | | | 167,010 | | | | 0.9 | |
| | | | | | Other | | | 862,794 | | | | 4.7 | |
| | | | | | | | | 1,198,375 | | | | 6.5 | |
| 50 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
CREF Equity Index Account ■ June 30, 2020
| Shares | | | | Company | | Value
(000) | | | % of net
assets |
| HOUSEHOLD & PERSONAL PRODUCTS | | | | | | | | |
| | 1,461,710 | | | | Procter & Gamble Co | | $ | 174,777 | | | | 1.0 | % |
| | | | | | Other | | | 134,631 | | | | 0.7 | |
| | | | | | | | | 309,408 | | | | 1.7 | |
| INSURANCE | | | | | | | | |
| | 1,169,401 | | * | | Berkshire Hathaway, Inc (Class B) | | | 208,750 | | | | 1.1 | |
| | | | | | Other | | | 385,936 | | | | 2.1 | |
| | | | | | | | | 594,686 | | | | 3.2 | |
| MATERIALS | | | 498,907 | | | | 2.7 | |
| MEDIA & ENTERTAINMENT | | | | | | | | |
| | 180,056 | | * | | Alphabet, Inc (Class A) | | | 255,328 | | | | 1.4 | |
| | 177,733 | | * | | Alphabet, Inc (Class C) | | | 251,245 | | | | 1.4 | |
| | 2,717,984 | | | | Comcast Corp (Class A) | | | 105,947 | | | | 0.6 | |
| | 1,440,298 | | * | | Facebook, Inc | | | 327,048 | | | | 1.8 | |
| | 255,074 | | * | | Netflix, Inc | | | 116,069 | | | | 0.6 | |
| | 1,084,039 | | | | Walt Disney Co | | | 120,881 | | | | 0.6 | |
| | | | | | Other | | | 296,599 | | | | 1.6 | |
| | | | | | | | | 1,473,117 | | | | 8.0 | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | | |
| | 1,056,636 | | | | AbbVie, Inc | | | 103,741 | | | | 0.6 | |
| | 353,057 | | | | Amgen, Inc | | | 83,272 | | | | 0.5 | |
| | 1,357,920 | | | | Bristol-Myers Squibb Co | | | 79,846 | | | | 0.4 | |
| | 505,221 | | | | Eli Lilly & Co | | | 82,947 | | | | 0.5 | |
| | 1,581,665 | | | | Johnson & Johnson | | | 222,430 | | | | 1.2 | |
| | 1,515,299 | | | | Merck & Co, Inc | | | 117,178 | | | | 0.6 | |
| | 3,335,484 | | | | Pfizer, Inc | | | 109,070 | | | | 0.6 | |
| | 236,888 | | | | Thermo Fisher Scientific, Inc | | | 85,834 | | | | 0.5 | |
| | | | | | Other | | | 633,453 | | | | 3.4 | |
| | | | | | | | | 1,517,771 | | | | 8.3 | |
| REAL ESTATE | | | 658,080 | | | | 3.6 | |
| RETAILING | | | | | | | | |
| | 254,332 | | * | | Amazon.com, Inc | | | 701,656 | | | | 3.8 | |
| | 644,327 | | | | Home Depot, Inc | | | 161,410 | | | | 0.9 | |
| | | | | | Other | | | 459,465 | | | | 2.5 | |
| | | | | | | | | 1,322,531 | | | | 7.2 | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | | |
| | 233,890 | | | | Broadcom, Inc | | | 73,818 | | | | 0.4 | |
| | 2,542,429 | | | | Intel Corp | | | 152,113 | | | | 0.8 | |
| | 354,604 | | | | NVIDIA Corp | | | 134,718 | | | | 0.7 | |
| | 550,579 | | | | Texas Instruments, Inc | | | 69,907 | | | | 0.4 | |
| | | | | | Other | | | 395,294 | | | | 2.2 | |
| | | | | | | | | 825,850 | | | | 4.5 | |
| SOFTWARE & SERVICES | | | | | | | | |
| | 382,335 | | | | Accenture plc | | | 82,095 | | | | 0.4 | |
| | 288,537 | | * | | Adobe, Inc | | | 125,603 | | | | 0.7 | |
| | 529,165 | | | | Mastercard, Inc (Class A) | | | 156,474 | | | | 0.9 | |
| | 4,491,647 | | | | Microsoft Corp | | | 914,095 | | | | 5.0 | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 51 |
| Summary portfolio of investments (unaudited) | continued |
CREF Equity Index Account ■ June 30, 2020
| Shares | | | | Company | | | | Value
(000) | | | % of net
assets |
| SOFTWARE & SERVICES—continued | | | | | | | | | |
| | 704,402 | | * | | PayPal Holdings, Inc | | | | $ | 122,728 | | | 0.7 | % |
| | 519,468 | | * | | salesforce.com, Inc | | | | | 97,312 | | | 0.5 | |
| | 1,012,750 | | | | Visa, Inc (Class A) | | | | | 195,633 | | | 1.1 | |
| | | | | | Other | | | | | 1,110,109 | | | 6.0 | |
| | | | | | | | | | | 2,804,049 | | | 15.3 | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | |
| | 2,453,199 | | | | Apple, Inc | | | | | 894,927 | | | 4.9 | |
| | 2,547,020 | | | | Cisco Systems, Inc | | | | | 118,793 | | | 0.6 | |
| | | | | | Other | | | | | 227,863 | | | 1.2 | |
| | | | | | | | | | | 1,241,583 | | | 6.7 | |
| TELECOMMUNICATION SERVICES | | | | | | | | | |
| | 4,277,012 | | | | AT&T, Inc | | | | | 129,294 | | | 0.7 | |
| | 2,485,321 | | | | Verizon Communications, Inc | | | | | 137,016 | | | 0.8 | |
| | | | | | Other | | | | | 56,460 | | | 0.3 | |
| | | | | | | | | | | 322,770 | | | 1.8 | |
| TRANSPORTATION | | | | | | | | | |
| | 407,182 | | | | Union Pacific Corp | | | | | 68,842 | | | 0.4 | |
| | | | | | Other | | | | | 263,287 | | | 1.4 | |
| | | | | | | | | | | 332,129 | | | 1.8 | |
| UTILITIES | | | | | | | | | |
| | 293,520 | | | | NextEra Energy, Inc | | | | | 70,495 | | | 0.4 | |
| | | | | | Other | | | | | 474,343 | | | 2.6 | |
| | | | | | | | | | | 544,838 | | | 3.0 | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $7,885,901) | | | 18,295,902 | | | 99.6 | |
| RIGHTS / WARRANTS | | | | | | | | | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | 4 | | | 0.0 | |
| TELECOMMUNICATION SERVICES | | | | | 38 | | | 0.0 | |
| | | | | | TOTAL RIGHTS / WARRANTS | | (Cost $85) | | | 42 | | | 0.0 | |
| | | | | | | | | | | | | | | |
| | Principal | | | | Issuer | | | | | | | | | | |
| SHORT-TERM INVESTMENTS | | | | | | | | | |
| GOVERNMENT AGENCY DEBT | | | | | 13,995 | | | 0.1 | |
| REPURCHASE AGREEMENT | | | | | 36,990 | | | 0.2 | |
| TREASURY DEBT | | | | | 7,780 | | | 0.0 | |
| | | | | | | | | | | | | | | |
| Shares | | | | Company | | | | | | | | | | |
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | | |
| | 160,972,395 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 160,972 | | | 0.9 | |
| | | | | | | | | | | 160,972 | | | 0.9 | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $219,740) | | | 219,737 | | | 1.2 | |
| | | | | | | | | | | | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $8,105,726) | | | 18,515,681 | | | 100.8 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (154,720 | ) | | (0.8 | ) |
| | | | | | NET ASSETS | | | | $ | 18,360,961 | | | 100.0 | % |
| 52 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
CREF Equity Index Account ■ June 30, 2020
| * | Non-income producing |
| c | Investments made with cash collateral received from securities on loan. |
| d | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 6/30/20, the aggregate value of securities on loan is $175,917,217. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $1,012,204 or 5.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
Futures contracts outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description | | Number of
long (short
contracts | )
| | Expiration
date | | Notional
amount | | | Value | | | Unrealized
appreciation
(depreciation | ) |
| Russell 2000 E Mini Index | | | 60 | | | 09/18/20 | | | $ 4,142 | | | | $ 4,313 | | | | $ 171 | |
| S&P 500 E Mini Index | | | 271 | | | 09/18/20 | | | 40,750 | | | | 41,872 | | | | 1,122 | |
| S&P Mid-Cap 400 E Mini Index | | | 12 | | | 09/18/20 | | | 2,067 | | | | 2,135 | | | | 68 | |
| Total | | | 343 | | | | | | $46,959 | | | | $48,320 | | | | $1,361 | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 53 |
Summary portfolio of investments (unaudited)
CREF Bond Market Account ■ June 30, 2020
| | | | | | | | | | | | Value | | | | % of net |
| Principal | | | Issuer | | | | | | | (000) | | | | assets |
| BANK LOAN OBLIGATIONS | | | | | | | | | |
| AUTOMOBILES & COMPONENTS | | | $ | 4,282 | | | | 0.0 | % |
| BANKS | | | | 951 | | | | 0.0 | |
| CAPITAL GOODS | | | | 5,987 | | | | 0.1 | |
| COMMERCIAL & PROFESSIONAL SERVICES | | | | 7,768 | | | | 0.1 | |
| CONSUMER DURABLES & APPAREL | | | | 897 | | | | 0.0 | |
| CONSUMER SERVICES | | | | 4,092 | | | | 0.0 | |
| DIVERSIFIED FINANCIALS | | | | 830 | | | | 0.0 | |
| ENERGY | | | | 4,309 | | | | 0.0 | |
| FOOD, BEVERAGE & TOBACCO | | | | 862 | | | | 0.0 | |
| HEALTH CARE EQUIPMENT & SERVICES | | | | 15,463 | | | | 0.1 | |
| INSURANCE | | | | 4,211 | | | | 0.0 | |
| MATERIALS | | | | 12,881 | | | | 0.1 | |
| MEDIA & ENTERTAINMENT | | | | 11,503 | | | | 0.1 | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | 6,508 | | | | 0.1 | |
| REAL ESTATE | | | | 1,292 | | | | 0.0 | |
| RETAILING | | | | 313 | | | | 0.0 | |
| SOFTWARE & SERVICES | | | | 5,273 | | | | 0.1 | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | 4,943 | | | | 0.0 | |
| TELECOMMUNICATION SERVICES | | | | 5,151 | | | | 0.0 | |
| TRANSPORTATION | | | | 1,772 | | | | 0.0 | |
| UTILITIES | | | | 943 | | | | 0.0 | |
| | | | | TOTAL BANK LOAN OBLIGATIONS | (Cost $105,364) | | | 100,231 | | | | 0.7 | |
| | | | | | | | | | | | | | | | | |
| BONDS | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| CORPORATE BONDS | | | | | | | | | |
| AUTOMOBILES & COMPONENTS | | | | 54,212 | | | | 0.4 | |
| BANKS | | | | | | | | | |
| $ | 40,050,000 | | | Bank of America Corp | | | 2.456%, 10/22/25 | | | 42,134 | | | | 0.3 | |
| | 50,500,000 | | | Bank of America Corp | | | 2.496%, 02/13/31 | | | 52,933 | | | | 0.4 | |
| | 36,375,000 | | | Citigroup, Inc | | | 3.200%, 10/21/26 | | | 39,892 | | | | 0.3 | |
| | 49,250,000 | | | Citigroup, Inc | | | 2.666%, 01/29/31 | | | 51,110 | | | | 0.3 | |
| | 35,850,000 | | | JPMorgan Chase & Co | | | 2.301%, 10/15/25 | | | 37,554 | | | | 0.3 | |
| | 44,675,000 | | | JPMorgan Chase & Co | | | 2.739%, 10/15/30 | | | 47,920 | | | | 0.3 | |
| | 68,700,000 | | | Wells Fargo Bank NA | | | 2.082%, 09/09/22 | | | 69,808 | | | | 0.5 | |
| | | | | Other | | | | | | | 876,332 | | | | 5.9 | |
| | | | | | | | | | | | 1,217,683 | | | | 8.3 | |
| CAPITAL GOODS | | | | | | | 140,422 | | | | 0.9 | |
| 54 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
CREF Bond Market Account ■ June 30, 2020
| | | | | | | | | | | | Value | | | | % of net |
| Principal | | | Issuer | | | | | | | (000) | | | | assets |
| COMMERCIAL & PROFESSIONAL SERVICES | | | $ | 82,580 | | | | 0.6 | % |
| CONSUMER DURABLES & APPAREL | | | | 2,114 | | | | 0.0 | |
| CONSUMER SERVICES | | | | 116,294 | | | | 0.8 | |
| DIVERSIFIED FINANCIALS | | | | | | | | | |
| $ | 37,625,000 | | | Morgan Stanley | | | | 3.125%, 07/27/26 | | | 41,509 | | | | 0.3 | |
| | | | | Other | | | | | | | 496,642 | | | | 3.3 | |
| | | | | | | | | | | | 538,151 | | | | 3.6 | |
| ENERGY | | | | 448,018 | | | | 3.0 | |
| FOOD & STAPLES RETAILING | | | | 93,642 | | | | 0.6 | |
| FOOD, BEVERAGE & TOBACCO | | | | 163,471 | | | | 1.1 | |
| HEALTH CARE EQUIPMENT & SERVICES | | | | 249,339 | | | | 1.7 | |
| HOUSEHOLD & PERSONAL PRODUCTS | | | | 1,234 | | | | 0.0 | |
| INSURANCE | | | | 158,406 | | | | 1.0 | |
| MATERIALS | | | | 146,914 | | | | 1.1 | |
| MEDIA & ENTERTAINMENT | | | | | | | | | |
| | 48,450,000 | | | Comcast Corp | | | | 4.150%, 10/15/28 | | | 58,288 | | | | 0.4 | |
| | | | | Other | | | | | | | 312,406 | | | | 2.1 | |
| | | | | | | | | | | | 370,694 | | | | 2.5 | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | 300,653 | | | | 2.1 | |
| REAL ESTATE | | | | 292,898 | | | | 2.0 | |
| RETAILING | | | | 59,567 | | | | 0.4 | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | 88,744 | | | | 0.6 | |
| SOFTWARE & SERVICES | | | | 192,506 | | | | 1.2 | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | |
| | 36,100,000 | | | Apple, Inc | | | | 2.050%, 09/11/26 | | | 38,571 | | | | 0.3 | |
| | | | | Other | | | | | | | 105,731 | | | | 0.7 | |
| | | | | | | | | | | | 144,302 | | | | 1.0 | |
| TELECOMMUNICATION SERVICES | | | | | | | | | |
| | 50,870,000 | | | AT&T, Inc | | | | 4.350%, 03/01/29 | | | 59,300 | | | | 0.4 | |
| | | | | Other | | | | | | | 392,836 | | | | 2.7 | |
| | | | | | | | | | | | 452,136 | | | | 3.1 | |
| TRANSPORTATION | | | | 151,463 | | | | 1.0 | |
| UTILITIES | | | | 494,450 | | | | 3.3 | |
| | | | | | | | TOTAL CORPORATE BONDS | (Cost $5,543,858) | | | 5,959,893 | | | | 40.3 | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 55 |
| Summary portfolio of investments (unaudited) | continued |
CREF Bond Market Account ■ June 30, 2020
| | | | | | | | | | | | Value | | | | % of net |
| Principal | | | Issuer | | | | | | | (000) | | | | assets |
| GOVERNMENT BONDS | | | | | | | | | |
| AGENCY SECURITIES | | | $ | 277,340 | | | | 1.8 | % |
| FOREIGN GOVERNMENT BONDS | | | | | | | | | |
| $ | 45,000,000 | | | Kreditanstalt fuer Wiederaufbau | 2.750%, 10/01/20 | | | 45,287 | | | | 0.3 | |
| | | | | Other | | | | | | | 799,140 | | | | 5.4 | |
| | | | | | | | | | | | 844,427 | | | | 5.7 | |
| MORTGAGE BACKED | | | | | | | | | |
| | 37,158,826 | | | Federal Home Loan Mortgage Corp (FHLMC) | 3.000%, 11/01/49 | | | 39,564 | | | | 0.3 | |
| | 144,483,241 | | i | FHLMC, LIBOR 1 M + 9.840% | | 3.000%–9.624%, 10/15/33–10/15/48 | | | 154,006 | | | | 1.0 | |
| | 47,290,151 | | | Federal Home Loan Mortgage Corp Gold (FGLMC) | 3.500%, 10/01/45 | | | 51,703 | | | | 0.4 | |
| | 71,658,996 | | | FGLMC | | | | 3.500%, 08/01/46 | | | 78,267 | | | | 0.5 | |
| | 101,851,564 | | | FGLMC | | | | 3.000%, 01/01/47 | | | 107,625 | | | | 0.7 | |
| | 80,266,973 | | | FGLMC | | | | 3.000%, 02/01/47 | | | 84,881 | | | | 0.6 | |
| | 215,751,157 | | | FGLMC | | | 3.500%–8.000%, 10/01/20–11/01/48 | | | 238,006 | | | | 1.6 | |
| | 38,721,310 | | | Federal National Mortgage Association (FNMA) | 3.000%, 10/01/32 | | | 40,689 | | | | 0.3 | |
| | 53,972,386 | | | FNMA | | | | 3.000%, 12/25/45 | | | 56,386 | | | | 0.4 | |
| | 100,592,811 | | | FNMA | | | | 3.500%, 01/01/47 | | | 106,615 | | | | 0.7 | |
| | 43,629,823 | | | FNMA | | | | 4.000%, 12/01/47 | | | 48,230 | | | | 0.3 | |
| | 108,136,374 | | | FNMA | | | | 3.000%, 02/25/48 | | | 114,757 | | | | 0.8 | |
| | 48,909,762 | | | FNMA | | | | 4.500%, 03/01/48 | | | 54,759 | | | | 0.4 | |
| | 106,974,940 | | | FNMA | | | | 4.000%, 04/01/48 | | | 113,515 | | | | 0.8 | |
| | 49,000,000 | | h | FNMA | | | | 2.000%, 07/25/50 | | | 50,120 | | | | 0.3 | |
| | 228,000,000 | | h | FNMA | | | | 2.500%, 07/25/50 | | | 237,592 | | | | 1.6 | |
| | 184,000,000 | | h | FNMA | | | | 3.000%, 07/25/50 | | | 193,732 | | | | 1.3 | |
| | 709,248,106 | | h,i,j | FNMA | | | 0.000%–9.000%, 07/01/24–08/01/49 | | | 742,021 | | | | 5.0 | |
| | | | | Other | | | | | | | 92,350 | | | | 0.6 | |
| | | | | | | | | | | | 2,604,818 | | | | 17.6 | |
| MUNICIPAL BONDS | | | | | | | | | |
| | 39,400,000 | | | Florida Hurricane Catastrophe Fund Finance Corp | 2.995%, 07/01/20 | | | 39,400 | | | | 0.3 | |
| | | | | Other | | | | | | | 704,796 | | | | 4.7 | |
| | | | | | | | | | | | 744,196 | | | | 5.0 | |
| U.S. TREASURY SECURITIES | | | | | | | | | |
| | 42,427,000 | | | United States Treasury Bond | 4.500%, 02/15/36 | | | 64,932 | | | | 0.4 | |
| | 56,375,000 | | | United States Treasury Bond | 3.625%, 08/15/43 | | | 82,321 | | | | 0.6 | |
| | 35,680,000 | | | United States Treasury Bond | 3.000%, 05/15/45 | | | 47,891 | | | | 0.3 | |
| | 81,710,000 | | | United States Treasury Bond | 2.875%, 08/15/45 | | | 107,669 | | | | 0.7 | |
| | 67,140,000 | | | United States Treasury Bond | 2.500%, 05/15/46 | | | 83,233 | | | | 0.6 | |
| | 58,160,000 | | | United States Treasury Bond | 2.750%, 11/15/47 | | | 76,056 | | | | 0.5 | |
| | 52,015,000 | | | United States Treasury Bond | 3.000%, 08/15/48 | | | 71,492 | | | | 0.5 | |
| | 55,120,000 | | | United States Treasury Bond | | | | 3.375%, 11/15/48 | | | 80,951 | | | | 0.6 | |
| | 109,239,000 | | | United States Treasury Bond | | | 2.000%–4.750%, 02/15/37–02/15/50 | | | 158,578 | | | | 1.1 | |
| | 138,785,000 | | | United States Treasury Note | 0.125%, 05/31/22 | | | 138,682 | | | | 0.9 | |
| | 80,270,000 | | | United States Treasury Note | 0.250%, 06/15/23 | | | 80,439 | | | | 0.5 | |
| | | | | Other | | | | | | | 36,577 | | | | 0.2 | |
| | | | | | | | | | | | 1,028,821 | | | | 6.9 | |
| | | | | | | | TOTAL GOVERNMENT BONDS | (Cost $5,112,980) | | | 5,499,602 | | | | 37.0 | |
| 56 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
CREF Bond Market Account ■ June 30, 2020
| | | | | | | | | | | | Value | | | | % of net |
| Principal | | | Issuer | | | | | | | (000) | | | | assets |
| STRUCTURED ASSETS | | | | | | | | | | |
| ASSET BACKED | | | | | | | | | | |
| $ | 59,500,000 | | | Chase Issuance Trust Series - 2020 A1 (Class A1) | 1.530%, 01/15/25 | | $ | 61,236 | | | | 0.4 | % |
| | 39,073,125 | | g | Domino’s Pizza Master Issuer LLC Series - 2017 1A (Class A2II) | 3.082%, 07/25/47 | | | 39,908 | | | | 0.3 | |
| | 55,800,000 | | | Verizon Owner Trust Series - 2020 A (Class A1A) | 1.850%, 07/22/24 | | | 57,268 | | | | 0.4 | |
| | | | | Other | | | | | | | 1,135,184 | | | | 7.6 | |
| | | | | | | | | | | | 1,293,596 | | | | 8.7 | |
| OTHER MORTGAGE BACKED | | | | 1,439,433 | | | | 9.7 | |
| | | | | | | | TOTAL STRUCTURED ASSETS | (Cost $2,707,384) | | | 2,733,029 | | | | 18.4 | |
| | | | | | | | TOTAL BONDS | (Cost $13,364,222) | | | 14,192,524 | | | | 95.7 | |
| | | | | | | | | | | | | | | | | |
| Shares | | | Company | | | | | | | | | | | | |
| COMMON STOCKS | | | | | | | | | |
| TELECOMMUNICATION SERVICES | | | | 155 | | | | 0.0 | |
| | | | | | | | TOTAL COMMON STOCKS | (Cost $1,332) | | | 155 | | | | 0.0 | |
| | | | | | | | | | | | | | | | | |
| PREFERRED STOCKS | | | | | | | | | |
| BANKS | | | | 15,877 | | | | 0.1 | |
| | | | | | | | TOTAL PREFERRED STOCKS | (Cost $49,941) | | | 15,877 | | | | 0.1 | |
| | | | | | | | | | | | | | | | | |
| Principal | | | Issuer | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS | | | | | | | | | |
| GOVERNMENT AGENCY DEBT | | | | | | | | | |
| $ | 39,203,000 | | | Federal Home Loan Bank (FHLB) | | | 0.095%–0.100%, 07/14/20 | | | 39,201 | | | | 0.2 | |
| | 45,270,000 | | | FHLB | | 0.100%–0.150%, 07/24/20 | | | 45,267 | | | | 0.3 | |
| | 41,416,000 | | | FHLB | | 0.105%–0.150%, 07/31/20 | | | 41,412 | | | | 0.3 | |
| | 42,535,000 | | | FHLB | | 0.110%–0.150%, 08/03/20 | | | 42,529 | | | | 0.3 | |
| | 40,650,000 | | | FHLB | | 0.015%–0.270%, 09/15/20 | | | 40,638 | | | | 0.3 | |
| | | | | Other | | | | | | | 272,723 | | | | 1.8 | |
| | | | | | | | | | | | 481,770 | | | | 3.2 | |
| REPURCHASE AGREEMENT | | | | 1,210 | | | | 0.0 | |
| TREASURY DEBT | | | | | | | | | |
| | 105,230,000 | | | United States Treasury Bill | | 0.084%–0.101%, 07/02/20 | | | 105,230 | | | | 0.7 | |
| | 41,860,000 | | | United States Treasury Bill | | 0.088%–0.110%, 07/09/20 | | | 41,859 | | | | 0.3 | |
| | 43,340,000 | | | United States Treasury Bill | | | | 0.116%, 08/20/20 | | | 43,332 | | | | 0.3 | |
| | 60,000,000 | | | United States Treasury Bill | | | | 0.146%, 11/19/20 | | | 59,963 | | | | 0.4 | |
| | | | | Other | | | | | | | 118,031 | | | | 0.8 | |
| | | | | | | | | | | | 368,415 | | | | 2.5 | |
| | | | | TOTAL SHORT-TERM INVESTMENTS | (Cost $851,427) | | | 851,395 | | | | 5.7 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | TOTAL PORTFOLIO | (Cost $14,372,286) | | | 15,160,182 | | | | 102.2 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | (328,903 | ) | | | (2.2 | ) |
| | | | | | | | NET ASSETS | | | $ | 14,831,279 | | | | 100.0 | % |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 57 |
| Summary portfolio of investments (unaudited) | continued |
CREF Bond Market Account ■ June 30, 2020
| g | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities, including those in “Other,” is $2,738,927,276 or 18.5% of net assets. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| j | Zero coupon |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
| 58 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
CREF Bond Market Account ■ June 30, 2020
Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):
Currency
to be
purchased | | Receive | | Currency
to be sold | | Deliver | | Counterparty | | Settlement date | | Unrealized
appreciation
(depreciation | ) |
| $ | | 10,833 | | CAD | | 14,793 | | Australia and New Zealand Banking Group | | 09/30/20 | | $ | (66 | ) |
| $ | | 3,958 | | EUR | | 3,660 | | Australia and New Zealand Banking Group | | 07/27/20 | | | (156 | ) |
| $ | | 414 | | EUR | | 368 | | Australia and New Zealand Banking Group | | 09/30/20 | | | (0 | )^ |
| $ | | 2,714 | | NZD | | 4,218 | | Australia and New Zealand Banking Group | | 09/30/20 | | | (8 | ) |
| Total | | | | | | | | | | | | $ | (230 | ) |
| $ | | 5,152 | | AUD | | 7,493 | | Bank of America | | 09/30/20 | | $ | (21 | ) |
| $ | | 9,835 | | KRW | | 11,811,392 | | Bank of America | | 07/31/20 | | | (14 | ) |
| Total | | | | | | | | | | | | $ | (35 | ) |
| $ | | 1,072 | | EUR | | 990 | | Citibank N.A. | | 08/18/20 | | $ | (42 | ) |
| $ | | 972 | | THB | | 30,033 | | Citibank N.A. | | 07/31/20 | | | 1 | |
| Total | | | | | | | | | | | | $ | (41 | ) |
| $ | | 760 | | CZK | | 18,150 | | Morgan Stanley | | 07/31/20 | | $ | (6 | ) |
| $ | | 3,011 | | ILS | | 10,330 | | Morgan Stanley | | 07/31/20 | | | 27 | |
| $ | | 39,155 | | JPY | | 4,182,524 | | Morgan Stanley | | 09/30/20 | | | 369 | |
| $ | | 3,819 | | PLN | | 15,221 | | Morgan Stanley | | 07/31/20 | | | (29 | ) |
| $ | | 386 | | ZAR | | 6,681 | | Morgan Stanley | | 07/31/20 | | | 2 | |
| Total | | | | | | | | | | | | $ | 363 | |
| $ | | 8,365 | | CNY | | 59,368 | | Toronto Dominion Bank | | 07/31/20 | | $ | (22 | ) |
| $ | | 92,234 | | EUR | | 82,080 | | Toronto Dominion Bank | | 09/30/20 | | | (172 | ) |
| $ | | 19,844 | | GBP | | 16,027 | | Toronto Dominion Bank | | 09/30/20 | | | (25 | ) |
| $ | | 4,836 | | NOK | | 46,946 | | Toronto Dominion Bank | | 09/30/20 | | | (43 | ) |
| $ | | 11 | | NOK | | 109 | | Toronto Dominion Bank | | 09/30/20 | | | (0 | )^ |
| Total | | | | | | | | | | | | $ | (262 | ) |
| Total | | | | | | | | | | | | $ | (205 | ) |
| ^ | Amount represents less than $1,000. |
| | |
| Abbreviation(s): |
| |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CNY | Chinese Yuan |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | Pound Sterling |
| ILS | Israeli Shekel |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PLN | Polish Zloty |
| THB | Thailand Baht |
| ZAR | South African Rand |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 59 |
Summary portfolio of investments (unaudited)
CREF Inflation-Linked Bond Account ■ June 30, 2020
| Principal | | | | | Issuer | | | | Value
(000) | | | % of net
assets |
| GOVERNMENT BONDS | | | | | | | | | | |
| AGENCY SECURITIES | | | | | | | | | | |
| $ | 4,112,500 | | | | | Crowley Conro LLC | | 4.181%, 08/15/43 | | $ | 5,167 | | | | 0.1 | % |
| | 10,000,000 | | | | | Federal Home Loan Mortgage Corp (FHLMC) | | 1.500%, 02/12/25 | | | 10,472 | | | | 0.1 | |
| | 16,740,000 | | | | | Montefiore Medical Center | | 2.895%, 04/20/32 | | | 18,018 | | | | 0.3 | |
| | 15,000,000 | | | | | Ukraine Government AID International Bonds | | 1.471%, 09/29/21 | | | 15,222 | | | | 0.2 | |
| | | | | | | Other | | | | | 12,616 | | | | 0.2 | |
| | | | | | | | | | | | 61,495 | | | | 0.9 | |
| MORTGAGE BACKED | | | | | | | | | | |
| | 22,526,507 | | | | | Government National Mortgage Association (GNMA) | | 3.600%, 09/15/31 | | | 24,862 | | | | 0.4 | |
| | 11,150,729 | | | | | GNMA | | 3.650%, 02/15/32 | | | 12,286 | | | | 0.2 | |
| | 40,761,000 | | | h | | GNMA | | 1.730%, 07/20/37 | | | 40,869 | | | | 0.6 | |
| | 59,890,170 | | | | | GNMA | | 4.250%, 09/15/38 | | | 65,397 | | | | 0.9 | |
| | 27,384,549 | | | | | GNMA | | 2.750%, 01/15/45 | | | 29,692 | | | | 0.4 | |
| | | | | | | Other | | | | | 6,135 | | | | 0.1 | |
| | | | | | | | | | | | 179,241 | | | | 2.6 | |
| U.S. TREASURY SECURITIES | | | | | | | | | | |
| | 39,788,201 | | | k | | United States Treasury Inflation Indexed Bonds | | 1.125%, 01/15/21 | | | 40,189 | | | | 0.6 | |
| | 136,802,374 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.625%, 07/15/21 | | | 139,317 | | | | 2.0 | |
| | 324,026,779 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.125%, 01/15/22 | | | 328,720 | | | | 4.8 | |
| | 278,912,605 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.125%, 04/15/22 | | | 283,253 | | | | 4.1 | |
| | 325,626,720 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.125%, 07/15/22 | | | 333,600 | | | | 4.8 | |
| | 332,191,990 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.125%, 01/15/23 | | | 340,613 | | | | 4.9 | |
| | 234,361,610 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.625%, 04/15/23 | | | 243,922 | | | | 3.5 | |
| | 236,370,420 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.375%, 07/15/23 | | | 246,375 | | | | 3.6 | |
| | 153,045,498 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.625%, 01/15/24 | | | 161,335 | | | | 2.3 | |
| | 207,427,200 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.500%, 04/15/24 | | | 218,226 | | | | 3.2 | |
| | 138,782,570 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.125%, 07/15/24 | | | 145,113 | | | | 2.1 | |
| | 172,420,650 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.125%, 10/15/24 | | | 180,776 | | | | 2.6 | |
| | 176,483,360 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.250%, 01/15/25 | | | 185,877 | | | | 2.7 | |
| | 268,368,285 | | | k | | United States Treasury Inflation Indexed Bonds | | 2.375%, 01/15/25 | | | 309,299 | | | | 4.6 | |
| | 66,518,940 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.125%, 04/15/25 | | | 69,750 | | | | 1.0 | |
| | 127,605,200 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.375%, 07/15/25 | | | 136,436 | | | | 2.0 | |
| | 158,652,690 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.625%, 01/15/26 | | | 171,962 | | | | 2.5 | |
| | 214,257,508 | | | k | | United States Treasury Inflation Indexed Bonds | | 2.000%, 01/15/26 | | | 249,250 | | | | 3.6 | |
| | 147,640,680 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.125%, 07/15/26 | | | 156,949 | | | | 2.3 | |
| | 223,473,115 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.375%, 01/15/27 | | | 241,061 | | | | 3.5 | |
| | 122,332,730 | | | k | | United States Treasury Inflation Indexed Bonds | | 2.375%, 01/15/27 | | | 148,672 | | | | 2.2 | |
| | 121,084,425 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.375%, 07/15/27 | | | 131,742 | | | | 1.9 | |
| | 213,648,075 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.500%, 01/15/28 | | | 234,133 | | | | 3.4 | |
| | 211,036,564 | | | k | | United States Treasury Inflation Indexed Bonds | | 1.750%, 01/15/28 | | | 251,905 | | | | 3.6 | |
| | 112,613,689 | | | k | | United States Treasury Inflation Indexed Bonds | | 3.625%, 04/15/28 | | | 151,630 | | | | 2.2 | |
| | 130,768,640 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.750%, 07/15/28 | | | 147,527 | | | | 2.1 | |
| | 212,264,580 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.875%, 01/15/29 | | | 241,988 | | | | 3.5 | |
| | 140,824,476 | | | k | | United States Treasury Inflation Indexed Bonds | | 2.500%, 01/15/29 | | | 180,618 | | | | 2.6 | |
| | 202,935,196 | | | k | | United States Treasury Inflation Indexed Bonds | | 3.875%, 04/15/29 | | | 286,972 | | | | 4.2 | |
| | 277,706,350 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.250%, 07/15/29 | | | 303,987 | | | | 4.4 | |
| | 24,918,750 | | | k | | United States Treasury Inflation Indexed Bonds | | 0.125%, 01/15/30 | | | 26,942 | | | | 0.4 | |
| | 51,289,335 | | | k | | United States Treasury Inflation Indexed Bonds | | 3.375%, 04/15/32 | | | 76,371 | | | | 1.1 | |
| 60 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
CREF Inflation-Linked Bond Account ■ June 30, 2020
| Principal | | | | | Issuer | | | | Value
(000) | | | % of net
assets |
| U.S. TREASURY SECURITIES—continued | | | | | | | | | | |
| $ | 80,000,000 | | | | | United States Treasury Note | | 0.125%, 06/30/22 | | $ | 79,953 | | | | 1.2 | % |
| | 70,000,000 | | | | | United States Treasury Note | | 0.250%, 06/30/25 | | | 69,863 | | | | 1.0 | |
| | 30,000,000 | | | | | United States Treasury Note | | 0.500%, 05/31/27 | | | 30,032 | | | | 0.4 | |
| | 10,000,000 | | | | | United States Treasury Note | | 0.625%, 05/15/30 | | | 9,970 | | | | 0.1 | |
| | | | | | | | | | | | 6,554,328 | | | | 95.0 | |
| | | | | | | TOTAL GOVERNMENT BONDS | (Cost $6,254,789) | | | 6,795,064 | | | | 98.5 | |
| | | | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS | | | | | | | | | | |
| GOVERNMENT AGENCY DEBT | | | | | | | | | | |
| | 5,250,000 | | | | | Federal National Mortgage Association (FNMA) | | 0.200%, 10/16/20 | | | 5,247 | | | | 0.1 | |
| | | | | | | | | | | | 5,247 | | | | 0.1 | |
| REPURCHASE AGREEMENT | | | | | | | | | | |
| | 29,700,000 | | | r | | Fixed Income Clearing Corp | | 0.070%, 07/01/20 | | | 29,700 | | | | 0.4 | |
| | | | | | | | | | | | 29,700 | | | | 0.4 | |
| TREASURY DEBT | | | | | | | | | | |
| | 50,000,000 | | | | | United States Treasury Bill | | 0.100%, 07/02/20 | | | 50,000 | | | | 0.8 | |
| | 29,235,000 | | | | | United States Treasury Bill | | 0.120%, 07/07/20 | | | 29,234 | | | | 0.4 | |
| | 14,920,000 | | | | | United States Treasury Bill | | 0.101%, 07/09/20 | | | 14,920 | | | | 0.2 | |
| | | | | | | | | | | | 94,154 | | | | 1.4 | |
| | | | | | | TOTAL SHORT-TERM INVESTMENTS | (Cost $129,101) | | | 129,101 | | | | 1.9 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL PORTFOLIO | (Cost $6,383,890) | | | 6,924,165 | | | | 100.4 | |
| | | | | | | OTHER ASSETS & LIABILITIES, NET | | | | (22,267 | ) | | | (0.4 | ) |
| | | | | | | NET ASSETS | | | $ | 6,901,898 | | | | 100.0 | % |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| k | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| r | Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $29,700,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $30,294,085. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 61 |
| Summary portfolio of investments (unaudited) | |
CREF Social Choice Account ■ June 30, 2020
| Principal | | | Issuer | | | | Value
(000) | | | | % of net
assets |
| BANK LOAN OBLIGATIONS | | | | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | $ | 3,535 | | | | 0.0 | % |
| TRANSPORTATION | | | | | | | 2,284 | | | | 0.0 | |
| UTILITIES | | | | | | | 4,496 | | | | 0.1 | |
| | | | | | TOTAL BANK LOAN OBLIGATIONS | | (Cost $10,588) | | | 10,315 | | | | 0.1 | |
| | | | | | | | | | | | | |
| BONDS | | | | | | | | | | | | |
| CORPORATE BONDS | | | | | | | | | | | | |
| AUTOMOBILES & COMPONENTS | | | | | | | 66,266 | | | | 0.5 | |
| BANKS | | | | | | | 416,130 | | | | 2.8 | |
| CAPITAL GOODS | | | | | | | 73,151 | | | | 0.5 | |
| COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | 21,182 | | | | 0.1 | |
| CONSUMER DURABLES & APPAREL | | | | | | | 17,896 | | | | 0.1 | |
| CONSUMER SERVICES | | | | | | | 122,357 | | | | 0.8 | |
| DIVERSIFIED FINANCIALS | | | | | | | 259,225 | | | | 1.7 | |
| ENERGY | | | | | | | 171,820 | | | | 1.2 | |
| FOOD, BEVERAGE & TOBACCO | | | | | | | 18,530 | | | | 0.1 | |
| HEALTH CARE EQUIPMENT & SERVICES | | | | | | | 38,691 | | | | 0.3 | |
| HOUSEHOLD & PERSONAL PRODUCTS | | | | | | | 21,769 | | | | 0.1 | |
| INSURANCE | | | | | | | 113,334 | | | | 0.7 | |
| MATERIALS | | | | | | | 128,872 | | | | 0.9 | |
| MEDIA & ENTERTAINMENT | | | | | | | 6,680 | | | | 0.0 | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | 138,890 | | | | 0.9 | |
| REAL ESTATE | | | | | | | 138,804 | | | | 0.9 | |
| RETAILING | | | | | | | 4,092 | | | | 0.0 | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | 8,459 | | | | 0.1 | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | 15,916 | | | | 0.1 | |
| TRANSPORTATION | | | | | | | 116,603 | | | | 0.8 | |
| UTILITIES | | | | | | | 661,265 | | | | 4.2 | |
| | | | | | TOTAL CORPORATE BONDS | | (Cost $2,422,751) | | | 2,559,932 | | | | 16.8 | |
| | | | | | | | | | | | | |
| GOVERNMENT BONDS | | | | | | | | | | | | |
| AGENCY SECURITIES | | | | | | | 293,970 | | | | 1.9 | |
| FOREIGN GOVERNMENT BONDS | | | | | | | | | | | | |
| $ | 46,500,000 | | | | International Finance Corp | | | | 1.546%, 11/04/21 | | | 46,982 | | | | 0.3 | |
| | | | | | Other | | | | | | | 469,827 | | | | 3.1 | |
| | | | | | | | | | | | | 516,809 | | | | 3.4 | |
| | | |
| 62 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
CREF Social Choice Account ■ June 30, 2020
| Principal | | | Issuer | | | | Value
(000) | | | | % of net
assets |
| MORTGAGE BACKED | | | | | | | | | | | | |
| $ | 46,723,087 | | | | Federal National Mortgage Association (FNMA) | | | | 3.000%, 02/25/48 | | $ | 49,584 | | | | 0.3 | % |
| | 105,000,000 | | h | | FNMA | | | | 2.500%, 07/25/50 | | | 109,417 | | | | 0.7 | |
| | 148,000,000 | | h | | FNMA | | | | 3.000%, 07/25/50 | | | 155,828 | | | | 1.0 | |
| | 396,871,998 | | h,i,j | | FNMA | | 0.000%–8.000%, 07/01/24–07/25/50 | | | 419,215 | | | | 2.7 | |
| | 65,000,000 | | h | | Government National Mortgage Association (GNMA) | | | | 3.000%, 07/20/47 | | | 68,847 | | | | 0.5 | |
| | | | | | Other | | | | | | | 278,844 | | | | 1.9 | |
| | | | | | | | | | | | | 1,081,735 | | | | 7.1 | |
| MUNICIPAL BONDS | | | | | | | 645,431 | | | | 4.2 | |
| U.S. TREASURY SECURITIES | | | | | | | | | | | | |
| | 35,830,000 | | | | United States Treasury Bond | | | | 2.875%, 11/15/46 | | | 47,625 | | | | 0.3 | |
| | 58,073,000 | | | | United States Treasury Bond | | | | 2.000%, 02/15/50 | | | 66,471 | | | | 0.4 | |
| | 46,184,500 | | | | United States Treasury Note | | | | 0.250%, 06/15/23 | | | 46,282 | | | | 0.3 | |
| | 59,823,000 | | | | United States Treasury Note | | | | 0.625%, 05/15/30 | | | 59,641 | | | | 0.4 | |
| | 153,237,000 | | | | United States Treasury Note | | 0.125%–2.875%, 09/30/21–05/31/27 | | | 160,502 | | | | 1.1 | |
| | | | | | Other | | | | | | | 12,997 | | | | 0.1 | |
| | | | | | | | | | | | | 393,518 | | | | 2.6 | |
| | | | | | TOTAL GOVERNMENT BONDS | | (Cost $2,779,891) | | | 2,931,463 | | | | 19.2 | |
| | | | | | | | | | | | | | | | | | |
| STRUCTURED ASSETS | | | | | | | | | | | | |
| ASSET BACKED | | | | | | | 195,348 | | | | 1.2 | |
| OTHER MORTGAGE BACKED | | | | | | | 340,472 | | | | 2.2 | |
| | | | | | TOTAL STRUCTURED ASSETS | | (Cost $537,091) | | | 535,820 | | | | 3.4 | |
| | | | | | TOTAL BONDS | | (Cost $5,739,733) | | | 6,027,215 | | | | 39.4 | |
| | | | | | | | | | | | | | | | | | |
| | Shares | | | | Company | | | | | | | | | | | | | |
| COMMON STOCKS | | | | | | | | | | | | |
| AUTOMOBILES & COMPONENTS | | | | | | | | | | | | |
| | 50,537 | | * | | Tesla, Inc | | | | | | | 54,570 | | | | 0.4 | |
| | | | | | Other | | | | | | | 107,531 | | | | 0.7 | |
| | | | | | | | | | | | | 162,101 | | | | 1.1 | |
| BANKS | | | | | | | 427,533 | | | | 2.8 | |
| CAPITAL GOODS | | | | | | | | | | | | |
| | 280,121 | | | | 3M Co | | | | | | | 43,696 | | | | 0.3 | |
| | | | | | Other | | | | | | | 508,276 | | | | 3.3 | |
| | | | | | | | | | | | | 551,972 | | | | 3.6 | |
| COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | 147,390 | | | | 1.0 | |
| CONSUMER DURABLES & APPAREL | | | | | | | | | | | | |
| | 516,699 | | | | Nike, Inc (Class B) | | | | | | | 50,662 | | | | 0.3 | |
| | | | | | Other | | | | | | | 122,858 | | | | 0.8 | |
| | | | | | | | | | | | | 173,520 | | | | 1.1 | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 63 |
| Summary portfolio of investments (unaudited) | continued |
CREF Social Choice Account ■ June 30, 2020
| Shares | | | | Company | | Value
(000) | | | % of net
assets |
| CONSUMER SERVICES | | | | | | | | | | |
| | 593,077 | | | | Starbucks Corp | | | | $ | 43,645 | | | | 0.3 | % |
| | | | | | Other | | | | | 131,956 | | | | 0.9 | |
| | | | | | | | | | | 175,601 | | | | 1.2 | |
| DIVERSIFIED FINANCIALS | | | | | | | | | | |
| | 144,654 | | | | S&P Global, Inc | | | | | 47,661 | | | | 0.3 | |
| | | | | | Other | | | | | 423,357 | | | | 2.8 | |
| | | | | | | | | | | 471,018 | | | | 3.1 | |
| ENERGY | | | | | | | | | | |
| | 540,071 | | | | Chevron Corp | | | | | 48,190 | | | | 0.3 | |
| | | | | | Other | | | | | 242,881 | | | | 1.6 | |
| | | | | | | | | | | 291,071 | | | | 1.9 | |
| FOOD & STAPLES RETAILING | | | | | 95,015 | | | | 0.6 | |
| FOOD, BEVERAGE & TOBACCO | | | | | | | | | | |
| | 1,362,545 | | | | Coca-Cola Co | | | | | 60,879 | | | | 0.4 | |
| | 634,697 | | | | Nestle S.A. | | | | | 70,369 | | | | 0.5 | |
| | 525,062 | | | | PepsiCo, Inc | | | | | 69,445 | | | | 0.5 | |
| | | | | | Other | | | | | 180,048 | | | | 1.1 | |
| | | | | | | | | | | 380,741 | | | | 2.5 | |
| HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | | | |
| | 292,116 | | | | UnitedHealth Group, Inc | | | | | 86,160 | | | | 0.6 | |
| | | | | | Other | | | | | 437,155 | | | | 2.8 | |
| | | | | | | | | | | 523,315 | | | | 3.4 | |
| HOUSEHOLD & PERSONAL PRODUCTS | | | | | | | | | | |
| | 768,638 | | | | Procter & Gamble Co | | | | | 91,906 | | | | 0.6 | |
| | | | | | Other | | | | | 157,798 | | | | 1.0 | |
| | | | | | | | | | | 249,704 | | | | 1.6 | |
| INSURANCE | | | | | 331,445 | | | | 2.2 | |
| MATERIALS | | | | | | | | | | |
| | 255,145 | | | | Linde plc | | | | | 54,119 | | | | 0.4 | |
| | | | | | Other | | | | | 389,720 | | | | 2.5 | |
| | | | | | | | | | | 443,839 | | | | 2.9 | |
| MEDIA & ENTERTAINMENT | | | | | | | | | | |
| | 73,639 | | * | | Alphabet, Inc (Class A) | | | | | 104,424 | | | | 0.7 | |
| | 73,693 | | * | | Alphabet, Inc (Class C) | | | | | 104,173 | | | | 0.7 | |
| | 1,672,184 | | | | Comcast Corp (Class A) | | | | | 65,182 | | | | 0.4 | |
| | | | | | Other | | | | | 216,425 | | | | 1.4 | |
| | | | | | | | | | | 490,204 | | | | 3.2 | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | | | | |
| | 502,296 | | | | AbbVie, Inc | | | | | 49,315 | | | | 0.3 | |
| | 237,360 | | | | Amgen, Inc | | | | | 55,984 | | | | 0.4 | |
| | 912,149 | | | | Bristol-Myers Squibb Co | | | | | 53,634 | | | | 0.4 | |
| | 346,753 | | | | Eli Lilly & Co | | | | | 56,930 | | | | 0.4 | |
| | 900,659 | | | | Merck & Co, Inc | | | | | 69,648 | | | | 0.5 | |
| 64 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | continued |
CREF Social Choice Account ■ June 30, 2020
| Shares | | | | Company | | Value
(000) | | | % of net
assets |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES—continued | | | | | | |
| | 155,872 | | | | Roche Holding AG. | | | | $ | 54,002 | | | | 0.4 | % |
| | 157,590 | | * | | Vertex Pharmaceuticals, Inc | | | | | 45,750 | | | | 0.3 | |
| | | | | | Other | | | | | 425,614 | | | | 2.7 | |
| | | | | | | | | | | 810,877 | | | | 5.4 | |
| REAL ESTATE | | | | | | | | | | |
| | 200,190 | | | | American Tower Corp | | | | | 51,757 | | | | 0.3 | |
| | 457,893 | | | | Prologis, Inc | | | | | 42,735 | | | | 0.3 | |
| | | | | | Other | | | | | 222,147 | | | | 1.5 | |
| | | | | | | | | | | 316,639 | | | | 2.1 | |
| RETAILING | | | | | | | | | | |
| | 26,477 | | * | | Booking Holdings, Inc | | | | | 42,160 | | | | 0.3 | |
| | 329,155 | | | | Home Depot, Inc | | | | | 82,457 | | | | 0.5 | |
| | | | | | Other | | | | | 305,240 | | | | 2.0 | |
| | | | | | | | | | | 429,857 | | | | 2.8 | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | | | | |
| | 1,378,576 | | | | Intel Corp | | | | | 82,480 | | | | 0.5 | |
| | 203,257 | | | | NVIDIA Corp | | | | | 77,219 | | | | 0.5 | |
| | 436,622 | | | | Texas Instruments, Inc | | | | | 55,438 | | | | 0.4 | |
| | | | | | Other | | | | | 100,616 | | | | 0.7 | |
| | | | | | | | | | | 315,753 | | | | 2.1 | |
| SOFTWARE & SERVICES | | | | | | | | | | |
| | 284,657 | | | | Accenture plc | | | | | 61,122 | | | | 0.4 | |
| | 170,640 | | * | | Adobe, Inc | | | | | 74,281 | | | | 0.5 | |
| | 420,210 | | | | International Business Machines Corp | | | | | 50,749 | | | | 0.3 | |
| | 149,574 | | | | Intuit, Inc | | | | | 44,302 | | | | 0.3 | |
| | 1,702,232 | | | | Microsoft Corp | | | | | 346,421 | | | | 2.3 | |
| | 336,094 | | * | | salesforce.com, Inc | | | | | 62,961 | | | | 0.4 | |
| | | | | | Other | | | | | 358,358 | | | | 2.4 | |
| | | | | | | | | | | 998,194 | | | | 6.6 | |
| TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | | |
| | 931,346 | | | | Apple, Inc | | | | | 339,755 | | | | 2.2 | |
| | 1,553,100 | | | | Cisco Systems, Inc | | | | | 72,437 | | | | 0.5 | |
| | | | | | Other | | | | | 109,960 | | | | 0.7 | |
| | | | | | | | | | | 522,152 | | | | 3.4 | |
| TELECOMMUNICATION SERVICES | | | | | | | | | | |
| | 1,405,357 | | | | Verizon Communications, Inc | | | | | 77,477 | | | | 0.5 | |
| | | | | | Other | | | | | 101,365 | | | | 0.7 | |
| | | | | | | | | | | 178,842 | | | | 1.2 | |
| TRANSPORTATION | | | | | 222,101 | | | | 1.5 | |
| UTILITIES | | | | | 320,039 | | | | 2.1 | |
| | | | | | TOTAL COMMON STOCKS | | (Cost $7,443,145) | | | 9,028,923 | | | | 59.4 | |
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 65 |
| Summary portfolio of investments (unaudited) | continued |
CREF Social Choice Account ■ June 30, 2020
| Shares | | | Company | | | | Value
(000) | | | | % of net
assets |
| PREFERRED STOCKS | | | | | | | | | | | | |
| BANKS | | | | | | $ | 7,742 | | | | 0.1 | % |
| REAL ESTATE | | | | | | | 18,580 | | | | 0.1 | |
| UTILITIES | | | | | | | 7,727 | | | | 0.0 | |
| | | | | | TOTAL PREFERRED STOCKS | | (Cost $59,178) | | | 34,049 | | | | 0.2 | |
| | | | | | | | | | | | | | | | | | |
| RIGHTS / WARRANTS | | | | | | | | | | | | |
| ENERGY | | | | | | | 497 | | | | 0.0 | |
| | | | | | TOTAL RIGHTS / WARRANTS | | (Cost $568) | | | 497 | | | | 0.0 | |
| | | | | | | | | | | | | | | | | | |
| | Principal | | | | Issuer | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS | | | | | | | | | | | | |
| GOVERNMENT AGENCY DEBT | | | | | | | 218,595 | | | | 1.5 | |
| REPURCHASE AGREEMENT | | | | | | | 29,700 | | | | 0.2 | |
| TREASURY DEBT | | | | | | | | | | | | |
| $ | 100,000,000 | | | | United States Treasury Bill | | | | 0.120%, 07/07/20 | | | 99,998 | | | | 0.7 | |
| | 50,000,000 | | | | United States Treasury Bill | | | | 0.110%, 08/11/20 | | | 49,993 | | | | 0.3 | |
| | | | | | Other | | | | | | | 97,359 | | | | 0.6 | |
| | | | | | | | | | | | | 247,350 | | | | 1.6 | |
| | | | | | | | | | | | | | | | | | |
| Shares | | | | Company | | | | | | | | | | | | | |
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | | | | | | | | |
| | 138,794,106 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | | | 138,794 | | | | 0.9 | |
| | | | | | | | | | | | | 138,794 | | | | 0.9 | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | (Cost $634,439) | | | 634,439 | | | | 4.2 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | TOTAL PORTFOLIO | | (Cost $13,887,651) | | | 15,735,438 | | | | 103.3 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | | (490,405 | ) | | | (3.3 | ) |
| | | | | | NET ASSETS | | | | $ | 15,245,033 | | | | 100.0 | % |
| * | Non-income producing |
| c | Investments made with cash collateral received from securities on loan. |
| h | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| j | Zero coupon |
| 66 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
CREF Social Choice Account ■ June 30, 2020
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
At 6/30/20, the aggregate value of securities on loan is $185,157,435. See Note 5 in the Notes to financial statements for additional information about securities lending collateral.
At 6/30/20, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended, amounted to $1,448,262,279 or 9.5% of net assets. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):
| Currency | | | | Currency | | | | | | | | Unrealized | |
| to be | | | | to be | | | | | | | | appreciation | |
| purchased | | Receive | | sold | | Deliver | | Counterparty | | Settlement date | | (depreciation | ) |
| $ | | 7,335 | | EUR | | 6,490 | | Citibank N.A. | | 09/30/20 | | $28 | |
Abbreviation(s):
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 67 |
Summary portfolio of investments (unaudited)
CREF Money Market Account ■ June 30, 2020
| Principal | | | | Issuer | | | | Value
(000) | | | % of net
assets |
| SHORT-TERM INVESTMENTS | | | | | | | | |
| GOVERNMENT AGENCY DEBT | | | | | | | | | |
| $ | 100,000,000 | | | | Federal Agricultural Mortgage Corp (FAMC) | | 0.010%, 09/15/20 | | $ | 99,939 | | | 0.8 | % |
| | 100,000,000 | | | | FAMC | | 0.010%, 09/30/20 | | | 99,899 | | | 0.8 | |
| | 90,000,000 | | | | FAMC | | 0.010%, 12/15/20 | | | 89,854 | | | 0.7 | |
| | 182,600,000 | | | | FAMC | | 0.010%, 07/02/20–12/21/20 | | | 182,450 | | | 1.5 | |
| | 169,580,000 | | | | Federal Farm Credit Bank (FFCB) | | 0.010%, 07/06/20–11/20/20 | | | 169,412 | | | 1.4 | |
| | 247,720,000 | | | | Federal Home Loan Bank (FHLB) | | 0.010%, 07/17/20 | | | 247,638 | | | 2.1 | |
| | 89,700,000 | | | | FHLB | | 0.010%, 07/21/20 | | | 89,695 | | | 0.7 | |
| | 145,255,000 | | | | FHLB | | 0.010%, 07/22/20 | | | 145,246 | | | 1.2 | |
| | 96,135,000 | | | | FHLB | | 0.010%, 07/24/20 | | | 96,125 | | | 0.8 | |
| | 100,000,000 | | | | FHLB | | 0.010%, 07/31/20 | | | 99,992 | | | 0.8 | |
| | 100,000,000 | | | | FHLB | | 0.010%, 08/17/20 | | | 99,932 | | | 0.8 | |
| | 92,705,000 | | | | FHLB | | 0.010%, 08/21/20 | | | 92,687 | | | 0.8 | |
| | 225,000,000 | | | | FHLB | | 0.010%, 08/24/20 | | | 224,856 | | | 1.9 | |
| | 146,700,000 | | | | FHLB | | 0.010%, 08/28/20 | | | 146,668 | | | 1.2 | |
| | 224,330,000 | | | | FHLB | | 0.010%, 09/09/20 | | | 224,133 | | | 1.9 | |
| | 103,970,000 | | | | FHLB | | 0.010%, 09/28/20 | | | 103,926 | | | 0.9 | |
| | 976,078,000 | | | | FHLB | | 0.010%, 07/06/20–12/23/20 | | | 975,699 | | | 8.0 | |
| | 230,024,000 | | | | Federal Home Loan Mortgage Corp (FHLMC) | | 0.010%, 07/17/20–10/19/20 | | | 229,959 | | | 1.9 | |
| | 88,300,000 | | | | Federal National Mortgage Association (FNMA) | | 0.010%, 08/26/20 | | | 88,281 | | | 0.7 | |
| | | | | | Other | | | | | 27,483 | | | 0.2 | |
| | | | | | | | | | | 3,533,874 | | | 29.1 | |
| TREASURY DEBT | | | | | | | | | | |
| | 491,950,000 | | | | United States Cash Management Bill | | 0.010%, 09/08/20 | | | 491,791 | | | 4.1 | |
| | 113,600,000 | | | | United States Cash Management Bill | | 0.010%, 09/15/20 | | | 113,549 | | | 0.9 | |
| | 133,500,000 | | | | United States Cash Management Bill | | 0.010%, 09/22/20 | | | 133,458 | | | 1.1 | |
| | 131,200,000 | | | | United States Cash Management Bill | | 0.010%, 09/29/20 | | | 131,162 | | | 1.1 | |
| | 211,500,000 | | | | United States Cash Management Bill | | 0.010%, 10/06/20 | | | 211,407 | | | 1.7 | |
| | 143,327,000 | | | | United States Cash Management Bill | | 0.010%, 10/13/20 | | | 143,264 | | | 1.2 | |
| | 130,000,000 | | | | United States Cash Management Bill | | 0.010%, 10/20/20 | | | 129,932 | | | 1.1 | |
| | 100,434,000 | | | | United States Cash Management Bill | | 0.010%, 12/01/20 | | | 100,368 | | | 0.8 | |
| | 250,000,000 | | | | United States Treasury Bill | | 0.000%, 07/07/20 | | | 249,995 | | | 2.1 | |
| | 182,100,000 | | | | United States Treasury Bill | | 0.010%, 07/14/20 | | | 182,092 | | | 1.5 | |
| | 169,705,000 | | | | United States Treasury Bill | | 0.010%, 07/16/20 | | | 169,699 | | | 1.4 | |
| | 124,280,000 | | | | United States Treasury Bill | | 0.010%, 07/21/20 | | | 124,273 | | | 1.0 | |
| | 135,500,000 | | | | United States Treasury Bill | | 0.010%, 07/23/20 | | | 135,492 | | | 1.1 | |
| | 199,400,000 | | | | United States Treasury Bill | | 0.010%, 07/28/20 | | | 199,381 | | | 1.6 | |
| | 142,650,000 | | | | United States Treasury Bill | | 0.010%, 07/30/20 | | | 142,636 | | | 1.2 | |
| | 114,500,000 | | | | United States Treasury Bill | | 0.010%, 08/04/20 | | | 114,487 | | | 0.9 | |
| | 269,400,000 | | | | United States Treasury Bill | | 0.010%, 08/06/20 | | | 269,368 | | | 2.2 | |
| | 227,600,000 | | | | United States Treasury Bill | | 0.010%, 08/11/20 | | | 227,575 | | | 1.9 | |
| | 239,025,000 | | | | United States Treasury Bill | | 0.010%, 08/13/20 | | | 238,986 | | | 2.0 | |
| | 200,000,000 | | | | United States Treasury Bill | | 0.010%, 08/18/20 | | | 199,970 | | | 1.7 | |
| | 187,800,000 | | | | United States Treasury Bill | | 0.010%, 08/20/20 | | | 187,769 | | | 1.6 | |
| | 243,399,000 | | | | United States Treasury Bill | | 0.010%, 08/25/20 | | | 243,351 | | | 2.0 | |
| | 293,893,000 | | | | United States Treasury Bill | | 0.010%, 08/27/20 | | | 293,836 | | | 2.4 | |
| | 216,948,000 | | | | United States Treasury Bill | | 0.010%, 09/03/20 | | | 216,898 | | | 1.8 | |
| | 122,200,000 | | | | United States Treasury Bill | | 0.010%, 09/10/20 | | | 122,161 | | | 1.0 | |
| 68 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements |
| Summary portfolio of investments (unaudited) | concluded |
CREF Money Market Account ■ June 30, 2020
| Principal | | | | Issuer | | | | Value
(000) | | | % of net
assets |
| TREASURY DEBT—continued | | | | | | | | | |
| $ | 129,300,000 | | | | United States Treasury Bill | | 0.010%, 09/24/20 | | $ | 129,256 | | | 1.1 | % |
| | 111,700,000 | | | | United States Treasury Bill | | 0.010%, 10/15/20 | | | 111,647 | | | 0.9 | |
| | 111,700,000 | | | | United States Treasury Bill | | 0.010%, 10/22/20 | | | 111,645 | | | 0.9 | |
| | 319,579,000 | | | | United States Treasury Bill | | 0.010%, 07/02/20–10/29/20 | | | 319,525 | | | 2.6 | |
| | | | | | Other | | | | | 100,168 | | | 0.8 | |
| | | | | | | | | | | 5,545,141 | | | 45.7 | |
| VARIABLE RATE SECURITIES | | | | | | | | | |
| | 753,000,000 | | i | | Federal Agricultural Mortgage Corp (FAMC), SOFR + 0.040%–SOFR + 0.300% | | 0.120%–0.380%, 07/06/20–05/14/21 | | | 752,997 | | | 6.2 | |
| | 100,000,000 | | i | | Federal Farm Credit Bank (FFCB), SOFR + 0.280% | | 0.360%, 04/23/21 | | | 100,000 | | | 0.8 | |
| | 100,000,000 | | i | | FFCB, SOFR + 0.300% | | 0.380%, 04/27/21 | | | 100,000 | | | 0.8 | |
| | 312,000,000 | | i | | FFCB, US Treasury Bill 3 M + 0.045%–SOFR + 0.290% | | 0.195%–0.370%, 07/09/20–04/23/21 | | | 311,990 | | | 2.6 | |
| | 100,000,000 | | i | | Federal Home Loan Bank (FHLB), LIBOR 3 M – 0.220% | | 0.095%, 09/11/20 | | | 100,029 | | | 0.9 | |
| | 100,000,000 | | i | | FHLB, SOFR + 0.070% | | 0.150%, 10/02/20 | | | 99,995 | | | 0.8 | |
| | 150,000,000 | | i | | FHLB, SOFR + 0.230% | | 0.310%, 04/13/21 | | | 150,000 | | | 1.3 | |
| | 679,000,000 | | i | | FHLB, SOFR + 0.030%–SOFR + 0.280% | | 0.110%–0.360%, 07/17/20–05/14/21 | | | 679,000 | | | 5.6 | |
| | 209,000,000 | | i | | Federal Home Loan Mortgage Corp (FHLMC), SOFR + 0.030%–SOFR + 0.300% | | 0.110%–0.380%, 01/22/21–10/25/21 | | | 209,000 | | | 1.7 | |
| | 100,000,000 | | i | | Federal National Mortgage Association (FNMA), SOFR + 0.250% | | 0.330%, 03/24/21 | | | 100,000 | | | 0.8 | |
| | 352,000,000 | | i | | FNMA, SOFR + 0.050%–SOFR + 0.320% | | 0.130%–0.400%, 07/30/20–10/27/21 | | | 352,000 | | | 2.9 | |
| | 100,000,000 | | i | | United States Treasury Note, US Treasury Bill 3 M + 0.045% | | 0.195%, 10/31/20 | | | 99,983 | | | 0.8 | |
| | | | | | | | | | | 3,054,994 | | | 25.2 | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | (Cost $12,134,009) | | | 12,134,009 | | | 100.0 | |
| | | | | | | | | | | | | | | |
| | | | | | TOTAL PORTFOLIO | (Cost $12,134,009) | | | 12,134,009 | | | 100.0 | |
| | | | | | OTHER ASSETS & LIABILITIES, NET | | | | 646 | | | 0.0 | |
| | | | | | NET ASSETS | | | $ | 12,134,655 | | | 100.0 | % |
| Abbreviation(s): |
| LIBOR | London Interbank Offered Rate |
| M | Month |
| SOFR | Secure Overnight Financing Rate |
| i | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total for any issuer, represent 1% or less of net assets.
Cost amounts are in thousands.
For ease of presentation, a number of classification categories have been grouped together in the Summary portfolio of investments. Note that the Account uses more specific categories in following its investment limitations on investment concentrations.
| See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 69 |
Statements of assets and liabilities (unaudited)
College Retirement Equities Fund ■ June 30, 2020
| (amounts in thousands, except accumulation unit value) | | Stock
Account | | | Global Equities
Account | | | Growth
Account | | | Equity Index
Account | | | Bond Market
Account | | | Inflation-Linked
Bond Account | | | Social Choice
Account | | | Money Market
Account | |
| ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio investments, at value*† | | $ | 107,478,477 | | | $ | 19,425,860 | | | $ | 29,429,687 | | | $ | 18,515,681 | | | $ | 15,160,182 | | | $ | 6,924,165 | | | $ | 15,735,438 | | | $ | 12,134,009 | |
| Affiliated investments, at value‡ | | | 156,465 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total portfolio investments, at value | | $ | 107,634,942 | | | $ | 19,425,860 | | | $ | 29,429,687 | | | $ | 18,515,681 | | | $ | 15,160,182 | | | $ | 6,924,165 | | | $ | 15,735,438 | | | $ | 12,134,009 | |
| Cash# | | | 83,437 | | | | 9,980 | | | | — | | | | — | | | | 98,151 | | | | 2 | | | | 49,114 | | | | 1 | |
| Cash - foreign^ | | | 38,052 | | | | 6,848 | | | | — | | | | — | | | | 62 | | | | — | | | | 1,627 | | | | — | |
| Dividends and interest receivable | | | 164,854 | | | | 31,463 | | | | 7,725 | | | | 14,871 | | | | 79,689 | | | | 19,724 | | | | 50,537 | | | | 888 | |
| Receivable from securities transactions | | | 857,201 | | | | 63,790 | | | | 202,908 | | | | — | | | | 54,368 | | | | — | | | | 23,026 | | | | — | |
| Receivable for delayed delivery securities | | | 9,040 | | | | 526 | | | | — | | | | — | | | | 114,412 | | | | — | | | | 56,289 | | | | — | |
| Due from affiliates | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 67 | | | | 168 | |
| Receivable for variation margin on open futures contracts | | | — | | | | — | | | | — | | | | 1,362 | | | | — | | | | — | | | | — | | | | — | |
| Unrealized appreciation on forward foreign currency contracts | | | 2,026 | | | | — | | | | — | | | | — | | | | 399 | | | | — | | | | 28 | | | | — | |
| Other | | | | | 11,395 | | | | 2,232 | | | | 2,409 | | | | 2,005 | | | | 2,038 | | | | 1,350 | | | | 2,052 | | | | 1,727 | |
| Total assets | | | | | 108,800,947 | | | | 19,540,699 | | | | 29,642,729 | | | | 18,533,919 | | | | 15,509,301 | | | | 6,945,241 | | | | 15,918,178 | | | | 12,136,793 | |
| LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment management fees payable | | | 4,140 | | | | 853 | | | | 322 | | | | 197 | | | | 253 | | | | 127 | | | | 264 | | | | 154 | |
| Service agreement fees payable | | | 1,579 | | | | 6 | | | | 537 | | | | 297 | | | | — | | | | 59 | | | | — | | | | 257 | |
| Payable for collateral for securities loaned | | | 1,285,368 | | | | 126,626 | | | | 125,499 | | | | 160,972 | | | | — | | | | — | | | | 138,794 | | | | — | |
| Payable for securities transactions | | | 920,432 | | | | 64,832 | | | | 84,229 | | | | — | | | | 26,147 | | | | — | | | | 20,090 | | | | — | |
| Payable for delayed delivery securities | | | — | | | | — | | | | — | | | | — | | | | 648,156 | | | | 40,865 | | | | 512,225 | | | | — | |
| Due to affiliates | | | 114,212 | | | | 4,179 | | | | 8,735 | | | | 8,867 | | | | 992 | | | | 942 | | | | 2 | | | | — | |
| Overdraft payable | | | — | | | | — | | | | 10,996 | | | | 629 | | | | — | | | | — | | | | — | | | | — | |
| Written optionsà | | | 3,062 | | | | 893 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Payable for variation margin on futures contracts | | | 18,949 | | | | 2,027 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Unrealized depreciation on forward foreign currency contracts | | | 695 | | | | — | | | | — | | | | — | | | | 604 | | | | — | | | | — | | | | — | |
| Payable for trustee compensation | | | 11,284 | | | | 2,230 | | | | 2,406 | | | | 1,996 | | | | 1,859 | | | | 1,350 | | | | 1,770 | | | | 1,727 | |
| Other | | | 121 | | | | 16 | | | | — | | | | — | | | | 11 | | | | — | | | | — | | | | — | |
| Total liabilities | | | | | 2,359,842 | | | | 201,662 | | | | 232,724 | | | | 172,958 | | | | 678,022 | | | | 43,343 | | | | 673,145 | | | | 2,138 | |
| NET ASSETS | | | | $ | 106,441,105 | | | $ | 19,339,037 | | | $ | 29,410,005 | | | $ | 18,360,961 | | | $ | 14,831,279 | | | $ | 6,901,898 | | | $ | 15,245,033 | | | $ | 12,134,655 | |
| CLASS R1 (Accumulation): | | Net assets | | $ | 12,969,325 | | | $ | 3,327,066 | | | $ | 5,473,983 | | | $ | 3,597,729 | | | $ | 2,360,697 | | | $ | 1,114,416 | | | $ | 2,340,244 | | | $ | 2,214,508 | |
| | | Units outstanding | | | 24,891 | | | | 17,259 | | | | 20,885 | | | | 13,914 | | | | 17,065 | | | | 14,769 | | | | 8,786 | | | | 84,063 | |
| | | Unit value | | $ | 521.05 | | | $ | 192.77 | | | $ | 262.10 | | | $ | 258.58 | | | $ | 138.33 | | | $ | 75.46 | | | $ | 266.36 | | | $ | 26.34 | |
| CLASS R2 (Accumulation): | | Net assets | | | 31,702,329 | | | | 6,496,995 | | | | 9,837,431 | | | | 6,254,433 | | | | 5,051,843 | | | | 2,169,122 | | | | 5,308,214 | | | | 3,620,516 | |
| | | Units outstanding | | | 60,118 | | | | 33,303 | | | | 37,086 | | | | 23,900 | | | | 36,084 | | | | 28,404 | | | | 19,692 | | | | 136,082 | |
| | | Unit value | | $ | 527.33 | | | $ | 195.09 | | | $ | 265.26 | | | $ | 261.69 | | | $ | 140.00 | | | $ | 76.37 | | | $ | 269.57 | | | $ | 26.61 | |
| CLASS R3 (Accumulation): | | Net assets | | | 51,657,821 | | | | 9,148,820 | | | | 13,557,220 | | | | 8,081,119 | | | | 7,112,226 | | | | 3,437,508 | | | | 7,205,865 | | | | 6,158,755 | |
| | | Units outstanding | | | 97,593 | | | | 46,720 | | | | 50,917 | | | | 30,765 | | | | 50,611 | | | | 44,845 | | | | 26,631 | | | | 230,683 | |
| | | Unit value | | $ | 529.32 | | | $ | 195.82 | | | $ | 266.26 | | | $ | 262.67 | | | $ | 140.53 | | | $ | 76.65 | | | $ | 270.58 | | | $ | 26.70 | |
| ANNUITY: | | Net assets | | $ | 10,111,630 | | | $ | 366,156 | | | $ | 541,371 | | | $ | 427,680 | | | $ | 306,513 | | | $ | 180,852 | | | $ | 390,710 | | | $ | 140,876 | |
| * Includes securities loaned of | | $ | 1,867,233 | | | $ | 245,217 | | | $ | 149,769 | | | $ | 175,917 | | | $ | — | | | $ | — | | | $ | 185,157 | | | $ | — | |
| # Includes cash collateral for mortgage dollar rolls of | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 95,000 | | | $ | — | | | $ | 27,501 | | | $ | — | |
| † Portfolio investments, cost | | $ | 99,454,300 | | | $ | 17,464,007 | | | $ | 21,391,300 | | | $ | 8,105,726 | | | $ | 14,372,286 | | | $ | 6,383,890 | | | $ | 13,887,651 | | | $ | 12,134,009 | |
| ‡ Affiliated investments, cost | | $ | 228,184 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| ^ Foreign cash, cost | | $ | 38,119 | | | $ | 6,887 | | | $ | — | | | $ | — | | | $ | 62 | | | $ | — | | | $ | 1,634 | | | $ | — | |
| à Written options premiums | | $ | 3,459 | | | $ | 1,079 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | |
| 70 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 71 |
Statements of operations (unaudited)
College Retirement Equities Fund ■ For the period ended June 30, 2020
| (amounts in thousands) | | Stock
Account | | | Global Equities
Account | | | Growth
Account | | | Equity Index
Account | | | Bond Market
Account | | | Inflation-Linked
Bond Account | | | Social Choice
Account | | | Money Market
Account | |
| INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unaffiliated issuers* | | | | $ | 1,057,059 | | | $ | 180,166 | | | $ | 108,683 | | | $ | 166,238 | | | $ | — | | | $ | — | | | $ | 95,152 | | | $ | — | |
| Affiliated issuers* | | | | | 1,371 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Income from securities lending | | | | | 13,086 | | | | 3,499 | | | | 1,089 | | | | 1,293 | | | | — | | | | — | | | | 1,330 | | | | — | |
| Interest* | | | | | 5,153 | | | | 501 | | | | 275 | | | | 249 | | | | 208,238 | | | | 1,919 | | | | 88,068 | | | | 52,267 | |
| Other | | | | | — | | | | — | | | | 1 | | | | 33 | | | | 1,691 | | | | — | | | | 345 | | | | — | |
| Total income | | | | | 1,076,669 | | | | 184,166 | | | | 110,048 | | | | 167,813 | | | | 209,929 | | | | 1,919 | | | | 184,895 | | | | 52,267 | |
| EXPENSES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment management fees | | | | | 46,653 | | | | 7,418 | | | | 6,032 | | | | 1,378 | | | | 3,772 | | | | 792 | | | | 3,333 | | | | 1,507 | |
| Administrative – Class R1 | | | | | 18,676 | | | | 4,729 | | | | 7,349 | | | | 5,168 | | | | 3,338 | | | | 1,569 | | | | 3,331 | | | | 3,123 | |
| Administrative – Class R2 | | | | | 27,655 | | | | 5,598 | | | | 8,002 | | | | 5,465 | | | | 4,357 | | | | 1,875 | | | | 4,499 | | | | 2,991 | |
| Administrative – Class R3 | | | | | 40,496 | | | | 6,151 | | | | 8,651 | | | | 5,588 | | | | 4,824 | | | | 2,354 | | | | 4,840 | | | | 3,952 | |
| Distribution fees – Class R1 | | | | | 7,566 | | | | 1,916 | | | | 2,983 | | | | 2,094 | | | | 1,355 | | | | 637 | | | | 1,351 | | | | 1,270 | |
| Distribution fees – Class R2 | | | | | 10,305 | | | | 2,087 | | | | 2,992 | | | | 2,037 | | | | 1,630 | | | | 702 | | | | 1,681 | | | | 1,125 | |
| Distribution fees – Class R3 | | | | | 14,618 | | | | 2,220 | | | | 3,116 | | | | 2,016 | | | | 1,736 | | | | 848 | | | | 1,742 | | | | 1,421 | |
| Mortality and expense risk charges | | | | | 2,621 | | | | 470 | | | | 672 | | | | 452 | | | | 359 | | | | 167 | | | | 364 | | | | 282 | |
| Total expenses | | | | | 168,590 | | | | 30,589 | | | | 39,797 | | | | 24,198 | | | | 21,371 | | | | 8,944 | | | | 21,141 | | | | 15,671 | |
| Less: Expenses withheld by TIAA | | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | (485 | ) |
| Net expenses | | | | | 168,590 | | | | 30,589 | | | | 39,797 | | | | 24,198 | | | | 21,371 | | | | 8,944 | | | | 21,141 | | | | 15,186 | |
| Net investment income (loss) | | | | | 908,079 | | | | 153,577 | | | | 70,251 | | | | 143,615 | | | | 188,558 | | | | (7,025 | ) | | | 163,754 | | | | 37,081 | |
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | | | | | | | | | | | | | | |
| Realized gain (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Portfolio investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unaffiliated issuers† | | | | | 297,816 | | | | (49,135 | ) | | | 1,594,558 | | | | 687,814 | | | | 134,412 | | | | (655 | ) | | | 191,811 | | | | 418 | |
| Affiliated issuers | | | | | (18,449 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Purchased options | | | | | 20,581 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Written options | | | | | (12,397 | ) | | | (26 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Futures contracts | | | | | (15,746 | ) | | | 2,966 | | | | — | | | | (14,873 | ) | | | 17 | | | | — | | | | 1 | | | | — | |
| Forward��foreign currency contracts | | | | | 4,444 | | | | — | | | | — | | | | — | | | | 2,570 | | | | — | | | | (65 | ) | | | — | |
| Swap contracts | | | | | — | | | | — | | | | — | | | | — | | | | 4,333 | | | | — | | | | — | | | | — | |
| Foreign currency transactions | | | | | (9,906 | ) | | | (3,096 | ) | | | 20 | | | | — | | | | (1,056 | ) | | | — | | | | (161 | ) | | | — | |
| Net realized gain (loss) on total investments | | | | | 266,343 | | | | (49,291 | ) | | | 1,594,578 | | | | 672,941 | | | | 140,276 | | | | (655 | ) | | | 191,586 | | | | 418 | |
| Change in unrealized appreciation (depreciation) on: |
| Portfolio investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Unaffiliated issuers‡ | | | | | (8,335,863 | ) | | | (1,032,441 | ) | | | 1,323,190 | | | | (1,605,918 | ) | | | 372,294 | | | | 277,298 | | | | (529,755 | ) | | | — | |
| Affiliated issuers | | | | | (77,386 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Purchased options | | | | | (796 | ) | | | 16 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Written options | | | | | 334 | | | | 186 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Futures contracts | | | | | (29,682 | ) | | | (4,472 | ) | | | — | | | | 989 | | | | — | | | | — | | | | — | | | | — | |
| Forward foreign currency contracts | | | | | 2,476 | | | | — | | | | — | | | | — | | | | 1,814 | | | | — | | | | 150 | | | | — | |
| Swap contracts | | | | | — | | | | — | | | | — | | | | — | | | | 2,485 | | | | — | | | | — | | | | — | |
| Translation of assets (other than portfolio investments) and liabilities denominated in foreign currencies | | | | | (334 | ) | | | 56 | | | | (5 | ) | | | — | | | | (707 | ) | | | — | | | | 77 | | | | — | |
| Net change in unrealized appreciation (depreciation) on total investments | | | | | (8,441,251 | ) | | | (1,036,655 | ) | | | 1,323,185 | | | | (1,604,929 | ) | | | 375,886 | | | | 277,298 | | | | (529,528 | ) | | | — | |
| Net realized and unrealized gain (loss) on total investments | | | | | (8,174,908 | ) | | | (1,085,946 | ) | | | 2,917,763 | | | | (931,988 | ) | | | 516,162 | | | | 276,643 | | | | (337,942 | ) | | | 418 | |
| Net increase (decrease) in net assets from operations | | | | $ | (7,266,829 | ) | | $ | (932,369 | ) | | $ | 2,988,014 | | | $ | (788,373 | ) | | $ | 704,720 | | | $ | 269,618 | | | $ | (174,188 | ) | | $ | 37,499 | |
| * Net of foreign withholding taxes of | | $ | 47,271 | | | $ | 10,442 | | | $ | 998 | | | $ | 11 | | | $ | 87 | | | $ | — | | | $ | 4,592 | | | $ | — | |
| † Includes net realized gain (loss) from securities sold to affiliates of | | $ | 163,582 | | | $ | 55,346 | | | $ | 94,309 | | | $ | 59,614 | | | $ | — | | | $ | — | | | $ | 4,332 | | | $ | — | |
| ‡ Includes net change in unrealized foreign capital gains taxes of | | $ | 4,989 | | | $ | 696 | | | $ | — | | | $ | — | | | $ | 1 | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | |
| 72 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 73 |
Statements of changes in net assets
College Retirement Equities Fund ■ For the period or year ended
| | | | | Stock Account | | | Global Equities Account | | | Growth Account | |
| (amounts in thousands except accumulation units) | | June 30, 2020 | | | December 31, 2019 | | | June 30, 2020 | | | December 31, 2019 | | | June 30, 2020 | | | December 31, 2019 | |
| | | | | | (unaudited) | | | | | | | | (unaudited) | | | | | | | | (unaudited) | | | | | |
| OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 908,079 | | | $ | 2,136,156 | | | $ | 153,577 | | | $ | 386,694 | | | $ | 70,251 | | | $ | 169,110 | |
| Net realized gain (loss) on total investments | | | 266,343 | | | | 6,052,252 | | | | (49,291 | ) | | | 951,173 | | | | 1,594,578 | | | | 3,248,644 | |
| Net change in unrealized appreciation (depreciation) on total investments | | | (8,441,251 | ) | | | 19,070,768 | | | | (1,036,655 | ) | | | 3,608,155 | | | | 1,323,185 | | | | 3,672,225 | |
| Net increase (decrease) in net assets from operations | | | (7,266,829 | ) | | | 27,259,176 | | | | (932,369 | ) | | | 4,946,022 | | | | 2,988,014 | | | | 7,089,979 | |
| | | | | | | | | | | | | | | | | | | | | | |
| FROM PARTICIPANT TRANSACTIONS | | | | | | | | | | | | | | | | | | | | | |
| Premiums and contributions: | | Class R1 | | | 199,090 | | | | 419,648 | | | | 62,426 | | | | 168,295 | | | | 147,269 | | | | 225,735 | |
| | | Class R2 | | | 444,656 | | | | 886,355 | | | | 96,648 | | | | 219,387 | | | | 172,702 | | | | 257,856 | |
| | | Class R3 | | | 800,939 | | | | 1,511,960 | | | | 184,932 | | | | 430,907 | | | | 297,974 | | | | 493,263 | |
| Net transfers between CREF Accounts: | | Class R1 | | | (157,760 | ) | | | (138,706 | ) | | | (39,548 | ) | | | (15,647 | ) | | | (86,309 | ) | | | (75,553 | ) |
| | | Class R2 | | | (334,062 | ) | | | (314,196 | ) | | | (58,206 | ) | | | 8,864 | | | | (149,768 | ) | | | (162,025 | ) |
| | | Class R3 | | | (571,309 | ) | | | (527,435 | ) | | | (104,707 | ) | | | (40,003 | ) | | | (219,859 | ) | | | (154,390 | ) |
| Withdrawals and death benefits: | | Class R1 | | | (750,072 | ) | | | (1,651,825 | ) | | | (213,109 | ) | | | (475,045 | ) | | | (323,597 | ) | | | (585,733 | ) |
| | | Class R2 | | | (1,692,852 | ) | | | (4,093,122 | ) | | | (379,798 | ) | | | (839,791 | ) | | | (521,794 | ) | | | (999,097 | ) |
| | | Class R3 | | | (2,957,866 | ) | | | (6,477,972 | ) | | | (580,202 | ) | | | (1,256,279 | ) | | | (791,712 | ) | | | (1,348,676 | ) |
| Annuity payments: | | | (607,745 | ) | | | (1,374,717 | ) | | | (18,001 | ) | | | (39,602 | ) | | | (23,822 | ) | | | (47,666 | ) |
| Net increase (decrease) from participant transactions | | | (5,626,981 | ) | | | (11,760,010 | ) | | | (1,049,565 | ) | | | (1,838,914 | ) | | | (1,498,916 | ) | | | (2,396,286 | ) |
| Net increase (decrease) in net assets | | | (12,893,810 | ) | | | 15,499,166 | | | | (1,981,934 | ) | | | 3,107,108 | | | | 1,489,098 | | | | 4,693,693 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | 119,334,915 | | | | 103,835,749 | | | | 21,320,971 | | | | 18,213,863 | | | | 27,920,907 | | | | 23,227,214 | |
| End of period | | | | $ | 106,441,105 | | | $ | 119,334,915 | | | $ | 19,339,037 | | | $ | 21,320,971 | | | $ | 29,410,005 | | | $ | 27,920,907 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ACCUMULATION UNITS: | | | | | | | | | | | | | | | | | | | | | |
| Units purchased: | | Class R1 | | | 405,447 | | | | 831,917 | | | | 343,583 | | | | 938,135 | | | | 631,867 | | | | 1,064,423 | |
| | | Class R2 | | | 886,820 | | | | 1,749,458 | | | | 523,772 | | | | 1,205,316 | | | | 735,249 | | | | 1,197,261 | |
| | | Class R3 | | | 1,485,549 | | | | 2,676,325 | | | | 981,431 | | | | 2,257,078 | | | | 1,225,879 | | | | 2,184,748 | |
| Units sold / transferred: | | Class R1 | | | (1,822,602 | ) | | | (3,559,148 | ) | | | (1,397,300 | ) | | | (2,699,139 | ) | | | (1,786,222 | ) | | | (3,095,678 | ) |
| | | Class R2 | | | (4,020,256 | ) | | | (8,668,268 | ) | | | (2,390,458 | ) | | | (4,530,578 | ) | | | (2,897,823 | ) | | | (5,380,848 | ) |
| | | Class R3 | | | (6,950,249 | ) | | | (13,658,015 | ) | | | (3,709,886 | ) | | | (7,017,380 | ) | | | (4,350,650 | ) | | | (6,975,282 | ) |
| Outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | 192,617,266 | | | | 213,244,997 | | | | 102,931,427 | | | | 112,777,995 | | | | 115,328,924 | | | | 126,334,300 | |
| End of period | | | | | 182,601,975 | | | | 192,617,266 | | | | 97,282,569 | | | | 102,931,427 | | | | 108,887,224 | | | | 115,328,924 | |
| 74 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 75 |
| Statements of changes in net assets | continued |
College Retirement Equities Fund ■ For the period or year ended
| | | | | Equity Index Account | | | Bond Market Account | | | Inflation-Linked Bond Account | |
| (amounts in thousands except accumulation units) | | June 30, 2020 | | | December 31, 2019 | | | June 30, 2020 | | | December 31, 2019 | | | June 30, 2020 | | | December 31, 2019 | |
| | | | (unaudited) | | | | | | (unaudited) | | | | | | (unaudited) | | | | | |
| OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 143,615 | | | $ | 324,671 | | | $ | 188,558 | | | $ | 392,776 | | | $ | (7,025 | ) | | $ | 136,298 | |
| Net realized gain (loss) on total investments | | | 672,941 | | | | 934,581 | | | | 140,276 | | | | 115,047 | | | | (655 | ) | | | (1,373 | ) |
| Net change in unrealized appreciation (depreciation) on total investments | | | (1,604,929 | ) | | | 3,718,832 | | | | 375,886 | | | | 662,264 | | | | 277,298 | | | | 271,988 | |
| Net increase (decrease) in net assets from operations | | | (788,373 | ) | | | 4,978,084 | | | | 704,720 | | | | 1,170,087 | | | | 269,618 | | | | 406,913 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| FROM PARTICIPANT TRANSACTIONS | | | | | | | | | | | | | | | | | | | | | |
| Premiums and contributions: | | Class R1 | | | 102,323 | | | | 169,126 | | | | 127,566 | | | | 183,520 | | | | 78,464 | | | | 112,111 | |
| | | Class R2 | | | 164,312 | | | | 247,715 | | | | 182,055 | | | | 285,876 | | | | 85,301 | | | | 139,346 | |
| | | Class R3 | | | 186,278 | | | | 364,644 | | | | 357,317 | | | | 567,202 | | | | 163,601 | | | | 242,397 | |
| Net transfers between CREF Accounts: | | Class R1 | | | (67,159 | ) | | | (31,536 | ) | | | 67,008 | | | | 101,745 | | | | 24,514 | | | | 36,553 | |
| | | Class R2 | | | (133,683 | ) | | | (27,137 | ) | | | 90,257 | | | | 215,468 | | | | 45,662 | | | | 75,864 | |
| | | Class R3 | | | (156,728 | ) | | | (49,180 | ) | | | 124,571 | | | | 272,800 | | | | 62,722 | | | | 103,379 | |
| Withdrawals and death benefits: | | Class R1 | | | (235,914 | ) | | | (460,364 | ) | | | (163,027 | ) | | | (289,786 | ) | | | (72,406 | ) | | | (130,350 | ) |
| | | Class R2 | | | (398,177 | ) | | | (752,721 | ) | | | (323,042 | ) | | | (611,249 | ) | | | (146,198 | ) | | | (273,489 | ) |
| | | Class R3 | | | (563,453 | ) | | | (952,105 | ) | | | (513,737 | ) | | | (895,928 | ) | | | (230,533 | ) | | | (406,981 | ) |
| Annuity payments: | | | (21,354 | ) | | | (45,192 | ) | | | (14,777 | ) | | | (28,622 | ) | | | (9,177 | ) | | | (18,628 | ) |
| Net increase (decrease) from participant transactions | | | (1,123,555 | ) | | | (1,536,750 | ) | | | (65,809 | ) | | | (198,974 | ) | | | 1,950 | | | | (119,798 | ) |
| Net increase (decrease) in net assets | | | (1,911,928 | ) | | | 3,441,334 | | | | 638,911 | | | | 971,113 | | | | 271,568 | | | | 287,115 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | 20,272,889 | | | | 16,831,555 | | | | 14,192,368 | | | | 13,221,255 | | | | 6,630,330 | | | | 6,343,215 | |
| End of period | | | | $ | 18,360,961 | | | $ | 20,272,889 | | | $ | 14,831,279 | | | $ | 14,192,368 | | | $ | 6,901,898 | | | $ | 6,630,330 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| ACCUMULATION UNITS: | | | | | | | | | | | | | | | | | | | | | | |
| Units purchased: | | Class R1 | | | 419,843 | | | | 702,275 | | | | 949,842 | | | | 1,425,839 | | | | 1,064,123 | | | | 1,570,229 | |
| | | Class R2 | | | 669,630 | | | | 1,019,672 | | | | 1,337,316 | | | | 2,208,673 | | | | 1,143,280 | | | | 1,945,878 | |
| | | Class R3 | | | 740,251 | | | | 1,416,310 | | | | 2,525,345 | | | | 4,216,412 | | | | 2,148,581 | | | | 3,224,346 | |
| Units sold / transferred: | | Class R1 | | | (1,236,250 | ) | | | (2,044,142 | ) | | | (730,356 | ) | | | (1,478,865 | ) | | | (655,639 | ) | | | (1,327,505 | ) |
| | | Class R2 | | | (2,151,602 | ) | | | (3,213,358 | ) | | | (1,736,587 | ) | | | (3,075,368 | ) | | | (1,359,550 | ) | | | (2,758,743 | ) |
| | | Class R3 | | | (2,894,224 | ) | | | (4,106,533 | ) | | | (2,896,886 | ) | | | (4,842,623 | ) | | | (2,246,216 | ) | | | (4,176,084 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Outstanding: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | 73,031,391 | | | | 79,257,167 | | | | 104,311,928 | | | | 105,857,860 | | | | 87,922,685 | | | | 89,444,564 | |
| End of period | | | 68,579,039 | | | | 73,031,391 | | | | 103,760,602 | | | | 104,311,928 | | | | 88,017,264 | | | | 87,922,685 | |
| 76 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 77 |
| Statements of changes in net assets | concluded |
| | |
| College Retirement Equities Fund ■ For the period or year ended | |
| | | | | Social Choice Account | | | Money Market Account | |
| (amounts in thousands except accumulation units) | | June 30, 2020 | | | December 31, 2019 | | | June 30, 2020 | | | December 31, 2019 | |
| | | | | | (unaudited) | | | | | | | | (unaudited) | | | | | |
| OPERATIONS | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | | $ | 163,754 | | | $ | 342,311 | | | $ | 37,081 | | | $ | 188,092 | |
| Net realized gain (loss) on total investments | | | 191,586 | | | | 587,126 | | | | 418 | | | | 203 | |
| Net change in unrealized appreciation (depreciation) on total investments | | | (529,528 | ) | | | 1,695,423 | | | | — | | | | — | |
| Net increase (decrease) in net assets from operations | | | (174,188 | ) | | | 2,624,860 | | | | 37,499 | | | | 188,295 | |
| | | | | | | | | | | | | | | | | | | |
| FROM PARTICIPANT TRANSACTIONS | | | | | | | | | | | | |
| Premiums and contributions: | | Class R1 | | | 69,005 | | | | 129,760 | | | | 612,303 | | | | 683,018 | |
| | | Class R2 | | | 260,923 | | | | 276,985 | | | | 889,534 | | | | 701,710 | |
| | | Class R3 | | | 440,372 | | | | 459,555 | | | | 1,914,230 | | | | 1,377,722 | |
| Net transfers between CREF Accounts: | | Class R1 | | | 12,505 | | | | 17,602 | | | | 200,154 | | | | 35,623 | |
| | | Class R2 | | | 84,503 | | | | 119,106 | | | | 491,181 | | | | 149,485 | |
| | | Class R3 | | | 139,539 | | | | 134,898 | | | | 736,482 | | | | 264,420 | |
| Withdrawals and death benefits: | | Class R1 | | | (125,906 | ) | | | (257,228 | ) | | | (539,231 | ) | | | (678,356 | ) |
| | | Class R2 | | | (250,236 | ) | | | (512,009 | ) | | | (725,183 | ) | | | (924,766 | ) |
| | | Class R3 | | | (350,437 | ) | | | (656,578 | ) | | | (1,514,876 | ) | | | (1,640,679 | ) |
| Annuity payments: | | | | | (18,628 | ) | | | (37,737 | ) | | | (7,589 | ) | | | (14,695 | ) |
| Net increase (decrease) from participant transactions | | | 261,640 | | | | (325,646 | ) | | | 2,057,005 | | | | (46,518 | ) |
| Net increase (decrease) in net assets | | | 87,452 | | | | 2,299,214 | | | | 2,094,504 | | | | 141,777 | |
| | | | | | | | | | | | | | | | | | | |
| NET ASSETS | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | 15,157,581 | | | | 12,858,367 | | | | 10,040,151 | | | | 9,898,374 | |
| End of period | | | | $ | 15,245,033 | | | $ | 15,157,581 | | | $ | 12,134,655 | | | $ | 10,040,151 | |
| | | | | | | | | | | | | | | | | | | |
| ACCUMULATION UNITS: | | | | | | | | | | | | | | | | |
| Units purchased: | | Class R1 | | | 267,811 | | | | 517,476 | | | | 23,256,998 | | | | 26,200,893 | |
| | | Class R2 | | | 994,061 | | | | 1,092,143 | | | | 33,460,528 | | | | 26,716,005 | |
| | | Class R3 | | | 1,643,626 | | | | 1,708,819 | | | | 71,374,080 | | | | 51,911,585 | |
| Units sold / transferred: | | Class R1 | | | (446,188 | ) | | | (963,165 | ) | | | (12,879,044 | ) | | | (24,656,686 | ) |
| | | Class R2 | | | (659,967 | ) | | | (1,565,109 | ) | | | (8,799,545 | ) | | | (29,532,791 | ) |
| | | Class R3 | | | (847,377 | ) | | | (2,075,868 | ) | | | (29,318,704 | ) | | | (52,284,054 | ) |
| Outstanding: | | | | | | | | | | | | | | | | | | |
| Beginning of period | | | 54,157,355 | | | | 55,443,059 | | | | 373,734,208 | | | | 375,379,256 | |
| End of period | | | | | 55,109,321 | | | | 54,157,355 | | | | 450,828,521 | | | | 373,734,208 | |
| 78 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 79 |
Financial highlights
College Retirement Equities Fund
| | | | | Selected per accumulation unit data | | | | | | Ratios and supplemental data |
| | | | | Gain (loss) from investment operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Net realized | | | | | | | | | | | | | | | Ratios to average net assets | | | | | Accumulation | | | | |
| | | For the | | | | | | | | Net | | | & unrealized | | | Net | | | Accumulation | | | Accumulation | | | | | | | | | Net | | | | | | units | | | Accumulation | |
| | | period or | | | | | | | | investment | | | gain (loss | ) | | change in | | | unit value | | | unit value | | | | | | | | | investment | | | Portfolio | | | outstanding | | | fund net | |
| | | year | | Investment | | | | | | income | | | on total | | | accumulation | | | beginning | | | end of | | | Total | | | Gross | | | income | | | turnover | | | end of period | | | assets | |
| | | ended | | income | a | | Expenses | a | | (loss | )a | | investments | | | unit value | | | of period | | | period | | | return | b | | expenses | | | (loss | ) | | rate | | | (in millions | ) | | (in millions | )i |
| STOCK ACCOUNT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class R1: | | 6/30/20 | # | $ | 5.143 | | | $ | 1.263 | | | $ | 3.880 | | | $ | (36.927 | ) | | $ | (33.047 | ) | | $ | 554.098 | | | $ | 521.051 | | | | (5.96 | )%c | | | 0.50 | %d | | | 1.55 | %d | | | 39 | %c | | | 25 | | | $ | 12,969 | |
| | | 12/31/19 | | | 11.125 | | | | 2.749 | | | | 8.376 | | | | 109.873 | | | | 118.249 | | | | 435.849 | | | | 554.098 | | | | 27.13 | | | | 0.55 | | | | 1.67 | | | | 60 | | | | 26 | | | | 14,577 | |
| | | 12/31/18 | | | 10.238 | | | | 2.573 | | | | 7.665 | | | | (55.323 | ) | | | (47.658 | ) | | | 483.507 | | | | 435.849 | | | | (9.86 | ) | | | 0.53 | | | | 1.57 | | | | 55 | | | | 29 | | | | 12,655 | |
| | | 12/31/17 | | | 8.937 | | | | 2.869 | | | | 6.068 | | | | 84.379 | | | | 90.447 | | | | 393.060 | | | | 483.507 | | | | 23.01 | | | | 0.65 | | | | 1.38 | | | | 48 | | | | 33 | | | | 15,853 | |
| | | 12/31/16 | | | 8.586 | | | | 2.727 | | | | 5.859 | | | | 25.797 | | | | 31.656 | | | | 361.404 | | | | 393.060 | | | | 8.76 | | | | 0.74 | | | | 1.59 | | | | 56 | | | | 36 | | | | 14,174 | |
| | | 12/31/15 | h | | 8.076 | | | | 2.108 | | | | 5.968 | | | | (9.995 | ) | | | (4.027 | ) | | | 365.431 | | | | 361.404 | | | | (1.10 | ) | | | 0.57 | | | | 1.60 | | | | 52 | | | | 39 | | | | 14,153 | |
| Class R2: | | 6/30/20 | # | | 5.203 | | | | 0.855 | | | | 4.348 | | | | (37.330 | ) | | | (32.982 | ) | | | 560.315 | | | | 527.333 | | | | (5.89 | )c | | | 0.34 | d | | | 1.72 | d | | | 39 | c | | | 60 | | | | 31,702 | |
| | | 12/31/19 | | | 11.240 | | | | 1.772 | | | | 9.468 | | | | 110.979 | | | | 120.447 | | | | 439.868 | | | | 560.315 | | | | 27.38 | | | | 0.35 | | | | 1.86 | | | | 60 | | | | 63 | | | | 35,441 | |
| | | 12/31/18 | | | 10.327 | | | | 1.687 | | | | 8.640 | | | | (55.847 | ) | | | (47.207 | ) | | | 487.075 | | | | 439.868 | | | | (9.69 | ) | | | 0.34 | | | | 1.75 | | | | 55 | | | | 70 | | | | 30,866 | |
| | | 12/31/17 | | | 8.990 | | | | 1.736 | | | | 7.254 | | | | 84.893 | | | | 92.147 | | | | 394.928 | | | | 487.075 | | | | 23.33 | | | | 0.39 | | | | 1.64 | | | | 48 | | | | 78 | | | | 38,159 | |
| | | 12/31/16 | | | 8.610 | | | | 1.724 | | | | 6.886 | | | | 25.913 | | | | 32.799 | | | | 362.129 | | | | 394.928 | | | | 9.06 | | | | 0.47 | | | | 1.87 | | | | 56 | | | | 86 | | | | 33,996 | |
| | | 12/31/15 | g | | 5.699 | | | | 1.215 | | | | 4.484 | | | | (30.621 | ) | | | (26.137 | ) | | | 388.266 | | | | 362.129 | | | | (6.73 | )c | | | 0.48 | d | | | 1.75 | d | | | 52 | | | | 94 | | | | 33,974 | |
| Class R3: | | 6/30/20 | # | | 5.222 | | | | 0.699 | | | | 4.523 | | | | (37.452 | ) | | | (32.929 | ) | | | 562.248 | | | | 529.319 | | | | (5.86 | )c | | | 0.28 | d | | | 1.78 | d | | | 39 | c | | | 98 | | | | 51,658 | |
| | | 12/31/19 | | | 11.279 | | | | 1.507 | | | | 9.772 | | | | 111.324 | | | | 121.096 | | | | 441.152 | | | | 562.248 | | | | 27.45 | | | | 0.30 | | | | 1.92 | | | | 60 | | | | 103 | | | | 57,944 | |
| | | 12/31/18 | | | 10.352 | | | | 1.485 | | | | 8.867 | | | | (56.010 | ) | | | (47.143 | ) | | | 488.295 | | | | 441.152 | | | | (9.65 | ) | | | 0.30 | | | | 1.79 | | | | 55 | | | | 114 | | | | 50,309 | |
| | | 12/31/17 | | | 9.010 | | | | 1.395 | | | | 7.615 | | | | 85.073 | | | | 92.688 | | | | 395.607 | | | | 488.295 | | | | 23.43 | | | | 0.32 | | | | 1.72 | | | | 48 | | | | 124 | | | | 60,531 | |
| | | 12/31/16 | | | 8.619 | | | | 1.346 | | | | 7.273 | | | | 25.956 | | | | 33.229 | | | | 362.378 | | | | 395.607 | | | | 9.17 | | | | 0.36 | | | | 1.97 | | | | 56 | | | | 136 | | | | 53,821 | |
| | | 12/31/15 | g | | 5.698 | | | | 0.960 | | | | 4.738 | | | | (30.626 | ) | | | (25.888 | ) | | | 388.266 | | | | 362.378 | | | | (6.67 | )c | | | 0.38 | d | | | 1.85 | d | | | 52 | | | | 148 | | | | 53,614 | |
| GLOBAL EQUITIES ACCOUNT | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class R1: | | 6/30/20 | # | | 1.791 | | | | 0.452 | | | | 1.339 | | | | (9.630 | ) | | | (8.291 | ) | | | 201.059 | | | | 192.768 | | | | (4.12 | )c | | | 0.49 | d | | | 1.47 | d | | | 42 | c | | | 17 | | | | 3,327 | |
| | | 12/31/19 | | | 4.042 | | | | 0.913 | | | | 3.129 | | | | 40.803 | | | | 43.932 | | | | 157.127 | | | | 201.059 | | | | 27.96 | | | | 0.50 | | | | 1.73 | | | | 67 | | | | 18 | | | | 3,682 | |
| | | 12/31/18 | | | 3.712 | | | | 0.948 | | | | 2.764 | | | | (25.325 | ) | | | (22.561 | ) | | | 179.688 | | | | 157.127 | | | | (12.56 | ) | | | 0.53 | | | | 1.54 | | | | 77 | | | | 20 | | | | 3,154 | |
| | | 12/31/17 | | | 3.346 | | | | 1.117 | | | | 2.229 | | | | 32.997 | | | | 35.226 | | | | 144.462 | | | | 179.688 | | | | 24.38 | | | | 0.69 | | | | 1.38 | | | | 36 | | | | 20 | | | | 3,681 | |
| | | 12/31/16 | | | 3.218 | | | | 1.027 | | | | 2.191 | | | | 4.314 | | | | 6.505 | | | | 137.957 | | | | 144.462 | | | | 4.72 | | | | 0.75 | | | | 1.60 | | | | 78 | | | | 22 | | | | 3,230 | |
| | | 12/31/15 | h | | 3.077 | | | | 0.823 | | | | 2.254 | | | | (3.090 | ) | | | (0.836 | ) | | | 138.793 | | | | 137.957 | | | | (0.60 | ) | | | 0.58 | | | | 1.59 | | | | 49 | | | | 24 | | | | 3,312 | |
| Class R2: | | 6/30/20 | # | | 1.812 | | | | 0.303 | | | | 1.509 | | | | (9.731 | ) | | | (8.222 | ) | | | 203.309 | | | | 195.087 | | | | (4.04 | )c | | | 0.33 | d | | | 1.63 | d | | | 42 | c | | | 33 | | | | 6,497 | |
| | | 12/31/19 | | | 4.081 | | | | 0.560 | | | | 3.521 | | | | 41.217 | | | | 44.738 | | | | 158.571 | | | | 203.309 | | | | 28.21 | | | | 0.31 | | | | 1.92 | | | | 67 | | | | 35 | | | | 7,150 | |
| | | 12/31/18 | | | 3.746 | | | | 0.624 | | | | 3.122 | | | | (25.558 | ) | | | (22.436 | ) | | | 181.007 | | | | 158.571 | | | | (12.40 | ) | | | 0.35 | | | | 1.73 | | | | 77 | | | | 38 | | | | 6,104 | |
| | | 12/31/17 | | | 3.365 | | | | 0.700 | | | | 2.665 | | | | 33.198 | | | | 35.863 | | | | 145.144 | | | | 181.007 | | | | 24.71 | | | | 0.43 | | | | 1.64 | | | | 36 | | | | 39 | | | | 7,131 | |
| | | 12/31/16 | | | 3.228 | | | | 0.655 | | | | 2.573 | | | | 4.341 | | | | 6.914 | | | | 138.230 | | | | 145.144 | | | | 5.00 | | | | 0.48 | | | | 1.87 | | | | 78 | | | | 43 | | | | 6,224 | |
| | | 12/31/15 | g | | 2.030 | | | | 0.468 | | | | 1.562 | | | | (11.301 | ) | | | (9.739 | ) | | | 147.969 | | | | 138.230 | | | | (6.58 | )c | | | 0.48 | d | | | 1.60 | d | | | 49 | | | | 47 | | | | 6,435 | |
| Class R3: | | 6/30/20 | # | | 1.818 | | | | 0.246 | | | | 1.572 | | | | (9.762 | ) | | | (8.190 | ) | | | 204.012 | | | | 195.822 | | | | (4.01 | )c | | | 0.27 | d | | | 1.70 | d | | | 42 | c | | | 47 | | | | 9,149 | |
| | | 12/31/19 | | | 4.095 | | | | 0.465 | | | | 3.630 | | | | 41.347 | | | | 44.977 | | | | 159.035 | | | | 204.012 | | | | 28.28 | | | | 0.25 | | | | 1.98 | | | | 67 | | | | 49 | | | | 10,088 | |
| | | 12/31/18 | | | 3.747 | | | | 0.547 | | | | 3.200 | | | | (25.626 | ) | | | (22.426 | ) | | | 181.461 | | | | 159.035 | | | | (12.36 | ) | | | 0.30 | | | | 1.77 | | | | 77 | | | | 54 | | | | 8,621 | |
| | | 12/31/17 | | | 3.372 | | | | 0.574 | | | | 2.798 | | | | 33.270 | | | | 36.068 | | | | 145.393 | | | | 181.461 | | | | 24.81 | | | | 0.35 | | | | 1.71 | | | | 36 | | | | 53 | | | | 9,558 | |
| | | 12/31/16 | | | 3.232 | | | | 0.514 | | | | 2.718 | | | | 4.350 | | | | 7.068 | | | | 138.325 | | | | 145.393 | | | | 5.11 | | | | 0.37 | | | | 1.98 | | | | 78 | | | | 57 | | | | 8,324 | |
| | | 12/31/15 | g | | 2.030 | | | | 0.370 | | | | 1.660 | | | | (11.304 | ) | | | (9.644 | ) | | | 147.969 | | | | 138.325 | | | | (6.52 | )c | | | 0.38 | d | | | 1.70 | d | | | 49 | | | | 62 | | | | 8,527 | |
| | | | | | |
| 80 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 81 |
| Financial highlights | continued |
College Retirement Equities Fund
| | | | | Selected per accumulation unit data | | | | | Ratios and supplemental data |
| | | | | Gain (loss) from investment operations | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Net realized | | | | | | | | | | | | | | | Ratios to average net assets | | | | | Accumulation | | | | |
| | | For the | | | | | | | | Net | | | & unrealized | | | Net | | | Accumulation | | | Accumulation | | | | | | | | | Net | | | | | | units | | | Accumulation | |
| | | period or | | | | | | | | investment | | | gain (loss | ) | | change in | | | unit value | | | unit value | | | | | | | | | investment | | | Portfolio | | | outstanding | | | fund net | |
| | | year | | Investment | | | | | | income | | | on total | | | accumulation | | | beginning | | | end of | | | Total | | | Gross | | | income | | | turnover | | | end of period | | | assets | |
| | | ended | | income | a | | Expenses | a | | | (loss | )a | | investments | | | unit value | | | of period | | | | period | | | | return | b | | | expenses | | | | (loss | ) | | | rate | | | | (in millions | ) | | (in millions | )i |
| GROWTH ACCOUNT | | | | | | | | | | | | | | | | | | | | | | | | |
| Class R1: | | 6/30/20 | # | $ | 0.957 | | | $ | 0.541 | | | $ | 0.416 | | | $ | 26.472 | | | $ | 26.888 | | | $ | 235.215 | | | $ | 262.103 | | | | 11.43 | %c | | | 0.46 | %d | | | 0.36 | %d | | | 44 | %c | | | 21 | | | $ | 5,474 | |
| | | 12/31/19 | | | 1.988 | | | | 1.026 | | | | 0.962 | | | | 55.151 | | | | 56.113 | | | | 179.102 | | | | 235.215 | | | | 31.33 | | | | 0.48 | | | | 0.45 | | | | 85 | | | | 22 | | | | 5,184 | |
| | | 12/31/18 | | | 2.166 | | | | 0.914 | | | | 1.252 | | | | (6.193 | ) | | | (4.941 | ) | | | 184.043 | | | | 179.102 | | | | (2.69 | ) | | | 0.46 | | | | 0.63 | | | | 62 | | | | 24 | | | | 4,311 | |
| | | 12/31/17 | | | 1.818 | | | | 0.977 | | | | 0.841 | | | | 43.121 | | | | 43.962 | | | | 140.081 | | | | 184.043 | | | | 31.38 | | | | 0.60 | | | | 0.52 | | | | 48 | | | | 26 | | | | 4,841 | |
| | | 12/31/16 | | | 1.782 | | | | 0.902 | | | | 0.880 | | | | 2.577 | | | | 3.457 | | | | 136.624 | | | | 140.081 | | | | 2.53 | | | | 0.67 | | | | 0.65 | | | | 64 | | | | 28 | | | | 3,941 | |
| | | 12/31/15 | h | | 1.663 | | | | 0.683 | | | | 0.980 | | | | 6.976 | | | | 7.956 | | | | 128.668 | | | | 136.624 | | | | 6.19 | | | | 0.51 | | | | 0.73 | | | | 47 | | | | 31 | | | | 4,174 | |
| Class R2: | | 6/30/20 | # | | 0.968 | | | | 0.348 | | | | 0.620 | | | | 26.792 | | | | 27.412 | | | | 237.849 | | | | 265.261 | | | | 11.52 | c | | | 0.29 | d | | | 0.52 | d | | | 44 | c | | | 37 | | | | 9,837 | |
| | | 12/31/19 | | | 2.007 | | | | 0.609 | | | | 1.398 | | | | 55.701 | | | | 57.099 | | | | 180.750 | | | | 237.849 | | | | 31.59 | | | | 0.28 | | | | 0.65 | | | | 85 | | | | 39 | | | | 9,335 | |
| | | 12/31/18 | | | 2.186 | | | | 0.555 | | | | 1.631 | | | | (6.277 | ) | | | (4.646 | ) | | | 185.396 | | | | 180.750 | | | | (2.51 | ) | | | 0.28 | | | | 0.82 | | | | 62 | | | | 43 | | | | 7,850 | |
| | | 12/31/17 | | | 1.830 | | | | 0.556 | | | | 1.274 | | | | 43.379 | | | | 44.653 | | | | 140.743 | | | | 185.396 | | | | 31.73 | | | | 0.34 | | | | 0.78 | | | | 48 | | | | 47 | | | | 8,788 | |
| | | 12/31/16 | | | 1.788 | | | | 0.534 | | | | 1.254 | | | | 2.593 | | | | 3.847 | | | | 136.896 | | | | 140.743 | | | | 2.81 | | | | 0.39 | | | | 0.93 | | | | 64 | | | | 51 | | | | 7,172 | |
| | | 12/31/15 | g | | 1.117 | | | | 0.380 | | | | 0.737 | | | | (1.993 | ) | | | (1.256 | ) | | | 138.152 | | | | 136.896 | | | | (0.91 | )c | | | 0.41 | d | | | 0.79 | d | | | 47 | | | | 55 | | | | 7,594 | |
| Class R3: | | 6/30/20 | # | | 0.972 | | | | 0.276 | | | | 0.696 | | | | 26.894 | | | | 27.590 | | | | 238.674 | | | | 266.264 | | | | 11.56 | c | | | 0.23 | d | | | 0.59 | d | | | 44 | c | | | 51 | | | | 13,557 | |
| | | 12/31/19 | | | 2.016 | | | | 0.496 | | | | 1.520 | | | | 55.873 | | | | 57.393 | | | | 181.281 | | | | 238.674 | | | | 31.66 | | | | 0.23 | | | | 0.70 | | | | 85 | | | | 54 | | | | 12,898 | |
| | | 12/31/18 | | | 2.193 | | | | 0.471 | | | | 1.722 | | | | (6.301 | ) | | | (4.579 | ) | | | 185.860 | | | | 181.281 | | | | (2.46 | ) | | | 0.24 | | | | 0.86 | | | | 62 | | | | 59 | | | | 10,665 | |
| | | 12/31/17 | | | 1.834 | | | | 0.429 | | | | 1.405 | | | | 43.471 | | | | 44.876 | | | | 140.984 | | | | 185.860 | | | | 31.83 | | | | 0.26 | | | | 0.86 | | | | 48 | | | | 62 | | | | 11,524 | |
| | | 12/31/16 | | | 1.790 | | | | 0.395 | | | | 1.395 | | | | 2.599 | | | | 3.994 | | | | 136.990 | | | | 140.984 | | | | 2.92 | | | | 0.29 | | | | 1.03 | | | | 64 | | | | 67 | | | | 9,424 | |
| | | 12/31/15 | g | | 1.117 | | | | 0.287 | | | | 0.830 | | | | (1.992 | ) | | | (1.162 | ) | | | 138.152 | | | | 136.990 | | | | (0.84 | )c | | | 0.31 | d | | | 0.89 | d | | | 47 | | | | 73 | | | | 10,027 | |
| EQUITY INDEX ACCOUNT | | | | | | | | | | | | | | | | | | | | | | | | |
| Class R1: | | 6/30/20 | # | | 2.295 | | | | 0.533 | | | | 1.762 | | | | (11.585 | ) | | | (9.823 | ) | | | 268.398 | | | | 258.575 | | | | (3.66 | )c | | | 0.43 | d | | | 1.43 | d | | | 2 | c | | | 14 | | | | 3,598 | |
| | | 12/31/19 | | | 4.780 | | | | 1.100 | | | | 3.680 | | | | 58.895 | | | | 62.575 | | | | 205.823 | | | | 268.398 | | | | 30.40 | | | | 0.46 | | | | 1.53 | | | | 2 | | | | 15 | | | | 3,954 | |
| | | 12/31/18 | | | 4.426 | | | | 0.992 | | | | 3.434 | | | | (15.616 | ) | | | (12.182 | ) | | | 218.005 | | | | 205.823 | | | | (5.59 | ) | | | 0.44 | | | | 1.52 | | | | 3 | | | | 16 | | | | 3,308 | |
| | | 12/31/17 | | | 3.836 | | | | 1.126 | | | | 2.710 | | | | 34.271 | | | | 36.981 | | | | 181.024 | | | | 218.005 | | | | 20.43 | | | | 0.57 | | | | 1.37 | | | | 4 | | | | 18 | | | | 3,912 | |
| | | 12/31/16 | | | 3.648 | | | | 1.044 | | | | 2.604 | | | | 16.892 | | | | 19.496 | | | | 161.528 | | | | 181.024 | | | | 12.07 | | | | 0.63 | | | | 1.56 | | | | 4 | | | | 19 | | | | 3,501 | |
| | | 12/31/15 | h | | 3.254 | | | | 0.765 | | | | 2.489 | | | | (2.523 | ) | | | (0.034 | ) | | | 161.562 | | | | 161.528 | | | | (0.02 | ) | | | 0.47 | | | | 1.52 | | | | 5 | | | | 20 | | | | 3,260 | |
| Class R2: | | 6/30/20 | # | | 2.322 | | | | 0.330 | | | | 1.992 | | | | (11.709 | ) | | | (9.717 | ) | | | 271.404 | | | | 261.687 | | | | (3.58 | )c | | | 0.26 | d | | | 1.59 | d | | | 2 | c | | | 24 | | | | 6,254 | |
| | | 12/31/19 | | | 4.832 | | | | 0.630 | | | | 4.202 | | | | 59.485 | | | | 63.687 | | | | 207.717 | | | | 271.404 | | | | 30.66 | | | | 0.26 | | | | 1.73 | | | | 2 | | | | 25 | | | | 6,889 | |
| | | 12/31/18 | | | 4.465 | | | | 0.581 | | | | 3.884 | | | | (15.774 | ) | | | (11.890 | ) | | | 219.607 | | | | 207.717 | | | | (5.41 | ) | | | 0.26 | | | | 1.71 | | | | 3 | | | | 28 | | | | 5,728 | |
| | | 12/31/17 | | | 3.859 | | | | 0.612 | | | | 3.247 | | | | 34.480 | | | | 37.727 | | | | 181.880 | | | | 219.607 | | | | 20.74 | | | | 0.31 | | | | 1.63 | | | | 4 | | | | 31 | | | | 6,708 | |
| | | 12/31/16 | | | 3.662 | | | | 0.591 | | | | 3.071 | | | | 16.959 | | | | 20.030 | | | | 161.850 | | | | 181.880 | | | | 12.38 | | | | 0.35 | | | | 1.84 | | | | 4 | | | | 33 | | | | 6,035 | |
| | | 12/31/15 | g | | 2.443 | | | | 0.414 | | | | 2.029 | | | | (8.184 | ) | | | (6.155 | ) | | | 168.005 | | | | 161.850 | | | | (3.66 | )c | | | 0.37 | d | | | 1.81 | d | | | 5 | | | | 35 | | | | 5,667 | |
| Class R3: | | 6/30/20 | # | | 2.330 | | | | 0.253 | | | | 2.077 | | | | (11.745 | ) | | | (9.668 | ) | | | 272.341 | | | | 262.673 | | | | (3.55 | )c | | | 0.20 | d | | | 1.65 | d | | | 2 | c | | | 31 | | | | 8,081 | |
| | | 12/31/19 | | | 4.851 | | | | 0.502 | | | | 4.349 | | | | 59.668 | | | | 64.017 | | | | 208.324 | | | | 272.341 | | | | 30.73 | | | | 0.21 | | | | 1.78 | | | | 2 | | | | 33 | | | | 8,965 | |
| | | 12/31/18 | | | 4.479 | | | | 0.486 | | | | 3.993 | | | | (15.823 | ) | | | (11.830 | ) | | | 220.154 | | | | 208.324 | | | | (5.37 | ) | | | 0.21 | | | | 1.75 | | | | 3 | | | | 36 | | | | 7,418 | |
| | | 12/31/17 | | | 3.869 | | | | 0.458 | | | | 3.411 | | | | 34.551 | | | | 37.962 | | | | 182.192 | | | | 220.154 | | | | 20.84 | | | | 0.23 | | | | 1.71 | | | | 4 | | | | 39 | | | | 8,486 | |
| | | 12/31/16 | | | 3.667 | | | | 0.419 | | | | 3.248 | | | | 16.983 | | | | 20.231 | | | | 161.961 | | | | 182.192 | | | | 12.49 | | | | 0.25 | | | | 1.94 | | | | 4 | | | | 42 | | | | 7,570 | |
| | | 12/31/15 | g | | 2.443 | | | | 0.302 | | | | 2.141 | | | | (8.185 | ) | | | (6.044 | ) | | | 168.005 | | | | 161.961 | | | | (3.60 | )c | | | 0.27 | d | | | 1.90 | d | | | 5 | | | | 44 | | | | 7,061 | |
| | | | | | |
| 82 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 83 |
| Financial highlights | continued |
| | |
| College Retirement Equities Fund | |
| | |
| | | | | Selected per accumulation unit data | | | | | Ratios and supplemental data |
| | | | | Gain (loss) from investment operations | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Net realized | | | | | | | | | | | | | | | Ratios to average net assets | | | | | Portfolio | | | Accumulation | | | | |
| | | For the
period or
year
ended | | Investment
income | a | | Expenses | a | | Net
investment
income
(loss | )a | | & unrealized
gain (loss
on total
investments | )
| | Net
change in
accumulation
unit value | | | Accumulation
unit value
beginning
of period | | | Accumulation
unit value
end of
period | | | Total
return | b | | Gross
expenses | | | Net
investment
income
(loss | ) | | Portfolio
turnover
rate | | | turnover rate
excluding
mortgage
dollar rolls | | | units
outstanding
end of period
(in millions | ) | | Accumulation
fund net
assets
(in millions | )i |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| BOND MARKET ACCOUNT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class R1: | | 6/30/20 | # | | $ 1.955 | | | | $0.315 | | | | $ 1.640 | | | | $ 4.917 | | | | $ 6.557 | | | | $131.777 | | | | $138.334 | | | | 4.98 | %c | | | 0.47 | %d | | | 2.45 | %d | | | 52 | %c | | | 47 | %c | | | 17 | | | | $2,361 | |
| | | 12/31/19 | | | 4.029 | | | | 0.634 | | | | 3.395 | | | | 7.214 | | | | 10.609 | | | | 121.168 | | | | 131.777 | | | | 8.75 | | | | 0.50 | | | | 2.66 | | | | 85 | | | | 79 | | | | 17 | | | | 2,220 | |
| | | 12/31/18 | | | 3.829 | | | | 0.620 | | | | 3.209 | | | | (3.713 | ) | | | (0.504 | ) | | | 121.672 | | | | 121.168 | | | | (0.41 | ) | | | 0.52 | | | | 2.68 | | | | 106 | | | | 91 | | | | 17 | | | | 2,048 | |
| | | 12/31/17 | | | 3.517 | | | | 0.764 | | | | 2.753 | | | | 1.670 | | | | 4.423 | | | | 117.249 | | | | 121.672 | | | | 3.77 | | | | 0.64 | | | | 2.30 | | | | 140 | | | | 96 | | | | 18 | | | | 2,209 | |
| | | 12/31/16 | | | 3.430 | | | | 0.827 | | | | 2.603 | | | | 0.897 | | | | 3.500 | | | | 113.749 | | | | 117.249 | | | | 3.08 | | | | 0.70 | | | | 2.21 | | | | 240 | | | | 131 | | | | 19 | | | | 2,175 | |
| | | 12/31/15 | h | | 3.015 | | | | 0.637 | | | | 2.378 | | | | (2.100 | ) | | | 0.278 | | | | 113.471 | | | | 113.749 | | | | 0.25 | | | | 0.56 | | | | 2.07 | | | | 293 | | | | 123 | | | | 19 | | | | 2,149 | |
| Class R2: | | 6/30/20 | # | | 1.978 | | | | 0.204 | | | | 1.774 | | | | 4.975 | | | | 6.749 | | | | 133.253 | | | | 140.002 | | | | 5.06 | c | | | 0.30 | d | | | 2.62 | d | | | 52 | c | | | 47 | c | | | 36 | | | | 5,052 | |
| | | 12/31/19 | | | 4.070 | | | | 0.385 | | | | 3.685 | | | | 7.286 | | | | 10.971 | | | | 122.282 | | | | 133.253 | | | | 8.97 | | | | 0.30 | | | | 2.86 | | | | 85 | | | | 79 | | | | 36 | | | | 4,862 | |
| | | 12/31/18 | | | 3.861 | | | | 0.402 | | | | 3.459 | | | | (3.741 | ) | | | (0.282 | ) | | | 122.564 | | | | 122.282 | | | | (0.23 | ) | | | 0.33 | | | | 2.87 | | | | 106 | | | | 91 | | | | 37 | | | | 4,567 | |
| | | 12/31/17 | | | 3.539 | | | | 0.453 | | | | 3.086 | | | | 1.676 | | | | 4.762 | | | | 117.802 | | | | 122.564 | | | | 4.04 | | | | 0.38 | | | | 2.56 | | | | 140 | | | | 96 | | | | 39 | | | | 4,818 | |
| | | 12/31/16 | | | 3.442 | | | | 0.506 | | | | 2.936 | | | | 0.892 | | | | 3.828 | | | | 113.974 | | | | 117.802 | | | | 3.36 | | | | 0.43 | | | | 2.48 | | | | 240 | | | | 131 | | | | 40 | | | | 4,672 | |
| | | 12/31/15 | g | | 2.181 | | | | 0.369 | | | | 1.812 | | | | (3.573 | ) | | | (1.761 | ) | | | 115.735 | | | | 113.974 | | | | (1.52 | )c | | | 0.47 | d | | | 2.31 | d | | | 293 | | | | 123 | | | | 40 | | | | 4,599 | |
| Class R3: | | 6/30/20 | # | | 1.985 | | | | 0.163 | | | | 1.822 | | | | 4.993 | | | | 6.815 | | | | 133.712 | | | | 140.527 | | | | 5.10 | c | | | 0.24 | d | | | 2.68 | d | | | 52 | c | | | 47 | c | | | 51 | | | | 7,112 | |
| | | 12/31/19 | | | 4.083 | | | | 0.317 | | | | 3.766 | | | | 7.308 | | | | 11.074 | | | | 122.638 | | | | 133.712 | | | | 9.03 | | | | 0.25 | | | | 2.91 | | | | 85 | | | | 79 | | | | 51 | | | | 6,817 | |
| | | 12/31/18 | | | 3.872 | | | | 0.352 | | | | 3.520 | | | | (3.753 | ) | | | (0.233 | ) | | | 122.871 | | | | 122.638 | | | | (0.19 | ) | | | 0.29 | | | | 2.91 | | | | 106 | | | | 91 | | | | 52 | | | | 6,329 | |
| | | 12/31/17 | | | 3.546 | | | | 0.360 | | | | 3.186 | | | | 1.681 | | | | 4.867 | | | | 118.004 | | | | 122.871 | | | | 4.12 | | | | 0.30 | | | | 2.63 | | | | 140 | | | | 96 | | | | 53 | | | | 6,527 | |
| | | 12/31/16 | | | 3.446 | | | | 0.385 | | | | 3.061 | | | | 0.891 | | | | 3.952 | | | | 114.052 | | | | 118.004 | | | | 3.47 | | | | 0.32 | | | | 2.58 | | | | 240 | | | | 131 | | | | 54 | | | | 6,370 | |
| | | 12/31/15 | g | | 2.182 | | | | 0.292 | | | | 1.890 | | | | (3.573 | ) | | | (1.683 | ) | | | 115.735 | | | | 114.052 | | | | (1.45 | )c | | | 0.37 | d | | | 2.41 | d | | | 293 | | | | 123 | | | | 55 | | | | 6,237 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| INFLATION-LINKED BOND ACCOUNT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class R1: | | 6/30/20 | # | | 0.017 | | | | 0.163 | | | | (0.146 | ) | | | 3.062 | | | | 2.916 | | | | 72.542 | | | | 75.458 | | | | 4.02 | c | | | 0.44 | d | | | (0.40 | )d | | | 13 | c | | | 13 | c | | | 15 | | | | 1,114 | |
| | | 12/31/19 | | | 1.660 | | | | 0.329 | | | | 1.331 | | | | 2.944 | | | | 4.275 | | | | 68.267 | | | | 72.542 | | | | 6.27 | | | | 0.46 | | | | 1.88 | | | | 26 | | | | 26 | | | | 14 | | | | 1,042 | |
| | | 12/31/18 | | | 2.105 | | | | 0.307 | | | | 1.798 | | | | (2.292 | ) | | | (0.494 | ) | | | 68.761 | | | | 68.267 | | | | (0.72 | ) | | | 0.45 | | | | 2.63 | | | | 21 | | | | 21 | | | | 14 | | | | 964 | |
| | | 12/31/17 | | | 1.731 | | | | 0.395 | | | | 1.336 | | | | (0.315 | ) | | | 1.021 | | | | 67.740 | | | | 68.761 | | | | 1.51 | | | | 0.58 | | | | 1.95 | | | | 18 | | | | 18 | | | | 15 | | | | 1,041 | |
| | | 12/31/16 | | | 1.465 | | | | 0.433 | | | | 1.032 | | | | 1.474 | | | | 2.506 | | | | 65.234 | | | | 67.740 | | | | 3.84 | | | | 0.64 | | | | 1.52 | | | | 23 | | | | 23 | | | | 16 | | | | 1,107 | |
| | | 12/31/15 | h | | (0.930 | ) | | | 0.324 | | | | (1.254 | ) | | | (0.034 | ) | | | (1.288 | ) | | | 66.522 | | | | 65.234 | | | | (1.94 | ) | | | 0.48 | | | | (1.87 | ) | | | 6 | | | | 6 | | | | 17 | | | | 1,127 | |
| Class R2: | | 6/30/20 | # | | 0.024 | | | | 0.101 | | | | (0.077 | ) | | | 3.091 | | | | 3.014 | | | | 73.353 | | | | 76.367 | | | | 4.10 | c | | | 0.27 | d | | | (0.21 | )d | | | 13 | c | | | 13 | c | | | 28 | | | | 2,169 | |
| | | 12/31/19 | | | 1.686 | | | | 0.190 | | | | 1.496 | | | | 2.962 | | | | 4.458 | | | | 68.895 | | | | 73.353 | | | | 6.48 | | | | 0.27 | | | | 2.09 | | | | 26 | | | | 26 | | | | 29 | | | | 2,099 | |
| | | 12/31/18 | | | 2.122 | | | | 0.182 | | | | 1.940 | | | | (2.310 | ) | | | (0.370 | ) | | | 69.265 | | | | 68.895 | | | | (0.53 | ) | | | 0.26 | | | | 2.82 | | | | 21 | | | | 21 | | | | 29 | | | | 2,028 | |
| | | 12/31/17 | | | 1.743 | | | | 0.218 | | | | 1.525 | | | | (0.319 | ) | | | 1.206 | | | | 68.059 | | | | 69.265 | | | | 1.77 | | | | 0.32 | | | | 2.22 | | | | 18 | | | | 18 | | | | 30 | | | | 2,096 | |
| | | 12/31/16 | | | 1.471 | | | | 0.249 | | | | 1.222 | | | | 1.475 | | | | 2.697 | | | | 65.362 | | | | 68.059 | | | | 4.13 | | | | 0.37 | | | | 1.80 | | | | 23 | | | | 23 | | | | 31 | | | | 2,123 | |
| | | 12/31/15 | g | | 1.272 | | | | 0.185 | | | | 1.087 | | | | (3.973 | ) | | | (2.886 | ) | | | 68.248 | | | | 65.362 | | | | (4.23 | )c | | | 0.41 | d | | | 2.38 | d | | | 6 | | | | 6 | | | | 32 | | | | 2,118 | |
| Class R3: | | 6/30/20 | # | | 0.021 | | | | 0.079 | | | | (0.058 | ) | | | 3.106 | | | | 3.048 | | | | 73.606 | | | | 76.654 | | | | 4.14 | c | | | 0.21 | d | | | (0.16 | )d | | | 13 | c | | | 13 | c | | | 45 | | | | 3,438 | |
| | | 12/31/19 | | | 1.694 | | | | 0.153 | | | | 1.541 | | | | 2.970 | | | | 4.511 | | | | 69.095 | | | | 73.606 | | | | 6.53 | | | | 0.21 | | | | 2.14 | | | | 26 | | | | 26 | | | | 45 | | | | 3,308 | |
| | | 12/31/18 | | | 2.125 | | | | 0.154 | | | | 1.971 | | | | (2.313 | ) | | | (0.342 | ) | | | 69.437 | | | | 69.095 | | | | (0.49 | ) | | | 0.22 | | | | 2.86 | | | | 21 | | | | 21 | | | | 46 | | | | 3,171 | |
| | | 12/31/17 | | | 1.746 | | | | 0.165 | | | | 1.581 | | | | (0.320 | ) | | | 1.261 | | | | 68.176 | | | | 69.437 | | | | 1.85 | | | | 0.24 | | | | 2.29 | | | | 18 | | | | 18 | | | | 46 | | | | 3,214 | |
| | | 12/31/16 | | | 1.480 | | | | 0.179 | | | | 1.301 | | | | 1.468 | | | | 2.769 | | | | 65.407 | | | | 68.176 | | | | 4.23 | | | | 0.26 | | | | 1.91 | | | | 23 | | | | 23 | | | | 48 | | | | 3,271 | |
| | | 12/31/15 | g | | 1.274 | | | | 0.140 | | | | 1.134 | | | | (3.975 | ) | | | (2.841 | ) | | | 68.248 | | | | 65.407 | | | | (4.16 | )c | | | 0.31 | d | | | 2.48 | d | | | 6 | | | | 6 | | | | 49 | | | | 3,222 | |
| | | | | | |
| 84 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 85 |
| Financial highlights | continued |
| | |
| College Retirement Equities Fund | |
| | |
| | | | | Selected per accumulation unit data | | | | | Ratios and supplemental data |
| | | | | Gain (loss) from investment operations | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Net realized | | | | | | | | | | | | | | | Ratios to average net assets | | | | | Portfolio | | | Accumulation | | | | |
| | | For the
period or
year
ended | | Investment
income | a | | Expenses | a | | Net
investment
income
(loss | )a | | & unrealized
gain (loss
on total
investments | )
| | Net
change in
accumulation
unit value | | | Accumulation
unit value
beginning
of period | | | Accumulation
unit value
end of
period | | | Total
return | b | | Gross
expenses | | | Net
investment
income
(loss | ) | | Portfolio
turnover
rate | | | turnover rate
excluding
mortgage
dollar rolls | | | units
outstanding
end of period
(in millions | ) | | Accumulation
fund net
assets
(in millions | )i |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| SOCIAL CHOICE ACCOUNT | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class R1: | | 6/30/20 | # | | $3.255 | | | | $0.593 | | | | $2.662 | | | | $ (5.771 | ) | | | $ (3.109 | ) | | | $269.468 | | | | $266.359 | | | | (1.15 | )%c | | | 0.46 | %d | | | 2.08 | %d | | | 45 | %c | | | 43 | %c | | | 9 | | | | $2,340 | |
| | | 12/31/19 | | | 6.789 | | | | 1.210 | | | | 5.579 | | | | 40.254 | | | | 45.833 | | | | 223.635 | | | | 269.468 | | | | 20.50 | | | | 0.49 | | | | 2.24 | | | | 52 | | | | 51 | | | | 9 | | | | 2,416 | |
| | | 12/31/18 | | | 6.291 | | | | 1.102 | | | | 5.189 | | | | (15.749 | ) | | | (10.560 | ) | | | 234.195 | | | | 223.635 | | | | (4.51 | ) | | | 0.47 | | | | 2.21 | | | | 52 | | | | 47 | | | | 9 | | | | 2,104 | |
| | | 12/31/17 | | | 5.627 | | | | 1.327 | | | | 4.300 | | | | 24.249 | | | | 28.549 | | | | 205.646 | | | | 234.195 | | | | 13.88 | | | | 0.60 | | | | 1.95 | | | | 53 | | | | 37 | | | | 10 | | | | 2,426 | |
| | | 12/31/16 | | | 5.437 | | | | 1.336 | | | | 4.101 | | | | 9.343 | | | | 13.444 | | | | 192.202 | | | | 205.646 | | | | 7.00 | | | | 0.68 | | | | 2.07 | | | | 93 | | | | 50 | | | | 11 | | | | 2,287 | |
| | | 12/31/15 | h | | 4.618 | | | | 1.017 | | | | 3.601 | | | | (5.795 | ) | | | (2.194 | ) | | | 194.396 | | | | 192.202 | | | | (1.13 | ) | | | 0.52 | | | | 1.83 | | | | 115 | | | | 57 | | | | 12 | | | | 2,290 | |
| Class R2: | | 6/30/20 | # | | 3.293 | | | | 0.382 | | | | 2.911 | | | | (5.831 | ) | | | (2.920 | ) | | | 272.485 | | | | 269.565 | | | | (1.07 | )c | | | 0.30 | d | | | 2.25 | d | | | 45 | c | | | 43 | c | | | 20 | | | | 5,308 | |
| | | 12/31/19 | | | 6.857 | | | | 0.724 | | | | 6.133 | | | | 40.661 | | | | 46.794 | | | | 225.691 | | | | 272.485 | | | | 20.73 | | | | 0.29 | | | | 2.43 | | | | 52 | | | | 51 | | | | 19 | | | | 5,275 | |
| | | 12/31/18 | | | 6.344 | | | | 0.673 | | | | 5.671 | | | | (15.895 | ) | | | (10.224 | ) | | | 235.915 | | | | 225.691 | | | | (4.33 | ) | | | 0.28 | | | | 2.39 | | | | 52 | | | | 47 | | | | 20 | | | | 4,476 | |
| | | 12/31/17 | | | 5.661 | | | | 0.757 | | | | 4.904 | | | | 24.394 | | | | 29.298 | | | | 206.617 | | | | 235.915 | | | | 14.18 | | | | 0.34 | | | | 2.21 | | | | 53 | | | | 37 | | | | 22 | | | | 5,082 | |
| | | 12/31/16 | | | 5.456 | | | | 0.799 | | | | 4.657 | | | | 9.377 | | | | 14.034 | | | | 192.583 | | | | 206.617 | | | | 7.29 | | | | 0.40 | | | | 2.35 | | | | 93 | | | | 50 | | | | 23 | | | | 4,784 | |
| | | 12/31/15 | g | | 3.229 | | | | 0.560 | | | | 2.669 | | | | (11.025 | ) | | | (8.356 | ) | | | 200.939 | | | | 192.583 | | | | (4.16 | )c | | | 0.42 | d | | | 1.99 | d | | | 115 | | | | 57 | | | | 25 | | | | 4,750 | |
| Class R3: | | 6/30/20 | # | | 3.305 | | | | 0.303 | | | | 3.002 | | | | (5.848 | ) | | | (2.846 | ) | | | 273.423 | | | | 270.577 | | | | (1.04 | )c | | | 0.23 | d | | | 2.31 | d | | | 45 | c | | | 43 | c | | | 27 | | | | 7,206 | |
| | | 12/31/19 | | | 6.879 | | | | 0.592 | | | | 6.287 | | | | 40.787 | | | | 47.074 | | | | 226.349 | | | | 273.423 | | | | 20.80 | | | | 0.23 | | | | 2.49 | | | | 52 | | | | 51 | | | | 26 | | | | 7,064 | |
| | | 12/31/18 | | | 6.361 | | | | 0.576 | | | | 5.785 | | | | (15.940 | ) | | | (10.155 | ) | | | 236.504 | | | | 226.349 | | | | (4.29 | ) | | | 0.24 | | | | 2.43 | | | | 52 | | | | 47 | | | | 26 | | | | 5,931 | |
| | | 12/31/17 | | | 5.673 | | | | 0.586 | | | | 5.087 | | | | 24.445 | | | | 29.532 | | | | 206.972 | | | | 236.504 | | | | 14.27 | | | | 0.26 | | | | 2.29 | | | | 53 | | | | 37 | | | | 28 | | | | 6,547 | |
| | | 12/31/16 | | | 5.461 | | | | 0.594 | | | | 4.867 | | | | 9.391 | | | | 14.258 | | | | 192.714 | | | | 206.972 | | | | 7.40 | | | | 0.30 | | | | 2.45 | | | | 93 | | | | 50 | | | | 29 | | | | 6,078 | |
| | | 12/31/15 | g | | 3.230 | | | | 0.427 | | | | 2.803 | | | | (11.028 | ) | | | (8.225 | ) | | | 200.939 | | | | 192.714 | | | | (4.09 | )c | | | 0.32 | d | | | 2.09 | d | | | 115 | | | | 57 | | | | 31 | | | | 5,984 | |
| | | | | | |
| 86 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 87 |
| Financial highlights | concluded |
| | |
| College Retirement Equities Fund | |
| | | | | Selected per accumulation unit data | | | | | Ratios and supplemental data |
| | | | | Gain (loss) from investment operations | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Net realized | | | | | | | | | | | | | | | Ratios to average net assets | | | Accumulation | | | | |
| | | For the | | | | | | | | Net | | | & unrealized | | | Net | | | Accumulation | | | Accumulation | | | | | | | | | Expenses | | | Net | | | units | | | Accumulation | |
| | | period or | | | | | | | | investment | | | gain (loss | ) | | change in | | | unit value | | | unit value | | | | | | | | | net of TIAA | | | Investment | | | outstanding | | | fund net | |
| | | year | | Investment | | | | | | income | | | on total | | | accumulation | | | beginning | | | end of | | | Total | | | Gross | | | withholding/ | | | Income | | | end of period | | | assets | |
| | | ended | | income | a | | Expenses | a | | (loss | )a | | investments | | | unit value | | | of period | | | period | | | return | b | | expenses | | | recovery | | | (loss | ) | | (in millions | ) | | (in millions | )i |
| MONEY MARKET ACCOUNT |
| Class R1: | | 6/30/20 | # | | $0.123 | | | | $0.054 | | | | $0.069 | | | | $0.005 | | | | $0.074 | | | | $26.269 | | | | $26.343 | | | | 0.28 | %c | | | 0.45 | %d | | | 0.41 | %d | | | 0.53 | %d | | | 84 | | | | $2,215 | |
| | | 12/31/19 | | | 0.577 | | | | 0.175 | | | | 0.402 | | | | 0.001 | | | | 0.403 | | | | 25.866 | | | | 26.269 | | | | 1.56 | | | | 0.47 | | | | 0.67 | | | | 1.54 | | | | 74 | | | | 1,936 | |
| | | 12/31/18 | | | 0.474 | | | | 0.206 | | | | 0.268 | | | | 0.002 | | | | 0.270 | | | | 25.596 | | | | 25.866 | | | | 1.05 | | | | 0.45 | | | | 0.80 | | | | 1.04 | | | | 72 | | | | 1,866 | |
| | | 12/31/17 | | | 0.227 | | | | 0.165 | | | | 0.062 | | | | 0.000 | | | | 0.062 | | | | 25.534 | | | | 25.596 | | | | 0.25 | | | | 0.57 | | | | 0.64 | | | | 0.32 | | | | 72 | | | | 1,842 | |
| | | 12/31/16 | | | 0.111 | | | | 0.111 | | | | 0.000 | | | | 0.000 | | | | 0.000 | | | | 25.534 | | | | 25.534 | | | | 0.00 | | | | 0.64 | | | | 0.43 | | | | 0.00 | | | | 84 | | | | 2,145 | |
| | | 12/31/15 | h | | 0.036 | | | | 0.036 | | | | 0.000 | | | | 0.000 | | | | 0.000 | | | | 25.534 | | | | 25.534 | | | | 0.00 | | | | 0.50 | | | | 0.14 | | | | 0.00 | | | | 87 | | | | 2,225 | |
| Class R2: | | 6/30/20 | # | | 0.122 | | | | 0.036 | | | | 0.086 | | | | 0.007 | | | | 0.093 | | | | 26.512 | | | | 26.605 | | | | 0.35 | c | | | 0.28 | d | | | 0.27 | d | | | 0.65 | d | | | 136 | | | | 3,621 | |
| | | 12/31/19 | | | 0.582 | | | | 0.071 | | | | 0.511 | | | | 0.001 | | | | 0.512 | | | | 26.000 | | | | 26.512 | | | | 1.97 | | | | 0.27 | | | | 0.27 | | | | 1.94 | | | | 111 | | | | 2,954 | |
| | | 12/31/18 | | | 0.476 | | | | 0.138 | | | | 0.338 | | | | 0.000 | | | | 0.338 | | | | 25.662 | | | | 26.000 | | | | 1.32 | | | | 0.27 | | | | 0.53 | | | | 1.31 | | | | 114 | | | | 2,970 | |
| | | 12/31/17 | | | 0.227 | | | | 0.116 | | | | 0.111 | | | | 0.002 | | | | 0.113 | | | | 25.549 | | | | 25.662 | | | | 0.44 | | | | 0.31 | | | | 0.45 | | | | 0.58 | | | | 111 | | | | 2,838 | |
| | | 12/31/16 | | | 0.111 | | | | 0.096 | | | | 0.015 | | | | 0.000 | | | | 0.015 | | | | 25.534 | | | | 25.549 | | | | 0.06 | | | | 0.36 | | | | 0.37 | | | | 0.08 | | | | 129 | | | | 3,306 | |
| | | 12/31/15 | g | | 0.030 | | | | 0.030 | | | | 0.000 | | | | 0.000 | | | | 0.000 | | | | 25.534 | | | | 25.534 | | | | 0.00 | c | | | 0.40 | d | | | 0.17 | d | | | 0.00 | d | | | 137 | | | | 3,507 | |
| Class R3: | | 6/30/20 | # | | 0.122 | | | | 0.029 | | | | 0.093 | | | | 0.009 | | | | 0.102 | | | | 26.596 | | | | 26.698 | | | | 0.38 | c | | | 0.22 | d | | | 0.22 | d | | | 0.71 | d | | | 231 | | | | 6,159 | |
| | | 12/31/19 | | | 0.583 | | | | 0.057 | | | | 0.526 | | | | 0.001 | | | | 0.527 | | | | 26.069 | | | | 26.596 | | | | 2.02 | | | | 0.22 | | | | 0.22 | | | | 2.00 | | | | 189 | | | | 5,017 | |
| | | 12/31/18 | | | 0.477 | | | | 0.103 | | | | 0.374 | | | | 0.000 | | | | 0.374 | | | | 25.695 | | | | 26.069 | | | | 1.46 | | | | 0.23 | | | | 0.40 | | | | 1.45 | | | | 189 | | | | 4,927 | |
| | | 12/31/17 | | | 0.228 | | | | 0.102 | | | | 0.126 | | | | 0.002 | | | | 0.128 | | | | 25.567 | | | | 25.695 | | | | 0.50 | | | | 0.23 | | | | 0.40 | | | | 0.66 | | | | 177 | | | | 4,539 | |
| | | 12/31/16 | | | 0.111 | | | | 0.078 | | | | 0.033 | | | | 0.000 | | | | 0.033 | | | | 25.534 | | | | 25.567 | | | | 0.13 | | | | 0.26 | | | | 0.30 | | | | 0.17 | | | | 205 | | | | 5,231 | |
| | | 12/31/15 | g | | 0.030 | | | | 0.030 | | | | 0.000 | | | | 0.000 | | | | 0.000 | | | | 25.534 | | | | 25.534 | | | | 0.00 | c | | | 0.30 | d | | | 0.17 | d | | | 0.00 | d | | | 215 | | | | 5,499 | |
| # | Unaudited |
| a | Based on average units outstanding. |
| b | Based on per accumulation unit data. |
| c | The percentages shown for this period are not annualized. |
| d | The percentages shown for this period are annualized. |
| g | Classes R2 and R3 commenced operations on April 24, 2015. |
| h | Prior to April 24, 2015, CREF offered only one class of units, which became Class R1 on that date. |
| i | Does not include annuity net assets. |
| 88 | 2020 Semiannual Report ■ College Retirement Equities Fund | See notes to financial statements | See notes to financial statements | College Retirement Equities Fund ■ 2020 Semiannual Report | 89 |
Notes to financial statements (unaudited)
College Retirement Equities Fund
Note 1—organization and significant accounting policies
The purpose of the College Retirement Equities Fund (“CREF”), as stated in its charter, is to aid and strengthen non-profit educational and research organizations, governmental entities, and other non-profit institutions by providing their employees with variable retirement benefits. CREF is registered with the U.S. Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. It consists of eight investment portfolios: the Stock, Global Equities, Growth, Equity Index, Bond Market, Inflation-Linked Bond, Social Choice and Money Market Accounts (individually referred to as the “Account” or collectively referred to as the “Accounts”).
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Accounts are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The Accumulation Unit Value (“AUV”) for financial reporting purposes may differ from the AUV for processing transactions. The AUV for financial reporting purposes includes security and participant transactions through the date of the report. Total return is computed based on the AUV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Accounts.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Accounts’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
Security valuation: For all Accounts (other than the Money Market Account), investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the financial statements. Investments held by the Money Market Account are recorded at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter accreting or amortizing any discount or premium to its face value at a constant rate until maturity.
Accumulation and Annuity Funds: The Accumulation Fund represents the net assets attributable to participants in the accumulation phase of their investment. The Annuity Fund represents the net assets attributable to the participants currently
| 90 | 2020 Semiannual Report ■ College Retirement Equities Fund |
receiving annuity payments. The net increase or decrease in net assets from investment operations is apportioned between the funds based upon their relative daily net asset values. Annuitants bear the mortality risk under their contracts. Initial annuity payments are calculated based on the value of a participant’s accumulation on the last valuation day before the annuity start date, the income option chosen, an assumed annual investment return, and expense and mortality assumptions. Annuity payments vary after the initial payment based on investment performance, Account expenses, and mortality experience. Death benefits are paid to beneficiaries if the annuitant dies during the accumulation period, or during the annuity period while payments are still due for the remainder of a guaranteed period.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded as earned and includes accretion of discounts and amortization of premiums using the effective yield method. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Accounts determine the existence of a dividend declaration after exercising reasonable due diligence. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Accounts estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. In many cases, these estimates are based on data from the prior calendar year end.
Income, expenses, realized gains and losses and unrealized appreciation and depreciation of an Account are allocated on a pro rata basis to each class, except for administrative service fees and distribution fees, which are unique to each class of each Account. Most expenses of CREF can be directly attributed to an Account or class. Expenses that cannot be directly attributed are allocated based upon the average net assets of each Account or class.
Foreign currency transactions and translation: Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollar values each day using exchange rates obtained from an independent third party. Purchases and sales of securities, income, and expenses are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The effect of changes in foreign currency exchange rates on realized and unrealized security gains and losses is reflected as a component of security gains and losses.
Income taxes: CREF is taxed as a life insurance company under Subchapter L of the Internal Revenue Code. CREF should incur no federal income tax liability. Under the rules of taxation applicable to life insurance companies, CREF’s Accumulation and Annuity Funds for participants will generally be treated as life insurance reserves; therefore, any increase in such reserves will be deductible. CREF files income tax returns in U.S. federal and applicable state jurisdictions. CREF’s federal income tax return is generally subject to examination for a period of three fiscal years after being
| College Retirement Equities Fund ■ 2020 Semiannual Report | 91 |
Notes to financial statements (unaudited)
filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Accounts’ tax positions taken for all open income tax years and has concluded that no provision for income tax is required in the Accounts’ financial statements.
Foreign taxes: The Accounts may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Accounts will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Accounts invest.
Trustee compensation: The Accounts pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Accounts until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
Indemnification: In the normal course of business, each Account enters into contracts that contain a variety of representations and warranties and that provide general indemnities. An Account’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Account that have not yet occurred. Also, under the Accounts’ organizational documents, the trustees and officers of the Accounts are indemnified against certain liabilities that may arise out of their duties to the Accounts. However, based on experience, the Accounts expect the risk of loss due to these warranties and indemnities to be unlikely.
New accounting pronouncements: In March 2020, FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Accounts may elect to apply the optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Accounts’ financial statements and various filings.
| 92 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
Note 2—valuation of investments
Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:
| • | Level 1 – quoted prices in active markets for identical securities |
| • | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.) |
| • | Level 3 – significant unobservable inputs (including the Accounts’ own assumptions in determining the fair value of investments) |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation techniques applied to the Accounts’ major categories of assets and liabilities measured at fair value follows:
Debt securities: Debt securities, including equity-linked notes, will generally be valued using prices provided by a pricing service that may employ various indications of value including but not limited to broker-dealer quotations. Certain debt securities, other than money market instruments, are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type). Debt securities are generally categorized as Level 2 of the fair value hierarchy; in instances where prices, yields or any other key inputs are unobservable, they are categorized as Level 3 of the hierarchy.
Exchange-traded equity securities, common and preferred stock: Equity securities listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date, or if there is no official close of business, the latest sale price, or at the mean of the latest available bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Accounts’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. Foreign securities are generally categorized as Level 2 of the fair value hierarchy.
| College Retirement Equities Fund ■ 2020 Semiannual Report | 93 |
Notes to financial statements (unaudited)
The Money Market Account: The Money Market Account’s portfolio securities are valued on an amortized cost basis. Money Market investments are generally categorized as Level 2 of the fair value hierarchy.
Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.
Options: Purchased and written options traded over the counter and listed on a national market or exchange are valued at the last sale price as of the close of such exchange or at the mean of the closing bid and asked prices if no sale is reported. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.
Futures contracts: Stock and bond index futures contracts, which are traded on commodity exchanges, are valued at the last sale price as of the close of such commodity exchanges and are categorized as Level 1 of the fair value hierarchy.
Forward foreign currency contracts: Forward foreign currency contracts are valued using the prevailing forward exchange rate and are categorized as Level 2 of the fair value hierarchy.
Any portfolio security for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. To the extent the inputs are observable and timely, the values would be categorized as Level 2 of the fair value hierarchy; otherwise they would be categorized as Level 3.
As of June 30, 2020, 100% of the value of investments in the Inflation-Linked Bond Account and Money Market Account were valued based on Level 2 inputs.
| 94 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
The following table summarizes the market value of the Accounts’ investments as of June 30, 2020, based on the inputs used to value them (dollar amounts are in thousands):
| Account | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Stock | | | | | | | | | | | | | | | | |
| Government bonds | | $ | — | | | $ | 309 | | | $ | — | | | $ | 309 | |
| Equity investments: | | | | | | | | | | | | | | | | |
| Communication services | | | 7,591,972 | | | | 2,079,046 | | | | 641 | | | | 9,671,659 | |
| Consumer discretionary | | | 9,353,994 | | | | 3,406,700 | | | | 1,955 | | | | 12,762,649 | |
| Consumer staples | | | 4,383,823 | | | | 2,897,886 | | | | 4,178 | | | | 7,285,887 | |
| Energy | | | 1,989,014 | | | | 1,181,516 | | | | 676 | | | | 3,171,206 | |
| Financials | | | 8,232,614 | | | | 5,218,624 | | | | 271 | | | | 13,451,509 | |
| Health care | | | 10,879,556 | | | | 3,487,495 | | | | 197 | | | | 14,367,248 | |
| Industrials | | | 6,506,308 | | | | 3,612,313 | | | | 1,223 | | | | 10,119,844 | |
| Information technology | | | 19,013,663 | | | | 3,999,075 | | | | 16 | | | | 23,012,754 | |
| Materials | | | 2,042,525 | | | | 2,471,270 | | | | 2,702 | | | | 4,516,497 | |
| Real estate | | | 2,301,870 | | | | 1,135,672 | | | | 7,783 | | | | 3,445,325 | |
| Utilities | | | 2,123,389 | | | | 1,046,620 | | | | — | | | | 3,170,009 | |
| Short-term investments | | | — | | | | 2,655,772 | | | | — | | | | 2,655,772 | |
| Purchased options | | | 4,274 | | | | — | | | | — | | | | 4,274 | |
| Written options** | | | (3,062 | ) | | | — | | | | — | | | | (3,062 | ) |
| Futures contracts** | | | (18,960 | ) | | | — | | | | — | | | | (18,960 | ) |
| Forward foreign currency contracts** | | | — | | | | 1,331 | | | | — | | | | 1,331 | |
| Total | | $ | 74,400,980 | | | $ | 33,193,629 | | | $ | 19,642 | | | $ | 107,614,251 | |
| Global Equities | | | | | | | | | | | | | | | | |
| Equity investments: | | | | | | | | | | | | | | | | |
| Asia | | $ | 397,907 | | | $ | 2,001,568 | | | $ | 13 | | | $ | 2,399,488 | |
| Australasia | | | — | | | | 339,385 | | | | 4 | | | | 339,389 | |
| Europe | | | 99,907 | | | | 2,782,402 | | | | — | | | | 2,882,309 | |
| Latin America | | | 82,672 | | | | 256,199 | | | | — | | | | 338,871 | |
| North America | | | 10,712,381 | | | | 10,792 | | | | — | | | | 10,723,173 | |
| All other equity investments* | | | 187,079 | | | | 2,232,700 | | | | 1 | | | | 2,419,780 | |
| Short-term investments | | | — | | | | 322,783 | | | | — | | | | 322,783 | |
| Purchased options | | | 67 | | | | — | | | | — | | | | 67 | |
| Written options** | | | (893 | ) | | | — | | | | — | | | | (893 | ) |
| Futures contracts** | | | (2,029 | ) | | | — | | | | — | | | | (2,029 | ) |
| Total | | $ | 11,477,091 | | | $ | 7,945,829 | | | $ | 18 | | | $ | 19,422,938 | |
| Growth | | | | | | | | | | | | | | | | |
| Equity investments: | | | | | | | | | | | | | | | | |
| Communication services | | $ | 4,203,942 | | | $ | 250,193 | | | $ | — | | | $ | 4,454,135 | |
| Consumer discretionary | | | 4,956,445 | | | | 324,488 | | | | — | | | | 5,280,933 | |
| Consumer staples | | | 867,883 | | | | 97,242 | | | | — | | | | 965,125 | |
| Health care | | | 3,765,322 | | | | 862,577 | | | | — | | | | 4,627,899 | |
| Industrials | | | 1,622,264 | | | | 143,091 | | | | — | | | | 1,765,355 | |
| Information technology | | | 10,505,033 | | | | 312,007 | | | | — | | | | 10,817,040 | |
| All other equity investments* | | | 1,393,701 | | | | — | | | | — | | | | 1,393,701 | |
| Short-term investments | | | 125,499 | | | | — | | | | — | | | | 125,499 | |
| Total | | $ | 27,440,089 | | | $ | 1,989,598 | | | $ | — | | | $ | 29,429,687 | |
| College Retirement Equities Fund ■ 2020 Semiannual Report | 95 |
Notes to financial statements (unaudited)
| Account | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Equity Index | | | | | | | | | | | | | | | | |
| Equity investments: | | | | | | | | | | | | | | | | |
| Financials | | $ | 1,918,410 | | | $ | — | | | $ | 5 | | | $ | 1,918,415 | |
| Health care | | | 2,716,116 | | | | — | | | | 34 | | | | 2,716,150 | |
| Information technology | | | 4,868,654 | | | | 2,828 | | | | — | | | | 4,871,482 | |
| All other equity investments* | | | 8,789,897 | | | | — | | | | — | | | | 8,789,897 | |
| Short-term investments | | | 160,972 | | | | 58,765 | | | | — | | | | 219,737 | |
| Futures contracts** | | | 1,361 | | | | — | | | | — | | | | 1,361 | |
| Total | | $ | 18,455,410 | | | $ | 61,593 | | | $ | 39 | | | $ | 18,517,042 | |
| Bond Market | | | | | | | | | | | | | | | | |
| Bank loan obligations | | $ | — | | | $ | 100,231 | | | $ | — | | | $ | 100,231 | |
| Corporate bonds | | | — | | | | 5,959,893 | | | | — | | | | 5,959,893 | |
| Government bonds | | | — | | | | 5,497,667 | | | | 1,935 | | | | 5,499,602 | �� |
| Structured assets | | | — | | | | 2,705,257 | | | | 27,772 | | | | 2,733,029 | |
| Common stocks | | | 155 | | | | — | | | | — | | | | 155 | |
| Preferred stocks | | | 15,877 | | | | — | | | | — | | | | 15,877 | |
| Short-term investments | | | — | | | | 851,395 | | | | — | | | | 851,395 | |
| Forward foreign currency contracts** | | | — | | | | (205 | ) | | | — | | | | (205 | ) |
| Total | | $ | 16,032 | | | $ | 15,114,238 | | | $ | 29,707 | | | $ | 15,159,977 | |
| Social Choice | | | | | | | | | | | | | | | | |
| Bank loan obligations | | $ | — | | | $ | 10,315 | | | $ | — | | | $ | 10,315 | |
| Corporate bonds | | | — | | | | 2,559,932 | | | | — | | | | 2,559,932 | |
| Government bonds | | | — | | | | 2,922,376 | | | | 9,087 | | | | 2,931,463 | |
| Structured assets | | | — | | | | 535,663 | | | | 157 | | | | 535,820 | |
| Equity investments: | | | | | | | | | | | | | | | | |
| Communication services | | | 538,608 | | | | 130,438 | | | | — | | | | 669,046 | |
| Consumer discretionary | | | 659,432 | | | | 281,647 | | | | — | | | | 941,079 | |
| Consumer staples | | | 417,966 | | | | 307,494 | | | | — | | | | 725,460 | |
| Energy | | | 174,367 | | | | 117,201 | | | | — | | | | 291,568 | |
| Financials | | | 732,055 | | | | 505,680 | | | | 3 | | | | 1,237,738 | |
| Health care | | | 980,911 | | | | 353,281 | | | | — | | | | 1,334,192 | |
| Industrials | | | 578,118 | | | | 343,345 | | | | — | | | | 921,463 | |
| Information technology | | | 1,606,186 | | | | 229,913 | | | | — | | | | 1,836,099 | |
| Materials | | | 195,218 | | | | 248,621 | | | | — | | | | 443,839 | |
| Real estate | | | 242,026 | | | | 93,193 | | | | — | | | | 335,219 | |
| Utilities | | | 206,106 | | | | 121,660 | | | | — | | | | 327,766 | |
| Short-term investments | | | 138,794 | | | | 495,645 | | | | — | | | | 634,439 | |
| Forward foreign currency contracts** | | | — | | | | 28 | | | | — | | | | 28 | |
| Total | | $ | 6,469,787 | | | $ | 9,256,432 | | | $ | 9,247 | | | $ | 15,735,466 | |
| * | For detailed categories, see the accompanying Summary portfolio of investments. |
| ** | Derivative instruments, excluding purchased options, are not reflected in the market value of portfolio investments. |
Note 3—derivative instruments
As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices
| 96 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
or rates, or other variables. Derivatives require little or no initial investment and permit or require net settlement. The Accounts value derivatives at fair value.
At June 30, 2020, the following Accounts have invested in derivative contracts which are reflected in the Statements of assets and liabilities as follows (dollar amounts are in thousands):
| | | Asset derivatives | | Liability derivatives |
| Derivative contracts | | Location | | Fair value
amount | | | Location | | Fair value
amount | |
| Stock Account | | | | | | | | | | | | |
| Equity contracts | | Portfolio investments | | | $4,274 | | | Written options | | | $(3,062 | ) |
| Equity contracts | | Futures contracts* | | | (18,960 | ) | | | | | | |
| Foreign-exchange contracts | | Forward foreign currency contracts | | | 2,026 | | | Forward foreign currency contracts | | | (695 | ) |
| Global Equities Account | | | | | | | | | | | | |
| Equity contracts | | Portfolio investments | | | 67 | | | Written options | | | (893 | ) |
| Equity contracts | | Futures contracts* | | | (2,029 | ) | | | | | | |
| Equity Index Account | | | | | | | | | | | | |
| Equity contracts | | Futures contracts* | | | 1,361 | | | | | | | |
| Bond Market Account | | | | | | | | | | | | |
| Foreign-exchange contracts | | Forward foreign currency contracts | | | 399 | | | Forward foreign currency contracts | | | (604 | ) |
| Social Choice Account | | | | | | | | | | | | |
| Foreign-exchange contracts | | Forward foreign currency contracts | | | 28 | | | | | | | |
| * | The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected on the accompanying Statements of assets and liabilities is only the receivable or payable for variation margin on open futures contracts. |
For the period ended June 30, 2020, the effect of derivative contracts on the Accounts’ Statements of operations was as follows (dollar amounts are in thousands):
| Derivative contracts | | Location | | Realized
gain (loss) | | | Change in
unrealized
appreciation
(depreciation) | |
| Stock Account | | | | | | | | | | |
| Equity contracts | | Purchased options | | $ | 20,581 | | | $ | (796 | ) |
| Equity contracts | | Written options | | | (12,397 | ) | | | 334 | |
| Equity contracts | | Futures contracts | | | (15,746 | ) | | | (29,682 | ) |
| Foreign-exchange contracts | | Forward foreign currency contracts | | | 4,444 | | | | 2,476 | |
| Global Equities Account | | | | | | | | | | |
| Equity contracts | | Purchased options | | | — | | | | 16 | |
| Equity contracts | | Written options | | | (26 | ) | | | 186 | |
| Equity contracts | | Futures contracts | | | 2,966 | | | | (4,472 | ) |
| Equity Index Account | | | | | | | | | | |
| Equity contracts | | Futures contracts | | | (14,873 | ) | | | 989 | |
| College Retirement Equities Fund ■ 2020 Semiannual Report | 97 |
Notes to financial statements (unaudited)
| Derivative contracts | | Location | | Realized
gain (loss) | | | Change in
unrealized
appreciation
(depreciation) | |
| Bond Market Account | | | | | | | | | | |
| Interest-rate contracts | | Futures contracts | | $ | 17 | | | $ | — | |
| Foreign-exchange contracts | | Forward foreign currency contracts | | | 2,570 | | | | 1,814 | |
| Credit contracts | | Swap contracts | | | 4,333 | | | | 2,485 | |
| Social Choice Account | | | | | | | | | | |
| Interest-rate contracts | | Futures contracts | | | 1 | | | | — | |
| Foreign-exchange contracts | | Forward foreign currency contracts | | | (65 | ) | | | 150 | |
Options: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. Options can be settled either directly with the counterparty (over the counter) or through a central clearinghouse (exchange traded). To manage the risk, the Accounts may invest in both equity and index options. The Accounts use options contracts for hedging and cash management purposes and to seek to increase total return. Call and put equity options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a security at a specified exercise price at any time during the period of the option. Index options are written or purchased options in which the underlying investment is a specified index. The exercise of an index option will not result in the physical delivery of the underlier, but a cash transfer of the difference between the settlement price of the underlier and the strike price of the option. Purchased options are included in the Summary portfolio of investments, and written options are separately reflected as a liability in the Statements of assets and liabilities. Premiums on unexercised, expired options are recorded as realized gains or losses; premiums on exercised options are recorded as an adjustment to the proceeds from the sale or cost of the purchase. The difference between the premium and the amount received or paid in a closing transaction is also treated as a realized gain or loss. Risks may arise upon entering into over the counter options from the potential of default by counterparty. Also, risks related to the use of options include possible illiquidity of the options markets, price movements in underlying security values, and losses that may exceed amounts recognized on the Statements of assets and liabilities. During the period ended June 30, 2020, the Stock Account and Global Equities Account had exposure to options, based on underlying notional values, generally between 0% and 1% of net assets. The purchased and written options outstanding as of June 30, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.
Futures contracts: Certain Accounts are subject to equity price risk in the normal course of pursuing their investment objectives. The Accounts use futures contracts to manage exposure to the equity markets and for cash management purposes to remain highly invested in these markets while minimizing transaction costs. Buying futures contracts tends to increase exposure to the underlying instrument/index, while selling futures contracts tends to decrease exposure to the underlying instrument/index or
| 98 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
hedge other investments. Initial margin deposits are made upon entering into a futures contract, and variation margin receipts or payments are settled daily reflecting changes in the value of the futures contracts. Daily changes in the value of such contracts are reflected in net unrealized gains and losses. Gains or losses are realized upon the expiration or closing of the futures contracts or if the counterparties do not perform in accordance with contractual provisions. With futures contracts, there is minimal counterparty credit risk to the Accounts since futures contracts are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded funds, guarantees the futures contracts against default. During the period ended June 30, 2020, the Stock Account, Global Equities Account, Equity Index Account, Bond Market Account, and Social Choice Account had exposure to futures contracts, based on underlying notional values, generally between 0% and 1% of net assets. The futures contracts outstanding as of June 30, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.
Forward foreign currency contracts: Certain Accounts are subject to foreign exchange risk in the normal course of pursuing their investment objectives. The Accounts use forward foreign currency contracts (“forwards”), including non-deliverable forwards (“NDFs”), to, among other things, hedge portfolio currency risk and to facilitate transactions in securities denominated in foreign currencies. Forwards are over-the-counter (“OTC”) commitments that involve an obligation to purchase or sell a fixed amount of a specific currency on a future date at a locked exchange rate. NDFs allow hedging of currencies where government regulations restrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. Forwards are marked-to-market daily at the applicable foreign exchange rate, and any resulting unrealized gains or losses are recorded as appreciation or depreciation in the Statements of assets and liabilities. The Accounts realize gains and losses at the time the forward is closed. Realized and unrealized gains and losses are included in the Statements of operations. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts; from unanticipated movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statements of assets and liabilities. During the period ended June 30, 2020, the Stock Account, Bond Market Account, and Social Choice Account had exposure to forwards, based on underlying notional values, generally between 0% and 2% of net assets. The forward contracts outstanding as of June 30, 2020 are disclosed in the Summary portfolio of investments and the full Schedules of investments.
Credit default swap contracts: Certain Accounts are subject to credit risk in the normal course of pursuing their investment objectives. Credit default swaps can be settled either directly with the counterparty (bilateral) or through a central clearinghouse (centrally cleared). A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. As a seller in a credit default swap contract, the Accounts are required to pay an agreed upon amount to the counterparty with the occurrence of a specified credit event, such as certain bankruptcies related to an underlying credit instrument, index, or issuer which would likely result in a loss to the Accounts. The agreed upon amount approximates the
| College Retirement Equities Fund ■ 2020 Semiannual Report | 99 |
Notes to financial statements (unaudited)
notional value of the swap and is estimated to be the maximum potential future payment that the Accounts could be required to make under the contract. In return, the Accounts receive from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Accounts keep the stream of payments with no payment obligations. When the Accounts sell a credit default swap contract it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets in a segregated account equal to the aggregate notional value of the reference entities for all outstanding credit default swap contracts sold by the Accounts.
Certain Accounts may also buy credit default swap contracts, in which case the Accounts function as the counterparty referenced above. This involves the risk that the contract may expire worthless. Bilateral swaps involve counterparty risk that the seller may fail to satisfy its payment obligations to the Accounts with the occurrence of a credit event. Centrally cleared swaps have minimal counterparty credit risk to the Accounts as they are entered into with a central clearinghouse which guarantees the swap against default.
The value of a bilateral swap included in net assets is the unrealized gain or loss of the contract plus or minus any unamortized premiums paid or received, respectively. Appreciated swaps and premiums paid are reflected as assets, while depreciated swaps and premiums received are reflected as liabilities on the Statements of assets and liabilities. Centrally cleared swaps initial margin deposits are made, and variation margin payments are made or received reflecting daily changes in the value of the swap contract. The daily fluctuation in fair value is accounted for as a variation margin receivable or payable on the Statements of assets and liabilities.
Under the terms of the credit default swap contracts, the Accounts receive or make quarterly payments based on a payment rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statements of operations. Payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Daily changes in the value of such contracts are reflected in net unrealized gains and losses.
The Accounts (other than the Money Market Account) invest in credit default swaps to hedge or manage the risks associated with assets held in the Accounts and/or to facilitate the implementation of portfolio strategies to seek to increase the total return. During the period ended June 30, 2020, the Bond Market Account had exposure to credit default swap contracts, based on underlying notional values, generally between 0% and 2% of net assets. There were no credit default swap contracts outstanding as of June 30, 2020.
Note 4—investment adviser and affiliates
Investment advisory services for the Accounts are provided by TIAA-CREF Investment Management, LLC (“TCIM”) in accordance with an Investment Management Services Agreement. TCIM is a registered investment adviser and a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), a companion
| 100 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
organization of CREF. Investment management expenses generally include investment management, portfolio accounting and custodial services and are the same across all classes of an Account.
Administrative services are provided to the Accounts by TIAA, pursuant to an Administrative Services Agreement with CREF. Distribution functions are provided to the Accounts by TIAA-CREF Individual & Institutional Services, LLC (“Services”), a wholly owned subsidiary of TIAA, pursuant to a Principal Underwriting and Distribution Services Agreement with CREF and the Rule 12b-1 plan. Participants invested in a particular CREF Account will be subject to different administrative and distribution expenses depending upon the class of the Account they own.
TIAA charges a mortality and expense charge of 0.005% to guarantee that CREF participants transferring Accounts to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF contract. This charge is the same across all Accounts and classes.
The services provided by TCIM, Services, and TIAA are provided to CREF at cost, and CREF also reimburses TCIM, Services, and TIAA for certain third party expenses and trustee fees paid on its behalf. Payments from the CREF Accounts are made on a daily basis according to formulas established each year with the objective of keeping the estimated expenses as close as possible to each Account’s actual expenses. Any differences between actual expenses and the estimated expenses remitted are adjusted.
As of June 30, 2020, the following table represents the effective expense deductions as an annual percentage of average daily net assets to approximate the costs that CREF incurred:
| | | Investment
management
fee | | | Administrative fee | | | Distribution fee | |
| Account | | All classes | | | Class R1 | | | Class R2 | | | Class R3 | | | Class R1 | | | Class R2 | | | Class R3 | |
| Stock | | | 0.089 | % | | | 0.292 | % | | | 0.177 | % | | | 0.133 | % | | | 0.118 | % | | | 0.066 | % | | | 0.048 | % |
| Global Equities | | | 0.079 | | | | 0.292 | | | | 0.178 | | | | 0.133 | | | | 0.118 | | | | 0.066 | | | | 0.048 | |
| Growth | | | 0.045 | | | | 0.294 | | | | 0.178 | | | | 0.134 | | | | 0.119 | | | | 0.067 | | | | 0.048 | |
| Equity Index | | | 0.015 | | | | 0.292 | | | | 0.178 | | | | 0.133 | | | | 0.119 | | | | 0.066 | | | | 0.048 | |
| Bond Market | | | 0.053 | | | | 0.294 | | | | 0.178 | | | | 0.134 | | | | 0.119 | | | | 0.067 | | | | 0.048 | |
| Inflation-Linked Bond | | | 0.024 | | | | 0.294 | | | | 0.178 | | | | 0.134 | | | | 0.120 | | | | 0.067 | | | | 0.048 | |
| Social Choice | | | 0.046 | | | | 0.293 | | | | 0.178 | | | | 0.134 | | | | 0.119 | | | | 0.066 | | | | 0.048 | |
| Money Market | | | 0.027 | | | | 0.296 | | | | 0.178 | | | | 0.136 | | | | 0.120 | | | | 0.067 | | | | 0.049 | |
Between July 16, 2009 and March 7, 2017, TIAA withheld (“waived”) a portion of the distribution Rule 12b-1 and/or administrative expenses for the Money Market Account. TIAA terminated this waiver on April 14, 2017. For a period of three years after the date an amount was waived, TIAA recovered from the Account a portion of the amounts waived, under certain conditions. All eligible expenses were recouped by June 2019 for Class R1, September 2018 for Class R2, and July 2018 for Class R3.
| College Retirement Equities Fund ■ 2020 Semiannual Report | 101 |
Notes to financial statements (unaudited)
TIAA has agreed to withhold (“waive”) a portion of the Rule 12b-1 distribution and/or administrative expenses for each class of the Money Market Account when a class’s yield is less than zero, subject to a maximum aggregate limit of $25 million for all amounts waived. TIAA may, for a period of three years after the date an amount was waived, recover from the Account a portion of the amounts waived at such time as the class’s daily yield would be positive absent the effect of the waiver and, in such event, the amount of recovery on any day will be approximately 25% of the class’s yield (net of all other expenses) on that day. This limited waiver started on May 12, 2020 and may be terminated at any time and, in any event, will extend only through December 31, 2020. As of June 30, 2020, the cumulative amount of expenses waived subject to recovery is $400,464 for Class R1 and $84,981 for Class R2. The amounts waived and recovered during the current period are disclosed on the Statements of operations.
Amounts owed to Account affiliates for payment of Account expenses, payments for units purchased, and receipt for units sold are disclosed as due to/from affiliates on the Statements of assets and liabilities. Account expenses owed to affiliates are reflected in the Statements of operations.
The Accounts may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended June 30, 2020, the Accounts engaged in the following security transactions with affiliated entities (dollar amounts are in thousands):
| Account | | Purchases | | | Sales | | | Realized
gain (loss) | |
| Stock | | | $ 609,192 | | | | $ 1,474,649 | | | $ | 163,582 | |
| Global Equities | | | 511,544 | | | | 511,947 | | | | 55,346 | |
| Growth | | | 365,582 | | | | 571,400 | | | | 94,309 | |
| Equity Index | | | 14,068 | | | | 91,290 | | | | 59,614 | |
| Social Choice | | | 28,380 | | | | 10,540 | | | | 4,332 | |
Companies in which an Account holds 5% or more of the outstanding voting shares are considered “affiliated companies” of the Account, pursuant to the 1940 Act. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
| Issue | | Value at
12/31/19 | | | Purchases
cost | | | Sales
proceeds | | | Realized
gain (loss) | | | Change in
unrealized
appreciation
(depreciation) | | | Dividend
income | | | Shares at
6/30/20 | | | Value at
6/30/20 | |
| Stock Account | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Capital Goods | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Terex Corp | | $ | 100,748 | ‡ | | $ | 32,484 | | | $ | 14,276 | | | $ | (20,905 | ) | | $ | (21,032 | ) | | $ | 437 | | | | 4,103,296 | | | $ | 77,019 | |
| Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Arcos Dorados Holdings, Inc | | | 70,698 | | | | 2,174 | | | | 8,635 | | | | 2,456 | | | | (32,663 | ) | | | 410 | | | | 8,121,701 | | | | 34,030 | |
| Real Estate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Hibernia REIT plc | | | 56,926 | | | | 32 | | | | 63 | | | | — | | | | (11,479 | ) | | | 524 | | | | 35,972,677 | | | | 45,416 | |
| Total | | $ | 228,372 | | | $ | 34,690 | | | $ | 22,974 | | | $ | (18,449 | ) | | $ | (65,174 | ) | | $ | 1,371 | | | | 48,197,674 | | | $ | 156,465 | |
| ‡ | At December 31, 2019 the issuer was not an affiliated company of the Account. |
| 102 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
Note 5—investments
Securities lending: Certain Accounts may lend their securities to qualified institutional borrowers to earn additional income. An Account receives collateral (in the form of cash, Treasury securities or other collateral permitted by applicable law) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of loaned securities during the period of the loan; any additional collateral required due to changes in security values is delivered to the Account the next business day. Cash collateral received by the Account will generally be invested in high-quality short-term instruments or in one or more funds maintained by the securities lending agent (“Agent”) for the purpose of investing cash collateral. The value of the loaned securities and the liability to return the cash collateral received are reflected in the Statements of assets and liabilities. Non-cash collateral is not disclosed in the Accounts’ Statements of assets and liabilities as it is held by the lending agent on behalf of the Accounts, and the Accounts do not have the ability to sell or re-hypothecate those securities. As of June 30, 2020, securities lending transactions (with the exception of the Social Choice Account) are for equity securities, and the resulting loans are continuous, can be recalled at any time, and have no set maturity. For the Social Choice Account, all loans from securities lending transactions are continuous, can be recalled at any time, and have no set maturity, with $151,868,053 related to equity securities and $33,289,382 related to fixed income securities. Securities lending income recognized by the Accounts consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is reflected separately in the Statements of operations. In lending its securities, an Account bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loan securities have not been returned.
At June 30, 2020, the total value of securities on loan and the total value of collateral received were as follows (dollar amounts are in thousands):
| | | Aggregate value of | | | Cash collateral | | | Non-cash collateral | | | Total collateral | |
| Account | | securities on loan | | | received | * | | received | | | received | |
| Stock | | | $1,867,233 | | | | $1,285,368 | | | | $670,233 | | | | $1,955,601 | |
| Global Equities | | | 245,217 | | | | 126,626 | | | | 130,744 | | | | 257,370 | |
| Growth | | | 149,769 | | | | 125,499 | | | | 34,246 | | | | 159,745 | |
| Equity Index | | | 175,917 | | | | 160,972 | | | | 16,506 | | | | 177,478 | |
| Social Choice | | | 185,157 | | | | 138,794 | | | | 51,966 | | | | 190,760 | |
| * | May include cash and investment of cash collateral. |
Repurchase agreements: Each Account may enter into repurchase agreements with banks or broker-dealers. Repurchase agreements involve the purchase of securities from an institution, subject to the seller’s agreement to repurchase and the Account’s agreement to resell such securities at a mutually agreed-upon price.
| College Retirement Equities Fund ■ 2020 Semiannual Report | 103 |
Notes to financial statements (unaudited)
Pursuant to the terms of the repurchase agreement, securities purchased subject to repurchase agreements must have an aggregate market value greater than or equal to the agreed- upon repurchase price plus accrued interest at all times. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the Account will require the seller to deposit additional collateral by the next business day. If a request for additional collateral is not met, or if the seller defaults on its repurchase obligation, the Account maintains the right to sell the underlying securities at market value and pursue a claim for any remaining loss against the seller.
Securities purchased on a when-issued or delayed-delivery basis: The Accounts may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time an Account enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Amounts receivable and/or payable for these transactions are reflected separately in the Statements of assets and liabilities.
Treasury Inflation-Protected Securities: The Accounts (other than the Money Market Account) may invest in Treasury Inflation-Protected Securities, specially structured bonds in which the principal amount is adjusted periodically to keep pace with inflation, as measured by the U.S. Consumer Price Index. The adjustments for interest income due to inflation or deflation are reflected in interest income in the Statements of operations.
Mortgage dollar roll transactions: Some of the Accounts may enter into mortgage dollar rolls in which an Account sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously contracts to repurchase similar securities on a specified future date. During the roll period, an Account forgoes principal and interest paid on the securities. The Account is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sales proceeds and the lower repurchase price is recorded as a realized gain. The Account maintains a segregated account, the dollar value of which is at least equal to its obligations with respect to dollar rolls.
Restricted securities: Restricted securities held by the Accounts, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Equity-linked notes: Equity-linked notes are debt securities issued by banks or broker-dealers and are designed to offer a return linked to an underlying security or market index. Equity-linked notes are structured with a defined maturity date. When the note matures, the issuer will pay to, or receive from the Account, the difference between
| 104 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
the nominal value of the underlying instrument at the time of purchase and that instrument’s value at maturity. The Account will record a realized gain or loss on the transaction. The note is valued daily and any change in the value of the note is reflected in net unrealized gains and losses. Investments in equity-linked notes involve the same risks associated with a direct investment in the underlying security or index that the notes seek to replicate. In addition, there is also counterparty risk associated with these investments because the Account is relying on the creditworthiness of such counterparty and has no rights under an equity-linked note against the issuer of the underlying security.
Net unrealized appreciation (depreciation): At June 30, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):
| | | | | | Gross | | | Gross | | | Net unrealized | |
| | | Tax | | | unrealized | | | unrealized | | | appreciation | |
| Account | | cost | | | appreciation | | | (depreciation | ) | | (depreciation | ) |
| Stock | | $ | 99,661,396 | | | $ | 15,750,153 | | | $ | (7,797,298 | ) | | $ | 7,952,855 | |
| Global Equities | | | 17,460,899 | | | | 3,251,960 | | | | (1,289,921 | ) | | | 1,962,039 | |
| Growth | | | 21,391,300 | | | | 8,325,184 | | | | (286,797 | ) | | | 8,038,387 | |
| Equity Index | | | 8,107,087 | | | | 11,320,196 | | | | (910,241 | ) | | | 10,409,955 | |
| Bond Market | | | 14,372,080 | | | | 892,939 | | | | (105,042 | ) | | | 787,897 | |
| Inflation-Linked Bond | | | 6,383,890 | | | | 540,351 | | | | (76 | ) | | | 540,275 | |
| Social Choice | | | 13,887,679 | | | | 2,507,347 | | | | (659,560 | ) | | | 1,847,787 | |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Accounts for the period ended June 30, 2020 were as follows (dollar amounts are in thousands):
| | | | | | | | | | | | | | | | | | Inflation- | | | | |
| | | | | | Global | | | | | | Equity | | | Bond | | | Linked | | | Social | |
| | | Stock | | | Equities | | | Growth | | | Index | | | Market | | | Bond | | | Choice | |
| | | Account | | | Account | | | Account | | | Account | | | Account | | | Account | | | Account | |
| Purchases: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-U.S. Government | | $ | 41,231,755 | | | $ | 7,827,221 | | | $ | 11,958,397 | | | $ | 338,395 | | | $ | 3,142,897 | | | $ | 5,000 | | | $ | 3,698,826 | |
| U.S. Government | | | — | | | | — | | | | — | | | | — | | | | 4,527,892 | | | | 861,166 | | | | 3,307,124 | |
| Sales: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-U.S. Government | | $ | 45,980,612 | | | $ | 8,728,997 | | | $ | 13,408,268 | | | $ | 1,253,384 | | | $ | 2,019,538 | | | $ | 8,000 | | | $ | 3,399,266 | |
| U.S. Government | | | — | | | | — | | | | — | | | | — | | | | 5,266,902 | | | | 942,474 | | | | 3,108,251 | |
| College Retirement Equities Fund ■ 2020 Semiannual Report | 105 |
| Notes to financial statements (unaudited) | concluded |
Note 6—inter-fund lending program
Pursuant to an exemptive order issued by the Commission, the Accounts may participate in an inter-fund lending program. This program allows certain Accounts to lend cash to and/or borrow cash from other Accounts or certain other affiliated registered investment companies for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Account may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, each Account may participate in the program only if its participation is consistent with the Account’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended June 30, 2020, there were no inter-fund borrowing or lending transactions.
Note 7—line of credit
Each of the Accounts, except the Money Market Account, participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of participant withdrawals. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by TCIM, or an affiliate of TCIM, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Accounts are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended June 30, 2020, there were no borrowings under this credit facility by the Accounts.
Note 8—legal proceedings
The Stock Account and the Social Choice Account were named as defendants and putative members of the proposed defendant class of shareholders, or could be added as defendants, in pending litigation by the Bankruptcy Litigation Trustee for the Tribune Company (Tribune) and certain creditors of Tribune, as a result of ownership of shares in Tribune in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The plaintiffs in that litigation seek to recover payments of the proceeds of the LBO. The litigation is now part of a multi-district litigation proceeding in the Southern District of New York and the Second Court of Appeals. The Accounts’ exposure related to this matter are estimated to be 0.06% and 0.11%, respectively, of net assets as of June 30, 2020.
| 106 | 2020 Semiannual Report ■ College Retirement Equities Fund |
Approval of investment management agreement (unaudited)
Board renewal of the investment management agreement for the College Retirement Equities Fund
The Board of Trustees (the “Board” or the “Trustees”) of the College Retirement Equities Fund (“CREF”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between TIAA-CREF Investment Management, LLC (“TCIM”) and CREF on behalf of each of its accounts (the “Accounts”). Under the Agreement, TCIM is responsible for providing investment advisory services to each Account and overseeing the everyday operations and other service providers of CREF. Below is a summary of the process the Board undertook related to its most recent renewal of the Agreement.
Most investment companies that are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), enter into investment management agreements that are subject to Section 15(c) of the 1940 Act. This provision provides, in part, that, after an initial period of up to two years, the investment management agreement will remain in effect only if a fund’s board, including a majority of those trustees who are independent trustees because they are not “interested persons” of the fund, as that term is defined in the 1940 Act, annually renews the agreement. The Agreement is not subject to this requirement due to its unique “at-cost” structure under which TCIM provides services to CREF on an at-cost basis. Nevertheless, the Board determined that it would conduct an annual review of the Agreement, as described below, in a manner generally consistent with relevant 1940 Act requirements. None of the Trustees is an interested person of CREF. Rather, they are all deemed to be independent Trustees.
Overview of the renewal process
The Board held a telephonic meeting on March 26, 2020, in order to consider the annual renewal of the Agreement with respect to each Account using the process established by the Board described further below.
As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with TCIM, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the proposed contract renewals.
Among other matters, the Operations Committee or certain of its designated members, following consultations with TCIM’s representatives, other Board members, legal counsel to the Trustees and legal counsel to TCIM and CREF, confirmed or established certain guidance regarding the preparation of reports to be provided to the Board with respect to each Account by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., an independent provider of investment company data. The Operations Committee considered that Broadridge is widely recognized as a leading provider of comparative analyses used by
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independent directors and trustees of investment companies during their advisory contract review processes.
Based on guidance provided by the Operations Committee or certain of its designated members on behalf of the Board, Broadridge produced, among other information, comparative performance and expense data for each Account, including data relating to each Fund’s actual expenses, total expense ratio, short-term and long-term investment performance, brokerage commission costs and portfolio turnover rate (as applicable). Broadridge compared this data, as relevant, for each Fund against a universe of investment companies (except for brokerage commission costs) and against a more selective peer group of mutual funds with similar investment objectives and strategies that underlie variable insurance products, each of which was selected by Broadridge, and also compared the performance of each Account against one or more appropriate broad-based indices. In each case, Broadridge summarized, and the Board discussed, the methodologies Broadridge employed to provide the data contained in its reports. In addition, Broadridge represented to the Board that its reports were designed specifically to provide the Board with the fee, expense and performance information that is necessary to help the Board satisfy its oversight and review duties. Broadridge also represented that the purpose of its reports is to provide an objective view of each Account’s relative position regarding the level of fees, expenses and performance against a competitive peer group and universe (as applicable) selected by Broadridge (and not TCIM or the Board). The Board considered the propriety of each Account’s applicable peer group as selected by Broadridge and use of Class R3 as the base class for comparison purposes.
In advance of the Board meeting held on March 26, 2020, legal counsel for the Trustees requested on behalf of the Board, and TCIM provided, information that was designed to assist the Board in its consideration of whether to renew the Agreement for each Account. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) further information relating to each Account’s investment performance and a narrative analysis of the performance of each Account that had underperformed certain Board-specified criteria, together with an explanation of any events that had a material impact on the Account’s performance during that period; (2) a description of any expenses that were incurred by TCIM with respect to its services under the Agreement but not reimbursed by the Accounts during the prior year and the extent to which such arrangements would be continued or modified in the coming year; (3) a comparison of each Account’s actual expenses and performance to other accounts with comparable strategies managed by TCIM or certain of its affiliates; (4) any “fall-out” benefits that accrued or were identified as reasonably likely to accrue to TCIM or its affiliates due to their relationship with the Accounts in addition to the Accounts’ direct payments to TCIM pursuant to the Agreement; (5) information regarding TCIM’s financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Accounts at current and foreseeable asset levels, insurance coverage, portfolio trading, soft dollar usage and best execution practices, and any actual and potential conflicts of interest
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continued
identified by TCIM in connection with rendering services to the Accounts; (6) a copy of the Agreement and certain related agreements between the Accounts and affiliates of TCIM; (7) a copy of TCIM’s Form ADV as filed with the Securities and Exchange Commission (which was presented only to legal counsel for the Trustees); and (8) proposed narrative explanations of reasons why the Board should renew the Agreement. The Trustees were also provided with performance ratings of Morningstar, Inc. (“Morningstar”), which is a widely recognized mutual fund ranking service.
On March 12, 2020, the Board met informally to discuss TCIM’s materials, which led to the Trustees providing additional questions to, and requesting additional information from, TCIM. Subsequently, at the March 26, 2020 meeting, the Trustees were given the opportunity to, and did, ask additional questions and they discussed responses from TCIM to the Board’s follow-up questions and requests presented by the Board after its initial review of the information described above.
In considering whether to renew the Agreement with respect to each Account, the Board discussed various factors, including: (1) the nature, extent and quality of services provided or to be provided by TCIM to each Account; (2) the Account’s investment performance; (3) the costs of the services provided to the Account and CREF’s at-cost expense structure; (4) fees charged to comparable mutual funds by other advisers; (5) the extent to which economies of scale have been realized or are anticipated to be realized as the Account grows; (6) whether the estimated expenses set forth in the Agreement reflect any such economies of scale for the benefit of Account investors; (7) comparisons of the services provided by TCIM and its affiliate, Teachers Advisors, LLC (“Advisors”), to, and the actual expenses and performance of, the Account to other clients to which TCIM and Advisors provides comparable services; and (8) any other benefits derived or anticipated to be derived by TCIM or its affiliates from their relationship with the Account. As part of the Board’s review of these factors, the Board received information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Accounts in particular including, among other information, the current and expected impact on the Accounts’ performance and operations. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to renew the Agreement.
In addition to the March 26, 2020 meeting that included TCIM personnel, the Trustees met in private sessions, at which no TCIM representatives were present, to discuss the proposed renewal of the Agreement for each Account. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the renewal process and certain other legal authorities.
While the contract renewal process included a series of discussions and meetings leading up to the March 26, 2020 meeting, the oversight and evaluation of TCIM’s services to the Accounts by the Board and its Committees is an ongoing process. The Board, as well as its Committees, discussed reports on various investment and
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Approval of investment management agreement (unaudited)
operational topics that had been identified by the Board or its Committees for review in the year since the last annual renewal process. Further, at regularly scheduled meetings of the Board, the Board and the Investment Committee receive and discuss, among other matters, information regarding the performance of the Accounts. Thus, in reaching its decisions regarding the renewal of the Agreement for each Account, the Board took into account the information described herein and other information provided to the Board and its Committees throughout the year.
The Board received and considered both CREF-level and Account-specific information, but made its renewal determinations on an Account-by-Account basis. In deciding whether to renew the Agreement for each Account, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to renew the Agreement for each Account. At its meeting on March 26, 2020, all Board members voted unanimously to renew the Agreement for each Account. Set forth below is a summary of the primary factors the Board considered with respect to each Account.
The nature, extent and quality of services
The Board considered the level and depth of knowledge of TCIM, including the professional experience and qualifications of its personnel. The Board also considered that TCIM is an experienced investment adviser that has managed the Accounts since their operations commenced. Investment professionals at TCIM’s affiliate, Advisors, also manage various funds and accounts of the TIAA-CREF Funds, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, TCIM is responsible for, among other duties: managing the assets of the Accounts, including conducting research, identifying investments and placing orders to buy and sell securities for the Accounts’ investment portfolios; active daily monitoring of the Accounts’ investment portfolios; reporting on the investment performance and other metrics of the Accounts to the Board on a regular basis; responding to Account flows; and compliance monitoring. The Board considered that TCIM has carried out these responsibilities in a competent and professional manner. The Board also considered that TCIM has committed significant resources to supporting the Accounts. It also considered TCIM’s compliance program and resources and its compliance record with respect to the Accounts.
The Board also considered, among other factors, the performance of each Account, as discussed below. In addition, the Board considered the nature and quality of non-portfolio management services provided by TCIM and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and TCIM’s oversight of those service providers and the outsourcing of certain services to other firms.
During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to TCIM to provide portfolio management
| 110 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
and other services to the Accounts, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources devoted to these services.
Investment performance
The Board considered the investment performance of each Account, over the periods indicated in the Account-by-Account synopsis below. The Board considered each Account’s performance as compared to its peer group and peer universe (as applicable) and its benchmark index or, in circumstances where an Account’s peer group or peer universe was not viewed as a representative basis for comparison, other comparative information deemed relevant by management and/or the Board. The Board also discussed the three-year performance of the Equity Index Account before any reductions for fees and expenses. In this analysis, the Board considered the impact of net asset value rounding and the effects of fair valuation, foreign exchange rates, effective tax rates, securities lending and class action litigation, as applicable on the Equity Index Account’s performance as compared to the performance of its benchmark index. For details regarding each Account’s performance, see the Account-by-Account synopsis below.
The Board considered, in those cases in which an Account had performed materially differently from its Broadridge peers or benchmark based on a Board-established threshold, the factors identified by TCIM that contributed to such difference and any remedial measures being undertaken by TCIM. Thus, the Board concluded that, under the totality of circumstances considered, the investment performance of each Account was reasonable or that appropriate actions had been or were being implemented.
Cost and expenses
The Board considered the amounts charged by TCIM to each Account in 2019 and the estimated amounts to be charged by TCIM to each Account in 2020 (for the period May 1, 2020–April 30, 2021). This included investment advisory costs paid to TCIM, expressed in dollar terms and as a percentage of assets, as well as a reconciliation and analysis of those expenses. The Board considered that TCIM charges expenses “at cost” and these charges are adjusted at least quarterly to reflect the actual expenses incurred with respect to each Account during the most recent quarter. The Board considered the rationale for TCIM’s anticipated costs in providing services to CREF and considered whether these anticipated costs are reasonable in relation to the nature and quality of services provided by TCIM. The Board noted that, because TCIM provides its services on an at-cost basis under the arrangement outlined in the Agreement, there was no profit or loss data for the Board to consider.
Fees charged by other advisers
The Board considered comparative information regarding each Account’s actual expenses and the effective management fee rates paid by similar mutual funds that
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Approval of investment management agreement (unaudited)
underlie variable insurance products to other advisers, as analyzed by Broadridge and reflected in the Account-by-Account synopsis below. The Board determined that the effective management fee rate charged to an Account under the Agreement typically was lower than the management fee rates charged to many or most other comparable mutual funds that underlie variable insurance products. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between an Account and its comparable mutual funds that underlie variable insurance products. For example, most similar mutual funds are offered only through variable insurance products that also carry additional fees and expenses, whereas the Accounts bear certain of these expenses themselves. Another limitation noted by the Board was Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Accounts’ effective management fee rates compare to those of similar mutual funds that underlie variable insurance products. Based on all factors considered, the Board concluded that the effective management fee rates under the Agreement with respect to each Account were reasonable in relation to those charged by appropriate groups of comparable mutual funds that underlie variable insurance products.
Economies of scale
The Board considered that certain economies of scale are already integrated into each Account’s cost structure due to the at-cost expense arrangements pursuant to which TCIM renders investment advisory services to each Account. The Board also considered that, in certain circumstances, an increase in CREF assets can result in additional expenses being allocated to CREF pursuant to the cost allocation methodologies that are used to calculate payments to be made by CREF pursuant to the at-cost expense arrangements.
Fee and performance comparisons with other TCIM and Advisors clients
The Board considered that TCIM and its affiliate, Advisors, provide investment management services to other investment companies, including foreign funds (UCITS), and separately managed accounts that may have similar investment strategies as certain of the Accounts. The Board also considered TCIM’s comments that, in the future, Advisors may manage client assets through additional funds and accounts with similar investment strategies. The Board also considered TCIM’s and Advisors’ representation that, while the management fee rates charged to the Accounts may differ from the management fee rates chargeable to these other funds and other accounts, this may be due in part to the fact that these other funds and accounts may: (1) be offered through products that charge additional fees to their investors; (2) be offered in different types of markets; (3) be provided with different types or levels of services; (4) have different regulatory burdens; (5) target different investors; and/or (6) be packaged with other products. The Board noted that these factors, among others, could reasonably explain different management fee rate schedules.
| 112 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
Other benefits
The Board also considered additional “fall-out benefits” to TCIM and its affiliates arising from the Agreement. Such benefits include, among others, other fees paid by the Accounts to TCIM’s affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Accounts share investment resources and/or personnel with other clients of TCIM, use of research obtained through the Accounts’ use of soft dollar to manage the assets of other clients and the ability to incubate strategies within one or more Accounts that could be subsequently utilized to manage other non-Account products. TCIM and its affiliates may also benefit from the level of business and relationships the Accounts have with certain service providers. Also, TCIM and its affiliates may benefit from their relationship with the Accounts to the extent that this relationship results in potential investors viewing TIAA, of which TCIM is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.
Account-by-account synopsis of factors
The Board considered the following specific factors (among others) in connection with its determination to renew the Agreement with respect to each Account. If an Account is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the best performance or the lowest expenses, as the case may be). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific expense and performance factors outlined below are based on the Class R3 units of each Account. Because Class R3 generally has lower non-management expenses than the other classes of these Accounts, the expenses and performance of these other classes will differ from the expenses and performance shown for Class R3. Except as otherwise noted, all time periods referenced below are ended December 31, 2019. Under the Morningstar rating system, an Overall Morningstar Rating of 5 stars is the highest (best) rating category and 1 star is the lowest (worst) rating category. The Morningstar data is as of December 31, 2019.
CREF Stock Account
| • | The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.115% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.104% of average daily net assets, which was used by Broadridge for comparative purposes. |
| • | The Account’s actual investment management costs and total costs are each in the 1st quintile of both the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the universe of comparable funds selected by Broadridge for expense comparison purposes (“Expense Universe”). |
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Approval of investment management agreement (unaudited)
| • | The Account did not have a group of comparable funds selected by Broadridge for performance comparison purposes (“Performance Group”) for each of the one-, three-, five- and ten-year periods. The Account was in the 1st quintile of the universe of comparable funds selected by Broadridge for performance comparison purposes (“Performance Universe”) for each of the one-, three-, five- and ten-year periods. |
| • | The Account received an Overall Morningstar Rating of 4 stars. |
CREF Global Equities Account
| • | The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.090% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.061% of average daily net assets, which was used by Broadridge for comparative purposes. |
| • | The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | The Account did not have a Performance Group for each of the one-, three-, five-and ten-year periods. The Account was in the 1st, 2nd, 2nd and 2nd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
| • | The Account received an Overall Morningstar Rating of 3 stars. |
CREF Growth Account
| • | The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.045% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.037% of average daily net assets, which was used by Broadridge for comparative purposes. |
| • | The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | The Account was in the 2nd, 4th, 4th and 3rd quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 4th, 4th, 4th and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
| • | The Account received an Overall Morningstar Rating of 3 stars. |
CREF Equity Index Account
| • | The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.020% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.014% of average daily net assets, which was used by Broadridge for comparative purposes. |
| • | The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe. |
| 114 | 2020 Semiannual Report ■ College Retirement Equities Fund |
continued
| • | For the three-year period, the Account’s adjusted relative gross performance (meaning the Account’s performance without any reductions for fees or expenses and excluding the effects of fair valuation, foreign exchange, effective tax rates, securities lending and class action recoveries) as compared to its benchmark, the Russell 3000® Index, differed by +1 basis points. For reference, one basis point equals 0.01%. |
| • | The Account received an Overall Morningstar Rating of 3 stars. |
CREF Bond Market Account
| • | The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.050% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.053% of average daily net assets, which was used by Broadridge for comparative purposes. |
| • | The Account’s actual investment costs and total costs are each in the 1st quintile of its Expense Group and Expense Universe. |
| • | The Account was in the 4th, 4th, 3rd and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 3rd, 2nd, 2nd and 3rd quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
| • | The Account received an Overall Morningstar Rating of 4 stars. |
CREF Inflation-Linked Bond Account
| • | The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.020% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.020% of average daily net assets, which was used by Broadridge for comparative purposes. |
| • | The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | The Account was in the 5th, 5th, 4th and 5th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 5th, 5th, 4th and 4th quintiles of its Performance Universe for the one-, three-, five- and ten-year periods, respectively. |
| • | The Account received an Overall Morningstar Rating of 3 stars. |
CREF Social Choice Account
| • | The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.045% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.042% of average daily net assets, which was used by Broadridge for comparative purposes. |
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| Approval of investment management agreement (unaudited) | concluded |
| • | The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | The Account was in the 4th, 3rd, 4th and 4th quintiles of its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 1st, 1st, 1st and 2nd quintiles of its Performance Universe for each of the one-, three-, five- and ten-year periods, respectively. |
| • | The Account received an Overall Morningstar Rating of 4 stars. |
CREF Money Market Account
| • | The Account is operated as an at-cost arrangement, with no profits to TCIM. The Account’s pro forma investment management costs are expected to be 0.020% of average daily net assets for the year ending April 30, 2021. The Account’s actual management costs for the year ended December 31, 2019 equaled 0.026% of average daily net assets, which was used by Broadridge for comparative purposes. |
| • | The Account’s actual investment management costs and total costs are each in the 1st quintile of both its Expense Group and Expense Universe. |
| • | The Board acknowledged that over a multi-year period, CREF’s administrator, TIAA, withheld certain administrative and distribution expenses attributable to the Account in order to avoid a negative yield and that, under certain circumstances, a portion of these withheld amounts contractually may be recouped by TIAA when the yield of any class of the Account becomes positive, which led to recoupments from classes of the Account during the year ended December 31, 2019. The Board also acknowledged that, absent such recoupments, the Account’s total costs would have been lower. |
| • | The Account ranked 2 out of 4 funds, 3 out of 4 funds, 2 out of 4 funds and 3 out of 4 funds within its Performance Group for the one-, three-, five- and ten-year periods, respectively. The Account was in the 2nd, 3rd, 2nd and 2nd quintiles of its Performance Universe for the one, three-, five- and ten-year periods, respectively. |
| • | Money market funds are not rated by Morningstar. |
Based primarily on the foregoing factors and considerations, the Board renewed the Agreement for each Account.
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Liquidity risk management program
Discussion of the operation and effectiveness of the Accounts’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each Account covered by this Report (the “Accounts”) has adopted and implemented a liquidity risk management program (the “Program”), which is reasonably designed to assess and manage each Account’s liquidity risk. The Program consists of various provisions relating to assessing and managing Account liquidity risk, as discussed further below. The Accounts’ Board of Trustees (the “Board”) previously approved the designation of TCIM (the “Administrator”) as Program administrator. The Liquidity Monitoring and Analysis Team (the “LMAT”) carries out day-to-day Program management with oversight by the Liquidity Oversight Committee (the “LOSC”). Personnel from the Administrator and Nuveen Fund Advisors, LLC, an affiliate of the Administrator, comprise the LMAT and LOSC.
At a February 11, 2020 Board meeting, the Administrator provided the Board with a written report addressing the Program’s operation, adequacy, and effectiveness of implementation for the period from December 1, 2018 through November 30, 2019 (the “Review Period”), as required under the Liquidity Rule. The report noted that the Program has been and continues to be adequately and effectively implemented to monitor and (as applicable) respond to the Accounts’ liquidity developments.
In accordance with the Program, the LMAT assesses each Account’s liquidity risk no less frequently than annually based on various factors, such as (i) the Account’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents and borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Account portfolio investment is classified into one of four liquidity categories (including “highly liquid investments” and “illiquid investments,” discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and utilize third-party vendor data.
Any Account that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Account net assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Account primarily held highly liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
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| Liquidity risk management program | concluded |
The Liquidity Rule also limits each Account’s investments in illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in an Account holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime an Account’s holdings of illiquid investments exceed 15% of net assets. During the Review Period, no Account exceeded the 15% limit on illiquid investments.
| 118 | 2020 Semiannual Report ■ College Retirement Equities Fund |
Additional information about index providers (unaudited)
Russell indexes
Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
Bloomberg Barclays indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
MSCI indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| College Retirement Equities Fund ■ 2020 Semiannual Report | 119 |
| Additional information about index providers (unaudited) | concluded |
Morningstar indexes
© 2020 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
| 120 | 2020 Semiannual Report ■ College Retirement Equities Fund |
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Item 2. Code of Conduct.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not Applicable.
Item 4. Principal Accountant Fees and Services.
Not Applicable.
Item 5. Audit Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020
| PRINCIPAL | | | | | ISSUER | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| GOVERNMENT BONDS - 0.0% | | | | | | | | | | |
| | | | | | | | | | | |
| U.S. TREASURY SECURITIES - 0.0% | | | | | | | | | | |
| | 300,000 | | | | | United States Treasury Note | | | 1.750 | % | | 05/15/22 | | $ | 309 | |
| | | | | | | TOTAL U.S. TREASURY SECURITIES | | | | | | | | | 309 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL GOVERNMENT BONDS | | | | | | | | | 309 | |
| | | | | | | (Cost $301) | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| SHARES | | | | | COMPANY | | | |
| COMMON STOCKS - 98.6% | | | |
| | | | | |
| AUTOMOBILES & COMPONENTS - 1.4% | | | | |
| | 7,763 | | | e | | AB Dynamics plc | | | 157 | |
| | 258,517 | | | * | | Adient plc | | | 4,245 | |
| | 15,275 | | | | | Aisan Industry Co Ltd | | | 75 | |
| | 1,254,663 | | | | | Aisin Seiki Co Ltd | | | 36,777 | |
| | 297,370 | | | * | | American Axle & Manufacturing Holdings, Inc | | | 2,260 | |
| | 416,739 | | | | | Apollo Tyres Ltd | | | 596 | |
| | 1,111,944 | | | | | Aptiv plc | | | 86,643 | |
| | 38,895 | | | | | ARB Corp Ltd | | | 486 | |
| | 936,021 | | *,e,g | | Aston Martin Lagonda Global Holdings plc | | | 573 | |
| | 35,738 | | | | | Autoliv, Inc | | | 2,305 | |
| | 1,474 | | | *,e | | Autoneum Holding AG. | | | 144 | |
| | 120,300 | | | * | | BAIC BluePark New Energy Technology Co Ltd | | | 110 | |
| | 1,648,500 | | | g | | BAIC Motor Corp Ltd | | | 721 | |
| | 126,495 | | | | | Bajaj Holdings and Investment Ltd | | | 4,732 | |
| | 99,296 | | | | | Balkrishna Industries Ltd | | | 1,667 | |
| | 783,459 | | | | | Bayerische Motoren Werke AG. | | | 50,016 | |
| | 665 | | | | | Bayerische Motoren Werke AG. (Preference) | | | 32 | |
| | 624,456 | | | | | Bharat Forge Ltd | | | 2,641 | |
| | 58,161 | | | | | BorgWarner, Inc | | | 2,053 | |
| | 2,732 | | | | | Bosch Ltd | | | 414 | |
| | 150,589 | | | e | | Brembo S.p.A | | | 1,399 | |
| | 256,227 | | | e | | Bridgestone Corp | | | 8,270 | |
| | 1,896,235 | | | | | Brilliance China Automotive Holdings Ltd | | | 1,716 | |
| | 60,400 | | | | | BYD Co Ltd | | | 618 | |
| | 2,016,162 | | | e | | BYD Co Ltd (H shares) | | | 15,719 | |
| | 64,302 | | | | | Ceat Ltd | | | 778 | |
| | 10,500 | | | | | Changzhou Xingyu Automotive Lighting Systems Co Ltd | | | 189 | |
| | 1,514,000 | | | | | Chaowei Power Holdings Ltd | | | 678 | |
| | 1,005,009 | | | | | Cheng Shin Rubber Industry Co Ltd | | | 1,155 | |
| | 450,400 | | | | | China Motor Corp | | | 564 | |
| | 2,616,390 | | | | | Chongqing Changan Automobile Co Ltd | | | 4,083 | |
| | 195,958 | | | e | | Cie Automotive S.A. | | | 3,450 | |
| | 131,991 | | | | | Compagnie Plastic-Omnium S.A. | | | 2,704 | |
| | 43,409 | | | * | | Continental AG. | | | 4,268 | |
| | 44,826 | | | | | Cooper Tire & Rubber Co | | | 1,238 | |
| | 27,553 | | | * | | Cooper-Standard Holding, Inc | | | 365 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 12,589 | | | * | | Cub Elecparts, Inc | | $ | 65 | |
| | 18,500 | | | | | Daido Metal Co Ltd | | | 94 | |
| | 17,400 | | | | | Daikyonishikawa Corp | | | 78 | |
| | 126,454 | | | * | | Daimler AG. (Registered) | | | 5,145 | |
| | 234,997 | | | | | Dana Inc | | | 2,865 | |
| | 162,419 | | | | | Denso Corp | | | 6,370 | |
| | 21,000 | | | | | Depo Auto Parts Ind Co Ltd | | | 37 | |
| | 242,267 | | | e,g | | Dometic Group AB | | | 2,189 | |
| | 1,649,187 | | | e | | Dongfeng Motor Group Co Ltd | | | 995 | |
| | 37,715 | | | * | | Dorman Products, Inc | | | 2,530 | |
| | 6,393,300 | | | | | Drb-Hicom BHD | | | 2,575 | |
| | 12,800 | | | | | Eagle Industry Co Ltd | | | 86 | |
| | 56,270 | | | | | Eicher Motors Ltd | | | 13,663 | |
| | 69,057 | | | *,e | | ElringKlinger AG. | | | 413 | |
| | 23,401 | | | g | | Endurance Technologies Ltd | | | 271 | |
| | 23,082 | | | | | Exedy Corp | | | 345 | |
| | 260,348 | | | | | Exide Industries Ltd | | | 510 | |
| | 124,706 | | | | | Faurecia | | | 4,900 | |
| | 19,900 | | | | | FCC Co Ltd | | | 342 | |
| | 87,542 | | | | | Ferrari NV | | | 14,996 | |
| | 800,932 | | | | | Fiat DaimlerChrysler Automobiles NV | | | 8,104 | |
| | 3,744,181 | | | | | Ford Motor Co | | | 22,765 | |
| | 348,874 | | | | | Ford Otomotiv Sanayi AS | | | 3,620 | |
| | 47,680 | | | * | | Fox Factory Holding Corp | | | 3,939 | |
| | 256,932 | | | | | Fuji Heavy Industries Ltd | | | 5,380 | |
| | 30,380 | | | | | Futaba Industrial Co Ltd | | | 128 | |
| | 66,600 | | | * | | Fuyao Glass Industry Group Co Ltd | | | 197 | |
| | 334,800 | | | *,g | | Fuyao Glass Industry Group Co Ltd (Hong Kong) | | | 802 | |
| | 4,541,302 | | | | | Geely Automobile Holdings Ltd | | | 7,215 | |
| | 1,501,273 | | | | | General Motors Co | | | 37,982 | |
| | 26,439,191 | | | *,† | | General Motors Co | | | 0 | |
| | 6,062,000 | | | *,† | | General Motors Co | | | 0 | |
| | 24,057,000 | | | *,† | | General Motors Co | | | 0 | |
| | 35,983,677 | | | *,† | | General Motors Co | | | 0 | |
| | 40,684,487 | | *,†,e | | General Motors Co | | | 0 | |
| | 18,507,434 | | | *,† | | General Motors Co | | | 0 | |
| | 85,268,000 | | *,†,e | | General Motors Co | | | 0 | |
| | 7,950,000 | | | *,† | | General Motors Co | | | 0 | |
| | 4,230,271 | | *,†,e | | General Motors Co | | | 0 | |
| | 722,689 | | *,†,e | | General Motors Co | | | 0 | |
| | 69,907 | | | | | Gentex Corp | | | 1,801 | |
| | 77,070 | | | * | | Gentherm, Inc | | | 2,998 | |
| | 88,232 | | | e,g | | Gestamp Automocion S.A. | | | 223 | |
| | 37,385 | | | | | Global & Yuasa Battery Co Ltd | | | 954 | |
| | 8,000 | | | * | | Global PMX Co Ltd | | | 47 | |
| | 719,277 | | | | | Goodyear Tire & Rubber Co | | | 6,434 | |
| | 1,874,589 | | | e | | Great Wall Motor Co Ltd | | | 1,180 | |
| | 10,900 | | | | | G-Tekt Corp | | | 106 | |
| | 1,786,165 | | | | | Guangzhou Automobile Group Co Ltd (Hong Kong) | | | 1,301 | |
| | 46,395 | | | | | GUD Holdings Ltd | | | 371 | |
| | 21,734 | | | | | Halla Holdings Corp | | | 487 | |
| | 47,693 | | | | | Hankook Tire Co Ltd | | | 987 | |
| | 102,350 | | | | | Hanon Systems | | | 776 | |
| | 329,335 | | | | | Harley-Davidson, Inc | | | 7,828 | |
| | 111,268 | | | | | Hero Honda Motors Ltd | | | 3,760 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 572,090 | | | | | Honda Motor Co Ltd | | $ | 14,642 | |
| | 46,990 | | | | | Hota Industrial Manufacturing Co Ltd | | | 162 | |
| | 96,900 | | | | | Huayu Automotive Systems Co Ltd | | | 287 | |
| | 131,935 | | | | | Hyundai Mobis | | | 21,178 | |
| | 102,742 | | | | | Hyundai Motor Co | | | 8,440 | |
| | 24,892 | | | | | Hyundai Motor Co Ltd (2nd Preference) | | | 1,190 | |
| | 19,157 | | | | | Hyundai Motor Co Ltd (Preference) | | | 887 | |
| | 137,640 | | | | | Hyundai Wia Corp | | | 4,007 | |
| | 14,500 | | | | | Ichikoh Industries Ltd | | | 66 | |
| | 24,500 | | | | | Indus Motor Co Ltd | | | 145 | |
| | 275,251 | | | | | Isuzu Motors Ltd | | | 2,501 | |
| | 9,496 | | | * | | Kayaba Industry Co Ltd | | | 178 | |
| | 21,106 | | | | | Keihin Corp | | | 494 | |
| | 194,455 | | | | | Kenda Rubber Industrial Co Ltd | | | 194 | |
| | 658,081 | | | | | Kia Motors Corp | | | 17,783 | |
| | 45,616 | | | * | | Knorr-Bremse AG. | | | 4,629 | |
| | 72,187 | | | * | | Koito Manufacturing Co Ltd | | | 2,921 | |
| | 19,041 | | | * | | Kumho Tire Co, Inc | | | 48 | |
| | 49,829 | | | | | LCI Industries, Inc | | | 5,729 | |
| | 18,441 | | | | | Lear Corp | | | 2,010 | |
| | 15,536 | | | * | | Leoni AG. | | | 117 | |
| | 111,301 | | | | | Linamar Corp | | | 3,009 | |
| | 309,814 | | | | | Magna International, Inc | | | 13,797 | |
| | 1,678,651 | | | | | Mahindra & Mahindra Ltd | | | 11,394 | |
| | 97,214 | | | * | | Mahindra CIE Automotive Ltd | | | 151 | |
| | 224,200 | | | | | Mahle-Metal Leve S.A. Industria e Comercio | | | 738 | |
| | 181,439 | | | | | Mando Corp | | | 3,413 | |
| | 170,703 | | | | | Martinrea International, Inc | | | 1,293 | |
| | 110,981 | | | | | Maruti Suzuki India Ltd | | | 8,591 | |
| | 386,082 | | | | | Mazda Motor Corp | | | 2,333 | |
| | 12,840 | | | | | MGI Coutier | | | 208 | |
| | 696,019 | | | e | | Michelin (C.G.D.E.) (Class B) | | | 72,548 | |
| | 14,541 | | | | | Minda Industries Ltd | | | 53 | |
| | 903,536 | | | | | Minth Group Ltd | | | 2,594 | |
| | 52,863 | | | | | Mitsubishi Motors Corp | | | 131 | |
| | 215,995 | | | * | | Modine Manufacturing Co | | | 1,192 | |
| | 576,171 | | | | | Motherson Sumi Systems Ltd | | | 725 | |
| | 25,113 | | | *,e | | Motorcar Parts of America, Inc | | | 444 | |
| | 23,738 | | | | | Musashi Seimitsu Industry Co Ltd | | | 213 | |
| | 92,949 | | | | | Nan Kang Rubber Tire Co Ltd | | | 141 | |
| | 95,784 | | | | | Nexen Tire Corp | | | 427 | |
| | 2,200,000 | | | * | | Nexteer Automotive Group Ltd | | | 1,525 | |
| | 592,320 | | | | | NGK Spark Plug Co Ltd | | | 8,513 | |
| | 650,329 | | | * | | NHK Spring Co Ltd | | | 4,229 | |
| | 74,712 | | | | | Nifco, Inc | | | 1,598 | |
| | 51,300 | | | * | | Ningbo Joyson Electronic Corp | | | 174 | |
| | 42,400 | | | * | | Ningbo Tuopu Group Co Ltd | | | 169 | |
| | 674,700 | | | *,e | | NIO, Inc (ADR) | | | 5,209 | |
| | 23,153 | | | | | Nippon Seiki Co Ltd | | | 272 | |
| | 1,454,816 | | | * | | Nissan Motor Co Ltd | | | 5,395 | |
| | 154,333 | | | | | Nissan Shatai Co Ltd | | | 1,332 | |
| | 134,500 | | | | | Nissin Kogyo Co Ltd | | | 2,736 | |
| | 30,500 | | | * | | Niu Technologies (ADR) | | | 488 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 299,672 | | | | | NOK Corp | | $ | 3,733 | |
| | 86,938 | | | e | | Nokian Renkaat Oyj | | | 1,911 | |
| | 21,800 | | | | | Pacific Industrial Co Ltd | | | 192 | |
| | 1,016,721 | | | e | | Peugeot S.A. | | | 16,673 | |
| | 1,184,270 | | | | | Piaggio & C S.p.A. | | | 2,870 | |
| | 14,494 | | | | | Piolax Inc | | | 217 | |
| | 482,637 | | | g | | Pirelli & C S.p.A | | | 2,053 | |
| | 426,016 | | | * | | Porsche AG. | | | 24,674 | |
| | 43,754 | | | | | Press Kogyo Co Ltd | | | 119 | |
| | 32,000 | | | | | Prinx Chengshan Cayman Holding Ltd | | | 32 | |
| | 65,953,907 | | | | | PT Astra International Tbk | | | 22,308 | |
| | 483,600 | | | | | PT Selamat Sempurna Tbk | | | 36 | |
| | 944,000 | | | | | Qingling Motors Co Ltd | | | 172 | |
| | 58,754 | | | | | Renault S.A. | | | 1,504 | |
| | 4,161 | | | | | Riken Corp | | | 116 | |
| | 90,005 | | | | | S&T Daewoo Co Ltd | | | 2,868 | |
| | 298,100 | | | | | SAIC Motor Corp Ltd | | | 719 | |
| | 115,920 | | | | | Sanyang Industry Co Ltd | | | 84 | |
| | 42,200 | | | | | Shandong Linglong Tyre Co Ltd | | | 121 | |
| | 13,800 | | | | | Shoei Co Ltd | | | 346 | |
| | 25,937 | | | | | Showa Corp | | | 536 | |
| | 48,434 | | | † | | SL Corp | | | 575 | |
| | 882,880 | | | | | Sri Trang Agro-Industry PCL (Foreign) | | | 778 | |
| | 23,403 | | | | | Standard Motor Products, Inc | | | 964 | |
| | 10,335 | | | | | Stanley Electric Co Ltd | | | 250 | |
| | 202,888 | | | * | | Stoneridge, Inc | | | 4,192 | |
| | 528,693 | | | | | Sumitomo Electric Industries Ltd | | | 6,099 | |
| | 95,959 | | | e | | Sumitomo Rubber Industries, Inc | | | 950 | |
| | 10,366 | | | | | Sundram Fasteners Ltd | | | 51 | |
| | 519,024 | | | | | Suzuki Motor Corp | | | 17,723 | |
| | 14,000 | | | | | Tachi-S Co Ltd | | | 113 | |
| | 9,465,410 | | | * | | Tata Motors Ltd | | | 12,414 | |
| | 979,496 | | | *,e | | Tata Motors Ltd (ADR) | | | 6,435 | |
| | 11,100 | | | | | Teikoku Piston Ring Co Ltd | | | 138 | |
| | 79,280 | | | * | | Tenneco, Inc | | | 599 | |
| | 368,419 | | | * | | Tesla, Inc | | | 397,823 | |
| | 96,066 | | | | | Thor Industries, Inc | | | 10,234 | |
| | 120,411 | | | e,g | | TI Fluid Systems plc | | | 277 | |
| | 6,204,000 | | | e | | Tianneng Power International Ltd | | | 10,640 | |
| | 30,047 | | | | | Tokai Rika Co Ltd | | | 437 | |
| | 200,035 | | | | | Tokai Rubber Industries, Inc | | | 1,162 | |
| | 77,699 | | | | | Tong Yang Industry Co Ltd | | | 97 | |
| | 16,868 | | | | | Topre Corp | | | 189 | |
| | 326,603 | | | e | | Toyo Tire & Rubber Co Ltd | | | 4,408 | |
| | 110,450 | | | | | Toyoda Gosei Co Ltd | | | 2,308 | |
| | 36,895 | | | | | Toyota Boshoku Corp | | | 498 | |
| | 39,678 | | | | | Toyota Industries Corp | | | 2,109 | |
| | 4,223,120 | | | | | Toyota Motor Corp | | | 265,567 | |
| | 7,465 | | | | | Trigano S.A. | | | 786 | |
| | 22,900 | | | | | TS Tech Co Ltd | | | 631 | |
| | 67,424 | | | | | Tube Investments of India Ltd | | | 397 | |
| | 15,300 | | | * | | Tupy S.A. | | | 54 | |
| | 60,300 | | | | | UMW Holdings BHD | | | 36 | |
| | 19,600 | | | | | Unipres Corp | | | 172 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 357,040 | | | e | | Valeo S.A. | | $ | 9,417 | |
| | 24,630 | | | * | | Visteon Corp | | | 1,687 | |
| | 43,766 | | | * | | Volkswagen AG. | | | 7,066 | |
| | 40,464 | | | * | | Volkswagen AG. (Preference) | | | 6,151 | |
| | 5,009 | | | | | WABCO India Ltd | | | 457 | |
| | 16,900 | | | | | Weifu High-Technology Group Co Ltd | | | 50 | |
| | 57,744 | | | | | Winnebago Industries, Inc | | | 3,847 | |
| | 109,177 | | | *,e | | Workhorse Group, Inc | | | 1,899 | |
| | 2,031,657 | | | | | Xingda International Holdings Ltd | | | 395 | |
| | 2,873,353 | | | | | Xinyi Glass Holdings Co Ltd | | | 3,546 | |
| | 27,339 | | | * | | XPEL, Inc | | | 428 | |
| | 234,000 | | | *,g | | Yadea Group Holdings Ltd | | | 160 | |
| | 497,574 | | | | | Yamaha Motor Co Ltd | | | 7,837 | |
| | 9,370 | | | e | | Yokohama Rubber Co Ltd | | | 132 | |
| | 6,200 | | | | | Yorozu Corp | | | 61 | |
| | 198,000 | | | | | Yulon Motor Co Ltd | | | 146 | |
| | 200,500 | | | * | | Zhejiang Century Huatong Group Co Ltd | | | 435 | |
| | | | | | | TOTAL AUTOMOBILES & COMPONENTS | | | 1,538,442 | |
| | | | | | | | | | | |
| BANKS - 5.6% | | | | |
| | 6,562 | | | | | 1st Constitution Bancorp | | | 81 | |
| | 52,611 | | | | | 1st Source Corp | | | 1,872 | |
| | 171,866 | | | | | 77 Bank Ltd | | | 2,563 | |
| | 41,372 | | | | | Aareal Bank AG. | | | 808 | |
| | 20,034 | | | * | | Aavas Financiers Ltd | | | 354 | |
| | 55,354 | | | g | | ABN AMRO Group NV (ADR) | | | 476 | |
| | 574,557 | | | | | Absa Group Ltd | | | 2,836 | |
| | 2,242,155 | | | | | Abu Dhabi Commercial Bank PJSC | | | 3,038 | |
| | 5,988 | | | | | ACNB Corp | | | 157 | |
| | 207,695 | | | e | | Addiko Bank AG. | | | 1,505 | |
| | 55,942,649 | | | * | | Agricultural Bank of China Ltd | | | 22,642 | |
| | 2,560,800 | | | * | | Agricultural Bank of China Ltd (Class A) | | | 1,226 | |
| | 26,724,353 | | | | | AIB Group plc | | | 33,743 | |
| | 3,647 | | | | | Aichi Bank Ltd | | | 94 | |
| | 2,474,119 | | | * | | Akbank TAS | | | 2,195 | |
| | 7,100 | | | | | Akita Bank Ltd | | | 96 | |
| | 144,147 | | | | | Aktia Bank Oyj | | | 1,431 | |
| | 1,597,813 | | | | | Al Rajhi Bank | | | 24,160 | |
| | 1,766,296 | | | * | | Alinma Bank | | | 6,862 | |
| | 21,665 | | | * | | Alior Bank S.A. | | | 89 | |
| | 18,217 | | | | | Allegiance Bancshares, Inc | | | 463 | |
| | 199,800 | | | | | Alliance Financial Group BHD | | | 102 | |
| | 309,431 | | | * | | Alpha Bank AE | | | 232 | |
| | 315,270 | | | *,† | | Amagerbanken AS | | | 0 | |
| | 51,479 | | | | | Amalgamated Bank | | | 651 | |
| | 17,557 | | | *,e | | Amerant Bancorp Inc | | | 264 | |
| | 8,982 | | | | | American National Bankshares, Inc | | | 225 | |
| | 111,161 | | | | | Ameris Bancorp | | | 2,622 | |
| | 7,012 | | | | | Ames National Corp | | | 138 | |
| | 3,415,986 | | | | | AMMB Holdings BHD | | | 2,489 | |
| | 9,100 | | | | | Aomori Bank Ltd | | | 190 | |
| | 51,149 | | | e | | Aozora Bank Ltd | | | 892 | |
| | 467,820 | | | | | Arab National Bank | | | 2,382 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 18,353 | | | | | Arrow Financial Corp | | $ | 546 | |
| | 17,980 | | | e | | Aruhi Corp | | | 257 | |
| | 1,832,602 | | | | | Ashikaga Holdings Co Ltd | | | 4,269 | |
| | 30,121 | | | | | Associated Banc-Corp | | | 412 | |
| | 112,225 | | | * | | Atlantic Capital Bancshares, Inc | | | 1,365 | |
| | 218,134 | | | | | Atlantic Union Bankshares Corp | | | 5,052 | |
| | 123,793 | | | g | | AU Small Finance Bank Ltd | | | 887 | |
| | 2,028 | | | | | Auburn National Bancorporation, Inc | | | 116 | |
| | 3,504,638 | | | | | Australia & New Zealand Banking Group Ltd | | | 45,473 | |
| | 25,744 | | | | | Awa Bank Ltd | | | 580 | |
| | 2,140,821 | | | | | Axis Bank Ltd | | | 11,581 | |
| | 86,347 | | | * | | Axos Financial, Inc | | | 1,907 | |
| | 42,170 | | | | | Banc of California, Inc | | | 457 | |
| | 1,011,883 | | | *,e | | Banca Monte dei Paschi di Siena S.p.A | | | 1,803 | |
| | 750,678 | | | e | | Banca Popolare dell'Emilia Romagna Scrl | | | 1,877 | |
| | 518,339 | | | * | | Banca Popolare di Sondrio SCARL | | | 983 | |
| | 50,340 | | | | | Bancfirst Corp | | | 2,042 | |
| | 1,079,311 | | | e | | Banche Popolari Unite Scpa | | | 3,543 | |
| | 428,854 | | | | | Banco ABC Brasil S.A. | | | 1,110 | |
| | 15,500 | | | *,e | | Banco BBVA Argentina S.A. (ADR) | | | 58 | |
| | 874,526 | | | | | Banco Bilbao Vizcaya Argentaria S.A. | | | 3,011 | |
| | 1,235,572 | | | | | Banco BPM S.p.A. | | | 1,851 | |
| | 1,630,091 | | | | | Banco Bradesco S.A. | | | 5,683 | |
| | 5,316,045 | | | | | Banco Bradesco S.A. (Preference) | | | 20,235 | |
| | 43,652,553 | | | *,e | | Banco Comercial Portugues S.A. | | | 5,244 | |
| | 27,557,232 | | | | | Banco de Chile | | | 2,432 | |
| | 34,992 | | | | | Banco de Credito e Inversiones | | | 1,189 | |
| | 3,295,514 | | | | | Banco de Oro Universal Bank | | | 6,503 | |
| | 4,862,717 | | | | | Banco de Sabadell S.A. | | | 1,708 | |
| | 1,343,300 | | *,e,g | | Banco del Bajio S.A. | | | 1,142 | |
| | 2,907,082 | | | | | Banco do Brasil S.A. | | | 17,187 | |
| | 46,400 | | | | | Banco do Estado do Rio Grande do Sul | | | 116 | |
| | 16,063,377 | | | *,† | | Banco Espirito Santo S.A. | | | 180 | |
| | 408,400 | | | | | Banco Inter SA | | | 3,094 | |
| | 10,840,047 | | | | | Banco Itau Holding Financeira S.A. | | | 50,731 | |
| | 9,900 | | | * | | Banco Macro S.A. (ADR) (Class B) | | | 184 | |
| | 2,432,100 | | | | | Banco Pan S.A. | | | 3,936 | |
| | 711,148 | | | | | Banco Santander Brasil S.A. | | | 3,664 | |
| | 38,580,195 | | | | | Banco Santander Chile S.A. | | | 1,578 | |
| | 426,490 | | | | | Banco Santander S.A. | | | 1,053 | |
| | 4,964,193 | | | | | Banco Santander S.A. (AQXE) | | | 12,145 | |
| | 153,987 | | | | | BanColombia S.A. | | | 983 | |
| | 674,532 | | | | | BanColombia S.A. (Preference) | | | 4,433 | |
| | 212,445 | | | | | BancorpSouth Bank | | | 4,831 | |
| | 311,380 | | | *,g | | Bandhan Bank Ltd | | | 1,328 | |
| | 1,170,500 | | | | | Bangkok Bank PCL (Foreign) | | | 4,079 | |
| | 325,086 | | | | | Bank AlBilad | | | 1,925 | |
| | 1,088,600 | | | | | Bank Alfalah Ltd | | | 219 | |
| | 744,691 | | | | | Bank Al-Jazira | | | 2,249 | |
| | 5,453 | | | e | | Bank First Corp | | | 350 | |
| | 7,412 | | | * | | Bank Handlowy w Warszawie S.A. | | | 72 | |
| | 268,901 | | | | | Bank Hapoalim Ltd | | | 1,608 | |
| | 342,418 | | | | | Bank Leumi Le-Israel | | | 1,722 | |
| | 138,713 | | | * | | Bank Millennium S.A. | | | 107 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 14,928,805 | | | | | Bank of America Corp | | $ | 354,559 | |
| | 644,300 | | | | | Bank of Beijing Co Ltd | | | 447 | |
| | 89,480 | | | | | Bank of Chengdu Co Ltd | | | 101 | |
| | 1,430,100 | | | * | | Bank of China Ltd | | | 705 | |
| | 98,734,572 | | | * | | Bank of China Ltd (Hong Kong) | | | 36,575 | |
| | 14,096 | | | | | Bank of Commerce Holdings | | | 107 | |
| | 1,407,700 | | | | | Bank of Communications Co Ltd | | | 1,022 | |
| | 19,636,846 | | | * | | Bank of Communications Co Ltd (Hong Kong) | | | 12,159 | |
| | 1,284,383 | | | | | Bank of East Asia Ltd | | | 2,944 | |
| | 20,317 | | | | | Bank of Georgia Group plc | | | 271 | |
| | 243,900 | | | | | Bank of Hangzhou Co Ltd | | | 309 | |
| | 8,799 | | | | | Bank of Hawaii Corp | | | 540 | |
| | 33,387,095 | | | | | Bank of Ireland Group plc | | | 68,795 | |
| | 7,359 | | | | | Bank of Iwate Ltd | | | 178 | |
| | 465,400 | | | | | Bank of Jiangsu Co Ltd | | | 374 | |
| | 106,394 | | | | | Bank of Kaohsiung | | | 35 | |
| | 236,324 | | | | | Bank of Kyoto Ltd | | | 8,397 | |
| | 38,277 | | | | | Bank of Marin Bancorp | | | 1,276 | |
| | 547,955 | | | | | Bank of Montreal | | | 29,166 | |
| | 5,710 | | | | | Bank of Nagoya Ltd | | | 123 | |
| | 377,700 | | | | | Bank of Nanjing Co Ltd | | | 392 | |
| | 4,346,288 | | | | | Bank of New York Mellon Corp | | | 167,984 | |
| | 1,514,683 | | | | | Bank of Ningbo Co Ltd | | | 5,644 | |
| | 1,245,125 | | | e | | Bank of Nova Scotia | | | 51,526 | |
| | 311,692 | | | | | Bank of NT Butterfield & Son Ltd | | | 7,602 | |
| | 10,700 | | | | | Bank of Okinawa Ltd | | | 309 | |
| | 4,582 | | | | | Bank of Princeton | | | 92 | |
| | 244,440 | | | e | | Bank of Queensland Ltd | | | 1,050 | |
| | 571,468 | | | | | Bank of Shanghai Co Ltd | | | 672 | |
| | 739,846 | | | | | Bank of the Philippine Islands | | | 1,072 | |
| | 20,505 | | | | | Bank of the Ryukyus Ltd | | | 183 | |
| | 26,474 | | | | | Bank OZK | | | 621 | |
| | 149,904 | | | | | Bank Pekao S.A. | | | 2,054 | |
| | 86,670,357 | | | | | Bank Rakyat Indonesia | | | 18,499 | |
| | 28,907 | | | * | | Bank Zachodni WBK S.A. | | | 1,291 | |
| | 3,603 | | | | | Bank7 Corp | | | 39 | |
| | 36,202 | | | | | BankFinancial Corp | | | 304 | |
| | 2,728,505 | | | | | Bankia S.A. | | | 2,917 | |
| | 714,091 | | | | | Bankinter S.A. | | | 3,423 | |
| | 193,799 | | | | | BankUnited | | | 3,924 | |
| | 4,832 | | | | | Bankwell Financial Group, Inc | | | 77 | |
| | 76,787 | | | | | Banner Corp | | | 2,918 | |
| | 53,212 | | | | | Banque Cantonale Vaudoise | | | 5,182 | |
| | 802,601 | | | | | Banque Saudi Fransi | | | 6,132 | |
| | 47,397 | | | | | Bar Harbor Bankshares | | | 1,061 | |
| | 12,529,244 | | | | | Barclays plc | | | 17,676 | |
| | 1,435,443 | | | *,g | | BAWAG Group AG. | | | 49,669 | |
| | 11,439 | | | * | | Baycom Corp | | | 148 | |
| | 11,116 | | | | | BCB Bancorp, Inc | | | 103 | |
| | 473,831 | | | e | | Bendigo Bank Ltd | | | 2,314 | |
| | 221,309 | | | | | Berkshire Hills Bancorp, Inc | | | 2,439 | |
| | 120,500 | | | | | BIMB Holdings BHD | | | 96 | |
| | 969,356 | | | | | BNP Paribas S.A. | | | 38,730 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 4,424,816 | | | | | BOC Hong Kong Holdings Ltd | | $ | 14,168 | |
| | 5,139 | | | * | | Bogota Financial Corp | | | 45 | |
| | 6,176 | | | | | BOK Financial Corp | | | 349 | |
| | 76,010 | | | | | Boston Private Financial Holdings, Inc | | | 523 | |
| | 11,393 | | | | | BRE Bank S.A. | | | 666 | |
| | 20,076 | | | | | Bridge Bancorp, Inc | | | 459 | |
| | 57,845 | | | * | | Bridgewater Bancshares, Inc | | | 593 | |
| | 223,758 | | | | | Brookline Bancorp, Inc | | | 2,255 | |
| | 19,149 | | | | | Bryn Mawr Bank Corp | | | 530 | |
| | 247,813 | | | | | BS Financial Group, Inc | | | 1,041 | |
| | 5,344,822 | | | | | Bumiputra-Commerce Holdings BHD | | | 4,459 | |
| | 18,126 | | | | | Business First Bancshares, Inc | | | 278 | |
| | 22,083 | | | | | Byline Bancorp, Inc | | | 289 | |
| | 2,865 | | | | | C&F Financial Corp | | | 95 | |
| | 481,597 | | | | | Cadence BanCorp | | | 4,267 | |
| | 3,816,913 | | | | | CaixaBank S.A. | | | 8,165 | |
| | 6,635 | | | * | | California Bancorp, Inc | | | 99 | |
| | 7,672 | | | | | Cambridge Bancorp | | | 454 | |
| | 12,757 | | | | | Camden National Corp | | | 441 | |
| | 55,439 | | | | | Can Fin Homes Ltd | | | 248 | |
| | 517,918 | | | e | | Canadian Imperial Bank of Commerce | | | 34,617 | |
| | 190,936 | | | e | | Canadian Western Bank | | | 3,326 | |
| | 7,115 | | | * | | Capital Bancorp, Inc | | | 76 | |
| | 17,076 | | | | | Capital City Bank Group, Inc | | | 358 | |
| | 247,617 | | | | | Capitec Bank Holdings Ltd | | | 12,307 | |
| | 240,636 | | | | | Capitol Federal Financial | | | 2,649 | |
| | 12,574 | | | | | Capstar Financial Holdings, Inc | | | 151 | |
| | 30,229 | | | | | Carter Bank & Trust | | | 244 | |
| | 191,282 | | | | | Cathay General Bancorp | | | 5,031 | |
| | 4,307 | | | | | CB Financial Services, Inc | | | 94 | |
| | 24,195 | | | | | CBTX, Inc | | | 508 | |
| | 389,669 | | | | | Central Pacific Financial Corp | | | 6,246 | |
| | 9,019 | | | | | Central Valley Community Bancorp | | | 139 | |
| | 2,614 | | | | | Century Bancorp, Inc | | | 203 | |
| | 3,685,056 | | | | | Chang Hwa Commercial Bank | | | 2,425 | |
| | 2,742 | | | | | Chemung Financial Corp | | | 75 | |
| | 79,254 | | | | | Chiba Bank Ltd | | | 375 | |
| | 28,895,481 | | | | | China Citic Bank | | | 12,662 | |
| | 150,900 | | | | | China CITIC Bank Corp Ltd | | | 110 | |
| | 5,160,182 | | | | | China Construction Bank Corp | | | 4,614 | |
| | 123,931,159 | | | | | China Construction Bank Corp (Hong Kong) | | | 100,803 | |
| | 1,569,600 | | | | | China Everbright Bank Co Ltd | | | 796 | |
| | 6,976,685 | | | | | China Everbright Bank Co Ltd (Hong Kong) | | | 2,634 | |
| | 3,157,896 | | | | | China Merchants Bank Co Ltd | | | 14,634 | |
| | 5,173,432 | | | | | China Merchants Bank Co Ltd (Class A) | | | 24,768 | |
| | 1,495,400 | | | * | | China Minsheng Banking Corp Ltd | | | 1,201 | |
| | 3,605,719 | | | * | | China Minsheng Banking Corp Ltd (Hong Kong) | | | 2,482 | |
| | 11,536,422 | | | | | Chinatrust Financial Holding Co | | | 7,995 | |
| | 5,973 | | | | | ChoiceOne Financial Services, Inc | | | 177 | |
| | 1,686,084 | | | | | Chongqing Rural Commercial Bank | | | 667 | |
| | 82,400 | | | | | Chugoku Bank Ltd | | | 765 | |
| | 5,100 | | | | | Chukyo Bank Ltd | | | 102 | |
| | 228,193 | | | | | CIT Group, Inc | | | 4,730 | |
| | 6,082,085 | | | | | Citigroup, Inc | | | 310,795 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 11,109 | | | | | Citizens & Northern Corp | | $ | 229 | |
| | 2,529,500 | | | | | Citizens Financial Group, Inc | | | 63,845 | |
| | 4,084 | | | | | Citizens Holding Co | | | 102 | |
| | 16,917 | | | | | City Holding Co | | | 1,102 | |
| | 281,260 | | | | | City Union Bank Ltd | | | 452 | |
| | 38,785 | | | | | Civista Bancshares, Inc | | | 597 | |
| | 18,747 | | | | | CNB Financial Corp | | | 336 | |
| | 7,466 | | | * | | Coastal Financial Corp | | | 108 | |
| | 8,138 | | | | | Codorus Valley Bancorp, Inc | | | 113 | |
| | 1,033,955 | | | *,e | | Collector AB | | | 1,508 | |
| | 5,751 | | | | | Colony Bankcorp Inc | | | 68 | |
| | 64,208 | | | | | Columbia Banking System, Inc | | | 1,820 | |
| | 50,775 | | | * | | Columbia Financial, Inc | | | 709 | |
| | 42,461 | | | | | Comerica, Inc | | | 1,618 | |
| | 21,706 | | | | | Commerce Bancshares, Inc | | | 1,291 | |
| | 4,227,131 | | | | | Commercial Bank of Qatar QSC | | | 4,413 | |
| | 2,419,960 | | | | | Commercial International Bank | | | 9,683 | |
| | 1,086,886 | | | e | | Commerzbank AG. | | | 4,844 | |
| | 1,785,156 | | | | | Commonwealth Bank of Australia | | | 86,213 | |
| | 84,424 | | | | | Community Bank System, Inc | | | 4,814 | |
| | 12,140 | | | | | Community Bankers Trust Corp | | | 67 | |
| | 3,581 | | | | | Community Financial Corp | | | 87 | |
| | 13,838 | | | | | Community Trust Bancorp, Inc | | | 453 | |
| | 84,860 | | | | | Concordia Financial Group Ltd | | | 273 | |
| | 148,965 | | | | | ConnectOne Bancorp, Inc | | | 2,401 | |
| | 336,318,916 | | | | | Corpbanca S.A. | | | 909 | |
| | 4,348 | | | | | County Bancorp, Inc | | | 91 | |
| | 181,901 | | | | | Credicorp Ltd (NY) | | | 24,315 | |
| | 2,449,862 | | | | | Credit Agricole S.A. | | | 23,263 | |
| | 46,714 | | | * | | Credito Emiliano S.p.A. | | | 231 | |
| | 162,670 | | | * | | Credito Valtellinese S.p.A | | | 966 | |
| | 57,099 | | | *,e | | CrossFirst Bankshares, Inc | | | 558 | |
| | 12,207 | | | | | Cullen/Frost Bankers, Inc | | | 912 | |
| | 140,526 | | | * | | Customers Bancorp, Inc | | | 1,689 | |
| | 205,472 | | | | | CVB Financial Corp | | | 3,851 | |
| | 1,194,620 | | | * | | CYBG plc | | | 1,358 | |
| | 5,646,074 | | | *,† | | Cyprus Popular Bank Public Co Ltd | | | 63 | |
| | 247,627 | | | | | Dah Sing Banking Group Ltd | | | 227 | |
| | 71,908 | | | | | Dah Sing Financial Holdings Ltd | | | 202 | |
| | 18,286 | | | | | Daishi Hokuetsu Financial Group, Inc | | | 371 | |
| | 310,763 | | | | | Danske Bank AS | | | 4,154 | |
| | 1,739,246 | | | | | DBS Group Holdings Ltd | | | 26,170 | |
| | 8,587 | | | | | Delmar Bancorp | | | 56 | |
| | 145,966 | | | g | | Deutsche Pfandbriefbank AG. | | | 1,068 | |
| | 33,322 | | | * | | Development Credit Bank Ltd | | | 33 | |
| | 39,188 | | | | | DGB Financial Group Co Ltd | | | 169 | |
| | 44,565 | | | | | Dime Community Bancshares | | | 612 | |
| | 326,752 | | | | | DNB NOR Holding ASA | | | 4,361 | |
| | 344,417 | | | * | | Doha Bank QSC | | | 194 | |
| | 4,185,220 | | | | | Dubai Islamic Bank PJSC | | | 4,368 | |
| | 8,205,296 | | | | | E.Sun Financial Holding Co Ltd | | | 7,772 | |
| | 5,464 | | | | | Eagle Bancorp Montana, Inc | | | 95 | |
| | 43,439 | | | | | Eagle Bancorp, Inc | | | 1,423 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 120,218 | | | | | East West Bancorp, Inc | | $ | 4,357 | |
| | 14,975 | | | | | Ehime Bank Ltd | | | 162 | |
| | 1,119,030 | | | | | Emirates NBD Bank PJSC | | | 2,726 | |
| | 6,805 | | | | | Enterprise Bancorp, Inc | | | 162 | |
| | 67,494 | | | | | Enterprise Financial Services Corp | | | 2,100 | |
| | 13,463 | | | | | Equitable Group, Inc | | | 708 | |
| | 19,486 | | | * | | Equity Bancshares, Inc | | | 340 | |
| | 388,097 | | | * | | Erste Bank der Oesterreichischen Sparkassen AG. | | | 9,166 | |
| | 5,131 | | | * | | Esquire Financial Holdings, Inc | | | 87 | |
| | 6,855 | | | | | ESSA Bancorp, Inc | | | 95 | |
| | 389,114 | | | | | Essent Group Ltd | | | 14,113 | |
| | 578,659 | | | * | | Eurobank Ergasias S.A. | | | 268 | |
| | 4,198 | | | | | Evans Bancorp, Inc | | | 98 | |
| | 454,777 | | | | | Far Eastern International Bank | | | 172 | |
| | 7,683 | | | e | | Farmers & Merchants Bancorp, Inc | | | 163 | |
| | 31,858 | | | | | Farmers National Banc Corp | | | 378 | |
| | 16,492 | | | e | | FB Financial Corp | | | 409 | |
| | 13,759 | | | | | Federal Agricultural Mortgage Corp (FAMC) | | | 881 | |
| | 328,250 | | | | | Federal Bank Ltd | | | 222 | |
| | 41,277 | | | | | FIBI Holdings Ltd | | | 1,007 | |
| | 3,403 | | | e | | Fidelity D&D Bancorp, Inc | | | 164 | |
| | 2,823,422 | | | | | Fifth Third Bancorp | | | 54,436 | |
| | 31,512 | | | | | Financial Institutions, Inc | | | 586 | |
| | 1,058,933 | | | | | FinecoBank Banca Fineco S.p.A | | | 14,332 | |
| | 75,717 | | | | | First Bancorp (NC) | | | 1,899 | |
| | 593,560 | | | | | First Bancorp (Puerto Rico) | | | 3,318 | |
| | 10,178 | | | | | First Bancorp, Inc | | | 221 | |
| | 26,308 | | | | | First Bancshares, Inc | | | 592 | |
| | 11,725 | | | | | First Bank | | | 76 | |
| | 129,838 | | | | | First Busey Corp | | | 2,421 | |
| | 6,092 | | | | | First Business Financial Services, Inc | | | 100 | |
| | 2,897 | | | e | | First Capital Inc | | | 201 | |
| | 6,283 | | | | | First Choice Bancorp | | | 103 | |
| | 4,290 | | | | | First Citizens Bancshares, Inc (Class A) | | | 1,738 | |
| | 360,427 | | | | | First Commonwealth Financial Corp | | | 2,984 | |
| | 19,589 | | | | | First Community Bancshares, Inc | | | 440 | |
| | 6,222 | | | | | First Community Corp | | | 94 | |
| | 161,088 | | | | | First Financial Bancorp | | | 2,238 | |
| | 124,043 | | | | | First Financial Bankshares, Inc | | | 3,584 | |
| | 12,164 | | | | | First Financial Corp | | | 448 | |
| | 5,630,342 | | | | | First Financial Holding Co Ltd | | | 4,341 | |
| | 193,750 | | | | | First Foundation, Inc | | | 3,166 | |
| | 303 | | | e | | First Guaranty Bancshares, Inc | | | 4 | |
| | 324,398 | | | | | First Hawaiian, Inc | | | 5,593 | |
| | 62,520 | | | | | First Horizon National Corp | | | 623 | |
| | 197,303 | | | | | First International Bank Of Israel Ltd | | | 4,188 | |
| | 18,624 | | | | | First Internet Bancorp | | | 310 | |
| | 140,012 | | | | | First Interstate Bancsystem, Inc | | | 4,335 | |
| | 224,429 | | | | | First Merchants Corp | | | 6,188 | |
| | 13,223 | | | | | First Mid-Illinois Bancshares, Inc | | | 347 | |
| | 268,884 | | | | | First Midwest Bancorp, Inc | | | 3,590 | |
| | 20,578 | | | e | | First National Financial Corp | | | 428 | |
| | 7,378 | | | | | First Northwest Bancorp | | | 92 | |
| | 45,123 | | | | | First of Long Island Corp | | | 737 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 412,041 | | | | | First Republic Bank | | $ | 43,672 | |
| | 1,634 | | | | | First Savings Financial Group, Inc | | | 71 | |
| | 5,881 | | | * | | First United Corp | | | 78 | |
| | 5,482 | | | * | | First Western Financial, Inc | | | 78 | |
| | 195,211 | | | | | Flagstar Bancorp, Inc | | | 5,745 | |
| | 33,944 | | | | | Flushing Financial Corp | | | 391 | |
| | 68,698 | | | | | FNB Corp | | | 515 | |
| | 14,166 | | | | | FNCB Bancorp Inc | | | 81 | |
| | 44,066 | | | | | Franklin Financial Network, Inc | | | 1,135 | |
| | 3,132 | | | | | Franklin Financial Services Corp | | | 81 | |
| | 3,632 | | | | | FS Bancorp, Inc | | | 140 | |
| | 52,231 | | | | | Fukuoka Financial Group, Inc | | | 826 | |
| | 205,235 | | | | | Fulton Financial Corp | | | 2,161 | |
| | 8,475 | | | * | | FVCBankcorp, Inc | | | 91 | |
| | 44,430 | | | e | | Genworth MI Canada, Inc | | | 1,087 | |
| | 1,193,327 | | | | | Genworth Mortgage Insurance Australia Ltd | | | 1,716 | |
| | 22,083 | | | | | German American Bancorp, Inc | | | 687 | |
| | 211,994 | | | | | Glacier Bancorp, Inc | | | 7,481 | |
| | 14,353 | | | | | Great Southern Bancorp, Inc | | | 579 | |
| | 176,355 | | | | | Great Western Bancorp, Inc | | | 2,427 | |
| | 3,349 | | | | | Greene County Bancorp, Inc | | | 75 | |
| | 5,305,869 | | | *,e | | Grupo Financiero Banorte S.A. de C.V. | | | 18,403 | |
| | 24,300 | | | *,e | | Grupo Financiero Galicia S.A. (ADR) (Class B) | | | 236 | |
| | 1,772,665 | | | * | | Grupo Financiero Inbursa S.A. | | | 1,230 | |
| | 2,105,417 | | | | | Grupo Security S.A. | | | 377 | |
| | 13,200 | | | e | | Grupo Supervielle S.A. (ADR) | | | 29 | |
| | 7,491 | | | | | Guaranty Bancshares, Inc | | | 194 | |
| | 306,200 | | | | | Gunma Bank Ltd | | | 975 | |
| | 357,100 | | | | | Habib Bank Ltd | | | 206 | |
| | 201,800 | | | | | Hachijuni Bank Ltd | | | 768 | |
| | 683,977 | | | | | Hana Financial Group, Inc | | | 15,555 | |
| | 207,431 | | | | | Hancock Whitney Corp | | | 4,398 | |
| | 946,385 | | | | | Hang Seng Bank Ltd | | | 15,939 | |
| | 42,461 | | | | | Hanmi Financial Corp | | | 412 | |
| | 74,325 | | | * | | HarborOne Northeast Bancorp, Inc | | | 635 | |
| | 4,326 | | | | | Hawthorn Bancshares Inc | | | 85 | |
| | 16,596 | | | | | HBT Financial, Inc | | | 221 | |
| | 165,388 | | | | | HDFC Bank Ltd (ADR) | | | 7,519 | |
| | 96,926 | | | | | Heartland Financial USA, Inc | | | 3,241 | |
| | 297,444 | | | | | Heritage Commerce Corp | | | 2,232 | |
| | 33,071 | | | | | Heritage Financial Corp | | | 661 | |
| | 363,438 | | | | | Hilltop Holdings, Inc | | | 6,705 | |
| | 1,410 | | | | | Hingham Institution for Savings | | | 237 | |
| | 132,802 | | | | | Hiroshima Bank Ltd | | | 628 | |
| | 10,300 | | | | | Hokkoku Bank Ltd | | | 274 | |
| | 79,460 | | | | | Hokuhoku Financial Group, Inc | | | 660 | |
| | 7,151 | | | | | Home Bancorp, Inc | | | 191 | |
| | 169,178 | | | | | Home Bancshares, Inc | | | 2,602 | |
| | 57,605 | | | * | | Home Capital Group, Inc | | | 856 | |
| | 21,264 | | | | | HomeStreet, Inc | | | 523 | |
| | 56,421 | | | | | HomeTrust Bancshares, Inc | | | 903 | |
| | 477,620 | | | | | Hong Leong Bank BHD | | | 1,577 | |
| | 137,873 | | | | | Hong Leong Credit BHD | | | 424 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 147,739 | | | | | Hope Bancorp, Inc | | $ | 1,362 | |
| | 133,807 | | | | | Horizon Bancorp | | | 1,430 | |
| | 2,167,946 | | | | | Housing Development Finance Corp | | | 50,409 | |
| | 10,574 | | | * | | Howard Bancorp, Inc | | | 112 | |
| | 4,974,472 | | | | | HSBC Holdings plc | | | 23,119 | |
| | 4,360,157 | | | | | Hua Nan Financial Holdings Co Ltd | | | 2,968 | |
| | 352,100 | | | | | Huaxia Bank Co Ltd | | | 305 | |
| | 255,527 | | | | | Huntington Bancshares, Inc | | | 2,309 | |
| | 305,282 | | | | | Hyakugo Bank Ltd | | | 932 | |
| | 63,197 | | | | | Hyakujushi Bank Ltd | | | 1,142 | |
| | 118,192 | | | | | IBERIABANK Corp | | | 5,382 | |
| | 5,512,586 | | | | | ICICI Bank Ltd | | | 25,700 | |
| | 995,600 | | | | | ICICI Bank Ltd (ADR) | | | 9,249 | |
| | 484,788 | | | * | | IDFC Bank Ltd | | | 165 | |
| | 32,259 | | | * | | Illimity Bank S.p.A | | | 267 | |
| | 45,187 | | | | | Independent Bank Corp (MA) | | | 3,032 | |
| | 134,097 | | | | | Independent Bank Corp (MI) | | | 1,991 | |
| | 117,588 | | | | | Independent Bank Group, Inc | | | 4,765 | |
| | 26,334 | | | | | India Infoline Ltd | | | 26 | |
| | 1,885,600 | | | | | Industrial & Commercial Bank of China Ltd | | | 1,330 | |
| | 74,730,506 | | | | | Industrial & Commercial Bank of China Ltd (Hong Kong) | | | 45,180 | |
| | 781,471 | | | * | | Industrial Bank Co Ltd | | | 1,749 | |
| | 176,789 | | | | | Industrial Bank of Korea | | | 1,201 | |
| | 24,091,713 | | | | | ING Groep NV | | | 167,941 | |
| | 750,000 | | | * | | ING Groep NV (ADR) | | | 5,175 | |
| | 47,225 | | | | | International Bancshares Corp | | | 1,512 | |
| | 16,653,938 | | | | | Intesa Sanpaolo S.p.A. | | | 32,004 | |
| | 7,201 | | | | | Investar Holding Corp | | | 104 | |
| | 5,463,078 | | | | | Investimentos Itau S.A. - PR | | | 9,634 | |
| | 634,328 | | | | | Investors Bancorp, Inc | | | 5,392 | |
| | 627,647 | | | | | Israel Discount Bank Ltd | | | 1,914 | |
| | 469,700 | | | e | | Iyo Bank Ltd | | | 2,875 | |
| | 80,131 | | | | | Japan Post Bank Co Ltd | | | 596 | |
| | 476,886 | | | | | JB Financial Group Co Ltd | | | 1,891 | |
| | 135,000 | | | * | | Jiangsu Changshu Rural Commercial Bank Co Ltd | | | 144 | |
| | 10,594,362 | | | n | | JPMorgan Chase & Co | | | 996,506 | |
| | 91,961 | | | | | Juroku Bank Ltd | | | 1,676 | |
| | 31,354 | | | * | | Jyske Bank | | | 923 | |
| | 80,000 | | | | | Kansai Mirai Financial Group, Inc | | | 301 | |
| | 428,259 | | | | | Karur Vysya Bank Ltd | | | 192 | |
| | 1,346,034 | | | | | Kasikornbank PCL (Foreign) | | | 4,069 | |
| | 654,587 | | | | | KB Financial Group, Inc | | | 18,531 | |
| | 218,136 | | | | | KBC Groep NV | | | 12,532 | |
| | 95,832 | | | | | Kearny Financial Corp | | | 784 | |
| | 49,448 | | | | | Keiyo Bank Ltd | | | 239 | |
| | 249,667 | | | | | Keycorp | | | 3,041 | |
| | 48,932 | | | | | Kiatnakin Bank PCL (Foreign) | | | 64 | |
| | 1,011,000 | | | | | King's Town Bank | | | 1,234 | |
| | 33,419 | | | | | Kiyo Bank Ltd | | | 509 | |
| | 61,369 | | | | | Komercni Banka AS | | | 1,432 | |
| | 3,352,248 | | | | | Krung Thai Bank PCL (Foreign) | | | 1,121 | |
| | 195,600 | | | e | | Kyushu Financial Group, Inc | | | 828 | |
| | 231,943 | | | | | Lakeland Bancorp, Inc | | | 2,651 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 21,209 | | | | | Lakeland Financial Corp | | $ | 988 | |
| | 3,215 | | | | | Landmark Bancorp, Inc | | | 79 | |
| | 48,809 | | | e | | Laurentian Bank of Canada | | | 1,028 | |
| | 10,301 | | | | | LCNB Corp | | | 164 | |
| | 10,874 | | | *,e | | LendingTree, Inc | | | 3,148 | |
| | 3,834 | | | | | Level One Bancorp, Inc | | | 64 | |
| | 3,083,994 | | | * | | Liberbank S.A. | | | 512 | |
| | 212,873 | | | | | LIC Housing Finance Ltd | | | 749 | |
| | 6,574 | | | e | | Liechtensteinische Landesbank AG. | | | 404 | |
| | 4,428 | | | * | | Limestone Bancorp, Inc | | | 58 | |
| | 47,863 | | | e | | Live Oak Bancshares, Inc | | | 694 | |
| | 79,451,115 | | | | | Lloyds TSB Group plc | | | 30,649 | |
| | 19,257 | | | | | Luther Burbank Corp | | | 193 | |
| | 28,481 | | | | | M&T Bank Corp | | | 2,961 | |
| | 27,220 | | | | | Macatawa Bank Corp | | | 213 | |
| | 6,860 | | | | | Mackinac Financial Corp | | | 71 | |
| | 5,556 | | | * | | MainStreet Bancshares Inc | | | 73 | |
| | 3,161,705 | | | | | Malayan Banking BHD | | | 5,555 | |
| | 371,238 | | | * | | Malaysia Building Society | | | 54 | |
| | 4,271,187 | | | | | Masraf Al Rayan | | | 4,491 | |
| | 413,500 | | | | | MCB Bank Ltd | | | 401 | |
| | 2,217,054 | | | | | Mediobanca S.p.A. | | | 16,010 | |
| | 8,398,363 | | | | | Mega Financial Holding Co Ltd | | | 8,828 | |
| | 25,319 | | | | | Mercantile Bank Corp | | | 572 | |
| | 26,341 | | | | | Merchants Bancorp | | | 487 | |
| | 313,568 | | | | | Meridian Bancorp, Inc | | | 3,637 | |
| | 4,651 | | | * | | Meridian Corp | | | 74 | |
| | 116,307 | | | | | Meta Financial Group, Inc | | | 2,113 | |
| | 15,305 | | | e | | Metrocity Bankshares, Inc | | | 219 | |
| | 3,086,551 | | | | | Metropolitan Bank & Trust | | | 2,306 | |
| | 23,135 | | | * | | Metropolitan Bank Holding Corp | | | 742 | |
| | 775,651 | | | | | MGIC Investment Corp | | | 6,353 | |
| | 5,282 | | | | | Mid Penn Bancorp, Inc | | | 97 | |
| | 5,156 | | | | | Middlefield Banc Corp | | | 107 | |
| | 17,485 | | | | | Midland States Bancorp, Inc | | | 261 | |
| | 24,226 | | | | | MidWestOne Financial Group, Inc | | | 485 | |
| | 8,885,761 | | | | | Mitsubishi UFJ Financial Group, Inc | | | 34,970 | |
| | 6,900 | | | | | Miyazaki Bank Ltd | | | 153 | |
| | 36,583 | | | | | Mizrahi Tefahot Bank Ltd | | | 687 | |
| | 9,466,037 | | | | | Mizuho Financial Group, Inc | | | 11,644 | |
| | 3,640 | | | * | | MMA Capital Holdings Inc | | | 84 | |
| | 2,184,399 | | | g | | Moneta Money Bank AS | | | 4,947 | |
| | 207,815 | | | * | | Mr Cooper Group, Inc | | | 2,585 | |
| | 26,868 | | | | | Musashino Bank Ltd | | | 385 | |
| | 7,912 | | | | | MVB Financial Corp | | | 105 | |
| | 14,849 | | | | | Nanto Bank Ltd | | | 289 | |
| | 3,674,907 | | | | | National Australia Bank Ltd | | | 46,570 | |
| | 241,104 | | | | | National Bank Holdings Corp | | | 6,510 | |
| | 2,189,137 | | | | | National Bank of Abu Dhabi PJSC | | | 6,791 | |
| | 392,407 | | | e | | National Bank of Canada | | | 17,782 | |
| | 122,191 | | | * | | National Bank of Greece S.A. | | | 173 | |
| | 92,500 | | | * | | National Bank Of Pakistan | | | 15 | |
| | 5,307 | | | | | National Bankshares, Inc | | | 152 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 2,070,676 | | | | | National Commercial Bank | | $ | 20,650 | |
| | 122,677 | | | | | NBT Bancorp, Inc | | | 3,774 | |
| | 284,844 | | | | | Nedbank Group Ltd | | | 1,670 | |
| | 696,115 | | | | | New York Community Bancorp, Inc | | | 7,100 | |
| | 21,381 | | | g | | NIBC Holding NV | | | 167 | |
| | 14,428 | | | * | | Nicolet Bankshares, Inc | | | 791 | |
| | 403,710 | | | | | Nishi-Nippon Financial Holdings, Inc | | | 2,729 | |
| | 357,080 | | | * | | NMI Holdings, Inc | | | 5,742 | |
| | 2,720,389 | | | * | | Nordea Bank Abp | | | 18,867 | |
| | 132,097 | | | | | North Pacific Bank Ltd | | | 255 | |
| | 6,536 | | | | | Northeast Bank | | | 115 | |
| | 57,991 | | | | | Northfield Bancorp, Inc | | | 668 | |
| | 5,182 | | | | | Northrim BanCorp, Inc | | | 130 | |
| | 195,564 | | | | | Northwest Bancshares, Inc | | | 2,000 | |
| | 334,415 | | | | | Norwegian Finans Holding ASA | | | 2,308 | |
| | 3,527 | | | | | Norwood Financial Corp | | | 87 | |
| | 492,388 | | | * | | Nova Ljubljanska Banka dd (ADR) | | | 4,241 | |
| | 6,548 | | | e | | Oak Valley Bancorp | | | 83 | |
| | 218,000 | | | | | O-Bank Co Ltd | | | 53 | |
| | 153,485 | | | | | OceanFirst Financial Corp | | | 2,706 | |
| | 931 | | | | | Oconee Federal Financial Corp | | | 24 | |
| | 142,425 | | | e | | OFG Bancorp | | | 1,904 | |
| | 17,607 | | | | | Ogaki Kyoritsu Bank Ltd | | | 372 | |
| | 3,538 | | | | | Ohio Valley Banc Corp | | | 80 | |
| | 32,848 | | | | | Oita Bank Ltd | | | 727 | |
| | 290,025 | | | | | Old National Bancorp | | | 3,991 | |
| | 80,966 | | | | | Old Second Bancorp, Inc | | | 630 | |
| | 1,323,055 | | | | | OneSavings Bank plc | | | 4,349 | |
| | 4,100 | | | | | OP Bancorp | | | 28 | |
| | 24,756 | | | | | Origin Bancorp, Inc | | | 545 | |
| | 8,624 | | | | | Orrstown Financial Services, Inc | | | 127 | |
| | 299,477 | | | * | | OTP Bank | | | 10,528 | |
| | 4,778,076 | | | | | Oversea-Chinese Banking Corp | | | 31,142 | |
| | 121,660 | | | | | Pacific Premier Bancorp, Inc | | | 2,638 | |
| | 111,102 | | | | | PacWest Bancorp | | | 2,190 | |
| | 449,497 | | | | | Paragon Group of Cos plc | | | 1,953 | |
| | 23,565 | | | | | Park National Corp | | | 1,659 | |
| | 8,137 | | | | | Parke Bancorp, Inc | | | 110 | |
| | 10,545 | | | | | PCB Bancorp | | | 109 | |
| | 53,383 | | | | | PCSB Financial Corp | | | 677 | |
| | 6,039 | | | * | | PDL Community Bancorp | | | 61 | |
| | 77,403 | | | | | Peapack Gladstone Financial Corp | | | 1,450 | |
| | 6,206 | | | | | Penns Woods Bancorp, Inc | | | 141 | |
| | 124,600 | | | | | PennyMac Financial Services, Inc | | | 5,207 | |
| | 3,774 | | | | | Peoples Bancorp of North Carolina, Inc | | | 67 | |
| | 26,789 | | | | | Peoples Bancorp, Inc | | | 570 | |
| | 6,827 | | | | | Peoples Financial Services Corp | | | 261 | |
| | 129,692 | | | | | People's United Financial, Inc | | | 1,501 | |
| | 15,414 | | | | | People's Utah Bancorp | | | 346 | |
| | 5,418,458 | | | *,e | | Permanent TSB Group Holdings plc | | | 3,103 | |
| | 684,951 | | | | | Ping An Bank Co Ltd | | | 1,244 | |
| | 15,583 | | | | | Pinnacle Financial Partners, Inc | | | 654 | |
| | 10,694 | | | * | | Pioneer Bancorp, Inc | | | 98 | |
| | 61,706 | | | * | | Piraeus Bank S.A. | | | 110 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 4,010 | | | | | Plumas Bancorp | | $ | 89 | |
| | 11,710 | | | g | | PNB Housing Finance Ltd | | | 32 | |
| | 1,425,036 | | | | | PNC Financial Services Group, Inc | | | 149,928 | |
| | 190,498 | | | | | Popular, Inc | | | 7,081 | |
| | 19,425,000 | | | g | | Postal Savings Bank of China Co Ltd | | | 11,193 | |
| | 736,002 | | | | | Powszechna Kasa Oszczednosci Bank Polski S.A. | | | 4,286 | |
| | 12,643 | | | | | Preferred Bank | | | 542 | |
| | 10,316 | | | | | Premier Financial Bancorp, Inc | | | 132 | |
| | 148,796 | | | | | Premier Financial Corp | | | 2,629 | |
| | 1,694 | | | * | | Professional Holding Corp | | | 24 | |
| | 58,807 | | | | | Prosperity Bancshares, Inc | | | 3,492 | |
| | 5,204 | | | | | Provident Bancorp Inc | | | 41 | |
| | 4,274 | | | | | Provident Financial Holdings, Inc | | | 57 | |
| | 288,512 | | | | | Provident Financial Services, Inc | | | 4,169 | |
| | 4,724 | | | | | Prudential Bancorp, Inc | | | 57 | |
| | 12,967,474 | | | | | PT Bank Central Asia Tbk | | | 25,945 | |
| | 613,800 | | | | | PT Bank Jabar Banten Tbk | | | 33 | |
| | 14,405,705 | | | | | PT Bank Mandiri Persero Tbk | | | 5,002 | |
| | 5,556,919 | | | | | PT Bank Negara Indonesia | | | 1,795 | |
| | 716,400 | | | | | PT Bank Pembangunan Daerah Jawa Timur Tbk | | | 25 | |
| | 939,400 | | | | | PT Bank Tabungan Negara Tbk | | | 83 | |
| | 407,800 | | | | | PT Bank Tabungan Pensiunan Nasional Syariah Tbk | | | 91 | |
| | 2,322,489 | | | | | Public Bank BHD | | | 8,968 | |
| | 681,902 | | | | | Qatar International Islamic Bank QSC | | | 1,524 | |
| | 1,466,857 | | | | | Qatar Islamic Bank SAQ | | | 6,359 | |
| | 5,179,655 | | | | | Qatar National Bank | | | 24,835 | |
| | 52,323 | | | | | QCR Holdings, Inc | | | 1,631 | |
| | 259,300 | | | | | Qingdao Rural Commercial Bank Corp | | | 163 | |
| | 1,006,005 | | | | | Radian Group, Inc | | | 15,603 | |
| | 584,864 | | | *,e | | Raiffeisen International Bank Holding AG. | | | 10,453 | |
| | 13,573 | | | | | RBB Bancorp | | | 185 | |
| | 79,218 | | | g | | RBL Bank Ltd | | | 183 | |
| | 5,010 | | | | | Red River Bancshares Inc | | | 220 | |
| | 1,171,400 | | | *,e | | Regional SAB de C.V. | | | 3,152 | |
| | 250,121 | | | | | Regions Financial Corp | | | 2,781 | |
| | 28,968 | | | | | Reliant Bancorp Inc | | | 472 | |
| | 68,569 | | | | | Renasant Corp | | | 1,707 | |
| | 9,140 | | | | | Republic Bancorp, Inc (Class A) | | | 299 | |
| | 32,974 | | | * | | Republic First Bancorp, Inc | | | 80 | |
| | 1,238,758 | | | | | Resona Holdings, Inc | | | 4,239 | |
| | 1,280,639 | | | | | RHB Capital BHD | | | 1,435 | |
| | 10,685 | | | | | Richmond Mutual Bancorporation, Inc | | | 120 | |
| | 77,713 | | | | | Ringkjoebing Landbobank A.S. | | | 5,506 | |
| | 16,237 | | | | | Riverview Bancorp, Inc | | | 92 | |
| | 1,168,385 | | | | | Riyad Bank | | | 5,268 | |
| | 5,200 | | | *,† | | Roskilde Bank | | | 0 | |
| | 1,780,286 | | | | | Royal Bank of Canada | | | 120,788 | |
| | 6,718,794 | | | | | Royal Bank of Scotland Group plc | | | 10,087 | |
| | 61,894 | | | | | S&T Bancorp, Inc | | | 1,451 | |
| | 2,198 | | | | | Salisbury Bancorp, Inc | | | 90 | |
| | 773,485 | | | | | Samba Financial Group | | | 5,562 | |
| | 8,300 | | | | | San ju San Financial Group, Inc | | | 102 | |
| | 131,350 | | | | | Sandy Spring Bancorp, Inc | | | 3,255 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 76,864 | | | | | San-In Godo Bank Ltd | | $ | 388 | |
| | 608,993 | | | | | Saudi British Bank | | | 3,711 | |
| | 6,147 | | | | | SB Financial Group, Inc | | | 102 | |
| | 6,182 | | | | | SB One Bancorp | | | 122 | |
| | 5,171,596 | | | * | | Sberbank of Russia (ADR) | | | 58,646 | |
| | 46,333 | | | * | | Seacoast Banking Corp of Florida | | | 945 | |
| | 96,630 | | | | | Security Bank Corp | | | 201 | |
| | 8,095 | | | * | | Security National Financial Corp | | | 55 | |
| | 13,194 | | | * | | Select Bancorp, Inc | | | 107 | |
| | 106,780 | | | | | Senshu Ikeda Holdings, Inc | | | 159 | |
| | 41,835 | | | | | ServisFirst Bancshares, Inc | | | 1,496 | |
| | 451,617 | | | | | Seven Bank Ltd | | | 1,238 | |
| | 2,672,393 | | | | | Shanghai Commercial & Savings Bank Ltd | | | 4,145 | |
| | 1,104,800 | | | * | | Shanghai Pudong Development Bank Co Ltd | | | 1,656 | |
| | 44,200 | | | | | Shiga Bank Ltd | | | 984 | |
| | 15,478 | | | | | Shikoku Bank Ltd | | | 113 | |
| | 580,770 | | | | | Shinhan Financial Group Co Ltd | | | 14,035 | |
| | 132,758 | | | * | | Shinsei Bank Ltd | | | 1,606 | |
| | 37,246 | | | | | Shizuoka Bank Ltd | | | 240 | |
| | 10,626 | | | | | Shore Bancshares, Inc | | | 118 | |
| | 1,974,900 | | | | | Siam Commercial Bank PCL (ADR) | | | 4,655 | |
| | 935,897 | | | | | Siam Commercial Bank PCL (Foreign) | | | 2,227 | |
| | 25,664 | | | | | Sierra Bancorp | | | 485 | |
| | 87,908 | | | | | Signature Bank | | | 9,399 | |
| | 47,388 | | | * | | Silvergate Capital Corp | | | 663 | |
| | 271,764 | | | | | Simmons First National Corp (Class A) | | | 4,650 | |
| | 21,992,617 | | | | | SinoPac Financial Holdings Co Ltd | | | 8,129 | |
| | 382,870 | | | g | | Skandiabanken ASA | | | 2,507 | |
| | 3,044,351 | | | | | Skandinaviska Enskilda Banken AB (Class A) | | | 26,427 | |
| | 11,746 | | | | | SmartFinancial, Inc | | | 190 | |
| | 120,218 | | | | | Societe Generale | | | 2,010 | |
| | 18,856 | | | | | South Plains Financial Inc | | | 269 | |
| | 137,253 | | | | | South State Corp | | | 6,541 | |
| | 9,725 | | | * | | Southern First Bancshares, Inc | | | 269 | |
| | 8,280 | | | | | Southern Missouri Bancorp, Inc | | | 201 | |
| | 57,023 | | | | | Southern National Bancorp of Virginia, Inc | | | 553 | |
| | 42,447 | | | | | Southside Bancshares, Inc | | | 1,177 | |
| | 49,433 | | | | | Spar Nord Bank AS | | | 394 | |
| | 81,104 | | | | | Sparebank Oestlandet | | | 740 | |
| | 96,052 | | | | | SpareBank SR-Bank ASA | | | 703 | |
| | 127,182 | | | | | Sparebanken Midt-Norge | | | 1,040 | |
| | 406,176 | | | | | Sparebanken Nord-Norge | | | 2,636 | |
| | 14,983 | | | * | | Spirit of Texas Bancshares, Inc | | | 184 | |
| | 1,613 | | | e | | St Galler Kantonalbank | | | 722 | |
| | 3,346 | | | | | Standard AVB Financial Corp | | | 78 | |
| | 1,675,022 | | | | | Standard Bank Group Ltd | | | 10,111 | |
| | 3,881,516 | | | | | Standard Chartered plc | | | 21,041 | |
| | 1,544,522 | | | * | | State Bank of India | | | 3,659 | |
| | 38,652 | | | | | Sterling Bancorp | | | 453 | |
| | 12,473 | | | | | Sterling Bancorp, Inc | | | 45 | |
| | 52,876 | | | | | Stock Yards Bancorp, Inc | | | 2,126 | |
| | 4,249,185 | | | | | Sumitomo Mitsui Financial Group, Inc | | | 119,920 | |
| | 603,445 | | | | | Sumitomo Mitsui Trust Holdings, Inc | | | 17,005 | |
| | 8,635 | | | | | Summit Financial Group, Inc | | | 142 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 1,224,692 | | | e | | Suruga Bank Ltd | | $ | 4,305 | |
| | 15,138 | | | * | | SVB Financial Group | | | 3,263 | |
| | 704,936 | | | | | Svenska Handelsbanken AB | | | 6,694 | |
| | 118,620 | | | | | Swedbank AB (A Shares) | | | 1,523 | |
| | 33,396 | | | | | Sydbank AS | | | 620 | |
| | 30,649 | | | | | Synovus Financial Corp | | | 629 | |
| | 538,303 | | | | | Taichung Commercial Bank | | | 213 | |
| | 5,375,613 | | | | | Taishin Financial Holdings Co Ltd | | | 2,444 | |
| | 3,111,075 | | | | | Taiwan Business Bank | | | 1,144 | |
| | 6,849,573 | | | | | Taiwan Cooperative Financial Holding | | | 4,835 | |
| | 1,128,045 | | | | | TCF Financial Corp | | | 33,187 | |
| | 667,752 | | | | | TCS Group Holding plc (ADR) | | | 13,555 | |
| | 8,459 | | | | | Territorial Bancorp, Inc | | | 201 | |
| | 86,585 | | | * | | Texas Capital Bancshares, Inc | | | 2,673 | |
| | 6,228 | | | | | Texcell-NetCom Co Ltd | | | 32 | |
| | 171,947 | | | | | TFS Financial Corp | | | 2,461 | |
| | 2,511,900 | | | | | Thanachart Capital PCL | | | 2,908 | |
| | 328,580 | | | * | | The Bancorp, Inc | | | 3,220 | |
| | 128,186 | | | e | | Timbercreek Financial Corp | | | 811 | |
| | 4,890 | | | | | Timberland Bancorp, Inc | | | 89 | |
| | 24,804,654 | | | | | TMB Bank PCL (Foreign) | | | 848 | |
| | 90,643 | | | | | Toho Bank Ltd | | | 188 | |
| | 107,970 | | | | | Tokyo TY Financial Group, Inc | | | 1,106 | |
| | 70,064 | | | | | Tomony Holdings, Inc | | | 225 | |
| | 13,008 | | | | | Tompkins Financial Corp | | | 843 | |
| | 2,332,035 | | | | | Toronto-Dominion Bank | | | 104,079 | |
| | 14,800 | | | | | Towa Bank Ltd | | | 96 | |
| | 136,353 | | | | | Towne Bank | | | 2,569 | |
| | 34,923 | | | | | Trico Bancshares | | | 1,063 | |
| | 153,158 | | | * | | Tristate Capital Holdings, Inc | | | 2,406 | |
| | 20,800 | | | * | | Triumph Bancorp, Inc | | | 505 | |
| | 3,858,441 | | | | | Truist Financial Corp | | | 144,884 | |
| | 414,157 | | | | | Trustco Bank Corp NY | | | 2,622 | |
| | 104,404 | | | | | Trustmark Corp | | | 2,560 | |
| | 9,183,435 | | | * | | Turkiye Garanti Bankasi AS | | | 11,323 | |
| | 142,539 | | | * | | Turkiye Halk Bankasi AS | | | 133 | |
| | 1,305,245 | | | * | | Turkiye Is Bankasi (Series C) | | | 1,066 | |
| | 20,768,677 | | | * | | Turkiye Sinai Kalkinma Bankasi AS | | | 3,909 | |
| | 78,323 | | | | | UMB Financial Corp | | | 4,038 | |
| | 44,200 | | | | | Umpqua Holdings Corp | | | 470 | |
| | 417,807 | | | g | | Unicaja Banco S.A. | | | 214 | |
| | 5,781,595 | | | | | UniCredit S.p.A. | | | 53,360 | |
| | 317,230 | | | * | | Union Bank Of Taiwan | | | 120 | |
| | 917,500 | | | | | United Bank Ltd | | | 567 | |
| | 224,653 | | | | | United Bankshares, Inc | | | 6,214 | |
| | 306,006 | | | | | United Community Banks, Inc | | | 6,157 | |
| | 1,720,400 | | | | | United Overseas Bank Ltd | | | 25,138 | |
| | 10,134 | | | | | United Security Bancshares | | | 68 | |
| | 6,779 | | | | | Unity Bancorp, Inc | | | 97 | |
| | 128,475 | | | | | Univest Financial Corp | | | 2,074 | |
| | 4,602,593 | | | | | US Bancorp | | | 169,467 | |
| | 8,881 | | | | | Valiant Holding | | | 829 | |
| | 586,805 | | | | | Valley National Bancorp | | | 4,589 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 300,135 | | | | | Van Lanschot Kempen NV (ADR) | | $ | 4,349 | |
| | 78,750 | | | | | Veritex Holdings, Inc | | | 1,394 | |
| | 1,196,022 | | | * | | VTB Bank PJSC (GDR) Equiduct | | | 1,116 | |
| | 396,904 | | | * | | VTB Bank PJSC (GDR) Tradegate | | | 373 | |
| | 107,006 | | | | | Walker & Dunlop, Inc | | | 5,437 | |
| | 202,481 | | | | | Washington Federal, Inc | | | 5,435 | |
| | 52,074 | | | | | Washington Trust Bancorp, Inc | | | 1,705 | |
| | 41,012 | | | | | Waterstone Financial, Inc | | | 608 | |
| | 19,171 | | | | | Webster Financial Corp | | | 548 | |
| | 4,409,888 | | | | | Wells Fargo & Co | | | 112,893 | |
| | 108,215 | | | | | WesBanco, Inc | | | 2,198 | |
| | 21,906 | | | | | West Bancorporation, Inc | | | 383 | |
| | 46,982 | | | | | Westamerica Bancorporation | | | 2,698 | |
| | 20,339 | | | | | Western Alliance Bancorp | | | 770 | |
| | 18,503 | | | | | Western New England Bancorp, Inc | | | 107 | |
| | 3,482,452 | | | | | Westpac Banking Corp | | | 43,647 | |
| | 12,438 | | | | | Wintrust Financial Corp | | | 543 | |
| | 326,055 | | | | | Woori Financial Group, Inc | | | 2,403 | |
| | 172,833 | | | | | WSFS Financial Corp | | | 4,960 | |
| | 12,000 | | | | | Yamagata Bank Ltd | | | 148 | |
| | 307,199 | | | | | Yamaguchi Financial Group, Inc | | | 1,888 | |
| | 80,058 | | | | | Yamanashi Chuo Bank Ltd | | | 634 | |
| | 2,064,787 | | | * | | Yapi ve Kredi Bankasi | | | 737 | |
| | 298,569 | | | * | | Yes Bank Ltd | | | 103 | |
| | 144,098 | | | | | Zions Bancorporation | | | 4,899 | |
| | | | | | | TOTAL BANKS | | | 5,971,266 | |
| | | | | | | | | | | |
| CAPITAL GOODS - 6.4% | | | | |
| | 578,926 | | | | | 3M Co | | | 90,307 | |
| | 219,270 | | | | | A.O. Smith Corp | | | 10,332 | |
| | 144,573 | | | | | Aalberts Industries NV | | | 4,741 | |
| | 4,851,517 | | | | | Aamal Co | | | 991 | |
| | 36,461 | | | e | | Aaon, Inc | | | 1,979 | |
| | 130,810 | | | | | AAR Corp | | | 2,704 | |
| | 1,403,666 | | | | | ABB Ltd | | | 31,839 | |
| | 1,537,306 | | | | | Aboitiz Equity Ventures, Inc | | | 1,406 | |
| | 2,085,000 | | | | | AcBel Polytech, Inc | | | 1,399 | |
| | 296,582 | | | | | ACS Actividades de Construccion y Servicios S.A. | | | 7,622 | |
| | 8,666 | | | | | Acuity Brands, Inc | | | 830 | |
| | 741,700 | | | | | Adani Enterprises Ltd | | | 1,554 | |
| | 19,460 | | | e | | Adapteo Oyj | | | 166 | |
| | 106,904 | | | * | | AddTech AB | | | 4,324 | |
| | 12,900 | | | | | Advan Co Ltd | | | 161 | |
| | 284,532 | | | | | Advanced Drainage Systems, Inc | | | 14,056 | |
| | 50,421 | | | | | AECC Aero-Engine Control Co Ltd | | | 98 | |
| | 107,500 | | | * | | AECC Aviation Power Co Ltd | | | 359 | |
| | 327,486 | | | * | | Aecom Technology Corp | | | 12,307 | |
| | 206,763 | | | | | Aecon Group, Inc | | | 2,248 | |
| | 40,144 | | | * | | Aegion Corp | | | 637 | |
| | 124,133 | | | * | | AerCap Holdings NV | | | 3,823 | |
| | 70,067 | | | * | | Aerojet Rocketdyne Holdings, Inc | | | 2,777 | |
| | 46,399 | | | * | | Aerovironment, Inc | | | 3,695 | |
| | 31,170 | | | | | AFG Arbonia-Forster Hldg | | | 323 | |
| | 21,389 | | | e | | AG Growth International Inc | | | 430 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 1,127,200 | | | | | AGCO Corp | | $ | 62,515 | |
| | 46,393 | | | | | AIA Engineering Ltd | | | 985 | |
| | 27,352 | | | | | Aica Kogyo Co Ltd | | | 899 | |
| | 16,100 | | | | | Aichi Corp | | | 111 | |
| | 27,241 | | | | | Aida Engineering Ltd | | | 184 | |
| | 185,232 | | | | | Air Lease Corp | | | 5,425 | |
| | 890,638 | | | | | Airbus SE | | | 63,818 | |
| | 99,579 | | | | | Airtac International Group | | | 1,759 | |
| | 10,819 | | | | | Alamo Group, Inc | | | 1,110 | |
| | 59,699 | | | | | Albany International Corp (Class A) | | | 3,505 | |
| | 864,382 | | | | | Alfa Laval AB | | | 19,068 | |
| | 5,181,614 | | | e | | Alfa S.A. de C.V. (Class A) | | | 2,919 | |
| | 6,957 | | | *,g | | Alfen Beheer BV | | | 281 | |
| | 21,244 | | | g | | Alimak Group AB | | | 230 | |
| | 219,857 | | | | | Allegion plc | | | 22,474 | |
| | 19,432,218 | | | * | | Alliance Global Group, Inc | | | 2,664 | |
| | 353,346 | | | | | Allied Electronics Corp Ltd | | | 412 | |
| | 13,460 | | | | | Allied Motion Technologies, Inc | | | 475 | |
| | 481,534 | | | | | Allison Transmission Holdings, Inc | | | 17,711 | |
| | 10,689 | | | * | | Alpha Pro Tech Ltd | | | 189 | |
| | 3,363 | | | | | Alstom Projects India Ltd | | | 20 | |
| | 39,069 | | | | | Alstom RGPT | | | 1,821 | |
| | 14,879 | | | * | | Alta Equipment Group, Inc | | | 116 | |
| | 129,989 | | | | | Altra Industrial Motion Corp | | | 4,141 | |
| | 358,232 | | | | | Amada Co Ltd | | | 2,933 | |
| | 5,037 | | | | | Amara Raja Batteries Ltd | | | 43 | |
| | 21,444 | | | * | | Ameresco, Inc | | | 596 | |
| | 21,318 | | | *,e | | American Superconductor Corp | | | 173 | |
| | 33,473 | | | * | | American Woodmark Corp | | | 2,532 | |
| | 160,957 | | | | | Ametek, Inc | | | 14,385 | |
| | 50,883 | | | *,e | | Andritz AG. | | | 1,855 | |
| | 14,287 | | | | | Anest Iwata Corp | | | 111 | |
| | 35,937 | | | | | Apogee Enterprises, Inc | | | 828 | |
| | 125,350 | | | | | Applied Industrial Technologies, Inc | | | 7,821 | |
| | 22,116 | | | * | | Aprogen KIC, Inc | | | 54 | |
| | 154,295 | | | e | | Arcadis NV | | | 2,797 | |
| | 65,833 | | | | | Arcosa, Inc | | | 2,778 | |
| | 25,532 | | | | | Argan, Inc | | | 1,210 | |
| | 116,655 | | | | | Armstrong World Industries, Inc | | | 9,094 | |
| | 25,400 | | | | | Asahi Diamond Industrial Co Ltd | | | 116 | |
| | 227,138 | | | | | Asahi Glass Co Ltd | | | 6,512 | |
| | 304,280 | | | | | Aselsan Elektronik Sanayi Ve Ticaret AS | | | 1,436 | |
| | 1,677,480 | | | | | Ashok Leyland Ltd | | | 1,045 | |
| | 1,427,320 | | | | | Ashtead Group plc | | | 48,148 | |
| | 69,144 | | | | | Ashtrom Group Ltd | | | 734 | |
| | 1,103,285 | | | | | Assa Abloy AB | | | 22,581 | |
| | 19,236 | | | | | Astec Industries, Inc | | | 891 | |
| | 52,518 | | | | | Astral Polytechnik Ltd | | | 666 | |
| | 77,007 | | | * | | Astronics Corp | | | 813 | |
| | 307,337 | | | * | | Atkore International Group, Inc | | | 8,406 | |
| | 531,631 | | | e | | Atlas Copco AB (A Shares) | | | 22,640 | |
| | 240,514 | | | | | Atlas Copco AB (B Shares) | | | 8,937 | |
| | 84,529 | | | * | | ATS Automation Tooling Systems, Inc | | | 1,190 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 1,735,137 | | | | | Austal Ltd | | $ | 3,911 | |
| | 104,600 | | | | | AVIC Aircraft Co Ltd | | | 264 | |
| | 135,900 | | | * | | AVIC Electromechanical Systems Co Ltd | | | 152 | |
| | 45,600 | | | | | AVIC Shenyang Aircraft Co Ltd | | | 212 | |
| | 1,628,719 | | | | | AviChina Industry & Technology Co | | | 743 | |
| | 26,700 | | | * | | AVICOPTER plc | | | 156 | |
| | 39,105 | | | * | | Axon Enterprise, Inc | | | 3,837 | |
| | 216,204 | | | | | Ayala Corp | | | 3,394 | |
| | 287,889 | | | | | AZZ, Inc | | | 9,880 | |
| | 39,936 | | | e | | Badger Daylighting Ltd | | | 874 | |
| | 4,909,521 | | | | | BAE Systems plc | | | 29,356 | |
| | 1,771,361 | | | | | Balfour Beatty plc | | | 5,703 | |
| | 186,552 | | | *,e | | Ballard Power Systems, Inc | | | 2,871 | |
| | 16,400 | | | | | Bando Chemical Industries Ltd | | | 100 | |
| | 357,642 | | | | | Barloworld Ltd | | | 1,426 | |
| | 97,278 | | | | | Barnes Group, Inc | | | 3,848 | |
| | 8,355 | | | | | BayWa AG. | | | 270 | |
| | 76,945 | | | * | | Beacon Roofing Supply, Inc | | | 2,029 | |
| | 103,792 | | | e | | Beijer Ref AB | | | 3,148 | |
| | 65,691 | | | | | Beijing New Building Materials plc | | | 199 | |
| | 1,002 | | | | | Belimo Holding AG. | | | 7,416 | |
| | 300,000 | | | | | BES Engineering Corp | | | 72 | |
| | 6,263 | | | | | BGF Co Ltd | | | 22 | |
| | 1,433,552 | | | | | Bharat Electronics Ltd | | | 1,687 | |
| | 185,798 | | | | | Bharat Heavy Electricals | | | 88 | |
| | 226,342 | | | | | Bidvest Group Ltd | | | 1,857 | |
| | 39,321 | | | *,e | | Biesse S.p.A. | | | 499 | |
| | 156,570 | | | | | Bizlink Holdings Inc | | | 1,123 | |
| | 382,908 | | | *,e | | Bloom Energy Corp | | | 4,166 | |
| | 33,764 | | | * | | Blue Bird Corp | | | 506 | |
| | 5,651 | | | | | Blue Star Ltd | | | 38 | |
| | 409,176 | | | * | | BMC Stock Holdings, Inc | | | 10,287 | |
| | 4,260 | | | e | | Bobst Group AG. | | | 252 | |
| | 202,700 | | | g | | BOC Aviation Ltd | | | 1,305 | |
| | 559,336 | | | | | Bodycote plc | | | 4,337 | |
| | 1,075,231 | | | | | Boeing Co | | | 197,090 | |
| | 2,436,492 | | | *,e | | Bombardier, Inc | | | 754 | |
| | 29,077 | | | e | | Bonheur ASA | | | 715 | |
| | 43,135 | | | e | | Boskalis Westminster | | | 852 | |
| | 3,053 | | | e | | Bossard Holding AG. | | | 468 | |
| | 298,656 | | | | | Bouygues S.A. | | | 10,230 | |
| | 49,032 | | | | | Brenntag AG. | | | 2,600 | |
| | 93,000 | | | | | Brighton-Best International Taiwan, Inc | | | 85 | |
| | 13,868 | | | | | Bucher Industries AG. | | | 4,006 | |
| | 19,659 | | | | | Budimex S.A. | | | 1,065 | |
| | 14,759 | | | | | Bufab AB | | | 156 | |
| | 435,760 | | | * | | Builders FirstSource, Inc | | | 9,020 | |
| | 141,100 | | | | | Bunka Shutter Co Ltd | | | 977 | |
| | 506,873 | | | | | Bunzl plc | | | 13,596 | |
| | 5,138 | | | | | Burckhardt Compression Holding AG. | | | 1,259 | |
| | 2,116 | | | e | | Burkhalter Holding AG. | | | 136 | |
| | 129,935 | | | | | BWX Technologies, Inc | | | 7,360 | |
| | 263,137 | | | | | CAE, Inc | | | 4,268 | |
| | 112,347 | | | e | | Caesarstone Sdot-Yam Ltd | | | 1,331 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 27,003 | | | * | | CAI International, Inc | | $ | 450 | |
| | 17,086 | | | | | Carbone Lorraine | | | 410 | |
| | 9,595 | | | | | Carborundum Universal Ltd | | | 36 | |
| | 53,671 | | | | | Cargotec Corp (B Shares) | | | 1,253 | |
| | 110,494 | | | | | Carlisle Cos, Inc | | | 13,223 | |
| | 2,004,643 | | | | | Carrier Global Corp | | | 44,543 | |
| | 915,216 | | | | | Caterpillar, Inc | | | 115,775 | |
| | 18,700 | | | | | Central Glass Co Ltd | | | 318 | |
| | 983 | | | | | Cera Sanitaryware Ltd | | | 29 | |
| | 43,922 | | | * | | Ceres Power Holdings plc | | | 296 | |
| | 1,137,225 | | | | | CH Karnchang PCL | | | 741 | |
| | 952,400 | | | *,e | | Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd | | | 737 | |
| | 66,517 | | | * | | Chart Industries, Inc | | | 3,225 | |
| | 65,824 | | | | | Cheil Industries, Inc | | | 6,403 | |
| | 629,844 | | | | | Chicony Power Technology Co Ltd | | | 1,444 | |
| | 129,600 | | | * | | China Aerospace Times Electronics Co Ltd | | | 119 | |
| | 965,500 | | | | | China Aircraft Leasing Group Holdings Ltd | | | 787 | |
| | 47,183 | | | | | China Avionics Systems Co Ltd | | | 89 | |
| | 257,300 | | | | | China Communications Construction Co Ltd | | | 268 | |
| | 2,725,492 | | | | | China Communications Construction Co Ltd (Hong Kong) | | | 1,546 | |
| | 1,515,671 | | | e | | China Communications Services Corp Ltd | | | 950 | |
| | 986,500 | | | | | China Conch Venture Holdings Ltd | | | 4,187 | |
| | 74,175 | | | | | China Fangda Group Co Ltd | | | 28 | |
| | 108,700 | | | | | China Gezhouba Group Co Ltd | | | 92 | |
| | 97,000 | | | | | China High Speed Transmission Equipment Group Co Ltd | | | 56 | |
| | 916,000 | | | | | China Lesso Group Holdings Ltd | | | 1,202 | |
| | 193,000 | | | * | | China Machinery Engineering Corp | | | 51 | |
| | 14,600 | | | | | China Meheco Co Ltd | | | 29 | |
| | 206,700 | | | * | | China National Chemical Engineering Co Ltd | | | 161 | |
| | 1,224,743 | | | | | China Railway Construction Corp | | | 970 | |
| | 553,000 | | | | | China Railway Construction Corp Ltd | | | 658 | |
| | 1,045,300 | | | | | China Railway Group Ltd | | | 745 | |
| | 6,647,027 | | | | | China Railway Group Ltd (Hong Kong) | | | 3,431 | |
| | 1,257,200 | | | | | China Shipbuilding Industry Co Ltd | | | 714 | |
| | 36,500 | | | * | | China Spacesat Co Ltd | | | 160 | |
| | 2,066,006 | | | | | China State Construction Engineering Corp Ltd | | | 1,398 | |
| | 1,162,685 | | | | | China State Construction International Holdings Ltd | | | 683 | |
| | 86,728 | | | | | China Yuchai International Ltd | | | 1,247 | |
| | 1,063,108 | | | *,e | | Chiyoda Corp | | | 2,806 | |
| | 4,600 | | | | | Chiyoda Integre Co Ltd | | | 71 | |
| | 5,760 | | | | | Chori Co Ltd | | | 99 | |
| | 16,500 | | | | | Chudenko Corp | | | 355 | |
| | 37,000 | | | g | | CIMC Vehicles Group Co Ltd | | | 26 | |
| | 252,972 | | | | | CIMIC Group Ltd | | | 4,251 | |
| | 34,598 | | | * | | CIRCOR International, Inc | | | 882 | |
| | 3,800,796 | | | | | Citic Pacific Ltd | | | 3,589 | |
| | 689,000 | | | * | | Citic Resources Holdings Ltd | | | 22 | |
| | 35,337 | | | | | CJ Corp | | | 2,553 | |
| | 3,718,819 | | | | | CK Hutchison Holdings Ltd | | | 24,082 | |
| | 25,093 | | | | | CKD Corp | | | 447 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 133,927 | | | | | CNH Industrial NV | | $ | 941 | |
| | 2,858,224 | | | | | CNH Industrial NV (NYSE) | | | 20,093 | |
| | 8,337 | | | g | | Cochin Shipyard Ltd | | | 33 | |
| | 2,457,377 | | | | | Cofide S.p.A. | | | 1,149 | |
| | 217,693 | | | * | | Colfax Corp | | | 6,074 | |
| | 75,259 | | | | | Columbus McKinnon Corp | | | 2,517 | |
| | 234,936 | | | | | Comfort Systems USA, Inc | | | 9,574 | |
| | 3,160,195 | | | | | Compagnie de Saint-Gobain | | | 114,023 | |
| | 4,360 | | | *,e | | Compagnie d'Entreprises CFE | | | 299 | |
| | 159,847 | | | | | COMSYS Holdings Corp | | | 4,740 | |
| | 20,895 | | | *,e | | Concrete Pumping Holdings Inc | | | 73 | |
| | 43,708 | | | | | Construcciones y Auxiliar de Ferrocarriles S.A. | | | 1,590 | |
| | 28,722 | | | *,e | | Construction Partners Inc | | | 510 | |
| | 114,600 | | | | | Contemporary Amperex Technology Co Ltd | | | 2,856 | |
| | 74,450 | | | | | Continental Engineering Corp | | | 33 | |
| | 2,921 | | | | | Conzzeta AG. | | | 2,619 | |
| | 65,684 | | | * | | Cornerstone Building Brands, Inc | | | 398 | |
| | 12,395 | | | | | Cosel Co Ltd | | | 108 | |
| | 9,755 | | | | | Crane Co | | | 580 | |
| | 3,035,221 | | | | | CRRC Corp Ltd | | | 1,289 | |
| | 1,084,800 | | | | | CRRC Corp Ltd (Class A) | | | 857 | |
| | 1,440 | | | | | CS Wind Corp | | | 51 | |
| | 43,746 | | | * | | CSBC Corp Taiwan | | | 35 | |
| | 47,479 | | | | | CSW Industrials, Inc | | | 3,281 | |
| | 580,000 | | | | | CTCI Corp | | | 769 | |
| | 27,797 | | | | | Cubic Corp | | | 1,335 | |
| | 14,834 | | | * | | Cummins India Ltd | | | 77 | |
| | 33,554 | | | | | Cummins, Inc | | | 5,814 | |
| | 88,756 | | | | | Curtiss-Wright Corp | | | 7,924 | |
| | 93,441 | | | | | Daelim Industrial Co | | | 6,428 | |
| | 20,612 | | | | | Daetwyler Holding AG. | | | 4,041 | |
| | 118,235 | | | * | | Daewoo Engineering & Construction Co Ltd | | | 339 | |
| | 44,638 | | | | | Daewoo International Corp | | | 521 | |
| | 23,759 | | | * | | Daewoo Shipbuilding & Marine Engineering Co Ltd | | | 541 | |
| | 36,100 | | | e | | Dai-Dan Co Ltd | | | 945 | |
| | 55,113 | | | | | Daifuku Co Ltd | | | 4,830 | |
| | 54,628 | | | | | Daihen Corp | | | 1,955 | |
| | 57,471 | | | | | Daiho Corp | | | 1,297 | |
| | 31,120 | | | | | Daiichi Jitsugyo Co Ltd | | | 1,056 | |
| | 208,240 | | | | | Daikin Industries Ltd | | | 33,693 | |
| | 16,000 | | | | | Daiwa Industries Ltd | | | 135 | |
| | 6,274 | | | e | | Danieli & Co S.p.A. | | | 80 | |
| | 154,555 | | | | | Danieli & Co S.p.A. (RSP) | | | 1,267 | |
| | 2,518 | | | | | Dassault Aviation S.A. | | | 2,310 | |
| | 91,614 | | | | | DCC plc | | | 7,645 | |
| | 797,270 | | | | | Deere & Co | | | 125,291 | |
| | 21,400 | | | | | Denyo Co Ltd | | | 380 | |
| | 63,079 | | | | | Deutz AG. | | | 297 | |
| | 62,937 | | | g | | Dilip Buildcon Ltd | | | 228 | |
| | 235,674 | | | | | Diploma plc | | | 5,239 | |
| | 881,000 | | | | | DMCI Holdings, Inc | | | 73 | |
| | 5,702,049 | | | | | Dogan Sirketler Grubu Holdings | | | 1,747 | |
| | 24,847 | | | | | Donaldson Co, Inc | | | 1,156 | |
| | 124,100 | | | | | Dongfang Electric Corp Ltd | | | 156 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 40,759 | | | | | Doosan Bobcat, Inc | | $ | 907 | |
| | 1,300 | | | * | | Doosan Corp | | | 42 | |
| | 4,950 | | | * | | Doosan Fuel Cell Co Ltd | | | 134 | |
| | 168,392 | | | * | | Doosan Heavy Industries and Construction Co Ltd | | | 686 | |
| | 107,653 | | | * | | Doosan Infracore Co Ltd | | | 657 | |
| | 20,141 | | | | | Douglas Dynamics, Inc | | | 707 | |
| | 674,703 | | | | | Dover Corp | | | 65,149 | |
| | 392,953 | | | *,† | | Drake & Scull International PJSC | | | 1 | |
| | 1,678,000 | | | *,e | | Drone Delivery Canada Corp | | | 1,088 | |
| | 356,000 | | | *,e | | DTXS Silk Road Investment Holdings Co Ltd | | | 216 | |
| | 3,033,580 | | | | | Dubai Investments PJSC | | | 969 | |
| | 18,834 | | | * | | Ducommun, Inc | | | 657 | |
| | 27,868 | | | | | Duerr AG. | | | 727 | |
| | 63,845 | | | * | | DXP Enterprises, Inc | | | 1,271 | |
| | 26,870 | | | * | | Dycom Industries, Inc | | | 1,099 | |
| | 711,000 | | | | | Dynasty Ceramic PCL | | | 46 | |
| | 4,822 | | | | | Eastern Co | | | 86 | |
| | 1,874,596 | | | | | Eaton Corp | | | 163,990 | |
| | 189,061 | | | | | Ebara Corp | | | 4,461 | |
| | 2,057 | | | | | Ecopro BM Co Ltd | | | 209 | |
| | 81,563 | | | | | Eiffage S.A. | | | 7,477 | |
| | 300,700 | | | | | Ekovest BHD | | | 36 | |
| | 22,754 | | | | | Elbit Systems Ltd | | | 3,127 | |
| | 38,246 | | | | | Elco Holdings Ltd | | | 1,265 | |
| | 2,015 | | | | | Electra Israel Ltd | | | 859 | |
| | 617,959 | | | | | ElSwedy Cables Holding Co | | | 255 | |
| | 272,566 | | | | | EMCOR Group, Inc | | | 18,028 | |
| | 1,152,633 | | | *,e | | Emeco Holdings Ltd | | | 802 | |
| | 132,680 | | | | | Emerson Electric Co | | | 8,230 | |
| | 4,463,800 | | | * | | Empresa Brasileira de Aeronautica S.A. | | | 6,641 | |
| | 47,808 | | | | | Encore Wire Corp | | | 2,334 | |
| | 31,081 | | | *,e | | Energy Recovery, Inc | | | 236 | |
| | 77,015 | | | | | Enerpac Tool Group Corp | | | 1,355 | |
| | 44,873 | | | | | EnerSys | | | 2,889 | |
| | 35,551 | | | | | Engineers India Ltd | | | 36 | |
| | 70,613 | | | | | EnPro Industries, Inc | | | 3,481 | |
| | 156,000 | | | e | | Enric Energy Equipment Holdings Ltd | | | 62 | |
| | 51,057 | | | e | | Epiroc AB | | | 627 | |
| | 505,788 | | | | | Epiroc AB (Class A) | | | 6,338 | |
| | 45,715 | | | | | ESCO Technologies, Inc | | | 3,864 | |
| | 189,391 | | | | | Escorts Ltd | | | 2,610 | |
| | 66,530 | | | | | Eve Energy Co Ltd | | | 452 | |
| | 4,347 | | | *,e | | EVI Industries, Inc | | | 94 | |
| | 487,445 | | | * | | Evoqua Water Technologies Corp | | | 9,066 | |
| | 10,596 | | | e | | FACC AG. | | | 77 | |
| | 396,461 | | | | | Famur S.A. | | | 222 | |
| | 276,410 | | | * | | Fangda Carbon New Material Co Ltd | | | 247 | |
| | 99,799 | | | | | Fanuc Ltd | | | 17,891 | |
| | 2,564,680 | | | | | Far Eastern Textile Co Ltd | | | 2,436 | |
| | 832,292 | | | | | Fastenal Co | | | 35,655 | |
| | 272,099 | | | | | Federal Signal Corp | | | 8,090 | |
| | 13,378 | | | * | | Feelux Co Ltd | | | 50 | |
| | 99,899 | | | | | Ferguson plc | | | 8,168 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 447,815 | | | | | Ferrovial S.A. | | $ | 11,970 | |
| | 264,695 | | | *,e | | Fincantieri S.p.A | | | 183 | |
| | 435,047 | | | | | Finmeccanica S.p.A. | | | 2,900 | |
| | 248,531 | | | e | | Finning International, Inc | | | 3,389 | |
| | 14,295 | | | | | Finolex Cables Ltd | | | 54 | |
| | 91,762 | | | | | Flowserve Corp | | | 2,617 | |
| | 170,163 | | | e | | FLSmidth & Co AS | | | 4,950 | |
| | 25,392 | | | * | | Fluidra S.A. | | | 337 | |
| | 220,894 | | | | | Fluor Corp | | | 2,668 | |
| | 3,029 | | | * | | Fomento de Construcciones y Contratas S.A. | | | 29 | |
| | 64,274 | | | * | | Fomento de Construcciones y Contratas S.A. | | | 608 | |
| | 1,302,659 | | | | | Fortive Corp | | | 88,138 | |
| | 184,023 | | | | | Fortune Brands Home & Security, Inc | | | 11,765 | |
| | 2,145,724 | | | e | | Fosun International | | | 2,750 | |
| | 174,919 | | | * | | Foundation Building Materials, Inc | | | 2,730 | |
| | 40,553 | | | | | Franklin Electric Co, Inc | | | 2,130 | |
| | 431,411 | | | * | | FuelCell Energy, Inc | | | 975 | |
| | 249,569 | | | | | Fuji Electric Holdings Co Ltd | | | 6,869 | |
| | 34,245 | | | | | Fuji Machine Manufacturing Co Ltd | | | 602 | |
| | 134,078 | | | | | Fujikura Ltd | | | 388 | |
| | 132,700 | | | | | Fujitec Co Ltd | | | 2,442 | |
| | 14,000 | | | e | | Fukuda Corp | | | 635 | |
| | 6,539 | | | | | Fukushima Industries Corp | | | 208 | |
| | 1,855,000 | | | * | | Fullshare Holdings Ltd | | | 34 | |
| | 14,756 | | | | | Furukawa Co Ltd | | | 150 | |
| | 58,344 | | | | | Furukawa Electric Co Ltd | | | 1,417 | |
| | 16,181 | | | | | Futaba Corp/Chiba | | | 148 | |
| | 3,077,196 | | | | | Gamuda BHD | | | 2,629 | |
| | 66,414 | | | * | | Gates Industrial Corp plc | | | 683 | |
| | 56,102 | | | | | GATX Corp | | | 3,421 | |
| | 593,398 | | | | | GEA Group AG. | | | 18,833 | |
| | 25,105 | | | | | Geberit AG. | | | 12,596 | |
| | 6,300 | | | | | Gecoss Corp | | | 54 | |
| | 209,705 | | | * | | GEK Group of Cos S.A. | | | 1,425 | |
| | 6,912 | | | * | | Gencor Industries, Inc | | | 87 | |
| | 17,039 | | | * | | Generac Holdings, Inc | | | 2,078 | |
| | 390,817 | | | | | General Dynamics Corp | | | 58,412 | |
| | 3,768,149 | | | | | General Electric Co | | | 25,736 | |
| | 3,871 | | | *,e | | General Finance Corp | | | 26 | |
| | 2,622 | | | | | Georg Fischer AG. | | | 2,260 | |
| | 156,050 | | | * | | Gibraltar Industries, Inc | | | 7,492 | |
| | 8,901 | | | | | Giken Seisakusho Co, Inc | | | 420 | |
| | 25,756 | | | | | Glory Ltd | | | 588 | |
| | 781 | | | * | | GMM Pfaudler Ltd | | | 43 | |
| | 175,379 | | | * | | GMS, Inc | | | 4,313 | |
| | 43,485 | | | | | Godrej Industries Ltd | | | 241 | |
| | 18,578 | | | | | Gorman-Rupp Co | | | 577 | |
| | 52,025 | | | | | Graco, Inc | | | 2,497 | |
| | 140,630 | | | | | GrafTech International Ltd | | | 1,122 | |
| | 159,910 | | | | | Grafton Group plc | | | 1,308 | |
| | 13,050 | | | | | Graham Corp | | | 166 | |
| | 42,541 | | | | | Granite Construction, Inc | | | 814 | |
| | 172,320 | | | | | Graphite India Ltd | | | 419 | |
| | 558,094 | | | * | | Great Lakes Dredge & Dock Corp | | | 5,168 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 28,695 | | | | | Greenbrier Cos, Inc | | $ | 653 | |
| | 43,188 | | | | | Griffon Corp | | | 800 | |
| | 326,784 | | | *,e | | Grupo Carso S.A. de C.V. (Series A1) | | | 637 | |
| | 11,795 | | | *,e | | Grupo Empresarial San Jose | | | 63 | |
| | 36,617 | | | | | Grupo Rotoplas SAB de C.V. | | | 23 | |
| | 48,227 | | | | | GS Engineering & Construction Corp | | | 993 | |
| | 189,553 | | | | | GS Yuasa Corp | | | 3,366 | |
| | 419,480 | | | | | GT Capital Holdings, Inc | | | 3,850 | |
| | 3,759,152 | | | | | Gunkul Engineering PCL | | | 318 | |
| | 78,600 | | | * | | Guocheng Mining Co Ltd | | | 206 | |
| | 43,000 | | | | | Guoxuan High-Tech Co Ltd | | | 164 | |
| | 121,087 | | | | | GWA International Ltd | | | 234 | |
| | 98,541 | | | | | H&E Equipment Services, Inc | | | 1,821 | |
| | 530,813 | | | e | | Haitian International Holdings Ltd | | | 1,081 | |
| | 64,796 | | | * | | Hangzhou Steam Turbine Co | | | 67 | |
| | 19,579 | | | | | Hanwa Co Ltd | | | 359 | |
| | 26,874 | | | | | Hanwha Corp | | | 502 | |
| | 532,700 | | | | | HAP Seng Consolidated BHD | | | 1,097 | |
| | 136,000 | | | * | | Harbin Power Equipment | | | 53 | |
| | 27,694 | | | e | | Harmonic Drive Systems, Inc | | | 1,528 | |
| | 238,520 | | | * | | Harsco Corp | | | 3,222 | |
| | 136,173 | | | | | Havells India Ltd | | | 1,045 | |
| | 510,974 | | | | | Hazama Ando Corp | | | 2,964 | |
| | 59,639 | | | * | | HC2 Holdings, Inc | | | 199 | |
| | 262,471 | | | * | | HD Supply Holdings, Inc | | | 9,095 | |
| | 8,774 | | | | | HDC Hyundai Development Co-Engineering & Construction | | | 155 | |
| | 97,500 | | | * | | Hebei Construction Group Corp Ltd | | | 115 | |
| | 22,600 | | | | | Hefei Meiya Optoelectronic Technology, Inc | | | 168 | |
| | 27,217 | | | | | HEG Ltd | | | 299 | |
| | 67,006 | | | | | HEICO Corp | | | 6,677 | |
| | 229,201 | | | | | HEICO Corp (Class A) | | | 18,620 | |
| | 26,136 | | | | | Helios Technologies, Inc | | | 974 | |
| | 69,656 | | | * | | Herc Holdings, Inc | | | 2,141 | |
| | 49,858 | | | *,e | | Hexagon Composites ASA | | | 210 | |
| | 1,506,943 | | | | | Hexcel Corp | | | 68,144 | |
| | 8,028 | | | | | Hibiya Engineering Ltd | | | 139 | |
| | 90,185 | | | | | Hillenbrand, Inc | | | 2,441 | |
| | 1,065,412 | | | | | Hino Motors Ltd | | | 7,228 | |
| | 5,000 | | | | | Hirata Corp | | | 263 | |
| | 9,624 | | | e | | Hisaka Works Ltd | | | 67 | |
| | 190,126 | | | * | | Hitachi Construction Machinery Co Ltd | | | 5,281 | |
| | 561,600 | | | | | Hitachi Zosen Corp | | | 2,054 | |
| | 136,710 | | | | | Hiwin Technologies Corp | | | 1,371 | |
| | 57,279 | | | | | Hochtief AG. | | | 5,097 | |
| | 3,138,646 | | | | | Honeywell International, Inc | | | 453,817 | |
| | 248,000 | | | * | | Hong Kong Finance Investment Holding Group Ltd | | | 24 | |
| | 32,500 | | | * | | Hongfa Technology Co Ltd | | | 185 | |
| | 49,650 | | | | | Hoshizaki Electric Co Ltd | | | 4,256 | |
| | 14,701 | | | | | Hosokawa Micron Corp | | | 779 | |
| | 1,135,638 | | | | | Howden Joinery Group plc | | | 7,775 | |
| | 699,632 | | | | | Howmet Aerospace, Inc | | | 11,089 | |
| | 26,100 | | | | | Huangshi Dongbei Electrical Appliance Co Ltd | | | 65 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 11,200 | | | | | Hubbell, Inc | | $ | 1,404 | |
| | 23,811 | | | | | Huber & Suhner AG. | | | 1,674 | |
| | 61,494 | | | | | Huntington Ingalls | | | 10,730 | |
| | 4,062 | | | | | Hurco Cos, Inc | | | 114 | |
| | 12,814 | | | | | Hyster-Yale Materials Handling, Inc | | | 495 | |
| | 2,550 | | | * | | Hyundai Construction Equipment Co Ltd | | | 47 | |
| | 8,204 | | | | | Hyundai Development Co | | | 58 | |
| | 3,752 | | | * | | Hyundai Electric & Energy System Co Ltd | | | 25 | |
| | 3,931 | | | | | Hyundai Elevator Co Ltd | | | 229 | |
| | 122,980 | | | | | Hyundai Engineering & Construction Co Ltd | | | 3,407 | |
| | 68,169 | | | * | | Hyundai Heavy Industries | | | 5,018 | |
| | 6,824 | | | | | Hyundai Mipo Dockyard | | | 179 | |
| | 6,127 | | | | | Hyundai Robotics Co Ltd | | | 1,265 | |
| | 10,205 | | | * | | Hyundai Rotem Co Ltd | | | 132 | |
| | 17,377 | | | | | Idec Corp | | | 278 | |
| | 19,531 | | | | | IDEX Corp | | | 3,087 | |
| | 6,996 | | | * | | IES Holdings, Inc | | | 162 | |
| | 2,002,512 | | | | | IJM Corp BHD | | | 851 | |
| | 1,400 | | | | | Iljin Diamond Co Ltd | | | 50 | |
| | 207,247 | | | | | Illinois Tool Works, Inc | | | 36,237 | |
| | 267,552 | | | | | IMI plc | | | 3,052 | |
| | 60,715 | | | | | Implenia AG. | | | 2,258 | |
| | 317,078 | | | e | | Impregilo S.p.A. | | | 499 | |
| | 7,071 | | | e | | IMS-Intl Metal Service | | | 93 | |
| | 109,923 | | | | | Inaba Denki Sangyo Co Ltd | | | 2,451 | |
| | 73,316 | | | | | Inabata & Co Ltd | | | 889 | |
| | 1,605 | | | g | | IndiaMart InterMesh Ltd | | | 49 | |
| | 9,996 | | | * | | Indus Holding AG. | | | 338 | |
| | 11,571 | | | e | | Industria Macchine Automatiche S.p.A. | | | 696 | |
| | 1,460,512 | | | | | Industries Qatar QSC | | | 3,096 | |
| | 78,472 | | | | | Indutrade AB | | | 3,112 | |
| | 761,784 | | | * | | Ingersoll Rand, Inc | | | 21,421 | |
| | 65,500 | | | | | Inner Mongolia First Machinery Group Co Ltd | | | 96 | |
| | 89,452 | | | | | Instalco AB | | | 1,384 | |
| | 51,436 | | | | | Insteel Industries, Inc | | | 981 | |
| | 74,848 | | | | | Interpump Group S.p.A. | | | 2,232 | |
| | 718 | | | | | Interroll Holding AG. | | | 1,453 | |
| | 128,773 | | | e | | Investment AB Latour | | | 2,338 | |
| | 301,375 | | | | | Inwido AB | | | 2,103 | |
| | 25,400 | | | | | Iochpe-Maxion S.A. | | | 63 | |
| | 271,779 | | | * | | IRB Infrastructure Developers Ltd | | | 320 | |
| | 3,215 | | | | | IS Dongseo Co Ltd | | | 76 | |
| | 8,300 | | | | | Iseki & Co Ltd | | | 86 | |
| | 2,015,451 | | | | | Ishikawajima-Harima Heavy Industries Co Ltd | | | 29,242 | |
| | 34,942 | | | | | Italmobiliare S.p.A | | | 1,143 | |
| | 237,653 | | | *,e | | Itm Power PLC | | | 775 | |
| | 1,413,893 | | | | | Itochu Corp | | | 30,594 | |
| | 844,416 | | | | | ITT, Inc | | | 49,601 | |
| | 49,438 | | | | | Iwatani International Corp | | | 1,729 | |
| | 226,359 | | | | | Jacobs Engineering Group, Inc | | | 19,195 | |
| | 22,960 | | | | | Japan Pulp & Paper Co Ltd | | | 840 | |
| | 32,061 | | | | | Japan Steel Works Ltd | | | 458 | |
| | 301,468 | | | | | Jardine Matheson Holdings Ltd | | | 12,605 | |
| | 411,888 | | | | | Jardine Strategic Holdings Ltd | | | 8,885 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 188,700 | | | e | | JDC Corp | | $ | 1,014 | |
| | 101,793 | | | * | | JELD-WEN Holding, Inc | | | 1,640 | |
| | 2,163,097 | | | | | JG Summit Holdings (Series B) | | | 2,823 | |
| | 1,492,296 | | | | | JGC Corp | | | 15,736 | |
| | 50,176 | | | | | Jiangsu Hengli Hydraulic Co Ltd | | | 572 | |
| | 129,800 | | | | | Jiangsu Zhongtian Technology Co Ltd | | | 212 | |
| | 27,887 | | | | | John Bean Technologies Corp | | | 2,399 | |
| | 265,344 | | | g | | John Laing Group plc | | | 1,149 | |
| | 439,080 | | | | | Johnson Controls International plc | | | 14,990 | |
| | 654,929 | | | | | Johnson Electric Holdings Ltd | | | 1,165 | |
| | 14,345 | | | g | | JOST Werke AG. | | | 484 | |
| | 230,782 | | | | | JTEKT Corp | | | 1,802 | |
| | 12,054 | | | | | Judges Scientific plc | | | 757 | |
| | 50,108 | | | | | Jungheinrich AG. | | | 1,178 | |
| | 4,858 | | | | | Kaba Holding AG. | | | 2,653 | |
| | 9,483 | | | | | Kadant, Inc | | | 945 | |
| | 14,494 | | | | | Kajaria Ceramics Ltd | | | 76 | |
| | 192,313 | | | | | Kajima Corp | | | 2,299 | |
| | 8,689 | | | | | Kalpataru Power Transmission Ltd | | | 25 | |
| | 51,400 | | | * | | Kama Co Ltd | | | 22 | |
| | 24,623 | | | | | Kaman Corp | | | 1,024 | |
| | 10,275 | | | | | Kamei Corp | | | 97 | |
| | 17,700 | | | | | Kanamoto Co Ltd | | | 388 | |
| | 417,300 | | | | | Kandenko Co Ltd | | | 3,547 | |
| | 42,800 | | | | | Kanematsu Corp | | | 514 | |
| | 628,955 | | | | | KAP Industrial Holdings Ltd | | | 91 | |
| | 19,811 | | | e | | Kardex AG. | | | 3,643 | |
| | 11,900 | | | | | Katakura Industries Co Ltd | | | 127 | |
| | 36,132 | | | | | Kawasaki Heavy Industries Ltd | | | 522 | |
| | 8,767 | | | | | KCC Corp | | | 976 | |
| | 121,070 | | | | | KEC International Ltd | | | 435 | |
| | 8,763 | | | | | KEI Industries Ltd | | | 41 | |
| | 66,959 | | | | | Keihan Electric Railway Co Ltd | | | 2,990 | |
| | 36,992 | | | | | Keller Group plc | | | 291 | |
| | 1,842,062 | | | | | Kennametal, Inc | | | 52,886 | |
| | 3,033 | | | | | KEPCO Engineering & Construction Co, Inc | | | 38 | |
| | 1,373,379 | | | e | | Keppel Corp Ltd | | | 5,915 | |
| | 403,572 | | | | | Kinden Corp | | | 6,670 | |
| | 15,000 | | | | | King Slide Works Co Ltd | | | 171 | |
| | 29,405 | | | | | Kingspan Group plc | | | 1,898 | |
| | 88,217 | | | * | | KION Group AG. | | | 5,432 | |
| | 36,700 | | | | | Kitz Corp | | | 235 | |
| | 108,540 | | | * | | Kloeckner & Co AG. | | | 595 | |
| | 656,230 | | | | | KOC Holding AS | | | 1,726 | |
| | 7,293 | | | * | | Koenig & Bauer AG. | | | 163 | |
| | 184,370 | | | | | Komatsu Ltd | | | 3,776 | |
| | 2,111 | | | e | | Komax Holding AG. | | | 344 | |
| | 23,990 | | | | | Komori Corp | | | 157 | |
| | 159,871 | | | | | Kone Oyj (Class B) | | | 11,026 | |
| | 34,206 | | | * | | Konecranes Oyj | | | 776 | |
| | 126,732 | | | | | Kongsberg Gruppen ASA | | | 1,784 | |
| | 161,624 | | | | | Koninklijke BAM Groep NV | | | 293 | |
| | 66,568 | | | | | Korea Aerospace Industries Ltd | | | 1,328 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 1,241 | | | | | Korea Electric Terminal Co Ltd | | $ | 33 | |
| | 44,631 | | | * | | Kornit Digital Ltd | | | 2,382 | |
| | 130,209 | | | * | | Kratos Defense & Security Solutions, Inc | | | 2,035 | |
| | 7,644 | | | | | Krones AG. | | | 491 | |
| | 383,714 | | | | | Kubota Corp | | | 5,740 | |
| | 130,804 | | | | | Kumagai Gumi Co Ltd | | | 3,142 | |
| | 169,000 | | | | | Kung Long Batteries Industrial Co Ltd | | | 851 | |
| | 175,210 | | | | | Kurita Water Industries Ltd | | | 4,874 | |
| | 14,554 | | | | | Kyokuto Kaihatsu Kogyo Co Ltd | | | 178 | |
| | 53,955 | | | | | Kyowa Exeo Corp | | | 1,295 | |
| | 22,722 | | | | | Kyudenko Corp | | | 671 | |
| | 1,367 | | | | | Kyung Dong Navien Co Ltd | | | 47 | |
| | 734,892 | | | | | L3Harris Technologies, Inc | | | 124,689 | |
| | 705 | | | | | Lakshmi Machine Works Ltd | | | 27 | |
| | 631,561 | | | | | Larsen & Toubro Ltd | | | 7,926 | |
| | 3,584 | | | * | | Lawson Products, Inc | | | 116 | |
| | 29,430 | | | * | | LB Foster Co (Class A) | | | 376 | |
| | 93,630 | | | | | Legrand S.A. | | | 7,114 | |
| | 55,968 | | | | | Lennox International, Inc | | | 13,040 | |
| | 196,933 | | | | | LG Corp | | | 11,753 | |
| | 32,458 | | | | | LG Hausys Ltd | | | 1,748 | |
| | 130,283 | | | | | LG International Corp | | | 1,700 | |
| | 44,004 | | | e | | Lifco AB | | | 2,806 | |
| | 2,464 | | | | | LIG Nex1 Co Ltd | | | 62 | |
| | 9,015 | | | | | Lincoln Electric Holdings, Inc | | | 759 | |
| | 151,555 | | | | | Lindab International AB | | | 1,786 | |
| | 9,283 | | | | | Lindsay Corp | | | 856 | |
| | 19,971 | | | | | LISI | | | 417 | |
| | 142,986 | | | | | LIXIL Group Corp | | | 2,008 | |
| | 403,353 | | | | | Lockheed Martin Corp | | | 147,192 | |
| | 9,317,000 | | | | | Lonking Holdings Ltd | | | 2,838 | |
| | 48,561 | | | | | Lotte Corp | | | 1,284 | |
| | 86,096 | | | | | LS Cable Ltd | | | 2,512 | |
| | 28,433 | | | | | LS Industrial Systems Co Ltd | | | 1,145 | |
| | 22,263 | | | | | LSI Industries, Inc | | | 144 | |
| | 40,127 | | | | | Luxfer Holdings plc | | | 568 | |
| | 31,196 | | | * | | Lydall, Inc | | | 423 | |
| | 25,832 | | | | | Mabuchi Motor Co Ltd | | | 824 | |
| | 346,915 | | | | | Maeda Corp | | | 2,655 | |
| | 10,233 | | | | | Maeda Kosen Co Ltd | | | 234 | |
| | 91,793 | | | | | Maeda Road Construction Co Ltd | | | 1,731 | |
| | 76,394 | | | e | | Maire Tecnimont S.p.A | | | 149 | |
| | 12,939 | | | | | Makino Milling Machine Co Ltd | | | 398 | |
| | 64,903 | | | | | Makita Corp | | | 2,360 | |
| | 450,100 | | | | | Malaysian Resources Corp BHD | | | 50 | |
| | 5,303 | | | *,e | | Manitou BF S.A. | | | 104 | |
| | 58,301 | | | * | | Manitowoc Co, Inc | | | 634 | |
| | 109,400 | | | | | Marcopolo S.A. | | | 59 | |
| | 1,207,175 | | | | | Marubeni Corp | | | 5,483 | |
| | 1,080,472 | | | | | Masco Corp | | | 54,251 | |
| | 92,729 | | | * | | Masonite International Corp | | | 7,212 | |
| | 88,073 | | | * | | Mastec, Inc | | | 3,952 | |
| | 12,800 | | | | | Max Co Ltd | | | 181 | |
| | 114,649 | | | e | | Maxar Technologies, Inc | | | 2,059 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 7,201 | | | * | | MBB SE | | $ | 530 | |
| | 660,083 | | | | | Meggitt plc | | | 2,404 | |
| | 140,064 | | | | | Meidensha Corp | | | 2,277 | |
| | 14,300 | | | | | Meisei Industrial Co Ltd | | | 106 | |
| | 638,015 | | | | | Melrose Industries plc | | | 899 | |
| | 32,332 | | | * | | Mercury Systems, Inc | | | 2,543 | |
| | 63,437 | | | * | | Meritor, Inc | | | 1,256 | |
| | 790,800 | | | | | Metallurgical Corp of China Ltd | | | 282 | |
| | 6,000 | | | | | METAWATER Co Ltd | | | 276 | |
| | 13,752 | | | | | Metso Oyj | | | 452 | |
| | 11,904 | | | * | | Middleby Corp | | | 940 | |
| | 25,394 | | | | | Mie Kotsu Group Holdings, Inc | | | 111 | |
| | 54,777 | | | | | Millat Tractors Ltd | | | 232 | |
| | 49,365 | | | | | Miller Industries, Inc | | | 1,470 | |
| | 538,090 | | | | | Minebea Co Ltd | | | 9,808 | |
| | 44,062 | | | e | | Miraito Holdings Corp | | | 660 | |
| | 250,854 | | | | | MISUMI Group, Inc | | | 6,299 | |
| | 1,290,213 | | | | | Mitsubishi Corp | | | 27,264 | |
| | 1,803,163 | | | | | Mitsubishi Electric Corp | | | 23,552 | |
| | 129,627 | | | | | Mitsubishi Heavy Industries Ltd | | | 3,061 | |
| | 13,500 | | | | | Mitsubishi Nichiyu Forklift Co Ltd | | | 120 | |
| | 12,050 | | | | | Mitsuboshi Belting Co Ltd | | | 189 | |
| | 1,927,987 | | | | | Mitsui & Co Ltd | | | 28,566 | |
| | 35,116 | | | * | | Mitsui Engineering & Shipbuilding Co Ltd | | | 136 | |
| | 65,331 | | | | | Miura Co Ltd | | | 2,722 | |
| | 51,380 | | | | | Monadelphous Group Ltd | | | 388 | |
| | 241,595 | | | | | MonotaRO Co Ltd | | | 9,707 | |
| | 82,297 | | | | | Moog, Inc (Class A) | | | 4,360 | |
| | 591,850 | | | | | Morgan Crucible Co plc | | | 1,770 | |
| | 22,037 | | | | | Morgan Sindall plc | | | 336 | |
| | 71,144 | | | e | | Mori Seiki Co Ltd | | | 869 | |
| | 16,000 | | | | | Morita Holdings Corp | | | 279 | |
| | 44,583 | | | *,e | | Mota Engil SGPS S.A. | | | 57 | |
| | 541,395 | | | * | | MRC Global, Inc | | | 3,200 | |
| | 97,000 | | | | | MSC Industrial Direct Co (Class A) | | | 7,063 | |
| | 68,671 | | | | | MTU Aero Engines Holding AG. | | | 11,956 | |
| | 239,837 | | | | | Mueller Industries, Inc | | | 6,375 | |
| | 460,390 | | | | | Mueller Water Products, Inc (Class A) | | | 4,341 | |
| | 66,877 | | *,e,g | | Munters Group AB | | | 377 | |
| | 61,175 | | | * | | MYR Group, Inc | | | 1,952 | |
| | 68,523 | | | e | | Nabtesco Corp | | | 2,121 | |
| | 6,733 | | | | | Nachi-Fujikoshi Corp | | | 212 | |
| | 57,300 | | | | | Nagase & Co Ltd | | | 717 | |
| | 46,000 | | | * | | Nanyang Topsec Technologies Group, Inc | | | 174 | |
| | 218,800 | | | | | NARI Technology Co Ltd | | | 631 | |
| | 40,327 | | | | | National Central Cooling Co PJSC | | | 21 | |
| | 4,465 | | | | | National Presto Industries, Inc | | | 390 | |
| | 99,839 | | | * | | Navistar International Corp | | | 2,815 | |
| | 88,467 | | | | | NBCC India Ltd | | | 27 | |
| | 188,868 | | | | | NCC AB (B Shares) | | | 3,070 | |
| | 967,974 | | | * | | NEL ASA | | | 1,928 | |
| | 11,562 | | | * | | Nesco Holdings, Inc | | | 46 | |
| | 79,857 | | | | | Nexans S.A. | | | 3,715 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 64,408 | | | | | NFI Group, Inc | | $ | 790 | |
| | 230,880 | | | | | NGK Insulators Ltd | | | 3,199 | |
| | 326,747 | | | | | Nibe Industrier AB | | | 7,247 | |
| | 62,440 | | | | | Nichias Corp | | | 1,305 | |
| | 7,400 | | | | | Nichiden Corp | | | 162 | |
| | 38,745 | | | | | Nichiha Corp | | | 828 | |
| | 10,400 | | | * | | Nichireki Co Ltd | | | 155 | |
| | 199,418 | | | | | Nidec Corp | | | 13,435 | |
| | 2,285 | | | | | Nihon Trim Co Ltd | | | 65 | |
| | 13,340 | | | * | | Nilfisk Holding A.S. | | | 184 | |
| | 87,976 | | | | | Nippo Corp | | | 2,222 | |
| | 5,000 | | | | | Nippon Carbon Co Ltd | | | 160 | |
| | 56,100 | | | e | | Nippon Densetsu Kogyo Co Ltd | | | 1,242 | |
| | 10,725 | | | | | Nippon Koei Co Ltd | | | 300 | |
| | 7,300 | | | | | Nippon Road Co Ltd | | | 491 | |
| | 3,572 | | | * | | Nippon Sharyo Ltd | | | 83 | |
| | 47,200 | | | e | | Nippon Sheet Glass Co Ltd | | | 165 | |
| | 7,517 | | | | | Nippon Steel Trading Co Ltd | | | 238 | |
| | 26,440 | | | | | Nippon Thompson Co Ltd | | | 83 | |
| | 251,100 | | | | | Nishimatsu Construction Co Ltd | | | 5,012 | |
| | 15,600 | | | | | Nishio Rent All Co Ltd | | | 322 | |
| | 4,095 | | | | | Nissei ASB Machine Co Ltd | | | 122 | |
| | 483,332 | | | e | | Nisshinbo Industries, Inc | | | 3,516 | |
| | 24,800 | | | | | Nissin Electric Co Ltd | | | 242 | |
| | 11,900 | | | | | Nitta Corp | | | 259 | |
| | 201,800 | | | e | | Nitto Boseki Co Ltd | | | 10,068 | |
| | 92,544 | | | | | Nitto Kogyo Corp | | | 1,663 | |
| | 4,473 | | | | | Nitto Kohki Co Ltd | | | 74 | |
| | 7,435 | | | | | Nittoku Engineering Co Ltd | | | 210 | |
| | 36,012 | | | * | | NKT Holding AS | | | 808 | |
| | 68,785 | | | | | NN, Inc | | | 326 | |
| | 2,400 | | *,†,e | | Noble Group Ltd | | | 0 | ^ |
| | 47,782 | | | | | Nolato AB (B Shares) | | | 3,231 | |
| | 73,133 | | | * | | Nordex AG. | | | 731 | |
| | 85,667 | | | | | Nordson Corp | | | 16,252 | |
| | 4,683 | | | | | Noritake Co Ltd | | | 153 | |
| | 9,351 | | | | | Noritsu Koki Co Ltd | | | 131 | |
| | 14,831 | | | | | Noritz Corp | | | 181 | |
| | 17,860 | | | * | | NORMA Group | | | 478 | |
| | 397,514 | | | | | Northrop Grumman Corp | | | 122,212 | |
| | 15,819 | | | * | | Northwest Pipe Co | | | 397 | |
| | 262,857 | | | * | | NOW, Inc | | | 2,268 | |
| | 1,333,413 | | | | | NRW Holdings Ltd | | | 1,748 | |
| | 2,872,255 | | | | | NSK Ltd | | | 21,435 | |
| | 214,061 | | | | | NTN Corp | | | 430 | |
| | 9,250 | | | * | | NV5 Global Inc | | | 470 | |
| | 99,914 | | | | | nVent Electric plc | | | 1,871 | |
| | 2,092,711 | | | | | NWS Holdings Ltd | | | 1,820 | |
| | 5,846 | | | e | | Obara Corp | | | 178 | |
| | 350,713 | | | | | Obayashi Corp | | | 3,297 | |
| | 109,257 | | | | | OC Oerlikon Corp AG. | | | 896 | |
| | 6,048 | | | | | OHB AG. | | | 285 | |
| | 11,521 | | | | | Oiles Corp | | | 149 | |
| | 18,200 | | | | | Okabe Co Ltd | | | 137 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 12,767 | | | | | Okuma Holdings, Inc | | $ | 549 | |
| | 16,900 | | | | | Okumura Corp | | | 390 | |
| | 2,677 | | | | | Omega Flex, Inc | | | 283 | |
| | 53,370 | | | *,e | | Opus Global Rt | | | 44 | |
| | 25,500 | | | | | Organo Corp | | | 1,380 | |
| | 68,378 | | | * | | Orion Energy Systems, Inc | | | 237 | |
| | 46,806 | | | e | | OSG Corp | | | 718 | |
| | 18,349 | | | | | Oshkosh Corp | | | 1,314 | |
| | 259,323 | | | | | OSJB Holdings Corp | | | 557 | |
| | 89,097 | | | * | | OSRAM Licht AG. | | | 4,237 | |
| | 951,985 | | | | | Otis Worldwide Corp | | | 54,130 | |
| | 1,810 | | | | | Otokar Otobus Karoseri Sanayi AS | | | 40 | |
| | 222,408 | | | e | | Outotec Oyj | | | 1,233 | |
| | 1,948,677 | | | | | Owens Corning, Inc | | | 108,658 | |
| | 271,601 | | | | | PACCAR, Inc | | | 20,329 | |
| | 34,090 | | | *,e | | Palfinger AG. | | | 753 | |
| | 33,126 | | | | | Park Aerospace Corp | | | 369 | |
| | 814,608 | | | | | Parker-Hannifin Corp | | | 149,293 | |
| | 197,390 | | | *,e | | Parsons Corp | | | 7,153 | |
| | 28,970 | | | | | Patrick Industries, Inc | | | 1,774 | |
| | 248,778 | | | | | Peab AB (Series B) | | | 2,056 | |
| | 52,158 | | | | | Pentair plc | | | 1,981 | |
| | 775,900 | | | * | | Pentamaster Corp BHD | | | 942 | |
| | 1,492,887 | | | | | Penta-Ocean Construction Co Ltd | | | 8,062 | |
| | 84,971 | | | | | PER Aarsleff A.S. | | | 3,062 | |
| | 2,656 | | | | | Pfeiffer Vacuum Technology AG. | | | 490 | |
| | 85,887 | | | * | | PGT, Inc | | | 1,347 | |
| | 889,186 | | | *,e | | Plug Power, Inc | | | 7,300 | |
| | 11,055 | | | | | PNC Infratech Ltd | | | 21 | |
| | 22,205 | | | | | PNE AG. | | | 125 | |
| | 6,878 | | | | | Polycab India Ltd | | | 72 | |
| | 122,882 | | | | | Polypipe Group plc | | | 657 | |
| | 779,000 | | | | | Polyplex PCL (Foreign) | | | 420 | |
| | 5,654 | | | e | | Porr AG. | | | 94 | |
| | 50,320 | | | | | Powell Industries, Inc | | | 1,378 | |
| | 595,000 | | | | | Power Construction Corp of China Ltd | | | 292 | |
| | 31,014 | | | * | | PowerCell Sweden AB | | | 1,029 | |
| | 2,757 | | | | | Preformed Line Products Co | | | 138 | |
| | 114,467 | | | | | Primoris Services Corp | | | 2,033 | |
| | 23,578 | | | * | | Proto Labs, Inc | | | 2,652 | |
| | 82,074 | | | | | Prysmian S.p.A. | | | 1,904 | |
| | 1,819,600 | | | | | PT AKR Corporindo Tbk | | | 326 | |
| | 2,803,600 | | | *,† | | PT Inovisi Infracom Tbk | | | 0 | ^ |
| | 2,889,888 | | | | | PT Pembangunan Perumahan Tbk | | | 178 | |
| | 1,455,100 | | | *,† | | PT Sitara Propertindo Tbk | | | 20 | |
| | 1,000,300 | | | | | PT Waskita Karya Persero Tbk | | | 50 | |
| | 6,032,923 | | | | | PT Wijaya Karya | | | 510 | |
| | 1,051,376 | | | | | QinetiQ plc | | | 3,873 | |
| | 108,244 | | | | | Quanex Building Products Corp | | | 1,502 | |
| | 297,281 | | | | | Quanta Services, Inc | | | 11,662 | |
| | 24,900 | | | | | Raito Kogyo Co Ltd | | | 330 | |
| | 39,813 | | | | | Randon Participacoes S.A. | | | 70 | |
| | 2,701 | | | | | Rational AG. | | | 1,514 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 32,898 | | | | | Raven Industries, Inc | | $ | 708 | |
| | 4,917,221 | | | * | | Raytheon Technologies Corp | | | 302,999 | |
| | 82,626 | | | * | | RBC Bearings, Inc | | | 11,075 | |
| | 102,000 | | | *,e | | Realord Group Holdings Ltd | | | 57 | |
| | 78,797 | | | | | Rechi Precision Co Ltd | | | 46 | |
| | 62,748 | | | | | Regal-Beloit Corp | | | 5,479 | |
| | 496,046 | | | | | Reliance Worldwide Corp Ltd | | | 1,019 | |
| | 203,061 | | | * | | Resideo Technologies, Inc | | | 2,380 | |
| | 374,070 | | | | | Reunert Ltd | | | 736 | |
| | 45,310 | | | | | REV Group, Inc | | | 276 | |
| | 921,098 | | | | | Rexel S.A. | | | 10,557 | |
| | 505,269 | | | | | Rexnord Corp | | | 14,729 | |
| | 29,000 | | | * | | Rexon Industrial Corp Ltd | | | 78 | |
| | 97,617 | | | | | Rheinmetall AG. | | | 8,483 | |
| | 8,700 | | | | | Rheon Automatic Machinery Co Ltd | | | 100 | |
| | 61,211 | | | | | Richelieu Hardware Ltd | | | 1,302 | |
| | 1,965 | | | e | | Rieter Holding AG. | | | 182 | |
| | 375,804 | | | | | Rockwell Automation, Inc | | | 80,046 | |
| | 15,353 | | | | | Rockwool International AS (B Shares) | | | 4,178 | |
| | 6,493,240 | | | | | Rolls-Royce Group plc | | | 22,925 | |
| | 439,603 | | | | | Roper Technologies Inc | | | 170,680 | |
| | 727,069 | | | | | Rotork plc | | | 2,516 | |
| | 34,000 | | | | | Run Long Construction Co Ltd | | | 71 | |
| | 57,844 | | | | | Rush Enterprises, Inc (Class A) | | | 2,398 | |
| | 3,312 | | | | | Rush Enterprises, Inc (Class B) | | | 118 | |
| | 187,401 | | | e | | Russel Metals, Inc | | | 2,239 | |
| | 11,457 | | | | | Ryobi Ltd | | | 129 | |
| | 54,286 | | | e | | Saab AB (Class B) | | | 1,364 | |
| | 199,626 | | | | | Sacyr Vallehermoso S.A. | | | 416 | |
| | 334,721 | | | | | Safran S.A. | | | 33,670 | |
| | 7,085 | | | | | Salcef S.p.A | | | 96 | |
| | 125,206 | | | * | | Samsung Engineering Co Ltd | | | 1,290 | |
| | 269,314 | | | * | | Samsung Heavy Industries Co Ltd | | | 1,348 | |
| | 186,298 | | | * | | Samsung Techwin Co Ltd | | | 3,840 | |
| | 22,623 | | | * | | San Shing Fastech Corp | | | 35 | |
| | 2,150,949 | | | | | Sandvik AB | | | 40,493 | |
| | 107,000 | | | | | Sanki Engineering Co Ltd | | | 1,227 | |
| | 12,200 | | | | | Sankyo Tateyama, Inc | | | 109 | |
| | 238,641 | | | | | Sanwa Shutter Corp | | | 2,145 | |
| | 240,000 | | | | | Sany Heavy Equipment International | | | 112 | |
| | 451,600 | | | | | Sany Heavy Industry Co Ltd | | | 1,205 | |
| | 4,400 | | | | | Sanyo Denki Co Ltd | | | 199 | |
| | 68,065 | | | * | | Saudi Ceramic Co | | | 607 | |
| | 34,748 | | | e | | Savaria Corp | | | 319 | |
| | 4,611 | | | | | Schaeffler India Ltd | | | 218 | |
| | 75,482 | | | | | Schindler Holding AG. | | | 17,863 | |
| | 6,918 | | | | | Schindler Holding AG. (Registered) | | | 1,640 | |
| | 973,814 | | | | | Schneider Electric S.A. | | | 108,324 | |
| | 542 | | | | | Schweiter Technologies AG. | | | 672 | |
| | 1,725,521 | | | | | Seazen Group Ltd | | | 1,498 | |
| | 700 | | | e | | SEC Carbon Ltd | | | 43 | |
| | 13,695 | | | | | Sekisui Jushi Corp | | | 276 | |
| | 1,455,600 | | | e | | SembCorp Industries Ltd | | | 1,843 | |
| | 434,000 | | | *,e | | SembCorp Marine Ltd | | | 134 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 20,680 | | | *,e | | Semperit AG. Holding | | $ | 251 | |
| | 217,658 | | | | | Senior plc | | | 188 | |
| | 158,967 | | | * | | Sensata Technologies Holding plc | | | 5,918 | |
| | 663,797 | | | | | Service Stream Ltd | | | 881 | |
| | 223,188 | | | e | | Seven Network Ltd | | | 2,684 | |
| | 17,791 | | | | | SFS Group AG. | | | 1,677 | |
| | 31,775 | | | *,e | | SGL Carbon AG. | | | 116 | |
| | 54,408 | | | * | | SGSB Group Co Ltd | | | 19 | |
| | 208,700 | | | | | Shanghai Construction Group Co Ltd | | | 91 | |
| | 96,980 | | | | | Shanghai Diesel Engine Co Ltd | | | 32 | |
| | 298,900 | | | | | Shanghai Electric Group Co Ltd | | | 214 | |
| | 2,776,525 | | | * | | Shanghai Electric Group Co Ltd (Hong Kong) | | | 792 | |
| | 63,200 | | | | | Shanghai Highly Group Co Ltd | | | 33 | |
| | 446,908 | | | | | Shanghai Industrial Holdings Ltd | | | 690 | |
| | 101,300 | | | | | Shanghai Tunnel Engineering Co Ltd | | | 81 | |
| | 107,423 | | | * | | Shapir Engineering and Industry Ltd | | | 654 | |
| | 76,435 | | | | | Shenzhen Inovance Technology Co Ltd | | | 412 | |
| | 8,500 | | | | | Shibuya Kogyo Co Ltd | | | 222 | |
| | 194,002 | | | * | | Shikun & Binui Ltd | | | 694 | |
| | 14,300 | | | | | Shima Seiki Manufacturing Ltd | | | 205 | |
| | 285,582 | | | | | Shimizu Corp | | | 2,353 | |
| | 41,100 | | | | | Shin Nippon Air Technologies Co Ltd | | | 906 | |
| | 33,000 | | | | | Shin Zu Shing Co Ltd | | | 168 | |
| | 10,100 | | | | | Shinko Electric Co Ltd | | | 96 | |
| | 24,600 | | | | | Shinmaywa Industries Ltd | | | 231 | |
| | 39,800 | | | | | Shinnihon Corp | | | 311 | |
| | 21,408 | | | e | | SHO-BOND Holdings Co Ltd | | | 952 | |
| | 3,237,469 | | | e | | Shun TAK Holdings Ltd | | | 1,212 | |
| | 57,990 | | | | | Shyft Group, Inc | | | 977 | |
| | 80,100 | | | * | | Siasun Robot & Automation Co Ltd | | | 156 | |
| | 1,226,085 | | | | | Siemens AG. | | | 144,601 | |
| | 1,216,977 | | | *,e | | Siemens Gamesa Renewable Energy | | | 21,668 | |
| | 54,840 | | | | | Siemens India Ltd | | | 797 | |
| | 5,475 | | | *,e | | SIF Holding NV | | | 64 | |
| | 689,017 | | | g | | Signify NV | | | 17,715 | |
| | 6,048,713 | | | | | Sime Darby BHD | | | 3,050 | |
| | 111,230 | | | | | Simpson Manufacturing Co, Inc | | | 9,383 | |
| | 1,336,300 | | | | | Singapore Technologies Engineering Ltd | | | 3,189 | |
| | 45,751 | | | | | Sinko Industries Ltd | | | 618 | |
| | 1,024,757 | | | | | Sino Thai Engineering & Construction PCL | | | 507 | |
| | 985,000 | | | | | Sinopec Engineering Group Co Ltd | | | 423 | |
| | 556,329 | | | | | Sinotruk Hong Kong Ltd | | | 1,452 | |
| | 19,961 | | | | | Sintokogio Ltd | | | 147 | |
| | 59,673 | | | * | | SiteOne Landscape Supply, Inc | | | 6,801 | |
| | 27,540 | | | | | SK C&C Co Ltd | | | 6,698 | |
| | 42,137 | | | | | SK Networks Co Ltd | | | 167 | |
| | 536,523 | | | | | Skanska AB (B Shares) | | | 10,953 | |
| | 460,231 | | | | | SKF AB (B Shares) | | | 8,603 | |
| | 2,443,400 | | | | | SKP Resources BHD | | | 775 | |
| | 188,377 | | | * | | SM Investments Corp | | | 3,578 | |
| | 36,700 | | | * | | SMC Corp | | | 18,861 | |
| | 90,654 | | | | | Smiths Group plc | | | 1,585 | |
| | 88,337 | | | | | Snap-On, Inc | | | 12,236 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 221,020 | | | e | | SNC-Lavalin Group, Inc | | $ | 3,730 | |
| | 20,900 | | | e | | Sodick Co Ltd | | | 155 | |
| | 1,003,413 | | | | | Sojitz Holdings Corp | | | 2,193 | |
| | 32,665 | | | *,e | | Solaria Energia y Medio Ambiente S.A. | | | 416 | |
| | 69,023 | | | | | Spirax-Sarco Engineering plc | | | 8,497 | |
| | 156,263 | | | | | Spirit Aerosystems Holdings, Inc (Class A) | | | 3,741 | |
| | 187,362 | | | * | | SPX Corp | | | 7,710 | |
| | 52,911 | | | * | | SPX FLOW, Inc | | | 1,981 | |
| | 68,966 | | | | | Stabilus S.A. | | | 3,620 | |
| | 24,162 | | | e | | Stadler Rail AG. | | | 997 | |
| | 11,540 | | | | | Standex International Corp | | | 664 | |
| | 460,829 | | | | | Stanley Black & Decker, Inc | | | 64,230 | |
| | 18,966 | | | | | Star Micronics Co Ltd | | | 212 | |
| | 225,435 | | | * | | Sterling Construction Co, Inc | | | 2,360 | |
| | 191,800 | | | | | STP & I PCL | | | 27 | |
| | 26,139 | | | | | Sulzer AG. | | | 2,096 | |
| | 1,076,905 | | | | | Sumitomo Corp | | | 12,386 | |
| | 54,682 | | | | | Sumitomo Densetsu Co Ltd | | | 1,215 | |
| | 1,442,595 | | | | | Sumitomo Heavy Industries Ltd | | | 31,551 | |
| | 582,017 | | | | | Sumitomo Mitsui Construction C | | | 2,538 | |
| | 40,000 | | | | | Sunonwealth Electric Machine Industry Co Ltd | | | 70 | |
| | 102,017 | | | * | | Sunrun, Inc | | | 2,012 | |
| | 1,483,822 | | | | | Sunway Construction Group BHD | | | 652 | |
| | 52,600 | | | | | Sunwoda Electronic Co Ltd | | | 142 | |
| | 44,700 | | | | | Suzhou Gold Mantis Construction Decoration Co Ltd | | | 50 | |
| | 87,785 | | | | | Sweco AB (B Shares) | | | 3,963 | |
| | 17,467 | | | | | Systemax, Inc | | | 359 | |
| | 54,522 | | | | | Tadano Ltd | | | 456 | |
| | 330,666 | | | | | Taeyoung Engineering & Construction | | | 4,330 | |
| | 33,563 | | | | | Taihei Dengyo Kaisha Ltd | | | 718 | |
| | 48,953 | | | | | Taikisha Ltd | | | 1,357 | |
| | 153,393 | | | | | Taisei Corp | | | 5,591 | |
| | 220,670 | | | | | Taiwan Glass Industrial Corp | | | 75 | |
| | 24,300 | | | | | Takamatsu Corp | | | 544 | |
| | 17,164 | | | | | Takara Standard Co Ltd | | | 243 | |
| | 147,100 | | | | | Takasago Thermal Engineering Co Ltd | | | 2,164 | |
| | 19,900 | | | | | Takeuchi Manufacturing Co Ltd | | | 332 | |
| | 35,900 | | | | | Takuma Co Ltd | | | 495 | |
| | 43,544 | | | *,g | | Talgo S.A. | | | 208 | |
| | 17,137 | | | | | Tarkett S.A. | | | 200 | |
| | 19,900 | | | | | Tatsuta Electric Wire and Cable Co Ltd | | | 106 | |
| | 231,000 | | | | | TBEA Co Ltd | | | 222 | |
| | 2,076,573 | | | | | Techtronic Industries Co | | | 20,547 | |
| | 395,000 | | | | | Teco Electric and Machinery Co Ltd | | | 363 | |
| | 20,892 | | | | | Teikoku Sen-I Co Ltd | | | 444 | |
| | 41,593 | | | | | Tekfen Holding AS | | | 103 | |
| | 5,700 | | | | | Tekken Corp | | | 109 | |
| | 125,883 | | | * | | Teledyne Technologies, Inc | | | 39,143 | |
| | 16,078 | | | | | Tennant Co | | | 1,045 | |
| | 4,103,296 | | | a | | Terex Corp | | | 77,019 | |
| | 68,743 | | | * | | Textainer Group Holdings Ltd | | | 562 | |
| | 1,088,152 | | | | | Textron, Inc | | | 35,811 | |
| | 101,928 | | | | | Thales S.A. | | | 8,250 | |
| | 9,834 | | | * | | The ExOne Company | | | 84 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 5,867 | | | | | Thermax Ltd | | $ | 59 | |
| | 139,368 | | | * | | Thermon Group Holdings | | | 2,031 | |
| | 27,671 | | | | | THK Co Ltd | | | 689 | |
| | 1,788,850 | | | | | Timken Co | | | 81,375 | |
| | 3,667 | | | | | Timken India Ltd | | | 46 | |
| | 32,866 | | | * | | Titan Machinery, Inc | | | 357 | |
| | 156,000 | | | | | TK Group Holdings Ltd | | | 45 | |
| | 50,794 | | | | | TKH Group NV | | | 2,001 | |
| | 37,000 | | | | | Toa Corp/Tokyo | | | 537 | |
| | 29,911 | | | | | Tocalo Co Ltd | | | 323 | |
| | 770,641 | | | | | Toda Corp | | | 4,985 | |
| | 14,242 | | | | | Toenec Corp | | | 494 | |
| | 50,800 | | | | | Tokai Corp | | | 470 | |
| | 44,502 | | | | | Tokyu Construction Co Ltd | | | 231 | |
| | 91,226 | | | | | Toro Co | | | 6,052 | |
| | 113,260 | | | e | | Toromont Industries Ltd | | | 5,620 | |
| | 169,637 | | | | | Toshiba Corp | | | 5,442 | |
| | 110,441 | | | | | Toshiba Machine Co Ltd | | | 2,218 | |
| | 63,501 | | | | | Totetsu Kogyo Co Ltd | | | 1,603 | |
| | 34,386 | | | | | Toto Ltd | | | 1,322 | |
| | 267,303 | | | | | Toyo Construction Co Ltd | | | 997 | |
| | 5,900 | | | | | Toyo Tanso Co Ltd | | | 93 | |
| | 253,064 | | | | | Toyota Tsusho Corp | | | 6,453 | |
| | 26,559 | | | * | | TPI Composites, Inc | | | 621 | |
| | 102,838 | | | | | Trakya Cam Sanayi AS | | | 54 | |
| | 1,356,787 | | | e | | Trane Technologies plc | | | 120,727 | |
| | 6,523 | | | * | | Transcat Inc | | | 169 | |
| | 95,301 | | | | | TransDigm Group, Inc | | | 42,128 | |
| | 163,760 | | | | | Travis Perkins plc | | | 2,283 | |
| | 240,136 | | | | | Trelleborg AB (B Shares) | | | 3,523 | |
| | 26,359 | | | * | | Trex Co, Inc | | | 3,429 | |
| | 83,689 | | | * | | Trimas Corp | | | 2,004 | |
| | 21,521 | | | e | | Trinity Industries, Inc | | | 458 | |
| | 45,362 | | | | | Triton International Ltd | | | 1,372 | |
| | 88,987 | | | | | Triumph Group, Inc | | | 802 | |
| | 80,638 | | | e | | Troax Group AB | | | 1,266 | |
| | 23,210 | | | | | Trusco Nakayama Corp | | | 602 | |
| | 21,830 | | | | | Tsubaki Nakashima Co Ltd | | | 171 | |
| | 68,500 | | | | | Tsubakimoto Chain Co | | | 1,670 | |
| | 25,100 | | | e | | Tsugami Corp | | | 211 | |
| | 11,200 | | | | | Tsukishima Kikai Co Ltd | | | 122 | |
| | 8,314 | | | | | Tsurumi Manufacturing Co Ltd | | | 143 | |
| | 173,416 | | | *,e | | Tutor Perini Corp | | | 2,112 | |
| | 166,497 | | | | | Ultra Electronics Holdings | | | 4,106 | |
| | 7,883 | | | * | | Ultralife Corp | | | 55 | |
| | 4,600 | | | | | Union Tool Co | | | 112 | |
| | 812,800 | | | | | United Integrated Services Co Ltd | | | 5,576 | |
| | 114,746 | | | * | | United Rentals, Inc | | | 17,102 | |
| | 452,528 | | | * | | Univar Solutions Inc | | | 7,630 | |
| | 152,370 | | | | | Uponor Oyj | | | 2,064 | |
| | 51,400 | | | | | Ushio, Inc | | | 687 | |
| | 436,061 | | | | | Valmet Corp | | | 11,429 | |
| | 32,856 | | | | | Valmont Industries, Inc | | | 3,733 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 21,636 | | | *,e | | Varta AG. | | $ | 2,442 | |
| | 33,444 | | | g | | VAT Group AG. | | | 6,143 | |
| | 126,869 | | | * | | Vectrus, Inc | | | 6,233 | |
| | 167,912 | | | | | Veidekke ASA | | | 2,039 | |
| | 20,367 | | | * | | Veritiv Corp | | | 345 | |
| | 18,472 | | | * | | Vertiv Holdings Co | | | 250 | |
| | 31,009 | | | | | Vestas Wind Systems AS | | | 3,175 | |
| | 116,791 | | | | | Vesuvius plc | | | 560 | |
| | 23,485 | | | | | V-Guard Industries Ltd | | | 53 | |
| | 23,308 | | | * | | Vicor Corp | | | 1,677 | |
| | 714,861 | | | | | Vinci S.A. | | | 66,284 | |
| | 36,463 | | | * | | Virgin Galactic Holdings, Inc | | | 596 | |
| | 42,869 | | | *,e | | Vivint Solar, Inc | | | 424 | |
| | 23,289 | | | | | Voltas Ltd | | | 169 | |
| | 18,544 | | | | | Voltronic Power Technology Corp | | | 534 | |
| | 364,198 | | | e | | Volvo AB (B Shares) | | | 5,731 | |
| | 5,120 | | | | | Vossloh AG. | | | 225 | |
| | 1,926,000 | | | g | | VPower Group International Holdings Ltd | | | 1,053 | |
| | 433,788 | | | | | W.W. Grainger, Inc | | | 136,279 | |
| | 47,217 | | | | | Wabash National Corp | | | 501 | |
| | 148,089 | | | | | Wabtec Corp | | | 8,525 | |
| | 17,047 | | | * | | Wacker Construction Equipment AG. | | | 258 | |
| | 18,700 | | | | | Wakita & Co Ltd | | | 161 | |
| | 10,925,000 | | | | | Walsin Lihwa Corp | | | 5,420 | |
| | 57,911 | | | | | Wartsila Oyj (B Shares) | | | 480 | |
| | 6,563 | | | | | Washtec AG. | | | 270 | |
| | 50,015 | | | | | Watsco, Inc | | | 8,888 | |
| | 91,870 | | | | | Watts Water Technologies, Inc (Class A) | | | 7,441 | |
| | 857,133 | | | | | Weg S.A. | | | 7,977 | |
| | 6,222,284 | | | | | Weichai Power Co Ltd | | | 11,724 | |
| | 200,300 | | | * | | Weichai Power Co Ltd (Class A) | | | 390 | |
| | 252,573 | | | | | Weir Group plc | | | 3,319 | |
| | 274,393 | | | * | | Welbilt, Inc | | | 1,671 | |
| | 51,904 | | | * | | WESCO International, Inc | | | 1,822 | |
| | 2,196 | | | * | | Willis Lease Finance Corp | | | 53 | |
| | 45,930 | | | * | | Willscot Corp | | | 564 | |
| | 76,527 | | | | | Wilson Bayly Holmes-Ovcon Ltd | | | 445 | |
| | 83,417 | | | | | Woodward Inc | | | 6,469 | |
| | 138,860 | | | e | | WSP Global, Inc | | | 8,516 | |
| | 328,600 | | | * | | XCMG Construction Machinery Co Ltd | | | 276 | |
| | 72,700 | | | | | Xiamen C & D, Inc | | | 83 | |
| | 201,300 | | | | | Xinjiang Goldwind Science & Technology Co Ltd | | | 285 | |
| | 716,544 | | | | | Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong) | | | 617 | |
| | 30,112 | | | * | | Xxentria Technology Materials Corp | | | 56 | |
| | 43,396 | | | | | Xylem, Inc | | | 2,819 | |
| | 60,700 | | | | | Yahagi Construction Co Ltd | | | 444 | |
| | 15,680 | | | | | YAMABIKO Corp | | | 131 | |
| | 22,100 | | | e | | Yamashin-Filter Corp | | | 218 | |
| | 30,070 | | | | | Yamazen Corp | | | 254 | |
| | 2,209,200 | | | e | | Yangzijiang Shipbuilding | | | 1,487 | |
| | 73,027 | | | *,e | | YIT Oyj | | | 399 | |
| | 78,031 | | | | | Yokogawa Bridge Holdings Corp | | | 1,624 | |
| | 8,552 | | | | | Yuasa Trading Co Ltd | | | 231 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 28,000 | | | | | Yungtay Engineering Co Ltd | | $ | 54 | |
| | 18,400 | | | | | Yurtec Corp | | | 112 | |
| | 7,760 | | | | | Yushin Precision Equipment Co Ltd | | | 52 | |
| | 10,438 | | | *,† | | Yuyang DNU Co Ltd | | | 11 | |
| | 100,205 | | | | | Zardoya Otis S.A. | | | 687 | |
| | 44,755 | | | | | Zehnder Group AG. | | | 1,762 | |
| | 116,300 | | | | | Zhejiang Chint Electrics Co Ltd | | | 435 | |
| | 20,020 | | | | | Zhejiang Dingli Machinery Co Ltd | | | 216 | |
| | 110,760 | | | | | Zhejiang Sanhua Intelligent Controls Co Ltd | | | 345 | |
| | 75,900 | | | | | Zhejiang Weixing New Building Materials Co Ltd | | | 125 | |
| | 47,000 | | | | | Zhengzhou Coal Mining Machinery Group Co Ltd | | | 20 | |
| | 87,500 | | | | | Zhengzhou Yutong Bus Co Ltd | | | 151 | |
| | 40,100 | | | * | | Zhongji Innolight Co Ltd | | | 360 | |
| | 380,941 | | | | | Zhuzhou CSR Times Electric Co Ltd | | | 977 | |
| | 320,900 | | | | | Zoomlion Heavy Industry Science and Technology Co Ltd | | | 293 | |
| | 63,862 | | | * | | Zumtobel AG. | | | 462 | |
| | | | | | | TOTAL CAPITAL GOODS | | | 6,823,231 | |
| | | | | | | | | | | |
| COMMERCIAL & PROFESSIONAL SERVICES - 1.3% | | | | |
| | 14,900 | | | * | | 51job, Inc (ADR) | | | 1,070 | |
| | 176,829 | | | | | ABM Industries, Inc | | | 6,419 | |
| | 61,438 | | | * | | Acacia Research (Acacia Technologies) | | | 251 | |
| | 112,614 | | | | | ACCO Brands Corp | | | 800 | |
| | 155,684 | | | | | Adecco S.A. | | | 7,338 | |
| | 194,491 | | | e | | ADT, Inc | | | 1,552 | |
| | 64,141 | | | * | | Advanced Disposal Services, Inc | | | 1,935 | |
| | 33,200 | | | | | Aeon Delight Co Ltd | | | 926 | |
| | 52,256 | | | | | AF AB | | | 1,130 | |
| | 329,444 | | | e | | Aggreko plc | | | 1,812 | |
| | 7,856 | | | * | | Akerna Corp | | | 69 | |
| | 6,372 | | | *,e | | Akka Technologies S.A. | | | 206 | |
| | 398,750 | | | g | | A-Living Services Co Ltd | | | 2,027 | |
| | 548,044 | | | | | ALS Ltd | | | 2,503 | |
| | 32,430 | | | | | Altech Corp | | | 574 | |
| | 2,758 | | | * | | Amadeus Fire AG | | | 342 | |
| | 247,516 | | | *,g | | API Group Corp | | | 3,007 | |
| | 170,144 | | | | | Applus Services S.A. | | | 1,311 | |
| | 81,854 | | | * | | ASGN Inc | | | 5,458 | |
| | 332,432 | | | | | Babcock International Group | | | 1,274 | |
| | 7,247 | | | | | Barrett Business Services, Inc | | | 385 | |
| | 64,300 | | | | | BayCurrent Consulting, Inc | | | 5,376 | |
| | 18,415 | | | g | | Befesa S.A. | | | 718 | |
| | 68,100 | | | | | Beijing Originwater Technology Co Ltd | | | 78 | |
| | 17,400 | | | | | Bell System24 Holdings, Inc | | | 226 | |
| | 61,982 | | | | | Benefit One, Inc | | | 1,250 | |
| | 2,914 | | | | | Bertrandt AG. | | | 115 | |
| | 9,474 | | | | | BG Staffing, Inc | | | 107 | |
| | 157,473 | | | g | | Biffa plc | | | 393 | |
| | 16,630 | | | | | Bilfinger Berger AG. | | | 319 | |
| | 185,548 | | | | | Bingo Industries Ltd | | | 278 | |
| | 42,615 | | | | | Brady Corp (Class A) | | | 1,995 | |
| | 1,691,725 | | | | | Brambles Ltd | | | 12,827 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 385,650 | | | g | | Bravida Holding AB | | $ | 3,687 | |
| | 27,896 | | | * | | BrightView Holdings, Inc | | | 312 | |
| | 58,261 | | | | | Brink's Co | | | 2,651 | |
| | 11,782 | | | e | | Brunel International NV | | | 85 | |
| | 468,415 | | | | | Bureau Veritas S.A. | | | 9,935 | |
| | 191,187 | | | * | | Calisen plc | | | 427 | |
| | 938,635 | | | * | | Capita Group plc | | | 513 | |
| | 40,340 | | | * | | Casella Waste Systems, Inc (Class A) | | | 2,103 | |
| | 69,591 | | | *,e | | Casper Sleep, Inc | | | 624 | |
| | 50,864 | | | * | | Caverion Corp | | | 345 | |
| | 200,246 | | | * | | CBIZ, Inc | | | 4,800 | |
| | 24,787 | | | * | | Ceco Environmental Corp | | | 163 | |
| | 11,241 | | | | | Central Security Patrols Co Ltd | | | 446 | |
| | 20,300 | | | | | Centre Testing International Group Co Ltd | | | 57 | |
| | 21,415 | | | | | Cewe Color Holding AG. | | | 2,368 | |
| | 2,248,303 | | | | | China Everbright International Ltd | | | 1,193 | |
| | 168,122 | | | *,e | | Cimpress plc | | | 12,834 | |
| | 98,528 | | | | | Cintas Corp | | | 26,244 | |
| | 1,170,713 | | | * | | Clarivate Analytics plc | | | 26,142 | |
| | 149,896 | | | * | | Clean Harbors, Inc | | | 8,991 | |
| | 18,000 | | | * | | Cleanaway Co Ltd | | | 102 | |
| | 2,541,477 | | | | | Cleanaway Waste Management Ltd | | | 3,902 | |
| | 1,724 | | | | | Compx International, Inc | | | 24 | |
| | 50,151 | | | g | | Coor Service Management Holding AB | | | 332 | |
| | 349,725 | | | * | | Copart, Inc | | | 29,122 | |
| | 80,332 | | | * | | CoStar Group, Inc | | | 57,090 | |
| | 3,548,000 | | | | | Country Garden Services Holdings Co Ltd | | | 16,563 | |
| | 119,001 | | | | | Covanta Holding Corp | | | 1,141 | |
| | 48,805 | | | | | CRA International, Inc | | | 1,928 | |
| | 1,320,000 | | | *,† | | CT Environmental Group Ltd | | | 2 | |
| | 483,095 | | | | | Dai Nippon Printing Co Ltd | | | 11,107 | |
| | 48,200 | | | | | Daiseki Co Ltd | | | 1,292 | |
| | 43,233 | | | | | Deluxe Corp | | | 1,018 | |
| | 48,861 | | | | | Derichebourg | | | 141 | |
| | 42,622 | | | | | DKSH Holding AG. | | | 2,746 | |
| | 320,818 | | | | | Downer EDI Ltd | | | 982 | |
| | 21,398 | | | | | Duskin Co Ltd | | | 545 | |
| | 75,000 | | | | | Dynagreen Environmental Protection Group Co Ltd | | | 26 | |
| | 190,548 | | | | | Elis S.A. | | | 2,236 | |
| | 102,066 | | | * | | Emerald Holding, Inc | | | 314 | |
| | 15,620 | | | | | en-japan, Inc | | | 389 | |
| | 38,908 | | | | | Ennis, Inc | | | 706 | |
| | 332,657 | | | | | Equifax, Inc | | | 57,177 | |
| | 136,000 | | | | | Ever Sunshine Lifestyle Services Group Ltd | | | 212 | |
| | 1,342,483 | | | | | Experian Group Ltd | | | 47,120 | |
| | 82,384 | | | | | Exponent, Inc | | | 6,667 | |
| | 11,370 | | | *,e | | Fila S.p.A | | | 112 | |
| | 24,766 | | | *,e | | Forrester Research, Inc | | | 794 | |
| | 136,362 | | | * | | Franklin Covey Co | | | 2,918 | |
| | 133,500 | | | | | Frontken Corp BHD | | | 80 | |
| | 87,087 | | | * | | FTI Consulting, Inc | | | 9,976 | |
| | 129,500 | | | | | Fullcast Co Ltd | | | 1,728 | |
| | 51,650 | | | | | Funai Soken Holdings, Inc | | | 1,169 | |
| | 24,130 | | | | | GL Events | | | 336 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 22,508 | | | * | | GP Strategies Corp | | $ | 193 | |
| | 5,500 | | | * | | Grace Technology, Inc | | | 327 | |
| | 1,136,000 | | | | | Greentown Service Group Co Ltd | | | 1,347 | |
| | 835,746 | | | | | Group 4 Securicor plc | | | 1,182 | |
| | 3,425 | | | | | Groupe CRIT | | | 203 | |
| | 903,701 | | | | | Hays plc | | | 1,338 | |
| | 240,517 | | | | | Healthcare Services Group | | | 5,883 | |
| | 66,466 | | | | | Heidrick & Struggles International, Inc | | | 1,437 | |
| | 20,172 | | | * | | Heritage-Crystal Clean, Inc | | | 352 | |
| | 145,525 | | | | | Herman Miller, Inc | | | 3,436 | |
| | 37,667 | | | | | HNI Corp | | | 1,151 | |
| | 680,767 | | | | | HomeServe plc | | | 11,006 | |
| | 71,658 | | | * | | Huron Consulting Group, Inc | | | 3,171 | |
| | 422,189 | | | *,e | | Hyve Group plc | | | 520 | |
| | 225,846 | | | * | | IAA, Inc | | | 8,711 | |
| | 41,184 | | | | | ICF International, Inc | | | 2,670 | |
| | 658,631 | | | | | IHS Markit Ltd | | | 49,727 | |
| | 5,603 | | | *,e | | Insource Co Ltd | | | 138 | |
| | 128,089 | | | | | Insperity, Inc | | | 8,291 | |
| | 184,823 | | | | | Interface, Inc | | | 1,504 | |
| | 295,049 | | | | | Intertek Group plc | | | 19,872 | |
| | 48,854 | | | g | | Intertrust NV | | | 832 | |
| | 638,017 | | | e | | Intrum Justitia AB | | | 11,745 | |
| | 166,626 | | | | | IPH Ltd | | | 867 | |
| | 100,270 | | | | | IR Japan Holdings Ltd | | | 10,567 | |
| | 102,317 | | | | | ISS AS | | | 1,625 | |
| | 7,700 | | | | | JAC Recruitment Co Ltd | | | 82 | |
| | 385,100 | | | | | Japan Elevator Service Holdings Co Ltd | | | 12,458 | |
| | 79,800 | | | | | JMT Network Services PCL | | | 59 | |
| | 36,300 | | | * | | JOYY, Inc (ADR) | | | 3,214 | |
| | 4,100 | | | * | | JTOWER, Inc | | | 216 | |
| | 199,760 | | | | | KAR Auction Services, Inc | | | 2,749 | |
| | 6,000 | | | | | KD Holding Corp | | | 45 | |
| | 57,023 | | | | | Kelly Services, Inc (Class A) | | | 902 | |
| | 82,163 | | | | | KEPCO Plant Service & Engineering Co Ltd | | | 1,996 | |
| | 121,131 | | | | | Kforce, Inc | | | 3,543 | |
| | 151,572 | | | | | Kimball International, Inc (Class B) | | | 1,752 | |
| | 184,465 | | | | | Knoll, Inc | | | 2,249 | |
| | 4,247 | | | | | Koentec Co Ltd | | | 31 | |
| | 172,200 | | | | | Kokuyo Co Ltd | | | 2,088 | |
| | 87,756 | | | | | Korn/Ferry International | | | 2,697 | |
| | 5,509 | | | g | | L&T Technology Services Ltd | | | 94 | |
| | 17,989 | | | e | | Link And Motivation, Inc | | | 65 | |
| | 119,727 | | | | | Loomis AB | | | 2,860 | |
| | 4,359 | | | | | Maharah Human Resources Co | | | 80 | |
| | 90,395 | | | | | Manpower, Inc | | | 6,215 | |
| | 24,964 | | | * | | Mastech Holdings, Inc | | | 647 | |
| | 6,562 | | | | | Matsuda Sangyo Co Ltd | | | 82 | |
| | 69,850 | | | | | Matthews International Corp (Class A) | | | 1,334 | |
| | 100,251 | | | | | McGrath RentCorp | | | 5,415 | |
| | 174,075 | | | | | McMillan Shakespeare Ltd | | | 1,100 | |
| | 13,928 | | | | | Meitec Corp | | | 674 | |
| | 356,134 | | | | | Michael Page International plc | | | 1,672 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 18,183 | | | * | | Mistras Group, Inc | | $ | 72 | |
| | 189,812 | | | e | | Mitie Group | | | 196 | |
| | 18,344 | | | | | Mitsubishi Pencil Co Ltd | | | 230 | |
| | 247,672 | | | | | Mobile Mini, Inc | | | 7,306 | |
| | 77,957 | | | e | | Morneau Sobeco Income Fund | | | 1,820 | |
| | 295,600 | | | | | Moshi Moshi Hotline, Inc | | | 2,753 | |
| | 6,991 | | | | | MSA Safety, Inc | | | 800 | |
| | 2,171,370 | | | | | New World Development Co Ltd | | | 10,310 | |
| | 7,172 | | | | | NICE Information Service Co Ltd | | | 110 | |
| | 4,004 | | | | | Nichiban Co Ltd | | | 54 | |
| | 98,277 | | | | | Nielsen NV | | | 1,460 | |
| | 93,135 | | | | | Nihon M&A Center, Inc | | | 4,236 | |
| | 10,400 | | | | | Nippon Kanzai Co Ltd | | | 190 | |
| | 99,011 | | | | | Nippon Parking Development Co Ltd | | | 128 | |
| | 6,165 | | | | | NL Industries, Inc | | | 21 | |
| | 225,500 | | | | | Nomura Co Ltd | | | 1,884 | |
| | 238,111 | | | | | Okamura Corp | | | 1,654 | |
| | 134,832 | | | | | Omni Bridgeway Ltd | | | 445 | |
| | 298,269 | | | | | Outsourcing, Inc | | | 1,901 | |
| | 25,568 | | | | | Oyo Corp | | | 334 | |
| | 239,570 | | | | | Park24 Co Ltd | | | 4,107 | |
| | 10,900 | | | | | Pasona Group, Inc | | | 121 | |
| | 39,972 | | | | | Pilot Corp | | | 1,216 | |
| | 157,298 | | | e | | Pitney Bowes, Inc | | | 409 | |
| | 88,344 | | | *,e | | Precigen, Inc | | | 441 | |
| | 54,027 | | | | | Prestige International, Inc | | | 407 | |
| | 233,596 | | | g | | Prosegur Cash S.A. | | | 198 | |
| | 365,374 | | | | | Prosegur Cia de Seguridad S.A. | | | 852 | |
| | 59,830 | | | | | Quad Graphics, Inc | | | 194 | |
| | 15,816 | | | *,g | | Quess Corp Ltd | | | 76 | |
| | 442,903 | | | *,e | | Raksul, Inc | | | 12,082 | |
| | 161,486 | | | | | Randstad Holdings NV | | | 7,221 | |
| | 3,671,128 | | | | | Recruit Holdings Co Ltd | | | 126,251 | |
| | 5,637 | | | * | | Red Violet, Inc | | | 99 | |
| | 1,935,456 | | | | | RELX plc | | | 44,794 | |
| | 1,345,738 | | | | | RELX plc (London) | | | 31,148 | |
| | 8,600 | | | * | | Renrui Human Resources Technology Holdings Ltd | | | 34 | |
| | 2,861,213 | | | | | Rentokil Initial plc | | | 18,092 | |
| | 325,209 | | | | | Republic Services, Inc | | | 26,683 | |
| | 27,529 | | | | | Resources Connection, Inc | | | 330 | |
| | 63,750 | | | e | | Restore plc | | | 284 | |
| | 215,370 | | | | | Ritchie Bros Auctioneers, Inc | | | 8,768 | |
| | 246,800 | | | | | Robert Half International, Inc | | | 13,038 | |
| | 215,068 | | | | | Rollins, Inc | | | 9,117 | |
| | 304,709 | | | | | RWS Holdings plc | | | 2,263 | |
| | 15,060 | | | | | S1 Corp (Korea) | | | 1,079 | |
| | 15,152 | | | | | Sato Corp | | | 330 | |
| | 217,639 | | | | | Secom Co Ltd | | | 19,096 | |
| | 617,266 | | | | | Securitas AB (B Shares) | | | 8,347 | |
| | 319,981 | | | | | Seek Ltd | | | 4,895 | |
| | 858,699 | | | | | Serco Group plc | | | 1,626 | |
| | 304,427 | | | | | SG Fleet Group Ltd | | | 338 | |
| | 6,069 | | | | | SGS S.A. | | | 14,867 | |
| | 33,500 | | | | | Shanghai M&G Stationery, Inc | | | 259 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | | COMPANY | | VALUE
(000) | |
| | 100,500 | | | *,† | | Shanghai Youngsun Investment Co Ltd | | $ | 85 | |
| | 40,200 | | | * | | Shenzhen Dongjiang Environmental Co Ltd | | | 27 | |
| | 157,221 | | | | | SmartGroup Corp Ltd | | | 667 | |
| | 37,587 | | | | | SMS Co Ltd | | | 846 | |
| | 19,137 | | | e | | Societe BIC S.A. | | | 974 | |
| | 78,490 | | | | | Sohgo Security Services Co Ltd | | | 3,665 | |
| | 75,093 | | | * | | SP Plus Corp | | | 1,555 | |
| | 176,020 | | | e | | SPIE S.A. | | | 2,645 | |
| | 64,532 | | | * | | S-Pool, Inc | | | 443 | |
| | 14,743 | | | | | Sporton International, Inc | | | 121 | |
| | 147,381 | | | | | Stantec, Inc | | | 4,550 | |
| | 395,306 | | | | | Steelcase, Inc (Class A) | | | 4,767 | |
| | 274,852 | | | * | | Stericycle, Inc | | | 15,386 | |
| | 21,000 | | | | | Sunny Friend Environmental Technology Co Ltd | | | 184 | |
| | 3,776 | | | * | | Synergie S.A | | | 96 | |
| | 79,660 | | | | | Taiwan Secom Co Ltd | | | 236 | |
| | 163,020 | | | | | Taiwan-Sogo Shinkong Security Corp | | | 205 | |
| | 19,200 | | | | | Tanseisha Co Ltd | | | 134 | |
| | 50,610 | | | * | | Team, Inc | | | 282 | |
| | 2,135 | | | * | | TeamLease Services Ltd | | | 47 | |
| | 69,080 | | | | | TechnoPro Holdings, Inc | | | 3,988 | |
| | 114,686 | | | * | | Teleperformance | | | 29,208 | |
| | 82,324 | | | | | Temp Holdings Co Ltd | | | 1,135 | |
| | 62,537 | | | | | Tetra Tech, Inc | | | 4,948 | |
| | 185,883 | | | | | Thomson Reuters Corp | | | 12,630 | |
| | 414,000 | | | e | | Times Neighborhood Holdings Ltd | | | 566 | |
| | 10,144 | | | *,e | | Tinexta S.p.A | | | 136 | |
| | 83,355 | | | e | | Tomra Systems ASA | | | 3,079 | |
| | 24,506 | | | | | Toppan Forms Co Ltd | | | 243 | |
| | 653,150 | | | | | Toppan Printing Co Ltd | | | 10,920 | |
| | 164,903 | | | e | | Transcontinental, Inc | | | 1,834 | |
| | 434,312 | | | | | TransUnion | | | 37,803 | |
| | 39,059 | | | * | | TriNet Group, Inc | | | 2,380 | |
| | 31,487 | | | * | | TrueBlue, Inc | | | 481 | |
| | 11,062 | | | | | Trust Tech, Inc | | | 97 | |
| | 8,500 | | | * | | Uchida Yoko Co Ltd | | | 497 | |
| | 25,157 | | | | | Unifirst Corp | | | 4,502 | |
| | 14,099 | | | *,e | | United Technology Holdings Co Ltd | | | 324 | |
| | 27,804 | | | * | | US Ecology, Inc | | | 942 | |
| | 239,134 | | | | | Verisk Analytics, Inc | | | 40,701 | |
| | 36,289 | | | | | Viad Corp | | | 690 | |
| | 109,919 | | | * | | Vivint Smart Home, Inc | | | 1,905 | |
| | 10,993 | | | | | VSE Corp | | | 345 | |
| | 491,285 | | | | | Waste Connections, Inc | | | 46,078 | |
| | 1,079,168 | | | | | Waste Management, Inc | | | 114,295 | |
| | 4,800 | | | e | | WDB Holdings Co Ltd | | | 119 | |
| | 2,000 | | | | | Weathernews, Inc | | | 65 | |
| | 9,615 | | | * | | Willdan Group, Inc | | | 240 | |
| | 239,055 | | | | | Wolters Kluwer NV | | | 18,672 | |
| | 3,500 | | | | | World Holdings Co Ltd | | | 56 | |
| | 5,100 | | | | | YAMADA Consulting Group Co Ltd | | | 64 | |
| | 22,900 | | | e | | Yumeshin Holdings Co Ltd | | | 126 | |
| | | | | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 1,401,352 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| CONSUMER DURABLES & APPAREL - 1.9% | | | | |
| | 169,000 | | | | 361 Degrees International Ltd | | $ | 22 | |
| | 10,318 | | | | Accell Group | | | 257 | |
| | 29,645 | | | | Acushnet Holdings Corp | | | 1,031 | |
| | 220,586 | | | | Adidas-Salomon AG. | | | 58,158 | |
| | 1,035,269 | | | | Aksa Akrilik Kimya Sanayii | | | 1,103 | |
| | 2,468 | | | | Amber Enterprises India Ltd | | | 47 | |
| | 171,157 | | * | | AmTRAN Technology Co Ltd | | | 47 | |
| | 1,507,335 | | | | Anta Sports Products Ltd | | | 13,411 | |
| | 2,292,000 | | * | | Apollo Future Mobility Group Ltd | | | 144 | |
| | 10,300 | | | | Arezzo Industria e Comercio S.A. | | | 91 | |
| | 97,070 | | * | | Aritzia, Inc | | | 1,359 | |
| | 81,873 | | e | | Asics Corp | | | 936 | |
| | 59,617 | | | | Bajaj Electricals Ltd | | | 310 | |
| | 857,716 | | | | Barratt Developments plc | | | 5,272 | |
| | 7,141 | | | | Bata India Ltd | | | 124 | |
| | 53,965 | | * | | Beazer Homes USA, Inc | | | 543 | |
| | 166,072 | | | | Bellway plc | | | 5,231 | |
| | 19,302 | | | | Beneteau S.A. | | | 138 | |
| | 81,326 | | | | Berkeley Group Holdings plc | | | 4,188 | |
| | 464,657 | | | | Betsson AB | | | 3,239 | |
| | 259,391 | | * | | Betsson AB (Redemption) | | | 80 | |
| | 45,186 | | | | Bonava AB | | | 244 | |
| | 1,996,000 | | | | Bosideng International Holdings Ltd | | | 621 | |
| | 360,261 | | | | Bovis Homes Group plc | | | 3,173 | |
| | 156,519 | | | | Breville Group Ltd | | | 2,474 | |
| | 49,054 | | | | BRP, Inc (Toronto) | | | 2,092 | |
| | 17,930 | | e | | Brunello Cucinelli S.p.A | | | 534 | |
| | 342,205 | | | | Brunswick Corp | | | 21,905 | |
| | 128,017 | | | | Burberry Group plc | | | 2,530 | |
| | 3,173,720 | | | | Cairn Homes plc | | | 3,094 | |
| | 5,552,409 | | | | Cairn Homes plc (London) | | | 5,629 | |
| | 149,406 | | | | Callaway Golf Co | | | 2,616 | |
| | 67,239 | | *,e | | Canada Goose Holdings, Inc | | | 1,561 | |
| | 1,263,611 | | * | | Capri Holdings Ltd | | | 19,750 | |
| | 19,529 | | | | Carter’s, Inc | | | 1,576 | |
| | 243,216 | | * | | Casio Computer Co Ltd | | | 4,243 | |
| | 17,285 | | * | | Cavco Industries, Inc | | | 3,333 | |
| | 8,557 | | | | CCC S.A. | | | 130 | |
| | 25,217 | | * | | Century Communities, Inc | | | 773 | |
| | 9,317 | | e | | Chargeurs S.A. | | | 141 | |
| | 738,400 | | | | China Dongxiang Group Co | | | 66 | |
| | 726,000 | | | | China Lilang Ltd | | | 391 | |
| | 9,200 | | | | Chofu Seisakusho Co Ltd | | | 193 | |
| | 163,357 | | | | Chow Sang Sang Holding | | | 174 | |
| | 371,300 | | | | Cia Hering | | | 978 | |
| | 622,228 | | | | Cie Financiere Richemont S.A. | | | 40,134 | |
| | 694,000 | | * | | Citychamp Watch & Jewellery Group Ltd | | | 139 | |
| | 21,186 | | | | Clarus Corp | | | 245 | |
| | 3,162,548 | | | | Coats Group plc | | | 2,201 | |
| | 6,308 | | | | Columbia Sportswear Co | | | 508 | |
| | 16,100 | | | | Construtora Tenda S.A. | | | 92 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 6,636 | | | | Corona Corp | | $ | 64 | |
| | 170,000 | | *,e,g | | Cosmo Lady China Holdings Co Ltd | | | 11 | |
| | 893,050 | | *,g | | Countryside Properties plc | | | 3,657 | |
| | 5,337 | | | | COWELL FASHION Co Ltd | | | 24 | |
| | 144,473 | | | | Crest Nicholson Holdings plc | | | 353 | |
| | 229,394 | | * | | CROCS, Inc | | | 8,446 | |
| | 404,361 | | | | Crompton Greaves Consumer Electricals Ltd | | | 1,279 | |
| | 2,106,795 | | g | | Crystal International Group Ltd | | | 460 | |
| | 333 | | | | Cuckoo Electronics Co Ltd | | | 22 | |
| | 66,700 | | | | Cyrela Brazil Realty S.A. | | | 280 | |
| | 41,633 | | * | | Deckers Outdoor Corp | | | 8,176 | |
| | 125,618 | | | | De’Longhi S.p.A. | | | 3,295 | |
| | 37,306 | | | | Delta-Galil Industries Ltd | | | 429 | |
| | 16,002 | | e | | Descente Ltd | | | 222 | |
| | 624 | | | | Dixon Technologies India Ltd | | | 48 | |
| | 864,422 | | | | DR Horton, Inc | | | 47,932 | |
| | 91,571 | | * | | Duni AB | | | 960 | |
| | 114,950 | | | | Eclat Textile Co Ltd | | | 1,339 | |
| | 276,973 | | | | Electrolux AB (Series B) | | | 4,660 | |
| | 2,604,520 | | *,e | | Electrolux Professional AB | | | 9,540 | |
| | 6,665 | | | | Escalade, Inc | | | 93 | |
| | 292,900 | | | | ES-Con Japan Ltd | | | 2,231 | |
| | 462,410 | | | | Essilor International S.A. | | | 59,470 | |
| | 42,590 | | | | Ethan Allen Interiors, Inc | | | 504 | |
| | 24,300 | | | | Even Construtora e Incorporadora S.A. | | | 49 | |
| | 22,666 | | | | Ez Tec Empreendimentos e Participacoes S.A. | | | 166 | |
| | 20,536 | | | | F&F Co Ltd | | | 1,585 | |
| | 603,604 | | | | Feng TAY Enterprise Co Ltd | | | 3,423 | |
| | 27,835 | | | | Fila Korea Ltd | | | 821 | |
| | 2,401 | | | | Forbo Holding AG. | | | 3,486 | |
| | 693,052 | | | | Formosa Taffeta Co Ltd | | | 859 | |
| | 21,452 | | | | Forus S.A. | | | 26 | |
| | 75,611 | | *,e | | Fossil Group, Inc | | | 352 | |
| | 29,391 | | | | Foster Electric Co Ltd | | | 288 | |
| | 10,408 | | | | France Bed Holdings Co Ltd | | | 82 | |
| | 339,999 | | *,†,e | | Fuguiniao Co Ltd | | | 0 | ^ |
| | 4,900 | | | | Fujibo Holdings Inc | | | 149 | |
| | 32,421 | | | | Fujitsu General Ltd | | | 666 | |
| | 24,000 | | * | | Fulgent Sun International Holding Co Ltd | | | 86 | |
| | 425,000 | | | | Fusheng Precision Co Ltd | | | 2,357 | |
| | 64,859 | | | | Games Workshop Group plc | | | 6,445 | |
| | 208,739 | | | | Garmin Ltd | | | 20,352 | |
| | 77,919 | | * | | Genasys, Inc | | | 379 | |
| | 8,946 | | * | | GeneOne Life Science, Inc | | | 72 | |
| | 170,639 | | | | Giant Manufacturing Co Ltd | | | 1,534 | |
| | 111,499 | | * | | G-III Apparel Group Ltd | | | 1,482 | |
| | 196,967 | | | | Gildan Activewear, Inc | | | 3,051 | |
| | 2,709,904 | | *,g | | Glenveagh Properties plc | | | 2,043 | |
| | 2,700,000 | | *,e,g | | Glenveagh Properties plc (London) | | | 2,081 | |
| | 77,693 | | | | Goldwin, Inc | | | 5,094 | |
| | 113,788 | | *,e | | GoPro, Inc | | | 542 | |
| | 150,300 | | | | Gree Electric Appliances, Inc of Zhuhai | | | 1,207 | |
| | 129,995 | | * | | Green Brick Partners, Inc | | | 1,540 | |
| | 69,600 | | | | Grendene S.A. | | | 94 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 23,200 | | | | Guararapes Confeccoes S.A. | | $ | 75 | |
| | 46,500 | | | | Gunze Ltd | | | 1,728 | |
| | 1,057,944 | | | | Haier Electronics Group Co Ltd | | | 3,221 | |
| | 6,027 | | | | Hamilton Beach Brands Holding Co | | | 72 | |
| | 10,094 | | | | Handsome Co Ltd | | | 296 | |
| | 170,250 | | | | Hanesbrands, Inc | | | 1,922 | |
| | 879,586 | | | | Hangzhou Robam Appliances Co Ltd | | | 3,885 | |
| | 4,128 | | | | Hansae Co Ltd | | | 37 | |
| | 55,270 | | | | Hanssem Co Ltd | | | 3,985 | |
| | 6,145 | | | | Hanwha Systems Co Ltd | | | 46 | |
| | 247,043 | | | | Hasbro, Inc | | | 18,516 | |
| | 638,572 | | | | Haseko Corp | | | 8,063 | |
| | 29,689 | | | | Heiwa Corp | | | 497 | |
| | 28,531 | | * | | Helen of Troy Ltd | | | 5,380 | |
| | 24,654 | | *,† | | Hellenic Duty Free Shops S.A. | | | 0 | ^ |
| | 29,397 | | | | Hermes International | | | 24,682 | |
| | 1,487 | | | | Hitachi Home & Life Solutions India Ltd | | | 44 | |
| | 34,163 | | *,e | | HLB, Inc | | | 2,640 | |
| | 9,943 | | | | Hooker Furniture Corp | | | 193 | |
| | 466,000 | | *,† | | HOSA International Ltd | | | 1 | |
| | 8,071 | | | | HS Industries Co Ltd | | | 47 | |
| | 43,477 | | | | Hugo Boss AG. | | | 1,318 | |
| | 972,946 | | | | Husqvarna AB (B Shares) | | | 8,007 | |
| | 4,239 | | | | Hwaseung Enterprise Co Ltd | | | 41 | |
| | 10,553 | | | | Hyosung TNC Co Ltd | | | 990 | |
| | 127,442 | | | | IG Design Group plc | | | 796 | |
| | 12,021 | | | | Iida Group Holdings Co Ltd | | | 185 | |
| | 98,881 | | * | | Installed Building Products, Inc | | | 6,801 | |
| | 30,972 | | *,e | | iRobot Corp | | | 2,599 | |
| | 154,200 | | | | Japan Wool Textile Co Ltd | | | 1,531 | |
| | 29,905 | | e | | JM AB | | | 677 | |
| | 489,000 | | | | JNBY Design Ltd | | | 492 | |
| | 21,000 | | | | Johnson Health Tech Co Ltd | | | 51 | |
| | 15,732 | | | | Johnson Outdoors, Inc | | | 1,432 | |
| | 31,200 | | | | Joyoung Co Ltd | | | 165 | |
| | 82,600 | | | | JVC KENWOOD Holdings, Inc | | | 126 | |
| | 9,935 | | | | Kaufman & Broad S.A. | | | 344 | |
| | 191,922 | | | | KB Home | | | 5,888 | |
| | 3,232,000 | | | | Kinpo Electronics | | | 1,193 | |
| | 11,956 | | | | KMC Kuei Meng International In | | | 60 | |
| | 111,700 | | | | Konka Group Co Ltd | | | 33 | |
| | 84,632 | | e | | Kontoor Brands, Inc | | | 1,507 | |
| | 3,826 | | | | KPR Mill Ltd | | | 25 | |
| | 8,500 | | | | Kurabo Industries Ltd | | | 179 | |
| | 13,626 | | * | | Lakeland Industries, Inc | | | 306 | |
| | 75,482 | | | | La-Z-Boy, Inc | | | 2,043 | |
| | 130,776 | | * | | Lealea Enterprise Co Ltd | | | 33 | |
| | 58,900 | | e | | LEC, Inc | | | 887 | |
| | 3,841 | | *,e | | Legacy Housing Corp | | | 55 | |
| | 164,522 | | | | Leggett & Platt, Inc | | | 5,783 | |
| | 27,096 | | | | Lennar Corp (B Shares) | | | 1,249 | |
| | 342,094 | | | | Lennar Corp (Class A) | | | 21,080 | |
| | 183,420 | | e | | Levi Strauss & Co | | | 2,458 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 68,966 | | | | LG Electronics, Inc | | $ | 3,655 | |
| | 45,331 | | | | LG Fashion Corp | | | 469 | |
| | 19,464 | | *,e | | LGI Homes, Inc | | | 1,713 | |
| | 3,942,000 | | | | Li Ning Co Ltd | | | 12,624 | |
| | 7,367 | | | | Lifetime Brands, Inc | | | 49 | |
| | 6,987 | | *,e | | Lovesac Co | | | 183 | |
| | 1,066 | | * | | LPP S.A. | | | 1,627 | |
| | 301,492 | | * | | Lululemon Athletica, Inc | | | 94,069 | |
| | 783,224 | | * | | Luthai Textile Co Ltd | | | 465 | |
| | 358,012 | | | | LVMH Moet Hennessy Louis Vuitton S.A. | | | 158,060 | |
| | 94,287 | | * | | M/I Homes, Inc | | | 3,247 | |
| | 53,271 | | | | Makalot Industrial Co Ltd | | | 281 | |
| | 96,781 | | * | | Malibu Boats, Inc | | | 5,028 | |
| | 2,528,903 | | | | Man Wah Holdings Ltd | | | 2,436 | |
| | 6,442 | | *,† | | Mariella Burani S.p.A. | | | 0 | |
| | 6,357 | | | | Marine Products Corp | | | 88 | |
| | 32,300 | | | | Mars Engineering Corp | | | 487 | |
| | 14,832 | | * | | MasterCraft Boat Holdings, Inc | | | 283 | |
| | 1,823,147 | | *,e | | Mattel, Inc | | | 17,630 | |
| | 7,945 | | *,g | | Mavi Giyim Sanayi Ve Ticaret AS. | | | 55 | |
| | 48,250 | | | | Maytronics Ltd | | | 548 | |
| | 889,358 | | g | | McCarthy & Stone plc | | | 787 | |
| | 86,854 | | | | MDC Holdings, Inc | | | 3,101 | |
| | 46,000 | | | | Merida Industry Co Ltd | | | 314 | |
| | 62,048 | | * | | Meritage Homes Corp | | | 4,723 | |
| | 111 | | | | Metall Zug AG.(B Shares) | | | 166 | |
| | 165,928 | | | | MIPS AB | | | 5,754 | |
| | 9,000 | | | | Mizuno Corp | | | 173 | |
| | 109,243 | | * | | Mohawk Industries, Inc | | | 11,117 | |
| | 603,506 | | | | Moncler S.p.A | | | 23,207 | |
| | 26,521 | | | | Movado Group, Inc | | | 287 | |
| | 1,068,765 | | | | MRV Engenharia e Participacoes S.A. | | | 3,538 | |
| | 6,790 | | | | Nacco Industries, Inc (Class A) | | | 158 | |
| | 188,030 | | | | Namco Bandai Holdings, Inc | | | 9,898 | |
| | 9,000 | | | | Nan Liu Enterprise Co Ltd | | | 80 | |
| | 61,884 | | * | | Nautilus, Inc | | | 574 | |
| | 832,700 | | * | | NavInfo Co Ltd | | | 1,951 | |
| | 28,632 | | *,g | | Neinor Homes S.A. | | | 295 | |
| | 1,932,572 | | | | Newell Brands Inc | | | 30,689 | |
| | 316,000 | | | | Nien Made Enterprise Co Ltd | | | 3,097 | |
| | 3,266,381 | | | | Nike, Inc (Class B) | | | 320,269 | |
| | 243,965 | | | | Nikon Corp | | | 2,049 | |
| | 58,709 | | | | Nobia AB | | | 280 | |
| | 17,144 | | * | | NVR, Inc | | | 55,868 | |
| | 48,631 | | | | Onward Kashiyama Co Ltd | | | 144 | |
| | 10,500 | | * | | Oppein Home Group, Inc | | | 173 | |
| | 11,014 | | | | Orient Electric Ltd | | | 30 | |
| | 1,120,041 | | * | | Oriental Weavers | | | 382 | |
| | 15,380 | | | | Oxford Industries, Inc | | | 677 | |
| | 497,778 | | | | Pacific Textile Holdings Ltd | | | 241 | |
| | 3,120 | | | | Page Industries Ltd | | | 823 | |
| | 27,456 | | | | Paiho Shih Holdings Corp | | | 28 | |
| | 2,802,113 | | | | Panasonic Corp | | | 24,572 | |
| | 75,573 | | | | Pandora AS | | | 4,127 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 402,000 | | *,† | | Peace Mark Holdings Ltd | | $ | 0 | |
| | 240,914 | | * | | Peloton Interactive, Inc | | | 13,918 | |
| | 318,489 | | | | Persimmon plc | | | 9,014 | |
| | 252,953 | | * | | Peter England Fashions and Retail Ltd | | | 420 | |
| | 20,656 | | * | | PIK Group (GDR) | | | 124 | |
| | 130,199 | | | | Polaris Inc | | | 12,050 | |
| | 1,418,041 | | | | Pou Chen Corp | | | 1,391 | |
| | 12,095,792 | | e | | Prada S.p.A | | | 42,266 | |
| | 162,040 | | | | Pressance Corp | | | 1,787 | |
| | 539,444 | | | | Pulte Homes, Inc | | | 18,357 | |
| | 104,422 | | | | Puma AG. Rudolf Dassler Sport | | | 8,096 | |
| | 126,734 | | *,e | | Purple Innovation, Inc | | | 2,281 | |
| | 63,227 | | | | PVH Corp | | | 3,038 | |
| | 91,000 | | | | Q Technology Group Co Ltd | | | 120 | |
| | 256,100 | | | | Qingdao Haier Co Ltd | | | 643 | |
| | 251,000 | | | | Quang Viet Enterprise Co Ltd | | | 1,167 | |
| | 173,848 | | | | Rajesh Exports Ltd | | | 1,072 | |
| | 13,765 | | | | Ralph Lauren Corp | | | 998 | |
| | 393,125 | | | | Redrow plc | | | 2,097 | |
| | 11,052 | | * | | Relaxo Footwears Ltd | | | 93 | |
| | 110,570 | | | | Rinnai Corp | | | 9,259 | |
| | 6,540 | | | | Rocky Brands, Inc | | | 134 | |
| | 99,000 | | * | | Roo Hsing Co Ltd | | | 45 | |
| | 105,000 | | | | Ruentex Industries Ltd | | | 253 | |
| | 26,778 | | e | | Salvatore Ferragamo Italia S.p.A | | | 363 | |
| | 1,561,800 | | *,e,g | | Samsonite International | | | 1,593 | |
| | 26,124 | | | | Sangetsu Co Ltd | | | 370 | |
| | 24,400 | | | | Sankyo Co Ltd | | | 591 | |
| | 8,000 | | * | | Sanlorenzo S.p.A | | | 136 | |
| | 22,300 | | | | SEB S.A. | | | 3,699 | |
| | 113,682 | | | | Sega Sammy Holdings, Inc | | | 1,363 | |
| | 13,000 | | | | Seiko Holdings Corp | | | 207 | |
| | 103,658 | | | | Seiren Co Ltd | | | 1,310 | |
| | 418,667 | | | | Sekisui Chemical Co Ltd | | | 5,999 | |
| | 614,125 | | | | Sekisui House Ltd | | | 11,725 | |
| | 90,694 | | *,e | | Sharp Corp | | | 973 | |
| | 655,124 | | | | Shenzhou International Group Holdings Ltd | | | 7,964 | |
| | 10,354 | | | | Shimano, Inc | | | 1,991 | |
| | 5,432 | | | | Sioen Industries NV | | | 104 | |
| | 28,441 | | * | | Skechers U.S.A., Inc (Class A) | | | 892 | |
| | 283,108 | | * | | Skyline Champion Corp | | | 6,891 | |
| | 412,000 | | *,e | | Skyworth Digital Holdings Ltd | | | 116 | |
| | 113,606 | | * | | Smith & Wesson Brands, Inc | | | 2,445 | |
| | 458,415 | | * | | Sonos, Inc | | | 6,707 | |
| | 3,492,212 | | | | Sony Corp | | | 241,068 | |
| | 1,358,107 | | *,g | | Spin Master Corp | | | 24,539 | |
| | 51,600 | | | | Starts Corp, Inc | | | 1,059 | |
| | 822,263 | | *,e | | Steinhoff International Holdings NV | | | 48 | |
| | 225,500 | | | | Stella International Holdings Ltd | | | 231 | |
| | 199,519 | | | | Steven Madden Ltd | | | 4,926 | |
| | 59,840 | | | | Sturm Ruger & Co, Inc | | | 4,548 | |
| | 624,939 | | | | Sumitomo Forestry Co Ltd | | | 7,862 | |
| | 37,500 | | | | Suofeiya Home Collection Co Ltd | | | 129 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 9,456 | | | | Superior Uniform Group, Inc | | $ | 127 | |
| | 40,780 | | *,e | | Swatch Group AG. | | | 8,185 | |
| | 698 | | | | Swatch Group AG. (Registered) | | | 27 | |
| | 3,272 | | | | Symphony Ltd | | | 38 | |
| | 244,602 | | | | Tainan Spinning Co Ltd | | | 94 | |
| | 461,600 | | | | Taiwan Paiho Ltd | | | 1,015 | |
| | 7,200 | | e | | Tama Home Co Ltd | | | 82 | |
| | 47,300 | | | | Tamron Co Ltd | | | 818 | |
| | 270,793 | | | | Tapestry, Inc | | | 3,596 | |
| | 1,104,000 | | * | | Tatung Co Ltd | | | 789 | |
| | 370,943 | | * | | Taylor Morrison Home Corp | | | 7,155 | |
| | 4,730,573 | | | | Taylor Wimpey plc | | | 8,349 | |
| | 536,900 | | | | TCL Corp | | | 473 | |
| | 3,402,000 | | | | TCL Multimedia Technology Holdings Ltd | | | 1,675 | |
| | 3,766 | | *,g | | TCNS Clothing Co Ltd | | | 17 | |
| | 65,039 | | *,e,g | | Technogym S.p.A | | | 544 | |
| | 348,951 | | * | | Tempur Sealy International, Inc | | | 25,107 | |
| | 59,000 | | | | Texhong Textile Group Ltd | | | 47 | |
| | 55,535 | | g | | Thule Group AB | | | 1,410 | |
| | 246,785 | | | | Titan Industries Ltd | | | 3,107 | |
| | 24,756 | | e | | Tod’s S.p.A. | | | 737 | |
| | 3,790 | | | | Token Corp | | | 247 | |
| | 149,318 | | | | Toll Brothers, Inc | | | 4,866 | |
| | 38,301 | | * | | TomTom NV | | | 303 | |
| | 46,301 | | | | Tomy Co Ltd | | | 366 | |
| | 90,872 | | * | | TopBuild Corp | | | 10,338 | |
| | 402,726 | | * | | TRI Pointe Homes, Inc | | | 5,916 | |
| | 19,300 | | | | Trisul S.A. | | | 42 | |
| | 240,818 | | | | TSI Holdings Co Ltd | | | 1,035 | |
| | 686 | | | | TTK Prestige Ltd | | | 49 | |
| | 83,812 | | e | | Tupperware Brands Corp | | | 398 | |
| | 69,964 | | * | | Turtle Beach Corp | | | 1,030 | |
| | 56,807 | | * | | Under Armour, Inc (Class A) | | | 553 | |
| | 1,716,917 | | *,e | | Under Armour, Inc (Class C) | | | 15,178 | |
| | 25,631 | | * | | Unifi, Inc | | | 330 | |
| | 64,591 | | * | | Universal Electronics, Inc | | | 3,024 | |
| | 17,843 | | *,e | | Universal Entertainment Corp | | | 348 | |
| | 3,051 | | * | | VAN DE Velde | | | 72 | |
| | 21,926 | | | | Vardhman Textiles Ltd | | | 191 | |
| | 50,264 | | * | | Vera Bradley, Inc | | | 223 | |
| | 12,948 | | * | | Vestel Elektronik Sanayi | | | 31 | |
| | 434,011 | | | | VF Corp | | | 26,449 | |
| | 50,888 | | *,e | | Victoria plc | | | 175 | |
| | 8,459 | | | | VIP Industries Ltd | | | 29 | |
| | 162,183 | | * | | Vista Outdoor, Inc | | | 2,344 | |
| | 21,000 | | | | Vivara Participacoes S.A. | | | 81 | |
| | 17,411 | | * | | VOXX International Corp (Class A) | | | 101 | |
| | 1,110 | | * | | V-ZUG Holding AG. | | | 91 | |
| | 22,313 | | | | Wacoal Holdings Corp | | | 414 | |
| | 84,000 | | | | Weiqiao Textile Co | | | 15 | |
| | 71,763 | | | | Welspun India Ltd | | | 35 | |
| | 253,335 | | | | Whirlpool Corp | | | 32,814 | |
| | 1,857 | | | | Winix, Inc | | | 31 | |
| | 161,446 | | | | Wolverine World Wide, Inc | | | 3,844 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 29,110 | | | | Woongjin Coway Co Ltd | | $ | 1,760 | |
| | 18,800 | | | | Xiamen Intretech, Inc | | | 154 | |
| | 279,883 | | | | XTEP International Holdings | | | 94 | |
| | 44,996 | | | | Yamaha Corp | | | 2,122 | |
| | 205,185 | | * | | YETI Holdings, Inc | | | 8,768 | |
| | 8,500 | | | | Yondoshi Holdings, Inc | | | 140 | |
| | 26,800 | | e | | Yonex Co Ltd | | | 146 | |
| | 6,106 | | | | Youngone Corp | | | 130 | |
| | 7,103 | | | | Youngone Holdings Co Ltd | | | 229 | |
| | 435,500 | | | | Yue Yuen Industrial Holdings | | | 664 | |
| | 38,700 | | | | Zhejiang Semir Garment Co Ltd | | | 39 | |
| | 15,000 | | | | Zhejiang Supor Co Ltd | | | 151 | |
| | 1,892 | | | | Zinus, Inc | | | 127 | |
| | 18,600 | | | | Zojirushi Corp | | | 236 | |
| | | | | | TOTAL CONSUMER DURABLES & APPAREL | | | 2,044,897 | |
| | | | | | | | | | |
| CONSUMER SERVICES - 1.8% |
| | 407,802 | | e | | 888 Holdings plc | | | 882 | |
| | 44,206 | | g | | AcadeMedia AB | | | 300 | |
| | 58,716 | | * | | Accel Entertainment, Inc | | | 565 | |
| | 367,709 | | | | Accor S.A. | | | 10,035 | |
| | 1,495,077 | | | | Accordia Golf Trust | | | 738 | |
| | 151,131 | | * | | Adtalem Global Education, Inc | | | 4,708 | |
| | 3,172 | | | | Aeon Fantasy Co Ltd | | | 45 | |
| | 666,295 | | * | | Afya Ltd | | | 15,618 | |
| | 1,386,500 | | * | | Alsea SAB de C.V. | | | 1,364 | |
| | 43,460 | | *,† | | Altus San Nicolas Corp | | | 5 | |
| | 36,708 | | * | | American Public Education, Inc | | | 1,087 | |
| | 74,162 | | * | | AmRest Holdings SE | | | 431 | |
| | 458,153 | | | | ARAMARK Holdings Corp | | | 10,341 | |
| | 7,960 | | e | | ARCLAND SERVICE Co Ltd | | | 141 | |
| | 85,745 | | * | | Arco Platform Ltd | | | 3,728 | |
| | 8,121,701 | | a,e | | Arcos Dorados Holdings, Inc | | | 34,030 | |
| | 553,238 | | | | Aristocrat Leisure Ltd | | | 9,907 | |
| | 28,401 | | * | | Aspen Group, Inc | | | 257 | |
| | 5,321,806 | | | | Asset World Corp PCL | | | 671 | |
| | 50,100 | | e | | Atom Corp | | | 381 | |
| | 73,683 | | * | | Autogrill S.p.A. | | | 389 | |
| | 79,649 | | *,g | | Basic-Fit NV | | | 2,108 | |
| | 468,215 | | | | BBX Capital Corp | | | 1,189 | |
| | 98,534 | | | | Benesse Holdings, Inc | | | 2,643 | |
| | 1,663,800 | | | | Berjaya Sports Toto BHD | | | 857 | |
| | 1,640 | | | | bet-at-home.com AG. | | | 71 | |
| | 64 | | * | | Biglari Holdings, Inc (A Shares) | | | 21 | |
| | 10,475 | | * | | Biglari Holdings, Inc (B Shares) | | | 723 | |
| | 33,717 | | | | BJ’s Restaurants, Inc | | | 706 | |
| | 40,500 | | | | BK Brasil Operacao e Assessoria a Restaurantes S.A. | | | 85 | |
| | 881,600 | | | | Bloomberry Resorts Corp | | | 132 | |
| | 152,411 | | | | Bloomin’ Brands, Inc | | | 1,625 | |
| | 6,777 | | | | Bluegreen Vacations Corp | | | 37 | |
| | 214,777 | | | | Boyd Gaming Corp | | | 4,489 | |
| | 106,011 | | * | | Bright Horizons Family Solutions | | | 12,424 | |
| | 3,700 | | | | Bright Scholar Education Holdings Ltd (ADR) | | | 29 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 50,695 | | | | Brinker International, Inc | | $ | 1,217 | |
| | 4,600 | | e | | BRONCO BILLY Co Ltd | | | 103 | |
| | 46,600 | | * | | BTG Hotels Group Co Ltd | | | 102 | |
| | 882,931 | | * | | Caesars Entertainment Corp | | | 10,710 | |
| | 192,000 | | | | Cafe de Coral Holdings Ltd | | | 399 | |
| | 60,462 | | | | Cairo Investment & Real Estate Development Co SAE | | | 49 | |
| | 1,239,436 | | e | | Carnival Corp | | | 20,352 | |
| | 189,756 | | | | Carnival plc | | | 2,321 | |
| | 133,167 | | | | Carriage Services, Inc | | | 2,413 | |
| | 67,123 | | * | | Carrols Restaurant Group, Inc | | | 325 | |
| | 442,600 | | | | Central Plaza Hotel PCL | | | 332 | |
| | 48,569 | | * | | Century Casinos, Inc | | | 202 | |
| | 37,419 | | e | | Cheesecake Factory | | | 858 | |
| | 30,607 | | * | | Chegg, Inc | | | 2,059 | |
| | 786,000 | | | | China Beststudy Education Group | | | 368 | |
| | 319,500 | | g | | China East Education Holdings Ltd | | | 581 | |
| | 354,000 | | | | China Education Group Holdings Ltd | | | 571 | |
| | 99,100 | | * | | China International Travel Service Corp Ltd | | | 2,172 | |
| | 232,000 | | | | China Kepei Education Group Ltd | | | 188 | |
| | 340,000 | | e | | China Maple Leaf Educational Systems Ltd | | | 104 | |
| | 172,000 | | g | | China New Higher Education Group Ltd | | | 115 | |
| | 496,000 | | | | China Travel International Inv HK | | | 71 | |
| | 93,000 | | g | | China Xinhua Education Group Ltd | | | 31 | |
| | 1,060,000 | | g | | China Yuhua Education Corp Ltd | | | 875 | |
| | 117,645 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | 123,805 | |
| | 41,948 | | | | Choice Hotels International, Inc | | | 3,310 | |
| | 33,533 | | | | Churchill Downs, Inc | | | 4,465 | |
| | 30,003 | | * | | Chuy’s Holdings, Inc | | | 446 | |
| | 19,215 | | | | Cie des Alpes | | | 383 | |
| | 1,318,645 | | | | Cogna Educacao | | | 1,603 | |
| | 8,101 | | | | Collectors Universe | | | 278 | |
| | 54,404 | | | | Collins Foods Ltd | | | 359 | |
| | 33,900 | | e | | Colowide Co Ltd | | | 463 | |
| | 1,896,891 | | | | Compass Group plc | | | 26,098 | |
| | 46,319 | | | | Corporate Travel Management Ltd | | | 315 | |
| | 23,099 | | | | Cracker Barrel Old Country Store, Inc | | | 2,562 | |
| | 329,000 | | e | | Create Restaurants Holdings, Inc | | | 2,170 | |
| | 318,077 | | | | Crown Resorts Ltd | | | 2,143 | |
| | 32,000 | | | | CVC Brasil Operadora e Agencia de Viagens S.A. | | | 107 | |
| | 195,429 | | | | Dadi Early-Childhood Education Group Ltd | | | 1,228 | |
| | 5,697 | | | | Daekyo Co Ltd | | | 20 | |
| | 33,000 | | | | Dahan Development Corp | | | 65 | |
| | 4,200 | | | | Daisyo Corp | | | 50 | |
| | 106,381 | | | | Dalata Hotel Group plc | | | 341 | |
| | 263,000 | | | | Darden Restaurants, Inc | | | 19,928 | |
| | 101,501 | | e | | Dave & Buster’s Entertainment, Inc | | | 1,353 | |
| | 84,260 | | * | | Del Taco Restaurants, Inc | | | 500 | |
| | 350,935 | | * | | Denny’s Corp | | | 3,544 | |
| | 40,349 | | e | | Dine Brands Global Inc. | | | 1,699 | |
| | 14,239 | | e | | DO & CO AG. | | | 732 | |
| | 74,648 | | e | | Domino’s Pizza Enterprises Ltd | | | 3,579 | |
| | 356,568 | | | | Domino’s Pizza Group plc | | | 1,369 | |
| | 28,280 | | | | Domino’s Pizza, Inc | | | 10,448 | |
| | 2,706 | | | | DoubleUGames Co Ltd | | | 180 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 62,100 | | | | Doutor Nichires Holdings Co Ltd | | $ | 1,004 | |
| | 796,230 | | * | | Dubai Parks & Resorts PJSC | | | 27 | |
| | 141,624 | | | | Dunkin Brands Group, Inc | | | 9,238 | |
| | 56,207 | | | | Dur Hospitality Co | | | 372 | |
| | 29,546 | | | | EIH Ltd | | | 25 | |
| | 15,535 | | *,e | | El Pollo Loco Holdings, Inc | | | 229 | |
| | 156,522 | | *,e | | Eldorado Resorts, Inc | | | 6,270 | |
| | 322,920 | | e,g | | Elior Participations S.C.A | | | 1,847 | |
| | 11,317 | | * | | Emerson Pacific, Inc | | | 92 | |
| | 202,742 | | e,g | | Evolution Gaming Group AB | | | 12,042 | |
| | 388,331 | | | | Extended Stay America, Inc | | | 4,345 | |
| | 33,000 | | | | Fairwood Holdings Ltd | | | 74 | |
| | 2,707 | | * | | Fattal Holdings 1998 Ltd | | | 118 | |
| | 35,865 | | * | | Fiesta Restaurant Group, Inc | | | 229 | |
| | 175,199 | | † | | Flight Centre Travel Group Ltd | | | 1,370 | |
| | 249,345 | | * | | Flutter Entertainment plc | | | 32,689 | |
| | 11,990 | | | | Formosa International Hotels Corp | | | 61 | |
| | 34,936 | | | | Franchise Group, Inc | | | 764 | |
| | 172,019 | | * | | frontdoor, Inc | | | 7,626 | |
| | 315,000 | | | | Fu Shou Yuan International Group Ltd | | | 290 | |
| | 12,699 | | e | | Fuji Kyuko Co Ltd | | | 397 | |
| | 6,800 | | e | | Fujio Food System Co Ltd | | | 90 | |
| | 431,014 | | | | G8 Education Ltd | | | 266 | |
| | 16,000 | | * | | GAEC Educacao S.A. | | | 72 | |
| | 4,847,043 | | | | Galaxy Entertainment Group Ltd | | | 33,249 | |
| | 52,274 | | * | | GAN Ltd | | | 1,330 | |
| | 5,322,967 | | | | Genting BHD | | | 5,127 | |
| | 4,179,978 | | | | Genting Singapore Ltd | | | 2,300 | |
| | 32,930 | | * | | Golden Entertainment, Inc | | | 294 | |
| | 20,739 | | | | Gourmet Master Co Ltd | | | 72 | |
| | 7,322 | | | | Graham Holdings Co | | | 2,509 | |
| | 59,145 | | * | | Grand Canyon Education, Inc | | | 5,354 | |
| | 7,247 | | | | Grand Korea Leisure Co Ltd | | | 78 | |
| | 60,244 | | * | | Great Canadian Gaming Corp | | | 1,199 | |
| | 3,000 | | e | | GreenTree Hospitality Group Ltd | | | 40 | |
| | 109,790 | | | | Greggs plc | | | 2,202 | |
| | 61,219 | | *,e | | GSX Techedu, Inc (ADR) | | | 3,673 | |
| | 573,755 | | | | GVC Holdings plc | | | 5,259 | |
| | 510,752 | | | | H&R Block, Inc | | | 7,294 | |
| | 256,000 | | *,g | | Haichang Holdings Ltd | | | 15 | |
| | 774,000 | | e,g | | Haidilao International Holding Ltd | | | 3,289 | |
| | 2,007 | | | | Hana Tour Service, Inc | | | 65 | |
| | 5,088 | | | | Herfy Food Services Co | | | 61 | |
| | 13,037 | | | | Hiday Hidaka Corp | | | 203 | |
| | 169,989 | | * | | Hilton Grand Vacations, Inc | | | 3,323 | |
| | 711,577 | | | | Hilton Worldwide Holdings, Inc | | | 52,265 | |
| | 104,554 | | e | | HIS Co Ltd | | | 1,558 | |
| | 207,000 | | | | Hongkong & Shanghai Hotels | | | 188 | |
| | 444,000 | | *,g | | Hope Education Group Co Ltd | | | 153 | |
| | 234,323 | | * | | Houghton Mifflin Harcourt Co | | | 424 | |
| | 49,975 | | * | | Huangshan Tourism Development Co Ltd | | | 32 | |
| | 98,272 | | e | | Huazhu Group Ltd (ADR) | | | 3,444 | |
| | 45,004 | | | | Hyatt Hotels Corp | | | 2,263 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 8,100 | | e | | Ichibanya Co Ltd | | $ | 357 | |
| | 1,373,235 | | | | IDP Education Ltd | | | 14,882 | |
| | 428,119 | | * | | Indian Hotels Co Ltd | | | 454 | |
| | 148,480 | | | | InterContinental Hotels Group plc | | | 6,555 | |
| | 152,433 | | e | | International Game Technology plc | | | 1,357 | |
| | 116,229 | | e | | Invocare Ltd | | | 845 | |
| | 41,130 | | | | Jack in the Box, Inc | | | 3,047 | |
| | 39,399 | | * | | Jackpotjoy plc | | | 418 | |
| | 48,000 | | e | | Japan Best Rescue System Co Ltd | | | 373 | |
| | 383,000 | | *,e,g | | Jiumaojiu International Holdings Ltd | | | 665 | |
| | 225,427 | | | | Jollibee Foods Corp | | | 636 | |
| | 55,800 | | | | Jubilant Foodworks Ltd | | | 1,277 | |
| | 411,168 | | e | | Jumbo Interactive Ltd | | | 2,750 | |
| | 79,205 | | * | | K12, Inc | | | 2,158 | |
| | 22,426 | | *,e | | Kambi Group plc | | | 502 | |
| | 59,488 | | | | Kangwon Land, Inc | | | 1,072 | |
| | 12,570 | | * | | Kappa Create Co Ltd | | | 171 | |
| | 12,800 | | | | Kisoji Co Ltd | | | 291 | |
| | 5,446 | | *,e | | KNT-CT Holdings Co Ltd | | | 50 | |
| | 23,700 | | | | KOMEDA Holdings Co Ltd | | | 402 | |
| | 181,046 | | *,e,g | | Koolearn Technology Holding Ltd | | | 731 | |
| | 481,522 | | e | | Koshidaka Holdings Co Ltd | | | 1,871 | |
| | 5,253 | | e | | Kourakuen Holdings Corp | | | 76 | |
| | 5,402 | | | | Kura Corp | | | 263 | |
| | 1,327 | | *,e | | Kura Sushi USA, Inc | | | 19 | |
| | 15,583 | | | | Kyoritsu Maintenance Co Ltd | | | 533 | |
| | 73,601 | | e,g | | La Francaise des Jeux SAEM | | | 2,275 | |
| | 1,670,552 | | | | Las Vegas Sands Corp | | | 76,077 | |
| | 353,987 | | * | | Laureate Education, Inc | | | 3,527 | |
| | 4,953 | | | | Leejam Sports Co JSC | | | 77 | |
| | 319,216 | | g | | LeoVegas AB | | | 1,434 | |
| | 65,494 | | * | | Lindblad Expeditions Holdings, Inc | | | 506 | |
| | 5,100 | | * | | Litalico, Inc | | | 114 | |
| | 6,998 | | * | | Lotte Tour Development Co Ltd | | | 79 | |
| | 1,178,504 | | * | | Macau Legend Development Ltd | | | 160 | |
| | 1,170,700 | | | | Magnum BHD | | | 603 | |
| | 291,800 | | e | | Mandarin Oriental International Ltd | | | 442 | |
| | 541,660 | | | | Marriott International, Inc (Class A) | | | 46,437 | |
| | 61,746 | | | | Marriott Vacations Worldwide Corp | | | 5,076 | |
| | 554,996 | | | | Marston’s plc | | | 366 | |
| | 4,400 | | | | Matsuya Foods Co Ltd | | | 149 | |
| | 2,053,294 | | | | McDonald’s Corp | | | 378,771 | |
| | 67,599 | | | | McDonald’s Holdings Co Japan Ltd | | | 3,654 | |
| | 1,762 | | | | MegaStudyEdu Co Ltd | | | 53 | |
| | 9,400 | | | | Meiko Network Japan Co Ltd | | | 74 | |
| | 405,217 | | | | Melco Crown Entertainment Ltd (ADR) | | | 6,289 | |
| | 3,552,544 | | | | Melco International Development | | | 6,926 | |
| | 59,651 | | e | | Melia Hotels International S.A. | | | 255 | |
| | 738,533 | | | | MGM Resorts International | | | 12,407 | |
| | 1 | | | | Minor International PCL (ADR) | | | 0 | ^ |
| | 1,723,578 | | | | Minor International PCL (Foreign) | | | 1,139 | |
| | 170,000 | | e,g | | Minsheng Education Group Co Ltd | | | 23 | |
| | 355,614 | | * | | Mitchells & Butlers plc | | | 828 | |
| | 11,245 | | * | | Monarch Casino & Resort, Inc | | | 383 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,617 | | e | | Monogatari Corp | | $ | 204 | |
| | 12,700 | | | | MOS Food Services, Inc | | | 350 | |
| | 22,938 | | e | | MTY Food Group, Inc | | | 411 | |
| | 2,019 | | | | Nathan’s Famous, Inc | | | 114 | |
| | 212,041 | | * | | New Oriental Education & Technology Group (ADR) | | | 27,614 | |
| | 63,683 | | * | | Noodles & Co | | | 385 | |
| | 422,495 | | *,e | | Norwegian Cruise Line Holdings Ltd | | | 6,942 | |
| | 633,700 | | * | | Nusantara Properti International Tbk PT | | | 13 | |
| | 118,500 | | | | Offcn Education Technology Co Ltd | | | 467 | |
| | 7,200 | | | | Ohsho Food Service Corp | | | 402 | |
| | 14,100 | | *,e | | OneSmart International Education Group Ltd (ADR) | | | 55 | |
| | 42,243 | | *,e | | OneSpaWorld Holdings Ltd | | | 201 | |
| | 161,136 | | | | OPAP S.A. | | | 1,536 | |
| | 6,508 | | *,e | | Orascom Development Holding AG. | | | 60 | |
| | 162,067 | | | | Oriental Land Co Ltd | | | 21,416 | |
| | 171,625 | | e | | Paddy Power plc | | | 22,659 | |
| | 49,711 | | | | Pandox AB | | | 577 | |
| | 49,236 | | | | Papa John’s International, Inc | | | 3,910 | |
| | 10,553 | | | | Paradise Co Ltd | | | 119 | |
| | 259,890 | | | | Park Lawn Corp | | | 4,292 | |
| | 38,470 | | *,† | | Patisserie Holdings plc | | | 0 | ^ |
| | 217,673 | | *,e | | Penn National Gaming, Inc | | | 6,648 | |
| | 392,855 | | * | | Perdoceo Education Corp | | | 6,258 | |
| | 2,293 | | e | | PIA Corp | | | 73 | |
| | 139,395 | | * | | Planet Fitness, Inc | | | 8,443 | |
| | 170,454 | | * | | PlayAGS, Inc | | | 576 | |
| | 161,781 | | | | Playtech Ltd | | | 565 | |
| | 60,085 | | | | Plenus Co Ltd | | | 998 | |
| | 505,817 | | *,e | | PointsBet Holdings Ltd | | | 1,903 | |
| | 7,000 | | | | Power Wind Health Industry, Inc | | | 44 | |
| | 12,573 | | | | RCI Hospitality Holdings, Inc | | | 174 | |
| | 19,159 | | e | | Recipe Unlimited Corp | | | 131 | |
| | 24,315 | | *,e | | Red Robin Gourmet Burgers, Inc | | | 248 | |
| | 358,963 | | | | Red Rock Resorts, Inc | | | 3,916 | |
| | 144,000 | | | | Regal Hotels International Holdings Ltd | | | 57 | |
| | 22,084 | | * | | Regis Corp | | | 181 | |
| | 3,555,529 | | | | Resorts World BHD | | | 2,115 | |
| | 64,700 | | | | Resorttrust, Inc | | | 840 | |
| | 333,094 | | | | Restaurant Brands International, Inc (Toronto) | | | 18,129 | |
| | 15,734 | | * | | Restaurant Brands New Zealand Ltd | | | 120 | |
| | 759,713 | | e | | Restaurant Group plc | | | 532 | |
| | 12,400 | | | | Ringer Hut Co Ltd | | | 270 | |
| | 67,900 | | | | Riso Kyoiku Co Ltd | | | 205 | |
| | 38,561 | | | | Round One Corp | | | 279 | |
| | 298,602 | | e | | Royal Caribbean Cruises Ltd | | | 15,020 | |
| | 13,300 | | e | | Royal Holdings Co Ltd | | | 232 | |
| | 26,786 | | | | Ruth’s Hospitality Group Inc | | | 219 | |
| | 24,200 | | | | Saizeriya Co Ltd | | | 469 | |
| | 2,508,759 | | | | Sands China Ltd | | | 9,883 | |
| | 34,500 | | | | Saudi Airlines Catering Co | | | 714 | |
| | 188,241 | | e,g | | Scandic Hotels Group AB | | | 666 | |
| | 32,000 | | | | Scholar Education Group | | | 66 | |
| | 160,296 | | *,e | | Scientific Games Corp (Class A) | | | 2,478 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 87,546 | | *,e | | SeaWorld Entertainment, Inc | | $ | 1,297 | |
| | 33,505 | | * | | Seera Group Holding | | | 143 | |
| | 14,196 | | g | | Ser Educacional S.A. | | | 39 | |
| | 269,548 | | | | Service Corp International | | | 10,483 | |
| | 311,209 | | * | | ServiceMaster Global Holdings, Inc | | | 11,107 | |
| | 4,800 | | | | SFP Holdings Co Ltd | | | 69 | |
| | 31,040 | | *,e | | Shake Shack, Inc | | | 1,644 | |
| | 26,400 | | | | Shanghai Jinjiang International Hotels Development Co Ltd | | | 104 | |
| | 280,000 | | | | Shanghai Jinjiang International Hotels Group Co Ltd | | | 50 | |
| | 606,000 | | | | Shangri-La Asia Ltd | | | 524 | |
| | 110,900 | | | | Shenzhen Overseas Chinese Town Co Ltd | | | 95 | |
| | 119,200 | | *,e | | Silver Life Co Ltd | | | 2,591 | |
| | 111,905 | | | | Six Flags Entertainment Corp | | | 2,150 | |
| | 1,494,000 | | | | SJM Holdings Ltd | | | 1,675 | |
| | 23,828 | | | | SkiStar AB | | | 244 | |
| | 1,221,590 | | | | Sky City Entertainment Group Ltd | | | 1,900 | |
| | 106,482 | | e | | Skylark Co Ltd | | | 1,692 | |
| | 84,022 | | e | | Sodexho Alliance S.A. | | | 5,697 | |
| | 96,840 | | | | Songcheng Performance Development Co Ltd | | | 238 | |
| | 560,459 | | * | | SSP Group plc | | | 1,786 | |
| | 9,600 | | | | St Marc Holdings Co Ltd | | | 148 | |
| | 857,182 | | | | Star Entertainment Grp Ltd | | | 1,703 | |
| | 1,747,705 | | | | Starbucks Corp | | | 128,614 | |
| | 51,049 | | | | Strategic Education, Inc | | | 7,844 | |
| | 3,900 | | | | Studio Alice Co Ltd | | | 57 | |
| | 282,924 | | | | Sushiro Global Holdings Ltd | | | 6,273 | |
| | 1,838,154 | | | | Tabcorp Holdings Ltd | | | 4,336 | |
| | 295,593 | | * | | TAL Education Group (ADR) | | | 20,213 | |
| | 20,888 | | * | | Target Hospitality Corp | | | 35 | |
| | 131,027 | | | | Texas Roadhouse, Inc (Class A) | | | 6,888 | |
| | 253,000 | | | | Tianli Education International Holdings Ltd | | | 178 | |
| | 6,771 | | *,e | | TKP Corp | | | 132 | |
| | 43,600 | | e | | Tokyo Dome Corp | | | 313 | |
| | 8,185 | | | | Tokyotokeiba Co Ltd | | | 273 | |
| | 88,300 | | | | Toridoll.corp | | | 993 | |
| | 66,704 | | | | Tosho Co Ltd | | | 793 | |
| | 36,718 | | * | | Transat AT, Inc | | | 155 | |
| | 256,487 | | | | TUI AG. (DI) | | | 1,215 | |
| | 137,418 | | e | | Twin River Worldwide Holdings Inc | | | 3,063 | |
| | 316,705 | | | | Unibet Group plc (ADR) | | | 1,912 | |
| | 24,977 | | * | | Universal Technical Institute, Inc | | | 174 | |
| | 53,358 | | | | Vail Resorts, Inc | | | 9,719 | |
| | 11,092 | | | | Watami Co Ltd | | | 98 | |
| | 243,627 | | | | Wendy’s | | | 5,306 | |
| | 7,717 | | * | | Westlife Development Ltd | | | 32 | |
| | 44,782 | | | | Wetherspoon (J.D.) plc | | | 557 | |
| | 173,161 | | *,e | | Whitbread plc | | | 4,764 | |
| | 536,704 | | | | William Hill plc | | | 758 | |
| | 67,581 | | | | Wingstop, Inc | | | 9,392 | |
| | 142,000 | | | | Wisdom Education International Holdings Co Ltd | | | 59 | |
| | 74,456 | | * | | WW International Inc | | | 1,890 | |
| | 726,748 | | | | Wyndham Destinations, Inc | | | 20,480 | |
| | 363,010 | | | | Wyndham Hotels & Resorts, Inc | | | 15,471 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 19,099,590 | | | | Wynn Macau Ltd | | $ | 33,127 | |
| | 266,237 | | | | Wynn Resorts Ltd | | | 19,832 | |
| | 85,000 | | g | | Xiabuxiabu Catering Management China Holdings Co Ltd | | | 84 | |
| | 767,700 | | | | YDUQS Part | | | 4,750 | |
| | 1,935 | | | | Yomiuri Land Co Ltd | | | 64 | |
| | 122,331 | | | | Yoshinoya D&C Co Ltd | | | 2,528 | |
| | 1,194,309 | | | | Yum China Holdings, Inc | | | 57,410 | |
| | 965,051 | | | | Yum! Brands, Inc | | | 83,873 | |
| | 203,357 | | e | | Zensho Co Ltd | | | 4,113 | |
| | | | | | TOTAL CONSUMER SERVICES | | | 1,866,828 | |
| | | | | | | | | | |
| DIVERSIFIED FINANCIALS - 3.7% |
| | 122,100 | | *,e | | 360 Finance, Inc (ADR) | | | 1,308 | |
| | 460,095 | | | | 3i Group plc | | | 4,738 | |
| | 17,345 | | | | ABC Arbitrage | | | 133 | |
| | 27,094 | | | | Ackermans & Van Haaren | | | 3,548 | |
| | 31,870 | | | | Acom Co Ltd | | | 122 | |
| | 92,500 | | | | Aeon Credit Service M BHD | | | 206 | |
| | 91,800 | | | | AEON Financial Service Co Ltd | | | 1,007 | |
| | 15,700 | | | | Aeon Thana Sinsap Thailand PCL | | | 55 | |
| | 9,966 | | | | Affiliated Managers Group, Inc | | | 743 | |
| | 2,017,834 | | | | AGNC Investment Corp | | | 26,030 | |
| | 185,700 | | *,e | | Aiful Corp | | | 410 | |
| | 237,399 | | | | AJ Bell plc | | | 1,141 | |
| | 14,046 | | | | Aker ASA (A Shares) | | | 517 | |
| | 42,043 | | e | | Alaris Royalty Corp | | | 401 | |
| | 12,832 | | | | Alerus Financial Corp | | | 254 | |
| | 1,126,395 | | | | Alexander Forbes Group Holdings Ltd | | | 310 | |
| | 589,313 | | | | Ally Financial, Inc | | | 11,686 | |
| | 1,823,649 | | | | Amanat Holdings PJSC | | | 427 | |
| | 4,257 | | * | | A-Mark Precious Metals, Inc | | | 81 | |
| | 2,308,413 | | | | American Express Co | | | 219,761 | |
| | 195,653 | | | | Ameriprise Financial, Inc | | | 29,356 | |
| | 3,265,352 | | * | | AMP Ltd | | | 4,225 | |
| | 119,458 | | g | | Amundi S.A. | | | 9,391 | |
| | 1,687,045 | | g | | Anima Holding S.p.A | | | 7,287 | |
| | 3,435,361 | | | | Annaly Capital Management, Inc | | | 22,536 | |
| | 168,399 | | | | Anworth Mortgage Asset Corp | | | 286 | |
| | 362,056 | | | | Apollo Commercial Real Estate Finance, Inc | | | 3,552 | |
| | 76,111 | | | | Apollo Global Management, Inc | | | 3,799 | |
| | 149,958 | | | | Arbor Realty Trust, Inc | | | 1,386 | |
| | 165,339 | | e | | Ares Commercial Real Estate Corp | | | 1,508 | |
| | 10,661 | | | | Ares Management Corp | | | 423 | |
| | 27,080 | | e | | Arlington Asset Investment Corp (Class A) | | | 80 | |
| | 319,218 | | | | ARMOUR Residential REIT, Inc | | | 2,997 | |
| | 292,836 | | | | Artisan Partners Asset Management, Inc | | | 9,517 | |
| | 13,065 | | * | | Aseer Trading Tourism & Manufacturing Co | | | 36 | |
| | 1,351,603 | | | | Ashmore Group plc | | | 6,979 | |
| | 98,824 | | * | | Assetmark Financial Holdings, Inc | | | 2,697 | |
| | 1,807 | | | | Associated Capital Group, Inc | | | 66 | |
| | 4,348 | | * | | Atlanticus Holdings Corp | | | 45 | |
| | 11,175 | | | | Aurelius AG. | | | 185 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 343,665 | | | | Australian Stock Exchange Ltd | | $ | 20,427 | |
| | 318,275 | | | | Avanza Bank Holding AB | | | 4,535 | |
| | 156,900 | | | | Avic Capital Co Ltd | | | 88 | |
| | 2,215 | | *,† | | Ayala Corp Preferred | | | 0 | ^ |
| | 190,100 | | | | Azimut Holding S.p.A. | | | 3,263 | |
| | 27,655 | | | | B. Riley Financial, Inc | | | 602 | |
| | 2,398,353 | | | | B3 SA-Brasil Bolsa Balcao | | | 24,296 | |
| | 263,711 | | | | Bajaj Finance Ltd | | | 9,926 | |
| | 513,308 | | *,g | | Banca Farmafactoring S.p.A | | | 2,925 | |
| | 278,845 | | * | | Banca Generali S.p.A | | | 8,384 | |
| | 45,300 | | | | Banca IFIS S.p.A. | | | 438 | |
| | 82,883 | | * | | Banca Mediolanum S.p.A | | | 596 | |
| | 557,800 | | | | Banco BTG Pactual S.A. | | | 7,847 | |
| | 27,450 | | | | Banco Latinoamericano de Exportaciones S.A. (Class E) | | | 316 | |
| | 1,492,000 | | | | Bangkok Commercial Asset Management PCL | | | 1,184 | |
| | 740,672 | | | | BGC Partners, Inc (Class A) | | | 2,029 | |
| | 189,208 | | | | BlackRock, Inc | | | 102,946 | |
| | 299,600 | | | | Blackstone Group, Inc | | | 16,975 | |
| | 218,185 | | | | Blackstone Mortgage Trust, Inc | | | 5,256 | |
| | 188,420 | | * | | Blucora, Inc | | | 2,152 | |
| | 1,510,000 | | e | | BOCOM International Holdings Co Ltd | | | 190 | |
| | 273,000 | | * | | Bohai Leasing Co Ltd | | | 115 | |
| | 514,305 | | e | | Bolsa Mexicana de Valores S.A. de C.V. | | | 963 | |
| | 175,507 | | *,e | | Brait S.A. | | | 34 | |
| | 333,163 | | | | Brewin Dolphin Holdings plc | | | 1,074 | |
| | 300,418 | | | | Brightsphere Investment Group, Inc | | | 3,743 | |
| | 158,070 | | | | Broadmark Realty Capital, Inc | | | 1,497 | |
| | 1,355,896 | | | | Brookfield Asset Management, Inc | | | 44,624 | |
| | 367,392 | | | | BT Investment Management Ltd | | | 1,537 | |
| | 25,665 | | | | Bure Equity AB | | | 560 | |
| | 216,470 | | | | Burford Capital Ltd | | | 1,252 | |
| | 178,200 | | | | Bursa Malaysia BHD | | | 304 | |
| | 199,800 | | | | Caitong Securities Co Ltd | | | 291 | |
| | 37,983 | | *,† | | Calamos Asset Management, Inc | | | 0 | |
| | 224,768 | | e | | Canaccord Financial, Inc | | | 1,144 | |
| | 261,916 | | * | | Cannae Holdings, Inc | | | 10,765 | |
| | 619,238 | | | | Capital One Financial Corp | | | 38,758 | |
| | 360,990 | | | | Capital Securities Corp | | | 127 | |
| | 188,488 | | | | Capstead Mortgage Corp | | | 1,035 | |
| | 27,293 | | | | Carlyle Group, Inc | | | 761 | |
| | 175,245 | | | | CBOE Global Markets, Inc | | | 16,347 | |
| | 78,727 | | | | Cembra Money Bank AG. | | | 7,696 | |
| | 30,010 | | e | | Century Leasing System, Inc | | | 1,537 | |
| | 180,126 | | * | | Cerved Information Solutions S.p.A | | | 1,296 | |
| | 1,917,180 | | | | Chailease Holding Co Ltd | | | 8,173 | |
| | 1,019,149 | | | | Challenger Financial Services Group Ltd | | | 3,156 | |
| | 318,700 | | | | Changjiang Securities Co Ltd | | | 304 | |
| | 3,939,850 | | | | Charles Schwab Corp | | | 132,931 | |
| | 13,245 | | | | Cherry Hill Mortgage Investment Corp | | | 119 | |
| | 329,456 | | | | Chimera Investment Corp | | | 3,166 | |
| | 157,000 | | | | China Bills Finance Corp | | | 82 | |
| | 7,346,698 | | *,e | | China Cinda Asset Management Co Ltd | | | 1,449 | |
| | 863,925 | | e | | China Everbright Ltd | | | 1,259 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,331,045 | | *,e | | China Galaxy Securities Co Ltd | | $ | 1,269 | |
| | 194,300 | | * | | China Galaxy Securities Co Ltd (Class A) | | | 316 | |
| | 109,900 | | * | | China Great Wall Securities Co Ltd | | | 192 | |
| | 8,994,000 | | *,g | | China Huarong Asset Management Co Ltd | | | 911 | |
| | 842,400 | | *,e,g | | China International Capital Corp Ltd | | | 1,667 | |
| | 293,200 | | | | China Merchants Securities Co Ltd | | | 913 | |
| | 35,700 | | g | | China Renaissance Holdings Ltd | | | 54 | |
| | 43,023 | | | | Cholamandalam Investment and Finance Co Ltd | | | 108 | |
| | 600,995 | | | | CI Financial Corp | | | 7,645 | |
| | 1,671,215 | | e | | CITIC Securities Co Ltd | | | 3,188 | |
| | 513,700 | | | | CITIC Securities Co Ltd (Class A) | | | 1,758 | |
| | 112,941 | | | | Close Brothers Group plc | | | 1,546 | |
| | 451,251 | | g | | CMC Markets plc | | | 1,493 | |
| | 651,648 | | | | CME Group, Inc | | | 105,919 | |
| | 307,767 | | | | Coface S.A. | | | 2,031 | |
| | 52,757 | | | | Cohen & Steers, Inc | | | 3,590 | |
| | 195,056 | | e | | Colony Credit Real Estate, Inc | | | 1,369 | |
| | 81,875 | | | | Coronation Fund Managers Ltd | | | 189 | |
| | 17,442 | | | | Corp Financiera Alba | | | 707 | |
| | 186,319 | | * | | Corp Financiera Colombiana S.A. | | | 1,377 | |
| | 22,954 | | e | | Cowen Group, Inc | | | 372 | |
| | 2,614 | | * | | Creades AB | | | 180 | |
| | 15,803 | | *,e | | Credit Acceptance Corp | | | 6,622 | |
| | 33,514 | | | | Credit Corp Group Ltd | | | 367 | |
| | 175,630 | | | | Credit Saison Co Ltd | | | 2,018 | |
| | 4,999,311 | | * | | Credit Suisse Group | | | 52,017 | |
| | 6,271 | | * | | CreditAccess Grameen Ltd | | | 43 | |
| | 17,205 | | | | CRISIL Ltd | | | 369 | |
| | 141,000 | | | | CSC Financial Co Ltd | | | 789 | |
| | 101,186 | | | | Curo Group Holdings Corp | | | 827 | |
| | 21,800 | | *,e | | Curves Holdings Co Ltd | | | 120 | |
| | 213,258 | | | | Daewoo Securities Co Ltd | | | 1,196 | |
| | 7,237 | | | | Daishin Securities Co Ltd | | | 59 | |
| | 3,640 | | | | Daishin Securities Co Ltd PF | | | 26 | |
| | 1,536,413 | | * | | Daiwa Securities Group, Inc | | | 6,454 | |
| | 59,935 | | | | Daou Data Corp | | | 631 | |
| | 115,751 | | | | Daou Technology, Inc | | | 1,933 | |
| | 44,200 | | | | DeA Capital S.p.A. | | | 63 | |
| | 349,279 | | * | | Deutsche Bank AG. (Registered) | | | 3,332 | |
| | 26,528 | | | | Deutsche Beteiligungs AG. | | | 901 | |
| | 74,206 | | | | Deutsche Boerse AG. | | | 13,430 | |
| | 2,658 | | | | Diamond Hill Investment Group, Inc | | | 302 | |
| | 2,686,629 | | | | Discover Financial Services | | | 134,573 | |
| | 21,871 | | e,g | | doBank S.p.A | | | 197 | |
| | 90,800 | | | | Dongxing Securities Co Ltd | | | 140 | |
| | 53,492 | | * | | Donnelley Financial Solutions, Inc | | | 449 | |
| | 437,171 | | | | Dubai Financial Market | | | 99 | |
| | 21,944 | | e | | Dynex Capital, Inc | | | 314 | |
| | 59,075 | | | | E*TRADE Financial Corp | | | 2,938 | |
| | 388,880 | | | | East Money Information Co Ltd | | | 1,116 | |
| | 24,344 | | | | Eaton Vance Corp | | | 940 | |
| | 261,179 | | | | ECN Capital Corp | | | 743 | |
| | 10,907,287 | | | | Edelweiss Capital Ltd | | | 9,040 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 5,360 | | | | EFG Financial Products Holding AG. | | $ | 225 | |
| | 50,239 | | e | | EFG International | | | 358 | |
| | 63,400 | | | | eGuarantee, Inc | | | 1,505 | |
| | 1,311,525 | | * | | Egyptian Financial Group-Hermes Holding | | | 1,137 | |
| | 608,969 | | | | Element Financial Corp | | | 4,544 | |
| | 183,934 | | | | Ellington Financial Inc | | | 2,167 | |
| | 7,901 | | | | Ellington Residential Mortgage REIT | | | 81 | |
| | 44,068 | | *,e | | Encore Capital Group, Inc | | | 1,506 | |
| | 130,609 | | * | | Enova International, Inc | | | 1,942 | |
| | 204,569 | | e | | EQT AB | | | 3,689 | |
| | 71,207 | | | | Eurazeo | | | 3,659 | |
| | 971,670 | | g | | Euronext NV | | | 97,803 | |
| | 173,100 | | | | Everbright Securities Co Ltd | | | 394 | |
| | 62,921 | | | | Evercore Inc | | | 3,707 | |
| | 114,048 | | | | EXOR NV | | | 6,546 | |
| | 48,686 | | * | | Ezcorp, Inc (Class A) | | | 307 | |
| | 27,223 | | | | Factset Research Systems, Inc | | | 8,942 | |
| | 2,593,966 | | e | | Far East Horizon Ltd | | | 2,214 | |
| | 417,119 | | | | Federated Investors, Inc (Class B) | | | 9,886 | |
| | 76,809 | | e | | Fiera Capital Corp | | | 537 | |
| | 35,400 | | e | | Financial Products Group Co Ltd | | | 196 | |
| | 10,899 | | *,e | | FinTech Group AG. | | | 556 | |
| | 23,500 | | | | FinVolution Group (ADR) | | | 43 | |
| | 98,100 | | | | First Capital Securities Co Ltd | | | 96 | |
| | 2,452,000 | | | | First Pacific Co | | | 470 | |
| | 79,322 | | | | FirstCash, Inc | | | 5,353 | |
| | 8,665,404 | | | | FirstRand Ltd | | | 19,056 | |
| | 18,830 | | g | | Flow Traders | | | 674 | |
| | 73,541 | | * | | Focus Financial Partners, Inc | | | 2,431 | |
| | 431,000 | | | | Founder Securities Co Ltd | | | 434 | |
| | 76,018 | | | | Franklin Resources, Inc | | | 1,594 | |
| | 16,576,690 | | | | Fuhwa Financial Holdings Co Ltd | | | 9,865 | |
| | 78,971 | | *,e,g | | Funding Circle Holdings plc | | | 67 | |
| | 26,484 | | | | Fuyo General Lease Co Ltd | | | 1,476 | |
| | 18,114 | | e | | Gain Capital Holdings, Inc | | | 109 | |
| | 4,785 | | | | GAMCO Investors, Inc (Class A) | | | 64 | |
| | 6,185,788 | | e | | Gentera SAB de C.V. | | | 2,963 | |
| | 878,800 | | | | GF Securities Co Ltd | | | 946 | |
| | 307,000 | | * | | GF Securities Co Ltd (Class A) | | | 615 | |
| | 12,265 | | | | Gimv NV | | | 706 | |
| | 124,700 | | | | GMO Financial Holdings, Inc | | | 736 | |
| | 383,517 | | e | | goeasy Ltd | | | 15,447 | |
| | 331,827 | | | | Goldman Sachs Group, Inc | | | 65,576 | |
| | 96,310 | | | | Granite Point Mortgage Trust, Inc | | | 691 | |
| | 16,531 | | | | Great Ajax Corp | | | 152 | |
| | 128,689 | | * | | Green Dot Corp | | | 6,316 | |
| | 15,178 | | | | Greenhill & Co, Inc | | | 152 | |
| | 14,961 | | | | GRENKELEASING AG. | | | 1,161 | |
| | 18,924 | | * | | Grid Dynamics Holdings, Inc | | | 131 | |
| | 26,810 | | | | Groupe Bruxelles Lambert S.A. | | | 2,246 | |
| | 30,725 | | e | | Groupe Bruxelles Lambert S.A. (EN Brussels) | | | 2,574 | |
| | 192,257 | | | | Grupo de Inversiones Suramericana S.A. | | | 954 | |
| | 43,167 | | | | Gruppo MutuiOnline S.p.A | | | 922 | |
| | 234,100 | | | | Guosen Securities Co Ltd | | | 375 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,406,800 | | e | | Guotai Junan International Hol | | $ | 185 | |
| | 401,800 | | | | Guotai Junan Securities Co Ltd | | | 984 | |
| | 416,800 | | g | | Guotai Junan Securities Co Ltd (Hong Kong) | | | 580 | |
| | 196,400 | | | | Guoyuan Securities Co Ltd | | | 234 | |
| | 2,062 | | *,e | | GWG Holdings Inc | | | 16 | |
| | 755,263 | | | | Haci Omer Sabanci Holding AS | | | 1,017 | |
| | 1,578,562 | | | | Haitong Securities Co Ltd | | | 1,282 | |
| | 449,100 | | | | Haitong Securities Co Ltd (Class A) | | | 802 | |
| | 62,344 | | | | Hamilton Lane, Inc | | | 4,200 | |
| | 5,302 | | | | Hankook Tire Worldwide Co Ltd | | | 57 | |
| | 25,643 | | * | | Hanwha Securities Co | | | 36 | |
| | 121,230 | | | | Hargreaves Lansdown plc | | | 2,445 | |
| | 34,595 | | g | | HDFC Asset Management Co Ltd | | | 1,139 | |
| | 68,432 | | | | Hellenic Exchanges S.A. | | | 244 | |
| | 106,100 | | | | Hitachi Capital Corp | | | 2,349 | |
| | 89,334 | | | | Hithink RoyalFlush Information Network Co Ltd | | | 1,693 | |
| | 1,997,156 | | | | Hong Kong Exchanges and Clearing Ltd | | | 85,062 | |
| | 40,000 | | * | | Hotai Finance Co Ltd | | | 111 | |
| | 38,316 | | | | Houlihan Lokey, Inc | | | 2,132 | |
| | 258,100 | | * | | Huaan Securities Co Ltd | | | 250 | |
| | 902,400 | | g | | Huatai Securities Co Ltd | | | 1,445 | |
| | 362,716 | | | | Huatai Securities Co Ltd (Class A) | | | 968 | |
| | 153,000 | | | | Huaxi Securities Co Ltd | | | 231 | |
| | 27,346 | | | | HUB24 Ltd | | | 178 | |
| | 33,622 | | * | | Hypoport AG. | | | 14,956 | |
| | 15,800 | | | | IBJ Leasing Co Ltd | | | 348 | |
| | 14,670 | | g | | ICICI Securities Ltd | | | 91 | |
| | 781,446 | | | | IG Group Holdings plc | | | 7,891 | |
| | 332,742 | | e | | IGM Financial, Inc | | | 8,086 | |
| | 17,227 | | | | IIFL Wealth Management Ltd | | | 233 | |
| | 56,320 | | | | Indiabulls Housing Finance Ltd | | | 154 | |
| | 42,580 | | | | Indiabulls Securities Ltd | | | 66 | |
| | 7,782 | | g | | Indian Energy Exchange Ltd | | | 19 | |
| | 321,400 | | | | Industrial Securities Co Ltd | | | 313 | |
| | 173,336 | | | | Industrivarden AB | | | 3,951 | |
| | 163,409 | | | | Infrastructure Development Finance Co Ltd | | | 40 | |
| | 223,655 | | | | IntegraFin Holdings plc | | | 1,268 | |
| | 113,373 | | | | Interactive Brokers Group, Inc (Class A) | | | 4,736 | |
| | 1,357,014 | | | | Intercontinental Exchange Group, Inc | | | 124,302 | |
| | 395,754 | | | | Intermediate Capital Group plc | | | 6,314 | |
| | 93,371 | | | | Inversiones La Construccion S.A. | | | 625 | |
| | 125,988 | | | | Invesco Ltd | | | 1,356 | |
| | 311,042 | | e | | Invesco Mortgage Capital, Inc | | | 1,163 | |
| | 63,872 | | | | Investec Ltd | | | 128 | |
| | 1,487,179 | | | | Investec plc | | | 2,984 | |
| | 14,542 | | | | Investment AB Oresund | | | 163 | |
| | 153,001 | | e | | Investor AB (B Shares) | | | 8,116 | |
| | 177,355 | | e | | IOOF Holdings Ltd | | | 609 | |
| | 9,650 | | | | iShares Core S&P 500 ETF | | | 2,988 | |
| | 21,300 | | e | | iShares MSCI ACWI ex US ETF | | | 921 | |
| | 709,738 | | e | | iShares MSCI Canada Index Fund | | | 18,368 | |
| | 3,113,308 | | | | iShares MSCI EAFE Index Fund | | | 189,507 | |
| | 12,800 | | e | | iShares MSCI EAFE Small-Cap ETF | | | 686 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,989,096 | | e | | iShares MSCI Emerging Markets | | $ | 79,544 | |
| | 5,000 | | | | iShares MSCI Emerging Markets Small-Cap ETF | | | 195 | |
| | 290 | | | | iShares MSCI South Korea Index Fund | | | 17 | |
| | 222,600 | | e | | iShares Russell 2000 Index Fund | | | 31,872 | |
| | 100,000 | | e | | iShares Russell Midcap Growth Index Fund | | | 15,812 | |
| | 112,741 | | | | Isracard Ltd | | | 257 | |
| | 295,400 | | e | | J Trust Co Ltd | | | 843 | |
| | 37,817 | | | | Jaccs Co Ltd | | | 619 | |
| | 80,010 | | * | | Jafco Co Ltd | | | 2,706 | |
| | 228,838 | | e | | Japan Investment Adviser Co Ltd | | | 2,192 | |
| | 93,400 | | | | Japan Securities Finance Co Ltd | | | 444 | |
| | 384,676 | | | | Jefferies Financial Group, Inc | | | 5,982 | |
| | 353,428 | | | | Jih Sun Financial Holdings Co Ltd | | | 116 | |
| | 298,655 | | | | JM Financial Ltd | | | 275 | |
| | 188,181 | | | | JSE Ltd | | | 1,323 | |
| | 29,517 | | | | Julius Baer Group Ltd | | | 1,240 | |
| | 192,500 | | * | | Julius Baer Holding AG. | | | 447 | |
| | 770,363 | | | | Jupiter Investment Management Group Ltd | | | 2,443 | |
| | 105,509 | | * | | KBC Ancora | | | 3,599 | |
| | 84,840 | | * | | Kinnevik AB | | | 2,240 | |
| | 2,706 | | | | KIWOOM Securities Co Ltd | | | 198 | |
| | 98,178 | | | | KKR & Co, Inc | | | 3,032 | |
| | 157,886 | | | | KKR Real Estate Finance Trust, Inc | | | 2,618 | |
| | 34,906 | | | | Korea Investment Holdings Co Ltd | | | 1,309 | |
| | 3,674 | | | | KRUK S.A. | | | 101 | |
| | 627,925 | | | | Krungthai Card PCL | | | 614 | |
| | 59,039 | | * | | Kumho Investment Bank | | | 28 | |
| | 176,777 | | | | Ladder Capital Corp | | | 1,432 | |
| | 21,122 | | | | Lazard Ltd (Class A) | | | 605 | |
| | 16,993 | | | | Legg Mason, Inc | | | 845 | |
| | 123,117 | | * | | LendingClub Corp | | | 560 | |
| | 650,945 | | | | London Stock Exchange Group plc | | | 67,695 | |
| | 307,286 | | | | LPL Financial Holdings, Inc | | | 24,091 | |
| | 65,816 | | e | | Lundbergs AB (B Shares) | | | 3,000 | |
| | 12,700 | | * | | M&A Capital Partners Co Ltd | | | 472 | |
| | 7,356,859 | | | | M&G plc | | | 15,276 | |
| | 317,589 | | | | Macquarie Group Ltd | | | 26,357 | |
| | 150,099 | | | | Magellan Financial Group Ltd | | | 6,129 | |
| | 66,408 | | | | Mahindra & Mahindra Financial Services Ltd | | | 148 | |
| | 26,136,662 | | | | Man Group plc | | | 42,315 | |
| | 47,862 | | | | Manappuram General Finance & Leasing Ltd | | | 96 | |
| | 64,394 | | | | MarketAxess Holdings, Inc | | | 32,256 | |
| | 5,142 | | | | Marlin Business Services Corp | | | 43 | |
| | 26,300 | | | | Marusan Securities Co Ltd | | | 100 | |
| | 62,900 | | e | | Matsui Securities Co Ltd | | | 487 | |
| | 8,804 | | | | Meritz finance Holdings Co Ltd | | | 69 | |
| | 180,694 | | | | Meritz Securities Co Ltd | | | 460 | |
| | 31,692,906 | | | | Metro Pacific Investments Corp | | | 2,369 | |
| | 663,714 | | | | MFA Financial Inc | | | 1,653 | |
| | 385,770 | | | | Mitsubishi UFJ Lease & Finance Co Ltd | | | 1,841 | |
| | 123,365 | | | | MLP AG. | | | 758 | |
| | 46,804 | | | | Moelis & Co | | | 1,458 | |
| | 30,058 | | e | | Moelis Australia Ltd | | | 73 | |
| | 1,105,600 | | e | | Monex Beans Holdings, Inc | | | 2,245 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 248,376 | | | | Moody’s Corp | | $ | 68,236 | |
| | 10,047,005 | | n | | Morgan Stanley | | | 485,270 | |
| | 58,132 | | | | Morningstar, Inc | | | 8,195 | |
| | 32,125 | | | | Motilal Oswal Financial Services Ltd | | | 252 | |
| | 142,863 | | | | MSCI, Inc (Class A) | | | 47,691 | |
| | 471,000 | | | | Muangthai Capital PCL | | | 800 | |
| | 58,838 | | | | Multi Commodity Exchange of India Ltd | | | 1,002 | |
| | 126,400 | | | | Nanjing Securities Co Ltd | | | 256 | |
| | 178,098 | | | | Nasdaq Inc | | | 21,277 | |
| | 114,826 | | | | Natixis | | | 303 | |
| | 384,458 | | | | Navient Corp | | | 2,703 | |
| | 4,400 | | | | NEC Capital Solutions Ltd | | | 81 | |
| | 21,784 | | | | Nelnet, Inc (Class A) | | | 1,040 | |
| | 53,619 | | | | Netwealth Group Ltd | | | 335 | |
| | 811,059 | | | | New Residential Investment Corp | | | 6,026 | |
| | 665,985 | | | | New York Mortgage Trust, Inc | | | 1,738 | |
| | 56,823 | | *,† | | NewStar Financial, Inc | | | 14 | |
| | 29,652 | | | | NICE Holdings Co Ltd | | | 527 | |
| | 189,254 | | * | | Ninety One Ltd | | | 477 | |
| | 27,085 | | g | | Nippon Life India Asset Management Ltd | | | 113 | |
| | 22,000 | | *,e | | Noah Holdings Ltd (ADR) | | | 560 | |
| | 2,391,056 | | * | | Nomura Holdings, Inc | | | 10,744 | |
| | 102,000 | | | | Northeast Securities Co Ltd | | | 122 | |
| | 85,863 | | | | Northern Trust Corp | | | 6,812 | |
| | 32,738 | | | | Numis Corp plc | | | 129 | |
| | 81,993 | | | | Okasan Holdings, Inc | | | 248 | |
| | 497,776 | | | | OneMain Holdings, Inc | | | 12,215 | |
| | 106,581 | | | | Onex Corp | | | 4,815 | |
| | 54,248 | | * | | Oportun Financial Corp | | | 729 | |
| | 9,575 | | | | Oppenheimer Holdings, Inc | | | 209 | |
| | 88,870 | | e | | Orchid Island Capital, Inc | | | 419 | |
| | 268,400 | | | | Orient Corp | | | 295 | |
| | 266,400 | | | | Orient Securities Co Ltd | | | 359 | |
| | 4,876,440 | | | | ORIX Corp | | | 60,552 | |
| | 755,850 | | | | Osaka Securities Exchange Co Ltd | | | 17,505 | |
| | 129,302 | | | | P2P Global Investments plc | | | 1,172 | |
| | 415,600 | | * | | Pacific Securities Co Ltd | | | 187 | |
| | 5,049,800 | | * | | Pacific Strategic Financial Tbk PT | | | 300 | |
| | 7,665 | | | | Pargesa Holding S.A. | | | 581 | |
| | 9,839 | | | | Partners Group | | | 8,960 | |
| | 200,884 | | | | PennyMac Mortgage Investment Trust | | | 3,521 | |
| | 30,697 | | | | Perpetual Trustees Australia Ltd | | | 635 | |
| | 16,965 | | * | | Pico Holdings, Inc | | | 143 | |
| | 684,581 | | e | | Pinnacle Investment Management Group Ltd | | | 1,879 | |
| | 29,418 | | | | Piper Jaffray Cos | | | 1,740 | |
| | 36,900 | | | | PJT Partners, Inc | | | 1,894 | |
| | 239,975 | | | | Platinum Asset Mangement Ltd | | | 624 | |
| | 95,786 | | | | Plus500 Ltd | | | 1,562 | |
| | 59,161 | | * | | PRA Group, Inc | | | 2,287 | |
| | 174,082 | | | | President Securities Corp | | | 81 | |
| | 292,889 | | | | Provident Financial plc | | | 640 | |
| | 230,456 | | | | PSG Group Ltd | | | 2,107 | |
| | 125,222 | | | | Pzena Investment Management, Inc (Class A) | | | 681 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 31,400 | | *,e | | Qudian, Inc (ADR) | | $ | 53 | |
| | 2,682,406 | | g | | Quilter plc | | | 4,616 | |
| | 281,718 | | | | Ratchthani Leasing PCL | | | 33 | |
| | 30,490 | | | | Rathbone Brothers | | | 537 | |
| | 444,228 | | | | Ratos AB (B Shares) | | | 1,195 | |
| | 33,646 | | | | Raymond James Financial, Inc | | | 2,316 | |
| | 189,857 | | | | Ready Capital Corp | | | 1,650 | |
| | 258,629 | | | | Redwood Trust, Inc | | | 1,810 | |
| | 56,775 | | * | | Regional Management Corp | | | 1,005 | |
| | 120,848 | | | | Reinet Investments S.C.A | | | 2,121 | |
| | 945,190 | | | | Remgro Ltd | | | 5,457 | |
| | 799,171 | | g | | Resurs Holding AB | | | 3,297 | |
| | 7,461 | | | | Ricoh Leasing Co Ltd | | | 206 | |
| | 362,285 | | | | RMB Holdings Ltd | | | 34 | |
| | 1,465,615 | | | | Rural Electrification Corp Ltd | | | 2,104 | |
| | 751,941 | | | | S&P Global, Inc | | | 247,749 | |
| | 18,066 | | | | Safeguard Scientifics, Inc | | | 126 | |
| | 97,522 | | | | Samsung Card Co | | | 2,229 | |
| | 48,109 | | | | Samsung Securities Co Ltd | | | 1,064 | |
| | 77,591 | | | | Sanne Group plc | | | 605 | |
| | 155,649 | | | | Santander Consumer USA Holdings, Inc | | | 2,865 | |
| | 960,147 | | * | | SBI Holdings, Inc | | | 20,836 | |
| | 108,812 | | e | | Schroders plc | | | 3,971 | |
| | 27,979 | | | | Sculptor Capital Management, Inc | | | 362 | |
| | 159,900 | | | | SDIC Capital Co Ltd | | | 289 | |
| | 233,970 | | | | Sealand Securities Co Ltd | | | 144 | |
| | 197,943 | | | | SEI Investments Co | | | 10,883 | |
| | 65,200 | | * | | Shanghai Dajiang Group | | | 17 | |
| | 44,980 | | | | Shanxi Securities Co Ltd | | | 42 | |
| | 68,000 | | e | | Sheng Ye Capital Ltd | | | 56 | |
| | 1,077,300 | | * | | Shenwan Hongyuan Group Co Ltd | | | 772 | |
| | 782 | | | | Shinyoung Securities Co Ltd | | | 28 | |
| | 149,109 | | | | Shriram Transport Finance Co Ltd | | | 1,361 | |
| | 1,227,132 | | * | | SHUAA Capital PSC | | | 175 | |
| | 8,644 | | *,e | | Siebert Financial Corp | | | 44 | |
| | 7,745 | | | | Silvercrest Asset Management Group, Inc | | | 98 | |
| | 1,880,701 | | | | Singapore Exchange Ltd | | | 11,317 | |
| | 168,600 | | | | Sinolink Securities Co Ltd | | | 273 | |
| | 16,744 | | | | Sixt Leasing SE | | | 340 | |
| | 32,640,000 | | e | | Skyway Securities Group Ltd | | | 694 | |
| | 614,245 | | | | SLM Corp | | | 4,318 | |
| | 768,475 | | *,†,e | | SNS Reaal | | | 9 | |
| | 2,581 | | | | Societe Fonciere Financiere et de Participations FFP | | | 195 | |
| | 24,464 | | | | Sofina S.A. | | | 6,460 | |
| | 228,350 | | | | SooChow Securities Co Ltd | | | 265 | |
| | 186,292 | | | | Southwest Securities Co Ltd | | | 121 | |
| | 3,246 | | * | | Spandana Sphoorty Financial Ltd | | | 23 | |
| | 43,558 | | | | Sparx Group Co Ltd | | | 88 | |
| | 8,000 | | | | SPDR Trust Series 1 | | | 2,467 | |
| | 24,756 | | e | | Sprott, Inc | | | 890 | |
| | 536,417 | | | | Srisawad Corp PCL | | | 901 | |
| | 911,416 | | | | St. James’s Place plc | | | 10,717 | |
| | 2,384,064 | | | | Standard Life Aberdeen plc | | | 7,900 | |
| | 1,502,603 | | | | Starwood Property Trust, Inc | | | 22,479 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 894,704 | | | | State Street Corp | | $ | 56,858 | |
| | 129,328 | | | | Stifel Financial Corp | | | 6,134 | |
| | 77,217 | | * | | StoneX Group, Inc | | | 4,247 | |
| | 71,795 | | | | Strike Co Ltd | | | 3,225 | |
| | 1,253,000 | | | | Sun Hung Kai & Co Ltd | | | 493 | |
| | 22,244 | | | | Sundaram Finance Ltd | | | 428 | |
| | 7,439 | | | | Swissquote Group Holding S.A. | | | 638 | |
| | 3,114 | | * | | SWK Holdings Corp | | | 37 | |
| | 282,394 | | | | Synchrony Financial | | | 6,258 | |
| | 44,494 | | | | T Rowe Price Group, Inc | | | 5,495 | |
| | 9,128,538 | | e | | Tai Fook Securities Group Ltd | | | 2,191 | |
| | 672,100 | | | | Taiwan Acceptance Corp | | | 2,498 | |
| | 64,817 | | e | | Tamburi Investment Partners S.p.A. | | | 424 | |
| | 2,820 | | | | Tata Investment Corp Ltd | | | 29 | |
| | 176,826 | | | | TD Ameritrade Holding Corp | | | 6,433 | |
| | 1,200,000 | | | | Tel Aviv Stock Exchange Ltd | | | 5,398 | |
| | 317,300 | | | | Tianfeng Securities Co Ltd | | | 273 | |
| | 73,394 | | e | | TMX Group Ltd | | | 7,257 | |
| | 100,780 | | | | Tokai Tokyo Securities Co Ltd | | | 223 | |
| | 17,585 | | * | | Tong Yang Investment Bank | | | 39 | |
| | 162,948 | | e | | TPG RE Finance Trust, Inc | | | 1,401 | |
| | 166,637 | | | | Tradeweb Markets, Inc | | | 9,688 | |
| | 730,937 | | | | Transaction Capital Ltd | | | 786 | |
| | 900,425 | | | | Tullett Prebon plc | | | 3,911 | |
| | 520,066 | | | | Two Harbors Investment Corp | | | 2,621 | |
| | 1,679 | | | | Ubiquoss Holdings, Inc | | | 47 | |
| | 4,662,014 | | | | UBS Group AG | | | 53,842 | |
| | 85,556 | | | | Ujjivan Financial Services Ltd | | | 249 | |
| | 158,070 | | * | | Uranium Participation Corp | | | 533 | |
| | 9,100 | | * | | Uzabase, Inc | | | 188 | |
| | 247 | | | | Value Line, Inc | | | 7 | |
| | 4,787,000 | | | | Value Partners Group Ltd | | | 2,440 | |
| | 2,420 | | | | Vanguard Emerging Markets ETF | | | 96 | |
| | 25,000 | | | | Vanguard FTSE Developed Markets ETF | | | 970 | |
| | 326,174 | | | | Virtu Financial, Inc | | | 7,698 | |
| | 30,657 | | | | Virtus Investment Partners, Inc | | | 3,565 | |
| | 237,558 | | | | Vontobel Holding AG. | | | 16,728 | |
| | 1,869,067 | | | | Voya Financial, Inc | | | 87,192 | |
| | 5,312 | | e | | VP Bank AG. | | | 692 | |
| | 7,542 | | | | VZ Holding AG. | | | 566 | |
| | 57,743 | | | | Waddell & Reed Financial, Inc (Class A) | | | 896 | |
| | 100,549 | | | | Warsaw Stock Exchange | | | 1,067 | |
| | 455,904 | | | | Waterland Financial Holdings | | | 182 | |
| | 54,486 | | | | Wendel | | | 5,200 | |
| | 80,368 | | | | Western Asset Mortgage Capital Corp | | | 220 | |
| | 209,400 | | | | Western Securities Co Ltd | | | 243 | |
| | 14,924 | | | | Westwood Holdings Group, Inc | | | 235 | |
| | 386,708 | | | | WisdomTree Investments, Inc | | | 1,342 | |
| | 79,326 | | | | Woori Investment & Securities Co Ltd | | | 552 | |
| | 4,944 | | *,e | | World Acceptance Corp | | | 324 | |
| | 90,000 | | * | | XP, Inc | | | 3,781 | |
| | 4,400 | | e | | Yintech Investment Holdings Ltd (ADR) | | | 27 | |
| | 419,500 | | *,e,g | | Yixin Group Ltd | | | 104 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 218,631 | | | | Zeder Investments Ltd | | $ | 29 | |
| | 131,193 | | | | Zenkoku Hosho Co Ltd | | | 4,956 | |
| | 1,684,429 | | | | Zheshang Securities Co Ltd | | | 2,370 | |
| | 563,670 | | *,e | | Zip Co Ltd | | | 2,102 | |
| | | | | | TOTAL DIVERSIFIED FINANCIALS | | | 3,961,840 | |
| | | | | | | | | | |
| ENERGY - 3.0% | | | | |
| | 1,929 | | | | Adams Resources & Energy, Inc | | | 52 | |
| | 37,717,904 | | | | Adaro Energy Tbk | | | 2,654 | |
| | 213,969 | | *,e | | Advantage Oil & Gas Ltd | | | 262 | |
| | 16,816 | | | | Aegis Logistics Ltd | | | 39 | |
| | 424,829 | | e | | Aker BP ASA | | | 7,862 | |
| | 37,402 | | | | Aldrees Petroleum and Transport Services Co | | | 631 | |
| | 580,915 | | | | Ampol Ltd | | | 11,837 | |
| | 105,285 | | | | Anglo Pacific Group plc | | | 175 | |
| | 380,820 | | | | Antero Midstream Corp | | | 1,942 | |
| | 776,304 | | *,e | | Antero Resources Corp | | | 1,972 | |
| | 345,492 | | | | Apache Corp | | | 4,664 | |
| | 405,486 | | e | | ARC Resources Ltd | | | 1,362 | |
| | 22,588 | | *,e | | Arch Resources, Inc | | | 642 | |
| | 226,154 | | | | Archrock, Inc | | | 1,468 | |
| | 29,497 | | | | Ardmore Shipping Corp | | | 128 | |
| | 59,528 | | * | | Aspen Aerogels, Inc | | | 392 | |
| | 1,330,918 | | | | Baker Hughes Co | | | 20,483 | |
| | 231,700 | | | | Bangchak Corp PCL | | | 159 | |
| | 921,300 | | | | Banpu PCL (Foreign) | | | 184 | |
| | 2,822,613 | | | | Beach Petroleum Ltd | | | 3,015 | |
| | 117,241 | | | | Berry Petroleum Co LLC | | | 566 | |
| | 1,622,665 | | | | Bharat Petroleum Corp Ltd | | | 8,046 | |
| | 304,391 | | e | | Birchcliff Energy Ltd | | | 256 | |
| | 32,956 | | * | | Bonanza Creek Energy, Inc | | | 488 | |
| | 17,431,822 | | | | BP plc | | | 66,782 | |
| | 303,378 | | e | | BP plc (ADR) | | | 7,075 | |
| | 189,300 | | | | Brigham Minerals, Inc | | | 2,338 | |
| | 4,650,000 | | *,†,e | | Brightoil Petroleum Holdings Ltd | | | 675 | |
| | 6,413 | | * | | Bristow Group, Inc | | | 89 | |
| | 692,794 | | g | | BW LPG Ltd | | | 2,181 | |
| | 541,673 | | | | BW Offshore Ltd | | | 1,813 | |
| | 224,383 | | | | Cabot Oil & Gas Corp | | | 3,855 | |
| | 225,443 | | | | Cactus, Inc | | | 4,651 | |
| | 1,346,310 | | * | | Cairn Energy plc | | | 1,959 | |
| | 405,287 | | | | Cameco Corp (Toronto) | | | 4,156 | |
| | 165,758 | | e | | Canacol Energy Ltd | | | 469 | |
| | 1,474,326 | | | | Canadian Natural Resources Ltd (Canada) | | | 25,575 | |
| | 1,070,978 | | | | Cenovus Energy, Inc (Toronto) | | | 5,009 | |
| | 1,583,206 | | * | | CGG S.A. | | | 1,749 | |
| | 701,019 | | * | | ChampionX Corp | | | 6,842 | |
| | 730,959 | | * | | Cheniere Energy, Inc | | | 35,320 | |
| | 4,691,984 | | | | Chevron Corp | | | 418,666 | |
| | 745,606 | | | | China Aviation Oil Singapore Corp Ltd | | | 539 | |
| | 388,000 | | | | China Merchants Energy Shipping Co Ltd | | | 321 | |
| | 7,101,126 | | | | China Oilfield Services Ltd | | | 6,471 | |
| | 403,400 | | | | China Shenhua Energy Co Ltd | | | 822 | |
| | 3,465,695 | | | | China Shenhua Energy Co Ltd (Hong Kong) | | | 5,379 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 842,000 | | * | | China Shipping Development Co Ltd | | $ | 377 | |
| | 2,552,000 | | * | | China Suntien Green Energy Cor | | | 587 | |
| | 106,534 | | | | Cimarex Energy Co | | | 2,929 | |
| | 868,268 | | * | | Clean Energy Fuels Corp | | | 1,928 | |
| | 31,276,946 | | | | CNOOC Ltd | | | 35,103 | |
| | 297,016 | | * | | CNX Resources Corp | | | 2,569 | |
| | 1,217,233 | | | | Coal India Ltd | | | 2,150 | |
| | 118 | | *,†,b | | Cobalt International Energy, Inc | | | 0 | ^ |
| | 91,798 | | | | Computer Modelling Group Ltd | | | 321 | |
| | 34,420 | | * | | Comstock Resources Inc | | | 151 | |
| | 941,105 | | | | Concho Resources, Inc | | | 48,467 | |
| | 3,381,201 | | | | ConocoPhillips | | | 142,078 | |
| | 45,825 | | *,e | | CONSOL Energy, Inc | | | 232 | |
| | 130,947 | | * | | Contango Oil & Gas Co | | | 300 | |
| | 38,731 | | e | | Continental Resources, Inc | | | 679 | |
| | 1,178,642 | | * | | Cooper Energy Ltd | | | 308 | |
| | 112,628 | | | | Cosan SA Industria e Comercio | | | 1,469 | |
| | 229,500 | | * | | COSCO SHIPPING Energy Transportation Co Ltd | | | 212 | |
| | 29,558 | | | | Cosmo Energy Holdings Co Ltd | | | 434 | |
| | 1,281,288 | | e | | Crescent Point Energy Corp | | | 2,076 | |
| | 108,403 | | | | CropEnergies AG. | | | 1,091 | |
| | 26,714 | | | | CVR Energy, Inc | | | 537 | |
| | 812,549 | | | | Dana Gas PJSC | | | 144 | |
| | 3,239 | | * | | Delek Group Ltd | | | 78 | |
| | 127,985 | | e | | Delek US Holdings, Inc | | | 2,228 | |
| | 322,283 | | | | Devon Energy Corp | | | 3,655 | |
| | 266,287 | | | | DHT Holdings, Inc | | | 1,366 | |
| | 10,652,151 | | | | Dialog Group BHD | | | 9,028 | |
| | 48,953 | | * | | Diamond S Shipping Inc | | | 391 | |
| | 296,633 | | | | Diamondback Energy, Inc | | | 12,405 | |
| | 764,324 | | | | Diversified Gas & Oil plc | | | 906 | |
| | 13,190 | | e | | DMC Global, Inc | | | 364 | |
| | 1,199,876 | | e | | DNO International ASA | | | 740 | |
| | 101,149 | | * | | Dorian LPG Ltd | | | 783 | |
| | 10,467 | | * | | Drilling Co of 1972 | | | 222 | |
| | 60,878 | | * | | Dril-Quip, Inc | | | 1,814 | |
| | 18,604 | | *,e | | Earthstone Energy, Inc | | | 53 | |
| | 7,379,454 | | | | Ecopetrol S.A. | | | 4,075 | |
| | 314,786 | | | | Empresas COPEC S.A. | | | 2,112 | |
| | 434,700 | | | | Enauta Participacoes S.A. | | | 827 | |
| | 2,239,282 | | | | Enbridge, Inc (Toronto) | | | 68,089 | |
| | 420,874 | | | | EnCana Corp | | | 4,019 | |
| | 213,642 | | | | Enerflex Ltd | | | 809 | |
| | 1,168,600 | | *,† | | Energy Earth PCL | | | 0 | ^ |
| | 383,037 | | *,e | | Energy Fuels, Inc | | | 578 | |
| | 1 | | | | Energy Transfer LP | | | 0 | ^ |
| | 253,865 | | e | | Enerplus Resources Fund | | | 714 | |
| | 1,421,024 | | | | ENI S.p.A. | | | 13,622 | |
| | 2,051,342 | | | | EOG Resources, Inc | | | 103,921 | |
| | 111,607 | | | | EQT Corp | | | 1,328 | |
| | 3,000,814 | | | | Equinor ASA | | | 43,229 | |
| | 38,973 | | * | | Equital Ltd | | | 715 | |
| | 175,166 | | e | | Equitrans Midstream Corp | | | 1,456 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 216,100 | | * | | Esso Thailand PCL (Foreign) | | $ | 50 | |
| | 21,903 | | *,e | | Etablissements Maurel et Prom | | | 44 | |
| | 602,041 | | e | | Euronav NV | | | 4,861 | |
| | 27,809 | | | | Evolution Petroleum Corp | | | 78 | |
| | 22,939 | | *,e | | Exmar NV | | | 57 | |
| | 41,906 | | * | | Exterran Corp | | | 226 | |
| | 309,342 | | e | | Exxaro Resources Ltd | | | 2,335 | |
| | 6,079,083 | | | | Exxon Mobil Corp | | | 271,857 | |
| | 25,992 | | e | | Falcon Minerals Corp | | | 83 | |
| | 15,454 | | e | | FLEX LNG Ltd | | | 72 | |
| | 950,714 | | | | Formosa Petrochemical Corp | | | 2,878 | |
| | 260,636 | | * | | Frank’s International NV | | | 581 | |
| | 108,591 | | e | | Freehold Royalty Trust | | | 282 | |
| | 165,677 | | e | | Frontera Energy Corp | | | 415 | |
| | 200,339 | | | | Frontline Ltd | | | 1,398 | |
| | 299,492 | | | | Frontline Ltd (Sigmax MTF) | | | 2,085 | |
| | 139,676 | | *,e | | Fugro NV | | | 553 | |
| | 334,719 | | | | Galp Energia SGPS S.A. | | | 3,883 | |
| | 6,585,972 | | | | Gazprom (ADR) | | | 35,696 | |
| | 16,873 | | | | Gaztransport Et Technigaz S.A. | | | 1,295 | |
| | 187,975 | | | | Gibson Energy, Inc | | | 2,926 | |
| | 128,886 | | * | | Golar LNG Ltd | | | 933 | |
| | 7,116 | | * | | Goodrich Petroleum Corp | | | 51 | |
| | 57,564 | | | | Great Eastern Shipping Co Ltd | | | 162 | |
| | 251,884 | | *,e | | Green Plains Inc | | | 2,573 | |
| | 82,006 | | | | Grupa Lotos S.A. | | | 1,250 | |
| | 46,406 | | | | GS Holdings Corp | | | 1,406 | |
| | 1,021,700 | | * | | Guanghui Energy Co Ltd | | | 391 | |
| | 1,820,699 | | * | | Gulf International Services QSC | | | 750 | |
| | 289,085 | | * | | Gulfport Energy Corp | | | 315 | |
| | 196,453 | | | | Hafnia Ltd | | | 309 | |
| | 1,238,277 | | | | Halliburton Co | | | 16,073 | |
| | 162 | | | | Hankook Shell Oil Co Ltd | | | 31 | |
| | 425,136 | | * | | Helix Energy Solutions Group, Inc | | | 1,475 | |
| | 83,974 | | | | Helmerich & Payne, Inc | | | 1,638 | |
| | 453,190 | | n | | Hess Corp | | | 23,480 | |
| | 1,166,232 | | * | | Hindustan Petroleum Corp Ltd | | | 3,357 | |
| | 202,876 | | | | HollyFrontier Corp | | | 5,924 | |
| | 73,885 | | | | Hunting plc | | | 193 | |
| | 7,971,410 | | *,e | | Hurricane Energy plc | | | 574 | |
| | 402,775 | | e | | Husky Energy, Inc | | | 1,323 | |
| | 176,010 | | | | Idemitsu Kosan Co Ltd | | | 3,756 | |
| | 311,381 | | e | | Imperial Oil Ltd | | | 5,009 | |
| | 1,555,514 | | | | Indian Oil Corp Ltd | | | 1,763 | |
| | 1,075,100 | | | | Inner Mongolia Yitai Coal Co | | | 700 | |
| | 1,188,724 | | | | Inpex Holdings, Inc | | | 7,423 | |
| | 417,882 | | e | | Inter Pipeline Ltd | | | 3,891 | |
| | 96,868 | | | | International Seaways, Inc | | | 1,583 | |
| | 11,239,593 | | | | IRPC PCL (Foreign) | | | 962 | |
| | 168,553 | | | | Itochu Enex Co Ltd | | | 1,370 | |
| | 19,477 | | e | | Japan Petroleum Exploration Co | | | 329 | |
| | 648,801 | | | | John Wood Group plc | | | 1,556 | |
| | 2,704,880 | | | | JX Holdings, Inc | | | 9,642 | |
| | 291,591 | | e | | Keyera Corp | | | 4,440 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,003,666 | | | | Kinder Morgan, Inc | | $ | 30,396 | |
| | 82,084 | | | | Koninklijke Vopak NV | | | 4,342 | |
| | 1,336,321 | | | | Kosmos Energy Ltd | | | 2,218 | |
| | 126,003 | | e | | Liberty Oilfield Services, Inc | | | 690 | |
| | 525,136 | | | | LUKOIL PJSC (ADR) | | | 38,976 | |
| | 1,222,092 | | e | | Lundin Petroleum AB | | | 29,826 | |
| | 487,000 | | * | | Magnolia Oil & Gas Corp | | | 2,951 | |
| | 1,406,120 | | | | Marathon Oil Corp | | | 8,605 | |
| | 1,171,566 | | | | Marathon Petroleum Corp | | | 43,793 | |
| | 5,980 | | | | Mari Petroleum Co Ltd | | | 45 | |
| | 128,566 | | *,e | | Matador Resources Co | | | 1,093 | |
| | 181,136 | | * | | Matrix Service Co | | | 1,761 | |
| | 877,550 | | * | | MEG Energy Corp | | | 2,437 | |
| | 14,000 | | | | Mitsuuroko Co Ltd | | | 150 | |
| | 9,830 | | | | Modec, Inc | | | 141 | |
| | 377,062 | | * | | MOL Hungarian Oil & Gas plc | | | 2,229 | |
| | 23,271 | | *,e | | Montage Resources Corp | | | 92 | |
| | 57,197 | | | | Motor Oil Hellas Corinth Refineries S.A. | | | 790 | |
| | 31,997 | | e | | Murphy Oil Corp | | | 442 | |
| | 11,920 | | *,e | | Nabors Industries Ltd | | | 441 | |
| | 13,088 | | * | | Naphtha Israel Petroleum Corp Ltd | | | 43 | |
| | 15,751 | | *,e | | National Energy Services Reunited Corp | | | 108 | |
| | 738,702 | | | | National Oilwell Varco, Inc | | | 9,049 | |
| | 685,370 | | | | Neste Oil Oyj | | | 26,919 | |
| | 214,667 | | e | | New Hope Corp Ltd | | | 205 | |
| | 159,257 | | * | | Newpark Resources, Inc | | | 355 | |
| | 366,592 | | *,e | | NexGen Energy Ltd | | | 478 | |
| | 8,843 | | *,e | | NextDecade Corp | | | 19 | |
| | 1,021,328 | | * | | NexTier Oilfield Solutions, Inc | | | 2,502 | |
| | 227,737 | | | | Noble Energy, Inc | | | 2,041 | |
| | 237,656 | | e | | Nordic American Tankers Ltd | | | 965 | |
| | 92,760 | | | | Novatek PJSC (GDR) | | | 13,190 | |
| | 372,265 | | | | Occidental Petroleum Corp | | | 6,812 | |
| | 33,096 | | e | | Ocean Yield ASA | | | 75 | |
| | 170,208 | | * | | Oceaneering International, Inc | | | 1,088 | |
| | 545,900 | | | | Offshore Oil Engineering Co Ltd | | | 354 | |
| | 2,371,677 | | | | Oil & Gas Development Co Ltd | | | 1,564 | |
| | 272,939 | | | | Oil India Ltd | | | 340 | |
| | 3,888,508 | | | | Oil Refineries Ltd | | | 726 | |
| | 2,164,563 | | | | Oil Search Ltd | | | 4,797 | |
| | 118,994 | | * | | Oil States International, Inc | | | 565 | |
| | 188,713 | | * | | OMV AG. | | | 6,368 | |
| | 677,737 | | | | ONEOK, Inc | | | 22,514 | |
| | 1,751,555 | | | | Origin Energy Ltd | | | 7,127 | |
| | 96,478 | | * | | Overseas Shipholding Group, Inc | | | 179 | |
| | 303,667 | | | | Pakistan Oilfields Ltd | | | 642 | |
| | 124,361 | | | | Pakistan Petroleum Ltd | | | 65 | |
| | 46,636 | | | | Pakistan State Oil Co Ltd | | | 45 | |
| | 86,005 | | * | | Par Pacific Holdings, Inc | | | 773 | |
| | 337,029 | | * | | Parex Resources, Inc | | | 4,061 | |
| | 161,657 | | e | | Parkland Corp | | | 4,014 | |
| | 6,219,313 | | | | Parsley Energy, Inc | | | 66,422 | |
| | 91,869 | | | | Pason Systems, Inc | | | 502 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 574,249 | | | | Patterson-UTI Energy, Inc | | $ | 1,993 | |
| | 5,741 | | | | Paz Oil Co Ltd | | | 461 | |
| | 296,942 | | | | PBF Energy, Inc | | | 3,041 | |
| | 210,674 | | * | | PDC Energy, Inc | | | 2,621 | |
| | 103,680 | | | | Peabody Energy Corp | | | 299 | |
| | 598,839 | | e | | Pembina Pipeline Income Fund | | | 14,971 | |
| | 49,381 | | * | | Penn Virginia Corp | | | 471 | |
| | 272,300 | | * | | Petro Rio S.A. | | | 1,772 | |
| | 147,737 | | e | | Petrofac Ltd | | | 327 | |
| | 4,109,802 | | | | Petroleo Brasileiro S.A. | | | 16,883 | |
| | 9,382,040 | | | | Petroleo Brasileiro S.A. (Preference) | | | 37,179 | |
| | 706,100 | | | | Petron | | | 44 | |
| | 259,559 | | | | Petronas Dagangan BHD | | | 1,251 | |
| | 554,840 | | | | Petronet LNG Ltd | | | 1,899 | |
| | 188,751 | | e | | Peyto Exploration & Development Corp | | | 249 | |
| | 1,318,186 | | | | Phillips 66 | | | 94,778 | |
| | 696,300 | | * | | Pilipinas Shell Petroleum Corp | | | 251 | |
| | 1,105,592 | | | | Pioneer Natural Resources Co | | | 108,016 | |
| | 2,505,658 | | | | Polish Oil & Gas Co | | | 2,889 | |
| | 264,620 | | | | Polski Koncern Naftowy Orlen S.A. | | | 4,205 | |
| | 100,100 | | *,† | | Poseidon Concepts Corp | | | 1 | |
| | 239,730 | | e | | PrairieSky Royalty Ltd | | | 1,515 | |
| | 195,100 | | | | Prima Marine PCL | | | 50 | |
| | 523 | | * | | PrimeEnergy Corp | | | 37 | |
| | 306,719 | | * | | ProPetro Holding Corp | | | 1,577 | |
| | 90,800 | | | | PT Indo Tambangraya Megah | | | 45 | |
| | 1,260,766 | | * | | PT Medco Energi Internasional Tbk | | | 40 | |
| | 1,791,500 | | * | | PT Pelayaran Tamarin Samudra Tbk | | | 8 | |
| | 3,279,100 | | | | PT Tambang Batubara Bukit Asam Tbk | | | 469 | |
| | 7,210,006 | | | | PT United Tractors Tbk | | | 8,390 | |
| | 1,243,221 | | | | PTT Exploration & Production PCL (Foreign) | | | 3,737 | |
| | 9,220,650 | | | | PTT PCL (Foreign) | | | 11,382 | |
| | 586,190 | | | | Qatar Fuel QSC | | | 2,602 | |
| | 202,590 | | * | | Rabigh Refining & Petrochemical Co | | | 727 | |
| | 2,162,387 | | e | | Range Resources Corp | | | 12,174 | |
| | 4,862,937 | | | | Reliance Industries Ltd | | | 110,614 | |
| | 183,004 | | *,e | | Renewable Energy Group, Inc | | | 4,535 | |
| | 831,591 | | e | | Repsol YPF S.A. | | | 7,348 | |
| | 4,920 | | * | | Rex American Resources Corp | | | 341 | |
| | 1,556,788 | | * | | Rosneft Oil Co PJSC (GDR) | | | 7,828 | |
| | 5,201,360 | | | | Royal Dutch Shell plc (A Shares) | | | 83,280 | |
| | 4,334,471 | | | | Royal Dutch Shell plc (B Shares) | | | 65,712 | |
| | 58,635 | | *,e | | RPC, Inc | | | 181 | |
| | 579,052 | | | | Saipem S.p.A | | | 1,453 | |
| | 116,566 | | | | San-Ai Oil Co Ltd | | | 1,054 | |
| | 3,330,273 | | | | Santos Ltd | | | 12,377 | |
| | 1,530,000 | | * | | Sapurakencana Petroleum BHD | | | 35 | |
| | 295,862 | | | | Saras S.p.A. | | | 233 | |
| | 433,706 | | *,e | | Sasol Ltd | | | 3,330 | |
| | 1,186,191 | | g | | Saudi Arabian Oil Co | | | 10,297 | |
| | 242,297 | | | | SBM Offshore NV | | | 3,570 | |
| | 2,509,250 | | | | Schlumberger Ltd | | | 46,145 | |
| | 17,705 | | e | | Schoeller-Bleckmann Oilfield Equipment AG. | | | 468 | |
| | 124,718 | | e | | Scorpio Tankers, Inc | | | 1,598 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 32,760 | | * | | SEACOR Holdings, Inc | | $ | 928 | |
| | 111,258 | | * | | Select Energy Services, Inc | | | 545 | |
| | 224,000 | | | | Semirara Mining & Power Corp | | | 57 | |
| | 10,385,100 | | | | Serba Dinamik Holdings BHD | | | 4,042 | |
| | 300,150 | | e | | Serica Energy plc | | | 408 | |
| | 50 | | *,† | | Serval Integrated Energy Services | | | 0 | |
| | 325,757 | | * | | Seven Generations Energy Ltd | | | 727 | |
| | 162,039 | | e | | SFL Corp Ltd | | | 1,505 | |
| | 621,455 | | | | Shaanxi Coal Industry Co Ltd | | | 636 | |
| | 294,036 | | | | Shanxi Lu’an Environmental Energy Development Co Ltd | | | 233 | |
| | 285,800 | | * | | Shanxi Meijin Energy Co Ltd | | | 255 | |
| | 434,200 | | | | Shanxi Xishan Coal & Electricity Power Co Ltd | | | 231 | |
| | 141,800 | | | | Shinko Plantech Co Ltd | | | 1,603 | |
| | 1,760,900 | | | | Siamgas & Petrochemicals PCL | | | 488 | |
| | 7,200 | | | | Sinanen Co Ltd | | | 183 | |
| | 220,000 | | e | | Sinopec Kantons Holdings Ltd | | | 84 | |
| | 44,675 | | | | SK Energy Co Ltd | | | 4,939 | |
| | 13,315 | | | | SK Gas Co Ltd | | | 824 | |
| | 359,483 | | | | SM Energy Co | | | 1,348 | |
| | 38,317 | | | | S-Oil Corp | | | 2,043 | |
| | 29,664 | | | | Solaris Oilfield Infrastructure, Inc | | | 220 | |
| | 1,098,998 | | *,e | | Southwestern Energy Co | | | 2,813 | |
| | 1,663,800 | | | | Star Petroleum Refining PCL | | | 358 | |
| | 363,585 | | *,e | | Stobart Group Ltd | | | 155 | |
| | 120,799 | | * | | Subsea 7 S.A. | | | 770 | |
| | 1,623,356 | | | | Suncor Energy, Inc | | | 27,371 | |
| | 1,561,849 | | | | Surgutneftegaz (ADR) (London) | | | 8,348 | |
| | 70,346 | | *,e | | Talos Energy, Inc | | | 647 | |
| | 613,544 | | e | | Targa Resources Investments, Inc | | | 12,314 | |
| | 300,650 | | | | Tatneft PJSC (ADR) | | | 14,158 | |
| | 1,280,750 | | e | | TC Energy Corp | | | 54,717 | |
| | 2,566 | | | | TechnipFMC plc (Euro OTC) | | | 18 | |
| | 79,848 | | * | | Tecnicas Reunidas S.A. | | | 1,222 | |
| | 92,680 | | *,e | | Tellurian, Inc | | | 107 | |
| | 446,037 | | | | Tenaris S.A. | | | 2,899 | |
| | 80,350 | | * | | Tervita Corp | | | 225 | |
| | 134,516 | | e | | TGS Nopec Geophysical Co ASA | | | 1,984 | |
| | 1,015,855 | | | | Thai Oil PCL (Foreign) | | | 1,474 | |
| | 68,335 | | * | | Tidewater, Inc | | | 382 | |
| | 178,563 | | * | | TMK PJSC (GDR) | | | 592 | |
| | 36,845 | | e | | TORM plc | | | 254 | |
| | 2,490,214 | | | | Total S.A. | | | 96,019 | |
| | 356,796 | | | | Tourmaline Oil Corp | | | 3,120 | |
| | 1,004,644 | | *,e | | Transocean Ltd (NYSE) | | | 1,838 | |
| | 17,600 | | *,e | | Transportadora de Gas del Sur S.A. (ADR) (Class B) | | | 99 | |
| | 3,289,616 | | e | | Tullow Oil plc | | | 1,303 | |
| | 402,694 | | * | | Tupras Turkiye Petrol Rafine | | | 5,268 | |
| | 595,488 | | | | Ultrapar Participacoes S.A. | | | 2,013 | |
| | 669,862 | | * | | UMW Oil & Gas Corp BHD | | | 23 | |
| | 164,959 | | *,e | | Uranium Energy Corp | | | 145 | |
| | 147,872 | | e | | US Silica Holdings, Inc | | | 534 | |
| | 2,342,438 | | | | Valero Energy Corp | | | 137,782 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 11,315 | | | | Verbio AG. | | $ | 118 | |
| | 353,648 | | e | | Vermilion Energy, Inc | | | 1,573 | |
| | 904,202 | | g | | Viva Energy Group Ltd | | | 1,153 | |
| | 176,313 | | *,e | | W&T Offshore, Inc | | | 402 | |
| | 91,695 | | e | | Washington H Soul Pattinson & Co Ltd | | | 1,245 | |
| | 803 | | * | | Weatherford International Ltd | | | 2 | |
| | 468,946 | | e | | Whitecap Resources, Inc | | | 770 | |
| | 704,252 | | e | | Whitehaven Coal Ltd | | | 704 | |
| | 2,090,101 | | | | Williams Cos, Inc | | | 39,754 | |
| | 272,000 | | | | Wison Engineering Services Co Ltd | | | 28 | |
| | 848,801 | | | | Woodside Petroleum Ltd | | | 12,828 | |
| | 215,588 | | | | World Fuel Services Corp | | | 5,554 | |
| | 359,611 | | | | Worley Ltd | | | 2,200 | |
| | 1,941,770 | | * | | WPX Energy, Inc | | | 12,388 | |
| | 58,500 | | * | | Yantai Jereh Oilfield Services Group Co Ltd | | | 259 | |
| | 5,361,477 | | | | Yanzhou Coal Mining Co Ltd | | | 4,038 | |
| | 227,800 | | | | Yanzhou Coal Mining Co Ltd (Class A) | | | 283 | |
| | 135,200 | | | | Yinson Holdings BHD | | | 187 | |
| | 159,300 | | | | YPF S.A. (ADR) (Class D) | | | 916 | |
| | 601,608 | | | | Z Energy Ltd | | | 1,055 | |
| | | | | | TOTAL ENERGY | | | 3,170,757 | |
| | | | | | | | | | |
| FOOD & STAPLES RETAILING - 1.4% | | | | |
| | 5,700 | | *,e | | 111, Inc (ADR) | | | 36 | |
| | 52,083 | | | | Abdullah Al Othaim Markets Co | | | 1,562 | |
| | 563,117 | | | | Aeon Co Ltd | | | 13,101 | |
| | 12,100 | | * | | Aeon Hokkaido Corp | | | 94 | |
| | 13,383 | | e | | Ain Pharmaciez Inc | | | 879 | |
| | 296,834 | | | | Al Meera Consumer Goods Co | | | 1,486 | |
| | 1,251,709 | | | | Alimentation Couche Tard, Inc | | | 39,250 | |
| | 188,384 | | | | Andersons, Inc | | | 2,592 | |
| | 22,679 | | | | Arcs Co Ltd | | | 457 | |
| | 295,655 | | | | Atacadao Distribuicao Comercio e Industria Ltd | | | 1,074 | |
| | 130,959 | | *,g | | Avenue Supermarts Ltd | | | 4,019 | |
| | 347,234 | | * | | Axfood AB | | | 7,591 | |
| | 8,455 | | | | Axial Retailing, Inc | | | 338 | |
| | 5,900 | | | | Belc Co Ltd | | | 404 | |
| | 905,985 | | | | Berli Jucker PCL | | | 1,163 | |
| | 5,739 | | | | BGF retail Co Ltd | | | 665 | |
| | 576,797 | | | | Bid Corp Ltd | | | 9,471 | |
| | 646,043 | | | | BIM Birlesik Magazalar AS | | | 6,405 | |
| | 1,054,875 | | | | Carrefour S.A. | | | 16,359 | |
| | 58,599 | | | | Casey’s General Stores, Inc | | | 8,762 | |
| | 5,186 | | * | | Casino Guichard Perrachon S.A. | | | 192 | |
| | 82,200 | | | | Cawachi Ltd | | | 2,123 | |
| | 2,565,374 | | | | Centros Comerciales Sudamericanos S.A. | | | 3,592 | |
| | 44,786 | | * | | Chefs’ Warehouse Holdings, Inc | | | 608 | |
| | 2,371,261 | | | | Cia Brasileira de Distribuicao | | | 30,951 | |
| | 201,899 | | | | Clicks Group Ltd | | | 2,448 | |
| | 54,760 | | | | Cocokara Fine Holdings, Inc | | | 2,960 | |
| | 1,497,714 | | | | Coles Group Ltd | | | 17,804 | |
| | 16,774 | | | | Colruyt S.A. | | | 922 | |
| | 4,354,100 | | | | Cosco Capital, Inc | | | 442 | |
| | 20,100 | | | | Cosmos Pharmaceutical Corp | | | 3,084 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,161,446 | | | | Costco Wholesale Corp | | $ | 352,162 | |
| | 7,996,529 | | | | CP Seven Eleven PCL (Foreign) | | | 17,624 | |
| | 23,400 | | | | Create SD Holdings Co Ltd | | | 730 | |
| | 20,900 | | e | | Daikokutenbussaan Co Ltd | | | 938 | |
| | 909,200 | | | | Dairy Farm International Holdings Ltd | | | 4,248 | |
| | 85,104 | | *,g | | Dino Polska S.A. | | | 4,335 | |
| | 66,438 | | e,g | | Dis-Chem Pharmacies Ltd | | | 67 | |
| | 8,044,892 | | *,e | | Distribuidora Internacional de Alimentacion S.A. | | | 1,006 | |
| | 6,534 | | | | Dongsuh Co, Inc | | | 86 | |
| | 12,228 | | | | E-Mart Co Ltd | | | 1,081 | |
| | 187,755 | | | | Empire Co Ltd | | | 4,496 | |
| | 313,256 | | * | | Eurocash S.A. | | | 1,375 | |
| | 275,790 | | | | FamilyMart Co Ltd | | | 4,735 | |
| | 5,500 | | | | G-7 Holdings, Inc | | | 120 | |
| | 4,200 | | | | Genky DrugStores Co Ltd | | | 139 | |
| | 157,732 | | | | George Weston Ltd | | | 11,555 | |
| | 122,085 | | * | | Grocery Outlet Holding Corp | | | 4,981 | |
| | 77,000 | | e | | Grupo Comercial Chedraui S.a. DE C.V. | | | 90 | |
| | 14,134 | | | | GS Retail Co Ltd | | | 432 | |
| | 4,000 | | | | Halows Co Ltd | | | 125 | |
| | 15,158 | | | | Heiwado Co Ltd | | | 266 | |
| | 31,258 | | *,e | | HF Foods Group Inc | | | 283 | |
| | 9,966 | | | | Hyundai Greenfood Co Ltd | | | 64 | |
| | 145,098 | | e | | ICA Gruppen AB | | | 6,897 | |
| | 24,515 | | | | Ingles Markets, Inc (Class A) | | | 1,056 | |
| | 10,200 | | | | Itochu-Shokuhin Co Ltd | | | 485 | |
| | 1,691,484 | | | | J Sainsbury plc | | | 4,378 | |
| | 5,700 | | e | | Japan Meat Co Ltd | | | 160 | |
| | 636,808 | | *,e | | Jeronimo Martins SGPS S.A. | | | 11,144 | |
| | 6,700 | | | | Kansai Super Market Ltd | | | 68 | |
| | 64,100 | | | | Kato Sangyo Co Ltd | | | 2,101 | |
| | 678,935 | | | | Kesko Oyj (B Shares) | | | 11,622 | |
| | 42,300 | | e | | Kobe Bussan Co Ltd | | | 2,402 | |
| | 1,392,873 | | | | Koninklijke Ahold Delhaize NV | | | 37,961 | |
| | 1,517,046 | | | | Kroger Co | | | 51,352 | |
| | 8,434 | | | | Kusuri no Aoki Holdings Co Ltd | | | 663 | |
| | 134,100 | | e | | La Comer SAB de C.V. | | | 187 | |
| | 10,900 | | | | Laobaixing Pharmacy Chain JSC | | | 154 | |
| | 94,051 | | | | Lawson, Inc | | | 4,731 | |
| | 35,900 | | | | Life Corp | | | 1,154 | |
| | 199,195 | | | | Loblaw Cos Ltd | | | 9,700 | |
| | 441,776 | | * | | Magnit PJSC (GDR) | | | 5,739 | |
| | 19,850 | | | | MARR S.p.A. | | | 299 | |
| | 395,820 | | *,e | | Massmart Holdings Ltd | | | 525 | |
| | 99,947 | | | | Matsumotokiyoshi Holdings Co Ltd | | | 3,632 | |
| | 6,300 | | * | | Maxvalu Tokai Co Ltd | | | 145 | |
| | 2,979,025 | | e | | Metcash Ltd | | | 5,621 | |
| | 23,514 | | | | Metro Wholesale & Food Specialist AG. | | | 223 | |
| | 293,854 | | | | Metro, Inc | | | 12,121 | |
| | 97,545 | | * | | Migros Ticaret AS | | | 549 | |
| | 6,300 | | | | Ministop Co Ltd | | | 88 | |
| | 84,200 | | | | Natural Grocers by Vitamin C | | | 1,253 | |
| | 3,200 | | | | Nihon Chouzai Co Ltd | | | 47 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 56,265 | | e | | North West Co, Inc | | $ | 1,230 | |
| | 122,000 | | | | Okuwa Co Ltd | | | 1,874 | |
| | 395,467 | | * | | Performance Food Group Co | | | 11,524 | |
| | 281,333 | | | | Pick’n Pay Stores Ltd | | | 827 | |
| | 1,260,722 | | | | President Chain Store Corp | | | 12,682 | |
| | 36,336 | | | | Pricesmart, Inc | | | 2,192 | |
| | 798,610 | | | | Puregold Price Club, Inc | | | 745 | |
| | 12,200 | | | | Qol Co Ltd | | | 128 | |
| | 267,596 | | | | Raia Drogasil S.A. | | | 5,443 | |
| | 67,987 | | *,e | | Rallye S.A. | | | 538 | |
| | 4,171 | | | | Rami Levi Chain Stores Hashikma Marketing Ltd | | | 231 | |
| | 11,612 | | | | Retail Partners Co Ltd | | | 183 | |
| | 104,357 | | *,e | | Rite Aid Corp | | | 1,780 | |
| | 469,600 | | | | Robinsons Retail Holdings, Inc | | | 612 | |
| | 71,579 | | | | Ryoshoku Ltd | | | 1,829 | |
| | 9,300 | | | | San-A Co Ltd | | | 357 | |
| | 821,677 | | | | Seven & I Holdings Co Ltd | | | 26,880 | |
| | 2,286,800 | | | | Sheng Siong Group Ltd | | | 2,717 | |
| | 5,411 | | | | Shoei Foods Corp | | | 211 | |
| | 393,614 | | | | Shoprite Holdings Ltd | | | 2,419 | |
| | 96,464 | | | | Shufersal Ltd | | | 630 | |
| | 578,020 | | | | SMU S.A. | | | 107 | |
| | 395,031 | | * | | Sok Marketler Ticaret AS. | | | 775 | |
| | 2,478,436 | | | | Sonae SPGS S.A. | | | 1,793 | |
| | 153,193 | | | | Spar Group Ltd | | | 1,516 | |
| | 180,751 | | | | SpartanNash Co | | | 3,841 | |
| | 170,255 | | * | | Sprouts Farmers Market, Inc | | | 4,357 | |
| | 79,938 | | | | Sugi Pharmacy Co Ltd | | | 5,421 | |
| | 1,490,628 | | | | Sun Art Retail Group Ltd | | | 2,557 | |
| | 155,164 | | | | Sundrug Co Ltd | | | 5,135 | |
| | 740,029 | | | | SYSCO Corp | | | 40,450 | |
| | 117,000 | | | | Taiwan TEA Corp | | | 63 | |
| | 17,491,330 | | | | Tesco plc | | | 49,197 | |
| | 70,567 | | | | Tsuruha Holdings, Inc | | | 9,746 | |
| | 234,599 | | *,e | | United Natural Foods, Inc | | | 4,272 | |
| | 27,250 | | | | United Super Markets Holdings, Inc | | | 287 | |
| | 438,880 | | * | | US Foods Holding Corp | | | 8,655 | |
| | 46,278 | | | | Valor Co Ltd | | | 905 | |
| | 7,201 | | | | Village Super Market (Class A) | | | 200 | |
| | 1,013,207 | | | | Walgreens Boots Alliance, Inc | | | 42,950 | |
| | 7,485,750 | | | | Wal-Mart de Mexico SAB de C.V. | | | 17,962 | |
| | 3,524,407 | | | | Walmart, Inc | | | 422,153 | |
| | 8,612 | | | | Weis Markets, Inc | | | 432 | |
| | 86,480 | | | | Welcia Holdings Co Ltd | | | 6,986 | |
| | 1,056,077 | | e | | WM Morrison Supermarkets plc | | | 2,488 | |
| | 1,503,487 | | | | Woolworths Ltd | | | 38,755 | |
| | 102,843 | | * | | X5 Retail Group NV (GDR) | | | 3,641 | |
| | 6,400 | | | | YAKUODO Holdings Co Ltd | | | 156 | |
| | 16,600 | | | | Yaoko Co Ltd | | | 1,188 | |
| | 25,900 | | | | Yifeng Pharmacy Chain Co Ltd | | | 334 | |
| | 22,900 | | | | Yokohama Reito Co Ltd | | | 190 | |
| | 371,200 | | | | Yonghui Superstores Co Ltd | | | 493 | |
| | 39,775 | | * | | Zur Rose Group AG. | | | 10,884 | |
| | | | | | TOTAL FOOD & STAPLES RETAILING | | | 1,531,150 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| FOOD, BEVERAGE & TOBACCO - 3.7% | | | | |
| | 908,138 | | * | | a2 Milk Co Ltd | | $ | 11,887 | |
| | 118,557 | | | | AAK AB | | | 2,046 | |
| | 30,600 | | * | | Adecoagro S.A. | | | 133 | |
| | 57,902 | | e | | AG. Barr plc | | | 324 | |
| | 6,444 | | | | Agrana Beteiligungs AG. | | | 133 | |
| | 1,015,995 | | | | Ajinomoto Co, Inc | | | 16,860 | |
| | 5,064 | | | | Alico, Inc | | | 158 | |
| | 339,112 | | | | Almarai Co JSC | | | 4,700 | |
| | 3,522,865 | | | | Altria Group, Inc | | | 138,272 | |
| | 5,657,730 | | | | AMBEV S.A. | | | 14,711 | |
| | 4,215,862 | | | | Anadolu Efes Biracilik Ve Malt Sanayii AS | | | 13,114 | |
| | 32,400 | | | | Angel Yeast Co Ltd | | | 227 | |
| | 760,630 | | | | Anheuser-Busch InBev S.A. | | | 37,496 | |
| | 95,000 | | * | | Anhui Gujing Distillery Co Ltd | | | 1,023 | |
| | 13,300 | | * | | Anhui Gujing Distillery Co Ltd (Class A) | | | 283 | |
| | 21,700 | | | | Anhui Kouzi Distillery Co Ltd | | | 157 | |
| | 835,894 | | | | Archer-Daniels-Midland Co | | | 33,352 | |
| | 9,572 | | | | Ariake Japan Co Ltd | | | 606 | |
| | 1,849,582 | | *,e | | Aryzta AG. | | | 837 | |
| | 348,864 | | | | Asahi Breweries Ltd | | | 12,253 | |
| | 968,003 | | | | Associated British Foods plc | | | 22,888 | |
| | 192,812 | | | | Astral Foods Ltd | | | 1,628 | |
| | 1,152,528 | | e | | Ausnutria Dairy Corp Ltd | | | 2,592 | |
| | 50,968 | | | | Austevoll Seafood ASA | | | 423 | |
| | 157,038 | | * | | Australian Agricultural Co Ltd | | | 112 | |
| | 56,592 | | | | Avanti Feeds Ltd | | | 378 | |
| | 79,809 | | | | AVI Ltd | | | 324 | |
| | 116,284 | | e | | B&G Foods, Inc (Class A) | | | 2,835 | |
| | 36,631 | | * | | Bakkafrost P | | | 2,316 | |
| | 74,720 | | g | | Bakkavor Group plc | | | 65 | |
| | 1,346,241 | | | | Baladna | | | 464 | |
| | 178,535 | | | | Balrampur Chini Mills Ltd | | | 319 | |
| | 3,214 | | | | Barry Callebaut AG. | | | 6,135 | |
| | 429,318 | | | | Becle SAB de C.V. | | | 827 | |
| | 549,609 | | | | Bega Cheese Ltd | | | 1,699 | |
| | 142,300 | | | | Beijing Dabeinong Technology Group Co Ltd | | | 183 | |
| | 31,200 | | | | Beijing Shunxin Agriculture Co Ltd | | | 252 | |
| | 123,900 | | | | Beijing Yanjing Brewery Co Ltd | | | 120 | |
| | 3,236 | | | | Bell AG. | | | 820 | |
| | 101,030 | | *,e | | Beyond Meat, Inc | | | 13,536 | |
| | 1,264 | | | | Binggrae Co Ltd | | | 64 | |
| | 121,814 | | | | Biostime International Holdings Ltd | | | 554 | |
| | 8,881 | | | | Bonduelle S.C.A. | | | 214 | |
| | 3,130 | | *,e | | Boston Beer Co, Inc (Class A) | | | 1,680 | |
| | 464,286 | | * | | BRF S.A. | | | 1,815 | |
| | 1,749 | | * | | Bridgford Foods Corp | | | 29 | |
| | 57,779 | | | | Britannia Industries Ltd | | | 2,763 | |
| | 31,000 | | | | British American Tobacco Malaysia BHD | | | 78 | |
| | 3,357,184 | | | | British American Tobacco plc | | | 128,757 | |
| | 491,158 | | | | Britvic plc | | | 4,677 | |
| | 63,677 | | | | Brown-Forman Corp (Class A) | | | 3,666 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 259,940 | | | | Brown-Forman Corp (Class B) | | $ | 16,548 | |
| | 1,105,200 | | *,e | | Bubs Australia Ltd | | | 711 | |
| | 1,472,429 | | e,g | | Budweiser Brewing Co APAC Ltd | | | 4,310 | |
| | 185,100 | | e | | Bumitama Agri Ltd | | | 59 | |
| | 358,551 | | | | Bunge Ltd | | | 14,747 | |
| | 457,628 | | * | | C&C Group plc | | | 1,305 | |
| | 14,806 | | | | Calavo Growers, Inc | | | 931 | |
| | 75,004 | | | | Calbee, Inc | | | 2,073 | |
| | 62,233 | | * | | Cal-Maine Foods, Inc | | | 2,768 | |
| | 25,000 | | | | Camil Alimentos S.A. | | | 52 | |
| | 647,089 | | | | Campbell Soup Co | | | 32,115 | |
| | 166,079 | | | | Carlsberg AS (Class B) | | | 22,023 | |
| | 112,752 | | | | Carlsberg Brewery-Malay BHD | | | 656 | |
| | 13,443 | | | | CCL Products India Ltd | | | 42 | |
| | 134,203 | | * | | Celsius Holdings, Inc | | | 1,580 | |
| | 21,500 | | | | Chacha Food Co Ltd | | | 166 | |
| | 723,000 | | | | Charoen Pokphand Enterprise | | | 1,678 | |
| | 3,432,846 | | | | Charoen Pokphand Foods PCL | | | 3,540 | |
| | 695,335 | | g | | China Feihe Ltd | | | 1,401 | |
| | 4,375,889 | | *,†,e | | China Huishan Dairy Holdings Co Ltd | | | 6 | |
| | 370,000 | | *,† | | China Huiyuan Juice Group Ltd | | | 0 | ^ |
| | 2,221,146 | | | | China Mengniu Dairy Co Ltd | | | 8,517 | |
| | 427,000 | | * | | China Modern Dairy Holdings | | | 48 | |
| | 1,701,629 | | | | China Resources Beer Holdings Company Ltd | | | 9,499 | |
| | 20,800 | | | | Chongqing Brewery Co Ltd | | | 215 | |
| | 25,300 | | | | Chongqing Fuling Zhacai Group Co Ltd | | | 129 | |
| | 55,561 | | | | Chubu Shiryo Co Ltd | | | 842 | |
| | 423,389 | | | | Cia Cervecerias Unidas S.A. | | | 3,049 | |
| | 5,062 | | | | CJ CheilJedang Corp | | | 1,382 | |
| | 109,792 | | | | Cloetta AB | | | 281 | |
| | 434,229 | | | | Coca-Cola Amatil Ltd | | | 2,616 | |
| | 8,497,728 | | | | Coca-Cola Co | | | 379,679 | |
| | 5,054 | | | | Coca-Cola Consolidated Inc | | | 1,158 | |
| | 271,978 | | | | Coca-Cola European Partners plc (Class A) | | | 10,270 | |
| | 603,691 | | | | Coca-Cola Femsa SAB de C.V. | | | 2,643 | |
| | 181,574 | | | | Coca-Cola HBC AG. | | | 4,545 | |
| | 62,922 | | | | Coca-Cola Icecek AS | | | 400 | |
| | 90,850 | | e | | Coca-Cola West Japan Co Ltd | | | 1,648 | |
| | 6,742,000 | | | | Cofco International Ltd | | | 2,566 | |
| | 314,000 | | e | | COFCO Meat Holdings Ltd | | | 104 | |
| | 1,367,935 | | | | ConAgra Brands, Inc | | | 48,110 | |
| | 268,219 | | | | Constellation Brands, Inc (Class A) | | | 46,925 | |
| | 13,856 | | | | Corby Spirit and Wine Ltd | | | 166 | |
| | 184,185 | | | | Costa Group Holdings Ltd | | | 372 | |
| | 10,722 | | *,e | | Craft Brewers Alliance, Inc | | | 165 | |
| | 28,110 | | | | Cranswick plc | | | 1,259 | |
| | 125,230 | | | | Daesang Corp | | | 2,716 | |
| | 1,294,500 | | g | | Dali Foods Group Co Ltd | | | 789 | |
| | 771,583 | | | | Danone | | | 53,558 | |
| | 454,354 | | * | | Darling International, Inc | | | 11,186 | |
| | 3,369,642 | | | | Davide Campari-Milano S.p.A | | | 28,497 | |
| | 3,030,218 | | | | Diageo plc | | | 100,716 | |
| | 31,900 | | | | Diageo plc (ADR) | | | 4,287 | |
| | 257 | | | | Dongwon F&B Co Ltd | | | 38 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 282 | | | | Dongwon Industries Co Ltd | | $ | 47 | |
| | 4,700 | | e | | Dydo Drinco, Inc | | | 213 | |
| | 827,103 | | | | Eastern Tobacco | | | 655 | |
| | 6,751 | | * | | Easy Bio, Inc | | | 292 | |
| | 8,122 | | | | Easy Bio, Inc | | | 34 | |
| | 65,915 | | e | | Ebro Puleva S.A. | | | 1,366 | |
| | 247,318 | | | | Embotelladora Andina S.A. | | | 605 | |
| | 376,922 | | | | Embotelladoras Arca SAB de C.V. | | | 1,652 | |
| | 4,526 | | | | Emmi AG. | | | 3,961 | |
| | 75,254 | | e | | Ezaki Glico Co Ltd | | | 3,588 | |
| | 21,371 | | * | | Farmer Bros Co | | | 157 | |
| | 52,936 | | | | Feed One Co Ltd | | | 99 | |
| | 4,395,600 | | | | Felda Global Ventures Holdings BHD | | | 1,028 | |
| | 1,197,339 | | | | Fevertree Drinks plc | | | 30,352 | |
| | 286,800 | | | | First Resources Ltd | | | 288 | |
| | 291,796 | | | | Flowers Foods, Inc | | | 6,525 | |
| | 2,051,619 | | | | Fomento Economico Mexicano S.A. de C.V. | | | 12,719 | |
| | 257,700 | | | | Fomento Economico Mexicano SAB de C.V. (ADR) | | | 15,980 | |
| | 18,603 | | | | ForFarmers NV | | | 114 | |
| | 92,620 | | | | Foshan Haitian Flavouring & Food Co Ltd | | | 1,631 | |
| | 284,497 | | | | Fraser & Neave Holdings BHD | | | 2,161 | |
| | 74,371 | | †,e | | Freedom Foods Group Ltd | | | 115 | |
| | 37,326 | | | | Fresh Del Monte Produce, Inc | | | 919 | |
| | 174,279 | | * | | Freshpet, Inc | | | 14,580 | |
| | 108,380 | | | | Fuji Oil Co Ltd | | | 2,789 | |
| | 38,900 | | * | | Fujian Sunner Development Co Ltd | | | 160 | |
| | 8,432 | | | | Fujicco Co Ltd | | | 157 | |
| | 5,382 | | | | Fujiya Co Ltd | | | 111 | |
| | 421,340 | | | | Futuris Corp Ltd | | | 2,754 | |
| | 986,927 | | | | General Mills, Inc | | | 60,844 | |
| | 181,474 | | | | Genting Plantations BHD | | | 419 | |
| | 104,500 | | | | GFPT PCL (Foreign) | | | 44 | |
| | 226,327 | | | | Glanbia plc | | | 2,572 | |
| | 21,381 | | | | Godfrey Phillips India Ltd | | | 289 | |
| | 21,053,800 | | | | Golden Agri-Resources Ltd | | | 2,253 | |
| | 164,156 | | * | | GrainCorp Ltd-A | | | 469 | |
| | 2,485,342 | | | | Great Wall Enterprise Co | | | 3,604 | |
| | 436,963 | | * | | Greencore Group plc | | | 680 | |
| | 25,699 | | | | Grieg Seafood ASA | | | 264 | |
| | 191,931 | | | | Gruma SAB de C.V. | | | 2,071 | |
| | 1,286,013 | | e | | Grupo Bimbo S.A. de C.V. (Series A) | | | 2,152 | |
| | 50,295 | | e | | Grupo Herdez SAB de C.V. | | | 74 | |
| | 68,100 | | | | Guan Chong Bhd | | | 43 | |
| | 46,600 | | | | Guangdong Haid Group Co Ltd | | | 315 | |
| | 135,389 | | * | | Hain Celestial Group, Inc | | | 4,266 | |
| | 58,400 | | | | Heilongjiang Agriculture Co Ltd | | | 133 | |
| | 125,188 | | | | Heineken Holding NV | | | 10,246 | |
| | 285,070 | | | | Heineken NV | | | 26,282 | |
| | 94,100 | | | | Henan Shuanghui Investment & Development Co Ltd | | | 615 | |
| | 253,698 | | | | Hershey Co | | | 32,884 | |
| | 10,000 | | | | Hokuto Corp | | | 188 | |
| | 422,691 | | | | Hormel Foods Corp | | | 20,403 | |
| | 239,232 | | * | | Hostess Brands, Inc | | | 2,923 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 28,360 | | e | | Hotel Chocolat Group Ltd | | $ | 110 | |
| | 32,662 | | | | House Foods Corp | | | 1,056 | |
| | 812,634 | | | | Imperial Tobacco Group plc | | | 15,470 | |
| | 5,822,930 | | * | | Indofood CBP Sukses Makmur Tbk | | | 3,822 | |
| | 170,039 | | e | | Inghams Group Ltd | | | 378 | |
| | 157,757 | | | | Ingredion, Inc | | | 13,094 | |
| | 223,300 | | | | Inner Mongolia Yili Industrial Group Co Ltd | | | 986 | |
| | 1,495,797 | | | | IOI Corp BHD | | | 1,520 | |
| | 4,305,573 | | * | | ITC Ltd | | | 11,117 | |
| | 33,329 | | | | Ito En Ltd | | | 1,881 | |
| | 140,600 | | | | Itoham Yonekyu Holdings, Inc | | | 847 | |
| | 26,011 | | | | J&J Snack Foods Corp | | | 3,307 | |
| | 164,354 | | | | J.M. Smucker Co | | | 17,390 | |
| | 1,433,419 | | e | | Japan Tobacco, Inc | | | 26,623 | |
| | 3,229,469 | | e | | Japfa Ltd | | | 1,597 | |
| | 904,997 | | | | JBS S.A. | | | 3,520 | |
| | 6,846 | | | | Jeil Holdings Co Ltd | | | 39 | |
| | 45,100 | | | | Jiangsu King’s Luck Brewery JSC Ltd | | | 255 | |
| | 58,200 | | | | Jiangsu Yanghe Brewery Joint-Stock Co Ltd | | | 869 | |
| | 96,700 | | | | Jiangxi Zhengbang Technology Co Ltd | | | 240 | |
| | 87,484 | | | | Jinro Ltd | | | 3,207 | |
| | 35,418 | | | | John B. Sanfilippo & Son, Inc | | | 3,022 | |
| | 4,873 | | | | J-Oil Mills, Inc | | | 180 | |
| | 31,100 | | | | Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd | | | 258 | |
| | 18,700 | | * | | Juewei Food Co Ltd | | | 187 | |
| | 86,561 | | | | Juhayna Food Industries | | | 40 | |
| | 43,346 | | | | Kagome Co Ltd | | | 1,295 | |
| | 6,700 | | | | Kameda Seika Co Ltd | | | 323 | |
| | 4,696 | | | | Kaveri Seed Co Ltd | | | 36 | |
| | 372,987 | | | | Kellogg Co | | | 24,640 | |
| | 5,400 | | | | Kenko Mayonnaise Co Ltd | | | 97 | |
| | 247,961 | | | | Kerry Group plc (Class A) | | | 30,804 | |
| | 1,829,102 | | | | Keurig Dr Pepper, Inc | | | 51,947 | |
| | 9,300 | | | | KEY Coffee, Inc | | | 197 | |
| | 340,860 | | | | Khon Kaen Sugar Industry PCL | | | 22 | |
| | 130,280 | | e | | Kikkoman Corp | | | 6,292 | |
| | 807,704 | | | | Kirin Brewery Co Ltd | | | 17,026 | |
| | 30,680 | | | | Kotobuki Spirits Co Ltd | | | 1,263 | |
| | 1,004,083 | | | | Kraft Heinz Co | | | 32,020 | |
| | 54,508 | | | | KRBL Ltd | | | 178 | |
| | 74,397 | | | | KT&G Corp | | | 4,859 | |
| | 1,131,490 | | | | Kuala Lumpur Kepong BHD | | | 5,860 | |
| | 93,553 | | | | Kweichow Moutai Co Ltd | | | 19,428 | |
| | 6,242 | | | | KWS Saat AG. | | | 468 | |
| | 4,753 | | | | La Doria S.p.A | | | 61 | |
| | 273,027 | | | | Lamb Weston Holdings, Inc | | | 17,455 | |
| | 20,396 | | | | Lancaster Colony Corp | | | 3,161 | |
| | 38,565 | | * | | Landec Corp | | | 307 | |
| | 3,641 | | | | Lassonde Industries, Inc | | | 416 | |
| | 251,200 | | | | Leong Hup International BHD | | | 45 | |
| | 206,500 | | | | Leroy Seafood Group ASA | | | 1,246 | |
| | 201,629 | | | | Lien Hwa Industrial Corp | | | 291 | |
| | 14,023 | | e | | Limoneira Co | | | 203 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,311 | | | | Lindt & Spruengli AG. | | $ | 19,087 | |
| | 128 | | | | Lindt & Spruengli AG. (Registered) | | | 11,041 | |
| | 821 | | | | Lotte Chilsung Beverage Co Ltd | | | 70 | |
| | 374 | | | | Lotte Confectionery Co Ltd | | | 33 | |
| | 3,069 | | | | Lotte Samkang Co Ltd | | | 901 | |
| | 56,500 | | | | Luzhou Laojiao Co Ltd | | | 731 | |
| | 18,500 | | | | M Dias Branco S.A. | | | 138 | |
| | 26,357 | | | | Maeil Dairies Co Ltd | | | 1,745 | |
| | 92,207 | | e | | Maple Leaf Foods, Inc | | | 1,936 | |
| | 550,900 | | * | | Marfrig Global Foods S.A. | | | 1,277 | |
| | 9,300 | | | | Marudai Food Co Ltd | | | 164 | |
| | 21,900 | | | | Maruha Nichiro Corp | | | 449 | |
| | 176,889 | | | | McCormick & Co, Inc | | | 31,736 | |
| | 79,169 | | | | Megmilk Snow Brand Co Ltd | | | 1,844 | |
| | 139,514 | | | | MEIJI Holdings Co Ltd | | | 11,102 | |
| | 41,475 | | e | | MGP Ingredients, Inc | | | 1,522 | |
| | 294,461 | | * | | Minerva S.A. | | | 712 | |
| | 8,100 | | | | Mitsui Sugar Co Ltd | | | 149 | |
| | 259,549 | | | | Molson Coors Brewing Co (Class B) | | | 8,918 | |
| | 4,622,875 | | | | Mondelez International, Inc | | | 236,368 | |
| | 1,816,923 | | * | | Monster Beverage Corp | | | 125,949 | |
| | 20,379 | | | | Morinaga & Co Ltd | | | 791 | |
| | 98,574 | | | | Morinaga Milk Industry Co Ltd | | | 4,389 | |
| | 386,628 | | | | Mowi ASA | | | 7,370 | |
| | 163,166 | | | | Muyuan Foodstuff Co Ltd | | | 1,898 | |
| | 20,145 | | | | Nagatanien Co Ltd | | | 404 | |
| | 37,000 | | * | | Namchow Chemical Industrial Ltd | | | 58 | |
| | 11,055 | | * | | National Agriculture Development Co | | | 82 | |
| | 10,536 | | *,e | | National Beverage Corp | | | 643 | |
| | 10,710 | | * | | Naturecell Co Ltd | | | 81 | |
| | 28,439 | | | | Nestle India Ltd | | | 6,457 | |
| | 57,300 | | | | Nestle Malaysia BHD | | | 1,873 | |
| | 4,007,419 | | | | Nestle S.A. | | | 444,305 | |
| | 73,354 | | *,e | | New Age Beverages Corp | | | 112 | |
| | 190,100 | | | | New Hope Liuhe Co Ltd | | | 805 | |
| | 109,592 | | | | Nichirei Corp | | | 3,193 | |
| | 4,597 | | | | Nippon Beet Sugar Manufacturing Co Ltd | | | 80 | |
| | 111,500 | | | | Nippon Flour Mills Co Ltd | | | 1,674 | |
| | 92,360 | | | | Nippon Meat Packers, Inc | | | 3,717 | |
| | 188,359 | | | | Nippon Suisan Kaisha Ltd | | | 820 | |
| | 13,522 | | | | Nisshin Oillio Group Ltd | | | 423 | |
| | 167,447 | | | | Nisshin Seifun Group, Inc | | | 2,500 | |
| | 128,133 | | | | Nissin Food Products Co Ltd | | | 11,353 | |
| | 410,435 | | | | Nissin Foods Co Ltd | | | 331 | |
| | 5,667 | | | | Nong Shim Co Ltd | | | 1,727 | |
| | 401 | | | | Nong Shim Holdings Co Ltd | | | 28 | |
| | 6,859 | | e | | Norway Royal Salmon ASA | | | 180 | |
| | 168,790 | | | | Oceana Group Ltd | | | 694 | |
| | 63,751 | | e | | Origin Enterprises plc | | | 193 | |
| | 5,014 | | | | Orion Corp | | | 56 | |
| | 30,084 | | | | Orion Corp/Republic of Korea | | | 3,368 | |
| | 20,393 | | | | Orior AG. | | | 1,677 | |
| | 720,936 | | | | Orkla ASA | | | 6,330 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 585,500 | | | | Osotspa PCL | | $ | 724 | |
| | 604 | | | | Ottogi Corp | | | 281 | |
| | 3,094,851 | | | | PepsiCo, Inc | | | 409,325 | |
| | 192,686 | | | | Pernod-Ricard S.A. | | | 30,342 | |
| | 3,967,786 | | | | Philip Morris International, Inc | | | 277,983 | |
| | 88,048 | | * | | Pilgrim’s Pride Corp | | | 1,487 | |
| | 95,516 | | * | | Post Holdings, Inc | | | 8,369 | |
| | 372,849 | | | | PPB Group BHD | | | 1,552 | |
| | 358,620 | | * | | Premier Foods plc | | | 309 | |
| | 38,697 | | e | | Premium Brands Holdings Corp | | | 2,468 | |
| | 156,700 | | | | Prima Meat Packers Ltd | | | 4,208 | |
| | 396,528 | | | | Primo Water Corp | | | 5,452 | |
| | 167,126 | | | | Primo Water Corp | | | 2,293 | |
| | 105,900 | | | | PT Astra Agro Lestari Tbk | | | 62 | |
| | 11,909,918 | | * | | PT Charoen Pokphand Indonesia Tbk | | | 4,670 | |
| | 736,911 | | | | PT Gudang Garam Tbk | | | 2,440 | |
| | 6,975,500 | | | | PT Hanjaya Mandala Sampoerna Tbk | | | 810 | |
| | 4,686,291 | | * | | PT Indofood Sukses Makmur Tbk | | | 2,152 | |
| | 9,135,000 | | *,† | | PT Inti Agri Resources Tbk | | | 32 | |
| | 13,543,200 | | | | PT Japfa Comfeed Indonesia Tbk | | | 1,133 | |
| | 707,500 | | * | | PT Perusahaan Perkebunan London Sumatra Indonesia Tbk | | | 41 | |
| | 753,200 | | | | PT Sawit Sumbermas Sarana Tbk | | | 41 | |
| | 2,697 | | | | Pulmuone Co Ltd | | | 39 | |
| | 56,697 | | | | Q.P. Corp | | | 1,068 | |
| | 1,151,500 | | | | QL Resources BHD | | | 2,579 | |
| | 12,017 | | | | Radico Khaitan Ltd | | | 60 | |
| | 19,236 | | e | | Remy Cointreau S.A. | | | 2,624 | |
| | 10,100 | | | | Riken Vitamin Co Ltd | | | 214 | |
| | 9,325 | | e | | Rock Field Co Ltd | | | 113 | |
| | 107,692 | | e | | Rogers Sugar, Inc | | | 371 | |
| | 5,400 | | | | Rokko Butter Co Ltd | | | 77 | |
| | 1,606 | | | | Ros Agro plc (ADR) | | | 15 | |
| | 92,051 | | | | Royal Unibrew A.S. | | | 7,674 | |
| | 43,915 | | | | S Foods, Inc | | | 1,073 | |
| | 418,470 | | | | Saigon Beer Alcohol Beverage Corp | | | 2,838 | |
| | 15,955 | | | | Sakata Seed Corp | | | 510 | |
| | 62,609 | | | | Salmar ASA | | | 2,999 | |
| | 432 | | | | Samlip General Foods Co Ltd | | | 23 | |
| | 659 | | | | Samyang Corp | | | 22 | |
| | 664 | | | | Samyang Foods Co Ltd | | | 70 | |
| | 8,818 | | | | Samyang Holdings Corp | | | 419 | |
| | 18,938 | | | | Sanderson Farms, Inc | | | 2,195 | |
| | 192,300 | | | | Sao Martinho S.A. | | | 750 | |
| | 34,086 | | | | Sapporo Holdings Ltd | | | 641 | |
| | 293,785 | | | | Saputo, Inc | | | 7,005 | |
| | 16,484 | | | | Saudia Dairy & Foodstuff Co | | | 726 | |
| | 537,740 | | | | Savola Group | | | 6,062 | |
| | 105,069 | | | | Scandi Standard AB | | | 728 | |
| | 369,082 | | g | | Scandinavian Tobacco Group A.S. | | | 5,450 | |
| | 12,422 | | | | Schouw & Co | | | 992 | |
| | 616 | | | | Seaboard Corp | | | 1,807 | |
| | 126,353 | | | | Select Harvests Ltd | | | 552 | |
| | 6,176 | | * | | Seneca Foods Corp | | | 209 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 37,137 | | | | Shanxi Xinghuacun Fen Wine Factory Co Ltd | | $ | 763 | |
| | 8,387 | | | | Showa Sangyo Co Ltd | | | 257 | |
| | 16,900 | | | | Sichuan Swellfun Co Ltd | | | 150 | |
| | 1,185,813 | | | | Sime Darby Plantation BHD | | | 1,369 | |
| | 305,651 | | * | | Simply Good Foods Co | | | 5,679 | |
| | 20,600 | | * | | SLC Agricola S.A. | | | 89 | |
| | 1,297,194 | | | | Standard Foods Corp | | | 2,777 | |
| | 3,300 | | | | Starzen Co Ltd | | | 130 | |
| | 28,154 | | | | Strauss Group Ltd | | | 781 | |
| | 82,520 | | | | Suedzucker AG. | | | 1,302 | |
| | 116,723 | | | | Suntory Beverage & Food Ltd | | | 4,554 | |
| | 379,562 | | | | Swedish Match AB | | | 26,780 | |
| | 32,966 | | * | | Synlait Milk Ltd | | | 152 | |
| | 45,000 | | | | Taisun Enterprise Co Ltd | | | 35 | |
| | 146,703 | | | | Takara Holdings, Inc | | | 1,313 | |
| | 97,800 | | | | Taokaenoi Food & Marketing PCL | | | 33 | |
| | 120,319 | | | | Tassal Group Ltd | | | 288 | |
| | 345,419 | | | | Tata Tea Ltd | | | 1,774 | |
| | 975,640 | | | | Tate & Lyle plc | | | 8,065 | |
| | 2,109,409 | | | | Thai Union Group PCL | | | 888 | |
| | 1,130,100 | | | | Thai Vegetable Oil PCL (Foreign) | | | 964 | |
| | 126,673 | | | | Tiger Brands Ltd | | | 1,302 | |
| | 6,170,290 | | | | Tingyi Cayman Islands Holding Corp | | | 9,612 | |
| | 24,300 | | | | Toly Bread Co Ltd | | | 175 | |
| | 126,200 | | | | Tongwei Co Ltd | | | 312 | |
| | 21,499 | | | | Tootsie Roll Industries, Inc | | | 737 | |
| | 122,417 | | | | Toyo Suisan Kaisha Ltd | | | 6,840 | |
| | 616,210 | | | | Treasury Wine Estates Ltd | | | 4,483 | |
| | 86,022 | | * | | TreeHouse Foods, Inc | | | 3,768 | |
| | 327,879 | | | | Tsingtao Brewery Co Ltd | | | 2,447 | |
| | 22,100 | | | | Tsingtao Brewery Co Ltd (Class A) | | | 240 | |
| | 33,000 | | | | Ttet Union Corp | | | 137 | |
| | 7,914 | | e | | Turning Point Brands, Inc | | | 197 | |
| | 782,709 | | | | Tyson Foods, Inc (Class A) | | | 46,736 | |
| | 43,849 | | * | | Ulker Biskuvi Sanayi AS | | | 156 | |
| | 725,000 | | | | Uni-President China Holdings Ltd | | | 725 | |
| | 5,060,053 | | | | Uni-President Enterprises Corp | | | 12,260 | |
| | 304,759 | | * | | United Malt Grp Ltd | | | 870 | |
| | 314,958 | | * | | United Spirits Ltd | | | 2,471 | |
| | 31,342 | | | | Universal Corp | | | 1,332 | |
| | 507,864 | | | | Universal Robina | | | 1,330 | |
| | 75,027 | | | | Varun Beverages Ltd | | | 678 | |
| | 214,695 | | | | Vector Group Ltd | | | 2,160 | |
| | 3,589 | | | | Vilmorin & Cie | | | 190 | |
| | 124,963 | | | | Vina Concha y Toro S.A. | | | 194 | |
| | 115,226 | | | | Viscofan S.A. | | | 7,521 | |
| | 402,000 | | e | | Vitasoy International Holdings Ltd | | | 1,545 | |
| | 3,054,714 | | | | Want Want China Holdings Ltd | | | 2,320 | |
| | 5,832 | | | | Warabeya Nichiyo Co Ltd | | | 92 | |
| | 1,350,000 | | | | Wei Chuan Food Corp | | | 1,056 | |
| | 326,520 | | | | Wens Foodstuffs Group Co Ltd | | | 1,010 | |
| | 13,498,000 | | g | | WH Group Ltd | | | 11,665 | |
| | 2,407,280 | | | | Wilmar International Ltd | | | 7,120 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 512,171 | | | | Wuliangye Yibin Co Ltd | | $ | 12,444 | |
| | 238,171 | | | | Yakult Honsha Co Ltd | | | 14,013 | |
| | 137,367 | | | | Yamazaki Baking Co Ltd | | | 2,360 | |
| | 1,022,000 | | | | Yihai International Holding Ltd | | | 10,532 | |
| | 48,400 | | | | Yuan Longping High-tech Agriculture Co Ltd | | | 114 | |
| | 139,000 | | g | | Zhou Hei Ya International Holdings Co Ltd | | | 119 | |
| | | | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 3,934,880 | |
| | | | | | | | | | |
| HEALTH CARE EQUIPMENT & SERVICES - 5.2% | | | |
| | 33,158 | | *,e | | 1Life Healthcare, Inc | | | 1,204 | |
| | 3,790,638 | | | | Abbott Laboratories | | | 346,578 | |
| | 6,177 | | * | | Abiomed, Inc | | | 1,492 | |
| | 106,927 | | * | | Acadia Healthcare Co, Inc | | | 2,686 | |
| | 78,089 | | *,e | | Accuray, Inc | | | 159 | |
| | 6,801 | | * | | AdaptHealth Corp | | | 109 | |
| | 15,732 | | * | | Addus HomeCare Corp | | | 1,456 | |
| | 439,936 | | e | | Advanced Medical Solutions Group plc | | | 1,297 | |
| | 456,461 | | * | | AGFA-Gevaert NV | | | 1,908 | |
| | 740,324 | | | | Aier Eye Hospital Group Co Ltd | | | 4,557 | |
| | 292,000 | | g | | AK Medical Holdings Ltd | | | 931 | |
| | 13,434 | | * | | Al Hammadi Co for Development and Investment | | | 79 | |
| | 834,879 | | | | Alcon, Inc | | | 47,972 | |
| | 387,270 | | e | | Alcon, Inc (XNYS) | | | 22,198 | |
| | 97,490 | | | | Alfresa Holdings Corp | | | 2,044 | |
| | 5,984,659 | | * | | Alibaba Health Information Technology Ltd | | | 17,599 | |
| | 186,104 | | * | | Align Technology, Inc | | | 51,074 | |
| | 13,600 | | | | Alliar Medicos A Frente S.A. | | | 26 | |
| | 272,669 | | * | | Allscripts Healthcare Solutions, Inc | | | 1,846 | |
| | 35,253 | | * | | Alphatec Holdings Inc | | | 166 | |
| | 32,912 | | g | | Ambea AB | | | 168 | |
| | 140,097 | | e | | Ambu A.S. | | | 4,429 | |
| | 9,389 | | * | | Amedisys, Inc | | | 1,864 | |
| | 17,087 | | * | | American Renal Associates Holdings, Inc | | | 111 | |
| | 177,945 | | | | AmerisourceBergen Corp | | | 17,932 | |
| | 64,334 | | * | | AMN Healthcare Services, Inc | | | 2,910 | |
| | 67,165 | | | | Amplifon S.p.A. | | | 1,794 | |
| | 12,878 | | | | Andlauer Healthcare Group, Inc | | | 348 | |
| | 84,355 | | * | | Angiodynamics, Inc | | | 858 | |
| | 566,378 | | | | Ansell Ltd | | | 14,397 | |
| | 149,929 | | * | | Antares Pharma, Inc | | | 412 | |
| | 693,373 | | | | Anthem, Inc | | | 182,343 | |
| | 93,111 | | | | Apollo Hospitals Enterprise Ltd | | | 1,666 | |
| | 7,516 | | *,e | | Apollo Medical Holdings, Inc | | | 124 | |
| | 33,374 | | * | | Apyx Medical Corp | | | 185 | |
| | 780,536 | | | | Arjo AB | | | 4,358 | |
| | 22,007 | | e | | As One Corp | | | 2,403 | |
| | 61,040 | | | | Asahi Intecc Co Ltd | | | 1,742 | |
| | 17,075 | | *,e | | Ascom Holding AG. | | | 158 | |
| | 167,926 | | * | | AtriCure, Inc | | | 7,548 | |
| | 1,269 | | | | Atrion Corp | | | 808 | |
| | 128,120 | | *,g | | Attendo AB | | | 504 | |
| | 1,336,639 | | | | Australian Pharmaceutical Industries Ltd | | | 1,059 | |
| | 16,800 | | | | Autobio Diagnostics Co Ltd | | | 386 | |
| | 22,465 | | * | | Avalon GloboCare Corp | | | 43 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 58,791 | | * | | Avanos Medical, Inc | | $ | 1,728 | |
| | 30,532 | | * | | AxoGen, Inc | | | 282 | |
| | 26,504 | | *,e | | Axonics Modulation Technologies, Inc | | | 931 | |
| | 1,315,250 | | | | Bangkok Chain Hospital PCL | | | 641 | |
| | 8,315,745 | | | | Bangkok Dusit Medical Services PCL (Foreign) | | | 6,057 | |
| | 3,415,242 | | | | Baxter International, Inc | | | 294,052 | |
| | 212,495 | | | | Becton Dickinson & Co | | | 50,844 | |
| | 17,500 | | | | Beijing Chunlizhengda Medical Instruments Co Ltd | | | 119 | |
| | 11,458 | | * | | Beyond Air, Inc | | | 83 | |
| | 27,785 | | *,e,g | | Biocartis NV | | | 145 | |
| | 6,774 | | *,e | | BioLife Solutions Inc | | | 111 | |
| | 38,733 | | | | BioMerieux | | | 5,319 | |
| | 16,072 | | * | | BioSig Technologies Inc | | | 116 | |
| | 30,881 | | * | | BioTelemetry, Inc | | | 1,396 | |
| | 35,000 | | | | BML, Inc | | | 912 | |
| | 3,139 | | | | Boditech Med, Inc | | | 45 | |
| | 8,780,867 | | * | | Boston Scientific Corp | | | 308,296 | |
| | 537,111 | | * | | Brookdale Senior Living, Inc | | | 1,584 | |
| | 218,665 | | | | Bumrungrad Hospital PCL (Foreign) | | | 826 | |
| | 61,702 | | | | Cantel Medical Corp | | | 2,729 | |
| | 339,559 | | | | Cardinal Health, Inc | | | 17,722 | |
| | 31,190 | | * | | Cardiovascular Systems, Inc | | | 984 | |
| | 5,279 | | * | | Carl Zeiss Meditec AG. | | | 514 | |
| | 6,263 | | *,e | | Catasys Inc | | | 155 | |
| | 8,472 | | | | Cellavision AB | | | 256 | |
| | 10,794 | | * | | CELLINK AB | | | 138 | |
| | 102,419 | | * | | Celltrion Healthcare Co Ltd | | | 9,285 | |
| | 1,557,888 | | * | | Centene Corp | | | 99,004 | |
| | 422,025 | | | | Cerner Corp | | | 28,930 | |
| | 320,182 | | * | | Cerus Corp | | | 2,113 | |
| | 8,558 | | * | | CHA Bio & Diostech Co Ltd | | | 143 | |
| | 339,219 | | * | | Change Healthcare, Inc | | | 3,799 | |
| | 17,164 | | * | | Chembio Diagnostics, Inc | | | 56 | |
| | 17,562 | | | | Chemed Corp | | | 7,922 | |
| | 15,000 | | | | China National Accord Medicines Corp Ltd | | | 96 | |
| | 27,000 | | | | China National Medicines Corp Ltd | | | 155 | |
| | 193,500 | | | | China Resources Phoenix Healthcare Holdings Co Ltd | | | 111 | |
| | 4,753,800 | | | | Chularat Hospital PCL | | | 380 | |
| | 1,536,235 | | | | Cigna Corp | | | 288,274 | |
| | 1,747,662 | | * | | Cleopatra Hospital | | | 567 | |
| | 176,000 | | e | | C-Mer Eye Care Holdings Ltd | | | 151 | |
| | 28,594 | | | | Cochlear Ltd | | | 3,754 | |
| | 28,622 | | *,e | | Co-Diagnostics, Inc | | | 554 | |
| | 152,717 | | | | Coloplast AS | | | 23,804 | |
| | 2,537 | | e | | Coltene Holding AG. | | | 191 | |
| | 12,920 | | | | CompuGroup Medical SE & Co KgaA | | | 1,017 | |
| | 11,076 | | | | Computer Programs & Systems, Inc | | | 252 | |
| | 84,588 | | | | Conmed Corp | | | 6,089 | |
| | 2,492,855 | | g | | ConvaTec Group plc | | | 6,020 | |
| | 31,944 | | | | Cooper Cos, Inc | | | 9,061 | |
| | 7,775 | | * | | Corvel Corp | | | 551 | |
| | 219,952 | | * | | Covetrus, Inc | | | 3,935 | |
| | 134,127 | | e | | Craneware plc | | | 2,834 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 112,181 | | * | | Cross Country Healthcare, Inc | | $ | 691 | |
| | 33,791 | | * | | CryoLife, Inc | | | 648 | |
| | 40,281 | | *,e | | CryoPort, Inc | | | 1,219 | |
| | 12,955 | | *,e | | Cutera, Inc | | | 158 | |
| | 77,674 | | | | CVS Group plc | | | 991 | |
| | 3,074,952 | | | | CVS Health Corp | | | 199,780 | |
| | 110,631 | | *,e | | CYBERDYNE, Inc | | | 464 | |
| | 30,241 | | *,e | | CytoSorbents Corp | | | 299 | |
| | 5,885 | | | | Dallah Healthcare Co | | | 74 | |
| | 1,602,534 | | | | Danaher Corp | | | 283,376 | |
| | 133,762 | | * | | DaVita, Inc | | | 10,586 | |
| | 1,566 | | * | | Dentium Co Ltd | | | 49 | |
| | 360,989 | | | | Dentsply Sirona, Inc | | | 15,905 | |
| | 369,183 | | * | | DexCom, Inc | | | 149,667 | |
| | 29,948 | | e | | DiaSorin S.p.A. | | | 5,751 | |
| | 2,086 | | * | | DIO Corp | | | 44 | |
| | 24,457 | | g | | Dr Lal PathLabs Ltd | | | 507 | |
| | 28,116 | | | | Draegerwerk AG. | | | 2,301 | |
| | 7,900 | | | | Draegerwerk AG. & Co KGaA | | | 530 | |
| | 16,451 | | | | Eckert & Ziegler Strahlen- und Medizintechnik AG. | | | 2,755 | |
| | 1,126,196 | | * | | Edwards Lifesciences Corp | | | 77,831 | |
| | 15,400 | | | | Eiken Chemical Co Ltd | | | 247 | |
| | 5,511 | | e | | El.En. S.p.A | | | 140 | |
| | 102,269 | | e | | Elan Corp | | | 1,803 | |
| | 6,074 | | * | | Electromed, Inc | | | 93 | |
| | 269,943 | | e | | Elekta AB (B Shares) | | | 2,515 | |
| | 17,200 | | | | EM Systems Co Ltd | | | 157 | |
| | 125,176 | | | | EMIS Group plc | | | 1,675 | |
| | 219,386 | | | | Encompass Health Corp | | | 13,587 | |
| | 118,682 | | | | Ensign Group, Inc | | | 4,967 | |
| | 2,971,696 | | * | | Envista Holdings Corp | | | 62,673 | |
| | 78,366 | | * | | Enzo Biochem, Inc | | | 176 | |
| | 244,925 | | | | Estia Health Ltd | | | 262 | |
| | 206,035 | | * | | Evolent Health, Inc | | | 1,467 | |
| | 636 | | * | | Exagen, Inc | | | 8 | |
| | 166,997 | | e | | Extendicare, Inc | | | 690 | |
| | 95,961 | | | | Fagron NV | | | 2,017 | |
| | 742,425 | | | | Fisher & Paykel Healthcare Corp | | | 17,103 | |
| | 16,860 | | * | | Five Star Senior Living, Inc | | | 66 | |
| | 275,600 | | | | Fleury S.A. | | | 1,246 | |
| | 5,454 | | * | | FONAR Corp | | | 117 | |
| | 451,521 | | * | | Fortis Healthcare Ltd | | | 728 | |
| | 369,659 | | | | Fresenius Medical Care AG. | | | 31,802 | |
| | 329,384 | | | | Fresenius SE | | | 16,371 | |
| | 8,429 | | * | | Fulgent Genetics, Inc | | | 135 | |
| | 173,725 | | g | | Galenica AG. | | | 12,455 | |
| | 3,247,500 | | e,g | | Genertec Universal Medical Group Company Limited | | | 1,973 | |
| | 244,767 | | * | | GenMark Diagnostics, Inc | | | 3,601 | |
| | 616,110 | | e | | Getinge AB (B Shares) | | | 11,481 | |
| | 11,000 | | | | Ginko International Co Ltd | | | 55 | |
| | 37,561 | | *,e | | Glaukos Corp | | | 1,443 | |
| | 31,592 | | * | | Globus Medical, Inc | | | 1,507 | |
| | 21,659 | | | | GN Store Nord | | | 1,159 | |
| | 132,076 | | | | Green Hospital Supply, Inc | | | 5,528 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 17,200 | | | | Guangzhou Kingmed Diagnostics Group Co Ltd | | $ | 218 | |
| | 10,500 | | | | Guangzhou Wondfo Biotech Co Ltd | | | 155 | |
| | 748,091 | | * | | Guardant Health, Inc | | | 60,693 | |
| | 3,085 | | | | Guerbet | | | 117 | |
| | 19,297 | | * | | Haemonetics Corp | | | 1,728 | |
| | 53,607 | | * | | Hanger Inc | | | 888 | |
| | 178,500 | | g | | Hapvida Participacoes e Investimentos S.A. | | | 2,041 | |
| | 3,824,600 | | | | Hartalega Holdings BHD | | | 11,666 | |
| | 720,793 | | | | HCA Healthcare, Inc | | | 69,960 | |
| | 464,057 | | | | Healius Ltd | | | 981 | |
| | 69,836 | | *,e | | Health Catalyst, Inc | | | 2,037 | |
| | 143,497 | | * | | HealthEquity, Inc | | | 8,419 | |
| | 108,789 | | * | | HealthStream, Inc | | | 2,408 | |
| | 189,640 | | * | | Henry Schein, Inc | | | 11,073 | |
| | 6,125 | | *,e | | Heska Corp | | | 571 | |
| | 66,691 | | | | Hill-Rom Holdings, Inc | | | 7,321 | |
| | 8,722 | | * | | HLB Life Science CO Ltd | | | 136 | |
| | 23,609 | | *,e | | HLS Therapeutics, Inc | | | 316 | |
| | 289,231 | | * | | HMS Holdings Corp | | | 9,368 | |
| | 22,300 | | | | Hogy Medical Co Ltd | | | 688 | |
| | 1,614,342 | | * | | Hologic, Inc | | | 92,017 | |
| | 190,589 | | * | | Hoya Corp | | | 18,251 | |
| | 52,800 | | | | Huadong Medicine Co Ltd | | | 189 | |
| | 468,988 | | | | Humana, Inc | | | 181,850 | |
| | 1,090 | | | | Huons Global Co Ltd | | | 29 | |
| | 674,177 | | | | Ibnsina Pharma SAE | | | 382 | |
| | 17,477 | | * | | iCAD, Inc | | | 175 | |
| | 3,533 | | * | | ICU Medical, Inc | | | 651 | |
| | 171,978 | | * | | IDEXX Laboratories, Inc | | | 56,780 | |
| | 1,318,842 | | | | IHH Healthcare BHD | | | 1,700 | |
| | 12,540 | | * | | InfuSystem Holdings, Inc | | | 145 | |
| | 14,266 | | *,e | | Inmode Ltd | | | 404 | |
| | 16,477 | | * | | Inogen, Inc | | | 585 | |
| | 257,127 | | * | | Inovalon Holdings, Inc | | | 4,952 | |
| | 40,044 | | * | | Inspire Medical Systems, Inc | | | 3,485 | |
| | 12,500 | | | | Instituto Hermes Pardini S.A. | | | 51 | |
| | 90,201 | | * | | Insulet Corp | | | 17,522 | |
| | 101,003 | | * | | Integer Holding Corp | | | 7,378 | |
| | 14,572 | | * | | Integra LifeSciences Holdings Corp | | | 685 | |
| | 84,649 | | | | Integral Diagnostics Ltd | | | 230 | |
| | 8,458 | | *,e | | IntriCon Corp | | | 114 | |
| | 84,497 | | * | | Intuitive Surgical, Inc | | | 48,149 | |
| | 31,146 | | | | Invacare Corp | | | 198 | |
| | 46,653 | | e | | Ion Beam Applications | | | 400 | |
| | 9,249 | | *,e | | iRadimed Corp | | | 215 | |
| | 38,380 | | *,e | | iRhythm Technologies, Inc | | | 4,448 | |
| | 91,000 | | | | IVD Medical Holding Ltd | | | 37 | |
| | 47,310 | | | | Jafron Biomedical Co Ltd | | | 467 | |
| | 51,600 | | | | Japan Lifeline Co Ltd | | | 684 | |
| | 7,400 | | | | Japan Medical Dynamic Marketing, Inc | | | 112 | |
| | 57,328 | | | | Jeol Ltd | | | 1,592 | |
| | 42,700 | | | | Jiangsu Yuyue Medical Equipment & Supply Co Ltd | | | 220 | |
| | 67,714 | | *,e | | Joint Corp | | | 1,034 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 68,000 | | * | | Jointown Pharmaceutical Group Co Ltd | | $ | 179 | |
| | 1,146,533 | | | | Koninklijke Philips Electronics NV | | | 53,483 | |
| | 47,144 | | | | Korian-Medica | | | 1,730 | |
| | 910,000 | | | | Kossan Rubber Industries | | | 1,818 | |
| | 4,549,992 | | | | KPJ Healthcare BHD | | | 893 | |
| | 157,385 | | * | | Laboratory Corp of America Holdings | | | 26,143 | |
| | 202,039 | | * | | Lantheus Holdings, Inc | | | 2,889 | |
| | 10,852 | | | | Le Noble Age | | | 579 | |
| | 14,871 | | | | LeMaitre Vascular, Inc | | | 393 | |
| | 55,600 | | | | Lepu Medical Technology Beijing Co Ltd | | | 287 | |
| | 45,223 | | * | | LHC Group, Inc | | | 7,883 | |
| | 7,701,987 | | | | Life Healthcare Group Holdings Pte Ltd | | | 7,419 | |
| | 624,000 | | * | | Lifetech Scientific Corp | | | 197 | |
| | 98,266 | | * | | LivaNova plc | | | 4,730 | |
| | 31,362 | | * | | Livongo Health, Inc | | | 2,358 | |
| | 3,728 | | * | | Lyra Therapeutics, Inc | | | 42 | |
| | 497,338 | | | | M3, Inc | | | 21,127 | |
| | 72,855 | | * | | Magellan Health Services, Inc | | | 5,317 | |
| | 80,080 | | | | Mani, Inc | | | 2,126 | |
| | 7,340 | | * | | Masimo Corp | | | 1,673 | |
| | 364,588 | | | | McKesson Corp | | | 55,935 | |
| | 3,638 | | *,g | | Medacta Group S.A. | | | 292 | |
| | 2,301 | | *,e,g | | Medartis Holding AG. | | | 98 | |
| | 11,700 | | * | | Medical Data Vision Co Ltd | | | 134 | |
| | 372,390 | | | | Medicare Group | | | 703 | |
| | 343,273 | | | | Mediceo Paltac Holdings Co Ltd | | | 6,625 | |
| | 218,806 | | | | Mediclinic International plc | | | 719 | |
| | 3,348 | | * | | Medipost Co Ltd | | | 76 | |
| | 124,058 | | * | | MEDNAX, Inc | | | 2,121 | |
| | 1,733,722 | | | | Medtronic plc | | | 158,982 | |
| | 169,748 | | | | Meinian Onehealth Healthcare Holdings Co Ltd | | | 347 | |
| | 36,742 | | | | Menicon Co Ltd | | | 1,816 | |
| | 253,553 | | * | | Meridian Bioscience, Inc | | | 5,905 | |
| | 72,193 | | * | | Merit Medical Systems, Inc | | | 3,296 | |
| | 3,404 | | e | | Mesa Laboratories, Inc | | | 738 | |
| | 89,647 | | | | Metlifecare Ltd | | | 300 | |
| | 2,873 | | g | | Metropolis Healthcare Ltd | | | 52 | |
| | 465,352 | | e | | Microport Scientific Corp | | | 1,877 | |
| | 7,966 | | * | | Middle East Healthcare Co | | | 65 | |
| | 30,534 | | * | | Milestone Scientific, Inc | | | 60 | |
| | 28,200 | | | | Miraca Holdings, Inc | | | 666 | |
| | 31,247 | | * | | Misonix Inc | | | 424 | |
| | 19,209 | | *,g | | MLP Saglik Hizmetleri AS. | | | 56 | |
| | 99,013 | | * | | Molina Healthcare, Inc | | | 17,622 | |
| | 14,773 | | | | Mouwasat Medical Services Co | | | 357 | |
| | 11,836 | | | | Nagaileben Co Ltd | | | 290 | |
| | 38,222 | | | | Nakanishi, Inc | | | 500 | |
| | 307,138 | | * | | Nanosonics Ltd | | | 1,456 | |
| | 52,083 | | * | | NantHealth, Inc | | | 239 | |
| | 21,018 | | | | National Healthcare Corp | | | 1,333 | |
| | 5,051 | | | | National Medical Care Co | | | 57 | |
| | 14,143 | | | | National Research Corp | | | 823 | |
| | 116,273 | | * | | Natus Medical, Inc | | | 2,537 | |
| | 5,843 | | * | | Nemaura Medical, Inc | | | 54 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 69,886 | | * | | Neogen Corp | | $ | 5,423 | |
| | 311,165 | | | | Network Healthcare Holdings Ltd | | | 245 | |
| | 3,505 | | | | Neuca S.A. | | | 454 | |
| | 158,842 | | * | | Nevro Corp | | | 18,977 | |
| | 124,858 | | * | | NextGen Healthcare, Inc | | | 1,371 | |
| | 36,650 | | | | Nichii Gakkan Co | | | 567 | |
| | 68,477 | | | | Nihon Kohden Corp | | | 2,302 | |
| | 25,867 | | e | | Nikkiso Co Ltd | | | 247 | |
| | 73,752 | | | | Nipro Corp | | | 817 | |
| | 159,379 | | *,† | | NMC Health plc | | | 2 | |
| | 6,496 | | g | | NNIT A.S. | | | 115 | |
| | 507,600 | | | | Notre Dame Intermedica Participacoes S.A. | | | 6,348 | |
| | 29,251 | | * | | Novocure Ltd | | | 1,735 | |
| | 80,244 | | * | | NuVasive, Inc | | | 4,466 | |
| | 356,491 | | | | Oceania Healthcare Ltd | | | 209 | |
| | 95,400 | | | | Odontoprev S.A. | | | 250 | |
| | 1,206,370 | | | | Olympus Corp | | | 23,226 | |
| | 74,506 | | * | | Omnicell, Inc | | | 5,262 | |
| | 25,280 | | *,e | | OptimizeRx Corp | | | 329 | |
| | 84,103 | | * | | Option Care Health, Inc | | | 1,167 | |
| | 199,630 | | * | | OraSure Technologies, Inc | | | 2,322 | |
| | 329,718 | | | | Oriola-KD Oyj (B Shares) | | | 742 | |
| | 6,784 | | | | Orpea | | | 784 | |
| | 125,654 | | * | | Orthofix Medical Inc | | | 4,021 | |
| | 10,510 | | * | | OrthoPediatrics Corp | | | 460 | |
| | 2,381 | | * | | Osstem Implant Co Ltd | | | 60 | |
| | 27,900 | | | | Ovctek China, Inc | | | 274 | |
| | 110,136 | | | | Owens & Minor, Inc | | | 839 | |
| | 34,753 | | | | Paramount Bed Holdings Co Ltd | | | 1,420 | |
| | 195,537 | | | | Patterson Cos, Inc | | | 4,302 | |
| | 31,616 | | * | | PAVmed, Inc | | | 67 | |
| | 40,830 | | * | | Pennant Group, Inc | | | 923 | |
| | 3,187 | | * | | Penumbra, Inc | | | 570 | |
| | 45,201 | | *,e | | PetIQ, Inc | | | 1,575 | |
| | 148,316 | | * | | Phreesia, Inc | | | 4,194 | |
| | 79,000 | | *,† | | Pihsiang Machinery Manufacturing Co Ltd | | | 0 | ^ |
| | 399,000 | | *,e,g | | Ping An Healthcare and Technology Co Ltd | | | 6,117 | |
| | 294,595 | | *,e | | PolyNovo Ltd | | | 523 | |
| | 391,527 | | * | | PPD, Inc | | | 10,493 | |
| | 75,469 | | * | | Premier, Inc | | | 2,587 | |
| | 49,123 | | e | | Pro Medicus Ltd | | | 905 | |
| | 76,736 | | * | | Progyny, Inc | | | 1,981 | |
| | 1,768 | | * | | Protara Therapeutics, Inc | | | 52 | |
| | 44,565 | | * | | Providence Service Corp | | | 3,517 | |
| | 12,497 | | *,e | | Pulse Biosciences, Inc | | | 131 | |
| | 627,200 | | | | Qualicorp S.A. | | | 3,345 | |
| | 637,686 | | | | Quest Diagnostics, Inc | | | 72,671 | |
| | 15,265 | | * | | Quidel Corp | | | 3,415 | |
| | 52,659 | | * | | Quotient Ltd | | | 390 | |
| | 665,434 | | * | | R1 RCM, Inc | | | 7,420 | |
| | 55,019 | | * | | RadNet, Inc | | | 873 | |
| | 474,456 | | | | Raffles Medical Group Ltd | | | 314 | |
| | 65,432 | | | | Ramsay Health Care Ltd | | | 3,022 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 65,803 | | | | Regis Healthcare Ltd | | $ | 64 | |
| | 21,111 | | * | | Repro-Med Systems, Inc | | | 190 | |
| | 22,202 | | | | Resmed, Inc | | | 4,263 | |
| | 68,277 | | * | | Retractable Technologies, Inc | | | 479 | |
| | 8,451 | | | | Rhoen Klinikum AG. | | | 172 | |
| | 60,006 | | *,e | | Rockwell Medical, Inc | | | 117 | |
| | 93,944 | | *,e | | RTI Surgical Holdings Inc | | | 299 | |
| | 124,409 | | | | Ryman Healthcare Ltd | | | 1,055 | |
| | 38,235 | | | | Sartorius AG. | | | 12,619 | |
| | 9,802 | | * | | Saudi Chemical Co | | | 60 | |
| | 76,738 | | * | | SeaSpine Holdings Corp | | | 803 | |
| | 7,909 | | * | | Sedana Medical AB | | | 193 | |
| | 776,513 | | | | Selcuk Ecza Deposu Ticaret ve Sanayi AS | | | 999 | |
| | 637,171 | | * | | Select Medical Holdings Corp | | | 9,386 | |
| | 6,311,215 | | | | Shandong Weigao Group Medical Polymer Co Ltd | | | 14,092 | |
| | 94,600 | | | | Shanghai Kindly Medical Instruments Co Ltd | | | 788 | |
| | 51,900 | | | | Shanghai Pharmaceuticals Holding Co Ltd | | | 135 | |
| | 490,940 | | | | Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong) | | | 825 | |
| | 12,614 | | * | | Sharps Compliance Corp | | | 89 | |
| | 146,880 | | | | Shenzhen Mindray Bio-Medical Electronics Co Ltd | | | 6,348 | |
| | 42,643 | | *,e | | Shockwave Medical Inc | | | 2,020 | |
| | 67,638 | | * | | SI-BONE, Inc | | | 1,078 | |
| | 56,776 | | g | | Siemens Healthineers AG. | | | 2,729 | |
| | 76,480 | | e | | Sienna Senior Living, Inc | | | 521 | |
| | 43,186 | | * | | Sientra, Inc | | | 167 | |
| | 1,794,569 | | | | Sigma Healthcare Ltd | | | 777 | |
| | 86,518 | | * | | Silk Road Medical Inc | | | 3,624 | |
| | 10,962 | | | | Simulations Plus, Inc | | | 656 | |
| | 860,371 | | | | Sinopharm Group Co | | | 2,212 | |
| | 591,424 | | | | Smith & Nephew plc | | | 11,020 | |
| | 1,200 | | | | Software Service, Inc | | | 125 | |
| | 27,500 | | | | Solasto Corp | | | 274 | |
| | 5,231 | | *,e | | Soliton Inc | | | 41 | |
| | 742,838 | | | | Sonic Healthcare Ltd | | | 15,686 | |
| | 69,986 | | * | | Sonova Holdings AG | | | 14,009 | |
| | 266,930 | | g | | Spire Healthcare Group plc | | | 282 | |
| | 11,000 | | | | St. Shine Optical Co Ltd | | | 133 | |
| | 72,053 | | * | | Staar Surgical Co | | | 4,434 | |
| | 38,316 | | * | | Stereotaxis, Inc | | | 171 | |
| | 133,185 | | | | STERIS plc | | | 20,436 | |
| | 3,805 | | | | STRATEC Biomedical AG. | | | 373 | |
| | 10,407 | | | | Straumann Holding AG. | | | 8,997 | |
| | 309,609 | | | | Stryker Corp | | | 55,788 | |
| | 14,123 | | | | Suheung Capsule Co Ltd | | | 632 | |
| | 112,445 | | | | Summerset Group Holdings Ltd | | | 471 | |
| | 2,597,113 | | * | | Supermax Corp BHD | | | 4,876 | |
| | 81,500 | | * | | Surgery Partners, Inc | | | 943 | |
| | 24,923 | | * | | SurModics, Inc | | | 1,078 | |
| | 133,192 | | * | | Suven Pharmaceuticals Ltd | | | 830 | |
| | 177,039 | | | | Suzuken Co Ltd | | | 6,614 | |
| | 74,942 | | | | Sysmex Corp | | | 5,753 | |
| | 17,569 | | *,e | | Tabula Rasa HealthCare, Inc | | | 962 | |
| | 19,915 | | * | | Tactile Systems Technology, Inc | | | 825 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 11,000 | | | | TaiDoc Technology Corp | | $ | 102 | |
| | 51,749 | | * | | Tandem Diabetes Care, Inc | | | 5,119 | |
| | 4,728 | | * | | Tela Bio, Inc | | | 61 | |
| | 32,849 | | *,e | | Teladoc, Inc | | | 6,269 | |
| | 68,825 | | | | Teleflex, Inc | | | 25,051 | |
| | 310,636 | | * | | Tenet Healthcare Corp | | | 5,626 | |
| | 214,764 | | | | Terumo Corp | | | 8,175 | |
| | 478,800 | | | | Thonburi Healthcare Group PCL | | | 311 | |
| | 58,339 | | *,e | | Tivity Health, Inc | | | 661 | |
| | 256,900 | | | | Toho Pharmaceutical Co Ltd | | | 4,801 | |
| | 10,009 | | | | Tokai Corp (GIFU) | | | 221 | |
| | 3,594,400 | | | | Top Glove Corp BHD | | | 13,565 | |
| | 12,000 | | * | | Topchoice Medical Corp | | | 284 | |
| | 2,414,000 | | †,e | | Town Health International Medical Group Ltd | | | 3 | |
| | 17,114 | | * | | Transmedics Group, Inc | | | 307 | |
| | 41,897 | | *,e | | Triple-S Management Corp (Class B) | | | 797 | |
| | 59,500 | | | | Tsuki Corp | | | 280 | |
| | 492,287 | | | | Uniphar plc | | | 968 | |
| | 1,390,170 | | e | | United Drug plc | | | 12,356 | |
| | 2,147,409 | | | | UnitedHealth Group, Inc | | | 633,378 | |
| | 98,638 | | | | Universal Health Services, Inc (Class B) | | | 9,162 | |
| | 11,613 | | | | US Physical Therapy, Inc | | | 941 | |
| | 3,348 | | | | Utah Medical Products, Inc | | | 297 | |
| | 25,799 | | | | Value Added Technologies Co Ltd | | | 440 | |
| | 74,660 | | * | | Vapotherm, Inc | | | 3,060 | |
| | 68,949 | | * | | Varex Imaging Corp | | | 1,045 | |
| | 21,153 | | * | | Varian Medical Systems, Inc | | | 2,592 | |
| | 197,158 | | * | | Veeva Systems, Inc | | | 46,218 | |
| | 16,161 | | * | | Venus Concept, Inc | | | 56 | |
| | 39,659 | | *,e | | Viemed Healthcare, Inc | | | 380 | |
| | 29,976 | | * | | Viemed Healthcare, Inc | | | 288 | |
| | 1,749 | | | | Vieworks Co Ltd | | | 48 | |
| | 104,006 | | *,e | | ViewRay, Inc | | | 233 | |
| | 18,800 | | | | VITAL KSK Holdings, Inc | | | 180 | |
| | 27,594 | | * | | Vocera Communications, Inc | | | 585 | |
| | 99,849 | | * | | VolitionRX Ltd | | | 388 | |
| | 304,548 | | | | West Pharmaceutical Services, Inc | | | 69,184 | |
| | 14,189 | | *,e | | William Demant Holding A.S. | | | 376 | |
| | 83,200 | | | | Winning Health Technology Group Co Ltd | | | 271 | |
| | 134,098 | | *,e | | Wright Medical Group NV | | | 3,985 | |
| | 208,432 | | *,e | | Xvivo Perfusion AB | | | 4,025 | |
| | 1,833 | | e | | Ypsomed Holding AG. | | | 260 | |
| | 2,177,329 | | | | Zimmer Biomet Holdings, Inc | | | 259,886 | |
| | 14,539 | | *,e | | Zynex Inc | | | 362 | |
| | | | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 5,503,504 | |
| | | | | | | | | | |
| HOUSEHOLD & PERSONAL PRODUCTS - 1.7% |
| | 2,028 | | | | Aekyung Industrial Co Ltd | | | 40 | |
| | 128,607 | | | | Amorepacific Corp | | | 17,989 | |
| | 7,053 | | | | Amorepacific Corp (Preference) | | | 420 | |
| | 18,335 | | * | | Bajaj Corp Ltd | | | 36 | |
| | 118,095 | | | | Beiersdorf AG. | | | 13,429 | |
| | 102,288 | | * | | BellRing Brands, Inc | | | 2,040 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 5,499,000 | | †,e | | Best World International Ltd | | $ | 4,025 | |
| | 6,751 | | e | | Blackmores Ltd | | | 365 | |
| | 430,197 | | | | BWX Ltd | | | 1,050 | |
| | 49,100 | | | | By-health Co Ltd | | | 137 | |
| | 58,800 | | | | C&S Paper Co Ltd | | | 186 | |
| | 31,718 | | * | | Central Garden & Pet Co | | | 1,142 | |
| | 106,690 | | * | | Central Garden and Pet Co (Class A) | | | 3,605 | |
| | 10,000 | | | | Chlitina Holding Ltd | | | 74 | |
| | 349,241 | | | | Church & Dwight Co, Inc | | | 26,996 | |
| | 195,175 | | | | Clorox Co | | | 42,816 | |
| | 1,859,374 | | | | Colgate-Palmolive Co | | | 136,218 | |
| | 41,724 | | | | Colgate-Palmolive India Ltd | | | 778 | |
| | 1,657 | | | | Cosmax, Inc | | | 135 | |
| | 441,036 | | | | Coty, Inc | | | 1,971 | |
| | 611,096 | | | | Dabur India Ltd | | | 3,774 | |
| | 18,200 | | | | Earth Chemical Co Ltd | | | 1,388 | |
| | 178,990 | | * | | Edgewell Personal Care Co | | | 5,577 | |
| | 455,853 | | * | | elf Beauty, Inc | | | 8,693 | |
| | 24,129 | | | | Emami Ltd | | | 71 | |
| | 96,167 | | e | | Energizer Holdings, Inc | | | 4,567 | |
| | 520,790 | | | | Essity AB | | | 16,885 | |
| | 716,192 | | | | Estee Lauder Cos (Class A) | | | 135,131 | |
| | 42,800 | | * | | Euglena Co Ltd | | | 310 | |
| | 89,284 | | e | | Fancl Corp | | | 2,660 | |
| | 6,389 | | | | Gillette India Ltd | | | 422 | |
| | 458,590 | | | | Godrej Consumer Products Ltd | | | 4,202 | |
| | 26,000 | | | | Grape King Industrial Co | | | 168 | |
| | 919,147 | | | | Hengan International Group Co Ltd | | | 7,235 | |
| | 111,519 | | | | Henkel KGaA | | | 9,330 | |
| | 241,085 | | | | Henkel KGaA (Preference) | | | 22,492 | |
| | 158,767 | | * | | Herbalife Nutrition Ltd | | | 7,141 | |
| | 959,460 | | | | Hindustan Lever Ltd | | | 27,739 | |
| | 6,788 | | * | | Hyundai Bioscience Co Ltd | | | 76 | |
| | 7,476 | | | | Inter Parfums S.A. | | | 336 | |
| | 25,156 | | | | Inter Parfums, Inc | | | 1,211 | |
| | 44,636 | | | | Jamieson Wellness, Inc | | | 1,170 | |
| | 22,031 | | | | Jyothy Laboratories Ltd | | | 34 | |
| | 524,884 | | | | Kao Corp | | | 41,654 | |
| | 562,303 | | | | Kimberly-Clark Corp | | | 79,481 | |
| | 2,435,016 | | | | Kimberly-Clark de Mexico S.A. de C.V. (Class A) | | | 3,801 | |
| | 136,000 | | e | | Kitanotatsujin Corp | | | 652 | |
| | 39,560 | | | | Kobayashi Pharmaceutical Co Ltd | | | 3,478 | |
| | 1,693 | | | | Kolmar BNH Co Ltd | | | 57 | |
| | 3,210 | | | | Korea Kolmar Co Ltd | | | 115 | |
| | 1,576 | | | | Korea Kolmar Holdings Co Ltd | | | 29 | |
| | 24,240 | | | | Kose Corp | | | 2,934 | |
| | 7,601 | | | | LG Household & Health Care Ltd | | | 8,519 | |
| | 2,121 | | | | LG Household & Health Care Ltd (Preference) | | | 1,285 | |
| | 12,441 | | * | | Lifevantage Corp | | | 168 | |
| | 216,350 | | | | Lion Corp | | | 5,204 | |
| | 345,207 | | * | | L’Oreal S.A. | | | 111,414 | |
| | 19,672 | | | | Mandom Corp | | | 363 | |
| | 376,097 | | | | Marico Ltd | | | 1,754 | |
| | 29,312 | | e | | Medifast, Inc | | | 4,068 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 13,398 | | | | Milbon Co Ltd | | $ | 640 | |
| | 585,335 | | | | Natura & Co Holding S.A. | | | 4,295 | |
| | 6,809 | | * | | Natura & Co Holding S.A. (RCT) | | | 50 | |
| | 6,509 | | * | | Nature’s Sunshine Products, Inc | | | 59 | |
| | 8,700 | | | | Noevir Holdings Co Ltd | | | 372 | |
| | 76,347 | | | | Nu Skin Enterprises, Inc (Class A) | | | 2,919 | |
| | 8,415 | | | | Oil-Dri Corp of America | | | 292 | |
| | 55,456 | | e | | Ontex Group NV | | | 815 | |
| | 28,429 | | | | Pacific Corp | | | 1,231 | |
| | 92,760 | | e | | Pigeon Corp | | | 3,590 | |
| | 66,955 | | e | | Pola Orbis Holdings, Inc | | | 1,169 | |
| | 5,567,010 | | | | Procter & Gamble Co | | | 665,647 | |
| | 6,300 | | | | Proya Cosmetics Co Ltd | | | 161 | |
| | 5,607,500 | | | | PT Industri Jamu Dan Farmasi Sido Muncul Tbk | | | 479 | |
| | 15,151,145 | | | | PT Unilever Indonesia Tbk | | | 8,408 | |
| | 108,919 | | e | | PZ Cussons plc | | | 249 | |
| | 907,111 | | | | Reckitt Benckiser Group plc | | | 83,453 | |
| | 38,007 | | *,e | | Revlon, Inc (Class A) | | | 376 | |
| | 534,922 | | | | Reynolds Consumer Products Inc | | | 18,583 | |
| | 149,929 | | | | Rohto Pharmaceutical Co Ltd | | | 4,763 | |
| | 61,135 | | | | Sarantis S.A. | | | 563 | |
| | 19,400 | | * | | Shanghai Jahwa United Co Ltd | | | 132 | |
| | 383,233 | | | | Shiseido Co Ltd | | | 24,420 | |
| | 64,343 | | | | Spectrum Brands Holdings, Inc | | | 2,953 | |
| | 6,300 | | | | ST Corp | | | 100 | |
| | 25,128 | | | | TCI Co Ltd | | | 235 | |
| | 458,992 | | | | Uni-Charm Corp | | | 18,824 | |
| | 1,924,985 | | | | Unilever NV | | | 102,636 | |
| | 1,631,870 | | | | Unilever plc | | | 88,025 | |
| | 10,247 | | * | | USANA Health Sciences, Inc | | | 752 | |
| | 92,299 | | * | | Veru, Inc | | | 308 | |
| | 497,000 | | e | | Vinda International Holdings Ltd | | | 1,785 | |
| | 11,977 | | | | WD-40 Co | | | 2,375 | |
| | 15,800 | | e | | YA-MAN Ltd | | | 157 | |
| | | | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 1,819,856 | |
| | | | | | | | | | |
| INSURANCE - 3.3% | | | | |
| | 319,794 | | | | Admiral Group plc | | | 9,069 | |
| | 515,932 | | | | Aegon NV | | | 1,525 | |
| | 1,117,198 | | | | Aflac, Inc | | | 40,253 | |
| | 213,321 | | e | | Ageas | | | 7,560 | |
| | 14,414,323 | | | | AIA Group Ltd | | | 134,883 | |
| | 3,617 | | * | | Al Rajhi Co for Co-operative Insurance | | | 58 | |
| | 29,774 | | | | Alleghany Corp | | | 14,564 | |
| | 575,377 | | | | Allianz AG. | | | 117,574 | |
| | 998,084 | | | | Allstate Corp | | | 96,804 | |
| | 111,785 | | | | Alm Brand AS | | | 1,046 | |
| | 79,914 | | * | | AMBAC Financial Group, Inc | | | 1,144 | |
| | 138,682 | | | | American Equity Investment Life Holding Co | | | 3,427 | |
| | 157,294 | | | | American Financial Group, Inc | | | 9,982 | |
| | 3,137,244 | | | | American International Group, Inc | | | 97,819 | |
| | 11,091 | | | | American National Insurance Co | | | 799 | |
| | 26,578 | | | | Amerisafe, Inc | | | 1,625 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 17,700 | | * | | Anicom Holdings, Inc | | $ | 752 | |
| | 344,244 | | | | Aon plc | | | 66,301 | |
| | 664,532 | | * | | Arch Capital Group Ltd | | | 19,039 | |
| | 58,857 | | * | | Argo Group International Holdings Ltd | | | 2,050 | |
| | 288,876 | | | | Arthur J. Gallagher & Co | | | 28,162 | |
| | 75,833 | | | | ASR Nederland NV | | | 2,333 | |
| | 1,750,240 | | | | Assicurazioni Generali S.p.A. | | | 26,587 | |
| | 236,493 | | | | Assurant, Inc | | | 24,427 | |
| | 212,810 | | | | Assured Guaranty Ltd | | | 5,195 | |
| | 408,186 | | * | | Athene Holding Ltd | | | 12,731 | |
| | 68,530 | | | | AUB Group Ltd | | | 695 | |
| | 6,492,430 | | �� | | Aviva plc | | | 22,005 | |
| | 2,021,827 | | e | | AXA S.A. | | | 42,545 | |
| | 322,084 | | | | Axis Capital Holdings Ltd | | | 13,064 | |
| | 51,579 | | | | Bajaj Finserv Ltd | | | 3,997 | |
| | 63,751 | | | | Baloise Holding AG. | | | 9,604 | |
| | 144,800 | | | | Bangkok Life Assurance PCL | | | 73 | |
| | 1,038,174 | | | | BB Seguridade Participacoes S.A. | | | 5,206 | |
| | 1,627,143 | | | | Beazley plc | | | 8,249 | |
| | 9,294 | | *,e | | Benefytt Technologies, Inc | | | 190 | |
| | 3,871,101 | | * | | Berkshire Hathaway, Inc (Class B) | | | 691,030 | |
| | 203,905 | | * | | Brighthouse Financial, Inc | | | 5,673 | |
| | 366,870 | | | | Brown & Brown, Inc | | | 14,954 | |
| | 15,287 | | * | | BRP Group, Inc | | | 264 | |
| | 52,451 | | | | Bupa Arabia for Cooperative Insurance Co | | | 1,528 | |
| | 5,418,214 | | | | Cathay Financial Holding Co Ltd | | | 7,707 | |
| | 7,028,677 | | | | China Development Financial Holding Corp | | | 2,260 | |
| | 1,198,886 | | | | China Insurance International Holdings Co Ltd | | | 1,937 | |
| | 9,937,790 | | * | | China Life Insurance Co Ltd | | | 20,052 | |
| | 119,200 | | * | | China Life Insurance Co Ltd (Class A) | | | 461 | |
| | 2,343,179 | | * | | China Life Insurance Co Ltd (Taiwan) | | | 1,741 | |
| | 225,600 | | | | China Pacific Insurance Group Co Ltd | | | 874 | |
| | 1,637,039 | | | | China Pacific Insurance Group Co Ltd (Hong Kong) | | | 4,400 | |
| | 10,483,000 | | | | China Reinsurance Group Corp | | | 1,074 | |
| | 1,529,993 | | | | Chubb Ltd | | | 193,728 | |
| | 246,320 | | | | Cincinnati Financial Corp | | | 15,772 | |
| | 48,892 | | *,e | | Citizens, Inc (Class A) | | | 293 | |
| | 186,229 | | * | | Clal Insurance | | | 1,564 | |
| | 42,861 | | | | CNA Financial Corp | | | 1,378 | |
| | 291,808 | | | | CNP Assurances | | | 3,384 | |
| | 111,804 | | * | | Co for Cooperative Insurance | | | 2,131 | |
| | 172,454 | | | | Conseco, Inc | | | 2,685 | |
| | 3,630,000 | | *,†,e | | Convoy Financial Holdings Ltd | | | 5 | |
| | 1,454,043 | | e | | Corp Mapfre S.A. | | | 2,596 | |
| | 13,474 | | | | Crawford & Co | | | 106 | |
| | 723,651 | | | | Dai-ichi Mutual Life Insurance Co | | | 8,662 | |
| | 1,022,820 | | | | Direct Line Insurance Group plc | | | 3,430 | |
| | 309,360 | | | | Discovery Holdings Ltd | | | 1,869 | |
| | 22,462 | | | | Donegal Group, Inc (Class A) | | | 319 | |
| | 43,647 | | | | Dongbu Insurance Co Ltd | | | 1,565 | |
| | 44,168 | | * | | eHealth, Inc | | | 4,339 | |
| | 33,184 | | | | Employers Holdings, Inc | | | 1,000 | |
| | 20,161 | | * | | Enstar Group Ltd | | | 3,080 | |
| | 37,983 | | | | Erie Indemnity Co (Class A) | | | 7,289 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 148,386 | | | | Everest Re Group Ltd | | $ | 30,597 | |
| | 32,589 | | | | Fairfax Financial Holdings Ltd | | | 10,068 | |
| | 11,600 | | e | | Fanhua, Inc (ADR) | | | 232 | |
| | 16,815 | | | | FBL Financial Group, Inc (Class A) | | | 603 | |
| | 8,169 | | | | FedNat Holding Co | | | 90 | |
| | 528,234 | | e | | Fidelity National Financial Inc | | | 16,196 | |
| | 245,919 | | | | First American Financial Corp | | | 11,809 | |
| | 12,497,977 | | | | Fubon Financial Holding Co Ltd | | | 18,660 | |
| | 1,103,350 | | * | | Genworth Financial, Inc (Class A) | | | 2,549 | |
| | 238,376 | | | | Gjensidige Forsikring BA | | | 4,404 | |
| | 5,988 | | | | Global Indemnity Ltd | | | 143 | |
| | 170,228 | | | | Globe Life, Inc | | | 12,636 | |
| | 13,246 | | * | | Goosehead Insurance, Inc | | | 996 | |
| | 280,636 | | | | Great-West Lifeco, Inc | | | 4,920 | |
| | 27,286 | | *,e | | Greenlight Capital Re Ltd (Class A) | | | 178 | |
| | 90,644 | | | | Grupo Catalana Occidente S.A. | | | 2,099 | |
| | 60,528 | | | | Hannover Rueckversicherung AG. | | | 10,461 | |
| | 58,735 | | | | Hanover Insurance Group, Inc | | | 5,952 | |
| | 66,338 | | | | Harel Insurance Investments & Finances Ltd | | | 361 | |
| | 1,925,443 | | | | Hartford Financial Services Group, Inc | | | 74,226 | |
| | 511,309 | | e,g | | Hastings Group Holdings Ltd | | | 1,221 | |
| | 5,311 | | | | HCI Group, Inc | | | 245 | |
| | 767,110 | | *,g | | HDFC Life Insurance Co Ltd | | | 5,603 | |
| | 42,983 | | | | Helvetia Holding AG. | | | 4,026 | |
| | 163,294 | | | | Heritage Insurance Holdings, Inc | | | 2,137 | |
| | 210,227 | | | | Hiscox Ltd | | | 2,052 | |
| | 73,810 | | | | Horace Mann Educators Corp | | | 2,711 | |
| | 174,500 | | | | Hubei Biocause Pharmaceutical Co Ltd | | | 129 | |
| | 47,577 | | | | Hyundai Marine & Fire Insurance Co Ltd | | | 913 | |
| | 227,417 | | | | iA Financial Corp, Inc | | | 7,615 | |
| | 224,333 | | g | | ICICI Lombard General Insurance Co Ltd | | | 3,768 | |
| | 288,248 | | g | | ICICI Prudential Life Insurance Co Ltd | | | 1,630 | |
| | 4,720 | | | | IDI Insurance Co Ltd | | | 110 | |
| | 8,037 | | | | Independence Holding Co | | | 246 | |
| | 2,933,076 | | | | Insurance Australia Group Ltd | | | 11,771 | |
| | 224,286 | | | | Intact Financial Corp | | | 21,346 | |
| | 1,225 | | | | Investors Title Co | | | 149 | |
| | 544,600 | | | | IRB Brasil Resseguros S | | | 1,102 | |
| | 25,447 | | | | James River Group Holdings Ltd | | | 1,145 | |
| | 442,760 | | | | Japan Post Holdings Co Ltd | | | 3,160 | |
| | 584,000 | | | | Japan Post Insurance Co Ltd | | | 7,695 | |
| | 2,361,062 | | *,e | | Just Retirement Group plc | | | 1,540 | |
| | 186,763 | | | | Kemper Corp | | | 13,544 | |
| | 50,535 | | | | Kinsale Capital Group, Inc | | | 7,844 | |
| | 68,885 | | | | Korea Life Insurance Co Ltd | | | 79 | |
| | 274,676 | | | | Korean Reinsurance Co | | | 1,689 | |
| | 282,901 | | | | Lancashire Holdings Ltd | | | 2,837 | |
| | 8,588,212 | | | | Legal & General Group plc | | | 23,414 | |
| | 41,851 | | | | Liberty Holdings Ltd | | | 160 | |
| | 768,793 | | | | Lincoln National Corp | | | 28,284 | |
| | 374,486 | | | | Loews Corp | | | 12,841 | |
| | 2,479,659 | | | | Manulife Financial Corp (Toronto) | | | 33,735 | |
| | 28,361 | | * | | Markel Corp | | | 26,182 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,495,584 | | | | Marsh & McLennan Cos, Inc | | $ | 160,581 | |
| | 171,493 | | * | | Max India Ltd | | | 1,234 | |
| | 145,732 | | * | | MBIA, Inc | | | 1,057 | |
| | 3,755,603 | | | | Medibank Pvt Ltd | | | 7,786 | |
| | 13,144 | | | | Menorah Mivtachim Holdings Ltd | | | 132 | |
| | 1,486,999 | | | | Mercuries & Associates Holding Ltd | | | 1,340 | |
| | 2,597,058 | | * | | Mercuries Life Insurance Co Lt | | | 884 | |
| | 113,881 | | | | Mercury General Corp | | | 4,641 | |
| | 34,434 | | | | Meritz Fire & Marine Insurance Co Ltd | | | 365 | |
| | 2,445,656 | | | | Metlife, Inc | | | 89,315 | |
| | 543,406 | | | | Migdal Insurance Holdings Ltd | | | 284 | |
| | 211,072 | | | | Mirae Asset Life Insurance Co Ltd | | | 467 | |
| | 334,284 | | | | Mitsui Sumitomo Insurance Group Holdings, Inc | | | 9,206 | |
| | 2,106,213 | | | | Momentum Metropolitan Holdings | | | 2,143 | |
| | 125,157 | | | | Muenchener Rueckver AG. | | | 32,590 | |
| | 472,707 | | | | National General Holdings Corp | | | 10,215 | |
| | 2,045 | | | | National Western Life Group, Inc | | | 416 | |
| | 70,600 | | | | New China Life Insurance Co Ltd | | | 444 | |
| | 497,582 | | | | New China Life insurance Co Ltd (Hong Kong) | | | 1,678 | |
| | 8,858 | | * | | NI Holdings, Inc | | | 131 | |
| | 451,415 | | | | nib holdings Ltd | | | 1,441 | |
| | 208,682 | | | | NKSJ Holdings, Inc | | | 7,184 | |
| | 344,791 | | | | NN Group NV | | | 11,588 | |
| | 3,807,014 | | | | Old Mutual Ltd | | | 2,653 | |
| | 600,109 | | | | Old Republic International Corp | | | 9,788 | |
| | 32,703 | | * | | Palomar Holdings, Inc | | | 2,805 | |
| | 7,557,888 | | | | People’s Insurance Co Group of China Ltd | | | 2,216 | |
| | 294,200 | | * | | People’s Insurance Co Group of China Ltd (Class A) | | | 269 | |
| | 560,652 | | | | Phoenix Group Holdings plc | | | 4,480 | |
| | 86,614 | | * | | Phoenix Holdings Ltd | | | 322 | |
| | 4,804,318 | | | | PICC Property & Casualty Co Ltd | | | 3,993 | |
| | 10,769,676 | | | | Ping An Insurance Group Co of China Ltd | | | 107,363 | |
| | 1,728,396 | | | | Ping An Insurance Group Co of China Ltd (Class A) | | | 17,493 | |
| | 69,874 | | | | Porto Seguro S.A. | | | 648 | |
| | 643,035 | | g | | Poste Italiane S.p.A | | | 5,617 | |
| | 855,427 | | e | | Power Corp Of Canada | | | 15,047 | |
| | 474,361 | | | | Powszechny Zaklad Ubezpieczen S.A. | | | 3,491 | |
| | 60,509 | | | | Primerica, Inc | | | 7,055 | |
| | 543,158 | | | | Principal Financial Group | | | 22,563 | |
| | 131,135 | | | | ProAssurance Corp | | | 1,898 | |
| | 1,069,657 | | | | Progressive Corp | | | 85,690 | |
| | 56,694 | | * | | ProSight Global, Inc | | | 505 | |
| | 7,987 | | | | Protective Insurance Corp | | | 120 | |
| | 171,867 | | *,e | | Protector Forsikring ASA | | | 662 | |
| | 932,443 | | | | Prudential Financial, Inc | | | 56,786 | |
| | 3,712,280 | | | | Prudential plc | | | 55,937 | |
| | 2,660,400 | | * | | PT Panin Life Tbk | | | 34 | |
| | 361,420 | | | | Qatar Insurance Co SAQ | | | 189 | |
| | 1,865,139 | | | | QBE Insurance Group Ltd | | | 11,510 | |
| | 1,043,029 | | | | Qualitas Controladora SAB de C.V. | | | 4,099 | |
| | 900,392 | | | | Rand Merchant Investment Holdings Ltd | | | 1,515 | |
| | 109,921 | | | | Reinsurance Group of America, Inc (Class A) | | | 8,622 | |
| | 102,980 | | | | RenaissanceRe Holdings Ltd | | | 17,613 | |
| | 34,773 | | | | RLI Corp | | | 2,855 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,261,285 | | | | RSA Insurance Group plc | | $ | 6,388 | |
| | 273,687 | | e,g | | Sabre Insurance Group plc | | | 899 | |
| | 24,071 | | | | Safety Insurance Group, Inc | | | 1,836 | |
| | 582,461 | | | | Saga plc | | | 112 | |
| | 398,069 | | | | Sampo Oyj (A Shares) | | | 13,721 | |
| | 17,972 | | | | Samsung Fire & Marine Insurance Co Ltd | | | 2,642 | |
| | 43,550 | | | | Samsung Life Insurance Co Ltd | | | 1,637 | |
| | 1,485,538 | | | | Sanlam Ltd | | | 5,053 | |
| | 463,239 | | *,g | | SBI Life Insurance Co Ltd | | | 4,946 | |
| | 133,990 | | * | | SCOR SE | | | 3,701 | |
| | 191,480 | | | | Selective Insurance Group, Inc | | | 10,099 | |
| | 31,912,474 | | | | Shin Kong Financial Holding Co Ltd | | | 9,349 | |
| | 493,000 | | | | Shinkong Insurance Co Ltd | | | 598 | |
| | 88,385 | | *,e | | Societa Cattolica di Assicurazioni SCRL | | | 509 | |
| | 179,318 | | | | Sony Financial Holdings, Inc | | | 4,330 | |
| | 21,151 | | | | State Auto Financial Corp | | | 378 | |
| | 579,923 | | | | Steadfast Group Ltd | | | 1,359 | |
| | 41,371 | | | | Stewart Information Services Corp | | | 1,345 | |
| | 251,459 | | | | Storebrand ASA | | | 1,310 | |
| | 222,894 | | | | Sul America S.A. | | | 1,847 | |
| | 722,935 | | | | Sun Life Financial, Inc | | | 26,567 | |
| | 1,298,415 | | | | Suncorp-Metway Ltd | | | 8,343 | |
| | 43,876 | | | | Swiss Life Holding | | | 16,323 | |
| | 71,820 | | | | Swiss Re Ltd | | | 5,569 | |
| | 58,400 | | | | Syarikat Takaful Malaysia BHD | | | 61 | |
| | 2,248,370 | | | | T&D Holdings, Inc | | | 19,312 | |
| | 730,138 | | * | | Third Point Reinsurance Ltd | | | 5,483 | |
| | 67,130 | | | | TI Financial Holdings Ltd | | | 263 | |
| | 24,797 | | | | Tiptree Inc | | | 160 | |
| | 1,544,035 | | | | Tokio Marine Holdings, Inc | | | 67,587 | |
| | 9,411 | | | | Tong Yang Life Insurance | | | 23 | |
| | 67,588 | | | | Topdanmark AS | | | 2,800 | |
| | 114,800 | | | | TQM Corp PCL | | | 499 | |
| | 455,136 | | | | Travelers Cos, Inc | | | 51,908 | |
| | 79,219 | | *,e | | Trupanion, Inc | | | 3,382 | |
| | 88,356 | | | | Tryg A.S. | | | 2,567 | |
| | 458,476 | | | | Unipol Gruppo Finanziario S.p.A | | | 1,791 | |
| | 168,065 | | | | Uniqa Versicherungen AG. | | | 1,131 | |
| | 26,031 | | | | United Fire Group Inc | | | 721 | |
| | 64,815 | | | | United Insurance Holdings Corp | | | 507 | |
| | 137,241 | | | | Universal Insurance Holdings, Inc | | | 2,436 | |
| | 308,733 | | | | Unum Group | | | 5,122 | |
| | 1,606 | | | | Vericity, Inc | | | 17 | |
| | 277,635 | | | | W.R. Berkley Corp | | | 15,906 | |
| | 73,916 | | * | | Watford Holdings Ltd | | | 1,234 | |
| | 7,287 | | | | White Mountains Insurance Group Ltd | | | 6,471 | |
| | 146,266 | | * | | Wiener Staedtische Allgemeine Versicherung AG. | | | 3,280 | |
| | 200,999 | | | | Willis Towers Watson plc | | | 39,587 | |
| | 13,900 | | | | Wiz Solucoes e Corretagem de Seguros S.A. | | | 27 | |
| | 50,205 | | | | Wuestenrot & Wuerttembergische AG. | | | 855 | |
| | 305,000 | | *,e,g | | ZhongAn Online P&C Insurance Co Ltd | | | 1,521 | |
| | 218,275 | | | | Zurich Insurance Group AG | | | 77,341 | |
| | | | | | TOTAL INSURANCE | | | 3,518,403 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| MATERIALS - 4.2% | | | |
| | 59,173 | | | | Aarti Industries | | $ | 731 | |
| | 213,614 | | | | Acerinox S.A. | | | 1,737 | |
| | 56,716 | | | | Achilles Corp | | | 1,024 | |
| | 116,100 | | | | ADEKA Corp | | | 1,543 | |
| | 205,666 | | | | Adelaide Brighton Ltd | | | 456 | |
| | 8,767 | | e | | Advanced Emissions Solutions, Inc | | | 43 | |
| | 16,237 | | | | Advanced Metallurgical Group NV | | | 289 | |
| | 95,333 | | | | Advanced Petrochemical Co | | | 1,359 | |
| | 35,914 | | * | | Advansa Sasa Polyester Sanayi AS | | | 57 | |
| | 46,326 | | * | | AdvanSix, Inc | | | 544 | |
| | 32,516 | | | | Aeci Ltd | | | 145 | |
| | 91,197 | | | | African Rainbow Minerals Ltd | | | 893 | |
| | 289,831 | | | | Agnico-Eagle Mines Ltd | | | 18,558 | |
| | 26,066 | | * | | AgroFresh Solutions, Inc | | | 79 | |
| | 5,400 | | | | Aichi Steel Corp | | | 154 | |
| | 627,277 | | | | Air Liquide | | | 90,696 | |
| | 334,387 | | | | Air Products & Chemicals, Inc | | | 80,741 | |
| | 294,749 | | | | Air Water, Inc | | | 4,164 | |
| | 1,170 | | | | AK Holdings, Inc | | | 18 | |
| | 1,867 | | | | Akzo Nobel India Ltd | | | 45 | |
| | 329,816 | | | | Akzo Nobel NV | | | 29,631 | |
| | 447,813 | | | | Alamos Gold, Inc | | | 4,176 | |
| | 356,291 | | e | | Albemarle Corp | | | 27,509 | |
| | 444,103 | | * | | Alcoa Corp | | | 4,992 | |
| | 639,600 | | * | | Allegheny Technologies, Inc | | | 6,518 | |
| | 95,500 | | *,e | | Alpek SAB de C.V. | | | 73 | |
| | 45,739 | | e | | Altius Minerals Corp | | | 328 | |
| | 35,655 | | | | Altri SGPS S.A. | | | 172 | |
| | 7,199 | | *,† | | Alujain Corp | | | 26 | |
| | 1,406,717 | | | | Alumina Ltd | | | 1,603 | |
| | 3,698,145 | | * | | Aluminum Corp of China Ltd | | | 698 | |
| | 561,900 | | * | | Aluminum Corp of China Ltd (Class A) | | | 220 | |
| | 533,020 | | | | Ambuja Cements Ltd | | | 1,367 | |
| | 279,341 | | | | Amcor plc | | | 2,852 | |
| | 49,881 | | | | American Vanguard Corp | | | 686 | |
| | 103,105 | | *,e | | Amyris, Inc | | | 440 | |
| | 2,301,824 | | | | Anadolu Cam Sanayii AS | | | 1,562 | |
| | 337,433 | | * | | Anatolia Minerals Development Ltd | | | 2,319 | |
| | 431,240 | | | | Angang Steel Co Ltd | | | 150 | |
| | 126,014 | | | | Anglo American Platinum Ltd | | | 9,171 | |
| | 1,510,106 | | | | Anglo American plc (London) | | | 34,813 | |
| | 323,757 | | | | AngloGold Ashanti Ltd | | | 9,526 | |
| | 191,700 | | e | | AngloGold Ashanti Ltd (ADR) | | | 5,653 | |
| | 3,235,969 | | | | Anhui Conch Cement Co Ltd | | | 21,927 | |
| | 207,075 | | | | Anhui Conch Cement Co Ltd (Class A) | | | 1,558 | |
| | 374,156 | | | | Antofagasta plc | | | 4,331 | |
| | 156,735 | | | | APERAM | | | 4,394 | |
| | 1,506 | | | | APL Apollo Tubes Ltd | | | 31 | |
| | 22,088 | | | | Aptargroup, Inc | | | 2,473 | |
| | 89,827 | | | | Arabian Cement Co | | | 634 | |
| | 934,642 | | | | ArcelorMittal | | | 9,900 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 209,353 | | *,e | | Arconic Corp | | $ | 2,916 | |
| | 26,354 | | | | Ardagh Group S.A. | | | 340 | |
| | 60,504 | | | | Arkema | | | 5,816 | |
| | 3,424 | | *,† | | Arti Surfactants Ltd | | | 10 | |
| | 106,117 | | | | Asahi Holdings, Inc | | | 2,825 | |
| | 1,470,293 | | | | Asahi Kasei Corp | | | 12,035 | |
| | 19,496 | | | | Ashland Global Holdings, Inc | | | 1,347 | |
| | 3,050,000 | | | | Asia Cement China Holdings Corp | | | 3,014 | |
| | 4,851,164 | | | | Asia Cement Corp | | | 7,195 | |
| | 495,036 | | | | Asian Paints Ltd | | | 11,068 | |
| | 92,700 | | | | ATA IMS BHD | | | 27 | |
| | 13,221 | | | | Atul Ltd | | | 799 | |
| | 125,336 | | *,e | | Aurora Cannabis, Inc | | | 1,550 | |
| | 89,364 | | | | Aurubis AG. | | | 5,524 | |
| | 325,214 | | | | Avery Dennison Corp | | | 37,104 | |
| | 3,079,287 | | * | | Axalta Coating Systems Ltd | | | 69,438 | |
| | 1,318,962 | | | | B2Gold Corp | | | 7,500 | |
| | 90,211 | | | | Balchem Corp | | | 8,557 | |
| | 875,549 | | | | Ball Corp | | | 60,842 | |
| | 1,147,500 | | | | Baoshan Iron & Steel Co Ltd | | | 743 | |
| | 2,880,663 | | | | Barrick Gold Corp (Canada) | | | 77,512 | |
| | 2,188 | | | | BASF India Ltd | | | 33 | |
| | 925,896 | | | | BASF SE | | | 52,007 | |
| | 12,388 | | | | Bayer CropScience Ltd | | | 973 | |
| | 275,700 | | | | BBMG Corp | | | 120 | |
| | 70,500 | | | | Beijing Oriental Yuhong Waterproof Technology Co Ltd | | | 407 | |
| | 20,532 | | | | Bekaert S.A. | | | 404 | |
| | 137,571 | | | | Berger Paints India Ltd | | | 901 | |
| | 2,293,337 | | * | | Berry Global Group, Inc | | | 101,641 | |
| | 3,335,658 | | | | BHP Billiton Ltd | | | 83,051 | |
| | 2,669,693 | | | | BHP Group plc | | | 54,630 | |
| | 95,187 | | | | Billerud AB | | | 1,366 | |
| | 4,000 | | *,†,e | | Bio On S.p.A. | | | 0 | ^ |
| | 3,663 | | | | Birla Corp Ltd | | | 28 | |
| | 641,867 | | | | BlueScope Steel Ltd | | | 5,288 | |
| | 101,314 | | | | Boise Cascade Co | | | 3,810 | |
| | 485,352 | | * | | Boliden AB | | | 11,132 | |
| | 1,069,227 | | | | Boral Ltd | | | 2,843 | |
| | 71,352 | | | | Borregaard ASA | | | 761 | |
| | 462,100 | | | | Bradespar S.A. | | | 3,102 | |
| | 135,775 | | | | Braskem S.A. | | | 580 | |
| | 39,453 | | | | Brickworks Ltd | | | 434 | |
| | 335,350 | | | | Buzzi Unicem S.p.A. | | | 7,246 | |
| | 141,777 | | | | Buzzi Unicem S.p.A. RSP | | | 1,768 | |
| | 20,614 | | | | Cabot Corp | | | 764 | |
| | 137,500 | | * | | Cahya Mata Sarawak BHD | | | 51 | |
| | 26,861 | | * | | Caledonia Mining Corp plc | | | 465 | |
| | 71,684 | | * | | Canfor Corp | | | 621 | |
| | 33,599 | | | | Canfor Pulp Products, Inc | | | 134 | |
| | 19,630 | | * | | CAP S.A. | | | 127 | |
| | 77,968 | | | | Carpenter Technology Corp | | | 1,893 | |
| | 169,870 | | | | Cascades, Inc | | | 1,851 | |
| | 148,602 | | | | CCL Industries | | | 4,803 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 41,998 | | | | Celanese Corp (Series A) | | $ | 3,626 | |
| | 138,610 | | | | Cementir Holding NV | | | 990 | |
| | 104,264 | | | | Cementos Argos S.A. | | | 94 | |
| | 23,339,038 | | * | | Cemex S.A. de C.V. | | | 6,580 | |
| | 2,107,600 | | e | | Cemex SAB de C.V. (ADR) | | | 6,070 | |
| | 1,399,114 | | | | Centamin plc | | | 3,194 | |
| | 252,229 | | | | Centerra Gold, Inc | | | 2,815 | |
| | 98,702 | | | | Central Asia Metals plc | | | 180 | |
| | 91,340 | | *,e | | Century Aluminum Co | | | 651 | |
| | 26,000 | | | | Century Iron & Steel Industrial Co Ltd | | | 74 | |
| | 6,491 | | | | Century Textile & Industries Ltd | | | 25 | |
| | 217,439 | | | | CF Industries Holdings, Inc | | | 6,119 | |
| | 174,414 | | | | Chambal Fertilizers & Chemicals Ltd | | | 329 | |
| | 427,639 | | * | | Champion Iron Ltd | | | 857 | |
| | 6,384 | | | | Chase Corp | | | 654 | |
| | 55,748 | | | | Chemours Co | | | 856 | |
| | 4,233,560 | | | | Cheng Loong Corp | | | 3,352 | |
| | 95,000 | | * | | Chia Hsin Cement Corp | | | 57 | |
| | 400,695 | | | | China BlueChemical Ltd | | | 60 | |
| | 70,550 | | | | China General Plastics Corp | | | 46 | |
| | 15,600 | | | | China Hi-ment Corp | | | 24 | |
| | 1,533,500 | | | | China Hongqiao Group Ltd | | | 683 | |
| | 228,000 | | | | China Jushi Co Ltd | | | 296 | |
| | 277,232 | | | | China Manmade Fibers Corp | | | 63 | |
| | 57,112 | | | | China Metal Products | | | 54 | |
| | 858,455 | | *,†,e | | China Metal Recycling Holdings Ltd | | | 1 | |
| | 240,000 | | *,e,g | | China Metal Resources Utilization Ltd | | | 16 | |
| | 3,279,000 | | e | | China Molybdenum Co Ltd | | | 1,083 | |
| | 724,200 | | | | China Molybdenum Co Ltd (Class A) | | | 379 | |
| | 11,641,982 | | | | China National Building Material Co Ltd | | | 12,487 | |
| | 148,200 | | * | | China Northern Rare Earth Group High-Tech Co Ltd | | | 196 | |
| | 256,000 | | e | | China Oriental Group Co Ltd | | | 70 | |
| | 747,359 | | * | | China Petrochemical Development Corp | | | 211 | |
| | 2,560,000 | | | | China Resources Cement Holdings Ltd | | | 3,157 | |
| | 55,000 | | | | China Steel Chemical Corp | | | 196 | |
| | 9,304,633 | | | | China Steel Corp | | | 6,553 | |
| | 157,912 | | | | China Synthetic Rubber Corp | | | 108 | |
| | 82,000 | | | | China XLX Fertiliser Ltd | | | 19 | |
| | 360,000 | | | | China Zhongwang Holdings Ltd | | | 68 | |
| | 93,029 | | | | Christian Hansen Holding | | | 9,596 | |
| | 23,978 | | | | Chugoku Marine Paints Ltd | | | 179 | |
| | 924 | | | | Chunbo Co Ltd | | | 71 | |
| | 199,000 | | | | Chung Hung Steel Corp | | | 56 | |
| | 82,540 | | | | Chung Hwa Pulp Corp | | | 25 | |
| | 941,355 | | | | Cia de Minas Buenaventura S.A. (ADR) (Series B) | | | 8,604 | |
| | 514,075 | | | | Cia Siderurgica Nacional S.A. | | | 1,010 | |
| | 70,881 | | * | | Ciech S.A. | | | 575 | |
| | 249,368 | | * | | City Cement Co | | | 1,082 | |
| | 401,454 | | *,e | | Clariant AG. | | | 7,901 | |
| | 33,137 | | * | | Clearwater Paper Corp | | | 1,197 | |
| | 568,574 | | e | | Cleveland-Cliffs, Inc | | | 3,139 | |
| | 584,256 | | * | | Coeur Mining, Inc | | | 2,968 | |
| | 536,294 | | | | Commercial Metals Co | | | 10,940 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 86,132 | | *,† | | Companhia Vale do Rio Doce | | $ | 0 | |
| | 30,229 | | | | Compass Minerals International, Inc | | | 1,474 | |
| | 49,707 | | | | Corbion NV | | | 1,791 | |
| | 57,420 | | | | Coromandel International Ltd | | | 574 | |
| | 506,889 | | g | | Coronado Global Resources, Inc (ADR) | | | 328 | |
| | 1,512,434 | | | | Corteva, Inc | | | 40,518 | |
| | 20,528 | | | | Corticeira Amorim SGPS S.A. | | | 232 | |
| | 388,426 | | *,g | | Covestro AG. | | | 14,794 | |
| | 118,000 | | e | | CPMC Holdings Ltd | | | 45 | |
| | 1,725,662 | | | | CRH plc | | | 59,398 | |
| | 47,646 | | | | Croda International plc | | | 3,095 | |
| | 1,167,948 | | * | | Crown Holdings, Inc | | | 76,068 | |
| | 1,332,247 | | | | CSR Ltd | | | 3,429 | |
| | 469,900 | | * | | D&L Industries Inc | | | 47 | |
| | 42,908 | | | | Daicel Chemical Industries Ltd | | | 333 | |
| | 14,631 | | | | Daido Steel Co Ltd | | | 449 | |
| | 5,600 | | | | Daiken Corp | | | 94 | |
| | 6,271 | | | | Dainichiseika Color & Chemicals Manufacturing Co Ltd | | | 136 | |
| | 40,901 | | | | Dainippon Ink and Chemicals, Inc | | | 1,029 | |
| | 317,181 | | e | | Daio Paper Corp | | | 4,238 | |
| | 8,400 | | | | Daiso Co Ltd | | | 186 | |
| | 6,996 | | | | Deepak Nitrite Ltd | | | 44 | |
| | 47,049 | | | | Denki Kagaku Kogyo KK | | | 1,153 | |
| | 4,300 | | *,e | | DKS Co Ltd | | | 208 | |
| | 67,734 | | | | Domtar Corp | | | 1,430 | |
| | 64,248 | | | | Dongjin Semichem Co Ltd | | | 1,522 | |
| | 13,041 | | * | | Dongkuk Steel Mill Co Ltd | | | 58 | |
| | 884 | | | | Dongwon Systems Corp | | | 15 | |
| | 265,000 | | | | Dongyue Group | | | 108 | |
| | 1,743,313 | | n | | Dow, Inc | | | 71,057 | |
| | 132,329 | | | | Dowa Holdings Co Ltd | | | 4,017 | |
| | 95,462 | | | | DRDGOLD Ltd | | | 149 | |
| | 1,036,000 | | | | DS Smith plc | | | 4,206 | |
| | 239,296 | | | | DSM NV | | | 33,219 | |
| | 2,498 | | * | | Duk San Neolux Co Ltd | | | 71 | |
| | 165,387 | | | | Dundee Precious Metals, Inc | | | 1,089 | |
| | 4,167,760 | | n | | DuPont de Nemours, Inc | | | 221,433 | |
| | 8,919 | | | | Eagle Materials, Inc | | | 626 | |
| | 200,000 | | | | Eastern Polymer Group PCL | | | 31 | |
| | 43,384 | | | | Eastern Province Cement Co | | | 339 | |
| | 49,000 | | | | Eastman Chemical Co | | | 3,412 | |
| | 339,593 | | | | Ecolab, Inc | | | 67,562 | |
| | 4,339 | | | | Ecopro Co Ltd | | | 107 | |
| | 62,251 | | * | | EID Parry India Ltd | | | 230 | |
| | 188,913 | | * | | Eldorado Gold Corp | | | 1,821 | |
| | 277,608 | | * | | Element Solutions, Inc | | | 3,012 | |
| | 881,131 | | | | Elementis plc | | | 703 | |
| | 758,289 | | g | | Elkem ASA | | | 1,563 | |
| | 1,982,211 | | | | Empresas CMPC S.A. | | | 3,938 | |
| | 4,370 | | e | | EMS-Chemie Holding AG. | | | 3,395 | |
| | 79,738 | | e | | Ence Energia y Celulosa S.A. | | | 262 | |
| | 88,112 | | * | | Endeavour Mining Corp | | | 2,132 | |
| | 160,172 | | *,e | | Endeavour Silver Corp | | | 363 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 354,540 | | | | Engro Chemical Pakistan Ltd | | $ | 617 | |
| | 2,460,943 | | | | Engro Fertilizers Ltd | | | 884 | |
| | 290,561 | | * | | Equinox Gold Corp | | | 3,249 | |
| | 4,816 | | *,e | | Eramet | | | 174 | |
| | 2,520,875 | | | | Eregli Demir ve Celik Fabrikalari TAS | | | 3,156 | |
| | 73,607 | | * | | ERO Copper Corp | | | 1,066 | |
| | 244,097 | | e | | Essentra plc | | | 882 | |
| | 258,574 | | | | Eternal Chemical Co Ltd | | | 274 | |
| | 552,773 | | | | Eugene Corp | | | 1,684 | |
| | 85,128 | | | | Everlight Chemical Industrial Corp | | | 43 | |
| | 1,621,531 | | | | Evolution Mining Ltd | | | 6,442 | |
| | 320,918 | | | | Evonik Industries AG. | | | 8,174 | |
| | 68,480 | | | | Evraz plc | | | 243 | |
| | 1,259,706 | | | | Fauji Fertilizer Co Ltd | | | 828 | |
| | 133,050 | | | | Feng Hsin Iron & Steel Co | | | 235 | |
| | 9,800 | | | | Ferbasa-Ferro Ligas DA Bahia | | | 34 | |
| | 317,233 | | | | Ferrexpo plc | | | 681 | |
| | 140,916 | | * | | Ferro Corp | | | 1,683 | |
| | 202,348 | | *,† | | Ferroglobe plc | | | 0 | |
| | 6,515 | | | | Finolex Industries Ltd | | | 43 | |
| | 211,054 | | *,e | | First Majestic Silver Corp | | | 2,099 | |
| | 1,061,332 | | | | First Quantum Minerals Ltd | | | 8,459 | |
| | 1,124,271 | | | | Fletcher Building Ltd | | | 2,705 | |
| | 205,251 | | | | FMC Corp | | | 20,447 | |
| | 11,735 | | | | Foosung Co Ltd | | | 79 | |
| | 2,830,755 | | * | | Formosa Chemicals & Fibre Corp | | | 7,291 | |
| | 3,037,712 | | | | Formosa Plastics Corp | | | 9,045 | |
| | 328,989 | | g | | Forterra plc | | | 819 | |
| | 29,910 | | *,e | | Forterra, Inc | | | 334 | |
| | 2,592,030 | | | | Fortescue Metals Group Ltd | | | 25,199 | |
| | 209,885 | | *,e | | Fortuna Silver Mines, Inc | | | 1,067 | |
| | 19,560 | | | | FP Corp | | | 1,566 | |
| | 206,981 | | | | Franco-Nevada Corp | | | 28,914 | |
| | 2,995,805 | | | | Freeport-McMoRan, Inc (Class B) | | | 34,661 | |
| | 163,062 | | | | Fuchs Petrolub AG. (Preference) | | | 6,554 | |
| | 3,781,200 | | | | Fufeng Group Ltd | | | 1,212 | |
| | 94,997 | | | | Fuji Seal International, Inc | | | 1,849 | |
| | 9,575 | | | | Fujimi, Inc | | | 295 | |
| | 8,030 | | | | Fujimori Kogyo Co Ltd | | | 280 | |
| | 93,400 | | | | Furukawa-Sky Aluminum Corp | | | 1,683 | |
| | 2,745,800 | | e | | Fushan International Energy Group Ltd | | | 577 | |
| | 10,300 | | | | Fuso Chemical Co Ltd | | | 376 | |
| | 20,152 | | | | FutureFuel Corp | | | 241 | |
| | 1,951 | | | | Galaxy Surfactants Ltd | | | 38 | |
| | 89,932 | | * | | GCP Applied Technologies, Inc | | | 1,671 | |
| | 45,700 | | | | GEM Co Ltd | | | 32 | |
| | 2,370,912 | | | | Gerdau S.A. (Preference) | | | 6,980 | |
| | 12,975 | | | | Givaudan S.A. | | | 48,500 | |
| | 9,064,323 | | | | Glencore Xstrata plc | | | 19,309 | |
| | 92,494 | | | | Godo Steel Ltd | | | 1,577 | |
| | 1,337,824 | | | | Gold Fields Ltd | | | 12,632 | |
| | 227,270 | | | | Gold Resource Corp | | | 934 | |
| | 1,128,838 | | * | | Gold Road Resources Ltd | | | 1,327 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,416,510 | | | | Goldsun Development & Construction Co Ltd | | $ | 1,242 | |
| | 62,598 | | * | | Gran Colombia Gold Corp | | | 317 | |
| | 196,000 | | * | | Grand Pacific Petrochemical | | | 97 | |
| | 43,434 | | | | Granges AB | | | 346 | |
| | 1,158,409 | | | | Graphic Packaging Holding Co | | | 16,206 | |
| | 238,382 | | | | Grasim Industries Ltd | | | 1,958 | |
| | 605,755 | | *,† | | Great Basin Gold Ltd | | | 4 | |
| | 42,916 | | | | Greif, Inc (Class A) | | | 1,477 | |
| | 8,175 | | | | Greif, Inc (Class B) | | | 342 | |
| | 3,825 | | | | Groupe Guillin | | | 90 | |
| | 65,055 | | | | Grupo Argos S.A. | | | 171 | |
| | 37,100 | | e | | Grupo Cementos de Chihuahua SAB de C.V. | | | 156 | |
| | 4,142,243 | | | | Grupo Mexico S.A. de C.V. (Series B) | | | 9,629 | |
| | 116,600 | | * | | Guangdong HEC Technology Holding Co Ltd | | | 115 | |
| | 26,400 | | * | | Guangdong Hongda Blasting Co Ltd | | | 132 | |
| | 2,524 | | | | Gulf Oil Lubricants India Ltd | | | 19 | |
| | 1,695 | | | | Gurit Holding AG. | | | 2,483 | |
| | 45,495 | | | | H.B. Fuller Co | | | 2,029 | |
| | 385 | | | | Hanil Cement Co Ltd | | | 26 | |
| | 2,420 | | | | Hansol Chemical Co Ltd | | | 258 | |
| | 188,024 | | | | Hansol Paper Co Ltd | | | 2,200 | |
| | 94,992 | | | | Hanwha Chemical Corp | | | 1,542 | |
| | 1,051,182 | | * | | Harmony Gold Mining Co Ltd | | | 4,395 | |
| | 12,952 | | | | Hawkins, Inc | | | 551 | |
| | 37,480 | | | | Haynes International, Inc | | | 876 | |
| | 1,418,248 | | | | Hecla Mining Co | | | 4,638 | |
| | 1,262,115 | | | | HeidelbergCement AG. | | | 67,563 | |
| | 13,125 | | | | HeidelbergCement India Ltd | | | 31 | |
| | 262,220 | | | | Hengli Petrochemical Co Ltd | | | 521 | |
| | 102,220 | | | | Hengyi Petrochemical Co Ltd | | | 132 | |
| | 578,300 | | | | Hesteel Co Ltd | | | 167 | |
| | 352,938 | | | | Hexpol AB | | | 2,634 | |
| | 62,524 | | | | Hill & Smith Holdings plc | | | 964 | |
| | 1,646,436 | | | | Hindalco Industries Ltd | | | 3,224 | |
| | 391,890 | | | | Hitachi Metals Ltd | | | 4,697 | |
| | 267,616 | | e | | Hochschild Mining plc | | | 647 | |
| | 3,100 | | | | Hodogaya Chemical Co Ltd | | | 126 | |
| | 65,229 | | | | Hokuetsu Paper Mills Ltd | | | 231 | |
| | 263,903 | | | | Holcim Ltd | | | 11,627 | |
| | 97,791 | | | | Holmen AB | | | 3,141 | |
| | 13,540 | | | | Honam Petrochemical Corp | | | 1,892 | |
| | 50,000 | | | | Hsin Kuang Steel Co Ltd | | | 43 | |
| | 176,000 | | | | Huabao International Holdings Ltd | | | 77 | |
| | 51,400 | | * | | Huaxin Cement Co Ltd | | | 174 | |
| | 4,332 | | | | Huchems Fine Chemical Corp | | | 58 | |
| | 594,273 | | e | | HudBay Minerals, Inc | | | 1,799 | |
| | 77,566 | | | | Huhtamaki Oyj | | | 3,069 | |
| | 205,000 | | | | Hunan Valin Steel Co Ltd | | | 110 | |
| | 876,151 | | | | Huntsman Corp | | | 15,744 | |
| | 630 | | * | | Hyosung Advanced Materials Corp | | | 61 | |
| | 3,448 | | | | Hyosung Chemical Corp | | | 304 | |
| | 77,586 | | | | Hyosung Corp | | | 4,077 | |
| | 72,075 | | | | Hyundai Steel Co | | | 1,246 | |
| | 815,887 | | * | | IAMGOLD Corp | | | 3,239 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 230,332 | | g | | Ibstock plc | | $ | 512 | |
| | 367,151 | | | | Iluka Resources Ltd | | | 2,193 | |
| | 36,791 | | | | IMCD Group NV | | | 3,469 | |
| | 16,814 | | | | Imerys S.A. | | | 577 | |
| | 1,043,685 | | | | Impala Platinum Holdings Ltd | | | 7,029 | |
| | 4,020,838 | | | | Incitec Pivot Ltd | | | 5,242 | |
| | 2,012,560 | | | | Independence Group NL | | | 6,867 | |
| | 37,733 | | | | India Cements Ltd | | | 64 | |
| | 1,005,578 | | | | Indorama Ventures PCL (Foreign) | | | 910 | |
| | 116,046 | | | | Industrias Penoles S.A. de C.V. | | | 1,185 | |
| | 130,048 | | * | | Ingevity Corp | | | 6,837 | |
| | 2,437,500 | | | | Inner Mongolia BaoTou Steel Union Co Ltd | | | 373 | |
| | 128,120 | | | | Inner Mongolia Eerduosi Resourses Co Ltd | | | 94 | |
| | 320,600 | | | | Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd | | | 116 | |
| | 71,045 | | | | Innospec, Inc | | | 5,488 | |
| | 5,367 | | * | | Inox Fluorochemicals Ltd | | | 25 | |
| | 77,012 | | * | | Interfor Corp | | | 649 | |
| | 35,959 | | e | | International Flavors & Fragrances, Inc | | | 4,404 | |
| | 1 | | | | International Flavors & Fragrances, Inc (Tel Aviv) | | | 0 | ^ |
| | 655,935 | | | | International Paper Co | | | 23,095 | |
| | 117,556 | | e | | Intertape Polymer Group, Inc | | | 1,037 | |
| | 198,979 | | * | | Intrepid Potash, Inc | | | 197 | |
| | 16,517 | | | | Ishihara Sangyo Kaisha Ltd | | | 109 | |
| | 296,474 | | | | Israel Chemicals Ltd | | | 883 | |
| | 1,839 | | * | | Israel Corp Ltd | | | 151 | |
| | 1,090,785 | | * | | Ivanhoe Mines Ltd | | | 3,093 | |
| | 517,395 | | | | James Hardie Industries NV | | | 9,969 | |
| | 12,655 | | | | Jastrzebska Spolka Weglowa S.A. | | | 61 | |
| | 12,100 | | | | JCU Corp | | | 379 | |
| | 407,906 | | * | | JFE Holdings, Inc | | | 2,949 | |
| | 97,392 | | | | Jiangsu Shagang Co Ltd | | | 174 | |
| | 15,957 | | | | Jiangsu Yangnong Chemical Co Ltd | | | 187 | |
| | 4,637,545 | | | | Jiangxi Copper Co Ltd | | | 4,725 | |
| | 111,700 | | | | Jiangxi Copper Co Ltd (Class A) | | | 214 | |
| | 59,900 | | | | Jiangxi Ganfeng Lithium Co Ltd | | | 456 | |
| | 698,000 | | | | Jinchuan Group International Resources Co Ltd | | | 60 | |
| | 1,801,589 | | * | | Jindal Steel & Power Ltd | | | 3,919 | |
| | 192,749 | | | | Jinduicheng Molybdenum Co Ltd | | | 169 | |
| | 4,287 | | | | JK Cement Ltd | | | 78 | |
| | 25,356 | | | | Johnson Matthey plc | | | 660 | |
| | 6,707 | | | | JSP Corp | | | 91 | |
| | 1,872,678 | | | | JSR Corp | | | 36,330 | |
| | 654,308 | | | | JSW Steel Ltd | | | 1,657 | |
| | 727,114 | | | | Jupiter Mines Ltd | | | 141 | |
| | 103,441 | | | | K&S AG. | | | 656 | |
| | 13,597 | | | | Kaiser Aluminum Corp | | | 1,001 | |
| | 25,415 | | | | Kaneka Corp | | | 661 | |
| | 142,880 | | | | Kansai Paint Co Ltd | | | 3,019 | |
| | 93,000 | | | | Kanto Denka Kogyo Co Ltd | | | 740 | |
| | 2,268,357 | | | | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (Class D) | | | 1,075 | |
| | 994,320 | | | | KAZ Minerals plc | | | 6,126 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 236,294 | | * | | Kemira Oyj | | $ | 3,051 | |
| | 221,528 | | * | | KGHM Polska Miedz S.A. | | | 5,147 | |
| | 17,000 | | | | KH Neochem Co Ltd | | | 322 | |
| | 1,347,553 | | * | | Kinross Gold Corp | | | 9,727 | |
| | 323,272 | | | | Kirkland Lake Gold Ltd | | | 13,311 | |
| | 1,560 | | | | KISWIRE Ltd | | | 20 | |
| | 546,000 | | | | Klabin S.A. | | | 2,041 | |
| | 1,349,700 | | | | Klabin S.A. (Preference) | | | 1,018 | |
| | 14,200 | | | | Koatsu Gas Kogyo Co Ltd | | | 97 | |
| | 166,800 | | * | | Kobe Steel Ltd | | | 578 | |
| | 53,369 | | | | Kolon Industries, Inc | | | 1,434 | |
| | 15,058 | | | | Konishi Co Ltd | | | 211 | |
| | 25,000 | | * | | Koppers Holdings, Inc | | | 471 | |
| | 11,403 | | | | Korea Kumho Petrochemical | | | 713 | |
| | 16,674 | | | | Korea Petrochemical Ind Co Ltd | | | 1,581 | |
| | 6,360 | | | | Korea Zinc Co Ltd | | | 1,782 | |
| | 8,448 | | * | | Koza Altin Isletmeleri AS | | | 103 | |
| | 1,677,802 | | * | | Koza Anadolu Metal Madencilik Isletmeleri AS | | | 3,280 | |
| | 55,209 | | * | | Kraton Corp | | | 954 | |
| | 20,142 | | | | Kronos Worldwide, Inc | | | 210 | |
| | 2,400 | | | | Krosaki Harima Corp | | | 81 | |
| | 19,461 | | * | | Kuk-il Paper Manufacturing Co Ltd | | | 94 | |
| | 170,157 | | | | Kumba Iron Ore Ltd | | | 4,550 | |
| | 45,348 | | e | | Kumiai Chemical Industry Co Ltd | | | 424 | |
| | 268,444 | | | | Kuraray Co Ltd | | | 2,809 | |
| | 8,700 | | | | Kureha CORP | | | 383 | |
| | 97,400 | | | | Kyoei Steel Ltd | | | 1,175 | |
| | 192,602 | | e | | Labrador Iron Ore Royalty Corp | | | 3,443 | |
| | 275,384 | | * | | Lanxess AG. | | | 14,563 | |
| | 352,677 | | *,e | | Largo Resources Ltd | | | 218 | |
| | 5,152,000 | | | | Lee & Man Paper Manufacturing Ltd | | | 2,800 | |
| | 3,087 | | * | | LEMON Co Ltd | | | 42 | |
| | 7,155 | | e | | Lenzing AG. | | | 332 | |
| | 103,082 | | | | LG Chem Ltd | | | 42,540 | |
| | 8,101 | | | | LG Chem Ltd (Preference) | | | 1,704 | |
| | 4,034 | | * | | Linde India Ltd | | | 33 | |
| | 1,487,681 | | | | Linde plc | | | 315,552 | |
| | 163,949 | | | | Linde plc (Xetra) | | | 34,723 | |
| | 22,100 | | | | Lintec Corp | | | 527 | |
| | 56,196 | | *,e | | Lithium Americas Corp | | | 290 | |
| | 163,670 | | *,e | | Livent Corp | | | 1,008 | |
| | 4,451 | | * | | Lock & Lock Co Ltd | | | 42 | |
| | 13,200 | | *,e | | Loma Negra Cia Industrial Argentina S.A. (ADR) | | | 56 | |
| | 80,700 | | | | Lomon Billions Group Co Ltd | | | 212 | |
| | 147,704 | | * | | Long Chen Paper Co Ltd | | | 72 | |
| | 101,600 | | g | | Lotte Chemical Titan Holding Bhd | | | 43 | |
| | 231,601 | | | | Louisiana-Pacific Corp | | | 5,941 | |
| | 29,859 | | | | Lucky Cement Ltd | | | 82 | |
| | 76,792 | | * | | Lundin Gold, Inc | | | 721 | |
| | 654,348 | | | | Lundin Mining Corp | | | 3,509 | |
| | 376,574 | | * | | Lynas Corp Ltd | | | 511 | |
| | 130,890 | | | | LyondellBasell Industries NV | | | 8,602 | |
| | 552,600 | | * | | Maanshan Iron & Steel Co Ltd (Class A) | | | 202 | |
| | 44,514 | | | | Madras Cements Ltd | | | 374 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 89,159 | | * | | MAG. Silver Corp | | $ | 1,258 | |
| | 42,758 | | *,e | | Marrone Bio Innovations, Inc | | | 50 | |
| | 381,358 | | | | Marshalls plc | | | 2,907 | |
| | 12,729 | | | | Martin Marietta Materials, Inc | | | 2,629 | |
| | 40,679 | | | | Maruichi Steel Tube Ltd | | | 1,014 | |
| | 148,922 | | | | Materion Corp | | | 9,157 | |
| | 7,800 | | * | | Mayville Engineering Co Inc | | | 62 | |
| | 32,100 | | * | | Mechel PJSC (ADR) | | | 55 | |
| | 6,054,633 | | | | Mesaieed Petrochemical Holding Co | | | 3,377 | |
| | 185,300 | | | | Metalurgica Gerdau S.A. | | | 249 | |
| | 74,168 | | | | Methanex Corp | | | 1,338 | |
| | 471,354 | | | | Mineral Resources Ltd | | | 6,980 | |
| | 56,979 | | | | Minerals Technologies, Inc | | | 2,674 | |
| | 31,822 | | | | Miquel y Costas & Miquel S.A. | | | 457 | |
| | 9,933 | | *,g | | Mishra Dhatu Nigam Ltd | | | 29 | |
| | 1,368,343 | | | | Mitsubishi Chemical Holdings Corp | | | 7,980 | |
| | 251,010 | | | | Mitsubishi Gas Chemical Co, Inc | | | 3,818 | |
| | 81,965 | | | | Mitsubishi Materials Corp | | | 1,731 | |
| | 156,534 | | | | Mitsui Chemicals, Inc | | | 3,274 | |
| | 348,864 | | | | Mitsui Mining & Smelting Co Ltd | | | 7,149 | |
| | 783,796 | | | | MMC Norilsk Nickel PJSC (ADR) | | | 20,637 | |
| | 544,000 | | *,e | | MMG Ltd | | | 114 | |
| | 13,657 | | | | MOIL Ltd | | | 26 | |
| | 550,801 | | | | Mondi plc | | | 10,303 | |
| | 12,981 | | *,† | | Mongolian Metals Corporation | | | 0 | |
| | 328,171 | | | | Mosaic Co | | | 4,105 | |
| | 207,351 | | | | Mount Gibson Iron Ltd | | | 88 | |
| | 153,734 | | e | | M-real Oyj (B Shares) | | | 1,044 | |
| | 97,180 | | | | Myers Industries, Inc | | | 1,414 | |
| | 24,699 | | | | Mytilineos Holdings S.A. | | | 203 | |
| | 679,023 | | * | | Najran Cement Co | | | 1,966 | |
| | 4,297 | | | | Namhae Chemical Corp | | | 26 | |
| | 12,872 | | * | | Namsun Aluminum Co Ltd | | | 66 | |
| | 12,000 | | | | Nan Pao Resins Chemical Co Ltd | | | 54 | |
| | 4,082,936 | | | | Nan Ya Plastics Corp | | | 8,968 | |
| | 956,275 | | | | Nantex Industry Co Ltd | | | 1,263 | |
| | 1,533,630 | | | | National Aluminium Co Ltd | | | 651 | |
| | 289,841 | | * | | National Industrialization Co | | | 811 | |
| | 2,817 | | | | Navin Fluorine International Ltd | | | 61 | |
| | 15,080 | | | | Neenah Inc | | | 746 | |
| | 14,617 | | | | Neturen Co Ltd | | | 74 | |
| | 731,930 | | * | | New Gold, Inc | | | 992 | |
| | 1,630,558 | | | | Newcrest Mining Ltd | | | 36,156 | |
| | 1,712 | | | | NewMarket Corp | | | 686 | |
| | 2,028,888 | | | | Newmont Goldcorp Corp | | | 125,264 | |
| | 17,300 | | e | | Nihon Nohyaku Co Ltd | | | 75 | |
| | 42,981 | | | | Nihon Parkerizing Co Ltd | | | 432 | |
| | 1,534,102 | | | | Nine Dragons Paper Holdings Ltd | | | 1,403 | |
| | 6,600 | | * | | Nippon Fine Chemical Co Ltd | | | 91 | |
| | 71,866 | | | | Nippon Kayaku Co Ltd | | | 752 | |
| | 314,732 | | | | Nippon Light Metal Holdings Co Ltd | | | 551 | |
| | 141,052 | | e | | Nippon Paint Co Ltd | | | 10,288 | |
| | 369,870 | | | | Nippon Paper Industries Co Ltd | | | 5,188 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 14,228 | | | | Nippon Shokubai Co Ltd | | $ | 746 | |
| | 72,062 | | | | Nippon Soda Co Ltd | | | 1,890 | |
| | 721,749 | | | | Nippon Steel Corp | | | 6,820 | |
| | 9,800 | | | | Nippon Valqua Industries Ltd | | | 176 | |
| | 118,031 | | | | Nissan Chemical Industries Ltd | | | 6,073 | |
| | 2,707 | | | | Nittetsu Mining Co Ltd | | | 110 | |
| | 183,788 | | | | Nitto Denko Corp | | | 10,419 | |
| | 36,582 | | | | NOF Corp | | | 1,267 | |
| | 56,107 | | e | | Norbord, Inc | | | 1,281 | |
| | 1,287,059 | | | | Norsk Hydro ASA | | | 3,591 | |
| | 497,314 | | * | | Northam Platinum Ltd | | | 3,354 | |
| | 21,520 | | * | | Northern Region Cement Co | | | 57 | |
| | 1,126,274 | | | | Northern Star Resources Ltd | | | 10,622 | |
| | 291,848 | | * | | Novagold Resources Inc | | | 2,679 | |
| | 281,959 | | *,e | | Novagold Resources, Inc | | | 2,586 | |
| | 111,431 | | | | Novolipetsk Steel PJSC (GDR) | | | 2,215 | |
| | 48,372 | | | | Novozymes AS | | | 2,804 | |
| | 470,512 | | | | Nucor Corp | | | 19,484 | |
| | 147,560 | | * | | Nufarm Ltd | | | 419 | |
| | 878,791 | | e | | Nutrien Ltd (Toronto) | | | 28,236 | |
| | 712,622 | | * | | OceanaGold Corp | | | 1,659 | |
| | 4,240 | | * | | OCI Co Ltd | | | 132 | |
| | 95,858 | | *,e | | OCI NV | | | 1,007 | |
| | 38,518 | | | | Odisha Cement Ltd | | | 344 | |
| | 12,753 | | | | Oeneo S.A. | | | 159 | |
| | 137,070 | | | | O-I Glass, Inc | | | 1,231 | |
| | 815,079 | | | | OJI Paper Co Ltd | | | 3,803 | |
| | 5,500 | | | | Okamoto Industries, Inc | | | 203 | |
| | 56,084 | | | | Olin Corp | | | 644 | |
| | 7,298 | | | | Olympic Steel, Inc | | | 86 | |
| | 846,243 | | e | | Orbia Advance Corp SAB de C.V. | | | 1,251 | |
| | 575,290 | | | | Orica Ltd | | | 6,653 | |
| | 120,000 | | | | Oriental Union Chemical Corp | | | 69 | |
| | 265,369 | | | | Orion Engineered Carbons SA | | | 2,810 | |
| | 108,762 | | *,e | | Orocobre Ltd | | | 177 | |
| | 558,565 | | | | Orora Ltd | | | 988 | |
| | 6,229 | | | | Osaka Steel Co Ltd | | | 70 | |
| | 141,969 | | e | | Osisko Gold Royalties Ltd | | | 1,418 | |
| | 233,194 | | * | | Osisko Mining, Inc | | | 658 | |
| | 163,134 | | *,e | | Outokumpu Oyj | | | 467 | |
| | 200,119 | | | | Oxiana Ltd | | | 1,538 | |
| | 55,950 | | e | | Pacific Metals Co Ltd | | | 803 | |
| | 6,800 | | | | Pack Corp | | | 198 | |
| | 5,750 | | | | Packages Ltd | | | 12 | |
| | 154,524 | | | | Packaging Corp of America | | | 15,421 | |
| | 855,505 | | *,e | | Pact Group Holdings Ltd | | | 1,306 | |
| | 240,092 | | e | | Pan American Silver Corp (Toronto) | | | 7,292 | |
| | 188,500 | | * | | Pangang Group Vanadium Titanium & Resources Co Ltd | | | 54 | |
| | 1,666,004 | | | | Perenti Global Ltd | | | 1,353 | |
| | 2,087,532 | | * | | Perseus Mining Ltd | | | 1,932 | |
| | 1,702,666 | | *,e | | Peter Hambro Mining plc | | | 527 | |
| | 247,415 | | * | | Petkim Petrokimya Holding | | | 154 | |
| | 1,879,616 | | | | Petronas Chemicals Group BHD | | | 2,739 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 392,683 | | | | PH Glatfelter Co | | $ | 6,303 | |
| | 120,217 | | | | PhosAgro PJSC (GDR) | | | 1,483 | |
| | 62,238 | | | | PI Industries Ltd | | | 1,238 | |
| | 131,732 | | | | Pidilite Industries Ltd | | | 2,394 | |
| | 770,439 | | *,e | | Pilbara Minerals Ltd | | | 136 | |
| | 200,463 | | | | Polymetal International plc (ADR) | | | 4,013 | |
| | 337,895 | | | | PolyOne Corp | | | 8,863 | |
| | 101,977 | | * | | Polyus PJSC (GDR) | | | 8,581 | |
| | 40,248 | | | | Poongsan Corp | | | 739 | |
| | 109,111 | | | | Portucel Empresa Produtora de Pasta e Papel S.A. | | | 266 | |
| | 59,267 | | * | | POSCO | | | 8,633 | |
| | 15,149 | | | | POSCO Refractories & Environment Co Ltd | | | 957 | |
| | 943,035 | | | | PPG Industries, Inc | | | 100,018 | |
| | 52,477 | | * | | PQ Group Holdings, Inc | | | 695 | |
| | 230,915 | | * | | Premier Gold Mines Ltd | | | 376 | |
| | 1,042,100 | | | | Press Metal BHD | | | 1,109 | |
| | 212,279 | | * | | Pretium Resources, Inc | | | 1,776 | |
| | 1,713,704 | | | | PT Aneka Tambang Tbk | | | 73 | |
| | 38,931,392 | | * | | PT Barito Pacific Tbk | | | 3,186 | |
| | 1,937,787 | | | | PT Indah Kiat Pulp and Paper Corp Tbk | | | 817 | |
| | 1,093,519 | | * | | PT Indocement Tunggal Prakarsa Tbk | | | 908 | |
| | 240,700 | | | | PT Pabrik Kertas Tjiwi Kimia Tbk | | | 88 | |
| | 8,218,300 | | *,† | | PT Sekawan Intipratama Tbk | | | 0 | ^ |
| | 2,200,838 | | | | PT Semen Gresik Persero Tbk | | | 1,491 | |
| | 1,967,400 | | | | PT Waskita Beton Precast Tbk | | | 27 | |
| | 1,783,948 | | | | PTT Global Chemical PCL (Foreign) | | | 2,695 | |
| | 54,357 | | | | Qassim Cement Co | | | 876 | |
| | 5,853,619 | | | | Qatar Aluminum Manufacturing Co | | | 1,214 | |
| | 224,581 | | | | Qatar National Cement Co | | | 229 | |
| | 11,716 | | | | Quaker Chemical Corp | | | 2,175 | |
| | 10,945 | | | | Rallis India Ltd | | | 40 | |
| | 737,393 | | | | Ramelius Resources Ltd | | | 1,035 | |
| | 25,120 | | * | | Ranpak Holdings Corp | | | 187 | |
| | 57,210 | | * | | Rayonier Advanced Materials, Inc | | | 161 | |
| | 20,423 | | e | | Recticel S.A. | | | 182 | |
| | 682,067 | | | | Regis Resources Ltd | | | 2,496 | |
| | 167,698 | | | | Reliance Steel & Aluminum Co | | | 15,920 | |
| | 987,737 | | | | Rengo Co Ltd | | | 8,052 | |
| | 591,037 | | * | | Resolute Mining Ltd | | | 474 | |
| | 85,846 | | | | Rhi Magnesita NV | | | 2,620 | |
| | 505,917 | | | | Rio Tinto Ltd | | | 34,642 | |
| | 1,817,018 | | | | Rio Tinto plc | | | 102,256 | |
| | 266,377 | | | | Rongsheng Petro Chemical Co Ltd | | | 465 | |
| | 230,740 | | * | | Royal Bafokeng Platinum Ltd | | | 465 | |
| | 137,490 | | | | Royal Gold, Inc | | | 17,093 | |
| | 38,471 | | | �� | RPM International, Inc | | | 2,888 | |
| | 22,050 | | * | | Ryerson Holding Corp | | | 124 | |
| | 11,597 | | | | Sa des Ciments Vicat | | | 356 | |
| | 305,912 | | * | | Sabina Gold & Silver Corp | | | 439 | |
| | 296,640 | | | | Sahara International Petrochemical Co | | | 1,143 | |
| | 6,219 | | | | Sakai Chemical Industry Co Ltd | | | 118 | |
| | 21,500 | | | | Sakata INX Corp | | | 205 | |
| | 22,991 | | | | Salzgitter AG. | | | 324 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 5,906 | | | | Samsung Fine Chemicals Co Ltd | | $ | 170 | |
| | 94,940 | | | | Sandfire Resources NL | | | 337 | |
| | 276,882 | | *,e | | Sandstorm Gold Ltd | | | 2,657 | |
| | 111,779 | | | | Sansteel Minguang Co Ltd | | | 106 | |
| | 58,500 | | | | Sanyo Chemical Industries Ltd | | | 2,521 | |
| | 9,506 | | | | Sanyo Special Steel Co Ltd | | | 78 | |
| | 121,340 | | * | | Sappi Ltd | | | 190 | |
| | 1,121,760 | | * | | Saracen Mineral Holdings Ltd | | | 4,272 | |
| | 68,800 | | | | Satipel Industrial S.A. | | | 163 | |
| | 280,319 | | | | Saudi Arabian Fertilizer Co | | | 5,583 | |
| | 331,546 | | * | | Saudi Arabian Mining Co | | | 3,110 | |
| | 723,592 | | | | Saudi Basic Industries Corp | | | 17,041 | |
| | 120,587 | | | | Saudi Cement Co | | | 1,704 | |
| | 173,123 | | | | Saudi Industrial Investment Group | | | 936 | |
| | 608,319 | | * | | Saudi Kayan Petrochemical Co | | | 1,338 | |
| | 44,885 | | | | Schnitzer Steel Industries, Inc (Class A) | | | 792 | |
| | 27,918 | | | | Schweitzer-Mauduit International, Inc | | | 933 | |
| | 52,900 | | | | Scientex BHD | | | 110 | |
| | 78,102 | | | | Scotts Miracle-Gro Co (Class A) | | | 10,502 | |
| | 57,958 | | * | | Seabridge Gold, Inc | | | 1,018 | |
| | 45,565 | | | | Seah Besteel Corp | | | 389 | |
| | 64,570 | | | | Sealed Air Corp | | | 2,121 | |
| | 9,127 | | | | Sekisui Plastics Co Ltd | | | 49 | |
| | 700,010 | | * | | SEMAFO, Inc | | | 2,387 | |
| | 55,827 | | | | Semapa-Sociedade de Investimento e Gestao | | | 508 | |
| | 192,342 | | | | Sensient Technologies Corp | | | 10,033 | |
| | 12,567,923 | | | | Sesa Sterlite Ltd | | | 17,955 | |
| | 312,793 | | | | Severstal (GDR) | | | 3,785 | |
| | 140,100 | | * | | Shandong Gold Mining Co Ltd | | | 736 | |
| | 92,800 | | | | Shandong Hualu Hengsheng Chemical Co Ltd | | | 233 | |
| | 757,800 | | | | Shandong Nanshan Aluminum Co Ltd | | | 218 | |
| | 36,400 | | | | Shandong Sinocera Functional Material Co Ltd | | | 173 | |
| | 107,900 | | * | | Shandong Sun Paper Industry JSC Ltd | | | 146 | |
| | 91,100 | | | | Shanghai Chlor-Alkali Chemical Co Ltd | | | 36 | |
| | 19,600 | | | | Shanghai Putailai New Energy Technology Co Ltd | | | 286 | |
| | 356,100 | | | | Shanxi Taigang Stainless Steel Co Ltd | | | 168 | |
| | 196,828 | | | | Sherwin-Williams Co | | | 113,737 | |
| | 18,500 | | | | Shikoku Chemicals Corp | | | 187 | |
| | 432,925 | | | | Shin-Etsu Chemical Co Ltd | | | 50,809 | |
| | 123,300 | | | | Shin-Etsu Polymer Co Ltd | | | 1,010 | |
| | 2,737,032 | | | | Shinkong Synthetic Fibers Corp | | | 1,046 | |
| | 12,000 | | * | | Shiny Chemical Industrial Co Ltd | | | 45 | |
| | 387,200 | | | | Shougang Concord International Enterprises Co Ltd | | | 77 | |
| | 124,080 | | e | | Showa Denko KK | | | 2,801 | |
| | 10,769 | | | | Shree Cement Ltd | | | 3,292 | |
| | 605,992 | | | | Siam Cement PCL (Foreign) | | | 7,249 | |
| | 4,357,004 | | * | | Sibanye Stillwater Ltd | | | 9,460 | |
| | 341,249 | | | | SIG Combibloc Group AG. | | | 5,553 | |
| | 37,662 | | | | Sika AG. | | | 7,260 | |
| | 208,747 | | | | Silgan Holdings, Inc | | | 6,761 | |
| | 268,000 | | * | | Silver Grant International | | | 34 | |
| | 763,277 | | * | | Silver Lake Resources Ltd | | | 1,143 | |
| | 197,408 | | | | Silvercorp Metals, Inc | | | 1,056 | |
| | 107,206 | | *,e | | SilverCrest Metals, Inc | | | 983 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 90,897 | | | | Sims Group Ltd | | $ | 505 | |
| | 460,000 | | | | Sinofert Holdings Ltd | | | 41 | |
| | 2,766,924 | | e | | Sinopec Shanghai Petrochemical Co Ltd | | | 666 | |
| | 794,400 | | | | Sinopec Shanghai Petrochemical Co Ltd (Class A) | | | 392 | |
| | 71,340 | | | | SK Chemicals Co Ltd | | | 2,342 | |
| | 1,670 | | | | SK Chemicals Co Ltd (New) | | | 180 | |
| | 63,249 | | | | SKC Co Ltd | | | 3,238 | |
| | 3,388 | | | | SKCKOLONPI, Inc | | | 82 | |
| | 598,868 | | | | Smurfit Kappa Group plc | | | 20,125 | |
| | 178,295 | | | | Sociedad Quimica y Minera de Chile S.A. (Class B) | | | 4,639 | |
| | 94,723 | | | | Soda Sanayii AS | | | 85 | |
| | 1,357 | | | | SODIFF Advanced Materials Co Ltd | | | 227 | |
| | 1,218,363 | | *,e | | SolGold plc | | | 317 | |
| | 27,921 | | | | Solvay S.A. | | | 2,240 | |
| | 3,378 | | | | Songwon Industrial Co Ltd | | | 36 | |
| | 34,531 | | | | Sonoco Products Co | | | 1,806 | |
| | 4,866,881 | | | | South32 Ltd | | | 6,890 | |
| | 196,060 | | | | Southern Copper Corp (NY) | | | 7,797 | |
| | 25,300 | | | | Southern Province Cement Co | | | 369 | |
| | 33,063 | | | | SRF Ltd | | | 1,581 | |
| | 131,783 | | | | Ssab Svenskt Stal AB (Series A) | | | 365 | |
| | 331,199 | | e | | Ssab Svenskt Stal AB (Series B) | | | 884 | |
| | 140,938 | | * | | SSR Mining, Inc | | | 3,003 | |
| | 847,765 | | | | St Barbara Ltd | | | 1,877 | |
| | 329,424 | | | | Steel Dynamics, Inc | | | 8,595 | |
| | 40,623 | | e | | Stelco Holdings, Inc | | | 229 | |
| | 5,200 | | | | Stella Chemifa Corp | | | 117 | |
| | 69,532 | | | | Stella-Jones, Inc | | | 1,749 | |
| | 48,963 | | | | Stepan Co | | | 4,754 | |
| | 5,550 | | | | STO AG. | | | 630 | |
| | 739,973 | | | | Stora Enso Oyj (R Shares) | | | 8,857 | |
| | 19,512 | | | | Sumitomo Bakelite Co Ltd | | | 551 | |
| | 1,640,832 | | | | Sumitomo Chemical Co Ltd | | | 4,937 | |
| | 235,785 | | | | Sumitomo Metal Mining Co Ltd | | | 6,642 | |
| | 58,337 | | | | Sumitomo Osaka Cement Co Ltd | | | 2,056 | |
| | 32,400 | | | | Sumitomo Seika Chemicals Co Ltd | | | 1,055 | |
| | 9,012 | | *,e | | Sumitomo Titanium Corp | | | 78 | |
| | 562,514 | | * | | Summit Materials, Inc | | | 9,045 | |
| | 371,351 | | | | SunCoke Energy, Inc | | | 1,099 | |
| | 2,444,500 | | *,†,e | | Superb Summit International Group Ltd | | | 3 | |
| | 58,724 | | | | Supreme Industries Ltd | | | 876 | |
| | 619,939 | | * | | Suzano Papel e Celulose S.A. | | | 4,194 | |
| | 637,420 | | | | Svenska Cellulosa AB (B Shares) | | | 7,624 | |
| | 154,952 | | | | Symrise AG. | | | 18,106 | |
| | 17,200 | | | | T Hasegawa Co Ltd | | | 385 | |
| | 2,363,211 | | | | TA Chen Stainless Pipe | | | 2,183 | |
| | 60 | | | | Taekwang Industrial Co Ltd | | | 35 | |
| | 142,107 | | | | Taiheiyo Cement Corp | | | 3,302 | |
| | 8,584,437 | | | | Taiwan Cement Corp | | | 12,491 | |
| | 220,000 | | | | Taiwan Fertilizer Co Ltd | | | 373 | |
| | 271,725 | | | | Taiwan Hon Chuan Enterprise Co Ltd | | | 508 | |
| | 3,690,329 | | | | Taiwan Styrene Monomer | | | 2,061 | |
| | 9,800 | | | | Taiyo Ink Manufacturing Co Ltd | | | 453 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 82,119 | | | | Taiyo Nippon Sanso Corp | | $ | 1,373 | |
| | 6,855 | | | | Takasago International Corp | | | 137 | |
| | 3,000 | | *,e | | Taki Chemical Co Ltd | | | 215 | |
| | 103,600 | | | | Takiron Co Ltd | | | 674 | |
| | 39,300 | | | | Tangshan Jidong Cement Co Ltd | | | 90 | |
| | 95,989 | | | | Tata Chemicals Ltd | | | 396 | |
| | 570,140 | | | | Tata Steel Ltd | | | 2,496 | |
| | 21,885 | | | | Tayca Corp | | | 281 | |
| | 33,264 | | † | | Technosemichem Co Ltd | | | 2,658 | |
| | 480,695 | | | | Teck Cominco Ltd | | | 5,035 | |
| | 179,746 | | | | Teijin Ltd | | | 2,862 | |
| | 7,800 | | | | Tenma Corp | | | 120 | |
| | 134,277 | | * | | Teranga Gold Corp | | | 1,217 | |
| | 18,833 | | * | | Tessenderlo Chemie NV | | | 561 | |
| | 2,852,445 | | * | | ThyssenKrupp AG. | | | 20,350 | |
| | 2,206,000 | | | | Tiangong International Co Ltd | | | 713 | |
| | 33,440 | | * | | Tianqi Lithium Corp | | | 109 | |
| | 32,752 | | * | | TimkenSteel Corp | | | 127 | |
| | 675,100 | | | | Tipco Asphalt PCL | | | 550 | |
| | 11,767 | | | | Titan Cement International S.A. | | | 141 | |
| | 53,403 | | | | Toagosei Co Ltd | | | 525 | |
| | 15,624 | | e | | Toho Titanium Co Ltd | | | 95 | |
| | 127,629 | | e | | Tokai Carbon Co Ltd | | | 1,206 | |
| | 4,400 | | | | Tokushu Tokai Holdings Co Ltd | | | 189 | |
| | 67,804 | | | | Tokuyama Corp | | | 1,604 | |
| | 51,003 | | e | | Tokyo Ohka Kogyo Co Ltd | | | 2,558 | |
| | 335,788 | | | | Tokyo Steel Manufacturing Co Ltd | | | 1,934 | |
| | 145,750 | | | | Ton Yi Industrial Corp | | | 45 | |
| | 25,340 | | b | | Tong Yang Major Corp | | | 25 | |
| | 83,600 | | * | | Tongkun Group Co Ltd | | | 152 | |
| | 457,900 | | | | Tongling Nonferrous Metals Group Co Ltd | | | 125 | |
| | 6,500 | | | | Topy Industries Ltd | | | 74 | |
| | 714,192 | | | | Toray Industries, Inc | | | 3,371 | |
| | 97,783 | | * | | Torex Gold Resources, Inc | | | 1,541 | |
| | 408,473 | | | | Tosoh Corp | | | 5,611 | |
| | 2,800 | | * | | Toyo Gosei Co Ltd | | | 205 | |
| | 19,300 | | | | Toyo Ink Manufacturing Co Ltd | | | 366 | |
| | 94,201 | | | | Toyo Seikan Kaisha Ltd | | | 1,062 | |
| | 157,467 | | | | Toyobo Co Ltd | | | 2,194 | |
| | 1,403,900 | | | | TPI Polene PCL | | | 54 | |
| | 216,400 | | | | Transfar Zhilian Co Ltd | | | 167 | |
| | 21,850 | | * | | Trecora Resources | | | 137 | |
| | 41,177 | | | | Tredegar Corp | | | 634 | |
| | 39,058 | | e | | Trinseo S.A. | | | 866 | |
| | 538,972 | | | | Tronox Holdings plc | | | 3,891 | |
| | 119,000 | | | | TSRC Corp | | | 69 | |
| | 1,693,000 | | | | Tung Ho Steel Enterprise Corp | | | 1,291 | |
| | 1,152,088 | | *,e | | Turquoise Hill Resources Ltd | | | 849 | |
| | 108,226 | | | | UBE Industries Ltd | | | 1,865 | |
| | 211,411 | | | | UFP Industries, Inc | | | 10,467 | |
| | 9,879 | | *,e | | UFP Technologies, Inc | | | 435 | |
| | 139,729 | | | | Ultra Tech Cement Ltd | | | 7,224 | |
| | 64,678 | | | | Umicore S.A. | | | 3,053 | |
| | 10,650 | | | | Uniao de Industrias Petroquimicas S.A. | | | 47 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 21,372 | | | | Unid Co Ltd | | $ | 750 | |
| | 410,813 | | * | | United Phosphorus Ltd | | | 2,318 | |
| | 1,570 | | | | United States Lime & Minerals, Inc | | | 133 | |
| | 237,100 | | e | | United States Steel Corp | | | 1,712 | |
| | 2,620,135 | | | | UPC Technology Corp | | | 892 | |
| | 741,827 | | | | UPM-Kymmene Oyj | | | 21,487 | |
| | 65,194 | | * | | US Concrete, Inc | | | 1,617 | |
| | 2,732,655 | | | | USI Corp | | | 1,143 | |
| | 91,000 | | | | Usinas Siderurgicas de Minas Gerais S.A. (Preference) | | | 122 | |
| | 4,118,043 | | | | Vale S.A. | | | 42,346 | |
| | 3,709 | | *,e | | Vallourec S.A. | | | 156 | |
| | 237,446 | | | | Valvoline, Inc | | | 4,590 | |
| | 15,891 | | g | | Verallia S.A. | | | 456 | |
| | 61,004 | | | | Verso Corp | | | 730 | |
| | 49,890 | | * | | Vetropack Holding AG. | | | 2,759 | |
| | 36,745 | | *,e | | Victoria Gold Corp | | | 384 | |
| | 115,280 | | | | Victrex plc | | | 2,787 | |
| | 5,198 | | | | Vinati Organics Ltd | | | 67 | |
| | 997,500 | | | | Vinythai PCL (Foreign) | | | 713 | |
| | 99,026 | | e | | Voestalpine AG. | | | 2,138 | |
| | 224,766 | | | | Vulcan Materials Co | | | 26,039 | |
| | 24,248 | | | | Wacker Chemie AG. | | | 1,667 | |
| | 575,451 | | * | | Wallbridge Mining Co Ltd | | | 470 | |
| | 166,700 | | | | Wanhua Chemical Group Co Ltd | | | 1,182 | |
| | 58,613 | | | | Warrior Met Coal, Inc | | | 902 | |
| | 23,500 | | | | Weihai Guangwei Composites Co Ltd | | | 209 | |
| | 158,006 | | * | | Wesdome Gold Mines Ltd | | | 1,365 | |
| | 18,294,000 | | | | West China Cement Ltd | | | 3,353 | |
| | 67,965 | | e | | West Fraser Timber Co Ltd | | | 2,389 | |
| | 920,938 | | | | Western Areas NL | | | 1,693 | |
| | 698,812 | | * | | Westgold Resources Ltd | | | 1,026 | |
| | 11,705 | | | | Westlake Chemical Corp | | | 628 | |
| | 386,677 | | | | WestRock Co | | | 10,927 | |
| | 538,207 | | e | | Wheaton Precious Metals Corp | | | 23,671 | |
| | 2,486,499 | | *,e | | Wienerberger AG. | | | 54,168 | |
| | 37,214 | | | | Winpak Ltd | | | 1,140 | |
| | 42,233 | | | | Worthington Industries, Inc | | | 1,575 | |
| | 17,638 | | | | WR Grace and Co | | | 896 | |
| | 65,700 | | | | Xiamen Tungsten Co Ltd | | | 111 | |
| | 271,046 | | | | Yamama Cement Co | | | 1,576 | |
| | 942,082 | | | | Yamana Gold, Inc | | | 5,121 | |
| | 22,005 | | | | Yamato Kogyo Co Ltd | | | 450 | |
| | 74,100 | | | | Yanbu Cement Co | | | 557 | |
| | 208,613 | | | | Yanbu National Petrochemical Co | | | 2,858 | |
| | 80,907 | | | | Yara International ASA | | | 2,821 | |
| | 774,100 | | | | Yeun Chyang Industrial Co Ltd | | | 655 | |
| | 228,220 | | | | Yieh Phui Enterprise | | | 67 | |
| | 105,500 | | | | Yintai Gold Co Ltd | | | 238 | |
| | 12,655 | | | | Yodogawa Steel Works Ltd | | | 221 | |
| | 2,087 | | | | Youlchon Chemical Co Ltd | | | 25 | |
| | 91 | | | | Young Poong Corp | | | 35 | |
| | 231,000 | | *,†,e | | Youyuan International Holdings Ltd | | | 0 | ^ |
| | 4,314,285 | | | | Yuen Foong Yu Paper Manufacturing Co Ltd | | | 2,029 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 181,067 | | | | Yule Catto & Co plc | | $ | 624 | |
| | 29,900 | | | | Yunnan Energy New Material Co Ltd | | | 280 | |
| | 9,834 | | * | | Zaklady Azotowe w Tarnowie-Moscicach S.A. | | | 77 | |
| | 255,581 | | | | Zeon Corp | | | 2,360 | |
| | 825,500 | | e | | Zhaojin Mining Industry Co Ltd | | | 980 | |
| | 301,353 | | * | | Zhejiang Huayou Cobalt Co Ltd | | | 1,672 | |
| | 159,200 | | | | Zhejiang Juhua Co Ltd | | | 156 | |
| | 142,400 | | * | | Zhejiang Longsheng Group Co Ltd | | | 259 | |
| | 137,200 | | | | Zhongjin Gold Corp Ltd | | | 179 | |
| | 11,062 | | | | Zignago Vetro S.p.A. | | | 166 | |
| | 5,286,931 | | | | Zijin Mining Group Co Ltd | | | 2,498 | |
| | 1,184,600 | | * | | Zijin Mining Group Co Ltd (Class A) | | | 747 | |
| | | | | | TOTAL MATERIALS | | | 4,516,497 | |
| | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 7.0% | | | | |
| | 56,300 | | *,e | | 58.COM, Inc (ADR) | | | 3,037 | |
| | 1,794,465 | | | | Activision Blizzard, Inc | | | 136,200 | |
| | 4,513 | | | | Addcn Technology Co Ltd | | | 36 | |
| | 172,405 | | * | | Adevinta ASA | | | 1,745 | |
| | 1,853 | | | | AfreecaTV Co Ltd | | | 98 | |
| | 67 | | * | | Agora, Inc (ADR) | | | 3 | |
| | 3,200 | | e | | Akatsuki, Inc | | | 114 | |
| | 6,597,467 | | *,e | | Alibaba Pictures Group Ltd | | | 883 | |
| | 567,718 | | * | | Alphabet, Inc (Class A) | | | 805,053 | |
| | 854,905 | | *,n | | Alphabet, Inc (Class C) | | | 1,208,502 | |
| | 840,128 | | * | | Altice NV (Class A) | | | 3,249 | |
| | 639,900 | | * | | Altice USA, Inc | | | 14,423 | |
| | 31,600 | | *,e | | Amazia, Inc | | | 1,202 | |
| | 48,433 | | e | | AMC Entertainment Holdings, Inc | | | 208 | |
| | 99,235 | | * | | AMC Networks, Inc | | | 2,321 | |
| | 21,740 | | | | Amuse, Inc | | | 446 | |
| | 48,152 | | e | | Antena 3 de Television S.A. | | | 126 | |
| | 674 | | | | APG SGA S.A. | | | 126 | |
| | 67,698 | | | | Arnoldo Mondadori Editore S.p.A. | | | 73 | |
| | 216,499 | | g | | Ascential plc | | | 777 | |
| | 2,943,961 | | g | | Auto Trader Group plc | | | 19,167 | |
| | 134,833 | | | | Autohome, Inc (ADR) | | | 10,180 | |
| | 17,259 | | | | Avex Group Holdings, Inc | | | 137 | |
| | 447,729 | | * | | Baidu, Inc (ADR) | | | 53,678 | |
| | 113,400 | | | | Beijing Enlight Media Co Ltd | | | 176 | |
| | 56,900 | | | | Beijing Kunlun Tech Co Ltd | | | 202 | |
| | 4,100 | | *,e | | Bengo4.com, Inc | | | 392 | |
| | 81,200 | | *,e | | Bilibili, Inc (ADR) | | | 3,761 | |
| | 6,600 | | * | | Bitauto Holdings Ltd (ADR) | | | 105 | |
| | 11,195 | | * | | Black Diamond Therapeutics, Inc | | | 472 | |
| | 1,511,806 | | | | Borussia Dortmund GmbH & Co KGaA | | | 9,800 | |
| | 16,565 | | *,e | | Boston Omaha Corp | | | 265 | |
| | 704 | | | | Cable One, Inc | | | 1,249 | |
| | 28,257 | | | | Cairo Communication S.p.A. | | | 47 | |
| | 126,447 | | | | Capcom Co Ltd | | | 4,628 | |
| | 63,886 | | * | | Cardlytics, Inc | | | 4,471 | |
| | 222,138 | | * | | Cargurus, Inc | | | 5,631 | |
| | 118,633 | | * | | Cars.com, Inc | | | 683 | |
| | 191,861 | | | | carsales.com Ltd | | | 2,375 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 54,250 | | * | | CD Projekt Red S.A. | | $ | 5,467 | |
| | 19,689 | | * | | Central European Media Enterprises Ltd (Class A) | | | 72 | |
| | 210,391 | | * | | Central European Media Enterprises Ltd (Class A) (NASDAQ) | | | 745 | |
| | 1,032,618 | | * | | Central Retail Corp PCL | | | 1,086 | |
| | 270,799 | | * | | Charter Communications, Inc | | | 138,118 | |
| | 37,662 | | | | Cheil Communications, Inc | | | 520 | |
| | 161,865 | | *,† | | Chennai Super Kings Cricket Ltd | | | 30 | |
| | 55,300 | | | | China Film Co Ltd | | | 103 | |
| | 171,000 | | *,e,g | | China Literature Ltd | | | 1,160 | |
| | 69,100 | | | | China South Publishing & Media Group Co Ltd | | | 104 | |
| | 44,400 | | | | Chinese Universe Publishing and Media Group Co Ltd | | | 74 | |
| | 234,715 | | | | Cinemark Holdings, Inc | | | 2,711 | |
| | 72,509 | | e | | Cineplex Galaxy Income Fund | | | 429 | |
| | 1,151,644 | | e | | Cineworld Group plc | | | 865 | |
| | 3,294 | | * | | CJ CGV Co Ltd | | | 57 | |
| | 6,054 | | | | CJ Hellovision Co Ltd | | | 20 | |
| | 56,401 | | | | Cogeco Communications, Inc | | | 4,063 | |
| | 14,064 | | | | Cogeco, Inc | | | 839 | |
| | 112,208 | | *,e | | COLOPL, Inc | | | 1,026 | |
| | 11,701 | | | | Com2uSCorp | | | 1,148 | |
| | 12,549,671 | | | | Comcast Corp (Class A) | | | 489,186 | |
| | 83,316 | | * | | comScore, Inc | | | 258 | |
| | 2,118,849 | | * | | Conyers Park II Acquisition Corp | | | 24,791 | |
| | 31,700 | | *,e | | COOKPAD, Inc | | | 93 | |
| | 529,039 | | e | | Corus Entertainment, Inc | | | 1,114 | |
| | 90,513 | | | | CTS Eventim AG. | | | 3,779 | |
| | 91,910 | | | | CyberAgent, Inc | | | 4,518 | |
| | 227,895 | | * | | Cyfrowy Polsat S.A. | | | 1,523 | |
| | 36,731 | | | | Daiichikosho Co Ltd | | | 1,099 | |
| | 1,052 | | *,e | | Daily Journal Corp | | | 284 | |
| | 182,216 | | e | | Daily Mail & General Trust plc | | | 1,557 | |
| | 52,911 | | | | Dena Co Ltd | | | 661 | |
| | 65,228 | | e | | Dentsu, Inc | | | 1,547 | |
| | 47,775 | | * | | DHI Group, Inc | | | 100 | |
| | 78,579 | | | | Dip Corp | | | 1,596 | |
| | 45,484 | | *,e | | Discovery, Inc (Class A) | | | 960 | |
| | 74,119 | | * | | Discovery, Inc (Class C) | | | 1,428 | |
| | 421,285 | | * | | DISH Network Corp (Class A) | | | 14,539 | |
| | 122,102 | | | | Domain Holdings Australia Ltd | | | 285 | |
| | 1,439 | | | | Echo Marketing, Inc | | | 43 | |
| | 789,941 | | * | | Electronic Arts, Inc | | | 104,312 | |
| | 338,437 | | * | | Embracer Group AB | | | 4,756 | |
| | 706,897 | | | | Entercom Communications Corp (Class A) | | | 976 | |
| | 473,887 | | | | Entravision Communications Corp (Class A) | | | 678 | |
| | 67,926 | | *,e | | Eros International plc | | | 215 | |
| | 79,046 | | | | Euromoney Institutional Investor plc | | | 771 | |
| | 283,109 | | | | Eutelsat Communications | | | 2,619 | |
| | 80,092 | | * | | Eventbrite Inc | | | 686 | |
| | 55,277 | | *,e | | EverQuote Inc | | | 3,215 | |
| | 93,056 | | | | EW Scripps Co (Class A) | | | 814 | |
| | 21,729 | | | | F@N Communications, Inc | | | 90 | |
| | 6,555,469 | | *,n | | Facebook, Inc | | | 1,488,550 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 36,589 | | * | | Fluent, Inc | | $ | 65 | |
| | 673,240 | | | | Focus Media Information Technology Co Ltd | | | 533 | |
| | 291,601 | | | | Fox Corp (Class A) | | | 7,821 | |
| | 255,836 | | | | Fox Corp (Class B) | | | 6,867 | |
| | 11,388 | | * | | Frontier Developments plc | | | 261 | |
| | 471,670 | | e | | Future plc | | | 7,445 | |
| | 10,570 | | *,e | | Gaia, Inc | | | 89 | |
| | 67,300 | | e | | Gakken Co Ltd | | | 906 | |
| | 168,820 | | *,e | | Gannett Co, Inc | | | 233 | |
| | 3,900 | | | | G-bits Network Technology Xiamen Co Ltd | | | 304 | |
| | 39,500 | | | | Giant Network Group Co Ltd | | | 97 | |
| | 6,100 | | *,e | | giftee, Inc | | | 135 | |
| | 235,000 | | * | | Glory Sun Land Group Ltd | | | 14 | |
| | 487,139 | | * | | Glu Mobile, Inc | | | 4,516 | |
| | 115,800 | | | | Gourmet Navigator, Inc | | | 796 | |
| | 150,990 | | * | | Gray Television, Inc | | | 2,106 | |
| | 416,700 | | e | | Gree, Inc | | | 1,791 | |
| | 1,880,327 | | *,e | | Grupo Televisa S.A. | | | 1,974 | |
| | 2,582,677 | | * | | Grupo Televisa SAB (ADR) | | | 13,533 | |
| | 22,143 | | * | | GungHo Online Entertainment Inc | | | 396 | |
| | 208,837 | | | | Hakuhodo DY Holdings, Inc | | | 2,492 | |
| | 16,496 | | * | | Hemisphere Media Group, Inc | | | 162 | |
| | 3,000 | | *,e | | Heroz, Inc | | | 100 | |
| | 70,000 | | | | Homeland Interactive Technology Ltd | | | 26 | |
| | 122,205 | | e | | HT&E Ltd | | | 101 | |
| | 962,600 | | *,e | | HUYA, Inc (ADR) | | | 17,972 | |
| | 8,829 | | | | Hyundai Hy Communications & Network Co | | | 32 | |
| | 92,158 | | * | | IBN18 Broadcast Ltd | | | 41 | |
| | 98,800 | | *,g | | iDreamSky Technology Holdings Ltd | | | 64 | |
| | 3,395,000 | | e | | IGG, Inc | | | 2,792 | |
| | 177,593 | | * | | iHeartMedia, Inc | | | 1,483 | |
| | 28,900 | | e,g | | IMAX China Holding, Inc | | | 42 | |
| | 85,438 | | * | | Imax Corp | | | 958 | |
| | 34,469 | | | | Info Edge India Ltd | | | 1,259 | |
| | 1,362,327 | | | | Informa plc | | | 7,877 | |
| | 30,576 | | | | Innocean Worldwide, Inc | | | 1,140 | |
| | 11,247 | | | | Inox Leisure Ltd | | | 34 | |
| | 90,000 | | | | International Games System Co Ltd | | | 2,252 | |
| | 589,207 | | | | Interpublic Group of Cos, Inc | | | 10,111 | |
| | 53,624 | | | | IPSOS | | | 1,352 | |
| | 409,800 | | * | | IQIYI, Inc (ADR) | | | 9,503 | |
| | 233,110 | | | | iShares MSCI Saudi Arabia ETF | | | 6,135 | |
| | 3,656 | | * | | Itokuro, Inc | | | 45 | |
| | 9,527,782 | | | | ITV plc | | | 8,806 | |
| | 180,881 | | | | JC Decaux S.A. | | | 3,379 | |
| | 1,088 | | | | Jcontentree Corp | | | 28 | |
| | 220,362 | | * | | JDE Peet’s BV | | | 8,933 | |
| | 9,734 | | | | John Wiley & Sons, Inc (Class A) | | | 380 | |
| | 8,339 | | * | | Just Dial Ltd | | | 44 | |
| | 299,445 | | *,e | | Juventus Football Club S.p.A. | | | 311 | |
| | 9,595 | | | | JYP Entertainment Corp | | | 170 | |
| | 191,905 | | | | Kadokawa Dwango Corp | | | 3,943 | |
| | 97,180 | | | | Kakaku.com, Inc | | | 2,476 | |
| | 92,134 | | | | Kakao Corp | | | 20,675 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 112,600 | | *,e | | Kamakura Shinsho Ltd | | $ | 1,180 | |
| | 7,843 | | e | | Kinepolis Group NV | | | 355 | |
| | 16,184 | | * | | KLab, Inc | | | 110 | |
| | 63,171 | | | | Konami Corp | | | 2,108 | |
| | 69,480 | | | | KT Skylife Co Ltd | | | 460 | |
| | 29,486 | | e | | Lagardere S.C.A. | | | 421 | |
| | 346,400 | | | | Leo Group Co Ltd | | | 189 | |
| | 576,767 | | * | | Leyou Technologies Holdings Ltd | | | 190 | |
| | 8,406 | | * | | Liberty Braves Group (Class A) | | | 169 | |
| | 144,310 | | * | | Liberty Braves Group (Class C) | | | 2,849 | |
| | 54,270 | | * | | Liberty Broadband Corp (Class A) | | | 6,631 | |
| | 203,631 | | * | | Liberty Broadband Corp (Class C) | | | 25,242 | |
| | 194,001 | | * | | Liberty Global plc (Class A) | | | 4,241 | |
| | 56,439 | | * | | Liberty Media Group (Class A) | | | 1,647 | |
| | 496,505 | | * | | Liberty Media Group (Class C) | | | 15,744 | |
| | 214,020 | | * | | Liberty SiriusXM Group (Class A) | | | 7,388 | |
| | 464,873 | | * | | Liberty SiriusXM Group (Class C) | | | 16,015 | |
| | 155,547 | | * | | Liberty TripAdvisor Holdings, Inc | | | 331 | |
| | 42,720 | | * | | LINE Corp | | | 2,150 | |
| | 168,516 | | *,e | | Lions Gate Entertainment Corp (Class A) | | | 1,249 | |
| | 240,518 | | * | | Lions Gate Entertainment Corp (Class B) | | | 1,643 | |
| | 194,333 | | * | | Live Nation, Inc | | | 8,615 | |
| | 51,215 | | * | | LiveXLive Media, Inc | | | 185 | |
| | 34,255 | | | | Loral Space & Communications, Inc | | | 669 | |
| | 60,084 | | | | M6-Metropole Television | | | 680 | |
| | 124,523 | | | | Macromill, Inc | | | 860 | |
| | 38,356 | | * | | Madison Square Garden Co | | | 5,634 | |
| | 35,937 | | * | | Madison Square Garden Entertainment Corp | | | 2,695 | |
| | 559,214 | | * | | Mail.Ru Group Ltd | | | 12,582 | |
| | 128,500 | | | | Major Cineplex Group PCL (Foreign) | | | 63 | |
| | 71,890 | | * | | Mango Excellent Media Co Ltd | | | 666 | |
| | 41,575 | | | | Marcus Corp | | | 552 | |
| | 16,058 | | | | Marvelous, Inc | | | 105 | |
| | 350,033 | | *,e | | Match Group, Inc | | | 37,471 | |
| | 406,035 | | * | | Match Group, Inc (Euro OTC) | | | 131,312 | |
| | 412,960 | | * | | Match Group, Inc (NASDAQ) | | | 33,863 | |
| | 1,097,224 | | * | | Mediaset Espana Comunicacion SA | | | 4,070 | |
| | 151,042 | | *,e | | Mediaset S.p.A. | | | 269 | |
| | 59,964 | | * | | Meet Group, Inc | | | 374 | |
| | 267,668 | | | | Megacable Holdings SAB de C.V. | | | 783 | |
| | 50,675 | | e | | Meredith Corp | | | 737 | |
| | 59,800 | | | | Mixi Inc | | | 1,058 | |
| | 684,000 | | g | | Mobvista, Inc | | | 393 | |
| | 34,810 | | * | | Modern Times Group AB (B Shares) | | | 379 | |
| | 254,200 | | | | Momo, Inc (ADR) | | | 4,443 | |
| | 35,626 | | *,e | | MSG Networks, Inc | | | 354 | |
| | 11,500 | | | | MTI Ltd | | | 68 | |
| | 390,840 | | * | | MultiChoice Group Ltd | | | 2,390 | |
| | 91,500 | | | | NanJi E-Commerce Co Ltd | | | 275 | |
| | 156,277 | | | | National CineMedia, Inc | | | 464 | |
| | 145,431 | | | | Naver Corp | | | 32,720 | |
| | 27,508 | | | | NCsoft | | | 20,464 | |
| | 950,000 | | | | NetDragon Websoft, Inc | | | 2,679 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 107,300 | | | | Netease.com (ADR) | | $ | 46,072 | |
| | 846,768 | | * | | Netflix, Inc | | | 385,313 | |
| | 11,828 | | *,e,g | | Netmarble Corp | | | 991 | |
| | 1,522 | | | | New Work SE | | | 469 | |
| | 260,559 | | | | New York Times Co (Class A) | | | 10,951 | |
| | 96,269 | | | | News Corp (Class A) | | | 1,142 | |
| | 25,641 | | | | News Corp (Class B) | | | 306 | |
| | 452,960 | | | | Nexon Co Ltd | | | 10,217 | |
| | 63,995 | | | | Nexstar Media Group Inc | | | 5,356 | |
| | 39,808 | | * | | Next Co Ltd | | | 157 | |
| | 2,130 | | * | | NHN Entertainment Corp | | | 147 | |
| | 783,296 | | | | Nine Entertainment Co Holdings Ltd | | | 755 | |
| | 1,130,634 | | * | | Ninety One plc | | | 2,904 | |
| | 193,331 | | | | Nintendo Co Ltd | | | 86,432 | |
| | 61,758 | | | | Nordic Entertainment Group AB | | | 1,899 | |
| | 280,000 | | e | | NOVA Group Holdings Ltd | | | 5 | |
| | 128,321 | | | | Omnicom Group, Inc | | | 7,006 | |
| | 532,241 | | | | oOh!media Ltd | | | 341 | |
| | 7,400 | | * | | OPT, Inc | | | 99 | |
| | 62,295 | | | | Paradox Interactive AB | | | 1,348 | |
| | 9,775 | | * | | Pearl Abyss Corp | | | 1,778 | |
| | 468,736 | | | | Pearson plc | | | 3,337 | |
| | 70,100 | | * | | Perfect World Co Ltd | | | 574 | |
| | 62,558 | | * | | Pinterest, Inc | | | 1,387 | |
| | 1,827,000 | | | | Plan B Media PCL | | | 358 | |
| | 100,800 | | *,e | | PR Times, Inc | | | 2,684 | |
| | 402,249 | | * | | Promotora de Informaciones S.A. | | | 227 | |
| | 350,381 | | e | | ProSiebenSat. Media AG. | | | 4,187 | |
| | 70,200 | | | | Proto Corp | | | 655 | |
| | 32,578,600 | | | | PT Media Nusantara Citra Tbk | | | 2,075 | |
| | 540,845 | | *,e | | PT Multimedia Servicos de Telecomunicacoes e Multimedia SGPS S.A. | | | 2,362 | |
| | 1,362,700 | | | | PT Surya Citra Media Tbk | | | 112 | |
| | 60,274 | | | | Publicis Groupe S.A. | | | 1,958 | |
| | 30,770 | | | | PVR Ltd | | | 410 | |
| | 239,860 | | | | Quebecor, Inc | | | 5,154 | |
| | 108,897 | | * | | QuinStreet, Inc | | | 1,139 | |
| | 13,700 | | *,e | | Qutoutiao, Inc (ADR) | | | 41 | |
| | 224,792 | | *,g | | RAI Way S.p.A | | | 1,479 | |
| | 50,941 | | | | REA Group Ltd | | | 3,839 | |
| | 1,565,895 | | | | Rightmove plc | | | 10,585 | |
| | 155,594 | | * | | Roku, Inc | | | 18,131 | |
| | 22,580 | | e,g | | Rovio Entertainment Oyj | | | 139 | |
| | 11,653 | | * | | RPA Holdings, Inc | | | 86 | |
| | 81,900 | | | | RS PCL | | | 43 | |
| | 2,913 | | | | Saga Communications, Inc | | | 75 | |
| | 82,344 | | | | Sanoma-WSOY Oyj | | | 835 | |
| | 7,867 | | * | | Saudi Research & Marketing Group | | | 133 | |
| | 84,797 | | | | Schibsted ASA (B Shares) | | | 2,003 | |
| | 27,419 | | | | Scholastic Corp | | | 821 | |
| | 264,277 | | g | | Scout24 AG. | | | 20,447 | |
| | 294,669 | | *,e | | Sea Ltd (ADR) | | | 31,600 | |
| | 1,000,000 | | *,e | | Septeni Holdings Co Ltd | | | 1,856 | |
| | 319,860 | | | | SES Global S.A. | | | 2,186 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 185,370 | | | | Shanghai Oriental Pearl Group Co Ltd | | $ | 254 | |
| | 513,827 | | | | Shaw Communications, Inc (B Shares) | | | 8,380 | |
| | 4,901 | | e | | Shochiku Co Ltd | | | 675 | |
| | 281,422 | | * | | Sina Corp | | | 10,106 | |
| | 86,723 | | e | | Sinclair Broadcast Group, Inc (Class A) | | | 1,601 | |
| | 1,579,700 | | e | | Singapore Press Holdings Ltd | | | 1,447 | |
| | 2,043,926 | | | | Sirius XM Holdings, Inc | | | 11,998 | |
| | 77,500 | | | | Sky Perfect Jsat Corp | | | 288 | |
| | 4,311 | | * | | SM Entertainment Co | | | 88 | |
| | 617,600 | | *,†,e | | SMI Holdings Group Ltd | | | 1 | |
| | 12,600 | | | | Smiles Fidelidade S.A. | | | 34 | |
| | 618,620 | | * | | Snap, Inc | | | 14,531 | |
| | 22,840 | | e | | Societe Television Francaise 1 | | | 124 | |
| | 14,540 | | | | Soft-World International Corp | | | 57 | |
| | 91,300 | | * | | Sohu.com Ltd (ADR) | | | 841 | |
| | 4,965,270 | | † | | Southern Cross Media Group | | | 608 | |
| | 284,432 | | * | | Spotify Technology S.A. | | | 73,437 | |
| | 57,300 | | | | Square Enix Co Ltd | | | 2,903 | |
| | 39,783 | | * | | Stillfront Group AB | | | 3,576 | |
| | 76,173 | | * | | Storytel AB | | | 1,571 | |
| | 34,293 | | * | | Stroer Out-of-Home Media AG. | | | 2,314 | |
| | 430,865 | | * | | Take-Two Interactive Software, Inc | | | 60,136 | |
| | 3,888 | | *,e | | Tamedia AG. | | | 289 | |
| | 104,418 | | * | | TechTarget, Inc | | | 3,136 | |
| | 24,500 | | | | Tecmo Koei Holdings Co Ltd | | | 798 | |
| | 490,074 | | | | TEGNA, Inc | | | 5,459 | |
| | 73,868 | | | | Telenet Group Holding NV | | | 3,044 | |
| | 163,496 | | e | | Television Broadcasts Ltd | | | 191 | |
| | 803 | | | | TEN Square Games S.A. | | | 107 | |
| | 9,442,890 | | | | Tencent Holdings Ltd | | | 605,080 | |
| | 972,100 | | * | | Tencent Music Entertainment (ADR) | | | 13,084 | |
| | 4,300 | | e | | Toei Animation Co Ltd | | | 202 | |
| | 5,584 | | | | Toei Co Ltd | | | 748 | |
| | 69,770 | | | | Toho Co Ltd | | | 2,520 | |
| | 20,500 | | | | Tokyo Broadcasting System, Inc | | | 328 | |
| | 14,616 | | | | Tribune Publishing Co | | | 146 | |
| | 129,734 | | | | TripAdvisor, Inc | | | 2,466 | |
| | 140,303 | | * | | TrueCar, Inc | | | 362 | |
| | 160,661 | | * | | Tuas Ltd | | | 75 | |
| | 88,613 | | | | TV Asahi Corp | | | 1,291 | |
| | 3,300 | | * | | TV Tokyo Corp | | | 73 | |
| | 2,323,433 | | * | | Twitter, Inc | | | 69,215 | |
| | 82,227 | | * | | Ubisoft Entertainment | | | 6,809 | |
| | 4,500 | | *,e | | UUUM, Inc | | | 104 | |
| | 30,500 | | e | | ValueCommerce Co Ltd | | | 820 | |
| | 14,335 | | * | | Vector, Inc | | | 117 | |
| | 18,389 | | | | ViacomCBS, Inc (Class A) | | | 471 | |
| | 1,615,987 | | | | ViacomCBS, Inc (Class B) | | | 37,685 | |
| | 39,607 | | | | Village Roadshow Ltd | | | 60 | |
| | 633,629 | | | | Vivendi Universal S.A. | | | 16,373 | |
| | 5,309,554 | | | | Walt Disney Co | | | 592,068 | |
| | 86,500 | | * | | Wanda Film Holding Co Ltd | | | 187 | |
| | 45,608 | | * | | Webzen, Inc | | | 835 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 34,698 | | *,e | | Weibo Corp (ADR) | | $ | 1,166 | |
| | 2,132 | | | | WeMade Entertainment Co Ltd | | | 73 | |
| | 214,013 | | * | | WideOpenWest, Inc | | | 1,128 | |
| | 40,800 | | * | | Wise Talent Information Technology Co Ltd | | | 90 | |
| | 119,068 | | e | | World Wrestling Entertainment, Inc (Class A) | | | 5,173 | |
| | 2,300 | | | | Wowow, Inc | | | 52 | |
| | 2,177,989 | | | | WPP plc | | | 16,980 | |
| | 78,200 | | | | Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd | | | 519 | |
| | 2,786,001 | | | | Yahoo! Japan Corp | | | 13,673 | |
| | 100,722 | | * | | Yelp, Inc | | | 2,330 | |
| | 2,348 | | * | | YG Entertainment, Inc | | | 73 | |
| | 42,900 | | * | | Youzu Interactive Co Ltd | | | 159 | |
| | 493,872 | | | | ZEE Telefilms Ltd | | | 1,122 | |
| | 16,250 | | | | Zenrin Co Ltd | | | 184 | |
| | 28,900 | | | | ZIGExN Co Ltd | | | 91 | |
| | 86,587 | | * | | Zillow Group, Inc (Class A) | | | 4,977 | |
| | 247,948 | | *,e | | Zillow Group, Inc (Class C) | | | 14,284 | |
| | 1,441,243 | | * | | Zynga, Inc | | | 13,749 | |
| | | | | | TOTAL MEDIA & ENTERTAINMENT | | | 7,494,447 | |
| | | | | | | | | | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3% | | | | |
| | 45,684 | | * | | 10X Genomics, Inc | | | 4,080 | |
| | 747,500 | | *,g | | 3SBio, Inc | | | 951 | |
| | 7,588 | | *,e | | 89bio, Inc | | | 151 | |
| | 16,798 | | *,e | | AB Science S.A. | | | 171 | |
| | 6,893,414 | | | | AbbVie, Inc | | | 676,795 | |
| | 174,366 | | | | Abcam plc | | | 2,880 | |
| | 51,938 | | * | | Abeona Therapeutics, Inc | | | 151 | |
| | 5,658 | | * | | ABLBio, Inc | | | 147 | |
| | 324,004 | | * | | Acadia Pharmaceuticals, Inc | | | 15,704 | |
| | 60,391 | | *,e | | Accelerate Diagnostics, Inc | | | 916 | |
| | 32,452 | | * | | Acceleron Pharma, Inc | | | 3,092 | |
| | 74,515 | | *,e | | AcelRx Pharmaceuticals, Inc | | | 90 | |
| | 94,981 | | *,e | | Adaptive Biotechnologies Corp | | | 4,595 | |
| | 176,666 | | | | Adcock Ingram Holdings Ltd | | | 487 | |
| | 169,985 | | *,e | | ADMA Biologics, Inc | | | 498 | |
| | 61,986 | | * | | Aduro Biotech, Inc | | | 143 | |
| | 139,270 | | * | | Adverum Biotechnologies, Inc | | | 2,908 | |
| | 79,236 | | * | | Aeglea BioTherapeutics, Inc | | | 733 | |
| | 162,726 | | * | | Aerie Pharmaceuticals, Inc | | | 2,402 | |
| | 196,171 | | *,e | | Affimed NV | | | 905 | |
| | 138,554 | | *,e | | Agenus, Inc | | | 545 | |
| | 133,764 | | * | | Agile Therapeutics, Inc | | | 372 | |
| | 76,961 | | | | Agilent Technologies, Inc | | | 6,801 | |
| | 128,072 | | *,e | | Agios Pharmaceuticals, Inc | | | 6,849 | |
| | 41,534 | | *,e | | Aimmune Therapeutics, Inc | | | 694 | |
| | 41,831 | | | | Ajanta Pharma Ltd | | | 785 | |
| | 12,323 | | *,e | | Akcea Therapeutics, Inc | | | 169 | |
| | 462,004 | | * | | Akebia Therapeutics, Inc | | | 6,274 | |
| | 15,126 | | *,e | | Akero Therapeutics, Inc | | | 377 | |
| | 30,058 | | * | | Albireo Pharma, Inc | | | 796 | |
| | 75,281 | | *,†,e | | Alder Biopharmaceuticals Inc | | | 66 | |
| | 64,943 | | * | | Alector, Inc | | | 1,587 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 57,004 | | | | Alembic Pharmaceuticals Ltd | | $ | 688 | |
| | 449,570 | | * | | Alexion Pharmaceuticals, Inc | | | 50,460 | |
| | 6,861 | | * | | ALK-Abello AS | | | 1,837 | |
| | 125,069 | | * | | Alkermes plc | | | 2,427 | |
| | 27,822 | | *,e | | Allakos, Inc | | | 1,999 | |
| | 260,919 | | | | Alliance Pharma plc | | | 240 | |
| | 72,562 | | *,e | | Allogene Therapeutics, Inc | | | 3,107 | |
| | 161,136 | | * | | Alnylam Pharmaceuticals, Inc | | | 23,866 | |
| | 2,161 | | * | | Alteogen, Inc | | | 483 | |
| | 32,463 | | *,e | | AMAG Pharmaceuticals, Inc | | | 248 | |
| | 1,092,497 | | | | Amgen, Inc | | | 257,676 | |
| | 3,263 | | * | | Amicogen, Inc | | | 80 | |
| | 1,062,987 | | * | | Amicus Therapeutics, Inc | | | 16,030 | |
| | 200,533 | | * | | Amneal Pharmaceuticals, Inc | | | 955 | |
| | 69,004 | | * | | Amphastar Pharmaceuticals, Inc | | | 1,550 | |
| | 54,658 | | *,e | | AnaptysBio, Inc | | | 1,221 | |
| | 43,835 | | *,e | | Anavex Life Sciences Corp | | | 216 | |
| | 113,072 | | *,e | | AnGes MG, Inc | | | 2,335 | |
| | 12,621 | | * | | ANI Pharmaceuticals, Inc | | | 408 | |
| | 21,643 | | * | | Anika Therapeutics, Inc | | | 817 | |
| | 1,349 | | * | | Anterogen Co Ltd | | | 80 | |
| | 2,796,000 | | *,†,e | | Anxin-China Holdings Ltd | | | 4 | |
| | 84,701 | | * | | Apellis Pharmaceuticals, Inc | | | 2,766 | |
| | 48,200 | | | | Apeloa Pharmaceutical Co Ltd | | | 159 | |
| | 455,139 | | *,e | | Aphria, Inc | | | 1,951 | |
| | 33,798 | | * | | Applied Genetic Technologies Corp | | | 187 | |
| | 20,146 | | * | | Applied Therapeutics, Inc | | | 728 | |
| | 10,107 | | * | | Aprea Therapeutics, Inc | | | 392 | |
| | 44,638 | | * | | Aptinyx, Inc | | | 186 | |
| | 32,402 | | * | | Aquestive Therapeutics, Inc | | | 157 | |
| | 22,703 | | * | | Arcturus Therapeutics Holdings, Inc | | | 1,061 | |
| | 97,886 | | * | | Arcus Biosciences, Inc | | | 2,422 | |
| | 8,922 | | *,e | | Arcutis Biotherapeutics, Inc | | | 270 | |
| | 125,825 | | * | | Ardelyx, Inc | | | 871 | |
| | 157,914 | | * | | Arena Pharmaceuticals, Inc | | | 9,941 | |
| | 63,652 | | * | | Argenx SE | | | 14,328 | |
| | 244,933 | | * | | Arrowhead Pharmaceuticals Inc | | | 10,579 | |
| | 46,543 | | *,e | | Arvinas, Inc | | | 1,561 | |
| | 59,000 | | *,e,g | | Ascletis Pharma, Inc | | | 25 | |
| | 44,828 | | | | ASKA Pharmaceutical Co Ltd | | | 506 | |
| | 468,129 | | * | | Aspen Pharmacare Holdings Ltd | | | 3,888 | |
| | 40,864 | | * | | Aspira Women’s Health, Inc | | | 157 | |
| | 68,766 | | * | | Assembly Biosciences, Inc | | | 1,604 | |
| | 2,642,384 | | | | Astellas Pharma, Inc | | | 44,127 | |
| | 1,177 | | | | AstraZeneca Pharma India Ltd | | | 55 | |
| | 3,205,222 | | | | AstraZeneca plc | | | 333,582 | |
| | 1,199,437 | | | | AstraZeneca plc (ADR) | | | 63,438 | |
| | 17,000 | | | | Asymchem Laboratories Tianjin Co Ltd | | | 584 | |
| | 61,446 | | *,e | | Atara Biotherapeutics, Inc | | | 895 | |
| | 5,358 | | * | | ATGen Co Ltd | | | 56 | |
| | 117,771 | | *,e | | Athenex, Inc | | | 1,621 | |
| | 258,903 | | *,e | | Athersys, Inc | | | 715 | |
| | 28,728 | | *,e | | Atreca, Inc | | | 611 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 91,941 | | *,e | | Aurinia Pharmaceuticals, Inc | | $ | 1,493 | |
| | 424,602 | | | | Aurobindo Pharma Ltd | | | 4,339 | |
| | 5,760,358 | | * | | Avantor, Inc | | | 97,926 | |
| | 6,023 | | * | | Avenue Therapeutics, Inc | | | 65 | |
| | 11,990 | | * | | AVEO Pharmaceuticals, Inc | | | 62 | |
| | 213,816 | | * | | Avid Bioservices, Inc | | | 1,404 | |
| | 58,313 | | * | | Avita Medical Ltd | | | 366 | |
| | 31,328 | | * | | Avrobio, Inc | | | 547 | |
| | 7,672 | | *,e | | Axcella Health, Inc | | | 42 | |
| | 60,028 | | * | | Axsome Therapeutics, Inc | | | 4,939 | |
| | 21,212 | | * | | Aytu BioScience, Inc | | | 30 | |
| | 12,723 | | | | Bachem Holding AG. | | | 3,360 | |
| | 6,392 | | *,e | | Basilea Pharmaceutica | | | 330 | |
| | 314,244 | | * | | Bausch Health Cos, Inc | | | 5,750 | |
| | 53,367 | | * | | Bavarian Nordic AS | | | 1,463 | |
| | 1,467,242 | | | | Bayer AG. | | | 108,757 | |
| | 19,561 | | * | | Beam Therapeutics, Inc | | | 548 | |
| | 35,100 | | *,e | | BeiGene Ltd (ADR) | | | 6,613 | |
| | 44,784 | | * | | Beijing Tiantan Biological Products Corp Ltd | | | 287 | |
| | 57,000 | | e | | Beijing Tong Ren Tang Chinese Medicine Co Ltd | | | 77 | |
| | 74,100 | | | | Beijing Tongrentang Co Ltd | | | 285 | |
| | 3,059 | | * | | Bellerophon Therapeutics, Inc | | | 38 | |
| | 44,379 | | *,e | | BELLUS Health, Inc | | | 459 | |
| | 18,800 | | | | Betta Pharmaceuticals Co Ltd | | | 373 | |
| | 12,286 | | *,e | | Beyondspring Inc | | | 185 | |
| | 21,400 | | * | | BGI Genomics Co Ltd | | | 472 | |
| | 5,826 | | * | | Binex Co Ltd | | | 62 | |
| | 16,736 | | e,g | | BioArctic AB | | | 132 | |
| | 212,938 | | | | Biocon Ltd | | | 1,097 | |
| | 506,014 | | *,e | | BioCryst Pharmaceuticals, Inc | | | 2,411 | |
| | 514,277 | | * | | BioDelivery Sciences International, Inc | | | 2,242 | |
| | 8,194 | | | | Biogaia AB (B Shares) | | | 451 | |
| | 195,715 | | * | | Biogen, Inc | | | 52,364 | |
| | 91,887 | | * | | Biohaven Pharmaceutical Holding Co Ltd | | | 6,718 | |
| | 789,992 | | * | | BioMarin Pharmaceutical, Inc | | | 97,438 | |
| | 7,674 | | * | | Bio-Rad Laboratories, Inc (Class A) | | | 3,465 | |
| | 6,688 | | * | | Biospecifics Technologies Corp | | | 410 | |
| | 31,681 | | | | Biotage AB | | | 474 | |
| | 4,365 | | | | Bio-Techne Corp | | | 1,153 | |
| | 357,021 | | * | | Biovitrum AB | | | 8,278 | |
| | 20,621 | | * | | Bioxcel Therapeutics Inc | | | 1,093 | |
| | 248,758 | | * | | Bluebird Bio, Inc | | | 15,184 | |
| | 89,321 | | * | | Blueprint Medicines Corp | | | 6,967 | |
| | 2,194 | | e | | Boiron S.A. | | | 90 | |
| | 267,583 | | | | Boryung Pharmaceutical Co Ltd | | | 3,777 | |
| | 23,237 | | *,e | | BrainStorm Cell Therapeutics, Inc | | | 260 | |
| | 101,182 | | *,e | | Bridgebio Pharma, Inc | | | 3,300 | |
| | 3,993,489 | | | | Bristol-Myers Squibb Co | | | 234,817 | |
| | 86,256 | | | | Bruker BioSciences Corp | | | 3,509 | |
| | 10,165 | | | | Bukwang Pharmaceutical Co Ltd | | | 288 | |
| | 18,546 | | * | | Cabaletta Bio, Inc | | | 207 | |
| | 90,883 | | * | | Calithera Biosciences, Inc | | | 480 | |
| | 5,334 | | *,e | | Calyxt, Inc | | | 26 | |
| | 14,248 | | *,e | | Camurus AB | | | 242 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 224,989 | | *,e | | Canopy Growth Corp (Toronto) | | $ | 3,644 | |
| | 45,847 | | *,e,g | | CanSino Biologics, Inc | | | 1,262 | |
| | 151,926 | | *,e | | Cara Therapeutics, Inc | | | 2,598 | |
| | 145,719 | | * | | CareDx, Inc | | | 5,163 | |
| | 40,413 | | *,e | | CASI Pharmaceuticals, Inc | | | 101 | |
| | 20,985 | | * | | Cassava Sciences, Inc | | | 65 | |
| | 24,087 | | * | | Castle Biosciences, Inc | | | 908 | |
| | 52,261 | | * | | Catabasis Pharmaceuticals, Inc | | | 336 | |
| | 365,998 | | * | | Catalent, Inc | | | 26,828 | |
| | 48,816 | | * | | Catalyst Biosciences, Inc | | | 287 | |
| | 85,153 | | * | | Catalyst Pharmaceuticals, Inc | | | 393 | |
| | 90,535 | | * | | Cellectis S.A. | | | 1,622 | |
| | 1,309 | | * | | Cellivery Therapeutics, Inc | | | 105 | |
| | 9,087 | | * | | Celltrion Pharm Inc | | | 967 | |
| | 108,956 | | * | | Celltrion, Inc | | | 27,886 | |
| | 11,796 | | *,e | | Cellular Biomedicine Group, Inc | | | 177 | |
| | 30,168 | | *,e | | CEL-SCI Corp | | | 450 | |
| | 62,928 | | | | Center Laboratories, Inc | | | 160 | |
| | 2,335 | | * | | Centogene NV | | | 53 | |
| | 12,050 | | * | | Cerecor Inc | | | 31 | |
| | 6,265 | | * | | Champions Oncology, Inc | | | 60 | |
| | 17,400 | | | | Changchun High & New Technology Industry Group, Inc | | | 1,071 | |
| | 74,887 | | * | | Charles River Laboratories International, Inc | | | 13,057 | |
| | 114,836 | | * | | Charlottes Web Holdings, Inc | | | 442 | |
| | 21,577 | | * | | Checkpoint Therapeutics Inc | | | 43 | |
| | 148,854 | | * | | ChemoCentryx, Inc | | | 8,565 | |
| | 6,327 | | | | Chemometec A.S. | | | 302 | |
| | 24,800 | | | | Chengdu Kanghong Pharmaceutical Group Co Ltd | | | 174 | |
| | 29,965 | | * | | Chiasma, Inc | | | 161 | |
| | 218,629 | | * | | Chimerix, Inc | | | 678 | |
| | 10,235,300 | | †,e | | China Animal Healthcare Ltd | | | 13 | |
| | 704,000 | | | | China Grand Pharmaceutical and Healthcare Holdings Ltd | | | 497 | |
| | 1,146,900 | | | | China Medical System Holdings Ltd | | | 1,356 | |
| | 957,500 | | g | | China Resources Pharmaceutical Group Ltd | | | 555 | |
| | 37,900 | | | | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | | | 157 | |
| | 938,000 | | | | China Shineway Pharmaceutical Group Ltd | | | 619 | |
| | 17,576 | | | | Chong Kun Dang Pharm Corp | | | 1,764 | |
| | 11,368 | | | | Chong Kun Dang Pharmaceutical Corp | | | 1,032 | |
| | 49,900 | | * | | Chongqing Zhifei Biological Products Co Ltd | | | 705 | |
| | 2,928 | | | | Choongwae Pharma Corp | | | 89 | |
| | 37,281 | | * | | ChromaDex Corp | | | 171 | |
| | 995,199 | | | | Chugai Pharmaceutical Co Ltd | | | 53,283 | |
| | 58,147 | | * | | Cidara Therapeutics, Inc | | | 215 | |
| | 410,319 | | | | Cipla Ltd | | | 3,480 | |
| | 176,729 | | | | Clinigen Group plc | | | 1,771 | |
| | 44,470 | | e | | Clinuvel Pharmaceuticals Ltd | | | 793 | |
| | 163,355 | | *,e | | Clovis Oncology, Inc | | | 1,103 | |
| | 24,049 | | * | | CMG Pharmaceutical Co Ltd | | | 80 | |
| | 47,478 | | | | CMIC Co Ltd | | | 628 | |
| | 48,654 | | * | | Codexis, Inc | | | 555 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 21,466 | | * | | Cohbar, Inc | | $ | 33 | |
| | 569,378 | | *,e | | Coherus Biosciences, Inc | | | 10,169 | |
| | 52,546 | | * | | Collegium Pharmaceutical, Inc | | | 920 | |
| | 90,489 | | *,e | | Compugen Ltd | | | 1,359 | |
| | 43,170 | | * | | Concert Pharmaceuticals, Inc | | | 430 | |
| | 66,132 | | * | | Constellation Pharmaceuticals, Inc | | | 1,987 | |
| | 1,963,000 | | | | Consun Pharmaceutical Group Ltd | | | 810 | |
| | 11,947 | | * | | ContraFect Corp | | | 76 | |
| | 61,726 | | *,e | | Corbus Pharmaceuticals Holdings, Inc | | | 518 | |
| | 166,014 | | *,e | | Corcept Therapeutics, Inc | | | 2,792 | |
| | 50,389 | | *,e | | CorMedix Inc | | | 317 | |
| | 28,551 | | *,e | | Cortexyme Inc | | | 1,322 | |
| | 3,999 | | *,e | | COSMO Pharmaceuticals NV | | | 366 | |
| | 74,318 | | * | | Crinetics Pharmaceuticals, Inc | | | 1,302 | |
| | 216,225 | | *,e | | Cronos Group, Inc | | | 1,303 | |
| | 7,964 | | * | | CrystalGenomics, Inc | | | 106 | |
| | 787,670 | | | | CSL Ltd | | | 156,659 | |
| | 4,729,953 | | | | CSPC Pharmaceutical Group Ltd | | | 8,958 | |
| | 468,000 | | *,g | | CStone Pharmaceuticals | | | 668 | |
| | 63,115 | | * | | Cue Biopharma, Inc | | | 1,547 | |
| | 63,305 | | * | | Cymabay Therapeutics, Inc | | | 221 | |
| | 128,900 | | * | | Cytokinetics, Inc | | | 3,038 | |
| | 189,180 | | * | | CytomX Therapeutics, Inc | | | 1,576 | |
| | 43,230 | | | | Da An Gene Co Ltd | | | 167 | |
| | 56,945 | | | | Daewon Pharmaceutical Co Ltd | | | 817 | |
| | 148,934 | | | | Daewoong Co Ltd | | | 3,398 | |
| | 1,041 | | | | Daewoong Pharmaceutical Co Ltd | | | 115 | |
| | 1,797,731 | | | | Daiichi Sankyo Co Ltd | | | 147,039 | |
| | 33,100 | | | | Daito Pharmaceutical Co Ltd | | | 1,227 | |
| | 22,195 | | *,e | | DBV Technologies S.A. | | | 197 | |
| | 449,554 | | | | Dechra Pharmaceuticals plc | | | 15,835 | |
| | 68,224 | | * | | Deciphera Pharmaceuticals, Inc | | | 4,074 | |
| | 106,065 | | *,e | | Denali Therapeutics, Inc | | | 2,565 | |
| | 14,074 | | | | Dermapharm Holding SE | | | 699 | |
| | 7,042 | | * | | DermTech, Inc | | | 93 | |
| | 149,676 | | * | | Dicerna Pharmaceuticals, Inc | | | 3,802 | |
| | 55,405 | | | | Divi S Laboratories Ltd | | | 1,673 | |
| | 9,703 | | | | Dong-A Pharmaceutical Co Ltd | | | 772 | |
| | 1,069 | | | | Dong-A ST Co Ltd | | | 77 | |
| | 39,700 | | | | Dong-E-E-Jiao Co Ltd | | | 201 | |
| | 23,107 | | | | DongKook Pharmaceutical Co Ltd | | | 2,332 | |
| | 4,319 | | * | | Dongsung Pharmaceutical Co Ltd | | | 45 | |
| | 192,678 | | | | Dr Reddy’s Laboratories Ltd | | | 10,092 | |
| | 92,936 | | | | Dr Reddys Laboratories Ltd (ADR) | | | 4,927 | |
| | 262,537 | | * | | Durect Corp | | | 609 | |
| | 39,494 | | * | | Dyadic International, Inc | | | 342 | |
| | 91,915 | | *,e | | Dynavax Technologies Corp | | | 815 | |
| | 9,613 | | * | | Eagle Pharmaceuticals, Inc | | | 461 | |
| | 82,609 | | * | | Ecofibre Ltd | | | 127 | |
| | 133,155 | | *,e | | Editas Medicine, Inc | | | 3,939 | |
| | 10,068 | | * | | Eidos Therapeutics, Inc | | | 480 | |
| | 20,547 | | * | | Eiger BioPharmaceuticals, Inc | | | 197 | |
| | 588,390 | | | | Eisai Co Ltd | | | 46,747 | |
| | 537,870 | | * | | Elanco Animal Health, Inc | | | 11,537 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,944,165 | | | | Eli Lilly & Co | | $ | 319,193 | |
| | 24,139 | | *,e | | Eloxx Pharmaceuticals, Inc | | | 73 | |
| | 101,109 | | * | | Emergent Biosolutions, Inc | | | 7,996 | |
| | 55,866 | | * | | Enanta Pharmaceuticals, Inc | | | 2,805 | |
| | 269,022 | | * | | Endo International plc | | | 923 | |
| | 4,377 | | *,e | | Enochian Biosciences Inc | | | 18 | |
| | 1,449 | | * | | Enzychem Lifesciences Corp | | | 112 | |
| | 4,432 | | * | | Eone Diagnomics Genome Center Co Ltd | | | 44 | |
| | 185,224 | | * | | Epizyme, Inc | | | 2,975 | |
| | 19,500 | | | | EPS Co Ltd | | | 187 | |
| | 32,169 | | g | | Eris Lifesciences Ltd | | | 195 | |
| | 75,362 | | *,e | | Esperion Thereapeutics, Inc | | | 3,867 | |
| | 59,000 | | | | Essex Bio-technology Ltd | | | 42 | |
| | 13,552 | | * | | Eton Pharmaceuticals, Inc | | | 74 | |
| | 14,836 | | e | | Eurofins Scientific | | | 9,358 | |
| | 762 | | * | | Eutilex Co Ltd | | | 44 | |
| | 10,977 | | * | | Evelo Biosciences, Inc | | | 54 | |
| | 83,701 | | * | | Evofem Biosciences Inc | | | 237 | |
| | 15,519 | | *,e | | Evolus, Inc | | | 82 | |
| | 101,358 | | * | | Evotec AG. | | | 2,767 | |
| | 386,840 | | * | | Exact Sciences Corp | | | 33,632 | |
| | 595,918 | | * | | Exelixis, Inc | | | 14,147 | |
| | 51,635 | | * | | Exicure, Inc | | | 126 | |
| | 812,192 | | | | Faes Farma S.A. (Sigma) | | | 3,311 | |
| | 154,806 | | * | | Fate Therapeutics, Inc | | | 5,311 | |
| | 52,117 | | | | FDC Ltd | | | 193 | |
| | 19,020 | | * | | Fennec Pharmaceuticals, Inc | | | 159 | |
| | 188,841 | | * | | FibroGen, Inc | | | 7,654 | |
| | 26,091 | | * | | Five Prime Therapeutics, Inc | | | 159 | |
| | 103,919 | | *,e | | Flexion Therapeutics, Inc | | | 1,367 | |
| | 215,265 | | * | | Fluidigm Corp | | | 863 | |
| | 107,876 | | * | | Fortress Biotech, Inc | | | 289 | |
| | 35,612 | | *,e | | Frequency Therapeutics, Inc | | | 828 | |
| | 6,300 | | | | Fuji Pharma Co Ltd | | | 68 | |
| | 18,174 | | * | | Fulcrum Therapeutics, Inc | | | 332 | |
| | 44,223 | | * | | G1 Therapeutics, Inc | | | 1,073 | |
| | 74,918 | | * | | Galapagos NV | | | 14,734 | |
| | 36,031 | | * | | Galectin Therapeutics, Inc | | | 110 | |
| | 7,634 | | * | | Galera Therapeutics, Inc | | | 55 | |
| | 3,458 | | * | | Genexine Co Ltd | | | 274 | |
| | 20,755 | | *,e | | Genfit | | | 118 | |
| | 134,536 | | * | | Genmab AS | | | 45,365 | |
| | 174,900 | | *,e | | Genomma Lab Internacional S.A. de C.V. | | | 179 | |
| | 25,265 | | * | | Genprex, Inc | | | 79 | |
| | 1,908,000 | | *,e | | Genscript Biotech Corp | | | 3,946 | |
| | 149,945 | | | | Genus plc | | | 6,564 | |
| | 333,894 | | * | | Geron Corp | | | 728 | |
| | 46,712 | | | | Gerresheimer AG. | | | 4,317 | |
| | 1,713,936 | | | | Gilead Sciences, Inc | | | 131,870 | |
| | 3,658,289 | | | | GlaxoSmithKline plc | | | 73,896 | |
| | 227,900 | | | | GlaxoSmithKline plc (ADR) | | | 9,296 | |
| | 347,473 | | | | Glenmark Pharmaceuticals Ltd | | | 2,074 | |
| | 23,683 | | * | | Global Blood Therapeutics, Inc | | | 1,495 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 54,013 | | * | | GlycoMimetics, Inc | | $ | 203 | |
| | 23,201 | | * | | GNI Group Ltd | | | 356 | |
| | 58,042 | | *,e | | Gossamer Bio, Inc | | | 755 | |
| | 201,353 | | | | Granules India Ltd | | | 540 | |
| | 1,376 | | | | Green Cross Cell Corp | | | 47 | |
| | 1,320 | | | | Green Cross Corp | | | 163 | |
| | 4,741 | | | | Green Cross Holdings Corp | | | 95 | |
| | 1,111 | | | | Green Cross LabCell Corp | | | 47 | |
| | 69,969 | | e | | Grifols S.A. | | | 2,128 | |
| | 37,697 | | *,e | | Gritstone Oncology, Inc | | | 250 | |
| | 4,829 | | * | | G-treeBNT Co Ltd | | | 99 | |
| | 60,700 | | | | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | | | 278 | |
| | 8 | | * | | GW Pharmaceuticals plc | | | 0 | ^ |
| | 69,313 | | *,e | | GW Pharmaceuticals plc (ADR) | | | 8,506 | |
| | 8,935 | | | | H Lundbeck AS | | | 338 | |
| | 333,328 | | * | | Halozyme Therapeutics, Inc | | | 8,937 | |
| | 6,932 | | * | | Han All Pharmarceutical Co | | | 164 | |
| | 1,687 | | | | Handok Pharmaceuticals Co Ltd | | | 43 | |
| | 236,532 | | | | Hangzhou Tigermed Consulting Co Ltd | | | 3,405 | |
| | 20,001 | | | | Hanmi Pharm Co Ltd | | | 4,081 | |
| | 17,252 | | *,e | | Hansa Medical AB | | | 322 | |
| | 288,000 | | *,g | | Hansoh Pharmaceutical Group Co Ltd | | | 1,362 | |
| | 47,223 | | * | | Harpoon Therapeutics, Inc | | | 784 | |
| | 19,890 | | * | | Harrow Health, Inc | | | 104 | |
| | 32,938 | | * | | Harvard Bioscience, Inc | | | 102 | |
| | 11,300 | | * | | HEALIOS KK | | | 182 | |
| | 246,205 | | * | | Heron Therapeutics, Inc | | | 3,622 | |
| | 131,527 | | | | Hikma Pharmaceuticals plc | | | 3,609 | |
| | 37,159 | | | | Hisamitsu Pharmaceutical Co, Inc | | | 2,009 | |
| | 29,932 | | * | | Homology Medicines, Inc | | | 455 | |
| | 28,590 | | *,e | | Hookipa Pharma, Inc | | | 332 | |
| | 1,070,801 | | * | | Horizon Therapeutics Plc | | | 59,515 | |
| | 2,548,684 | | *,†,e | | Hua Han Bio-Pharmaceutical Holdings Ltd | | | 20 | |
| | 89,117 | | | | Hualan Biological Engineering, Inc | | | 633 | |
| | 19,700 | | | | Hubei Jumpcan Pharmaceutical Co Ltd | | | 71 | |
| | 606 | | * | | Hugel, Inc | | | 239 | |
| | 8,511 | | | | Huons Co Ltd | | | 390 | |
| | 113,800 | | * | | Hutchison China MediTech Ltd (ADR) | | | 3,139 | |
| | 213,517 | | | | Hypermarcas S.A. | | | 1,307 | |
| | 43,440 | | * | | iBio, Inc | | | 96 | |
| | 18,434 | | * | | Ideaya Biosciences, Inc | | | 262 | |
| | 94,521 | | * | | Idorsia Ltd | | | 3,038 | |
| | 14,104 | | * | | IGM Biosciences, Inc | | | 1,030 | |
| | 97,194 | | | | Il Dong Pharmaceutical Co Ltd | | | 1,220 | |
| | 314,649 | | * | | Illumina, Inc | | | 116,530 | |
| | 2,883 | | | | Ilyang Pharmaceutical Co Ltd | | | 155 | |
| | 7,232 | | * | | IMARA, Inc | | | 200 | |
| | 3,076 | | * | | Immunic, Inc | | | 37 | |
| | 402,357 | | * | | Immunogen, Inc | | | 1,851 | |
| | 206,335 | | * | | Immunomedics, Inc | | | 7,313 | |
| | 38,472 | | * | | Immunovant, Inc | | | 937 | |
| | 308,407 | | * | | Incyte Corp | | | 32,065 | |
| | 914,285 | | * | | Indivior plc | | | 940 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 140,790 | | *,e | | Innate Pharma S.A. | | $ | 882 | |
| | 984,500 | | *,g | | Innovent Biologics, Inc | | | 7,327 | |
| | 308,367 | | * | | Innoviva, Inc | | | 4,311 | |
| | 354,419 | | *,e | | Inovio Pharmaceuticals, Inc | | | 9,552 | |
| | 158,279 | | * | | Insmed, Inc | | | 4,359 | |
| | 140,564 | | *,e | | Intellia Therapeutics, Inc | | | 2,955 | |
| | 25,940 | | *,e | | Intercept Pharmaceuticals, Inc | | | 1,243 | |
| | 83,991 | | * | | Intersect ENT, Inc | | | 1,137 | |
| | 118,468 | | * | | Intra-Cellular Therapies, Inc | | | 3,041 | |
| | 4,945 | | * | | iNtRON Biotechnology, Inc | | | 62 | |
| | 253,605 | | *,e | | Invitae Corp | | | 7,682 | |
| | 175,568 | | * | | Ionis Pharmaceuticals, Inc | | | 10,351 | |
| | 41,782 | | * | | Iovance Biotherapeutics, Inc | | | 1,147 | |
| | 15,681 | | | | Ipsen | | | 1,330 | |
| | 486,932 | | * | | IQVIA Holdings, Inc | | | 69,086 | |
| | 387,176 | | * | | Ironwood Pharmaceuticals, Inc | | | 3,996 | |
| | 77,034 | | * | | IVERIC bio, Inc | | | 393 | |
| | 6,500 | | *,e | | Japan Tissue Engineering Co Lt | | | 42 | |
| | 693,411 | | * | | Jazz Pharmaceuticals plc | | | 76,511 | |
| | 4,165 | | * | | JB Chemicals & Pharmaceuticals Ltd | | | 39 | |
| | 15,686 | | | | JCR Pharmaceuticals Co Ltd | | | 1,654 | |
| | 1,052 | | | | Jeil Pharmaceutical Co Ltd | | | 41 | |
| | 485,522 | | | | Jiangsu Hengrui Medicine Co Ltd | | | 6,345 | |
| | 34,400 | | * | | Jilin Aodong Pharmaceutical Group Co Ltd | | | 77 | |
| | 47,100 | | | | Jinyu Bio-Technology Co Ltd | | | 186 | |
| | 5,475,018 | | | | Johnson & Johnson | | | 769,952 | |
| | 89,000 | | * | | Joincare Pharmaceutical Group Industry Co Ltd | | | 205 | |
| | 28,492 | | * | | Jounce Therapeutics, Inc | | | 197 | |
| | 165,362 | | | | Jubilant Organosys Ltd | | | 1,444 | |
| | 169,573 | | | | JW Holdings Corp | | | 756 | |
| | 174,753 | | * | | Kadmon Holdings, Inc | | | 895 | |
| | 106,504 | | | | Kaken Pharmaceutical Co Ltd | | | 5,454 | |
| | 47,748 | | *,e | | Kala Pharmaceuticals, Inc | | | 502 | |
| | 10,868 | | * | | Kaleido Biosciences Inc | | | 81 | |
| | 62,036 | | * | | KalVista Pharmaceuticals Inc | | | 751 | |
| | 39,140 | | * | | Karo Pharma AB | | | 231 | |
| | 25,101 | | *,e | | Karuna Therapeutics, Inc | | | 2,798 | |
| | 161,487 | | * | | Karyopharm Therapeutics, Inc | | | 3,059 | |
| | 6,040 | | * | | Keros Therapeutics, Inc | | | 227 | |
| | 44,783 | | * | | Kezar Life Sciences, Inc | | | 232 | |
| | 34,172 | | * | | Kindred Biosciences, Inc | | | 153 | |
| | 58,773 | | * | | Kiniksa Pharmaceuticals Ltd | | | 1,498 | |
| | 14,900 | | | | Kissei Pharmaceutical Co Ltd | | | 376 | |
| | 124,216 | | * | | Knight Therapeutics, Inc | | | 642 | |
| | 44,650 | | *,e | | Kodiak Sciences, Inc | | | 2,416 | |
| | 8,349 | | * | | Komipharm International Co Ltd | | | 119 | |
| | 61,817 | | | | Korea United Pharm Inc | | | 1,238 | |
| | 10,413 | | * | | Krystal Biotech Inc | | | 431 | |
| | 242,461 | | * | | Kura Oncology, Inc | | | 3,952 | |
| | 141,342 | | | | Kwang Dong Pharmaceutical Co Ltd | | | 832 | |
| | 87,335 | | | | Kyorin Co Ltd | | | 1,789 | |
| | 197,870 | | e | | Kyowa Hakko Kogyo Co Ltd | | | 5,209 | |
| | 1,060 | | | | L&C Bio Co Ltd | | | 90 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 70,161 | | *,e | | La Jolla Pharmaceutical Co | | $ | 299 | |
| | 37,640 | | * | | Laboratorios Almirall S.A. | | | 497 | |
| | 46,985 | | *,e | | Lannett Co, Inc | | | 341 | |
| | 7,590 | | g | | Laurus Labs Ltd | | | 52 | |
| | 48,000 | | | | Lee’s Pharmaceutical Holdings Ltd | | | 26 | |
| | 3,364 | | * | | LegoChem Biosciences, Inc | | | 161 | |
| | 73,607 | | *,e | | Lexicon Pharmaceuticals, Inc | | | 147 | |
| | 22,083 | | *,e | | Ligand Pharmaceuticals, Inc (Class B) | | | 2,470 | |
| | 17,972 | | * | | Liquidia Technologies, Inc | | | 151 | |
| | 23,400 | | | | Livzon Pharmaceutical Group, Inc | | | 159 | |
| | 10,428 | | * | | LogicBio Therapeutics, Inc | | | 88 | |
| | 408,385 | | | | Lonza Group AG. | | | 216,320 | |
| | 19,000 | | * | | Lotus Pharmaceutical Co Ltd | | | 54 | |
| | 38,187 | | | | Luminex Corp | | | 1,242 | |
| | 184,639 | | | | Lupin Ltd | | | 2,231 | |
| | 1,077,000 | | e,g | | Luye Pharma Group Ltd | | | 662 | |
| | 192,429 | | * | | MacroGenics, Inc | | | 5,373 | |
| | 7,709 | | *,e | | Madrigal Pharmaceuticals, Inc | | | 873 | |
| | 18,195 | | * | | Magenta Therapeutics, Inc | | | 137 | |
| | 174,032 | | *,e | | MannKind Corp | | | 305 | |
| | 76,522 | | * | | Marinus Pharmaceuticals, Inc | | | 194 | |
| | 78,412 | | *,e | | Marker Therapeutics Inc | | | 162 | |
| | 5,531,704 | | *,e | | Mayne Pharma Group Ltd | | | 1,482 | |
| | 36,042 | | *,e | | MediciNova, Inc | | | 195 | |
| | 75,175 | | * | | Medpace Holdings, Inc | | | 6,993 | |
| | 9,474 | | * | | MedPacto, Inc | | | 425 | |
| | 997 | | | | Medy-Tox, Inc | | | 122 | |
| | 471,000 | | | | Mega Lifesciences PCL | | | 568 | |
| | 267,081 | | * | | MEI Pharma, Inc | | | 1,103 | |
| | 27,804 | | * | | MeiraGTx Holdings plc | | | 348 | |
| | 218,415 | | *,e | | Menlo Therapeutics, Inc | | | 378 | |
| | 4,698,912 | | | | Merck & Co, Inc | | | 363,367 | |
| | 84,201 | | | | Merck KGaA | | | 9,805 | |
| | 919 | | * | | Merck Ltd | | | 50 | |
| | 124,282 | | * | | Mersana Therapeutics, Inc | | | 2,908 | |
| | 462,028 | | *,e | | Mesoblast Ltd | | | 1,063 | |
| | 36,910 | | * | | Mettler-Toledo International, Inc | | | 29,733 | |
| | 1,452 | | * | | Mezzion Pharma Co Ltd | | | 278 | |
| | 105,201 | | * | | Minerva Neurosciences, Inc | | | 380 | |
| | 56,387 | | * | | Mirati Therapeutics, Inc | | | 6,438 | |
| | 10,396 | | *,e | | Mirum Pharmaceuticals, Inc | | | 202 | |
| | 9,001 | | *,e | | Mithra Pharmaceuticals S.A. | | | 184 | |
| | 13,575 | | | | Mochida Pharmaceutical Co Ltd | | | 506 | |
| | 370,843 | | * | | Moderna, Inc | | | 23,812 | |
| | 6,616 | | * | | Molecular Partners AG. | | | 104 | |
| | 78,465 | | * | | Molecular Templates, Inc | | | 1,082 | |
| | 253,711 | | * | | Momenta Pharmaceuticals, Inc | | | 8,441 | |
| | 10,597 | | *,e | | Morphic Holding, Inc | | | 287 | |
| | 47,592 | | * | | Morphosys AG. | | | 6,034 | |
| | 25,640 | | *,e | | Mustang Bio, Inc | | | 82 | |
| | 127,142 | | * | | Mylan NV | | | 2,044 | |
| | 77,809 | | * | | MyoKardia, Inc | | | 7,518 | |
| | 101,638 | | * | | Myriad Genetics, Inc | | | 1,153 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 68,700 | | | | Nanjing King-Friend Biochemical Pharmaceutical Co Ltd | | $ | 628 | |
| | 107,749 | | * | | NanoString Technologies, Inc | | | 3,162 | |
| | 24,958 | | * | | NantKwest, Inc | | | 306 | |
| | 104,800 | | | | Natco Pharma Ltd | | | 881 | |
| | 273,098 | | * | | Natera, Inc | | | 13,617 | |
| | 210,821 | | * | | Nektar Therapeutics | | | 4,883 | |
| | 206,330 | | * | | NeoGenomics, Inc | | | 6,392 | |
| | 77,514 | | * | | Neoleukin Therapeutics, Inc | | | 1,287 | |
| | 51,287 | | * | | Neubase Therapeutics, Inc | | | 450 | |
| | 3,696 | | * | | NeuroBo Pharmaceuticals, Inc | | | 30 | |
| | 221,890 | | * | | Neurocrine Biosciences, Inc | | | 27,071 | |
| | 24,316 | | * | | NextCure Inc | | | 521 | |
| | 40,363 | | *,e | | NGM Biopharmaceuticals Inc | | | 797 | |
| | 45,902 | | | | Nichi-iko Pharmaceutical Co Ltd | | | 557 | |
| | 28,500 | | | | Nippon Shinyaku Co Ltd | | | 2,326 | |
| | 2,212,027 | | | | Novartis AG. | | | 192,714 | |
| | 162,672 | | *,e | | Novavax, Inc | | | 13,559 | |
| | 2,027,778 | | | | Novo Nordisk AS | | | 132,105 | |
| | 34,186 | | * | | Nymox Pharmaceutical Corp | | | 121 | |
| | 27,963 | | * | | OBI Pharma, Inc | | | 110 | |
| | 86,591 | | *,e | | Ocular Therapeutix, Inc | | | 721 | |
| | 11,547 | | * | | Odonate Therapeutics, Inc | | | 489 | |
| | 93,910 | | *,e | | Omeros Corp | | | 1,382 | |
| | 142,728 | | * | | Oncocyte Corp | | | 273 | |
| | 18,362 | | *,e,g | | Oncopeptides AB | | | 258 | |
| | 59,000 | | * | | Oneness Biotech Co Ltd | | | 502 | |
| | 165,720 | | | | Ono Pharmaceutical Co Ltd | | | 4,837 | |
| | 637,958 | | *,e | | Opko Health, Inc | | | 2,175 | |
| | 129,550 | | *,e | | Optinose, Inc | | | 964 | |
| | 187,317 | | *,e | | Organigram Holdings, Inc | | | 293 | |
| | 10,820 | | * | | Organogenesis Holdings Inc | | | 42 | |
| | 15,785 | | * | | Orgenesis, Inc | | | 96 | |
| | 7,548 | | * | | ORIC Pharmaceuticals, Inc | | | 255 | |
| | 70,618 | | | | Orion Oyj (Class B) | | | 3,425 | |
| | 4,582 | | * | | Oscotec, Inc | | | 95 | |
| | 22,900 | | * | | Osmotica Pharmaceuticals plc | | | 154 | |
| | 203,180 | | | | Otsuka Holdings KK | | | 8,855 | |
| | 70,485 | | * | | Ovid therapeutics, Inc | | | 519 | |
| | 27,448 | | * | | Oxford Biomedica plc | | | 238 | |
| | 11,332 | | *,e | | Oyster Point Pharma, Inc | | | 327 | |
| | 129,602 | | * | | Pacific Biosciences of California, Inc | | | 447 | |
| | 117,270 | | * | | Pacira BioSciences Inc | | | 6,153 | |
| | 1,353,590 | | * | | Paion AG. | | | 4,033 | |
| | 28,343 | | * | | Paratek Pharmaceuticals, Inc | | | 148 | |
| | 44,088 | | * | | Passage Bio, Inc | | | 1,205 | |
| | 106,341 | | * | | PDL BioPharma, Inc | | | 309 | |
| | 29,100 | | * | | PeptiDream, Inc | | | 1,341 | |
| | 25,858 | | | | PerkinElmer, Inc | | | 2,536 | |
| | 1,202,506 | | e | | Perrigo Co plc | | | 66,463 | |
| | 18,609 | | *,e | | Personalis, Inc | | | 241 | |
| | 56,845 | | * | | Pfenex, Inc | | | 475 | |
| | 12,576,754 | | | | Pfizer, Inc | | | 411,260 | |
| | 329,591 | | e | | Pharma Mar S.A. | | | 2,847 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 877 | | | | PHARMA RESEARCH PRODUCTS Co Ltd | | $ | 40 | |
| | 20,472 | | | | PharmaEngine Inc | | | 56 | |
| | 34,000 | | * | | PharmaEssentia Corp | | | 136 | |
| | 15,951 | | | | Pharmally International Holding Co Ltd | | | 89 | |
| | 12,344 | | * | | Pharmicell Co Ltd | | | 190 | |
| | 1,031,005 | | *,e | | Pharming Group NV | | | 1,354 | |
| | 11,247 | | *,e | | PhaseBio Pharmaceuticals Inc | | | 52 | |
| | 16,359 | | * | | Phathom Pharmaceuticals, Inc | | | 538 | |
| | 91,344 | | | | Phibro Animal Health Corp | | | 2,400 | |
| | 37,152 | | * | | Pieris Pharmaceuticals, Inc | | | 115 | |
| | 1,559,589 | | | | Piramal Healthcare Ltd | | | 28,070 | |
| | 70,501 | | * | | Portola Pharmaceuticals, Inc | | | 1,268 | |
| | 162,905 | | * | | PRA Health Sciences, Inc | | | 15,849 | |
| | 79,883 | | * | | Precision BioSciences Inc | | | 665 | |
| | 44,868 | | * | | Prestige Consumer Healthcare, Inc. | | | 1,685 | |
| | 29,490 | | * | | Prevail Therapeutics, Inc | | | 439 | |
| | 98,314 | | * | | Principia Biopharma, Inc | | | 5,878 | |
| | 83,715 | | *,† | | Progenics Pharmaceuticals, Inc | | | 0 | |
| | 19,838 | | * | | Protagonist Therapeutics, Inc | | | 350 | |
| | 90,100 | | * | | Prothena Corp plc | | | 942 | |
| | 36,847 | | * | | Provention Bio, Inc | | | 520 | |
| | 32,009,631 | | | | PT Kalbe Farma Tbk | | | 3,284 | |
| | 95,042 | | * | | PTC Therapeutics, Inc | | | 4,822 | |
| | 105,927 | | *,e | | Puma Biotechnology, Inc | | | 1,105 | |
| | 59,959 | | * | | QIAGEN NV | | | 2,567 | |
| | 40,729 | | * | | QIAGEN NV (Turquoise) | | | 1,754 | |
| | 64,791 | | * | | Quanterix Corp | | | 1,775 | |
| | 130,744 | | * | | Radius Health, Inc | | | 1,782 | |
| | 14,512 | | * | | RAPT Therapeutics, Inc | | | 421 | |
| | 19,008 | | * | | Reata Pharmaceuticals, Inc | | | 2,966 | |
| | 41,606 | | *,e | | Recipharm AB | | | 513 | |
| | 103,327 | | e | | Recipharm AB (B Shares) | | | 1,282 | |
| | 106,452 | | | | Recordati S.p.A. | | | 5,327 | |
| | 43,842 | | * | | Recro Pharma, Inc | | | 199 | |
| | 557,592 | | * | | Regeneron Pharmaceuticals, Inc | | | 347,742 | |
| | 35,525 | | * | | REGENXBIO, Inc | | | 1,308 | |
| | 14,311 | | * | | Relmada Therapeutics, Inc | | | 640 | |
| | 15,454 | | * | | Repligen Corp | | | 1,910 | |
| | 57,710 | | * | | Replimune Group, Inc | | | 1,434 | |
| | 38,129 | | * | | Retrophin, Inc | | | 778 | |
| | 50,504 | | * | | Revance Therapeutics, Inc | | | 1,233 | |
| | 82,523 | | * | | REVOLUTION Medicines, Inc | | | 2,605 | |
| | 36,328 | | * | | Rhythm Pharmaceuticals, Inc | | | 810 | |
| | 150,271 | | | | Richter Gedeon Rt | | | 3,118 | |
| | 321,375 | | * | | Rigel Pharmaceuticals, Inc | | | 588 | |
| | 1,119,131 | | | | Roche Holding AG. | | | 387,722 | |
| | 30,534 | | * | | Rocket Pharmaceuticals, Inc | | | 639 | |
| | 338,677 | | * | | Royalty Pharma plc | | | 16,443 | |
| | 32,455 | | *,e | | Rubius Therapeutics, Inc | | | 194 | |
| | 100,374 | | * | | Sage Therapeutics, Inc | | | 4,174 | |
| | 2,800 | | | | Sam Chun Dang Pharm Co Ltd | | | 86 | |
| | 1,912 | | | | Samjin Pharmaceutical Co Ltd | | | 43 | |
| | 37,136 | | *,g | | Samsung Biologics Co Ltd | | | 24,092 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 15,024 | | *,e | | SanBio Co Ltd | | $ | 234 | |
| | 172,668 | | * | | Sangamo Therapeutics Inc | | | 1,547 | |
| | 5,219 | | | | Sanofi India Ltd | | | 544 | |
| | 2,360,256 | | | | Sanofi-Aventis | | | 240,710 | |
| | 271,730 | | | | Santen Pharmaceutical Co Ltd | | | 5,002 | |
| | 182,987 | | * | | Sarepta Therapeutics, Inc | | | 29,340 | |
| | 37,893 | | | | Sartorius Stedim Biotech | | | 9,607 | |
| | 12,542 | | * | | Satsuma Pharmaceuticals, Inc | | | 361 | |
| | 13,982 | | | | Saudi Pharmaceutical Industries & Medical Appliances Corp | | | 108 | |
| | 74,302 | | | | Sawai Pharmaceutical Co Ltd | | | 3,819 | |
| | 42,793 | | * | | Scholar Rock Holding Corp | | | 779 | |
| | 24,981 | | * | | Schrodinger, Inc | | | 2,288 | |
| | 53,960 | | | | Scinopharm Taiwan Ltd | | | 69 | |
| | 4,714 | | * | | scPharmaceuticals, Inc | | | 35 | |
| | 15,595 | | | | Searle Co Ltd | | | 19 | |
| | 461,170 | | * | | Seattle Genetics, Inc | | | 78,362 | |
| | 19,076 | | | | Seegene, Inc | | | 1,777 | |
| | 22,800 | | | | Seikagaku Corp | | | 240 | |
| | 86,485 | | * | | Selecta Biosciences, Inc | | | 246 | |
| | 119,162 | | *,e | | Seres Therapeutics, Inc | | | 567 | |
| | 39,400 | | | | Shandong Buchang Pharmaceuticals Co Ltd | | | 161 | |
| | 75,800 | | | | Shanghai Fosun Pharmaceutical Group Co Ltd | | | 362 | |
| | 315,251 | | | | Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong) | | | 1,057 | |
| | 55,000 | | | | Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Ltd | | | 38 | |
| | 87,300 | | | | Shanghai Haixin Group Co | | | 25 | |
| | 101,100 | | *,g | | Shanghai Haohai Biological Technology Co Ltd | | | 467 | |
| | 249,700 | | * | | Shanghai RAAS Blood Products Co Ltd | | | 299 | |
| | 64,400 | | | | Shenzhen Hepalink Pharmaceutical Group Co Ltd | | | 228 | |
| | 29,400 | | | | Shenzhen Kangtai Biological Products Co Ltd | | | 674 | |
| | 35,100 | | | | Shenzhen Salubris Pharmaceuticals Co Ltd | | | 148 | |
| | 60,100 | | | | Shijiazhuang Yiling Pharmaceutical Co Ltd | | | 266 | |
| | 5,596 | | | | Shilpa Medicare Ltd | | | 35 | |
| | 6,467 | | * | | Shin Poong Pharmaceutical Co Ltd | | | 162 | |
| | 204,532 | | | | Shionogi & Co Ltd | | | 12,831 | |
| | 59,500 | | | | Sichuan Kelun Pharmaceutical Co Ltd | | | 177 | |
| | 3,648 | | *,e | | Siegfried Holding AG. | | | 1,660 | |
| | 49,542 | | * | | SIGA Technologies, Inc | | | 293 | |
| | 868,000 | | | | Sihuan Pharmaceutical Holdings | | | 83 | |
| | 16,776 | | * | | Silence Therapeutics plc | | | 96 | |
| | 13,434 | | *,† | | SillaJen, Inc | | | 68 | |
| | 3,972,807 | | | | Sino Biopharmaceutical | | | 7,488 | |
| | 29,525 | | * | | Soleno Therapeutics, Inc | | | 66 | |
| | 25,872 | | *,e | | Solid Biosciences, Inc | | | 76 | |
| | 184,465 | | *,e | | Sorrento Therapeutics, Inc | | | 1,158 | |
| | 37,408 | | *,e | | Sosei Group | | | 605 | |
| | 198,321 | | * | | Spectrum Pharmaceuticals, Inc | | | 670 | |
| | 25,001 | | * | | Spero Therapeutics, Inc | | | 338 | |
| | 28,410 | | *,e | | SpringWorks Therapeutics, Inc | | | 1,193 | |
| | 872,000 | | | | SSY Group Ltd | | | 597 | |
| | 1,927 | | * | | ST Pharm Co Ltd | | | 65 | |
| | 5,375 | | * | | STCUBE | | | 47 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 11,064 | | * | | Stoke Therapeutics, Inc | | $ | 264 | |
| | 244,169 | | | | Strides Arcolab Ltd | | | 1,320 | |
| | 159,411 | | * | | Strongbridge Biopharma plc | | | 603 | |
| | 49,812 | | | | Sumitomo Dainippon Pharma Co Ltd | | | 690 | |
| | 15,756 | | * | | Sun Pharma Advanced Research Company Ltd | | | 34 | |
| | 981,989 | | | | Sun Pharmaceutical Industries Ltd | | | 6,164 | |
| | 166,969 | | * | | Supernus Pharmaceuticals, Inc | | | 3,966 | |
| | 23,486 | | * | | Sutro Biopharma, Inc | | | 182 | |
| | 49,076 | | * | | Syndax Pharmaceuticals, Inc | | | 727 | |
| | 25,611 | | * | | Syneos Health, Inc | | | 1,492 | |
| | 94,726 | | g | | Syngene International Ltd | | | 505 | |
| | 77,962 | | * | | Syros Pharmaceuticals, Inc | | | 831 | |
| | 57,799 | | * | | Taigen Biopharmaceuticals Holdings Ltd | | | 49 | |
| | 31,600 | | * | | Taiko Pharmaceutical Co Ltd | | | 763 | |
| | 40,000 | | * | | TaiMed Biologics, Inc | | | 123 | |
| | 9,922 | | | | Taisho Pharmaceutical Holdings Co Ltd | | | 609 | |
| | 74,546 | | | | Takara Bio, Inc | | | 2,124 | |
| | 1,049,499 | | | | Takeda Pharmaceutical Co Ltd | | | 37,706 | |
| | 21,124 | | * | | Tanvex BioPharma, Inc | | | 34 | |
| | 23,605 | | *,e | | TCR2 Therapeutics Inc | | | 363 | |
| | 14,865 | | | | Tecan Group AG. | | | 5,268 | |
| | 976,030 | | * | | Teva Pharmaceutical Industries Ltd (ADR) | | | 12,034 | |
| | 133,750 | | * | | TG Therapeutics, Inc | | | 2,605 | |
| | 6,237 | | * | | Theragen Etex Co Ltd | | | 54 | |
| | 223,304 | | *,e | | TherapeuticsMD, Inc | | | 279 | |
| | 65,851 | | *,e | | Theravance Biopharma, Inc | | | 1,382 | |
| | 770,551 | | | | Thermo Fisher Scientific, Inc | | | 279,201 | |
| | 31,300 | | | | Tianjin Chase Sun Pharmaceutical Co Ltd | | | 24 | |
| | 128,000 | | | | Tong Ren Tang Technologies Co Ltd | | | 97 | |
| | 95,300 | | | | Tonghua Dongbao Pharmaceutical Co Ltd | | | 236 | |
| | 6,565 | | | | Torii Pharmaceutical Co Ltd | | | 189 | |
| | 41,591 | | | | Torrent Pharmaceuticals Ltd | | | 1,308 | |
| | 110,100 | | | | Towa Pharmaceutical Co Ltd | | | 2,039 | |
| | 72,323 | | *,e | | Translate Bio, Inc | | | 1,296 | |
| | 25,120 | | * | | Tricida, Inc | | | 690 | |
| | 65,400 | | | | Tsumura & Co | | | 1,713 | |
| | 79,917 | | | | TTY Biopharm Co Ltd | | | 207 | |
| | 43,270 | | * | | Turning Point Therapeutics Inc | | | 2,795 | |
| | 71,704 | | * | | Twist Bioscience Corp | | | 3,248 | |
| | 55,998 | | *,e | | Tyme Technologies, Inc | | | 74 | |
| | 169,212 | | | | UCB S.A. | | | 19,636 | |
| | 104,867 | | * | | Ultragenyx Pharmaceutical, Inc | | | 8,203 | |
| | 4,680,680 | | *,e | | United Laboratories Ltd | | | 4,054 | |
| | 194,282 | | * | | United Therapeutics Corp | | | 23,508 | |
| | 76,006 | | *,e | | UNITY Biotechnology, Inc | | | 660 | |
| | 73,148 | | *,e | | UroGen Pharma Ltd | | | 1,911 | |
| | 109,795 | | * | | Vanda Pharmaceuticals, Inc | | | 1,256 | |
| | 39,279 | | * | | Vaxart, Inc | | | 348 | |
| | 296,841 | | * | | VBI Vaccines, Inc | | | 920 | |
| | 1,633,583 | | | | Vectura Group plc | | | 1,957 | |
| | 198,877 | | * | | Veracyte, Inc | | | 5,151 | |
| | 204,969 | | * | | Verastem, Inc | | | 353 | |
| | 138,306 | | * | | Vericel Corp | | | 1,911 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 21,703 | | * | | Verrica Pharmaceuticals, Inc | | $ | 239 | |
| | 10,588 | | * | | Versartis, Inc | | | 123 | |
| | 736,714 | | * | | Vertex Pharmaceuticals, Inc | | | 213,875 | |
| | 49,777 | | * | | Viela Bio, Inc | | | 2,156 | |
| | 136,483 | | | | Vifor Pharma AG. | | | 20,648 | |
| | 57,505 | | *,e | | Viking Therapeutics, Inc | | | 415 | |
| | 85,325 | | * | | Vir Biotechnology, Inc | | | 3,496 | |
| | 9,272 | | * | | Virbac S.A. | | | 2,032 | |
| | 13,644 | | * | | ViroMed Co Ltd | | | 699 | |
| | 64,656 | | | | Vitrolife AB | | | 1,445 | |
| | 67,501 | | * | | Voyager Therapeutics, Inc | | | 852 | |
| | 8,926 | | * | | vTv Therapeutics, Inc | | | 20 | |
| | 45,200 | | | | Walvax Biotechnology Co Ltd | | | 335 | |
| | 14,674 | | * | | Waters Corp | | | 2,647 | |
| | 18,554 | | *,e | | WaVe Life Sciences Ltd | | | 193 | |
| | 2,510,000 | | e | | Winteam Pharmaceutical Group Ltd | | | 1,214 | |
| | 6,426 | | * | | Wockhardt Ltd | | | 24 | |
| | 106,380 | | | | WuXi AppTec Co Ltd | | | 1,453 | |
| | 462,466 | | g | | WuXi AppTec Co Ltd (Hong Kong) | | | 6,040 | |
| | 3,722,651 | | *,g | | Wuxi Biologics Cayman, Inc | | | 68,332 | |
| | 34,763 | | * | | X4 Pharmaceuticals, Inc | | | 324 | |
| | 14,091 | | *,e | | XBiotech, Inc | | | 193 | |
| | 139,847 | | * | | Xencor, Inc | | | 4,530 | |
| | 35,018 | | *,e | | Xeris Pharmaceuticals, Inc | | | 93 | |
| | 12,007 | | * | | XOMA Corp | | | 237 | |
| | 1,854,000 | | e,g | | YiChang HEC ChangJiang Pharmaceutical Co Ltd | | | 3,805 | |
| | 54,900 | | | | Yifan Pharmaceutical Co Ltd | | | 179 | |
| | 55,890 | | * | | Y-mAbs Therapeutics, Inc | | | 2,414 | |
| | 25,713 | | | | Yuhan Corp | | | 1,089 | |
| | 19,255 | | * | | Yungjin Pharmaceutical Co Ltd | | | 89 | |
| | 505,000 | | | | YungShin Global Holding Corp | | | 841 | |
| | 44,300 | | | | Yunnan Baiyao Group Co Ltd | | | 589 | |
| | 37,800 | | * | | Zai Lab Ltd (ADR) | | | 3,105 | |
| | 26,676 | | * | | Zealand Pharma AS | | | 922 | |
| | 8,959 | | * | | Zentalis Pharmaceuticals, Inc | | | 430 | |
| | 12,000 | | | | Zeria Pharmaceutical Co Ltd | | | 223 | |
| | 18,900 | | | | Zhangzhou Pientzehuang Pharmaceutical Co Ltd | | | 456 | |
| | 123,300 | | * | | Zhejiang Conba Pharmaceutical Co Ltd | | | 96 | |
| | 45,870 | | | | Zhejiang Huahai Pharmaceutical Co Ltd | | | 221 | |
| | 93,800 | | | | Zhejiang NHU Co Ltd | | | 387 | |
| | 23,500 | | | | Zhejiang Wolwo Bio-Pharmaceutical Co Ltd | | | 207 | |
| | 282,465 | | *,e | | ZIOPHARM Oncology, Inc | | | 926 | |
| | 1,523,778 | | | | Zoetis, Inc | | | 208,819 | |
| | 162,265 | | * | | Zogenix, Inc | | | 4,383 | |
| | 22,300 | | *,e | | Zymeworks, Inc | | | 804 | |
| | | | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 8,863,723 | |
| | | | | | | | | | |
| REAL ESTATE - 3.2% | | | | |
| | 188,018 | | | | Abacus Property Group | | | 351 | |
| | 142,509 | | | | Acadia Realty Trust | | | 1,850 | |
| | 1,116 | | | | Activia Properties Inc | | | 3,867 | |
| | 29,842 | | g | | ADO Properties S.A. | | | 814 | |
| | 1,315 | | | | Advance Residence Investment Corp | | | 3,913 | |
| | 227,931 | | *,g | | Aedas Homes SAU | | | 4,133 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 33,972 | | | | Aedifica S.A. | | $ | 3,720 | |
| | 138,854 | | | | Aeon Mall Co Ltd | | | 1,845 | |
| | 3,853 | | | | AEON REIT Investment Corp | | | 4,097 | |
| | 13,183 | | * | | Africa Israel Properties Ltd | | | 308 | |
| | 1,001,791 | | | | Agile Property Holdings Ltd | | | 1,187 | |
| | 171,184 | | | | Agree Realty Corp | | | 11,249 | |
| | 285,500 | | | | AIMS AMP Capital Industrial REIT | | | 252 | |
| | 37,532 | | * | | Airport City Ltd | | | 404 | |
| | 5,452,253 | | | | Aldar Properties PJSC | | | 2,669 | |
| | 461,030 | | | | Alexander & Baldwin, Inc | | | 5,620 | |
| | 1,910 | | | | Alexander’s, Inc | | | 460 | |
| | 242,938 | | | | Alexandria Real Estate Equities, Inc | | | 39,417 | |
| | 29,310 | | * | | Aliansce Sonae Shopping Centers sa | | | 154 | |
| | 93,765 | | | | Allied Properties Real Estate Investment Trust | | | 2,829 | |
| | 16,325 | | | | Allreal Holding AG. | | | 3,236 | |
| | 117,771 | | | | Alony Hetz Properties & Investments Ltd | | | 1,177 | |
| | 28,956 | | | | Alpine Income Property Trust, Inc | | | 471 | |
| | 113,454 | | * | | Alstria Office REIT-AG. | | | 1,689 | |
| | 2,307 | | * | | Altisource Portfolio Solutions S.A. | | | 34 | |
| | 46,021 | | | | Altus Group Ltd | | | 1,383 | |
| | 766,700 | | | | Amata Corp PCL (Foreign) | | | 386 | |
| | 141,126 | | | | American Assets Trust, Inc | | | 3,929 | |
| | 253,284 | | | | American Campus Communities, Inc | | | 8,855 | |
| | 250,545 | | | | American Finance Trust, Inc | | | 1,988 | |
| | 940,795 | | | | American Homes 4 Rent | | | 25,307 | |
| | 2,409 | | * | | American Realty Investors, Inc | | | 22 | |
| | 990,816 | | | | American Tower Corp | | | 256,166 | |
| | 639,004 | | | | Americold Realty Trust | | | 23,196 | |
| | 146,739 | | | | Amot Investments Ltd | | | 669 | |
| | 54,000 | | | | Aoyuan Healthy Life Group Co Ltd | | | 56 | |
| | 91,004 | | e | | Apartment Investment & Management Co | | | 3,425 | |
| | 45,742 | | | | Apple Hospitality REIT, Inc | | | 442 | |
| | 434,527 | | | | Argosy Property Ltd | | | 330 | |
| | 361,158 | | | | Armada Hoffler Properties, Inc | | | 3,594 | |
| | 563,025 | | | | Aroundtown S.A. | | | 3,227 | |
| | 20,793 | | | | Arriyadh Development Co | | | 82 | |
| | 77,186 | | | | Artis Real Estate Investment Trust | | | 429 | |
| | 498,100 | | | | Ascendas India Trust | | | 483 | |
| | 3,082,601 | | | | Ascendas REIT | | | 7,073 | |
| | 1,040,204 | | | | Ascott Trust | | | 755 | |
| | 9,521,360 | | | | Asian Property Development PCL (Foreign) | | | 1,829 | |
| | 5,443,116 | | | | Assura Group Ltd | | | 5,282 | |
| | 23,301 | | | | Atrium Ljungberg AB | | | 329 | |
| | 128,160 | | | | Attacq Ltd | | | 37 | |
| | 402,678 | | | | AvalonBay Communities, Inc | | | 62,270 | |
| | 700,592 | | | | Aventus Retail Property Fund Ltd | | | 1,018 | |
| | 262,200 | | | | Axis Real Estate Investment Trust | | | 126 | |
| | 9,638,152 | | | | Ayala Land, Inc | | | 6,574 | |
| | 4,761,352 | | *,† | | AZ BGP Holdings | | | 13 | |
| | 5,564 | | | | Azrieli Group | | | 254 | |
| | 2,306,300 | | | | Bangkok Land PCL | | | 76 | |
| | 1,573,413 | | | | Barwa Real Estate Co | | | 1,321 | |
| | 3,657 | | | | Bayside Land Corp | | | 1,908 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 24,916 | | e | | Befimmo SCA Sicafi | | $ | 1,117 | |
| | 183,200 | | | | Beijing Capital Development Co Ltd | | | 152 | |
| | 4,502,000 | | | | Beijing Capital Land Ltd | | | 855 | |
| | 1,158,000 | | | | Beijing North Star Co | | | 256 | |
| | 9,273 | | | | Big Shopping Centers Ltd | | | 646 | |
| | 483,233 | | | | Big Yellow Group plc | | | 6,015 | |
| | 1,326 | | | | BLife Investment Corp | | | 3,120 | |
| | 2,583 | | | | Blue Square Real Estate Ltd | | | 90 | |
| | 38,012 | | | | Bluerock Residential Growth REIT, Inc | | | 307 | |
| | 929,649 | | *,e | | BMO Commercial Property Trust Ltd | | | 726 | |
| | 25,929 | | | | Boardwalk REIT | | | 567 | |
| | 327,401 | | | | Boston Properties, Inc | | | 29,591 | |
| | 557,362 | | | | BR Malls Participacoes S.A. | | | 1,033 | |
| | 50,908 | | | | BR Properties S.A. | | | 84 | |
| | 1,879 | | * | | Brack Capital Properties NV | | | 123 | |
| | 35,059 | | | | Brandywine Realty Trust | | | 382 | |
| | 264,954 | | | | British Land Co plc | | | 1,267 | |
| | 354,747 | | | | Brixmor Property Group, Inc | | | 4,548 | |
| | 104,610 | | e | | Brookfield Property REIT, Inc | | | 1,042 | |
| | 14,699 | | | | Brt Realty Trust | | | 159 | |
| | 2,007,640 | | | | Bunnings Warehouse Property Trust | | | 5,340 | |
| | 943,000 | | | | C&D International Investment Group Ltd | | | 1,475 | |
| | 78,111 | | * | | CA Immobilien Anlagen AG. | | | 2,612 | |
| | 516,452 | | | | Cache Logistics Trust | | | 211 | |
| | 1,116,777 | | | | Cambridge Industrial Trust | | | 320 | |
| | 363,797 | | | | Camden Property Trust | | | 33,186 | |
| | 107,716 | | | | Canadian Apartment Properties REIT | | | 3,855 | |
| | 2,501,505 | | | | CapitaCommercial Trust | | | 3,061 | |
| | 740,386 | | | | Capital & Counties Properties | | | 1,343 | |
| | 4,470,750 | | * | | CapitaLand Ltd | | | 9,445 | |
| | 2,382,824 | | | | CapitaMall Trust | | | 3,381 | |
| | 442,387 | | | | CapitaRetail China Trust | | | 404 | |
| | 286,133 | | | | CareTrust REIT, Inc | | | 4,910 | |
| | 27,166 | | * | | Carmila S.A. | | | 374 | |
| | 403,409 | | | | Castellum AB | | | 7,559 | |
| | 77,386 | | | | CatchMark Timber Trust, Inc | | | 685 | |
| | 33,468 | | e | | Catena AB | | | 1,323 | |
| | 120,900 | | | | Cathay Real Estate Development Co Ltd | | | 82 | |
| | 599,539 | | * | | CBRE Group, Inc | | | 27,111 | |
| | 408,720 | | | | CDL Hospitality Trusts | | | 303 | |
| | 29,639 | | | | Cedar Woods Properties Ltd | | | 108 | |
| | 354,536 | | | | Cencosud Shopping S.A. | | | 630 | |
| | 1,602,000 | | | | Central China Real Estate Ltd | | | 751 | |
| | 2,381,358 | | | | Central Pattana PCL (Foreign) | | | 3,785 | |
| | 189,149 | | | | Centuria Industrial REIT | | | 416 | |
| | 199,122 | | | | Centuria Office REIT | | | 280 | |
| | 1,155,806 | | | | Champion Real Estate Investment Trust | | | 604 | |
| | 161,407 | | | | Charter Hall Education Trust | | | 264 | |
| | 993,572 | | | | Charter Hall Group | | | 6,731 | |
| | 720,280 | | | | Charter Hall Long Wale REIT | | | 2,149 | |
| | 86,257 | | | | Chatham Lodging Trust | | | 528 | |
| | 6,016,000 | | | | China Aoyuan Group Ltd | | | 7,353 | |
| | 61,200 | | * | | China Enterprise Co Ltd | | | 35 | |
| | 1,480,663 | | *,e | | China Evergrande Group | | | 3,853 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 103,900 | | | | China Fortune Land Development Co Ltd | | $ | 337 | |
| | 189,000 | | *,g | | China Logistics Property Holdings Co Ltd | | | 81 | |
| | 147,000 | | * | | China Merchants Commercial Real Estate Investment Trust | | | 53 | |
| | 262,000 | | | | China Merchants Land Ltd | | | 41 | |
| | 42,700 | | * | | China Merchants Property Operation & Service Co Ltd | | | 186 | |
| | 267,767 | | | | China Merchants Shekou Industrial Zone Holdings Co Ltd | | | 625 | |
| | 5,540,000 | | | | China Overseas Grand Oceans Group Ltd | | | 3,157 | |
| | 3,916,469 | | | | China Overseas Land & Investment Ltd | | | 11,959 | |
| | 1,150,000 | | | | China Overseas Property Holdings Ltd | | | 1,226 | |
| | 2,560,622 | | | | China Resources Land Ltd | | | 9,787 | |
| | 12,670,400 | | | | China SCE Group Holdings Ltd | | | 5,535 | |
| | 948,000 | | | | China South City Holdings Ltd | | | 97 | |
| | 1,554,857 | | | | China Vanke Co Ltd | | | 4,963 | |
| | 461,588 | | | | China Vanke Co Ltd (Class A) | | | 1,714 | |
| | 110,000 | | g | | China Vast Industrial Urban Development Co Ltd | | | 48 | |
| | 250,000 | | | | Chinese Estates Holdings Ltd | | | 167 | |
| | 185,424 | | e | | Chip Eng Seng Corp Ltd | | | 77 | |
| | 274,088 | | | | Chong Hong Construction Co | | | 809 | |
| | 14,424 | | * | | Cibus Nordic Real Estate AB | | | 216 | |
| | 2,457,845 | | e | | CIFI Holdings Group Co Ltd | | | 1,936 | |
| | 11,804 | | | | CIM Commercial Trust Corp | | | 127 | |
| | 453,653 | | | | City Developments Ltd | | | 2,772 | |
| | 248,431 | | | | City Office REIT, Inc | | | 2,499 | |
| | 31,062 | | e | | Citycon Oyj | | | 217 | |
| | 321,990 | | | | Civitas Social Housing plc | | | 438 | |
| | 3,145,676 | | | | CK Asset Holdings Ltd | | | 18,864 | |
| | 10,119 | | | | Clipper Realty, Inc | | | 82 | |
| | 29,581 | | | | Cofinimmo | | | 4,079 | |
| | 35,284 | | e | | Colliers International Group, Inc | | | 2,025 | |
| | 1,534,579 | | | | Colony Capital, Inc | | | 3,683 | |
| | 68,000 | | e | | Colour Life Services Group | | | 33 | |
| | 287,685 | | | | Columbia Property Trust, Inc | | | 3,780 | |
| | 327 | | | | Comforia Residential REIT, Inc | | | 975 | |
| | 102,068 | | | | Cominar Real Estate Investment Trust | | | 615 | |
| | 45,011 | | | | Community Healthcare Trust, Inc | | | 1,841 | |
| | 1,201,104 | | | | Concentradora Fibra Danhos S.A. de C.V. | | | 1,141 | |
| | 227,310 | | | | CoreCivic, Inc | | | 2,128 | |
| | 11,687 | | e | | CorEnergy Infrastructure Trust, Inc | | | 107 | |
| | 70,755 | | | | CorePoint Lodging, Inc | | | 298 | |
| | 62,181 | | | | Coresite Realty | | | 7,528 | |
| | 18,216 | | | | Corestate Capital Holding S.A. | | | 370 | |
| | 761,607 | | | | Corp Inmobiliaria Vesta SAB de C.V. | | | 1,130 | |
| | 24,935 | | | | Corporate Office Properties Trust | | | 632 | |
| | 294,000 | | *,e | | Cosmopolitan International Holdings Ltd | | | 50 | |
| | 6,027,891 | | | | Country Garden Holdings Co Ltd | | | 7,476 | |
| | 220,099 | | �� | | Cousins Properties, Inc | | | 6,566 | |
| | 2,669 | | e | | CRE Logistics REIT, Inc | | | 3,746 | |
| | 450 | | | | Crescendo Investment Corp | | | 427 | |
| | 52,169 | | | | Crombie Real Estate Investment Trust | | | 492 | |
| | 738,500 | | | | Cromwell European Real Estate Investment Trust | | | 351 | |
| | 2,722,314 | | e | | Cromwell Group | | | 1,702 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 852,849 | | | | Crown Castle International Corp | | $ | 142,724 | |
| | 8,378,943 | | | | CSI Properties Ltd | | | 264 | |
| | 58,075 | | | | CT Real Estate Investment Trust | | | 581 | |
| | 4,527 | | | | CTO Realty Growth, Inc | | | 179 | |
| | 179,110 | | | | CubeSmart | | | 4,834 | |
| | 97,868 | | * | | Cushman & Wakefield plc | | | 1,219 | |
| | 198,012 | | | | Custodian Reit plc | | | 223 | |
| | 280,492 | | | | CyrusOne, Inc | | | 20,406 | |
| | 735 | | | | DA Office Investment Corp | | | 4,059 | |
| | 59,000 | | | | DaFa Properties Group Ltd | | | 31 | |
| | 170,500 | | | | Daibiru Corp | | | 1,562 | |
| | 38,073 | | | | Daito Trust Construction Co Ltd | | | 3,509 | |
| | 372,325 | | | | Daiwa House Industry Co Ltd | | | 8,792 | |
| | 404,461 | | * | | DAMAC Properties Dubai Co PJSC | | | 76 | |
| | 1,303,372 | | * | | Dar Al Arkan Real Estate Development Co | | | 2,473 | |
| | 205,285 | | | | Derwent London plc | | | 7,062 | |
| | 230,572 | | * | | Deutsche Annington Immobilien SE | | | 14,093 | |
| | 27,811 | | * | | Deutsche Euroshop AG. | | | 393 | |
| | 155,905 | | | | Deutsche Wohnen AG. | | | 7,006 | |
| | 181,000 | | e | | Dexin China Holdings Co Ltd | | | 74 | |
| | 1,032,001 | | | | Dexus Property Group | | | 6,624 | |
| | 307,045 | | * | | Deyaar Development PJSC | | | 23 | |
| | 275,665 | | | | DiamondRock Hospitality Co | | | 1,524 | |
| | 194,581 | | * | | DIC Asset AG. | | | 2,614 | |
| | 399,843 | | | | Digital Realty Trust, Inc | | | 56,822 | |
| | 123,378 | | e | | Dios Fastigheter AB | | | 826 | |
| | 937,137 | | | | Diversified Healthcare Trust | | | 4,147 | |
| | 482,143 | | | | DLF Ltd | | | 946 | |
| | 133,261 | | | | Dongwon Development Co Ltd | | | 366 | |
| | 474,330 | | * | | DoubleDragon Properties Corp | | | 163 | |
| | 446,977 | | | | Douglas Emmett, Inc | | | 13,704 | |
| | 82,918 | | | | Dream Industrial Real Estate Investment Trust | | | 652 | |
| | 31,474 | | | | Dream Office Real Estate Investment Trust | | | 476 | |
| | 68,617 | | | | Dream Unlimited Corp | | | 453 | |
| | 104,331 | | | | Duke Realty Corp | | | 3,692 | |
| | 437,000 | | † | | Eagle Hospitality Trust | | | 30 | |
| | 168,909 | | | | Easterly Government Properties, Inc | | | 3,905 | |
| | 59,472 | | | | EastGroup Properties, Inc | | | 7,054 | |
| | 193,100 | | * | | Eco World Development Group BHD | | | 19 | |
| | 138,300 | | * | | E-House China Enterprise Holdings Ltd | | | 162 | |
| | 334,823 | | * | | Emaar Economic City | | | 609 | |
| | 2,515,549 | | * | | Emaar Malls Group PJSC | | | 948 | |
| | 4,798,959 | | * | | Emaar Properties PJSC | | | 3,626 | |
| | 401,289 | | | | Emlak Konut Gayrimenkul Yatiri | | | 120 | |
| | 607,258 | | | | Emperor International Holdings | | | 102 | |
| | 342,839 | | | | Empire State Realty Trust, Inc | | | 2,400 | |
| | 2,187,375 | | | | Empiric Student Property plc | | | 1,577 | |
| | 393,408 | | g | | Entra ASA | | | 5,043 | |
| | 16,576 | | | | EPR Properties | | | 549 | |
| | 201,518 | | | | Equinix, Inc | | | 141,526 | |
| | 1,011,942 | | | | Equites Property Fund Ltd | | | 974 | |
| | 87,129 | | | | Equity Commonwealth | | | 2,806 | |
| | 1,094,190 | | | | Equity Lifestyle Properties, Inc | | | 68,365 | |
| | 755,331 | | | | Equity Residential | | | 44,429 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 250,486 | | | | Essential Properties Realty Trust, Inc | | $ | 3,717 | |
| | 68,537 | | | | Essex Property Trust, Inc | | | 15,707 | |
| | 51,807 | | e | | Eurocommercial Properties NV | | | 668 | |
| | 73,119 | | *,e | | eXp World Holdings Inc | | | 1,247 | |
| | 226,092 | | | | Extra Space Storage, Inc | | | 20,884 | |
| | 329,588 | | | | Fabege AB | | | 3,876 | |
| | 6,776,000 | | | | Fantasia Holdings Group Co Ltd | | | 1,278 | |
| | 608,269 | | | | Far East Consortium | | | 199 | |
| | 405,005 | | | | Far East Hospitality Trust | | | 145 | |
| | 53,812 | | | | Farglory Land Development Co Ltd | | | 87 | |
| | 19,074 | | e | | Farmland Partners, Inc | | | 131 | |
| | 129,210 | | * | | Fastighets AB Balder | | | 4,944 | |
| | 18,220 | | | | Federal Realty Investment Trust | | | 1,553 | |
| | 6,613,406 | | | | Fibra Uno Administracion S.A. de C.V. | | | 5,251 | |
| | 1,874,000 | | * | | Filinvest Land, Inc | | | 37 | |
| | 72,600 | | * | | Financial Street Holdings Co Ltd | | | 68 | |
| | 120,948 | | | | First Capital Real Estate Investment Trust | | | 1,237 | |
| | 92,647 | | | | First Industrial Realty Trust, Inc | | | 3,561 | |
| | 371,070 | | | | First Real Estate Investment Trust | | | 186 | |
| | 40,474 | | | | FirstService Corp | | | 4,077 | |
| | 47,482 | | | | Fonciere Des Regions | | | 3,444 | |
| | 16,081 | | * | | Forestar Group, Inc | | | 243 | |
| | 1,613,643 | | | | Fortress REIT Ltd (Class A) | | | 1,157 | |
| | 792,000 | | | | Fortune Real Estate Investment Trust | | | 716 | |
| | 200,824 | | | | Four Corners Property Trust, Inc | | | 4,900 | |
| | 94,783 | | | | Franklin Street Properties Corp | | | 482 | |
| | 4,135,125 | | | | Franshion Properties China Ltd | | | 2,943 | |
| | 393,777 | | e | | Frasers Centrepoint Trust | | | 660 | |
| | 403,400 | | | | Frasers Hospitality Trust | | | 136 | |
| | 7,028,219 | | | | Frasers Logistics & Industrial Trust | | | 6,054 | |
| | 241,256 | | | | Front Yard Residential Corp | | | 2,099 | |
| | 468 | | e | | Frontier Real Estate Investment Corp | | | 1,481 | |
| | 9,468 | | * | | FRP Holdings, Inc | | | 384 | |
| | 350 | | | | Fukuoka REIT Corp | | | 427 | |
| | 85,687 | | * | | Future Land Holdings Co Ltd | | | 380 | |
| | 901,355 | | | | Gaming and Leisure Properties, Inc | | | 31,187 | |
| | 577,684 | | | | Gateway Real Estate AG. | | | 2,116 | |
| | 411,386 | | | | Gazit Globe Ltd | | | 1,949 | |
| | 36,637 | | | | Gazit, Inc | | | 181 | |
| | 1,918,431 | | | | GCP Student Living plc | | | 2,953 | |
| | 1,728,060 | | | | GDI Property Group | | | 1,336 | |
| | 16,312 | | e | | Gecina S.A. | | | 2,015 | |
| | 144,600 | | | | Gemdale Corp | | | 281 | |
| | 9,968,000 | | | | Gemdale Properties and Investment Corp Ltd | | | 1,858 | |
| | 196,231 | | | | Geo Group, Inc | | | 2,321 | |
| | 123,259 | | | | Getty Realty Corp | | | 3,658 | |
| | 125,320 | | | | Gladstone Commercial Corp | | | 2,350 | |
| | 27,022 | | | | Gladstone Land Corp | | | 429 | |
| | 200,483 | | | | Global Medical REIT, Inc | | | 2,271 | |
| | 210,827 | | | | Global Net Lease, Inc | | | 3,527 | |
| | 2,627 | | | | Global One Real Estate Investment Corp | | | 2,438 | |
| | 692 | | | | GLP J-Reit | | | 1,000 | |
| | 13,901 | | * | | Godrej Properties Ltd | | | 160 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 91,480 | | | | Goldcrest Co Ltd | | $ | 1,256 | |
| | 1,908,777 | | | | Goodman Group | | | 19,695 | |
| | 1,177,026 | | | | Goodman Property Trust | | | 1,546 | |
| | 2,948,487 | | | | GPT Group | | | 8,566 | |
| | 180,000 | | * | | GR Properties Ltd | | | 34 | |
| | 458,222 | | | | Grainger plc | | | 1,626 | |
| | 184,621 | | | | Grand City Properties S.A. | | | 4,270 | |
| | 12,200 | | * | | Grandjoy Holdings Group Co Ltd | | | 9 | |
| | 71,007 | | | | Granite REIT | | | 3,664 | |
| | 956,199 | | | | Great Portland Estates plc | | | 7,491 | |
| | 303,100 | | | | Greenland Holdings Corp Ltd | | | 266 | |
| | 167,000 | | | | Greenland Hong Kong Holdings Ltd | | | 60 | |
| | 2,209 | | | | Griffin Land & Nurseries, Inc (Class A) | | | 120 | |
| | 436,679 | | | | Growthpoint Properties Australia Ltd | | | 971 | |
| | 2,527,470 | | | | Growthpoint Properties Ltd | | | 1,953 | |
| | 4,982,013 | | | | Guangzhou R&F Properties Co Ltd | | | 5,863 | |
| | 409,800 | | | | Guocoland Ltd | | | 432 | |
| | 265,000 | | * | | Guorui Properties Ltd | | | 40 | |
| | 190,753 | | | | H&R Real Estate Investment Trust | | | 1,371 | |
| | 36,883 | | | | Hamborner AG. | | | 362 | |
| | 409,661 | | e | | Hammerson plc | | | 406 | |
| | 1,010,000 | | | | Hang Lung Group Ltd | | | 2,364 | |
| | 2,481,341 | | | | Hang Lung Properties Ltd | | | 5,899 | |
| | 288 | | | | Hankyu Reit, Inc | | | 332 | |
| | 125,952 | | e | | Hannon Armstrong Sustainable Infrastructure Capital, Inc | | | 3,585 | |
| | 347,456 | | | | Healthcare Realty Trust, Inc | | | 10,177 | |
| | 683,361 | | | | Healthcare Trust of America, Inc | | | 18,123 | |
| | 1,036,541 | | | | Healthpeak Properties Inc | | | 28,567 | |
| | 38,454 | | | | Heiwa Real Estate Co Ltd | | | 1,102 | |
| | 214,992 | | | | Helical Bar plc | | | 828 | |
| | 74,904 | | | | Heliopolis Housing | | | 27 | |
| | 35,794 | | *,† | | Hemisphere Properties India Ltd | | | 79 | |
| | 1,649,445 | | | | Henderson Land Development Co Ltd | | | 6,290 | |
| | 54,919 | | | | Hersha Hospitality Trust | | | 316 | |
| | 35,972,677 | | a | | Hibernia REIT plc | | | 45,416 | |
| | 507,194 | | | | Highwealth Construction Corp | | | 751 | |
| | 21,912 | | | | Highwoods Properties, Inc | | | 818 | |
| | 38,880 | | e | | HKC Holdings Ltd | | | 23 | |
| | 2,390,397 | | | | Hongkong Land Holdings Ltd | | | 9,943 | |
| | 114 | | e | | Hoshino Resorts REIT, Inc | | | 493 | |
| | 1,411,193 | | | | Host Hotels and Resorts, Inc | | | 15,227 | |
| | 60,049 | | * | | Howard Hughes Corp | | | 3,120 | |
| | 1,264,235 | | | | Huaku Development Co Ltd | | | 3,619 | |
| | 308,742 | | | | Hudson Pacific Properties | | | 7,768 | |
| | 109,360 | | | | Hufvudstaden AB (Series A) | | | 1,363 | |
| | 170,000 | | | | Huijing Holdings Co Ltd | | | 45 | |
| | 213,855 | | e | | Hulic Co Ltd | | | 2,019 | |
| | 1,037 | | | | Hulic Reit, Inc | | | 1,289 | |
| | 105,640 | | * | | Hung Sheng Construction Co Ltd | | | 64 | |
| | 615,696 | | | | Hysan Development Co Ltd | | | 1,988 | |
| | 8,984 | | | | Icade | | | 627 | |
| | 143,125 | | | | Ichigo Holdings Co Ltd | | | 361 | |
| | 640 | | | | Ichigo Real Estate Investment Corp | | | 445 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 360,000 | | | | IGB Real Estate Investment Trust | | $ | 150 | |
| | 20,100 | | | | Iguatemi Empresa de Shopping Centers S.A. | | | 123 | |
| | 28,617 | | e | | Immobiliare Grande Distribuzione SIIQ S.p.A | | | 113 | |
| | 104,732 | | *,e | | IMMOFINANZ AG. | | | 1,790 | |
| | 308,273 | | | | Independence Realty Trust, Inc | | | 3,542 | |
| | 440,423 | | * | | Indiabulls Real Estate Ltd | | | 284 | |
| | 1,334 | | | | Industrial & Infrastructure Fund Investment Corp | | | 2,154 | |
| | 1,299,680 | | * | | Industrial Buildings Corp | | | 2,355 | |
| | 256,549 | | | | Industrial Logistics Properties Trust | | | 5,272 | |
| | 2,836,283 | | | | Ingenia Communities Group | | | 8,866 | |
| | 354,565 | | * | | Inmobiliaria Colonial S.A. | | | 3,135 | |
| | 42,888 | | e | | Innovative Industrial Properties, Inc | | | 3,775 | |
| | 231,251 | | *,g | | Instone Real Estate Group AG. | | | 5,017 | |
| | 75,725 | | | | InterRent Real Estate Investment Trust | | | 799 | |
| | 3,129 | | | | Intershop Holding AG. | | | 1,873 | |
| | 49,727 | | e | | Intervest Offices | | | 1,281 | |
| | 4,748 | | | | Invesco Office J-Reit, Inc | | | 617 | |
| | 486,301 | | | | Investec Australia Property Fund | | | 409 | |
| | 125,438 | | | | Investec Property Fund Ltd | | | 68 | |
| | 11,930 | | | | Investors Real Estate Trust | | | 841 | |
| | 21,996 | | | | Invincible Investment Corp | | | 5,709 | |
| | 1,718,223 | | | | Invitation Homes, Inc | | | 47,303 | |
| | 303,400 | | | | IOI Properties Group BHD | | | 70 | |
| | 931,821 | | | | Irish Residential Properties REIT plc | | | 1,480 | |
| | 425,370 | | | | Iron Mountain, Inc | | | 11,102 | |
| | 6,300 | | *,e | | IRSA Inversiones y Representaciones S.A. (ADR) | | | 19 | |
| | 65,273 | | | | iStar Inc | | | 804 | |
| | 254 | | * | | ITOCHU Advance Logistics Investment Corp | | | 320 | |
| | 497,628 | | | | IWG plc | | | 1,636 | |
| | 944 | | | | Japan Excellent, Inc | | | 1,097 | |
| | 3,375 | | | | Japan Hotel REIT Investment Corp | | | 1,400 | |
| | 464 | | | | Japan Logistics Fund Inc | | | 1,260 | |
| | 974 | | | | Japan Prime Realty Investment Corp | | | 2,857 | |
| | 221 | | | | Japan Real Estate Investment Corp | | | 1,134 | |
| | 12,043 | | | | Japan Rental Housing Investments, Inc | | | 11,216 | |
| | 659 | | | | Japan Retail Fund Investment Corp | | | 824 | |
| | 26,189 | | | | JBG SMITH Properties | | | 774 | |
| | 39,448 | | | | Jernigan Capital, Inc | | | 540 | |
| | 53,900 | | * | | JHSF Participacoes S.A. | | | 70 | |
| | 1,596,750 | | *,† | | Jiangsu Future Land Co Ltd | | | 7,615 | |
| | 143,300 | | | | Jiangsu Zhongnan Construction Group Co Ltd | | | 181 | |
| | 1,102,000 | | | | Jiayuan International Group Ltd | | | 456 | |
| | 2,906,000 | | | | Jingrui Holdings Ltd | | | 832 | |
| | 127,700 | | * | | Jinke Properties Group Co Ltd | | | 148 | |
| | 9,510 | | * | | John Mattson Fastighetsforetagen AB | | | 148 | |
| | 53,852 | | | | Jones Lang LaSalle, Inc | | | 5,572 | |
| | 71,000 | | | | JY Grandmark Holdings Ltd | | | 29 | |
| | 1,717,329 | | | | K Wah International Holdings Ltd | | | 744 | |
| | 1,958,000 | | | | Kaisa Group Holdings Ltd | | | 745 | |
| | 9,250 | | | | Kaisa Prosperity Holdings Ltd | | | 38 | |
| | 345,452 | | | | Katitas Co Ltd | | | 8,037 | |
| | 16,300 | | | | Keihanshin Building Co Ltd | | | 210 | |
| | 426 | | | | Kenedix Realty Investment Corp | | | 2,380 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 3,363 | | e | | Kenedix Residential Investment Corp | | $ | 5,811 | |
| | 277 | | | | Kenedix Retail REIT Corp | | | 519 | |
| | 1,040,418 | | | | Kenedix, Inc | | | 5,142 | |
| | 387,432 | | | | Kennedy-Wilson Holdings, Inc | | | 5,897 | |
| | 1,125,617 | | | | Keppel DC REIT | | | 2,061 | |
| | 2,612,400 | | | | Keppel-KBS US REIT | | | 1,849 | |
| | 1,424,325 | | | | Kerry Properties Ltd | | | 3,700 | |
| | 24,150 | | *,e | | K-fast Holding AB | | | 651 | |
| | 135,828 | | | | Killam Apartment Real Estate Investment Trust | | | 1,753 | |
| | 222,257 | | | | Kilroy Realty Corp | | | 13,046 | |
| | 91,291 | | | | Kimco Realty Corp | | | 1,172 | |
| | 2,733,000 | | | | Kindom Construction Co | | | 2,891 | |
| | 74,174 | | | | Kite Realty Group Trust | | | 856 | |
| | 881,048 | | | | Kiwi Property Group Ltd | | | 599 | |
| | 63,956 | | | | Klepierre | | | 1,278 | |
| | 815,831 | | e | | Klovern AB (B Shares) | | | 1,298 | |
| | 33,508 | | | | Korea Real Estate Investment Trust Co | | | 48 | |
| | 1,362,091 | | e | | K-REIT Asia | | | 1,083 | |
| | 291,522 | | | | Kungsleden AB | | | 2,182 | |
| | 1,110,108 | | | | KWG Property Holding Ltd | | | 1,886 | |
| | 118,887 | | | | Lai Sun Development Co Ltd | | | 125 | |
| | 130,519 | | | | Lamar Advertising Co | | | 8,713 | |
| | 20,764 | | * | | Lamda Development S.A. | | | 140 | |
| | 5,964,245 | | | | Land and Houses PCL Co Reg | | | 1,478 | |
| | 202,795 | | | | Land Securities Group plc | | | 1,386 | |
| | 452,500 | | | | Langham Hospitality Investments Ltd | | | 71 | |
| | 35,563 | | e | | Lar Espana Real Estate Socimi S.A. | | | 186 | |
| | 2,524 | | | | LaSalle Logiport REIT | | | 3,887 | |
| | 28,326 | | | | LEG Immobilien AG. | | | 3,593 | |
| | 591,848 | | | | Lend Lease Corp Ltd | | | 5,115 | |
| | 950,800 | | | | Lendlease Global Commercial REIT | | | 468 | |
| | 163,643 | | *,e | | Leopalace21 Corp | | | 321 | |
| | 288,205 | | e | | Lexington Realty Trust | | | 3,041 | |
| | 37,309 | | | | Life Storage, Inc | | | 3,542 | |
| | 46,036 | | | | Lifestyle Communities Ltd | | | 301 | |
| | 1,916,958 | | | | Link REIT | | | 15,739 | |
| | 1,000,740 | | e | | Lippo-Mapletree Indonesia Retail Trust | | | 98 | |
| | 128,318 | | | | LOG Commercial Properties e Participacoes S.A. | | | 777 | |
| | 5,349,000 | | | | Logan Property Holdings Co Ltd | | | 9,557 | |
| | 429,678 | | | | London & Stamford Property plc | | | 1,122 | |
| | 1,488,561 | | g | | Longfor Properties Co Ltd | | | 7,125 | |
| | 19,272 | | | | LOTTE Reit Co Ltd | | | 89 | |
| | 69,208 | | | | LSR Group PJSC (ADR) | | | 137 | |
| | 33,913 | | | | LTC Properties, Inc | | | 1,278 | |
| | 242,000 | | | | LVGEM China Real Estate Investment Co Ltd | | | 73 | |
| | 1,569,663 | | | | LXI REIT plc | | | 2,213 | |
| | 262,213 | | e | | Macerich Co | | | 2,352 | |
| | 153,473 | | | | Mack-Cali Realty Corp | | | 2,347 | |
| | 271,461 | | | | Macquarie CountryWide Trust | | | 632 | |
| | 744,690 | | | | Macquarie MEAG Prime REIT | | | 275 | |
| | 1,099,176 | | | | Mah Sing Group BHD | | | 137 | |
| | 766,550 | | | | Manulife US Real Estate Investment Trust | | | 582 | |
| | 35,779 | | *,†,e | | Mapeley Ltd | | | 0 | ^ |
| | 2,002,384 | | | | Mapletree Commercial Trust | | | 2,802 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,259,200 | | | | Mapletree Greater China Commercial Trust | | $ | 846 | |
| | 3,136,126 | | | | Mapletree Industrial Trust | | | 6,524 | |
| | 2,781,425 | | e | | Mapletree Logistics Trust | | | 3,905 | |
| | 20,760 | | * | | Marcus & Millichap, Inc | | | 599 | |
| | 673,792 | | | | Matrix Concepts Holdings BHD | | | 285 | |
| | 6,283 | | * | | Maui Land & Pineapple Co, Inc | | | 70 | |
| | 209,500 | | | | MBK PCL | | | 95 | |
| | 472,699 | | | | Medical Properties Trust, Inc | | | 8,887 | |
| | 2,172,810 | | | | Medinet Nasr Housing | | | 369 | |
| | 13,688 | | | | Mega Or Holdings Ltd | | | 306 | |
| | 8,383,111 | | | | Megaworld Corp | | | 516 | |
| | 11,434 | | | | Melisron Ltd | | | 432 | |
| | 109,041 | | | | Mercialys S.A | | | 914 | |
| | 311,589 | | | | Merlin Properties Socimi S.A. | | | 2,597 | |
| | 24,114 | | *,e,g | | Metrovacesa S.A. | | | 166 | |
| | 2,029,012 | | g | | Mexico Real Estate Management S.A. de C.V. | | | 2,082 | |
| | 1,003,067 | | | | MGM Growth Properties LLC | | | 27,293 | |
| | 903 | | | | MID Reit, Inc | | | 658 | |
| | 86,713 | | | | Mid-America Apartment Communities, Inc | | | 9,943 | |
| | 20,271 | | | | Minto Apartment Real Estate REIT NPV | | | 297 | |
| | 15,479 | | | | Mirae Asset Maps Asia Pacific Real Estate Investment | | | 52 | |
| | 3,041 | | | | Mirai Corp | | | 1,074 | |
| | 4,125,606 | | | | Mirvac Group | | | 6,232 | |
| | 1,358,321 | | | | Mitsubishi Estate Co Ltd | | | 20,241 | |
| | 149 | | | | Mitsubishi Estate Logistics REIT Investment Corp | | | 548 | |
| | 480,679 | | | | Mitsui Fudosan Co Ltd | | | 8,539 | |
| | 937 | | | | Mitsui Fudosan Logistics Park, Inc | | | 4,189 | |
| | 5,500 | | * | | Mobimo Holding AG. | | | 1,596 | |
| | 154,904 | | e | | Monmouth Real Estate Investment Corp (Class A) | | | 2,245 | |
| | 16,175 | | e | | Montea C.V.A | | | 1,627 | |
| | 21,755 | | | | Morguard North American Resid | | | 234 | |
| | 27,558 | | | | Morguard Real Estate Investment Trust | | | 105 | |
| | 1,936 | | | | Mori Hills REIT Investment Corp | | | 2,439 | |
| | 172 | | | | Mori Trust Hotel Reit, Inc | | | 157 | |
| | 535 | | | | Mori Trust Sogo Reit, Inc | | | 660 | |
| | 216,329 | | | | Multiplan Empreendimentos Imobiliarios S.A. | | | 815 | |
| | 85,963 | | | | National Health Investors, Inc | | | 5,220 | |
| | 102,580 | | | | National Retail Properties, Inc | | | 3,640 | |
| | 404,613 | | | | National Storage Affiliates Trust | | | 11,596 | |
| | 1,505,919 | | | | National Storage REIT | | | 1,927 | |
| | 428,000 | | e | | Neo-China Land Group Holdings Ltd | | | 50 | |
| | 590,123 | | | | NEPI Rockcastle plc | | | 3,027 | |
| | 4,495 | | | | NESCO Ltd | | | 25 | |
| | 153,206 | | | | New Senior Investment Group, Inc | | | 555 | |
| | 281,417 | | | | Newmark Group, Inc | | | 1,368 | |
| | 40,853 | | | | Nexity | | | 1,329 | |
| | 127,112 | | | | NexPoint Residential Trust, Inc | | | 4,493 | |
| | 317 | | | | Nippon Accommodations Fund, Inc | | | 1,833 | |
| | 406 | | | | Nippon Building Fund, Inc | | | 2,312 | |
| | 3,181 | | | | Nippon ProLogis REIT, Inc | | | 9,666 | |
| | 384 | | | | NIPPON REIT Investment Corp | | | 1,241 | |
| | 82,951 | | | | Nomura Real Estate Holdings, Inc | | | 1,544 | |
| | 2,793 | | | | Nomura Real Estate Master Fund, Inc | | | 3,345 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 107,091 | | | | Northview Apartment Real Estate Investment Trust | | $ | 2,744 | |
| | 87,010 | | | | NorthWest Healthcare Properties Real Estate Investment Trust | | | 692 | |
| | 10,565 | | | | NSI NV | | | 408 | |
| | 182,138 | | * | | Nyfosa AB | | | 1,250 | |
| | 165,736 | | | | Oberoi Realty Ltd | | | 801 | |
| | 317,500 | | | | Oceanwide Holdings Co Ltd | | | 170 | |
| | 60,884 | | | | Office Properties Income Trust | | | 1,581 | |
| | 201,598 | | | | Omega Healthcare Investors, Inc | | | 5,994 | |
| | 25,843 | | | | One Liberty Properties, Inc | | | 455 | |
| | 202,764 | | | | Open House Co Ltd | | | 6,953 | |
| | 2,330,150 | | | | Origin Property PCL | | | 414 | |
| | 472 | | | | Orix JREIT, Inc | | | 622 | |
| | 1,117,474 | | | | OUE Commercial Real Estate Investment Trust | | | 308 | |
| | 346,830 | | | | Outfront Media, Inc | | | 4,915 | |
| | 846,215 | | | | Overseas Union Enterprise Ltd | | | 725 | |
| | 452,845 | | | | Oxley Holdings Ltd | | | 77 | |
| | 317,868 | | * | | Palm Hills Developments SAE | | | 23 | |
| | 217,344 | | | | Paramount Group, Inc | | | 1,676 | |
| | 287,076 | | | | Park Hotels & Resorts, Inc | | | 2,839 | |
| | 214,424 | | | | Parkway Life Real Estate Investment Trust | | | 515 | |
| | 1,037,920 | | | | Parque Arauco S.A. | | | 1,883 | |
| | 52,898 | | * | | Patrizia Immobilien AG. | | | 1,283 | |
| | 172,200 | | | | Pavilion Real Estate Investment Trust | | | 64 | |
| | 156,498 | | | | Pebblebrook Hotel Trust | | | 2,138 | |
| | 53,611 | | | | Phoenix Mills Ltd | | | 416 | |
| | 678,501 | | | | Physicians Realty Trust | | | 11,887 | |
| | 283,855 | | | | Picton Property Income Ltd | | | 240 | |
| | 213,461 | | | | Piedmont Office Realty Trust, Inc | | | 3,546 | |
| | 1,388,700 | | | | PLA Administradora Industrial S de RL de C.V. | | | 1,616 | |
| | 12,892 | | | | Plymouth Industrial REIT, Inc | | | 165 | |
| | 2,213,817 | | | | Poly Hong Kong Investment Ltd | | | 671 | |
| | 90,800 | | e | | Poly Property Development Co Ltd | | | 920 | |
| | 549,299 | | | | Poly Real Estate Group Co Ltd | | | 1,152 | |
| | 97,377 | | | | PotlatchDeltic Corp | | | 3,703 | |
| | 34,500 | | | | Powerlong Commercial Management Holdings Ltd | | | 80 | |
| | 3,180,776 | | | | Precinct Properties New Zealand Ltd | | | 3,240 | |
| | 230,473 | | | | Preferred Apartment Communities, Inc | | | 1,752 | |
| | 709 | | | | Premier Investment Co | | | 788 | |
| | 131,002 | | | | Prestige Estates Projects Ltd | | | 364 | |
| | 857,348 | | | | Primary Health Properties plc | | | 1,662 | |
| | 244,000 | | | | Prime US REIT | | | 192 | |
| | 214,826 | | | | Prince Housing & Development Corp | | | 74 | |
| | 150,800 | | | | ProLogis Property Mexico S.A. de C.V. | | | 270 | |
| | 2,330,285 | | | | Prologis, Inc | | | 217,486 | |
| | 950 | | | | Property & Building Corp | | | 57 | |
| | 666,000 | | | | Prosperity REIT | | | 199 | |
| | 141,500 | | | | Pruksa Holding PCL | | | 53 | |
| | 46,839 | | | | PS Business Parks, Inc | | | 6,201 | |
| | 99,460 | | | | PSP Swiss Property AG. | | | 11,203 | |
| | 1,685,900 | | * | | PT Bumi Serpong Damai | | | 88 | |
| | 2,336,440 | | | | PT Ciputra Development Tbk | | | 101 | |
| | 16,315,400 | | *,† | | PT Hanson International Tbk | | | 29 | |
| | 7,765,040 | | * | | PT Lippo Karawaci Tbk | | | 93 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 3,700,600 | | | | PT Pakuwon Jati Tbk | | $ | 108 | |
| | 51,909,000 | | | | PT Puradelta Lestari Tbk | | | 629 | |
| | 2,078,800 | | | | PT Summarecon Agung Tbk | | | 86 | |
| | 197,840 | | | | Public Storage, Inc | | | 37,964 | |
| | 499,297 | | e | | QTS Realty Trust, Inc | | | 32,000 | |
| | 1,805,422 | | | | Quality House PCL | | | 131 | |
| | 127,841 | | | | Radium Life Tech Co Ltd | | | 45 | |
| | 9,309 | | * | | Rafael Holdings, Inc | | | 134 | |
| | 210,581 | | | | Rayonier, Inc | | | 5,220 | |
| | 134,274 | | e | | Raysum Co Ltd | | | 1,184 | |
| | 147,940 | | | | RDI REIT plc | | | 151 | |
| | 29,505 | | | | Re/Max Holdings, Inc | | | 927 | |
| | 155,079 | | e | | Realogy Holdings Corp | | | 1,149 | |
| | 319,835 | | | | Realty Income Corp | | | 19,030 | |
| | 238,000 | | g | | Redco Properties Group Ltd | | | 110 | |
| | 1,225,818 | | | | Redefine Properties Ltd | | | 236 | |
| | 158,262 | | * | | Redfin Corp | | | 6,633 | |
| | 223,000 | | * | | Redsun Properties Group Ltd | | | 73 | |
| | 601,201 | | | | Regency Centers Corp | | | 27,589 | |
| | 1,439,149 | | g | | Regional REIT Ltd | | | 1,263 | |
| | 240,678 | | | | Reit Ltd | | | 883 | |
| | 88,528 | | | | Relo Holdings, Inc | | | 1,670 | |
| | 217,424 | | | | Resilient REIT Ltd | | | 543 | |
| | 5,336 | | * | | Retail Estates NV | | | 360 | |
| | 189,366 | | | | Retail Opportunities Investment Corp | | | 2,146 | |
| | 589,398 | | | | Retail Properties of America, Inc | | | 4,314 | |
| | 25,222 | | | | Retail Value, Inc | | | 312 | |
| | 1,659,715 | | | | Rexford Industrial Realty, Inc | | | 68,762 | |
| | 262,411 | | | | RioCan Real Estate Investment Trust | | | 2,969 | |
| | 92,500 | | | | RiseSun Real Estate Development Co Ltd | | | 106 | |
| | 218,976 | | | | RLJ Lodging Trust | | | 2,067 | |
| | 104,154 | | | | RMR Group, Inc | | | 3,069 | |
| | 968,000 | | | | Road King Infrastructure | | | 1,316 | |
| | 1,956,884 | | * | | Robinsons Land Corp | | | 691 | |
| | 1,460,500 | | | | Ronshine China Holdings Ltd | | | 1,296 | |
| | 135,463 | | | | RPT Realty | | | 943 | |
| | 390,747 | | | | Ruentex Development Co Ltd | | | 679 | |
| | 563,331 | | | | Rural Funds Group | | | 748 | |
| | 65,135 | | | | Ryman Hospitality Properties | | | 2,254 | |
| | 408,873 | | | | Sabana Shari’ah Compliant Industrial REIT | | | 103 | |
| | 369,888 | | | | Sabra Healthcare REIT, Inc | | | 5,337 | |
| | 23,494 | | | | Safehold, Inc | | | 1,351 | |
| | 960,920 | | | | Safestore Holdings plc | | | 8,661 | |
| | 371,651 | | e | | Sagax AB | | | 1,168 | |
| | 102,038 | | *,e | | Samhallsbyggnadsbolaget i - D | | | 318 | |
| | 909,215 | | e | | Samhallsbyggnadsbolaget i Norden AB | | | 2,336 | |
| | 70,200 | | | | SAMTY Co Ltd | | | 894 | |
| | 148 | | | | Samty Residential Investment Corp | | | 145 | |
| | 13,814,877 | | | | Sansiri PCL | | | 342 | |
| | 312,100 | | e | | Sasseur Real Estate Investment Trust | | | 167 | |
| | 21,546 | | * | | Saudi Real Estate Co | | | 73 | |
| | 10,638 | | e | | Saul Centers, Inc | | | 343 | |
| | 207,649 | | | | Savills plc | | | 2,118 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 193,147 | | | | SBA Communications Corp | | $ | 57,542 | |
| | 4,064,100 | | | | SC Asset Corp PCL | | | 288 | |
| | 6,139,753 | | | | Scentre Group | | | 9,321 | |
| | 276,455 | | | | Schroder Real Estate Investment Trust Ltd | | | 103 | |
| | 2,329,394 | | | | Segro plc | | | 25,763 | |
| | 3,552 | | | | Sekisui House Reit, Inc | | | 2,280 | |
| | 190,280 | | | | Selvaag Bolig ASA | | | 1,129 | |
| | 31,054 | | *,e | | Seritage Growth Properties | | | 354 | |
| | 418,228 | | | | Service Properties Trust | | | 2,965 | |
| | 82,688 | | * | | Shaftesbury plc | | | 541 | |
| | 1,379,744 | | | | Shanghai Lujiazui Finance & Trade Zone Development Co Ltd | | | 1,072 | |
| | 1,116,700 | | | | Shanghai Zhangjiang High-Tech Park Development Co Ltd | | | 3,237 | |
| | 6,503,334 | | | | Shenzhen Investment Ltd | | | 2,070 | |
| | 1,010,969 | | | | Shimao Property Holdings Ltd | | | 4,322 | |
| | 70,970 | | * | | Shining Building Business Co Ltd | | | 24 | |
| | 2,463,482 | | | | Shopping Centres Australasia Property Group | | | 3,714 | |
| | 3,870,500 | | | | Shui On Land Ltd | | | 653 | |
| | 125 | | | | SIA Reit, Inc | | | 301 | |
| | 254,240 | | | | Siam Future Development PCL | | | 38 | |
| | 7,700 | | | | Sichuan Languang Justbon Services Group Co Ltd | | | 50 | |
| | 539,900 | | | | Sime Darby Property BHD | | | 86 | |
| | 334,417 | | | | Simon Property Group, Inc | | | 22,867 | |
| | 629,600 | | | | Singha Estate PCL | | | 32 | |
| | 3,871,763 | | | | Sino Land Co | | | 4,899 | |
| | 2,775,004 | | | | Sino-Ocean Land Holdings Ltd | | | 668 | |
| | 51,692 | | | | Sinyi Realty Co | | | 48 | |
| | 3,281,299 | | | | Sirius Real Estate Ltd | | | 3,117 | |
| | 207,898 | | | | SITE Centers Corp | | | 1,684 | |
| | 42,789 | | | | Six of October Development & Investment | | | 24 | |
| | 1,830 | | | | SK D&D Co Ltd | | | 41 | |
| | 562,000 | | * | | Skyfame Realty Holdings Ltd | | | 73 | |
| | 112,160 | | | | SL Green Realty Corp | | | 5,528 | |
| | 22,585 | | | | Slate Retail REIT | | | 162 | |
| | 18,165,552 | | | | SM Prime Holdings | | | 11,683 | |
| | 70,867 | | | | Smart Real Estate Investment Trust | | | 1,092 | |
| | 10,769 | | | | Sobha Developers Ltd | | | 32 | |
| | 4,847,635 | | * | | Soho China Ltd | | | 1,713 | |
| | 472,169 | | | | Soilbuild Business Space REIT | | | 133 | |
| | 569 | | * | | SOSiLA Logistics REIT, Inc | | | 686 | |
| | 338,600 | | | | SP Setia BHD | | | 67 | |
| | 24,366 | | * | | Sparkassen Immobilien AG. | | | 437 | |
| | 559,500 | | | | SPH REIT | | | 353 | |
| | 92,288 | | | | Spirit Realty Capital, Inc | | | 3,217 | |
| | 104,369 | | | | ST Modwen Properties plc | | | 448 | |
| | 26,655 | | * | | St. Joe Co | | | 518 | |
| | 488,247 | | | | STAG Industrial, Inc | | | 14,315 | |
| | 210,468 | | | | Standard Life Investment Property Income Trust Ltd | | | 158 | |
| | 10,691 | | e | | Star Asia Investment Corp | | | 9,458 | |
| | 109 | | | | Starts Proceed Investment Corp | | | 208 | |
| | 4,305,891 | | | | Stockland Trust Group | | | 9,985 | |
| | 729,534 | | e | | Stor-Age Property REIT Ltd | | | 576 | |
| | 1,023,000 | | e | | StorageVault Canada, Inc | | | 2,404 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 535,527 | | | | STORE Capital Corp | | $ | 12,751 | |
| | 5,604 | | * | | Stratus Properties, Inc | | | 111 | |
| | 138,990 | | | | Sumitomo Realty & Development Co Ltd | | | 3,836 | |
| | 90,775 | | | | Summit Hotel Properties, Inc | | | 538 | |
| | 76,658 | | | | Summit Industrial Income REIT | | | 647 | |
| | 63,481 | | | | Summit Real Estate Holdings Ltd | | | 582 | |
| | 448,533 | | | | Sun Communities, Inc | | | 60,857 | |
| | 291,600 | | | | Sun Frontier Fudousan Co Ltd | | | 2,323 | |
| | 1,428,655 | | | | Sun Hung Kai Properties Ltd | | | 18,251 | |
| | 1,992,522 | | | | Sunac China Holdings Ltd | | | 8,432 | |
| | 880,000 | | *,e | | Suncity Group Holdings Ltd | | | 146 | |
| | 631,000 | | | | Sunlight Real Estate Investment Trust | | | 315 | |
| | 216,107 | | | | Sunstone Hotel Investors, Inc | | | 1,761 | |
| | 2,000,129 | | | | Suntec Real Estate Investment Trust | | | 2,043 | |
| | 12,539 | | | | Sunteck Realty Ltd | | | 31 | |
| | 366,300 | | | | Sunway Real Estate Investment | | | 139 | |
| | 1,434,100 | | | | Supalai PCL | | | 782 | |
| | 498,500 | | | | Swire Pacific Ltd (Class A) | | | 2,649 | |
| | 1,653,594 | | | | Swire Properties Ltd | | | 4,222 | |
| | 82,744 | | | | Swiss Prime Site AG. | | | 7,676 | |
| | 262,526 | | | | TAG Tegernsee Immobilien und Beteiligungs AG. | | | 6,270 | |
| | 268,700 | | | | Takara Leben Co Ltd | | | 901 | |
| | 7 | | | | Takara Leben Infrastructure Fu | | | 7 | |
| | 2,266 | | * | | Takara Leben Real Estate Investment Corp | | | 1,880 | |
| | 214,640 | | | | Talaat Moustafa Group | | | 78 | |
| | 73,299 | | e | | Tanger Factory Outlet Centers, Inc | | | 523 | |
| | 71,157 | | | | Taubman Centers, Inc | | | 2,687 | |
| | 18,455 | | * | | Tejon Ranch Co | | | 266 | |
| | 227,674 | | | | Terreno Realty Corp | | | 11,985 | |
| | 22,080 | | | | TOC Co Ltd | | | 140 | |
| | 1,663,227 | | e | | Tokyo Tatemono Co Ltd | | | 19,144 | |
| | 1,320,810 | | | | Tokyu Fudosan Holdings Corp | | | 6,214 | |
| | 1,355 | | | | Tokyu REIT, Inc | | | 1,855 | |
| | 343,446 | | | | Tosei Corp | | | 3,633 | |
| | 2,141 | | | | Tosei Reit Investment Corp | | | 2,101 | |
| | 2,086 | | * | | Transcontinental Realty Investors, Inc | | | 63 | |
| | 222,481 | | e | | Tricon Capital Group, Inc | | | 1,499 | |
| | 4,484,723 | | | | Tritax Big Box REIT plc | | | 8,057 | |
| | 9,903,995 | | e,g | | Tritax EuroBox plc | | | 12,458 | |
| | 63,579 | | | | UDR, Inc | | | 2,377 | |
| | 268,400 | | * | | UEM Land Holdings BHD | | | 28 | |
| | 404,462 | | e | | UK Commercial Property REIT Ltd | | | 299 | |
| | 54,777 | | | | UMH Properties, Inc | | | 708 | |
| | 20,099 | | e | | Unibail-Rodamco-Westfield | | | 1,133 | |
| | 8,520 | | | | Unibail-Rodamco-Westfield (Paris) | | | 480 | |
| | 442,866 | | * | | Union Properties PJSC | | | 36 | |
| | 472,686 | | | | Unite Group plc | | | 5,504 | |
| | 5,189,478 | | | | United Development Co PSC | | | 1,628 | |
| | 2,259 | | | | United Urban Investment Corp | | | 2,433 | |
| | 295,730 | | | | Uniti Group, Inc | | | 2,765 | |
| | 10,996 | | | | Universal Health Realty Income Trust | | | 874 | |
| | 644,702 | | | | UOL Group Ltd | | | 3,170 | |
| | 87,152 | | e | | Urban & Civic plc | | | 252 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 243,038 | | | | Urban Edge Properties | | $ | 2,885 | |
| | 26,106 | | | | Urstadt Biddle Properties, Inc (Class A) | | | 310 | |
| | 5,941 | | e | | Vastned Retail NV | | | 127 | |
| | 608,356 | | | | Ventas, Inc | | | 22,278 | |
| | 258,743 | | | | VEREIT, Inc | | | 1,664 | |
| | 1,149,311 | | | | VICI Properties, Inc | | | 23,205 | |
| | 4,445,853 | | | | Vicinity Centres | | | 4,456 | |
| | 666,000 | | | | Vista Land & Lifescapes, Inc | | | 49 | |
| | 41,898 | | | | Vornado Realty Trust | | | 1,601 | |
| | 183,974 | | | | Vukile Property Fund Ltd | | | 82 | |
| | 87,489 | | | | Wallenstam AB | | | 1,015 | |
| | 527,510 | | | | Warehouse REIT plc | | | 719 | |
| | 235,200 | | | | Warehouses De Pauw CVA | | | 6,462 | |
| | 89,872 | | | | Washington REIT | | | 1,995 | |
| | 324,216 | | | | Watkin Jones plc | | | 610 | |
| | 1,503,448 | | | | Waypoint REIT | | | 2,715 | |
| | 106,990 | | | | Weingarten Realty Investors | | | 2,025 | |
| | 671,879 | | | | Welltower, Inc | | | 34,770 | |
| | 62,957 | | e | | Wereldhave NV | | | 580 | |
| | 1,201,122 | | | | Weyerhaeuser Co | | | 26,977 | |
| | 8,588,235 | | | | WHA Corp PCL | | | 929 | |
| | 1,297,638 | | e | | Wharf Holdings Ltd | | | 2,655 | |
| | 1,738,360 | | e | | Wharf Real Estate Investment Co Ltd | | | 8,345 | |
| | 247,000 | | | | Wheelock & Co Ltd | | | 2,074 | |
| | 69,479 | | | | Whitestone REIT | | | 505 | |
| | 402,610 | | | | Wihlborgs Fastigheter AB | | | 6,623 | |
| | 201,240 | | | | Wing Tai Holdings Ltd | | | 259 | |
| | 244,010 | | | | Workspace Group plc | | | 1,979 | |
| | 36,606 | | | | WP Carey, Inc | | | 2,476 | |
| | 47,546 | | | | WPT Industrial Real Estate Investment Trust | | | 613 | |
| | 169,078 | | | | Xenia Hotels & Resorts, Inc | | | 1,577 | |
| | 363,300 | | | | Xinhu Zhongbao Co Ltd | | | 154 | |
| | 84,000 | | | | Xinji Shaxi Group Co Ltd | | | 31 | |
| | 137,900 | | | | Yango Group Co Ltd | | | 124 | |
| | 1,273,287 | | * | | Yanlord Land Group Ltd | | | 1,078 | |
| | 4,338 | | | | YH Dimri Construction & Development Ltd | | | 114 | |
| | 120,000 | | | | Yincheng International Holding Co Ltd | | | 36 | |
| | 714,144 | | * | | Yoma Strategic Holdings Ltd | | | 163 | |
| | 157,700 | | | | YTL Hospitality REIT | | | 39 | |
| | 367,000 | | | | Yuexiu Real Estate Investment Trust | | | 168 | |
| | 18,812,000 | | | | Yuexiul Property Co Ltd | | | 3,374 | |
| | 1,497,963 | | | | Yuzhou Properties Co | | | 653 | |
| | 1,141,000 | | e | | Zhenro Properties Group Ltd | | | 716 | |
| | 289,000 | | * | | Zhongtian Financial Group Co Ltd | | | 132 | |
| | 330,000 | | * | | Zhuguang Holdings Group Co Ltd | | | 46 | |
| | | | | | TOTAL REAL ESTATE | | | 3,445,286 | |
| | | | | | | | | | |
| RETAILING - 6.9% | | | | |
| | 209,965 | | * | | 1-800-FLOWERS.COM, Inc (Class A) | | | 4,203 | |
| | 201,741 | | | | Aaron’s, Inc | | | 9,159 | |
| | 54,069 | | | | ABC-Mart, Inc | | | 3,172 | |
| | 105,422 | | e | | Abercrombie & Fitch Co (Class A) | | | 1,122 | |
| | 884,841 | | | | Accent Group Ltd | | | 864 | |
| | 42,425 | | | | Adastria Holdings Co Ltd | | | 675 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 104,761 | | | | Advance Auto Parts, Inc | | $ | 14,923 | |
| | 134,200 | | * | | Aeon Co M BHD | | | 32 | |
| | 352,500 | | * | | Alibaba Group Holding Ltd | | | 9,512 | |
| | 2,797,407 | | * | | Alibaba Group Holding Ltd (ADR) | | | 603,401 | |
| | 289,900 | | * | | AllHome Corp | | | 43 | |
| | 99,384 | | | | Alpen Co Ltd | | | 1,546 | |
| | 1,076,508 | | *,n | | Amazon.com, Inc | | | 2,969,892 | |
| | 218,598 | | e | | American Eagle Outfitters, Inc | | | 2,383 | |
| | 8,041 | | * | | America’s Car-Mart, Inc | | | 707 | |
| | 547,469 | | *,e | | AO World plc | | | 983 | |
| | 19,600 | | | | AOKI Holdings, Inc | | | 114 | |
| | 21,041 | | | | Aoyama Trading Co Ltd | | | 144 | |
| | 83,088 | | e | | AP Eagers Ltd | | | 392 | |
| | 54,694 | | | | Arata Corp | | | 2,457 | |
| | 63,400 | | | | Arc Land Sakamoto Co Ltd | | | 1,112 | |
| | 7,358 | | | | Asahi Co Ltd | | | 102 | |
| | 43,833 | | * | | Asbury Automotive Group, Inc | | | 3,390 | |
| | 48,000 | | | | ASKUL Corp | | | 1,542 | |
| | 478,395 | | * | | ASOS plc | | | 20,333 | |
| | 74,832 | | *,e | | At Home Group, Inc | | | 486 | |
| | 36,588 | | | | Autobacs Seven Co Ltd | | | 462 | |
| | 120,463 | | *,e | | Autonation, Inc | | | 4,527 | |
| | 36,513 | | * | | AutoZone, Inc | | | 41,191 | |
| | 4,437,453 | | | | B&M European Value Retail S.A. | | | 21,843 | |
| | 12,144 | | *,g | | B&S Group Sarl | | | 86 | |
| | 3,195,481 | | * | | B2W Companhia Global Do Varejo | | | 62,904 | |
| | 208,502 | | *,e | | Baozun, Inc (ADR) | | | 8,017 | |
| | 352,492 | | e | | Bed Bath & Beyond, Inc | | | 3,736 | |
| | 24,805 | | | | Belluna Co Ltd | | | 140 | |
| | 2,375,160 | | | | Berjaya Auto BHD | | | 825 | |
| | 754,835 | | | | Best Buy Co, Inc | | | 65,874 | |
| | 50,900 | | | | BIC CAMERA, Inc | | | 541 | |
| | 62,055 | | e | | Big Lots, Inc | | | 2,606 | |
| | 257,420 | | | | Bilia AB | | | 2,086 | |
| | 558,700 | | * | | Bintang Oto Global Tbk PT | | | 55 | |
| | 652,839 | | * | | BJ’s Wholesale Club Holdings, Inc | | | 24,331 | |
| | 2,824,330 | | * | | boohoo.com plc | | | 14,463 | |
| | 114,684 | | * | | Booking Holdings, Inc | | | 182,616 | |
| | 25,114 | | * | | Boot Barn Holdings, Inc | | | 541 | |
| | 20,408 | | *,g | | Boozt AB | | | 202 | |
| | 537,000 | | *,†,e | | Boshiwa International Holding | | | 1 | |
| | 107,467 | | | | Boyd Group Services, Inc | | | 15,996 | |
| | 50,268 | | e | | Buckle, Inc | | | 788 | |
| | 139,804 | | * | | Burlington Stores, Inc | | | 27,532 | |
| | 182,514 | | | | Burson Group Ltd | | | 753 | |
| | 24,000 | | | | C&A Modas Ltd | | | 45 | |
| | 68,269 | | | | Caleres, Inc | | | 569 | |
| | 270,441 | | e | | Camping World Holdings, Inc | | | 7,345 | |
| | 73,084 | | e | | Canadian Tire Corp Ltd | | | 6,333 | |
| | 627,256 | | * | | CarMax, Inc | | | 56,171 | |
| | 69,908 | | *,e | | Carvana Co | | | 8,403 | |
| | 18,277 | | | | Cato Corp (Class A) | | | 150 | |
| | 436,493 | | | | Chico’s FAS, Inc | | | 602 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 349,159 | | e | | Children’s Place, Inc | | $ | 13,066 | |
| | 110,000 | | | | China Animation Characters Co Ltd | | | 29 | |
| | 58,700 | | | | China Grand Automotive Services Co Ltd | | | 27 | |
| | 988,500 | | e | | China Harmony New Energy Auto Holding Ltd | | | 494 | |
| | 3,364,000 | | | | China Meidong Auto Holdings Ltd | | | 8,297 | |
| | 228,500 | | e | | China ZhengTong Auto Services Holdings Ltd | | | 33 | |
| | 8,816 | | | | Chiyoda Co Ltd | | | 97 | |
| | 2,248,600 | | * | | Chow Tai Fook Jewellery Group Ltd | | | 2,153 | |
| | 17,666 | | | | Citi Trends, Inc | | | 357 | |
| | 317,000 | | * | | City Telecom (HK) Ltd | | | 183 | |
| | 20,649 | | | | CJ O Shopping Co Ltd | | | 1,914 | |
| | 127,443 | | e | | Clas Ohlson AB (B Shares) | | | 1,428 | |
| | 2,488,327 | | | | Com7 PCL (Foreign) | | | 2,291 | |
| | 92,061 | | *,e | | Conn’s, Inc | | | 929 | |
| | 9,964 | | *,e | | Container Store Group, Inc | | | 32 | |
| | 225,897 | | | | Core-Mark Holding Co, Inc | | | 5,637 | |
| | 1,517 | | | | Cuckoo Homesys Co Ltd | | | 43 | |
| | 347,779 | | | | DCM Japan Holdings Co Ltd | | | 3,988 | |
| | 123,797 | | | | Delek Automotive Systems Ltd | | | 564 | |
| | 113,167 | | *,g | | Delivery Hero AG. | | | 11,630 | |
| | 105,811 | | | | Designer Brands, Inc | | | 716 | |
| | 106,611 | | *,e | | Despegar.com Corp | | | 765 | |
| | 294,960 | | | | Dick’s Sporting Goods, Inc | | | 12,170 | |
| | 38,681 | | | | Dieteren S.A. | | | 2,145 | |
| | 13,392 | | e | | Dillard’s, Inc (Class A) | | | 345 | |
| | 209,650 | | | | Dohome PCL | | | 71 | |
| | 510,620 | | | | Dollar General Corp | | | 97,278 | |
| | 594,506 | | * | | Dollar Tree, Inc | | | 55,099 | |
| | 306,156 | | | | Dollarama, Inc | | | 10,184 | |
| | 710,300 | | | | Don Quijote Co Ltd | | | 15,638 | |
| | 11,900 | | | | Doshisha Co Ltd | | | 180 | |
| | 46,008 | | | | Dufry Group | | | 1,378 | |
| | 33,352 | | *,e | | Duluth Holdings, Inc | | | 246 | |
| | 132,791 | | | | Dunelm Group plc | | | 1,956 | |
| | 34,484 | | g | | Dustin Group AB | | | 188 | |
| | 953,204 | | | | eBay, Inc | | | 49,996 | |
| | 43,178 | | | | EDION Corp | | | 439 | |
| | 193,902 | | * | | eDreams ODIGEO S.A. | | | 540 | |
| | 103,900 | | e | | Enigmo, Inc | | | 1,283 | |
| | 6,449 | | * | | Envela Corp | | | 39 | |
| | 205,940 | | * | | Etsy, Inc | | | 21,877 | |
| | 669,338 | | g | | Europris ASA | | | 3,245 | |
| | 470,795 | | | | Expedia Group Inc | | | 38,699 | |
| | 97,896 | | *,e | | Express Parent LLC | | | 151 | |
| | 295,000 | | | | Far Eastern Department Stores Co Ltd | | | 250 | |
| | 794,663 | | *,e | | Farfetch Ltd | | | 13,724 | |
| | 56,379 | | | | Fast Retailing Co Ltd | | | 32,405 | |
| | 15,894 | | * | | Fawaz Abdulaziz Al Hokair & Co | | | 80 | |
| | 74,560 | | * | | Five Below, Inc | | | 7,971 | |
| | 8,753 | | *,e | | Fiverr International Ltd | | | 646 | |
| | 79,097 | | * | | Floor & Decor Holdings, Inc | | | 4,560 | |
| | 35,050 | | | | Foot Locker, Inc | | | 1,022 | |
| | 52,587 | | | | Foschini Ltd | | | 195 | |
| | 9,700 | | | | Fuji Co Ltd | | | 169 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 43,075 | | *,e | | Funko, Inc | | $ | 250 | |
| | 29,279 | | * | | Future Enterprises Ltd | | | 49 | |
| | 15,632 | | | | Future Lifestyle Fashions Ltd | | | 30 | |
| | 258,380 | | *,e | | GameStop Corp (Class A) | | | 1,121 | |
| | 37,616 | | | | Gap, Inc | | | 475 | |
| | 21,536 | | * | | Genesco, Inc | | | 466 | |
| | 34,382 | | | | Genuine Parts Co | | | 2,990 | |
| | 16,100 | | | | Geo Holdings Corp | | | 202 | |
| | 618,000 | | | | Giordano International Ltd | | | 94 | |
| | 996,291 | | e | | Gocompare.Com Group plc | | | 1,192 | |
| | 5,696,494 | | *,e | | GOME Electrical Appliances Holdings Ltd | | | 955 | |
| | 146,000 | | * | | Grand Baoxin Auto Group Ltd | | | 22 | |
| | 15,045 | | *,e | | Greenlane Holdings Inc | | | 60 | |
| | 30,555 | | | | Group 1 Automotive, Inc | | | 2,016 | |
| | 9,359 | | | | Groupe Fnac | | | 389 | |
| | 35,695 | | *,e | | Groupon, Inc | | | 647 | |
| | 24,982 | | * | | GrowGeneration Corp | | | 171 | |
| | 544,738 | | * | | GrubHub, Inc | | | 38,295 | |
| | 21,400 | | * | | Grupo SBF S.A. | | | 129 | |
| | 8,732 | | | | GS Home Shopping, Inc | | | 797 | |
| | 77,035 | | e | | Guess?, Inc | | | 745 | |
| | 35,300 | | | | Gulliver International Co Ltd | | | 163 | |
| | 638,756 | | | | Halfords Group plc | | | 1,203 | |
| | 47,525 | | | | Hankyu Department Stores, Inc | | | 318 | |
| | 421,424 | | e | | Harvey Norman Holdings Ltd | | | 1,036 | |
| | 16,710 | | | | Haverty Furniture Cos, Inc | | | 267 | |
| | 457,114 | | * | | HelloFresh SE | | | 24,453 | |
| | 4,972,000 | | *,e | | HengTen Networks Group Ltd | | | 93 | |
| | 714,557 | | e | | Hennes & Mauritz AB (B Shares) | | | 10,430 | |
| | 23,222 | | *,e | | Hibbett Sports, Inc | | | 486 | |
| | 43,690 | | | | Hikari Tsushin, Inc | | | 9,990 | |
| | 2,860,724 | | | | Home Depot, Inc | | | 716,640 | |
| | 6,048,884 | | | | Home Product Center PCL (Foreign) | | | 3,038 | |
| | 31,508 | | | | Hornbach Baumarkt AG. | | | 1,016 | |
| | 44,365 | | | | Hornbach Holding AG. & Co KGaA | | | 3,678 | |
| | 440,618 | | | | Hotai Motor Co Ltd | | | 10,565 | |
| | 18,146 | | | | Hotel Shilla Co Ltd | | | 1,079 | |
| | 2,285,000 | | *,† | | Hsin Chong Group Holdings Ltd | | | 3 | |
| | 487,606 | | * | | Hudson Ltd | | | 2,375 | |
| | 9,480 | | | | Hyundai Department Store Co Ltd | | | 446 | |
| | 9,347 | | | | Hyundai Home Shopping Network Corp | | | 501 | |
| | 877,299 | | | | Inchcape plc | | | 5,332 | |
| | 1,307,548 | | | | Industria De Diseno Textil S.A. | | | 34,694 | |
| | 208,775 | | | | Isetan Mitsukoshi Holdings Ltd | | | 1,201 | |
| | 24,800 | | | | Izumi Co Ltd | | | 786 | |
| | 124,100 | | | | J Front Retailing Co Ltd | | | 830 | |
| | 40,291 | | | | Jardine Cycle & Carriage Ltd | | | 588 | |
| | 75,584 | | | | Jarir Marketing Co | | | 2,963 | |
| | 327,272 | | | | JB Hi-Fi Ltd | | | 9,792 | |
| | 439,199 | | | | JD Sports Fashion plc | | | 3,380 | |
| | 1,737,278 | | * | | JD.com, Inc (ADR) | | | 104,549 | |
| | 7,442 | | | | Jin Co Ltd | | | 453 | |
| | 8,220 | | | | Joshin Denki Co Ltd | | | 165 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 45,774 | | e | | Joyful Honda Co Ltd | | $ | 604 | |
| | 87,654 | | | | JUMBO S.A. | | | 1,576 | |
| | 66,910 | | *,g | | Just Eat Takeaway | | | 6,977 | |
| | 22,987 | | | | Keiyo Co Ltd | | | 158 | |
| | 111,682 | | | | Kering | | | 61,059 | |
| | 1,604,042 | | | | Kingfisher plc | | | 4,413 | |
| | 4,200 | | e | | Kintetsu Department Store Co Ltd | | | 118 | |
| | 111,347 | | | | Kogan.com Ltd | | | 1,143 | |
| | 107,803 | | | | Kohl’s Corp | | | 2,239 | |
| | 87,600 | | | | Kohnan Shoji Co Ltd | | | 2,762 | |
| | 207,095 | | | | Komeri Co Ltd | | | 5,312 | |
| | 157,528 | | | | K’s Holdings Corp | | | 2,152 | |
| | 110,656 | | | | L Brands, Inc | | | 1,657 | |
| | 21,347 | | *,e | | Lands’ End, Inc | | | 172 | |
| | 70,700 | | | | Liaoning Cheng Da Co Ltd | | | 190 | |
| | 96,500 | | * | | Lifestyle China Group Ltd | | | 23 | |
| | 233,500 | | | | Lifestyle International Holdings Ltd | | | 193 | |
| | 44,364 | | * | | Liquidity Services, Inc | | | 264 | |
| | 51,748 | | | | Lithia Motors, Inc (Class A) | | | 7,831 | |
| | 11,700 | | | | LIXIL VIVA Corp | | | 283 | |
| | 145,736 | | * | | LKQ Corp | | | 3,818 | |
| | 993,490 | | | | Lojas Americanas S.A. (Preference) | | | 5,879 | |
| | 996,917 | | | | Lojas Renner S.A. | | | 7,663 | |
| | 2,187 | | | | LOTTE Himart Co Ltd | | | 70 | |
| | 6,950 | | | | Lotte Shopping Co Ltd | | | 464 | |
| | 29,751 | | e | | Lovisa Holdings Ltd | | | 124 | |
| | 2,052,684 | | | | Lowe’s Companies, Inc | | | 277,359 | |
| | 394,561 | | | | Luk Fook Holdings International Ltd | | | 858 | |
| | 44,490 | | *,e | | Lumber Liquidators, Inc | | | 617 | |
| | 525,250 | | e | | Macy’s, Inc | | | 3,614 | |
| | 728,509 | | | | Magazine Luiza S.A. | | | 9,599 | |
| | 24,218 | | g | | Maisons du Monde S.A. | | | 320 | |
| | 846,428 | | * | | MakeMyTrip Ltd | | | 12,967 | |
| | 686,400 | | *,e,g | | Maoyan Entertainment | | | 1,054 | |
| | 53,603 | | * | | MarineMax, Inc | | | 1,200 | |
| | 29,300 | | * | | Marisa Lojas S.A. | | | 45 | |
| | 6,050,725 | | * | | Marks & Spencer Group plc | | | 7,420 | |
| | 118,609 | | | | Marui Co Ltd | | | 2,146 | |
| | 19,447 | | * | | Matas A.S. | | | 173 | |
| | 14,616 | | e | | Matsuya Co Ltd | | | 93 | |
| | 12,200 | | e | | Media Do Holdings Co Ltd | | | 500 | |
| | 3,295,200 | | * | | Meituan Dianping (Class B) | | | 73,636 | |
| | 122,365 | | e | | Mekonomen AB | | | 875 | |
| | 16,479 | | * | | MercadoLibre, Inc | | | 16,244 | |
| | 59,400 | | * | | Mercari, Inc | | | 1,844 | |
| | 364,865 | | * | | Metro AG. | | | 1,273 | |
| | 129,035 | | *,e | | Michaels Cos, Inc | | | 912 | |
| | 174,436 | | | | Mobilezone Holding AG. | | | 1,524 | |
| | 98,000 | | | | momo.com, Inc | | | 2,383 | |
| | 1,246,999 | | | | Moneysupermarket.com Group plc | | | 5,002 | |
| | 29,186 | | e | | Monro Muffler, Inc | | | 1,603 | |
| | 36,072 | | e | | Motus Holdings Ltd | | | 64 | |
| | 1,294,761 | | | | Mr Price Group Ltd | | | 10,706 | |
| | 50,500 | | *,g | | Mulsanne Group Holding Ltd | | | 48 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 24,449 | | * | | Murphy USA, Inc | | $ | 2,753 | |
| | 13,610 | | * | | Musti Group Oyj | | | 246 | |
| | 640,409 | | | | Naspers Ltd (N Shares) | | | 117,695 | |
| | 173,445 | | * | | National Vision Holdings, Inc | | | 5,294 | |
| | 564,592 | | e | | New Carphone Warehouse plc | | | 627 | |
| | 207,161 | | | | Next plc | | | 12,543 | |
| | 378,700 | | e | | Nextage Co Ltd | | | 3,051 | |
| | 55,787 | | | | Nishimatsuya Chain Co Ltd | | | 576 | |
| | 125,704 | | | | Nitori Co Ltd | | | 24,647 | |
| | 181,400 | | | | Nojima Corp | | | 4,591 | |
| | 60,189 | | e | | Nordstrom, Inc | | | 932 | |
| | 403,647 | | * | | Ocado Ltd | | | 10,144 | |
| | 1,049,520 | | | | Office Depot, Inc | | | 2,466 | |
| | 10,900 | | * | | Oisix ra daichi, Inc | | | 213 | |
| | 60,451 | | *,e | | Ollie’s Bargain Outlet Holdings, Inc | | | 5,903 | |
| | 76,936 | | g | | On the Beach Group plc | | | 280 | |
| | 11,575 | | * | | OneWater Marine, Inc | | | 281 | |
| | 5,884 | | *,e | | Open Door, Inc | | | 71 | |
| | 144,530 | | * | | O’Reilly Automotive, Inc | | | 60,944 | |
| | 81,670 | | * | | Overstock.com, Inc | | | 2,322 | |
| | 1,041,800 | | | | Padini Holdings BHD | | | 609 | |
| | 10,728 | | | | Pal Co Ltd | | | 129 | |
| | 65,932 | | | | Paltac Corp | | | 3,042 | |
| | 21,780 | | * | | PC Home Online | | | 88 | |
| | 55,248 | | | | Penske Auto Group, Inc | | | 2,139 | |
| | 699,638 | | e,g | | Pepkor Holdings Ltd | | | 443 | |
| | 16,565 | | e | | PetMed Express, Inc | | | 590 | |
| | 1,299,300 | | | | Petrobras Distribuidora S.A. | | | 5,149 | |
| | 694,842 | | | | Pets at Home Group plc | | | 2,056 | |
| | 413,230 | | * | | Pinduoduo, Inc (ADR) | | | 35,472 | |
| | 57,998 | | | | Pool Corp | | | 15,768 | |
| | 5,891,500 | | * | | Pou Sheng International Holdings Ltd | | | 1,358 | |
| | 15,701 | | | | Poya Co Ltd | | | 310 | |
| | 291,115 | | | | Premier Investments Ltd | | | 3,510 | |
| | 531,220 | | * | | Prosus NV | | | 49,381 | |
| | 3,523,500 | | * | | PT ACE Hardware Indonesia Tbk | | | 373 | |
| | 72,965,300 | | * | | PT Matahari Department Store Tbk | | | 8,286 | |
| | 26,971,600 | | * | | PT Mitra Adiperkasa Tbk | | | 1,477 | |
| | 6,565,900 | | * | | PT Ramayana Lestari Sentosa Tbk | | | 275 | |
| | 948,800 | | | | PTG Energy PCL | | | 502 | |
| | 2,952,500 | | | | PTG Energy PCL (Foreign) | | | 1,562 | |
| | 334,980 | | * | | Quotient Technology, Inc | | | 2,452 | |
| | 594,885 | | * | | Qurate Retail Group, Inc QVC Group | | | 5,651 | |
| | 807,265 | | * | | Rakuten, Inc | | | 7,131 | |
| | 92,348 | | * | | Real Matters, Inc | | | 1,801 | |
| | 92,075 | | *,e | | RealReal, Inc | | | 1,178 | |
| | 193,959 | | | | Rent-A-Center, Inc | | | 5,396 | |
| | 32,520 | | *,e | | RH | | | 8,094 | |
| | 177,914 | | | | Ripley Corp S.A. | | | 58 | |
| | 36,997 | | *,g | | Rocket Internet SE | | | 797 | |
| | 685,432 | | | | Ross Stores, Inc | | | 58,426 | |
| | 468,761 | | * | | Rubicon Project, Inc | | | 3,127 | |
| | 174,000 | | | | Ryohin Keikaku Co Ltd | | | 2,475 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 565,831 | | e | | SA SA International Holdings Ltd | | $ | 96 | |
| | 963,015 | | | | SACI Falabella | | | 3,048 | |
| | 177,042 | | * | | Sally Beauty Holdings, Inc | | | 2,218 | |
| | 27,800 | | | | Sanrio Co Ltd | | | 431 | |
| | 83,716 | | | | Saudi Co For Hardware CJSC | | | 994 | |
| | 6,037 | | * | | Seobu Truck Terminal Co Ltd | | | 33 | |
| | 99,200 | | | | Seria Co Ltd | | | 3,538 | |
| | 245,500 | | | | Shanghai Yuyuan Tourist Mart Group Co Ltd | | | 309 | |
| | 20,706 | | | | Shimachu Co Ltd | | | 575 | |
| | 21,892 | | | | Shimamura Co Ltd | | | 1,483 | |
| | 4,370 | | | | Shinsegae Co Ltd | | | 809 | |
| | 635 | | | | Shinsegae International Co Ltd | | | 84 | |
| | 178,000 | | * | | Shirble Department Stores | | | 19 | |
| | 7,960 | | e | | Shoe Carnival, Inc | | | 233 | |
| | 14,669 | | *,e,g | | Shop Apotheke Europe NV | | | 1,754 | |
| | 17,544 | | | | Shutterstock, Inc | | | 614 | |
| | 86,536 | | e | | Signet Jewelers Ltd | | | 889 | |
| | 41,947 | | g | | Sleep Country Canada Holdings, Inc | | | 497 | |
| | 68,306 | | * | | Sleep Number Corp | | | 2,844 | |
| | 90,655 | | *,e,g | | SMCP S.A. | | | 444 | |
| | 132,922 | | | | Sonic Automotive, Inc (Class A) | | | 4,242 | |
| | 464,641 | | *,e | | Sports Direct International plc | | | 1,761 | |
| | 109,860 | | * | | Sportsman’s Warehouse Holdings, Inc | | | 1,565 | |
| | 24,426 | | * | | Stamps.com, Inc | | | 4,487 | |
| | 188,630 | | e | | Start Today Co Ltd | | | 4,205 | |
| | 60,628 | | *,e | | Stitch Fix Inc | | | 1,512 | |
| | 315,900 | | * | | Suning.com Co Ltd | | | 393 | |
| | 407,218 | | | | Super Cheap Auto Group Ltd | | | 2,291 | |
| | 85,713 | | * | | Super Group Ltd | | | 79 | |
| | 58,173 | | * | | Super Retail Group Ltd | | | 39 | |
| | 331,400 | | e | | Takashimaya Co Ltd | | | 2,775 | |
| | 39,315 | | *,g | | Takeaway.com Holding BV | | | 4,109 | |
| | 97,062 | | * | | Takkt AG. | | | 994 | |
| | 1,266,397 | | | | Target Corp | | | 151,879 | |
| | 10,069 | | | | Telepark Corp | | | 190 | |
| | 920,000 | | * | | Temple & Webster Group Ltd | | | 4,036 | |
| | 38,000 | | | | Test-Rite International Co | | | 27 | |
| | 201,175 | | | | Tiffany & Co | | | 24,531 | |
| | 31,623 | | | | Tilly’s, Inc | | | 179 | |
| | 3,097,639 | | | | TJX Companies, Inc | | | 156,617 | |
| | 93,363 | | | | Tokmanni Group Corp | | | 1,385 | |
| | 653,400 | | *,e | | Tongcheng-Elong Holdings Ltd | | | 1,187 | |
| | 3,648,054 | | g | | Topsports International Holdings Ltd | | | 4,693 | |
| | 141,810 | | | | Tractor Supply Co | | | 18,689 | |
| | 381,025 | | *,g | | Trainline plc | | | 2,053 | |
| | 791,138 | | * | | Trip.com Group Ltd (ADR) | | | 20,506 | |
| | 379,933 | | | | Truworths International Ltd | | | 745 | |
| | 164,644 | | * | | Ulta Beauty, Inc | | | 33,492 | |
| | 10,999 | | | | United Arrows Ltd | | | 187 | |
| | 6,861 | | | | United Electronics Co | | | 101 | |
| | 95,897 | | * | | Urban Outfitters, Inc | | | 1,460 | |
| | 128,221 | | * | | US Auto Parts Network, Inc | | | 1,110 | |
| | 220,043 | | | | USS Co Ltd | | | 3,527 | |
| | 28,200 | | *,e | | Uxin Ltd (ADR) | | | 40 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,933 | | e | | Valora Holding AG. | | $ | 371 | |
| | 1,016,800 | | * | | Via Varejo S.A. | | | 2,863 | |
| | 1,032,700 | | * | | Vipshop Holdings Ltd (ADR) | | | 20,561 | |
| | 1,763 | | | | V-Mart Retail Ltd | | | 41 | |
| | 41,188 | | | | VT Holdings Co Ltd | | | 135 | |
| | 335,346 | | *,e | | Waitr Holdings Inc | | | 882 | |
| | 103,056 | | *,e | | Wayfair, Inc | | | 20,365 | |
| | 547,185 | | e | | Webjet Ltd | | | 1,279 | |
| | 1,611,994 | | | | Wesfarmers Ltd | | | 50,120 | |
| | 4,834 | | | | Weyco Group, Inc | | | 104 | |
| | 178,658 | | | | WH Smith plc | | | 2,432 | |
| | 340,700 | | | | Wilcon Depot, Inc | | | 106 | |
| | 118,775 | | | | Williams-Sonoma, Inc | | | 9,741 | |
| | 9,974 | | | | Winmark Corp | | | 1,708 | |
| | 2,826,191 | | | | Woolworths Holdings Ltd | | | 5,401 | |
| | 19,000 | | | | Workman Co Ltd | | | 1,681 | |
| | 61,900 | | | | World Co Ltd | | | 945 | |
| | 176,200 | | | | Wuchan Zhongda Group Co Ltd | | | 105 | |
| | 115,100 | | | | Xebio Co Ltd | | | 897 | |
| | 1,733,994 | | | | Yamada Denki Co Ltd | | | 8,601 | |
| | 166,434 | | | | Yellow Hat Ltd | | | 2,293 | |
| | 14,400 | | | | Yume No Machi Souzou Iinkai Co Ltd | | | 209 | |
| | 227,783 | | *,g | | Zalando SE | | | 16,159 | |
| | 342,000 | | | | Zhongsheng Group Holdings Ltd | | | 1,913 | |
| | 10,048 | | * | | zooplus AG. | | | 1,650 | |
| | 113,971 | | * | | Zumiez, Inc | | | 3,121 | |
| | | | | | TOTAL RETAILING | | | 7,312,461 | |
| | | | | | | | | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.9% |
| | 110,655 | | * | | Acacia Communications, Inc | | | 7,435 | |
| | 48,615 | | | | A-DATA Technology Co Ltd | | | 95 | |
| | 58,936 | | * | | Advanced Energy Industries, Inc | | | 3,995 | |
| | 2,527,267 | | * | | Advanced Micro Devices, Inc | | | 132,960 | |
| | 2,641 | | | | Advanced Process Systems Corp | | | 52 | |
| | 32,483 | | | | Advanced Wireless Semiconductor Co | | | 101 | |
| | 304,100 | | | | Advantest Corp | | | 17,355 | |
| | 83,941 | | * | | Aixtron AG. | | | 1,012 | |
| | 13,000 | | * | | Alchip Technologies Ltd | | | 222 | |
| | 17,044 | | * | | Alpha & Omega Semiconductor Ltd | | | 185 | |
| | 28,946 | | * | | Ambarella, Inc | | | 1,326 | |
| | 484,529 | | * | | Amkor Technology, Inc | | | 5,965 | |
| | 406,426 | | * | | ams AG. | | | 6,059 | |
| | 719,817 | | | | Analog Devices, Inc | | | 88,278 | |
| | 4,206,667 | | | | Applied Materials, Inc | | | 254,293 | |
| | 94,738 | | | | Ardentec Corp | | | 103 | |
| | 2,810,963 | | | | ASE Industrial Holding Co Ltd | | | 6,474 | |
| | 145,305 | | | | ASM International NV | | | 22,369 | |
| | 438,856 | | | | ASM Pacific Technology | | | 4,638 | |
| | 5,884 | | | | ASMedia Technology, Inc | | | 288 | |
| | 700,416 | | | | ASML Holding NV | | | 256,221 | |
| | 5,000 | | | | ASPEED Technology, Inc | | | 212 | |
| | 12,492 | | * | | Atomera, Inc | | | 112 | |
| | 8,235 | | * | | Atto Co Ltd | | | 31 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 136,265 | | * | | Axcelis Technologies, Inc | | $ | 3,795 | |
| | 36,882 | | * | | AXT, Inc | | | 176 | |
| | 62,278 | | | | BE Semiconductor Industries NV | | | 2,761 | |
| | 1,074,064 | | | | Broadcom, Inc | | | 338,985 | |
| | 274,475 | | | | Brooks Automation, Inc | | | 12,143 | |
| | 31,260 | | | | Cabot Microelectronics Corp | | | 4,362 | |
| | 18,984 | | * | | Ceva, Inc | | | 710 | |
| | 23,000 | | | | Chang Wah Technology Co Ltd | | | 24 | |
| | 11,538 | | *,† | | China Energy Savings Technology, Inc | | | 0 | |
| | 953,000 | | | | Chipbond Technology Corp | | | 2,091 | |
| | 222,436 | | | | ChipMOS Technologies, Inc | | | 256 | |
| | 47,949 | | * | | Cirrus Logic, Inc | | | 2,962 | |
| | 62,291 | | | | Cohu, Inc | | | 1,080 | |
| | 983,598 | | * | | Cree, Inc | | | 58,219 | |
| | 16,114 | | * | | CyberOptics Corp | | | 519 | |
| | 415,569 | | e | | Dainippon Screen Manufacturing Co Ltd | | | 19,524 | |
| | 2,100 | | * | | Daqo New Energy Corp (ADR) | | | 156 | |
| | 621,592 | | * | | Dialog Semiconductor plc | | | 28,412 | |
| | 103,762 | | * | | Diodes, Inc | | | 5,261 | |
| | 32,080 | | | | Disco Corp | | | 7,824 | |
| | 241,349 | | | | Dongbu HiTek Co Ltd | | | 5,851 | |
| | 71,792 | | * | | DSP Group, Inc | | | 1,140 | |
| | 102,400 | | | | Elan Microelectronics Corp | | | 421 | |
| | 58,000 | | | | Elite Semiconductor Memory Technology, Inc | | | 77 | |
| | 5,188 | | | | Elmos Semiconductor AG. | | | 126 | |
| | 19,571 | | | | eMemory Technology, Inc | | | 325 | |
| | 248,129 | | *,e | | Enphase Energy, Inc | | | 11,804 | |
| | 216,892 | | | | Entegris, Inc | | | 12,807 | |
| | 1,903 | | | | Eo Technics Co Ltd | | | 151 | |
| | 22,000 | | * | | Episil-Precision, Inc | | | 50 | |
| | 309,000 | | | | Epistar Corp | | | 389 | |
| | 592,000 | | | | Everlight Electronics Co Ltd | | | 626 | |
| | 51,060 | | | | Faraday Technology Corp | | | 81 | |
| | 160,300 | | | | Ferrotec | | | 972 | |
| | 126,806 | | * | | First Solar, Inc | | | 6,277 | |
| | 74,000 | | | | Forhouse Corp | | | 27 | |
| | 377,505 | | * | | Formfactor, Inc | | | 11,072 | |
| | 34,000 | | | | Formosa Advanced Technologies Co Ltd | | | 44 | |
| | 239,200 | | | | Formosa Sumco Technology Corp | | | 1,116 | |
| | 213,850 | | | | Foxsemicon Integrated Technology, Inc | | | 1,316 | |
| | 3,144,000 | | *,e | | GCL Poly Energy Holdings Ltd | | | 89 | |
| | 371,500 | | * | | GCL System Integration Technology Co Ltd | | | 137 | |
| | 7,397 | | * | | GemVax & Kael Co Ltd | | | 120 | |
| | 22,120 | | | | Gigadevice Semiconductor Beijing, Inc | | | 742 | |
| | 16,000 | | * | | Global Lighting Technologies, Inc | | | 69 | |
| | 19,000 | | | | Global Unichip Corp | | | 164 | |
| | 312,000 | | | | Globalwafers Co Ltd | | | 4,297 | |
| | 126,633 | | | | Globetronics Technology BHD | | | 64 | |
| | 62,000 | | | | Greatek Electronics, Inc | | | 98 | |
| | 11,708 | | * | | GSI Technology, Inc | | | 84 | |
| | 66,500 | | | | Hangzhou Silan Microelectronics Co Ltd | | | 139 | |
| | 4,905 | | | | Hanmi Semiconductor Co Ltd | | | 31 | |
| | 42,000 | | | | Holtek Semiconductor, Inc | | | 95 | |
| | 728,200 | | *,e,g | | Hua Hong Semiconductor Ltd | | | 2,553 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 634,651 | | | | Hynix Semiconductor, Inc | | $ | 45,313 | |
| | 46,613 | | * | | Ichor Holdings Ltd | | | 1,239 | |
| | 110,401 | | *,e | | Impinj, Inc | | | 3,033 | |
| | 2,697,552 | | | | Infineon Technologies AG. | | | 63,210 | |
| | 1,451 | | * | | Innox Advanced Materials Co Ltd | | | 54 | |
| | 290,619 | | * | | Inphi Corp | | | 34,148 | |
| | 10,873,435 | | | | Intel Corp | | | 650,558 | |
| | 1,262,380 | | *,e | | IQE plc | | | 799 | |
| | 1,522 | | * | | ITM Semiconductor Co Ltd | | | 75 | |
| | 97,725 | | | | Japan Material Co Ltd | | | 1,541 | |
| | 24,000 | | * | | Jentech Precision Industrial Co Ltd | | | 232 | |
| | 258,715 | | *,e | | JinkoSolar Holding Co Ltd (ADR) | | | 4,582 | |
| | 360,000 | | | | King Yuan Electronics Co Ltd | | | 422 | |
| | 111,000 | | | | Kinsus Interconnect Technology Corp | | | 266 | |
| | 137,580 | | | | KLA Corp | | | 26,757 | |
| | 13,436 | | | | Koh Young Technology, Inc | | | 1,123 | |
| | 3,400 | | | | L&F Co Ltd | | | 88 | |
| | 572,722 | | | | Lam Research Corp | | | 185,253 | |
| | 16,800 | | | | Land Mark Optoelectronics Corp | | | 166 | |
| | 160,848 | | | | Lasertec Corp | | | 15,205 | |
| | 514,756 | | * | | Lattice Semiconductor Corp | | | 14,614 | |
| | 3,537 | | | | LEENO Industrial Inc | | | 335 | |
| | 41,000 | | * | | Lite-On Semiconductor Corp | | | 57 | |
| | 181,050 | | | | LONGi Green Energy Technology Co Ltd | | | 1,047 | |
| | 7,278 | | | | Machvision, Inc | | | 77 | |
| | 69,660 | | * | | MACOM Technology Solutions Holdings, Inc | | | 2,393 | |
| | 489,000 | | | | Macronix International | | | 519 | |
| | 17,500 | | | | Malaysian Pacific Industries BHD | | | 45 | |
| | 17,000 | | * | | Marketech International Corp | | | 50 | |
| | 3,508,098 | | | | Marvell Technology Group Ltd | | | 122,994 | |
| | 653,419 | | | | Maxim Integrated Products, Inc | | | 39,604 | |
| | 83,574 | | * | | MaxLinear, Inc | | | 1,794 | |
| | 2,928,565 | | | | MediaTek, Inc | | | 57,900 | |
| | 23,800 | | * | | Megachips Corp | | | 461 | |
| | 10,908 | | e | | Melexis NV | | | 830 | |
| | 225,476 | | | | Microchip Technology, Inc | | | 23,745 | |
| | 2,372,188 | | * | | Micron Technology, Inc | | | 122,215 | |
| | 14,500 | | | | Micronics Japan Co Ltd | | | 153 | |
| | 40,700 | | | | Mimasu Semiconductor Industry Co Ltd | | | 881 | |
| | 80,400 | | | | Mitsui High-Tec, Inc | | | 1,200 | |
| | 124,357 | | | | MKS Instruments, Inc | | | 14,082 | |
| | 145,235 | | | | Monolithic Power Systems, Inc | | | 34,421 | |
| | 94,195 | | * | | Nanometrics, Inc | | | 3,206 | |
| | 721,000 | | | | Nanya Technology Corp | | | 1,504 | |
| | 482,860 | | * | | Neo Solar Power Corp | | | 108 | |
| | 481,777 | | * | | NeoPhotonics Corp Ltd | | | 4,278 | |
| | 3,730 | | | | NEPES Corp | | | 90 | |
| | 77,709 | | * | | Nordic Semiconductor ASA | | | 596 | |
| | 36,109 | | * | | Nova Measuring Instruments Ltd | | | 1,740 | |
| | 942,452 | | | | Novatek Microelectronics Corp Ltd | | | 7,324 | |
| | 26,000 | | * | | Nuvoton Technology Corp | | | 34 | |
| | 15,348 | | | | NVE Corp | | | 949 | |
| | 1,421,789 | | | | NVIDIA Corp | | | 540,152 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,846,684 | | | | NXP Semiconductors NV | | $ | 210,596 | |
| | 396,691 | | * | | ON Semiconductor Corp | | | 7,862 | |
| | 56,475 | | | | Optorun Co Ltd | | | 1,324 | |
| | 54,100 | | | | Pan Jit International, Inc | | | 52 | |
| | 21,401 | | | | Parade Technologies Ltd | | | 717 | |
| | 82,439 | | * | | PDF Solutions, Inc | | | 1,613 | |
| | 87,195 | | * | | Phison Electronics Corp | | | 877 | |
| | 104,316 | | * | | Photronics, Inc | | | 1,161 | |
| | 40,613 | | | | Pixart Imaging, Inc | | | 235 | |
| | 78,441 | | * | | Pixelworks, Inc | | | 253 | |
| | 28,883 | | | | Power Integrations, Inc | | | 3,412 | |
| | 540,597 | | | | Powertech Technology, Inc | | | 1,973 | |
| | 135,142 | | * | | Qorvo, Inc | | | 14,937 | |
| | 3,522,763 | | | | QUALCOMM, Inc | | | 321,311 | |
| | 2,721,000 | | | | Radiant Opto-Electronics Corp | | | 11,017 | |
| | 448,151 | | * | | Rambus, Inc | | | 6,812 | |
| | 925,598 | | | | Realtek Semiconductor Corp | | | 9,434 | |
| | 10,137,715 | | * | | Renesas Electronics Corp | | | 52,112 | |
| | 2,984 | | | | RFHIC Corp | | | 90 | |
| | 12,000 | | * | | RichWave Technology Corp | | | 77 | |
| | 664,406 | | | | Rohm Co Ltd | | | 44,177 | |
| | 14,400 | | | | Rorze Corp | | | 719 | |
| | 7,400 | | | | RS Technologies Co Ltd | | | 239 | |
| | 190,838 | | | | Sanan Optoelectronics Co Ltd | | | 678 | |
| | 52,907 | | | | Sanken Electric Co Ltd | | | 1,042 | |
| | 29,000 | | | | SDI Corp | | | 48 | |
| | 2,629,147 | | *,e | | Semiconductor Manufacturing International Corp | | | 9,223 | |
| | 151,728 | | * | | Semtech Corp | | | 7,923 | |
| | 8,737 | | | | Seoul Semiconductor Co Ltd | | | 99 | |
| | 6,600 | | | | SG Micro Corp | | | 286 | |
| | 58,000 | | *,e | | Shanghai Fudan Microelectronics Group Co Ltd | | | 69 | |
| | 21,300 | | | | Shenzhen Goodix Technology Co Ltd | | | 675 | |
| | 3,440 | | | | Shindengen Electric Manufacturing Co Ltd | | | 69 | |
| | 660,100 | | | | Shinko Electric Industries | | | 8,961 | |
| | 9,000 | | * | | ShunSin Technology Holding Ltd | | | 34 | |
| | 155,116 | | | | Sigurd Microelectronics Corp | | | 215 | |
| | 95,588 | | | | Silergy Corp | | | 6,262 | |
| | 57,674 | | * | | Silicon Laboratories, Inc | | | 5,783 | |
| | 2,617 | | | | Silicon Works Co Ltd | | | 85 | |
| | 29,274 | | | | Siltronic AG. | | | 3,002 | |
| | 997,000 | | | | Sino-American Silicon Products, Inc | | | 3,233 | |
| | 6,506 | | *,e | | SiTime Corp | | | 308 | |
| | 144,000 | | | | Sitronix Technology Corp | | | 757 | |
| | 974,701 | | | | Skyworks Solutions, Inc | | | 124,625 | |
| | 5,210 | | * | | SMA Solar Technology AG. | | | 162 | |
| | 11,887 | | * | | SMART Global Holdings, Inc | | | 323 | |
| | 11,449 | | *,e | | SOITEC | | | 1,275 | |
| | 4,529 | | * | | SolarEdge Technologies, Inc | | | 629 | |
| | 885,364 | | | | STMicroelectronics NV | | | 24,133 | |
| | 16,486 | | * | | STS Semiconductor & Telecommunications | | | 69 | |
| | 2,605,316 | | * | | Sumco Corp | | | 40,054 | |
| | 66,898 | | *,e | | SunPower Corp | | | 512 | |
| | 324,600 | | | | SVI PCL (Foreign) | | | 29 | |
| | 48,227 | | * | | Synaptics, Inc | | | 2,899 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 47,000 | | | | Taiwan Semiconductor Co Ltd | | $ | 64 | |
| | 40,870,458 | | | | Taiwan Semiconductor Manufacturing Co Ltd | | | 436,477 | |
| | 1,156,442 | | | | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | | | 65,651 | |
| | 1,350,000 | | | | Taiwan Surface Mounting Technology Co Ltd | | | 6,003 | |
| | 265,763 | | | | Teradyne, Inc | | | 22,460 | |
| | 3,184 | | | | TES Co Ltd | | | 57 | |
| | 1,361,185 | | | | Texas Instruments, Inc | | | 172,830 | |
| | 122,600 | | | | Tianjin Zhonghuan Semiconductor Co Ltd | | | 391 | |
| | 122,900 | | | | Tianshui Huatian Technology Co Ltd | | | 236 | |
| | 1,058 | | | | Tokai Carbon Korea Co Ltd | | | 77 | |
| | 79,689 | | | | Tokyo Electron Ltd | | | 19,663 | |
| | 21,100 | | | | Tokyo Seimitsu Co Ltd | | | 677 | |
| | 50,800 | | * | | TongFu Microelectronics Co Ltd | | | 181 | |
| | 971,185 | | | | Topco Scientific Co Ltd | | | 3,609 | |
| | 4,631 | | | | Toptec Co Ltd | | | 74 | |
| | 129,789 | | * | | Tower Semiconductor Ltd | | | 2,470 | |
| | 4,300 | | *,e | | Tri Chemical Laboratories, Inc | | | 464 | |
| | 1,746,000 | | *,† | | Trony Solar Holdings Co Ltd. | | | 2 | |
| | 3,958 | | *,e | | U-Blox AG. | | | 271 | |
| | 45,627 | | | | UKC Holdings Corp | | | 888 | |
| | 105,554 | | * | | Ultra Clean Holdings | | | 2,389 | |
| | 31,844 | | e | | Ulvac, Inc | | | 924 | |
| | 28,781,071 | | | | United Microelectronics Corp | | | 15,560 | |
| | 108,750 | | | | Universal Display Corp | | | 16,271 | |
| | 973,628 | | | | Vanguard International Semiconductor Corp | | | 2,589 | |
| | 86,115 | | * | | Veeco Instruments, Inc | | | 1,162 | |
| | 45,000 | | * | | Via Technologies, Inc | | | 52 | |
| | 82,300 | | * | | Visionox Technology, Inc | | | 167 | |
| | 33,068 | | * | | Visual Photonics Epitaxy Co Ltd | | | 103 | |
| | 36,700 | | | | ViTrox Corp BHD | | | 78 | |
| | 109,975 | | | | Wafer Works Corp | | | 126 | |
| | 29,200 | | | | Will Semiconductor Ltd | | | 840 | |
| | 1,335,000 | | | | Win Semiconductors Corp | | | 13,630 | |
| | 1,943,000 | | | | Winbond Electronics Corp | | | 887 | |
| | 6,678 | | * | | WONIK IPS Co Ltd | | | 200 | |
| | 97,200 | | | | Wuxi Taiji Industry Co Ltd | | | 163 | |
| | 27,690 | | *,e,g | | X-Fab Silicon Foundries SE | | | 106 | |
| | 291,951 | | | | Xilinx, Inc | | | 28,725 | |
| | 37,000 | | * | | XinTec, Inc | | | 143 | |
| | 4,363,000 | | | | Xinyi Solar Holdings Ltd | | | 4,196 | |
| | 52,200 | | | | Zhejiang Jingsheng Mechanical & Electrical Co Ltd | | | 183 | |
| | | | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 5,151,358 | |
| | | | | | | | | | |
| SOFTWARE & SERVICES - 11.2% | | | | |
| | 12,200 | | *,e | | 21Vianet Group, Inc (ADR) | | | 291 | |
| | 135,797 | | *,e | | 2U, Inc | | | 5,155 | |
| | 168,700 | | | | 360 Security Technology, Inc | | | 438 | |
| | 134,710 | | * | | 8x8, Inc | | | 2,155 | |
| | 122,429 | | * | | A10 Networks, Inc | | | 834 | |
| | 1,149,798 | | | | Accenture plc | | | 246,885 | |
| | 116,427 | | * | | ACI Worldwide, Inc | | | 3,142 | |
| | 579,357 | | * | | Adobe, Inc | | | 252,200 | |
| | 68,882 | | *,g | | Adyen NV | | | 100,257 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 697,394 | | * | | Afterpay Touch Group Ltd | | $ | 30,119 | |
| | 876,000 | | * | | AGTech Holdings Ltd | | | 43 | |
| | 1,265 | | | | Ahnlab, Inc | | | 53 | |
| | 1,000 | | * | | AI inside, Inc | | | 301 | |
| | 117,500 | | * | | Aisino Corp | | | 271 | |
| | 364,886 | | * | | Akamai Technologies, Inc | | | 39,076 | |
| | 65,556 | | * | | Alarm.com Holdings, Inc | | | 4,249 | |
| | 98,853 | | *,g | | Alfa Financial Software Holdings plc | | | 89 | |
| | 65,287 | | | | Alliance Data Systems Corp | | | 2,946 | |
| | 2,700 | | *,e | | Alpha Systems, Inc | | | 93 | |
| | 38,845 | | *,e | | Altair Engineering, Inc | | | 1,544 | |
| | 30,781 | | * | | Alten | | | 2,660 | |
| | 65,175 | | *,e | | Alteryx, Inc | | | 10,707 | |
| | 113,626 | | | | Altium Ltd | | | 2,574 | |
| | 476,768 | | | | Amadeus IT Holding S.A. | | | 25,031 | |
| | 214,500 | | | | Amdocs Ltd | | | 13,059 | |
| | 40,750 | | | | American Software, Inc (Class A) | | | 642 | |
| | 1,057,579 | | * | | Anaplan, Inc | | | 47,919 | |
| | 73,227 | | * | | Ansys, Inc | | | 21,363 | |
| | 199,724 | | | | Appen Ltd | | | 4,742 | |
| | 14,048 | | * | | Appfolio, Inc | | | 2,286 | |
| | 29,123 | | *,e | | Appian Corp | | | 1,493 | |
| | 8,100 | | | | Argo Graphics, Inc | | | 254 | |
| | 117,860 | | * | | Aspen Technology, Inc | | | 12,211 | |
| | 61,512 | | | | Asseco Poland S.A. | | | 1,030 | |
| | 28,797 | | * | | Asure Software, Inc | | | 185 | |
| | 151,470 | | * | | Atlassian Corp plc | | | 27,306 | |
| | 118,487 | | | | Atos Origin S.A. | | | 10,158 | |
| | 3,630 | | | | Aubay | | | 114 | |
| | 385,134 | | * | | Autodesk, Inc | | | 92,120 | |
| | 656,019 | | | | Automatic Data Processing, Inc | | | 97,675 | |
| | 124,619 | | * | | Avalara, Inc | | | 16,586 | |
| | 2,171,803 | | g | | Avast plc | | | 14,195 | |
| | 188,196 | | * | | Avaya Holdings Corp | | | 2,326 | |
| | 56,111 | | | | Aveva Group plc | | | 2,845 | |
| | 55,400 | | *,e | | BASE, Inc | | | 2,335 | |
| | 5,010 | | * | | BasWare OYJ | | | 168 | |
| | 126,224 | | | | Bechtle AG. | | | 22,372 | |
| | 16,700 | | * | | Beijing E-Hualu Information Technology Co Ltd | | | 133 | |
| | 42,000 | | | | Beijing Shiji Information Technology Co Ltd | | | 233 | |
| | 69,500 | | | | Beijing Sinnet Technology Co Ltd | | | 259 | |
| | 69,504 | | * | | Benefitfocus, Inc | | | 748 | |
| | 38,515 | | * | | Bill.Com Holdings, Inc | | | 3,474 | |
| | 358,848 | | * | | Black Knight, Inc | | | 26,038 | |
| | 59,215 | | | | Blackbaud, Inc | | | 3,380 | |
| | 522,491 | | * | | Blackberry Ltd (New) | | | 2,548 | |
| | 96,967 | | * | | Blackline, Inc | | | 8,040 | |
| | 272,532 | | *,e | | Blue Prism Group plc | | | 3,835 | |
| | 307,720 | | | | Booz Allen Hamilton Holding Co | | | 23,938 | |
| | 94,638 | | * | | Bottomline Technologies, Inc | | | 4,805 | |
| | 475,080 | | * | | Box, Inc | | | 9,863 | |
| | 137,640 | | | | Bravura Solutions Ltd | | | 434 | |
| | 181,341 | | * | | Brightcove, Inc | | | 1,429 | |
| | 52,400 | | | | Broadleaf Co Ltd | | | 257 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 163,167 | | | | Broadridge Financial Solutions, Inc | | $ | 20,590 | |
| | 96,775 | | * | | CACI International, Inc (Class A) | | | 20,989 | |
| | 513,467 | | * | | Cadence Design Systems, Inc | | | 49,272 | |
| | 27,102 | | * | | Cafe24 Corp | | | 1,205 | |
| | 57,264 | | * | | Cancom SE | | | 3,053 | |
| | 408,129 | | | | Cap Gemini S.A. | | | 47,099 | |
| | 31,510 | | * | | Cardtronics plc | | | 756 | |
| | 12,908 | | | | Cass Information Systems, Inc | | | 504 | |
| | 198,962 | | | | CDK Global, Inc | | | 8,241 | |
| | 48,160 | | * | | Cerence Inc | | | 1,967 | |
| | 150,055 | | * | | Ceridian HCM Holding, Inc | | | 11,895 | |
| | 257,230 | | * | | CGI, Inc | | | 16,206 | |
| | 3,900 | | * | | Change, Inc | | | 273 | |
| | 249,522 | | * | | ChannelAdvisor Corp | | | 3,952 | |
| | 302,600 | | *,e | | Chatwork Co Ltd | | | 4,767 | |
| | 166,522 | | * | | Check Point Software Technologies | | | 17,889 | |
| | 2,604,000 | | * | | China Innovationpay Group Ltd | | | 433 | |
| | 23,700 | | | | China National Software & Service Co Ltd | | | 267 | |
| | 61,800 | | * | | China TransInfo Technology Co Ltd | | | 211 | |
| | 11,296,000 | | e | | Chinasoft International Ltd | | | 6,223 | |
| | 781,413 | | | | Cielo S.A. | | | 664 | |
| | 126,036 | | | | Citrix Systems, Inc | | | 18,642 | |
| | 503,193 | | *,e | | Cloudera, Inc | | | 6,401 | |
| | 10,108 | | * | | Cloudflare, Inc | | | 363 | |
| | 446,834 | | | | Cognizant Technology Solutions Corp (Class A) | | | 25,389 | |
| | 150,884 | | * | | Commvault Systems, Inc | | | 5,839 | |
| | 230,595 | | | | Computacenter plc | | | 4,674 | |
| | 61,000 | | | | Computer Engineering & Consulting Ltd | | | 967 | |
| | 475,546 | | | | Computershare Ltd | | | 4,403 | |
| | 11,788 | | | | Comture Corp | | | 307 | |
| | 286,603 | | * | | Conduent, Inc | | | 685 | |
| | 23,043 | | | | Constellation Software, Inc | | | 26,018 | |
| | 428,186 | | | | CoreLogic Inc | | | 28,783 | |
| | 86,682 | | * | | Cornerstone OnDemand, Inc | | | 3,342 | |
| | 45,113 | | * | | Coupa Software, Inc | | | 12,498 | |
| | 57,164 | | *,e,g | | Crayon Group Holding ASA | | | 377 | |
| | 119,625 | | * | | Crowdstrike Holdings, Inc | | | 11,997 | |
| | 79,425 | | | | CSG Systems International, Inc | | | 3,287 | |
| | 35,753 | | * | | CyberArk Software Ltd | | | 3,549 | |
| | 136,400 | | | | Cybozu, Inc | | | 4,281 | |
| | 360,086 | | | | Dassault Systemes S.A. | | | 62,508 | |
| | 80,341 | | | | Data#3 Ltd | | | 254 | |
| | 87,813 | | * | | Datadog, Inc | | | 7,635 | |
| | 2,198 | | | | Datagroup SE | | | 133 | |
| | 536,745 | | * | | Descartes Systems Group, Inc | | | 28,336 | |
| | 3,140 | | | | Devoteam S.A. | | | 259 | |
| | 155,300 | | | | DHC Software Co Ltd | | | 276 | |
| | 11,025 | | *,e | | Digimarc Corp | | | 176 | |
| | 6,100 | | | | Digital Arts, Inc | | | 496 | |
| | 2,338,000 | | | | Digital China Holdings Ltd | | | 1,518 | |
| | 17,713 | | | | Digital Garage, Inc | | | 567 | |
| | 211,365 | | * | | Digital Turbine, Inc | | | 2,657 | |
| | 218,446 | | *,e | | DocuSign, Inc | | | 37,619 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 133,374 | | * | | Domo, Inc | | $ | 4,291 | |
| | 437,907 | | * | | Dropbox, Inc | | | 9,533 | |
| | 221,600 | | | | DTS Corp | | | 4,573 | |
| | 13,801 | | | | DuzonBIzon Co Ltd | | | 1,179 | |
| | 311,432 | | | | DXC Technology Co | | | 5,139 | |
| | 371,799 | | * | | Dynatrace, Inc | | | 15,095 | |
| | 13,700 | | * | | Ebase Co Ltd | | | 175 | |
| | 22,321 | | e | | Ebix, Inc | | | 499 | |
| | 70,822 | | e | | Econocom Group S.A. | | | 144 | |
| | 154,530 | | | | Edenred | | | 6,777 | |
| | 17,497 | | * | | eGain Corp | | | 194 | |
| | 102,978 | | * | | Elastic NV | | | 9,496 | |
| | 46,256 | | | | Ementor ASA | | | 448 | |
| | 426,718 | | *,e | | EML Payments Ltd | | | 1,004 | |
| | 105,619 | | * | | Endurance International Group Holdings, Inc | | | 426 | |
| | 68,302 | | | | Enghouse Systems Ltd | | | 3,648 | |
| | 46,620 | | * | | Envestnet, Inc | | | 3,428 | |
| | 42,703 | | * | | EPAM Systems, Inc | | | 10,762 | |
| | 204,027 | | g | | Equiniti Group plc | | | 369 | |
| | 35,948 | | * | | Euronet Worldwide, Inc | | | 3,445 | |
| | 7,903 | | * | | Everbridge, Inc | | | 1,093 | |
| | 402,860 | | * | | Everi Holdings, Inc | | | 2,079 | |
| | 234,244 | | | | EVERTEC, Inc | | | 6,582 | |
| | 56,642 | | * | | Evo Payments, Inc | | | 1,293 | |
| | 29,856 | | * | | ExlService Holdings, Inc | | | 1,893 | |
| | 41,764 | | * | | Fair Isaac Corp | | | 17,459 | |
| | 6,753 | | * | | Fastly, Inc | | | 575 | |
| | 1,169,304 | | | | Fidelity National Information Services, Inc | | | 156,792 | |
| | 108,403 | | *,†,g | | Finablr plc | | | 7 | |
| | 157,775 | | * | | FireEye, Inc | | | 1,921 | |
| | 90,762 | | e | | First Derivatives plc | | | 2,872 | |
| | 571,339 | | * | | Fiserv, Inc | | | 55,774 | |
| | 76,228 | | * | | Five9, Inc | | | 8,436 | |
| | 11,600 | | * | | Fixstars Corp | | | 139 | |
| | 28,488 | | * | | FleetCor Technologies, Inc | | | 7,166 | |
| | 42,653 | | * | | ForeScout Technologies, Inc | | | 904 | |
| | 23,365 | | | | Formula Systems 1985 Ltd | | | 1,821 | |
| | 135,492 | | * | | Fortinet, Inc | | | 18,599 | |
| | 97,216 | | | | Fortnox AB | | | 2,660 | |
| | 401,700 | | *,e | | Freee KK | | | 18,285 | |
| | 49,183 | | * | | F-Secure Oyj | | | 159 | |
| | 47,000 | | | | FUJI SOFT, Inc | | | 1,865 | |
| | 603,373 | | | | Fujitsu Ltd | | | 70,645 | |
| | 4,427 | | | | Fukui Computer Holdings, Inc | | | 112 | |
| | 11,200 | | | | Future Architect, Inc | | | 179 | |
| | 64,956 | | * | | Gartner, Inc | | | 7,881 | |
| | 257,989 | | | | GB Group plc | | | 2,155 | |
| | 265,000 | | *,e | | GDS Holdings Ltd (ADR) | | | 21,110 | |
| | 449,532 | | | | Genpact Ltd | | | 16,417 | |
| | 206,232 | | *,g | | Global Dominion Access S.A. | | | 661 | |
| | 1,164,892 | | | | Global Payments, Inc | | | 197,589 | |
| | 21,341 | | | | GlobalSCAPE, Inc | | | 208 | |
| | 78,726 | | * | | Globant S.A. | | | 11,797 | |
| | 57,200 | | | | Glodon Co Ltd | | | 566 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,100 | | e | | GMO Cloud KK | | $ | 197 | |
| | 134,270 | | | | GMO internet, Inc | | | 3,730 | |
| | 41,777 | | | | GMO Payment Gateway, Inc | | | 4,370 | |
| | 372,269 | | * | | GoDaddy, Inc | | | 27,298 | |
| | 54,073 | | * | | GreenSky, Inc | | | 265 | |
| | 25,635 | | *,e | | GTT Communications, Inc | | | 209 | |
| | 33,252 | | *,e | | GTY Technology Holdings Inc | | | 139 | |
| | 78,192 | | * | | Guidewire Software, Inc | | | 8,668 | |
| | 112,506 | | | | Hackett Group, Inc | | | 1,523 | |
| | 86,181 | | | | Hansen Technologies Ltd | | | 174 | |
| | 1,147,126 | | | | HCL Technologies Ltd | | | 8,466 | |
| | 94,698 | | | | Hexaware Technologies Ltd | | | 419 | |
| | 2,667,000 | | * | | Hi Sun Technology China Ltd | | | 301 | |
| | 7,906 | | * | | Hilan Ltd | | | 320 | |
| | 301,921 | | * | | HubSpot, Inc | | | 67,736 | |
| | 104,400 | | *,e,g | | Huifu Payment Ltd | | | 31 | |
| | 60,268 | | | | Hundsun Technologies, Inc | | | 922 | |
| | 1,085 | | | | Hyundai Autoever Corp | | | 34 | |
| | 13,091 | | * | | I3 Verticals, Inc | | | 396 | |
| | 104,992 | | | | Ideagen plc | | | 243 | |
| | 132,800 | | | | Iflytek Co Ltd | | | 707 | |
| | 211,147 | | * | | Indra Sistemas S.A. | | | 1,672 | |
| | 9,509 | | | | Ines Corp | | | 120 | |
| | 74,486 | | | | Inesa Intelligent Tech, Inc - B | | | 36 | |
| | 28,800 | | | | Infocom Corp | | | 790 | |
| | 2,442,500 | | | | Infomart Corp | | | 16,904 | |
| | 35,987 | | * | | Information Services Group, Inc | | | 75 | |
| | 19,000 | | | | Information Services International-Dentsu Ltd | | | 884 | |
| | 3,404,712 | | | | Infosys Technologies Ltd | | | 33,096 | |
| | 94,000 | | * | | Inspur International Ltd | | | 32 | |
| | 53,088 | | | | Integrated Research Ltd | | | 142 | |
| | 26,732 | | *,e | | Intelligent Systems Corp | | | 911 | |
| | 783,294 | | | | International Business Machines Corp | | | 94,598 | |
| | 11,554 | | *,e | | International Money Express Inc | | | 144 | |
| | 593,867 | | | | Intuit, Inc | | | 175,897 | |
| | 53,793 | | e | | iomart Group plc | | | 233 | |
| | 247,238 | | | | Iress Market Technology Ltd | | | 1,890 | |
| | 219,727 | | | | IT Holdings Corp | | | 4,652 | |
| | 117,800 | | | | Itochu Techno-Science Corp | | | 4,430 | |
| | 68,880 | | * | | j2 Global, Inc | | | 4,354 | |
| | 19,188 | | | | Jack Henry & Associates, Inc | | | 3,531 | |
| | 6,300 | | * | | JMDC, Inc | | | 373 | |
| | 53,450 | | | | Justsystems Corp | | | 3,801 | |
| | 42,083 | | | | Kainos Group plc | | | 391 | |
| | 5,986 | | | | Kanematsu Electronics Ltd | | | 213 | |
| | 76,700 | | *,e | | Kaonavi, Inc | | | 3,136 | |
| | 300,077 | | | | KBR, Inc | | | 6,767 | |
| | 283,706 | | e | | Keywords Studios plc | | | 6,370 | |
| | 65,217 | | | | Kginicis Co Ltd | | | 1,194 | |
| | 198,019 | | * | | Kinaxis, Inc | | | 28,306 | |
| | 1,881,000 | | | | Kingdee International Software Group Co Ltd | | | 4,401 | |
| | 1,865,161 | | e | | Kingsoft Corp Ltd | | | 8,737 | |
| | 8,212 | | | | LAC Co Ltd | | | 89 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,814,746 | | e | | Learning Technologies Group plc | | $ | 4,297 | |
| | 392,434 | | | | Leidos Holdings, Inc | | | 36,759 | |
| | 204,380 | | *,e | | Lightspeed POS, Inc | | | 4,882 | |
| | 361,738 | | * | | Limelight Networks, Inc | | | 2,662 | |
| | 286,235 | | | | Link Administration Holdings Ltd | | | 819 | |
| | 1,557,367 | | | | Linx S.A. | | | 7,257 | |
| | 65,177 | | *,e | | Liveperson, Inc | | | 2,700 | |
| | 71,639 | | * | | LiveRamp Holdings, Inc | | | 3,043 | |
| | 18,100 | | *,g | | Locaweb Servicos de Internet S.A. | | | 144 | |
| | 73,038 | | | | LogMeIn, Inc | | | 6,191 | |
| | 68,719 | | * | | Logo Yazilim Sanayi Ve Ticaret AS. | | | 777 | |
| | 21,975 | | | | Lotte Data Communication Co | | | 676 | |
| | 8,030 | | * | | Majesco | | | 63 | |
| | 91,669 | | * | | Manhattan Associates, Inc | | | 8,635 | |
| | 87,707 | | | | Mantech International Corp (Class A) | | | 6,007 | |
| | 2,479,237 | | | | Mastercard, Inc (Class A) | | | 733,110 | |
| | 25,976 | | | | Matrix IT Ltd | | | 555 | |
| | 73,675 | | | | MAXIMUS, Inc | | | 5,190 | |
| | 894,710 | | *,e | | Medallia, Inc | | | 22,582 | |
| | 8,900 | | *,e | | Medley, Inc | | | 306 | |
| | 430,940 | | * | | Megaport Ltd | | | 3,624 | |
| | 180,435 | | | | Micro Focus International plc | | | 963 | |
| | 17,625,597 | | | | Microsoft Corp | | | 3,586,985 | |
| | 6,900 | | * | | MicroStrategy, Inc (Class A) | | | 816 | |
| | 62,363 | | * | | Mimecast Ltd | | | 2,598 | |
| | 93,363 | | | | MindTree Ltd | | | 1,145 | |
| | 10,200 | | | | Miroku Jyoho Service Co Ltd | | | 215 | |
| | 151,428 | | * | | Mitek Systems, Inc | | | 1,455 | |
| | 47,900 | | | | Mitsubishi Research Institute, Inc | | | 1,916 | |
| | 180,216 | | * | | MobileIron, Inc | | | 888 | |
| | 230,576 | | * | | Model N, Inc | | | 8,015 | |
| | 9,494 | | * | | Money Forward, Inc | | | 526 | |
| | 54,178 | | * | | MoneyGram International, Inc | | | 174 | |
| | 30,703 | | *,e | | MongoDB, Inc | | | 6,949 | |
| | 88,163 | | | | Mphasis Ltd | | | 1,029 | |
| | 521,800 | | | | My EG Services BHD | | | 174 | |
| | 852,000 | | *,†,e | | National Agricultural Holdings Ltd | | | 1 | |
| | 159,355 | | | | NCC Group plc | | | 353 | |
| | 2,037,499 | | *,e | | nearmap Ltd | | | 3,222 | |
| | 176,920 | | | | NEC Corp | | | 8,500 | |
| | 147,400 | | | | NEC Networks & System Integration Corp | | | 3,015 | |
| | 56,383 | | | | Nemetschek AG. | | | 3,874 | |
| | 103,825 | | | | NET One Systems Co Ltd | | | 3,465 | |
| | 55,294 | | *,g | | Netcompany Group A.S. | | | 3,627 | |
| | 100,136 | | e | | NetEnt AB | | | 771 | |
| | 964,598 | | g | | Network International Holdings plc | | | 5,281 | |
| | 37,039 | | * | | New Relic, Inc | | | 2,552 | |
| | 47,500 | | | | Newland Digital Technology Co Ltd | | | 108 | |
| | 493,437 | | *,g | | Nexi S.p.A | | | 8,556 | |
| | 610,149 | | * | | NEXTDC Ltd | | | 4,197 | |
| | 2,812 | | | | NHN KCP Corp | | | 116 | |
| | 226,044 | | | | NIC, Inc | | | 5,190 | |
| | 72,725 | | * | | Nice Systems Ltd | | | 13,709 | |
| | 169,919 | | | | Nihon Unisys Ltd | | | 5,342 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 4,384 | | | | NIIT Technologies Ltd | | $ | 82 | |
| | 37,700 | | | | Nippon System Development Co Ltd | | | 644 | |
| | 260,890 | | | | Nomura Research Institute Ltd | | | 7,126 | |
| | 398,725 | | | | NortonLifelock, Inc | | | 7,907 | |
| | 183,300 | | | | NS Solutions Corp | | | 5,014 | |
| | 328,145 | | | | NTT Data Corp | | | 3,669 | |
| | 443,927 | | * | | Nuance Communications, Inc | | | 11,234 | |
| | 380,624 | | * | | Nutanix, Inc | | | 9,023 | |
| | 10,900 | | | | OBIC Business Consultants Ltd | | | 580 | |
| | 35,710 | | | | Obic Co Ltd | | | 6,294 | |
| | 176,995 | | * | | Okta, Inc | | | 35,440 | |
| | 54,195 | | * | | OneSpan, Inc | | | 1,514 | |
| | 297,961 | | | | Open Text Corp | | | 12,653 | |
| | 9,000 | | *,e | | Optim Corp | | | 290 | |
| | 2,154,918 | | | | Oracle Corp | | | 119,102 | |
| | 37,839 | | * | | Oracle Corp Japan | | | 4,488 | |
| | 9,600 | | e | | Oro Co Ltd | | | 232 | |
| | 163,138 | | | | Otsuka Corp | | | 8,616 | |
| | 107,236 | | * | | Pagerduty, Inc | | | 3,069 | |
| | 190,614 | | * | | Pagseguro Digital Ltd | | | 6,736 | |
| | 67,045 | | * | | Palo Alto Networks, Inc | | | 15,398 | |
| | 10,806 | | * | | Park City Group, Inc | | | 46 | |
| | 466,081 | | | | Paychex, Inc | | | 35,306 | |
| | 71,775 | | * | | Paycom Software, Inc | | | 22,231 | |
| | 69,586 | | * | | Paylocity Holding Corp | | | 10,152 | |
| | 3,987,232 | | * | | PayPal Holdings, Inc | | | 694,695 | |
| | 27,743 | | * | | Paysign Inc | | | 269 | |
| | 118,616 | | | | Pegasystems, Inc | | | 12,000 | |
| | 53,092 | | * | | Perficient, Inc | | | 1,900 | |
| | 32,912 | | | | Persistent Systems Ltd | | | 276 | |
| | 658,237 | | | | Perspecta, Inc | | | 15,291 | |
| | 12,167 | | * | | PFSweb, Inc | | | 81 | |
| | 13,882 | | *,e | | Ping Identity Holding Corp | | | 445 | |
| | 7,500 | | *,e | | PKSHA Technology, Inc | | | 203 | |
| | 173,926 | | * | | Pluralsight, Inc | | | 3,139 | |
| | 13,320 | | | | POSDATA Co Ltd | | | 47 | |
| | 6,851 | | * | | Priority Technology Holdings Inc | | | 18 | |
| | 294,510 | | | | Progress Software Corp | | | 11,412 | |
| | 787,781 | | * | | Proofpoint, Inc | | | 87,538 | |
| | 81,960 | | * | | PROS Holdings, Inc | | | 3,641 | |
| | 153,505 | | * | | PTC, Inc | | | 11,941 | |
| | 214,988 | | * | | Pushpay Holdings Ltd | | | 1,228 | |
| | 43,389 | | * | | Q2 Holdings, Inc | | | 3,722 | |
| | 10,188 | | | | QAD, Inc (Class A) | | | 421 | |
| | 53,539 | | * | | Qualys, Inc | | | 5,569 | |
| | 30,800 | | | | Rakus Co Ltd | | | 544 | |
| | 68,058 | | * | | Rapid7, Inc | | | 3,472 | |
| | 156,580 | | * | | RealPage, Inc | | | 10,179 | |
| | 57,089 | | * | | Repay Holdings Corp | | | 1,406 | |
| | 44,287 | | | | Reply S.p.A | | | 3,594 | |
| | 7,606 | | | | RIB Software AG. | | | 219 | |
| | 28,881 | | | | RIB Software SE | | | 941 | |
| | 9,573 | | * | | Rimini Street, Inc | | | 49 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 136,790 | | * | | RingCentral, Inc | | $ | 38,987 | |
| | 68,956 | | * | | Rosetta Stone, Inc | | | 1,163 | |
| | 449,281 | | | | Sabre Corp | | | 3,621 | |
| | 1,111,932 | | | | Sage Group plc | | | 9,230 | |
| | 199,970 | | * | | SailPoint Technologies Holding, Inc | | | 5,293 | |
| | 33,548 | | | | Saipens International Corp NV | | | 905 | |
| | 3,660,007 | | * | | salesforce.com, Inc | | | 685,629 | |
| | 20,605 | | | | Samsung SDS Co Ltd | | | 2,915 | |
| | 14,200 | | | | Sangfor Technologies, Inc | | | 415 | |
| | 7,200 | | * | | Sansan, Inc | | | 276 | |
| | 1,220,345 | | | | SAP AG. | | | 170,591 | |
| | 52,213 | | | | Sapiens International Corp NV | | | 1,461 | |
| | 65,161 | | | | Science Applications International Corp | | | 5,062 | |
| | 26,054 | | * | | Seachange International, Inc | | | 39 | |
| | 15,498 | | *,e | | SecureWorks Corp | | | 177 | |
| | 500 | | * | | Serverworks Co Ltd | | | 95 | |
| | 785,846 | | * | | ServiceNow, Inc | | | 318,315 | |
| | 75,500 | | * | | ServiceSource International LLC | | | 119 | |
| | 266,212 | | | | Shanghai 2345 Network Holding Group Co Ltd | | | 106 | |
| | 44,600 | | | | Shanghai Baosight Software Co Ltd | | | 375 | |
| | 47,100 | | * | | Shenzhen Kingdom Sci-Tech Co Ltd | | | 130 | |
| | 301,672 | | * | | SHIFT, Inc | | | 30,807 | |
| | 4,881 | | * | | Shopify, Inc (Class A) | | | 4,633 | |
| | 136,881 | | * | | Shopify, Inc (Class A) (Toronto) | | | 130,042 | |
| | 7,709 | | *,e | | ShotSpotter, Inc | | | 194 | |
| | 437,141 | | | | Silverlake Axis Ltd | | | 74 | |
| | 36,173 | | | | SimCorp AS | | | 3,912 | |
| | 46,685 | | *,g | | Sinch AB | | | 4,018 | |
| | 4,240,898 | | *,e | | Slack Technologies, Inc | | | 131,850 | |
| | 76,058 | | * | | Smartsheet, Inc | | | 3,873 | |
| | 92,608 | | * | | Smith Micro Software, Inc | | | 413 | |
| | 4,600 | | e | | Softbank Technology Corp | | | 159 | |
| | 200,588 | | | | Softcat plc | | | 2,713 | |
| | 70,562 | | | | Software AG. | | | 2,850 | |
| | 35,196 | | *,e | | SolarWinds Corp | | | 622 | |
| | 130,909 | | *,e | | Solutions 30 SE | | | 1,888 | |
| | 113,349 | | | | Sonda S.A. | | | 75 | |
| | 37,296 | | | | Sopra Group S.A. | | | 4,614 | |
| | 42,462 | | | | Sourcenext Corp | | | 110 | |
| | 160,329 | | * | | Splunk, Inc | | | 31,857 | |
| | 12,953 | | * | | Sprout Social, Inc | | | 350 | |
| | 237,148 | | * | | SPS Commerce, Inc | | | 17,815 | |
| | 71,520 | | * | | Square, Inc | | | 7,505 | |
| | 490,927 | | | | SS&C Technologies Holdings, Inc | | | 27,728 | |
| | 18,231 | | * | | StarTek, Inc | | | 93 | |
| | 332,976 | | * | | StoneCo Ltd | | | 12,906 | |
| | 51,149 | | | | Sumisho Computer Systems Corp | | | 2,502 | |
| | 372,224 | | | | SUNeVision Holdings Ltd | | | 293 | |
| | 611,244 | | * | | SVMK, Inc | | | 14,389 | |
| | 379,197 | | | | Switch, Inc | | | 6,757 | |
| | 90,393 | | * | | Sykes Enterprises, Inc | | | 2,500 | |
| | 69,565 | | * | | Synchronoss Technologies, Inc | | | 246 | |
| | 967,397 | | * | | Synopsys, Inc | | | 188,642 | |
| | 84,138 | | | | Systena Corp | | | 1,118 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 634,000 | | | | Systex Corp | | $ | 1,751 | |
| | 794,416 | | | | Tata Consultancy Services Ltd | | | 21,868 | |
| | 48,418 | | | | Tata Elxsi Ltd | | | 577 | |
| | 296,681 | | *,g | | TeamViewer AG. | | | 16,199 | |
| | 712,179 | | | | Tech Mahindra Ltd | | | 5,124 | |
| | 77,800 | | | | TechMatrix Corp | | | 1,358 | |
| | 434,668 | | | | Technology One Ltd | | | 2,664 | |
| | 123,604 | | * | | TeleNav, Inc | | | 679 | |
| | 27,417 | | e | | Temenos Group AG. | | | 4,261 | |
| | 272,488 | | * | | Tenable Holdings, Inc | | | 8,123 | |
| | 81,943 | | * | | Teradata Corp | | | 1,704 | |
| | 15,600 | | | | Thunder Software Technology Co Ltd | | | 172 | |
| | 54,522 | | * | | Tietoenator Oyj | | | 1,493 | |
| | 29,565 | | | | TKC | | | 1,567 | |
| | 577,100 | | | | Totvus S.A. | | | 2,457 | |
| | 61,098 | | *,e | | Trade Desk, Inc | | | 24,836 | |
| | 101,800 | | * | | Trans Cosmos, Inc/Japan | | | 2,365 | |
| | 681,000 | | | | Travelsky Technology Ltd | | | 1,206 | |
| | 89,624 | | * | | Trend Micro, Inc | | | 5,009 | |
| | 15,339 | | | | TTEC Holdings, Inc | | | 714 | |
| | 8,273 | | *,e | | Tucows, Inc | | | 474 | |
| | 267,554 | | * | | Twilio, Inc | | | 58,707 | |
| | 55,836 | | * | | Tyler Technologies, Inc | | | 19,368 | |
| | 85,557 | | * | | Tyro Payments Ltd | | | 211 | |
| | 72,929 | | *,e | | Unisys Corp | | | 796 | |
| | 5,482 | | * | | UNITED, Inc | | | 59 | |
| | 38,658 | | * | | Upland Software, Inc | | | 1,344 | |
| | 385,227 | | * | | Upwork, Inc | | | 5,563 | |
| | 100,195 | | | | Vakrangee Ltd | | | 46 | |
| | 27,484 | | * | | Varonis Systems, Inc | | | 2,432 | |
| | 34,600 | | | | Venustech Group, Inc | | | 206 | |
| | 200,891 | | * | | Verint Systems, Inc | | | 9,076 | |
| | 130,898 | | * | | VeriSign, Inc | | | 27,074 | |
| | 46,540 | | * | | Veritone, Inc | | | 692 | |
| | 119,116 | | * | | Verra Mobility Corp | | | 1,225 | |
| | 55,312 | | e | | VirnetX Holding Corp | | | 360 | |
| | 26,365 | | * | | Virtusa Corp | | | 856 | |
| | 4,597,806 | | | | Visa, Inc (Class A) | | | 888,158 | |
| | 59,376 | | * | | VMware, Inc (Class A) | | | 9,195 | |
| | 1,371,595 | | | | Wangsu Science & Technology Co Ltd | | | 1,659 | |
| | 774,000 | | *,e,g | | Weimob, Inc | | | 979 | |
| | 88,154 | | | | Western Union Co | | | 1,906 | |
| | 8,923 | | * | | WEX, Inc | | | 1,472 | |
| | 1,522,929 | | | | Wipro Ltd | | | 4,446 | |
| | 121,681 | | e | | Wisetech Global Ltd | | | 1,646 | |
| | 71,086 | | * | | Wix.com Ltd | | | 18,214 | |
| | 61,700 | | * | | Wonders Information Co Ltd | | | 194 | |
| | 198,362 | | * | | Workday, Inc | | | 37,165 | |
| | 66,881 | | * | | Workiva, Inc | | | 3,577 | |
| | 162,278 | | *,g | | Worldline S.A. | | | 14,149 | |
| | 212,084 | | | | Xperi Holding Corp | | | 3,130 | |
| | 89,404 | | * | | Yext, Inc | | | 1,485 | |
| | 162,596 | | | | Yonyou Network Technology Co Ltd | | | 1,019 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 383,583 | | * | | Zendesk, Inc | | $ | 33,959 | |
| | 89,815 | | * | | Zix Corp | | | 620 | |
| | 107,210 | | *,e | | Zoom Video Communications, Inc | | | 27,182 | |
| | 99,135 | | * | | Zscaler, Inc | | | 10,855 | |
| | 8,100 | | * | | Zuken, Inc | | | 216 | |
| | 314,622 | | * | | Zuora Inc | | | 4,011 | |
| | | | | | TOTAL SOFTWARE & SERVICES | | | 11,904,636 | |
| | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 5.6% | | | | |
| | 105,582 | | *,e | | 3D Systems Corp | | | 738 | |
| | 415,922 | | e | | AAC Technologies Holdings, Inc | | | 2,569 | |
| | 26,600 | | | | Accelink Technologies Co Ltd | | | 124 | |
| | 775,000 | | | | Accton Technology Corp | | | 6,018 | |
| | 1,698,130 | | | | Acer, Inc | | | 1,035 | |
| | 51,800 | | | | Addsino Co Ltd | | | 101 | |
| | 19,000 | | * | | Adlink Technology, Inc | | | 53 | |
| | 159,045 | | | | Adtran, Inc | | | 1,738 | |
| | 105,800 | | * | | ADVA AG. Optical Networking | | | 701 | |
| | 18,000 | | | | Advanced Ceramic X Corp | | | 253 | |
| | 694,256 | | | | Advantech Co Ltd | | | 6,987 | |
| | 85,201 | | * | | Agilysys, Inc | | | 1,529 | |
| | 19,106 | | e | | Ai Holdings Corp | | | 276 | |
| | 28,669 | | *,e | | Akoustis Technologies, Inc | | | 238 | |
| | 164,500 | | | | Alps Electric Co Ltd | | | 2,120 | |
| | 18,843 | | | | ALSO Holding AG. | | | 4,629 | |
| | 41,750 | | | | Amano Corp | | | 869 | |
| | 351,564 | | | | Amphenol Corp (Class A) | | | 33,683 | |
| | 297,276 | | e | | Anritsu Corp | | | 7,062 | |
| | 9,071,086 | | d,n | | Apple, Inc | | | 3,309,132 | |
| | 19,537 | | *,e | | Applied Optoelectronics, Inc | | | 212 | |
| | 31,409 | | | | Arcadyan Technology Corp | | | 90 | |
| | 58,812 | | * | | Arista Networks, Inc | | | 12,352 | |
| | 194,330 | | * | | Arlo Technologies, Inc | | | 501 | |
| | 187,609 | | * | | Arrow Electronics, Inc | | | 12,887 | |
| | 50,000 | | | | Asia Optical Co, Inc | | | 120 | |
| | 63,000 | | | | Asia Vital Components Co Ltd | | | 90 | |
| | 10,000 | | * | | ASROCK, Inc | | | 48 | |
| | 798,444 | | | | Asustek Computer, Inc | | | 5,866 | |
| | 18,000 | | | | Aten International Co Ltd | | | 54 | |
| | 5,324,593 | | | | AU Optronics Corp | | | 1,681 | |
| | 28,896 | | | | Audiocodes Ltd | | | 930 | |
| | 14,000 | | * | | AURAS Technology Co Ltd | | | 82 | |
| | 121,800 | | | | Aurora Corp | | | 377 | |
| | 12,822 | | | | Austria Technologie & Systemtechnik AG. | | | 231 | |
| | 41,500 | | | | AVIC Jonhon Optronic Technology Co Ltd | | | 242 | |
| | 42,970 | | * | | Avid Technology, Inc | | | 312 | |
| | 274,500 | | | | Avnet, Inc | | | 7,654 | |
| | 37,394 | | | | Badger Meter, Inc | | | 2,353 | |
| | 16,239 | | | | Barco NV | | | 2,868 | |
| | 1,960 | | | | Basler AG. | | | 132 | |
| | 6,961 | | | | Bel Fuse, Inc (Class B) | | | 75 | |
| | 38,927 | | | | Belden CDT, Inc | | | 1,267 | |
| | 50,497 | | | | Benchmark Electronics, Inc | | | 1,091 | |
| | 8,028,000 | | | | Benq Corp | | | 4,826 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 51,218 | | * | | BH Co Ltd | | $ | 853 | |
| | 1,286,600 | | * | | BOE Technology Group Co Ltd | | | 856 | |
| | 174,345 | | | | Brother Industries Ltd | | | 3,150 | |
| | 456,500 | | *,e | | BYD Electronic International Co Ltd | | | 1,055 | |
| | 31,715 | | * | | CalAmp Corp | | | 254 | |
| | 123,136 | | * | | Calix, Inc | | | 1,835 | |
| | 4,666 | | * | | Cambium Networks Corp | | | 34 | |
| | 198,000 | | *,†,e | | Camsing International Holding Ltd | | | 0 | ^ |
| | 10,000 | | * | | Canon Electronics, Inc | | | 150 | |
| | 28,090 | | | | Canon Marketing Japan, Inc | | | 574 | |
| | 321,148 | | *,e | | Canon, Inc | | | 6,406 | |
| | 90,800 | | | | Career Technology Co Ltd | | | 95 | |
| | 32,381 | | g | | Carel Industries S.p.A | | | 595 | |
| | 27,948 | | * | | Casa Systems, Inc | | | 116 | |
| | 38,943 | | | | Casetek Holdings Ltd | | | 87 | |
| | 402,857 | | | | Catcher Technology Co Ltd | | | 3,053 | |
| | 310,084 | | | | CDW Corp | | | 36,026 | |
| | 251,757 | | * | | Celestica, Inc | | | 1,728 | |
| | 92,800 | | | | Chaozhou Three-Circle Group Co Ltd | | | 365 | |
| | 7,000 | | * | | Chaun-Choung Technology Corp | | | 63 | |
| | 2,121,602 | | | | Cheng Uei Precision Industry Co Ltd | | | 2,892 | |
| | 332,977 | | | | Chicony Electronics Co Ltd | | | 965 | |
| | 67,179 | | | | Chilisin Electronics Corp | | | 207 | |
| | 489,600 | | *,† | | China Fiber Optic Network System Group Ltd | | | 1 | |
| | 143,600 | | | | China Greatwall Technology Group Co Ltd | | | 270 | |
| | 1,039,000 | | g | | China Railway Signal & Communication Corp Ltd | | | 449 | |
| | 80,000 | | | | Chin-Poon Industrial Co | | | 72 | |
| | 78,840 | | | | Chroma ATE, Inc | | | 408 | |
| | 4,000 | | | | Chunghwa Precision Test Tech Co Ltd | | | 111 | |
| | 958,077 | | * | | Ciena Corp | | | 51,889 | |
| | 7,462,194 | | n | | Cisco Systems, Inc | | | 348,037 | |
| | 144,400 | | | | Citizen Watch Co Ltd | | | 471 | |
| | 9,601 | | * | | Clearfield, Inc | | | 134 | |
| | 88,393 | | | | Clevo Co | | | 89 | |
| | 238,743 | | * | | CMC Magnetics Corp | | | 60 | |
| | 22,000 | | * | | CMK Corp | | | 85 | |
| | 243,021 | | | | Cognex Corp | | | 14,513 | |
| | 20,641 | | * | | Coherent, Inc | | | 2,704 | |
| | 2,918,000 | | e | | Comba Telecom Systems Holdings Ltd | | | 1,199 | |
| | 3,677 | | | | Comet Holding AG. | | | 529 | |
| | 1,147,518 | | * | | CommScope Holding Co, Inc | | | 9,559 | |
| | 2,444,388 | | | | Compal Electronics, Inc | | | 1,600 | |
| | 2,291,000 | | | | Compeq Manufacturing Co | | | 3,739 | |
| | 53,405 | | | | Comtech Telecommunications Corp | | | 902 | |
| | 15,913 | | | | Concraft Holding Co Ltd | | | 61 | |
| | 90,600 | | | | Coretronic Corp | | | 98 | |
| | 716,206 | | | | Corning, Inc | | | 18,550 | |
| | 29,260 | | | | CTS Corp | | | 586 | |
| | 13,090 | | | | Daea TI Co Ltd | | | 67 | |
| | 112,710 | | | | Daeduck Electronics Co | | | 542 | |
| | 195,858 | | * | | Daeduck Electronics Co Ltd | | | 1,264 | |
| | 47,500 | | * | | Dai-ichi Seiko Co Ltd | | | 959 | |
| | 97,150 | | | | Daiwabo Co Ltd | | | 6,376 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 56,734 | | | | Daktronics, Inc | | $ | 247 | |
| | 1,631,000 | | | | Darfon Electronics Corp | | | 2,103 | |
| | 6,804 | | * | | DASAN Zhone Solutions, Inc | | | 61 | |
| | 8,471 | | e | | Datalogic S.p.A. | | | 105 | |
| | 35,721 | | | | DataTec Ltd | | | 55 | |
| | 55,580 | | | | Dawning Information Industry Co Ltd | | | 303 | |
| | 779,874 | | * | | Dell Technologies, Inc | | | 42,846 | |
| | 1,170,999 | | | | Delta Electronics, Inc | | | 6,682 | |
| | 4,699 | | | | Denki Kogyo Co Ltd | | | 114 | |
| | 56,401 | | | | Dexerials Corp | | | 445 | |
| | 197,285 | | | | Dicker Data Ltd | | | 952 | |
| | 198,121 | | * | | Diebold, Inc | | | 1,201 | |
| | 87,588 | | * | | Digi International, Inc | | | 1,020 | |
| | 64,210 | | | | Dolby Laboratories, Inc (Class A) | | | 4,230 | |
| | 2,722 | | * | | Doosan Solus Co Ltd | | | 77 | |
| | 13,497 | | * | | Eastman Kodak Co | | | 30 | |
| | 133,815 | | * | | EchoStar Corp (Class A) | | | 3,741 | |
| | 13,000 | | | | Egis Technology, Inc | | | 86 | |
| | 37,171 | | | | Eizo Nanao Corp | | | 1,397 | |
| | 42,200 | | | | Elecom Co Ltd | | | 2,067 | |
| | 1,292,403 | | | | Electrocomponents plc | | | 10,758 | |
| | 8,700 | | | | Elematec Corp | | | 71 | |
| | 576,654 | | | | Elite Material Co Ltd | | | 3,138 | |
| | 11,807 | | | | Ennoconn Corp | | | 113 | |
| | 4,700 | | | | Enplas Corp | | | 104 | |
| | 63,182 | | * | | ePlus, Inc | | | 4,466 | |
| | 3,007,336 | | | | Ericsson (LM) (B Shares) | | | 27,877 | |
| | 8,801 | | | | ESPEC Corp | | | 146 | |
| | 30,712 | | | | Evertz Technologies Ltd | | | 254 | |
| | 303,332 | | * | | Extreme Networks, Inc | | | 1,316 | |
| | 103,276 | | * | | F5 Networks, Inc | | | 14,405 | |
| | 153,832 | | * | | Fabrinet | | | 9,602 | |
| | 35,338 | | * | | FARO Technologies, Inc | | | 1,894 | |
| | 53,200 | | | | Fiberhome Telecommunication Technologies Co Ltd | | | 219 | |
| | 12,343,524 | | *,e | | FIH Mobile Ltd | | | 1,331 | |
| | 151,699 | | *,e | | Fingerprint Cards AB | | | 277 | |
| | 48,352 | | | | Firich Enterprises Co Ltd | | | 49 | |
| | 205,100 | | * | | Fitbit, Inc | | | 1,325 | |
| | 664,339 | | | | FLEXium Interconnect, Inc | | | 2,763 | |
| | 517,805 | | | | FLIR Systems, Inc | | | 21,007 | |
| | 24,310 | | | | Flytech Technology Co Ltd | | | 59 | |
| | 8,371,285 | | | | Foxconn Industrial Internet Co Ltd | | | 18,045 | |
| | 1,316,266 | | | | Foxconn Technology Co Ltd | | | 2,535 | |
| | 21,500 | | * | | Fujian Star-net Communication Co Ltd | | | 108 | |
| | 203,329 | | | | Fujifilm Holdings Corp | | | 8,703 | |
| | 61,000 | | * | | General Interface Solution Holding Ltd | | | 234 | |
| | 26,378 | | | | Genius Electronic Optical Co Ltd | | | 631 | |
| | 1,528,000 | | | | Getac Technology Corp | | | 2,256 | |
| | 1,812,000 | | | | Gigabyte Technology Co Ltd | | | 4,044 | |
| | 13,816 | | * | | Gilat Satellite Networks Ltd | | | 90 | |
| | 2,820,000 | | * | | Glory Sun Financial Group Ltd | | | 100 | |
| | 127,300 | | | | GoerTek, Inc | | | 532 | |
| | 79,000 | | * | | Gold Circuit Electronics Ltd | | | 90 | |
| | 109,800 | | | | GRG Banking Equipment Co Ltd | | | 202 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 283,700 | | * | | Guangdong LY Intelligent Manufacturing Co Ltd | | $ | 430 | |
| | 96,900 | | | | Guangzhou Haige Communications Group, Inc Co | | | 178 | |
| | 34,093 | | | | Guangzhou Shiyuan Electronic Technology Co Ltd | | | 482 | |
| | 725,147 | | | | Halma plc | | | 20,660 | |
| | 46,584 | | | | Hamamatsu Photonics KK | | | 2,028 | |
| | 165,600 | | | | Hana Microelectronics PCL (Foreign) | | | 150 | |
| | 5,265,450 | | | | Hangzhou Hikvision Digital Technology Co Ltd | | | 22,750 | |
| | 859,365 | | | | Hannstar Board Corp | | | 1,139 | |
| | 564,330 | | | | HannStar Display Corp | | | 125 | |
| | 79,600 | | * | | Harmonic, Inc | | | 378 | |
| | 94,700 | | | | Hengtong Optic-electric Co Ltd | | | 221 | |
| | 1,033,955 | | | | Hewlett Packard Enterprise Co | | | 10,060 | |
| | 87,734 | | | | Hexagon AB (B Shares) | | | 5,152 | |
| | 1,764 | | * | | HFR, Inc | | | 51 | |
| | 157,000 | | | | High Tech Computer Corp | | | 177 | |
| | 4,700 | | | | Hioki EE Corp | | | 126 | |
| | 27,858 | | | | Hirose Electric Co Ltd | | | 3,059 | |
| | 4,888,757 | | * | | Hitachi Ltd | | | 155,388 | |
| | 14,411 | | e | | HMS Networks AB | | | 270 | |
| | 45,186 | | | | Hochiki Corp | | | 514 | |
| | 22,300 | | | | Holitech Technology Co Ltd | | | 17 | |
| | 51,470 | | | | Holystone Enterprise Co Ltd | | | 213 | |
| | 22,378,333 | | | | Hon Hai Precision Industry Co, Ltd | | | 65,706 | |
| | 18,299 | | | | Horiba Ltd | | | 968 | |
| | 88,700 | | | | Hosiden Corp | | | 780 | |
| | 6,916,845 | | | | HP, Inc | | | 120,561 | |
| | 36,500 | | * | | Huagong Tech Co Ltd | | | 127 | |
| | 102,100 | | *,e | | Huami Corp (ADR) | | | 1,262 | |
| | 749,440 | | | | Hubei Kaile Science & Technology Co Ltd | | | 1,437 | |
| | 1,780,604 | | | | Ibiden Co Ltd | | | 52,118 | |
| | 4,700 | | | | Icom, Inc | | | 135 | |
| | 23,756 | | | | IEI Integration Corp | | | 35 | |
| | 151,836 | | *,e | | II-VI, Inc | | | 7,170 | |
| | 5,116 | | | | Iljin Materials Co Ltd | | | 214 | |
| | 15,999 | | * | | Immersion Corp | | | 100 | |
| | 585,170 | | | | Inari Amertron BHD | | | 233 | |
| | 921 | | | | Inficon Holding AG. | | | 721 | |
| | 138,469 | | *,e | | Infinera Corp | | | 820 | |
| | 60,901 | | | | Ingenico | | | 9,785 | |
| | 14,000 | | * | | Innodisk Corp | | | 84 | |
| | 5,122,419 | | | | InnoLux Display Corp | | | 1,380 | |
| | 78,529 | | *,e | | Inseego Corp | | | 911 | |
| | 95,344 | | * | | Insight Enterprises, Inc | | | 4,691 | |
| | 66,640 | | | | Inspur Electronic Information Industry Co Ltd | | | 374 | |
| | 42,356 | | * | | Intellicheck, Inc | | | 320 | |
| | 27,721 | | | | InterDigital, Inc | | | 1,570 | |
| | 20,153 | | * | | Intevac, Inc | | | 110 | |
| | 1,597,935 | | | | Inventec Co Ltd | | | 1,364 | |
| | 36,371 | | * | | IPG Photonics Corp | | | 5,834 | |
| | 11,300 | | e | | Iriso Electronics Co Ltd | | | 372 | |
| | 8,200 | | | | ITC Networks Corp | | | 109 | |
| | 642,346 | | | | ITEQ Corp | | | 3,226 | |
| | 70,477 | | * | | Iteris, Inc | | | 335 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 77,809 | | * | | Itron, Inc | | $ | 5,155 | |
| | 28,979 | | | | Ituran Location and Control Ltd | | | 464 | |
| | 205,002 | | | | Jabil Inc | | | 6,576 | |
| | 74,542 | | | | Japan Aviation Electronics Industry Ltd | | | 1,009 | |
| | 1,205,754 | | *,e | | Japan Display, Inc | | | 553 | |
| | 27,810 | | | | Jenoptik AG. | | | 650 | |
| | 519,705 | | | | Juniper Networks, Inc | | | 11,880 | |
| | 23,500 | | | | Kaga Electronics Co Ltd | | | 428 | |
| | 4,480 | | | | Kapsch TrafficCom AG. | | | 87 | |
| | 182,700 | | | | KCE Electronics PCL | | | 136 | |
| | 103,428 | | | | Keyence Corp | | | 43,343 | |
| | 749,627 | | * | | Keysight Technologies, Inc | | | 75,547 | |
| | 71,481 | | * | | Kimball Electronics, Inc | | | 968 | |
| | 445,000 | | | | Kingboard Chemical Holdings Ltd | | | 1,162 | |
| | 952,000 | | | | Kingboard Laminates Holdings Ltd | | | 962 | |
| | 19,492 | | *,e | | KMW Co Ltd | | | 1,041 | |
| | 264,274 | | * | | Knowles Corp | | | 4,033 | |
| | 12,600 | | | | Koa Corp | | | 118 | |
| | 243,900 | | | | Konica Minolta Holdings, Inc | | | 848 | |
| | 14,709 | | * | | KVH Industries, Inc | | | 131 | |
| | 252,493 | | | | Kyocera Corp | | | 13,782 | |
| | 11,816 | | * | | Landis&Gyr Group AG. | | | 765 | |
| | 107,766 | | | | Largan Precision Co Ltd | | | 14,984 | |
| | 595,900 | | g | | Legend Holdings Corp | | | 699 | |
| | 247 | | | | LEM Holding S.A. | | | 366 | |
| | 11,503,653 | | | | Lenovo Group Ltd | | | 6,418 | |
| | 131,100 | | | | Lens Technology Co Ltd | | | 523 | |
| | 2,025,744 | | | | Leyard Optoelectronic Co Ltd | | | 1,743 | |
| | 10,819 | | | | LG Innotek Co Ltd | | | 1,587 | |
| | 143,972 | | * | | LG.Philips LCD Co Ltd | | | 1,378 | |
| | 1,308,160 | | | | Lite-On Technology Corp | | | 2,060 | |
| | 36,207 | | | | Littelfuse, Inc | | | 6,178 | |
| | 214,560 | | | | Logitech International S.A. | | | 14,060 | |
| | 21,995 | | | | Lotes Co Ltd | | | 284 | |
| | 11,172 | | | | LPKF Laser & Electronics AG. | | | 242 | |
| | 15,444 | | * | | Lumentum Holdings, Inc | | | 1,258 | |
| | 25,247 | | * | | Luna Innovations, Inc | | | 147 | |
| | 318,109 | | | | Luxshare Precision Industry Co Ltd | | | 2,326 | |
| | 84,494 | | | | Macnica Fuji Electronics Holdings, Inc | | | 1,225 | |
| | 4,700 | | | | Maruwa Co Ltd | | | 356 | |
| | 23,600 | | | | Maxell Holdings Ltd | | | 221 | |
| | 99,000 | | | | Mcj Co Ltd | | | 791 | |
| | 97,877 | | | | Mcnex Co Ltd | | | 2,551 | |
| | 10,100 | | | | Meiko Electronics Co | | | 130 | |
| | 485,000 | | *,g | | Meitu, Inc | | | 96 | |
| | 9,724 | | * | | Melco Holdings, Inc | | | 272 | |
| | 371,076 | | | | Merry Electronics Co Ltd | | | 1,762 | |
| | 72,149 | | | | Methode Electronics, Inc | | | 2,255 | |
| | 95,472 | | e | | Micronic Laser Systems AB | | | 1,810 | |
| | 1,226,000 | | | | Micro-Star International Co Ltd | | | 4,488 | |
| | 167,762 | | | | Mitac Holdings Corp | | | 185 | |
| | 364,311 | | | | Motorola Solutions, Inc | | | 51,051 | |
| | 43,439 | | | | MTS Systems Corp | | | 764 | |
| | 595,122 | | | | Murata Manufacturing Co Ltd | | | 35,082 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 48,000 | | | | Nan Ya Printed Circuit Board Corp | | $ | 130 | |
| | 10,506 | | * | | Napco Security Technologies, Inc | | | 246 | |
| | 328,849 | | | | National Instruments Corp | | | 12,730 | |
| | 22,400 | | | | NAURA Technology Group Co Ltd | | | 543 | |
| | 27,679 | | * | | NCR Corp | | | 479 | |
| | 20,145 | | | | Neopost S.A. | | | 294 | |
| | 170,240 | | | | NetApp, Inc | | | 7,554 | |
| | 43,161 | | * | | Netgear, Inc | | | 1,117 | |
| | 110,179 | | * | | Netscout Systems, Inc | | | 2,816 | |
| | 19,412 | | * | | Newmax Technology Co Ltd | | | 34 | |
| | 189,226 | | | | Nichicon Corp | | | 1,321 | |
| | 41,300 | | | | Ninestar Corp | | | 193 | |
| | 12,200 | | | | Nippon Ceramic Co Ltd | | | 258 | |
| | 96,500 | | e | | Nippon Electric Glass Co Ltd | | | 1,516 | |
| | 81,200 | | | | Nippon Signal Co Ltd | | | 855 | |
| | 20,360 | | | | Nissha Printing Co Ltd | | | 192 | |
| | 49,822 | | * | | nLight, Inc | | | 1,109 | |
| | 49,076 | | | | Nohmi Bosai Ltd | | | 954 | |
| | 8,710,633 | | e | | Nokia Corp (ADR) | | | 38,327 | |
| | 5,275,533 | | | | Nokia Oyj (Turquoise) | | | 23,053 | |
| | 49,248 | | * | | Novanta, Inc | | | 5,258 | |
| | 84,400 | | * | | O-film Tech Co Ltd | | | 221 | |
| | 144,400 | | | | Oki Electric Industry Co Ltd | | | 1,395 | |
| | 232,199 | | | | Omron Corp | | | 15,552 | |
| | 196,000 | | * | | O-Net Communications Group | | | 130 | |
| | 16,679 | | | | Optex Co Ltd | | | 190 | |
| | 1,788 | | | | OptoElectronics Solutions Co Ltd | | | 71 | |
| | 20,100 | | | | Osaki Electric Co Ltd | | | 94 | |
| | 50,150 | | * | | OSI Systems, Inc | | | 3,743 | |
| | 51,152 | | * | | PAE, Inc | | | 489 | |
| | 88,224 | | | | Pan-International Industrial | | | 55 | |
| | 14,220 | | *,e | | PAR Technology Corp | | | 426 | |
| | 8,747 | | | | Partron Co Ltd | | | 65 | |
| | 1,801,000 | | | | PAX Global Technology Ltd | | | 789 | |
| | 22,243 | | | | PC Connection, Inc | | | 1,031 | |
| | 15,271 | | | | PC-Tel, Inc | | | 102 | |
| | 1,313,817 | | | | Pegatron Technology Corp | | | 2,866 | |
| | 31,410 | | e | | Plantronics, Inc | | | 461 | |
| | 49,080 | | * | | Plexus Corp | | | 3,463 | |
| | 23,847 | | * | | Powerfleet, Inc | | | 110 | |
| | 1,352,000 | | | | Primax Electronics Ltd | | | 2,211 | |
| | 4,816,000 | | | | Prime View International Co Ltd | | | 6,688 | |
| | 10,588,600 | | * | | PT Erajaya Swasembada Tbk | | | 936 | |
| | 607,098 | | * | | Pure Storage, Inc | | | 10,521 | |
| | 2,481,838 | | | | Quanta Computer, Inc | | | 6,005 | |
| | 45,000 | | | | Quanta Storage, Inc | | | 52 | |
| | 47,849 | | * | | Quantum Corp | | | 185 | |
| | 42,255 | | * | | Radware Ltd | | | 997 | |
| | 243,179 | | | | Redington India Ltd | | | 283 | |
| | 19,605 | | | | Renishaw plc | | | 975 | |
| | 23,030 | | * | | Research Frontiers, Inc | | | 93 | |
| | 43,314 | | * | | Resonant, Inc | | | 101 | |
| | 307,436 | | * | | Ribbon Communications, Inc | | | 1,208 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 373,503 | | | | Ricoh Co Ltd | | $ | 2,680 | |
| | 29,100 | | | | Riken Keiki Co Ltd | | | 644 | |
| | 10,998 | | | | Riso Kagaku Corp | | | 152 | |
| | 297,202 | | * | | Ritek Corp | | | 53 | |
| | 40,114 | | *,e | | Rogers Corp | | | 4,998 | |
| | 9,433 | | | | Ryosan Co Ltd | | | 194 | |
| | 7,900 | | | | Ryoyo Electro Corp | | | 214 | |
| | 24,965 | | | | S&T AG. | | | 642 | |
| | 3,739 | | | | SAES Getters S.p.A. | | | 101 | |
| | 174,836 | | e | | Samsung Electro-Mechanics Co Ltd | | | 18,968 | |
| | 6,974,859 | | * | | Samsung Electronics Co Ltd | | | 308,760 | |
| | 876,144 | | * | | Samsung Electronics Co Ltd (Preference) | | | 34,130 | |
| | 50,038 | | | | Samsung SDI Co Ltd | | | 15,300 | |
| | 1,784 | | | | Samwha Capacitor Co Ltd | | | 80 | |
| | 305,823 | | * | | Sanmina Corp | | | 7,658 | |
| | 5,100 | | | | Sanshin Electronics Co Ltd | | | 73 | |
| | 42,575 | | * | | Scansource, Inc | | | 1,026 | |
| | 1,411 | | | | Seagate Technology, Inc | | | 68 | |
| | 79,760 | | | | Seiko Epson Corp | | | 914 | |
| | 9,679 | | *,g | | Sensirion Holding AG. | | | 466 | |
| | 2,729 | | | | Seojin System Co Ltd | | | 73 | |
| | 292,000 | | | | Sercomm Corp | | | 776 | |
| | 47,884 | | | | Sesa S.p.A | | | 2,906 | |
| | 72,340 | | | | SFA Engineering Corp | | | 1,979 | |
| | 124,000 | | | | Shengyi Technology Co Ltd | | | 517 | |
| | 27,833 | | | | Shennan Circuits Co Ltd | | | 664 | |
| | 63,000 | | | | Shenzhen Kaifa Technology Co Ltd | | | 196 | |
| | 44,000 | | | | Shenzhen Sunway Communication Co Ltd | | | 332 | |
| | 29,370 | | | | Shimadzu Corp | | | 784 | |
| | 14,400 | | * | | Shinko Shoji Co Ltd | | | 112 | |
| | 41,482 | | *,e | | Sierra Wireless, Inc | | | 372 | |
| | 14,100 | | e | | Siix Corp | | | 130 | |
| | 1,142,600 | | | | Simplo Technology Co Ltd | | | 12,465 | |
| | 341,423 | | | | Sinbon Electronics Co Ltd | | | 1,737 | |
| | 104,230 | | | | Smart Metering Systems plc | | | 765 | |
| | 527,942 | | | | Softwareone Holding AG. | | | 13,153 | |
| | 114,973 | | | | Spectris plc | | | 3,591 | |
| | 2,055,158 | | | | Spirent Communications plc | | | 6,149 | |
| | 211,038 | | | | Sterlite Technologies Ltd | | | 308 | |
| | 115,299 | | e | | Strix Group plc | | | 275 | |
| | 1,029,100 | | | | Sunny Optical Technology Group Co Ltd | | | 16,563 | |
| | 70,907 | | * | | Super Micro Computer, Inc | | | 2,013 | |
| | 3,042,000 | | | | Supreme Electronics Co Ltd | | | 3,082 | |
| | 53,300 | | | | Suzhou Dongshan Precision Manufacturing Co Ltd | | | 227 | |
| | 22,250 | | | | Syncmold Enterprise Corp | | | 61 | |
| | 86,367 | | | | Synnex Corp | | | 10,344 | |
| | 811,413 | | | | Synnex Technology International Corp | | | 1,150 | |
| | 8,300 | | * | | Tachibana Eletech Co Ltd | | | 134 | |
| | 52,000 | | | | Taiwan Union Technology Corp | | | 255 | |
| | 177,760 | | | | Taiyo Yuden Co Ltd | | | 5,559 | |
| | 36,700 | | | | Tamura Corp | | | 156 | |
| | 136,623 | | | | TDK Corp | | | 13,601 | |
| | 1,521,387 | | | | TE Connectivity Ltd | | | 124,069 | |
| | 8,697 | | * | | Tech Data Corp | | | 1,261 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 15,585 | | * | | TELCON, Inc | | $ | 68 | |
| | 1 | | | | Telefonaktiebolaget Lm Ericsson (ADR) | | | 0 | ^ |
| | 32,495 | | | | Test Research, Inc | | | 60 | |
| | 15,000 | | | | Thinking Electronic Industrial Co Ltd | | | 45 | |
| | 31,900 | | | | Tianjin 712 Communication & Broadcasting Co Ltd | | | 174 | |
| | 115,300 | | | | Tianma Microelectronics Co Ltd | | | 252 | |
| | 44,198 | | *,e | | Tobii AB | | | 170 | |
| | 44,625 | | | | Tong Hsing Electronic Industries Ltd | | | 213 | |
| | 890,000 | | | | Tongda Group Holdings Ltd | | | 53 | |
| | 57,856 | | | | Topcon Corp | | | 468 | |
| | 14,085 | | | | Toshiba TEC Corp | | | 540 | |
| | 1,337,000 | | * | | TPK Holding Co Ltd | | | 2,118 | |
| | 81,000 | | | | Transcend Information, Inc | | | 198 | |
| | 252,222 | | * | | Trimble Inc | | | 10,893 | |
| | 1,783,832 | | | | Tripod Technology Corp | | | 7,981 | |
| | 338,000 | | * | | Truly International Holdings | | | 36 | |
| | 90,806 | | *,e | | TTM Technologies, Inc | | | 1,077 | |
| | 336,200 | | | | Tunghsu Optoelectronic Technology Co Ltd | | | 128 | |
| | 103,039 | | | | TXC Corp | | | 224 | |
| | 12,052 | | e | | Ubiquiti, Inc | | | 2,104 | |
| | 27,000 | | * | | Unigroup Guoxin Microelectronics Co Ltd | | | 279 | |
| | 3,895,883 | | | | Unimicron Technology Corp | | | 6,677 | |
| | 92,700 | | * | | Unisplendour Corp Ltd | | | 567 | |
| | 127,500 | | | | Unitech Printed Circuit Board Corp | | | 112 | |
| | 68,000 | | | | Universal Scientific Industrial Shanghai Co Ltd | | | 211 | |
| | 4,605 | | e | | V Technology Co Ltd | | | 157 | |
| | 264,800 | | | | Venture Corp Ltd | | | 3,095 | |
| | 96,990 | | * | | Viasat, Inc | | | 3,722 | |
| | 458,875 | | * | | Viavi Solutions, Inc | | | 5,846 | |
| | 161,601 | | | | Vishay Intertechnology, Inc | | | 2,468 | |
| | 51,420 | | * | | Vishay Precision Group, Inc | | | 1,264 | |
| | 3,508,575 | | | | VS Industry BHD | | | 804 | |
| | 2,266,800 | | | | VST Holdings Ltd | | | 1,225 | |
| | 244,920 | | | | Vtech Holdings Ltd | | | 1,475 | |
| | 75,600 | | | | Wacom Co Ltd | | | 386 | |
| | 569,000 | | | | Wah Lee Industrial Corp | | | 1,095 | |
| | 199,000 | | | | Walsin Technology Corp | | | 1,216 | |
| | 104,000 | | | | Wasion Group Holdings Ltd | | | 33 | |
| | 462,286 | | | | Western Digital Corp | | | 20,410 | |
| | 46,500 | | | | Westone Information Industry, Inc | | | 141 | |
| | 40,200 | | * | | Wingtech Technology Co Ltd | | | 721 | |
| | 190,500 | | *,†,b | | Wintek Corp | | | 0 | ^ |
| | 4,287 | | | | WiSoL Co Ltd | | | 47 | |
| | 4,027,013 | | | | Wistron Corp | | | 4,916 | |
| | 1,794,196 | | | | Wistron NeWeb Corp | | | 3,937 | |
| | 72,000 | | * | | Wiwynn Corp | | | 1,968 | |
| | 945,593 | | | | WPG Holdings Co Ltd | | | 1,262 | |
| | 7,815 | | *,e | | Wrap Technologies Inc | | | 82 | |
| | 1,716,066 | | | | WT Microelectronics Co Ltd | | | 2,308 | |
| | 69,090 | | | | Wuhan Guide Infrared Co Ltd | | | 287 | |
| | 119,200 | | | | Wuhu Token Science Co Ltd | | | 190 | |
| | 83,600 | | | | WUS Printed Circuit Kunshan Co Ltd | | | 297 | |
| | 37,100 | | * | | Wuxi Lead Intelligent Equipment Co Ltd | | | 243 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 145,608 | | | | Xerox Holdings Corp | | $ | 2,226 | |
| | 8,547,400 | | *,g | | Xiaomi Corp | | | 14,204 | |
| | 15,750 | | *,† | | Ya Hsin Industrial Co Ltd | | | 0 | |
| | 1,875,494 | | | | Yageo Corp | | | 24,434 | |
| | 181,997 | | | | Yamatake Corp | | | 5,563 | |
| | 18,898 | | | | Yaskawa Electric Corp | | | 657 | |
| | 46,350 | | | | Yealink Network Technology Corp Ltd | | | 450 | |
| | 18,009 | | | | Yokogawa Electric Corp | | | 282 | |
| | 25,500 | | | | Yokowo Co Ltd | | | 596 | |
| | 78,008 | | * | | Zebra Technologies Corp (Class A) | | | 19,966 | |
| | 148,500 | | | | Zhejiang Dahua Technology Co Ltd | | | 406 | |
| | 1,167,485 | | | | Zhen Ding Technology Holding Ltd | | | 5,123 | |
| | 177,400 | | * | | ZTE Corp | | | 1,010 | |
| | 483,618 | | | | ZTE Corp (Class H) | | | 1,493 | |
| | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 5,956,755 | |
| | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 2.1% | | | | |
| | 2,189,789 | | | | Advanced Info Service PCL (Foreign) | | | 13,179 | |
| | 133,979 | | | | AFK Sistema | | | 635 | |
| | 459,000 | | | | AFK Sistema (London) | | | 2,168 | |
| | 44,756 | | | | Alaska Communications Systems Group, Inc | | | 125 | |
| | 34,388,536 | | e | | America Movil S.A. de C.V. (Series L) | | | 22,068 | |
| | 64,241 | | * | | Anterix, Inc | | | 2,913 | |
| | 12,700 | | | | ARTERIA Networks Corp | | | 226 | |
| | 393,929 | | * | | Asia Pacific Telecom Co Ltd | | | 106 | |
| | 14,664,997 | | | | AT&T, Inc | | | 443,323 | |
| | 10,060 | | | | ATN International, Inc | | | 609 | |
| | 220,900 | | *,e | | Axtel SAB de C.V. | | | 38 | |
| | 48,987 | | * | | Bandwidth Inc | | | 6,221 | |
| | 192,555 | | | | BCE, Inc | | | 8,031 | |
| | 3,770,088 | | * | | Bezeq Israeli Telecommunication Corp Ltd | | | 3,422 | |
| | 3,074,998 | | * | | Bharti Airtel Ltd | | | 22,838 | |
| | 577,309 | | | | Bharti Infratel Ltd | | | 1,697 | |
| | 160,094 | | * | | Boingo Wireless, Inc | | | 2,132 | |
| | 8,598,362 | | | | BT Group plc | | | 12,160 | |
| | 325,841 | | * | | Cellcom Israel Ltd | | | 1,290 | |
| | 235,660 | | g | | Cellnex Telecom SAU | | | 14,394 | |
| | 1,656,055 | | | | CenturyLink, Inc | | | 16,610 | |
| | 5,000 | | * | | Chief Telecom, Inc | | | 64 | |
| | 4,713,249 | | | | China Mobile Hong Kong Ltd | | | 31,824 | |
| | 9,049,057 | | | | China Telecom Corp Ltd | | | 2,542 | |
| | 46,902,000 | | g | | China Tower Corp Ltd | | | 8,335 | |
| | 25,116,081 | | | | China Unicom Ltd | | | 13,666 | |
| | 1,381,375 | | | | China United Network Communications Ltd | | | 950 | |
| | 822,690 | | | | Chorus Ltd | | | 3,985 | |
| | 2,232,188 | | | | Chunghwa Telecom Co Ltd | | | 8,865 | |
| | 103,418 | | * | | Cincinnati Bell, Inc | | | 1,536 | |
| | 7,690,000 | | | | Citic 1616 Holdings Ltd | | | 2,450 | |
| | 195,251 | | | | Cogent Communications Group, Inc | | | 15,105 | |
| | 105,695 | | * | | Consolidated Communications Holdings, Inc | | | 716 | |
| | 4,380,189 | | | | Deutsche Telekom AG. | | | 73,496 | |
| | 1,831,739 | | | | Digi.Com BHD | | | 1,848 | |
| | 153,462 | | | | Elisa Oyj (Series A) | | | 9,338 | |
| | 1,840,371 | | | | Emirates Telecommunications Group Co PJSC | | | 8,293 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 102,406 | | | | Empresa Nacional de Telecomunicaciones S.A. | | $ | 661 | |
| | 335,891 | | * | | Etihad Etisalat Co | | | 2,388 | |
| | 225,188 | | g | | Euskaltel S.A. | | | 1,997 | |
| | 947,336 | | | | Far EasTone Telecommunications Co Ltd | | | 2,187 | |
| | 131,012 | | | | Freenet AG. | | | 2,104 | |
| | 231,615 | | * | | GCI Liberty, Inc | | | 16,472 | |
| | 68,231 | | | | Globe Telecom, Inc | | | 2,836 | |
| | 58,362 | | *,e | | Gogo, Inc | | | 184 | |
| | 194,267 | | | | Hellenic Telecommunications Organization S.A. | | | 2,624 | |
| | 392,120 | | | | HKBN Ltd | | | 688 | |
| | 3,656,079 | | | | HKT Trust and HKT Ltd | | | 5,365 | |
| | 3,874,651 | | | | Hutchison Telecommunications Hong Kong Holdings Ltd | | | 618 | |
| | 1,966,558 | | * | | Idea Cellular Ltd | | | 276 | |
| | 13,549 | | * | | IDT Corp (Class B) | | | 88 | |
| | 29,641 | | e | | Iliad S.A. | | | 5,786 | |
| | 301,879 | | g | | Infrastrutture Wireless Italiane S.p.A | | | 3,030 | |
| | 42,000 | | | | Internet Initiative Japan, Inc | | | 1,437 | |
| | 2,481,093 | | | | Intouch Holdings PCL (Class F) | | | 4,540 | |
| | 138,189 | | * | | Iridium Communications, Inc | | | 3,516 | |
| | 3,412,400 | | | | Jasmine International PCL | | | 397 | |
| | 7,900 | | * | | Jereissati Participacoes S.A. | | | 33 | |
| | 1,730,090 | | | | KDDI Corp | | | 51,621 | |
| | 4,539,041 | | | | Koninklijke KPN NV | | | 12,073 | |
| | 222,725 | | *,†,e | | Let’s GOWEX S.A. | | | 2 | |
| | 125,753 | | | | LG Telecom Ltd | | | 1,285 | |
| | 321,071 | | * | | Liberty Latin America Ltd (Class A) | | | 3,121 | |
| | 366,289 | | * | | Liberty Latin America Ltd (Class C) | | | 3,458 | |
| | 1,098,424 | | | | Magyar Telekom | | | 1,334 | |
| | 180,089 | | * | | Masmovil Ibercom S.A. | | | 4,614 | |
| | 1,408,390 | | | | Maxis BHD | | | 1,769 | |
| | 76,640 | | | | Millicom International Cellular S.A. | | | 2,018 | |
| | 75,733 | | * | | Mobile Telecommunications Co Saudi Arabia | | | 229 | |
| | 869,614 | | | | Mobile TeleSystems (ADR) | | | 7,992 | |
| | 106,804 | | | | Mobistar S.A. | | | 1,742 | |
| | 1,613,839 | | e | | MTN Group Ltd | | | 4,943 | |
| | 6,222,835 | | | | NetLink NBN Trust | | | 4,347 | |
| | 2,044,426 | | | | Nippon Telegraph & Telephone Corp | | | 47,634 | |
| | 1,399,016 | | | | NTT DoCoMo, Inc | | | 37,141 | |
| | 74,606 | | * | | Ooma, Inc | | | 1,229 | |
| | 693,810 | | | | Ooredoo QSC | | | 1,249 | |
| | 2,141,282 | | | | Orange S. A. | | | 25,605 | |
| | 191,972 | | * | | ORBCOMM, Inc | | | 739 | |
| | 76,715 | | * | | Partner Communications | | | 340 | |
| | 4,699,327 | | | | PCCW Ltd | | | 2,687 | |
| | 487,911 | | g | | PLAY Communications S.A. | | | 3,768 | |
| | 53,432 | | | | PLDT, Inc | | | 1,330 | |
| | 258,291 | | | | Proximus plc | | | 5,263 | |
| | 11,864,600 | | | | PT Excelcomindo Pratama | | | 2,316 | |
| | 318,300 | | * | | PT Indosat Tbk | | | 53 | |
| | 1,831,100 | | | | PT Link Net Tbk | | | 289 | |
| | 29,967,824 | | | | PT Telekomunikasi Indonesia Persero Tbk | | | 6,419 | |
| | 377,909 | | | | Rogers Communications, Inc (Class B) | | | 15,185 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 33,013 | | * | | Rostelecom (ADR) | | $ | 243 | |
| | 35,877 | | | | Rostelecom (ADR) (OTC US) | | | 262 | |
| | 15,373,473 | | | | Safaricom plc | | | 4,139 | |
| | 809,047 | | | | Saudi Telecom Co | | | 21,434 | |
| | 75,323 | | | | Shenandoah Telecom Co | | | 3,713 | |
| | 219,100 | | | | Singapore Telecommunications Ltd | | | 390 | |
| | 8,308,905 | | | | Singapore Telecommunications Ltd | | | 14,766 | |
| | 12,779 | | | | SK Telecom Co Ltd | | | 2,251 | |
| | 176,141 | | | | SmarTone Telecommunications Holding Ltd | | | 95 | |
| | 2,077,540 | | | | Softbank Corp | | | 26,481 | |
| | 1,680,316 | | | | Softbank Group Corp | | | 84,734 | |
| | 66,871 | | | | Spok Holdings, Inc | | | 625 | |
| | 839,700 | | | | StarHub Ltd | | | 787 | |
| | 92,156 | | g | | Sunrise Communications Group AG. | | | 8,197 | |
| | 39,635 | | e | | Swisscom AG. | | | 20,785 | |
| | 2,070,842 | | | | Taiwan Mobile Co Ltd | | | 7,766 | |
| | 2,061,732 | | | | TalkTalk Telecom Group plc | | | 2,190 | |
| | 70,862 | | | | Tata Communications Ltd | | | 577 | |
| | 449,924 | | | | Tele2 AB (B Shares) | | | 5,989 | |
| | 65,676 | | | | Telecom Argentina S.A. (ADR) (Class B) | | | 588 | |
| | 2,919,271 | | | | Telecom Corp of New Zealand Ltd | | | 8,637 | |
| | 1,318,263 | | | | Telecom Egypt | | | 1,091 | |
| | 5,303,174 | | | | Telecom Italia RSP | | | 2,064 | |
| | 11,438,046 | | e | | Telecom Italia S.p.A. | | | 4,510 | |
| | 737,899 | | | | Telefonica Brasil S.A. | | | 6,517 | |
| | 1,698,052 | | | | Telefonica Deutschland Holding AG. | | | 5,008 | |
| | 5,575,712 | | e | | Telefonica S.A. | | | 26,667 | |
| | 366,148 | | *,e | | Telekom Austria AG. | | | 2,530 | |
| | 792,502 | | | | Telekom Malaysia BHD | | | 770 | |
| | 1,582,057 | | * | | Telekomunikacja Polska S.A. | | | 2,502 | |
| | 862,018 | | | | Telenor ASA | | | 12,586 | |
| | 152,580 | | | | Telephone & Data Systems, Inc | | | 3,033 | |
| | 293,401 | | *,e | | Telesites SAB de C.V. | | | 186 | |
| | 2,168,551 | | | | TeliaSonera AB | | | 8,113 | |
| | 1,123,879 | | | | Telkom S.A. Ltd | | | 1,928 | |
| | 4,250,458 | | | | Telstra Corp Ltd | | | 9,226 | |
| | 469,370 | | | | TELUS Corp | | | 7,872 | |
| | 1,235,084 | | | | Tim Participacoes S.A. | | | 3,225 | |
| | 437,320 | | | | Time dotCom BHD | | | 1,112 | |
| | 1,950,686 | | | | TM International BHD | | | 1,624 | |
| | 2,481,935 | | * | | T-Mobile US, Inc | | | 258,494 | |
| | 1,998,800 | | | | Total Access Communication PCL (Foreign) | | | 2,551 | |
| | 2,262,600 | | | | Tower Bersama Infrastructure | | | 176 | |
| | 321,323 | | * | | TPG Telecom Ltd | | | 1,974 | |
| | 7,187,970 | | | | True Corp PCL (Foreign) | | | 796 | |
| | 993,748 | | | | Turkcell Iletisim Hizmet AS | | | 2,369 | |
| | 134,060 | | | | United Internet AG. | | | 5,696 | |
| | 26,263 | | * | | US Cellular Corp | | | 811 | |
| | 68,800 | | *,e | | V-Cube, Inc | | | 836 | |
| | 8,036,299 | | | | Verizon Communications, Inc | | | 443,041 | |
| | 901,542 | | *,e | | Vision, Inc | | | 5,686 | |
| | 301,895 | | * | | Vocus Communications Ltd | | | 620 | |
| | 503,757 | | e | | Vodacom Group Pty Ltd | | | 3,574 | |
| | 35,291,460 | | | | Vodafone Group plc | | | 56,105 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 421,800 | | | | Vodafone Group plc (ADR) | | $ | 6,723 | |
| | 398,166 | | | | Vodafone Qatar | | | 123 | |
| | 481,533 | | * | | Vonage Holdings Corp | | | 4,844 | |
| | | | | | TOTAL TELECOMMUNICATION SERVICES | | | 2,175,852 | |
| | | | | | | | | | |
| TRANSPORTATION - 1.8% | | | | |
| | 52,528 | | *,†,e | | Abertis Infraestructuras S.A. (Continuous) | | | 1,084 | |
| | 5,914 | | * | | Aegean Airlines S.A. | | | 27 | |
| | 85,614 | | g | | Aena S.A. | | | 11,450 | |
| | 24,399 | | g | | Aeroflot PJSC (GDR) | | | 135 | |
| | 33,996 | | | | Aeroports de Paris | | | 3,510 | |
| | 5,098,856 | | | | Air Arabia PJSC | | | 1,721 | |
| | 149,473 | | *,e | | Air Canada | | | 1,866 | |
| | 141,600 | | | | Air China Ltd | | | 133 | |
| | 1,249,325 | | e | | Air China Ltd (H shares) | | | 751 | |
| | 257,092 | | *,e | | Air France-KLM | | | 1,168 | |
| | 658,596 | | e | | Air New Zealand Ltd | | | 565 | |
| | 76,057 | | * | | Air Transport Services Group, Inc | | | 1,694 | |
| | 325,000 | | * | | AirAsia BHD | | | 67 | |
| | 876,800 | | | | Airports of Thailand PCL (ADR) | | | 1,726 | |
| | 2,408,400 | | | | Airports of Thailand PCL (Foreign) | | | 4,741 | |
| | 367,212 | | | | Alaska Air Group, Inc | | | 13,315 | |
| | 54,345 | | e,g | | ALD S.A. | | | 540 | |
| | 55,433 | | e | | All Nippon Airways Co Ltd | | | 1,267 | |
| | 16,310 | | e | | Allegiant Travel Co | | | 1,781 | |
| | 13,355 | | | | Amerco, Inc | | | 4,036 | |
| | 579,008 | | e | | American Airlines Group, Inc | | | 7,568 | |
| | 82,000 | | | | Anhui Expressway Co | | | 38 | |
| | 7,375 | | | | AP Moller - Maersk AS (Class A) | | | 8,064 | |
| | 9,565 | | | | AP Moller - Maersk AS (Class B) | | | 11,210 | |
| | 65,111 | | | | ArcBest Corp | | | 1,726 | |
| | 519,700 | | * | | Asia Aviation PCL (Foreign) | | | 34 | |
| | 28,872 | | * | | Asiana Airlines | | | 93 | |
| | 33,808 | | * | | Atlas Air Worldwide Holdings, Inc | | | 1,455 | |
| | 976,564 | | | | Atlas Arteria Ltd | | | 4,510 | |
| | 19,273 | | e | | Atlas Corp | | | 146 | |
| | 1,134,733 | | | | Auckland International Airport Ltd | | | 4,826 | |
| | 56,119 | | * | | Autostrada Torino-Milano S.p.A. | | | 1,285 | |
| | 445,535 | | * | | Autostrade S.p.A. | | | 7,207 | |
| | 77,611 | | *,e | | Avis Budget Group, Inc | | | 1,777 | |
| | 61,500 | | * | | Azul S.A. | | | 227 | |
| | 130,400 | | | | Bangkok Airways Co Ltd | | | 27 | |
| | 40,500 | | | | Bangkok Aviation Fuel Services PCL | | | 31 | |
| | 6,013,053 | | | | Bangkok Expressway & Metro PCL | | | 1,855 | |
| | 1,137,297 | | | | Beijing Capital International Airport Co Ltd | | | 712 | |
| | 147,900 | | *,e | | BEST, Inc (ADR) | | | 633 | |
| | 957 | | | | Blue Dart Express Ltd | | | 26 | |
| | 760,467 | | | | Bollore | | | 2,400 | |
| | 51,020 | | | | bpost S.A. | | | 345 | |
| | 6,815,957 | | | | BTS Group Holdings PCL | | | 2,492 | |
| | 788,049 | | | | Canadian National Railway Co | | | 69,721 | |
| | 149,798 | | | | Canadian Pacific Railway Ltd (Toronto) | | | 38,103 | |
| | 157,000 | | *,e | | CAR, Inc | | | 47 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 107,160 | | e | | Cathay Pacific Airways Ltd | | $ | 104 | |
| | 47,840 | | * | | Cebu Air, Inc | | | 38 | |
| | 198,645 | | | | Central Japan Railway Co | | | 30,722 | |
| | 209,092 | | | | CH Robinson Worldwide, Inc | | | 16,531 | |
| | 2,828,635 | | | | China Airlines | | | 790 | |
| | 1,283,000 | | * | | China COSCO Holdings Co Ltd | | | 371 | |
| | 319,900 | | * | | China Eastern Airlines Corp Ltd | | | 192 | |
| | 1,082,000 | | *,e | | China Eastern Airlines Corp Ltd (H Shares) | | | 390 | |
| | 1,065,081 | | | | China Merchants Holdings International Co Ltd | | | 1,263 | |
| | 978,000 | | *,e | | China Southern Airlines Co Ltd | | | 437 | |
| | 256,100 | | | | China Southern Airlines Co Ltd (Class A) | | | 188 | |
| | 90,117 | | | | Chorus Aviation, Inc | | | 198 | |
| | 1,878,078 | | | | Cia de Concessoes Rodoviarias | | | 5,008 | |
| | 148,342 | | | | Cia de Distribucion Integral Logista Holdings SAU | | | 2,779 | |
| | 367,400 | | | | Cia de Locacao das Americas | | | 1,144 | |
| | 1,691,700 | | | | ComfortDelgro Corp Ltd | | | 1,778 | |
| | 45,487,670 | | * | | Compania SudAmericana de Vapores S.A. | | | 1,042 | |
| | 162,846 | | | | Container Corp Of India Ltd | | | 900 | |
| | 148,400 | | *,e | | Controladora Vuela Cia de Aviacion SAB de C.V. | | | 78 | |
| | 49,461 | | e | | Copa Holdings S.A. (Class A) | | | 2,501 | |
| | 5,993 | | *,e | | Corp America Airports S.A. | | | 13 | |
| | 30,063 | | * | | Cosan Logistica S.A. | | | 105 | |
| | 592,800 | | * | | Cosco Corp Singapore Ltd | | | 88 | |
| | 1,134,000 | | | | Cosco International Holdings Ltd | | | 338 | |
| | 1,226,195 | | | | COSCO Pacific Ltd | | | 661 | |
| | 108,700 | | * | | COSCO SHIPPING Development Co Ltd | | �� | 28 | |
| | 306,500 | | * | | COSCO SHIPPING Holdings Co Ltd | | | 151 | |
| | 159,307 | | | | Costamare, Inc | | | 886 | |
| | 94,719 | | * | | Covenant Transportation Group, Inc | | | 1,367 | |
| | 1,706,077 | | | | CSX Corp | | | 118,982 | |
| | 60,317 | | | | CTT-Correios de Portugal S.A. | | | 143 | |
| | 190,679 | | | | D/S Norden | | | 2,573 | |
| | 703,300 | | * | | Daqin Railway Co Ltd | | | 701 | |
| | 313,958 | | | | Dart Group plc | | | 3,262 | |
| | 235,167 | | *,e | | Daseke, Inc | | | 924 | |
| | 1,047,066 | | e | | Delta Air Lines, Inc | | | 29,370 | |
| | 334,003 | | *,e | | Deutsche Lufthansa AG. | | | 3,351 | |
| | 1,096,547 | | | | Deutsche Post AG. | | | 40,265 | |
| | 18,695 | | e | | Dfds A.S. | | | 580 | |
| | 536,316 | | | | DSV AS | | | 65,878 | |
| | 45,684 | | *,e | | Eagle Bulk Shipping, Inc | | | 100 | |
| | 211,027 | | | | East Japan Railway Co | | | 14,623 | |
| | 261,999 | | e | | easyJet plc | | | 2,212 | |
| | 86,826 | | * | | Echo Global Logistics, Inc | | | 1,877 | |
| | 882,100 | | * | | EcoRodovias Infraestrutura e Logistica S.A. | | | 2,104 | |
| | 557,793 | | g | | Enav S.p.A | | | 2,520 | |
| | 55,321 | | *,e,g | | Europcar Groupe S.A. | | | 132 | |
| | 1,016,271 | | | | Eva Airways Corp | | | 388 | |
| | 111,000 | | | | Evergreen International Storage & Transport Corp | | | 51 | |
| | 1,599,563 | | * | | Evergreen Marine Corp Tawain Ltd | | | 585 | |
| | 40,590 | | e | | Exchange Income Corp | | | 800 | |
| | 257,438 | | | | Expeditors International of Washington, Inc | | | 19,576 | |
| | 398,558 | | | | FedEx Corp | | | 55,886 | |
| | 36,134 | | e | | Finnair Oyj | | | 32 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 682,858 | | * | | Firstgroup plc | | $ | 428 | |
| | 12,899 | | | | Flughafen Zuerich AG. | | | 1,685 | |
| | 108,151 | | | | Forward Air Corp | | | 5,388 | |
| | 36,372 | | e | | Fraport AG. Frankfurt Airport Services Worldwide | | | 1,593 | |
| | 68,026 | | e | | Fukuyama Transporting Co Ltd | | | 2,384 | |
| | 116,166 | | | | Genco Shipping & Trading Ltd | | | 730 | |
| | 377,934 | | | | Getlink S.E. | | | 5,465 | |
| | 24,386 | | | | GLOVIS Co Ltd | | | 2,073 | |
| | 173,658 | | * | | GMR Infrastructure Ltd | | | 46 | |
| | 118,966 | | | | Go-Ahead Group plc | | | 1,234 | |
| | 36,300 | | * | | Gol Linhas Aereas Inteligentes S.A. | | | 124 | |
| | 451,214 | | e | | Golden Ocean Group Ltd | | | 1,761 | |
| | 94,900 | | * | | Grupo Aeroportuario del Centro Norte Sab de C.V. | | | 441 | |
| | 490,045 | | | | Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares) | | | 3,524 | |
| | 290,260 | | * | | Grupo Aeroportuario del Sureste S.A. de C.V. (Class B) | | | 3,241 | |
| | 98,100 | | | | Guangzhou Baiyun International Airport Co Ltd | | | 212 | |
| | 136,629 | | | | Gujarat Pipavav Port Ltd | | | 136 | |
| | 310,479 | | | | Gulf Warehousing Co | | | 442 | |
| | 1,010,300 | | * | | Hainan Airlines Holding Co Ltd | | | 215 | |
| | 30,000 | | * | | Hainan Meilan International Airport Co Ltd | | | 42 | |
| | 8,000 | | | | Hamakyorex Co Ltd | | | 231 | |
| | 64,125 | | | | Hamburger Hafen und Logistik AG. | | | 1,089 | |
| | 12,467 | | | | Hanjin Transportation Co Ltd | | | 460 | |
| | 54,818 | | | | Hankyu Hanshin Holdings, Inc | | | 1,852 | |
| | 80,074 | | | | Hawaiian Holdings, Inc | | | 1,124 | |
| | 125,995 | | | | Heartland Express, Inc | | | 2,623 | |
| | 24,125 | | | | Hitachi Transport System Ltd | | | 645 | |
| | 6,827 | | | | Hopewell Highway Infrastructure Ltd | | | 2 | |
| | 189,961 | | * | | Hub Group, Inc (Class A) | | | 9,092 | |
| | 12,610,687 | | | | Hutchison Port Holdings Trust | | | 1,215 | |
| | 52,910 | | * | | Hyundai Merchant Marine Co Ltd | | | 209 | |
| | 1,475 | | * | | ID Logistics Group | | | 286 | |
| | 204,457 | | | | Iino Kaiun Kaisha Ltd | | | 646 | |
| | 36,562 | | | | Imperial Holdings Ltd | | | 83 | |
| | 66,182 | | g | | InterGlobe Aviation Ltd | | | 864 | |
| | 836,017 | | | | International Container Term Services, Inc | | | 1,720 | |
| | 110,913 | | | | Japan Airlines Co Ltd | | | 2,001 | |
| | 96,350 | | e | | Japan Airport Terminal Co Ltd | | | 4,111 | |
| | 17,444 | | | | JB Hunt Transport Services, Inc | | | 2,099 | |
| | 2,108 | | * | | Jeju Air Co Ltd | | | 29 | |
| | 368,307 | | * | | JetBlue Airways Corp | | | 4,015 | |
| | 874,034 | | e | | Jiangsu Express | | | 1,027 | |
| | 2,728 | | * | | Jin Air Co Ltd | | | 24 | |
| | 14,700 | | | | Julio Simoes Logistica S.A. | | | 63 | |
| | 70,400 | | | | Juneyao Airlines Co Ltd | | | 91 | |
| | 301,273 | | | | Kamigumi Co Ltd | | | 5,925 | |
| | 694,188 | | | | Kansas City Southern | | | 103,635 | |
| | 164,337 | | *,e | | Kawasaki Kisen Kaisha Ltd | | | 1,559 | |
| | 45,330 | | | | Keihin Electric Express Railway Co Ltd | | | 694 | |
| | 27,170 | | | | Keio Corp | | | 1,555 | |
| | 39,389 | | | | Keisei Electric Railway Co Ltd | | | 1,234 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 328,509 | | | | Kerry Logistics Network Ltd | | $ | 438 | |
| | 149,576 | | | | Kintetsu Corp | | | 6,711 | |
| | 28,500 | | | | Kintetsu World Express, Inc | | | 492 | |
| | 88,579 | | * | | Kirby Corp | | | 4,744 | |
| | 261,072 | | | | Knight-Swift Transportation Holdings, Inc | | | 10,889 | |
| | 16,568 | | | | Konoike Transport Co Ltd | | | 179 | |
| | 5,046 | | * | | Korea Express Co Ltd | | | 665 | |
| | 2,909 | | * | | Korea Line Corp | | | 42 | |
| | 28,724 | | * | | Korean Air Lines Co Ltd | | | 421 | |
| | 61,110 | | | | Kuehne & Nagel International AG. | | | 10,179 | |
| | 45,816 | | e | | Kyushu Railway Co | | | 1,190 | |
| | 34,884 | | | | Landstar System, Inc | | | 3,918 | |
| | 476,116 | | | | Localiza Rent A Car | | | 3,582 | |
| | 579,182 | | *,e | | Lyft, Inc (Class A) | | | 19,119 | |
| | 188,375 | | | | Macquarie Infrastructure Co LLC | | | 5,781 | |
| | 20,188 | | | | MacroAsia Corp | | | 3 | |
| | 606,818 | | g | | Mahindra Logistics Ltd | | | 2,208 | |
| | 621,520 | | | | Malaysia Airports Holdings BHD | | | 794 | |
| | 219,556 | | | | Marten Transport Ltd | | | 5,524 | |
| | 39,000 | | e | | Maruwa Unyu Kikan Co Ltd | | | 1,100 | |
| | 40,784 | | | | Maruzen Showa Unyu Co Ltd | | | 1,269 | |
| | 37,891 | | | | Matson, Inc | | | 1,103 | |
| | 164,944 | | * | | Mesa Air Group, Inc | | | 567 | |
| | 4,981,656 | | | | MISC BHD | | | 8,924 | |
| | 28,478 | | | | Mitsubishi Logistics Corp | | | 735 | |
| | 58,540 | | | | Mitsui OSK Lines Ltd | | | 1,042 | |
| | 114,130 | | | | Mitsui-Soko Co Ltd | | | 1,583 | |
| | 168,300 | | | | MMC Corp BHD | | | 29 | |
| | 29,800 | | | | Movida Participacoes S.A. | | | 72 | |
| | 801,160 | | | | MTR Corp | | | 4,167 | |
| | 114,022 | | | | Mullen Group Ltd | | | 611 | |
| | 417,419 | | | | Mundra Port and Special Economic Zone Ltd | | | 1,897 | |
| | 133,135 | | | | Nagoya Railroad Co Ltd | | | 3,752 | |
| | 82,127 | | | | Nankai Electric Railway Co Ltd | | | 1,881 | |
| | 52,147 | | | | Napier Port Holdings Ltd | | | 122 | |
| | 1,126,536 | | | | National Express Group plc | | | 2,622 | |
| | 287,000 | | * | | Ningbo Zhoushan Port Co Ltd | | | 145 | |
| | 88,482 | | | | Nippon Express Co Ltd | | | 4,588 | |
| | 199,800 | | | | Nippon Konpo Unyu Soko Co Ltd | | | 3,972 | |
| | 158,390 | | | | Nippon Yusen Kabushiki Kaisha | | | 2,242 | |
| | 32,100 | | e | | Nishi-Nippon Railroad Co Ltd | | | 871 | |
| | 6,370 | | | | Nissin Corp | | | 90 | |
| | 190,373 | | *,g | | Nobina AB | | | 1,141 | |
| | 130,702 | | | | Norfolk Southern Corp | | | 22,947 | |
| | 736,496 | | e | | Northgate plc | | | 1,514 | |
| | 1,596,068 | | *,e | | Norwegian Air Shuttle AS | | | 450 | |
| | 65,448 | | | | Odakyu Electric Railway Co Ltd | | | 1,607 | |
| | 79,406 | | e | | Oesterreichische Post AG. | | | 2,629 | |
| | 144,055 | | | | Old Dominion Freight Line | | | 24,430 | |
| | 2,733,290 | | e | | Pacific Basin Shipping Ltd | | | 402 | |
| | 1,625 | | * | | PAM Transportation Services, Inc | | | 50 | |
| | 8,795 | | * | | Pangaea Logistics Solutions Ltd | | | 22 | |
| | 13,859 | | | | Park-Ohio Holdings Corp | | | 230 | |
| | 7,978 | | * | | Pegasus Hava Tasimaciligi AS. | | | 65 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 12,717 | | | | Piraeus Port Authority | | $ | 249 | |
| | 178,737 | | * | | Promotora y Operadora de Infraestructura SAB de C.V. | | | 1,287 | |
| | 482,800 | | | | PT Jasa Marga Tbk | | | 149 | |
| | 5,648,600 | | *,† | | PT Trada Maritime Tbk | | | 20 | |
| | 748,905 | | | | Qantas Airways Ltd | | | 1,985 | |
| | 638,940 | | | | Qatar Navigation QSC | | | 991 | |
| | 3,484,954 | | | | QR National Ltd | | | 11,859 | |
| | 962,456 | | | | Qube Logistics Holdings Ltd | | | 1,952 | |
| | 116,343 | | * | | Radiant Logistics, Inc | | | 457 | |
| | 556,032 | | e | | Royal Mail plc | | | 1,253 | |
| | 1,332,170 | | * | | Rumo S.A. | | | 5,509 | |
| | 11,495 | | | | Ryder System, Inc | | | 431 | |
| | 440,139 | | * | | Safe Bulkers, Inc | | | 537 | |
| | 39,597 | | | | Sagami Railway Co Ltd | | | 1,057 | |
| | 42,259 | | * | | Saia, Inc | | | 4,698 | |
| | 96 | | *,† | | SAir Group | | | 0 | |
| | 26,960 | | | | Sakai Moving Service Co Ltd | | | 1,376 | |
| | 99,636 | | | | Sankyu, Inc | | | 3,755 | |
| | 56,800 | | | | Santos Brasil Participacoes S.A. | | | 58 | |
| | 99,622 | | *,e | | SAS AB | | | 83 | |
| | 20,648 | | * | | Saudi Ground Services Co | | | 155 | |
| | 13,976 | | * | | Saudi Public Transport Co | | | 53 | |
| | 105,400 | | | | SBS Holdings, Inc | | | 2,176 | |
| | 162,087 | | | | Schneider National, Inc | | | 3,999 | |
| | 11,329 | | | | Scorpio Bulkers, Inc | | | 173 | |
| | 99,186 | | | | Seibu Holdings, Inc | | | 1,080 | |
| | 253,974 | | | | Seino Holdings Corp | | | 3,311 | |
| | 260,970 | | | | Senko Co Ltd | | | 1,940 | |
| | 103,700 | | | | SF Holding Co Ltd | | | 803 | |
| | 173,245 | | | | SG Holdings Co Ltd | | | 5,654 | |
| | 24,400 | | | | Shandong Airlines Co Ltd | | | 20 | |
| | 44,900 | | | | Shanghai International Airport Co Ltd | | | 458 | |
| | 354,200 | | * | | Shanghai International Port Group Co Ltd | | | 211 | |
| | 32,900 | | | | Shanghai Jinjiang International Investment Holdings Co | | | 22 | |
| | 145,577 | | | | Shenzhen Airport Co Ltd | | | 158 | |
| | 776,000 | | | | Shenzhen Expressway Co Ltd | | | 789 | |
| | 1,064,792 | | | | Shenzhen International Holdings Ltd | | | 1,704 | |
| | 3,900 | | | | Shinwa Kaiun Kaisha Ltd | | | 54 | |
| | 144,200 | | | | SIA Engineering Co Ltd | | | 206 | |
| | 445,668 | | | | Signature Aviation plc | | | 1,274 | |
| | 60,720 | | | | Sincere Navigation | | | 31 | |
| | 946,490 | | | | Singapore Airlines Ltd | | | 2,555 | |
| | 365,000 | | | | Singapore Airport Terminal Services Ltd | | | 757 | |
| | 832,719 | | | | Singapore Post Ltd | | | 463 | |
| | 226,517 | | | | Sinotrans Ltd (Class A) | | | 104 | |
| | 4,015,398 | | | | SITC International Co Ltd | | | 4,299 | |
| | 7,205 | | * | | Sixt AG. | | | 553 | |
| | 47,574 | | | | Sixt AG. (Preference) | | | 2,478 | |
| | 108,467 | | | | Skywest, Inc | | | 3,538 | |
| | 1,184,673 | | n | | Southwest Airlines Co | | | 40,492 | |
| | 727,505 | | * | | SpiceJet Ltd | | | 484 | |
| | 135,504 | | *,e | | Spirit Airlines, Inc | | | 2,412 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 23,100 | | * | | Spring Airlines Co Ltd | | $ | 116 | |
| | 1,642,122 | | e | | Stagecoach Group plc | | | 1,216 | |
| | 77,000 | | | | STO Express Co Ltd | | | 180 | |
| | 14,873 | | | | Stolt-Nielsen S.A. | | | 136 | |
| | 160,043 | | * | | STX Pan Ocean Co Ltd | | | 511 | |
| | 59,883 | | | | Sumitomo Warehouse Co Ltd | | | 723 | |
| | 947,435 | | | | Sydney Airport | | | 3,739 | |
| | 1,524,000 | | | | Taiwan High Speed Rail Corp | | | 1,894 | |
| | 162,152 | | | | TAV Havalimanlari Holding AS | | | 459 | |
| | 115,600 | | | | Tegma Gestao Logistica | | | 495 | |
| | 254,239 | | | | TFI International, Inc | | | 9,025 | |
| | 163,800 | | * | | Thai Airways International PCL (Foreign) | | | 20 | |
| | 460,000 | | * | | Tianjin Port Development Holdings Ltd | | | 32 | |
| | 1,367,407 | | | | TNT NV | | | 2,949 | |
| | 36,509 | | | | Tobu Railway Co Ltd | | | 1,206 | |
| | 390,889 | | | | Tokyu Corp | | | 5,503 | |
| | 2,515 | | | | Tonami Holdings Co Ltd | | | 132 | |
| | 18,075 | | | | Trancom Co Ltd | | | 1,162 | |
| | 2,580,879 | | | | Transurban Group | | | 25,310 | |
| | 1,768,659 | | * | | Turk Hava Yollari | | | 3,219 | |
| | 3,478,361 | | * | | Uber Technologies, Inc | | | 108,107 | |
| | 93,000 | | | | U-Ming Marine Transport Corp | | | 99 | |
| | 2,261,580 | | | | Union Pacific Corp | | | 382,365 | |
| | 333,641 | | * | | United Airlines Holdings Inc | | | 11,547 | |
| | 170,992 | | | | United International Transportation Co | | | 1,396 | |
| | 1,316,047 | | | | United Parcel Service, Inc (Class B) | | | 146,318 | |
| | 41,975 | | | | Universal Logistics Holdings Inc | | | 730 | |
| | 22,734 | | *,e | | US Xpress Enterprises, Inc | | | 136 | |
| | 60,603 | | *,† | | Virgin Australia Holdings Ltd | | | 0 | ^ |
| | 67,336 | | *,† | | Virgin Australia Int Holdings | | | 0 | ^ |
| | 126,000 | | | | Wan Hai Lines Ltd | | | 71 | |
| | 170,023 | | | | Werner Enterprises, Inc | | | 7,401 | |
| | 141,716 | | | | West Japan Railway Co | | | 7,949 | |
| | 1,037,600 | | | | Westports Holdings BHD | | | 921 | |
| | 100,216 | | e | | Westshore Terminals Investment Corp | | | 1,233 | |
| | 294,365 | | | | Wilh. Wilhelmsen ASA | | | 387 | |
| | 85,033 | | | | Wisdom Marine Lines Co Ltd | | | 72 | |
| | 172,848 | | *,e | | XPO Logistics, Inc | | | 13,352 | |
| | 374,466 | | | | Yamato Transport Co Ltd | | | 8,129 | |
| | 251,523 | | * | | Yang Ming Marine Transport | | | 56 | |
| | 222,000 | | | | Yuexiu Transport Infrastructure Ltd | | | 156 | |
| | 83,980 | | | | Yunda Holding Co Ltd | | | 292 | |
| | 998,794 | | | | Zhejiang Expressway Co Ltd | | | 709 | |
| | 350,600 | | | | ZTO Express Cayman, Inc (ADR) | | | 12,871 | |
| | | | | | TOTAL TRANSPORTATION | | | 1,894,694 | |
| | | | | | | | | | |
| UTILITIES - 3.0% | | | |
| | 3,069,451 | | | | A2A S.p.A. | | | 4,363 | |
| | 1,227,210 | | | | Aboitiz Power Corp | | | 666 | |
| | 14,025 | | e | | Acciona S.A. | | | 1,380 | |
| | 186,952 | | | | ACEA S.p.A. | | | 3,595 | |
| | 450,781 | | | | Actelios S.p.A. | | | 2,765 | |
| | 176,857 | | * | | Adani Power Ltd | | | 85 | |
| | 608,780 | | | | AES Corp | | | 8,821 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 8,506,940 | | | | AES Gener S.A. | | $ | 1,222 | |
| | 37,482 | | * | | AES Tiete Energia SA | | | 108 | |
| | 348,364 | | *,† | | AET&D Holdings No 1 Ptd Ltd | | | 0 | |
| | 849,445 | | | | AGL Energy Ltd | | | 10,049 | |
| | 2,608,612 | | | | Aguas Andinas S.A. | | | 884 | |
| | 712,823 | | e | | Algonquin Power & Utilities Corp | | | 9,215 | |
| | 73,622 | | | | Allete, Inc | | | 4,021 | |
| | 75,540 | | | | Alliant Energy Corp | | | 3,614 | |
| | 443,981 | | e | | AltaGas Ltd | | | 5,118 | |
| | 517,310 | | | | Alupar Investimento S.A. | | | 2,280 | |
| | 60,944 | | | | Ameren Corp | | | 4,288 | |
| | 2,410,977 | | | | American Electric Power Co, Inc | | | 192,010 | |
| | 32,793 | | | | American States Water Co | | | 2,579 | |
| | 62,372 | | | | American Water Works Co, Inc | | | 8,025 | |
| | 1,188,628 | | | | APA Group | | | 9,191 | |
| | 10,629 | | | | Artesian Resources Corp | | | 386 | |
| | 51,530 | | | | Ascopiave S.p.A. | | | 217 | |
| | 252,180 | | | | Atco Ltd | | | 7,480 | |
| | 108,803 | | | | Athens Water Supply & Sewage Co S.A. | | | 852 | |
| | 174,096 | | *,e | | Atlantic Power Corp | | | 348 | |
| | 24,663 | | | | Atmos Energy Corp | | | 2,456 | |
| | 2,339,184 | | | | AusNet Services | | | 2,703 | |
| | 12,565 | | | | Avangrid, Inc | | | 527 | |
| | 79,694 | | | | Avista Corp | | | 2,900 | |
| | 14,870 | | | | Aygaz AS | | | 26 | |
| | 627,133 | | | | B Grimm Power PCL | | | 1,092 | |
| | 831,400 | | | | Babcock & Brown Wind Partners | | | 541 | |
| | 128,700 | | | | BCPG PCL | | | 66 | |
| | 360,399 | | | | Beijing Enterprises Holdings Ltd | | | 1,210 | |
| | 3,098,191 | | | | Beijing Enterprises Water Group Ltd | | | 1,216 | |
| | 282,000 | | | | Beijing Jingneng Clean Energy Co Ltd | | | 56 | |
| | 42,705 | | | | BKW S.A. | | | 3,834 | |
| | 101,384 | | | | Black Hills Corp | | | 5,744 | |
| | 1,312,000 | | * | | Blue Sky Power Holdings Ltd | | | 19 | |
| | 117,715 | | | | Boralex, Inc | | | 2,679 | |
| | 28,128 | | | | Brookfield Infrastructure Corp | | | 1,281 | |
| | 17,879 | | *,e | | Cadiz, Inc | | | 182 | |
| | 63,518 | | | | California Water Service Group | | | 3,030 | |
| | 316,370 | | | | Canadian Utilities Ltd | | | 7,877 | |
| | 137,000 | | e | | Canvest Environment Protection Group Co Ltd | | | 60 | |
| | 120,688 | | e | | Capital Power Corp | | | 2,487 | |
| | 47,959 | | | | Capital Stage AG. | | | 699 | |
| | 14,085,798 | | | | Centerpoint Energy, Inc | | | 262,982 | |
| | 504,837 | | | | Centrais Eletricas Brasileiras S.A. | | | 2,878 | |
| | 197,479 | | | | Centrais Eletricas Brasileiras S.A. (Preference) | | | 1,171 | |
| | 20,800 | | e | | Central Puerto S.A. (ADR) | | | 53 | |
| | 9,590,238 | | | | Centrica plc | | | 4,557 | |
| | 119,752 | | | | CESC Ltd | | | 987 | |
| | 196,030 | | | | CEZ AS | | | 4,197 | |
| | 274,000 | | * | | CGN New Energy Holdings Co Ltd | | | 53 | |
| | 7,897,000 | | g | | CGN Power Co Ltd | | | 1,637 | |
| | 53,695 | | | | Chesapeake Utilities Corp | | | 4,510 | |
| | 8,495,000 | | | | China Datang Corp Renewable Power Co Ltd | | | 961 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 139,000 | | e,g | | China Everbright Greentech Ltd | | $ | 55 | |
| | 177,013 | | e | | China Everbright Water Ltd | | | 26 | |
| | 2,544,408 | | e | | China Gas Holdings Ltd | | | 7,882 | |
| | 2,044,127 | | | | China Longyuan Power Group Corp | | | 1,153 | |
| | 273,700 | | | | China National Nuclear Power Co Ltd | | | 159 | |
| | 3,248,000 | | | | China Power International Development Ltd | | | 598 | |
| | 520,780 | | | | China Resources Gas Group Ltd | | | 2,548 | |
| | 1,295,303 | | | | China Resources Power Holdings Co | | | 1,528 | |
| | 62,500 | | e | | China Tian Lun Gas Holdings Ltd | | | 48 | |
| | 1,286,000 | | e | | China Water Affairs Group Ltd | | | 930 | |
| | 797,100 | | | | China Yangtze Power Co Ltd | | | 2,140 | |
| | 792,640 | | | | Chubu Electric Power Co, Inc | | | 9,941 | |
| | 308,412 | | | | Chugoku Electric Power Co, Inc | | | 4,112 | |
| | 21,300 | | | | Cia de Gas de Sao Paulo-COMGAS | | | 752 | |
| | 264,294 | | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | 2,804 | |
| | 113,880 | | | | Cia de Saneamento de Minas Gerais-COPASA | | | 1,219 | |
| | 43,800 | | | | Cia de Saneamento do Parana | | | 254 | |
| | 1,931,268 | | | | Cia de Saneamento do Parana (Preference) | | | 2,230 | |
| | 1,686,233 | | | | Cia Energetica de Minas Gerais | | | 3,417 | |
| | 520,900 | | | | Cia Energetica de Sao Paulo (Class B) | | | 2,777 | |
| | 3,200 | | | | Cia Energetica do Ceara | | | 34 | |
| | 401,419 | | | | Cia Paranaense de Energia | | | 4,490 | |
| | 662,000 | | | | CK Infrastructure Holdings Ltd | | | 3,422 | |
| | 2,334,400 | | | | CK Power PCL | | | 313 | |
| | 346,860 | | | | Clearway Energy, Inc (Class A) | | | 7,274 | |
| | 215,172 | | | | Clearway Energy, Inc (Class C) | | | 4,962 | |
| | 1,860,863 | | | | CLP Holdings Ltd | | | 18,276 | |
| | 249,665 | | | | CMS Energy Corp | | | 14,585 | |
| | 14,239,540 | | | | Colbun S.A. | | | 2,271 | |
| | 1,280,000 | | | | Concord New Energy Group Ltd | | | 54 | |
| | 71,602 | | | | Consolidated Edison, Inc | | | 5,150 | |
| | 20,738 | | | | Consolidated Water Co, Inc | | | 299 | |
| | 546,945 | | | | Contact Energy Ltd | | | 2,223 | |
| | 171,123 | | * | | CPFL Energia S.A. | | | 965 | |
| | 1,762,647 | | | | Dominion Energy, Inc | | | 143,092 | |
| | 458,068 | | | | Drax Group plc | | | 1,462 | |
| | 279,809 | | | | DTE Energy Co | | | 30,079 | |
| | 1,206,048 | | | | Duke Energy Corp | | | 96,351 | |
| | 2,285,659 | | | | E.ON AG. | | | 25,800 | |
| | 137,000 | | | | Eastern Water Resources Development and Management PCL | | | 45 | |
| | 528,750 | | | | Edison International | | | 28,716 | |
| | 291,600 | | | | EDP - Energias do Brasil S.A. | | | 934 | |
| | 52,364 | | | | El Paso Electric Co | | | 3,508 | |
| | 106,559 | | | | Electric Power Development Co | | | 2,020 | |
| | 988,814 | | | | Electricite de France | | | 9,193 | |
| | 231,300 | | | | Electricity Generating PCL | | | 1,862 | |
| | 32,514 | | e | | Elia System Operator S.A. | | | 3,537 | |
| | 274,761 | | | | Emera, Inc | | | 10,812 | |
| | 4,700 | | *,e | | Empresa Distribuidora Y Comercializadora Norte (ADR) | | | 19 | |
| | 980,166 | | | | Empresa Electrica del Norte Grande S.A. | | | 1,311 | |
| | 60,243 | | e | | Enagas | | | 1,474 | |
| | 900,744 | | e | | Endesa S.A. | | | 22,344 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 505,110 | | * | | Enea S.A. | | $ | 920 | |
| | 12,131,000 | | | | Enel S.p.A. | | | 104,914 | |
| | 16,305 | | * | | Energa S.A. | | | 34 | |
| | 5,093,583 | | | | Energias de Portugal S.A. | | | 24,313 | |
| | 140,500 | | | | Energisa S.A. | | | 1,266 | |
| | 96,802 | | * | | Energix-Renewable Energies Ltd | | | 365 | |
| | 1,106,871 | | | | Energy Absolute PCL (Foreign) | | | 1,416 | |
| | 50,288 | | g | | Enerjisa Enerji AS. | | | 63 | |
| | 46,615,222 | | | | Enersis Chile S.A. | | | 3,485 | |
| | 45,102,887 | | | | Enersis S.A. | | | 6,809 | |
| | 327,500 | | * | | Eneva S.A. | | | 2,709 | |
| | 163,651 | | | | Engie Brasil Energia S.A. | | | 1,267 | |
| | 407,506 | | * | | Enlight Renewable Energy Ltd | | | 625 | |
| | 1,328,628 | | | | ENN Energy Holdings Ltd | | | 15,014 | |
| | 1,726,001 | | | | Entergy Corp | | | 161,916 | |
| | 701,822 | | * | | Equatorial Energia S.A. | | | 2,997 | |
| | 2,387,623 | | | | Equitable Holdings, Inc | | | 46,057 | |
| | 22,343 | | | | eRex Co Ltd | | | 294 | |
| | 32,165 | | | | ERG S.p.A. | | | 695 | |
| | 51,695 | | | | Essential Utilities Inc | | | 2,184 | |
| | 804,175 | | | | Evergy, Inc | | | 47,680 | |
| | 185,757 | | | | Eversource Energy | | | 15,468 | |
| | 20,666 | | | | EVN AG. | | | 349 | |
| | 3,767,029 | | | | Exelon Corp | | | 136,706 | |
| | 3,515,600 | | | | First Gen Corp | | | 1,735 | |
| | 5,352,789 | | | | FirstEnergy Corp | | | 207,581 | |
| | 172,626 | | g | | Fjordkraft Holding ASA | | | 1,418 | |
| | 513,977 | | | | Fortis, Inc | | | 19,547 | |
| | 665,081 | | e | | Fortum Oyj | | | 12,689 | |
| | 1,417,688 | | | | GAIL India Ltd | | | 1,930 | |
| | 2,354,282 | | | | Gaz de France | | | 29,198 | |
| | 894,000 | | * | | GD Power Development Co Ltd | | | 234 | |
| | 278,063 | | | | Genesis Energy Ltd | | | 546 | |
| | 25,542 | | | | Genie Energy Ltd | | | 188 | |
| | 615,665 | | | | Global Power Synergy Co Ltd (Foreign) | | | 1,475 | |
| | 10,852 | | | | Global Water Resources, Inc | | | 114 | |
| | 1,817,966 | | | | Guangdong Investments Ltd | | | 3,136 | |
| | 205,967 | | | | Gujarat Gas Ltd | | | 871 | |
| | 483,288 | | | | Gujarat State Petronet Ltd | | | 1,412 | |
| | 1,642,775 | | | | Gulf Energy Development PCL | | | 2,016 | |
| | 23,252 | | | | Hawaiian Electric Industries, Inc | | | 838 | |
| | 2,380,606 | | * | | Hera S.p.A. | | | 8,939 | |
| | 3,433,500 | | | | HK Electric Investments & HK Electric Investments Ltd | | | 3,566 | |
| | 319,033 | | | | Hokkaido Electric Power Co, Inc | | | 1,224 | |
| | 146,477 | | | | Hokuriku Electric Power Co | | | 932 | |
| | 26,186 | | | | Holding CO ADMIE IPTO S.A. | | | 67 | |
| | 11,740,930 | | | | Hong Kong & China Gas Ltd | | | 18,247 | |
| | 1,402,162 | | | | Hong Kong Electric Holdings Ltd | | | 7,662 | |
| | 272,000 | | | | Huadian Power International Corp Ltd (Class A) | | | 132 | |
| | 252,600 | | * | | Huaneng Power International, Inc | | | 151 | |
| | 2,283,556 | | * | | Huaneng Power International, Inc (Hong Kong) | | | 861 | |
| | 169,898 | | * | | Hub Power Co Ltd | | | 74 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 214,800 | | | | Hubei Energy Group Co Ltd | | $ | 107 | |
| | 381,559 | | g | | Hydro One Ltd | | | 7,175 | |
| | 7,774,626 | | | | Iberdrola S.A. | | | 90,766 | |
| | 77,141 | | | | Idacorp, Inc | | | 6,740 | |
| | 159,160 | | | | Indraprastha Gas Ltd | | | 936 | |
| | 437,181 | | | | Infraestructura Energetica ,NV SAB de C.V. | | | 1,262 | |
| | 569,200 | | | | Infratil Ltd | | | 1,736 | |
| | 312,500 | | | | Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd | | | 109 | |
| | 224,932 | | | | Innergex Renewable Energy, Inc | | | 3,165 | |
| | 1,027,900 | | *,† | | Inter Far East Energy Corp | | | 0 | ^ |
| | 813,431 | | | | Interconexion Electrica S.A. | | | 4,069 | |
| | 1,200,864 | | | | Inversiones Aguas Metropolitanas S.A. | | | 1,030 | |
| | 769,963 | | | | Iride S.p.A. | | | 1,912 | |
| | 1,000,852 | | | | Italgas S.p.A | | | 5,825 | |
| | 68,657 | | | | JSW Energy Ltd | | | 43 | |
| | 6,600 | | | | K&O Energy Group, Inc | | | 93 | |
| | 1,295,993 | | | | Kansai Electric Power Co, Inc | | | 12,558 | |
| | 12,325 | | | | Kenon Holdings Ltd | | | 244 | |
| | 11,099,258 | | | | Keppel Infrastructure Trust | | | 4,319 | |
| | 766 | | * | | Korea District Heating Corp | | | 21 | |
| | 448,849 | | * | | Korea Electric Power Corp | | | 7,320 | |
| | 144,204 | | | | Korea Gas Corp | | | 3,166 | |
| | 294,970 | | | | Kyushu Electric Power Co, Inc | | | 2,472 | |
| | 52,100 | | * | | Light S.A. | | | 159 | |
| | 58,700 | | | | Luenmei Quantum Co Ltd | | | 119 | |
| | 53,071 | | | | Mahanagar Gas Ltd | | | 742 | |
| | 806,600 | | | | Malakoff Corp BHD | | | 172 | |
| | 236,646 | | | | Manila Electric Co | | | 1,277 | |
| | 252,900 | | | | Manila Water Co, Inc | | | 64 | |
| | 725,293 | | | | MDU Resources Group, Inc | | | 16,087 | |
| | 57,100 | | * | | Mega First Corp BHD | | | 84 | |
| | 1,610,140 | | | | Meridian Energy Ltd | | | 5,019 | |
| | 31,096 | | | | MGE Energy, Inc | | | 2,006 | |
| | 15,134 | | | | Middlesex Water Co | | | 1,017 | |
| | 1,443,148 | | | | Mighty River Power Ltd | | | 4,397 | |
| | 65,401 | | | | Mosenergo PJSC (ADR) | | | 92 | |
| | 35,881 | | | | National Fuel Gas Co | | | 1,505 | |
| | 8,515 | | | | National Gas & Industrialization Co | | | 64 | |
| | 3,099,847 | | | | National Grid plc | | | 37,819 | |
| | 390,665 | | e | | Naturgy Energy Group S.A. | | | 7,293 | |
| | 125,766 | | | | New Jersey Resources Corp | | | 4,106 | |
| | 1,160,420 | | | | NextEra Energy, Inc | | | 278,698 | |
| | 33,029 | | | | Nippon Gas Co Ltd | | | 1,420 | |
| | 1,019,275 | | | | NiSource, Inc | | | 23,178 | |
| | 250,922 | | e | | Northland Power Income Fund | | | 6,280 | |
| | 59,086 | | | | Northwest Natural Holding Co | | | 3,296 | |
| | 67,643 | | | | NorthWestern Corp | | | 3,688 | |
| | 521,443 | | | | NRG Energy, Inc | | | 16,978 | |
| | 3,239,617 | | | | NTPC Ltd | | | 4,122 | |
| | 159,555 | | e | | Oest Elektrizitatswirts AG. (Class A) | | | 7,166 | |
| | 297,367 | | | | OGE Energy Corp | | | 9,028 | |
| | 23,801 | | | | Okinawa Electric Power Co, Inc | | | 396 | |
| | 27,600 | | * | | Omega Geracao S.A. | | | 191 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 108,990 | | | | ONE Gas, Inc | | $ | 8,398 | |
| | 24,934 | | | | OPC Energy Ltd | | | 204 | |
| | 35,283 | | | | Ormat Technologies, Inc | | | 2,240 | |
| | 248,206 | | g | | Orsted AS | | | 28,643 | |
| | 433,714 | | | | Osaka Gas Co Ltd | | | 8,573 | |
| | 52,190 | | | | Otter Tail Corp | | | 2,024 | |
| | 11,800 | | *,e | | Pampa Energia S.A. (ADR) | | | 124 | |
| | 848,000 | | * | | Panda Green Energy Group Ltd | | | 15 | |
| | 881,301 | | | | Pennon Group plc | | | 12,204 | |
| | 795,346 | | | | Petronas Gas BHD | | | 3,148 | |
| | 773,505 | | *,b,e | | PG&E Corp | | | 6,861 | |
| | 224,166 | | | | Pinnacle West Capital Corp | | | 16,429 | |
| | 136,057 | | | | PNM Resources, Inc | | | 5,230 | |
| | 1,446,324 | | * | | Polska Grupa Energetyczna S.A. | | | 2,529 | |
| | 299,994 | | | | Portland General Electric Co | | | 12,543 | |
| | 1,991,613 | | | | Power Grid Corp of India Ltd | | | 4,619 | |
| | 1,526,573 | | | | PPL Corp | | | 39,447 | |
| | 36,379,120 | | | | PT Perusahaan Gas Negara Persero Tbk | | | 2,916 | |
| | 322,576 | | * | | Public Power Corp | | | 1,264 | |
| | 271,454 | | | | Public Service Enterprise Group, Inc | | | 13,345 | |
| | 31,705 | | * | | Pure Cycle Corp | | | 291 | |
| | 456,986 | | | | Qatar Electricity & Water Co | | | 1,989 | |
| | 445,900 | | | | Ratch Group PCL | | | 903 | |
| | 395,912 | | e | | Red Electrica Corp S.A. | | | 7,407 | |
| | 1,167,384 | | | | Redes Energeticas Nacionais S.A. | | | 3,186 | |
| | 16,700 | | *,e | | RENOVA, Inc | | | 146 | |
| | 7,342 | | | | RGC Resources, Inc | | | 177 | |
| | 69,218 | | | | Rubis S.C.A | | | 3,337 | |
| | 1,597,343 | | | | RWE AG. | | | 55,918 | |
| | 1,368,671 | | | | Saudi Electricity Co | | | 5,707 | |
| | 102,538 | | *,g | | Scatec Solar ASA | | | 1,676 | |
| | 1,227,998 | | | | Scottish & Southern Energy plc | | | 20,794 | |
| | 236,600 | | | | SDIC Power Holdings Co Ltd | | | 264 | |
| | 33,268 | | | | Sechilienne-Sidec | | | 1,375 | |
| | 513,446 | | | | Sempra Energy | | | 60,191 | |
| | 182,363 | | | | Severn Trent plc | | | 5,581 | |
| | 80,800 | | | | Shanghai Electric Power Co Ltd | | | 85 | |
| | 181,400 | | * | | Shenergy Co Ltd | | | 152 | |
| | 196,080 | | | | Shenzhen Energy Group Co Ltd | | | 129 | |
| | 195,136 | | | | Shikoku Electric Power Co, Inc | | | 1,436 | |
| | 119,000 | | e | | Shizuoka Gas Co Ltd | | | 1,091 | |
| | 136,200 | | | | Sichuan Chuantou Energy Co Ltd | | | 179 | |
| | 938,480 | | * | | SIIC Environment Holdings Ltd | | | 139 | |
| | 61,658 | | | | SJW Corp | | | 3,830 | |
| | 368,335 | | | | Snam Rete Gas S.p.A. | | | 1,796 | |
| | 128,000 | | *,† | | Sound Global Ltd | | | 0 | ^ |
| | 82,962 | | | | South Jersey Industries, Inc | | | 2,073 | |
| | 577,686 | | | | Southern Co | | | 29,953 | |
| | 132,758 | | | | Southwest Gas Holdings Inc | | | 9,167 | |
| | 27,697 | | e | | Spark Energy, Inc | | | 196 | |
| | 1,544,871 | | | | Spark Infrastructure Group | | | 2,307 | |
| | 106,400 | | | | SPCG PCL | | | 56 | |
| | 93,980 | | | | Spire, Inc | | | 6,175 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 355,614 | | | | Suez Environnement S.A. | | $ | 4,180 | |
| | 132,598 | | * | | Sunnova Energy International, Inc | | | 2,263 | |
| | 16,031,700 | | | | Super Energy Corp PCL (Foreign) | | | 491 | |
| | 200,187 | | | | Superior Plus Corp | | | 1,640 | |
| | 144,450 | | | | Taiwan Cogeneration Corp | | | 194 | |
| | 247,580 | | * | | Tata Power Co Ltd | | | 148 | |
| | 2,192,576 | | * | | Tauron Polska Energia S.A. | | | 1,320 | |
| | 59,762 | | e | | Telecom Plus plc | | | 1,058 | |
| | 1,775,015 | | | | Tenaga Nasional BHD | | | 4,826 | |
| | 105,215 | | | | Terna Energy S.A. | | | 1,136 | |
| | 1,657,472 | | | | Terna Rete Elettrica Nazionale S.p.A. | | | 11,433 | |
| | 408,666 | | | | TerraForm Power, Inc | | | 7,536 | |
| | 1,328,900 | | | | Thai Tap Water Supply PCL | | | 572 | |
| | 75,959 | | | | Toho Gas Co Ltd | | | 3,797 | |
| | 551,767 | | | | Tohoku Electric Power Co, Inc | | | 5,242 | |
| | 1,304,268 | | * | | Tokyo Electric Power Co, Inc | | | 4,012 | |
| | 609,110 | | | | Tokyo Gas Co Ltd | | | 14,585 | |
| | 307,086 | | | | Torrent Power Ltd | | | 1,299 | |
| | 225,000 | | | | Towngas China Co Ltd | | | 102 | |
| | 2,393,000 | | | | TPI Polene Power PCL | | | 313 | |
| | 323,211 | | | | TransAlta Corp | | | 1,917 | |
| | 121,577 | | e | | TransAlta Renewables, Inc | | | 1,307 | |
| | 700,263 | | | | Transmissora Alianca de Energia Eletrica S.A. | | | 3,618 | |
| | 44,574 | | | | UGI Corp | | | 1,417 | |
| | 325,921 | | | | Uniper SE | | | 10,517 | |
| | 661,109 | | | | United Utilities Group plc | | | 7,429 | |
| | 52,716 | | | | Unitil Corp | | | 2,363 | |
| | 726,431 | | | | Veolia Environnement | | | 16,404 | |
| | 1,012,459 | | | | Vistra Energy Corp | | | 18,852 | |
| | 67,565 | | | | WEC Energy Group, Inc | | | 5,922 | |
| | 7,500 | | *,e | | West Holdings Corp | | | 152 | |
| | 232,000 | | | | WHA Utilities and Power PCL | | | 34 | |
| | 622,958 | | | | Xcel Energy, Inc | | | 38,935 | |
| | 11,559 | | | | York Water Co | | | 554 | |
| | 2,241,244 | | | | YTL Corp BHD | | | 436 | |
| | 1 | | * | | Zorlu Enerji Elektrik Uretim AS | | | 0 | ^ |
| | | | | | TOTAL UTILITIES | | | 3,170,009 | |
| | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | | 104,972,124 | |
| | | | | | (Cost $97,018,453) | | | | |
| | | | | | | | | | |
| PURCHASED OPTIONS - 0.0% |
| | | | | | | | |
| DIVERSIFIED FINANCIALS - 0.0% |
| | 560,000 | | | | Financial Select Sector SPDR Fund | | | 543 | |
| | | | | | TOTAL DIVERSIFIED FINANCIALS | | | 543 | |
| | | | | | | | | | |
| MATERIALS - 0.0% |
| | 34,000 | | | | Dow, Inc | | | 61 | |
| | | | | | TOTAL MATERIALS | | | 61 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% |
| | 1,600,000 | | | | Cisco Systems, Inc | | $ | 2,240 | |
| | 250,000 | | | | Cisco Systems, Inc | | | 638 | |
| | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 2,878 | |
| | | | | | | | | | |
| UTILITIES - 0.0% |
| | 360,000 | | | | Energy Select Sector SPDR Fund | | | 792 | |
| | | | | | TOTAL UTILITIES | | | 792 | |
| | | | | | | | | | |
| | | | | | TOTAL PURCHASED OPTIONS | | | 4,274 | |
| | | | | | (Cost $5,070) | | | | |
| | | | | | | | | | |
| PREFERRED STOCKS - 0.0% |
| | | | | | | | | | |
| REAL ESTATE - 0.0% |
| | 8,497,223 | | *,† | | Ayala Land, Inc | | | 17 | |
| | | | | | TOTAL REAL ESTATE | | | 17 | |
| | | | | | | | | | |
| | | | | | TOTAL PREFERRED STOCKS | | | 17 | |
| | | | | | (Cost $20) | | | | |
| | | | | | | | | | |
| RIGHTS / WARRANTS - 0.0% |
| | | | | | | | | | |
| CAPITAL GOODS - 0.0% |
| | 79,135 | | e | | Abengoa S.A. (B Shares) | | | 1 | |
| | 275,734 | | | | ACS Actividades de Construccion y Servicios S.A. | | | 430 | |
| | | | | | TOTAL CAPITAL GOODS | | | 431 | |
| | | | | | | | | | |
| CONSUMER DURABLES & APPAREL - 0.0% | | | | |
| | 29,565 | | | | Aditya Birla Fashion and Retail Ltd | | | 6 | |
| | | | | | TOTAL CONSUMER DURABLES & APPAREL | | | 6 | |
| | | | | | | | | | |
| CONSUMER SERVICES - 0.0% | | | | |
| | 210,192 | | | | Minor International PCL | | | 10 | |
| | | | | | TOTAL CONSUMER SERVICES | | | 10 | |
| | | | | | | | | | |
| ENERGY - 0.0% | | | | | |
| | 905,539 | | e | | Repsol S.A. | | | 441 | |
| | 115,800 | | | | Serba Dinamik Holdings BHD | | | 7 | |
| | 8,918 | | e | | Weatherford International plc | | | 1 | |
| | | | | | TOTAL ENERGY | | | 449 | |
| | | | | | | | | | |
| HEALTH CARE EQUIPMENT & SERVICES - 0.0% | | | | |
| | 318 | | e | | Pulse Biosciences, Inc | | | 0 | |
| | | | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 0 | |
| | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 0.0% | | | | |
| | 1,735 | | | | CJ CGV Co Ltd | | | 5 | |
| | 230,631 | | † | | Media General, Inc | | | 0 | |
| | | | | | TOTAL MEDIA & ENTERTAINMENT | | | 5 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| SHARES | | | | COMPANY | �� | VALUE
(000) | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | | | | |
| | 156,143 | | † | | Elanco Animal Health, Inc CVR | | $ | 9 | |
| | 17,790 | | †,e | | Omthera Pharmaceuticals, Inc | | | 11 | |
| | 20,027 | | †,e | | Tobira Therapeutics, Inc | | | 1 | |
| | | | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 21 | |
| | | | | | | | | | |
| REAL ESTATE - 0.0% | | | | |
| | 66,478,080 | | | | U City PCL | | | 22 | |
| | 150,614 | | | | Warehouse REIT plc | | | 0 | |
| | | | | | TOTAL REAL ESTATE | | | 22 | |
| | | | | | | | | | |
| RETAILING - 0.0% |
| | 4,185 | | | | Arvind Fashions Ltd | | | 4 | |
| | | | | | TOTAL RETAILING | | | 4 | |
| | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% | | | | |
| | 30,484 | | † | | Legend Holdings Corp | | | 5 | |
| | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 5 | |
| | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 0.0% | | | | |
| | 5,646,498 | | e | | Telefonica S.A. | | | 1,111 | |
| | 1,455,433 | | | | T-Mobile US, Inc | | | 244 | |
| | | | | | TOTAL TELECOMMUNICATION SERVICES | | | 1,355 | |
| | | | | | | | | | |
| TRANSPORTATION - 0.0% | | | | |
| | 2,935,002 | | | | BTS Group Holdings PCL | | | 108 | |
| | 779 | | | | Jejuair Co Ltd | | | 2 | |
| | 19,006 | | | | Korean Air Lines Co Ltd | | | 28 | |
| | | | | | TOTAL TRANSPORTATION | | | 138 | |
| | | | | | | | | | |
| | | | | | TOTAL RIGHTS / WARRANTS | | | 2,446 | |
| | | | | | (Cost $2,823) | | | | |
| PRINCIPAL | | | | ISSUER | | RATE | | MATURITY
DATE | | | |
| SHORT-TERM INVESTMENTS - 2.5% | | | | | | | | |
| | | | | | | | | | | | | | |
| GOVERNMENT AGENCY DEBT - 0.7% | | | | | | | | | | |
| $ | 20,000,000 | | | | Federal Farm Credit Bank (FFCB) | | | 0.100 | % | | 07/09/20 | | | 19,999 | |
| | 35,000,000 | | | | FFCB | | | 0.120 | | | 07/10/20 | | | 34,999 | |
| | 5,000,000 | | | | FFCB | | | 0.120 | | | 09/25/20 | | | 4,998 | |
| | 5,000,000 | | | | FFCB | | | 0.100 | | | 11/20/20 | | | 4,997 | |
| | 24,000,000 | | | | Federal Home Loan Bank (FHLB) | | | 0.100-0.130 | | | 07/06/20 | | | 24,000 | |
| | 50,000,000 | | | | FHLB | | | 0.095 | | | 07/13/20 | | | 49,998 | |
| | 60,000,000 | | | | FHLB | | | 0.096-0.100 | | | 07/17/20 | | | 59,997 | |
| | 24,100,000 | | | | FHLB | | | 0.010-0.135 | | | 07/20/20 | | | 24,099 | |
| | 4,800,000 | | | | FHLB | | | 0.145 | | | 07/21/20 | | | 4,800 | |
| | 29,288,000 | | | | FHLB | | | 0.090-0.200 | | | 07/22/20 | | | 29,286 | |
| | 37,749,000 | | | | FHLB | | | 0.100-0.150 | | | 07/23/20 | | | 37,746 | |
| | 50,600,000 | | | | FHLB | | | 0.133-0.145 | | | 07/24/20 | | | 50,596 | |
| | 30,000,000 | | | | FHLB | | | 0.030 | | | 07/27/20 | | | 29,997 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| | | | | | | | | | MATURITY | | VALUE | |
| PRINCIPAL | | | | ISSUER | | RATE | | DATE | | (000) | |
| $ | 15,845,000 | | | | FHLB | | | 0.125-0.155 | % | | 07/31/20 | | $ | 15,843 | |
| | 27,400,000 | | | | FHLB | | | 0.110-0.115 | | | 08/03/20 | | | 27,396 | |
| | 34,300,000 | | | | FHLB | | | 0.125-0.152 | | | 08/05/20 | | | 34,295 | |
| | 4,675,000 | | | | FHLB | | | 0.125-0.155 | | | 08/07/20 | | | 4,674 | |
| | 47,400,000 | | | | FHLB | | | 0.120-0.137 | | | 08/19/20 | | | 47,390 | |
| | 30,000,000 | | | | FHLB | | | 0.135 | | | 08/21/20 | | | 29,994 | |
| | 15,160,000 | | | | FHLB | | | 0.150-0.210 | | | 09/11/20 | | | 15,156 | |
| | 23,173,000 | | | | FHLB | | | 0.110-0.270 | | | 09/15/20 | | | 23,166 | |
| | 27,000,000 | | | | FHLB | | | 0.150-0.155 | | | 09/16/20 | | | 26,992 | |
| | 25,000,000 | | | | FHLB | | | 0.150 | | | 09/23/20 | | | 24,992 | |
| | 60,000,000 | | | | FHLB | | | 0.060 | | | 10/01/20 | | | 59,977 | |
| | 45,000,000 | | | | FHLB | | | 0.100 | | | 01/19/21 | | | 44,955 | |
| | 15,000,000 | | | | FHLB | | | 0.170 | | | 03/08/21 | | | 14,982 | |
| | 25,000,000 | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | 0.140 | | | 08/26/20 | | | 24,994 | |
| | 10,000,000 | | | | Federal National Mortgage Association (FNMA) | | | 0.080 | | | 11/13/20 | | | 9,994 | |
| | 25,000,000 | | | | FNMA | | | 0.120 | | | 12/15/20 | | | 24,979 | |
| | | | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | 805,291 | |
| | | | | | | | | | | | | | | | |
| REPURCHASE AGREEMENT - 0.3% | | | | | | | | | | |
| | 319,510,000 | | r | | Fixed Income Clearing Corp | | | 0.070 | | | 07/01/20 | | | 319,510 | |
| | | | | | TOTAL REPURCHASE AGREEMENT | | | | | | | | | 319,510 | |
| | | | | | | | | | | | | | | | |
| TREASURY DEBT - 0.3% | | | | | | | | | | |
| | 40,695,000 | | | | United States Cash Management Bill | | | 0.135-0.173 | | | 09/29/20 | | | 40,681 | |
| | 71,010,000 | | | | United States Treasury Bill | | | 0.080-0.108 | | | 07/02/20 | | | 71,010 | |
| | 36,055,000 | | | | United States Treasury Bill | | | 0.110-0.130 | | | 07/09/20 | | | 36,054 | |
| | 20,000,000 | | | | United States Treasury Bill | | | 0.070 | | | 07/14/20 | | | 19,999 | |
| | 25,000,000 | | | | United States Treasury Bill | | | 0.141 | | | 07/30/20 | | | 24,998 | |
| | 29,820,000 | | | | United States Treasury Bill | | | 0.058 | | | 08/11/20 | | | 29,816 | |
| | 25,000,000 | | | | United States Treasury Bill | | | 0.125 | | | 08/25/20 | | | 24,995 | |
| | 25,000,000 | | | | United States Treasury Bill | | | 0.126 | | | 09/17/20 | | | 24,992 | |
| | 25,000,000 | | | | United States Treasury Bill | | | 0.137 | | | 09/24/20 | | | 24,992 | |
| | | | | | TOTAL TREASURY DEBT | | | | | | | | | 297,537 | |
| | | | | | | | | | | | | | | | |
| INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 1.2% | | | | | | | |
| | | | | | | | | | | | | | | | |
| CERTIFICATE OF DEPOSIT - 0.2% | | | | | | | |
| | 83,000,000 | | | | Canadian Imperial Bank of Commerce | | | 0.530 | | | 09/29/20 | | | 83,000 | |
| | 83,000,000 | | | | Lloyds Bank plc | | | 0.593 | | | 10/01/20 | | | 83,000 | |
| | | | | | TOTAL CERTIFICATE OF DEPOSIT | | | | | | | | | 166,000 | |
| |
| REPURCHASE AGREEMENT - 1.0% |
| | 25,000,000 | | s | | Barclays Capital | | | 0.070 | | | 07/01/20 | | | 25,000 | |
| | 100,000,000 | | t | | Calyon | | | 0.070 | | | 07/01/20 | | | 100,000 | |
| | 50,000,000 | | u | | Calyon | | | 0.090 | | | 07/01/20 | | | 50,000 | |
| | 100,000,000 | | v | | Citigroup | | | 0.070 | | | 07/01/20 | | | 100,000 | |
| | 67,000,000 | | w | | Citigroup | | | 0.080 | | | 07/01/20 | | | 67,000 | |
| | 46,000,000 | | x | | Deutsche Bank | | | 0.070 | | | 07/01/20 | | | 46,000 | |
| | 40,000,000 | | y | | Deutsche Bank | | | 0.070 | | | 07/01/20 | | | 40,000 | |
| | 77,000,000 | | z | | Goldman Sachs | | | 0.070 | | | 07/01/20 | | | 77,000 | |
| | 58,000,000 | | aa | | HSBC Bank | | | 0.070 | | | 07/01/20 | | | 58,000 | |
| | 188,000,000 | | ab | | JP Morgan Securities | | | 0.070 | | | 07/01/20 | | | 188,000 | |
| | 83,434,000 | | ac | | Merrill Lynch | | | 0.090 | | | 07/01/20 | | | 83,434 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| | | | | | | | | | MATURITY | | VALUE | |
| PRINCIPAL | | | | ISSUER | | RATE | | DATE | | (000) | |
| $ | 100,000,000 | | ad | | Nomura | | | 0.070 | % | | 07/01/20 | | $ | 100,000 | |
| | 63,000,000 | | ae | | Royal Bank of Scotland | | | 0.070 | | | 07/01/20 | | | 63,000 | |
| | 50,000,000 | | af | | Societe Generale | | | 0.070 | | | 07/01/20 | | | 50,000 | |
| | 20,000,000 | | ag | | Societe Generale | | | 0.090 | | | 07/01/20 | | | 20,000 | |
| | | | | | TOTAL REPURCHASE AGREEMENT | | | | | | | | | 1,067,434 | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | | | 1,233,434 | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | 2,655,772 | |
| | | | | | (Cost $2,655,817) | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL INVESTMENTS - 101.1% | | | | | | | | | 107,634,942 | |
| | | | | | (Cost $99,682,484) | | | | | | | | | | |
| | | | | | OTHER ASSETS & LIABILITIES, NET - (1.1)% | | | | | | | | | (1,193,837 | ) |
| | | | | | NET ASSETS - 100.0% | | | | | | | | $ | 106,441,105 | |
| | | | |
| | | |
| | | Abbreviation(s): |
| ADR | | American Depositary Receipt |
| ETF | | Exchange Traded Fund |
| GDR | | Global Depositary Receipt |
| OTC | | Over The Counter |
| REIT | | Real Estate Investment Trust |
| SPDR | | Standard & Poor’s Depositary Receipts |
| | | |
| * | | Non-income producing |
| ^ | | Amount represents less than $1,000. |
| † | | Security is categorized as Level 3 in the fair value hierarchy. |
| a | | Affiliated holding |
| b | | In bankruptcy |
| d | | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
| e | | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,867,232,815. |
| g | | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $986,620,381 or 0.9% of net assets. |
| n | | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
| r | | Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $319,510,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $325,900,201. |
| s | | Agreement with Barclays Capital, 0.070% dated 6/30/20 to be repurchased at $25,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $25,500,000. |
| t | | Agreement with Calyon, 0.070% dated 6/30/20 to be repurchased at $100,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $102,000,000. |
| u | | Agreement with Calyon, 0.090% dated 6/30/20 to be repurchased at $50,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $51,000,000. |
| v | | Agreement with Citigroup, 0.070% dated 6/30/20 to be repurchased at $100,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $102,000,000. |
| w | | Agreement with Citigroup, 0.080% dated 6/30/20 to be repurchased at $67,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $68,437,000. |
| x | | Agreement with Deutsche Bank, 0.070% dated 6/30/20 to be repurchased at $46,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $46,920,000. |
| y | | Agreement with Deutsche Bank, 0.070% dated 6/30/20 to be repurchased at $40,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $40,800,000. |
| z | | Agreement with Goldman Sachs, 0.070% dated 6/30/20 to be repurchased at $77,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $78,540,000. |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| aa | | Agreement with HSBC Bank, 0.070% dated 6/30/20 to be repurchased at $58,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $59,160,000. |
| ab | | Agreement with JP Morgan Securities, 0.070% dated 6/30/20 to be repurchased at $188,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $191,760,000. |
| ac | | Agreement with Merrill Lynch, 0.090% dated 6/30/20 to be repurchased at $83,434,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $85,103,000. |
| ad | | Agreement with Nomura, 0.070% dated 6/30/20 to be repurchased at $100,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $102,000,000. |
| ae | | Agreement with Royal Bank of Scotland, 0.070% dated 6/30/20 to be repurchased at $63,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $64,260,000. |
| af | | Agreement with Societe Generale, 0.070% dated 6/30/20 to be repurchased at $50,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $51,000,000. |
| ag | | Agreement with Societe Generale, 0.090% dated 6/30/20 to be repurchased at $20,000,000 on 7/1/20, collateralized by U.S. Government Agency Securities valued at $20,400,000. |
| | | |
| | | Cost amounts are in thousands. |
| | | | |
Purchased options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description/underlying investment | | Number of contracts | | | Notional amount | | | Exercise price | | | Expiration date | | Value | |
| Cisco Systems, Inc, Call | | | 2,500 | | | $ | 542 | | | $ | 47.50 | | | 10/16/20 | | $ | 638 | |
| Cisco Systems, Inc, Call | | | 16,000 | | | | 3,167 | | | | 50.00 | | | 10/16/20 | | | 2,240 | |
| Dow, Inc, Call | | | 340 | | | | 47 | | | | 50.00 | | | 01/15/21 | | | 61 | |
| Energy Select Sector SPDR Fund, Call | | | 3,600 | | | | 727 | | | | 43.00 | | | 12/18/20 | | | 792 | |
| Financial Select Sector SPDR Fund, Call | | | 5,600 | | | | 587 | | | | 26.00 | | | 12/18/20 | | | 543 | |
| Total | | | 28,040 | | | $ | 5,070 | | | | | | | | | $ | 4,274 | |
Written options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description/underlying investment | | Number of contracts | | | Notional amount | | | Exercise price | | | Expiration date | | Value | |
| Alphabet, Inc, Call | | | 37 | | | $ | (89 | ) | | $ | 1,520.00 | | | 07/17/20 | | $ | (11 | ) |
| Alphabet, Inc, Put | | | 37 | | | | (38 | ) | | | 1,300.00 | | | 07/17/20 | | | (20 | ) |
| Amazon.com, Inc, Call | | | 15 | | | | (34 | ) | | | 2,900.00 | | | 07/17/20 | | | (33 | ) |
| Amazon.com, Inc, Put | | | 10 | | | | (30 | ) | | | 1,850.00 | | | 07/17/20 | | | (1 | ) |
| Amazon.com, Inc, Put | | | 20 | | | | (91 | ) | | | 1,900.00 | | | 07/17/20 | | | (1 | ) |
| Amazon.com, Inc, Put | | | 10 | | | | (16 | ) | | | 2,300.00 | | | 07/17/20 | | | (3 | ) |
| Amazon.com, Inc, Put | | | 5 | | | | (25 | ) | | | 2,370.00 | | | 08/21/20 | | | (19 | ) |
| Amazon.com, Inc, Put | | | 10 | | | | (148 | ) | | | 1,600.00 | | | 09/18/20 | | | (4 | ) |
| Apple, Inc, Call | | | 351 | | | | (658 | ) | | | 350.00 | | | 08/21/20 | | | (953 | ) |
| Apple, Inc, Put | | | 171 | | | | (69 | ) | | | 255.00 | | | 07/17/20 | | | (2 | ) |
| Apple, Inc, Put | | | 351 | | | | (159 | ) | | | 300.00 | | | 08/21/20 | | | (109 | ) |
| Cisco Systems, Inc, Call | | | 18,500 | | | | (222 | ) | | | 60.00 | | | 10/16/20 | | | (203 | ) |
| Cisco Systems, Inc, Put | | | 2,500 | | | | (307 | ) | | | 36.00 | | | 10/16/20 | | | (159 | ) |
| Cisco Systems, Inc, Put | | | 16,000 | | | | (1,068 | ) | | | 37.50 | | | 10/16/20 | | | (1,360 | ) |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| Description/underlying investment | | Number of contracts | | | Notional amount | | | Exercise price | | | Expiration date | | Value | |
| Dow, Inc, Put | | | 340 | | | $ | (47 | ) | | $ | 25.00 | | | 01/15/21 | | $ | (40 | ) |
| DuPont de Nemours, Inc, Put | | | 209 | | | | (85 | ) | | | 42.50 | | | 10/16/20 | | | (33 | ) |
| DuPont de Nemours, Inc, Put | | | 209 | | | | (110 | ) | | | 45.00 | | | 10/16/20 | | | (48 | ) |
| Facebook, Inc, Call | | | 263 | | | | (72 | ) | | | 270.00 | | | 07/17/20 | | | (4 | ) |
| Hess Corp, Put | | | 20 | | | | (4 | ) | | | 35.00 | | | 07/17/20 | | | (0 | )^ |
| Hess Corp, Put | | | 20 | | | | (7 | ) | | | 30.00 | | | 08/21/20 | | | (1 | ) |
| JPMorgan Chase & Co, Put | | | 20 | | | | (2 | ) | | | 75.00 | | | 07/17/20 | | | (0 | )^ |
| Morgan Stanley, Put | | | 30 | | | | (8 | ) | | | 42.00 | | | 09/18/20 | | | (6 | ) |
| Southwest Airlines Co, Call | | | 1,500 | | | | (170 | ) | | | 40.00 | | | 07/17/20 | | | (52 | ) |
| Total | | | 40,628 | | | $ | (3,459 | ) | | | | | | | | $ | (3,062 | ) |
^ Amount represents less than $1,000.
Futures contracts outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description | | Number of long
(short)
contracts | | | Expiration date | | Notional amount | | | Value | | Unrealized
appreciation (depreciation | ) |
| Russell 2000 E Mini Index | | | 693 | | | 09/18/20 | | $ | 50,454 | | | $ | 49,813 | | | $ | (641 | ) |
| S&P 500 E Mini Index | | | 4,116 | | | 09/18/20 | | | 651,633 | | | | 635,963 | | | | (15,670 | ) |
| S&P Mid-Cap 400 E Mini Index | | | 430 | | | 09/18/20 | | | 79,150 | | | | 76,501 | | | | (2,649 | ) |
| Total | | | 5,239 | | | | | $ | 781,237 | | | $ | 762,277 | | | $ | (18,960 | ) |
Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):
Currency to be
purchased | Receive | | Currency to be
sold | Deliver | | Counterparty | | Settlement date | | Unrealized appreciation (depreciation | ) |
| $ | 3,502 | | AUD | 5,500 | | Bank of America | | 07/22/20 | | $ | (294 | ) |
| $ | 4,005 | | SEK | 40,000 | | Bank of America | | 07/22/20 | | | (288 | ) |
| EUR | 8,300 | | $ | 9,051 | | Bank of America | | 07/22/20 | | | 279 | |
| Total | | | | | | | | | | $ | (303 | ) |
| $ | 2,981 | | CAD | 4,200 | | Morgan Stanley | | 07/22/20 | | $ | (113 | ) |
| $ | 51,248 | | CAD | 69,000 | | Morgan Stanley | | 09/10/20 | | | 415 | |
| $ | 8,003 | | GBP | 6,400 | | Morgan Stanley | | 07/22/20 | | | 72 | |
| $ | 38,359 | | GBP | 30,000 | | Morgan Stanley | | 09/10/20 | | | 1,170 | |
| $ | 6,529 | | JPY | 700,000 | | Morgan Stanley | | 07/22/20 | | | 44 | |
| CHF | 2,400 | | $ | 2,489 | | Morgan Stanley | | 07/22/20 | | | 46 | |
| Total | | | | | | | | | | $ | 1,634 | |
| Total | | | | | | | | | | $ | 1,331 | |
| | Abbreviation(s): |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | Pound Sterling |
| JPY | Japanese Yen |
| SEK | Swedish Krona |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
COLLEGE RETIREMENT EQUITIES FUND
STOCK ACCOUNT
SUMMARY OF MARKET VALUES BY COUNTRY (unaudited)
June 30, 2020
| Country | | Value
(000) | | | % of total
portfolio | |
| DOMESTIC | | | | | | | | |
| | | | | | | | | |
| UNITED STATES | | $ | 74,514,131 | | | | 69.2 | % |
| TOTAL DOMESTIC | | | 74,514,131 | | | | 69.2 | |
| FOREIGN | | | | | | | | |
| | | | | | | | | |
| ARGENTINA | | | 31,200 | | | | 0.0 | |
| AUSTRALIA | | | 1,577,078 | | | | 1.5 | |
| AUSTRIA | | | 166,062 | | | | 0.2 | |
| BAHAMAS | | | 201 | | | | 0.0 | |
| BELGIUM | | | 168,340 | | | | 0.2 | |
| BERMUDA | | | 37,128 | | | | 0.0 | |
| BRAZIL | | | 660,901 | | | | 0.6 | |
| BURKINA FASO | | | 3,239 | | | | 0.0 | |
| CAMEROON | | | 933 | | | | 0.0 | |
| CANADA | | | 1,942,211 | | | | 1.8 | |
| CAYMAN ISLANDS | | | 443 | | | | 0.0 | |
| CHILE | | | 64,325 | | | | 0.1 | |
| CHINA | | | 3,444,473 | | | | 3.2 | |
| COLOMBIA | | | 16,572 | | | | 0.0 | |
| COTE D'IVOIRE | | | 2,132 | | | | 0.0 | |
| CYPRUS | | | 63 | | | | 0.0 | |
| CZECH REPUBLIC | | | 10,648 | | | | 0.0 | |
| DENMARK | | | 425,754 | | | | 0.4 | |
| EGYPT | | | 18,017 | | | | 0.0 | |
| FAROE ISLANDS | | | 2,316 | | | | 0.0 | |
| FINLAND | | | 234,148 | | | | 0.2 | |
| FRANCE | | | 2,053,271 | | | | 1.9 | |
| GEORGIA | | | 271 | | | | 0.0 | |
| GERMANY | | | 1,753,185 | | | | 1.6 | |
| GHANA | | | 3,521 | | | | 0.0 | |
| GREECE | | | 14,902 | | | | 0.0 | |
| GUERNSEY, C.I. | | | 1,025 | | | | 0.0 | |
| HONG KONG | | | 583,629 | | | | 0.6 | |
| HUNGARY | | | 17,254 | | | | 0.0 | |
| INDIA | | | 755,307 | | | | 0.7 | |
| INDONESIA | | | 150,949 | | | | 0.1 | |
| IRELAND | | | 375,835 | | | | 0.4 | |
| ISLE OF MAN | | | 275 | | | | 0.0 | |
| ISRAEL | | | 131,355 | | | | 0.1 | |
| ITALY | | | 545,922 | | | | 0.5 | |
| JAPAN | | | 5,407,441 | | | | 5.0 | |
| JERSEY, C.I. | | | 605 | | | | 0.0 | |
| JORDAN | | | 3,609 | | | | 0.0 | |
| KAZAKHSTAN | | | 6,126 | | | | 0.0 | |
| KENYA | | | 4,139 | | | | 0.0 | |
| KOREA, REPUBLIC OF | | | 1,034,898 | | | | 1.0 | |
| KYRGYZSTAN | | | 2,815 | | | | 0.0 | |
| LIECHTENSTEIN | | | 1,096 | | | | 0.0 | |
| LUXEMBOURG | | | 34,465 | | | | 0.0 | |
| MACAU | | | 76,419 | | | | 0.1 | |
| MALAYSIA | | | 150,417 | | | | 0.1 | |
COLLEGE RETIREMENT EQUITIES FUND - Stock Account
| Country | | Value
(000) | | | % of total
portfolio | |
| MALTA | | $ | 2,414 | | | | 0.0 | % |
| MEXICO | | | 182,082 | | | | 0.2 | |
| MONACO | | | 1,598 | | | | 0.0 | |
| MONGOLIA | | | 849 | | | | 0.0 | |
| MYANMAR | | | 163 | | | | 0.0 | |
| NETHERLANDS | | | 1,410,972 | | | | 1.3 | |
| NEW ZEALAND | | | 75,957 | | | | 0.1 | |
| NORWAY | | | 150,437 | | | | 0.1 | |
| PAKISTAN | | | 6,661 | | | | 0.0 | |
| PANAMA | | | 2,816 | | | | 0.0 | |
| PERU | | | 43,162 | | | | 0.0 | |
| PHILIPPINES | | | 64,090 | | | | 0.1 | |
| POLAND | | | 55,834 | | | | 0.1 | |
| PORTUGAL | | | 53,483 | | | | 0.0 | |
| PUERTO RICO | | | 19,682 | | | | 0.0 | |
| QATAR | | | 64,661 | | | | 0.1 | |
| ROMANIA | | | 3,027 | | | | 0.0 | |
| RUSSIA | | | 267,781 | | | | 0.2 | |
| SAUDI ARABIA | | | 192,593 | | | | 0.2 | |
| SINGAPORE | | | 226,463 | | | | 0.2 | |
| SLOVENIA | | | 4,241 | | | | 0.0 | |
| SOUTH AFRICA | | | 356,162 | | | | 0.3 | |
| SPAIN | | | 394,469 | | | | 0.4 | |
| SWEDEN | | | 625,119 | | | | 0.6 | |
| SWITZERLAND | | | 2,110,321 | | | | 2.0 | |
| TAIWAN | | | 1,287,486 | | | | 1.2 | |
| THAILAND | | | 166,775 | | | | 0.2 | |
| TURKEY | | | 76,408 | | | | 0.1 | |
| UKRAINE | | | 681 | | | | 0.0 | |
| UNITED ARAB EMIRATES | | | 41,463 | | | | 0.0 | |
| UNITED KINGDOM | | | 3,306,749 | | | | 3.1 | |
| VIETNAM | | | 2,838 | | | | 0.0 | |
| ZAMBIA | | | 8,459 | | | | 0.0 | |
| TOTAL FOREIGN | | | 33,120,811 | | | | 30.8 | |
| | | | | | | | | |
| TOTAL PORTFOLIO | | $ | 107,634,942 | | | | 100.0 | % |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020
| SHARES | | | | COMPANY | | VALUE
(000) | |
| COMMON STOCKS - 98.8% | | | |
| | | | | | | | | | |
| ARGENTINA - 0.0% | | | |
| | 6,931 | | * | | Globant S.A. | | $ | 1,039 | |
| | 4,141 | | * | | MercadoLibre, Inc | | | 4,082 | |
| | 16,300 | | | | Telecom Argentina S.A. (ADR) (Class B) | | | 146 | |
| | 39,900 | | | | YPF S.A. (ADR) (Class D) | | | 229 | |
| | | | | | TOTAL ARGENTINA | | | 5,496 | |
| | | | | | | | | | |
| AUSTRALIA - 1.8% | | | |
| | 523,966 | | * | | Afterpay Touch Group Ltd | | | 22,629 | |
| | 72,498 | | | | AGL Energy Ltd | | | 858 | |
| | 398,977 | | * | | AMP Ltd | | | 516 | |
| | 255,351 | | | | Ampol Ltd | | | 5,203 | |
| | 78,975 | | | | AngloGold Ashanti Ltd | | | 2,324 | |
| | 149,924 | | | | APA Group | | | 1,159 | |
| | 11,640 | | | | Aristocrat Leisure Ltd | | | 208 | |
| | 35,410 | | | | AusNet Services | | | 41 | |
| | 882,757 | | | | Australia & New Zealand Banking Group Ltd | | | 11,454 | |
| | 44,666 | | | | Australian Stock Exchange Ltd | | | 2,655 | |
| | 681,005 | | *,† | | AZ BGP Holdings | | | 2 | |
| | 59,545 | | | | BHP Billiton Ltd | | | 1,483 | |
| | 37,599 | | | | BHP Group plc | | | 769 | |
| | 10,767 | | | | BlueScope Steel Ltd | | | 89 | |
| | 31,257 | | | | Brambles Ltd | | | 237 | |
| | 79,830 | | | | Challenger Financial Services Group Ltd | | | 247 | |
| | 1,581 | | | | CIMIC Group Ltd | | | 27 | |
| | 10,772 | | | | Coca-Cola Amatil Ltd | | | 65 | |
| | 1,304 | | | | Cochlear Ltd | | | 171 | |
| | 27,007 | | | | Coles Group Ltd | | | 321 | |
| | 65,090 | | | | Commonwealth Bank of Australia | | | 3,143 | |
| | 9,939 | | | | Computershare Ltd | | | 92 | |
| | 6,446 | | | | Crown Resorts Ltd | | | 43 | |
| | 578,642 | | | | CSL Ltd | | | 115,086 | |
| | 22,277 | | | | Dexus Property Group | | | 143 | |
| | 31,656 | | | | Evolution Mining Ltd | | | 126 | |
| | 6,958,949 | | | | Fortescue Metals Group Ltd | | | 67,653 | |
| | 178,360 | | | | Glencore Xstrata plc | | | 380 | |
| | 33,247 | | | | Goodman Group | | | 343 | |
| | 36,522 | | | | GPT Group | | | 106 | |
| | 1,214,495 | | | | IDP Education Ltd | | | 13,162 | |
| | 1,850,000 | | | | Ingenia Communities Group | | | 5,783 | |
| | 315,103 | | | | Insurance Australia Group Ltd | | | 1,265 | |
| | 12,883 | | | | Lend Lease Corp Ltd | | | 111 | |
| | 22,321 | | | | Macquarie Group Ltd | | | 1,852 | |
| | 2,693 | | | | Magellan Financial Group Ltd | | | 110 | |
| | 53,179 | | | | Medibank Pvt Ltd | | | 110 | |
| | 140,000 | | * | | Megaport Ltd | | | 1,178 | |
| | 75,249 | | | | Mirvac Group | | | 114 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 652,702 | | | | National Australia Bank Ltd | | $ | 8,271 | |
| | 472,914 | | | | Newcrest Mining Ltd | | | 10,486 | |
| | 1,083,503 | | * | | NEXTDC Ltd | | | 7,453 | |
| | 14,591 | | | | Northern Star Resources Ltd | | | 138 | |
| | 36,406 | | | | Oil Search Ltd | | | 81 | |
| | 8,235 | | | | Orica Ltd | | | 95 | |
| | 35,417 | | | | Origin Energy Ltd | | | 144 | |
| | 5,461 | | | | Perpetual Trustees Australia Ltd | | | 113 | |
| | 384,271 | | * | | PointsBet Holdings Ltd | | | 1,445 | |
| | 136,493 | | | | Qantas Airways Ltd | | | 362 | |
| | 162,501 | | | | QBE Insurance Group Ltd | | | 1,003 | |
| | 42,033 | | | | QR National Ltd | | | 143 | |
| | 3,636 | | | | Ramsay Health Care Ltd | | | 168 | |
| | 1,078 | | e | | REA Group Ltd | | | 81 | |
| | 7,507 | | | | Rio Tinto Ltd | | | 514 | |
| | 481,731 | | | | Rio Tinto plc | | | 27,110 | |
| | 35,130 | | | | Santos Ltd | | | 131 | |
| | 696,130 | | | | Scentre Group | | | 1,057 | |
| | 7,237 | | | | Seek Ltd | | | 111 | |
| | 52,840 | | | | Sonic Healthcare Ltd | | | 1,116 | |
| | 105,698 | | | | South32 Ltd | | | 150 | |
| | 44,875 | | | | Stockland Trust Group | | | 104 | |
| | 155,742 | | | | Suncorp-Metway Ltd | | | 1,001 | |
| | 22,486 | | | | Sydney Airport | | | 89 | |
| | 39,801 | | | | Tabcorp Holdings Ltd | | | 94 | |
| | 560,448 | | | | Telstra Corp Ltd | | | 1,217 | |
| | 7,713 | | * | | TPG Telecom Ltd | | | 47 | |
| | 55,316 | | | | Transurban Group | | | 542 | |
| | 14,190 | | | | Treasury Wine Estates Ltd | | | 103 | |
| | 3,856 | | * | | Tuas Ltd | | | 2 | |
| | 73,288 | | | | Vicinity Centres | | | 73 | |
| | 264,254 | | *,† | | Virgin Australia Holdings Ltd | | | 2 | |
| | 1,788 | | | | Washington H Soul Pattinson & Co Ltd | | | 24 | |
| | 72,927 | | | | Wesfarmers Ltd | | | 2,267 | |
| | 73,117 | | | | Westpac Banking Corp | | | 916 | |
| | 2,539 | | e | | Wisetech Global Ltd | | | 34 | |
| | 19,196 | | | | Woodside Petroleum Ltd | | | 290 | |
| | 113,144 | | | | Woolworths Ltd | | | 2,916 | |
| | 2,208,434 | | *,e | | Zip Co Ltd | | | 8,238 | |
| | | | | | TOTAL AUSTRALIA | | | 339,389 | |
| | | | | | | | | | |
| AUSTRIA - 0.1% | | | |
| | 1,324 | | *,e | | Andritz AG. | | | 48 | |
| | 184,528 | | *,g | | BAWAG Group AG. | | | 6,385 | |
| | 111,308 | | * | | Erste Bank der Oesterreichischen Sparkassen AG. | | | 2,629 | |
| | 8,333 | | e | | Oest Elektrizitatswirts AG. (Class A) | | | 374 | |
| | 2,485 | | * | | OMV AG. | | | 84 | |
| | 3,159 | | *,e | | Raiffeisen International Bank Holding AG. | | | 56 | |
| | 1,694 | | e | | Voestalpine AG. | | | 37 | |
| | | | | | TOTAL AUSTRIA | | | 9,613 | |
| | | | | | | | | | |
| BELGIUM - 0.0% | | | |
| | 3,355 | | | | Ageas | | | 119 | |
| | 65,932 | | | | Anheuser-Busch InBev S.A. | | | 3,250 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 804 | | | | Colruyt S.A. | | $ | 44 | |
| | 586 | | | | Elia System Operator S.A. | | | 64 | |
| | 749 | | * | | Galapagos NV | | | 147 | |
| | 963 | | | | Groupe Bruxelles Lambert S.A. | | | 81 | |
| | 892 | | | | Groupe Bruxelles Lambert S.A. (EN Brussels) | | | 75 | |
| | 4,465 | | | | KBC Groep NV | | | 256 | |
| | 2,495 | | | | Proximus plc | | | 51 | |
| | 294 | | | | Sofina S.A. | | | 78 | |
| | 1,245 | | | | Solvay S.A. | | | 100 | |
| | 741 | | | | Telenet Group Holding NV | | | 30 | |
| | 2,248 | | | | UCB S.A. | | | 261 | |
| | 3,514 | | | | Umicore S.A. | | | 166 | |
| | | | | | TOTAL BELGIUM | | | 4,722 | |
| | | | | | | | | | |
| BERMUDA - 0.0% | | | |
| | 28,702 | | | | RenaissanceRe Holdings Ltd | | | 4,909 | |
| | 203,322 | | * | | Third Point Reinsurance Ltd | | | 1,527 | |
| | | | | | TOTAL BERMUDA | | | 6,436 | |
| | | | | | | | | | |
| BRAZIL - 1.8% | | | |
| | 904,600 | | | | AMBEV S.A. | | | 2,352 | |
| | 271,721 | | * | | Arco Platform Ltd | | | 11,814 | |
| | 455,000 | | | | Arcos Dorados Holdings, Inc | | | 1,906 | |
| | 79,000 | | | | Atacadao Distribuicao Comercio e Industria Ltd | | | 287 | |
| | 5,814,800 | | * | | B2W Companhia Global Do Varejo | | | 114,465 | |
| | 390,600 | | | | B3 SA-Brasil Bolsa Balcao | | | 3,957 | |
| | 249,402 | | | | Banco Bradesco S.A. | | | 870 | |
| | 846,022 | | | | Banco Bradesco S.A. (Preference) | | | 3,220 | |
| | 42,800 | | | | Banco BTG Pactual S.A. | | | 602 | |
| | 163,132 | | | | Banco do Brasil S.A. | | | 964 | |
| | 1,024,500 | | | | Banco Inter SA | | | 7,762 | |
| | 926,019 | | | | Banco Itau Holding Financeira S.A. | | | 4,334 | |
| | 79,400 | | | | Banco Santander Brasil S.A. | | | 409 | |
| | 131,800 | | | | BB Seguridade Participacoes S.A. | | | 661 | |
| | 153,000 | | | | BR Malls Participacoes S.A. | | | 284 | |
| | 38,000 | | | | Braskem S.A. | | | 162 | |
| | 109,600 | | * | | BRF S.A. | | | 428 | |
| | 64,555 | | | | Centrais Eletricas Brasileiras S.A. | | | 368 | |
| | 50,400 | | | | Centrais Eletricas Brasileiras S.A. (Preference) | | | 299 | |
| | 2,140,200 | | | | Cia Brasileira de Distribuicao | | | 27,935 | |
| | 229,400 | | | | Cia de Concessoes Rodoviarias | | | 612 | |
| | 66,600 | | | | Cia de Saneamento Basico do Estado de Sao Paulo | | | 707 | |
| | 186,800 | | | | Cia Energetica de Minas Gerais | | | 379 | |
| | 20,500 | | | | Cia Paranaense de Energia | | | 229 | |
| | 133,500 | | | | Cia Siderurgica Nacional S.A. | | | 262 | |
| | 243,300 | | | | Cielo S.A. | | | 207 | |
| | 359,800 | | | | Cogna Educacao | | | 437 | |
| | 29,100 | | | | Cosan SA Industria e Comercio | | | 380 | |
| | 44,200 | | * | | CPFL Energia S.A. | | | 249 | |
| | 35,700 | | | | Energisa S.A. | | | 322 | |
| | 38,450 | | | | Engie Brasil Energia S.A. | | | 298 | |
| | 174,000 | | * | | Equatorial Energia S.A. | | | 743 | |
| | 210,500 | | | | Gerdau S.A. (Preference) | | | 620 | |
| | 41,700 | | g | | Hapvida Participacoes e Investimentos S.A. | | | 477 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 71,500 | | | | Hypermarcas S.A. | | $ | 438 | |
| | 841,540 | | | | Investimentos Itau S.A. - PR | | | 1,484 | |
| | 133,600 | | | | IRB Brasil Resseguros S | | | 270 | |
| | 212,800 | | | | JBS S.A. | | | 828 | |
| | 135,900 | | | | Klabin S.A. | | | 508 | |
| | 2,122,890 | | | | Localiza Rent A Car | | | 15,970 | |
| | 3,074,323 | | | | Lojas Americanas S.A. (Preference) | | | 18,192 | |
| | 150,280 | | | | Lojas Renner S.A. | | | 1,155 | |
| | 1,412,900 | | | | Magazine Luiza S.A. | | | 18,616 | |
| | 55,300 | | | | Multiplan Empreendimentos Imobiliarios S.A. | | | 208 | |
| | 141,500 | | | | Natura & Co Holding S.A. | | | 1,038 | |
| | 6,810 | | * | | Natura & Co Holding S.A. (RCT) | | | 50 | |
| | 91,200 | | | | Notre Dame Intermedica Participacoes S.A. | | | 1,141 | |
| | 635,555 | | * | | Pagseguro Digital Ltd | | | 22,461 | |
| | 143,500 | | | | Petrobras Distribuidora S.A. | | | 569 | |
| | 726,200 | | | | Petroleo Brasileiro S.A. | | | 2,983 | |
| | 929,238 | | | | Petroleo Brasileiro S.A. (Preference) | | | 3,682 | |
| | 18,900 | | | | Porto Seguro S.A. | | | 175 | |
| | 40,700 | | | | Raia Drogasil S.A. | | | 828 | |
| | 206,800 | | * | | Rumo S.A. | | | 855 | |
| | 598,102 | | * | | StoneCo Ltd | | | 23,182 | |
| | 54,300 | | | | Sul America S.A. | | | 450 | |
| | 105,880 | | * | | Suzano Papel e Celulose S.A. | | | 716 | |
| | 86,600 | | | | Telefonica Brasil S.A. | | | 765 | |
| | 164,300 | | | | Tim Participacoes S.A. | | | 429 | |
| | 142,100 | | | | Ultrapar Participacoes S.A. | | | 480 | |
| | 704,400 | | | | Vale S.A. | | | 7,243 | |
| | 158,660 | | | | Weg S.A. | | | 1,477 | |
| | 8,378 | | e | | Wheaton Precious Metals Corp | | | 368 | |
| | 554,846 | | * | | XP, Inc | | | 23,309 | |
| | | | | | TOTAL BRAZIL | | | 338,871 | |
| | | | | | | | | | |
| CANADA - 1.7% | | | |
| | 28,660 | | | | Agnico-Eagle Mines Ltd | | | 1,835 | |
| | 1,828 | | *,e | | Air Canada | | | 23 | |
| | 10,425 | | e | | Algonquin Power & Utilities Corp | | | 135 | |
| | 1,106,451 | | | | Alimentation Couche Tard, Inc | | | 34,695 | |
| | 5,231 | | | | AltaGas Ltd | | | 60 | |
| | 1,519 | | | | Atco Ltd | | | 45 | |
| | 20,648 | | | | B2Gold Corp | | | 117 | |
| | 12,020 | | | | Bank of Montreal | | | 640 | |
| | 70,180 | | | | Bank of Nova Scotia | | | 2,904 | |
| | 1,468,868 | | | | Barrick Gold Corp (Canada) | | | 39,524 | |
| | 3,005 | | | | BCE, Inc | | | 125 | |
| | 11,122 | | * | | Blackberry Ltd (New) | | | 54 | |
| | 55,118 | | | | Brookfield Asset Management, Inc | | | 1,814 | |
| | 4,999 | | | | CAE, Inc | | | 81 | |
| | 7,201 | | | | Cameco Corp (Toronto) | | | 74 | |
| | 1,803 | | | | Canadian Apartment Properties REIT | | | 65 | |
| | 57,980 | | | | Canadian Imperial Bank of Commerce | | | 3,875 | |
| | 13,366 | | | | Canadian National Railway Co | | | 1,183 | |
| | 22,282 | | | | Canadian Natural Resources Ltd (Canada) | | | 387 | |
| | 224,483 | | | | Canadian Pacific Railway Ltd (Toronto) | | | 57,100 | |
| | 1,103 | | e | | Canadian Tire Corp Ltd | | | 96 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,385 | | | | Canadian Utilities Ltd | | $ | 59 | |
| | 4,095 | | *,e | | Canopy Growth Corp (Toronto) | | | 66 | |
| | 2,684 | | | | CCL Industries | | | 87 | |
| | 17,655 | | | | Cenovus Energy, Inc (Toronto) | | | 83 | |
| | 4,523 | | * | | CGI, Inc | | | 285 | |
| | 3,636 | | | | CI Financial Corp | | | 46 | |
| | 378 | | | | Constellation Software, Inc | | | 427 | |
| | 2,925 | | *,e | | Cronos Group, Inc | | | 18 | |
| | 147,000 | | * | | Descartes Systems Group, Inc | | | 7,760 | |
| | 675,349 | | | | Dollarama, Inc | | | 22,465 | |
| | 4,841 | | | | Emera, Inc | | | 191 | |
| | 3,416 | | | | Empire Co Ltd | | | 82 | |
| | 203,011 | | | | Enbridge, Inc (Toronto) | | | 6,173 | |
| | 508 | | | | Fairfax Financial Holdings Ltd | | | 157 | |
| | 1,795 | | | | First Capital Real Estate Investment Trust | | | 18 | |
| | 8,713 | | | | Fortis, Inc | | | 331 | |
| | 3,537 | | | | Franco-Nevada Corp | | | 494 | |
| | 1,498 | | | | George Weston Ltd | | | 110 | |
| | 3,707 | | | | Gildan Activewear, Inc | | | 57 | |
| | 5,604 | | | | Great-West Lifeco, Inc | | | 98 | |
| | 5,960 | | e,g | | Hydro One Ltd | | | 112 | |
| | 2,067 | | | | iA Financial Corp, Inc | | | 69 | |
| | 1,410 | | e | | IGM Financial, Inc | | | 34 | |
| | 4,376 | | e | | Imperial Oil Ltd | | | 70 | |
| | 84,972 | | | | Intact Financial Corp | | | 8,087 | |
| | 8,216 | | e | | Inter Pipeline Ltd | | | 77 | |
| | 4,210 | | e | | Keyera Corp | | | 64 | |
| | 49,500 | | * | | Kinaxis, Inc | | | 7,076 | |
| | 24,015 | | * | | Kinross Gold Corp | | | 173 | |
| | 5,117 | | | | Kirkland Lake Gold Ltd | | | 211 | |
| | 515,661 | | *,e | | Lightspeed POS, Inc | | | 12,318 | |
| | 3,378 | | | | Loblaw Cos Ltd | | | 165 | |
| | 5,523 | | | | Magna International, Inc | | | 246 | |
| | 154,434 | | | | Manulife Financial Corp (Toronto) | | | 2,101 | |
| | 4,759 | | | | Metro, Inc | | | 196 | |
| | 6,328 | | e | | National Bank of Canada | | | 287 | |
| | 515,725 | | e | | Nutrien Ltd (Toronto) | | | 16,570 | |
| | 1,405 | | | | Onex Corp | | | 63 | |
| | 5,097 | | | | Open Text Corp | | | 216 | |
| | 3,758 | | | | Pan American Silver Corp (Toronto) | | | 114 | |
| | 2,909 | | e | | Parkland Corp | | | 72 | |
| | 10,328 | | | | Pembina Pipeline Income Fund | | | 258 | |
| | 76,529 | | | | Power Corp Of Canada | | | 1,346 | |
| | 3,557 | | | | Quebecor, Inc | | | 76 | |
| | 5,329 | | | | Restaurant Brands International, Inc (Toronto) | | | 290 | |
| | 62,960 | | | | RioCan Real Estate Investment Trust | | | 712 | |
| | 2,183 | | | | Ritchie Bros Auctioneers, Inc | | | 89 | |
| | 6,675 | | | | Rogers Communications, Inc (Class B) | | | 268 | |
| | 262,747 | | | | Royal Bank of Canada | | | 17,827 | |
| | 4,354 | | | | Saputo, Inc | | | 104 | |
| | 9,411 | | | | Shaw Communications, Inc (B Shares) | | | 154 | |
| | 41,005 | | * | | Shopify, Inc (Class A) (Toronto) | | | 38,956 | |
| | 967 | | | | Smart Real Estate Investment Trust | | | 15 | |
| | 58,007 | | | | Sun Life Financial, Inc | | | 2,132 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 28,791 | | | | Suncor Energy, Inc | | $ | 485 | |
| | 193,905 | | e | | TC Energy Corp | | | 8,284 | |
| | 8,944 | | | | Teck Cominco Ltd | | | 94 | |
| | 8,114 | | | | TELUS Corp | | | 136 | |
| | 3,281 | | | | Thomson Reuters Corp | | | 223 | |
| | 1,123 | | | | TMX Group Ltd | | | 111 | |
| | 412,716 | | | | Toronto-Dominion Bank | | | 18,420 | |
| | 7,240 | | e | | West Fraser Timber Co Ltd | | | 255 | |
| | 1,985 | | | | WSP Global, Inc | | | 122 | |
| | 16,676 | | | | Yamana Gold, Inc | | | 91 | |
| | 22,826 | | * | | Zymeworks, Inc | | | 823 | |
| | | | | | TOTAL CANADA | | | 323,431 | |
| | | | | | | | | | |
| CHILE - 0.0% | | | |
| | 630,925 | | | | Aguas Andinas S.A. | | | 214 | |
| | 7,379 | | | | Antofagasta plc | | | 85 | |
| | 8,565,247 | | | | Banco de Chile | | | 756 | |
| | 8,894 | | | | Banco de Credito e Inversiones | | | 302 | |
| | 12,391,339 | | | | Banco Santander Chile S.A. | | | 507 | |
| | 96,748 | | | | Cencosud Shopping S.A. | | | 172 | |
| | 285,565 | | | | Centros Comerciales Sudamericanos S.A. | | | 400 | |
| | 31,017 | | | | Cia Cervecerias Unidas S.A. | | | 223 | |
| | 1,609,232 | | | | Colbun S.A. | | | 257 | |
| | 71,825 | | | | Embotelladora Andina S.A. | | | 176 | |
| | 27,406 | | | | Empresa Nacional de Telecomunicaciones S.A. | | | 177 | |
| | 214,711 | | | | Empresas CMPC S.A. | | | 427 | |
| | 76,508 | | | | Empresas COPEC S.A. | | | 513 | |
| | 5,621,199 | | | | Enersis Chile S.A. | | | 420 | |
| | 6,561,125 | | | | Enersis S.A. | | | 990 | |
| | 12,274 | | | | Lundin Mining Corp | | | 66 | |
| | 151,085 | | | | SACI Falabella | | | 478 | |
| | 21,737 | | | | Sociedad Quimica y Minera de Chile S.A. (Class B) | | | 566 | |
| | | | | | TOTAL CHILE | | | 6,729 | |
| | | | | | | | | | |
| CHINA - 5.7% | | | |
| | 29,000 | | | | 360 Security Technology, Inc | | | 75 | |
| | 261,500 | | *,e,g | | 3SBio, Inc | | | 333 | |
| | 5,300 | | * | | 51job, Inc (ADR) | | | 380 | |
| | 18,300 | | * | | 58.COM, Inc (ADR) | | | 987 | |
| | 140,500 | | e | | AAC Technologies Holdings, Inc | | | 868 | |
| | 3,800 | | | | Accelink Technologies Co Ltd | | | 18 | |
| | 14,200 | | | | Addsino Co Ltd | | | 28 | |
| | 17,600 | | | | AECC Aero-Engine Control Co Ltd | | | 34 | |
| | 31,600 | | * | | AECC Aviation Power Co Ltd | | | 105 | |
| | 244,000 | | | | Agile Property Holdings Ltd | | | 289 | |
| | 5,423,000 | | * | | Agricultural Bank of China Ltd | | | 2,195 | |
| | 856,400 | | * | | Agricultural Bank of China Ltd (Class A) | | | 410 | |
| | 294,437 | | | | Aier Eye Hospital Group Co Ltd | | | 1,812 | |
| | 73,900 | | | | Air China Ltd | | | 70 | |
| | 364,000 | | e | | Air China Ltd (H shares) | | | 219 | |
| | 24,000 | | | | Airtac International Group | | | 424 | |
| | 24,900 | | * | | Aisino Corp | | | 57 | |
| | 76,000 | | g | | AK Medical Holdings Ltd | | | 242 | |
| | 1,035,644 | | * | | Alibaba Group Holding Ltd (ADR) | | | 223,388 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 690,000 | | * | | Alibaba Health Information Technology Ltd | | $ | 2,029 | |
| | 82,500 | | g | | A-Living Services Co Ltd | | | 419 | |
| | 946,000 | | * | | Aluminum Corp of China Ltd | | | 178 | |
| | 182,500 | | * | | Aluminum Corp of China Ltd (Class A) | | | 72 | |
| | 107,430 | | | | Angang Steel Co Ltd | | | 37 | |
| | 11,400 | | | | Angel Yeast Co Ltd | | | 80 | |
| | 237,500 | | | | Anhui Conch Cement Co Ltd | | | 1,609 | |
| | 48,200 | | | | Anhui Conch Cement Co Ltd (Class A) | | | 363 | |
| | 22,000 | | * | | Anhui Gujing Distillery Co Ltd | | | 237 | |
| | 5,100 | | * | | Anhui Gujing Distillery Co Ltd (Class A) | | | 109 | |
| | 8,400 | | | | Anhui Kouzi Distillery Co Ltd | | | 61 | |
| | 205,000 | | | | Anta Sports Products Ltd | | | 1,824 | |
| | 14,200 | | | | Apeloa Pharmaceutical Co Ltd | | | 47 | |
| | 2,300 | | | | Asymchem Laboratories Tianjin Co Ltd | | | 79 | |
| | 3,000 | | | | Autobio Diagnostics Co Ltd | | | 69 | |
| | 11,300 | | | | Autohome, Inc (ADR) | | | 853 | |
| | 33,200 | | | | AVIC Aircraft Co Ltd | | | 84 | |
| | 80,200 | | | | Avic Capital Co Ltd | | | 45 | |
| | 44,800 | | * | | AVIC Electromechanical Systems Co Ltd | | | 50 | |
| | 11,800 | | | | AVIC Jonhon Optronic Technology Co Ltd | | | 69 | |
| | 10,200 | | | | AVIC Shenyang Aircraft Co Ltd | | | 47 | |
| | 501,000 | | | | AviChina Industry & Technology Co | | | 229 | |
| | 6,800 | | * | | AVICOPTER plc | | | 40 | |
| | 26,300 | | * | | BAIC BluePark New Energy Technology Co Ltd | | | 24 | |
| | 380,500 | | g | | BAIC Motor Corp Ltd | | | 167 | |
| | 52,500 | | * | | Baidu, Inc (ADR) | | | 6,294 | |
| | 265,100 | | | | Bank of Beijing Co Ltd | | | 184 | |
| | 39,500 | | | | Bank of Chengdu Co Ltd | | | 45 | |
| | 383,500 | | * | | Bank of China Ltd | | | 189 | |
| | 15,405,000 | | * | | Bank of China Ltd (Hong Kong) | | | 5,707 | |
| | 502,500 | | | | Bank of Communications Co Ltd | | | 365 | |
| | 1,752,000 | | * | | Bank of Communications Co Ltd (Hong Kong) | | | 1,085 | |
| | 61,800 | | | | Bank of Hangzhou Co Ltd | | | 78 | |
| | 142,600 | | | | Bank of Jiangsu Co Ltd | | | 115 | |
| | 115,600 | | | | Bank of Nanjing Co Ltd | | | 120 | |
| | 68,200 | | | | Bank of Ningbo Co Ltd | | | 254 | |
| | 152,422 | | | | Bank of Shanghai Co Ltd | | | 179 | |
| | 289,900 | | | | Baoshan Iron & Steel Co Ltd | | | 188 | |
| | 8,864 | | *,e | | Baozun, Inc (ADR) | | | 341 | |
| | 48,500 | | | | BBMG Corp | | | 21 | |
| | 783 | | * | | BeiGene Ltd (ADR) | | | 148 | |
| | 13,700 | | | | Beijing Capital Development Co Ltd | | | 11 | |
| | 394,000 | | | | Beijing Capital International Airport Co Ltd | | | 247 | |
| | 55,100 | | | | Beijing Dabeinong Technology Group Co Ltd | | | 71 | |
| | 5,200 | | * | | Beijing E-Hualu Information Technology Co Ltd | | | 41 | |
| | 34,000 | | | | Beijing Enlight Media Co Ltd | | | 53 | |
| | 107,500 | | | | Beijing Enterprises Holdings Ltd | | | 361 | |
| | 1,068,000 | | | | Beijing Enterprises Water Group Ltd | | | 419 | |
| | 15,100 | | | | Beijing Kunlun Tech Co Ltd | | | 54 | |
| | 23,800 | | | | Beijing New Building Materials plc | | | 72 | |
| | 19,500 | | | | Beijing Oriental Yuhong Waterproof Technology Co Ltd | | | 112 | |
| | 35,500 | | | | Beijing Originwater Technology Co Ltd | | | 41 | |
| | 10,900 | | | | Beijing Shiji Information Technology Co Ltd | | | 60 | |
| | 10,300 | | | | Beijing Shunxin Agriculture Co Ltd | | | 83 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 19,200 | | | | Beijing Sinnet Technology Co Ltd | | $ | 71 | |
| | 7,000 | | | | Beijing Thunisoft Corp Ltd | | | 28 | |
| | 11,700 | | * | | Beijing Tiantan Biological Products Corp Ltd | | | 75 | |
| | 19,500 | | | | Beijing Tongrentang Co Ltd | | | 75 | |
| | 44,700 | | | | Beijing Yanjing Brewery Co Ltd | | | 43 | |
| | 41,000 | | *,e | | BEST, Inc (ADR) | | | 175 | |
| | 4,700 | | | | Betta Pharmaceuticals Co Ltd | | | 93 | |
| | 5,100 | | * | | BGI Genomics Co Ltd | | | 112 | |
| | 18,700 | | *,e | | Bilibili, Inc (ADR) | | | 866 | |
| | 417,400 | | * | | BOE Technology Group Co Ltd | | | 278 | |
| | 36,100 | | * | | Bohai Leasing Co Ltd | | | 15 | |
| | 644,000 | | | | Bosideng International Holdings Ltd | | | 201 | |
| | 570,000 | | | | Brilliance China Automotive Holdings Ltd | | | 516 | |
| | 16,200 | | * | | BTG Hotels Group Co Ltd | | | 35 | |
| | 32,800 | | g | | Budweiser Brewing Co APAC Ltd | | | 96 | |
| | 23,600 | | | | BYD Co Ltd | | | 241 | |
| | 126,000 | | e | | BYD Co Ltd (H shares) | | | 982 | |
| | 132,000 | | *,e | | BYD Electronic International Co Ltd | | | 305 | |
| | 26,800 | | | | By-health Co Ltd | | | 75 | |
| | 15,600 | | | | C&S Paper Co Ltd | | | 49 | |
| | 48,600 | | | | Caitong Securities Co Ltd | | | 71 | |
| | 12,000 | | *,e,g | | CanSino Biologics, Inc | | | 330 | |
| | 5,600 | | | | Centre Testing International Group Co Ltd | | | 16 | |
| | 2,085,000 | | g | | CGN Power Co Ltd | | | 432 | |
| | 5,800 | | | | Chacha Food Co Ltd | | | 45 | |
| | 4,800 | | | | Changchun High & New Technology Industry Group, Inc | | | 295 | |
| | 83,500 | | | | Changjiang Securities Co Ltd | | | 80 | |
| | 271,600 | | * | | Changsha Zoomlion Heavy Industry Science and Technology Development Co Ltd | | | 210 | |
| | 1,300 | | | | Changzhou Xingyu Automotive Lighting Systems Co Ltd | | | 23 | |
| | 17,400 | | | | Chaozhou Three-Circle Group Co Ltd | | | 68 | |
| | 10,300 | | | | Chengdu Kanghong Pharmaceutical Group Co Ltd | | | 72 | |
| | 40,000 | | * | | China Aerospace Times Electronics Co Ltd | | | 37 | |
| | 9,579,000 | | †,e | | China Animal Healthcare Ltd | | | 12 | |
| | 230,000 | | | | China Aoyuan Group Ltd | | | 281 | |
| | 7,800 | | | | China Avionics Systems Co Ltd | | | 15 | |
| | 1,885,000 | | * | | China Cinda Asset Management Co Ltd | | | 372 | |
| | 1,832,000 | | | | China Citic Bank | | | 803 | |
| | 54,500 | | | | China CITIC Bank Corp Ltd | | | 40 | |
| | 59,900 | | | | China Communications Construction Co Ltd | | | 62 | |
| | 904,000 | | e | | China Communications Construction Co Ltd (Hong Kong) | | | 513 | |
| | 492,000 | | | | China Communications Services Corp Ltd | | | 308 | |
| | 307,000 | | | | China Conch Venture Holdings Ltd | | | 1,303 | |
| | 149,000 | | | | China Construction Bank Corp | | | 133 | |
| | 18,364,000 | | | | China Construction Bank Corp (Hong Kong) | | | 14,937 | |
| | 602,000 | | * | | China COSCO Holdings Co Ltd | | | 174 | |
| | 111,500 | | g | | China East Education Holdings Ltd | | | 203 | |
| | 103,800 | | * | | China Eastern Airlines Corp Ltd | | | 62 | |
| | 366,000 | | *,e | | China Eastern Airlines Corp Ltd (H Shares) | | | 132 | |
| | 122,000 | | | | China Education Group Holdings Ltd | | | 197 | |
| | 491,100 | | | | China Everbright Bank Co Ltd | | | 249 | |
| | 629,000 | | | | China Everbright Bank Co Ltd (Hong Kong) | | | 238 | |
| | 765,555 | | | | China Everbright International Ltd | | | 406 | |
| | 194,000 | | | | China Everbright Ltd | | | 283 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 356,000 | | *,e | | China Evergrande Group | | $ | 926 | |
| | 178,000 | | g | | China Feihe Ltd | | | 359 | |
| | 20,700 | | | | China Film Co Ltd | | | 39 | |
| | 33,341 | | | | China Fortune Land Development Co Ltd | | | 108 | |
| | 694,000 | | * | | China Galaxy Securities Co Ltd | | | 378 | |
| | 49,700 | | * | | China Galaxy Securities Co Ltd (Class A) | | | 81 | |
| | 501,400 | | | | China Gas Holdings Ltd | | | 1,553 | |
| | 53,800 | | | | China Gezhouba Group Co Ltd | | | 45 | |
| | 28,100 | | * | | China Great Wall Securities Co Ltd | | | 49 | |
| | 36,200 | | | | China Greatwall Technology Group Co Ltd | | | 68 | |
| | 376,500 | | | | China Hongqiao Group Ltd | | | 168 | |
| | 2,101,000 | | *,g | | China Huarong Asset Management Co Ltd | | | 213 | |
| | 330,000 | | | | China Insurance International Holdings Co Ltd | | | 533 | |
| | 272,400 | | *,e,g | | China International Capital Corp Ltd | | | 539 | |
| | 23,400 | | * | | China International Travel Service Corp Ltd | | | 513 | |
| | 39,600 | | | | China Jushi Co Ltd | | | 51 | |
| | 206,000 | | | | China Lesso Group Holdings Ltd | | | 270 | |
| | 1,439,000 | | * | | China Life Insurance Co Ltd | | | 2,904 | |
| | 28,200 | | * | | China Life Insurance Co Ltd (Class A) | | | 109 | |
| | 60,800 | | *,e,g | | China Literature Ltd | | | 412 | |
| | 672,000 | | | | China Longyuan Power Group Corp | | | 379 | |
| | 278,000 | | | | China Medical System Holdings Ltd | | | 329 | |
| | 7,600 | | | | China Meheco Co Ltd | | | 15 | |
| | 529,000 | | | | China Mengniu Dairy Co Ltd | | | 2,028 | |
| | 750,000 | | | | China Merchants Bank Co Ltd | | | 3,476 | |
| | 237,400 | | | | China Merchants Bank Co Ltd (Class A) | | | 1,137 | |
| | 99,200 | | | | China Merchants Energy Shipping Co Ltd | | | 82 | |
| | 303,426 | | | | China Merchants Holdings International Co Ltd | | | 360 | |
| | 11,900 | | * | | China Merchants Property Operation & Service Co Ltd | | | 52 | |
| | 66,400 | | | | China Merchants Securities Co Ltd | | | 207 | |
| | 72,500 | | | | China Merchants Shekou Industrial Zone Holdings Co Ltd | | | 169 | |
| | 449,400 | | * | | China Minsheng Banking Corp Ltd | | | 361 | |
| | 1,155,800 | | * | | China Minsheng Banking Corp Ltd (Hong Kong) | | | 796 | |
| | 1,176,000 | | | | China Mobile Hong Kong Ltd | | | 7,940 | |
| | 678,000 | | e | | China Molybdenum Co Ltd | | | 224 | |
| | 211,200 | | | | China Molybdenum Co Ltd (Class A) | | | 110 | |
| | 6,000 | | | | China National Accord Medicines Corp Ltd | | | 38 | |
| | 762,000 | | | | China National Building Material Co Ltd | | | 817 | |
| | 53,200 | | * | | China National Chemical Engineering Co Ltd | | | 41 | |
| | 9,500 | | | | China National Medicines Corp Ltd | | | 55 | |
| | 145,600 | | | | China National Nuclear Power Co Ltd | | | 84 | |
| | 6,100 | | | | China National Software & Service Co Ltd | | | 69 | |
| | 42,900 | | * | | China Northern Rare Earth Group High-Tech Co Ltd | | | 57 | |
| | 384,000 | | | | China Oilfield Services Ltd | | | 350 | |
| | 1,586,935 | | | | China Overseas Land & Investment Ltd | | | 4,846 | |
| | 79,700 | | | | China Pacific Insurance Group Co Ltd | | | 309 | |
| | 542,000 | | | | China Pacific Insurance Group Co Ltd (Hong Kong) | | | 1,457 | |
| | 1,104,000 | | | | China Power International Development Ltd | | | 203 | |
| | 408,500 | | | | China Railway Construction Corp | | | 324 | |
| | 134,913 | | | | China Railway Construction Corp Ltd | | | 160 | |
| | 236,400 | | | | China Railway Group Ltd | | | 168 | |
| | 773,000 | | | | China Railway Group Ltd (Hong Kong) | | | 399 | |
| | 370,000 | | g | | China Railway Signal & Communication Corp Ltd | | | 160 | |
| | 1,334,000 | | | | China Reinsurance Group Corp | | | 137 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 280,000 | | | | China Resources Beer Holdings Company Ltd | | $ | 1,563 | |
| | 176,000 | | | | China Resources Gas Group Ltd | | | 861 | |
| | 613,836 | | | | China Resources Land Ltd | | | 2,346 | |
| | 351,500 | | g | | China Resources Pharmaceutical Group Ltd | | | 204 | |
| | 404,000 | | | | China Resources Power Holdings Co | | | 477 | |
| | 11,100 | | | | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | | | 46 | |
| | 85,400 | | | | China Shenhua Energy Co Ltd | | | 174 | |
| | 697,500 | | | | China Shenhua Energy Co Ltd (Hong Kong) | | | 1,083 | |
| | 305,300 | | | | China Shipbuilding Industry Co Ltd | | | 173 | |
| | 278,000 | | * | | China Shipping Development Co Ltd | | | 125 | |
| | 22,800 | | | | China South Publishing & Media Group Co Ltd | | | 34 | |
| | 364,000 | | *,e | | China Southern Airlines Co Ltd | | | 163 | |
| | 102,600 | | | | China Southern Airlines Co Ltd (Class A) | | | 75 | |
| | 13,500 | | * | | China Spacesat Co Ltd | | | 59 | |
| | 511,720 | | | | China State Construction Engineering Corp Ltd | | | 346 | |
| | 392,000 | | | | China State Construction International Holdings Ltd | | | 230 | |
| | 2,672,000 | | | | China Telecom Corp Ltd | | | 751 | |
| | 8,592,000 | | g | | China Tower Corp Ltd | | | 1,527 | |
| | 17,400 | | * | | China TransInfo Technology Co Ltd | | | 59 | |
| | 1,264,000 | | | | China Unicom Ltd | | | 688 | |
| | 361,400 | | | | China United Network Communications Ltd | | | 248 | |
| | 332,800 | | | | China Vanke Co Ltd | | | 1,062 | |
| | 118,700 | | | | China Vanke Co Ltd (Class A) | | | 441 | |
| | 271,100 | | | | China Yangtze Power Co Ltd | | | 728 | |
| | 232,000 | | g | | China Yuhua Education Corp Ltd | | | 192 | |
| | 7,800 | | | | Chinese Universe Publishing and Media Group Co Ltd | | | 13 | |
| | 6,200 | | | | Chongqing Brewery Co Ltd | | | 64 | |
| | 42,600 | | | | Chongqing Changan Automobile Co Ltd | | | 66 | |
| | 13,200 | | | | Chongqing Fuling Zhacai Group Co Ltd | | | 67 | |
| | 555,000 | | | | Chongqing Rural Commercial Bank | | | 219 | |
| | 17,800 | | * | | Chongqing Zhifei Biological Products Co Ltd | | | 252 | |
| | 614,535 | | | | CIFI Holdings Group Co Ltd | | | 484 | |
| | 1,133,000 | | | | Citic Pacific Ltd | | | 1,070 | |
| | 446,000 | | e | | CITIC Securities Co Ltd | | | 851 | |
| | 120,500 | | | | CITIC Securities Co Ltd (Class A) | | | 412 | |
| | 3,539,000 | | | | CNOOC Ltd | | | 3,972 | |
| | 25,400 | | | | Contemporary Amperex Technology Co Ltd | | | 633 | |
| | 406,445 | | e | | COSCO Pacific Ltd | | | 219 | |
| | 82,500 | | * | | COSCO SHIPPING Development Co Ltd | | | 22 | |
| | 64,900 | | * | | COSCO SHIPPING Energy Transportation Co Ltd | | | 60 | |
| | 77,500 | | * | | COSCO SHIPPING Holdings Co Ltd | | | 38 | |
| | 1,460,000 | | | | Country Garden Holdings Co Ltd | | | 1,811 | |
| | 258,000 | | | | Country Garden Services Holdings Co Ltd | | | 1,204 | |
| | 905,000 | | | | CRRC Corp Ltd | | | 384 | |
| | 316,800 | | | | CRRC Corp Ltd (Class A) | | | 250 | |
| | 33,100 | | | | CSC Financial Co Ltd | | | 185 | |
| | 1,072,800 | | | | CSPC Pharmaceutical Group Ltd | | | 2,032 | |
| | 11,990 | | | | Da An Gene Co Ltd | | | 46 | |
| | 417,500 | | g | | Dali Foods Group Co Ltd | | | 254 | |
| | 204,100 | | * | | Daqin Railway Co Ltd | | | 203 | |
| | 15,820 | | | | Dawning Information Industry Co Ltd | | | 86 | |
| | 42,000 | | | | DHC Software Co Ltd | | | 75 | |
| | 14,300 | | | | Dong-E-E-Jiao Co Ltd | | | 73 | |
| | 31,200 | | | | Dongfang Electric Corp Ltd | | | 39 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 554,000 | | | | Dongfeng Motor Group Co Ltd | | $ | 334 | |
| | 27,500 | | | | Dongxing Securities Co Ltd | | | 43 | |
| | 98,760 | | | | East Money Information Co Ltd | | | 283 | |
| | 151,100 | | | | ENN Energy Holdings Ltd | | | 1,708 | |
| | 23,570 | | | | Eve Energy Co Ltd | | | 160 | |
| | 42,900 | | | | Everbright Securities Co Ltd | | | 98 | |
| | 52,243 | | * | | Fangda Carbon New Material Co Ltd | | | 47 | |
| | 376,000 | | | | Far East Horizon Ltd | | | 321 | |
| | 14,000 | | | | Fiberhome Telecommunication Technologies Co Ltd | | | 58 | |
| | 45,000 | | | | First Capital Securities Co Ltd | | | 44 | |
| | 194,500 | | | | Focus Media Information Technology Co Ltd | | | 154 | |
| | 30,960 | | | | Foshan Haitian Flavouring & Food Co Ltd | | | 545 | |
| | 495,000 | | | | Fosun International | | | 634 | |
| | 105,300 | | | | Founder Securities Co Ltd | | | 106 | |
| | 65,400 | | | | Foxconn Industrial Internet Co Ltd | | | 141 | |
| | 1,016,000 | | | | Franshion Properties China Ltd | | | 723 | |
| | 6,200 | | * | | Fujian Star-net Communication Co Ltd | | | 31 | |
| | 12,500 | | * | | Fujian Sunner Development Co Ltd | | | 51 | |
| | 27,600 | | * | | Future Land Holdings Co Ltd | | | 122 | |
| | 30,100 | | * | | Fuyao Glass Industry Group Co Ltd | | | 89 | |
| | 107,200 | | *,g | | Fuyao Glass Industry Group Co Ltd (Hong Kong) | | | 257 | |
| | 700 | | | | G-bits Network Technology Xiamen Co Ltd | | | 54 | |
| | 69,900 | | * | | GCL System Integration Technology Co Ltd | | | 26 | |
| | 342,400 | | * | | GD Power Development Co Ltd | | | 90 | |
| | 1,376,648 | | * | | GDS Holdings Ltd (ADR) | | | 109,664 | |
| | 1,124,000 | | | | Geely Automobile Holdings Ltd | | | 1,786 | |
| | 29,200 | | | | GEM Co Ltd | | | 21 | |
| | 49,100 | | | | Gemdale Corp | | | 95 | |
| | 208,000 | | *,e | | Genscript Biotech Corp | | | 430 | |
| | 253,000 | | | | GF Securities Co Ltd | | | 272 | |
| | 76,000 | | * | | GF Securities Co Ltd (Class A) | | | 152 | |
| | 15,000 | | | | Giant Network Group Co Ltd | | | 37 | |
| | 5,180 | | | | Gigadevice Semiconductor Beijing, Inc | | | 174 | |
| | 14,400 | | | | Glodon Co Ltd | | | 143 | |
| | 36,100 | | | | GoerTek, Inc | | | 151 | |
| | 1,905,000 | | *,e | | GOME Electrical Appliances Holdings Ltd | | | 319 | |
| | 13,100 | | * | | Grandjoy Holdings Group Co Ltd | | | 9 | |
| | 627,500 | | | | Great Wall Motor Co Ltd | | | 395 | |
| | 38,300 | | | | Gree Electric Appliances, Inc of Zhuhai | | | 308 | |
| | 73,800 | | | | Greenland Holdings Corp Ltd | | | 65 | |
| | 222,000 | | | | Greentown Service Group Co Ltd | | | 263 | |
| | 30,400 | | | | GRG Banking Equipment Co Ltd | | | 56 | |
| | 14,800 | | *,e | | GSX Techedu, Inc (ADR) | | | 888 | |
| | 18,500 | | | | Guangdong Haid Group Co Ltd | | | 125 | |
| | 36,200 | | * | | Guangdong HEC Technology Holding Co Ltd | | | 36 | |
| | 7,600 | | * | | Guangdong Hongda Blasting Co Ltd | | | 38 | |
| | 578,000 | | | | Guangdong Investments Ltd | | | 997 | |
| | 74,500 | | * | | Guangdong LY Intelligent Manufacturing Co Ltd | | | 113 | |
| | 132,800 | | * | | Guanghui Energy Co Ltd | | | 51 | |
| | 584,000 | | | | Guangzhou Automobile Group Co Ltd (Hong Kong) | | | 425 | |
| | 31,300 | | | | Guangzhou Baiyun International Airport Co Ltd | | | 68 | |
| | 17,300 | | | | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | | | 79 | |
| | 23,500 | | | | Guangzhou Haige Communications Group, Inc Co | | | 43 | |
| | 5,100 | | | | Guangzhou Kingmed Diagnostics Group Co Ltd | | | 65 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 277,600 | | | | Guangzhou R&F Properties Co Ltd | | $ | 327 | |
| | 7,895 | | | | Guangzhou Shiyuan Electronic Technology Co Ltd | | | 112 | |
| | 3,400 | | | | Guangzhou Wondfo Biotech Co Ltd | | | 50 | |
| | 14,600 | | * | | Guocheng Mining Co Ltd | | | 38 | |
| | 47,700 | | | | Guosen Securities Co Ltd | | | 76 | |
| | 95,400 | | | | Guotai Junan Securities Co Ltd | | | 234 | |
| | 117,600 | | g | | Guotai Junan Securities Co Ltd (Hong Kong) | | | 164 | |
| | 8,600 | | | | Guoxuan High-Tech Co Ltd | | | 33 | |
| | 32,300 | | | | Guoyuan Securities Co Ltd | | | 39 | |
| | 150,000 | | e,g | | Haidilao International Holding Ltd | | | 637 | |
| | 241,000 | | e | | Haier Electronics Group Co Ltd | | | 734 | |
| | 214,200 | | * | | Hainan Airlines Holding Co Ltd | | | 46 | |
| | 124,000 | | | | Haitian International Holdings Ltd | | | 253 | |
| | 566,000 | | | | Haitong Securities Co Ltd | | | 460 | |
| | 101,700 | | | | Haitong Securities Co Ltd (Class A) | | | 182 | |
| | 106,300 | | | | Hangzhou Hikvision Digital Technology Co Ltd | | | 459 | |
| | 11,730 | | | | Hangzhou Robam Appliances Co Ltd | | | 52 | |
| | 17,000 | | | | Hangzhou Silan Microelectronics Co Ltd | | | 35 | |
| | 127,200 | | | | Hangzhou Tigermed Consulting Co Ltd | | | 1,831 | |
| | 102,000 | | *,g | | Hansoh Pharmaceutical Group Co Ltd | | | 482 | |
| | 6,400 | | | | Hefei Meiya Optoelectronic Technology, Inc | | | 48 | |
| | 24,400 | | | | Heilongjiang Agriculture Co Ltd | | | 56 | |
| | 33,700 | | | | Henan Shuanghui Investment & Development Co Ltd | | | 220 | |
| | 126,000 | | | | Hengan International Group Co Ltd | | | 992 | |
| | 60,580 | | | | Hengli Petrochemical Co Ltd | | | 120 | |
| | 23,200 | | | | Hengtong Optic-electric Co Ltd | | | 54 | |
| | 44,330 | | | | Hengyi Petrochemical Co Ltd | | | 57 | |
| | 91,000 | | | | Hesteel Co Ltd | | | 26 | |
| | 7,200 | | | | Hithink RoyalFlush Information Network Co Ltd | | | 136 | |
| | 19,300 | | | | Holitech Technology Co Ltd | | | 14 | |
| | 9,100 | | * | | Hongfa Technology Co Ltd | | | 52 | |
| | 6,260 | | | | Hopewell Highway Infrastructure Ltd | | | 2 | |
| | 90,000 | | *,e,g | | Hua Hong Semiconductor Ltd | | | 316 | |
| | 48,600 | | * | | Huaan Securities Co Ltd | | | 47 | |
| | 95,000 | | | | Huadian Power International Corp Ltd (Class A) | | | 46 | |
| | 22,540 | | | | Huadong Medicine Co Ltd | | | 81 | |
| | 10,800 | | * | | Huagong Tech Co Ltd | | | 38 | |
| | 22,360 | | | | Hualan Biological Engineering, Inc | | | 159 | |
| | 113,600 | | * | | Huaneng Power International, Inc | | | 68 | |
| | 792,000 | | * | | Huaneng Power International, Inc (Hong Kong) | | | 299 | |
| | 294,600 | | e,g | | Huatai Securities Co Ltd | | | 472 | |
| | 94,400 | | | | Huatai Securities Co Ltd (Class A) | | | 252 | |
| | 30,800 | | | | Huaxi Securities Co Ltd | | | 46 | |
| | 119,200 | | | | Huaxia Bank Co Ltd | | | 103 | |
| | 17,000 | | * | | Huaxin Cement Co Ltd | | | 57 | |
| | 36,500 | | | | Huayu Automotive Systems Co Ltd | | | 108 | |
| | 25,900 | | | | Huazhu Group Ltd (ADR) | | | 908 | |
| | 51,000 | | | | Hubei Biocause Pharmaceutical Co Ltd | | | 38 | |
| | 15,600 | | | | Hubei Jumpcan Pharmaceutical Co Ltd | | | 56 | |
| | 6,200 | | | | Hubei Kaile Science & Technology Co Ltd | | | 12 | |
| | 72,200 | | | | Hunan Valin Steel Co Ltd | | | 39 | |
| | 13,663 | | | | Hundsun Technologies, Inc | | | 209 | |
| | 13,700 | | * | | Hutchison China MediTech Ltd (ADR) | | | 378 | |
| | 12,300 | | *,e | | HUYA, Inc (ADR) | | | 230 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 27,700 | | | | Iflytek Co Ltd | | $ | 148 | |
| | 628,100 | | | | Industrial & Commercial Bank of China Ltd | | | 443 | |
| | 11,679,000 | | | | Industrial & Commercial Bank of China Ltd (Hong Kong) | | | 7,061 | |
| | 244,000 | | * | | Industrial Bank Co Ltd | | | 546 | |
| | 83,900 | | | | Industrial Securities Co Ltd | | | 82 | |
| | 578,600 | | | | Inner Mongolia BaoTou Steel Union Co Ltd | | | 89 | |
| | 8,300 | | | | Inner Mongolia First Machinery Group Co Ltd | | | 12 | |
| | 92,700 | | | | Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd | | | 33 | |
| | 34,700 | | | | Inner Mongolia MengDian HuaNeng Thermal Power Corp Ltd | | | 12 | |
| | 79,300 | | | | Inner Mongolia Yili Industrial Group Co Ltd | | | 350 | |
| | 243,000 | | | | Inner Mongolia Yitai Coal Co | | | 158 | |
| | 179,000 | | *,g | | Innovent Biologics, Inc | | | 1,332 | |
| | 17,584 | | | | Inspur Electronic Information Industry Co Ltd | | | 99 | |
| | 43,300 | | * | | IQIYI, Inc (ADR) | | | 1,004 | |
| | 10,260 | | | | Jafron Biomedical Co Ltd | | | 101 | |
| | 163,200 | | * | | JD.com, Inc (ADR) | | | 9,821 | |
| | 34,800 | | * | | Jiangsu Changshu Rural Commercial Bank Co Ltd | | | 37 | |
| | 264,000 | | | | Jiangsu Express | | | 310 | |
| | 9,800 | | | | Jiangsu Hengli Hydraulic Co Ltd | | | 112 | |
| | 182,000 | | | | Jiangsu Hengrui Medicine Co Ltd | | | 2,379 | |
| | 16,300 | | | | Jiangsu King’s Luck Brewery JSC Ltd | | | 92 | |
| | 26,899 | | | | Jiangsu Shagang Co Ltd | | | 48 | |
| | 19,600 | | | | Jiangsu Yanghe Brewery Joint-Stock Co Ltd | | | 293 | |
| | 4,300 | | | | Jiangsu Yangnong Chemical Co Ltd | | | 50 | |
| | 12,100 | | | | Jiangsu Yuyue Medical Equipment & Supply Co Ltd | | | 62 | |
| | 44,600 | | | | Jiangsu Zhongnan Construction Group Co Ltd | | | 56 | |
| | 36,000 | | | | Jiangsu Zhongtian Technology Co Ltd | | | 59 | |
| | 270,000 | | | | Jiangxi Copper Co Ltd | | | 275 | |
| �� | 32,458 | | | | Jiangxi Copper Co Ltd (Class A) | | | 62 | |
| | 11,700 | | | | Jiangxi Ganfeng Lithium Co Ltd | | | 89 | |
| | 32,400 | | | | Jiangxi Zhengbang Technology Co Ltd | | | 80 | |
| | 21,500 | | * | | Jilin Aodong Pharmaceutical Group Co Ltd | | | 48 | |
| | 14,400 | | | | Jinduicheng Molybdenum Co Ltd | | | 13 | |
| | 51,200 | | * | | Jinke Properties Group Co Ltd | | | 59 | |
| | 14,000 | | | | Jinyu Bio-Technology Co Ltd | | | 55 | |
| | 20,800 | | * | | Joincare Pharmaceutical Group Industry Co Ltd | | | 48 | |
| | 20,900 | | * | | Jointown Pharmaceutical Group Co Ltd | | | 55 | |
| | 11,700 | | | | Jonjee Hi-Tech Industrial And Commercial Holding Co Ltd | | | 97 | |
| | 8,800 | | | | Joyoung Co Ltd | | | 46 | |
| | 11,100 | | * | | JOYY, Inc (ADR) | | | 983 | |
| | 7,100 | | * | | Juewei Food Co Ltd | | | 71 | |
| | 6,600 | | | | Juneyao Airlines Co Ltd | | | 9 | |
| | 468,000 | | e | | Kaisa Group Holdings Ltd | | | 178 | |
| | 134,000 | | | | Kingboard Chemical Holdings Ltd | | | 350 | |
| | 455,000 | | | | Kingdee International Software Group Co Ltd | | | 1,065 | |
| | 1,034,000 | | e | | Kingsoft Corp Ltd | | | 4,843 | |
| | 47,500 | | *,e,g | | Koolearn Technology Holding Ltd | | | 192 | |
| | 14,300 | | | | Kweichow Moutai Co Ltd | | | 2,970 | |
| | 249,064 | | | | KWG Property Holding Ltd | | | 423 | |
| | 3,400 | | | | Laobaixing Pharmacy Chain JSC | | | 48 | |
| | 291,000 | | | | Lee & Man Paper Manufacturing Ltd | | | 158 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 131,400 | | g | | Legend Holdings Corp | | $ | 154 | |
| | 1,424,000 | | | | Lenovo Group Ltd | | | 795 | |
| | 37,000 | | | | Lens Technology Co Ltd | | | 148 | |
| | 90,000 | | | | Leo Group Co Ltd | | | 49 | |
| | 21,000 | | | | Lepu Medical Technology Beijing Co Ltd | | | 109 | |
| | 16,000 | | | | Leyard Optoelectronic Co Ltd | | | 14 | |
| | 398,000 | | | | Li Ning Co Ltd | | | 1,275 | |
| | 17,200 | | | | Liaoning Cheng Da Co Ltd | | | 46 | |
| | 8,100 | | | | Livzon Pharmaceutical Group, Inc | | | 55 | |
| | 256,000 | | | | Logan Property Holdings Co Ltd | | | 457 | |
| | 27,000 | | | | Lomon Billions Group Co Ltd | | | 71 | |
| | 339,500 | | g | | Longfor Properties Co Ltd | | | 1,625 | |
| | 47,260 | | | | LONGi Green Energy Technology Co Ltd | | | 273 | |
| | 12,900 | | | | Luenmei Quantum Co Ltd | | | 26 | |
| | 80,209 | | | | Luxshare Precision Industry Co Ltd | | | 586 | |
| | 377,000 | | e,g | | Luye Pharma Group Ltd | | | 232 | |
| | 18,400 | | | | Luzhou Laojiao Co Ltd | | | 238 | |
| | 110,012 | | * | | Maanshan Iron & Steel Co Ltd (Class A) | | | 40 | |
| | 18,590 | | * | | Mango Excellent Media Co Ltd | | | 172 | |
| | 47,000 | | | | Meinian Onehealth Healthcare Holdings Co Ltd | | | 96 | |
| | 677,400 | | * | | Meituan Dianping (Class B) | | | 15,137 | |
| | 188,900 | | | | Metallurgical Corp of China Ltd | | | 67 | |
| | 30,000 | | | | Momo, Inc (ADR) | | | 524 | |
| | 43,860 | | | | Muyuan Foodstuff Co Ltd | | | 510 | |
| | 29,500 | | | | NanJi E-Commerce Co Ltd | | | 89 | |
| | 5,100 | | | | Nanjing King-Friend Biochemical Pharmaceutical Co Ltd | | | 47 | |
| | 39,900 | | | | Nanjing Securities Co Ltd | | | 81 | |
| | 12,900 | | * | | Nanyang Topsec Technologies Group, Inc | | | 49 | |
| | 54,000 | | | | NARI Technology Co Ltd | | | 156 | |
| | 6,000 | | | | NAURA Technology Group Co Ltd | | | 145 | |
| | 24,400 | | * | | NavInfo Co Ltd | | | 57 | |
| | 15,600 | | | | Netease.com (ADR) | | | 6,698 | |
| | 25,500 | | | | New China Life Insurance Co Ltd | | | 160 | |
| | 168,000 | | e | | New China Life insurance Co Ltd (Hong Kong) | | | 567 | |
| | 51,000 | | | | New Hope Liuhe Co Ltd | | | 216 | |
| | 27,200 | | * | | New Oriental Education & Technology Group (ADR) | | | 3,542 | |
| | 6,500 | | | | Newland Digital Technology Co Ltd | | | 15 | |
| | 12,100 | | | | Ninestar Corp | | | 56 | |
| | 15,700 | | * | | Ningbo Joyson Electronic Corp | | | 53 | |
| | 12,100 | | * | | Ningbo Tuopu Group Co Ltd | | | 48 | |
| | 124,800 | | * | | Ningbo Zhoushan Port Co Ltd | | | 63 | |
| | 170,200 | | *,e | | NIO, Inc (ADR) | | | 1,314 | |
| | 6,600 | | *,e | | Noah Holdings Ltd (ADR) | | | 168 | |
| | 30,200 | | | | Northeast Securities Co Ltd | | | 36 | |
| | 75,900 | | | | Oceanwide Holdings Co Ltd | | | 41 | |
| | 19,300 | | | | Offcn Education Technology Co Ltd | | | 76 | |
| | 93,200 | | | | Offshore Oil Engineering Co Ltd | | | 60 | |
| | 35,400 | | * | | O-film Tech Co Ltd | | | 92 | |
| | 3,600 | | * | | Oppein Home Group, Inc | | | 59 | |
| | 63,000 | | | | Orient Securities Co Ltd | | | 85 | |
| | 6,750 | | | | Ovctek China, Inc | | | 66 | |
| | 91,300 | | * | | Pacific Securities Co Ltd | | | 41 | |
| | 90,600 | | * | | Pangang Group Vanadium Titanium & Resources Co Ltd | | | 26 | |
| | 1,726,000 | | | | People’s Insurance Co Group of China Ltd | | | 506 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 70,300 | | * | | People’s Insurance Co Group of China Ltd (Class A) | | $ | 64 | |
| | 15,600 | | * | | Perfect World Co Ltd | | | 128 | |
| | 1,348,000 | | | | PICC Property & Casualty Co Ltd | | | 1,120 | |
| | 49,136 | | * | | Pinduoduo, Inc (ADR) | | | 4,218 | |
| | 234,500 | | | | Ping An Bank Co Ltd | | | 426 | |
| | 146,300 | | *,e,g | | Ping An Healthcare and Technology Co Ltd | | | 2,243 | |
| | 7,794,703 | | | | Ping An Insurance Group Co of China Ltd | | | 77,705 | |
| | 125,400 | | | | Ping An Insurance Group Co of China Ltd (Class A) | | | 1,269 | |
| | 23,200 | | e | | Poly Property Development Co Ltd | | | 235 | |
| | 139,300 | | | | Poly Real Estate Group Co Ltd | | | 292 | |
| | 1,920,000 | | g | | Postal Savings Bank of China Co Ltd | | | 1,106 | |
| | 175,500 | | | | Power Construction Corp of China Ltd | | | 86 | |
| | 1,900 | | | | Proya Cosmetics Co Ltd | | | 49 | |
| | 75,200 | | | | Qingdao Haier Co Ltd | | | 189 | |
| | 63,300 | | | | Qingdao Rural Commercial Bank Corp | | | 40 | |
| | 51,600 | | | | RiseSun Real Estate Development Co Ltd | | | 59 | |
| | 41,500 | | | | Rongsheng Petro Chemical Co Ltd | | | 73 | |
| | 100,100 | | | | SAIC Motor Corp Ltd | | | 242 | |
| | 51,600 | | | | Sanan Optoelectronics Co Ltd | | | 183 | |
| | 3,300 | | | | Sangfor Technologies, Inc | | | 97 | |
| | 30,800 | | | | Sansteel Minguang Co Ltd | | | 29 | |
| | 100,600 | | | | Sany Heavy Industry Co Ltd | | | 268 | |
| | 36,400 | | | | SDIC Capital Co Ltd | | | 66 | |
| | 98,000 | | | | SDIC Power Holdings Co Ltd | | | 109 | |
| | 74,700 | | | | Sealand Securities Co Ltd | | | 46 | |
| | 432,000 | | | | Seazen Group Ltd | | | 375 | |
| | 634,500 | | *,e | | Semiconductor Manufacturing International Corp | | | 2,226 | |
| | 37,200 | | | | SF Holding Co Ltd | | | 288 | |
| | 1,800 | | | | SG Micro Corp | | | 78 | |
| | 130,100 | | | | Shaanxi Coal Industry Co Ltd | | | 133 | |
| | 16,370 | | | | Shandong Buchang Pharmaceuticals Co Ltd | | | 67 | |
| | 32,300 | | * | | Shandong Gold Mining Co Ltd | | | 170 | |
| | 20,100 | | | | Shandong Hualu Hengsheng Chemical Co Ltd | | | 50 | |
| | 3,700 | | | | Shandong Linglong Tyre Co Ltd | | | 11 | |
| | 177,200 | | | | Shandong Nanshan Aluminum Co Ltd | | | 51 | |
| | 5,100 | | | | Shandong Sinocera Functional Material Co Ltd | | | 24 | |
| | 28,800 | | * | | Shandong Sun Paper Industry JSC Ltd | | | 39 | |
| | 472,000 | | | | Shandong Weigao Group Medical Polymer Co Ltd | | | 1,054 | |
| | 95,500 | | | | Shanghai 2345 Network Holding Group Co Ltd | | | 38 | |
| | 10,300 | | | | Shanghai Baosight Software Co Ltd | | | 87 | |
| | 74,200 | | | | Shanghai Construction Group Co Ltd | | | 32 | |
| | 80,700 | | | | Shanghai Electric Group Co Ltd | | | 58 | |
| | 548,000 | | * | | Shanghai Electric Group Co Ltd (Hong Kong) | | | 156 | |
| | 32,800 | | | | Shanghai Electric Power Co Ltd | | | 34 | |
| | 25,600 | | | | Shanghai Fosun Pharmaceutical Group Co Ltd | | | 122 | |
| | 103,000 | | | | Shanghai Fosun Pharmaceutical Group Co Ltd (Hong Kong) | | | 345 | |
| | 104,000 | | | | Shanghai Industrial Holdings Ltd | | | 161 | |
| | 12,300 | | | | Shanghai International Airport Co Ltd | | | 126 | |
| | 126,600 | | * | | Shanghai International Port Group Co Ltd | | | 75 | |
| | 9,100 | | * | | Shanghai Jahwa United Co Ltd | | | 62 | |
| | 9,200 | | | | Shanghai Jinjiang International Hotels Development Co Ltd | | | 36 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 234,669 | | | | Shanghai Lujiazui Finance & Trade Zone Development Co Ltd | | $ | 182 | |
| | 10,700 | | | | Shanghai M&G Stationery, Inc | | | 83 | |
| | 44,100 | | | | Shanghai Oriental Pearl Group Co Ltd | | | 60 | |
| | 31,700 | | | | Shanghai Pharmaceuticals Holding Co Ltd | | | 82 | |
| | 167,000 | | | | Shanghai Pharmaceuticals Holding Co Ltd (Hong Kong) | | | 281 | |
| | 339,700 | | * | | Shanghai Pudong Development Bank Co Ltd | | | 509 | |
| | 5,000 | | | | Shanghai Putailai New Energy Technology Co Ltd | | | 73 | |
| | 66,900 | | * | | Shanghai RAAS Blood Products Co Ltd | | | 80 | |
| | 25,000 | | | | Shanghai Tunnel Engineering Co Ltd | | | 20 | |
| | 31,100 | | | | Shanghai Yuyuan Tourist Mart Group Co Ltd | | | 39 | |
| | 20,500 | | | | Shanghai Zhangjiang High-Tech Park Development Co Ltd | | | 59 | |
| | 61,779 | | | | Shanxi Lu’an Environmental Energy Development Co Ltd | | | 49 | |
| | 62,400 | | * | | Shanxi Meijin Energy Co Ltd | | | 56 | |
| | 30,030 | | | | Shanxi Securities Co Ltd | | | 28 | |
| | 76,500 | | | | Shanxi Taigang Stainless Steel Co Ltd | | | 36 | |
| | 10,000 | | | | Shanxi Xinghuacun Fen Wine Factory Co Ltd | | | 205 | |
| | 114,270 | | | | Shanxi Xishan Coal & Electricity Power Co Ltd | | | 61 | |
| | 56,400 | | * | | Shenergy Co Ltd | | | 47 | |
| | 27,700 | | | | Shengyi Technology Co Ltd | | | 116 | |
| | 5,880 | | | | Shennan Circuits Co Ltd | | | 140 | |
| | 282,300 | | * | | Shenwan Hongyuan Group Co Ltd | | | 202 | |
| | 33,600 | | | | Shenzhen Airport Co Ltd | | | 36 | |
| | 148,000 | | | | Shenzhen Expressway Co Ltd | | | 150 | |
| | 5,500 | | | | Shenzhen Goodix Technology Co Ltd | | | 174 | |
| | 10,200 | | | | Shenzhen Hepalink Pharmaceutical Group Co Ltd | | | 36 | |
| | 21,100 | | | | Shenzhen Inovance Technology Co Ltd | | | 114 | |
| | 213,985 | | | | Shenzhen International Holdings Ltd | | | 343 | |
| | 672,776 | | | | Shenzhen Investment Ltd | | | 214 | |
| | 17,100 | | | | Shenzhen Kaifa Technology Co Ltd | | | 53 | |
| | 7,200 | | | | Shenzhen Kangtai Biological Products Co Ltd | | | 165 | |
| | 6,800 | | * | | Shenzhen Kingdom Sci-Tech Co Ltd | | | 19 | |
| | 59,561 | | | | Shenzhen Mindray Bio-Medical Electronics Co Ltd | | | 2,574 | |
| | 86,800 | | | | Shenzhen Overseas Chinese Town Co Ltd | | | 75 | |
| | 14,300 | | | | Shenzhen Salubris Pharmaceuticals Co Ltd | | | 60 | |
| | 11,600 | | | | Shenzhen Sunway Communication Co Ltd | | | 88 | |
| | 158,500 | | | | Shenzhou International Group Holdings Ltd | | | 1,927 | |
| | 14,500 | | | | Shijiazhuang Yiling Pharmaceutical Co Ltd | | | 64 | |
| | 229,000 | | | | Shimao Property Holdings Ltd | | | 979 | |
| | 818,500 | | | | Shui On Land Ltd | | | 138 | |
| | 11,900 | | * | | Siasun Robot & Automation Co Ltd | | | 23 | |
| | 68,300 | | | | Sichuan Chuantou Energy Co Ltd | | | 90 | |
| | 21,900 | | | | Sichuan Kelun Pharmaceutical Co Ltd | | | 65 | |
| | 13,700 | | * | | Sichuan Languang Development Co Ltd | | | 10 | |
| | 6,600 | | | | Sichuan Swellfun Co Ltd | | | 58 | |
| | 304,400 | | | | Silergy Corp | | | 19,941 | |
| | 12,422 | | * | | Sina Corp | | | 446 | |
| | 35,900 | | | | Sinolink Securities Co Ltd | | | 58 | |
| | 623,000 | | | | Sino-Ocean Land Holdings Ltd | | | 150 | |
| | 360,000 | | | | Sinopec Engineering Group Co Ltd | | | 155 | |
| | 880,000 | | e | | Sinopec Shanghai Petrochemical Co Ltd | | | 212 | |
| | 119,300 | | | | Sinopec Shanghai Petrochemical Co Ltd (Class A) | | | 59 | |
| | 269,600 | | | | Sinopharm Group Co | | | 693 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 24,400 | | | | Sinotrans Ltd (Class A) | | $ | 11 | |
| | 137,500 | | | | Sinotruk Hong Kong Ltd | | | 359 | |
| | 428,000 | | * | | Soho China Ltd | | | 151 | |
| | 29,200 | | | | Songcheng Performance Development Co Ltd | | | 72 | |
| | 43,940 | | | | SooChow Securities Co Ltd | | | 51 | |
| | 60,100 | | | | Southwest Securities Co Ltd | | | 39 | |
| | 7,300 | | * | | Spring Airlines Co Ltd | | | 37 | |
| | 18,800 | | | | STO Express Co Ltd | | | 44 | |
| | 454,500 | | | | Sun Art Retail Group Ltd | | | 780 | |
| | 486,000 | | | | Sunac China Holdings Ltd | | | 2,057 | |
| | 123,500 | | * | | Suning.com Co Ltd | | | 154 | |
| | 1,020,000 | | | | Sunny Optical Technology Group Co Ltd | | | 16,416 | |
| | 19,000 | | | | Sunwoda Electronic Co Ltd | | | 51 | |
| | 15,500 | | | | Suofeiya Home Collection Co Ltd | | | 53 | |
| | 16,500 | | | | Suzhou Dongshan Precision Manufacturing Co Ltd | | | 70 | |
| | 42,100 | | | | Suzhou Gold Mantis Construction Decoration Co Ltd | | | 47 | |
| | 73,000 | | * | | TAL Education Group (ADR) | | | 4,992 | |
| | 16,900 | | | | Tangshan Jidong Cement Co Ltd | | | 39 | |
| | 63,800 | | | | TBEA Co Ltd | | | 61 | |
| | 156,400 | | | | TCL Corp | | | 138 | |
| | 4,430,200 | | | | Tencent Holdings Ltd | | | 283,878 | |
| | 69,800 | | * | | Tencent Music Entertainment (ADR) | | | 940 | |
| | 4,400 | | | | Thunder Software Technology Co Ltd | | | 49 | |
| | 82,500 | | | | Tianfeng Securities Co Ltd | | | 71 | |
| | 9,200 | | | | Tianjin 712 Communication & Broadcasting Co Ltd | | | 50 | |
| | 37,900 | | | | Tianjin Chase Sun Pharmaceutical Co Ltd | | | 30 | |
| | 33,400 | | | | Tianjin Zhonghuan Semiconductor Co Ltd | | | 106 | |
| | 21,800 | | | | Tianma Microelectronics Co Ltd | | | 48 | |
| | 20,360 | | * | | Tianqi Lithium Corp | | | 67 | |
| | 32,600 | | | | Tianshui Huatian Technology Co Ltd | | | 63 | |
| | 376,000 | | | | Tingyi Cayman Islands Holding Corp | | | 586 | |
| | 7,300 | | | | Toly Bread Co Ltd | | | 53 | |
| | 168,800 | | *,e | | Tongcheng-Elong Holdings Ltd | | | 307 | |
| | 13,500 | | * | | TongFu Microelectronics Co Ltd | | | 48 | |
| | 31,900 | | | | Tonghua Dongbao Pharmaceutical Co Ltd | | | 79 | |
| | 23,300 | | * | | Tongkun Group Co Ltd | | | 42 | |
| | 57,100 | | | | Tongling Nonferrous Metals Group Co Ltd | | | 16 | |
| | 52,600 | | | | Tongwei Co Ltd | | | 130 | |
| | 3,500 | | * | | Topchoice Medical Corp | | | 83 | |
| | 7,114,912 | | g | | Topsports International Holdings Ltd | | | 9,154 | |
| | 43,700 | | | | Transfar Zhilian Co Ltd | | | 34 | |
| | 184,000 | | | | Travelsky Technology Ltd | | | 326 | |
| | 91,000 | | * | | Trip.com Group Ltd (ADR) | | | 2,359 | |
| | 82,000 | | | | Tsingtao Brewery Co Ltd | | | 612 | |
| | 9,100 | | | | Tsingtao Brewery Co Ltd (Class A) | | | 99 | |
| | 51,000 | | | | Tunghsu Optoelectronic Technology Co Ltd | | | 19 | |
| | 7,200 | | * | | Unigroup Guoxin Microelectronics Co Ltd | | | 74 | |
| | 266,000 | | | | Uni-President China Holdings Ltd | | | 266 | |
| | 20,500 | | * | | Unisplendour Corp Ltd | | | 125 | |
| | 8,400 | | | | Universal Scientific Industrial Shanghai Co Ltd | | | 26 | |
| | 9,900 | | | | Venustech Group, Inc | | | 59 | |
| | 84,200 | | * | | Vipshop Holdings Ltd (ADR) | | | 1,676 | |
| | 7,500 | | * | | Visionox Technology, Inc | | | 15 | |
| | 19,100 | | | | Walvax Biotechnology Co Ltd | | | 141 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 29,200 | | * | | Wanda Film Holding Co Ltd | | $ | 63 | |
| | 29,900 | | | | Wangsu Science & Technology Co Ltd | | | 36 | |
| | 38,700 | | | | Wanhua Chemical Group Co Ltd | | | 275 | |
| | 996,000 | | e | | Want Want China Holdings Ltd | | | 757 | |
| | 10,700 | | *,e | | Weibo Corp (ADR) | | | 360 | |
| | 373,000 | | | | Weichai Power Co Ltd | | | 703 | |
| | 71,000 | | * | | Weichai Power Co Ltd (Class A) | | | 138 | |
| | 11,600 | | | | Weifu High-Technology Group Co Ltd | | | 34 | |
| | 6,000 | | | | Weihai Guangwei Composites Co Ltd | | | 53 | |
| | 79,440 | | | | Wens Foodstuffs Group Co Ltd | | | 246 | |
| | 48,800 | | | | Western Securities Co Ltd | | | 57 | |
| | 10,700 | | | | Westone Information Industry, Inc | | | 33 | |
| | 6,800 | | | | Will Semiconductor Ltd | | | 196 | |
| | 38,062 | | | | Wilmar International Ltd | | | 113 | |
| | 11,900 | | * | | Wingtech Technology Co Ltd | | | 213 | |
| | 29,250 | | | | Winning Health Technology Group Co Ltd | | | 95 | |
| | 574,000 | | e | | Winteam Pharmaceutical Group Ltd | | | 278 | |
| | 16,400 | | * | | Wonders Information Co Ltd | | | 51 | |
| | 61,700 | | | | Wuchan Zhongda Group Co Ltd | | | 37 | |
| | 18,020 | | | | Wuhan Guide Infrared Co Ltd | | | 75 | |
| | 22,600 | | | | Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co Ltd | | | 150 | |
| | 31,200 | | | | Wuhu Token Science Co Ltd | | | 50 | |
| | 44,600 | | | | Wuliangye Yibin Co Ltd | | | 1,084 | |
| | 21,900 | | | | WUS Printed Circuit Kunshan Co Ltd | | | 78 | |
| | 25,480 | | | | WuXi AppTec Co Ltd | | | 348 | |
| | 43,040 | | e,g | | WuXi AppTec Co Ltd (Hong Kong) | | | 562 | |
| | 2,870,450 | | *,g | | Wuxi Biologics Cayman, Inc | | | 52,689 | |
| | 10,800 | | * | | Wuxi Lead Intelligent Equipment Co Ltd | | | 71 | |
| | 26,200 | | | | Wuxi Taiji Industry Co Ltd | | | 44 | |
| | 78,500 | | * | | XCMG Construction Machinery Co Ltd | | | 66 | |
| | 12,300 | | | | Xiamen C & D, Inc | | | 14 | |
| | 5,300 | | | | Xiamen Intretech, Inc | | | 44 | |
| | 8,700 | | | | Xiamen Tungsten Co Ltd | | | 15 | |
| | 1,997,200 | | *,g | | Xiaomi Corp | | | 3,319 | |
| | 110,000 | | | | Xinhu Zhongbao Co Ltd | | | 47 | |
| | 42,600 | | | | Xinjiang Goldwind Science & Technology Co Ltd | | | 60 | |
| | 155,000 | | e | | Xinjiang Goldwind Science & Technology Co Ltd (Hong Kong) | | | 133 | |
| | 784,863 | | | | Xinyi Solar Holdings Ltd | | | 755 | |
| | 48,100 | | | | Yango Group Co Ltd | | | 43 | |
| | 54,049 | | e | | Yangzijiang Shipbuilding | | | 36 | |
| | 13,300 | | * | | Yantai Jereh Oilfield Services Group Co Ltd | | | 59 | |
| | 362,000 | | | | Yanzhou Coal Mining Co Ltd | | | 273 | |
| | 57,000 | | | | Yanzhou Coal Mining Co Ltd (Class A) | | | 71 | |
| | 7,050 | | | | Yealink Network Technology Corp Ltd | | | 68 | |
| | 15,100 | | | | Yifan Pharmaceutical Co Ltd | | | 49 | |
| | 7,140 | | | | Yifeng Pharmacy Chain Co Ltd | | | 92 | |
| | 91,000 | | e | | Yihai International Holding Ltd | | | 938 | |
| | 26,300 | | | | Yintai Gold Co Ltd | | | 59 | |
| | 120,400 | | | | Yonghui Superstores Co Ltd | | | 160 | |
| | 37,659 | | | | Yonyou Network Technology Co Ltd | | | 236 | |
| | 6,000 | | * | | Youzu Interactive Co Ltd | | | 22 | |
| | 19,100 | | | | Yuan Longping High-tech Agriculture Co Ltd | | | 45 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,322,000 | | | | Yuexiul Property Co Ltd | | $ | 237 | |
| | 206,651 | | | | Yum China Holdings, Inc | | | 9,934 | |
| | 29,380 | | | | Yunda Holding Co Ltd | | | 102 | |
| | 16,500 | | | | Yunnan Baiyao Group Co Ltd | | | 220 | |
| | 8,200 | | | | Yunnan Energy New Material Co Ltd | | | 77 | |
| | 351,220 | | | | Yuzhou Properties Co | | | 153 | |
| | 9,900 | | * | | Zai Lab Ltd (ADR) | | | 813 | |
| | 7,100 | | | | Zhangzhou Pientzehuang Pharmaceutical Co Ltd | | | 171 | |
| | 217,000 | | | | Zhaojin Mining Industry Co Ltd | | | 258 | |
| | 51,600 | | * | | Zhejiang Century Huatong Group Co Ltd | | | 112 | |
| | 22,600 | | | | Zhejiang Chint Electrics Co Ltd | | | 84 | |
| | 44,700 | | * | | Zhejiang Conba Pharmaceutical Co Ltd | | | 35 | |
| | 33,600 | | | | Zhejiang Dahua Technology Co Ltd | | | 92 | |
| | 2,660 | | | | Zhejiang Dingli Machinery Co Ltd | | | 29 | |
| | 330,000 | | | | Zhejiang Expressway Co Ltd | | | 234 | |
| | 18,150 | | | | Zhejiang Huahai Pharmaceutical Co Ltd | | | 88 | |
| | 14,910 | | * | | Zhejiang Huayou Cobalt Co Ltd | | | 83 | |
| | 14,100 | | | | Zhejiang Jingsheng Mechanical & Electrical Co Ltd | | | 49 | |
| | 36,900 | | | | Zhejiang Juhua Co Ltd | | | 36 | |
| | 43,900 | | * | | Zhejiang Longsheng Group Co Ltd | | | 80 | |
| | 24,900 | | | | Zhejiang NHU Co Ltd | | | 103 | |
| | 39,390 | | | | Zhejiang Sanhua Intelligent Controls Co Ltd | | | 123 | |
| | 31,300 | | | | Zhejiang Semir Garment Co Ltd | | | 31 | |
| | 6,300 | | | | Zhejiang Supor Co Ltd | | | 63 | |
| | 15,100 | | * | | Zhejiang Wanfeng Auto Wheel Co Ltd | | | 14 | |
| | 20,500 | | | | Zhejiang Weixing New Building Materials Co Ltd | | | 34 | |
| | 7,700 | | | | Zhejiang Wolwo Bio-Pharmaceutical Co Ltd | | | 68 | |
| | 28,200 | | | | Zhengzhou Yutong Bus Co Ltd | | | 49 | |
| | 271,000 | | e | | Zhenro Properties Group Ltd | | | 170 | |
| | 36,500 | | | | Zheshang Securities Co Ltd | | | 51 | |
| | 76,700 | | *,e,g | | ZhongAn Online P&C Insurance Co Ltd | | | 383 | |
| | 7,200 | | * | | Zhongji Innolight Co Ltd | | | 65 | |
| | 47,900 | | | | Zhongjin Gold Corp Ltd | | | 63 | |
| | 107,000 | | | | Zhongsheng Group Holdings Ltd | | | 598 | |
| | 78,600 | | * | | Zhongtian Financial Group Co Ltd | | | 36 | |
| | 108,700 | | | | Zhuzhou CSR Times Electric Co Ltd | | | 279 | |
| | 1,134,000 | | | | Zijin Mining Group Co Ltd | | | 536 | |
| | 288,000 | | * | | Zijin Mining Group Co Ltd (Class A) | | | 182 | |
| | 61,800 | | | | Zoomlion Heavy Industry Science and Technology Co Ltd | | | 56 | |
| | 46,800 | | * | | ZTE Corp | | | 267 | |
| | 150,000 | | e | | ZTE Corp (Class H) | | | 463 | |
| | 71,200 | | | | ZTO Express Cayman, Inc (ADR) | | | 2,614 | |
| | | | | | TOTAL CHINA | | | 1,099,207 | |
| | | | | | | | | | |
| COLOMBIA - 0.0% | | | |
| | 47,713 | | | | BanColombia S.A. | | | 305 | |
| | 90,186 | | | | BanColombia S.A. (Preference) | | | 593 | |
| | 1,113,159 | | | | Ecopetrol S.A. | | | 614 | |
| | 46,112 | | | | Grupo de Inversiones Suramericana S.A. | | | 229 | |
| | 86,365 | | | | Interconexion Electrica S.A. | | | 432 | |
| | | | | | TOTAL COLOMBIA | | | 2,173 | |
| | | | | | | | | | |
| CZECH REPUBLIC - 0.0% | | | |
| | 32,620 | | | | CEZ AS | | | 698 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 13,668 | | | | Komercni Banka AS | | $ | 319 | |
| | 868,919 | | g | | Moneta Money Bank AS | | | 1,968 | |
| | | | | | TOTAL CZECH REPUBLIC | | | 2,985 | |
| | | | | | | | | | |
| DENMARK - 1.2% | | | |
| | 2,739 | | e | | Ambu A.S. | | | 87 | |
| | 61 | | | | AP Moller - Maersk AS (Class A) | | | 67 | |
| | 119 | | | | AP Moller - Maersk AS (Class B) | | | 139 | |
| | 104,666 | | | | Carlsberg AS (Class B) | | | 13,880 | |
| | 1,887 | | | | Christian Hansen Holding | | | 195 | |
| | 12,121 | | | | Coloplast AS | | | 1,889 | |
| | 11,918 | | | | Danske Bank AS | | | 159 | |
| | 195,667 | | | | DSV AS | | | 24,035 | |
| | 34,185 | | * | | Genmab AS | | | 11,527 | |
| | 2,426 | | | | GN Store Nord | | | 130 | |
| | 1,436 | | | | H Lundbeck AS | | | 54 | |
| | 1,764,618 | | | | Novo Nordisk AS | | | 114,961 | |
| | 3,813 | | | | Novozymes AS | | | 221 | |
| | 612,778 | | g | | Orsted AS | | | 70,715 | |
| | 1,767 | | | | Pandora AS | | | 96 | |
| | 2,168 | | | | Tryg A.S. | | | 63 | |
| | 3,541 | | | | Vestas Wind Systems AS | | | 363 | |
| | 1,775 | | *,e | | William Demant Holding A.S. | | | 47 | |
| | | | | | TOTAL DENMARK | | | 238,628 | |
| | | | | | | | | | |
| EGYPT - 0.0% | | | |
| | 264,193 | | | | Commercial International Bank | | | 1,057 | |
| | 213,703 | | | | Eastern Tobacco | | | 170 | |
| | 148,275 | | | | ElSwedy Cables Holding Co | | | 61 | |
| | | | | | TOTAL EGYPT | | | 1,288 | |
| | | | | | | | | | |
| FINLAND - 0.2% | | | |
| | 2,512 | | | | Elisa Oyj (Series A) | | | 153 | |
| | 7,896 | | | | Fortum Oyj | | | 150 | |
| | 6,041 | | | | Kone Oyj (Class B) | | | 417 | |
| | 1,739 | | | | Metso Oyj | | | 57 | |
| | 869,198 | | | | Neste Oil Oyj | | | 34,139 | |
| | 100,692 | | | | Nokia Oyj (Turquoise) | | | 440 | |
| | 86,958 | | * | | Nordea Bank Abp | | | 603 | |
| | 1,727 | | | | Orion Oyj (Class B) | | | 84 | |
| | 213,223 | | | | Sampo Oyj (A Shares) | | | 7,350 | |
| | 63,122 | | | | Stora Enso Oyj (R Shares) | | | 755 | |
| | 9,480 | | | | UPM-Kymmene Oyj | | | 274 | |
| | 8,159 | | | | Wartsila Oyj (B Shares) | | | 68 | |
| | | | | | TOTAL FINLAND | | | 44,490 | |
| | | | | | | | | | |
| FRANCE - 3.4% | | | |
| | 198,012 | | | | Accor S.A. | | | 5,404 | |
| | 526 | | | | Aeroports de Paris | | | 54 | |
| | 38,316 | | | | Air Liquide | | | 5,540 | |
| | 1,097,944 | | | | Airbus SE | | | 78,672 | |
| | 3,635 | | | | Alstom RGPT | | | 169 | |
| | 1,096 | | e,g | | Amundi S.A. | | | 86 | |
| | 1,199 | | | | Arkema | | | 115 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,862 | | | | Atos Origin S.A. | | $ | 160 | |
| | 34,456 | | | | AXA S.A. | | | 725 | |
| | 743 | | | | BioMerieux | | | 102 | |
| | 1,337,274 | | | | BNP Paribas S.A. | | | 53,429 | |
| | 15,609 | | | | Bollore | | | 49 | |
| | 4,104 | | | | Bouygues S.A. | | | 141 | |
| | 5,288 | | | | Bureau Veritas S.A. | | | 112 | |
| | 170,480 | | | | Cap Gemini S.A. | | | 19,674 | |
| | 10,829 | | | | Carrefour S.A. | | | 168 | |
| | 751 | | * | | Casino Guichard Perrachon S.A. | | | 28 | |
| | 2,330 | | | | CNP Assurances | | | 27 | |
| | 617,216 | | | | Compagnie de Saint-Gobain | | | 22,270 | |
| | 416,056 | | | | Credit Agricole S.A. | | | 3,951 | |
| | 173,978 | | | | Danone | | | 12,076 | |
| | 41 | | | | Dassault Aviation S.A. | | | 38 | |
| | 363,826 | | | | Dassault Systemes S.A. | | | 63,158 | |
| | 4,366 | | | | Edenred | | | 191 | |
| | 1,548 | | | | Eiffage S.A. | | | 142 | |
| | 75,179 | | | | Electricite de France | | | 699 | |
| | 207,373 | | | | Essilor International S.A. | | | 26,670 | |
| | 905 | | | | Eurazeo | | | 46 | |
| | 1,184 | | | | Faurecia | | | 47 | |
| | 776 | | | | Fonciere Des Regions | | | 56 | |
| | 238,823 | | | | Gaz de France | | | 2,962 | |
| | 4,827 | | e | | Gecina S.A. | | | 596 | |
| | 8,408 | | | | Getlink S.E. | | | 122 | |
| | 563 | | | | Hermes International | | | 473 | |
| | 6,025 | | | | Icade | | | 421 | |
| | 251 | | | | Iliad S.A. | | | 49 | |
| | 1,081 | | | | Ingenico | | | 174 | |
| | 711 | | | | Ipsen | | | 60 | |
| | 1,642 | | | | JC Decaux S.A. | | | 31 | |
| | 108,013 | | | | Kering | | | 59,053 | |
| | 3,059 | | e | | Klepierre | | | 61 | |
| | 1,630 | | e,g | | La Francaise des Jeux SAEM | | | 50 | |
| | 4,768 | | | | Legrand S.A. | | | 362 | |
| | 154,566 | | * | | L’Oreal S.A. | | | 49,886 | |
| | 57,654 | | | | LVMH Moet Hennessy Louis Vuitton S.A. | | | 25,454 | |
| | 94,826 | | e | | Michelin (C.G.D.E.) (Class B) | | | 9,884 | |
| | 12,781 | | | | Natixis | | | 34 | |
| | 243,631 | | | | Orange S. A. | | | 2,913 | |
| | 980 | | | | Orpea | | | 113 | |
| | 9,035 | | | | Pernod-Ricard S.A. | | | 1,423 | |
| | 9,933 | | e | | Peugeot S.A. | | | 163 | |
| | 3,822 | | | | Publicis Groupe S.A. | | | 124 | |
| | 404 | | | | Remy Cointreau S.A. | | | 55 | |
| | 3,065 | | | | Renault S.A. | | | 78 | |
| | 5,706 | | | | Safran S.A. | | | 574 | |
| | 580,497 | | | | Sanofi-Aventis | | | 59,202 | |
| | 13,541 | | | | Sartorius Stedim Biotech | | | 3,433 | |
| | 715,770 | | | | Schneider Electric S.A. | | | 79,620 | |
| | 2,678 | | * | | SCOR SE | | | 74 | |
| | 371 | | | | SEB S.A. | | | 62 | |
| | 14,503 | | | | Societe Generale | | | 242 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,574 | | e | | Sodexho Alliance S.A. | | $ | 107 | |
| | 49,745 | | | | Suez Environnement S.A. | | | 585 | |
| | 164,829 | | * | | Teleperformance | | | 41,979 | |
| | 2,024 | | | | Thales S.A. | | | 164 | |
| | 92,891 | | | | Total S.A. | | | 3,582 | |
| | 1,559 | | * | | Ubisoft Entertainment | | | 129 | |
| | 2,327 | | e | | Unibail-Rodamco-Westfield | | | 131 | |
| | 91 | | | | Unibail-Rodamco-Westfield (Paris) | | | 5 | |
| | 4,037 | | e | | Valeo S.A. | | | 106 | |
| | 68,309 | | | | Veolia Environnement | | | 1,542 | |
| | 118,729 | | | | Vinci S.A. | | | 11,009 | |
| | 14,802 | | | | Vivendi Universal S.A. | | | 382 | |
| | 528 | | | | Wendel | | | 50 | |
| | 2,555 | | *,g | | Worldline S.A. | | | 223 | |
| | | | | | TOTAL FRANCE | | | 651,741 | |
| | | | | | | | | | |
| GERMANY - 2.5% | | | |
| | 40,180 | | | | Adidas-Salomon AG. | | | 10,593 | |
| | 76,330 | | | | Allianz AG. | | | 15,597 | |
| | 320,280 | | | | Aroundtown S.A. | | | 1,836 | |
| | 72,498 | | | | BASF SE | | | 4,072 | |
| | 486,348 | | | | Bayer AG. | | | 36,050 | |
| | 68,757 | | | | Bayerische Motoren Werke AG. | | | 4,389 | |
| | 2,287 | | | | Bayerische Motoren Werke AG. (Preference) | | | 111 | |
| | 61,330 | | | | Bechtle AG. | | | 10,870 | |
| | 133,719 | | | | Beiersdorf AG. | | | 15,206 | |
| | 1,158,743 | | | | Borussia Dortmund GmbH & Co KGaA | | | 7,512 | |
| | 2,736 | | | | Brenntag AG. | | | 145 | |
| | 651 | | * | | Carl Zeiss Meditec AG. | | | 63 | |
| | 15,848 | | | | Commerzbank AG. | | | 71 | |
| | 1,982 | | * | | Continental AG. | | | 195 | |
| | 42,641 | | *,g | | Covestro AG. | | | 1,624 | |
| | 15,289 | | * | | Daimler AG. (Registered) | | | 622 | |
| | 2,304 | | *,g | | Delivery Hero AG. | | | 237 | |
| | 59,166 | | * | | Deutsche Annington Immobilien SE | | | 3,616 | |
| | 35,073 | | * | | Deutsche Bank AG. (Registered) | | | 335 | |
| | 101,872 | | | | Deutsche Boerse AG. | | | 18,436 | |
| | 3,856 | | * | | Deutsche Lufthansa AG. | | | 39 | |
| | 17,590 | | | | Deutsche Post AG. | | | 646 | |
| | 620,045 | | | | Deutsche Telekom AG. | | | 10,404 | |
| | 46,042 | | | | Deutsche Wohnen AG. | | | 2,069 | |
| | 287,034 | | | | E.ON AG. | | | 3,240 | |
| | 4,000 | | | | Evonik Industries AG. | | | 102 | |
| | 846 | | | | Fraport AG. Frankfurt Airport Services Worldwide | | | 37 | |
| | 66,272 | | | | Fresenius Medical Care AG. | | | 5,701 | |
| | 7,443 | | | | Fresenius SE | | | 370 | |
| | 1,181 | | | | Fuchs Petrolub AG. (Preference) | | | 47 | |
| | 2,760 | | | | GEA Group AG. | | | 88 | |
| | 1,076 | | | | Hannover Rueckversicherung AG. | | | 186 | |
| | 118,954 | | | | HeidelbergCement AG. | | | 6,368 | |
| | 368,481 | | * | | HelloFresh SE | | | 19,712 | |
| | 23,833 | | | | Henkel KGaA | | | 1,994 | |
| | 3,159 | | | | Henkel KGaA (Preference) | | | 295 | |
| | 330 | | | | Hochtief AG. | | | 29 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 4,001,510 | | | | Infineon Technologies AG. | | $ | 93,764 | |
| | 1,167 | | * | | KION Group AG. | | | 72 | |
| | 857 | | * | | Knorr-Bremse AG. | | | 87 | |
| | 1,593 | | * | | Lanxess AG. | | | 84 | |
| | 8,221 | | | | LEG Immobilien AG. | | | 1,043 | |
| | 2,293 | | | | Merck KGaA | | | 267 | |
| | 3,124 | | | | Metro Wholesale & Food Specialist AG. | | | 30 | |
| | 934 | | | | MTU Aero Engines Holding AG. | | | 163 | |
| | 21,320 | | | | Muenchener Rueckver AG. | | | 5,552 | |
| | 1,095 | | | | Nemetschek AG. | | | 75 | |
| | 756 | | * | | OSRAM Licht AG. | | | 36 | |
| | 472,863 | | * | | Paion AG. | | | 1,409 | |
| | 2,905 | | * | | Porsche AG. | | | 168 | |
| | 1,509 | | | | Puma AG. Rudolf Dassler Sport | | | 117 | |
| | 1,553,017 | | | | RWE AG. | | | 54,366 | |
| | 83,569 | | | | SAP AG. | | | 11,682 | |
| | 635 | | | | Sartorius AG. | | | 210 | |
| | 1,894 | | g | | Scout24 AG. | | | 146 | |
| | 857,428 | | | | Siemens AG. | | | 101,123 | |
| | 2,581 | | g | | Siemens Healthineers AG. | | | 124 | |
| | 2,292 | | | | Symrise AG. | | | 268 | |
| | 412,095 | | *,g | | TeamViewer AG. | | | 22,501 | |
| | 19,926 | | | | Telefonica Deutschland Holding AG. | | | 59 | |
| | 6,073 | | * | | ThyssenKrupp AG. | | | 43 | |
| | 3,716 | | | | Uniper SE | | | 120 | |
| | 1,759 | | | | United Internet AG. | | | 75 | |
| | 1,106 | | * | | Volkswagen AG. | | | 178 | |
| | 2,755 | | * | | Volkswagen AG. (Preference) | | | 419 | |
| | 2,779 | | *,g | | Zalando SE | | | 197 | |
| | | | | | TOTAL GERMANY | | | 477,285 | |
| | | | | | | | | | |
| GREECE - 0.0% | | | |
| | 5,760 | | *,† | | Hellenic Duty Free Shops S.A. | | | 0 | ^ |
| | 45,714 | | | | Hellenic Telecommunications Organization S.A. | | | 618 | |
| | 19,961 | | | | JUMBO S.A. | | | 359 | |
| | 14,070 | | | | Motor Oil Hellas Corinth Refineries S.A. | | | 194 | |
| | 37,817 | | | | OPAP S.A. | | | 360 | |
| | | | | | TOTAL GREECE | | | 1,531 | |
| | | | | | | | | | |
| HONG KONG - 0.4% | | | |
| | 1,634,958 | | | | AIA Group Ltd | | | 15,299 | |
| | 2,360,000 | | *,e | | Alibaba Pictures Group Ltd | | | 316 | |
| | 6,218 | | | | ASM Pacific Technology | | | 66 | |
| | 25,685 | | e | | Bank of East Asia Ltd | | | 59 | |
| | 74,853 | | | | BOC Hong Kong Holdings Ltd | | | 240 | |
| | 130,000 | | e | | Cathay Pacific Airways Ltd | | | 126 | |
| | 245,000 | | | | China Overseas Property Holdings Ltd | | | 261 | |
| | 475,999 | | | | China Resources Cement Holdings Ltd | | | 587 | |
| | 52,625 | | | | CK Asset Holdings Ltd | | | 316 | |
| | 54,453 | | | | CK Infrastructure Holdings Ltd | | | 281 | |
| | 227,954 | | | | CLP Holdings Ltd | | | 2,239 | |
| | 7,500 | | | | Dairy Farm International Holdings Ltd | | | 35 | |
| | 438,654 | | | | Hang Lung Properties Ltd | | | 1,043 | |
| | 15,472 | | | | Hang Seng Bank Ltd | | | 261 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 181,073 | | | | Henderson Land Development Co Ltd | | $ | 690 | |
| | 46,500 | | | | HK Electric Investments & HK Electric Investments Ltd | | | 48 | |
| | 70,660 | | | | HKT Trust and HKT Ltd | | | 104 | |
| | 1,404,878 | | | | Hong Kong & China Gas Ltd | | | 2,183 | |
| | 172,488 | | | | Hong Kong Electric Holdings Ltd | | | 942 | |
| | 412,778 | | e | | Hong Kong Exchanges and Clearing Ltd | | | 17,581 | |
| | 273,965 | | | | Hongkong Land Holdings Ltd | | | 1,139 | |
| | 4,500 | | | | Jardine Matheson Holdings Ltd | | | 188 | |
| | 4,300 | | | | Jardine Strategic Holdings Ltd | | | 93 | |
| | 11,526 | | | | Kerry Properties Ltd | | | 30 | |
| | 214,500 | | | | Kingboard Laminates Holdings Ltd | | | 217 | |
| | 191,868 | | | | Link REIT | | | 1,575 | |
| | 1,079,903 | | | | Melco Crown Entertainment Ltd (ADR) | | | 16,760 | |
| | 31,080 | | | | MTR Corp | | | 162 | |
| | 204,573 | | | | New World Development Co Ltd | | | 971 | |
| | 334,000 | | e | | Nine Dragons Paper Holdings Ltd | | | 305 | |
| | 28,638 | | | | NWS Holdings Ltd | | | 25 | |
| | 101,262 | | | | PCCW Ltd | | | 58 | |
| | 1,321,500 | | | | Sino Biopharmaceutical | | | 2,491 | |
| | 62,885 | | | | Sino Land Co | | | 79 | |
| | 37,611 | | | | SJM Holdings Ltd | | | 42 | |
| | 310,000 | | | | SSY Group Ltd | | | 212 | |
| | 178,468 | | | | Sun Hung Kai Properties Ltd | | | 2,280 | |
| | 10,628 | | | | Swire Pacific Ltd (Class A) | | | 56 | |
| | 22,577 | | | | Swire Properties Ltd | | | 58 | |
| | 27,902 | | e | | Techtronic Industries Co | | | 276 | |
| | 72,000 | | | | Vinda International Holdings Ltd | | | 259 | |
| | 205,500 | | g | | WH Group Ltd | | | 178 | |
| | 298,000 | | e | | Wharf Holdings Ltd | | | 610 | |
| | 155,537 | | e | | Wharf Real Estate Investment Co Ltd | | | 747 | |
| | | | | | TOTAL HONG KONG | | | 71,488 | |
| | | | | | | | | | |
| HUNGARY - 0.0% | | | |
| | 87,585 | | * | | MOL Hungarian Oil & Gas plc | | | 518 | |
| | 41,847 | | * | | OTP Bank | | | 1,471 | |
| | 26,038 | | | | Richter Gedeon Rt | | | 540 | |
| | | | | | TOTAL HUNGARY | | | 2,529 | |
| | | | | | | | | | |
| INDIA - 0.5% | | | |
| | 137,989 | | | | Ambuja Cements Ltd | | | 354 | |
| | 55,045 | | | | Asian Paints Ltd | | | 1,231 | |
| | 54,530 | | | | Aurobindo Pharma Ltd | | | 557 | |
| | 29,273 | | *,g | | Avenue Supermarts Ltd | | | 898 | |
| | 399,415 | | | | Axis Bank Ltd | | | 2,161 | |
| | 34,484 | | | | Bajaj Finance Ltd | | | 1,298 | |
| | 7,375 | | | | Bajaj Finserv Ltd | | | 572 | |
| | 16,334 | | | | Bajaj Holdings and Investment Ltd | | | 611 | |
| | 79,204 | | *,g | | Bandhan Bank Ltd | | | 338 | |
| | 43,417 | | | | Berger Paints India Ltd | | | 284 | |
| | 40,580 | | | | Bharat Forge Ltd | | | 172 | |
| | 131,163 | | | | Bharat Petroleum Corp Ltd | | | 650 | |
| | 468,495 | | * | | Bharti Airtel Ltd | | | 3,480 | |
| | 67,782 | | | | Bharti Infratel Ltd | | | 199 | |
| | 56,930 | | | | Biocon Ltd | | | 293 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 997 | | | | Bosch Ltd | | $ | 151 | |
| | 10,944 | | | | Britannia Industries Ltd | | | 523 | |
| | 66,477 | | | | Cipla Ltd | | | 564 | |
| | 257,033 | | | | Coal India Ltd | | | 454 | |
| | 13,147 | | | | Colgate-Palmolive India Ltd | | | 245 | |
| | 40,841 | | | | Container Corp Of India Ltd | | | 226 | |
| | 102,763 | | | | Dabur India Ltd | | | 635 | |
| | 14,816 | | | | Divi S Laboratories Ltd | | | 448 | |
| | 119,780 | | | | DLF Ltd | | | 235 | |
| | 22,288 | | | | Dr Reddy’s Laboratories Ltd | | | 1,167 | |
| | 2,624 | | | | Eicher Motors Ltd | | | 637 | |
| | 313,000 | | | | GAIL India Ltd | | | 426 | |
| | 78,146 | | | | Godrej Consumer Products Ltd | | | 716 | |
| | 57,462 | | | | Grasim Industries Ltd | | | 472 | |
| | 50,001 | | | | Havells India Ltd | | | 384 | |
| | 207,284 | | | | HCL Technologies Ltd | | | 1,530 | |
| | 8,151 | | g | | HDFC Asset Management Co Ltd | | | 268 | |
| | 134,372 | | *,g | | HDFC Life Insurance Co Ltd | | | 981 | |
| | 19,304 | | | | Hero Honda Motors Ltd | | | 652 | |
| | 230,799 | | | | Hindalco Industries Ltd | | | 452 | |
| | 156,969 | | | | Hindustan Lever Ltd | | | 4,538 | |
| | 126,067 | | * | | Hindustan Petroleum Corp Ltd | | | 363 | |
| | 313,323 | | | | Housing Development Finance Corp | | | 7,285 | |
| | 913,109 | | | | ICICI Bank Ltd | | | 4,257 | |
| | 38,529 | | g | | ICICI Lombard General Insurance Co Ltd | | | 647 | |
| | 68,420 | | g | | ICICI Prudential Life Insurance Co Ltd | | | 387 | |
| | 400,847 | | | | Indian Oil Corp Ltd | | | 454 | |
| | 41,516 | | | | Indraprastha Gas Ltd | | | 244 | |
| | 12,169 | | | | Info Edge India Ltd | | | 444 | |
| | 649,777 | | | | Infosys Technologies Ltd | | | 6,316 | |
| | 17,896 | | g | | InterGlobe Aviation Ltd | | | 234 | |
| | 661,422 | | * | | ITC Ltd | | | 1,708 | |
| | 162,623 | | | | JSW Steel Ltd | | | 412 | |
| | 14,482 | | | | Jubilant Foodworks Ltd | | | 331 | |
| | 92,097 | | | | Larsen & Toubro Ltd | | | 1,156 | |
| | 58,150 | | | | LIC Housing Finance Ltd | | | 205 | |
| | 43,630 | | | | Lupin Ltd | | | 527 | |
| | 142,634 | | | | Mahindra & Mahindra Ltd | | | 968 | |
| | 87,522 | | | | Marico Ltd | | | 408 | |
| | 23,020 | | | | Maruti Suzuki India Ltd | | | 1,782 | |
| | 188,309 | | | | Motherson Sumi Systems Ltd | | | 237 | |
| | 101,384 | | | | Mundra Port and Special Economic Zone Ltd | | | 461 | |
| | 4,380 | | | | Nestle India Ltd | | | 995 | |
| | 476,604 | | | | NTPC Ltd | | | 606 | |
| | 1,054 | | | | Page Industries Ltd | | | 278 | |
| | 124,060 | | | | Petronet LNG Ltd | | | 425 | |
| | 22,810 | | | | Pidilite Industries Ltd | | | 415 | |
| | 17,968 | | | | Piramal Healthcare Ltd | | | 323 | |
| | 369,685 | | | | Power Grid Corp of India Ltd | | | 857 | |
| | 547,250 | | | | Reliance Industries Ltd | | | 12,448 | |
| | 150,558 | | | | Rural Electrification Corp Ltd | | | 216 | |
| | 75,902 | | *,g | | SBI Life Insurance Co Ltd | | | 810 | |
| | 386,017 | | | | Sesa Sterlite Ltd | | | 552 | |
| | 1,656 | | | | Shree Cement Ltd | | | 506 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 17,132 | | | | Shriram Transport Finance Co Ltd | | $ | 156 | |
| | 13,543 | | | | Siemens India Ltd | | | 197 | |
| | 355,953 | | * | | State Bank of India | | | 843 | |
| | 163,137 | | | | Sun Pharmaceutical Industries Ltd | | | 1,024 | |
| | 171,958 | | | | Tata Consultancy Services Ltd | | | 4,734 | |
| | 343,006 | | * | | Tata Motors Ltd | | | 450 | |
| | 72,828 | | | | Tata Steel Ltd | | | 319 | |
| | 86,207 | | | | Tata Tea Ltd | | | 443 | |
| | 90,525 | | | | Tech Mahindra Ltd | | | 651 | |
| | 60,261 | | | | Titan Industries Ltd | | | 759 | |
| | 10,134 | | | | Torrent Pharmaceuticals Ltd | | | 319 | |
| | 21,972 | | | | Ultra Tech Cement Ltd | | | 1,136 | |
| | 94,451 | | * | | United Phosphorus Ltd | | | 533 | |
| | 57,016 | | * | | United Spirits Ltd | | | 447 | |
| | 220,515 | | | | Wipro Ltd | | | 644 | |
| | 170,757 | | | | ZEE Telefilms Ltd | | | 388 | |
| | | | | | TOTAL INDIA | | | 89,102 | |
| | | | | | | | | | |
| INDONESIA - 0.2% | | | |
| | 3,008,000 | | | | Adaro Energy Tbk | | | 212 | |
| | 68,433,600 | | | | Bank Rakyat Indonesia | | | 14,607 | |
| | 450,800 | | * | | Indofood CBP Sukses Makmur Tbk | | | 296 | |
| | 1,289,900 | | * | | PT ACE Hardware Indonesia Tbk | | | 137 | |
| | 3,857,100 | | | | PT Astra International Tbk | | | 1,305 | |
| | 1,870,100 | | | | PT Bank Central Asia Tbk | | | 3,742 | |
| | 3,528,547 | | | | PT Bank Mandiri Persero Tbk | | | 1,225 | |
| | 1,429,100 | | | | PT Bank Negara Indonesia | | | 462 | |
| | 5,213,000 | | * | | PT Barito Pacific Tbk | | | 426 | |
| | 1,381,100 | | * | | PT Charoen Pokphand Indonesia Tbk | | | 541 | |
| | 691,700 | | | | PT Excelcomindo Pratama | | | 135 | |
| | 94,200 | | | | PT Gudang Garam Tbk | | | 312 | |
| | 1,887,700 | | | | PT Hanjaya Mandala Sampoerna Tbk | | | 219 | |
| | 515,500 | | | | PT Indah Kiat Pulp and Paper Corp Tbk | | | 217 | |
| | 291,400 | | * | | PT Indocement Tunggal Prakarsa Tbk | | | 242 | |
| | 851,900 | | * | | PT Indofood Sukses Makmur Tbk | | | 391 | |
| | 4,110,900 | | | | PT Kalbe Farma Tbk | | | 422 | |
| | 2,537,300 | | | | PT Perusahaan Gas Negara Persero Tbk | | | 203 | |
| | 575,000 | | | | PT Semen Gresik Persero Tbk | | | 389 | |
| | 9,479,600 | | | | PT Telekomunikasi Indonesia Persero Tbk | | | 2,031 | |
| | 1,481,000 | | | | PT Unilever Indonesia Tbk | | | 822 | |
| | 339,500 | | | | PT United Tractors Tbk | | | 395 | |
| | | | | | TOTAL INDONESIA | | | 28,731 | |
| | | | | | | | | | |
| IRELAND - 0.6% | | | |
| | 2,267 | | * | | AerCap Holdings NV | | | 70 | |
| | 3,905,171 | | | | AIB Group plc | | | 4,931 | |
| | 3,123,349 | | | | Bank of Ireland Group plc | | | 6,436 | |
| | 584,769 | | | | CRH plc | | | 20,128 | |
| | 166,584 | | *,e | | Flutter Entertainment plc | | | 21,839 | |
| | 6,318,432 | | | | Hibernia REIT plc | | | 7,977 | |
| | 94,673 | | | | Kerry Group plc (Class A) | | | 11,761 | |
| | 739,784 | | e | | Keywords Studios plc | | | 16,610 | |
| | 2,739 | | | | Kingspan Group plc | | | 177 | |
| | 2,789 | | e | | Paddy Power plc | | | 368 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 822,886 | | | | Smurfit Kappa Group plc | | $ | 27,653 | |
| | | | | | TOTAL IRELAND | | | 117,950 | |
| | | | | | | | | | |
| ISRAEL - 0.0% | | | |
| | 815 | | | | Azrieli Group | | | 37 | |
| | 146,284 | | | | Bank Hapoalim Ltd | | | 874 | |
| | 184,293 | | | | Bank Leumi Le-Israel | | | 927 | |
| | 2,075 | | * | | Check Point Software Technologies | | | 223 | |
| | 423 | | | | Elbit Systems Ltd | | | 58 | |
| | 6,219 | | | | Isracard Ltd | | | 14 | |
| | 10,338 | | | | Israel Chemicals Ltd | | | 31 | |
| | 22,201 | | | | Israel Discount Bank Ltd | | | 68 | |
| | 23,821 | | | | Mizrahi Tefahot Bank Ltd | | | 448 | |
| | 1,109 | | * | | Nice Systems Ltd | | | 209 | |
| | 19,437 | | * | | Teva Pharmaceutical Industries Ltd (ADR) | | | 240 | |
| | 892 | | * | | Wix.com Ltd | | | 228 | |
| | | | | | TOTAL ISRAEL | | | 3,357 | |
| | | | | | | | | | |
| ITALY - 1.3% | | | |
| | 675,087 | | | | Amplifon S.p.A. | | | 18,035 | |
| | 19,482 | | | | Assicurazioni Generali S.p.A. | | | 296 | |
| | 8,862 | | * | | Autostrade S.p.A. | | | 143 | |
| | 2,838,339 | | | | Davide Campari-Milano S.p.A | | | 24,004 | |
| | 413 | | | | DiaSorin S.p.A. | | | 79 | |
| | 6,963,181 | | | | Enel S.p.A. | | | 60,221 | |
| | 45,420 | | | | ENI S.p.A. | | | 435 | |
| | 171,710 | | | | Ferrari NV | | | 29,413 | |
| | 10,552 | | | | FinecoBank Banca Fineco S.p.A | | | 143 | |
| | 7,064 | | | | Finmeccanica S.p.A. | | | 47 | |
| | 4,549 | | g | | Infrastrutture Wireless Italiane S.p.A | | | 46 | |
| | 1,839,131 | | | | Intesa Sanpaolo S.p.A. | | | 3,534 | |
| | 432,439 | | | | Mediobanca S.p.A. | | | 3,123 | |
| | 635,434 | | | | Moncler S.p.A | | | 24,435 | |
| | 6,421 | | *,e,g | | Nexi S.p.A | | | 111 | |
| | 5,743 | | g | | Pirelli & C S.p.A | | | 24 | |
| | 9,898 | | g | | Poste Italiane S.p.A | | | 86 | |
| | 2,775,681 | | e | | Prada S.p.A | | | 9,699 | |
| | 4,258 | | | | Prysmian S.p.A. | | | 99 | |
| | 1,753 | | | | Recordati S.p.A. | | | 88 | |
| | 36,283 | | | | Snam Rete Gas S.p.A. | | | 177 | |
| | 126,073 | | | | Telecom Italia RSP | | | 49 | |
| | 151,285 | | e | | Telecom Italia S.p.A. | | | 60 | |
| | 24,949 | | | | Terna Rete Elettrica Nazionale S.p.A. | | | 172 | |
| | 7,681,038 | | | | UniCredit S.p.A. | | | 70,890 | |
| | | | | | TOTAL ITALY | | | 245,409 | |
| | | | | | | | | | |
| JAPAN - 6.7% | | | |
| | 710 | | | | ABC-Mart, Inc | | | 42 | |
| | 5,800 | | | | Acom Co Ltd | | | 22 | |
| | 176 | | | | Activia Properties Inc | | | 610 | |
| | 103,500 | | | | Advantest Corp | | | 5,907 | |
| | 11,646 | | | | Aeon Co Ltd | | | 271 | |
| | 1,597 | | | | Aeon Mall Co Ltd | | | 21 | |
| | 19,573 | | | | Air Water, Inc | | | 277 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 389,490 | | | | Aisin Seiki Co Ltd | | $ | 11,417 | |
| | 8,568 | | | | Ajinomoto Co, Inc | | | 142 | |
| | 3,405 | | | | Alfresa Holdings Corp | | | 71 | |
| | 7,650 | | | | All Nippon Airways Co Ltd | | | 175 | |
| | 5,044 | | | | Amada Co Ltd | | | 41 | |
| | 141,499 | | *,e | | Amazia, Inc | | | 5,382 | |
| | 1,684 | | e | | Aozora Bank Ltd | | | 29 | |
| | 6,851 | | | | Asahi Breweries Ltd | | | 241 | |
| | 3,301 | | | | Asahi Glass Co Ltd | | | 95 | |
| | 3,300 | �� | | | Asahi Intecc Co Ltd | | | 94 | |
| | 161,326 | | | | Asahi Kasei Corp | | | 1,321 | |
| | 12,400 | | | | Ashikaga Holdings Co Ltd | | | 29 | |
| | 358,300 | | | | Astellas Pharma, Inc | | | 5,983 | |
| | 137,621 | | | | Bank of Kyoto Ltd | | | 4,890 | |
| | 162,300 | | * | | BASE, Inc | | | 6,839 | |
| | 468,700 | | e | | Benefit One, Inc | | | 9,451 | |
| | 1,453 | | | | Benesse Holdings, Inc | | | 39 | |
| | 212 | | | | BLife Investment Corp | | | 499 | |
| | 9,530 | | e | | Bridgestone Corp | | | 308 | |
| | 3,985 | | | | Brother Industries Ltd | | | 72 | |
| | 1,300 | | | | Calbee, Inc | | | 36 | |
| | 17,777 | | *,e | | Canon, Inc | | | 355 | |
| | 3,433 | | * | | Casio Computer Co Ltd | | | 60 | |
| | 41,781 | | | | Central Japan Railway Co | | | 6,462 | |
| | 600 | | | | Century Leasing System, Inc | | | 31 | |
| | 7,762 | | | | Chiba Bank Ltd | | | 37 | |
| | 102,206 | | | | Chubu Electric Power Co, Inc | | | 1,282 | |
| | 125,907 | | | | Chugai Pharmaceutical Co Ltd | | | 6,741 | |
| | 5,566 | | | | Chugoku Electric Power Co, Inc | | | 74 | |
| | 2,000 | | e | | Coca-Cola West Japan Co Ltd | | | 36 | |
| | 18,200 | | | | Concordia Financial Group Ltd | | | 59 | |
| | 300 | | | | Cosmos Pharmaceutical Corp | | | 46 | |
| | 1,800 | | | | CyberAgent, Inc | | | 88 | |
| | 4,638 | | | | Dai Nippon Printing Co Ltd | | | 107 | |
| | 3,946 | | | | Daicel Chemical Industries Ltd | | | 31 | |
| | 1,900 | | | | Daifuku Co Ltd | | | 167 | |
| | 18,411 | | | | Dai-ichi Mutual Life Insurance Co | | | 220 | |
| | 988,194 | | | | Daiichi Sankyo Co Ltd | | | 80,826 | |
| | 77,577 | | | | Daikin Industries Ltd | | | 12,552 | |
| | 4,449 | | | | Daito Trust Construction Co Ltd | | | 410 | |
| | 9,956 | | | | Daiwa House Industry Co Ltd | | | 235 | |
| | 27,180 | | * | | Daiwa Securities Group, Inc | | | 114 | |
| | 7,787 | | | | Denso Corp | | | 305 | |
| | 3,955 | | | | Dentsu, Inc | | | 94 | |
| | 500 | | | | Disco Corp | | | 122 | |
| | 7,332 | | | | Don Quijote Co Ltd | | | 161 | |
| | 86,597 | | | | East Japan Railway Co | | | 6,001 | |
| | 340,528 | | | | Eisai Co Ltd | | | 27,055 | |
| | 2,093 | | | | Electric Power Development Co | | | 40 | |
| | 4,476 | | | | FamilyMart Co Ltd | | | 77 | |
| | 3,485 | | | | Fanuc Ltd | | | 625 | |
| | 4,883 | | | | Fast Retailing Co Ltd | | | 2,807 | |
| | 105,200 | | *,e | | Freee KK | | | 4,789 | |
| | 2,264 | | | | Fuji Electric Holdings Co Ltd | | | 62 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 10,939 | | | | Fuji Heavy Industries Ltd | | $ | 229 | |
| | 6,286 | | | | Fujifilm Holdings Corp | | | 269 | |
| | 3,398 | | | | Fujitsu Ltd | | | 398 | |
| | 3,046 | | | | Fukuoka Financial Group, Inc | | | 48 | |
| | 59 | | | | GLP J-Reit | | | 85 | |
| | 125,999 | | | | GMO Payment Gateway, Inc | | | 13,179 | |
| | 4,700 | | | | Hakuhodo DY Holdings, Inc | | | 56 | |
| | 2,600 | | | | Hamamatsu Photonics KK | | | 113 | |
| | 4,093 | | | | Hankyu Hanshin Holdings, Inc | | | 138 | |
| | 432 | | | | Hikari Tsushin, Inc | | | 99 | |
| | 4,882 | | | | Hino Motors Ltd | | | 33 | |
| | 573 | | | | Hirose Electric Co Ltd | | | 63 | |
| | 1,075 | | | | Hisamitsu Pharmaceutical Co, Inc | | | 58 | |
| | 2,133 | | * | | Hitachi Construction Machinery Co Ltd | | | 59 | |
| | 2,248,163 | | * | | Hitachi Ltd | | | 71,457 | |
| | 25,285 | | | | Hitachi Metals Ltd | | | 303 | |
| | 28,896 | | | | Honda Motor Co Ltd | | | 740 | |
| | 912 | | | | Hoshizaki Electric Co Ltd | | | 78 | |
| | 6,727 | | * | | Hoya Corp | | | 644 | |
| | 88,228 | | | | Hulic Co Ltd | | | 833 | |
| | 400 | | | | Hulic Reit, Inc | | | 497 | |
| | 250,000 | | | | Ibiden Co Ltd | | | 7,317 | |
| | 26,576 | | | | Idemitsu Kosan Co Ltd | | | 567 | |
| | 2,129 | | | | Iida Group Holdings Co Ltd | | | 33 | |
| | 7,722,600 | | | | Infomart Corp | | | 53,447 | |
| | 120,084 | | | | Inpex Holdings, Inc | | | 750 | |
| | 6 | | | | Invincible Investment Corp | | | 2 | |
| | 166,600 | | | | IR Japan Holdings Ltd | | | 17,557 | |
| | 5,281 | | | | Isetan Mitsukoshi Holdings Ltd | | | 30 | |
| | 9,200 | | | | Isuzu Motors Ltd | | | 84 | |
| | 3,600 | | | | IT Holdings Corp | | | 76 | |
| | 1,000 | | | | Ito En Ltd | | | 56 | |
| | 23,869 | | | | Itochu Corp | | | 516 | |
| | 1,700 | | | | Itochu Techno-Science Corp | | | 64 | |
| | 1,824 | | | | Japan Airlines Co Ltd | | | 33 | |
| | 903 | | e | | Japan Airport Terminal Co Ltd | | | 39 | |
| | 568,900 | | | | Japan Elevator Service Holdings Co Ltd | | | 18,404 | |
| | 8,446 | | | | Japan Post Bank Co Ltd | | | 63 | |
| | 28,040 | | | | Japan Post Holdings Co Ltd | | | 200 | |
| | 3,700 | | | | Japan Post Insurance Co Ltd | | | 49 | |
| | 14 | | | | Japan Prime Realty Investment Corp | | | 41 | |
| | 25 | | | | Japan Real Estate Investment Corp | | | 128 | |
| | 41 | | | | Japan Retail Fund Investment Corp | | | 51 | |
| | 139,063 | | e | | Japan Tobacco, Inc | | | 2,583 | |
| | 63,723 | | * | | JFE Holdings, Inc | | | 461 | |
| | 259,878 | | | | JGC Corp | | | 2,740 | |
| | 25,459 | | | | JSR Corp | | | 494 | |
| | 3,003 | | | | JTEKT Corp | | | 23 | |
| | 387,888 | | | | JX Holdings, Inc | | | 1,383 | |
| | 7,586 | | | | Kajima Corp | | | 91 | |
| | 2,334 | | | | Kakaku.com, Inc | | | 59 | |
| | 353,700 | | *,e | | Kamakura Shinsho Ltd | | | 3,708 | |
| | 1,585 | | | | Kamigumi Co Ltd | | | 31 | |
| | 186,135 | | | | Kansai Electric Power Co, Inc | | | 1,804 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 25,815 | | | | Kansai Paint Co Ltd | | $ | 546 | |
| | 65,885 | | | | Kao Corp | | | 5,228 | |
| | 1,951 | | | | Kawasaki Heavy Industries Ltd | | | 28 | |
| | 29,197 | | | | KDDI Corp | | | 871 | |
| | 1,700 | | | | Keihan Electric Railway Co Ltd | | | 76 | |
| | 3,760 | | | | Keihin Electric Express Railway Co Ltd | | | 58 | |
| | 1,923 | | | | Keio Corp | | | 110 | |
| | 2,313 | | | | Keisei Electric Railway Co Ltd | | | 72 | |
| | 36 | | | | Kenedix Realty Investment Corp | | | 201 | |
| | 142,100 | | | | Kenedix, Inc | | | 702 | |
| | 3,276 | | | | Keyence Corp | | | 1,373 | |
| | 2,695 | | | | Kikkoman Corp | | | 130 | |
| | 3,049 | | | | Kintetsu Corp | | | 137 | |
| | 14,549 | | e | | Kirin Brewery Co Ltd | | | 307 | |
| | 900 | | | | Kobayashi Pharmaceutical Co Ltd | | | 79 | |
| | 1,100 | | | | Kobe Bussan Co Ltd | | | 62 | |
| | 1,800 | | * | | Koito Manufacturing Co Ltd | | | 73 | |
| | 15,550 | | | | Komatsu Ltd | | | 318 | |
| | 1,686 | | | | Konami Corp | | | 56 | |
| | 628 | | | | Kose Corp | | | 76 | |
| | 18,398 | | | | Kubota Corp | | | 275 | |
| | 43,675 | | | | Kuraray Co Ltd | | | 457 | |
| | 1,777 | | | | Kurita Water Industries Ltd | | | 49 | |
| | 5,700 | | | | Kyocera Corp | | | 311 | |
| | 4,745 | | e | | Kyowa Hakko Kogyo Co Ltd | | | 125 | |
| | 30,277 | | | | Kyushu Electric Power Co, Inc | | | 254 | |
| | 2,800 | | | | Kyushu Railway Co | | | 73 | |
| | 1,400 | | | | Lasertec Corp | | | 132 | |
| | 880 | | | | Lawson, Inc | | | 44 | |
| | 1,000 | | * | | LINE Corp | | | 50 | |
| | 4,000 | | | | Lion Corp | | | 96 | |
| | 4,664 | | | | LIXIL Group Corp | | | 66 | |
| | 102,976 | | | | M3, Inc | | | 4,375 | |
| | 3,988 | | | | Makita Corp | | | 145 | |
| | 28,265 | | | | Marubeni Corp | | | 128 | |
| | 3,109 | | | | Marui Co Ltd | | | 56 | |
| | 6,996 | | | | Maruichi Steel Tube Ltd | | | 174 | |
| | 10,015 | | | | Mazda Motor Corp | | | 61 | |
| | 1,200 | | | | McDonald’s Holdings Co Japan Ltd | | | 65 | |
| | 3,359 | | | | Mediceo Paltac Holdings Co Ltd | | | 65 | |
| | 1,908 | | | | MEIJI Holdings Co Ltd | | | 152 | |
| | 1,100 | | *,e | | Mercari, Inc | | | 34 | |
| | 6,900 | | | | Minebea Co Ltd | | | 126 | |
| | 5,400 | | | | MISUMI Group, Inc | | | 136 | |
| | 178,463 | | | | Mitsubishi Chemical Holdings Corp | | | 1,041 | |
| | 23,922 | | | | Mitsubishi Corp | | | 506 | |
| | 32,314 | | | | Mitsubishi Electric Corp | | | 422 | |
| | 216,496 | | | | Mitsubishi Estate Co Ltd | | | 3,226 | |
| | 22,480 | | | | Mitsubishi Gas Chemical Co, Inc | | | 342 | |
| | 6,111 | | | | Mitsubishi Heavy Industries Ltd | | | 144 | |
| | 14,011 | | | | Mitsubishi Materials Corp | | | 296 | |
| | 11,108 | | | | Mitsubishi Motors Corp | | | 28 | |
| | 216,462 | | | | Mitsubishi UFJ Financial Group, Inc | | | 852 | |
| | 5,400 | | | | Mitsubishi UFJ Lease & Finance Co Ltd | | | 26 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 293,782 | | | | Mitsui & Co Ltd | | $ | 4,353 | |
| | 23,729 | | | | Mitsui Chemicals, Inc | | | 496 | |
| | 16,556 | | | | Mitsui Fudosan Co Ltd | | | 294 | |
| | 654 | | | | Mitsui Fudosan Logistics Park, Inc | | | 2,924 | |
| | 8,142 | | | | Mitsui Sumitomo Insurance Group Holdings, Inc | | | 224 | |
| | 1,400 | | | | Miura Co Ltd | | | 58 | |
| | 428,356 | | | | Mizuho Financial Group, Inc | | | 527 | |
| | 518,525 | | | | MonotaRO Co Ltd | | | 20,834 | |
| | 153 | | | | Mori Hills REIT Investment Corp | | | 193 | |
| | 10,105 | | | | Murata Manufacturing Co Ltd | | | 596 | |
| | 1,739 | | e | | Nabtesco Corp | | | 54 | |
| | 3,300 | | | | Nagoya Railroad Co Ltd | | | 93 | |
| | 3,506 | | | | Namco Bandai Holdings, Inc | | | 185 | |
| | 4,461 | | | | NEC Corp | | | 214 | |
| | 8,500 | | | | Nexon Co Ltd | | | 192 | |
| | 4,024 | | | | NGK Insulators Ltd | | | 56 | |
| | 2,648 | | | | NGK Spark Plug Co Ltd | | | 38 | |
| | 7,834 | | | | Nidec Corp | | | 528 | |
| | 2,800 | | | | Nihon M&A Center, Inc | | | 127 | |
| | 4,981 | | | | Nikon Corp | | | 42 | |
| | 299,559 | | | | Nintendo Co Ltd | | | 133,923 | |
| | 23 | | | | Nippon Building Fund, Inc | | | 131 | |
| | 1,444 | | | | Nippon Express Co Ltd | | | 75 | |
| | 1,372 | | | | Nippon Meat Packers, Inc | | | 55 | |
| | 20,126 | | e | | Nippon Paint Co Ltd | | | 1,468 | |
| | 1,831 | | | | Nippon ProLogis REIT, Inc | | | 5,564 | |
| | 800 | | | | Nippon Shinyaku Co Ltd | | | 65 | |
| | 98,102 | | | | Nippon Steel Corp | | | 927 | |
| | 595,784 | | | | Nippon Telegraph & Telephone Corp | | | 13,881 | |
| | 2,776 | | | | Nippon Yusen Kabushiki Kaisha | | | 39 | |
| | 15,439 | | | | Nissan Chemical Industries Ltd | | | 794 | |
| | 40,927 | | * | | Nissan Motor Co Ltd | | | 152 | |
| | 3,431 | | | | Nisshin Seifun Group, Inc | | | 51 | |
| | 51,145 | | | | Nissin Food Products Co Ltd | | | 4,531 | |
| | 1,413 | | | | Nitori Co Ltd | | | 277 | |
| | 20,637 | | | | Nitto Denko Corp | | | 1,170 | |
| | 5,938 | | | | NKSJ Holdings, Inc | | | 204 | |
| | 55,980 | | * | | Nomura Holdings, Inc | | | 252 | |
| | 1,574 | | | | Nomura Real Estate Holdings, Inc | | | 29 | |
| | 489 | | | | Nomura Real Estate Master Fund, Inc | | | 586 | |
| | 5,700 | | | | Nomura Research Institute Ltd | | | 156 | |
| | 366,047 | | | | NSK Ltd | | | 2,732 | |
| | 11,000 | | | | NTT Data Corp | | | 123 | |
| | 20,586 | | | | NTT DoCoMo, Inc | | | 547 | |
| | 10,996 | | | | Obayashi Corp | | | 103 | |
| | 1,200 | | | | Obic Co Ltd | | | 211 | |
| | 5,546 | | | | Odakyu Electric Railway Co Ltd | | | 136 | |
| | 106,994 | | | | OJI Paper Co Ltd | | | 499 | |
| | 20,668 | | | | Olympus Corp | | | 398 | |
| | 77,955 | | | | Omron Corp | | | 5,221 | |
| | 6,568 | | | | Ono Pharmaceutical Co Ltd | | | 192 | |
| | 703 | | * | | Oracle Corp Japan | | | 83 | |
| | 22,331 | | | | Oriental Land Co Ltd | | | 2,951 | |
| | 1,366,728 | | | | ORIX Corp | | | 16,971 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 328 | | | | Orix JREIT, Inc | | $ | 432 | |
| | 7,120 | | | | Osaka Gas Co Ltd | | | 141 | |
| | 9,122 | | | | Osaka Securities Exchange Co Ltd | | | 211 | |
| | 1,822 | | | | Otsuka Corp | | | 96 | |
| | 6,900 | | | | Otsuka Holdings KK | | | 301 | |
| | 331,400 | | | | Paltac Corp | | | 15,289 | |
| | 295,655 | | | | Panasonic Corp | | | 2,593 | |
| | 1,500 | | | | Park24 Co Ltd | | | 26 | |
| | 1,700 | | * | | PeptiDream, Inc | | | 78 | |
| | 1,900 | | e | | Pigeon Corp | | | 74 | |
| | 1,810 | | e | | Pola Orbis Holdings, Inc | | | 32 | |
| | 16,300 | | * | | Rakuten, Inc | | | 144 | |
| | 2,142,153 | | | | Recruit Holdings Co Ltd | | | 73,669 | |
| | 3,723,100 | | * | | Renesas Electronics Corp | | | 19,138 | |
| | 36,242 | | | | Resona Holdings, Inc | | | 124 | |
| | 11,482 | | | | Ricoh Co Ltd | | | 82 | |
| | 612 | | | | Rinnai Corp | | | 51 | |
| | 65,835 | | | | Rohm Co Ltd | | | 4,377 | |
| | 3,840 | | | | Ryohin Keikaku Co Ltd | | | 55 | |
| | 6,453 | | | | Santen Pharmaceutical Co Ltd | | | 119 | |
| | 4,491 | | * | | SBI Holdings, Inc | | | 97 | |
| | 3,667 | | | | Secom Co Ltd | | | 322 | |
| | 3,452 | | | | Sega Sammy Holdings, Inc | | | 41 | |
| | 3,900 | | | | Seibu Holdings, Inc | | | 42 | |
| | 4,600 | | | | Seiko Epson Corp | | | 53 | |
| | 6,495 | | | | Sekisui Chemical Co Ltd | | | 93 | |
| | 84,920 | | | | Sekisui House Ltd | | | 1,621 | |
| | 348,900 | | | | Seria Co Ltd | | | 12,444 | |
| | 71,286 | | | | Seven & I Holdings Co Ltd | | | 2,332 | |
| | 7,800 | | | | Seven Bank Ltd | | | 21 | |
| | 2,900 | | | | SG Holdings Co Ltd | | | 95 | |
| | 2,899 | | * | | Sharp Corp | | | 31 | |
| | 207,698 | | * | | SHIFT, Inc | | | 21,210 | |
| | 4,047 | | | | Shimadzu Corp | | | 108 | |
| | 327 | | | | Shimamura Co Ltd | | | 22 | |
| | 1,292 | | | | Shimano, Inc | | | 248 | |
| | 8,662 | | | | Shimizu Corp | | | 71 | |
| | 80,200 | | | | Shin-Etsu Chemical Co Ltd | | | 9,412 | |
| | 2,677 | | *,e | | Shinsei Bank Ltd | | | 32 | |
| | 4,790 | | | | Shionogi & Co Ltd | | | 301 | |
| | 19,393 | | | | Shiseido Co Ltd | | | 1,236 | |
| | 6,401 | | | | Shizuoka Bank Ltd | | | 41 | |
| | 1,900 | | e | | Showa Denko KK | | | 43 | |
| | 1,063 | | * | | SMC Corp | | | 546 | |
| | 559,200 | | | | SMS Co Ltd | | | 12,584 | |
| | 33,700 | | | | Softbank Corp | | | 430 | |
| | 27,732 | | | | Softbank Group Corp | | | 1,398 | |
| | 1,300 | | | | Sohgo Security Services Co Ltd | | | 61 | |
| | 2,692,240 | | | | Sony Corp | | | 185,846 | |
| | 2,628 | | | | Sony Financial Holdings, Inc | | | 63 | |
| | 1,700 | | | | Square Enix Co Ltd | | | 86 | |
| | 2,414 | | | | Stanley Electric Co Ltd | | | 58 | |
| | 880 | | e | | Star Asia Investment Corp | | | 779 | |
| | 1,600 | | e | | Start Today Co Ltd | | | 36 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,173,835 | | *,e | | Sumco Corp | | $ | 18,047 | |
| | 1,000 | | | | Sumisho Computer Systems Corp | | | 49 | |
| | 202,283 | | | | Sumitomo Chemical Co Ltd | | | 609 | |
| | 21,065 | | | | Sumitomo Corp | | | 242 | |
| | 2,663 | | | | Sumitomo Dainippon Pharma Co Ltd | | | 37 | |
| | 14,447 | | | | Sumitomo Electric Industries Ltd | | | 167 | |
| | 516,125 | | | | Sumitomo Heavy Industries Ltd | | | 11,288 | |
| | 31,115 | | | | Sumitomo Metal Mining Co Ltd | | | 877 | |
| | 2,598,391 | | | | Sumitomo Mitsui Financial Group, Inc | | | 73,331 | |
| | 5,818 | | | | Sumitomo Mitsui Trust Holdings, Inc | | | 164 | |
| | 5,136 | | | | Sumitomo Realty & Development Co Ltd | | | 142 | |
| | 2,763 | | e | | Sumitomo Rubber Industries, Inc | | | 27 | |
| | 1,200 | | | | Sundrug Co Ltd | | | 40 | |
| | 2,600 | | | | Suntory Beverage & Food Ltd | | | 101 | |
| | 1,407 | | | | Suzuken Co Ltd | | | 53 | |
| | 206,534 | | | | Suzuki Motor Corp | | | 7,052 | |
| | 2,971 | | | | Sysmex Corp | | | 228 | |
| | 552,095 | | | | T&D Holdings, Inc | | | 4,742 | |
| | 2,300 | | | | Taiheiyo Cement Corp | | | 53 | |
| | 3,393 | | | | Taisei Corp | | | 124 | |
| | 756 | | | | Taisho Pharmaceutical Holdings Co Ltd | | | 46 | |
| | 15,567 | | | | Taiyo Nippon Sanso Corp | | | 260 | |
| | 83,411 | | | | Takeda Pharmaceutical Co Ltd | | | 2,997 | |
| | 2,356 | | | | TDK Corp | | | 235 | |
| | 201,799 | | | | TechnoPro Holdings, Inc | | | 11,650 | |
| | 24,387 | | | | Teijin Ltd | | | 388 | |
| | 2,502 | | | | Temp Holdings Co Ltd | | | 35 | |
| | 11,392 | | | | Terumo Corp | | | 434 | |
| | 1,894 | | | | THK Co Ltd | | | 47 | |
| | 3,334 | | | | Tobu Railway Co Ltd | | | 110 | |
| | 2,075 | | | | Toho Co Ltd | | | 75 | |
| | 1,200 | | | | Toho Gas Co Ltd | | | 60 | |
| | 7,013 | | | | Tohoku Electric Power Co, Inc | | | 67 | |
| | 180,364 | | | | Tokio Marine Holdings, Inc | | | 7,895 | |
| | 206,725 | | * | | Tokyo Electric Power Co, Inc | | | 636 | |
| | 2,616 | | | | Tokyo Electron Ltd | | | 645 | |
| | 101,332 | | | | Tokyo Gas Co Ltd | | | 2,426 | |
| | 134,100 | | e | | Tokyo Tatemono Co Ltd | | | 1,543 | |
| | 9,529 | | | | Tokyu Corp | | | 134 | |
| | 10,700 | | | | Tokyu Fudosan Holdings Corp | | | 50 | |
| | 4,667 | | | | Toppan Printing Co Ltd | | | 78 | |
| | 183,946 | | | | Toray Industries, Inc | | | 868 | |
| | 6,855 | | | | Toshiba Corp | | | 220 | |
| | 36,521 | | | | Tosoh Corp | | | 502 | |
| | 2,642 | | | | Toto Ltd | | | 102 | |
| | 17,800 | | | | Toyo Seikan Kaisha Ltd | | | 201 | |
| | 1,599 | | | | Toyo Suisan Kaisha Ltd | | | 89 | |
| | 697 | | | | Toyoda Gosei Co Ltd | | | 15 | |
| | 2,793 | | | | Toyota Industries Corp | | | 148 | |
| | 1,659,153 | | | | Toyota Motor Corp | | | 104,334 | |
| | 3,594 | | | | Toyota Tsusho Corp | | | 92 | |
| | 2,328 | | * | | Trend Micro, Inc | | | 130 | |
| | 700 | | | | Tsuruha Holdings, Inc | | | 97 | |
| | 7,107 | | | | Uni-Charm Corp | | | 291 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 299 | | | | United Urban Investment Corp | | $ | 322 | |
| | 3,930 | | | | USS Co Ltd | | | 63 | |
| | 800 | | | | Welcia Holdings Co Ltd | | | 65 | |
| | 2,907 | | | | West Japan Railway Co | | | 163 | |
| | 175,800 | | e | | Workman Co Ltd | | | 15,558 | |
| | 46,938 | | | | Yahoo! Japan Corp | | | 230 | |
| | 2,004 | | | | Yakult Honsha Co Ltd | | | 118 | |
| | 14,031 | | | | Yamada Denki Co Ltd | | | 70 | |
| | 2,408 | | | | Yamaha Corp | | | 114 | |
| | 4,391 | | | | Yamaha Motor Co Ltd | | | 69 | |
| | 5,455 | | | | Yamato Transport Co Ltd | | | 118 | |
| | 2,253 | | | | Yamazaki Baking Co Ltd | | | 39 | |
| | 4,524 | | | | Yaskawa Electric Corp | | | 157 | |
| | 4,010 | | | | Yokogawa Electric Corp | | | 63 | |
| | 1,800 | | e | | Yokohama Rubber Co Ltd | | | 25 | |
| | | | | | TOTAL JAPAN | | | 1,300,280 | |
| | | | | | | | | | |
| JORDAN - 0.0% | | | |
| | 3,032 | | | | Hikma Pharmaceuticals plc | | | 83 | |
| | | | | | TOTAL JORDAN | | | 83 | |
| | | | | | | | | | |
| KOREA, REPUBLIC OF - 1.4% | | | |
| | 6,293 | | | | Amorepacific Corp | | | 880 | |
| | 1,908 | | | | Amorepacific Corp (Preference) | | | 114 | |
| | 1,528 | | | | BGF retail Co Ltd | | | 177 | |
| | 54,789 | | | | BS Financial Group, Inc | | | 230 | |
| | 12,906 | | * | | Celltrion Healthcare Co Ltd | | | 1,170 | |
| | 3,201 | | * | | Celltrion Pharm Inc | | | 341 | |
| | 17,964 | | * | | Celltrion, Inc | | | 4,598 | |
| | 13,310 | | | | Cheil Communications, Inc | | | 184 | |
| | 16,161 | | | | Cheil Industries, Inc | | | 1,572 | |
| | 1,552 | | | | CJ CheilJedang Corp | | | 424 | |
| | 2,858 | | | | CJ Corp | | | 206 | |
| | 2,348 | | | | CJ O Shopping Co Ltd | | | 218 | |
| | 5,324 | | | | Daelim Industrial Co | | | 366 | |
| | 28,545 | | * | | Daewoo Engineering & Construction Co Ltd | | | 82 | |
| | 11,223 | | | | Daewoo International Corp | | | 131 | |
| | 54,959 | | | | Daewoo Securities Co Ltd | | | 308 | |
| | 7,022 | | * | | Daewoo Shipbuilding & Marine Engineering Co Ltd | | | 160 | |
| | 9,312 | | | | Dongbu Insurance Co Ltd | | | 334 | |
| | 9,695 | | | | Doosan Bobcat, Inc | | | 216 | |
| | 3,736 | | | | DuzonBIzon Co Ltd | | | 319 | |
| | 3,928 | | | | E-Mart Co Ltd | | | 347 | |
| | 9,721 | | | | Fila Korea Ltd | | | 287 | |
| | 3,725 | | | | GLOVIS Co Ltd | | | 317 | |
| | 11,707 | | | | GS Engineering & Construction Corp | | | 241 | |
| | 10,667 | | | | GS Holdings Corp | | | 323 | |
| | 5,056 | | | | GS Retail Co Ltd | | | 154 | |
| | 57,388 | | | | Hana Financial Group, Inc | | | 1,305 | |
| | 14,431 | | | | Hankook Tire Co Ltd | | | 299 | |
| | 1,273 | | | | Hanmi Pharm Co Ltd | | | 260 | |
| | 35,652 | | | | Hanon Systems | | | 270 | |
| | 20,715 | | | | Hanwha Chemical Corp | | | 336 | |
| | 7,203 | | | | Hanwha Corp | | | 135 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 8,662 | | *,e | | HLB, Inc | | $ | 669 | |
| | 3,368 | | | | Honam Petrochemical Corp | | | 471 | |
| | 6,313 | | | | Hotel Shilla Co Ltd | | | 375 | |
| | 104,027 | | | | Hynix Semiconductor, Inc | | | 7,427 | |
| | 2,801 | | | | Hyundai Department Store Co Ltd | | | 132 | |
| | 14,888 | | | | Hyundai Engineering & Construction Co Ltd | | | 412 | |
| | 7,606 | | * | | Hyundai Heavy Industries | | | 560 | |
| | 12,653 | | | | Hyundai Marine & Fire Insurance Co Ltd | | | 243 | |
| | 12,628 | | | | Hyundai Mobis | | | 2,027 | |
| | 28,559 | | | | Hyundai Motor Co | | | 2,346 | |
| | 7,193 | | | | Hyundai Motor Co Ltd (2nd Preference) | | | 344 | |
| | 4,568 | | | | Hyundai Motor Co Ltd (Preference) | | | 211 | |
| | 1,946 | | | | Hyundai Robotics Co Ltd | | | 402 | |
| | 17,277 | | | | Hyundai Steel Co | | | 299 | |
| | 53,710 | | | | Industrial Bank of Korea | | | 365 | |
| | 10,684 | | | | Kakao Corp | | | 2,398 | |
| | 21,102 | | | | Kangwon Land, Inc | | | 380 | |
| | 75,386 | | | | KB Financial Group, Inc | | | 2,134 | |
| | 590 | | * | | KCC Glass Corp | | | 16 | |
| | 50,086 | | | | Kia Motors Corp | | | 1,353 | |
| | 5,159 | | * | | KMW Co Ltd | | | 276 | |
| | 14,582 | | | | Korea Aerospace Industries Ltd | | | 291 | |
| | 51,053 | | * | | Korea Electric Power Corp | | | 833 | |
| | 1,757 | | * | | Korea Express Co Ltd | | | 232 | |
| | 6,214 | | | | Korea Gas Corp | | | 136 | |
| | 7,830 | | | | Korea Investment Holdings Co Ltd | | | 294 | |
| | 3,725 | | | | Korea Kumho Petrochemical | | | 233 | |
| | 1,593 | | | | Korea Zinc Co Ltd | | | 446 | |
| | 13,356 | | * | | Korean Air Lines Co Ltd | | | 196 | |
| | 22,396 | | | | KT&G Corp | | | 1,463 | |
| | 131,692 | | | | LG Chem Ltd | | | 54,347 | |
| | 1,516 | | | | LG Chem Ltd (Preference) | | | 319 | |
| | 17,815 | | | | LG Corp | | | 1,063 | |
| | 20,706 | | | | LG Electronics, Inc | | | 1,097 | |
| | 1,779 | | | | LG Household & Health Care Ltd | | | 1,994 | |
| | 407 | | | | LG Household & Health Care Ltd (Preference) | | | 247 | |
| | 2,759 | | | | LG Innotek Co Ltd | | | 405 | |
| | 42,907 | | | | LG Telecom Ltd | | | 438 | |
| | 48,837 | | * | | LG.Philips LCD Co Ltd | | | 468 | |
| | 4,997 | | | | Lotte Corp | | | 132 | |
| | 2,534 | | | | Lotte Shopping Co Ltd | | | 169 | |
| | 44,264 | | | | Meritz Securities Co Ltd | | | 113 | |
| | 23,423 | | | | Naver Corp | | | 5,270 | |
| | 3,116 | | | | NCsoft | | | 2,318 | |
| | 4,230 | | *,g | | Netmarble Corp | | | 355 | |
| | 4,480 | | | | Orion Corp/Republic of Korea | | | 502 | |
| | 233 | | | | Ottogi Corp | | | 108 | |
| | 5,818 | | | | Pacific Corp | | | 252 | |
| | 1,085 | | * | | Pearl Abyss Corp | | | 197 | |
| | 14,263 | | * | | POSCO | | | 2,077 | |
| | 4,080 | | | | POSCO Refractories & Environment Co Ltd | | | 258 | |
| | 3,393 | | | | S1 Corp (Korea) | | | 243 | |
| | 3,139 | | *,g | | Samsung Biologics Co Ltd | | | 2,036 | |
| | 5,040 | | | | Samsung Card Co | | | 115 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 10,586 | | | | Samsung Electro-Mechanics Co Ltd | | $ | 1,148 | |
| | 3,105,351 | | * | | Samsung Electronics Co Ltd | | | 137,467 | |
| | 156,685 | | * | | Samsung Electronics Co Ltd (Preference) | | | 6,104 | |
| | 31,149 | | * | | Samsung Engineering Co Ltd | | | 321 | |
| | 5,905 | | | | Samsung Fire & Marine Insurance Co Ltd | | | 868 | |
| | 91,728 | | * | | Samsung Heavy Industries Co Ltd | | | 459 | |
| | 13,561 | | | | Samsung Life Insurance Co Ltd | | | 510 | |
| | 10,451 | | | | Samsung SDI Co Ltd | | | 3,196 | |
| | 6,590 | | | | Samsung SDS Co Ltd | | | 932 | |
| | 11,895 | | | | Samsung Securities Co Ltd | | | 263 | |
| | 87,435 | | | | Shinhan Financial Group Co Ltd | | | 2,113 | |
| | 1,470 | | | | Shinsegae Co Ltd | | | 272 | |
| | 6,728 | | | | SK C&C Co Ltd | | | 1,636 | |
| | 11,134 | | | | SK Energy Co Ltd | | | 1,231 | |
| | 3,978 | | | | SK Telecom Co Ltd | | | 701 | |
| | 9,661 | | | | S-Oil Corp | | | 515 | |
| | 49,431 | | * | | STX Pan Ocean Co Ltd | | | 158 | |
| | 4,748 | | * | | ViroMed Co Ltd | | | 243 | |
| | 9,529 | | | | Woongjin Coway Co Ltd | | | 576 | |
| | 105,985 | | | | Woori Financial Group, Inc | | | 781 | |
| | 20,185 | | | | Woori Investment & Securities Co Ltd | | | 140 | |
| | 9,050 | | | | Yuhan Corp | | | 383 | |
| | | | | | TOTAL KOREA, REPUBLIC OF | | | 277,808 | |
| | | | | | | | | | |
| LUXEMBOURG - 0.0% | | | |
| | 13,654 | | | | ArcelorMittal | | | 145 | |
| | 235 | | e | | Eurofins Scientific | | | 148 | |
| | 28,307 | | | | Reinet Investments S.C.A | | | 497 | |
| | 5,752 | | | | SES Global S.A. | | | 39 | |
| | 8,187 | | | | Tenaris S.A. | | | 53 | |
| | | | | | TOTAL LUXEMBOURG | | | 882 | |
| | | | | | | | | | |
| MACAU - 0.1% | | | |
| | 204,803 | | | | Galaxy Entertainment Group Ltd | | | 1,405 | |
| | 49,133 | | | | Sands China Ltd | | | 194 | |
| | 4,977,483 | | e | | Wynn Macau Ltd | | | 8,633 | |
| | | | | | TOTAL MACAU | | | 10,232 | |
| | | | | | | | | | |
| MALAYSIA - 0.1% | | | |
| | 315,600 | | | | AMMB Holdings BHD | | | 230 | |
| | 1,240,416 | | | | Bumiputra-Commerce Holdings BHD | | | 1,035 | |
| | 29,700 | | | | Carlsberg Brewery-Malay BHD | | | 173 | |
| | 780,700 | | | | Dialog Group BHD | | | 662 | |
| | 578,300 | | | | Digi.Com BHD | | | 584 | |
| | 28,700 | | | | Fraser & Neave Holdings BHD | | | 218 | |
| | 336,731 | | | | Gamuda BHD | | | 288 | |
| | 432,200 | | | | Genting BHD | | | 416 | |
| | 40,900 | | | | Genting Plantations BHD | | | 94 | |
| | 118,000 | | | | HAP Seng Consolidated BHD | | | 243 | |
| | 320,700 | | | | Hartalega Holdings BHD | | | 978 | |
| | 121,900 | | | | Hong Leong Bank BHD | | | 403 | |
| | 32,500 | | | | Hong Leong Credit BHD | | | 100 | |
| | 413,800 | | | | IHH Healthcare BHD | | | 533 | |
| | 518,500 | | | | IJM Corp BHD | | | 221 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 477,800 | | | | IOI Corp BHD | | $ | 486 | |
| | 83,030 | | | | Kuala Lumpur Kepong BHD | | | 430 | |
| | 757,707 | | | | Malayan Banking BHD | | | 1,331 | |
| | 211,600 | | | | Malaysia Airports Holdings BHD | | | 270 | |
| | 424,400 | | | | Maxis BHD | | | 533 | |
| | 269,200 | | | | MISC BHD | | | 482 | |
| | 13,100 | | | | Nestle Malaysia BHD | | | 428 | |
| | 460,600 | | | | Petronas Chemicals Group BHD | | | 671 | |
| | 67,300 | | | | Petronas Dagangan BHD | | | 324 | |
| | 163,600 | | | | Petronas Gas BHD | | | 648 | |
| | 123,180 | | | | PPB Group BHD | | | 513 | |
| | 267,200 | | | | Press Metal BHD | | | 284 | |
| | 556,100 | | | | Public Bank BHD | | | 2,147 | |
| | 131,500 | | | | QL Resources BHD | | | 295 | |
| | 604,200 | | | | Resorts World BHD | | | 359 | |
| | 298,300 | | | | RHB Capital BHD | | | 334 | |
| | 542,100 | | | | Sime Darby BHD | | | 273 | |
| | 393,600 | | | | Sime Darby Plantation BHD | | | 454 | |
| | 1,153 | | | | SP Setia BHD | | | 0 | ^ |
| | 220,200 | | | | Telekom Malaysia BHD | | | 214 | |
| | 443,100 | | | | Tenaga Nasional BHD | | | 1,205 | |
| | 550,843 | | | | TM International BHD | | | 459 | |
| | 291,800 | | | | Top Glove Corp BHD | | | 1,101 | |
| | 164,300 | | | | Westports Holdings BHD | | | 146 | |
| | 659,200 | | | | YTL Corp BHD | | | 128 | |
| | | | | | TOTAL MALAYSIA | | | 19,693 | |
| | | | | | | | | | |
| MEXICO - 0.1% | | | |
| | 594,800 | | | | Alfa S.A. de C.V. (Class A) | | | 335 | |
| | 6,391,500 | | | | America Movil S.A. de C.V. (Series L) | | | 4,102 | |
| | 102,600 | | | | Becle SAB de C.V. | | | 198 | |
| | 2,976,094 | | * | | Cemex S.A. de C.V. | | | 839 | |
| | 109,300 | | | | Coca-Cola Femsa SAB de C.V. | | | 479 | |
| | 84,000 | | | | Embotelladoras Arca SAB de C.V. | | | 368 | |
| | 625,900 | | | | Fibra Uno Administracion S.A. de C.V. | | | 497 | |
| | 372,900 | | | | Fomento Economico Mexicano S.A. de C.V. | | | 2,312 | |
| | 44,425 | | | | Gruma SAB de C.V. | | | 479 | |
| | 72,500 | | | | Grupo Aeroportuario del Pacifico S.A. de C.V. (B Shares) | | | 521 | |
| | 40,210 | | * | | Grupo Aeroportuario del Sureste S.A. de C.V. (Class B) | | | 449 | |
| | 299,100 | | e | | Grupo Bimbo S.A. de C.V. (Series A) | | | 501 | |
| | 86,100 | | * | | Grupo Carso S.A. de C.V. (Series A1) | | | 168 | |
| | 492,500 | | * | | Grupo Financiero Banorte S.A. de C.V. | | | 1,708 | |
| | 425,727 | | * | | Grupo Financiero Inbursa S.A. | | | 295 | |
| | 589,500 | | | | Grupo Mexico S.A. de C.V. (Series B) | | | 1,370 | |
| | 468,000 | | * | | Grupo Televisa S.A. | | | 491 | |
| | 29,360 | | | | Industrias Penoles S.A. de C.V. | | | 300 | |
| | 107,800 | | | | Infraestructura Energetica ,NV SAB de C.V. | | | 311 | |
| | 305,500 | | | | Kimberly-Clark de Mexico S.A. de C.V. (Class A) | | | 477 | |
| | 66,300 | | | | Megacable Holdings SAB de C.V. | | | 194 | |
| | 212,200 | | | | Orbia Advance Corp SAB de C.V. | | | 314 | |
| | 41,490 | | * | | Promotora y Operadora de Infraestructura SAB de C.V. | | | 299 | |
| | 998,300 | | | | Wal-Mart de Mexico SAB de C.V. | | | 2,395 | |
| | | | | | TOTAL MEXICO | | | 19,402 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| NETHERLANDS - 2.0% | | | |
| | 6,589 | | g | | ABN AMRO Group NV (ADR) | | $ | 57 | |
| | 19,625 | | *,g | | Adyen NV | | | 28,564 | |
| | 29,814 | | | | Aegon NV | | | 88 | |
| | 3,549 | | | | Akzo Nobel NV | | | 319 | |
| | 10,350 | | * | | Altice NV (Class A) | | | 40 | |
| | 347,959 | | | | ASML Holding NV | | | 127,288 | |
| | 3,066 | | | | DSM NV | | | 426 | |
| | 161,119 | | g | | Euronext NV | | | 16,217 | |
| | 1,947 | | | | EXOR NV | | | 112 | |
| | 2,189 | | | | Heineken Holding NV | | | 179 | |
| | 38,813 | | | | Heineken NV | | | 3,578 | |
| | 15,838,222 | | | | ING Groep NV | | | 110,407 | |
| | 500,000 | | * | | ING Groep NV (ADR) | | | 3,450 | |
| | 148,337 | | *,g | | Just Eat Takeaway | | | 15,468 | |
| | 165,400 | | | | Koninklijke Ahold Delhaize NV | | | 4,508 | |
| | 971,192 | | | | Koninklijke KPN NV | | | 2,583 | |
| | 83,389 | | | | Koninklijke Philips Electronics NV | | | 3,890 | |
| | 1,172 | | | | Koninklijke Vopak NV | | | 62 | |
| | 5,282 | | | | NN Group NV | | | 178 | |
| | 443,872 | | | | NXP Semiconductors NV | | | 50,619 | |
| | 8,677 | | * | | Prosus NV | | | 807 | |
| | 2,284 | | | | Randstad Holdings NV | | | 102 | |
| | 1,010,688 | | | | Royal Dutch Shell plc (A Shares) | | | 16,182 | |
| | 66,311 | | | | Royal Dutch Shell plc (B Shares) | | | 1,005 | |
| | 11,784 | | *,g | | Takeaway.com Holding BV | | | 1,232 | |
| | 4,870 | | | | Wolters Kluwer NV | | | 380 | |
| | | | | | TOTAL NETHERLANDS | | | 387,741 | |
| | | | | | | | | | |
| NEW ZEALAND - 0.1% | | | |
| | 14,796 | | * | | a2 Milk Co Ltd | | | 194 | |
| | 23,969 | | | | Auckland International Airport Ltd | | | 102 | |
| | 529,323 | | | | Fisher & Paykel Healthcare Corp | | | 12,194 | |
| | 27,485 | | | | Meridian Energy Ltd | | | 86 | |
| | 12,557 | | | | Mighty River Power Ltd | | | 38 | |
| | 7,982 | | | | Ryman Healthcare Ltd | | | 68 | |
| | 37,964 | | | | Telecom Corp of New Zealand Ltd | | | 112 | |
| | | | | | TOTAL NEW ZEALAND | | | 12,794 | |
| | | | | | | | | | |
| NORWAY - 0.2% | | | |
| | 1,328,063 | | e | | Aker BP ASA | | | 24,577 | |
| | 16,883 | | | | DNB NOR Holding ASA | | | 225 | |
| | 364,888 | | | | Equinor ASA | | | 5,256 | |
| | 148,411 | | | | Gjensidige Forsikring BA | | | 2,742 | |
| | 7,841 | | | | Mowi ASA | | | 149 | |
| | 22,860 | | | | Norsk Hydro ASA | | | 64 | |
| | 12,869 | | | | Orkla ASA | | | 113 | |
| | 1,936 | | | | Schibsted ASA (B Shares) | | | 46 | |
| | 12,809 | | | | Telenor ASA | | | 187 | |
| | 3,059 | | | | Yara International ASA | | | 107 | |
| | | | | | TOTAL NORWAY | | | 33,466 | |
| | | | | | | | | | |
| PAKISTAN - 0.0% | | | |
| | 70,800 | | | | Habib Bank Ltd | | | 41 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 52,200 | | | | MCB Bank Ltd | | $ | 50 | |
| | 219,956 | | | | Oil & Gas Development Co Ltd | | | 145 | |
| | | | | | TOTAL PAKISTAN | | | 236 | |
| | | | | | | | | | |
| PERU - 0.0% | | | |
| | 43,700 | | | | Cia de Minas Buenaventura S.A. (ADR) (Series B) | | | 399 | |
| | 13,000 | | | | Credicorp Ltd (NY) | | | 1,738 | |
| | 16,536 | | | | Southern Copper Corp (NY) | | | 658 | |
| | | | | | TOTAL PERU | | | 2,795 | |
| | | | | | | | | | |
| PHILIPPINES - 0.1% | | | |
| | 374,260 | | | | Aboitiz Equity Ventures, Inc | | | 342 | |
| | 305,200 | | | | Aboitiz Power Corp | | | 166 | |
| | 4,228 | | *,† | | Altus San Nicolas Corp | | | 0 | ^ |
| | 54,770 | | | | Ayala Corp | | | 860 | |
| | 1,543,570 | | | | Ayala Land, Inc | | | 1,053 | |
| | 382,080 | | | | Banco de Oro Universal Bank | | | 754 | |
| | 177,260 | | | | Bank of the Philippine Islands | | | 257 | |
| | 6,540 | | | | Globe Telecom, Inc | | | 272 | |
| | 18,674 | | | | GT Capital Holdings, Inc | | | 171 | |
| | 199,370 | | | | International Container Term Services, Inc | | | 410 | |
| | 544,450 | | | | JG Summit Holdings (Series B) | | | 711 | |
| | 88,420 | | | | Jollibee Foods Corp | | | 250 | |
| | 48,110 | | | | Manila Electric Co | | | 260 | |
| | 2,159,927 | | | | Megaworld Corp | | | 133 | |
| | 2,876,900 | | | | Metro Pacific Investments Corp | | | 215 | |
| | 360,863 | | | | Metropolitan Bank & Trust | | | 270 | |
| | 16,960 | | | | PLDT, Inc | | | 422 | |
| | 202,300 | | | | Puregold Price Club, Inc | | | 189 | |
| | 376,600 | | * | | Robinsons Land Corp | | | 133 | |
| | 5,826,950 | | | | Robinsons Retail Holdings, Inc | | | 7,596 | |
| | 46,940 | | * | | SM Investments Corp | | | 891 | |
| | 1,920,800 | | | | SM Prime Holdings | | | 1,235 | |
| | 170,350 | | | | Universal Robina | | | 446 | |
| | | | | | TOTAL PHILIPPINES | | | 17,036 | |
| | | | | | | | | | |
| POLAND - 0.0% | | | |
| | 37,094 | | | | Bank Pekao S.A. | | | 508 | |
| | 7,065 | | * | | Bank Zachodni WBK S.A. | | | 316 | |
| | 2,530 | | | | BRE Bank S.A. | | | 148 | |
| | 12,633 | | * | | CD Projekt Red S.A. | | | 1,273 | |
| | 55,385 | | * | | Cyfrowy Polsat S.A. | | | 370 | |
| | 9,140 | | *,g | | Dino Polska S.A. | | | 466 | |
| | 20,686 | | | | Grupa Lotos S.A. | | | 315 | |
| | 25,838 | | * | | KGHM Polska Miedz S.A. | | | 600 | |
| | 244 | | * | | LPP S.A. | | | 372 | |
| | 363,031 | | | | Polish Oil & Gas Co | | | 419 | |
| | 166,946 | | * | | Polska Grupa Energetyczna S.A. | | | 292 | |
| | 59,518 | | | | Polski Koncern Naftowy Orlen S.A. | | | 946 | |
| | 167,443 | | | | Powszechna Kasa Oszczednosci Bank Polski S.A. | | | 975 | |
| | 113,820 | | | | Powszechny Zaklad Ubezpieczen S.A. | | | 838 | |
| | 133,031 | | * | | Telekomunikacja Polska S.A. | | | 210 | |
| | | | | | TOTAL POLAND | | | 8,048 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| PORTUGAL - 0.1% | | | |
| | 1,195,604 | | | | Energias de Portugal S.A. | | $ | 5,707 | |
| | 9,658 | | | | Galp Energia SGPS S.A. | | | 112 | |
| | 846,836 | | *,e | | Jeronimo Martins SGPS S.A. | | | 14,820 | |
| | | | | | TOTAL PORTUGAL | | | 20,639 | |
| | | | | | | | | | |
| QATAR - 0.0% | | | |
| | 388,110 | | | | Barwa Real Estate Co | | | 326 | |
| | 382,709 | | | | Commercial Bank of Qatar QSC | | | 400 | |
| | 350,943 | | | | Industries Qatar QSC | | | 744 | |
| | 699,675 | | | | Masraf Al Rayan | | | 736 | |
| | 834,166 | | | | Mesaieed Petrochemical Holding Co | | | 465 | |
| | 166,968 | | | | Ooredoo QSC | | | 301 | |
| | 108,007 | | | | Qatar Electricity & Water Co | | | 470 | |
| | 100,957 | | | | Qatar Fuel QSC | | | 448 | |
| | 148,743 | | | | Qatar International Islamic Bank QSC | | | 332 | |
| | 213,232 | | | | Qatar Islamic Bank SAQ | | | 924 | |
| | 859,120 | | | | Qatar National Bank | | | 4,119 | |
| | | | | | TOTAL QATAR | | | 9,265 | |
| | | | | | | | | | |
| ROMANIA - 0.0% | | | |
| | 75,450 | | | | NEPI Rockcastle plc | | | 387 | |
| | | | | | TOTAL ROMANIA | | | 387 | |
| | | | | | | | | | |
| RUSSIA - 0.8% | | | |
| | 7,814 | | | | Evraz plc | | | 28 | |
| | 1,150,701 | | | | Gazprom (ADR) | | | 6,237 | |
| | 81,543 | | | | LUKOIL PJSC (ADR) | | | 6,052 | |
| | 71,949 | | * | | Magnit PJSC (GDR) | | | 935 | |
| | 121,644 | | | | MMC Norilsk Nickel PJSC (ADR) | | | 3,203 | |
| | 92,500 | | e | | Mobile TeleSystems (ADR) | | | 850 | |
| | 18,236 | | | | Novatek PJSC (GDR) | | | 2,593 | |
| | 27,470 | | | | Novolipetsk Steel PJSC (GDR) | | | 546 | |
| | 29,387 | | | | PhosAgro PJSC (GDR) | | | 363 | |
| | 45,494 | | | | Polymetal International plc (ADR) | | | 911 | |
| | 13,027 | | * | | Polyus PJSC (GDR) | | | 1,096 | |
| | 263,996 | | * | | Rosneft Oil Co PJSC (GDR) | | | 1,327 | |
| | 3,601,341 | | * | | Sberbank of Russia (ADR) | | | 40,839 | |
| | 48,279 | | | | Severstal (GDR) | | | 584 | |
| | 270,029 | | | | Surgutneftegaz (ADR) (London) | | | 1,443 | |
| | 47,472 | | | | Tatneft PJSC (ADR) | | | 2,236 | |
| | 399,156 | | * | | VTB Bank PJSC (GDR) Tradegate | | | 375 | |
| | 24,223 | | * | | X5 Retail Group NV (GDR) | | | 857 | |
| | 1,498,441 | | * | | Yandex NV | | | 74,952 | |
| | | | | | TOTAL RUSSIA | | | 145,427 | |
| | | | | | | | | | |
| SAUDI ARABIA - 0.2% | | | |
| | 8,343 | | | | Abdullah Al Othaim Markets Co | | | 250 | |
| | 20,579 | | | | Advanced Petrochemical Co | | | 293 | |
| | 233,755 | | | | Al Rajhi Bank | | | 3,535 | |
| | 185,332 | | * | | Alinma Bank | | | 720 | |
| | 48,221 | | | | Almarai Co JSC | | | 668 | |
| | 112,890 | | | | Arab National Bank | | | 575 | |
| | 69,790 | | | | Bank AlBilad | | | 413 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 83,131 | | | | Bank Al-Jazira | | $ | 251 | |
| | 113,423 | | | | Banque Saudi Fransi | | | 867 | |
| | 10,839 | | | | Bupa Arabia for Cooperative Insurance Co | | | 316 | |
| | 11,195 | | * | | Co for Cooperative Insurance | | | 213 | |
| | 112,453 | | * | | Dar Al Arkan Real Estate Development Co | | | 213 | |
| | 71,429 | | * | | Emaar Economic City | | | 130 | |
| | 70,678 | | * | | Etihad Etisalat Co | | | 503 | |
| | 11,099 | | | | Jarir Marketing Co | | | 435 | |
| | 278,656 | | | | National Commercial Bank | | | 2,779 | |
| | 72,508 | | * | | National Industrialization Co | | | 203 | |
| | 50,635 | | * | | Rabigh Refining & Petrochemical Co | | | 182 | |
| | 254,683 | | | | Riyad Bank | | | 1,148 | |
| | 74,984 | | | | Sahara International Petrochemical Co | | | 289 | |
| | 184,364 | | | | Samba Financial Group | | | 1,326 | |
| | 8,007 | | | | Saudi Airlines Catering Co | | | 166 | |
| | 38,716 | | | | Saudi Arabian Fertilizer Co | | | 771 | |
| | 82,140 | | * | | Saudi Arabian Mining Co | | | 770 | |
| | 230,522 | | g | | Saudi Arabian Oil Co | | | 2,001 | |
| | 173,172 | | | | Saudi Basic Industries Corp | | | 4,078 | |
| | 138,387 | | | | Saudi British Bank | | | 843 | |
| | 14,834 | | | | Saudi Cement Co | | | 210 | |
| | 164,097 | | | | Saudi Electricity Co | | | 684 | |
| | 44,226 | | | | Saudi Industrial Investment Group | | | 239 | |
| | 151,206 | | * | | Saudi Kayan Petrochemical Co | | | 333 | |
| | 113,801 | | | | Saudi Telecom Co | | | 3,015 | |
| | 50,557 | | | | Savola Group | | | 570 | |
| | 49,689 | | | | Yanbu National Petrochemical Co | | | 681 | |
| | | | | | TOTAL SAUDI ARABIA | | | 29,670 | |
| | | | | | | | | | |
| SINGAPORE - 0.1% | | | |
| | 362,248 | | | | Ascendas REIT | | | 831 | |
| | 42,200 | | g | | BOC Aviation Ltd | | | 272 | |
| | 63,485 | | | | CapitaCommercial Trust | | | 78 | |
| | 1,802,046 | | * | | CapitaLand Ltd | | | 3,807 | |
| | 47,117 | | | | CapitaMall Trust | | | 67 | |
| | 8,900 | | e | | City Developments Ltd | | | 54 | |
| | 36,222 | | | | DBS Group Holdings Ltd | | | 545 | |
| | 123,492 | | | | Genting Singapore Ltd | | | 68 | |
| | 2,166 | | | | Jardine Cycle & Carriage Ltd | | | 32 | |
| | 28,368 | | e | | Keppel Corp Ltd | | | 122 | |
| | 42,700 | | e | | Mapletree Commercial Trust | | | 60 | |
| | 56,800 | | e | | Mapletree Logistics Trust | | | 80 | |
| | 606,712 | | | | Oversea-Chinese Banking Corp | | | 3,954 | |
| | 28,560 | | | | Singapore Airlines Ltd | | | 77 | |
| | 380,743 | | e | | Singapore Exchange Ltd | | | 2,291 | |
| | 35,407 | | | | Singapore Technologies Engineering Ltd | | | 84 | |
| | 1,088,191 | | | | Singapore Telecommunications Ltd | | | 1,936 | |
| | 1,200 | | | | Singapore Telecommunications Ltd | | | 2 | |
| | 31,400 | | | | Suntec Real Estate Investment Trust | | | 32 | |
| | 246,343 | | | | United Overseas Bank Ltd | | | 3,600 | |
| | 8,631 | | | | UOL Group Ltd | | | 42 | |
| | 5,400 | | | | Venture Corp Ltd | | | 63 | |
| | | | | | TOTAL SINGAPORE | | | 18,097 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| SOUTH AFRICA - 0.2% | | | |
| | 137,640 | | | | Absa Group Ltd | | $ | 680 | |
| | 10,695 | | | | Anglo American Platinum Ltd | | | 778 | |
| | 21,882 | | | | Anglo American plc (London) | | | 504 | |
| | 75,045 | | * | | Aspen Pharmacare Holdings Ltd | | | 623 | |
| | 63,868 | | | | Bid Corp Ltd | | | 1,049 | |
| | 57,344 | | | | Bidvest Group Ltd | | | 470 | |
| | 8,824 | | | | Capitec Bank Holdings Ltd | | | 439 | |
| | 47,780 | | | | Clicks Group Ltd | | | 579 | |
| | 75,737 | | | | Discovery Holdings Ltd | | | 458 | |
| | 49,257 | | | | Exxaro Resources Ltd | | | 372 | |
| | 920,550 | | | | FirstRand Ltd | | | 2,024 | |
| | 167,811 | | | | Gold Fields Ltd | | | 1,584 | |
| | 615,545 | | | | Growthpoint Properties Ltd | | | 476 | |
| | 152,797 | | | | Impala Platinum Holdings Ltd | | | 1,029 | |
| | 12,518 | | e | | Kumba Iron Ore Ltd | | | 335 | |
| | 272,718 | | | | Life Healthcare Group Holdings Pte Ltd | | | 263 | |
| | 163,841 | | | | Momentum Metropolitan Holdings | | | 167 | |
| | 48,652 | | | | Mr Price Group Ltd | | | 402 | |
| | 325,071 | | e | | MTN Group Ltd | | | 996 | |
| | 85,252 | | * | | MultiChoice Group Ltd | | | 521 | |
| | 84,623 | | | | Naspers Ltd (N Shares) | | | 15,552 | |
| | 72,891 | | | | Nedbank Group Ltd | | | 427 | |
| | 72,212 | | * | | Northam Platinum Ltd | | | 487 | |
| | 151,139 | | e,g | | Pepkor Holdings Ltd | | | 96 | |
| | 69,108 | | | | Pick’n Pay Stores Ltd | | | 203 | |
| | 32,454 | | | | PSG Group Ltd | | | 297 | |
| | 148,822 | | | | Rand Merchant Investment Holdings Ltd | | | 250 | |
| | 103,087 | | | | Remgro Ltd | | | 595 | |
| | 357,619 | | | | Sanlam Ltd | | | 1,217 | |
| | 110,450 | | * | | Sasol Ltd | | | 848 | |
| | 96,765 | | | | Shoprite Holdings Ltd | | | 595 | |
| | 431,603 | | * | | Sibanye Stillwater Ltd | | | 937 | |
| | 37,891 | | | | Spar Group Ltd | | | 375 | |
| | 247,524 | | | | Standard Bank Group Ltd | | | 1,494 | |
| | 31,314 | | | | Tiger Brands Ltd | | | 322 | |
| | 122,011 | | e | | Vodacom Group Pty Ltd | | | 866 | |
| | 200,901 | | | | Woolworths Holdings Ltd | | | 384 | |
| | | | | | TOTAL SOUTH AFRICA | | | 38,694 | |
| | | | | | | | | | |
| SPAIN - 0.4% | | | |
| | 4,285 | | | | ACS Actividades de Construccion y Servicios S.A. | | | 110 | |
| | 1,205 | | g | | Aena S.A. | | | 161 | |
| | 276,400 | | | | Amadeus IT Holding S.A. | | | 14,512 | |
| | 119,034 | | | | Banco Bilbao Vizcaya Argentaria S.A. | | | 410 | |
| | 68,033 | | | | Banco Santander S.A. | | | 168 | |
| | 228,270 | | | | Banco Santander S.A. (AQXE) | | | 558 | |
| | 10,687 | | | | Bankinter S.A. | | | 51 | |
| | 67,484 | | | | CaixaBank S.A. | | | 144 | |
| | 4,458 | | g | | Cellnex Telecom SAU | | | 272 | |
| | 17,286 | | | | Corp Mapfre S.A. | | | 31 | |
| | 4,010 | | e | | Enagas | | | 98 | |
| | 347,535 | | e | | Endesa S.A. | | | 8,621 | |
| | 8,625 | | | | Ferrovial S.A. | | | 231 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 35,292 | | | | Grifols S.A. | | $ | 1,073 | |
| | 3,955,486 | | | | Iberdrola S.A. | | | 46,179 | |
| | 178,962 | | | | Industria De Diseno Textil S.A. | | | 4,748 | |
| | 108,528 | | *,†,e | | Let’s GOWEX S.A. | | | 1 | |
| | 40,631 | | e | | Naturgy Energy Group S.A. | | | 759 | |
| | 51,667 | | e | | Red Electrica Corp S.A. | | | 967 | |
| | 24,846 | | | | Repsol YPF S.A. | | | 220 | |
| | 4,447 | | *,e | | Siemens Gamesa Renewable Energy | | | 79 | |
| | 610,097 | | e | | Telefonica S.A. | | | 2,918 | |
| | | | | | TOTAL SPAIN | | | 82,311 | |
| | | | | | | | | | |
| SWEDEN - 0.5% | | | |
| | 5,733 | | | | Alfa Laval AB | | | 127 | |
| | 647,940 | | | | Assa Abloy AB | | | 13,262 | |
| | 11,929 | | | | Atlas Copco AB (A Shares) | | | 508 | |
| | 6,921 | | | | Atlas Copco AB (B Shares) | | | 257 | |
| | 2,785 | | | | Autoliv, Inc | | | 180 | |
| | 4,976 | | * | | Boliden AB | | | 114 | |
| | 4,183 | | | | Electrolux AB (Series B) | | | 70 | |
| | 7,160 | | | | Epiroc AB | | | 88 | |
| | 11,427 | | | | Epiroc AB (Class A) | | | 143 | |
| | 4,511 | | e | | EQT AB | | | 81 | |
| | 51,964 | | | | Ericsson (LM) (B Shares) | | | 482 | |
| | 10,768 | | | | Essity AB | | | 349 | |
| | 2,224 | | e,g | | Evolution Gaming Group AB | | | 132 | |
| | 32,000 | | * | | Fastighets AB Balder | | | 1,224 | |
| | 14,318 | | e | | Hennes & Mauritz AB (B Shares) | | | 209 | |
| | 266,325 | | | | Hexagon AB (B Shares) | | | 15,640 | |
| | 6,605 | | | | Husqvarna AB (B Shares) | | | 54 | |
| | 1,748 | | e | | ICA Gruppen AB | | | 83 | |
| | 2,823 | | | | Industrivarden AB | | | 64 | |
| | 498,177 | | e | | Intrum Justitia AB | | | 9,171 | |
| | 2,812 | | e | | Investment AB Latour | | | 51 | |
| | 8,060 | | e | | Investor AB (B Shares) | | | 428 | |
| | 4,164 | | * | | Kinnevik AB | | | 110 | |
| | 1,353 | | | | Lundbergs AB (B Shares) | | | 62 | |
| | 134,383 | | e | | Lundin Petroleum AB | | | 3,280 | |
| | 5,395 | | | | Nibe Industrier AB | | | 120 | |
| | 246,863 | | | | Sandvik AB | | | 4,647 | |
| | 17,787 | | *,e | | SAS AB | | | 15 | |
| | 5,615 | | | | Securitas AB (B Shares) | | | 76 | |
| | 655,459 | | | | Skandinaviska Enskilda Banken AB (Class A) | | | 5,690 | |
| | 6,071 | | | | Skanska AB (B Shares) | | | 124 | |
| | 6,810 | | | | SKF AB (B Shares) | | | 127 | |
| | 10,531 | | | | Svenska Cellulosa AB (B Shares) | | | 126 | |
| | 27,727 | | | | Svenska Handelsbanken AB | | | 263 | |
| | 16,147 | | | | Swedbank AB (A Shares) | | | 207 | |
| | 440,527 | | | | Swedish Match AB | | | 31,082 | |
| | 9,343 | | | | Tele2 AB (B Shares) | | | 124 | |
| | 45,521 | | | | TeliaSonera AB | | | 170 | |
| | 26,407 | | | | Volvo AB (B Shares) | | | 416 | |
| | | | | | TOTAL SWEDEN | | | 89,356 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| SWITZERLAND - 3.1% | | | |
| | 361,451 | | | | ABB Ltd | | $ | 8,199 | |
| | 2,817 | | | | Adecco S.A. | | | 133 | |
| | 471,064 | | | | Alcon, Inc | | | 27,067 | |
| | 828 | | | | Baloise Holding AG. | | | 125 | |
| | 318 | | | | Banque Cantonale Vaudoise | | | 31 | |
| | 50 | | | | Barry Callebaut AG. | | | 95 | |
| | 69,398 | | | | Cie Financiere Richemont S.A. | | | 4,476 | |
| | 3,599 | | *,e | | Clariant AG. | | | 71 | |
| | 3,809 | | | | Coca-Cola HBC AG. | | | 95 | |
| | 6,384,969 | | * | | Credit Suisse Group | | | 66,435 | |
| | 138 | | | | EMS-Chemie Holding AG. | | | 107 | |
| | 661 | | | | Geberit AG. | | | 332 | |
| | 165 | | | | Givaudan S.A. | | | 617 | |
| | 9,330 | | | | Holcim Ltd | | | 411 | |
| | 4,014 | | | | Julius Baer Group Ltd | | | 169 | |
| | 954 | | | | Kuehne & Nagel International AG. | | | 159 | |
| | 7 | | | | Lindt & Spruengli AG. | | | 58 | |
| | 3 | | | | Lindt & Spruengli AG. (Registered) | | | 259 | |
| | 2,919 | | | | Logitech International S.A. | | | 191 | |
| | 281,498 | | | | Lonza Group AG. | | | 149,109 | |
| | 626,944 | | | | Nestle S.A. | | | 69,510 | |
| | 204,177 | | | | Novartis AG. | | | 17,788 | |
| | 333 | | | | Partners Group | | | 303 | |
| | 5,000 | | | | PSP Swiss Property AG. | | | 563 | |
| | 582,665 | | | | Roche Holding AG. | | | 201,864 | |
| | 725 | | | | Schindler Holding AG. | | | 172 | |
| | 354 | | | | Schindler Holding AG. (Registered) | | | 84 | |
| | 108 | | | | SGS S.A. | | | 265 | |
| | 2,524 | | | | Sika AG. | | | 486 | |
| | 978 | | * | | Sonova Holdings AG | | | 196 | |
| | 11,371 | | | | STMicroelectronics NV | | | 310 | |
| | 182 | | | | Straumann Holding AG. | | | 157 | |
| | 257 | | * | | Swatch Group AG. | | | 52 | |
| | 2,270 | | | | Swatch Group AG. (Registered) | | | 89 | |
| | 571 | | | | Swiss Life Holding | | | 212 | |
| | 6,440 | | | | Swiss Prime Site AG. | | | 597 | |
| | 5,266 | | | | Swiss Re Ltd | | | 408 | |
| | 462 | | | | Swisscom AG. | | | 242 | |
| | 1,172 | | | | Temenos Group AG. | | | 182 | |
| | 205,330 | | | | UBS Group AG | | | 2,371 | |
| | 10,859 | | | | Vifor Pharma AG. | | | 1,643 | |
| | 25,000 | | * | | Zur Rose Group AG. | | | 6,841 | |
| | 79,837 | | | | Zurich Insurance Group AG | | | 28,289 | |
| | | | | | TOTAL SWITZERLAND | | | 590,763 | |
| | | | | | | | | | |
| TAIWAN - 1.7% | | | |
| | 98,000 | | | | Accton Technology Corp | | | 761 | |
| | 570,000 | | | | Acer, Inc | | | 347 | |
| | 64,000 | | | | Advantech Co Ltd | | | 644 | |
| | 623,000 | | | | ASE Industrial Holding Co Ltd | | | 1,435 | |
| | 426,000 | | | | Asia Cement Corp | | | 632 | |
| | 136,000 | | | | Asustek Computer, Inc | | | 999 | |
| | 1,766,000 | | | | AU Optronics Corp | | | 557 | |
| | 133,189 | | | | Catcher Technology Co Ltd | | | 1,009 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,508,412 | | | | Cathay Financial Holding Co Ltd | | $ | 2,146 | |
| | 230,707 | | | | Chailease Holding Co Ltd | | | 984 | |
| | 936,529 | | | | Chang Hwa Commercial Bank | | | 616 | |
| | 349,000 | | | | Cheng Shin Rubber Industry Co Ltd | | | 401 | |
| | 112,335 | | | | Chicony Electronics Co Ltd | | | 326 | |
| | 434,000 | | | | China Airlines | | | 121 | |
| | 2,362,000 | | | | China Development Financial Holding Corp | | | 760 | |
| | 502,250 | | * | | China Life Insurance Co Ltd (Taiwan) | | | 373 | |
| | 2,280,000 | | | | China Steel Corp | | | 1,606 | |
| | 3,345,000 | | | | Chinatrust Financial Holding Co | | | 2,318 | |
| | 729,000 | | | | Chunghwa Telecom Co Ltd | | | 2,895 | |
| | 816,000 | | | | Compal Electronics, Inc | | | 534 | |
| | 929,727 | | | | Dadi Early-Childhood Education Group Ltd | | | 5,841 | |
| | 371,000 | | | | Delta Electronics, Inc | | | 2,117 | |
| | 1,971,936 | | | | E.Sun Financial Holding Co Ltd | | | 1,868 | |
| | 37,000 | | | | Eclat Textile Co Ltd | | | 431 | |
| | 493,078 | | | | Eva Airways Corp | | | 188 | |
| | 424,731 | | * | | Evergreen Marine Corp Tawain Ltd | | | 155 | |
| | 603,000 | | | | Far Eastern Textile Co Ltd | | | 573 | |
| | 313,000 | | | | Far EasTone Telecommunications Co Ltd | | | 723 | |
| | 64,200 | | | | Feng TAY Enterprise Co Ltd | | | 364 | |
| | 1,872,359 | | | | First Financial Holding Co Ltd | | | 1,443 | |
| | 686,000 | | * | | Formosa Chemicals & Fibre Corp | | | 1,767 | |
| | 226,000 | | | | Formosa Petrochemical Corp | | | 684 | |
| | 736,000 | | | | Formosa Plastics Corp | | | 2,191 | |
| | 156,000 | | | | Formosa Taffeta Co Ltd | | | 193 | |
| | 183,000 | | | | Foxconn Technology Co Ltd | | | 352 | |
| | 1,269,000 | | | | Fubon Financial Holding Co Ltd | | | 1,895 | |
| | 1,781,000 | | | | Fuhwa Financial Holdings Co Ltd | | | 1,060 | |
| | 56,000 | | | | Giant Manufacturing Co Ltd | | | 503 | |
| | 43,000 | | | | Globalwafers Co Ltd | | | 592 | |
| | 128,000 | | | | Highwealth Construction Corp | | | 190 | |
| | 47,677 | | | | Hiwin Technologies Corp | | | 478 | |
| | 2,381,000 | | | | Hon Hai Precision Industry Co, Ltd | | | 6,991 | |
| | 1,934,278 | | | | Hota Industrial Manufacturing Co Ltd | | | 6,688 | |
| | 57,000 | | | | Hotai Motor Co Ltd | | | 1,367 | |
| | 1,464,636 | | | | Hua Nan Financial Holdings Co Ltd | | | 997 | |
| | 1,689,000 | | | | InnoLux Display Corp | | | 455 | |
| | 475,000 | | | | Inventec Co Ltd | | | 406 | |
| | 19,604 | | | | Largan Precision Co Ltd | | | 2,726 | |
| | 415,000 | | | | Lite-On Technology Corp | | | 653 | |
| | 287,242 | | | | MediaTek, Inc | | | 5,679 | |
| | 2,072,000 | | | | Mega Financial Holding Co Ltd | | | 2,178 | |
| | 132,000 | | | | Micro-Star International Co Ltd | | | 483 | |
| | 990,000 | | | | Nan Ya Plastics Corp | | | 2,174 | |
| | 238,000 | | | | Nanya Technology Corp | | | 497 | |
| | 32,000 | | | | Nien Made Enterprise Co Ltd | | | 314 | |
| | 110,000 | | | | Novatek Microelectronics Corp Ltd | | | 855 | |
| | 385,000 | | | | Pegatron Technology Corp | | | 840 | |
| | 29,000 | | * | | Phison Electronics Corp | | | 292 | |
| | 475,000 | | | | Pou Chen Corp | | | 466 | |
| | 143,000 | | | | Powertech Technology, Inc | | | 522 | |
| | 112,000 | | | | President Chain Store Corp | | | 1,127 | |
| | 548,000 | | | | Quanta Computer, Inc | | | 1,326 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 91,000 | | | | Realtek Semiconductor Corp | | $ | 928 | |
| | 103,400 | | | | Ruentex Development Co Ltd | | | 180 | |
| | 631,999 | | | | Shanghai Commercial & Savings Bank Ltd | | | 980 | |
| | 2,108,622 | | | | Shin Kong Financial Holding Co Ltd | | | 618 | |
| | 1,905,300 | | | | SinoPac Financial Holdings Co Ltd | | | 704 | |
| | 75,000 | | | | Standard Foods Corp | | | 161 | |
| | 251,000 | | | | Synnex Technology International Corp | | | 356 | |
| | 1,787,730 | | | | Taishin Financial Holdings Co Ltd | | | 813 | |
| | 987,064 | | | | Taiwan Business Bank | | | 363 | |
| | 886,789 | | | | Taiwan Cement Corp | | | 1,290 | |
| | 1,683,442 | | | | Taiwan Cooperative Financial Holding | | | 1,188 | |
| | 370,000 | | | | Taiwan High Speed Rail Corp | | | 460 | |
| | 320,000 | | | | Taiwan Mobile Co Ltd | | | 1,200 | |
| | 21,093,500 | | | | Taiwan Semiconductor Manufacturing Co Ltd | | | 225,268 | |
| | 255,000 | | | | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | | | 14,476 | |
| | 345,000 | | * | | Tatung Co Ltd | | | 246 | |
| | 925,000 | | | | Uni-President Enterprises Corp | | | 2,241 | |
| | 2,189,000 | | | | United Microelectronics Corp | | | 1,183 | |
| | 170,000 | | | | Vanguard International Semiconductor Corp | | | 452 | |
| | 64,000 | | | | Walsin Technology Corp | | | 391 | |
| | 65,000 | | | | Win Semiconductors Corp | | | 664 | |
| | 619,000 | | | | Winbond Electronics Corp | | | 282 | |
| | 547,690 | | | | Wistron Corp | | | 669 | |
| | 15,000 | | * | | Wiwynn Corp | | | 410 | |
| | 289,640 | | | | WPG Holdings Co Ltd | | | 386 | |
| | 70,339 | | | | Yageo Corp | | | 916 | |
| | 110,000 | | | | Zhen Ding Technology Holding Ltd | | | 483 | |
| | | | | | TOTAL TAIWAN | | | 337,416 | |
| | | | | | | | | | |
| THAILAND - 0.1% | | | |
| | 228,600 | | | | Advanced Info Service PCL (Foreign) | | | 1,376 | |
| | 817,300 | | | | Airports of Thailand PCL (Foreign) | | | 1,609 | |
| | 1,216,900 | | | | Asset World Corp PCL | | | 153 | |
| | 157,100 | | | | B Grimm Power PCL | | | 274 | |
| | 87,600 | | | | Bangkok Bank PCL (Foreign) | | | 305 | |
| | 356,100 | | | | Bangkok Commercial Asset Management PCL | | | 283 | |
| | 1,803,300 | | | | Bangkok Dusit Medical Services PCL (Foreign) | | | 1,314 | |
| | 1,456,200 | | | | Bangkok Expressway & Metro PCL | | | 449 | |
| | 219,100 | | | | Berli Jucker PCL | | | 281 | |
| | 1,411,090 | | | | BTS Group Holdings PCL | | | 516 | |
| | 78,500 | | | | Bumrungrad Hospital PCL (Foreign) | | | 296 | |
| | 431,500 | | | | Central Pattana PCL (Foreign) | | | 686 | |
| | 337,175 | | * | | Central Retail Corp PCL | | | 355 | |
| | 753,900 | | | | Charoen Pokphand Foods PCL | | | 778 | |
| | 1,115,200 | | | | CP Seven Eleven PCL (Foreign) | | | 2,458 | |
| | 56,500 | | | | Electricity Generating PCL | | | 455 | |
| | 284,900 | | | | Energy Absolute PCL (Foreign) | | | 365 | |
| | 137,900 | | | | Global Power Synergy Co Ltd (Foreign) | | | 330 | |
| | 414,300 | | | | Gulf Energy Development PCL | | | 509 | |
| | 1,099,900 | | | | Home Product Center PCL (Foreign) | | | 552 | |
| | 328,400 | | | | Indorama Ventures PCL (Foreign) | | | 297 | |
| | 422,000 | | | | Intouch Holdings PCL (Class F) | | | 772 | |
| | 2,678,600 | | | | IRPC PCL (Foreign) | | | 229 | |
| | 343,500 | | | | Kasikornbank PCL (Foreign) | | | 1,038 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 687,700 | | | | Krung Thai Bank PCL (Foreign) | | $ | 230 | |
| | 141,600 | | | | Krungthai Card PCL | | | 138 | |
| | 1,556,000 | | | | Land and Houses PCL Co Reg | | | 386 | |
| | 483,900 | | | | Minor International PCL (Foreign) | | | 320 | |
| | 134,600 | | | | Muangthai Capital PCL | | | 229 | |
| | 138,600 | | | | Osotspa PCL | | | 171 | |
| | 305,100 | | | | PTT Exploration & Production PCL (Foreign) | | | 917 | |
| | 435,300 | | | | PTT Global Chemical PCL (Foreign) | | | 658 | |
| | 2,183,600 | | | | PTT PCL (Foreign) | | | 2,695 | |
| | 148,300 | | | | Ratch Group PCL | | | 300 | |
| | 149,300 | | | | Siam Cement PCL (Foreign) | | | 1,786 | |
| | 168,600 | | | | Siam Commercial Bank PCL (Foreign) | | | 401 | |
| | 136,600 | | | | Srisawad Corp PCL | | | 230 | |
| | 260,200 | | | | Thai Oil PCL (Foreign) | | | 378 | |
| | 657,000 | | | | Thai Union Group PCL | | | 277 | |
| | 4,835,384 | | | | TMB Bank PCL (Foreign) | | | 165 | |
| | 146,900 | | | | Total Access Communication PCL (Foreign) | | | 187 | |
| | 2,248,300 | | | | True Corp PCL (Foreign) | | | 249 | |
| | | | | | TOTAL THAILAND | | | 25,397 | |
| | | | | | | | | | |
| TURKEY - 0.0% | | | |
| | 610,834 | | * | | Akbank TAS | | | 542 | |
| | 37,623 | | | | Anadolu Efes Biracilik Ve Malt Sanayii AS | | | 117 | |
| | 62,541 | | | | Aselsan Elektronik Sanayi Ve Ticaret AS | | | 295 | |
| | 87,241 | | | | BIM Birlesik Magazalar AS | | | 865 | |
| | 264,121 | | | | Eregli Demir ve Celik Fabrikalari TAS | | | 331 | |
| | 12,638 | | | | Ford Otomotiv Sanayi AS | | | 131 | |
| | 174,450 | | | | Haci Omer Sabanci Holding AS | | | 235 | |
| | 143,217 | | | | KOC Holding AS | | | 377 | |
| | 41,827 | | | | TAV Havalimanlari Holding AS | | | 118 | |
| | 27,026 | | * | | Tupras Turkiye Petrol Rafine | | | 353 | |
| | 111,001 | | * | | Turk Hava Yollari | | | 202 | |
| | 220,896 | | | | Turkcell Iletisim Hizmet AS | | | 527 | |
| | 449,388 | | * | | Turkiye Garanti Bankasi AS | | | 554 | |
| | 300,880 | | * | | Turkiye Is Bankasi (Series C) | | | 246 | |
| | 551,174 | | * | | Yapi ve Kredi Bankasi | | | 197 | |
| | | | | | TOTAL TURKEY | | | 5,090 | |
| | | | | | | | | | |
| UNITED ARAB EMIRATES - 0.0% | | | |
| | 546,382 | | | | Abu Dhabi Commercial Bank PJSC | | | 740 | |
| | 743,399 | | | | Aldar Properties PJSC | | | 364 | |
| | 370,996 | | | | Dubai Islamic Bank PJSC | | | 387 | |
| | 499,758 | | * | | Emaar Malls Group PJSC | | | 188 | |
| | 691,680 | | * | | Emaar Properties PJSC | | | 523 | |
| | 240,291 | | | | Emirates NBD Bank PJSC | | | 586 | |
| | 329,758 | | | | Emirates Telecommunications Group Co PJSC | | | 1,486 | |
| | 519,738 | | | | National Bank of Abu Dhabi PJSC | | | 1,612 | |
| | 5,358 | | *,† | | NMC Health plc | | | 0 | ^ |
| | | | | | TOTAL UNITED ARAB EMIRATES | | | 5,886 | |
| | | | | | | | | | |
| UNITED KINGDOM - 4.0% | | | |
| | 17,365 | | | | 3i Group plc | | | 179 | |
| | 3,512 | | | | Admiral Group plc | | | 100 | |
| | 1,438,569 | | | | Ashtead Group plc | | | 48,527 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 412,661 | | | | Associated British Foods plc | | $ | 9,757 | |
| | 1,038,620 | | | | AstraZeneca plc | | | 108,094 | |
| | 18,481 | | g | | Auto Trader Group plc | | | 120 | |
| | 1,108 | | | | Aveva Group plc | | | 56 | |
| | 70,035 | | | | Aviva plc | | | 237 | |
| | 57,043 | | | | BAE Systems plc | | | 341 | |
| | 1,454,131 | | | | Barclays plc | | | 2,051 | |
| | 16,865 | | | | Barratt Developments plc | | | 104 | |
| | 1,095,538 | | | | Beazley plc | | | 5,554 | |
| | 2,130 | | | | Berkeley Group Holdings plc | | | 110 | |
| | 65,000 | | | | Big Yellow Group plc | | | 809 | |
| | 4,556,739 | | * | | boohoo.com plc | | | 23,335 | |
| | 1,395,861 | | | | BP plc | | | 5,348 | |
| | 173,647 | | e | | BP plc (ADR) | | | 4,049 | |
| | 410,724 | | | | British American Tobacco plc | | | 15,752 | |
| | 164,716 | | | | British Land Co plc | | | 788 | |
| | 157,707 | | | | BT Group plc | | | 223 | |
| | 6,328 | | | | Bunzl plc | | | 170 | |
| | 6,973 | | | | Burberry Group plc | | | 138 | |
| | 55,043 | | | | CK Hutchison Holdings Ltd | | | 356 | |
| | 18,879 | | | | CNH Industrial NV | | | 133 | |
| | 58,738 | | | | Coca-Cola European Partners plc (Class A) | | | 2,218 | |
| | 196,041 | | | | Compass Group plc | | | 2,697 | |
| | 2,268 | | | | Croda International plc | | | 147 | |
| | 1,854 | | | | DCC plc | | | 155 | |
| | 430,250 | | | | Dechra Pharmaceuticals plc | | | 15,155 | |
| | 20,000 | | | | Derwent London plc | | | 688 | |
| | 479,132 | | | | Diageo plc | | | 15,925 | |
| | 323,000 | | * | | Dialog Semiconductor plc | | | 14,764 | |
| | 23,634 | | | | Direct Line Insurance Group plc | | | 79 | |
| | 2,516,483 | | | | Electrocomponents plc | | | 20,948 | |
| | 16,166 | | | | Experian Group Ltd | | | 567 | |
| | 562,363 | | | | Fevertree Drinks plc | | | 14,256 | |
| | 19,597 | | | | Fiat DaimlerChrysler Automobiles NV | | | 198 | |
| | 534,887 | | | | GlaxoSmithKline plc | | | 10,805 | |
| | 100,000 | | | | Great Portland Estates plc | | | 783 | |
| | 9,907 | | | | GVC Holdings plc | | | 91 | |
| | 6,750 | | | | Halma plc | | | 192 | |
| | 5,687 | | | | Hargreaves Lansdown plc | | | 115 | |
| | 361,504 | | | | HSBC Holdings plc | | | 1,680 | |
| | 16,857 | | | | Imperial Tobacco Group plc | | | 321 | |
| | 202,056 | | | | Informa plc | | | 1,168 | |
| | 3,065 | | | | InterContinental Hotels Group plc | | | 135 | |
| | 2,881 | | | | Intertek Group plc | | | 194 | |
| | 55,634 | | | | ITV plc | | | 51 | |
| | 31,036 | | | | J Sainsbury plc | | | 80 | |
| | 7,547 | | | | JD Sports Fashion plc | | | 58 | |
| | 3,485 | | | | Johnson Matthey plc | | | 91 | |
| | 36,526 | | | | Kingfisher plc | | | 101 | |
| | 122,729 | | e | | Land Securities Group plc | | | 839 | |
| | 106,394 | | | | Legal & General Group plc | | | 290 | |
| | 198,488 | | * | | Liberty Global plc (Class A) | | | 4,339 | |
| | 11,991 | | * | | Liberty Global plc (Class C) | | | 258 | |
| | 164,880 | | | | Linde plc | | | 34,973 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 618,315 | | | | Linde plc (Xetra) | | $ | 130,956 | |
| | 140,694,848 | | | | Lloyds TSB Group plc | | | 54,274 | |
| | 96,914 | | | | London Stock Exchange Group plc | | | 10,079 | |
| | 2,955,539 | | | | M&G plc | | | 6,137 | |
| | 3,745,647 | | | | Man Group plc | | | 6,064 | |
| | 5,000,000 | | * | | Marks & Spencer Group plc | | | 6,131 | |
| | 80,739 | | | | Melrose Industries plc | | | 114 | |
| | 35,520 | | | | Mondi plc | | | 664 | |
| | 62,386 | | | | National Grid plc | | | 761 | |
| | 21,069 | | | | Next plc | | | 1,276 | |
| | 8,244 | | * | | Ocado Ltd | | | 207 | |
| | 925,578 | | | | Old Mutual Ltd | | | 645 | |
| | 13,683 | | e | | Pearson plc | | | 97 | |
| | 5,690 | | | | Persimmon plc | | | 161 | |
| | 1,285,408 | | | | Prudential plc | | | 19,369 | |
| | 94,556 | | | | Reckitt Benckiser Group plc | | | 8,699 | |
| | 438,995 | | | | RELX plc | | | 10,160 | |
| | 175,326 | | | | RELX plc (London) | | | 4,058 | |
| | 33,022 | | | | Rentokil Initial plc | | | 209 | |
| | 3,274,470 | | | | Rolls-Royce Group plc | | | 11,561 | |
| | 90,689 | | | | Royal Bank of Scotland Group plc | | | 136 | |
| | 16,635 | | | | RSA Insurance Group plc | | | 84 | |
| | 80,000 | | | | Safestore Holdings plc | | | 721 | |
| | 20,737 | | | | Sage Group plc | | | 172 | |
| | 2,224 | | | | Schroders plc | | | 81 | |
| | 138,349 | | | | Scottish & Southern Energy plc | | | 2,343 | |
| | 150,334 | | | | Segro plc | | | 1,663 | |
| | 4,065 | | | | Severn Trent plc | | | 124 | |
| | 15,577 | | | | Smith & Nephew plc | | | 290 | |
| | 7,554 | | | | Smiths Group plc | | | 132 | |
| | 1,309 | | | | Spirax-Sarco Engineering plc | | | 161 | |
| | 9,562 | | | | St. James’s Place plc | | | 112 | |
| | 48,482 | | | | Standard Chartered plc | | | 263 | |
| | 41,778 | | | | Standard Life Aberdeen plc | | | 138 | |
| | 54,755 | | | | Taylor Wimpey plc | | | 97 | |
| | 26,310,880 | | | | Tesco plc | | | 74,004 | |
| | 5,028,907 | | | | Tritax Big Box REIT plc | | | 9,035 | |
| | 257,751 | | | | Unilever NV | | | 13,743 | |
| | 258,899 | | | | Unilever plc | | | 13,965 | |
| | 11,988 | | | | United Utilities Group plc | | | 135 | |
| | 6,110,793 | | | | Vodafone Group plc | | | 9,715 | |
| | 3,764 | | *,e | | Whitbread plc | | | 104 | |
| | 40,196 | | | | WM Morrison Supermarkets plc | | | 95 | |
| | 660,876 | | | | WPP plc | | | 5,152 | |
| | | | | | TOTAL UNITED KINGDOM | | | 774,779 | |
| | | | | | | | | | |
| UNITED STATES - 55.4% | | | |
| | 40,153 | | | | 3M Co | | | 6,263 | |
| | 4,011 | | | | A.O. Smith Corp | | | 189 | |
| | 1,662,975 | | | | Abbott Laboratories | | | 152,046 | |
| | 1,608,037 | | | | AbbVie, Inc | | | 157,877 | |
| | 1,377 | | * | | Abiomed, Inc | | | 333 | |
| | 60,495 | | | | Accenture plc | | | 12,989 | |
| | 540,923 | | | | Activision Blizzard, Inc | | | 41,056 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 52,214 | | * | | Adobe, Inc | | $ | 22,729 | |
| | 2,031 | | | | Advance Auto Parts, Inc | | | 289 | |
| | 1,601,615 | | * | | Advanced Micro Devices, Inc | | | 84,261 | |
| | 19,492 | | | | AES Corp | | | 282 | |
| | 19,938 | | | | Aflac, Inc | | | 718 | |
| | 25,189 | | | | Agilent Technologies, Inc | | | 2,226 | |
| | 15,849 | | | | AGNC Investment Corp | | | 204 | |
| | 15,000 | | | | Agree Realty Corp | | | 986 | |
| | 27,984 | | | | Air Products & Chemicals, Inc | | | 6,757 | |
| | 4,708 | | * | | Akamai Technologies, Inc | | | 504 | |
| | 62,210 | | | | Albemarle Corp | | | 4,803 | |
| | 29,116 | | | | Alexandria Real Estate Equities, Inc | | | 4,724 | |
| | 6,560 | | * | | Alexion Pharmaceuticals, Inc | | | 736 | |
| | 7,232 | | * | | Align Technology, Inc | | | 1,985 | |
| | 8,631 | | | | Alleghany Corp | | | 4,222 | |
| | 441,287 | | * | | Allegheny Technologies, Inc | | | 4,497 | |
| | 35,920 | | | | Allegion plc | | | 3,672 | |
| | 27,739 | | | | Alliant Energy Corp | | | 1,327 | |
| | 144,694 | | | | Allstate Corp | | | 14,034 | |
| | 11,879 | | | | Ally Financial, Inc | | | 236 | |
| | 35,123 | | * | | Alnylam Pharmaceuticals, Inc | | | 5,202 | |
| | 85,109 | | * | | Alphabet, Inc (Class A) | | | 120,689 | |
| | 149,911 | | *,n | | Alphabet, Inc (Class C) | | | 211,916 | |
| | 25,401 | | * | | Altice USA, Inc | | | 573 | |
| | 226,701 | | | | Altria Group, Inc | | | 8,898 | |
| | 184,166 | | * | | Amazon.com, Inc | | | 508,081 | |
| | 48,096 | | | | Amcor plc | | | 491 | |
| | 317 | | | | Amerco, Inc | | | 96 | |
| | 7,338 | | | | Ameren Corp | | | 516 | |
| | 248,009 | | | | American Electric Power Co, Inc | | | 19,751 | |
| | 955,333 | | | | American Express Co | | | 90,948 | |
| | 2,338 | | | | American Financial Group, Inc | | | 148 | |
| | 66,000 | | | | American Homes 4 Rent | | | 1,775 | |
| | 275,336 | | | | American International Group, Inc | | | 8,585 | |
| | 122,827 | | | | American Tower Corp | | | 31,756 | |
| | 5,371 | | | | American Water Works Co, Inc | | | 691 | |
| | 65,000 | | | | Americold Realty Trust | | | 2,360 | |
| | 3,577 | | | | Ameriprise Financial, Inc | | | 537 | |
| | 4,640 | | | | AmerisourceBergen Corp | | | 468 | |
| | 6,800 | | | | Ametek, Inc | | | 608 | |
| | 109,068 | | | | Amgen, Inc | | | 25,725 | |
| | 8,804 | | | | Amphenol Corp (Class A) | | | 844 | |
| | 37,837 | | | | Analog Devices, Inc | | | 4,640 | |
| | 42,326 | | | | Annaly Capital Management, Inc | | | 278 | |
| | 2,548 | | * | | Ansys, Inc | | | 743 | |
| | 40,208 | | | | Anthem, Inc | | | 10,574 | |
| | 25,131 | | | | Aon plc | | | 4,840 | |
| | 5,014 | | | | Apollo Global Management, Inc | | | 250 | |
| | 1,613,560 | | n | | Apple, Inc | | | 588,627 | |
| | 668,026 | | | | Applied Materials, Inc | | | 40,382 | |
| | 248,551 | | | | Aptiv plc | | | 19,367 | |
| | 7,423 | | | | ARAMARK Holdings Corp | | | 168 | |
| | 12,411 | | * | | Arch Capital Group Ltd | | | 356 | |
| | 16,569 | | | | Archer-Daniels-Midland Co | | | 661 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 202 | | * | | Arconic Corp | | $ | 3 | |
| | 1,652 | | * | | Arista Networks, Inc | | | 347 | |
| | 2,392 | | * | | Arrow Electronics, Inc | | | 164 | |
| | 5,467 | | | | Arthur J. Gallagher & Co | | | 533 | |
| | 1,772 | | | | Assurant, Inc | | | 183 | |
| | 1,128,654 | | | | AT&T, Inc | | | 34,119 | |
| | 161,757 | | * | | Athene Holding Ltd | | | 5,045 | |
| | 3,628 | | | | Atmos Energy Corp | | | 361 | |
| | 22,431 | | * | | Autodesk, Inc | | | 5,365 | |
| | 12,768 | | | | Automatic Data Processing, Inc | | | 1,901 | |
| | 1,712 | | * | | AutoZone, Inc | | | 1,931 | |
| | 2,258 | | * | | Avalara, Inc | | | 301 | |
| | 41,376 | | | | AvalonBay Communities, Inc | | | 6,398 | |
| | 584,143 | | * | | Avantor, Inc | | | 9,930 | |
| | 2,564 | | | | Avery Dennison Corp | | | 293 | |
| | 965,207 | | * | | Axalta Coating Systems Ltd | | | 21,765 | |
| | 50,186 | | | | Axis Capital Holdings Ltd | | | 2,036 | |
| | 19,061 | | | | Baker Hughes Co | | | 293 | |
| | 71,318 | | | | Ball Corp | | | 4,956 | |
| | 1,140,713 | | | | Bank of America Corp | | | 27,092 | |
| | 684,501 | | | | Bank of New York Mellon Corp | | | 26,456 | |
| | 5,813 | | * | | Bausch Health Cos, Inc | | | 106 | |
| | 171,343 | | | | Baxter International, Inc | | | 14,753 | |
| | 38,030 | | | | Becton Dickinson & Co | | | 9,099 | |
| | 164,387 | | * | | Berkshire Hathaway, Inc (Class B) | | | 29,345 | |
| | 586,579 | | * | | Berry Global Group, Inc | | | 25,997 | |
| | 21,094 | | | | Best Buy Co, Inc | | | 1,841 | |
| | 17,252 | | * | | Biogen, Inc | | | 4,616 | |
| | 108,365 | | * | | BioMarin Pharmaceutical, Inc | | | 13,366 | |
| | 648 | | * | | Bio-Rad Laboratories, Inc (Class A) | | | 293 | |
| | 4,522 | | * | | Black Knight, Inc | | | 328 | |
| | 16,795 | | | | BlackRock, Inc | | | 9,138 | |
| | 74,756 | | | | Blackstone Group, Inc | | | 4,236 | |
| | 400,697 | | | | Boeing Co | | | 73,448 | |
| | 17,067 | | * | | Booking Holdings, Inc | | | 27,176 | |
| | 4,240 | | | | Booz Allen Hamilton Holding Co | | | 330 | |
| | 6,618 | | | | BorgWarner, Inc | | | 234 | |
| | 33,782 | | | | Boston Properties, Inc | | | 3,053 | |
| | 2,178,295 | | * | | Boston Scientific Corp | | | 76,480 | |
| | 535,937 | | | | Bristol-Myers Squibb Co | | | 31,513 | |
| | 330,237 | | | | Broadcom, Inc | | | 104,226 | |
| | 3,459 | | | | Broadridge Financial Solutions, Inc | | | 436 | |
| | 7,265 | | | | Brown & Brown, Inc | | | 296 | |
| | 9,195 | | | | Brown-Forman Corp (Class B) | | | 585 | |
| | 4,372 | | | | Bunge Ltd | | | 180 | |
| | 1,929 | | * | | Burlington Stores, Inc | | | 380 | |
| | 131 | | | | Cable One, Inc | | | 233 | |
| | 11,865 | | | | Cabot Oil & Gas Corp | | | 204 | |
| | 8,298 | | * | | Cadence Design Systems, Inc | | | 796 | |
| | 3,091 | | | | Camden Property Trust | | | 282 | |
| | 5,196 | | | | Campbell Soup Co | | | 258 | |
| | 13,531 | | | | Capital One Financial Corp | | | 847 | |
| | 375,719 | | * | | Capri Holdings Ltd | | | 5,872 | |
| | 8,480 | | | | Cardinal Health, Inc | | | 443 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 4,207 | | e | | Carlyle Group, Inc | | $ | 117 | |
| | 4,836 | | * | | CarMax, Inc | | | 433 | |
| | 55,519 | | e | | Carnival Corp | | | 912 | |
| | 457,781 | | | | Carrier Global Corp | | | 10,172 | |
| | 4,541 | | * | | Catalent, Inc | | | 333 | |
| | 442,898 | | | | Caterpillar, Inc | | | 56,026 | |
| | 3,201 | | | | CBOE Global Markets, Inc | | | 299 | |
| | 68,172 | | * | | CBRE Group, Inc | | | 3,083 | |
| | 3,798 | | | | CDK Global, Inc | | | 157 | |
| | 4,147 | | | | CDW Corp | | | 482 | |
| | 3,527 | | | | Celanese Corp (Series A) | | | 305 | |
| | 274,045 | | * | | Centene Corp | | | 17,416 | |
| | 1,337,978 | | | | Centerpoint Energy, Inc | | | 24,980 | |
| | 26,960 | | | | CenturyLink, Inc | | | 270 | |
| | 56,361 | | | | Cerner Corp | | | 3,864 | |
| | 24,603 | | | | CF Industries Holdings, Inc | | | 692 | |
| | 3,841 | | | | CH Robinson Worldwide, Inc | | | 304 | |
| | 279,991 | | | | Charles Schwab Corp | | | 9,447 | |
| | 22,020 | | * | | Charter Communications, Inc | | | 11,231 | |
| | 31,679 | | * | | Cheniere Energy, Inc | | | 1,531 | |
| | 447,854 | | | | Chevron Corp | | | 39,962 | |
| | 8,737 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | 9,194 | |
| | 208,735 | | | | Chubb Ltd | | | 26,430 | |
| | 7,335 | | | | Church & Dwight Co, Inc | | | 567 | |
| | 233,264 | | | | Cigna Corp | | | 43,772 | |
| | 4,762 | | | | Cincinnati Financial Corp | | | 305 | |
| | 2,564 | | | | Cintas Corp | | | 683 | |
| | 665,888 | | | | Cisco Systems, Inc | | | 31,057 | |
| | 2,220,737 | | | | Citigroup, Inc | | | 113,480 | |
| | 508,262 | | | | Citizens Financial Group, Inc | | | 12,829 | |
| | 3,381 | | | | Citrix Systems, Inc | | | 500 | |
| | 17,994 | | | | Clorox Co | | | 3,947 | |
| | 69,692 | | | | CME Group, Inc | | | 11,328 | |
| | 8,246 | | | | CMS Energy Corp | | | 482 | |
| | 3,294,522 | | | | Coca-Cola Co | | | 147,199 | |
| | 5,264 | | | | Cognex Corp | | | 314 | |
| | 16,227 | | | | Cognizant Technology Solutions Corp (Class A) | | | 922 | |
| | 377,730 | | * | | Coherus Biosciences, Inc | | | 6,746 | |
| | 314,361 | | | | Colgate-Palmolive Co | | | 23,030 | |
| | 1,714,597 | | | | Comcast Corp (Class A) | | | 66,835 | |
| | 4,675 | | | | Comerica, Inc | | | 178 | |
| | 151,709 | | | | ConAgra Brands, Inc | | | 5,336 | |
| | 5,986 | | | | Concho Resources, Inc | | | 308 | |
| | 770,734 | | | | ConocoPhillips | | | 32,386 | |
| | 9,703 | | | | Consolidated Edison, Inc | | | 698 | |
| | 23,154 | | | | Constellation Brands, Inc (Class A) | | | 4,051 | |
| | 1,475 | | | | Cooper Cos, Inc | | | 418 | |
| | 6,278 | | * | | Copart, Inc | | | 523 | |
| | 22,190 | | | | Corning, Inc | | | 575 | |
| | 134,682 | | | | Corteva, Inc | | | 3,608 | |
| | 1,152 | | * | | CoStar Group, Inc | | | 819 | |
| | 402,858 | | | | Costco Wholesale Corp | | | 122,151 | |
| | 6,548 | | | | Coty, Inc | | | 29 | |
| | 1,939 | | * | | Coupa Software, Inc | | | 537 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 3,004 | | * | | Crowdstrike Holdings, Inc | | $ | 301 | |
| | 87,328 | | | | Crown Castle International Corp | | | 14,614 | |
| | 705,339 | | * | | Crown Holdings, Inc | | | 45,939 | |
| | 394,379 | | | | CSX Corp | | | 27,504 | |
| | 4,363 | | | | Cummins, Inc | | | 756 | |
| | 285,613 | | | | CVS Health Corp | | | 18,556 | |
| | 665 | | * | | CyberArk Software Ltd | | | 66 | |
| | 20,500 | | | | CyrusOne, Inc | | | 1,491 | |
| | 244,833 | | | | Danaher Corp | | | 43,294 | |
| | 3,807 | | | | Darden Restaurants, Inc | | | 288 | |
| | 3,244 | | * | | Datadog, Inc | | | 282 | |
| | 2,544 | | * | | DaVita, Inc | | | 201 | |
| | 93,907 | | | | Deere & Co | | | 14,757 | |
| | 7,021 | | * | | Dell Technologies, Inc | | | 386 | |
| | 92,141 | | | | Delta Air Lines, Inc | | | 2,585 | |
| | 6,397 | | | | Dentsply Sirona, Inc | | | 282 | |
| | 20,908 | | * | | DexCom, Inc | | | 8,476 | |
| | 12,537 | | | | Diamondback Energy, Inc | | | 524 | |
| | 23,276 | | | | Digital Realty Trust, Inc | | | 3,308 | |
| | 422,726 | | | | Discover Financial Services | | | 21,174 | |
| | 5,417 | | *,e | | Discovery, Inc (Class A) | | | 114 | |
| | 10,405 | | * | | Discovery, Inc (Class C) | | | 200 | |
| | 31,348 | | * | | DISH Network Corp (Class A) | | | 1,082 | |
| | 5,059 | | * | | DocuSign, Inc | | | 871 | |
| | 27,060 | | | | Dollar General Corp | | | 5,155 | |
| | 41,038 | | * | | Dollar Tree, Inc | | | 3,803 | |
| | 265,805 | | | | Dominion Energy, Inc | | | 21,578 | |
| | 1,164 | | | | Domino’s Pizza, Inc | | | 430 | |
| | 38,804 | | | | Dover Corp | | | 3,747 | |
| | 575,311 | | n | | Dow, Inc | | | 23,450 | |
| | 10,379 | | | | DR Horton, Inc | | | 576 | |
| | 7,626 | | * | | Dropbox, Inc | | | 166 | |
| | 5,717 | | | | DTE Energy Co | | | 615 | |
| | 107,481 | | | | Duke Energy Corp | | | 8,587 | |
| | 37,112 | | | | Duke Realty Corp | | | 1,313 | |
| | 1,479,522 | | n | | DuPont de Nemours, Inc | | | 78,607 | |
| | 3,816 | | * | | Dynatrace, Inc | | | 155 | |
| | 6,560 | | | | E*TRADE Financial Corp | | | 326 | |
| | 4,288 | | | | East West Bancorp, Inc | | | 155 | |
| | 3,988 | | | | Eastman Chemical Co | | | 278 | |
| | 258,744 | | | | Eaton Corp | | | 22,635 | |
| | 122,914 | | | | eBay, Inc | | | 6,447 | |
| | 24,944 | | | | Ecolab, Inc | | | 4,963 | |
| | 52,145 | | | | Edison International | | | 2,832 | |
| | 927,606 | | * | | Edwards Lifesciences Corp | | | 64,107 | |
| | 11,870 | | * | | Elanco Animal Health, Inc | | | 255 | |
| | 8,575 | | * | | Electronic Arts, Inc | | | 1,132 | |
| | 245,492 | | | | Eli Lilly & Co | | | 40,305 | |
| | 18,099 | | | | Emerson Electric Co | | | 1,123 | |
| | 231,038 | | | | Entergy Corp | | | 21,674 | |
| | 571,909 | | * | | Envista Holdings Corp | | | 12,062 | |
| | 105,707 | | | | EOG Resources, Inc | | | 5,355 | |
| | 1,664 | | * | | EPAM Systems, Inc | | | 419 | |
| | 3,615 | | | | Equifax, Inc | | | 621 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 47,777 | | | | Equinix, Inc | | $ | 33,554 | |
| | 797,106 | | | | Equitable Holdings, Inc | | | 15,376 | |
| | 64,975 | | | | Equity Lifestyle Properties, Inc | | | 4,060 | |
| | 51,805 | | | | Equity Residential | | | 3,047 | |
| | 757 | | | | Erie Indemnity Co (Class A) | | | 145 | |
| | 6,546 | | | | Essential Utilities Inc | | | 277 | |
| | 6,922 | | | | Essex Property Trust, Inc | | | 1,586 | |
| | 140,533 | | | | Estee Lauder Cos (Class A) | | | 26,516 | |
| | 1,250 | | | | Everest Re Group Ltd | | | 258 | |
| | 6,615 | | | | Evergy, Inc | | | 392 | |
| | 9,765 | | | | Eversource Energy | | | 813 | |
| | 127,439 | | * | | Exact Sciences Corp | | | 11,080 | |
| | 139,286 | | | | Exelon Corp | | | 5,055 | |
| | 42,085 | | | | Expedia Group Inc | | | 3,459 | |
| | 5,119 | | | | Expeditors International of Washington, Inc | | | 389 | |
| | 18,765 | | | | Extra Space Storage, Inc | | | 1,733 | |
| | 582,027 | | d | | Exxon Mobil Corp | | | 26,028 | |
| | 1,849 | | * | | F5 Networks, Inc | | | 258 | |
| | 1,124,419 | | *,n | | Facebook, Inc | | | 255,322 | |
| | 1,146 | | | | Factset Research Systems, Inc | | | 376 | |
| | 849 | | * | | Fair Isaac Corp | | | 355 | |
| | 17,041 | | | | Fastenal Co | | | 730 | |
| | 2,208 | | | | Federal Realty Investment Trust | | | 188 | |
| | 7,340 | | | | FedEx Corp | | | 1,029 | |
| | 4,010 | | | | Ferguson plc | | | 328 | |
| | 8,315 | | | | Fidelity National Financial Inc | | | 255 | |
| | 120,019 | | | | Fidelity National Information Services, Inc | | | 16,093 | |
| | 299,229 | | | | Fifth Third Bancorp | | | 5,769 | |
| | 4,983 | | | | First Republic Bank | | | 528 | |
| | 1,228,493 | | | | FirstEnergy Corp | | | 47,641 | |
| | 17,091 | | * | | Fiserv, Inc | | | 1,668 | |
| | 2,479 | | * | | FleetCor Technologies, Inc | | | 624 | |
| | 4,042 | | | | FLIR Systems, Inc | | | 164 | |
| | 3,771 | | | | FMC Corp | | | 376 | |
| | 113,323 | | | | Ford Motor Co | | | 689 | |
| | 4,369 | | * | | Fortinet, Inc | | | 600 | |
| | 186,346 | | | | Fortive Corp | | | 12,608 | |
| | 3,998 | | | | Fortune Brands Home & Security, Inc | | | 256 | |
| | 10,023 | | | | Fox Corp (Class A) | | | 269 | |
| | 4,787 | | | | Fox Corp (Class B) | | | 128 | |
| | 9,404 | | | | Franklin Resources, Inc | | | 197 | |
| | 4,977,626 | | | | Freeport-McMoRan, Inc (Class B) | | | 57,591 | |
| | 45,551 | | | | Gaming and Leisure Properties, Inc | | | 1,576 | |
| | 4,122 | | | | Garmin Ltd | | | 402 | |
| | 2,747 | | * | | Gartner, Inc | | | 333 | |
| | 7,262 | | | | General Dynamics Corp | | | 1,085 | |
| | 258,695 | | | | General Electric Co | | | 1,767 | |
| | 54,431 | | | | General Mills, Inc | | | 3,356 | |
| | 530,757 | | *,† | | General Motors Co | | | 0 | |
| | 18,106,794 | | *,†,e | | General Motors Co | | | 0 | |
| | 38,048 | | | | General Motors Co | | | 963 | |
| | 18,159,000 | | *,† | | General Motors Co | | | 0 | |
| | 19,417,463 | | *,† | | General Motors Co | | | 0 | |
| | 4,461,000 | | *,† | | General Motors Co | | | 0 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 26,439,985 | | *,† | | General Motors Co | | $ | 0 | |
| | 29,845,445 | | *,† | | General Motors Co | | | 0 | |
| | 13,592,224 | | *,† | | General Motors Co | | | 0 | |
| | 61,921,000 | | *,†,e | | General Motors Co | | | 0 | |
| | 69,850,000 | | *,† | | General Motors Co | | | 0 | |
| | 4,461 | | | | Genuine Parts Co | | | 388 | |
| | 155,906 | | | | Gilead Sciences, Inc | | | 11,995 | |
| | 52,470 | | | | Global Payments, Inc | | | 8,900 | |
| | 2,991 | | | | Globe Life, Inc | | | 222 | |
| | 5,182 | | * | | GoDaddy, Inc | | | 380 | |
| | 245,259 | | | | Goldman Sachs Group, Inc | | | 48,468 | |
| | 36,000 | | * | | Guardant Health, Inc | | | 2,921 | |
| | 2,490 | | * | | Guidewire Software, Inc | | | 276 | |
| | 26,747 | | | | Halliburton Co | | | 347 | |
| | 164,955 | | | | Hartford Financial Services Group, Inc | | | 6,359 | |
| | 3,810 | | | | Hasbro, Inc | | | 286 | |
| | 51,551 | | | | HCA Healthcare, Inc | | | 5,004 | |
| | 5,217 | | * | | HD Supply Holdings, Inc | | | 181 | |
| | 26,000 | | | | Healthcare Trust of America, Inc | | | 690 | |
| | 93,248 | | | | Healthpeak Properties Inc | | | 2,570 | |
| | 1,423 | | | | HEICO Corp | | | 142 | |
| | 2,202 | | | | HEICO Corp (Class A) | | | 179 | |
| | 4,166 | | * | | Henry Schein, Inc | | | 243 | |
| | 4,414 | | | | Hershey Co | | | 572 | |
| | 8,001 | | | | Hess Corp | | | 415 | |
| | 39,600 | | | | Hewlett Packard Enterprise Co | | | 385 | |
| | 90,280 | | | | Hexcel Corp | | | 4,082 | |
| | 8,241 | | | | Hilton Worldwide Holdings, Inc | | | 605 | |
| | 4,318 | | | | HollyFrontier Corp | | | 126 | |
| | 349,136 | | * | | Hologic, Inc | | | 19,901 | |
| | 711,733 | | | | Home Depot, Inc | | | 178,296 | |
| | 784,456 | | | | Honeywell International, Inc | | | 113,424 | |
| | 160,000 | | * | | Horizon Therapeutics Plc | | | 8,893 | |
| | 8,846 | | | | Hormel Foods Corp | | | 427 | |
| | 100,840 | | | | Host Hotels and Resorts, Inc | | | 1,088 | |
| | 12,574 | | | | Howmet Aerospace, Inc | | | 199 | |
| | 1,033,601 | | | | HP, Inc | | | 18,016 | |
| | 28,888 | | * | | HubSpot, Inc | | | 6,481 | |
| | 14,507 | | | | Humana, Inc | | | 5,625 | |
| | 30,055 | | | | Huntington Bancshares, Inc | | | 272 | |
| | 1,159 | | | | Huntington Ingalls | | | 202 | |
| | 2,298 | | | | IDEX Corp | | | 363 | |
| | 16,553 | | * | | IDEXX Laboratories, Inc | | | 5,465 | |
| | 26,414 | | | | IHS Markit Ltd | | | 1,994 | |
| | 9,443 | | | | Illinois Tool Works, Inc | | | 1,651 | |
| | 64,755 | | * | | Illumina, Inc | | | 23,982 | |
| | 5,502 | | * | | Incyte Corp | | | 572 | |
| | 567,160 | | * | | Ingersoll Rand, Inc | | | 15,949 | |
| | 2,078 | | | | Ingredion, Inc | | | 172 | |
| | 1,876 | | * | | Insulet Corp | | | 364 | |
| | 3,164,951 | | | | Intel Corp | | | 189,359 | |
| | 48,027 | | | | Intercontinental Exchange Group, Inc | | | 4,399 | |
| | 46,888 | | | | International Business Machines Corp | | | 5,663 | |
| | 2,488 | | | | International Flavors & Fragrances, Inc | | | 305 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 106 | | | | International Flavors & Fragrances, Inc (Tel Aviv) | | $ | 13 | |
| | 27,748 | | | | International Paper Co | | | 977 | |
| | 198,794 | | | | Interpublic Group of Cos, Inc | | | 3,411 | |
| | 62,386 | | | | Intuit, Inc | | | 18,478 | |
| | 18,690 | | * | | Intuitive Surgical, Inc | | | 10,650 | |
| | 12,523 | | | | Invesco Ltd | | | 135 | |
| | 115,741 | | | | Invitation Homes, Inc | | | 3,186 | |
| | 18,898 | | * | | Ionis Pharmaceuticals, Inc | | | 1,114 | |
| | 1,171 | | * | | IPG Photonics Corp | | | 188 | |
| | 20,345 | | * | | IQVIA Holdings, Inc | | | 2,887 | |
| | 8,825 | | | | Iron Mountain, Inc | | | 230 | |
| | 131,264 | | e | | iShares MSCI Canada Index Fund | | | 3,397 | |
| | 30,241 | | | | iShares MSCI South Korea Index Fund | | | 1,728 | |
| | 150,000 | | e | | iShares Russell 2000 Index Fund | | | 21,477 | |
| | 148,932 | | | | ITT, Inc | | | 8,748 | |
| | 3,312 | | | | J.M. Smucker Co | | | 350 | |
| | 2,229 | | | | Jack Henry & Associates, Inc | | | 410 | |
| | 3,837 | | | | Jacobs Engineering Group, Inc | | | 325 | |
| | 8,749 | | | | James Hardie Industries NV | | | 169 | |
| | 213,942 | | * | | Jazz Pharmaceuticals plc | | | 23,606 | |
| | 2,590 | | | | JB Hunt Transport Services, Inc | | | 312 | |
| | 664,446 | | | | Johnson & Johnson | | | 93,441 | |
| | 22,182 | | | | Johnson Controls International plc | | | 757 | |
| | 1,410 | | | | Jones Lang LaSalle, Inc | | | 146 | |
| | 2,408,623 | | | | JPMorgan Chase & Co | | | 226,555 | |
| | 9,448 | | | | Juniper Networks, Inc | | | 216 | |
| | 83,499 | | | | Kansas City Southern | | | 12,466 | |
| | 7,455 | | | | Kellogg Co | | | 492 | |
| | 1,561,708 | | | | Keurig Dr Pepper, Inc | | | 44,353 | |
| | 29,630 | | | | Keycorp | | | 361 | |
| | 5,598 | | * | | Keysight Technologies, Inc | | | 564 | |
| | 10,000 | | | | Kilroy Realty Corp | | | 587 | |
| | 54,014 | | | | Kimberly-Clark Corp | | | 7,635 | |
| | 60,306 | | | | Kinder Morgan, Inc | | | 915 | |
| | 15,217 | | e | | KKR & Co, Inc | | | 470 | |
| | 4,644 | | | | KLA Corp | | | 903 | |
| | 3,933 | | | | Knight-Swift Transportation Holdings, Inc | | | 164 | |
| | 19,991 | | | | Kraft Heinz Co | | | 638 | |
| | 137,992 | | | | Kroger Co | | | 4,671 | |
| | 305,044 | | | | L3Harris Technologies, Inc | | | 51,757 | |
| | 12,131 | | * | | Laboratory Corp of America Holdings | | | 2,015 | |
| | 88,020 | | | | Lam Research Corp | | | 28,471 | |
| | 4,376 | | | | Lamb Weston Holdings, Inc | | | 280 | |
| | 1,035,208 | | | | Las Vegas Sands Corp | | | 47,143 | |
| | 1,674 | | | | Lear Corp | | | 183 | |
| | 4,043 | | | | Leidos Holdings, Inc | | | 379 | |
| | 8,237 | | | | Lennar Corp (Class A) | | | 508 | |
| | 1,062 | | | | Lennox International, Inc | | | 247 | |
| | 24,814 | | e | | Levi Strauss & Co | | | 333 | |
| | 674 | | * | | Liberty Broadband Corp (Class A) | | | 82 | |
| | 3,216 | | * | | Liberty Broadband Corp (Class C) | | | 399 | |
| | 6,085 | | * | | Liberty Media Group (Class C) | | | 193 | |
| | 2,871 | | * | | Liberty SiriusXM Group (Class A) | | | 99 | |
| | 5,784 | | * | | Liberty SiriusXM Group (Class C) | | | 199 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 5,982 | | | | Lincoln National Corp | | $ | 220 | |
| | 4,624 | | * | | Live Nation, Inc | | | 205 | |
| | 8,655 | | * | | LKQ Corp | | | 227 | |
| | 7,506 | | | | Lockheed Martin Corp | | | 2,739 | |
| | 8,063 | | | | Loews Corp | | | 276 | |
| | 300,203 | | | | Lowe’s Companies, Inc | | | 40,563 | |
| | 126,948 | | * | | Lululemon Athletica, Inc | | | 39,609 | |
| | 7,755 | | | | LyondellBasell Industries NV | | | 510 | |
| | 3,905 | | | | M&T Bank Corp | | | 406 | |
| | 19,260 | | | | Marathon Petroleum Corp | | | 720 | |
| | 398 | | * | | Markel Corp | | | 367 | |
| | 1,132 | | | | MarketAxess Holdings, Inc | | | 567 | |
| | 173,008 | | | | Marriott International, Inc (Class A) | | | 14,832 | |
| | 209,477 | | | | Marsh & McLennan Cos, Inc | | | 22,492 | |
| | 1,807 | | | | Martin Marietta Materials, Inc | | | 373 | |
| | 19,856 | | | | Marvell Technology Group Ltd | | | 696 | |
| | 8,382 | | | | Masco Corp | | | 421 | |
| | 1,558 | | * | | Masimo Corp | | | 355 | |
| | 278,395 | | | | Mastercard, Inc (Class A) | | | 82,321 | |
| | 263,547 | | *,e | | Match Group, Inc | | | 28,213 | |
| | 41,294 | | * | | Match Group, Inc (Euro OTC) | | | 13,354 | |
| | 121,950 | | * | | Match Group, Inc (NASDAQ) | | | 10,000 | |
| | 7,830 | | | | Maxim Integrated Products, Inc | | | 475 | |
| | 3,675 | | | | McCormick & Co, Inc | | | 659 | |
| | 750,035 | | | | McDonald’s Corp | | | 138,359 | |
| | 33,433 | | | | McKesson Corp | | | 5,129 | |
| | 15,126 | | | | Medical Properties Trust, Inc | | | 284 | |
| | 168,418 | | | | Medtronic plc | | | 15,444 | |
| | 447,770 | | | | Merck & Co, Inc | | | 34,626 | |
| | 45,878 | | | | Metlife, Inc | | | 1,675 | |
| | 718 | | * | | Mettler-Toledo International, Inc | | | 578 | |
| | 855,656 | | | | MGM Growth Properties LLC | | | 23,282 | |
| | 14,731 | | | | MGM Resorts International | | | 247 | |
| | 7,117 | | | | Microchip Technology, Inc | | | 749 | |
| | 108,186 | | * | | Micron Technology, Inc | | | 5,574 | |
| | 3,142,684 | | | | Microsoft Corp | | | 639,568 | |
| | 15,316 | | | | Mid-America Apartment Communities, Inc | | | 1,756 | |
| | 8,163 | | * | | Moderna, Inc | | | 524 | |
| | 1,797 | | * | | Mohawk Industries, Inc | | | 183 | |
| | 1,851 | | * | | Molina Healthcare, Inc | | | 329 | |
| | 5,664 | | | | Molson Coors Brewing Co (Class B) | | | 195 | |
| | 740,110 | | | | Mondelez International, Inc | | | 37,842 | |
| | 1,320 | | * | | MongoDB, Inc | | | 299 | |
| | 1,076,555 | | * | | Monster Beverage Corp | | | 74,627 | |
| | 4,988 | | | | Moody’s Corp | | | 1,370 | |
| | 3,009,329 | | | | Morgan Stanley | | | 145,351 | |
| | 12,270 | | | | Mosaic Co | | | 154 | |
| | 5,064 | | | | Motorola Solutions, Inc | | | 710 | |
| | 2,511 | | | | MSCI, Inc (Class A) | | | 838 | |
| | 15,629 | | * | | Mylan NV | | | 251 | |
| | 3,476 | | | | Nasdaq Inc | | | 415 | |
| | 11,310 | | | | National Oilwell Varco, Inc | | | 139 | |
| | 5,277 | | | | National Retail Properties, Inc | | | 187 | |
| | 6,430 | | | | NetApp, Inc | | | 285 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 91,349 | | * | | Netflix, Inc | | $ | 41,567 | |
| | 2,536 | | * | | Neurocrine Biosciences, Inc | | | 309 | |
| | 12,104 | | | | Newell Brands Inc | | | 192 | |
| | 393,171 | | | | Newmont Goldcorp Corp | | | 24,274 | |
| | 11,641 | | | | News Corp (Class A) | | | 138 | |
| | 170,377 | | | | NextEra Energy, Inc | | | 40,919 | |
| | 10,476 | | | | Nielsen NV | | | 156 | |
| | 1,324,009 | | | | Nike, Inc (Class B) | | | 129,819 | |
| | 11,565 | | | | NiSource, Inc | | | 263 | |
| | 1,676 | | | | Nordson Corp | | | 318 | |
| | 7,620 | | | | Norfolk Southern Corp | | | 1,338 | |
| | 5,776 | | | | Northern Trust Corp | | | 458 | |
| | 63,129 | | | | Northrop Grumman Corp | | | 19,408 | |
| | 17,146 | | | | NortonLifelock, Inc | | | 340 | |
| | 36,240 | | | | NRG Energy, Inc | | | 1,180 | |
| | 8,782 | | | | Nucor Corp | | | 364 | |
| | 100,798 | | | | NVIDIA Corp | | | 38,294 | |
| | 1,078 | | * | | NVR, Inc | | | 3,513 | |
| | 26,968 | | | | Occidental Petroleum Corp | | | 494 | |
| | 6,182 | | | | OGE Energy Corp | | | 188 | |
| | 3,319 | | * | | Okta, Inc | | | 665 | |
| | 2,774 | | | | Old Dominion Freight Line | | | 470 | |
| | 6,781 | | | | Omega Healthcare Investors, Inc | | | 202 | |
| | 6,664 | | | | Omnicom Group, Inc | | | 364 | |
| | 11,868 | | * | | ON Semiconductor Corp | | | 235 | |
| | 59,213 | | | | ONEOK, Inc | | | 1,967 | |
| | 114,722 | | | | Oracle Corp | | | 6,341 | |
| | 4,894 | | * | | O’Reilly Automotive, Inc | | | 2,064 | |
| | 74,973 | | | | Otis Worldwide Corp | | | 4,263 | |
| | 127,418 | | | | Owens Corning, Inc | | | 7,105 | |
| | 10,261 | | | | PACCAR, Inc | | | 768 | |
| | 9,247 | | | | Packaging Corp of America | | | 923 | |
| | 2,961 | | * | | Palo Alto Networks, Inc | | | 680 | |
| | 186,082 | | | | Parker-Hannifin Corp | | | 34,103 | |
| | 273,466 | | | | Parsley Energy, Inc | | | 2,921 | |
| | 9,366 | | | | Paychex, Inc | | | 709 | |
| | 1,503 | | * | | Paycom Software, Inc | | | 466 | |
| | 958,200 | | * | | PayPal Holdings, Inc | | | 166,947 | |
| | 1,454,759 | | * | | Peloton Interactive, Inc | | | 84,041 | |
| | 5,291 | | | | Pentair plc | | | 201 | |
| | 13,402 | | | | People’s United Financial, Inc | | | 155 | |
| | 267,614 | | | | PepsiCo, Inc | | | 35,395 | |
| | 3,234 | | | | PerkinElmer, Inc | | | 317 | |
| | 74,977 | | | | Perrigo Co plc | | | 4,144 | |
| | 1,090,520 | | | | Pfizer, Inc | | | 35,660 | |
| | 282,990 | | | | Philip Morris International, Inc | | | 19,826 | |
| | 424,876 | | | | Phillips 66 | | | 30,549 | |
| | 3,485 | | | | Pinnacle West Capital Corp | | | 255 | |
| | 10,461 | | * | | Pinterest, Inc | | | 232 | |
| | 45,141 | | | | Pioneer Natural Resources Co | | | 4,410 | |
| | 139,899 | | | | PNC Financial Services Group, Inc | | | 14,719 | |
| | 156,492 | | | | PPG Industries, Inc | | | 16,598 | |
| | 97,805 | | | | PPL Corp | | | 2,527 | |
| | 8,111 | | | | Principal Financial Group | | | 337 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,566,890 | | | | Procter & Gamble Co | | $ | 187,353 | |
| | 183,238 | | | | Progressive Corp | | | 14,679 | |
| | 222,235 | | | | Prologis, Inc | | | 20,741 | |
| | 58,276 | | | | Prudential Financial, Inc | | | 3,549 | |
| | 3,334 | | * | | PTC, Inc | | | 259 | |
| | 73,233 | | | | Public Service Enterprise Group, Inc | | | 3,600 | |
| | 17,650 | | | | Public Storage, Inc | | | 3,387 | |
| | 8,255 | | | | Pulte Homes, Inc | | | 281 | |
| | 4,087 | | * | | QIAGEN NV (Turquoise) | | | 176 | |
| | 3,362 | | * | | Qorvo, Inc | | | 372 | |
| | 156,000 | | e | | QTS Realty Trust, Inc | | | 9,998 | |
| | 534,387 | | | | QUALCOMM, Inc | | | 48,741 | |
| | 73,175 | | | | Quest Diagnostics, Inc | | | 8,339 | |
| | 1,626 | | | | Ralph Lauren Corp | | | 118 | |
| | 3,820 | | | | Raymond James Financial, Inc | | | 263 | |
| | 656,283 | | * | | Raytheon Technologies Corp | | | 40,440 | |
| | 36,045 | | | | Realty Income Corp | | | 2,145 | |
| | 50,177 | | | | Regency Centers Corp | | | 2,303 | |
| | 139,124 | | * | | Regeneron Pharmaceuticals, Inc | | | 86,765 | |
| | 27,893 | | | | Regions Financial Corp | | | 310 | |
| | 1,875 | | | | Reinsurance Group of America, Inc (Class A) | | | 147 | |
| | 6,663 | | | | Republic Services, Inc | | | 547 | |
| | 8,295 | | | | Resmed, Inc | | | 1,593 | |
| | 566,370 | | | | Rexford Industrial Realty, Inc | | | 23,465 | |
| | 2,102 | | * | | RingCentral, Inc | | | 599 | |
| | 3,579 | | | | Robert Half International, Inc | | | 189 | |
| | 67,541 | | | | Rockwell Automation, Inc | | | 14,386 | |
| | 2,728 | | * | | Roku, Inc | | | 318 | |
| | 4,223 | | | | Rollins, Inc | | | 179 | |
| | 92,701 | | | | Roper Technologies Inc | | | 35,992 | |
| | 30,997 | | | | Ross Stores, Inc | | | 2,642 | |
| | 19,337 | | e | | Royal Caribbean Cruises Ltd | | | 973 | |
| | 25,949 | | * | | Royalty Pharma plc | | | 1,260 | |
| | 3,970 | | | | RPM International, Inc | | | 298 | |
| | 55,286 | | | | S&P Global, Inc | | | 18,216 | |
| | 892,379 | | * | | salesforce.com, Inc | | | 167,169 | |
| | 2,148 | | * | | Sarepta Therapeutics, Inc | | | 344 | |
| | 10,909 | | | | SBA Communications Corp | | | 3,250 | |
| | 40,431 | | | | Schlumberger Ltd | | | 744 | |
| | 6,822 | | | | Seagate Technology, Inc | | | 330 | |
| | 4,906 | | | | Sealed Air Corp | | | 161 | |
| | 54,615 | | * | | Seattle Genetics, Inc | | | 9,280 | |
| | 3,740 | | | | SEI Investments Co | | | 206 | |
| | 40,841 | | | | Sempra Energy | | | 4,788 | |
| | 4,611 | | * | | Sensata Technologies Holding plc | | | 172 | |
| | 216,379 | | * | | ServiceNow, Inc | | | 87,646 | |
| | 23,375 | | | | Sherwin-Williams Co | | | 13,507 | |
| | 1,607 | | | | Signature Bank | | | 172 | |
| | 34,160 | | | | Simon Property Group, Inc | | | 2,336 | |
| | 31,560 | | | | Sirius XM Holdings, Inc | | | 185 | |
| | 185,066 | | | | Skyworks Solutions, Inc | | | 23,663 | |
| | 1,028,935 | | * | | Slack Technologies, Inc | | | 31,990 | |
| | 26,158 | | * | | Snap, Inc | | | 614 | |
| | 1,498 | | | | Snap-On, Inc | | | 207 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 258,555 | | | | Southern Co | | $ | 13,406 | |
| | 234,221 | | n | | Southwest Airlines Co | | | 8,006 | |
| | 4,617 | | * | | Splunk, Inc | | | 917 | |
| | 76,800 | | * | | Spotify Technology S.A. | | | 19,829 | |
| | 10,503 | | * | | Square, Inc | | | 1,102 | |
| | 6,632 | | | | SS&C Technologies Holdings, Inc | | | 375 | |
| | 34,664 | | | | Stanley Black & Decker, Inc | | | 4,831 | |
| | 177,115 | | | | Starbucks Corp | | | 13,034 | |
| | 105,044 | | | | State Street Corp | | | 6,676 | |
| | 6,224 | | | | Steel Dynamics, Inc | | | 162 | |
| | 2,462 | | | | STERIS plc | | | 378 | |
| | 41,972 | | | | Stryker Corp | | | 7,563 | |
| | 33,341 | | | | Sun Communities, Inc | | | 4,524 | |
| | 1,512 | | * | | SVB Financial Group | | | 326 | |
| | 16,060 | | | | Synchrony Financial | | | 356 | |
| | 74,870 | | * | | Synopsys, Inc | | | 14,600 | |
| | 46,556 | | | | SYSCO Corp | | | 2,545 | |
| | 6,979 | | | | T Rowe Price Group, Inc | | | 862 | |
| | 62,113 | | * | | Take-Two Interactive Software, Inc | | | 8,669 | |
| | 600,941 | | | | Target Corp | | | 72,071 | |
| | 77,103 | | | | TD Ameritrade Holding Corp | | | 2,805 | |
| | 307,493 | | | | TE Connectivity Ltd | | | 25,076 | |
| | 12,136 | | * | | Teladoc, Inc | | | 2,316 | |
| | 1,116 | | * | | Teledyne Technologies, Inc | | | 347 | |
| | 1,347 | | | | Teleflex, Inc | | | 490 | |
| | 5,050 | | | | Teradyne, Inc | | | 427 | |
| | 26,000 | | | | Terreno Realty Corp | | | 1,369 | |
| | 114,639 | | * | | Tesla, Inc | | | 123,788 | |
| | 53,885 | | | | Texas Instruments, Inc | | | 6,842 | |
| | 196,693 | | | | Textron, Inc | | | 6,473 | |
| | 91,259 | | | | Thermo Fisher Scientific, Inc | | | 33,067 | |
| | 3,293 | | | | Tiffany & Co | | | 402 | |
| | 217,200 | | | | TJX Companies, Inc | | | 10,982 | |
| | 170,632 | | * | | T-Mobile US, Inc | | | 17,771 | |
| | 3,410 | | | | Tractor Supply Co | | | 449 | |
| | 1,188 | | * | | Trade Desk, Inc | | | 483 | |
| | 2,289 | | | | Tradeweb Markets, Inc | | | 133 | |
| | 398,867 | | | | Trane Technologies plc | | | 35,491 | |
| | 16,549 | | | | TransDigm Group, Inc | | | 7,315 | |
| | 5,486 | | | | TransUnion | | | 478 | |
| | 7,409 | | | | Travelers Cos, Inc | | | 845 | |
| | 7,218 | | * | | Trimble Inc | | | 312 | |
| | 273,059 | | | | Tronox Holdings plc | | | 1,971 | |
| | 39,750 | | | | Truist Financial Corp | | | 1,493 | |
| | 3,517 | | * | | Twilio, Inc | | | 772 | |
| | 22,938 | | * | | Twitter, Inc | | | 683 | |
| | 1,144 | | * | | Tyler Technologies, Inc | | | 397 | |
| | 24,234 | | | | Tyson Foods, Inc (Class A) | | | 1,447 | |
| | 320,130 | | * | | Uber Technologies, Inc | | | 9,950 | |
| | 8,993 | | | | UDR, Inc | | | 336 | |
| | 6,158 | | | | UGI Corp | | | 196 | |
| | 47,386 | | * | | Ulta Beauty, Inc | | | 9,639 | |
| | 847,155 | | | | Union Pacific Corp | | | 143,229 | |
| | 51,813 | | | | United Parcel Service, Inc (Class B) | | | 5,761 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,194 | | * | | United Rentals, Inc | | $ | 327 | |
| | 442,147 | | | | UnitedHealth Group, Inc | | | 130,411 | |
| | 2,342 | | | | Universal Health Services, Inc (Class B) | | | 218 | |
| | 550,730 | | | | US Bancorp | | | 20,278 | |
| | 4,333 | | | | Vail Resorts, Inc | | | 789 | |
| | 583,889 | | | | Valero Energy Corp | | | 34,344 | |
| | 319,640 | | | | Vanguard Emerging Markets ETF | | | 12,661 | |
| | 50,000 | | | | Vanguard FTSE Developed Markets ETF | | | 1,940 | |
| | 2,748 | | * | | Varian Medical Systems, Inc | | | 337 | |
| | 23,727 | | * | | Veeva Systems, Inc | | | 5,562 | |
| | 41,286 | | | | Ventas, Inc | | | 1,512 | |
| | 33,399 | | | | VEREIT, Inc | | | 215 | |
| | 3,114 | | * | | VeriSign, Inc | | | 644 | |
| | 4,585 | | | | Verisk Analytics, Inc | | | 780 | |
| | 628,093 | | | | Verizon Communications, Inc | | | 34,627 | |
| | 87,583 | | * | | Vertex Pharmaceuticals, Inc | | | 25,426 | |
| | 27,662 | | | | VF Corp | | | 1,686 | |
| | 73,217 | | | | ViacomCBS, Inc (Class B) | | | 1,707 | |
| | 88,637 | | | | VICI Properties, Inc | | | 1,790 | |
| | 927,568 | | | | Visa, Inc (Class A) | | | 179,178 | |
| | 47,984 | | | | Vistra Energy Corp | | | 893 | |
| | 2,478 | | * | | VMware, Inc (Class A) | | | 384 | |
| | 5,243 | | | | Vornado Realty Trust | | | 200 | |
| | 428,832 | | | | Voya Financial, Inc | | | 20,005 | |
| | 88,847 | | | | Vulcan Materials Co | | | 10,293 | |
| | 4,498 | | | | W.R. Berkley Corp | | | 258 | |
| | 58,152 | | | | W.W. Grainger, Inc | | | 18,269 | |
| | 5,506 | | | | Wabtec Corp | | | 317 | |
| | 42,269 | | | | Walgreens Boots Alliance, Inc | | | 1,792 | |
| | 911,114 | | | | Walmart, Inc | | | 109,133 | |
| | 1,320,007 | | | | Walt Disney Co | | | 147,194 | |
| | 7,822 | | | | Waste Connections, Inc | | | 734 | |
| | 181,857 | | | | Waste Management, Inc | | | 19,260 | |
| | 1,808 | | * | | Waters Corp | | | 326 | |
| | 1,923 | | *,e | | Wayfair, Inc | | | 380 | |
| | 9,339 | | | | WEC Energy Group, Inc | | | 819 | |
| | 80,250 | | * | | Welbilt, Inc | | | 489 | |
| | 115,292 | | | | Wells Fargo & Co | | | 2,951 | |
| | 47,931 | | | | Welltower, Inc | | | 2,480 | |
| | 28,764 | | | | West Pharmaceutical Services, Inc | | | 6,534 | |
| | 8,663 | | | | Western Digital Corp | | | 382 | |
| | 11,914 | | | | Western Union Co | | | 258 | |
| | 7,467 | | | | WestRock Co | | | 211 | |
| | 50,079 | | | | Weyerhaeuser Co | | | 1,125 | |
| | 1,854 | | | | Whirlpool Corp | | | 240 | |
| | 171,483 | | | | Williams Cos, Inc | | | 3,262 | |
| | 8,676 | | | | Willis Towers Watson plc | | | 1,709 | |
| | 4,943 | | * | | Workday, Inc | | | 926 | |
| | 5,280 | | | | WP Carey, Inc | | | 357 | |
| | 564,517 | | * | | WPX Energy, Inc | | | 3,602 | |
| | 921,176 | | | | Wynn Resorts Ltd | | | 68,618 | |
| | 15,537 | | | | Xcel Energy, Inc | | | 971 | |
| | 7,394 | | | | Xilinx, Inc | | | 728 | |
| | 2,754 | | * | | XPO Logistics, Inc | | | 213 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 5,453 | | | | Xylem, Inc | | $ | 354 | |
| | 44,672 | | | | Yum! Brands, Inc | | | 3,882 | |
| | 1,626 | | * | | Zebra Technologies Corp (Class A) | | | 416 | |
| | 4,051 | | *,e | | Zillow Group, Inc (Class C) | | | 233 | |
| | 110,614 | | | | Zimmer Biomet Holdings, Inc | | | 13,203 | |
| | 4,779 | | | | Zions Bancorporation | | | 162 | |
| | 210,202 | | | | Zoetis, Inc | | | 28,806 | |
| | 3,224 | | *,e | | Zoom Video Communications, Inc | | | 817 | |
| | 42,500 | | * | | Zscaler, Inc | | | 4,654 | |
| | | | | | TOTAL UNITED STATES | | | 10,723,116 | |
| | | | | | | | | | |
| ZAMBIA - 0.0% | | | |
| | 429,331 | | | | First Quantum Minerals Ltd | | | 3,422 | |
| | | | | | TOTAL ZAMBIA | | | 3,422 | |
| | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | | 19,102,792 | |
| | | | | | (Cost $17,140,917) | | | | |
| | | | | | | | | | |
| PURCHASED OPTIONS – 0.0% | | | |
| | | | | | | | | | |
| UNITED STATES - 0.0% | | | |
| | 37,000 | | | | Dow, Inc | | | 67 | |
| | | | | | TOTAL UNITED STATES | | | 67 | |
| | | | | | | | | | |
| | | | | | TOTAL PURCHASED OPTIONS | | | 67 | |
| | | | | | (Cost $51) | | | | |
| | | | | | | | | | |
| RIGHTS / WARRANTS - 0.0% | | | |
| | | | | | | | | | |
| CHINA - 0.0% | | | |
| | 3,146 | | † | | Legend Holdings Corp | | | 1 | |
| | | | | | TOTAL CHINA | | | 1 | |
| | | | | | | | | | |
| KOREA, REPUBLIC OF - 0.0% | | | |
| | 6,288 | | | | Korean Air Lines Co Ltd | | | 9 | |
| | | | | | TOTAL KOREA, REPUBLIC OF | | | 9 | |
| | | | | | | | | | |
| SPAIN - 0.0% | | | |
| | 4,590 | | e | | ACS Actividades de Construccion y Servicios S.A. | | | 7 | |
| | 31,183 | | e | | Repsol S.A. | | | 15 | |
| | 630,802 | | e | | Telefonica S.A. | | | 124 | |
| | | | | | TOTAL SPAIN | | | 146 | |
| | | | | | | | | | |
| THAILAND - 0.0% | | | |
| | 63,519 | | | | BTS Group Holdings PCL | | | 2 | |
| | 59,012 | | | | Minor International PCL | | | 3 | |
| | | | | | TOTAL THAILAND | | | 5 | |
| | | | | | | | | | |
| UNITED STATES - 0.0% | | | |
| | 10,700 | | | | Bristol-Myers Squibb Co | | | 38 | |
| | 112,210 | | | | T-Mobile US, Inc | | | 19 | |
| | | | | | TOTAL UNITED STATES | | | 57 | |
| | | | | | | | | | |
| | | | | | TOTAL RIGHTS / WARRANTS | | | 218 | |
| | | | | | (Cost $261) | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| SHORT-TERM INVESTMENTS - 1.6% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| GOVERNMENT AGENCY DEBT - 0.6% | | | | | | | | | | | | |
| $ | 10,000,000 | | | | | Federal Farm Credit Bank (FFCB) | | 0.200 | % | | 11/04/20 | | $ | 9,994 | |
| | 25,000,000 | | | | | Federal Home Loan Bank (FHLB) | | | 0.084 | | | 07/01/20 | | | 25,000 | |
| | 19,200,000 | | | | | FHLB | | | | | 0.080-0.115 | | | 07/09/20 | | | 19,199 | |
| | 24,100,000 | | | | | FHLB | | | | | 0.100-0.155 | | | 07/20/20 | | | 24,098 | |
| | 16,785,000 | | | | | FHLB | | | | | 0.125-0.190 | | | 07/31/20 | | | 16,783 | |
| | 9,090,000 | | | | | FHLB | | | | | 0.125 | | | 08/07/20 | | | 9,089 | |
| | 10,000,000 | | | | | Federal National Mortgage Association (FNMA) | | | 0.249 | | | 09/23/20 | | | 9,997 | |
| | 10,000,000 | | | | | FNMA | | | | | 0.200 | | | 10/16/20 | | | 9,996 | |
| | | | | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | 124,156 | |
| | | | | | | | | | | | | | | | | | | |
| REPURCHASE AGREEMENT - 0.1% | | | | | | | | | | | | |
| | 20,040,000 | | | r | | Fixed Income Clearing Corp | | | | | 0.070 | | | 07/01/20 | | | 20,040 | |
| | | | | | | TOTAL REPURCHASE AGREEMENT | | | | | | | | | 20,040 | |
| | | | | | | | | | | | | | | | | | | |
| TREASURY DEBT - 0.3% | | | | | | | | | | | | |
| | 30,360,000 | | | | | United States Treasury Bill | | | | | 0.085 | | | 07/07/20 | | | 30,360 | |
| | 28,230,000 | | | | | United States Treasury Bill | | | | | 0.075 | | | 07/28/20 | | | 28,227 | |
| | | | | | | TOTAL TREASURY DEBT | | | | | | | | | | | 58,587 | |
| | | | | | | | | | | | | | | | | | | |
| INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED - 0.6% | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| CERTIFICATE OF DEPOSIT - 0.0% | | | | | | | | | | | | |
| | 7,000,000 | | | | | Lloyds Bank plc | | | | | 0.593 | | | 10/01/20 | | | 7,000 | |
| | | | | | | TOTAL CERTIFICATE OF DEPOSIT | | | | | | | | | 7,000 | |
| | | | | | | | | | | | | | | | | | | |
| REPURCHASE AGREEMENT - 0.6% | | | | | | | | | | | | |
| | 20,000,000 | | | s | | Barclays Capital | | | | | 0.070 | | | 07/01/20 | | | 20,000 | |
| | 20,000,000 | | | t | | Citigroup | | | | | 0.070 | | | 07/01/20 | | | 20,000 | |
| | 8,000,000 | | | u | | Deutsche Bank | | | | | 0.070 | | | 07/01/20 | | | 8,000 | |
| | 25,000,000 | | | v | | JP Morgan Securities | | | | | 0.070 | | | 07/01/20 | | | 25,000 | |
| | 10,000,000 | | | w | | Merrill Lynch | | | | | 0.090 | | | 07/01/20 | | | 10,000 | |
| | 10,000,000 | | | x | | Nomura Securities | | | | | 0.070 | | | 07/01/20 | | | 10,000 | |
| | 10,000,000 | | | y | | Royal Bank of Scotland | | | | | 0.070 | | | 07/01/20 | | | 10,000 | |
| | 10,000,000 | | | z | | Societe Generale | | | | | 0.090 | | | 07/01/20 | | | 10,000 | |
| | | | | | | TOTAL REPURCHASE AGREEMENT | | | | | | | | | 113,000 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED | | | 120,000 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | 322,783 | |
| | | | | | | (Cost $322,778) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL INVESTMENTS - 100.4% | | | | | | | | | 19,425,860 | |
| | | | | | | (Cost $17,464,007) | | | | | | | | | | | | |
| | | | | | | OTHER ASSETS & LIABILITIES, NET - (0.4)% | | | | | | (86,823 | ) |
| | | | | | | NET ASSETS - 100.0% | | | | | | $ | 19,339,037 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
| | | | |
| | | Abbreviation(s): |
| ADR | | American Depositary Receipt |
| ETF | | Exchange Traded Fund |
| GDR | | Global Depositary Receipt |
| OTC | | Over The Counter |
| REIT | | Real Estate Investment Trust |
| |
| * | | Non-income producing |
| ^ | | Amount represents less than $1,000. |
| † | | Security is categorized as Level 3 in the fair value hierarchy. |
| d | | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
| e | | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $245,216,895. |
| g | | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $258,703,548 or 1.3% of net assets. |
| n | | All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts. |
| r | | Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $20,040,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $20,440,800. |
| s | | Agreement with Barclays Capital, 0.070% dated 6/30/20 to be repurchased at $20,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $20,400,000. |
| t | | Agreement with Citigroup, 0.070% dated 6/30/20 to be repurchased at $20,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $20,400,000. |
| u | | Agreement with Deutsche Bank, 0.070% dated 6/30/20 to be repurchased at $8,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $8,160,000. |
| v | | Agreement with JP Morgan Securities, 0.070% dated 6/30/20 to be repurchased at $25,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $25,500,000. |
| w | | Agreement with Merrill Lynch, 0.090% dated 6/30/20 to be repurchased at $10,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $10,206,000. |
| x | | Agreement with Nomura Securities, 0.070% dated 6/30/20 to be repurchased at $10,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $10,200,000. |
| y | | Agreement with Royal Bank of Scotland, 0.070% dated 6/30/20 to be repurchased at $10,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $10,200,000. |
| z | | Agreement with Societe Generale, 0.090% dated 6/30/20 to be repurchased at $10,000,000 on 7/01/20, collateralized by U.S. Government Agency Securities valued at $10,200,000. |
| | | |
| | | Cost amounts are in thousands. |
| | | | |
Purchased options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description/underlying investment | | Number of contracts | | | Notional amount | | | Exercise price | | | Expiration date | | Value | |
| Dow, Inc, Call | | | 370 | | | $ | 51 | | | $ | 50.00 | | | 01/15/21 | | $ | 67 | |
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
Written options outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description/underlying investment | | Number of contracts | | | Notional amount | | | Exercise price | | | Expiration date | | Value | |
| Alphabet, Inc, Call | | | 25 | | | $ | (60 | ) | | $ | 1,520.00 | | | 07/17/20 | | $ | (8 | ) |
| Alphabet, Inc, Put | | | 25 | | | | (26 | ) | | | 1,300.00 | | | 07/17/20 | | | (14 | ) |
| Apple, Inc, Call | | | 234 | | | | (439 | ) | | | 350.00 | | | 08/21/20 | | | (635 | ) |
| Apple, Inc, Put | | | 114 | | | | (46 | ) | | | 255.00 | | | 07/17/20 | | | (1 | ) |
| Apple, Inc, Put | | | 234 | | | | (106 | ) | | | 300.00 | | | 08/21/20 | | | (73 | ) |
| Dow, Inc, Put | | | 370 | | | | (51 | ) | | | 25.00 | | | 01/15/21 | | | (43 | ) |
| DuPont de Nemours, Inc, Put | | | 228 | | | | (93 | ) | | | 42.50 | | | 10/16/20 | | | (36 | ) |
| DuPont de Nemours, Inc, Put | | | 228 | | | | (120 | ) | | | 45.00 | | | 10/16/20 | | | (53 | ) |
| Facebook, Inc, Call | | | 176 | | | | (48 | ) | | | 270.00 | | | 07/17/20 | | | (2 | ) |
| Southwest Airlines Co, Call | | | 800 | | | | (90 | ) | | | 40.00 | | | 07/17/20 | | | (28 | ) |
| Total | | | 2,434 | | | | (1,079 | ) | | | | | | | | $ | (893 | ) |
|
Futures contracts outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description | | Number of long
(short)
contracts | | | Expiration date | | Notional amount | | | Value | | | Unrealized
appreciation
(depreciation | ) |
| MSCI EAFE Index | | | 384 | | | 09/18/20 | | $ | 34,217 | | | $ | 34,145 | | | $ | (72 | ) |
| S&P 500 E Mini Index | | | 461 | | | 09/18/20 | | | 73,186 | | | | 71,229 | | | | (1,957 | ) |
| Total | | | 845 | | | | | $ | 107,403 | | | $ | 105,374 | | | $ | (2,029 | ) |
|
COLLEGE RETIREMENT EQUITIES FUND - Global Equities Account
COLLEGE RETIREMENT EQUITIES FUND
GLOBAL EQUITIES ACCOUNT
SUMMARY OF MARKET VALUES BY SECTOR (unaudited)
June 30, 2020
| SECTOR | | VALUE
(000) | | | % OF
ASSETS | |
| INFORMATION TECHNOLOGY | | $ | 4,269,109 | | | | 22.2 | % |
| CONSUMER DISCRETIONARY | | | 2,869,068 | | | | 14.8 | |
| HEALTH CARE | | | 2,626,863 | | | | 13.6 | |
| FINANCIALS | | | 2,225,741 | | | | 11.5 | |
| COMMUNICATION SERVICES | | | 1,728,725 | | | | 8.9 | |
| INDUSTRIALS | | | 1,715,319 | | | | 8.9 | |
| CONSUMER STAPLES | | | 1,477,994 | | | | 7.6 | |
| MATERIALS | | | 918,569 | | | | 4.7 | |
| UTILITIES | | | 545,937 | | | | 2.8 | |
| ENERGY | | | 380,230 | | | | 2.0 | |
| REAL ESTATE | | | 345,522 | | | | 1.8 | |
| SHORT-TERM INVESTMENTS | | | 322,783 | | | | 1.6 | |
| OTHER ASSETS & LIABILITES, NET | | | (86,823 | ) | | | (0.4 | ) |
| NET ASSETS | | $ | 19,339,037 | | | | 100.0 | % |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
COLLEGE RETIREMENT EQUITIES FUND
GROWTH ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020
| SHARES | | | | COMPANY | | VALUE
(000) | |
| COMMON STOCKS - 99.6% |
| | | | | | | | |
| AUTOMOBILES & COMPONENTS - 1.6% |
| | 751,129 | | | | Aptiv plc | | $ | 58,528 | |
| | 376,421 | | * | | Tesla, Inc | | | 406,463 | |
| | | | | | TOTAL AUTOMOBILES & COMPONENTS | | | 464,991 | |
| | | | | | | | | | |
| BANKS - 0.0% |
| | 1,638 | | *,e | | LendingTree, Inc | | | 474 | |
| | | | | | TOTAL BANKS | | | 474 | |
| | | | | | | | | | |
| CAPITAL GOODS - 2.2% |
| | 78,561 | | | | 3M Co | | | 12,255 | |
| | 13,154 | | | | Allegion plc | | | 1,345 | |
| | 15,020 | | | | Allison Transmission Holdings, Inc | | | 552 | |
| | 3,442 | | | | Armstrong World Industries, Inc | | | 268 | |
| | 13,389 | | * | | Axon Enterprise, Inc | | | 1,314 | |
| | 399,144 | | | | Boeing Co | | | 73,163 | |
| | 13,198 | | | | BWX Technologies, Inc | | | 748 | |
| | 68,390 | | | | Carrier Global Corp | | | 1,520 | |
| | 2,830 | | e | | Donaldson Co, Inc | | | 132 | |
| | 98,255 | | | | Fastenal Co | | | 4,209 | |
| | 12,181 | | * | | Generac Holdings, Inc | | | 1,485 | |
| | 15,923 | | | | Graco, Inc | | | 764 | |
| | 7,491 | | | | HEICO Corp | | | 746 | |
| | 13,176 | | | | HEICO Corp (Class A) | | | 1,070 | |
| | 674,889 | | | | Honeywell International, Inc | | | 97,582 | |
| | 864 | | | | Huntington Ingalls | | | 151 | |
| | 29,489 | | | | Illinois Tool Works, Inc | | | 5,156 | |
| | 4,155 | | | | Lincoln Electric Holdings, Inc | | | 350 | |
| | 52,433 | | | | Lockheed Martin Corp | | | 19,134 | |
| | 9,682 | | * | | Mercury Systems, Inc | | | 762 | |
| | 10,226 | | e | | Nordson Corp | | | 1,940 | |
| | 30,410 | | | | Northrop Grumman Corp | | | 9,349 | |
| | 3,500 | | | | Quanta Services, Inc | | | 137 | |
| | 3,116,495 | | * | | Raytheon Technologies Corp | | | 192,038 | |
| | 12,292 | | | | Rockwell Automation, Inc | | | 2,618 | |
| | 572,906 | | | | Roper Technologies Inc | | | 222,437 | |
| | 20,394 | | | | Toro Co | | | 1,353 | |
| | 2,504 | | | | TransDigm Group, Inc | | | 1,107 | |
| | 11,869 | | * | | Trex Co, Inc | | | 1,544 | |
| | 43,607 | | * | | Vertiv Holdings Co | | | 591 | |
| | 5,201 | | * | | Virgin Galactic Holdings, Inc | | | 85 | |
| | 6,850 | | | | W.W. Grainger, Inc | | | 2,152 | |
| | | | | | TOTAL CAPITAL GOODS | | | 658,057 | |
| | | | | | | | | | |
| COMMERCIAL & PROFESSIONAL SERVICES - 2.5% |
| | 678,690 | | *,e | | Cimpress plc | | | 51,811 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 16,844 | | | | Cintas Corp | | $ | 4,487 | |
| | 4,736,837 | | * | | Clarivate Analytics plc | | | 105,774 | |
| | 42,981 | | * | | Copart, Inc | | | 3,579 | |
| | 130,318 | | * | | CoStar Group, Inc | | | 92,613 | |
| | 629,861 | | | | Equifax, Inc | | | 108,260 | |
| | 4,076,801 | | | | Experian Group Ltd | | | 143,091 | |
| | 7,163 | | * | | IAA, Inc | | | 276 | |
| | 45,745 | | | | IHS Markit Ltd | | | 3,454 | |
| | 1,742 | | | | MSA Safety, Inc | | | 199 | |
| | 25,881 | | | | Rollins, Inc | | | 1,097 | |
| | 37,141 | | | | TransUnion | | | 3,233 | |
| | 33,542 | | | | Verisk Analytics, Inc | | | 5,709 | |
| | 2,223,709 | | | | Waste Connections, Inc | | | 208,562 | |
| | 11,135 | | | | Waste Management, Inc | | | 1,179 | |
| | | | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 733,324 | |
| | | | | | | | | | |
| CONSUMER DURABLES & APPAREL - 1.8% |
| | 673,860 | | | | Essilor International S.A. | | | 86,664 | |
| | 24,050 | | * | | Lululemon Athletica, Inc | | | 7,504 | |
| | 34,817 | | * | | Mattel, Inc | | | 337 | |
| | 2,692,800 | | | | Nike, Inc (Class B) | | | 264,029 | |
| | 6 | | * | | NVR, Inc | | | 20 | |
| | 303,274 | | * | | Peloton Interactive, Inc | | | 17,520 | |
| | 945 | | | | Polaris Inc | | | 87 | |
| | 11,359,000 | | | | Prada S.p.A | | | 39,692 | |
| | 1,472,602 | | | | Sony Corp | | | 101,654 | |
| | 7,216 | | * | | Tempur Sealy International, Inc | | | 519 | |
| | 4,534 | | | | VF Corp | | | 276 | |
| | | | | | TOTAL CONSUMER DURABLES & APPAREL | | | 518,302 | |
| | | | | | | | | | |
| CONSUMER SERVICES - 1.7% |
| | 8,405 | | * | | Bright Horizons Family Solutions | | | 985 | |
| | 2,976,517 | | e | | Carnival Corp | | | 48,874 | |
| | 24,777 | | * | | Chegg, Inc | | | 1,666 | |
| | 207,315 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | 218,170 | |
| | 8,385 | | | | Domino’s Pizza, Inc | | | 3,098 | |
| | 14,699 | | e | | Dunkin Brands Group, Inc | | | 959 | |
| | 274,227 | | * | | Flutter Entertainment plc | | | 35,951 | |
| | 3,153 | | * | | frontdoor, Inc | | | 140 | |
| | 23,050 | | | | H&R Block, Inc | | | 329 | |
| | 214,103 | | | | Hilton Worldwide Holdings, Inc | | | 15,726 | |
| | 960,148 | | | | Las Vegas Sands Corp | | | 43,725 | |
| | 22,904 | | | | McDonald’s Corp | | | 4,225 | |
| | 9,420 | | * | | Planet Fitness, Inc | | | 571 | |
| | 1,696,197 | | | | Starbucks Corp | | | 124,823 | |
| | 756 | | | | Vail Resorts, Inc | | | 138 | |
| | 35,645 | | | | Wendy’s | | | 776 | |
| | 4,049 | | | | Wynn Resorts Ltd | | | 302 | |
| | 5,738 | | | | Yum China Holdings, Inc | | | 276 | |
| | 4,557 | | | | Yum! Brands, Inc | | | 396 | |
| | | | | | TOTAL CONSUMER SERVICES | | | 501,130 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| DIVERSIFIED FINANCIALS - 3.3% |
| | 291,656 | | | | Apollo Global Management, Inc | | $ | 14,559 | |
| | 20,925 | | | | Ares Management Corp | | | 831 | |
| | 1,792 | | | | Carlyle Group, Inc | | | 50 | |
| | 5,220 | | | | CBOE Global Markets, Inc | | | 487 | |
| | 112 | | *,e | | Credit Acceptance Corp | | | 47 | |
| | 7,859 | | | | Factset Research Systems, Inc | | | 2,581 | |
| | 943,115 | | | | Intercontinental Exchange Group, Inc | | | 86,389 | |
| | 1,409,500 | | e | | iShares Russell 1000 Growth Index Fund | | | 270,554 | |
| | 1,010 | | | | LPL Financial Holdings, Inc | | | 79 | |
| | 7,764 | | | | MarketAxess Holdings, Inc | | | 3,889 | |
| | 34,382 | | | | Moody’s Corp | | | 9,446 | |
| | 3,255 | | | | Morningstar, Inc | | | 459 | |
| | 17,509 | | | | MSCI, Inc (Class A) | | | 5,845 | |
| | 1,556,992 | | | | S&P Global, Inc | | | 512,998 | |
| | 19,310 | | | | SLM Corp | | | 136 | |
| | 12,525 | | | | T Rowe Price Group, Inc | | | 1,547 | |
| | 386,074 | | | | Tradeweb Markets, Inc | | | 22,446 | |
| | 8,029 | | | | Virtu Financial, Inc | | | 189 | |
| | 997,019 | | | | Voya Financial, Inc | | | 46,511 | |
| | | | | | TOTAL DIVERSIFIED FINANCIALS | | | 979,043 | |
| | | | | | | | | | |
| ENERGY - 0.1% |
| | 48,259 | | * | | Cheniere Energy, Inc | | | 2,332 | |
| | 496,044 | | | | Concho Resources, Inc | | | 25,546 | |
| | 8,056 | | e | | Equitrans Midstream Corp | | | 67 | |
| | | | | | TOTAL ENERGY | | | 27,945 | |
| | | | | | | | | | |
| FOOD & STAPLES RETAILING - 1.3% |
| | 1,282,508 | | | | Costco Wholesale Corp | | | 388,869 | |
| | 5,842 | | * | | Grocery Outlet Holding Corp | | | 239 | |
| | 20,245 | | * | | Sprouts Farmers Market, Inc | | | 518 | |
| | 74,388 | | | | SYSCO Corp | | | 4,066 | |
| | | | | | TOTAL FOOD & STAPLES RETAILING | | | 393,692 | |
| | | | | | | | | | |
| FOOD, BEVERAGE & TOBACCO - 1.5% |
| | 171,784 | | | | Altria Group, Inc | | | 6,743 | |
| | 8,923 | | * | | Beyond Meat, Inc | | | 1,196 | |
| | 1,853 | | * | | Boston Beer Co, Inc (Class A) | | | 994 | |
| | 8,353 | | | | Brown-Forman Corp (Class A) | | | 481 | |
| | 31,950 | | | | Brown-Forman Corp (Class B) | | | 2,034 | |
| | 18,339 | | | | Campbell Soup Co | | | 910 | |
| | 480,644 | | | | Coca-Cola Co | | | 21,475 | |
| | 7,188,068 | | | | Davide Campari-Milano S.p.A | | | 60,789 | |
| | 1,438,011 | | | | Fevertree Drinks plc | | | 36,453 | |
| | 23,748 | | | | Hershey Co | | | 3,078 | |
| | 17,210 | | | | Kellogg Co | | | 1,137 | |
| | 2,182,779 | | | | Keurig Dr Pepper, Inc | | | 61,991 | |
| | 7,286 | | | | Lamb Weston Holdings, Inc | | | 466 | |
| | 14,590 | | | | McCormick & Co, Inc | | | 2,618 | |
| | 2,911,418 | | * | | Monster Beverage Corp | | | 201,819 | |
| | 215,768 | | | | PepsiCo, Inc | | | 28,537 | |
| | 3,848 | | * | | Pilgrim’s Pride Corp | | | 65 | |
| | | | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 430,786 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| HEALTH CARE EQUIPMENT & SERVICES - 3.7% |
| | 140,523 | | | | Abbott Laboratories | | $ | 12,848 | |
| | 9,181 | | * | | Abiomed, Inc | | | 2,218 | |
| | 1,058,909 | | | | Alcon, Inc | | | 60,844 | |
| | 1,932,672 | | | | Alcon, Inc (XNYS) | | | 110,781 | |
| | 363,093 | | * | | Align Technology, Inc | | | 99,647 | |
| | 6,394 | | * | | Amedisys, Inc | | | 1,269 | |
| | 14,931 | | | | AmerisourceBergen Corp | | | 1,505 | |
| | 13,950 | | | | Anthem, Inc | | | 3,669 | |
| | 45,138 | | | | Baxter International, Inc | | | 3,886 | |
| | 4,864,240 | | * | | Boston Scientific Corp | | | 170,783 | |
| | 61,767 | | | | Cardinal Health, Inc | | | 3,224 | |
| | 35,269 | | * | | Centene Corp | | | 2,241 | |
| | 64,341 | | | | Cerner Corp | | | 4,411 | |
| | 36,226 | | * | | Change Healthcare, Inc | | | 406 | |
| | 3,159 | | | | Chemed Corp | | | 1,425 | |
| | 598,242 | | | | Cigna Corp | | | 112,260 | |
| | 1,199 | | | | Cooper Cos, Inc | | | 340 | |
| | 866,390 | | | | CVS Health Corp | | | 56,289 | |
| | 3,143 | | * | | DaVita, Inc | | | 249 | |
| | 19,460 | | * | | DexCom, Inc | | | 7,889 | |
| | 130,562 | | * | | Edwards Lifesciences Corp | | | 9,023 | |
| | 8,167 | | | | Encompass Health Corp | | | 506 | |
| | 1,523,446 | | * | | Guardant Health, Inc | | | 123,597 | |
| | 10,218 | | * | | Haemonetics Corp | | | 915 | |
| | 29,835 | | | | HCA Healthcare, Inc | | | 2,896 | |
| | 1,837 | | | | Hill-Rom Holdings, Inc | | | 202 | |
| | 38,217 | | * | | Hologic, Inc | | | 2,178 | |
| | 10,590 | | | | Humana, Inc | | | 4,106 | |
| | 1,191 | | * | | ICU Medical, Inc | | | 219 | |
| | 17,797 | | * | | IDEXX Laboratories, Inc | | | 5,876 | |
| | 13,201 | | * | | Insulet Corp | | | 2,564 | |
| | 278,076 | | * | | Intuitive Surgical, Inc | | | 158,456 | |
| | 1,289 | | * | | Laboratory Corp of America Holdings | | | 214 | |
| | 10,481 | | * | | Livongo Health, Inc | | | 788 | |
| | 10,319 | | * | | Masimo Corp | | | 2,353 | |
| | 25,939 | | | | McKesson Corp | | | 3,980 | |
| | 8,133 | | * | | Molina Healthcare, Inc | | | 1,447 | |
| | 20,037 | | * | | Novocure Ltd | | | 1,188 | |
| | 6,963 | | * | | Penumbra, Inc | | | 1,245 | |
| | 11,420 | | * | | PPD, Inc | | | 306 | |
| | 7,623 | | * | | Quidel Corp | | | 1,706 | |
| | 30,322 | | | | Resmed, Inc | | | 5,822 | |
| | 1,178 | | | | STERIS plc | | | 181 | |
| | 243,064 | | | | Stryker Corp | | | 43,798 | |
| | 10,215 | | * | | Tandem Diabetes Care, Inc | | | 1,010 | |
| | 13,983 | | * | | Teladoc, Inc | | | 2,669 | |
| | 6,214 | | | | Teleflex, Inc | | | 2,262 | |
| | 166,331 | | | | UnitedHealth Group, Inc | | | 49,059 | |
| | 2,602 | | * | | Varian Medical Systems, Inc | | | 319 | |
| | 28,253 | | * | | Veeva Systems, Inc | | | 6,623 | |
| | 15,767 | | | | West Pharmaceutical Services, Inc | | | 3,582 | |
| | | | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 1,095,274 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| HOUSEHOLD & PERSONAL PRODUCTS - 0.5% |
| | 51,678 | | | | Church & Dwight Co, Inc | | $ | 3,995 | |
| | 18,928 | | | | Clorox Co | | | 4,152 | |
| | 10,666 | | | | Energizer Holdings, Inc | | | 506 | |
| | 552,154 | | | | Estee Lauder Cos (Class A) | | | 104,180 | |
| | 3,039 | | * | | Herbalife Nutrition Ltd | | | 137 | |
| | 230,634 | | | | Procter & Gamble Co | | | 27,577 | |
| | 2,878 | | | | Reynolds Consumer Products Inc | | | 100 | |
| | | | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 140,647 | |
| | | | | | | | | | |
| INSURANCE - 0.1% |
| | 322 | | | | Alleghany Corp | | | 158 | |
| | 48,557 | | | | Aon plc | | | 9,352 | |
| | 1,504 | | | | Axis Capital Holdings Ltd | | | 61 | |
| | 2,925 | | | | Brown & Brown, Inc | | | 119 | |
| | 3,153 | | | | Erie Indemnity Co (Class A) | | | 605 | |
| | 2,575 | | | | Lincoln National Corp | | | 95 | |
| | 83,250 | | | | Marsh & McLennan Cos, Inc | | | 8,939 | |
| | 5,437 | | | | Primerica, Inc | | | 634 | |
| | 35,430 | | | | Progressive Corp | | | 2,838 | |
| | 3,592 | | | | RenaissanceRe Holdings Ltd | | | 614 | |
| | | | | | TOTAL INSURANCE | | | 23,415 | |
| | | | | | | | | | |
| MATERIALS - 1.0% |
| | 5,885 | | | | Air Products & Chemicals, Inc | | | 1,421 | |
| | 52,138 | | | | Amcor plc | | | 532 | |
| | 7,504 | | | | Avery Dennison Corp | | | 856 | |
| | 63,225 | | | | Ball Corp | | | 4,394 | |
| | 9,912 | | * | | Berry Global Group, Inc | | | 439 | |
| | 3,036 | | * | | Crown Holdings, Inc | | | 198 | |
| | 10,631 | | | | Ecolab, Inc | | | 2,115 | |
| | 5,351 | | | | FMC Corp | | | 533 | |
| | 13,042 | | | | Graphic Packaging Holding Co | | | 182 | |
| | 635,910 | | | | Linde plc | | | 134,883 | |
| | 1,055 | | | | NewMarket Corp | | | 423 | |
| | 10,226 | | | | Royal Gold, Inc | | | 1,271 | |
| | 23,381 | | | | RPM International, Inc | | | 1,755 | |
| | 8,269 | | | | Scotts Miracle-Gro Co (Class A) | | | 1,112 | |
| | 225,636 | | | | Sherwin-Williams Co | | | 130,384 | |
| | 2,614 | | | | WR Grace and Co | | | 133 | |
| | | | | | TOTAL MATERIALS | | | 280,631 | |
| | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 14.6% |
| | 63,830 | | | | Activision Blizzard, Inc | | | 4,845 | |
| | 261,039 | | * | | Alphabet, Inc (Class A) | | | 370,166 | |
| | 729,344 | | *,n | | Alphabet, Inc (Class C) | | | 1,031,008 | |
| | 68,934 | | * | | Altice USA, Inc | | | 1,554 | |
| | 1,089 | | e | | Cable One, Inc | | | 1,933 | |
| | 28,592 | | * | | Charter Communications, Inc | | | 14,583 | |
| | 1,259,846 | | * | | Electronic Arts, Inc | | | 166,363 | |
| | 6,371,388 | | * | | Facebook, Inc | | | 1,446,751 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 1,003,225 | | * | | JDE Peet’s BV | | $ | 40,666 | |
| | 2,468 | | * | | Liberty SiriusXM Group (Class A) | | | 85 | |
| | 4,756 | | * | | Liberty SiriusXM Group (Class C) | | | 164 | |
| | 30,896 | | * | | Live Nation, Inc | | | 1,370 | |
| | 12,072 | | *,e | | Match Group, Inc | | | 1,292 | |
| | 1,208,595 | | * | | Match Group, Inc (Euro OTC) | | | 390,860 | |
| | 900,491 | | * | | Match Group, Inc (NASDAQ) | | | 73,840 | |
| | 424,614 | | * | | Netflix, Inc | | | 193,216 | |
| | 5,219 | | | | Nexstar Media Group Inc | | | 437 | |
| | 72,468 | | * | | Pinterest, Inc | | | 1,607 | |
| | 21,314 | | * | | Roku, Inc | | | 2,484 | |
| | 148,816 | | | | Sirius XM Holdings, Inc | | | 873 | |
| | 27,690 | | * | | Spotify Technology S.A. | | | 7,149 | |
| | 21,962 | | * | | Take-Two Interactive Software, Inc | | | 3,065 | |
| | 2,117,514 | | | | Tencent Holdings Ltd | | | 135,686 | |
| | 5,534,009 | | * | | Twitter, Inc | | | 164,858 | |
| | 2,170,252 | | | | Walt Disney Co | | | 242,005 | |
| | 10,008 | | | | World Wrestling Entertainment, Inc (Class A) | | | 435 | |
| | 1,412 | | * | | Zillow Group, Inc (Class A) | | | 81 | |
| | 3,362 | | * | | Zillow Group, Inc (Class C) | | | 194 | |
| | 159,244 | | * | | Zynga, Inc | | | 1,519 | |
| | | | | | TOTAL MEDIA & ENTERTAINMENT | | | 4,299,089 | |
| | | | | | | | | | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 12.0% |
| | 11,857 | | * | | 10X Genomics, Inc | | | 1,059 | |
| | 3,943,465 | | | | AbbVie, Inc | | | 387,169 | |
| | 23,524 | | * | | Acadia Pharmaceuticals, Inc | | | 1,140 | |
| | 9,359 | | * | | Acceleron Pharma, Inc | | | 892 | |
| | 13,398 | | * | | Adaptive Biotechnologies Corp | | | 648 | |
| | 4,862 | | | | Agilent Technologies, Inc | | | 430 | |
| | 1,273 | | * | | Agios Pharmaceuticals, Inc | | | 68 | |
| | 6,872 | | * | | Alexion Pharmaceuticals, Inc | | | 771 | |
| | 24,185 | | * | | Alnylam Pharmaceuticals, Inc | | | 3,582 | |
| | 266,896 | | | | Amgen, Inc | | | 62,950 | |
| | 4,328,187 | | | | AstraZeneca plc | | | 450,454 | |
| | 8,192,259 | | * | | Avantor, Inc | | | 139,268 | |
| | 10,568 | | * | | Biogen, Inc | | | 2,827 | |
| | 886,366 | | * | | BioMarin Pharmaceutical, Inc | | | 109,324 | |
| | 7,357 | | | | Bio-Techne Corp | | | 1,943 | |
| | 4,750 | | * | | Bluebird Bio, Inc | | | 290 | |
| | 173,852 | | | | Bristol-Myers Squibb Co | | | 10,223 | |
| | 9,573 | | | | Bruker BioSciences Corp | | | 389 | |
| | 9,226 | | * | | Charles River Laboratories International, Inc | | | 1,609 | |
| | 1,774,749 | | | | Eli Lilly & Co | | | 291,378 | |
| | 28,073 | | * | | Exact Sciences Corp | | | 2,441 | |
| | 22,593 | | * | | Exelixis, Inc | | | 536 | |
| | 12,730 | | * | | Global Blood Therapeutics, Inc | | | 804 | |
| | 35,167 | | * | | Horizon Therapeutics Plc | | | 1,955 | |
| | 1,074,221 | | * | | Illumina, Inc | | | 397,838 | |
| | 42,038 | | * | | Immunomedics, Inc | | | 1,490 | |
| | 38,509 | | * | | Incyte Corp | | | 4,004 | |
| | 14,030 | | * | | Ionis Pharmaceuticals, Inc | | | 827 | |
| | 25,821 | | * | | Iovance Biotherapeutics, Inc | | | 709 | |
| | 649,252 | | * | | IQVIA Holdings, Inc | | | 92,116 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 74,731 | | | | Johnson & Johnson | | $ | 10,509 | |
| | 416,550 | | | | Lonza Group AG. | | | 220,645 | |
| | 467,501 | | | | Merck & Co, Inc | | | 36,152 | |
| | 4,666 | | * | | Mettler-Toledo International, Inc | | | 3,759 | |
| | 56,776 | | * | | Moderna, Inc | | | 3,646 | |
| | 19,289 | | * | | Neurocrine Biosciences, Inc | | | 2,353 | |
| | 269,871 | | | | Novo Nordisk AS | | | 17,582 | |
| | 4,780 | | | | PerkinElmer, Inc | | | 469 | |
| | 11,341 | | *,e | | PRA Health Sciences, Inc | | | 1,103 | |
| | 4,573 | | * | | Reata Pharmaceuticals, Inc | | | 713 | |
| | 466,148 | | * | | Regeneron Pharmaceuticals, Inc | | | 290,713 | |
| | 11,318 | | * | | Repligen Corp | | | 1,399 | |
| | 690,391 | | * | | Royalty Pharma plc | | | 33,519 | |
| | 768 | | * | | Sage Therapeutics, Inc | | | 32 | |
| | 16,109 | | * | | Sarepta Therapeutics, Inc | | | 2,583 | |
| | 95,866 | | * | | Seattle Genetics, Inc | | | 16,290 | |
| | 1,516 | | * | | Syneos Health, Inc | | | 88 | |
| | 49,093 | | | | Thermo Fisher Scientific, Inc | | | 17,788 | |
| | 1,130,774 | | * | | Vertex Pharmaceuticals, Inc | | | 328,275 | |
| | 1,080 | | * | | Waters Corp | | | 195 | |
| | 6,159,002 | | *,g | | Wuxi Biologics Cayman, Inc | | | 113,052 | |
| | 3,375,849 | | | | Zoetis, Inc | | | 462,626 | |
| | | | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 3,532,625 | |
| | | | | | | | | | |
| REAL ESTATE - 0.3% |
| | 93,443 | | | | American Tower Corp | | | 24,159 | |
| | 489,146 | | | | Americold Realty Trust | | | 17,756 | |
| | 2,065 | | | | Brookfield Property REIT, Inc | | | 21 | |
| | 5,885 | | | | Coresite Realty | | | 712 | |
| | 82,117 | | | | Crown Castle International Corp | | | 13,742 | |
| | 18,616 | | | | Equinix, Inc | | | 13,074 | |
| | 15,957 | | | | Equity Lifestyle Properties, Inc | | | 997 | |
| | 19,362 | | e | | Extra Space Storage, Inc | | | 1,788 | |
| | 36,548 | | e | | Iron Mountain, Inc | | | 954 | |
| | 20,876 | | | | Public Storage, Inc | | | 4,006 | |
| | 3,091 | | | | SBA Communications Corp | | | 921 | |
| | 50,480 | | | | Simon Property Group, Inc | | | 3,452 | |
| | | | | | TOTAL REAL ESTATE | | | 81,582 | |
| | | | | | | | | | |
| RETAILING - 12.9% |
| | 874,353 | | * | | Amazon.com, Inc | | | 2,412,183 | |
| | 1,424,108 | | * | | ASOS plc | | | 60,528 | |
| | 2,926 | | * | | AutoZone, Inc | | | 3,301 | |
| | 8,828 | | | | Best Buy Co, Inc | | | 770 | |
| | 169,770 | | * | | Booking Holdings, Inc | | | 270,332 | |
| | 12,230 | | * | | Burlington Stores, Inc | | | 2,408 | |
| | 1,726,048 | | * | | CarMax, Inc | | | 154,568 | |
| | 11,052 | | *,e | | Carvana Co | | | 1,328 | |
| | 53,231 | | | | Dollar General Corp | | | 10,141 | |
| | 23,992 | | * | | Dollar Tree, Inc | | | 2,224 | |
| | 129,054 | | | | eBay, Inc | | | 6,769 | |
| | 25,576 | | *,e | | Etsy, Inc | | | 2,717 | |
| | 3,367 | | | | Expedia Group Inc | | | 277 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 2,894,211 | | *,e | | Farfetch Ltd | | $ | 49,983 | |
| | 11,043 | | * | | Five Below, Inc | | | 1,181 | |
| | 17,629 | | * | | Floor & Decor Holdings, Inc | | | 1,016 | |
| | 1,725,089 | | * | | GrubHub, Inc | | | 121,274 | |
| | 675,859 | | | | Home Depot, Inc | | | 169,309 | |
| | 1,254,166 | | | | Lowe’s Companies, Inc | | | 169,463 | |
| | 10,316 | | *,e | | Ollie’s Bargain Outlet Holdings, Inc | | | 1,007 | |
| | 15,502 | | * | | O’Reilly Automotive, Inc | | | 6,537 | |
| | 8,116 | | | | Pool Corp | | | 2,206 | |
| | 60,980 | | | | Ross Stores, Inc | | | 5,198 | |
| | 4,609,271 | | | | TJX Companies, Inc | | | 233,045 | |
| | 25,233 | | | | Tractor Supply Co | | | 3,325 | |
| | 2,014,684 | | * | | Trip.com Group Ltd (ADR) | | | 52,221 | |
| | 248,359 | | * | | Ulta Beauty, Inc | | | 50,521 | |
| | 12,385 | | *,e | | Wayfair, Inc | | | 2,447 | |
| | 2,821 | | | | Williams-Sonoma, Inc | | | 231 | |
| | | | | | TOTAL RETAILING | | | 3,796,510 | |
| | | | | | | | | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.7% |
| | 2,570,467 | | * | | Advanced Micro Devices, Inc | | | 135,232 | |
| | 8,763 | | | | Analog Devices, Inc | | | 1,075 | |
| | 4,740,260 | | | | Applied Materials, Inc | | | 286,549 | |
| | 452,385 | | | | Broadcom, Inc | | | 142,777 | |
| | 22,858 | | * | | Enphase Energy, Inc | | | 1,087 | |
| | 26,706 | | | | Entegris, Inc | | | 1,577 | |
| | 9,607 | | * | | Inphi Corp | | | 1,129 | |
| | 980,381 | | | | Intel Corp | | | 58,656 | |
| | 32,842 | | | | KLA Corp | | | 6,387 | |
| | 456,916 | | | | Lam Research Corp | | | 147,794 | |
| | 3,443,714 | | | | Marvell Technology Group Ltd | | | 120,737 | |
| | 18,006 | | | | Maxim Integrated Products, Inc | | | 1,091 | |
| | 37,902 | | | | Microchip Technology, Inc | | | 3,991 | |
| | 9,023 | | | | MKS Instruments, Inc | | | 1,022 | |
| | 9,146 | | | | Monolithic Power Systems, Inc | | | 2,168 | |
| | 996,281 | | | | NVIDIA Corp | | | 378,497 | |
| | 2,109,481 | | | | NXP Semiconductors NV | | | 240,565 | |
| | 1,667,084 | | | | QUALCOMM, Inc | | | 152,055 | |
| | 510,851 | | | | Skyworks Solutions, Inc | | | 65,317 | |
| | 9,926 | | * | | SolarEdge Technologies, Inc | | | 1,378 | |
| | 1,058,908 | | | | Taiwan Semiconductor Manufacturing Co Ltd (ADR) | | | 60,114 | |
| | 34,950 | | | | Teradyne, Inc | | | 2,954 | |
| | 1,109,439 | | | | Texas Instruments, Inc | | | 140,865 | |
| | 9,155 | | | | Universal Display Corp | | | 1,370 | |
| | 51,658 | | | | Xilinx, Inc | | | 5,083 | |
| | | | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 1,959,470 | |
| | | | | | | | | | |
| SOFTWARE & SERVICES - 24.3% |
| | 4,351 | | * | | 2U, Inc | | | 165 | |
| | 135,015 | | | | Accenture plc | | | 28,990 | |
| | 773,826 | | * | | Adobe, Inc | | | 336,854 | |
| | 214,365 | | *,g | | Adyen NV | | | 312,007 | |
| | 1,165,381 | | * | | Akamai Technologies, Inc | | | 124,801 | |
| | 11,426 | | * | | Alteryx, Inc | | | 1,877 | |
| | 28,393 | | * | | Anaplan, Inc | | | 1,286 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 18,114 | | * | | Ansys, Inc | | $ | 5,284 | |
| | 13,709 | | * | | Aspen Technology, Inc | | | 1,420 | |
| | 244,393 | | * | | Atlassian Corp plc | | | 44,057 | |
| | 30,915 | | * | | Autodesk, Inc | | | 7,395 | |
| | 78,277 | | | | Automatic Data Processing, Inc | | | 11,655 | |
| | 16,044 | | * | | Avalara, Inc | | | 2,135 | |
| | 3,483 | | * | | Bill.Com Holdings, Inc | | | 314 | |
| | 30,232 | | * | | Black Knight, Inc | | | 2,194 | |
| | 29,496 | | | | Booz Allen Hamilton Holding Co | | | 2,294 | |
| | 24,150 | | | | Broadridge Financial Solutions, Inc | | | 3,047 | |
| | 971 | | * | | CACI International, Inc (Class A) | | | 211 | |
| | 58,294 | | * | | Cadence Design Systems, Inc | | | 5,594 | |
| | 2,639 | | | | CDK Global, Inc | | | 109 | |
| | 16,313 | | * | | Ceridian HCM Holding, Inc | | | 1,293 | |
| | 7,290 | | | | Citrix Systems, Inc | | | 1,078 | |
| | 21,044 | | * | | Cloudflare, Inc | | | 757 | |
| | 8,663 | | | | Cognizant Technology Solutions Corp (Class A) | | | 492 | |
| | 368 | | | | CoreLogic Inc | | | 25 | |
| | 14,045 | | * | | Coupa Software, Inc | | | 3,891 | |
| | 215,379 | | * | | Crowdstrike Holdings, Inc | | | 21,600 | |
| | 31,957 | | * | | Datadog, Inc | | | 2,779 | |
| | 37,291 | | * | | DocuSign, Inc | | | 6,422 | |
| | 51,881 | | * | | Dropbox, Inc | | | 1,129 | |
| | 32,771 | | * | | Dynatrace, Inc | | | 1,331 | |
| | 11,562 | | * | | Elastic NV | | | 1,066 | |
| | 11,046 | | * | | EPAM Systems, Inc | | | 2,784 | |
| | 7,403 | | * | | Everbridge, Inc | | | 1,024 | |
| | 5,992 | | * | | Fair Isaac Corp | | | 2,505 | |
| | 14,683 | | * | | Fastly, Inc | | | 1,250 | |
| | 10,976 | | * | | FireEye, Inc | | | 134 | |
| | 34,444 | | * | | Fiserv, Inc | | | 3,362 | |
| | 13,286 | | * | | Five9, Inc | | | 1,470 | |
| | 17,456 | | * | | FleetCor Technologies, Inc | | | 4,391 | |
| | 27,932 | | * | | Fortinet, Inc | | | 3,834 | |
| | 18,923 | | * | | Gartner, Inc | | | 2,296 | |
| | 16,285 | | | | Genpact Ltd | | | 595 | |
| | 7,836 | | * | | Globant S.A. | | | 1,174 | |
| | 35,484 | | * | | GoDaddy, Inc | | | 2,602 | |
| | 3,478 | | * | | Guidewire Software, Inc | | | 386 | |
| | 9,028 | | * | | HubSpot, Inc | | | 2,025 | |
| | 1,538,893 | | | | Intuit, Inc | | | 455,805 | |
| | 12,517 | | | | Jack Henry & Associates, Inc | | | 2,304 | |
| | 3,030 | | | | Leidos Holdings, Inc | | | 284 | |
| | 971 | | | | LogMeIn, Inc | | | 82 | |
| | 12,287 | | * | | Manhattan Associates, Inc | | | 1,157 | |
| | 1,010,030 | | | | Mastercard, Inc (Class A) | | | 298,666 | |
| | 17,741 | | * | | Medallia, Inc | | | 448 | |
| | 9,500,731 | | | | Microsoft Corp | | | 1,933,494 | |
| | 8,711 | | * | | MongoDB, Inc | | | 1,972 | |
| | 10,984 | | * | | New Relic, Inc | | | 757 | |
| | 116,038 | | | | NortonLifelock, Inc | | | 2,301 | |
| | 38,736 | | *,e | | Nutanix, Inc | | | 918 | |
| | 24,328 | | * | | Okta, Inc | | | 4,871 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 367,816 | | | | Oracle Corp | | $ | 20,329 | |
| | 14,904 | | * | | Pagerduty, Inc | | | 427 | |
| | 20,675 | | * | | Palo Alto Networks, Inc | | | 4,748 | |
| | 54,562 | | | | Paychex, Inc | | | 4,133 | |
| | 10,356 | | * | | Paycom Software, Inc | | | 3,208 | |
| | 6,944 | | * | | Paylocity Holding Corp | | | 1,013 | |
| | 5,124,240 | | * | | PayPal Holdings, Inc | | | 892,796 | |
| | 6,753 | | | | Pegasystems, Inc | | | 683 | |
| | 20,553 | | * | | Pluralsight, Inc | | | 371 | |
| | 11,994 | | * | | Proofpoint, Inc | | | 1,333 | |
| | 21,478 | | * | | PTC, Inc | | | 1,671 | |
| | 15,301 | | * | | RealPage, Inc | | | 995 | |
| | 16,163 | | * | | RingCentral, Inc | | | 4,607 | |
| | 4,647,330 | | * | | salesforce.com, Inc | | | 870,584 | |
| | 1,732 | | | | Science Applications International Corp | | | 135 | |
| | 699,826 | | * | | ServiceNow, Inc | | | 283,472 | |
| | 24,964 | | * | | Shopify, Inc (Class A) | | | 23,696 | |
| | 3,018,476 | | *,e | | Slack Technologies, Inc | | | 93,844 | |
| | 24,043 | | * | | Smartsheet, Inc | | | 1,224 | |
| | 311,669 | | * | | Splunk, Inc | | | 61,929 | |
| | 76,478 | | * | | Square, Inc | | | 8,026 | |
| | 9,669 | | | | SS&C Technologies Holdings, Inc | | | 546 | |
| | 33,729 | | * | | StoneCo Ltd | | | 1,307 | |
| | 17,525 | | | | Switch, Inc | | | 312 | |
| | 134,280 | | * | | Synopsys, Inc | | | 26,185 | |
| | 18,383 | | *,e | | Teradata Corp | | | 382 | |
| | 8,546 | | * | | Trade Desk, Inc | | | 3,474 | |
| | 445,893 | | * | | Twilio, Inc | | | 97,838 | |
| | 8,210 | | * | | Tyler Technologies, Inc | | | 2,848 | |
| | 12,500 | | * | | VeriSign, Inc | | | 2,585 | |
| | 5,226,694 | | | | Visa, Inc (Class A) | | | 1,009,640 | |
| | 16,541 | | * | | VMware, Inc (Class A) | | | 2,562 | |
| | 17,599 | | | | Western Union Co | | | 380 | |
| | 864 | | * | | WEX, Inc | | | 143 | |
| | 36,288 | | * | | Workday, Inc | | | 6,799 | |
| | 24,689 | | * | | Zendesk, Inc | | | 2,186 | |
| | 232,452 | | *,e | | Zoom Video Communications, Inc | | | 58,936 | |
| | 15,237 | | * | | Zscaler, Inc | | | 1,668 | |
| | | | | | TOTAL SOFTWARE & SERVICES | | | 7,163,458 | |
| | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 5.7% |
| | 36,222 | | | | Amphenol Corp (Class A) | | | 3,471 | |
| | 4,270,850 | | | | Apple, Inc | | | 1,558,006 | |
| | 35,399 | | * | | Arista Networks, Inc | | | 7,435 | |
| | 30,472 | | | | CDW Corp | | | 3,540 | |
| | 34,177 | | | | Cognex Corp | | | 2,041 | |
| | 4,351 | | * | | Coherent, Inc | | | 570 | |
| | 2,800 | | * | | CommScope Holding Co, Inc | | | 23 | |
| | 2,265 | | * | | Dell Technologies, Inc | | | 125 | |
| | 1,732 | | | | Dolby Laboratories, Inc (Class A) | | | 114 | |
| | 530 | | * | | IPG Photonics Corp | | | 85 | |
| | 6,385 | | | | Jabil Inc | | | 205 | |
| | 1,124,428 | | * | | Keysight Technologies, Inc | | | 113,320 | |
| | 1,841 | | * | | Lumentum Holdings, Inc | | | 150 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 3,548 | | | | Motorola Solutions, Inc | | $ | 497 | |
| | 26,211 | | | | NetApp, Inc | | | 1,163 | |
| | 30,336 | | * | | Pure Storage, Inc | | | 526 | |
| | 1,532 | | | | Ubiquiti, Inc | | | 267 | |
| | 10,058 | | * | | Zebra Technologies Corp (Class A) | | | 2,574 | |
| | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 1,694,112 | |
| | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 0.5% |
| | 1,488,679 | | * | | T-Mobile US, Inc | | | 155,046 | |
| | | | | | TOTAL TELECOMMUNICATION SERVICES | | | 155,046 | |
| | | | | | | | | | |
| TRANSPORTATION - 1.3% |
| | 4,566 | | | | CH Robinson Worldwide, Inc | | | 361 | |
| | 20,798 | | | | Expeditors International of Washington, Inc | | | 1,581 | |
| | 5,003 | | | | JB Hunt Transport Services, Inc | | | 602 | |
| | 716,514 | | | | Kansas City Southern | | | 106,968 | |
| | 5,869 | | | | Landstar System, Inc | | | 659 | |
| | 866,390 | | *,e | | Lyft, Inc (Class A) | | | 28,600 | |
| | 18,279 | | | | Old Dominion Freight Line | | | 3,100 | |
| | 6,180,487 | | * | | Uber Technologies, Inc | | | 192,090 | |
| | 171,387 | | | | Union Pacific Corp | | | 28,976 | |
| | 98,512 | | | | United Parcel Service, Inc (Class B) | | | 10,953 | |
| | 1,080 | | * | | XPO Logistics, Inc | | | 83 | |
| | | | | | TOTAL TRANSPORTATION | | | 373,973 | |
| | | | | | | | | | |
| UTILITIES - 0.0% |
| | 18,785 | | | | NRG Energy, Inc | | | 612 | |
| | | | | | TOTAL UTILITIES | | | 612 | |
| | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | | 29,304,188 | |
| | | | | | (Cost $21,265,800) | | | | |
| | | | | | | | | | |
| RIGHTS / WARRANTS - 0.0% |
| | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 0.0% |
| | 2,528 | | | | T-Mobile US, Inc | | | 0 | ^ |
| | | | | | TOTAL TELECOMMUNICATION SERVICES | | | 0 | ^ |
| | | | | | | | | | |
| | | | | | TOTAL RIGHTS / WARRANTS | | | 0 | ^ |
| | | | | | (Cost $1) | | | | |
| | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 0.4% |
| | | | | | | | | | |
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.4% |
| | 125,498,869 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 125,499 | |
| | | | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | 125,499 | |
| | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | | 125,499 | |
| | | | | | (Cost $125,499) | | | | |
| | | | | | | | | | |
| | | | | | TOTAL INVESTMENTS - 100.0% | | | 29,429,687 | |
| | | | | | (Cost $21,391,300) | | | | |
| | | | | | OTHER ASSETS & LIABILITIES, NET - (0.0)% | | | (19,682 | ) |
| | | | | | NET ASSETS - 100.0% | | $ | 29,410,005 | |
COLLEGE RETIREMENT EQUITIES FUND - Growth Account
| | | | |
| | | Abbreviation(s): |
| ADR | | American Depositary Receipt |
| OTC | | Over The Counter |
| REIT | | Real Estate Investment Trust |
| | | |
| * | | Non-income producing |
| ^ | | Amount represents less than $1,000. |
| c | | Investments made with cash collateral received from securities on loan. |
| e | | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $149,769,119. |
| g | | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $425,059,102 or 1.4% of net assets. |
| | | |
| | | Cost amounts are in thousands. |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
COLLEGE RETIREMENT EQUITIES FUND
EQUITY INDEX ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020
| SHARES | | | | COMPANY | | VALUE
(000) | |
| COMMON STOCKS - 99.6% |
| | | | | | | | | | |
| AUTOMOBILES & COMPONENTS - 1.0% |
| | 60,563 | | * | | Adient plc | | $ | 994 | |
| | 60,325 | | * | | American Axle & Manufacturing Holdings, Inc | | | 459 | |
| | 159,418 | | | | Aptiv plc | | | 12,422 | |
| | 117,898 | | | | BorgWarner, Inc | | | 4,162 | |
| | 30,001 | | | | Cooper Tire & Rubber Co | | | 828 | |
| | 12,534 | | * | | Cooper-Standard Holding, Inc | | | 166 | |
| | 76,541 | | | | Dana Inc | | | 933 | |
| | 19,677 | | * | | Dorman Products, Inc | | | 1,320 | |
| | 2,386,635 | | | | Ford Motor Co | | | 14,511 | |
| | 25,297 | | * | | Fox Factory Holding Corp | | | 2,090 | |
| | 746,400 | | | | General Motors Co | | | 18,884 | |
| | 146,733 | | | | Gentex Corp | | | 3,781 | |
| | 26,543 | | * | | Gentherm, Inc | | | 1,033 | |
| | 137,668 | | | | Goodyear Tire & Rubber Co | | | 1,231 | |
| | 99,714 | | | | Harley-Davidson, Inc | | | 2,370 | |
| | 17,506 | | | | LCI Industries, Inc | | | 2,013 | |
| | 34,172 | | | | Lear Corp | | | 3,725 | |
| | 36,302 | | * | | Modine Manufacturing Co | | | 200 | |
| | 13,147 | | *,e | | Motorcar Parts of America, Inc | | | 232 | |
| | 6,449 | | | | Standard Motor Products, Inc | | | 266 | |
| | 20,247 | | * | | Stoneridge, Inc | | | 418 | |
| | 28,062 | | * | | Tenneco, Inc | | | 212 | |
| | 88,696 | | * | | Tesla, Inc | | | 95,775 | |
| | 33,002 | | | | Thor Industries, Inc | | | 3,516 | |
| | 16,494 | | * | | Visteon Corp | | | 1,130 | |
| | 22,457 | | | | Winnebago Industries, Inc | | | 1,496 | |
| | 37,702 | | *,e | | Workhorse Group, Inc | | | 656 | |
| | 9,934 | | * | | XPEL, Inc | | | 155 | |
| | | | | | TOTAL AUTOMOBILES & COMPONENTS | | | 174,978 | |
| | | | | | | | | | |
| BANKS - 4.0% |
| | 12,408 | | | | 1st Source Corp | | | 441 | |
| | 4,570 | | | | ACNB Corp | | | 120 | |
| | 7,958 | | | | Allegiance Bancshares, Inc | | | 202 | |
| | 12,491 | | * | | Amerant Bancorp Inc | | | 188 | |
| | 5,882 | | | | American National Bankshares, Inc | | | 147 | |
| | 38,500 | | | | Ameris Bancorp | | | 908 | |
| | 7,069 | | | | Ames National Corp | | | 140 | |
| | 8,428 | | | | Arrow Financial Corp | | | 251 | |
| | 90,642 | | | | Associated Banc-Corp | | | 1,240 | |
| | 14,762 | | * | | Atlantic Capital Bancshares, Inc | | | 179 | |
| | 42,326 | | | | Atlantic Union Bankshares Corp | | | 980 | |
| | 43,167 | | * | | Axos Financial, Inc | | | 953 | |
| | 31,112 | | | | Banc of California, Inc | | | 337 | |
| | 11,574 | | | | Bancfirst Corp | | | 470 | |
| | 62,103 | | | | BancorpSouth Bank | | | 1,412 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 3,732 | | e | | Bank First Corp | | $ | 239 | |
| | 4,639,339 | | | | Bank of America Corp | | | 110,184 | |
| | 11,787 | | | | Bank of Commerce Holdings | | | 89 | |
| | 23,380 | | | | Bank of Hawaii Corp | | | 1,436 | |
| | 7,728 | | | | Bank of Marin Bancorp | | | 258 | |
| | 477,736 | | | | Bank of New York Mellon Corp | | | 18,464 | |
| | 36,956 | | | | Bank of NT Butterfield & Son Ltd | | | 901 | |
| | 82,422 | | | | Bank OZK | | | 1,934 | |
| | 12,265 | | | | BankFinancial Corp | | | 103 | |
| | 56,051 | | | | BankUnited | | | 1,135 | |
| | 3,897 | | | | Bankwell Financial Group, Inc | | | 62 | |
| | 23,725 | | | | Banner Corp | | | 902 | |
| | 11,016 | | | | Bar Harbor Bankshares | | | 247 | |
| | 6,936 | | * | | Baycom Corp | | | 90 | |
| | 7,059 | | | | BCB Bancorp, Inc | | | 65 | |
| | 26,834 | | | | Berkshire Hills Bancorp, Inc | | | 296 | |
| | 15,941 | | e | | BOK Financial Corp | | | 900 | |
| | 59,217 | | | | Boston Private Financial Holdings, Inc | | | 407 | |
| | 13,328 | | | | Bridge Bancorp, Inc | | | 304 | |
| | 54,590 | | | | Brookline Bancorp, Inc | | | 550 | |
| | 12,987 | | | | Bryn Mawr Bank Corp | | | 359 | |
| | 6,436 | | | | Business First Bancshares, Inc | | | 99 | |
| | 5,576 | | e | | Byline Bancorp, Inc | | | 73 | |
| | 2,353 | | | | C&F Financial Corp | | | 78 | |
| | 65,383 | | | | Cadence BanCorp | | | 579 | |
| | 2,502 | | | | Cambridge Bancorp | | | 148 | |
| | 11,436 | | | | Camden National Corp | | | 395 | |
| | 9,158 | | | | Capital City Bank Group, Inc | | | 192 | |
| | 92,364 | | | | Capitol Federal Financial | | | 1,017 | |
| | 5,956 | | | | Capstar Financial Holdings, Inc | | | 71 | |
| | 14,623 | | | | Carter Bank & Trust | | | 118 | |
| | 40,414 | | | | Cathay General Bancorp | | | 1,063 | |
| | 12,633 | | | | CBTX, Inc | | | 265 | |
| | 21,511 | | | | Central Pacific Financial Corp | | | 345 | |
| | 6,214 | | | | Central Valley Community Bancorp | | | 96 | |
| | 2,245 | | | | Century Bancorp, Inc | | | 174 | |
| | 2,189 | | | | Chemung Financial Corp | | | 60 | |
| | 49,642 | | | | CIT Group, Inc | | | 1,029 | |
| | 1,248,723 | | | | Citigroup, Inc | | | 63,810 | |
| | 9,568 | | | | Citizens & Northern Corp | | | 198 | |
| | 254,905 | | | | Citizens Financial Group, Inc | | | 6,434 | |
| | 10,955 | | | | City Holding Co | | | 714 | |
| | 7,262 | | | | Civista Bancshares, Inc | | | 112 | |
| | 9,772 | | | | CNB Financial Corp | | | 175 | |
| | 6,775 | | | | Codorus Valley Bancorp, Inc | | | 94 | |
| | 51,998 | | | | Columbia Banking System, Inc | | | 1,474 | |
| | 33,673 | | * | | Columbia Financial, Inc | | | 470 | |
| | 83,206 | | | | Comerica, Inc | | | 3,170 | |
| | 61,969 | | | | Commerce Bancshares, Inc | | | 3,685 | |
| | 35,397 | | | | Community Bank System, Inc | | | 2,018 | |
| | 15,668 | | | | Community Bankers Trust Corp | | | 86 | |
| | 2,846 | | | | Community Financial Corp | | | 69 | |
| | 11,638 | | | | Community Trust Bancorp, Inc | | | 381 | |
| | 21,722 | | | | ConnectOne Bancorp, Inc | | | 350 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 29,153 | | *,e | | CrossFirst Bankshares, Inc | | $ | 285 | |
| | 33,515 | | e | | Cullen/Frost Bankers, Inc | | | 2,504 | |
| | 19,196 | | * | | Customers Bancorp, Inc | | | 231 | |
| | 75,634 | | | | CVB Financial Corp | | | 1,417 | |
| | 23,810 | | | | Dime Community Bancshares | | | 327 | |
| | 22,688 | | | | Eagle Bancorp, Inc | | | 743 | |
| | 93,759 | | | | East West Bancorp, Inc | | | 3,398 | |
| | 6,481 | | | | Enterprise Bancorp, Inc | | | 154 | |
| | 16,077 | | | | Enterprise Financial Services Corp | | | 500 | |
| | 7,477 | | *,e | | Equity Bancshares, Inc | | | 130 | |
| | 6,121 | | | | ESSA Bancorp, Inc | | | 85 | |
| | 64,560 | | | | Essent Group Ltd | | | 2,342 | |
| | 3,168 | | | | Evans Bancorp, Inc | | | 74 | |
| | 6,654 | | e | | Farmers & Merchants Bancorp, Inc | | | 141 | |
| | 18,150 | | | | Farmers National Banc Corp | | | 215 | |
| | 4,563 | | e | | FB Financial Corp | | | 113 | |
| | 6,481 | | | | Federal Agricultural Mortgage Corp (FAMC) | | | 415 | |
| | 419,394 | | | | Fifth Third Bancorp | | | 8,086 | |
| | 10,211 | | | | Financial Institutions, Inc | | | 190 | |
| | 20,427 | | | | First Bancorp (NC) | | | 512 | |
| | 114,850 | | | | First Bancorp (Puerto Rico) | | | 642 | |
| | 6,485 | | | | First Bancorp, Inc | | | 141 | |
| | 6,018 | | | | First Bancshares, Inc | | | 135 | |
| | 26,747 | | | | First Busey Corp | | | 499 | |
| | 6,176 | | | | First Business Financial Services, Inc | | | 102 | |
| | 3,874 | | | | First Citizens Bancshares, Inc (Class A) | | | 1,569 | |
| | 69,402 | | | | First Commonwealth Financial Corp | | | 575 | |
| | 12,139 | | | | First Community Bancshares, Inc | | | 273 | |
| | 42,129 | | | | First Financial Bancorp | | | 585 | |
| | 76,885 | | | | First Financial Bankshares, Inc | | | 2,221 | |
| | 8,330 | | | | First Financial Corp | | | 307 | |
| | 19,660 | | | | First Foundation, Inc | | | 321 | |
| | 3,324 | | e | | First Guaranty Bancshares, Inc | | | 41 | |
| | 71,845 | | | | First Hawaiian, Inc | | | 1,239 | |
| | 181,409 | | | | First Horizon National Corp | | | 1,807 | |
| | 4,089 | | | | First Internet Bancorp | | | 68 | |
| | 18,329 | | | | First Interstate Bancsystem, Inc | | | 567 | |
| | 29,933 | | | | First Merchants Corp | | | 825 | |
| | 7,120 | | | | First Mid-Illinois Bancshares, Inc | | | 187 | |
| | 73,424 | | | | First Midwest Bancorp, Inc | | | 980 | |
| | 7,602 | | | | First Northwest Bancorp | | | 94 | |
| | 15,462 | | | | First of Long Island Corp | | | 253 | |
| | 102,702 | | | | First Republic Bank | | | 10,885 | |
| | 15,789 | | | | Flagstar Bancorp, Inc | | | 465 | |
| | 20,105 | | | | Flushing Financial Corp | | | 232 | |
| | 181,165 | | e | | FNB Corp | | | 1,359 | |
| | 8,854 | | | | Franklin Financial Network, Inc | | | 228 | |
| | 84,379 | | | | Fulton Financial Corp | | | 889 | |
| | 14,703 | | | | German American Bancorp, Inc | | | 457 | |
| | 55,696 | | | | Glacier Bancorp, Inc | | | 1,966 | |
| | 7,809 | | | | Great Southern Bancorp, Inc | | | 315 | |
| | 23,192 | | | | Great Western Bancorp, Inc | | | 319 | |
| | 2,003 | | | | Greene County Bancorp, Inc | | | 45 | |
| | 1,224 | | | | Guaranty Bancshares, Inc | | | 32 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 47,878 | | | | Hancock Whitney Corp | | $ | 1,015 | |
| | 23,963 | | | | Hanmi Financial Corp | | | 233 | |
| | 16,668 | | * | | HarborOne Northeast Bancorp, Inc | | | 142 | |
| | 17,800 | | | | Heartland Financial USA, Inc | | | 595 | |
| | 25,661 | | | | Heritage Commerce Corp | | | 193 | |
| | 22,188 | | | | Heritage Financial Corp | | | 444 | |
| | 54,190 | | | | Hilltop Holdings, Inc | | | 1,000 | |
| | 997 | | | | Hingham Institution for Savings | | | 167 | |
| | 4,264 | | | | Home Bancorp, Inc | | | 114 | |
| | 81,882 | | | | Home Bancshares, Inc | | | 1,259 | |
| | 15,022 | | | | HomeStreet, Inc | | | 370 | |
| | 13,541 | | | | HomeTrust Bancshares, Inc | | | 217 | |
| | 38,615 | | | | Hope Bancorp, Inc | | | 356 | |
| | 23,268 | | | | Horizon Bancorp | | | 249 | |
| | 6,001 | | * | | Howard Bancorp, Inc | | | 64 | |
| | 617,910 | | | | Huntington Bancshares, Inc | | | 5,583 | |
| | 27,678 | | | | IBERIABANK Corp | | | 1,260 | |
| | 23,332 | | | | Independent Bank Corp (MA) | | | 1,565 | |
| | 17,558 | | | | Independent Bank Corp (MI) | | | 261 | |
| | 20,253 | | e | | Independent Bank Group, Inc | | | 821 | |
| | 40,567 | | | | International Bancshares Corp | | | 1,299 | |
| | 5,550 | | | | Investar Holding Corp | | | 80 | |
| | 133,839 | | | | Investors Bancorp, Inc | | | 1,138 | |
| | 1,816,802 | | | | JPMorgan Chase & Co | | | 170,888 | |
| | 83,674 | | | | Kearny Financial Corp | | | 684 | |
| | 581,474 | | | | Keycorp | | | 7,082 | |
| | 32,502 | | | | Lakeland Bancorp, Inc | | | 371 | |
| | 18,387 | | | | Lakeland Financial Corp | | | 857 | |
| | 6,780 | | | | LCNB Corp | | | 108 | |
| | 4,628 | | *,e | | LendingTree, Inc | | | 1,340 | |
| | 14,926 | | | | Live Oak Bancshares, Inc | | | 217 | |
| | 76,512 | | | | M&T Bank Corp | | | 7,955 | |
| | 19,210 | | | | Macatawa Bank Corp | | | 150 | |
| | 12,428 | | | | Mercantile Bank Corp | | | 281 | |
| | 10,918 | | | | Merchants Bancorp | | | 202 | |
| | 35,757 | | | | Meridian Bancorp, Inc | | | 415 | |
| | 20,574 | | | | Meta Financial Group, Inc | | | 374 | |
| | 4,420 | | * | | Metropolitan Bank Holding Corp | | | 142 | |
| | 210,298 | | | | MGIC Investment Corp | | | 1,722 | |
| | 10,800 | | | | Midland States Bancorp, Inc | | | 161 | |
| | 7,821 | | | | MidWestOne Financial Group, Inc | | | 156 | |
| | 34,360 | | * | | Mr Cooper Group, Inc | | | 427 | |
| | 19,324 | | | | National Bank Holdings Corp | | | 522 | |
| | 5,351 | | | | National Bankshares, Inc | | | 153 | |
| | 31,726 | | | | NBT Bancorp, Inc | | | 976 | |
| | 262,028 | | | | New York Community Bancorp, Inc | | | 2,673 | |
| | 6,480 | | *,e | | Nicolet Bankshares, Inc | | | 355 | |
| | 38,864 | | * | | NMI Holdings, Inc | | | 625 | |
| | 5,235 | | | | Northeast Bank | | | 92 | |
| | 33,024 | | | | Northfield Bancorp, Inc | | | 380 | |
| | 5,019 | | | | Northrim BanCorp, Inc | | | 126 | |
| | 39,220 | | | | Northwest Bancshares, Inc | | | 401 | |
| | 4,425 | | e | | Norwood Financial Corp | | | 110 | |
| | 30,487 | | | | OceanFirst Financial Corp | | | 537 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 33,903 | | | | OFG Bancorp | | $ | 453 | |
| | 3,155 | | e | | Ohio Valley Banc Corp | | | 71 | |
| | 90,192 | | e | | Old National Bancorp | | | 1,241 | |
| | 21,667 | | | | Old Second Bancorp, Inc | | | 169 | |
| | 11,057 | | | | Origin Bancorp, Inc | | | 243 | |
| | 5,318 | | | | Orrstown Financial Services, Inc | | | 78 | |
| | 41,564 | | | | Pacific Premier Bancorp, Inc | | | 901 | |
| | 66,007 | | | | PacWest Bancorp | | | 1,301 | |
| | 4,350 | | e | | Park National Corp | | | 306 | |
| | 4,594 | | | | Parke Bancorp, Inc | | | 62 | |
| | 13,465 | | | | PCSB Financial Corp | | | 171 | |
| | 11,582 | | | | Peapack Gladstone Financial Corp | | | 217 | |
| | 4,446 | | | | Penns Woods Bancorp, Inc | | | 101 | |
| | 27,635 | | | | PennyMac Financial Services, Inc | | | 1,155 | |
| | 3,256 | | | | Peoples Bancorp of North Carolina, Inc | | | 58 | |
| | 12,623 | | | | Peoples Bancorp, Inc | | | 269 | |
| | 5,712 | | | | Peoples Financial Services Corp | | | 218 | |
| | 253,088 | | | | People’s United Financial, Inc | | | 2,928 | |
| | 9,341 | | | | People’s Utah Bancorp | | | 210 | |
| | 41,191 | | | | Pinnacle Financial Partners, Inc | | | 1,730 | |
| | 254,268 | | | | PNC Financial Services Group, Inc | | | 26,752 | |
| | 51,633 | | | | Popular, Inc | | | 1,919 | |
| | 8,859 | | | | Preferred Bank | | | 380 | |
| | 8,456 | | | | Premier Financial Bancorp, Inc | | | 108 | |
| | 28,197 | | | | Premier Financial Corp | | | 498 | |
| | 57,871 | | e | | Prosperity Bancshares, Inc | | | 3,436 | |
| | 6,589 | | | | Provident Bancorp Inc | | | 52 | |
| | 18,723 | | | | Provident Financial Services, Inc | | | 271 | |
| | 6,101 | | | | Prudential Bancorp, Inc | | | 73 | |
| | 8,729 | | | | QCR Holdings, Inc | | | 272 | |
| | 122,609 | | | | Radian Group, Inc | | | 1,902 | |
| | 9,265 | | | | RBB Bancorp | | | 126 | |
| | 603,973 | | | | Regions Financial Corp | | | 6,716 | |
| | 4,712 | | | | Reliant Bancorp Inc | | | 77 | |
| | 30,881 | | | | Renasant Corp | | | 769 | |
| | 6,104 | | | | Republic Bancorp, Inc (Class A) | | | 200 | |
| | 34,776 | | *,e | | Republic First Bancorp, Inc | | | 85 | |
| | 13,238 | | | | Riverview Bancorp, Inc | | | 75 | |
| | 25,676 | | | | S&T Bancorp, Inc | | | 602 | |
| | 22,606 | | | | Sandy Spring Bancorp, Inc | | | 560 | |
| | 28,631 | | * | | Seacoast Banking Corp of Florida | | | 584 | |
| | 32,848 | | | | ServisFirst Bancshares, Inc | | | 1,175 | |
| | 8,913 | | | | Shore Bancshares, Inc | | | 99 | |
| | 8,919 | | | | Sierra Bancorp | | | 168 | |
| | 34,007 | | | | Signature Bank | | | 3,636 | |
| | 55,218 | | | | Simmons First National Corp (Class A) | | | 945 | |
| | 5,382 | | | | SmartFinancial, Inc | | | 87 | |
| | 43,651 | | | | South State Corp | | | 2,080 | |
| | 4,079 | | * | | Southern First Bancshares, Inc | | | 113 | |
| | 4,139 | | | | Southern Missouri Bancorp, Inc | | | 101 | |
| | 8,140 | | | | Southern National Bancorp of Virginia, Inc | | | 79 | |
| | 20,042 | | | | Southside Bancshares, Inc | | | 556 | |
| | 93,752 | | e | | Sterling Bancorp | | | 1,099 | |
| | 11,631 | | | | Sterling Bancorp, Inc | | | 42 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 16,305 | | | | Stock Yards Bancorp, Inc | | $ | 655 | |
| | 6,101 | | | | Summit Financial Group, Inc | | | 101 | |
| | 30,747 | | * | | SVB Financial Group | | | 6,627 | |
| | 85,330 | | | | Synovus Financial Corp | | | 1,752 | |
| | 81,693 | | | | TCF Financial Corp | | | 2,403 | |
| | 5,870 | | | | Territorial Bancorp, Inc | | | 140 | |
| | 35,836 | | * | | Texas Capital Bancshares, Inc | | | 1,106 | |
| | 34,383 | | | | TFS Financial Corp | | | 492 | |
| | 35,393 | | * | | The Bancorp, Inc | | | 347 | |
| | 4,645 | | | | Timberland Bancorp, Inc | | | 85 | |
| | 10,641 | | | | Tompkins Financial Corp | | | 689 | |
| | 46,422 | | | | Towne Bank | | | 875 | |
| | 19,212 | | | | Trico Bancshares | | | 585 | |
| | 16,178 | | * | | Tristate Capital Holdings, Inc | | | 254 | |
| | 10,668 | | * | | Triumph Bancorp, Inc | | | 259 | |
| | 810,381 | | | | Truist Financial Corp | | | 30,430 | |
| | 71,043 | | | | Trustco Bank Corp NY | | | 450 | |
| | 49,168 | | | | Trustmark Corp | | | 1,206 | |
| | 26,057 | | | | UMB Financial Corp | | | 1,343 | |
| | 161,706 | | | | Umpqua Holdings Corp | | | 1,721 | |
| | 83,649 | | e | | United Bankshares, Inc | | | 2,314 | |
| | 51,942 | | | | United Community Banks, Inc | | | 1,045 | |
| | 9,461 | | | | United Security Bancshares | | | 63 | |
| | 5,346 | | | | Unity Bancorp, Inc | | | 76 | |
| | 19,117 | | | | Univest Financial Corp | | | 309 | |
| | 814,887 | | | | US Bancorp | | | 30,004 | |
| | 196,375 | | | | Valley National Bancorp | | | 1,536 | |
| | 22,054 | | | | Veritex Holdings, Inc | | | 390 | |
| | 19,235 | | | | Walker & Dunlop, Inc | | | 977 | |
| | 50,737 | | | | Washington Federal, Inc | | | 1,362 | |
| | 10,818 | | | | Washington Trust Bancorp, Inc | | | 354 | |
| | 19,189 | | | | Waterstone Financial, Inc | | | 285 | |
| | 53,515 | | | | Webster Financial Corp | | | 1,531 | |
| | 2,251,796 | | | | Wells Fargo & Co | | | 57,646 | |
| | 23,487 | | | | WesBanco, Inc | | | 477 | |
| | 11,970 | | | | West Bancorporation, Inc | | | 209 | |
| | 18,981 | | | | Westamerica Bancorporation | | | 1,090 | |
| | 57,400 | | | | Western Alliance Bancorp | | | 2,174 | |
| | 19,137 | | | | Western New England Bancorp, Inc | | | 111 | |
| | 38,890 | | | | Wintrust Financial Corp | | | 1,696 | |
| | 37,123 | | | | WSFS Financial Corp | | | 1,065 | |
| | 106,318 | | | | Zions Bancorporation | | | 3,615 | |
| | | | | | TOTAL BANKS | | | 734,695 | |
| | | | | | | | | | |
| CAPITAL GOODS - 5.8% |
| | 335,286 | | | | 3M Co | | | 52,301 | |
| | 79,946 | | | | A.O. Smith Corp | | | 3,767 | |
| | 21,498 | | | | Aaon, Inc | | | 1,167 | |
| | 23,226 | | | | AAR Corp | | | 480 | |
| | 24,498 | | | | Acuity Brands, Inc | | | 2,345 | |
| | 24,758 | | | | Advanced Drainage Systems, Inc | | | 1,223 | |
| | 93,206 | | * | | Aecom Technology Corp | | | 3,503 | |
| | 24,436 | | * | | Aegion Corp | | | 388 | |
| | 39,078 | | * | | Aerojet Rocketdyne Holdings, Inc | | | 1,549 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 14,335 | | *,e | | Aerovironment, Inc | | $ | 1,142 | |
| | 32,215 | | | | AGCO Corp | | | 1,787 | |
| | 56,080 | | | | Air Lease Corp | | | 1,643 | |
| | 6,904 | | | | Alamo Group, Inc | | | 709 | |
| | 21,082 | | | | Albany International Corp (Class A) | | | 1,238 | |
| | 53,164 | | | | Allegion plc | | | 5,434 | |
| | 4,493 | | | | Allied Motion Technologies, Inc | | | 159 | |
| | 67,398 | | | | Allison Transmission Holdings, Inc | | | 2,479 | |
| | 41,492 | | | | Altra Industrial Motion Corp | | | 1,322 | |
| | 13,776 | | *,e | | Ameresco, Inc | | | 383 | |
| | 10,171 | | * | | American Woodmark Corp | | | 769 | |
| | 134,640 | | | | Ametek, Inc | | | 12,033 | |
| | 4,581 | | | | Apogee Enterprises, Inc | | | 106 | |
| | 27,154 | | | | Applied Industrial Technologies, Inc | | | 1,694 | |
| | 30,718 | | | | Arcosa, Inc | | | 1,296 | |
| | 10,471 | | | | Argan, Inc | | | 496 | |
| | 26,334 | | | | Armstrong World Industries, Inc | | | 2,053 | |
| | 15,250 | | | | Astec Industries, Inc | | | 706 | |
| | 15,755 | | * | | Astronics Corp | | | 166 | |
| | 23,836 | | * | | Atkore International Group, Inc | | | 652 | |
| | 35,579 | | * | | Axon Enterprise, Inc | | | 3,491 | |
| | 19,364 | | | | AZZ, Inc | | | 665 | |
| | 25,595 | | | | Barnes Group, Inc | | | 1,013 | |
| | 41,684 | | * | | Beacon Roofing Supply, Inc | | | 1,099 | |
| | 35,611 | | * | | Bloom Energy Corp | | | 387 | |
| | 3,946 | | * | | Blue Bird Corp | | | 59 | |
| | 47,040 | | * | | BMC Stock Holdings, Inc | | | 1,183 | |
| | 322,123 | | | | Boeing Co | | | 59,045 | |
| | 67,070 | | * | | Builders FirstSource, Inc | | | 1,388 | |
| | 56,807 | | | | BWX Technologies, Inc | | | 3,218 | |
| | 14,163 | | | | Caesarstone Sdot-Yam Ltd | | | 168 | |
| | 8,775 | | * | | CAI International, Inc | | | 146 | |
| | 32,304 | | | | Carlisle Cos, Inc | | | 3,866 | |
| | 520,088 | | | | Carrier Global Corp | | | 11,556 | |
| | 323,825 | | | | Caterpillar, Inc | | | 40,964 | |
| | 22,344 | | * | | Chart Industries, Inc | | | 1,083 | |
| | 12,045 | | * | | CIRCOR International, Inc | | | 307 | |
| | 64,286 | | *,e | | Colfax Corp | | | 1,794 | |
| | 14,727 | | e | | Columbus McKinnon Corp | | | 493 | |
| | 24,840 | | | | Comfort Systems USA, Inc | | | 1,012 | |
| | 11,212 | | * | | Construction Partners Inc | | | 199 | |
| | 29,151 | | * | | Cornerstone Building Brands, Inc | | | 177 | |
| | 28,721 | | | | Crane Co | | | 1,708 | |
| | 10,574 | | | | CSW Industrials, Inc | | | 731 | |
| | 18,660 | | | | Cubic Corp | | | 896 | |
| | 87,253 | | | | Cummins, Inc | | | 15,117 | |
| | 22,308 | | | | Curtiss-Wright Corp | | | 1,992 | |
| | 169,067 | | | | Deere & Co | | | 26,569 | |
| | 71,161 | | | | Donaldson Co, Inc | | | 3,310 | |
| | 16,771 | | e | | Douglas Dynamics, Inc | | | 589 | |
| | 86,001 | | | | Dover Corp | | | 8,304 | |
| | 8,048 | | * | | Ducommun, Inc | | | 281 | |
| | 11,117 | | * | | DXP Enterprises, Inc | | | 221 | |
| | 16,954 | | * | | Dycom Industries, Inc | | | 693 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 3,733 | | | | Eastern Co | | $ | 67 | |
| | 239,741 | | | | Eaton Corp | | | 20,973 | |
| | 28,208 | | | | EMCOR Group, Inc | | | 1,866 | |
| | 356,753 | | | | Emerson Electric Co | | | 22,129 | |
| | 15,305 | | | | Encore Wire Corp | | | 747 | |
| | 24,905 | | *,e | | Energy Recovery, Inc | | | 189 | |
| | 43,959 | | | | Enerpac Tool Group Corp | | | 774 | |
| | 25,301 | | | | EnerSys | | | 1,629 | |
| | 8,505 | | | | EnPro Industries, Inc | | | 419 | |
| | 18,556 | | | | ESCO Technologies, Inc | | | 1,569 | |
| | 2,576 | | *,e | | EVI Industries, Inc | | | 56 | |
| | 51,314 | | * | | Evoqua Water Technologies Corp | | | 954 | |
| | 344,910 | | | | Fastenal Co | | | 14,776 | |
| | 42,557 | | | | Federal Signal Corp | | | 1,265 | |
| | 82,555 | | | | Flowserve Corp | | | 2,354 | |
| | 91,070 | | | | Fluor Corp | | | 1,100 | |
| | 175,635 | | | | Fortive Corp | | | 11,883 | |
| | 82,435 | | | | Fortune Brands Home & Security, Inc | | | 5,270 | |
| | 9,256 | | * | | Foundation Building Materials, Inc | | | 144 | |
| | 25,145 | | | | Franklin Electric Co, Inc | | | 1,321 | |
| | 126,698 | | * | | FuelCell Energy, Inc | | | 286 | |
| | 30,738 | | * | | Gates Industrial Corp plc | | | 316 | |
| | 15,077 | | e | | GATX Corp | | | 919 | |
| | 4,980 | | * | | Gencor Industries, Inc | | | 63 | |
| | 36,885 | | * | | Generac Holdings, Inc | | | 4,497 | |
| | 150,391 | | | | General Dynamics Corp | | | 22,477 | |
| | 5,211,596 | | | | General Electric Co | | | 35,595 | |
| | 22,869 | | * | | Gibraltar Industries, Inc | | | 1,098 | |
| | 17,148 | | * | | GMS, Inc | | | 422 | |
| | 2,315 | | e | | Gorman-Rupp Co | | | 72 | |
| | 92,773 | | | | Graco, Inc | | | 4,452 | |
| | 26,067 | | | | GrafTech International Ltd | | | 208 | |
| | 7,763 | | | | Graham Corp | | | 99 | |
| | 33,088 | | e | | Granite Construction, Inc | | | 633 | |
| | 44,924 | | * | | Great Lakes Dredge & Dock Corp | | | 416 | |
| | 19,838 | | | | Greenbrier Cos, Inc | | | 451 | |
| | 20,793 | | | | Griffon Corp | | | 385 | |
| | 23,777 | | | | H&E Equipment Services, Inc | | | 439 | |
| | 59,172 | | * | | Harsco Corp | | | 799 | |
| | 90,220 | | * | | HD Supply Holdings, Inc | | | 3,126 | |
| | 26,390 | | | | HEICO Corp | | | 2,630 | |
| | 46,469 | | | | HEICO Corp (Class A) | | | 3,775 | |
| | 16,194 | | | | Helios Technologies, Inc | | | 603 | |
| | 17,889 | | * | | Herc Holdings, Inc | | | 550 | |
| | 57,257 | | | | Hexcel Corp | | | 2,589 | |
| | 34,596 | | | | Hillenbrand, Inc | | | 937 | |
| | 421,137 | | | | Honeywell International, Inc | | | 60,892 | |
| | 229,339 | | | | Howmet Aerospace, Inc | | | 3,635 | |
| | 30,217 | | | | Hubbell, Inc | | | 3,788 | |
| | 23,249 | | | | Huntington Ingalls | | | 4,057 | |
| | 4,796 | | | | Hurco Cos, Inc | | | 134 | |
| | 7,224 | | e | | Hyster-Yale Materials Handling, Inc | | | 279 | |
| | 44,158 | | | | IDEX Corp | | | 6,979 | |
| | 5,334 | | * | | IES Holdings, Inc | | | 124 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 188,744 | | | | Illinois Tool Works, Inc | | $ | 33,002 | |
| | 201,626 | | * | | Ingersoll Rand, Inc | | | 5,670 | |
| | 13,472 | | e | | Insteel Industries, Inc | | | 257 | |
| | 46,862 | | | | ITT, Inc | | | 2,753 | |
| | 74,957 | | | | Jacobs Engineering Group, Inc | | | 6,356 | |
| | 47,393 | | * | | JELD-WEN Holding, Inc | | | 764 | |
| | 16,888 | | | | John Bean Technologies Corp | | | 1,453 | |
| | 446,021 | | | | Johnson Controls International plc | | | 15,227 | |
| | 8,084 | | | | Kadant, Inc | | | 806 | |
| | 17,941 | | | | Kaman Corp | | | 746 | |
| | 56,290 | | | | Kennametal, Inc | | | 1,616 | |
| | 50,983 | | * | | Kratos Defense & Security Solutions, Inc | | | 797 | |
| | 129,086 | | | | L3Harris Technologies, Inc | | | 21,902 | |
| | 4,456 | | * | | Lawson Products, Inc | | | 144 | |
| | 5,677 | | * | | LB Foster Co (Class A) | | | 73 | |
| | 20,121 | | | | Lennox International, Inc | | | 4,688 | |
| | 34,169 | | e | | Lincoln Electric Holdings, Inc | | | 2,878 | |
| | 7,273 | | | | Lindsay Corp | | | 671 | |
| | 148,406 | | | | Lockheed Martin Corp | | | 54,156 | |
| | 17,575 | | | | Luxfer Holdings plc | | | 249 | |
| | 12,223 | | * | | Lydall, Inc | | | 166 | |
| | 22,630 | | * | | Manitowoc Co, Inc | | | 246 | |
| | 162,654 | | | | Masco Corp | | | 8,167 | |
| | 18,516 | | * | | Masonite International Corp | | | 1,440 | |
| | 38,304 | | *,e | | Mastec, Inc | | | 1,719 | |
| | 38,365 | | e | | Maxar Technologies, Inc | | | 689 | |
| | 33,690 | | * | | Mercury Systems, Inc | | | 2,650 | |
| | 34,734 | | * | | Meritor, Inc | | | 688 | |
| | 30,281 | | * | | Middleby Corp | | | 2,390 | |
| | 7,280 | | | | Miller Industries, Inc | | | 217 | |
| | 15,909 | | | | Moog, Inc (Class A) | | | 843 | |
| | 64,419 | | * | | MRC Global, Inc | | | 381 | |
| | 25,456 | | | | MSC Industrial Direct Co (Class A) | | | 1,853 | |
| | 40,743 | | | | Mueller Industries, Inc | | | 1,083 | |
| | 66,266 | | | | Mueller Water Products, Inc (Class A) | | | 625 | |
| | 10,993 | | * | | MYR Group, Inc | | | 351 | |
| | 3,534 | | e | | National Presto Industries, Inc | | | 309 | |
| | 35,673 | | * | | Navistar International Corp | | | 1,006 | |
| | 19,066 | | e | | NN, Inc | | | 90 | |
| | 33,227 | | | | Nordson Corp | | | 6,304 | |
| | 93,426 | | | | Northrop Grumman Corp | | | 28,723 | |
| | 6,891 | | * | | Northwest Pipe Co | | | 173 | |
| | 78,206 | | * | | NOW, Inc | | | 675 | |
| | 5,211 | | * | | NV5 Global Inc | | | 265 | |
| | 87,536 | | | | nVent Electric plc | | | 1,640 | |
| | 2,354 | | e | | Omega Flex, Inc | | | 249 | |
| | 38,204 | | | | Oshkosh Corp | | | 2,736 | |
| | 238,995 | | | | Otis Worldwide Corp | | | 13,589 | |
| | 65,515 | | | | Owens Corning, Inc | | | 3,653 | |
| | 201,744 | | | | PACCAR, Inc | | | 15,101 | |
| | 14,228 | | e | | Park Aerospace Corp | | | 159 | |
| | 76,478 | | | | Parker-Hannifin Corp | | | 14,016 | |
| | 12,058 | | * | | Parsons Corp | | | 437 | |
| | 17,097 | | | | Patrick Industries, Inc | | | 1,047 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 96,376 | | | | Pentair plc | | $ | 3,661 | |
| | 36,380 | | * | | PGT, Inc | | | 570 | |
| | 159,236 | | *,e | | Plug Power, Inc | | | 1,307 | |
| | 7,077 | | | | Powell Industries, Inc | | | 194 | |
| | 1,801 | | | | Preformed Line Products Co | | | 90 | |
| | 28,783 | | e | | Primoris Services Corp | | | 511 | |
| | 18,284 | | * | | Proto Labs, Inc | | | 2,056 | |
| | 25,291 | | | | Quanex Building Products Corp | | | 351 | |
| | 75,730 | | | | Quanta Services, Inc | | | 2,971 | |
| | 25,955 | | | | Raven Industries, Inc | | | 558 | |
| | 854,951 | | * | | Raytheon Technologies Corp | | | 52,682 | |
| | 16,634 | | * | | RBC Bearings, Inc | | | 2,230 | |
| | 20,978 | | e | | Regal-Beloit Corp | | | 1,832 | |
| | 82,950 | | * | | Resideo Technologies, Inc | | | 972 | |
| | 8,757 | | | | REV Group, Inc | | | 53 | |
| | 56,852 | | | | Rexnord Corp | | | 1,657 | |
| | 69,422 | | | | Rockwell Automation, Inc | | | 14,787 | |
| | 61,829 | | | | Roper Technologies Inc | | | 24,006 | |
| | 21,510 | | | | Rush Enterprises, Inc (Class A) | | | 892 | |
| | 4,597 | | | | Rush Enterprises, Inc (Class B) | | | 164 | |
| | 88,808 | | * | | Sensata Technologies Holding plc | | | 3,306 | |
| | 24,709 | | | | Shyft Group, Inc | | | 416 | |
| | 29,530 | | | | Simpson Manufacturing Co, Inc | | | 2,491 | |
| | 24,415 | | *,e | | SiteOne Landscape Supply, Inc | | | 2,783 | |
| | 30,839 | | | | Snap-On, Inc | | | 4,272 | |
| | 66,489 | | | | Spirit Aerosystems Holdings, Inc (Class A) | | | 1,592 | |
| | 30,406 | | * | | SPX Corp | | | 1,251 | |
| | 29,148 | | *,e | | SPX FLOW, Inc | | | 1,091 | |
| | 8,333 | | | | Standex International Corp | | | 480 | |
| | 92,334 | | | | Stanley Black & Decker, Inc | | | 12,870 | |
| | 18,886 | | * | | Sterling Construction Co, Inc | | | 198 | |
| | 60,603 | | * | | Sunrun, Inc | | | 1,195 | |
| | 9,938 | | | | Systemax, Inc | | | 204 | |
| | 22,563 | | * | | Teledyne Technologies, Inc | | | 7,016 | |
| | 12,744 | | | | Tennant Co | | | 828 | |
| | 35,787 | | | | Terex Corp | | | 672 | |
| | 18,852 | | *,e | | Textainer Group Holdings Ltd | | | 154 | |
| | 143,403 | | | | Textron, Inc | | | 4,719 | |
| | 24,419 | | * | | Thermon Group Holdings | | | 356 | |
| | 30,037 | | | | Timken Co | | | 1,366 | |
| | 11,613 | | * | | Titan Machinery, Inc | | | 126 | |
| | 63,988 | | | | Toro Co | | | 4,245 | |
| | 7,431 | | * | | TPI Composites, Inc | | | 174 | |
| | 146,429 | | | | Trane Technologies plc | | | 13,029 | |
| | 31,276 | | | | TransDigm Group, Inc | | | 13,826 | |
| | 35,201 | | *,e | | Trex Co, Inc | | | 4,579 | |
| | 34,233 | | * | | Trimas Corp | | | 820 | |
| | 63,620 | | e | | Trinity Industries, Inc | | | 1,354 | |
| | 18,886 | | | | Triton International Ltd | | | 571 | |
| | 32,779 | | | | Triumph Group, Inc | | | 295 | |
| | 27,269 | | * | | Tutor Perini Corp | | | 332 | |
| | 44,924 | | * | | United Rentals, Inc | | | 6,695 | |
| | 107,143 | | * | | Univar Solutions Inc | | | 1,806 | |
| | 10,628 | | | | Valmont Industries, Inc | | | 1,208 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 7,860 | | * | | Vectrus, Inc | | $ | 386 | |
| | 7,828 | | * | | Veritiv Corp | | | 133 | |
| | 119,277 | | * | | Vertiv Holdings Co | | | 1,617 | |
| | 12,845 | | * | | Vicor Corp | | | 924 | |
| | 36,030 | | * | | Virgin Galactic Holdings, Inc | | | 589 | |
| | 15,334 | | *,e | | Vivint Solar, Inc | | | 152 | |
| | 25,541 | | | | W.W. Grainger, Inc | | | 8,024 | |
| | 42,603 | | e | | Wabash National Corp | | | 452 | |
| | 107,131 | | | | Wabtec Corp | | | 6,168 | |
| | 18,257 | | | | Watsco, Inc | | | 3,244 | |
| | 12,563 | | | | Watts Water Technologies, Inc (Class A) | | | 1,018 | |
| | 88,290 | | * | | Welbilt, Inc | | | 538 | |
| | 28,009 | | * | | WESCO International, Inc | | | 983 | |
| | 3,392 | | * | | Willis Lease Finance Corp | | | 82 | |
| | 22,097 | | * | | Willscot Corp | | | 272 | |
| | 30,482 | | | | Woodward Inc | | | 2,364 | |
| | 107,015 | | | | Xylem, Inc | | | 6,952 | |
| | | | | | TOTAL CAPITAL GOODS | | | 1,063,574 | |
| | | | | | | | | | |
| COMMERCIAL & PROFESSIONAL SERVICES - 1.1% |
| | 40,285 | | | | ABM Industries, Inc | | | 1,462 | |
| | 37,820 | | * | | Acacia Research (Acacia Technologies) | | | 155 | |
| | 9,390 | | | | ACCO Brands Corp | | | 67 | |
| | 66,939 | | e | | ADT, Inc | | | 534 | |
| | 43,994 | | * | | Advanced Disposal Services, Inc | | | 1,327 | |
| | 83,309 | | *,g | | API Group Corp | | | 1,012 | |
| | 27,574 | | * | | ASGN Inc | | | 1,839 | |
| | 5,145 | | | | Barrett Business Services, Inc | | | 273 | |
| | 4,266 | | | | BG Staffing, Inc | | | 48 | |
| | 22,496 | | | | Brady Corp (Class A) | | | 1,053 | |
| | 16,522 | | * | | BrightView Holdings, Inc | | | 185 | |
| | 33,001 | | e | | Brink’s Co | | | 1,502 | |
| | 29,675 | | * | | Casella Waste Systems, Inc (Class A) | | | 1,547 | |
| | 35,493 | | * | | CBIZ, Inc | | | 851 | |
| | 18,496 | | *,e | | Ceco Environmental Corp | | | 122 | |
| | 14,958 | | * | | Cimpress plc | | | 1,142 | |
| | 52,857 | | | | Cintas Corp | | | 14,079 | |
| | 30,748 | | * | | Clean Harbors, Inc | | | 1,844 | |
| | 121,043 | | * | | Copart, Inc | | | 10,079 | |
| | 23,330 | | * | | CoStar Group, Inc | | | 16,580 | |
| | 84,474 | | | | Covanta Holding Corp | | | 810 | |
| | 7,013 | | | | CRA International, Inc | | | 277 | |
| | 27,694 | | | | Deluxe Corp | | | 652 | |
| | 11,002 | | * | | Emerald Holding, Inc | | | 34 | |
| | 20,052 | | e | | Ennis, Inc | | | 364 | |
| | 72,290 | | | | Equifax, Inc | | | 12,425 | |
| | 29,463 | | | | Exponent, Inc | | | 2,385 | |
| | 7,582 | | * | | Forrester Research, Inc | | | 243 | |
| | 7,620 | | * | | Franklin Covey Co | | | 163 | |
| | 21,634 | | * | | FTI Consulting, Inc | | | 2,478 | |
| | 9,864 | | * | | GP Strategies Corp | | | 85 | |
| | 49,914 | | | | Healthcare Services Group | | | 1,221 | |
| | 14,300 | | | | Heidrick & Struggles International, Inc | | | 309 | |
| | 8,893 | | * | | Heritage-Crystal Clean, Inc | | | 155 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 28,968 | | | | Herman Miller, Inc | | $ | 684 | |
| | 31,637 | | | | HNI Corp | | | 967 | |
| | 15,850 | | * | | Huron Consulting Group, Inc | | | 701 | |
| | 88,200 | | * | | IAA, Inc | | | 3,402 | |
| | 13,124 | | | | ICF International, Inc | | | 851 | |
| | 240,754 | | | | IHS Markit Ltd | | | 18,177 | |
| | 25,976 | | | | Insperity, Inc | | | 1,681 | |
| | 44,581 | | | | Interface, Inc | | | 363 | |
| | 88,200 | | | | KAR Auction Services, Inc | | | 1,214 | |
| | 20,372 | | | | Kelly Services, Inc (Class A) | | | 322 | |
| | 18,302 | | | | Kforce, Inc | | | 535 | |
| | 25,171 | | | | Kimball International, Inc (Class B) | | | 291 | |
| | 35,963 | | | | Knoll, Inc | | | 438 | |
| | 37,013 | | | | Korn/Ferry International | | | 1,137 | |
| | 31,415 | | | | Manpower, Inc | | | 2,160 | |
| | 22,585 | | | | Matthews International Corp (Class A) | | | 431 | |
| | 10,506 | | | | McGrath RentCorp | | | 567 | |
| | 13,300 | | * | | Mistras Group, Inc | | | 53 | |
| | 31,645 | | | | Mobile Mini, Inc | | | 934 | |
| | 19,573 | | e | | MSA Safety, Inc | | | 2,240 | |
| | 219,281 | | | | Nielsen NV | | | 3,259 | |
| | 4,961 | | | | NL Industries, Inc | | | 17 | |
| | 133,127 | | | | Pitney Bowes, Inc | | | 346 | |
| | 39,456 | | *,e | | Precigen, Inc | | | 197 | |
| | 21,796 | | | | Quad Graphics, Inc | | | 71 | |
| | 123,966 | | | | Republic Services, Inc | | | 10,171 | |
| | 20,546 | | | | Resources Connection, Inc | | | 246 | |
| | 69,302 | | | | Robert Half International, Inc | | | 3,661 | |
| | 85,209 | | | | Rollins, Inc | | | 3,612 | |
| | 12,140 | | * | | SP Plus Corp | | | 251 | |
| | 61,807 | | | | Steelcase, Inc (Class A) | | | 745 | |
| | 49,051 | | * | | Stericycle, Inc | | | 2,746 | |
| | 20,907 | | * | | Team, Inc | | | 117 | |
| | 29,513 | | | | Tetra Tech, Inc | | | 2,335 | |
| | 115,960 | | | | TransUnion | | | 10,093 | |
| | 22,121 | | * | | TriNet Group, Inc | | | 1,348 | |
| | 346 | | * | | TrueBlue, Inc | | | 5 | |
| | 8,983 | | | | Unifirst Corp | | | 1,608 | |
| | 16,280 | | * | | US Ecology, Inc | | | 552 | |
| | 94,718 | | | | Verisk Analytics, Inc | | | 16,121 | |
| | 15,178 | | | | Viad Corp | | | 289 | |
| | 41,530 | | * | | Vivint Smart Home, Inc | | | 720 | |
| | 5,586 | | | | VSE Corp | | | 175 | |
| | 252,627 | | | | Waste Management, Inc | | | 26,756 | |
| | 5,398 | | *,e | | Willdan Group, Inc | | | 135 | |
| | | | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | 200,026 | |
| | | | | | | | | | |
| CONSUMER DURABLES & APPAREL - 1.3% |
| | 15,286 | | | | Acushnet Holdings Corp | | | 532 | |
| | 21,459 | | *,e | | Beazer Homes USA, Inc | | | 216 | |
| | 44,121 | | | | Brunswick Corp | | | 2,824 | |
| | 69,841 | | | | Callaway Golf Co | | | 1,223 | |
| | 68,422 | | * | | Capri Holdings Ltd | | | 1,069 | |
| | 27,877 | | | | Carter’s, Inc | | | 2,250 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 6,102 | | * | | Cavco Industries, Inc | | $ | 1,177 | |
| | 13,611 | | * | | Century Communities, Inc | | | 417 | |
| | 14,260 | | | | Clarus Corp | | | 165 | |
| | 13,474 | | | | Columbia Sportswear Co | | | 1,086 | |
| | 45,716 | | * | | CROCS, Inc | | | 1,683 | |
| | 16,069 | | * | | Deckers Outdoor Corp | | | 3,156 | |
| | 197,895 | | | | DR Horton, Inc | | | 10,973 | |
| | 7,865 | | | | Escalade, Inc | | | 110 | |
| | 18,783 | | | | Ethan Allen Interiors, Inc | | | 222 | |
| | 31,215 | | *,e | | Fossil Group, Inc | | | 145 | |
| | 87,558 | | | | Garmin Ltd | | | 8,537 | |
| | 4,831 | | *,e | | G-III Apparel Group Ltd | | | 64 | |
| | 74,136 | | *,e | | GoPro, Inc | | | 353 | |
| | 16,535 | | * | | Green Brick Partners, Inc | | | 196 | |
| | 6,360 | | e | | Hamilton Beach Brands Holding Co | | | 76 | |
| | 201,239 | | | | Hanesbrands, Inc | | | 2,272 | |
| | 79,817 | | | | Hasbro, Inc | | | 5,982 | |
| | 15,207 | | * | | Helen of Troy Ltd | | | 2,867 | |
| | 7,913 | | | | Hooker Furniture Corp | | | 154 | |
| | 13,822 | | * | | Installed Building Products, Inc | | | 951 | |
| | 18,443 | | * | | iRobot Corp | | | 1,547 | |
| | 3,583 | | | | Johnson Outdoors, Inc | | | 326 | |
| | 60,650 | | | | KB Home | | | 1,861 | |
| | 30,075 | | e | | Kontoor Brands, Inc | | | 536 | |
| | 36,137 | | | | La-Z-Boy, Inc | | | 978 | |
| | 78,980 | | | | Leggett & Platt, Inc | | | 2,776 | |
| | 11,279 | | | | Lennar Corp (B Shares) | | | 520 | |
| | 161,976 | | | | Lennar Corp (Class A) | | | 9,981 | |
| | 12,635 | | * | | LGI Homes, Inc | | | 1,112 | |
| | 7,210 | | | | Lifetime Brands, Inc | | | 49 | |
| | 68,041 | | * | | Lululemon Athletica, Inc | | | 21,230 | |
| | 16,714 | | * | | M/I Homes, Inc | | | 576 | |
| | 13,092 | | * | | Malibu Boats, Inc | | | 680 | |
| | 8,407 | | | | Marine Products Corp | | | 117 | |
| | 13,690 | | * | | MasterCraft Boat Holdings, Inc | | | 261 | |
| | 199,106 | | * | | Mattel, Inc | | | 1,925 | |
| | 30,198 | | | | MDC Holdings, Inc | | | 1,078 | |
| | 22,102 | | * | | Meritage Homes Corp | | | 1,682 | |
| | 37,671 | | * | | Mohawk Industries, Inc | | | 3,833 | |
| | 11,320 | | e | | Movado Group, Inc | | | 123 | |
| | 3,180 | | | | Nacco Industries, Inc (Class A) | | | 74 | |
| | 17,631 | | * | | Nautilus, Inc | | | 164 | |
| | 241,949 | | | | Newell Brands Inc | | | 3,842 | |
| | 726,526 | | | | Nike, Inc (Class B) | | | 71,236 | |
| | 2,024 | | * | | NVR, Inc | | | 6,596 | |
| | 11,750 | | | | Oxford Industries, Inc | | | 517 | |
| | 58,529 | | * | | Peloton Interactive, Inc | | | 3,381 | |
| | 32,179 | | | | Polaris Inc | | | 2,978 | |
| | 157,608 | | | | Pulte Homes, Inc | | | 5,363 | |
| | 8,506 | | * | | Purple Innovation, Inc | | | 153 | |
| | 40,092 | | | | PVH Corp | | | 1,926 | |
| | 30,697 | | | | Ralph Lauren Corp | | | 2,226 | |
| | 79,579 | | * | | Skechers U.S.A., Inc (Class A) | | | 2,497 | |
| | 32,514 | | * | | Skyline Champion Corp | | | 791 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 39,523 | | * | | Smith & Wesson Brands, Inc | | $ | 851 | |
| | 45,047 | | * | | Sonos, Inc | | | 659 | |
| | 60,523 | | | | Steven Madden Ltd | | | 1,494 | |
| | 12,383 | | | | Sturm Ruger & Co, Inc | | | 941 | |
| | 5,163 | | | | Superior Uniform Group, Inc | | | 69 | |
| | 144,360 | | | | Tapestry, Inc | | | 1,917 | |
| | 67,492 | | * | | Taylor Morrison Home Corp | | | 1,302 | |
| | 26,761 | | * | | Tempur Sealy International, Inc | | | 1,926 | |
| | 69,223 | | | | Toll Brothers, Inc | | | 2,256 | |
| | 20,867 | | * | | TopBuild Corp | | | 2,374 | |
| | 65,578 | | * | | TRI Pointe Homes, Inc | | | 963 | |
| | 28,980 | | e | | Tupperware Brands Corp | | | 138 | |
| | 110,698 | | * | | Under Armour, Inc (Class A) | | | 1,078 | |
| | 110,542 | | * | | Under Armour, Inc (Class C) | | | 977 | |
| | 10,905 | | * | | Unifi, Inc | | | 141 | |
| | 10,485 | | * | | Universal Electronics, Inc | | | 491 | |
| | 16,444 | | * | | Vera Bradley, Inc | | | 73 | |
| | 193,170 | | | | VF Corp | | | 11,772 | |
| | 41,550 | | * | | Vista Outdoor, Inc | | | 600 | |
| | 37,439 | | e | | Whirlpool Corp | | | 4,850 | |
| | 48,726 | | e | | Wolverine World Wide, Inc | | | 1,160 | |
| | 44,122 | | * | | YETI Holdings, Inc | | | 1,885 | |
| | | | | | TOTAL CONSUMER DURABLES & APPAREL | | | 239,552 | |
| | | | | | | | | | |
| CONSUMER SERVICES - 1.8% |
| | 25,118 | | * | | Accel Entertainment, Inc | | | 242 | |
| | 33,727 | | * | | Adtalem Global Education, Inc | | | 1,051 | |
| | 12,233 | | * | | American Public Education, Inc | | | 362 | |
| | 143,934 | | | | ARAMARK Holdings Corp | | | 3,249 | |
| | 44,487 | | | | BBX Capital Corp | | | 113 | |
| | 769 | | * | | Biglari Holdings, Inc (B Shares) | | | 53 | |
| | 15,173 | | | | BJ’s Restaurants, Inc | | | 318 | |
| | 44,145 | | | | Bloomin’ Brands, Inc | | | 471 | |
| | 61,116 | | | | Boyd Gaming Corp | | | 1,277 | |
| | 36,213 | | * | | Bright Horizons Family Solutions | | | 4,244 | |
| | 25,489 | | | | Brinker International, Inc | | | 612 | |
| | 357,916 | | * | | Caesars Entertainment Corp | | | 4,342 | |
| | 281,629 | | e | | Carnival Corp | | | 4,624 | |
| | 11,838 | | | | Carriage Services, Inc | | | 214 | |
| | 27,792 | | *,e | | Carrols Restaurant Group, Inc | | | 134 | |
| | 16,727 | | * | | Century Casinos, Inc | | | 69 | |
| | 31,824 | | e | | Cheesecake Factory | | | 729 | |
| | 72,467 | | * | | Chegg, Inc | | | 4,874 | |
| | 16,678 | | * | | Chipotle Mexican Grill, Inc (Class A) | | | 17,551 | |
| | 17,380 | | e | | Choice Hotels International, Inc | | | 1,371 | |
| | 23,949 | | | | Churchill Downs, Inc | | | 3,189 | |
| | 12,474 | | * | | Chuy’s Holdings, Inc | | | 186 | |
| | 5,424 | | | | Collectors Universe | | | 186 | |
| | 15,120 | | | | Cracker Barrel Old Country Store, Inc | | | 1,677 | |
| | 77,856 | | | | Darden Restaurants, Inc | | | 5,899 | |
| | 16,608 | | e | | Dave & Buster’s Entertainment, Inc | | | 221 | |
| | 23,487 | | * | | Del Taco Restaurants, Inc | | | 139 | |
| | 41,277 | | * | | Denny’s Corp | | | 417 | |
| | 10,362 | | e | | Dine Brands Global Inc. | | | 436 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 23,325 | | | | Domino’s Pizza, Inc | | $ | 8,617 | |
| | 49,730 | | | | Dunkin Brands Group, Inc | | | 3,244 | |
| | 14,501 | | * | | El Pollo Loco Holdings, Inc | | | 214 | |
| | 44,594 | | *,e | | Eldorado Resorts, Inc | | | 1,786 | |
| | 105,919 | | | | Extended Stay America, Inc | | | 1,185 | |
| | 20,469 | | * | | Fiesta Restaurant Group, Inc | | | 131 | |
| | 11,421 | | | | Franchise Group, Inc | | | 250 | |
| | 54,509 | | * | | frontdoor, Inc | | | 2,416 | |
| | 7,389 | | * | | Golden Entertainment, Inc | | | 66 | |
| | 1,652 | | | | Graham Holdings Co | | | 566 | |
| | 26,419 | | * | | Grand Canyon Education, Inc | | | 2,392 | |
| | 98,961 | | | | H&R Block, Inc | | | 1,413 | |
| | 49,665 | | * | | Hilton Grand Vacations, Inc | | | 971 | |
| | 163,465 | | | | Hilton Worldwide Holdings, Inc | | | 12,006 | |
| | 76,812 | | * | | Houghton Mifflin Harcourt Co | | | 139 | |
| | 24,452 | | | | Hyatt Hotels Corp | | | 1,230 | |
| | 76,027 | | e | | International Game Technology plc | | | 677 | |
| | 14,716 | | e | | Jack in the Box, Inc | | | 1,090 | |
| | 26,055 | | * | | K12, Inc | | | 710 | |
| | 198,874 | | | | Las Vegas Sands Corp | | | 9,057 | |
| | 62,559 | | * | | Laureate Education, Inc | | | 623 | |
| | 10,890 | | * | | Lindblad Expeditions Holdings, Inc | | | 84 | |
| | 160,967 | | | | Marriott International, Inc (Class A) | | | 13,800 | |
| | 24,090 | | | | Marriott Vacations Worldwide Corp | | | 1,980 | |
| | 446,525 | | | | McDonald’s Corp | | | 82,370 | |
| | 281,649 | | | | MGM Resorts International | | | 4,732 | |
| | 7,140 | | * | | Monarch Casino & Resort, Inc | | | 243 | |
| | 2,378 | | | | Nathan’s Famous, Inc | | | 134 | |
| | 8,091 | | * | | Noodles & Co | | | 49 | |
| | 153,189 | | *,e | | Norwegian Cruise Line Holdings Ltd | | | 2,517 | |
| | 29,338 | | e | | OneSpaWorld Holdings Ltd | | | 140 | |
| | 18,811 | | | | Papa John’s International, Inc | | | 1,494 | |
| | 76,441 | | *,e | | Penn National Gaming, Inc | | | 2,334 | |
| | 46,334 | | * | | Perdoceo Education Corp | | | 738 | |
| | 51,866 | | * | | Planet Fitness, Inc | | | 3,142 | |
| | 10,854 | | * | | PlayAGS, Inc | | | 37 | |
| | 6,547 | | | | RCI Hospitality Holdings, Inc | | | 91 | |
| | 9,211 | | *,e | | Red Robin Gourmet Burgers, Inc | | | 94 | |
| | 48,687 | | | | Red Rock Resorts, Inc | | | 531 | |
| | 27,109 | | *,e | | Regis Corp | | | 222 | |
| | 106,238 | | e | | Royal Caribbean Cruises Ltd | | | 5,344 | |
| | 21,790 | | | | Ruth’s Hospitality Group Inc | | | 178 | |
| | 37,197 | | * | | Scientific Games Corp (Class A) | | | 575 | |
| | 30,308 | | *,e | | SeaWorld Entertainment, Inc | | | 449 | |
| | 108,167 | | | | Service Corp International | | | 4,207 | |
| | 86,396 | | * | | ServiceMaster Global Holdings, Inc | | | 3,083 | |
| | 15,620 | | * | | Shake Shack, Inc | | | 828 | |
| | 48,601 | | | | Six Flags Entertainment Corp | | | 934 | |
| | 701,007 | | | | Starbucks Corp | | | 51,587 | |
| | 11,328 | | | | Strategic Education, Inc | | | 1,741 | |
| | 21,327 | | * | | Target Hospitality Corp | | | 36 | |
| | 40,109 | | e | | Texas Roadhouse, Inc (Class A) | | | 2,109 | |
| | 13,497 | | e | | Twin River Worldwide Holdings Inc | | | 301 | |
| | 23,348 | | | | Vail Resorts, Inc | | | 4,253 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 107,288 | | | | Wendy’s | | $ | 2,337 | |
| | 17,626 | | | | Wingstop, Inc | | | 2,449 | |
| | 26,120 | | * | | WW International Inc | | | 663 | |
| | 42,519 | | | | Wyndham Destinations, Inc | | | 1,198 | |
| | 58,768 | | | | Wyndham Hotels & Resorts, Inc | | | 2,505 | |
| | 58,587 | | | | Wynn Resorts Ltd | | | 4,364 | |
| | 211,867 | | | | Yum China Holdings, Inc | | | 10,184 | |
| | 184,086 | | | | Yum! Brands, Inc | | | 15,999 | |
| | | | | | TOTAL CONSUMER SERVICES | | | 337,089 | |
| | | | | | | | | | |
| DIVERSIFIED FINANCIALS - 3.2% |
| | 24,496 | | | | Affiliated Managers Group, Inc | | | 1,826 | |
| | 341,429 | | | | AGNC Investment Corp | | | 4,404 | |
| | 8,948 | | | | Alerus Financial Corp | | | 177 | |
| | 234,210 | | | | Ally Financial, Inc | | | 4,644 | |
| | 392,152 | | | | American Express Co | | | 37,333 | |
| | 73,461 | | | | Ameriprise Financial, Inc | | | 11,022 | |
| | 885,022 | | | | Annaly Capital Management, Inc | | | 5,806 | |
| | 70,479 | | | | Anworth Mortgage Asset Corp | | | 120 | |
| | 68,911 | | | | Apollo Commercial Real Estate Finance, Inc | | | 676 | |
| | 102,107 | | | | Apollo Global Management, Inc | | | 5,097 | |
| | 61,262 | | | | Arbor Realty Trust, Inc | | | 566 | |
| | 22,112 | | | | Ares Commercial Real Estate Corp | | | 202 | |
| | 58,699 | | | | Ares Management Corp | | | 2,330 | |
| | 16,506 | | e | | Arlington Asset Investment Corp (Class A) | | | 49 | |
| | 26,163 | | | | ARMOUR Residential REIT, Inc | | | 246 | |
| | 32,135 | | | | Artisan Partners Asset Management, Inc | | | 1,044 | |
| | 8,796 | | *,e | | Assetmark Financial Holdings, Inc | | | 240 | |
| | 4,316 | | e | | Associated Capital Group, Inc | | | 158 | |
| | 10,240 | | | | B. Riley Financial, Inc | | | 223 | |
| | 21,466 | | | | Banco Latinoamericano de Exportaciones S.A. (Class E) | | | 247 | |
| | 166,153 | | | | BGC Partners, Inc (Class A) | | | 455 | |
| | 88,176 | | | | BlackRock, Inc | | | 47,976 | |
| | 73,790 | | e | | Blackstone Mortgage Trust, Inc | | | 1,778 | |
| | 30,473 | | * | | Blucora, Inc | | | 348 | |
| | 40,173 | | | | Brightsphere Investment Group, Inc | | | 501 | |
| | 76,557 | | | | Broadmark Realty Capital, Inc | | | 725 | |
| | 16,951 | | *,† | | Calamos Asset Management, Inc | | | 0 | |
| | 48,331 | | * | | Cannae Holdings, Inc | | | 1,986 | |
| | 275,935 | | | | Capital One Financial Corp | | | 17,271 | |
| | 71,072 | | | | Capstead Mortgage Corp | | | 390 | |
| | 69,672 | | | | Carlyle Group, Inc | | | 1,944 | |
| | 68,387 | | | | CBOE Global Markets, Inc | | | 6,379 | |
| | 698,747 | | | | Charles Schwab Corp | | | 23,576 | |
| | 7,464 | | | | Cherry Hill Mortgage Investment Corp | | | 67 | |
| | 94,757 | | | | Chimera Investment Corp | | | 911 | |
| | 214,590 | | | | CME Group, Inc | | | 34,879 | |
| | 15,440 | | | | Cohen & Steers, Inc | | | 1,051 | |
| | 7,402 | | | | Colony Credit Real Estate, Inc | | | 52 | |
| | 18,127 | | e | | Cowen Group, Inc | | | 294 | |
| | 6,049 | | *,e | | Credit Acceptance Corp | | | 2,535 | |
| | 7,834 | | e | | Curo Group Holdings Corp | | | 64 | |
| | 2,179 | | | | Diamond Hill Investment Group, Inc | | | 248 | |
| | 185,611 | | | | Discover Financial Services | | | 9,297 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 19,156 | | * | | Donnelley Financial Solutions, Inc | | $ | 161 | |
| | 11,107 | | e | | Dynex Capital, Inc | | | 159 | |
| | 132,461 | | | | E*TRADE Financial Corp | | | 6,587 | |
| | 64,523 | | | | Eaton Vance Corp | | | 2,491 | |
| | 17,423 | | | | Ellington Financial Inc | | | 205 | |
| | 17,368 | | *,e | | Encore Capital Group, Inc | | | 594 | |
| | 23,911 | | * | | Enova International, Inc | | | 356 | |
| | 29,096 | | | | Evercore Inc | | | 1,714 | |
| | 38,445 | | *,e | | Ezcorp, Inc (Class A) | | | 242 | |
| | 22,905 | | | | Factset Research Systems, Inc | | | 7,524 | |
| | 68,886 | | | | Federated Investors, Inc (Class B) | | | 1,633 | |
| | 24,222 | | | | FirstCash, Inc | | | 1,634 | |
| | 12,579 | | *,e | | Focus Financial Partners, Inc | | | 416 | |
| | 162,178 | | | | Franklin Resources, Inc | | | 3,401 | |
| | 23,847 | | e | | Gain Capital Holdings, Inc | | | 144 | |
| | 4,049 | | | | GAMCO Investors, Inc (Class A) | | | 54 | |
| | 198,638 | | | | Goldman Sachs Group, Inc | | | 39,255 | |
| | 31,227 | | e | | Granite Point Mortgage Trust, Inc | | | 224 | |
| | 9,250 | | | | Great Ajax Corp | | | 85 | |
| | 33,057 | | * | | Green Dot Corp | | | 1,622 | |
| | 19,893 | | | | Greenhill & Co, Inc | | | 199 | |
| | 10,099 | | | | Hamilton Lane, Inc | | | 680 | |
| | 25,893 | | | | Houlihan Lokey, Inc | | | 1,441 | |
| | 47,028 | | | | Interactive Brokers Group, Inc (Class A) | | | 1,964 | |
| | 323,731 | | | | Intercontinental Exchange Group, Inc | | | 29,654 | |
| | 225,540 | | | | Invesco Ltd | | | 2,427 | |
| | 100,745 | | e | | Invesco Mortgage Capital, Inc | | | 377 | |
| | 149,295 | | | | Jefferies Financial Group, Inc | | | 2,322 | |
| | 319,034 | | | | KKR & Co, Inc | | | 9,852 | |
| | 7,773 | | e | | KKR Real Estate Finance Trust, Inc | | | 129 | |
| | 49,932 | | | | Ladder Capital Corp | | | 404 | |
| | 61,713 | | | | Lazard Ltd (Class A) | | | 1,767 | |
| | 44,332 | | | | Legg Mason, Inc | | | 2,205 | |
| | 42,896 | | *,e | | LendingClub Corp | | | 195 | |
| | 49,263 | | | | LPL Financial Holdings, Inc | | | 3,862 | |
| | 22,099 | | | | MarketAxess Holdings, Inc | | | 11,070 | |
| | 6,533 | | | | Marlin Business Services Corp | | | 55 | |
| | 270,747 | | | | MFA Financial Inc | | | 674 | |
| | 26,390 | | | | Moelis & Co | | | 822 | |
| | 97,378 | | | | Moody’s Corp | | | 26,753 | |
| | 661,157 | | | | Morgan Stanley | | | 31,934 | |
| | 12,950 | | | | Morningstar, Inc | | | 1,826 | |
| | 50,338 | | | | MSCI, Inc (Class A) | | | 16,804 | |
| | 70,673 | | | | Nasdaq Inc | | | 8,443 | |
| | 72,560 | | | | Navient Corp | | | 510 | |
| | 14,990 | | | | Nelnet, Inc (Class A) | | | 716 | |
| | 231,837 | | | | New Residential Investment Corp | | | 1,723 | |
| | 225,109 | | e | | New York Mortgage Trust, Inc | | | 587 | |
| | 22,218 | | *,† | | NewStar Financial, Inc | | | 5 | |
| | 114,651 | | | | Northern Trust Corp | | | 9,096 | |
| | 37,084 | | | | OneMain Holdings, Inc | | | 910 | |
| | 11,565 | | * | | Oportun Financial Corp | | | 155 | |
| | 7,363 | | | | Oppenheimer Holdings, Inc | | | 160 | |
| | 23,694 | | e | | Orchid Island Capital, Inc | | | 112 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 47,765 | | | | PennyMac Mortgage Investment Trust | | $ | 837 | |
| | 17,372 | | * | | Pico Holdings, Inc | | | 146 | |
| | 10,272 | | | | Piper Jaffray Cos | | | 608 | |
| | 13,025 | | | | PJT Partners, Inc | | | 669 | |
| | 33,753 | | * | | PRA Group, Inc | | | 1,305 | |
| | 9,591 | | | | Pzena Investment Management, Inc (Class A) | | | 52 | |
| | 73,024 | | | | Raymond James Financial, Inc | | | 5,026 | |
| | 11,012 | | | | Ready Capital Corp | | | 96 | |
| | 49,700 | | | | Redwood Trust, Inc | | | 348 | |
| | 8,577 | | * | | Regional Management Corp | | | 152 | |
| | 144,416 | | | | S&P Global, Inc | | | 47,582 | |
| | 16,951 | | | | Safeguard Scientifics, Inc | | | 119 | |
| | 57,054 | | | | Santander Consumer USA Holdings, Inc | | | 1,050 | |
| | 10,879 | | | | Sculptor Capital Management, Inc | | | 141 | |
| | 69,090 | | | | SEI Investments Co | | | 3,799 | |
| | 5,338 | | | | Silvercrest Asset Management Group, Inc | | | 68 | |
| | 211,103 | | | | SLM Corp | | | 1,484 | |
| | 153,692 | | | | Starwood Property Trust, Inc | | | 2,299 | |
| | 210,813 | | | | State Street Corp | | | 13,397 | |
| | 38,350 | | | | Stifel Financial Corp | | | 1,819 | |
| | 11,369 | | * | | StoneX Group, Inc | | | 625 | |
| | 348,966 | | | | Synchrony Financial | | | 7,733 | |
| | 135,508 | | | | T Rowe Price Group, Inc | | | 16,735 | |
| | 155,302 | | | | TD Ameritrade Holding Corp | | | 5,650 | |
| | 7,897 | | | | TPG RE Finance Trust, Inc | | | 68 | |
| | 49,135 | | | | Tradeweb Markets, Inc | | | 2,857 | |
| | 174,270 | | | | Two Harbors Investment Corp | | | 878 | |
| | 37,412 | | | | Virtu Financial, Inc | | | 883 | |
| | 4,800 | | | | Virtus Investment Partners, Inc | | | 558 | |
| | 74,871 | | | | Voya Financial, Inc | | | 3,493 | |
| | 22,709 | | | | Waddell & Reed Financial, Inc (Class A) | | | 352 | |
| | 28,538 | | e | | Western Asset Mortgage Capital Corp | | | 78 | |
| | 5,409 | | | | Westwood Holdings Group, Inc | | | 85 | |
| | 84,317 | | | | WisdomTree Investments, Inc | | | 293 | |
| | 4,248 | | *,e | | World Acceptance Corp | | | 278 | |
| | | | | | TOTAL DIVERSIFIED FINANCIALS | | | 589,034 | |
| | | | | | | | | | |
| ENERGY - 2.6% |
| | 146,439 | | | | Antero Midstream Corp | | | 747 | |
| | 132,421 | | *,e | | Antero Resources Corp | | | 336 | |
| | 241,520 | | | | Apache Corp | | | 3,260 | |
| | 9,586 | | * | | Arch Resources, Inc | | | 272 | |
| | 85,865 | | | | Archrock, Inc | | | 557 | |
| | 20,832 | | | | Ardmore Shipping Corp | | | 90 | |
| | 408,098 | | | | Baker Hughes Co | | | 6,281 | |
| | 36,376 | | | | Berry Petroleum Co LLC | | | 176 | |
| | 14,562 | | * | | Bonanza Creek Energy, Inc | | | 216 | |
| | 10,396 | | | | Brigham Minerals, Inc | | | 128 | |
| | 4,788 | | * | | Bristow Group, Inc | | | 67 | |
| | 248,510 | | | | Cabot Oil & Gas Corp | | | 4,269 | |
| | 16,011 | | | | Cactus, Inc | | | 330 | |
| | 110,556 | | * | | ChampionX Corp | | | 1,079 | |
| | 138,494 | | * | | Cheniere Energy, Inc | | | 6,692 | |
| | 1,121,304 | | | | Chevron Corp | | | 100,054 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 49,611 | | | | Cimarex Energy Co | | $ | 1,364 | |
| | 96,211 | | * | | Clean Energy Fuels Corp | | | 214 | |
| | 128,347 | | * | | CNX Resources Corp | | | 1,110 | |
| | 120,147 | | | | Concho Resources, Inc | | | 6,188 | |
| | 643,987 | | | | ConocoPhillips | | | 27,060 | |
| | 20,666 | | *,e | | CONSOL Energy, Inc | | | 105 | |
| | 53,393 | | * | | Contango Oil & Gas Co | | | 122 | |
| | 32,957 | | e | | Continental Resources, Inc | | | 578 | |
| | 11,149 | | | | CVR Energy, Inc | | | 224 | |
| | 26,329 | | | | Delek US Holdings, Inc | | | 458 | |
| | 242,317 | | | | Devon Energy Corp | | | 2,748 | |
| | 55,111 | | | | DHT Holdings, Inc | | | 283 | |
| | 14,000 | | *,e | | Diamond S Shipping Inc | | | 112 | |
| | 92,205 | | | | Diamondback Energy, Inc | | | 3,856 | |
| | 9,586 | | | | DMC Global, Inc | | | 265 | |
| | 20,589 | | * | | Dorian LPG Ltd | | | 159 | |
| | 27,635 | | * | | Dril-Quip, Inc | | | 823 | |
| | 7,121 | | * | | Earthstone Energy, Inc | | | 20 | |
| | 155,692 | | | | EnCana Corp | | | 1,487 | |
| | 56,201 | | *,e | | Energy Fuels, Inc | | | 85 | |
| | 349,001 | | | | EOG Resources, Inc | | | 17,680 | |
| | 153,612 | | | | EQT Corp | | | 1,828 | |
| | 246,829 | | e | | Equitrans Midstream Corp | | | 2,051 | |
| | 17,517 | | | | Evolution Petroleum Corp | | | 49 | |
| | 23,313 | | * | | Exterran Corp | | | 126 | |
| | 2,538,479 | | d | | Exxon Mobil Corp | | | 113,521 | |
| | 24,885 | | | | Falcon Minerals Corp | | | 80 | |
| | 36,662 | | * | | Frank’s International NV | | | 82 | |
| | 70,150 | | | | Frontline Ltd | | | 490 | |
| | 69,477 | | * | | Golar LNG Ltd | | | 503 | |
| | 26,945 | | *,e | | Green Plains Inc | | | 275 | |
| | 109,431 | | * | | Gulfport Energy Corp | | | 119 | |
| | 533,070 | | | | Halliburton Co | | | 6,919 | |
| | 100,808 | | * | | Helix Energy Solutions Group, Inc | | | 350 | |
| | 52,744 | | | | Helmerich & Payne, Inc | | | 1,029 | |
| | 170,660 | | | | Hess Corp | | | 8,842 | |
| | 97,848 | | | | HollyFrontier Corp | | | 2,857 | |
| | 20,967 | | | | International Seaways, Inc | | | 343 | |
| | 1,165,460 | | | | Kinder Morgan, Inc | | | 17,680 | |
| | 234,852 | | | | Kosmos Energy Ltd | | | 390 | |
| | 9,873 | | e | | Liberty Oilfield Services, Inc | | | 54 | |
| | 65,268 | | * | | Magnolia Oil & Gas Corp | | | 395 | |
| | 503,108 | | e | | Marathon Oil Corp | | | 3,079 | |
| | 387,559 | | | | Marathon Petroleum Corp | | | 14,487 | |
| | 64,577 | | * | | Matador Resources Co | | | 549 | |
| | 19,934 | | * | | Matrix Service Co | | | 194 | |
| | 4,077 | | * | | Montage Resources Corp | | | 16 | |
| | 86,947 | | e | | Murphy Oil Corp | | | 1,200 | |
| | 4,061 | | *,e | | Nabors Industries Ltd | | | 150 | |
| | 256,371 | | e | | National Oilwell Varco, Inc | | | 3,141 | |
| | 63,344 | | * | | Newpark Resources, Inc | | | 141 | |
| | 76,759 | | * | | NexTier Oilfield Solutions, Inc | | | 188 | |
| | 284,931 | | | | Noble Energy, Inc | | | 2,553 | |
| | 68,002 | | e | | Nordic American Tankers Ltd | | | 276 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 486,306 | | | | Occidental Petroleum Corp | | $ | 8,899 | |
| | 71,446 | | * | | Oceaneering International, Inc | | | 457 | |
| | 38,178 | | * | | Oil States International, Inc | | | 181 | |
| | 254,378 | | | | ONEOK, Inc | | | 8,450 | |
| | 26,237 | | * | | Overseas Shipholding Group, Inc | | | 49 | |
| | 23,180 | | * | | Par Pacific Holdings, Inc | | | 208 | |
| | 177,587 | | e | | Parsley Energy, Inc | | | 1,897 | |
| | 150,779 | | | | Patterson-UTI Energy, Inc | | | 523 | |
| | 78,916 | | | | PBF Energy, Inc | | | 808 | |
| | 44,499 | | * | | PDC Energy, Inc | | | 554 | |
| | 54,624 | | | | Peabody Energy Corp | | | 157 | |
| | 10,090 | | * | | Penn Virginia Corp | | | 96 | |
| | 261,435 | | | | Phillips 66 | | | 18,797 | |
| | 98,294 | | | | Pioneer Natural Resources Co | | | 9,603 | |
| | 48,018 | | * | | ProPetro Holding Corp | | | 247 | |
| | 139,657 | | | | Range Resources Corp | | | 786 | |
| | 27,182 | | *,e | | Renewable Energy Group, Inc | | | 674 | |
| | 4,186 | | * | | Rex American Resources Corp | | | 290 | |
| | 42,512 | | *,e | | RPC, Inc | | | 131 | |
| | 832,069 | | | | Schlumberger Ltd | | | 15,302 | |
| | 12,739 | | e | | Scorpio Tankers, Inc | | | 163 | |
| | 11,768 | | * | | SEACOR Holdings, Inc | | | 333 | |
| | 6,869 | | *,e | | Select Energy Services, Inc | | | 34 | |
| | 45,041 | | e | | SFL Corp Ltd | | | 418 | |
| | 80,594 | | | | SM Energy Co | | | 302 | |
| | 6,855 | | e | | Solaris Oilfield Infrastructure, Inc | | | 51 | |
| | 264,381 | | * | | Southwestern Energy Co | | | 677 | |
| | 13,911 | | * | | Talos Energy, Inc | | | 128 | |
| | 141,390 | | | | Targa Resources Investments, Inc | | | 2,838 | |
| | 39,279 | | *,e | | Tellurian, Inc | | | 45 | |
| | 16,234 | | * | | Tidewater, Inc | | | 91 | |
| | 343,005 | | *,e | | Transocean Ltd (NYSE) | | | 628 | |
| | 95,169 | | *,e | | Uranium Energy Corp | | | 84 | |
| | 58,687 | | e | | US Silica Holdings, Inc | | | 212 | |
| | 246,390 | | | | Valero Energy Corp | | | 14,493 | |
| | 14,396 | | *,e | | W&T Offshore, Inc | | | 33 | |
| | 728,131 | | | | Williams Cos, Inc | | | 13,849 | |
| | 29,960 | | | | World Fuel Services Corp | | | 772 | |
| | 284,313 | | * | | WPX Energy, Inc | | | 1,814 | |
| | | | | | TOTAL ENERGY | | | 478,526 | |
| | | | | | | | | | |
| FOOD & STAPLES RETAILING - 1.3% |
| | 19,849 | | | | Andersons, Inc | | | 273 | |
| | 22,168 | | | | Casey’s General Stores, Inc | | | 3,315 | |
| | 14,374 | | *,e | | Chefs’ Warehouse Holdings, Inc | | | 195 | |
| | 264,671 | | | | Costco Wholesale Corp | | | 80,251 | |
| | 32,707 | | * | | Grocery Outlet Holding Corp | | | 1,334 | |
| | 21,180 | | * | | HF Foods Group Inc | | | 192 | |
| | 10,217 | | e | | Ingles Markets, Inc (Class A) | | | 440 | |
| | 472,071 | | | | Kroger Co | | | 15,980 | |
| | 6,410 | | | | Natural Grocers by Vitamin C | | | 95 | |
| | 70,016 | | *,e | | Performance Food Group Co | | | 2,040 | |
| | 14,866 | | | | Pricesmart, Inc | | | 897 | |
| | 38,176 | | *,e | | Rite Aid Corp | | | 651 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 27,344 | | | | SpartanNash Co | | $ | 581 | |
| | 72,919 | | * | | Sprouts Farmers Market, Inc | | | 1,866 | |
| | 295,000 | | | | SYSCO Corp | | | 16,125 | |
| | 36,929 | | * | | United Natural Foods, Inc | | | 672 | |
| | 129,589 | | * | | US Foods Holding Corp | | | 2,555 | |
| | 4,843 | | | | Village Super Market (Class A) | | | 134 | |
| | 439,201 | | | | Walgreens Boots Alliance, Inc | | | 18,618 | |
| | 835,845 | | | | Walmart, Inc | | | 100,118 | |
| | 4,684 | | | | Weis Markets, Inc | | | 235 | |
| | | | | | TOTAL FOOD & STAPLES RETAILING | | | 246,567 | |
| | | | | | | | | | |
| FOOD, BEVERAGE & TOBACCO - 3.2% |
| | 2,296 | | | | Alico, Inc | | | 72 | |
| | 1,115,286 | | | | Altria Group, Inc | | | 43,775 | |
| | 327,930 | | | | Archer-Daniels-Midland Co | | | 13,084 | |
| | 48,393 | | e | | B&G Foods, Inc (Class A) | | | 1,180 | |
| | 29,996 | | * | | Beyond Meat, Inc | | | 4,019 | |
| | 4,644 | | *,e | | Boston Beer Co, Inc (Class A) | | | 2,492 | |
| | 29,231 | | | | Brown-Forman Corp (Class A) | | | 1,683 | |
| | 108,142 | | | | Brown-Forman Corp (Class B) | | | 6,884 | |
| | 82,637 | | | | Bunge Ltd | | | 3,399 | |
| | 11,455 | | | | Calavo Growers, Inc | | | 721 | |
| | 22,629 | | * | | Cal-Maine Foods, Inc | | | 1,007 | |
| | 99,585 | | | | Campbell Soup Co | | | 4,942 | |
| | 20,431 | | * | | Celsius Holdings, Inc | | | 240 | |
| | 2,318,733 | | | | Coca-Cola Co | | | 103,601 | |
| | 3,092 | | | | Coca-Cola Consolidated Inc | | | 709 | |
| | 290,706 | | | | ConAgra Brands, Inc | | | 10,224 | |
| | 95,233 | | | | Constellation Brands, Inc (Class A) | | | 16,661 | |
| | 7,653 | | *,e | | Craft Brewers Alliance, Inc | | | 118 | |
| | 96,358 | | * | | Darling International, Inc | | | 2,372 | |
| | 5,320 | | * | | Farmer Bros Co | | | 39 | |
| | 103,413 | | | | Flowers Foods, Inc | | | 2,312 | |
| | 20,613 | | | | Fresh Del Monte Produce, Inc | | | 507 | |
| | 23,047 | | * | | Freshpet, Inc | | | 1,928 | |
| | 363,715 | | | | General Mills, Inc | | | 22,423 | |
| | 50,738 | | * | | Hain Celestial Group, Inc | | | 1,599 | |
| | 90,196 | | | | Hershey Co | | | 11,691 | |
| | 163,534 | | | | Hormel Foods Corp | | | 7,894 | |
| | 57,996 | | * | | Hostess Brands, Inc | | | 709 | |
| | 40,912 | | | | Ingredion, Inc | | | 3,396 | |
| | 10,369 | | e | | J&J Snack Foods Corp | | | 1,318 | |
| | 67,954 | | | | J.M. Smucker Co | | | 7,190 | |
| | 5,780 | | | | John B. Sanfilippo & Son, Inc | | | 493 | |
| | 151,452 | | | | Kellogg Co | | | 10,005 | |
| | 204,467 | | | | Keurig Dr Pepper, Inc | | | 5,807 | |
| | 387,803 | | | | Kraft Heinz Co | | | 12,367 | |
| | 86,473 | | | | Lamb Weston Holdings, Inc | | | 5,528 | |
| | 13,060 | | | | Lancaster Colony Corp | | | 2,024 | |
| | 19,323 | | * | | Landec Corp | | | 154 | |
| | 8,386 | | | | Limoneira Co | | | 122 | |
| | 73,868 | | | | McCormick & Co, Inc | | | 13,253 | |
| | 9,193 | | e | | MGP Ingredients, Inc | | | 337 | |
| | 100,662 | | | | Molson Coors Brewing Co (Class B) | | | 3,459 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 846,869 | | | | Mondelez International, Inc | | $ | 43,300 | |
| | 221,146 | | * | | Monster Beverage Corp | | | 15,330 | |
| | 8,574 | | *,e | | National Beverage Corp | | | 523 | |
| | 46,743 | | *,e | | New Age Beverages Corp | | | 72 | |
| | 832,524 | | | | PepsiCo, Inc | | | 110,110 | |
| | 933,285 | | | | Philip Morris International, Inc | | | 65,386 | |
| | 34,513 | | * | | Pilgrim’s Pride Corp | | | 583 | |
| | 35,377 | | * | | Post Holdings, Inc | | | 3,100 | |
| | 92,946 | | | | Primo Water Corp | | | 1,278 | |
| | 11,652 | | | | Sanderson Farms, Inc | | | 1,350 | |
| | 192 | | | | Seaboard Corp | | | 563 | |
| | 5,451 | | * | | Seneca Foods Corp | | | 184 | |
| | 40,880 | | * | | Simply Good Foods Co | | | 760 | |
| | 11,646 | | e | | Tootsie Roll Industries, Inc | | | 399 | |
| | 29,630 | | * | | TreeHouse Foods, Inc | | | 1,298 | |
| | 4,760 | | e | | Turning Point Brands, Inc | | | 119 | |
| | 176,288 | | | | Tyson Foods, Inc (Class A) | | | 10,526 | |
| | 14,454 | | | | Universal Corp | | | 614 | |
| | 53,131 | | | | Vector Group Ltd | | | 534 | |
| | | | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | 587,767 | |
| | | | | | | | | | |
| HEALTH CARE EQUIPMENT & SERVICES - 6.5% |
| | 12,693 | | * | | 1Life Healthcare, Inc | | | 461 | |
| | 1,036,767 | | | | Abbott Laboratories | | | 94,792 | |
| | 25,665 | | * | | Abiomed, Inc | | | 6,200 | |
| | 56,824 | | * | | Acadia Healthcare Co, Inc | | | 1,427 | |
| | 58,290 | | * | | Accuray, Inc | | | 118 | |
| | 5,501 | | * | | Addus HomeCare Corp | | | 509 | |
| | 46,444 | | * | | Align Technology, Inc | | | 12,746 | |
| | 133,589 | | * | | Allscripts Healthcare Solutions, Inc | | | 904 | |
| | 19,731 | | * | | Amedisys, Inc | | | 3,917 | |
| | 6,596 | | *,e | | American Renal Associates Holdings, Inc | | | 43 | |
| | 89,196 | | | | AmerisourceBergen Corp | | | 8,988 | |
| | 31,962 | | *,e | | AMN Healthcare Services, Inc | | | 1,446 | |
| | 26,107 | | * | | Angiodynamics, Inc | | | 265 | |
| | 104,354 | | * | | Antares Pharma, Inc | | | 287 | |
| | 151,311 | | | | Anthem, Inc | | | 39,792 | |
| | 16,786 | | *,e | | Apollo Medical Holdings, Inc | | | 277 | |
| | 22,609 | | * | | AtriCure, Inc | | | 1,016 | |
| | 1,019 | | | | Atrion Corp | | | 649 | |
| | 33,829 | | *,e | | Avanos Medical, Inc | | | 994 | |
| | 18,090 | | *,e | | AxoGen, Inc | | | 167 | |
| | 9,978 | | *,e | | Axonics Modulation Technologies, Inc | | | 350 | |
| | 305,282 | | | | Baxter International, Inc | | | 26,285 | |
| | 161,814 | | | | Becton Dickinson & Co | | | 38,717 | |
| | 19,708 | | * | | BioTelemetry, Inc | | | 891 | |
| | 838,467 | | * | | Boston Scientific Corp | | | 29,439 | |
| | 135,933 | | * | | Brookdale Senior Living, Inc | | | 401 | |
| | 25,974 | | | | Cantel Medical Corp | | | 1,149 | |
| | 175,363 | | | | Cardinal Health, Inc | | | 9,152 | |
| | 23,626 | | * | | Cardiovascular Systems, Inc | | | 745 | |
| | 344,224 | | * | | Centene Corp | | | 21,875 | |
| | 185,847 | | | | Cerner Corp | | | 12,740 | |
| | 71,510 | | * | | Cerus Corp | | | 472 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 138,891 | | * | | Change Healthcare, Inc | | $ | 1,556 | |
| | 9,197 | | | | Chemed Corp | | | 4,148 | |
| | 217,051 | | | | Cigna Corp | | | 40,730 | |
| | 15,433 | | *,e | | Co-Diagnostics, Inc | | | 299 | |
| | 8,700 | | | | Computer Programs & Systems, Inc | | | 198 | |
| | 19,875 | | e | | Conmed Corp | | | 1,431 | |
| | 28,533 | | | | Cooper Cos, Inc | | | 8,093 | |
| | 7,512 | | * | | Corvel Corp | | | 532 | |
| | 39,829 | | * | | Covetrus, Inc | | | 713 | |
| | 25,224 | | * | | Cross Country Healthcare, Inc | | | 155 | |
| | 23,064 | | * | | CryoLife, Inc | | | 442 | |
| | 16,944 | | *,e | | CryoPort, Inc | | | 513 | |
| | 10,004 | | *,e | | Cutera, Inc | | | 122 | |
| | 785,769 | | | | CVS Health Corp | | | 51,051 | |
| | 19,235 | | *,e | | CytoSorbents Corp | | | 190 | |
| | 377,368 | | | | Danaher Corp | | | 66,730 | |
| | 53,875 | | * | | DaVita, Inc | | | 4,264 | |
| | 130,875 | | | | Dentsply Sirona, Inc | | | 5,766 | |
| | 54,958 | | * | | DexCom, Inc | | | 22,280 | |
| | 369,727 | | * | | Edwards Lifesciences Corp | | | 25,552 | |
| | 62,923 | | | | Encompass Health Corp | | | 3,897 | |
| | 35,447 | | | | Ensign Group, Inc | | | 1,483 | |
| | 90,976 | | * | | Envista Holdings Corp | | | 1,919 | |
| | 27,058 | | * | | Enzo Biochem, Inc | | | 61 | |
| | 45,708 | | *,e | | Evolent Health, Inc | | | 325 | |
| | 30,765 | | * | | GenMark Diagnostics, Inc | | | 453 | |
| | 20,642 | | *,e | | Glaukos Corp | | | 793 | |
| | 48,523 | | * | | Globus Medical, Inc | | | 2,315 | |
| | 44,457 | | * | | Guardant Health, Inc | | | 3,607 | |
| | 31,065 | | * | | Haemonetics Corp | | | 2,782 | |
| | 23,398 | | * | | Hanger Inc | | | 387 | |
| | 159,763 | | | | HCA Healthcare, Inc | | | 15,507 | |
| | 11,667 | | * | | Health Catalyst, Inc | | | 340 | |
| | 41,555 | | * | | HealthEquity, Inc | | | 2,438 | |
| | 18,780 | | * | | HealthStream, Inc | | | 416 | |
| | 91,104 | | * | | Henry Schein, Inc | | | 5,320 | |
| | 4,605 | | * | | Heska Corp | | | 429 | |
| | 42,299 | | | | Hill-Rom Holdings, Inc | | | 4,644 | |
| | 44,045 | | * | | HMS Holdings Corp | | | 1,427 | |
| | 153,523 | | * | | Hologic, Inc | | | 8,751 | |
| | 79,236 | | | | Humana, Inc | | | 30,724 | |
| | 10,885 | | * | | ICU Medical, Inc | | | 2,006 | |
| | 50,382 | | * | | IDEXX Laboratories, Inc | | | 16,634 | |
| | 12,244 | | *,e | | Inogen, Inc | | | 435 | |
| | 43,464 | | * | | Inovalon Holdings, Inc | | | 837 | |
| | 15,579 | | * | | Inspire Medical Systems, Inc | | | 1,356 | |
| | 38,127 | | * | | Insulet Corp | | | 7,407 | |
| | 22,691 | | * | | Integer Holding Corp | | | 1,658 | |
| | 44,740 | | *,e | | Integra LifeSciences Holdings Corp | | | 2,102 | |
| | 4,136 | | *,e | | IntriCon Corp | | | 56 | |
| | 69,466 | | * | | Intuitive Surgical, Inc | | | 39,584 | |
| | 23,110 | | e | | Invacare Corp | | | 147 | |
| | 16,105 | | * | | iRhythm Technologies, Inc | | | 1,866 | |
| | 59,597 | | * | | Laboratory Corp of America Holdings | | | 9,900 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 34,224 | | * | | Lantheus Holdings, Inc | | $ | 489 | |
| | 9,523 | | | | LeMaitre Vascular, Inc | | | 251 | |
| | 19,826 | | * | | LHC Group, Inc | | | 3,456 | |
| | 33,006 | | * | | LivaNova plc | | | 1,589 | |
| | 31,655 | | *,e | | Livongo Health, Inc | | | 2,380 | |
| | 16,931 | | * | | Magellan Health Services, Inc | | | 1,236 | |
| | 29,131 | | * | | Masimo Corp | | | 6,642 | |
| | 98,231 | | | | McKesson Corp | | | 15,071 | |
| | 43,753 | | * | | MEDNAX, Inc | | | 748 | |
| | 804,567 | | | | Medtronic plc | | | 73,779 | |
| | 31,965 | | * | | Meridian Bioscience, Inc | | | 744 | |
| | 35,220 | | * | | Merit Medical Systems, Inc | | | 1,608 | |
| | 2,255 | | e | | Mesa Laboratories, Inc | | | 489 | |
| | 37,031 | | *,e | | Molina Healthcare, Inc | | | 6,591 | |
| | 7,753 | | | | National Healthcare Corp | | | 492 | |
| | 5,598 | | | | National Research Corp | | | 326 | |
| | 24,197 | | * | | Natus Medical, Inc | | | 528 | |
| | 35,733 | | * | | Neogen Corp | | | 2,773 | |
| | 19,942 | | * | | Nevro Corp | | | 2,382 | |
| | 37,773 | | * | | NextGen Healthcare, Inc | | | 415 | |
| | 54,721 | | * | | Novocure Ltd | | | 3,245 | |
| | 36,380 | | * | | NuVasive, Inc | | | 2,025 | |
| | 26,681 | | * | | Omnicell, Inc | | | 1,884 | |
| | 21,564 | | * | | Option Care Health, Inc | | | 299 | |
| | 40,487 | | * | | OraSure Technologies, Inc | | | 471 | |
| | 12,159 | | * | | Orthofix Medical Inc | | | 389 | |
| | 5,177 | | *,e | | OrthoPediatrics Corp | | | 227 | |
| | 43,714 | | | | Owens & Minor, Inc | | | 333 | |
| | 57,408 | | e | | Patterson Cos, Inc | | | 1,263 | |
| | 17,723 | | * | | Pennant Group, Inc | | | 401 | |
| | 17,918 | | * | | Penumbra, Inc | | | 3,204 | |
| | 5,304 | | *,e | | PetIQ, Inc | | | 185 | |
| | 16,748 | | * | | Phreesia, Inc | | | 474 | |
| | 42,075 | | * | | PPD, Inc | | | 1,128 | |
| | 33,935 | | * | | Premier, Inc | | | 1,163 | |
| | 15,686 | | * | | Progyny, Inc | | | 405 | |
| | 8,662 | | * | | Providence Service Corp | | | 683 | |
| | 1,366 | | *,e | | Pulse Biosciences, Inc | | | 14 | |
| | 81,012 | | | | Quest Diagnostics, Inc | | | 9,232 | |
| | 20,943 | | * | | Quidel Corp | | | 4,686 | |
| | 36,034 | | * | | Quotient Ltd | | | 267 | |
| | 72,154 | | * | | R1 RCM, Inc | | | 804 | |
| | 25,914 | | * | | RadNet, Inc | | | 411 | |
| | 86,671 | | | | Resmed, Inc | | | 16,641 | |
| | 37,335 | | *,e | | Rockwell Medical, Inc | | | 73 | |
| | 38,631 | | * | | RTI Surgical Holdings Inc | | | 123 | |
| | 15,644 | | * | | SeaSpine Holdings Corp | | | 164 | |
| | 77,335 | | * | | Select Medical Holdings Corp | | | 1,139 | |
| | 15,867 | | * | | Shockwave Medical Inc | | | 752 | |
| | 10,272 | | * | | SI-BONE, Inc | | | 164 | |
| | 10,185 | | * | | Sientra, Inc | | | 39 | |
| | 18,916 | | * | | Silk Road Medical Inc | | | 792 | |
| | 7,680 | | | | Simulations Plus, Inc | | | 459 | |
| | 26,141 | | * | | Staar Surgical Co | | | 1,609 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 50,626 | | | | STERIS plc | | $ | 7,768 | |
| | 209,351 | | | | Stryker Corp | | | 37,723 | |
| | 13,353 | | * | | Surgery Partners, Inc | | | 154 | |
| | 10,275 | | * | | SurModics, Inc | | | 444 | |
| | 6,560 | | *,e | | Tabula Rasa HealthCare, Inc | | | 359 | |
| | 6,719 | | *,e | | Tactile Systems Technology, Inc | | | 278 | |
| | 35,006 | | * | | Tandem Diabetes Care, Inc | | | 3,463 | |
| | 44,411 | | * | | Teladoc, Inc | | | 8,475 | |
| | 28,206 | | | | Teleflex, Inc | | | 10,266 | |
| | 59,665 | | * | | Tenet Healthcare Corp | | | 1,081 | |
| | 30,967 | | *,e | | Tivity Health, Inc | | | 351 | |
| | 11,786 | | * | | Transmedics Group, Inc | | | 211 | |
| | 18,960 | | * | | Triple-S Management Corp (Class B) | | | 361 | |
| | 566,232 | | | | UnitedHealth Group, Inc | | | 167,010 | |
| | 44,084 | | | | Universal Health Services, Inc (Class B) | | | 4,095 | |
| | 9,158 | | e | | US Physical Therapy, Inc | | | 742 | |
| | 2,349 | | e | | Utah Medical Products, Inc | | | 208 | |
| | 7,211 | | * | | Vapotherm, Inc | | | 296 | |
| | 27,229 | | * | | Varex Imaging Corp | | | 412 | |
| | 56,947 | | * | | Varian Medical Systems, Inc | | | 6,977 | |
| | 79,245 | | * | | Veeva Systems, Inc | | | 18,577 | |
| | 20,450 | | * | | Viemed Healthcare, Inc | | | 196 | |
| | 19,827 | | *,e | | ViewRay, Inc | | | 44 | |
| | 20,093 | | *,e | | Vocera Communications, Inc | | | 426 | |
| | 44,107 | | | | West Pharmaceutical Services, Inc | | | 10,020 | |
| | 76,096 | | *,e | | Wright Medical Group NV | | | 2,262 | |
| | 124,071 | | | | Zimmer Biomet Holdings, Inc | | | 14,809 | |
| | 9,856 | | * | | Zynex Inc | | | 245 | |
| | | | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 1,198,375 | |
| | | | | | | | | | |
| HOUSEHOLD & PERSONAL PRODUCTS - 1.7% |
| | 25,021 | | * | | BellRing Brands, Inc | | | 499 | |
| | 7,431 | | *,e | | Central Garden & Pet Co | | | 267 | |
| | 24,471 | | * | | Central Garden and Pet Co (Class A) | | | 827 | |
| | 145,069 | | | | Church & Dwight Co, Inc | | | 11,214 | |
| | 74,889 | | | | Clorox Co | | | 16,428 | |
| | 504,317 | | | | Colgate-Palmolive Co | | | 36,946 | |
| | 215,270 | | | | Coty, Inc | | | 962 | |
| | 41,449 | | * | | Edgewell Personal Care Co | | | 1,292 | |
| | 15,146 | | * | | elf Beauty, Inc | | | 289 | |
| | 37,105 | | | | Energizer Holdings, Inc | | | 1,762 | |
| | 132,280 | | | | Estee Lauder Cos (Class A) | | | 24,959 | |
| | 60,686 | | * | | Herbalife Nutrition Ltd | | | 2,730 | |
| | 12,258 | | | | Inter Parfums, Inc | | | 590 | |
| | 203,737 | | | | Kimberly-Clark Corp | | | 28,798 | |
| | 7,966 | | e | | Medifast, Inc | | | 1,106 | |
| | 5,868 | | * | | Nature’s Sunshine Products, Inc | | | 53 | |
| | 36,417 | | | | Nu Skin Enterprises, Inc (Class A) | | | 1,392 | |
| | 3,981 | | | | Oil-Dri Corp of America | | | 138 | |
| | 1,461,710 | | | | Procter & Gamble Co | | | 174,777 | |
| | 8,319 | | *,e | | Revlon, Inc (Class A) | | | 82 | |
| | 29,272 | | | | Reynolds Consumer Products Inc | | | 1,017 | |
| | 27,100 | | e | | Spectrum Brands Holdings, Inc | | | 1,244 | |
| | 8,349 | | * | | USANA Health Sciences, Inc | | | 613 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 7,178 | | e | | WD-40 Co | | $ | 1,423 | |
| | | | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | 309,408 | |
| | | | | | | | | | |
| INSURANCE - 3.2% |
| | 425,457 | | | | Aflac, Inc | | | 15,329 | |
| | 8,152 | | | | Alleghany Corp | | | 3,987 | |
| | 187,860 | | | | Allstate Corp | | | 18,221 | |
| | 32,424 | | * | | AMBAC Financial Group, Inc | | | 464 | |
| | 39,602 | | | | American Equity Investment Life Holding Co | | | 979 | |
| | 43,725 | | | | American Financial Group, Inc | | | 2,775 | |
| | 516,480 | | | | American International Group, Inc | | | 16,104 | |
| | 5,469 | | | | American National Insurance Co | | | 394 | |
| | 13,468 | | | | Amerisafe, Inc | | | 824 | |
| | 137,468 | | | | Aon plc | | | 26,476 | |
| | 229,608 | | * | | Arch Capital Group Ltd | | | 6,578 | |
| | 24,041 | | * | | Argo Group International Holdings Ltd | | | 837 | |
| | 112,850 | | | | Arthur J. Gallagher & Co | | | 11,002 | |
| | 35,672 | | | | Assurant, Inc | | | 3,685 | |
| | 61,872 | | | | Assured Guaranty Ltd | | | 1,510 | |
| | 69,091 | | * | | Athene Holding Ltd | | | 2,155 | |
| | 49,119 | | | | Axis Capital Holdings Ltd | | | 1,992 | |
| | 8,194 | | * | | Benefytt Technologies, Inc | | | 168 | |
| | 1,169,401 | | * | | Berkshire Hathaway, Inc (Class B) | | | 208,750 | |
| | 58,778 | | * | | Brighthouse Financial, Inc | | | 1,635 | |
| | 144,728 | | | | Brown & Brown, Inc | | | 5,899 | |
| | 11,865 | | * | | BRP Group, Inc | | | 205 | |
| | 269,522 | | | | Chubb Ltd | | | 34,127 | |
| | 89,646 | | | | Cincinnati Financial Corp | | | 5,740 | |
| | 32,879 | | *,e | | Citizens, Inc (Class A) | | | 197 | |
| | 6,112 | | | | CNA Financial Corp | | | 196 | |
| | 66,761 | | | | Conseco, Inc | | | 1,039 | |
| | 7,812 | | | | Donegal Group, Inc (Class A) | | | 111 | |
| | 15,165 | | * | | eHealth, Inc | | | 1,490 | |
| | 23,170 | | | | Employers Holdings, Inc | | | 699 | |
| | 5,156 | | * | | Enstar Group Ltd | | | 788 | |
| | 15,223 | | e | | Erie Indemnity Co (Class A) | | | 2,921 | |
| | 24,282 | | | | Everest Re Group Ltd | | | 5,007 | |
| | 7,071 | | | | FBL Financial Group, Inc (Class A) | | | 254 | |
| | 10,321 | | | | FedNat Holding Co | | | 114 | |
| | 168,274 | | | | Fidelity National Financial Inc | | | 5,159 | |
| | 67,815 | | | | First American Financial Corp | | | 3,256 | |
| | 311,286 | | * | | Genworth Financial, Inc (Class A) | | | 719 | |
| | 6,929 | | | | Global Indemnity Ltd | | | 166 | |
| | 59,180 | | | | Globe Life, Inc | | | 4,393 | |
| | 6,616 | | *,e | | Goosehead Insurance, Inc | | | 497 | |
| | 20,683 | | *,e | | Greenlight Capital Re Ltd (Class A) | | | 135 | |
| | 22,092 | | | | Hanover Insurance Group, Inc | | | 2,239 | |
| | 216,161 | | | | Hartford Financial Services Group, Inc | | | 8,333 | |
| | 5,533 | | | | HCI Group, Inc | | | 256 | |
| | 18,411 | | | | Heritage Insurance Holdings, Inc | | | 241 | |
| | 29,606 | | | | Horace Mann Educators Corp | | | 1,087 | |
| | 5,237 | | | | Independence Holding Co | | | 160 | |
| | 1,119 | | | | Investors Title Co | | | 136 | |
| | 12,617 | | | | James River Group Holdings Ltd | | | 568 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 38,336 | | | | Kemper Corp | | $ | 2,780 | |
| | 10,502 | | | | Kinsale Capital Group, Inc | | | 1,630 | |
| | 108,445 | | | | Lincoln National Corp | | | 3,990 | |
| | 143,403 | | | | Loews Corp | | | 4,917 | |
| | 7,794 | | * | | Markel Corp | | | 7,195 | |
| | 303,403 | | | | Marsh & McLennan Cos, Inc | | | 32,576 | |
| | 59,989 | | *,e | | MBIA, Inc | | | 435 | |
| | 20,342 | | | | Mercury General Corp | | | 829 | |
| | 460,914 | | | | Metlife, Inc | | | 16,833 | |
| | 35,673 | | | | National General Holdings Corp | | | 771 | |
| | 1,551 | | | | National Western Life Group, Inc | | | 315 | |
| | 7,308 | | * | | NI Holdings, Inc | | | 108 | |
| | 167,351 | | | | Old Republic International Corp | | | 2,729 | |
| | 7,880 | | * | | Palomar Holdings, Inc | | | 676 | |
| | 23,895 | | | | Primerica, Inc | | | 2,786 | |
| | 160,225 | | | | Principal Financial Group | | | 6,656 | |
| | 37,307 | | | | ProAssurance Corp | | | 540 | |
| | 351,914 | | | | Progressive Corp | | | 28,192 | |
| | 6,904 | | | | Protective Insurance Corp | | | 104 | |
| | 235,888 | | | | Prudential Financial, Inc | | | 14,366 | |
| | 37,637 | | | | Reinsurance Group of America, Inc (Class A) | | | 2,952 | |
| | 28,312 | | | | RenaissanceRe Holdings Ltd | | | 4,842 | |
| | 23,570 | | | | RLI Corp | | | 1,935 | |
| | 11,093 | | | | Safety Insurance Group, Inc | | | 846 | |
| | 35,222 | | | | Selective Insurance Group, Inc | | | 1,858 | |
| | 11,039 | | | | State Auto Financial Corp | | | 197 | |
| | 15,315 | | | | Stewart Information Services Corp | | | 498 | |
| | 51,271 | | * | | Third Point Reinsurance Ltd | | | 385 | |
| | 22,143 | | | | Tiptree Inc | | | 143 | |
| | 151,513 | | | | Travelers Cos, Inc | | | 17,280 | |
| | 15,868 | | *,e | | Trupanion, Inc | | | 677 | |
| | 16,104 | | | | United Fire Group Inc | | | 446 | |
| | 12,682 | | | | United Insurance Holdings Corp | | | 99 | |
| | 22,402 | | | | Universal Insurance Holdings, Inc | | | 398 | |
| | 121,437 | | | | Unum Group | | | 2,015 | |
| | 83,367 | | | | W.R. Berkley Corp | | | 4,776 | |
| | 13,074 | | * | | Watford Holdings Ltd | | | 218 | |
| | 1,751 | | | | White Mountains Insurance Group Ltd | | | 1,555 | |
| | 76,877 | | | | Willis Towers Watson plc | | | 15,141 | |
| | | | | | TOTAL INSURANCE | | | 594,686 | |
| | | | | | | | | | |
| MATERIALS - 2.7% |
| | 15,014 | | e | | Advanced Emissions Solutions, Inc | | | 73 | |
| | 22,501 | | * | | AdvanSix, Inc | | | 264 | |
| | 132,273 | | | | Air Products & Chemicals, Inc | | | 31,939 | |
| | 66,965 | | e | | Albemarle Corp | | | 5,170 | |
| | 122,406 | | * | | Alcoa Corp | | | 1,376 | |
| | 78,013 | | * | | Allegheny Technologies, Inc | | | 795 | |
| | 960,658 | | | | Amcor plc | | | 9,808 | |
| | 20,501 | | | | American Vanguard Corp | | | 282 | |
| | 41,780 | | * | | Amyris, Inc | | | 178 | |
| | 36,989 | | | | Aptargroup, Inc | | | 4,142 | |
| | 57,334 | | * | | Arconic Corp | | | 799 | |
| | 13,288 | | | | Ardagh Group S.A. | | | 172 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 36,159 | | | | Ashland Global Holdings, Inc | | $ | 2,499 | |
| | 52,341 | | | | Avery Dennison Corp | | | 5,972 | |
| | 113,646 | | * | | Axalta Coating Systems Ltd | | | 2,563 | |
| | 19,086 | | | | Balchem Corp | | | 1,810 | |
| | 191,051 | | | | Ball Corp | | | 13,276 | |
| | 79,377 | | * | | Berry Global Group, Inc | | | 3,518 | |
| | 27,727 | | | | Boise Cascade Co | | | 1,043 | |
| | 31,457 | | | | Cabot Corp | | | 1,165 | |
| | 31,590 | | | �� | Carpenter Technology Corp | | | 767 | |
| | 68,757 | | | | Celanese Corp (Series A) | | | 5,936 | |
| | 36,798 | | *,e | | Century Aluminum Co | | | 262 | |
| | 127,807 | | | | CF Industries Holdings, Inc | | | 3,596 | |
| | 5,158 | | | | Chase Corp | | | 529 | |
| | 96,050 | | | | Chemours Co | | | 1,474 | |
| | 11,678 | | * | | Clearwater Paper Corp | | | 422 | |
| | 234,932 | | e | | Cleveland-Cliffs, Inc | | | 1,297 | |
| | 119,550 | | * | | Coeur Mining, Inc | | | 607 | |
| | 66,530 | | | | Commercial Metals Co | | | 1,357 | |
| | 20,319 | | | | Compass Minerals International, Inc | | | 991 | |
| | 453,915 | | | | Corteva, Inc | | | 12,160 | |
| | 76,387 | | * | | Crown Holdings, Inc | | | 4,975 | |
| | 32,116 | | | | Domtar Corp | | | 678 | |
| | 452,546 | | | | Dow, Inc | | | 18,446 | |
| | 440,615 | | | | DuPont de Nemours, Inc | | | 23,410 | |
| | 24,696 | | | | Eagle Materials, Inc | | | 1,734 | |
| | 81,165 | | | | Eastman Chemical Co | | | 5,652 | |
| | 149,312 | | | | Ecolab, Inc | | | 29,706 | |
| | 159,281 | | * | | Element Solutions, Inc | | | 1,728 | |
| | 60,041 | | * | | Ferro Corp | | | 717 | |
| | 47,286 | | *,† | | Ferroglobe plc | | | 0 | |
| | 77,164 | | | | FMC Corp | | | 7,687 | |
| | 887,503 | | | | Freeport-McMoRan, Inc (Class B) | | | 10,268 | |
| | 17,819 | | | | FutureFuel Corp | | | 213 | |
| | 23,656 | | * | | GCP Applied Technologies, Inc | | | 440 | |
| | 39,231 | | | | Gold Resource Corp | | | 161 | |
| | 186,442 | | | | Graphic Packaging Holding Co | | | 2,608 | |
| | 18,292 | | | | Greif, Inc (Class A) | | | 629 | |
| | 3,993 | | | | Greif, Inc (Class B) | | | 167 | |
| | 34,325 | | | | H.B. Fuller Co | | | 1,531 | |
| | 7,923 | | | | Hawkins, Inc | | | 337 | |
| | 9,402 | | | | Haynes International, Inc | | | 220 | |
| | 335,463 | | | | Hecla Mining Co | | | 1,097 | |
| | 119,837 | | | | Huntsman Corp | | | 2,153 | |
| | 30,403 | | * | | Ingevity Corp | | | 1,598 | |
| | 11,273 | | | | Innospec, Inc | | | 871 | |
| | 64,736 | | | | International Flavors & Fragrances, Inc | | | 7,928 | |
| | 235,393 | | | | International Paper Co | | | 8,288 | |
| | 67,354 | | * | | Intrepid Potash, Inc | | | 67 | |
| | 12,178 | | | | Kaiser Aluminum Corp | | | 897 | |
| | 15,231 | | * | | Koppers Holdings, Inc | | | 287 | |
| | 21,628 | | * | | Kraton Corp | | | 374 | |
| | 14,288 | | e | | Kronos Worldwide, Inc | | | 149 | |
| | 315,034 | | | | Linde plc | | | 66,822 | |
| | 93,236 | | *,e | | Livent Corp | | | 574 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 80,217 | | | | Louisiana-Pacific Corp | | $ | 2,058 | |
| | 153,553 | | | | LyondellBasell Industries NV | | | 10,091 | |
| | 37,207 | | | | Martin Marietta Materials, Inc | | | 7,686 | |
| | 14,781 | | | | Materion Corp | | | 909 | |
| | 23,990 | | | | Minerals Technologies, Inc | | | 1,126 | |
| | 233,459 | | | | Mosaic Co | | | 2,921 | |
| | 18,118 | | | | Myers Industries, Inc | | | 264 | |
| | 10,909 | | | | Neenah Inc | | | 540 | |
| | 4,083 | | | | NewMarket Corp | | | 1,635 | |
| | 481,230 | | | | Newmont Goldcorp Corp | | | 29,711 | |
| | 149,512 | | * | | Novagold Resources Inc | | | 1,372 | |
| | 174,843 | | | | Nucor Corp | | | 7,240 | |
| | 90,414 | | | | O-I Glass, Inc | | | 812 | |
| | 85,291 | | | | Olin Corp | | | 980 | |
| | 6,559 | | | | Olympic Steel, Inc | | | 77 | |
| | 38,461 | | | | Orion Engineered Carbons SA | | | 407 | |
| | 58,185 | | | | Packaging Corp of America | | | 5,807 | |
| | 32,454 | | e | | PH Glatfelter Co | | | 521 | |
| | 58,890 | | | | PolyOne Corp | | | 1,545 | |
| | 139,917 | | | | PPG Industries, Inc | | | 14,840 | |
| | 20,162 | | * | | PQ Group Holdings, Inc | | | 267 | |
| | 9,399 | | e | | Quaker Chemical Corp | | | 1,745 | |
| | 31,957 | | * | | Rayonier Advanced Materials, Inc | | | 90 | |
| | 37,719 | | | | Reliance Steel & Aluminum Co | | | 3,581 | |
| | 41,577 | | | | Royal Gold, Inc | | | 5,169 | |
| | 73,050 | | | | RPM International, Inc | | | 5,483 | |
| | 8,418 | | * | | Ryerson Holding Corp | | | 47 | |
| | 19,399 | | | | Schnitzer Steel Industries, Inc (Class A) | | | 342 | |
| | 20,766 | | | | Schweitzer-Mauduit International, Inc | | | 694 | |
| | 24,552 | | | | Scotts Miracle-Gro Co (Class A) | | | 3,301 | |
| | 93,004 | | | | Sealed Air Corp | | | 3,055 | |
| | 23,291 | | | | Sensient Technologies Corp | | | 1,215 | |
| | 49,394 | | | | Sherwin-Williams Co | | | 28,542 | |
| | 47,046 | | | | Silgan Holdings, Inc | | | 1,524 | |
| | 58,033 | | | | Sonoco Products Co | | | 3,035 | |
| | 49,392 | | | | Southern Copper Corp (NY) | | | 1,964 | |
| | 120,908 | | | | Steel Dynamics, Inc | | | 3,154 | |
| | 14,267 | | | | Stepan Co | | | 1,385 | |
| | 78,354 | | * | | Summit Materials, Inc | | | 1,260 | |
| | 48,451 | | | | SunCoke Energy, Inc | | | 143 | |
| | 29,755 | | * | | TimkenSteel Corp | | | 116 | |
| | 15,246 | | * | | Trecora Resources | | | 96 | |
| | 19,671 | | | | Tredegar Corp | | | 303 | |
| | 23,427 | | | | Trinseo S.A. | | | 519 | |
| | 47,159 | | | | Tronox Holdings plc | | | 340 | |
| | 31,994 | | | | UFP Industries, Inc | | | 1,584 | |
| | 4,630 | | * | | UFP Technologies, Inc | | | 204 | |
| | 1,357 | | | | United States Lime & Minerals, Inc | | | 115 | |
| | 113,186 | | e | | United States Steel Corp | | | 817 | |
| | 11,048 | | * | | US Concrete, Inc | | | 274 | |
| | 92,954 | | | | Valvoline, Inc | | | 1,797 | |
| | 22,885 | | | | Verso Corp | | | 274 | |
| | 80,224 | | | | Vulcan Materials Co | | | 9,294 | |
| | 11,178 | | | | Warrior Met Coal, Inc | | | 172 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 24,489 | | | | Westlake Chemical Corp | | $ | 1,314 | |
| | 152,608 | | | | WestRock Co | | | 4,313 | |
| | 13,987 | | | | Worthington Industries, Inc | | | 522 | |
| | 32,691 | | | | WR Grace and Co | | | 1,661 | |
| | | | | | TOTAL MATERIALS | | | 498,907 | |
| | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 8.0% |
| | 461,044 | | | | Activision Blizzard, Inc | | | 34,993 | |
| | 180,056 | | * | | Alphabet, Inc (Class A) | | | 255,328 | |
| | 177,733 | | * | | Alphabet, Inc (Class C) | | | 251,245 | |
| | 190,887 | | * | | Altice USA, Inc | | | 4,303 | |
| | 39,663 | | e | | AMC Entertainment Holdings, Inc | | | 170 | |
| | 16,067 | | * | | AMC Networks, Inc | | | 376 | |
| | 7,321 | | * | | Black Diamond Therapeutics, Inc | | | 309 | |
| | 3,042 | | | | Cable One, Inc | | | 5,399 | |
| | 15,383 | | * | | Cardlytics, Inc | | | 1,077 | |
| | 51,402 | | * | | Cargurus, Inc | | | 1,303 | |
| | 51,951 | | * | | Cars.com, Inc | | | 299 | |
| | 57,360 | | *,e | | Central European Media Enterprises Ltd (Class A) (NASDAQ) | | | 203 | |
| | 89,697 | | * | | Charter Communications, Inc | | | 45,749 | |
| | 76,895 | | | | Cinemark Holdings, Inc | | | 888 | |
| | 2,717,984 | | | | Comcast Corp (Class A) | | | 105,947 | |
| | 31,610 | | * | | comScore, Inc | | | 98 | |
| | 772 | | *,e | | Daily Journal Corp | | | 208 | |
| | 89,117 | | *,e | | Discovery, Inc (Class A) | | | 1,880 | |
| | 196,092 | | * | | Discovery, Inc (Class C) | | | 3,777 | |
| | 156,886 | | * | | DISH Network Corp (Class A) | | | 5,414 | |
| | 171,004 | | * | | Electronic Arts, Inc | | | 22,581 | |
| | 88,350 | | | | Entercom Communications Corp (Class A) | | | 122 | |
| | 50,932 | | | | Entravision Communications Corp (Class A) | | | 73 | |
| | 20,620 | | *,e | | Eros International plc | | | 65 | |
| | 23,593 | | * | | Eventbrite Inc | | | 202 | |
| | 8,345 | | * | | EverQuote Inc | | | 485 | |
| | 42,935 | | | | EW Scripps Co (Class A) | | | 376 | |
| | 1,440,298 | | * | | Facebook, Inc | | | 327,048 | |
| | 10,504 | | * | | Fluent, Inc | | | 19 | |
| | 207,531 | | | | Fox Corp (Class A) | | | 5,566 | |
| | 87,909 | | | | Fox Corp (Class B) | | | 2,360 | |
| | 6,584 | | * | | Gaia, Inc | | | 55 | |
| | 83,211 | | *,e | | Gannett Co, Inc | | | 115 | |
| | 54,344 | | * | | Glu Mobile, Inc | | | 504 | |
| | 46,930 | | * | | Gray Television, Inc | | | 655 | |
| | 11,523 | | * | | Hemisphere Media Group, Inc | | | 113 | |
| | 35,623 | | * | | iHeartMedia, Inc | | | 297 | |
| | 42,177 | | * | | Imax Corp | | | 473 | |
| | 230,004 | | | | Interpublic Group of Cos, Inc | | | 3,947 | |
| | 30,218 | | | | John Wiley & Sons, Inc (Class A) | | | 1,179 | |
| | 7,655 | | *,e | | Liberty Braves Group (Class A) | | | 154 | |
| | 25,374 | | * | | Liberty Braves Group (Class C) | | | 501 | |
| | 12,929 | | * | | Liberty Broadband Corp (Class A) | | | 1,580 | |
| | 63,254 | | * | | Liberty Broadband Corp (Class C) | | | 7,841 | |
| | 15,619 | | *,e | | Liberty Media Group (Class A) | | | 456 | |
| | 123,792 | | *,e | | Liberty Media Group (Class C) | | | 3,925 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 50,898 | | * | | Liberty SiriusXM Group (Class A) | | $ | 1,757 | |
| | 98,761 | | * | | Liberty SiriusXM Group (Class C) | | | 3,402 | |
| | 53,282 | | * | | Liberty TripAdvisor Holdings, Inc | | | 114 | |
| | 37,150 | | * | | Lions Gate Entertainment Corp (Class A) | | | 275 | |
| | 71,817 | | * | | Lions Gate Entertainment Corp (Class B) | | | 491 | |
| | 88,266 | | * | | Live Nation, Inc | | | 3,913 | |
| | 9,932 | | | | Loral Space & Communications, Inc | | | 194 | |
| | 13,200 | | * | | Madison Square Garden Co | | | 1,939 | |
| | 13,200 | | * | | Madison Square Garden Entertainment Corp | | | 990 | |
| | 14,211 | | | | Marcus Corp | | | 189 | |
| | 35,129 | | *,e | | Match Group, Inc | | | 3,761 | |
| �� | 44,962 | | * | | Match Group, Inc (Euro OTC) | | | 14,541 | |
| | 46,865 | | * | | Meet Group, Inc | | | 292 | |
| | 5,731 | | e | | Meredith Corp | | | 83 | |
| | 43,336 | | *,e | | MSG Networks, Inc | | | 431 | |
| | 46,358 | | | | National CineMedia, Inc | | | 138 | |
| | 255,074 | | * | | Netflix, Inc | | | 116,069 | |
| | 89,935 | | | | New York Times Co (Class A) | | | 3,780 | |
| | 232,243 | | | | News Corp (Class A) | | | 2,754 | |
| | 86,319 | | | | News Corp (Class B) | | | 1,032 | |
| | 26,017 | | | | Nexstar Media Group Inc | | | 2,177 | |
| | 131,619 | | | | Omnicom Group, Inc | | | 7,186 | |
| | 240,567 | | * | | Pinterest, Inc | | | 5,333 | |
| | 20,643 | | * | | QuinStreet, Inc | | | 216 | |
| | 60,893 | | * | | Roku, Inc | | | 7,096 | |
| | 3,161 | | | | Saga Communications, Inc | | | 81 | |
| | 19,984 | | | | Scholastic Corp | | | 598 | |
| | 42,650 | | e | | Sinclair Broadcast Group, Inc (Class A) | | | 787 | |
| | 706,019 | | | | Sirius XM Holdings, Inc | | | 4,144 | |
| | 78,401 | | * | | Spotify Technology S.A. | | | 20,242 | |
| | 68,716 | | * | | Take-Two Interactive Software, Inc | | | 9,591 | |
| | 12,153 | | * | | TechTarget, Inc | | | 365 | |
| | 119,764 | | | | TEGNA, Inc | | | 1,334 | |
| | 15,283 | | e | | Tribune Publishing Co | | | 153 | |
| | 71,015 | | | | TripAdvisor, Inc | | | 1,350 | |
| | 44,667 | | * | | TrueCar, Inc | | | 115 | |
| | 459,581 | | * | | Twitter, Inc | | | 13,691 | |
| | 4,594 | | | | ViacomCBS, Inc (Class A) | | | 118 | |
| | 335,479 | | | | ViacomCBS, Inc (Class B) | | | 7,823 | |
| | 1,084,039 | | | | Walt Disney Co | | | 120,881 | |
| | 15,148 | | * | | WideOpenWest, Inc | | | 80 | |
| | 27,047 | | e | | World Wrestling Entertainment, Inc (Class A) | | | 1,175 | |
| | 41,665 | | * | | Yelp, Inc | | | 964 | |
| | 38,071 | | * | | Zillow Group, Inc (Class A) | | | 2,188 | |
| | 76,096 | | *,e | | Zillow Group, Inc (Class C) | | | 4,384 | |
| | 549,506 | | * | | Zynga, Inc | | | 5,242 | |
| | | | | | TOTAL MEDIA & ENTERTAINMENT | | | 1,473,117 | |
| | | | | | | | | | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3% |
| | 32,568 | | * | | 10X Genomics, Inc | | | 2,909 | |
| | 1,056,636 | | | | AbbVie, Inc | | | 103,741 | |
| | 35,579 | | * | | Abeona Therapeutics, Inc | | | 104 | |
| | 70,913 | | * | | Acadia Pharmaceuticals, Inc | | | 3,437 | |
| | 18,841 | | *,e | | Accelerate Diagnostics, Inc | | | 286 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 27,490 | | * | | Acceleron Pharma, Inc | | $ | 2,619 | |
| | 41,261 | | * | | Adaptive Biotechnologies Corp | | | 1,996 | |
| | 42,500 | | *,e | | ADMA Biologics, Inc | | | 125 | |
| | 39,587 | | * | | Aduro Biotech, Inc | | | 91 | |
| | 36,900 | | * | | Adverum Biotechnologies, Inc | | | 770 | |
| | 25,056 | | * | | Aeglea BioTherapeutics, Inc | | | 232 | |
| | 21,807 | | * | | Aerie Pharmaceuticals, Inc | | | 322 | |
| | 43,765 | | * | | Affimed NV | | | 202 | |
| | 56,789 | | * | | Agenus, Inc | | | 223 | |
| | 185,279 | | | | Agilent Technologies, Inc | | | 16,373 | |
| | 34,493 | | * | | Agios Pharmaceuticals, Inc | | | 1,845 | |
| | 25,712 | | *,e | | Aimmune Therapeutics, Inc | | | 430 | |
| | 10,845 | | *,e | | Akcea Therapeutics, Inc | | | 149 | |
| | 62,063 | | * | | Akebia Therapeutics, Inc | | | 843 | |
| | 6,662 | | * | | Akero Therapeutics, Inc | | | 166 | |
| | 6,175 | | * | | Albireo Pharma, Inc | | | 164 | |
| | 34,164 | | *,† | | Alder Biopharmaceuticals Inc | | | 30 | |
| | 19,353 | | * | | Alector, Inc | | | 473 | |
| | 129,884 | | * | | Alexion Pharmaceuticals, Inc | | | 14,578 | |
| | 110,420 | | * | | Alkermes plc | | | 2,143 | |
| | 12,247 | | *,e | | Allakos, Inc | | | 880 | |
| | 28,864 | | *,e | | Allogene Therapeutics, Inc | | | 1,236 | |
| | 68,830 | | * | | Alnylam Pharmaceuticals, Inc | | | 10,194 | |
| | 25,493 | | *,e | | AMAG Pharmaceuticals, Inc | | | 195 | |
| | 353,057 | | | | Amgen, Inc | | | 83,272 | |
| | 151,298 | | * | | Amicus Therapeutics, Inc | | | 2,282 | |
| | 53,162 | | *,e | | Amneal Pharmaceuticals, Inc | | | 253 | |
| | 25,774 | | * | | Amphastar Pharmaceuticals, Inc | | | 579 | |
| | 12,566 | | *,e | | AnaptysBio, Inc | | | 281 | |
| | 30,524 | | * | | Anavex Life Sciences Corp | | | 150 | |
| | 5,767 | | * | | ANI Pharmaceuticals, Inc | | | 186 | |
| | 10,943 | | * | | Anika Therapeutics, Inc | | | 413 | |
| | 43,255 | | * | | Apellis Pharmaceuticals, Inc | | | 1,413 | |
| | 2,776 | | * | | Applied Therapeutics, Inc | | | 100 | |
| | 4,282 | | * | | Aprea Therapeutics, Inc | | | 166 | |
| | 7,756 | | * | | Arcturus Therapeutics Holdings, Inc | | | 362 | |
| | 20,717 | | * | | Arcus Biosciences, Inc | | | 513 | |
| | 5,644 | | * | | Arcutis Biotherapeutics, Inc | | | 171 | |
| | 22,973 | | * | | Ardelyx, Inc | | | 159 | |
| | 33,642 | | * | | Arena Pharmaceuticals, Inc | | | 2,118 | |
| | 58,978 | | * | | Arrowhead Pharmaceuticals Inc | | | 2,547 | |
| | 11,368 | | *,e | | Arvinas, Inc | | | 381 | |
| | 10,043 | | * | | Assembly Biosciences, Inc | | | 234 | |
| | 34,194 | | * | | Atara Biotherapeutics, Inc | | | 498 | |
| | 28,525 | | *,e | | Athenex, Inc | | | 392 | |
| | 52,762 | | *,e | | Athersys, Inc | | | 146 | |
| | 12,676 | | * | | Atreca, Inc | | | 270 | |
| | 246,549 | | * | | Avantor, Inc | | | 4,191 | |
| | 33,858 | | * | | Avid Bioservices, Inc | | | 222 | |
| | 13,157 | | *,e | | Avrobio, Inc | | | 230 | |
| | 15,727 | | * | | Axsome Therapeutics, Inc | | | 1,294 | |
| | 7,336 | | * | | Beam Therapeutics, Inc | | | 205 | |
| | 68,998 | | * | | BioCryst Pharmaceuticals, Inc | | | 329 | |
| | 52,671 | | *,e | | BioDelivery Sciences International, Inc | | | 230 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 97,501 | | * | | Biogen, Inc | | $ | 26,086 | |
| | 28,080 | | * | | Biohaven Pharmaceutical Holding Co Ltd | | | 2,053 | |
| | 108,133 | | * | | BioMarin Pharmaceutical, Inc | | | 13,337 | |
| | 12,637 | | * | | Bio-Rad Laboratories, Inc (Class A) | | | 5,705 | |
| | 3,856 | | * | | Biospecifics Technologies Corp | | | 236 | |
| | 23,799 | | | | Bio-Techne Corp | | | 6,285 | |
| | 6,302 | | * | | Bioxcel Therapeutics Inc | | | 334 | |
| | 33,689 | | * | | Bluebird Bio, Inc | | | 2,056 | |
| | 28,144 | | * | | Blueprint Medicines Corp | | | 2,195 | |
| | 15,901 | | *,e | | BrainStorm Cell Therapeutics, Inc | | | 178 | |
| | 46,072 | | *,e | | Bridgebio Pharma, Inc | | | 1,502 | |
| | 1,357,920 | | | | Bristol-Myers Squibb Co | | | 79,846 | |
| | 63,170 | | | | Bruker BioSciences Corp | | | 2,570 | |
| | 21,820 | | * | | Calithera Biosciences, Inc | | | 115 | |
| | 5,849 | | *,e | | Calyxt, Inc | | | 29 | |
| | 19,366 | | *,e | | Cara Therapeutics, Inc | | | 331 | |
| | 21,908 | | *,e | | CareDx, Inc | | | 776 | |
| | 33,837 | | *,e | | CASI Pharmaceuticals, Inc | | | 85 | |
| | 6,101 | | * | | Castle Biosciences, Inc | | | 230 | |
| | 90,837 | | * | | Catalent, Inc | | | 6,658 | |
| | 50,782 | | * | | Catalyst Pharmaceuticals, Inc | | | 235 | |
| | 20,222 | | *,e | | CEL-SCI Corp | | | 302 | |
| | 30,648 | | * | | Charles River Laboratories International, Inc | | | 5,343 | |
| | 26,464 | | * | | ChemoCentryx, Inc | | | 1,523 | |
| | 21,853 | | * | | Chiasma, Inc | | | 118 | |
| | 30,594 | | * | | Chimerix, Inc | | | 95 | |
| | 28,650 | | *,e | | Clovis Oncology, Inc | | | 193 | |
| | 23,538 | | * | | Codexis, Inc | | | 268 | |
| | 27,864 | | *,e | | Coherus Biosciences, Inc | | | 498 | |
| | 16,286 | | * | | Collegium Pharmaceutical, Inc | | | 285 | |
| | 11,239 | | * | | Concert Pharmaceuticals, Inc | | | 112 | |
| | 9,720 | | * | | Constellation Pharmaceuticals, Inc | | | 292 | |
| | 32,828 | | *,e | | Corbus Pharmaceuticals Holdings, Inc | | | 275 | |
| | 65,375 | | *,e | | Corcept Therapeutics, Inc | | | 1,100 | |
| | 7,159 | | * | | Cortexyme Inc | | | 331 | |
| | 16,128 | | * | | Crinetics Pharmaceuticals, Inc | | | 283 | |
| | 11,975 | | * | | Cue Biopharma, Inc | | | 293 | |
| | 39,943 | | * | | Cymabay Therapeutics, Inc | | | 139 | |
| | 30,153 | | *,e | | Cytokinetics, Inc | | | 711 | |
| | 21,311 | | * | | CytomX Therapeutics, Inc | | | 178 | |
| | 22,263 | | * | | Deciphera Pharmaceuticals, Inc | | | 1,330 | |
| | 35,588 | | * | | Denali Therapeutics, Inc | | | 861 | |
| | 30,105 | | * | | Dicerna Pharmaceuticals, Inc | | | 765 | |
| | 117,742 | | * | | Durect Corp | | | 273 | |
| | 35,256 | | *,e | | Dynavax Technologies Corp | | | 313 | |
| | 6,368 | | * | | Eagle Pharmaceuticals, Inc | | | 306 | |
| | 24,325 | | *,e | | Editas Medicine, Inc | | | 720 | |
| | 10,671 | | * | | Eidos Therapeutics, Inc | | | 509 | |
| | 14,062 | | * | | Eiger BioPharmaceuticals, Inc | | | 135 | |
| | 242,422 | | * | | Elanco Animal Health, Inc | | | 5,200 | |
| | 505,221 | | | | Eli Lilly & Co | | | 82,947 | |
| | 14,575 | | *,e | | Eloxx Pharmaceuticals, Inc | | | 44 | |
| | 24,015 | | * | | Emergent Biosolutions, Inc | | | 1,899 | |
| | 11,786 | | * | | Enanta Pharmaceuticals, Inc | | | 592 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 161,263 | | * | | Endo International plc | | $ | 553 | |
| | 56,660 | | *,e | | Epizyme, Inc | | | 910 | |
| | 9,694 | | *,e | | Esperion Thereapeutics, Inc | | | 497 | |
| | 13,985 | | * | | Evofem Biosciences Inc | | | 40 | |
| | 85,635 | | * | | Exact Sciences Corp | | | 7,445 | |
| | 189,826 | | * | | Exelixis, Inc | | | 4,506 | |
| | 42,216 | | *,e | | Fate Therapeutics, Inc | | | 1,448 | |
| | 50,667 | | * | | FibroGen, Inc | | | 2,054 | |
| | 19,800 | | * | | Five Prime Therapeutics, Inc | | | 121 | |
| | 19,463 | | *,e | | Flexion Therapeutics, Inc | | | 256 | |
| | 20,851 | | * | | Fluidigm Corp | | | 84 | |
| | 16,778 | | * | | Frequency Therapeutics, Inc | | | 390 | |
| | 20,311 | | * | | G1 Therapeutics, Inc | | | 493 | |
| | 114,325 | | * | | Geron Corp | | | 249 | |
| | 753,109 | | | | Gilead Sciences, Inc | | | 57,944 | |
| | 36,433 | | * | | Global Blood Therapeutics, Inc | | | 2,300 | |
| | 22,784 | | * | | GlycoMimetics, Inc | | | 86 | |
| | 12,922 | | * | | Gossamer Bio, Inc | | | 168 | |
| | 79,065 | | * | | Halozyme Therapeutics, Inc | | | 2,120 | |
| | 52,161 | | *,e | | Heron Therapeutics, Inc | | | 767 | |
| | 11,341 | | * | | Homology Medicines, Inc | | | 172 | |
| | 109,952 | | *,e | | Horizon Therapeutics Plc | | | 6,111 | |
| | 2,211 | | * | | IGM Biosciences, Inc | | | 161 | |
| | 87,972 | | * | | Illumina, Inc | | | 32,580 | |
| | 65,469 | | * | | Immunogen, Inc | | | 301 | |
| | 124,048 | | * | | Immunomedics, Inc | | | 4,396 | |
| | 11,380 | | * | | Immunovant, Inc | | | 277 | |
| | 110,207 | | * | | Incyte Corp | | | 11,458 | |
| | 55,553 | | *,e | | Innoviva, Inc | | | 777 | |
| | 85,599 | | *,e | | Inovio Pharmaceuticals, Inc | | | 2,307 | |
| | 60,247 | | * | | Insmed, Inc | | | 1,659 | |
| | 10,757 | | *,e | | Intellia Therapeutics, Inc | | | 226 | |
| | 12,921 | | * | | Intercept Pharmaceuticals, Inc | | | 619 | |
| | 18,642 | | * | | Intersect ENT, Inc | | | 252 | |
| | 25,348 | | * | | Intra-Cellular Therapies, Inc | | | 651 | |
| | 68,678 | | *,e | | Invitae Corp | | | 2,080 | |
| | 79,163 | | * | | Ionis Pharmaceuticals, Inc | | | 4,667 | |
| | 74,052 | | * | | Iovance Biotherapeutics, Inc | | | 2,033 | |
| | 113,880 | | * | | IQVIA Holdings, Inc | | | 16,157 | |
| | 95,014 | | * | | Ironwood Pharmaceuticals, Inc | | | 981 | |
| | 26,875 | | * | | IVERIC bio, Inc | | | 137 | |
| | 32,370 | | * | | Jazz Pharmaceuticals plc | | | 3,572 | |
| | 1,581,665 | | | | Johnson & Johnson | | | 222,430 | |
| | 4,482 | | *,e | | Jounce Therapeutics, Inc | | | 31 | |
| | 47,099 | | * | | Kadmon Holdings, Inc | | | 241 | |
| | 5,857 | | * | | Kala Pharmaceuticals, Inc | | | 62 | |
| | 9,228 | | * | | Karuna Therapeutics, Inc | | | 1,029 | |
| | 46,110 | | *,e | | Karyopharm Therapeutics, Inc | | | 873 | |
| | 4,158 | | * | | Keros Therapeutics, Inc | | | 156 | |
| | 15,620 | | * | | Kindred Biosciences, Inc | | | 70 | |
| | 11,321 | | * | | Kiniksa Pharmaceuticals Ltd | | | 288 | |
| | 15,063 | | *,e | | Kodiak Sciences, Inc | | | 815 | |
| | 5,660 | | * | | Krystal Biotech Inc | | | 234 | |
| | 31,598 | | * | | Kura Oncology, Inc | | | 515 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 12,410 | | *,e | | La Jolla Pharmaceutical Co | | $ | 53 | |
| | 19,506 | | *,e | | Lannett Co, Inc | | | 142 | |
| | 30,110 | | *,e | | Lexicon Pharmaceuticals, Inc | | | 60 | |
| | 8,586 | | *,e | | Ligand Pharmaceuticals, Inc (Class B) | | | 960 | |
| | 31,134 | | | | Luminex Corp | | | 1,013 | |
| | 23,459 | | * | | MacroGenics, Inc | | | 655 | |
| | 3,934 | | *,e | | Madrigal Pharmaceuticals, Inc | | | 446 | |
| | 94,899 | | *,e | | MannKind Corp | | | 166 | |
| | 24,678 | | * | | Marinus Pharmaceuticals, Inc | | | 63 | |
| | 22,034 | | *,e | | MediciNova, Inc | | | 119 | |
| | 17,824 | | * | | Medpace Holdings, Inc | | | 1,658 | |
| | 61,495 | | * | | MEI Pharma, Inc | | | 254 | |
| | 10,086 | | * | | MeiraGTx Holdings plc | | | 126 | |
| | 1,515,299 | | | | Merck & Co, Inc | | | 117,178 | |
| | 27,294 | | * | | Mersana Therapeutics, Inc | | | 639 | |
| | 14,126 | | * | | Mettler-Toledo International, Inc | | | 11,379 | |
| | 18,922 | | * | | Minerva Neurosciences, Inc | | | 68 | |
| | 21,876 | | * | | Mirati Therapeutics, Inc | | | 2,498 | |
| | 160,850 | | * | | Moderna, Inc | | | 10,328 | |
| | 33,966 | | * | | Molecular Templates, Inc | | | 468 | |
| | 71,708 | | * | | Momenta Pharmaceuticals, Inc | | | 2,386 | |
| | 8,159 | | * | | Morphic Holding, Inc | | | 221 | |
| | 318,269 | | * | | Mylan NV | | | 5,118 | |
| | 29,919 | | * | | MyoKardia, Inc | | | 2,891 | |
| | 46,607 | | * | | Myriad Genetics, Inc | | | 529 | |
| | 22,499 | | * | | NanoString Technologies, Inc | | | 660 | |
| | 17,123 | | * | | NantKwest, Inc | | | 210 | |
| | 39,201 | | * | | Natera, Inc | | | 1,955 | |
| | 106,507 | | * | | Nektar Therapeutics | | | 2,467 | |
| | 58,635 | | * | | NeoGenomics, Inc | | | 1,816 | |
| | 17,673 | | * | | Neoleukin Therapeutics, Inc | | | 293 | |
| | 57,167 | | * | | Neurocrine Biosciences, Inc | | | 6,974 | |
| | 8,857 | | * | | NextCure Inc | | | 190 | |
| | 15,360 | | *,e | | NGM Biopharmaceuticals Inc | | | 303 | |
| | 34,678 | | *,e | | Novavax, Inc | | | 2,890 | |
| | 13,115 | | *,e | | Ocular Therapeutix, Inc | | | 109 | |
| | 7,487 | | * | | Odonate Therapeutics, Inc | | | 317 | |
| | 29,642 | | *,e | | Omeros Corp | | | 436 | |
| | 238,337 | | *,e | | Opko Health, Inc | | | 813 | |
| | 10,903 | | *,e | | Optinose, Inc | | | 81 | |
| | 5,193 | | * | | ORIC Pharmaceuticals, Inc | | | 175 | |
| | 25,504 | | * | | Ovid therapeutics, Inc | | | 188 | |
| | 55,440 | | *,e | | Pacific Biosciences of California, Inc | | | 191 | |
| | 28,237 | | *,e | | Pacira BioSciences Inc | | | 1,482 | |
| | 17,330 | | * | | Paratek Pharmaceuticals, Inc | | | 90 | |
| | 8,093 | | * | | Passage Bio, Inc | | | 221 | |
| | 120,653 | | *,e | | PDL BioPharma, Inc | | | 351 | |
| | 66,642 | | | | PerkinElmer, Inc | | | 6,537 | |
| | 81,033 | | | | Perrigo Co plc | | | 4,479 | |
| | 11,655 | | * | | Personalis, Inc | | | 151 | |
| | 18,762 | | * | | Pfenex, Inc | | | 157 | |
| | 3,335,484 | | | | Pfizer, Inc | | | 109,070 | |
| | 6,396 | | * | | Phathom Pharmaceuticals, Inc | | | 210 | |
| | 12,927 | | | | Phibro Animal Health Corp | | | 340 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 24,527 | | * | | Pieris Pharmaceuticals, Inc | | $ | 76 | |
| | 36,240 | | * | | Portola Pharmaceuticals, Inc | | | 652 | |
| | 34,913 | | * | | PRA Health Sciences, Inc | | | 3,397 | |
| | 22,592 | | * | | Precision BioSciences Inc | | | 188 | |
| | 38,233 | | *,e | | Prestige Consumer Healthcare, Inc. | | | 1,436 | |
| | 17,498 | | * | | Principia Biopharma, Inc | | | 1,046 | |
| | 51,583 | | *,† | | Progenics Pharmaceuticals, Inc | | | 0 | |
| | 13,443 | | * | | Protagonist Therapeutics, Inc | | | 237 | |
| | 27,579 | | * | | Prothena Corp plc | | | 288 | |
| | 25,243 | | * | | Provention Bio, Inc | | | 356 | |
| | 37,990 | | * | | PTC Therapeutics, Inc | | | 1,928 | |
| | 20,506 | | *,e | | Puma Biotechnology, Inc | | | 214 | |
| | 136,855 | | * | | QIAGEN NV | | | 5,859 | |
| | 6,148 | | *,e | | Quanterix Corp | | | 168 | |
| | 27,010 | | *,e | | Radius Health, Inc | | | 368 | |
| | 6,533 | | * | | RAPT Therapeutics, Inc | | | 190 | |
| | 12,412 | | * | | Reata Pharmaceuticals, Inc | | | 1,937 | |
| | 8,471 | | * | | Recro Pharma, Inc | | | 39 | |
| | 57,988 | | * | | Regeneron Pharmaceuticals, Inc | | | 36,164 | |
| | 19,715 | | * | | REGENXBIO, Inc | | | 726 | |
| | 8,368 | | * | | Relmada Therapeutics, Inc | | | 374 | |
| | 33,047 | | * | | Repligen Corp | | | 4,085 | |
| | 10,254 | | * | | Replimune Group, Inc | | | 255 | |
| | 25,726 | | *,e | | Retrophin, Inc | | | 525 | |
| | 33,815 | | *,e | | Revance Therapeutics, Inc | | | 826 | |
| | 8,731 | | * | | REVOLUTION Medicines, Inc | | | 276 | |
| | 6,147 | | * | | Rhythm Pharmaceuticals, Inc | | | 137 | |
| | 86,450 | | *,e | | Rigel Pharmaceuticals, Inc | | | 158 | |
| | 20,281 | | * | | Rocket Pharmaceuticals, Inc | | | 424 | |
| | 22,395 | | *,e | | Rubius Therapeutics, Inc | | | 134 | |
| | 32,762 | | * | | Sage Therapeutics, Inc | | | 1,362 | |
| | 52,234 | | * | | Sangamo Therapeutics Inc | | | 468 | |
| | 44,554 | | * | | Sarepta Therapeutics, Inc | | | 7,144 | |
| | 5,477 | | * | | Satsuma Pharmaceuticals, Inc | | | 158 | |
| | 28,365 | | * | | Scholar Rock Holding Corp | | | 517 | |
| | 8,484 | | * | | Schrodinger, Inc | | | 777 | |
| | 72,859 | | * | | Seattle Genetics, Inc | | | 12,380 | |
| | 13,345 | | * | | Seres Therapeutics, Inc | | | 64 | |
| | 35,191 | | *,e | | SIGA Technologies, Inc | | | 208 | |
| | 6,168 | | * | | Solid Biosciences, Inc | | | 18 | |
| | 58,895 | | *,e | | Sorrento Therapeutics, Inc | | | 370 | |
| | 56,104 | | *,e | | Spectrum Pharmaceuticals, Inc | | | 190 | |
| | 6,568 | | *,e | | SpringWorks Therapeutics, Inc | | | 276 | |
| | 10,464 | | * | | Stoke Therapeutics, Inc | | | 249 | |
| | 34,621 | | * | | Supernus Pharmaceuticals, Inc | | | 822 | |
| | 6,983 | | *,e | | Syndax Pharmaceuticals, Inc | | | 103 | |
| | 39,474 | | * | | Syneos Health, Inc | | | 2,299 | |
| | 9,466 | | * | | Syros Pharmaceuticals, Inc | | | 101 | |
| | 9,709 | | * | | TCR2 Therapeutics Inc | | | 149 | |
| | 57,481 | | * | | TG Therapeutics, Inc | | | 1,120 | |
| | 114,084 | | *,e | | TherapeuticsMD, Inc | | | 143 | |
| | 29,259 | | *,e | | Theravance Biopharma, Inc | | | 614 | |
| | 236,888 | | | | Thermo Fisher Scientific, Inc | | | 85,834 | |
| | 18,965 | | * | | Translate Bio, Inc | | | 340 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 7,799 | | * | | Tricida, Inc | | $ | 214 | |
| | 17,419 | | * | | Turning Point Therapeutics Inc | | | 1,125 | |
| | 13,734 | | * | | Twist Bioscience Corp | | | 622 | |
| | 68,656 | | *,e | | Tyme Technologies, Inc | | | 91 | |
| | 33,751 | | *,e | | Ultragenyx Pharmaceutical, Inc | | | 2,640 | |
| | 28,234 | | * | | United Therapeutics Corp | | | 3,416 | |
| | 16,428 | | *,e | | UNITY Biotechnology, Inc | | | 143 | |
| | 12,098 | | *,e | | UroGen Pharma Ltd | | | 316 | |
| | 31,395 | | * | | Vanda Pharmaceuticals, Inc | | | 359 | |
| | 102,172 | | * | | VBI Vaccines, Inc | | | 317 | |
| | 29,749 | | *,e | | Veracyte, Inc | | | 770 | |
| | 97,480 | | * | | Verastem, Inc | | | 168 | |
| | 24,994 | | * | | Vericel Corp | | | 345 | |
| | 155,655 | | * | | Vertex Pharmaceuticals, Inc | | | 45,188 | |
| | 11,899 | | * | | Viela Bio, Inc | | | 515 | |
| | 29,514 | | *,e | | Viking Therapeutics, Inc | | | 213 | |
| | 27,553 | | * | | Vir Biotechnology, Inc | | | 1,129 | |
| | 8,673 | | * | | Voyager Therapeutics, Inc | | | 109 | |
| | 36,641 | | * | | Waters Corp | | | 6,610 | |
| | 39,150 | | *,e | | WaVe Life Sciences Ltd | | | 408 | |
| | 11,934 | | *,e | | XBiotech, Inc | | | 164 | |
| | 27,098 | | * | | Xencor, Inc | | | 878 | |
| | 13,141 | | * | | Y-mAbs Therapeutics, Inc | | | 568 | |
| | 6,160 | | * | | Zentalis Pharmaceuticals, Inc | | | 296 | |
| | 90,754 | | *,e | | ZIOPHARM Oncology, Inc | | | 298 | |
| | 285,064 | | | | Zoetis, Inc | | | 39,065 | |
| | 33,098 | | * | | Zogenix, Inc | | | 894 | |
| | | | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 1,517,771 | |
| | | | | | | | | | |
| REAL ESTATE - 3.6% |
| | 36,029 | | | | Acadia Realty Trust | | | 468 | |
| | 31,682 | | | | Agree Realty Corp | | | 2,082 | |
| | 47,563 | | | | Alexander & Baldwin, Inc | | | 580 | |
| | 1,329 | | | | Alexander’s, Inc | | | 320 | |
| | 74,977 | | | | Alexandria Real Estate Equities, Inc | | | 12,165 | |
| | 8,343 | | *,e | | Altisource Portfolio Solutions S.A. | | | 123 | |
| | 28,646 | | | | American Assets Trust, Inc | | | 797 | |
| | 84,782 | | | | American Campus Communities, Inc | | | 2,964 | |
| | 68,972 | | e | | American Finance Trust, Inc | | | 547 | |
| | 164,177 | | | | American Homes 4 Rent | | | 4,416 | |
| | 264,561 | | | | American Tower Corp | | | 68,400 | |
| | 124,274 | | | | Americold Realty Trust | | | 4,511 | |
| | 80,063 | | | | Apartment Investment & Management Co | | | 3,014 | |
| | 113,878 | | e | | Apple Hospitality REIT, Inc | | | 1,100 | |
| | 31,681 | | | | Armada Hoffler Properties, Inc | | | 315 | |
| | 84,670 | | | | AvalonBay Communities, Inc | | | 13,093 | |
| | 16,903 | | | | Bluerock Residential Growth REIT, Inc | | | 137 | |
| | 94,112 | | | | Boston Properties, Inc | | | 8,506 | |
| | 121,360 | | | | Brandywine Realty Trust | | | 1,322 | |
| | 188,541 | | | | Brixmor Property Group, Inc | | | 2,417 | |
| | 43,270 | | e | | Brookfield Property REIT, Inc | | | 431 | |
| | 56,479 | | | | Camden Property Trust | | | 5,152 | |
| | 50,740 | | | | CareTrust REIT, Inc | | | 871 | |
| | 29,192 | | | | CatchMark Timber Trust, Inc | | | 258 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 206,667 | | * | | CBRE Group, Inc | | $ | 9,345 | |
| | 28,285 | | | | Chatham Lodging Trust | | | 173 | |
| | 21,833 | | | | City Office REIT, Inc | | | 220 | |
| | 10,462 | | | | Clipper Realty, Inc | | | 85 | |
| | 350,580 | | | | Colony Capital, Inc | | | 841 | |
| | 83,894 | | | | Columbia Property Trust, Inc | | | 1,102 | |
| | 9,586 | | | | Community Healthcare Trust, Inc | | | 392 | |
| | 49,610 | | | | CoreCivic, Inc | | | 464 | |
| | 9,299 | | e | | CorEnergy Infrastructure Trust, Inc | | | 85 | |
| | 7,951 | | | | CorePoint Lodging, Inc | | | 33 | |
| | 24,055 | | | | Coresite Realty | | | 2,912 | |
| | 72,219 | | | | Corporate Office Properties Trust | | | 1,830 | |
| | 84,914 | | | | Cousins Properties, Inc | | | 2,533 | |
| | 249,155 | | | | Crown Castle International Corp | | | 41,696 | |
| | 3,235 | | | | CTO Realty Growth, Inc | | | 128 | |
| | 114,248 | | e | | CubeSmart | | | 3,084 | |
| | 66,192 | | * | | Cushman & Wakefield plc | | | 825 | |
| | 65,743 | | | | CyrusOne, Inc | | | 4,783 | |
| | 144,818 | | | | DiamondRock Hospitality Co | | | 801 | |
| | 157,725 | | | | Digital Realty Trust, Inc | | | 22,414 | |
| | 136,618 | | | | Diversified Healthcare Trust | | | 605 | |
| | 102,445 | | | | Douglas Emmett, Inc | | | 3,141 | |
| | 220,159 | | | | Duke Realty Corp | | | 7,791 | |
| | 45,779 | | | | Easterly Government Properties, Inc | | | 1,058 | |
| | 23,644 | | | | EastGroup Properties, Inc | | | 2,804 | |
| | 87,790 | | | | Empire State Realty Trust, Inc | | | 615 | |
| | 45,571 | | e | | EPR Properties | | | 1,510 | |
| | 52,404 | | | | Equinix, Inc | | | 36,803 | |
| | 62,602 | | | | Equity Commonwealth | | | 2,016 | |
| | 106,022 | | | | Equity Lifestyle Properties, Inc | | | 6,624 | |
| | 220,120 | | | | Equity Residential | | | 12,947 | |
| | 50,764 | | e | | Essential Properties Realty Trust, Inc | | | 753 | |
| | 39,045 | | | | Essex Property Trust, Inc | | | 8,948 | |
| | 14,218 | | * | | eXp World Holdings Inc | | | 242 | |
| | 77,495 | | e | | Extra Space Storage, Inc | | | 7,158 | |
| | 19,962 | | e | | Farmland Partners, Inc | | | 137 | |
| | 43,819 | | | | Federal Realty Investment Trust | | | 3,734 | |
| | 67,202 | | | | First Industrial Realty Trust, Inc | | | 2,583 | |
| | 425 | | * | | Forestar Group, Inc | | | 6 | |
| | 44,705 | | | | Four Corners Property Trust, Inc | | | 1,091 | |
| | 72,511 | | | | Franklin Street Properties Corp | | | 369 | |
| | 37,147 | | | | Front Yard Residential Corp | | | 323 | |
| | 4,942 | | * | | FRP Holdings, Inc | | | 201 | |
| | 126,327 | | | | Gaming and Leisure Properties, Inc | | | 4,371 | |
| | 42,598 | | | | Geo Group, Inc | | | 504 | |
| | 18,198 | | e | | Getty Realty Corp | | | 540 | |
| | 17,811 | | | | Gladstone Commercial Corp | | | 334 | |
| | 11,325 | | | | Gladstone Land Corp | | | 180 | |
| | 10,990 | | | | Global Medical REIT, Inc | | | 125 | |
| | 44,961 | | | | Global Net Lease, Inc | | | 752 | |
| | 35,286 | | | | Hannon Armstrong Sustainable Infrastructure Capital, Inc | | | 1,004 | |
| | 82,789 | | | | Healthcare Realty Trust, Inc | | | 2,425 | |
| | 142,087 | | | | Healthcare Trust of America, Inc | | | 3,768 | |
| | 322,762 | | | | Healthpeak Properties Inc | | | 8,895 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 27,708 | | | | Hersha Hospitality Trust | | $ | 160 | |
| | 59,455 | | | | Highwoods Properties, Inc | | | 2,219 | |
| | 443,417 | | | | Host Hotels and Resorts, Inc | | | 4,784 | |
| | 24,727 | | * | | Howard Hughes Corp | | | 1,285 | |
| | 96,055 | | | | Hudson Pacific Properties | | | 2,417 | |
| | 48,914 | | e | | Independence Realty Trust, Inc | | | 562 | |
| | 34,891 | | | | Industrial Logistics Properties Trust | | | 717 | |
| | 12,680 | | e | | Innovative Industrial Properties, Inc | | | 1,116 | |
| | 9,060 | | | | Investors Real Estate Trust | | | 639 | |
| | 325,872 | | | | Invitation Homes, Inc | | | 8,971 | |
| | 172,480 | | e | | Iron Mountain, Inc | | | 4,502 | |
| | 49,646 | | | | iStar Inc | | | 612 | |
| | 64,898 | | | | JBG SMITH Properties | | | 1,919 | |
| | 6,203 | | e | | Jernigan Capital, Inc | | | 85 | |
| | 30,788 | | | | Jones Lang LaSalle, Inc | | | 3,185 | |
| | 84,885 | | e | | Kennedy-Wilson Holdings, Inc | | | 1,292 | |
| | 68,766 | | | | Kilroy Realty Corp | | | 4,037 | |
| | 238,176 | | | | Kimco Realty Corp | | | 3,058 | |
| | 55,102 | | | | Kite Realty Group Trust | | | 636 | |
| | 51,720 | | | | Lamar Advertising Co | | | 3,453 | |
| | 144,484 | | | | Lexington Realty Trust | | | 1,524 | |
| | 25,812 | | | | Life Storage, Inc | | | 2,451 | |
| | 26,668 | | | | LTC Properties, Inc | | | 1,005 | |
| | 97,543 | | e | | Macerich Co | | | 875 | |
| | 65,387 | | | | Mack-Cali Realty Corp | | | 1,000 | |
| | 11,498 | | * | | Marcus & Millichap, Inc | | | 332 | |
| | 4,532 | | * | | Maui Land & Pineapple Co, Inc | | | 50 | |
| | 294,106 | | | | Medical Properties Trust, Inc | | | 5,529 | |
| | 68,412 | | | | Mid-America Apartment Communities, Inc | | | 7,845 | |
| | 50,307 | | | | Monmouth Real Estate Investment Corp (Class A) | | | 729 | |
| | 19,871 | | | | National Health Investors, Inc | | | 1,207 | |
| | 100,690 | | | | National Retail Properties, Inc | | | 3,572 | |
| | 31,451 | | | | National Storage Affiliates Trust | | | 901 | |
| | 55,714 | | | | New Senior Investment Group, Inc | | | 202 | |
| | 22,112 | | | | Newmark Group, Inc | | | 107 | |
| | 12,730 | | | | NexPoint Residential Trust, Inc | | | 450 | |
| | 23,677 | | | | Office Properties Income Trust | | | 615 | |
| | 129,929 | | | | Omega Healthcare Investors, Inc | | | 3,863 | |
| | 9,027 | | | | One Liberty Properties, Inc | | | 159 | |
| | 76,197 | | | | Outfront Media, Inc | | | 1,080 | |
| | 141,733 | | | | Paramount Group, Inc | | | 1,093 | |
| | 161,864 | | | | Park Hotels & Resorts, Inc | | | 1,601 | |
| | 85,851 | | | | Pebblebrook Hotel Trust | | | 1,173 | |
| | 107,460 | | | | Physicians Realty Trust | | | 1,883 | |
| | 72,743 | | | | Piedmont Office Realty Trust, Inc | | | 1,208 | |
| | 47,001 | | | | PotlatchDeltic Corp | | | 1,787 | |
| | 21,687 | | | | Preferred Apartment Communities, Inc | | | 165 | |
| | 441,585 | | | | Prologis, Inc | | | 41,213 | |
| | 13,748 | | | | PS Business Parks, Inc | | | 1,820 | |
| | 90,321 | | | | Public Storage, Inc | | | 17,332 | |
| | 34,553 | | e | | QTS Realty Trust, Inc | | | 2,214 | |
| | 89,792 | | | | Rayonier, Inc | | | 2,226 | |
| | 13,117 | | | | Re/Max Holdings, Inc | | | 412 | |
| | 75,694 | | e | | Realogy Holdings Corp | | | 561 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 204,582 | | | | Realty Income Corp | | $ | 12,173 | |
| | 57,095 | | *,e | | Redfin Corp | | | 2,393 | |
| | 100,880 | | | | Regency Centers Corp | | | 4,629 | |
| | 78,162 | | | | Retail Opportunities Investment Corp | | | 886 | |
| | 173,060 | | | | Retail Properties of America, Inc | | | 1,267 | |
| | 11,072 | | | | Retail Value, Inc | | | 137 | |
| | 67,055 | | | | Rexford Industrial Realty, Inc | | | 2,778 | |
| | 92,471 | | | | RLJ Lodging Trust | | | 873 | |
| | 5,123 | | | | RMR Group, Inc | | | 151 | |
| | 57,913 | | | | RPT Realty | | | 403 | |
| | 24,668 | | e | | Ryman Hospitality Properties | | | 853 | |
| | 116,469 | | | | Sabra Healthcare REIT, Inc | | | 1,681 | |
| | 7,521 | | | | Safehold, Inc | | | 432 | |
| | 6,451 | | | | Saul Centers, Inc | | | 208 | |
| | 66,224 | | | | SBA Communications Corp | | | 19,729 | |
| | 18,501 | | *,e | | Seritage Growth Properties | | | 211 | |
| | 94,726 | | | | Service Properties Trust | | | 672 | |
| | 182,204 | | | | Simon Property Group, Inc | | | 12,459 | |
| | 103,764 | | | | SITE Centers Corp | | | 840 | |
| | 50,489 | | | | SL Green Realty Corp | | | 2,489 | |
| | 56,193 | | | | Spirit Realty Capital, Inc | | | 1,959 | |
| | 33,773 | | * | | St. Joe Co | | | 656 | |
| | 84,224 | | | | STAG Industrial, Inc | | | 2,469 | |
| | 121,165 | | | | STORE Capital Corp | | | 2,885 | |
| | 4,495 | | * | | Stratus Properties, Inc | | | 89 | |
| | 73,018 | | | | Summit Hotel Properties, Inc | | | 433 | |
| | 56,879 | | | | Sun Communities, Inc | | | 7,717 | |
| | 159,024 | | | | Sunstone Hotel Investors, Inc | | | 1,296 | |
| | 67,688 | | e | | Tanger Factory Outlet Centers, Inc | | | 483 | |
| | 31,888 | | | | Taubman Centers, Inc | | | 1,204 | |
| | 12,164 | | * | | Tejon Ranch Co | | | 175 | |
| | 35,329 | | | | Terreno Realty Corp | | | 1,860 | |
| | 175,727 | | | | UDR, Inc | | | 6,569 | |
| | 20,169 | | | | UMH Properties, Inc | | | 261 | |
| | 119,952 | | e | | Uniti Group, Inc | | | 1,122 | |
| | 9,264 | | | | Universal Health Realty Income Trust | | | 736 | |
| | 70,770 | | | | Urban Edge Properties | | | 840 | |
| | 20,808 | | | | Urstadt Biddle Properties, Inc (Class A) | | | 247 | |
| | 223,467 | | | | Ventas, Inc | | | 8,183 | |
| | 661,427 | | | | VEREIT, Inc | | | 4,253 | |
| | 272,311 | | | | VICI Properties, Inc | | | 5,498 | |
| | 109,042 | | | | Vornado Realty Trust | | | 4,166 | |
| | 53,425 | | | | Washington REIT | | | 1,186 | |
| | 67,227 | | | | Weingarten Realty Investors | | | 1,273 | |
| | 253,968 | | | | Welltower, Inc | | | 13,143 | |
| | 460,332 | | | | Weyerhaeuser Co | | | 10,339 | |
| | 25,132 | | | | Whitestone REIT | | | 183 | |
| | 102,407 | | | | WP Carey, Inc | | | 6,928 | |
| | 79,064 | | | | Xenia Hotels & Resorts, Inc | | | 738 | |
| | | | | | TOTAL REAL ESTATE | | | 658,080 | |
| | | | | | | | | | |
| RETAILING - 7.2% |
| | 18,290 | | * | | 1-800-FLOWERS.COM, Inc (Class A) | | | 366 | |
| | 36,804 | | | | Aaron’s, Inc | | | 1,671 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 36,579 | | | | Abercrombie & Fitch Co (Class A) | | $ | 389 | |
| | 39,176 | | | | Advance Auto Parts, Inc | | | 5,581 | |
| | 254,332 | | * | | Amazon.com, Inc | | | 701,656 | |
| | 117,400 | | e | | American Eagle Outfitters, Inc | | | 1,280 | |
| | 5,481 | | * | | America’s Car-Mart, Inc | | | 482 | |
| | 12,332 | | *,e | | Asbury Automotive Group, Inc | | | 954 | |
| | 17,984 | | *,e | | At Home Group, Inc | | | 117 | |
| | 35,195 | | *,e | | Autonation, Inc | | | 1,323 | |
| | 14,287 | | * | | AutoZone, Inc | | | 16,117 | |
| | 76,045 | | e | | Bed Bath & Beyond, Inc | | | 806 | |
| | 133,657 | | | | Best Buy Co, Inc | | | 11,664 | |
| | 20,052 | | | | Big Lots, Inc | | | 842 | |
| | 81,482 | | * | | BJ’s Wholesale Club Holdings, Inc | | | 3,037 | |
| | 24,504 | | * | | Booking Holdings, Inc | | | 39,019 | |
| | 9,762 | | * | | Boot Barn Holdings, Inc | | | 210 | |
| | 14,004 | | e | | Buckle, Inc | | | 220 | |
| | 38,902 | | * | | Burlington Stores, Inc | | | 7,661 | |
| | 28,267 | | | | Caleres, Inc | | | 236 | |
| | 22,123 | | e | | Camping World Holdings, Inc | | | 601 | |
| | 97,372 | | * | | CarMax, Inc | | | 8,720 | |
| | 32,716 | | *,e | | Carvana Co | | | 3,932 | |
| | 12,003 | | e | | Cato Corp (Class A) | | | 98 | |
| | 83,036 | | | | Chico’s FAS, Inc | | | 115 | |
| | 12,596 | | e | | Children’s Place, Inc | | | 471 | |
| | 11,556 | | | | Citi Trends, Inc | | | 234 | |
| | 13,169 | | *,e | | Conn’s, Inc | | | 133 | |
| | 11,400 | | *,e | | Container Store Group, Inc | | | 37 | |
| | 33,096 | | | | Core-Mark Holding Co, Inc | | | 826 | |
| | 49,292 | | | | Designer Brands, Inc | | | 334 | |
| | 38,579 | | | | Dick’s Sporting Goods, Inc | | | 1,592 | |
| | 3,340 | | e | | Dillard’s, Inc (Class A) | | | 86 | |
| | 150,874 | | | | Dollar General Corp | | | 28,743 | |
| | 142,876 | | * | | Dollar Tree, Inc | | | 13,242 | |
| | 7,236 | | *,e | | Duluth Holdings, Inc | | | 53 | |
| | 399,960 | | | | eBay, Inc | | | 20,978 | |
| | 70,655 | | * | | Etsy, Inc | | | 7,506 | |
| | 84,425 | | | | Expedia Group Inc | | | 6,940 | |
| | 55,323 | | *,e | | Express Parent LLC | | | 85 | |
| | 34,498 | | * | | Five Below, Inc | | | 3,688 | |
| | 48,609 | | * | | Floor & Decor Holdings, Inc | | | 2,802 | |
| | 58,795 | | | | Foot Locker, Inc | | | 1,714 | |
| | 10,965 | | *,e | | Funko, Inc | | | 64 | |
| | 67,461 | | *,e | | GameStop Corp (Class A) | | | 293 | |
| | 99,905 | | | | Gap, Inc | | | 1,261 | |
| | 13,677 | | * | | Genesco, Inc | | | 296 | |
| | 81,090 | | | | Genuine Parts Co | | | 7,052 | |
| | 11,094 | | e | | Group 1 Automotive, Inc | | | 732 | |
| | 12,244 | | *,e | | Groupon, Inc | | | 222 | |
| | 60,011 | | * | | GrubHub, Inc | | | 4,219 | |
| | 10,337 | | e | | Guess?, Inc | | | 100 | |
| | 13,840 | | | | Haverty Furniture Cos, Inc | | | 221 | |
| | 16,994 | | *,e | | Hibbett Sports, Inc | | | 356 | |
| | 644,327 | | | | Home Depot, Inc | | | 161,410 | |
| | 27,375 | | * | | Hudson Ltd | | | 133 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 101,978 | | | | Kohl’s Corp | | $ | 2,118 | |
| | 139,756 | | | | L Brands, Inc | | | 2,092 | |
| | 9,431 | | * | | Lands’ End, Inc | | | 76 | |
| | 19,090 | | * | | Liquidity Services, Inc | | | 114 | |
| | 10,868 | | e | | Lithia Motors, Inc (Class A) | | | 1,645 | |
| | 174,884 | | * | | LKQ Corp | | | 4,582 | |
| | 453,317 | | | | Lowe’s Companies, Inc | | | 61,252 | |
| | 19,294 | | *,e | | Lumber Liquidators, Inc | | | 267 | |
| | 172,372 | | e | | Macy’s, Inc | | | 1,186 | |
| | 18,578 | | * | | MarineMax, Inc | | | 416 | |
| | 11,632 | | *,e | | Michaels Cos, Inc | | | 82 | |
| | 13,761 | | e | | Monro Muffler, Inc | | | 756 | |
| | 16,896 | | * | | Murphy USA, Inc | | | 1,902 | |
| | 47,869 | | * | | National Vision Holdings, Inc | | | 1,461 | |
| | 70,237 | | e | | Nordstrom, Inc | | | 1,088 | |
| | 310,790 | | e | | Office Depot, Inc | | | 730 | |
| | 34,400 | | *,e | | Ollie’s Bargain Outlet Holdings, Inc | | | 3,359 | |
| | 43,837 | | * | | O’Reilly Automotive, Inc | | | 18,485 | |
| | 12,731 | | * | | Overstock.com, Inc | | | 362 | |
| | 12,813 | | | | Penske Auto Group, Inc | | | 496 | |
| | 14,105 | | e | | PetMed Express, Inc | | | 503 | |
| | 22,316 | | | | Pool Corp | | | 6,067 | |
| | 53,361 | | * | | Quotient Technology, Inc | | | 391 | |
| | 260,506 | | * | | Qurate Retail Group, Inc QVC Group | | | 2,475 | |
| | 31,889 | | * | | RealReal, Inc | | | 408 | |
| | 30,873 | | | | Rent-A-Center, Inc | | | 859 | |
| | 10,459 | | *,e | | RH | | | 2,603 | |
| | 212,463 | | | | Ross Stores, Inc | | | 18,110 | |
| | 61,168 | | * | | Rubicon Project, Inc | | | 408 | |
| | 66,571 | | *,e | | Sally Beauty Holdings, Inc | | | 834 | |
| | 2,356 | | e | | Shoe Carnival, Inc | | | 69 | |
| | 13,499 | | | | Shutterstock, Inc | | | 472 | |
| | 9,872 | | e | | Signet Jewelers Ltd | | | 101 | |
| | 15,272 | | * | | Sleep Number Corp | | | 636 | |
| | 20,728 | | e | | Sonic Automotive, Inc (Class A) | | | 661 | |
| | 19,952 | | * | | Sportsman’s Warehouse Holdings, Inc | | | 284 | |
| | 8,050 | | * | | Stamps.com, Inc | | | 1,479 | |
| | 27,087 | | *,e | | Stitch Fix Inc | | | 675 | |
| | 299,695 | | | | Target Corp | | | 35,942 | |
| | 74,694 | | | | Tiffany & Co | | | 9,108 | |
| | 6,790 | | | | Tilly’s, Inc | | | 38 | |
| | 718,550 | | | | TJX Companies, Inc | | | 36,330 | |
| | 69,190 | | | | Tractor Supply Co | | | 9,119 | |
| | 32,239 | | * | | Ulta Beauty, Inc | | | 6,558 | |
| | 50,352 | | * | | Urban Outfitters, Inc | | | 766 | |
| | 38,206 | | *,e | | Wayfair, Inc | | | 7,550 | |
| | 5,214 | | | | Weyco Group, Inc | | | 113 | |
| | 47,928 | | e | | Williams-Sonoma, Inc | | | 3,931 | |
| | 1,945 | | | | Winmark Corp | | | 333 | |
| | 11,661 | | * | | Zumiez, Inc | | | 319 | |
| | | | | | TOTAL RETAILING | | | 1,322,531 | |
| | | | | | | | | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.5% |
| | 23,158 | | * | | Acacia Communications, Inc | | | 1,556 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 26,575 | | * | | Advanced Energy Industries, Inc | | $ | 1,801 | |
| | 699,289 | | * | | Advanced Micro Devices, Inc | | | 36,790 | |
| | 15,539 | | * | | Alpha & Omega Semiconductor Ltd | | | 169 | |
| | 23,188 | | * | | Ambarella, Inc | | | 1,062 | |
| | 73,241 | | *,e | | Amkor Technology, Inc | | | 902 | |
| | 220,805 | | | | Analog Devices, Inc | | | 27,079 | |
| | 549,190 | | | | Applied Materials, Inc | | | 33,199 | |
| | 20,849 | | * | | Axcelis Technologies, Inc | | | 581 | |
| | 26,991 | | * | | AXT, Inc | | | 128 | |
| | 233,890 | | | | Broadcom, Inc | | | 73,818 | |
| | 49,923 | | | | Brooks Automation, Inc | | | 2,209 | |
| | 15,115 | | | | Cabot Microelectronics Corp | | | 2,109 | |
| | 15,710 | | * | | Ceva, Inc | | | 588 | |
| | 36,649 | | * | | Cirrus Logic, Inc | | | 2,264 | |
| | 26,675 | | | | Cohu, Inc | | | 463 | |
| | 70,502 | | *,e | | Cree, Inc | | | 4,173 | |
| | 4,191 | | * | | CyberOptics Corp | | | 135 | |
| | 28,713 | | * | | Diodes, Inc | | | 1,456 | |
| | 14,071 | | * | | DSP Group, Inc | | | 223 | |
| | 63,240 | | *,e | | Enphase Energy, Inc | | | 3,008 | |
| | 76,850 | | | | Entegris, Inc | | | 4,538 | |
| | 49,996 | | *,e | | First Solar, Inc | | | 2,475 | |
| | 51,293 | | * | | Formfactor, Inc | | | 1,504 | |
| | 8,421 | | * | | Ichor Holdings Ltd | | | 224 | |
| | 13,074 | | *,e | | Impinj, Inc | | | 359 | |
| | 29,376 | | * | | Inphi Corp | | | 3,452 | |
| | 2,542,429 | | | | Intel Corp | | | 152,113 | |
| | 92,970 | | | | KLA Corp | | | 18,081 | |
| | 86,622 | | | | Lam Research Corp | | | 28,019 | |
| | 75,431 | | * | | Lattice Semiconductor Corp | | | 2,141 | |
| | 29,103 | | * | | MACOM Technology Solutions Holdings, Inc | | | 1,000 | |
| | 404,891 | | | | Marvell Technology Group Ltd | | | 14,195 | |
| | 153,732 | | | | Maxim Integrated Products, Inc | | | 9,318 | |
| | 43,500 | | * | | MaxLinear, Inc | | | 933 | |
| | 142,382 | | | | Microchip Technology, Inc | | | 14,994 | |
| | 662,502 | | * | | Micron Technology, Inc | | | 34,132 | |
| | 31,711 | | | | MKS Instruments, Inc | | | 3,591 | |
| | 25,309 | | | | Monolithic Power Systems, Inc | | | 5,998 | |
| | 18,536 | | * | | Nanometrics, Inc | | | 631 | |
| | 21,168 | | * | | NeoPhotonics Corp Ltd | | | 188 | |
| | 3,184 | | | | NVE Corp | | | 197 | |
| | 354,604 | | | | NVIDIA Corp | | | 134,718 | |
| | 248,719 | | * | | ON Semiconductor Corp | | | 4,930 | |
| | 20,605 | | *,e | | PDF Solutions, Inc | | | 403 | |
| | 46,544 | | * | | Photronics, Inc | | | 518 | |
| | 20,135 | | e | | Power Integrations, Inc | | | 2,379 | |
| | 67,941 | | * | | Qorvo, Inc | | | 7,509 | |
| | 675,030 | | | | QUALCOMM, Inc | | | 61,569 | |
| | 79,664 | | *,e | | Rambus, Inc | | | 1,211 | |
| | 38,440 | | * | | Semtech Corp | | | 2,007 | |
| | 28,958 | | * | | Silicon Laboratories, Inc | | | 2,904 | |
| | 99,742 | | | | Skyworks Solutions, Inc | | | 12,753 | |
| | 2,025 | | *,e | | SMART Global Holdings, Inc | | | 55 | |
| | 29,247 | | * | | SolarEdge Technologies, Inc | | | 4,059 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 42,585 | | *,e | | SunPower Corp | | $ | 326 | |
| | 17,210 | | *,e | | Synaptics, Inc | | | 1,035 | |
| | 95,739 | | | | Teradyne, Inc | | | 8,091 | |
| | 550,579 | | | | Texas Instruments, Inc | | | 69,907 | |
| | 23,500 | | * | | Ultra Clean Holdings | | | 532 | |
| | 27,466 | | | | Universal Display Corp | | | 4,109 | |
| | 34,384 | | * | | Veeco Instruments, Inc | | | 464 | |
| | 148,131 | | | | Xilinx, Inc | | | 14,575 | |
| | | | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | 825,850 | |
| | | | | | | | | | |
| SOFTWARE & SERVICES - 15.3% |
| | 36,774 | | * | | 2U, Inc | | | 1,396 | |
| | 65,506 | | * | | 8x8, Inc | | | 1,048 | |
| | 32,215 | | * | | A10 Networks, Inc | | | 219 | |
| | 382,335 | | | | Accenture plc | | | 82,095 | |
| | 68,208 | | * | | ACI Worldwide, Inc | | | 1,841 | |
| | 288,537 | | * | | Adobe, Inc | | | 125,603 | |
| | 96,418 | | * | | Akamai Technologies, Inc | | | 10,325 | |
| | 26,945 | | * | | Alarm.com Holdings, Inc | | | 1,746 | |
| | 24,151 | | | | Alliance Data Systems Corp | | | 1,090 | |
| | 16,908 | | *,e | | Altair Engineering, Inc | | | 672 | |
| | 29,506 | | *,e | | Alteryx, Inc | | | 4,847 | |
| | 77,492 | | | | Amdocs Ltd | | | 4,718 | |
| | 15,720 | | | | American Software, Inc (Class A) | | | 248 | |
| | 78,020 | | * | | Anaplan, Inc | | | 3,535 | |
| | 50,132 | | * | | Ansys, Inc | | | 14,625 | |
| | 9,509 | | * | | Appfolio, Inc | | | 1,547 | |
| | 20,140 | | *,e | | Appian Corp | | | 1,032 | |
| | 40,474 | | * | | Aspen Technology, Inc | | | 4,194 | |
| | 74,256 | | * | | Atlassian Corp plc | | | 13,386 | |
| | 131,476 | | * | | Autodesk, Inc | | | 31,448 | |
| | 257,731 | | | | Automatic Data Processing, Inc | | | 38,374 | |
| | 46,044 | | * | | Avalara, Inc | | | 6,128 | |
| | 70,813 | | * | | Avaya Holdings Corp | | | 875 | |
| | 11,374 | | * | | Benefitfocus, Inc | | | 122 | |
| | 6,084 | | * | | Bill.Com Holdings, Inc | | | 549 | |
| | 88,655 | | * | | Black Knight, Inc | | | 6,433 | |
| | 34,044 | | | | Blackbaud, Inc | | | 1,943 | |
| | 29,853 | | * | | Blackline, Inc | | | 2,475 | |
| | 80,726 | | | | Booz Allen Hamilton Holding Co | | | 6,280 | |
| | 29,562 | | * | | Bottomline Technologies, Inc | | | 1,501 | |
| | 86,219 | | *,e | | Box, Inc | | | 1,790 | |
| | 20,694 | | * | | Brightcove, Inc | | | 163 | |
| | 68,332 | | | | Broadridge Financial Solutions, Inc | | | 8,623 | |
| | 15,463 | | * | | CACI International, Inc (Class A) | | | 3,354 | |
| | 165,121 | | * | | Cadence Design Systems, Inc | | | 15,845 | |
| | 20,152 | | * | | Cardtronics plc | | | 483 | |
| | 10,596 | | | | Cass Information Systems, Inc | | | 414 | |
| | 76,663 | | | | CDK Global, Inc | | | 3,175 | |
| | 22,039 | | * | | Cerence Inc | | | 900 | |
| | 63,532 | | * | | Ceridian HCM Holding, Inc | | | 5,036 | |
| | 15,814 | | * | | ChannelAdvisor Corp | | | 250 | |
| | 71,481 | | | | Citrix Systems, Inc | | | 10,573 | |
| | 114,390 | | * | | Cloudera, Inc | | | 1,455 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 65,273 | | * | | Cloudflare, Inc | | $ | 2,347 | |
| | 323,798 | | | | Cognizant Technology Solutions Corp (Class A) | | | 18,398 | |
| | 28,135 | | * | | Commvault Systems, Inc | | | 1,089 | |
| | 137,713 | | * | | Conduent, Inc | | | 329 | |
| | 48,580 | | | | CoreLogic Inc | | | 3,266 | |
| | 37,259 | | * | | Cornerstone OnDemand, Inc | | | 1,437 | |
| | 39,352 | | * | | Coupa Software, Inc | | | 10,902 | |
| | 69,043 | | * | | Crowdstrike Holdings, Inc | | | 6,924 | |
| | 24,883 | | | | CSG Systems International, Inc | | | 1,030 | |
| | 91,272 | | * | | Datadog, Inc | | | 7,936 | |
| | 7,264 | | *,e | | Digimarc Corp | | | 116 | |
| | 49,997 | | *,e | | Digital Turbine, Inc | | | 628 | |
| | 105,579 | | * | | DocuSign, Inc | | | 18,182 | |
| | 11,005 | | * | | Domo, Inc | | | 354 | |
| | 137,416 | | * | | Dropbox, Inc | | | 2,992 | |
| | 146,671 | | | | DXC Technology Co | | | 2,420 | |
| | 90,901 | | * | | Dynatrace, Inc | | | 3,691 | |
| | 17,480 | | e | | Ebix, Inc | | | 391 | |
| | 33,437 | | * | | Elastic NV | | | 3,083 | |
| | 43,380 | | *,e | | Endurance International Group Holdings, Inc | | | 175 | |
| | 30,234 | | * | | Envestnet, Inc | | | 2,223 | |
| | 31,755 | | * | | EPAM Systems, Inc | | | 8,003 | |
| | 30,598 | | * | | Euronet Worldwide, Inc | | | 2,932 | |
| | 21,053 | | * | | Everbridge, Inc | | | 2,913 | |
| | 45,885 | | * | | Everi Holdings, Inc | | | 237 | |
| | 44,094 | | e | | EVERTEC, Inc | | | 1,239 | |
| | 10,859 | | * | | Evo Payments, Inc | | | 248 | |
| | 21,916 | | * | | ExlService Holdings, Inc | | | 1,389 | |
| | 16,754 | | * | | Fair Isaac Corp | | | 7,004 | |
| | 43,606 | | * | | Fastly, Inc | | | 3,712 | |
| | 370,613 | | | | Fidelity National Information Services, Inc | | | 49,696 | |
| | 127,712 | | * | | FireEye, Inc | | | 1,555 | |
| | 334,635 | | * | | Fiserv, Inc | | | 32,667 | |
| | 37,675 | | * | | Five9, Inc | | | 4,169 | |
| | 49,379 | | * | | FleetCor Technologies, Inc | | | 12,420 | |
| | 19,555 | | * | | ForeScout Technologies, Inc | | | 415 | |
| | 79,608 | | * | | Fortinet, Inc | | | 10,928 | |
| | 53,983 | | * | | Gartner, Inc | | | 6,550 | |
| | 118,269 | | | | Genpact Ltd | | | 4,319 | |
| | 178,745 | | | | Global Payments, Inc | | | 30,319 | |
| | 21,651 | | * | | Globant S.A. | | | 3,244 | |
| | 99,117 | | * | | GoDaddy, Inc | | | 7,268 | |
| | 37,008 | | * | | GreenSky, Inc | | | 181 | |
| | 18,964 | | * | | GTT Communications, Inc | | | 155 | |
| | 52,363 | | * | | Guidewire Software, Inc | | | 5,804 | |
| | 17,956 | | | | Hackett Group, Inc | | | 243 | |
| | 24,272 | | *,e | | HubSpot, Inc | | | 5,445 | |
| | 9,245 | | *,e | | I3 Verticals, Inc | | | 280 | |
| | 24,668 | | * | | Information Services Group, Inc | | | 51 | |
| | 4,355 | | *,e | | Intelligent Systems Corp | | | 148 | |
| | 532,864 | | | | International Business Machines Corp | | | 64,354 | |
| | 151,120 | | | | Intuit, Inc | | | 44,760 | |
| | 27,386 | | * | | j2 Global, Inc | | | 1,731 | |
| | 47,383 | | | | Jack Henry & Associates, Inc | | | 8,720 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 82,538 | | | | KBR, Inc | | $ | 1,861 | |
| | 80,771 | | | | Leidos Holdings, Inc | | | 7,566 | |
| | 50,961 | | *,e | | Limelight Networks, Inc | | | 375 | |
| | 40,701 | | *,e | | Liveperson, Inc | | | 1,686 | |
| | 44,500 | | * | | LiveRamp Holdings, Inc | | | 1,890 | |
| | 29,939 | | | | LogMeIn, Inc | | | 2,538 | |
| | 40,270 | | * | | Manhattan Associates, Inc | | | 3,793 | |
| | 18,418 | | | | Mantech International Corp (Class A) | | | 1,261 | |
| | 529,165 | | | | Mastercard, Inc (Class A) | | | 156,474 | |
| | 36,930 | | | | MAXIMUS, Inc | | | 2,602 | |
| | 41,794 | | * | | Medallia, Inc | | | 1,055 | |
| | 4,491,647 | | | | Microsoft Corp | | | 914,095 | |
| | 6,844 | | * | | MicroStrategy, Inc (Class A) | | | 810 | |
| | 33,586 | | * | | Mimecast Ltd | | | 1,399 | |
| | 22,456 | | * | | Mitek Systems, Inc | | | 216 | |
| | 40,466 | | * | | MobileIron, Inc | | | 200 | |
| | 14,483 | | * | | Model N, Inc | | | 503 | |
| | 25,021 | | * | | MongoDB, Inc | | | 5,663 | |
| | 30,028 | | * | | New Relic, Inc | | | 2,069 | |
| | 46,584 | | | | NIC, Inc | | | 1,070 | |
| | 328,732 | | | | NortonLifelock, Inc | | | 6,519 | |
| | 176,319 | | * | | Nuance Communications, Inc | | | 4,462 | |
| | 92,944 | | *,e | | Nutanix, Inc | | | 2,203 | |
| | 68,862 | | * | | Okta, Inc | | | 13,788 | |
| | 21,489 | | * | | OneSpan, Inc | | | 600 | |
| | 1,183,821 | | | | Oracle Corp | | | 65,430 | |
| | 41,005 | | * | | Pagerduty, Inc | | | 1,174 | |
| | 57,235 | | * | | Palo Alto Networks, Inc | | | 13,145 | |
| | 196,668 | | | | Paychex, Inc | | | 14,898 | |
| | 29,293 | | * | | Paycom Software, Inc | | | 9,073 | |
| | 18,614 | | * | | Paylocity Holding Corp | | | 2,716 | |
| | 704,402 | | * | | PayPal Holdings, Inc | | | 122,728 | |
| | 19,229 | | * | | Paysign Inc | | | 187 | |
| | 20,541 | | | | Pegasystems, Inc | | | 2,078 | |
| | 25,493 | | * | | Perficient, Inc | | | 912 | |
| | 95,646 | | | | Perspecta, Inc | | | 2,222 | |
| | 8,669 | | * | | Ping Identity Holding Corp | | | 278 | |
| | 40,409 | | * | | Pluralsight, Inc | | | 729 | |
| | 31,483 | | | | Progress Software Corp | | | 1,220 | |
| | 34,295 | | * | | Proofpoint, Inc | | | 3,811 | |
| | 19,034 | | *,e | | PROS Holdings, Inc | | | 846 | |
| | 62,466 | | * | | PTC, Inc | | | 4,859 | |
| | 29,530 | | * | | Q2 Holdings, Inc | | | 2,533 | |
| | 7,729 | | | | QAD, Inc (Class A) | | | 319 | |
| | 22,512 | | * | | Qualys, Inc | | | 2,342 | |
| | 31,056 | | * | | Rapid7, Inc | | | 1,584 | |
| | 52,587 | | * | | RealPage, Inc | | | 3,419 | |
| | 21,786 | | * | | Repay Holdings Corp | | | 537 | |
| | 44,988 | | * | | RingCentral, Inc | | | 12,822 | |
| | 13,437 | | * | | Rosetta Stone, Inc | | | 227 | |
| | 186,641 | | | | Sabre Corp | | | 1,504 | |
| | 52,403 | | * | | SailPoint Technologies Holding, Inc | | | 1,387 | |
| | 519,468 | | * | | salesforce.com, Inc | | | 97,312 | |
| | 15,268 | | | | Sapiens International Corp NV | | | 427 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 32,160 | | | | Science Applications International Corp | | $ | 2,498 | |
| | 4,599 | | *,e | | SecureWorks Corp | | | 53 | |
| | 113,972 | | * | | ServiceNow, Inc | | | 46,166 | |
| | 4,906 | | *,e | | ShotSpotter, Inc | | | 124 | |
| | 224,484 | | * | | Slack Technologies, Inc | | | 6,979 | |
| | 66,115 | | * | | Smartsheet, Inc | | | 3,367 | |
| | 16,667 | | *,e | | SolarWinds Corp | | | 295 | |
| | 94,519 | | * | | Splunk, Inc | | | 18,781 | |
| | 24,492 | | * | | SPS Commerce, Inc | | | 1,840 | |
| | 216,528 | | * | | Square, Inc | | | 22,722 | |
| | 130,813 | | | | SS&C Technologies Holdings, Inc | | | 7,388 | |
| | 92,903 | | * | | StoneCo Ltd | | | 3,601 | |
| | 70,963 | | * | | SVMK, Inc | | | 1,670 | |
| | 52,841 | | | | Switch, Inc | | | 942 | |
| | 29,262 | | * | | Sykes Enterprises, Inc | | | 809 | |
| | 90,556 | | * | | Synopsys, Inc | | | 17,658 | |
| | 20,400 | | *,e | | TeleNav, Inc | | | 112 | |
| | 36,255 | | * | | Tenable Holdings, Inc | | | 1,081 | |
| | 76,002 | | * | | Teradata Corp | | | 1,581 | |
| | 24,614 | | * | | Trade Desk, Inc | | | 10,006 | |
| | 10,054 | | | | TTEC Holdings, Inc | | | 468 | |
| | 6,516 | | *,e | | Tucows, Inc | | | 373 | |
| | 76,930 | | * | | Twilio, Inc | | | 16,880 | |
| | 24,426 | | * | | Tyler Technologies, Inc | | | 8,473 | |
| | 38,674 | | * | | Unisys Corp | | | 422 | |
| | 4,914 | | * | | Upland Software, Inc | | | 171 | |
| | 55,193 | | * | | Upwork, Inc | | | 797 | |
| | 18,823 | | *,e | | Varonis Systems, Inc | | | 1,665 | |
| | 45,384 | | * | | Verint Systems, Inc | | | 2,050 | |
| | 62,060 | | * | | VeriSign, Inc | | | 12,836 | |
| | 13,662 | | * | | Veritone, Inc | | | 203 | |
| | 63,620 | | * | | Verra Mobility Corp | | | 654 | |
| | 32,131 | | | | VirnetX Holding Corp | | | 209 | |
| | 19,953 | | * | | Virtusa Corp | | | 648 | |
| | 1,012,750 | | | | Visa, Inc (Class A) | | | 195,633 | |
| | 46,709 | | * | | VMware, Inc (Class A) | | | 7,233 | |
| | 255,834 | | | | Western Union Co | | | 5,531 | |
| | 27,596 | | * | | WEX, Inc | | | 4,554 | |
| | 103,705 | | * | | Workday, Inc | | | 19,430 | |
| | 16,351 | | * | | Workiva, Inc | | | 875 | |
| | 41,557 | | | | Xperi Holding Corp | | | 613 | |
| | 55,032 | | *,e | | Yext, Inc | | | 914 | |
| | 69,807 | | * | | Zendesk, Inc | | | 6,180 | |
| | 42,422 | | * | | Zix Corp | | | 293 | |
| | 100,147 | | * | | Zoom Video Communications, Inc | | | 25,391 | |
| | 40,123 | | * | | Zscaler, Inc | | | 4,393 | |
| | 55,037 | | * | | Zuora Inc | | | 702 | |
| | | | | | TOTAL SOFTWARE & SERVICES | | | 2,804,049 | |
| | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 6.7% |
| | 74,639 | | *,e | | 3D Systems Corp | | | 522 | |
| | 35,649 | | | | Adtran, Inc | | | 390 | |
| | 11,056 | | * | | Agilysys, Inc | | | 198 | |
| | 18,515 | | * | | Akoustis Technologies, Inc | | | 153 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 172,914 | | | | Amphenol Corp (Class A) | | $ | 16,567 | |
| | 2,453,199 | | | | Apple, Inc | | | 894,927 | |
| | 13,189 | | *,e | | Applied Optoelectronics, Inc | | | 143 | |
| | 36,466 | | * | | Arista Networks, Inc | | | 7,659 | |
| | 47,303 | | * | | Arlo Technologies, Inc | | | 122 | |
| | 48,820 | | * | | Arrow Electronics, Inc | | | 3,353 | |
| | 24,161 | | * | | Avid Technology, Inc | | | 176 | |
| | 63,498 | | | | Avnet, Inc | | | 1,771 | |
| | 19,362 | | | | Badger Meter, Inc | | | 1,218 | |
| | 7,316 | | | | Bel Fuse, Inc (Class B) | | | 79 | |
| | 30,293 | | | | Belden CDT, Inc | | | 986 | |
| | 35,867 | | | | Benchmark Electronics, Inc | | | 775 | |
| | 26,799 | | * | | CalAmp Corp | | | 215 | |
| | 28,887 | | * | | Calix, Inc | | | 430 | |
| | 9,824 | | * | | Casa Systems, Inc | | | 41 | |
| | 85,002 | | | | CDW Corp | | | 9,876 | |
| | 88,003 | | * | | Ciena Corp | | | 4,766 | |
| | 2,547,020 | | | | Cisco Systems, Inc | | | 118,793 | |
| | 8,964 | | * | | Clearfield, Inc | | | 125 | |
| | 98,192 | | | | Cognex Corp | | | 5,864 | |
| | 14,446 | | * | | Coherent, Inc | | | 1,892 | |
| | 115,638 | | * | | CommScope Holding Co, Inc | | | 963 | |
| | 16,237 | | | | Comtech Telecommunications Corp | | | 274 | |
| | 449,023 | | | | Corning, Inc | | | 11,630 | |
| | 23,637 | | | | CTS Corp | | | 474 | |
| | 27,847 | | e | | Daktronics, Inc | | | 121 | |
| | 87,881 | | * | | Dell Technologies, Inc | | | 4,828 | |
| | 53,560 | | *,e | | Diebold, Inc | | | 325 | |
| | 18,652 | | * | | Digi International, Inc | | | 217 | |
| | 37,732 | | | | Dolby Laboratories, Inc (Class A) | | | 2,485 | |
| | 33,587 | | * | | EchoStar Corp (Class A) | | | 939 | |
| | 9,278 | | * | | ePlus, Inc | | | 656 | |
| | 79,396 | | * | | Extreme Networks, Inc | | | 345 | |
| | 34,732 | | * | | F5 Networks, Inc | | | 4,844 | |
| | 26,560 | | * | | Fabrinet | | | 1,658 | |
| | 12,851 | | * | | FARO Technologies, Inc | | | 689 | |
| | 124,310 | | *,e | | Fitbit, Inc | | | 803 | |
| | 84,050 | | | | FLIR Systems, Inc | | | 3,410 | |
| | 58,321 | | *,e | | Harmonic, Inc | | | 277 | |
| | 760,445 | | | | Hewlett Packard Enterprise Co | | | 7,399 | |
| | 857,221 | | | | HP, Inc | | | 14,941 | |
| | 53,614 | | *,e | | II-VI, Inc | | | 2,532 | |
| | 21,661 | | * | | Immersion Corp | | | 135 | |
| | 103,799 | | *,e | | Infinera Corp | | | 615 | |
| | 40,550 | | * | | Inseego Corp | | | 470 | |
| | 16,992 | | * | | Insight Enterprises, Inc | | | 836 | |
| | 18,324 | | | | InterDigital, Inc | | | 1,038 | |
| | 21,818 | | * | | IPG Photonics Corp | | | 3,499 | |
| | 18,293 | | * | | Iteris, Inc | | | 87 | |
| | 24,355 | | * | | Itron, Inc | | | 1,614 | |
| | 88,419 | | | | Jabil Inc | | | 2,836 | |
| | 201,956 | | | | Juniper Networks, Inc | | | 4,617 | |
| | 109,424 | | * | | Keysight Technologies, Inc | | | 11,028 | |
| | 21,162 | | * | | Kimball Electronics, Inc | | | 287 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 64,648 | | * | | Knowles Corp | | $ | 987 | |
| | 10,929 | | * | | KVH Industries, Inc | | | 98 | |
| | 14,095 | | | | Littelfuse, Inc | | | 2,405 | |
| | 44,541 | | * | | Lumentum Holdings, Inc | | | 3,627 | |
| | 25,950 | | | | Methode Electronics, Inc | | | 811 | |
| | 101,354 | | | | Motorola Solutions, Inc | | | 14,203 | |
| | 12,096 | | | | MTS Systems Corp | | | 213 | |
| | 7,937 | | * | | Napco Security Technologies, Inc | | | 186 | |
| | 76,957 | | | | National Instruments Corp | | | 2,979 | |
| | 68,992 | | *,e | | NCR Corp | | | 1,195 | |
| | 136,516 | | | | NetApp, Inc | | | 6,057 | |
| | 23,887 | | *,e | | Netgear, Inc | | | 618 | |
| | 43,446 | | * | | Netscout Systems, Inc | | | 1,110 | |
| | 20,535 | | * | | nLight, Inc | | | 457 | |
| | 23,522 | | * | | Novanta, Inc | | | 2,511 | |
| | 12,827 | | *,e | | OSI Systems, Inc | | | 957 | |
| | 35,158 | | * | | PAE, Inc | | | 336 | |
| | 7,480 | | *,e | | PAR Technology Corp | | | 224 | |
| | 8,216 | | | | PC Connection, Inc | | | 381 | |
| | 24,496 | | e | | Plantronics, Inc | | | 360 | |
| | 17,083 | | * | | Plexus Corp | | | 1,205 | |
| | 148,433 | | * | | Pure Storage, Inc | | | 2,572 | |
| | 37,508 | | * | | Ribbon Communications, Inc | | | 147 | |
| | 12,852 | | * | | Rogers Corp | | | 1,601 | |
| | 52,368 | | * | | Sanmina Corp | | | 1,311 | |
| | 17,777 | | * | | Scansource, Inc | | | 428 | |
| | 26,460 | | * | | Super Micro Computer, Inc | | | 751 | |
| | 23,676 | | | | Synnex Corp | | | 2,836 | |
| | 19,502 | | * | | Tech Data Corp | | | 2,828 | |
| | 147,747 | | * | | Trimble Inc | | | 6,381 | |
| | 66,124 | | *,e | | TTM Technologies, Inc | | | 784 | |
| | 5,111 | | | | Ubiquiti, Inc | | | 892 | |
| | 38,380 | | * | | Viasat, Inc | | | 1,473 | |
| | 136,006 | | * | | Viavi Solutions, Inc | | | 1,733 | |
| | 97,366 | | | | Vishay Intertechnology, Inc | | | 1,487 | |
| | 9,508 | | * | | Vishay Precision Group, Inc | | | 234 | |
| | 173,784 | | | | Western Digital Corp | | | 7,673 | |
| | 105,309 | | | | Xerox Holdings Corp | | | 1,610 | |
| | 31,291 | | * | | Zebra Technologies Corp (Class A) | | | 8,009 | |
| | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | 1,241,583 | |
| | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 1.8% |
| | 7,472 | | * | | Anterix, Inc | | | 339 | |
| | 4,277,012 | | | | AT&T, Inc | | | 129,294 | |
| | 7,918 | | | | ATN International, Inc | | | 480 | |
| | 10,381 | | * | | Bandwidth Inc | | | 1,318 | |
| | 27,406 | | * | | Boingo Wireless, Inc | | | 365 | |
| | 627,826 | | | | CenturyLink, Inc | | | 6,297 | |
| | 33,512 | | * | | Cincinnati Bell, Inc | | | 498 | |
| | 25,280 | | | | Cogent Communications Group, Inc | | | 1,956 | |
| | 48,355 | | * | | Consolidated Communications Holdings, Inc | | | 327 | |
| | 60,132 | | * | | GCI Liberty, Inc | | | 4,277 | |
| | 42,541 | | *,e | | Gogo, Inc | | | 134 | |
| | 60,764 | | * | | Iridium Communications, Inc | | | 1,546 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 29,453 | | * | | Liberty Latin America Ltd (Class A) | | $ | 286 | |
| | 77,076 | | * | | Liberty Latin America Ltd (Class C) | | | 728 | |
| | 13,047 | | * | | Ooma, Inc | | | 215 | |
| | 44,329 | | * | | ORBCOMM, Inc | | | 171 | |
| | 33,638 | | | | Shenandoah Telecom Co | | | 1,658 | |
| | 14,641 | | | | Spok Holdings, Inc | | | 137 | |
| | 70,982 | | | | Telephone & Data Systems, Inc | | | 1,411 | |
| | 312,785 | | * | | T-Mobile US, Inc | | | 32,576 | |
| | 9,529 | | *,e | | US Cellular Corp | | | 294 | |
| | 2,485,321 | | | | Verizon Communications, Inc | | | 137,016 | |
| | 143,849 | | * | | Vonage Holdings Corp | | | 1,447 | |
| | | | | | TOTAL TELECOMMUNICATION SERVICES | | | 322,770 | |
| | | | | | | | | | |
| TRANSPORTATION - 1.8% |
| | 37,928 | | * | | Air Transport Services Group, Inc | | | 845 | |
| | 69,726 | | | | Alaska Air Group, Inc | | | 2,528 | |
| | 8,722 | | | | Allegiant Travel Co | | | 953 | |
| | 5,336 | | | | Amerco, Inc | | | 1,613 | |
| | 230,466 | | e | | American Airlines Group, Inc | | | 3,012 | |
| | 19,331 | | | | ArcBest Corp | | | 512 | |
| | 16,948 | | * | | Atlas Air Worldwide Holdings, Inc | | | 729 | |
| | 19,991 | | *,e | | Avis Budget Group, Inc | | | 458 | |
| | 81,564 | | | | CH Robinson Worldwide, Inc | | | 6,448 | |
| | 14,813 | | | | Copa Holdings S.A. (Class A) | | | 749 | |
| | 23,634 | | | | Costamare, Inc | | | 131 | |
| | 8,672 | | * | | Covenant Transportation Group, Inc | | | 125 | |
| | 457,291 | | | | CSX Corp | | | 31,891 | |
| | 14,173 | | *,e | | Daseke, Inc | | | 56 | |
| | 381,748 | | | | Delta Air Lines, Inc | | | 10,708 | |
| | 28,818 | | *,e | | Eagle Bulk Shipping, Inc | | | 63 | |
| | 21,041 | | * | | Echo Global Logistics, Inc | | | 455 | |
| | 97,352 | | | | Expeditors International of Washington, Inc | | | 7,403 | |
| | 144,253 | | | | FedEx Corp | | | 20,227 | |
| | 20,963 | | | | Forward Air Corp | | | 1,044 | |
| | 6,118 | | | | Genco Shipping & Trading Ltd | | | 38 | |
| | 36,387 | | e | | Hawaiian Holdings, Inc | | | 511 | |
| | 33,759 | | | | Heartland Express, Inc | | | 703 | |
| | 21,791 | | * | | Hub Group, Inc (Class A) | | | 1,043 | |
| | 50,840 | | | | JB Hunt Transport Services, Inc | | | 6,118 | |
| | 146,479 | | * | | JetBlue Airways Corp | | | 1,597 | |
| | 56,767 | | | | Kansas City Southern | | | 8,475 | |
| | 37,438 | | * | | Kirby Corp | | | 2,005 | |
| | 71,730 | | e | | Knight-Swift Transportation Holdings, Inc | | | 2,992 | |
| | 25,122 | | | | Landstar System, Inc | | | 2,821 | |
| | 142,708 | | *,e | | Lyft, Inc (Class A) | | | 4,711 | |
| | 43,936 | | | | Macquarie Infrastructure Co LLC | | | 1,348 | |
| | 23,235 | | | | Marten Transport Ltd | | | 585 | |
| | 32,238 | | | | Matson, Inc | | | 938 | |
| | 153,393 | | | | Norfolk Southern Corp | | | 26,931 | |
| | 60,432 | | | | Old Dominion Freight Line | | | 10,249 | |
| | 6,136 | | | | Park-Ohio Holdings Corp | | | 102 | |
| | 29,335 | | * | | Radiant Logistics, Inc | | | 115 | |
| | 30,762 | | | | Ryder System, Inc | | | 1,154 | |
| | 33,371 | | * | | Safe Bulkers, Inc | | | 41 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 18,094 | | * | | Saia, Inc | | $ | 2,012 | |
| | 22,723 | | | | Schneider National, Inc | | | 561 | |
| | 4,092 | | | | Scorpio Bulkers, Inc | | | 63 | |
| | 28,022 | | | | Skywest, Inc | | | 914 | |
| | 352,954 | | | | Southwest Airlines Co | | | 12,064 | |
| | 50,261 | | *,e | | Spirit Airlines, Inc | | | 895 | |
| | 817,703 | | * | | Uber Technologies, Inc | | | 25,414 | |
| | 407,182 | | | | Union Pacific Corp | | | 68,842 | |
| | 173,644 | | * | | United Airlines Holdings Inc | | | 6,010 | |
| | 423,955 | | | | United Parcel Service, Inc (Class B) | | | 47,135 | |
| | 6,297 | | | | Universal Logistics Holdings Inc | | | 109 | |
| | 14,010 | | * | | US Xpress Enterprises, Inc | | | 84 | |
| | 36,247 | | | | Werner Enterprises, Inc | | | 1,578 | |
| | 52,058 | | * | | XPO Logistics, Inc | | | 4,021 | |
| | | | | | TOTAL TRANSPORTATION | | | 332,129 | |
| | | | | | | | | | |
| UTILITIES - 3.0% |
| | 387,805 | | | | AES Corp | | | 5,619 | |
| | 30,256 | | | | Allete, Inc | | | 1,652 | |
| | 148,965 | | | | Alliant Energy Corp | | | 7,126 | |
| | 150,299 | | | | Ameren Corp | | | 10,575 | |
| | 297,582 | | | | American Electric Power Co, Inc | | | 23,699 | |
| | 25,230 | | | | American States Water Co | | | 1,984 | |
| | 108,515 | | | | American Water Works Co, Inc | | | 13,962 | |
| | 4,909 | | | | Artesian Resources Corp | | | 178 | |
| | 92,825 | | *,e | | Atlantic Power Corp | | | 186 | |
| | 69,836 | | | | Atmos Energy Corp | | | 6,954 | |
| | 27,653 | | | | Avangrid, Inc | | | 1,161 | |
| | 33,562 | | | | Avista Corp | | | 1,221 | |
| | 36,321 | | | | Black Hills Corp | | | 2,058 | |
| | 19,362 | | | | Brookfield Infrastructure Corp | | | 882 | |
| | 15,011 | | *,e | | Cadiz, Inc | | | 152 | |
| | 35,650 | | | | California Water Service Group | | | 1,700 | |
| | 318,428 | | | | Centerpoint Energy, Inc | | | 5,945 | |
| | 11,318 | | | | Chesapeake Utilities Corp | | | 951 | |
| | 24,011 | | | | Clearway Energy, Inc (Class A) | | | 503 | |
| | 47,061 | | | | Clearway Energy, Inc (Class C) | | | 1,085 | |
| | 170,995 | | | | CMS Energy Corp | | | 9,989 | |
| | 200,639 | | | | Consolidated Edison, Inc | | | 14,432 | |
| | 10,961 | | | | Consolidated Water Co, Inc | | | 158 | |
| | 499,196 | | | | Dominion Energy, Inc | | | 40,525 | |
| | 115,022 | | | | DTE Energy Co | | | 12,365 | |
| | 438,771 | | | | Duke Energy Corp | | | 35,053 | |
| | 214,176 | | | | Edison International | | | 11,632 | |
| | 19,026 | | | | El Paso Electric Co | | | 1,275 | |
| | 123,427 | | | | Entergy Corp | | | 11,579 | |
| | 239,118 | | | | Equitable Holdings, Inc | | | 4,613 | |
| | 134,955 | | e | | Essential Utilities Inc | | | 5,700 | |
| | 139,501 | | | | Evergy, Inc | | | 8,271 | |
| | 203,372 | | | | Eversource Energy | | | 16,935 | |
| | 577,150 | | e | | Exelon Corp | | | 20,945 | |
| | 320,514 | | | | FirstEnergy Corp | | | 12,430 | |
| | 6,410 | | | | Global Water Resources, Inc | | | 68 | |
| | 66,960 | | | | Hawaiian Electric Industries, Inc | | | 2,415 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| | 30,421 | | | | Idacorp, Inc | | $ | 2,658 | |
| | 119,020 | | | | MDU Resources Group, Inc | | | 2,640 | |
| | 16,881 | | | | MGE Energy, Inc | | | 1,089 | |
| | 11,759 | | | | Middlesex Water Co | | | 790 | |
| | 44,613 | | | | National Fuel Gas Co | | | 1,871 | |
| | 62,202 | | | | New Jersey Resources Corp | | | 2,031 | |
| | 293,520 | | | | NextEra Energy, Inc | | | 70,495 | |
| | 234,601 | | | | NiSource, Inc | | | 5,335 | |
| | 14,483 | | | | Northwest Natural Holding Co | | | 808 | |
| | 27,636 | | | | NorthWestern Corp | | | 1,507 | |
| | 152,303 | | | | NRG Energy, Inc | | | 4,959 | |
| | 114,606 | | | | OGE Energy Corp | | | 3,479 | |
| | 29,641 | | | | ONE Gas, Inc | | | 2,284 | |
| | 20,715 | | | | Ormat Technologies, Inc | | | 1,315 | |
| | 27,545 | | | | Otter Tail Corp | | | 1,068 | |
| | 313,259 | | *,b,e | | PG&E Corp | | | 2,779 | |
| | 62,725 | | | | Pinnacle West Capital Corp | | | 4,597 | |
| | 55,254 | | | | PNM Resources, Inc | | | 2,124 | |
| | 50,460 | | | | Portland General Electric Co | | | 2,110 | |
| | 455,249 | | | | PPL Corp | | | 11,764 | |
| | 298,291 | | | | Public Service Enterprise Group, Inc | | | 14,664 | |
| | 11,616 | | * | | Pure Cycle Corp | | | 107 | |
| | 4,887 | | | | RGC Resources, Inc | | | 118 | |
| | 175,610 | | | | Sempra Energy | | | 20,587 | |
| | 12,005 | | | | SJW Corp | | | 746 | |
| | 58,642 | | | | South Jersey Industries, Inc | | | 1,465 | |
| | 639,342 | | | | Southern Co | | | 33,150 | |
| | 34,400 | | | | Southwest Gas Holdings Inc | | | 2,375 | |
| | 7,544 | | e | | Spark Energy, Inc | | | 53 | |
| | 26,256 | | | | Spire, Inc | | | 1,725 | |
| | 17,984 | | *,e | | Sunnova Energy International, Inc | | | 307 | |
| | 49,399 | | | | TerraForm Power, Inc | | | 911 | |
| | 132,205 | | | | UGI Corp | | | 4,204 | |
| | 10,272 | | | | Unitil Corp | | | 460 | |
| | 291,990 | | | | Vistra Energy Corp | | | 5,437 | |
| | 189,144 | | | | WEC Energy Group, Inc | | | 16,578 | |
| | 317,410 | | | | Xcel Energy, Inc | | | 19,838 | |
| | 9,006 | | | | York Water Co | | | 432 | |
| | | | | | TOTAL UTILITIES | | | 544,838 | |
| | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | | 18,295,902 | |
| | | | | | (Cost $7,885,901) | | | | |
| | | | | | | | | | |
| RIGHTS / WARRANTS - 0.0% |
| | | | | | | | | | |
| HEALTH CARE EQUIPMENT & SERVICES - 0.0% |
| | 204 | | | | Pulse Biosciences, Inc | | | 0 | |
| | | | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | 0 | |
| | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 0.0% | | | | |
| | 80,085 | | † | | Media General, Inc | | | 0 | |
| | | | | | TOTAL MEDIA & ENTERTAINMENT | | | 0 | |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| SHARES | | | | COMPANY | | VALUE
(000) | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.0% | | | | |
| | 29,050 | | † | | Elanco Animal Health, Inc CVR | | $ | 2 | |
| | 4,045 | | † | | Omthera Pharmaceuticals, Inc | | | 2 | |
| | 6,981 | | † | | Tobira Therapeutics, Inc | | | 0 | ^ |
| | | | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 4 | |
| | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 0.0% | | | | |
| | 225,186 | | | | T-Mobile US, Inc | | | 38 | |
| | | | | | TOTAL TELECOMMUNICATION SERVICES | | | 38 | |
| | | | | | | | | | |
| | | | | | TOTAL RIGHTS / WARRANTS | | | 42 | |
| | | | | | (Cost $85) | | | | |
| | | | | | | | | | |
| PRINCIPAL | | | | ISSUER | | RATE | | MATURITY
DATE | | | |
| SHORT-TERM INVESTMENTS - 1.2% |
| | | | | | | | | | | | | | | | |
| GOVERNMENT AGENCY DEBT - 0.1% |
| $ | 14,000,000 | | | | Federal Home Loan Bank (FHLB) | | | 0.060 | % | | 10/01/20 | | | 13,995 | |
| | | | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | 13,995 | |
| | | | | | | | | | | | | | | | |
| REPURCHASE AGREEMENT - 0.2% |
| | 36,990,000 | | r | | Fixed Income Clearing Corp | | | 0.070 | | | 07/01/20 | | | 36,990 | |
| | | | | | TOTAL REPURCHASE AGREEMENT | | | | | | | | | 36,990 | |
| | | | | | | | | | | | | | | | |
| TREASURY DEBT - 0.0% |
| | 7,780,000 | | | | United States Treasury Bill | | | 0.100 | | | 07/02/20 | | | 7,780 | |
| | | | | | TOTAL TREASURY DEBT | | | | | | | | | 7,780 | |
| | | | | | | | | | | | | | | | |
| SHARES | | | | COMPANY | | | | | | | |
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9% |
| | 160,972,395 | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | 160,972 | |
| | | | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | 160,972 | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | 219,737 | |
| | | | | | (Cost $219,740) | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL INVESTMENTS - 100.8% | | | | | | | | | 18,515,681 | |
| | | | | | (Cost $8,105,726) | | | | | | | | | | |
| | | | | | OTHER ASSETS & LIABILITIES, NET - (0.8)% | | | | | | | | | (154,720 | ) |
| | | | | | NET ASSETS - 100.0% | | | | | | | | $ | 18,360,961 | |
| | | | |
| | | |
| | | Abbreviation(s): |
| OTC | | Over The Counter |
| REIT | | Real Estate Investment Trust |
| | | | |
| * | | Non-income producing |
| ^ | | Amount represents less than $1,000. |
| † | | Security is categorized as Level 3 in the fair value hierarchy. |
COLLEGE RETIREMENT EQUITIES FUND - Equity Index Account
| b | | In bankruptcy |
| c | | Investments made with cash collateral received from securities on loan. |
| d | | All or a portion of these securities have been segregated to cover margin requirements on open futures contracts. |
| e | | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $175,917,217. |
| g | | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $1,012,204 or 0.0% of net assets. |
| r | | Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $36,990,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $37,729,842. |
| | | |
| | | Cost amounts are in thousands. |
| | | | |
Futures contracts outstanding as of June 30, 2020 were as follows (notional amounts and values are in thousands):
| Description | | Number of long
(short)
contracts | | Expiration date | | Notional amount | | | Value | | | Unrealized
appreciation
(depreciation) | |
| Russell 2000 E Mini Index | | 60 | | 09/18/20 | | $ | 4,142 | | | $ | 4,313 | | | $ | 171 | |
| S&P 500 E Mini Index | | 271 | | 09/18/20 | | | 40,750 | | | | 41,872 | | | | 1,122 | |
| S&P Mid-Cap 400 E Mini Index | | 12 | | 09/18/20 | | | 2,067 | | | | 2,135 | | | | 68 | |
| Total | | 343 | | | | $ | 46,959 | | | $ | 48,320 | | | $ | 1,361 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
COLLEGE RETIREMENT EQUITIES FUND
BOND MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| BANK LOAN OBLIGATIONS - 0.7% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| AUTOMOBILES & COMPONENTS - 0.0% | | | | | | | | | | | | |
| $ | 992,481 | | | i | | Adient US LLC | | LIBOR 1 and 3 M + 4.250% | | | 4.474 | % | | 05/06/24 | | $ | 951 | |
| | 994,987 | | | i | | Clarios Global LP | | LIBOR 1 M + 3.500% | | | 3.678 | | | 04/30/26 | | | 945 | |
| | 2,483,405 | | | i | | Gates Global LLC | | LIBOR 1 M + 2.750% | | | 3.750 | | | 04/01/24 | | | 2,386 | |
| | | | | | | TOTAL AUTOMOBILES & COMPONENTS | | | | | | | | | | | 4,282 | |
| | | | | | | | | | | | | | | | | | | |
| BANKS - 0.0% | | | | | | | | | | | | |
| | 994,962 | | | i | | BCPE Rover Merger Sub, Inc | | LIBOR 1 M + 4.250% | | | 4.428 | | | 11/28/25 | | | 951 | |
| | | | | | | TOTAL BANKS | | | | | | | | | | | 951 | |
| | | | | | | | | | | | | | | | | | | |
| CAPITAL GOODS - 0.1% | | | | | | | | | | | | |
| | 174,057 | | | i | | Avolon TLB Borrower US LLC | | LIBOR 1 M + 1.750% | | | 2.500 | | | 01/15/25 | | | 162 | |
| | 224,438 | | | i | | Avolon TLB Borrower US LLC | | LIBOR 1 M + 1.500% | | | 2.250 | | | 02/05/27 | | | 204 | |
| | 1,488,579 | | | i | | Beacon Roofing Supply, Inc | | LIBOR 1 M + 2.250% | | | 2.428 | | | 01/02/25 | | | 1,413 | |
| | 1,000,000 | | | h,i | | Gardner Denver, Inc | | LIBOR 1 M + 2.750% | | | 2.934 | | | 03/01/27 | | | 970 | |
| | 740,587 | | | i | | Prometric Holdings Inc | | LIBOR 1 M + 3.000% | | | 4.500 | | | 01/29/25 | | | 668 | |
| | 1,372,000 | | | i | | TransDigm, Inc | | LIBOR 1 M + 2.250% | | | 2.428 | | | 08/22/24 | | | 1,237 | |
| | 1,488,712 | | | i | | TransDigm, Inc | | LIBOR 1 M + 2.250% | | | 2.428 | | | 05/30/25 | | | 1,333 | |
| | | | | | | TOTAL CAPITAL GOODS | | | | | | | | | | | 5,987 | |
| | | | | | | | | | | | | | | | | | | |
| COMMERCIAL & PROFESSIONAL SERVICES - 0.1% | | | | | | | | | | | | |
| | 1,530,928 | | | i | | GFL Environmental, Inc | | LIBOR 3 M + 3.000% | | | 4.000 | | | 05/30/25 | | | 1,485 | |
| | 596,939 | | | i | | Packers Holdings LLC | | LIBOR 1 M + 3.000% | | | 4.000 | | | 12/04/24 | | | 571 | |
| | 994,872 | | | i | | Spin Holdco, Inc | | LIBOR 3 M + 3.250% | | | 4.250 | | | 11/14/22 | | | 950 | |
| | 2,000,000 | | | i | | Syneos Health Inc | | LIBOR 1 M + 1.750% | | | 1.928 | | | 08/01/24 | | | 1,920 | |
| | 1,932,308 | | | i | | Trans Union LLC | | LIBOR 1 M + 1.750% | | | 1.928 | | | 11/16/26 | | | 1,845 | |
| | 1,031,625 | | | i | | United Rentals North America, Inc | | LIBOR 1 M + 1.750% | | | 1.928 | | | 10/31/25 | | | 997 | |
| | | | | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | | | 7,768 | |
| | | | | | | | | | | | | | | | | | | |
| CONSUMER DURABLES & APPAREL - 0.0% | | | | | | | | | | | | |
| | 540,000 | | | i | | Hanesbrands, Inc | | LIBOR 1 M + 1.750% | | | 1.934 | | | 12/16/24 | | | 529 | |
| | 396,766 | | | i | | Samsonite IP Holdings Sarl | | LIBOR 1 M + 1.750% | | | 1.928 | | | 04/25/25 | | | 368 | |
| | | | | | | TOTAL CONSUMER DURABLES & APPAREL | | | | | 897 | |
| | | | | | | | | | | | | | | | | | | |
| CONSUMER SERVICES - 0.0% | | | | | | | | | | | | |
| | 444,773 | | | i | | 1011778 BC ULC | | LIBOR 1 M + 1.750% | | | 1.928 | | | 11/19/26 | | | 421 | |
| | 323,928 | | | i | | Boyd Gaming Corp | | LIBOR 1 W + 2.250% | | | 2.359 | | | 09/15/23 | | | 304 | |
| | 1,984,772 | | | i | | Scientific Games International, Inc | | LIBOR 1 and 3 M + 2.750% | | | 3.058 | | | 08/14/24 | | | 1,751 | |
| | 1,690,478 | | | i | | YUM! Brands | | LIBOR 1 M + 1.750% | | | 1.944 | | | 04/03/25 | | | 1,616 | |
| | | | | | | TOTAL CONSUMER SERVICES | | | | | | | | | | | 4,092 | |
| | | | | | | | | | | | | | | | | | | |
| DIVERSIFIED FINANCIALS - 0.0% | | | | | | | | | | | | |
| | 880,353 | | | i | | Lions Gate Capital Holdings LLC | | LIBOR 1 M + 2.250% | | | 2.428 | | | 03/24/25 | | | 830 | |
| | | | | | | TOTAL DIVERSIFIED FINANCIALS | | | | | | | | 830 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| ENERGY - 0.0% | | | | | | | | | | | | |
| $ | 1,995,000 | | | i | | Buckeye Partners LP | | LIBOR 1 M + 2.750% | | | 2.923 | % | | 11/02/26 | | $ | 1,908 | |
| | 575,000 | | | i | | ChampionX Holding, Inc | | LIBOR 1 M + 5.000% | | | 6.000 | | | 05/28/27 | | | 565 | |
| | 1,984,838 | | | i | | Delek US Holdings, Inc | | LIBOR 1 M + 2.250% | | | 2.428 | | | 03/31/25 | | | 1,836 | |
| | | | | | | TOTAL ENERGY | | | | | | | | | | | 4,309 | |
| | | | | | | | | | | | | | | | | | | |
| FOOD, BEVERAGE & TOBACCO - 0.0% | | | | | | | | | | | | |
| | 895,489 | | | i | | Hostess Brands LLC | | LIBOR 1 and 3 M + 2.250% | | | 3.010 | | | 08/01/25 | | | 862 | |
| | | | | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | | | | | | | | | 862 | |
| | | | | | | | | | | | | | | | | | | |
| HEALTH CARE EQUIPMENT & SERVICES - 0.1% | | | | | | | | | | | | |
| | 1,463,358 | | | i | | Change Healthcare Holdings LLC | | LIBOR 3 M + 2.500% | | | 3.500 | | | 03/01/24 | | | 1,403 | |
| | 1,500,000 | | | i | | Da Vinci Purchaser Corp | | LIBOR 3 M + 4.000% | | | 5.238 | | | 01/08/27 | | | 1,457 | |
| | 992,513 | | | i | | DaVita, Inc | | LIBOR 1 M + 1.750% | | | 1.928 | | | 08/12/26 | | | 959 | |
| | 2,608,429 | | | i | | Endo Luxembourg Finance I Co Sarl | | LIBOR 3 M + 4.250% | | | 5.000 | | | 04/29/24 | | | 2,458 | |
| | 1,028,819 | | | i | | Envision Healthcare Corp | | LIBOR 1 M + 3.750% | | | 3.928 | | | 10/10/25 | | | 671 | |
| | 2,462,625 | | | i | | Grifols Worldwide Operations USA, Inc | | LIBOR 1 W + 2.000% | | | 2.109 | | | 11/15/27 | | | 2,367 | |
| | 161,832 | | | i | | Mallinckrodt International Finance S.A. | | LIBOR 3 M + 2.750% | | | 3.500 | | | 09/24/24 | | | 121 | |
| | 2,325,930 | | | i | | RegionalCare Hospital Partners Holdings, Inc | | LIBOR 1 M + 3.750% | | | 3.924 | | | 11/16/25 | | | 2,174 | |
| | 2,920,100 | | | i | | Select Medical Corp | | LIBOR 1 M + 2.500% | | | 2.680 | | | 03/06/25 | | | 2,768 | |
| | 1,424,231 | | | i | | Team Health Holdings, Inc | | LIBOR 1 M + 2.750% | | | 3.750 | | | 02/06/24 | | | 1,085 | |
| | | | | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | | 15,463 | |
| | | | | | | | | | | | | | | | | | | |
| INSURANCE - 0.0% | | | | | | | | | | | | |
| | 1,995,000 | | | i | | NFP Corp | | LIBOR 1 M + 3.250% | | | 3.428 | | | 02/15/27 | | | 1,855 | |
| | 2,487,212 | | | i | | USI, Inc | | LIBOR 3 M + 3.000% | | | 3.308 | | | 05/16/24 | | | 2,356 | |
| | | | | | | TOTAL INSURANCE | | | | | | | | | | | 4,211 | |
| | | | | | | | | | | | | | | | | | | |
| MATERIALS - 0.1% | | | | | | | | | | | | |
| | 988,570 | | | i | | Atotech Alpha 3 BV | | LIBOR 3 M + 3.000% | | | 4.000 | | | 01/31/24 | | | 950 | |
| | 1,000,000 | | | i | | Berry Global, Inc | | LIBOR 1 M + 2.000% | | | 2.177 | | | 10/01/22 | | | 972 | |
| | 1,450,084 | | | i | | Berry Global, Inc | | LIBOR 1 M + 2.000% | | | 2.177 | | | 01/19/24 | | | 1,407 | |
| | 3,473,350 | | | i | | Chemours Co | | LIBOR 1 M + 1.750% | | | 1.930 | | | 04/03/25 | | | 3,269 | |
| | 1,000,000 | | | h,i | | Illuminate Buyer LLC | | LIBOR 3 M + 4.000% | | | 5.000 | | | 06/18/27 | | | 984 | |
| | 487,500 | | | i | | Ineos US Finance LLC | | LIBOR 1 M + 2.000% | | | 2.178 | | | 03/31/24 | | | 461 | |
| | 1,906,348 | | | i | | Messer Industries USA, Inc | | LIBOR 3 M + 2.500% | | | 2.808 | | | 03/01/26 | | | 1,814 | |
| | 1,383,282 | | | i | | PolyOne Corp | | LIBOR 1 M + 1.750% | | | 1.930 | | | 01/30/26 | | | 1,328 | |
| | 349,125 | | | i | | Reynolds Consumer Products LLC | | LIBOR 1 M + 1.750% | | | 1.928 | | | 02/04/27 | | | 336 | |
| | 432,969 | | | i | | Starfruit US Holdco LLC | | LIBOR 1 M + 3.000% | | | 3.188 | | | 10/01/25 | | | 405 | |
| | 994,987 | | | i | | Tamko Building Products, Inc | | LIBOR 1 M + 3.250% | | | 3.428 | | | 05/29/26 | | | 955 | |
| | | | | | | TOTAL MATERIALS | | | | | | | | | | | 12,881 | |
| | | | | | | | | | | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 0.1% | | | | | | | | | | | | |
| | 1,985,000 | | | i | | Charter Communications Operating LLC | | LIBOR 1 M + 1.750% | | | 1.930 | | | 02/01/27 | | | 1,906 | |
| | 721,380 | | | i | | CSC Holdings LLC | | LIBOR 1 M + 2.500% | | | 2.685 | | | 04/15/27 | | | 683 | |
| | 992,500 | | | i | | Diamond Sports Group LLC | | LIBOR 1 M + 3.250% | | | 3.430 | | | 08/24/26 | | | 805 | |
| | 533,112 | | | i | | Nielsen Finance LLC | | LIBOR 1 M + 2.000% | | | 2.180 | | | 10/04/23 | | | 513 | |
| | 2,375,000 | | | h,i | | Nielsen Finance LLC | | LIBOR 1 M + 3.750% | | | 4.750 | | | 06/06/25 | | | 2,348 | |
| | 497,500 | | | i | | Pregis TopCo Corp | | LIBOR 1 M + 4.000% | | | 4.178 | | | 07/31/26 | | | 479 | |
| | 995,000 | | | i | | Terrier Media Buyer, Inc | | LIBOR 1 M + 4.250% | | | 4.428 | | | 12/17/26 | | | 947 | |
| | 1,712,500 | | | i | | Vertical US Newco, Inc | | LIBOR 3 M + 4.250% | | | 4.250 | | | 06/30/27 | | | 1,678 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 2,250,000 | | | i | | Virgin Media Bristol LLC | | LIBOR 1 M + 2.500% | | | 2.685 | % | | 01/31/28 | | $ | 2,144 | |
| | | | | | | TOTAL MEDIA & ENTERTAINMENT | | | | | | | | | 11,503 | |
| | | | | | | | | | | | | | | | | | | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.1% | | | | | | | | | | |
| | 1,841,898 | | | i | | Bausch Health Americas, Inc | | LIBOR 1 M + 3.000% | | | 3.190 | | | 06/02/25 | | | 1,787 | |
| | 1,828,571 | | | i | | Bausch Health Americas, Inc | | LIBOR 1 M + 2.750% | | | 2.940 | | | 11/27/25 | | | 1,765 | |
| | 2,500,000 | | | h,i | | Catalent Pharma Solutions, Inc | | LIBOR 1 M + 2.250% | | | 3.250 | | | 05/18/26 | | | 2,467 | |
| | 496,084 | | | i | | Jaguar Holding Co II | | LIBOR 1 M + 2.500% | | | 3.500 | | | 08/18/22 | | | 489 | |
| | | | | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | 6,508 | |
| | | | | | | | | | | | | | | | | | | |
| REAL ESTATE - 0.0% | | | | | | | | | | | | |
| | 1,375,544 | | | i | | Cushman & Wakefield plc | | LIBOR 1 M + 2.750% | | | 2.928 | | | 08/21/25 | | | 1,292 | |
| | | | | | | TOTAL REAL ESTATE | | | | | | | | | | | 1,292 | |
| | | | | | | | | | | | | | | | | | | |
| RETAILING - 0.0% | | | | | | | | | | | | |
| | 323,375 | | | i | | Camelot Finance S.A. | | LIBOR 1 M + 3.000% | | | 3.178 | | | 10/28/26 | | | 313 | |
| | | | | | | TOTAL RETAILING | | | | | | | | | | | 313 | |
| | | | | | | | | | | | | | | | | | | |
| SOFTWARE & SERVICES - 0.1% | | | | | | | | | | | | |
| | 1,984,772 | | | i | | Open Text Corp | | LIBOR 1 M + 1.750% | | | 1.928 | | | 05/30/25 | | | 1,931 | |
| | 96,527 | | | i | | Sabre GLBL, Inc | | LIBOR 1 M + 2.000% | | | 2.178 | | | 02/22/24 | | | 88 | |
| | 1,625,000 | | | h,i | | Ultimate Software Group, Inc | | LIBOR 3 M + 4.000% | | | 4.750 | | | 05/04/26 | | | 1,603 | |
| | 1,750,000 | | | i | | Web.com Group Inc | | LIBOR 1 M + 3.750% | | | 3.940 | | | 10/10/25 | | | 1,651 | |
| | | | | | | TOTAL SOFTWARE & SERVICES | | | | | | | | | | | 5,273 | |
| | | | | | | | | | | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% | | | | | | | | | | | | |
| | 2,417,821 | | | h,i | | Dell International LLC | | LIBOR 1 M + 2.000% | | | 2.750 | | | 09/19/25 | | | 2,352 | |
| | 1,259,245 | | | i | | Plantronics, Inc | | LIBOR 1 and 3 M + 2.500% | | | 3.572 | | | 07/02/25 | | | 1,144 | |
| | 1,500,000 | | | i | | TTM Technologies, Inc | | LIBOR 1 M + 2.500% | | | 2.673 | | | 09/28/24 | | | 1,447 | |
| | | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | 4,943 | |
| | | | | | | | | | | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 0.0% | | | | | | | | | | | | |
| | 698,250 | | | i | | Front Range BidCo, Inc | | LIBOR 1 M + 3.000% | | | 3.178 | | | 03/09/27 | | | 661 | |
| | 4,500,000 | | | i | | T-Mobile USA, Inc | | LIBOR 1 M + 3.000% | | | 3.178 | | | 04/01/27 | | | 4,490 | |
| | | | | | | TOTAL TELECOMMUNICATION SERVICES | | | | | 5,151 | |
| | | | | | | | | | | | | | | | | | | |
| TRANSPORTATION - 0.0% | | | | | | | | | | | | |
| | 1,642,871 | | | i | | American Airlines, Inc | | LIBOR 1 M + 2.000% | | | 2.185 | | | 12/14/23 | | | 1,307 | |
| | 2,332,500 | | | i | | Delta Air Lines, Inc | | LIBOR 3 M + 4.750% | | | 5.510 | | | 04/27/23 | | | 465 | |
| | | | | | | TOTAL TRANSPORTATION | | | | | | | | | | | 1,772 | |
| | | | | | | | | | | | | | | | | | | |
| UTILITIES - 0.0% | | | | | | | | | | | | |
| | 994,807 | | | i | | Gopher Resource LLC | | LIBOR 1 M + 3.250% | | | 4.250 | | | 03/06/25 | | | 943 | |
| | | | | | | TOTAL UTILITIES | | | | | | | | | | | 943 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL BANK LOAN OBLIGATIONS | | | | | | 100,231 | |
| | | | | | | (Cost $105,364) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| BONDS - 95.7% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| CORPORATE BONDS - 40.3% | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| AUTOMOBILES & COMPONENTS - 0.4% | | | | | | | | | | | | |
| EUR | 450,000 | | | g | | Adient Global Holdings Ltd | | | | | 3.500 | % | | 08/15/24 | | $ | 447 | |
| $ | 350,000 | | | g | | Adient US LLC | | | | | 9.000 | | | 04/15/25 | | | 377 | |
| EUR | 500,000 | | | | | Aptiv plc | | | | | 1.500 | | | 03/10/25 | | | 556 | |
| $ | 225,000 | | | | | Dana, Inc | | | | | 5.375 | | | 11/15/27 | | | 223 | |
| | 350,000 | | | | | Dana, Inc | | | | | 5.625 | | | 06/15/28 | | | 348 | |
| | 1,250,000 | | | | | Ford Motor Co | | | | | 8.500 | | | 04/21/23 | | | 1,322 | |
| | 1,275,000 | | | | | Ford Motor Co | | | | | 9.000 | | | 04/22/25 | | | 1,379 | |
| | 11,000,000 | | | | | General Motors Co | | | | | 6.125 | | | 10/01/25 | | | 12,362 | |
| | 5,600,000 | | | | | General Motors Co | | | | | 5.000 | | | 10/01/28 | | | 5,947 | |
| | 6,950,000 | | | | | General Motors Co | | | | | 6.600 | | | 04/01/36 | | | 7,557 | |
| | 6,500,000 | | | | | General Motors Co | | | | | 5.200 | | | 04/01/45 | | | 6,286 | |
| | 1,925,000 | | | | | General Motors Co | | | | | 6.750 | | | 04/01/46 | | | 2,098 | |
| | 5,500,000 | | | g | | Hyundai Capital America | | | | | 3.000 | | | 02/10/27 | | | 5,431 | |
| EUR | 400,000 | | | g,o | | IHO Verwaltungs GmbH | | | | | 3.750 | | | 09/15/26 | | | 438 | |
| $ | 8,675,000 | | | | | Magna International, Inc | | | | | 3.625 | | | 06/15/24 | | | 9,441 | |
| | | | | | | TOTAL AUTOMOBILES & COMPONENTS | | | | | | | | | | | 54,212 | |
| | | | | | | | | | | | | | | | | | | |
| BANKS - 8.3% | | | | | | | | | | | | |
| | 8,250,000 | | | g | | Australia & New Zealand Banking Group Ltd | | | | | 2.950 | | | 07/22/30 | | | 8,417 | |
| | 3,800,000 | | | g | | Banco del Estado de Chile | | | | | 2.668 | | | 01/08/21 | | | 3,819 | |
| | 5,250,000 | | | g | | Banco del Estado de Chile | | | | | 2.704 | | | 01/09/25 | | | 5,394 | |
| | 300,000 | | | g | | Banco General S.A. | | | | | 4.125 | | | 08/07/27 | | | 318 | |
| | 3,800,000 | | | g | | Banco Internacional del Peru SAA Interbank | | | | | 3.375 | | | 01/18/23 | | | 3,856 | |
| | 3,225,000 | | | g | | Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand | | | | | 5.375 | | | 04/17/25 | | | 3,529 | |
| | 5,950,000 | | | | | Banco Santander S.A. | | | | | 2.746 | | | 05/28/25 | | | 6,163 | |
| | 3,800,000 | | | | | Banco Santander S.A. | | | | | 3.800 | | | 02/23/28 | | | 4,124 | |
| | 2,400,000 | | | | | Bancolombia S.A. | | | | | 3.000 | | | 01/29/25 | | | 2,352 | |
| | 2,650,000 | | | | | Bancolombia S.A. | | | | | 4.625 | | | 12/18/29 | | | 2,498 | |
| | 6,300,000 | | | g | | Bank Leumi Le-Israel BM | | | | | 3.275 | | | 01/29/31 | | | 6,120 | |
| | 5,000,000 | | | | | Bank of America Corp | | | | | 3.550 | | | 03/05/24 | | | 5,343 | |
| EUR | 400,000 | | | | | Bank of America Corp | | | | | 1.375 | | | 03/26/25 | | | 468 | |
| $ | 10,200,000 | | | | | Bank of America Corp | | | | | 3.875 | | | 08/01/25 | | | 11,549 | |
| | 40,050,000 | | | | | Bank of America Corp | | | | | 2.456 | | | 10/22/25 | | | 42,134 | |
| | 7,100,000 | | | | | Bank of America Corp | | | | | 1.319 | | | 06/19/26 | | | 7,117 | |
| | 8,000,000 | | | | | Bank of America Corp | | | | | 4.250 | | | 10/22/26 | | | 9,171 | |
| | 10,800,000 | | | | | Bank of America Corp | | | | | 3.559 | | | 04/23/27 | | | 12,054 | |
| EUR | 300,000 | | | | | Bank of America Corp | | | | | 1.776 | | | 05/04/27 | | | 356 | |
| $ | 18,265,000 | | | | | Bank of America Corp | | | | | 3.248 | | | 10/21/27 | | | 20,144 | |
| | 9,275,000 | | | | | Bank of America Corp | | | | | 3.824 | | | 01/20/28 | | | 10,548 | |
| | 10,650,000 | | | | | Bank of America Corp | | | | | 3.419 | | | 12/20/28 | | | 11,860 | |
| | 11,475,000 | | | | | Bank of America Corp | | | | | 2.884 | | | 10/22/30 | | | 12,414 | |
| | 50,500,000 | | | | | Bank of America Corp | | | | | 2.496 | | | 02/13/31 | | | 52,933 | |
| | 17,450,000 | | | | | Bank of America Corp | | | | | 2.592 | | | 04/29/31 | | | 18,458 | |
| | 18,000,000 | | | | | Bank of America Corp | | | | | 4.083 | | | 03/20/51 | | | 22,460 | |
| | 3,000,000 | | | | | Bank of America Corp | | | | | 6.100 | | | N/A‡ | | | 3,165 | |
| | 12,500,000 | | | g | | Bank of Montreal | | | | | 2.100 | | | 06/15/22 | | | 12,882 | |
| EUR | 400,000 | | | | | Barclays plc | | | | | 0.625 | | | 11/14/23 | | | 447 | |
| $ | 5,900,000 | | | | | Barclays plc | | | | | 4.338 | | | 05/16/24 | | | 6,354 | |
| | 10,000,000 | | | | | Barclays plc | | | | | 3.932 | | | 05/07/25 | | | 10,804 | |
| | 7,674,000 | | | g | | BPCE S.A. | | | | | 4.625 | | | 07/11/24 | | | 8,370 | |
| | 26,000,000 | | | g | | Canadian Imperial Bank of Commerce | | | | | 3.150 | | | 06/27/21 | | | 26,715 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 2,950,000 | | | | | Citigroup, Inc | | | | | 2.700 | % | | 10/27/22 | | $ | 3,081 | |
| | 8,500,000 | | | | | Citigroup, Inc | | | | | 3.875 | | | 03/26/25 | | | 9,258 | |
| | 13,700,000 | | | | | Citigroup, Inc | | | | | 3.106 | | | 04/08/26 | | | 14,689 | |
| EUR | 250,000 | | | | | Citigroup, Inc | | | | | 1.500 | | | 07/24/26 | | | 290 | |
| $ | 36,375,000 | | | | | Citigroup, Inc | | | | | 3.200 | | | 10/21/26 | | | 39,892 | |
| | 6,575,000 | | | | | Citigroup, Inc | | | | | 4.300 | | | 11/20/26 | | | 7,463 | |
| | 21,485,000 | | | | | Citigroup, Inc | | | | | 4.450 | | | 09/29/27 | | | 24,484 | |
| | 49,250,000 | | | | | Citigroup, Inc | | | | | 2.666 | | | 01/29/31 | | | 51,110 | |
| | 11,000,000 | | | | | Citigroup, Inc | | | | | 4.412 | | | 03/31/31 | | | 13,010 | |
| | 5,000,000 | | | | | Citigroup, Inc | | | | | 5.000 | | | N/A‡ | | | 4,707 | |
| | 7,400,000 | | | | | Citizens Bank NA | | | | | 2.650 | | | 05/26/22 | | | 7,648 | |
| | 6,875,000 | | | | | Cooperatieve Rabobank UA | | | | | 3.950 | | | 11/09/22 | | | 7,274 | |
| | 4,500,000 | | | g | | Cooperatieve Rabobank UA | | | | | 2.625 | | | 07/22/24 | | | 4,779 | |
| | 15,225,000 | | | | | Cooperatieve Rabobank UA | | | | | 3.750 | | | 07/21/26 | | | 16,736 | |
| | 4,325,000 | | | g | | Credicorp Ltd | | | | | 2.750 | | | 06/17/25 | | | 4,304 | |
| | 11,050,000 | | | g | | Credit Agricole S.A. | | | | | 3.250 | | | 10/04/24 | | | 11,865 | |
| | 10,350,000 | | | g | | Credit Agricole S.A. | | | | | 1.907 | | | 06/16/26 | | | 10,492 | |
| | 2,450,000 | | | g | | DBS Group Holdings Ltd | | | | | 4.520 | | | 12/11/28 | | | 2,645 | |
| | 4,875,000 | | | | | Discover Bank | | | | | 3.200 | | | 08/09/21 | | | 4,983 | |
| | 8,200,000 | | | | | Discover Bank | | | | | 2.450 | | | 09/12/24 | | | 8,600 | |
| | 8,455,000 | | | | | Discover Bank | | | | | 3.450 | | | 07/27/26 | | | 9,141 | |
| | 4,575,000 | | | | | Discover Bank | | | | | 2.700 | | | 02/06/30 | | | 4,608 | |
| GBP | 500,000 | | | | | HSBC Holdings plc | | | | | 2.175 | | | 06/27/23 | | | 626 | |
| $ | 4,250,000 | | | | | HSBC Holdings plc | | | | | 3.033 | | | 11/22/23 | | | 4,440 | |
| | 7,650,000 | | | | | HSBC Holdings plc | | | | | 3.803 | | | 03/11/25 | | | 8,265 | |
| | 3,325,000 | | | | | HSBC Holdings plc | | | | | 2.633 | | | 11/07/25 | | | 3,448 | |
| | 6,075,000 | | | | | HSBC Holdings plc | | | | | 3.900 | | | 05/25/26 | | | 6,745 | |
| | 20,075,000 | | | | | HSBC Holdings plc | | | | | 4.292 | | | 09/12/26 | | | 22,331 | |
| | 1,250,000 | | | | | HSBC Holdings plc | | | | | 4.375 | | | 11/23/26 | | | 1,384 | |
| | 6,450,000 | | | | | HSBC Holdings plc | | | | | 4.041 | | | 03/13/28 | | | 7,128 | |
| | 4,375,000 | | | | | HSBC Holdings plc | | | | | 4.950 | | | 03/31/30 | | | 5,236 | |
| | 8,950,000 | | | | | HSBC Holdings plc | | | | | 3.973 | | | 05/22/30 | | | 9,933 | |
| | 13,025,000 | | | | | Huntington National Bank | | | | | 2.500 | | | 08/07/22 | | | 13,518 | |
| | 4,350,000 | | | g | | ING Groep NV | | | | | 4.625 | | | 01/06/26 | | | 5,097 | |
| | 2,125,000 | | | g | | Intercorp Financial Services, Inc | | | | | 4.125 | | | 10/19/27 | | | 2,125 | |
| | 4,850,000 | | | | | JPMorgan Chase & Co | | | | | 2.700 | | | 05/18/23 | | | 5,112 | |
| | 35,850,000 | | | | | JPMorgan Chase & Co | | | | | 2.301 | | | 10/15/25 | | | 37,554 | |
| | 20,000,000 | | | | | JPMorgan Chase & Co | | | | | 2.005 | | | 03/13/26 | | | 20,699 | |
| | 9,550,000 | | | | | JPMorgan Chase & Co | | | | | 2.083 | | | 04/22/26 | | | 9,908 | |
| | 14,900,000 | | | | | JPMorgan Chase & Co | | | | | 3.200 | | | 06/15/26 | | | 16,538 | |
| EUR | 600,000 | | | | | JPMorgan Chase & Co | | | | | 1.638 | | | 05/18/28 | | | 710 | |
| $ | 12,000,000 | | | | | JPMorgan Chase & Co | | | | | 4.203 | | | 07/23/29 | | | 14,067 | |
| | 23,700,000 | | | | | JPMorgan Chase & Co | | | | | 3.702 | | | 05/06/30 | | | 27,219 | |
| | 44,675,000 | | | | | JPMorgan Chase & Co | | | | | 2.739 | | | 10/15/30 | | | 47,920 | |
| | 23,000,000 | | | | | JPMorgan Chase & Co | | | | | 4.493 | | | 03/24/31 | | | 28,098 | |
| | 28,700,000 | | | | | JPMorgan Chase & Co | | | | | 2.522 | | | 04/22/31 | | | 30,310 | |
| | 4,575,000 | | | | | JPMorgan Chase & Co | | | | | 2.956 | | | 05/13/31 | | | 4,865 | |
| | 5,500,000 | | | | | JPMorgan Chase & Co | | | | | 5.000 | | | N/A‡ | | | 5,290 | |
| | 200,000 | | | g,i | | KEB Hana Bank | | LIBOR 3 M + 0.700% | | | 1.002 | | | 10/02/22 | | | 200 | |
| | 9,000,000 | | | | | Mitsubishi UFJ Financial Group, Inc | | | | | 2.193 | | | 02/25/25 | | | 9,300 | |
| | 5,700,000 | | | | | MUFG Americas Holdings Corp | | | | | 3.500 | | | 06/18/22 | | | 5,984 | |
| | 5,625,000 | | | | | PNC Bank NA | | | | | 2.450 | | | 11/05/20 | | | 5,655 | |
| | 4,000,000 | | | | | PNC Bank NA | | | | | 2.700 | | | 10/22/29 | | | 4,263 | |
| | 6,000,000 | | | | | PNC Financial Services Group, Inc | | | | | 3.900 | | | 04/29/24 | | | 6,622 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 30,000,000 | | | g | | Royal Bank of Canada | | | | | 3.350 | % | | 10/22/21 | | $ | 31,119 | |
| | 11,800,000 | | | | | Royal Bank of Canada | | | | | 2.550 | | | 07/16/24 | | | 12,531 | |
| | 6,325,000 | | | | | Royal Bank of Scotland Group plc | | | | | 3.073 | | | 05/22/28 | | | 6,639 | |
| | 9,350,000 | | | | | Santander Holdings USA, Inc | | | | | 3.400 | | | 01/18/23 | | | 9,733 | |
| | 13,100,000 | | | g | | Skandinaviska Enskilda Banken AB | | | | | 2.625 | | | 11/17/20 | | | 13,201 | |
| | 3,675,000 | | | | | Sumitomo Mitsui Financial Group, Inc | | | | | 2.778 | | | 10/18/22 | | | 3,841 | |
| | 11,050,000 | | | | | Sumitomo Mitsui Financial Group, Inc | | | | | 2.696 | | | 07/16/24 | | | 11,706 | |
| | 13,700,000 | | | | | Toronto-Dominion Bank | | | | | 1.850 | | | 09/11/20 | | | 13,741 | |
| | 7,360,000 | | | g | | Toronto-Dominion Bank | | | | | 2.250 | | | 03/15/21 | | | 7,456 | |
| | 2,350,000 | | | | | Toronto-Dominion Bank | | | | | 3.625 | | | 09/15/31 | | | 2,624 | |
| | 6,850,000 | | | | | Truist Bank | | | | | 3.525 | | | 10/26/21 | | | 6,915 | |
| | 5,700,000 | | | | | Truist Bank | | | | | 2.750 | | | 05/01/23 | | | 6,013 | |
| | 4,800,000 | | | | | Truist Bank | | | | | 2.150 | | | 12/06/24 | | | 5,047 | |
| | 5,000,000 | | | | | Truist Financial Corp | | | | | 4.000 | | | 05/01/25 | | | 5,692 | |
| | 5,000,000 | | | | | Truist Financial Corp | | | | | 4.950 | | | N/A‡ | | | 5,112 | |
| | 2,550,000 | | | g | | United Overseas Bank Ltd | | | | | 3.750 | | | 04/15/29 | | | 2,696 | |
| | 7,575,000 | | | | | Wells Fargo Bank NA | | | | | 3.325 | | | 07/23/21 | | | 7,587 | |
| | 68,700,000 | | | | | Wells Fargo Bank NA | | | | | 2.082 | | | 09/09/22 | | | 69,808 | |
| | 4,650,000 | | | | | Westpac Banking Corp | | | | | 2.850 | | | 05/13/26 | | | 5,118 | |
| | 6,450,000 | | | | | Westpac Banking Corp | | | | | 4.110 | | | 07/24/34 | | | 7,119 | |
| | | | | | | TOTAL BANKS | | | | | | | | | | | 1,217,683 | |
| | | | | | | | | | | | | | | | | | | |
| CAPITAL GOODS - 0.9% | | | | | | | | | | | | |
| GBP | 1,000,000 | | | | | BAE Systems plc | | | | | 4.125 | | | 06/08/22 | | | 1,309 | |
| $ | 4,175,000 | | | g | | BAE Systems plc | | | | | 3.400 | | | 04/15/30 | | | 4,553 | |
| | 225,000 | | | g | | Beacon Roofing Supply, Inc | | | | | 4.500 | | | 11/15/26 | | | 221 | |
| | 3,600,000 | | | g | | BOC Aviation Ltd | | | | | 3.000 | | | 09/11/29 | | | 3,548 | |
| | 1,432,000 | | | | | General Electric Co | | | | | 5.875 | | | 01/14/38 | | | 1,602 | |
| | 108,000 | | | | | General Electric Co | | | | | 6.875 | | | 01/10/39 | | | 133 | |
| | 1,850,000 | | | g | | Gold Fields Orogen Holdings BVI Ltd | | | | | 6.125 | | | 05/15/29 | | | 2,111 | |
| EUR | 500,000 | | | j | | Honeywell International, Inc | | | | | 0.000 | | | 03/10/24 | | | 555 | |
| $ | 275,000 | | | | | Howmet Aerospace, Inc | | | | | 6.875 | | | 05/01/25 | | | 299 | |
| EUR | 1,000,000 | | | | | Illinois Tool Works, Inc | | | | | 1.250 | | | 05/22/23 | | | 1,158 | |
| $ | 1,000,000 | | | | | Ingersoll-Rand Global Holding Co Ltd | | | | | 3.750 | | | 08/21/28 | | | 1,109 | |
| | 13,245,000 | | | | | Ingersoll-Rand Luxembourg Finance S.A. | | | | | 3.800 | | | 03/21/29 | | | 14,985 | |
| | 3,000,000 | | | g | | Korea East-West Power Co Ltd | | | | | 1.750 | | | 05/06/25 | | | 3,092 | |
| | 3,150,000 | | | | | L3Harris Technologies, Inc | | | | | 3.850 | | | 06/15/23 | | | 3,425 | |
| | 5,070,000 | | | | | L3Harris Technologies, Inc | | | | | 2.900 | | | 12/15/29 | | | 5,458 | |
| | 3,340,000 | | | | | Lockheed Martin Corp | | | | | 2.500 | | | 11/23/20 | | | 3,363 | |
| | 1,700,000 | | | | | Lockheed Martin Corp | | | | | 1.850 | | | 06/15/30 | | | 1,742 | |
| | 2,150,000 | | | | | Lockheed Martin Corp | | | | | 2.800 | | | 06/15/50 | | | 2,268 | |
| | 9,825,000 | | | g | | Molex Electronic Technologies LLC | | | | | 3.900 | | | 04/15/25 | | | 10,238 | |
| | 8,925,000 | | | | | Northrop Grumman Corp | | | | | 3.250 | | | 01/15/28 | | | 9,972 | |
| EUR | 500,000 | | | | | Parker-Hannifin Corp | | | | | 1.125 | | | 03/01/25 | | | 564 | |
| $ | 19,200,000 | | | | | Parker-Hannifin Corp | | | | | 3.250 | | | 06/14/29 | | | 21,210 | |
| | 6,600,000 | | | | | Raytheon Technologies Corp | | | | | 2.250 | | | 07/01/30 | | | 6,885 | |
| | 5,475,000 | | | | | Roper Technologies, Inc | | | | | 3.800 | | | 12/15/26 | | | 6,253 | |
| | 1,750,000 | | | | | Roper Technologies, Inc | | | | | 4.200 | | | 09/15/28 | | | 2,050 | |
| | 1,000,000 | | | | | Roper Technologies, Inc | | | | | 2.950 | | | 09/15/29 | | | 1,092 | |
| | 250,000 | | | g | | Sigma Alimentos S.A. de C.V. | | | | | 4.125 | | | 05/02/26 | | | 262 | |
| | 650,000 | | | | | Trimble, Inc | | | | | 4.900 | | | 06/15/28 | | | 746 | |
| | 361,000 | | | | | United Technologies Corp | | | | | 3.650 | | | 08/16/23 | | | 390 | |
| | 16,850,000 | | | | | United Technologies Corp | | | | | 4.125 | | | 11/16/28 | | | 19,857 | |
| | 6,665,000 | | | | | United Technologies Corp | | | | | 4.500 | | | 06/01/42 | | | 8,253 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 400,000 | | | g | | WESCO Distribution, Inc | | | | | 7.125 | % | | 06/15/25 | | $ | 422 | |
| | 300,000 | | | g | | WESCO Distribution, Inc | | | | | 7.250 | | | 06/15/28 | | | 316 | |
| | 975,000 | | | | | Xylem, Inc | | | | | 2.250 | | | 01/30/31 | | | 981 | |
| | | | | | | TOTAL CAPITAL GOODS | | | | | | | | | | | 140,422 | |
| | | | | | | | | | | | | | | | | | | |
| COMMERCIAL & PROFESSIONAL SERVICES - 0.6% | | | | | | | | | | | | |
| | 875,000 | | | | | AECOM | | | | | 5.875 | | | 10/15/24 | | | 945 | |
| | 325,000 | | | g | | ASGN, Inc | | | | | 4.625 | | | 05/15/28 | | | 317 | |
| | 250,000 | | | g | | GFL Environmental, Inc | | | | | 4.250 | | | 06/01/25 | | | 252 | |
| | 1,950,000 | | | | | IHS Markit Ltd | | | | | 4.125 | | | 08/01/23 | | | 2,132 | |
| | 3,175,000 | | | | | IHS Markit Ltd | | | | | 4.250 | | | 05/01/29 | | | 3,633 | |
| | 2,350,000 | | | g | | Prime Security Services Borrower LLC | | | | | 5.250 | | | 04/15/24 | | | 2,403 | |
| | 2,000,000 | | | g | | Prime Security Services Borrower LLC | | | | | 5.750 | | | 04/15/26 | | | 2,073 | |
| | 725,000 | | | g | | Prime Security Services Borrower LLC | | | | | 6.250 | | | 01/15/28 | | | 683 | |
| | 11,102,000 | | | | | Republic Services, Inc | | | | | 3.550 | | | 06/01/22 | | | 11,664 | |
| | 7,971,000 | | | | | Republic Services, Inc | | | | | 2.900 | | | 07/01/26 | | | 8,707 | |
| | 1,000,000 | | | | | United Rentals North America, Inc | | | | | 4.625 | | | 10/15/25 | | | 1,005 | |
| | 1,250,000 | | | | | Verisk Analytics, Inc | | | | | 4.125 | | | 03/15/29 | | | 1,460 | |
| | 1,050,000 | | | | | Verisk Analytics, Inc | | | | | 3.625 | | | 05/15/50 | | | 1,189 | |
| | 7,075,000 | | | | | Visa, Inc | | | | | 2.050 | | | 04/15/30 | | | 7,416 | |
| | 1,800,000 | | | | | Visa, Inc | | | | | 2.700 | | | 04/15/40 | | | 1,928 | |
| | 9,650,000 | | | | | Waste Management, Inc | | | | | 2.900 | | | 09/15/22 | | | 10,085 | |
| | 3,600,000 | | | | | Waste Management, Inc | | | | | 2.950 | | | 06/15/24 | | | 3,686 | |
| | 15,450,000 | | | | | Waste Management, Inc | | | | | 3.450 | | | 06/15/29 | | | 15,987 | |
| | 2,225,000 | | | | | Waste Management, Inc | | | | | 4.100 | | | 03/01/45 | | | 2,660 | |
| | 3,475,000 | | | | | Waste Management, Inc | | | | | 4.150 | | | 07/15/49 | | | 4,355 | |
| | | | | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | | | 82,580 | |
| | | | | | | | | | | | | | | | | | | |
| CONSUMER DURABLES & APPAREL - 0.0% | | | | | | | | | | | | |
| | 1,600,000 | | | | | Leggett & Platt, Inc | | | | | 4.400 | | | 03/15/29 | | | 1,721 | |
| | 375,000 | | | | | Newell Brands, Inc | | | | | 4.875 | | | 06/01/25 | | | 393 | |
| | | | | | | TOTAL CONSUMER DURABLES & APPAREL | | | | | | | | | 2,114 | |
| | | | | | | | | | | | | | | | | | | |
| CONSUMER SERVICES - 0.8% | | | | | | | | | | | | |
| | 9,820,000 | | | | | Amherst College | | | | | 4.100 | | | 11/01/45 | | | 12,068 | |
| | 29,085,000 | | | | | Anheuser-Busch Cos LLC | | | | | 3.650 | | | 02/01/26 | | | 32,658 | |
| | 9,500,000 | | | | | Anheuser-Busch Cos LLC | | | | | 4.900 | | | 02/01/46 | | | 11,620 | |
| | 600,000 | | | | | Boyd Gaming Corp | | | | | 6.000 | | | 08/15/26 | | | 558 | |
| | 1,825,000 | | | g | | Cedar Fair LP | | | | | 5.500 | | | 05/01/25 | | | 1,834 | |
| | 125,000 | | | g | | Hilton Domestic Operating Co, Inc | | | | | 5.375 | | | 05/01/25 | | | 125 | |
| | 125,000 | | | g | | Hilton Domestic Operating Co, Inc | | | | | 5.750 | | | 05/01/28 | | | 126 | |
| | 925,000 | | | g | | International Game Technology plc | | | | | 6.250 | | | 02/15/22 | | | 934 | |
| | 1,610,000 | | | g | | International Game Technology plc | | | | | 6.500 | | | 02/15/25 | | | 1,646 | |
| | 775,000 | | | g | | MGM China Holdings Ltd | | | | | 5.250 | | | 06/18/25 | | | 790 | |
| | 250,000 | | | | | MGM Resorts International | | | | | 4.625 | | | 09/01/26 | | | 227 | |
| | 8,000,000 | | | | | President and Fellows of Harvard College | | | | | 3.529 | | | 10/01/31 | | | 9,622 | |
| | 14,250,000 | | | | | President and Fellows of Harvard College | | | | | 3.619 | | | 10/01/37 | | | 17,454 | |
| | 2,100,000 | | | | | Sands China Ltd | | | | | 5.400 | | | 08/08/28 | | | 2,318 | |
| | 1,600,000 | | | g | | Sands China Ltd | | | | | 4.375 | | | 06/18/30 | | | 1,665 | |
| | 1,000,000 | | | g | | Scientific Games International, Inc | | | | | 5.000 | | | 10/15/25 | | | 923 | |
| EUR | 500,000 | | | g | | Scientific Games International, Inc | | | | | 3.375 | | | 02/15/26 | | | 517 | |
| $ | 15,000,000 | | | | | Smith College | | | | | 4.620 | | | 07/01/45 | | | 19,990 | |
| | 1,125,000 | | | g | | Wynn Macau Ltd | | | | | 5.500 | | | 01/15/26 | | | 1,111 | |
| | 100,000 | | | g | | Yum! Brands, Inc | | | | | 7.750 | | | 04/01/25 | | | 108 | |
| | | | | | | TOTAL CONSUMER SERVICES | | | | | | | | | | | 116,294 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| DIVERSIFIED FINANCIALS - 3.6% | | | | | | | | | | | | |
| $ | 3,500,000 | | | | | AerCap Ireland Capital DAC | | | | | 3.650 | % | | 07/21/27 | | $ | 3,097 | |
| | 5,525,000 | | | | | American Express Co | | | | | 2.500 | | | 08/01/22 | | | 5,733 | |
| | 4,000,000 | | | | | American Express Co | | | | | 3.700 | | | 08/03/23 | | | 4,353 | |
| | 2,775,000 | | | | | American Express Credit Corp | | | | | 3.300 | | | 05/03/27 | | | 3,153 | |
| EUR | 425,000 | | | | | American Honda Finance Corp | | | | | 1.950 | | | 10/18/24 | | | 503 | |
| $ | 3,975,000 | | | | | Ameriprise Financial, Inc | | | | | 3.000 | | | 03/22/22 | | | 4,137 | |
| | 6,000,000 | | | | | Australia & New Zealand Banking Group Ltd | | | | | 2.625 | | | 05/19/22 | | | 6,252 | |
| | 500,000 | | | | | AXA Equitable Holdings, Inc | | | | | 5.000 | | | 04/20/48 | | | 569 | |
| | 300,000 | | | g | | Bangkok Bank PCL | | | | | 3.733 | | | 09/25/34 | | | 286 | |
| | 5,350,000 | | | | | Bank of Montreal | | | | | 3.803 | | | 12/15/32 | | | 5,758 | |
| | 300,000 | | | g | | BBVA Bancomer S.A. | | | | | 5.350 | | | 11/12/29 | | | 292 | |
| | 1,500,000 | | | g | | BBVA Bancomer S.A. | | | | | 5.125 | | | 01/18/33 | | | 1,396 | |
| | 4,525,000 | | | | | Berkshire Hathaway, Inc | | | | | 3.125 | | | 03/15/26 | | | 5,069 | |
| | 11,000,000 | | | g | | BNP Paribas S.A. | | | | | 2.819 | | | 11/19/25 | | | 11,520 | |
| | 3,400,000 | | | g | | BNP Paribas S.A. | | | | | 2.219 | | | 06/09/26 | | | 3,474 | |
| | 7,300,000 | | | g | | BNP Paribas S.A. | | | | | 3.052 | | | 01/13/31 | | | 7,679 | |
| | 20,775,000 | | | | | Capital One Bank USA NA | | | | | 3.375 | | �� | 02/15/23 | | | 21,874 | |
| EUR | 150,000 | | | | | Capital One Financial Corp | | | | | 0.800 | | | 06/12/24 | | | 164 | |
| $ | 6,250,000 | | | | | Community Preservation Corp | | | | | 2.867 | | | 02/01/30 | | | 5,975 | |
| | 9,800,000 | | | g | | Credit Suisse Group AG. | | | | | 2.997 | | | 12/14/23 | | | 10,201 | |
| EUR | 250,000 | | | g | | Credit Suisse Group AG. | | | | | 1.250 | | | 07/17/25 | | | 286 | |
| $ | 8,475,000 | | | g | | Credit Suisse Group AG. | | | | | 2.193 | | | 06/05/26 | | | 8,581 | |
| | 3,900,000 | | | g | | Credit Suisse Group AG. | | | | | 4.282 | | | 01/09/28 | | | 4,367 | |
| | 7,700,000 | | | | | Credit Suisse Group Funding Guernsey Ltd | | | | | 3.800 | | | 06/09/23 | | | 8,291 | |
| | 10,250,000 | | | | | Credit Suisse Group Funding Guernsey Ltd | | | | | 3.750 | | | 03/26/25 | | | 11,297 | |
| EUR | 500,000 | | | | | EDP Finance BV | | | | | 1.125 | | | 02/12/24 | | | 577 | |
| $ | 4,000,000 | | | | | Ford Motor Credit Co LLC | | | | | 3.096 | | | 05/04/23 | | | 3,791 | |
| | 4,825,000 | | | | | GE Capital International Funding Co | | | | | 3.373 | | | 11/15/25 | | | 5,063 | |
| | 25,700,000 | | | | | GE Capital International Funding Co | | | | | 4.418 | | | 11/15/35 | | | 26,092 | |
| | 20,000,000 | | | | | General Motors Financial Co, Inc | | | | | 2.750 | | | 06/20/25 | | | 19,709 | |
| | 5,475,000 | | | | | General Motors Financial Co, Inc | | | | | 5.650 | | | 01/17/29 | | | 6,099 | |
| EUR | 850,000 | | | | | Goldman Sachs Group, Inc | | | | | 2.000 | | | 07/27/23 | | | 995 | |
| $ | 13,575,000 | | | | | Goldman Sachs Group, Inc | | | | | 3.500 | | | 01/23/25 | | | 14,779 | |
| | 26,625,000 | | | | | Goldman Sachs Group, Inc | | | | | 3.691 | | | 06/05/28 | | | 29,820 | |
| | 7,400,000 | | | | | Goldman Sachs Group, Inc | | | | | 2.600 | | | 02/07/30 | | | 7,725 | |
| | 6,075,000 | | | | | Goldman Sachs Group, Inc | | | | | 4.017 | | | 10/31/38 | | | 7,097 | |
| | 7,675,000 | | | | | Goldman Sachs Group, Inc | | | | | 4.800 | | | 07/08/44 | | | 10,005 | |
| | 1,221,534 | | | | | Golondrina Leasing LLC | | | | | 1.822 | | | 05/03/25 | | | 1,246 | |
| | 3,325,000 | | | g | | Grupo Aval Ltd | | | | | 4.375 | | | 02/04/30 | | | 3,175 | |
| | 3,375,000 | | | g | | ICICI Bank Ltd | | | | | 3.800 | | | 12/14/27 | | | 3,360 | |
| | 15,200,000 | | | g | | ING Groep NV | | | | | 1.400 | | | 07/01/26 | | | 15,236 | |
| | 5,000,000 | | | | | International Lease Finance Corp | | | | | 5.875 | | | 08/15/22 | | | 5,260 | |
| | 1,305,000 | | | | | Legg Mason, Inc | | | | | 3.950 | | | 07/15/24 | | | 1,404 | |
| | 7,625,000 | | | | | Morgan Stanley | | | | | 3.125 | | | 01/23/23 | | | 8,085 | |
| | 25,885,000 | | | | | Morgan Stanley | | | | | 2.720 | | | 07/22/25 | | | 27,485 | |
| | 5,400,000 | | | | | Morgan Stanley | | | | | 2.188 | | | 04/28/26 | | | 5,616 | |
| | 37,625,000 | | | | | Morgan Stanley | | | | | 3.125 | | | 07/27/26 | | | 41,509 | |
| EUR | 700,000 | | | | | Morgan Stanley | | | | | 1.342 | | | 10/23/26 | | | 810 | |
| $ | 6,900,000 | | | | | Morgan Stanley | | | | | 3.625 | | | 01/20/27 | | | 7,789 | |
| | 21,500,000 | | | | | Morgan Stanley | | | | | 2.699 | | | 01/22/31 | | | 22,836 | |
| | 3,350,000 | | | g | | Power Finance Corp Ltd | | | | | 3.950 | | | 04/23/30 | | | 3,167 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 17,580,000 | | | | | Shire Acquisitions Investments Ireland DAC | | | | | 3.200 | % | | 09/23/26 | | $ | 19,500 | |
| | 550,000 | | | | | Springleaf Finance Corp | | | | | 5.375 | | | 11/15/29 | | | 517 | |
| | 2,600,000 | | | g | | Swiss Re Finance Luxembourg SA | | | | | 5.000 | | | 04/02/49 | | | 2,907 | |
| | 9,269,000 | | | | | Synchrony Financial | | | | | 4.250 | | | 08/15/24 | | | 9,748 | |
| | 11,000,000 | | | | | Toronto-Dominion Bank | | | | | 1.150 | | | 06/12/25 | | | 11,134 | |
| | 5,000,000 | | | g | | UBS AG. | | | | | 2.450 | | | 12/01/20 | | | 5,032 | |
| | 10,157,000 | | | g | | UBS Group AG. | | | | | 2.859 | | | 08/15/23 | | | 10,521 | |
| | 5,900,000 | | | g | | UBS Group AG. | | | | | 3.126 | | | 08/13/30 | | | 6,373 | |
| | 8,400,000 | | | | | Wells Fargo & Co | | | | | 3.750 | | | 01/24/24 | | | 9,178 | |
| | 5,300,000 | | | | | Wells Fargo & Co | | | | | 3.550 | | | 09/29/25 | | | 5,919 | |
| | 5,600,000 | | | | | Wells Fargo & Co | | | | | 3.000 | | | 10/23/26 | | | 6,108 | |
| | 21,575,000 | | | | | Wells Fargo & Co | | | | | 2.393 | | | 06/02/28 | | | 22,288 | |
| | 11,950,000 | | | | | Wells Fargo & Co | | | | | 2.879 | | | 10/30/30 | | | 12,771 | |
| | 3,000,000 | | | | | Wells Fargo & Co | | | | | 5.875 | | | N/A‡ | | | 3,118 | |
| | | | | | | TOTAL DIVERSIFIED FINANCIALS | | | | | | | | | | | 538,151 | |
| | | | | | | | | | | | | | | | | | | |
| ENERGY - 3.0% | | | | | | | | | | | | |
| | 1,825,000 | | | g | | Abu Dhabi Crude Oil Pipeline LLC | | | | | 4.600 | | | 11/02/47 | | | 2,163 | |
| | 1,050,000 | | | | | AmeriGas Partners LP | | | | | 5.875 | | | 08/20/26 | | | 1,108 | |
| | 11,000,000 | | | | | Chevron Corp | | | | | 1.554 | | | 05/11/25 | | | 11,299 | |
| | 4,925,000 | | | | | Chevron Corp | | | | | 2.236 | | | 05/11/30 | | | 5,155 | |
| | 2,375,000 | | | | | Crestwood Midstream Partners LP | | | | | 5.750 | | | 04/01/25 | | | 2,051 | |
| | 10,000,000 | | | | | Diamondback Energy, Inc | | | | | 2.875 | | | 12/01/24 | | | 10,017 | |
| | 250,000 | | | | | Ecopetrol S.A. | | | | | 5.375 | | | 06/26/26 | | | 262 | |
| | 4,100,000 | | | | | Ecopetrol S.A. | | | | | 6.875 | | | 04/29/30 | | | 4,719 | |
| | 2,000,000 | | | | | Ecopetrol S.A. | | | | | 5.875 | | | 05/28/45 | | | 2,093 | |
| | 500,000 | | | g | | Empresa Nacional del Petroleo | | | | | 3.750 | | | 08/05/26 | | | 516 | |
| | 475,000 | | | | | Enable Midstream Partners LP | | | | | 4.150 | | | 09/15/29 | | | 416 | |
| | 8,225,000 | | | | | Enbridge, Inc | | | | | 3.125 | | | 11/15/29 | | | 8,619 | |
| | 6,421,000 | | | | | Energy Transfer Operating LP | | | | | 3.600 | | | 02/01/23 | | | 6,643 | |
| | 5,930,000 | | | | | Energy Transfer Operating LP | | | | | 4.200 | | | 09/15/23 | | | 6,301 | |
| | 4,575,000 | | | | | Energy Transfer Operating LP | | | | | 2.900 | | | 05/15/25 | | | 4,685 | |
| | 8,400,000 | | | | | Energy Transfer Operating LP | | | | | 4.750 | | | 01/15/26 | | | 9,174 | |
| | 7,850,000 | | | | | Energy Transfer Operating LP | | | | | 4.950 | | | 06/15/28 | | | 8,429 | |
| | 4,225,000 | | | | | Energy Transfer Operating LP | | | | | 5.250 | | | 04/15/29 | | | 4,611 | |
| | 10,350,000 | | | | | Energy Transfer Operating LP | | | | | 3.750 | | | 05/15/30 | | | 10,227 | |
| | 8,700,000 | | | | | Energy Transfer Operating LP | | | | | 6.250 | | | 04/15/49 | | | 9,220 | |
| | 11,125,000 | | | | | Energy Transfer Operating LP | | | | | 5.000 | | | 05/15/50 | | | 10,511 | |
| | 5,125,000 | | | | | Enterprise Products Operating LLC | | | | | 3.700 | | | 02/15/26 | | | 5,759 | |
| | 6,275,000 | | | | | Enterprise Products Operating LLC | | | | | 3.125 | | | 07/31/29 | | | 6,715 | |
| | 700,000 | | | | | Enterprise Products Operating LLC | | | | | 2.800 | | | 01/31/30 | | | 734 | |
| | 1,250,000 | | | | | Enterprise Products Operating LLC | | | | | 4.900 | | | 05/15/46 | | | 1,447 | |
| | 4,025,000 | | | | | Enterprise Products Operating LLC | | | | | 4.250 | | | 02/15/48 | | | 4,378 | |
| | 6,200,000 | | | | | Enterprise Products Operating LLC | | | | | 4.800 | | | 02/01/49 | | | 7,340 | |
| | 4,200,000 | | | | | Enterprise Products Operating LLC | | | | | 4.200 | | | 01/31/50 | | | 4,647 | |
| | 10,600,000 | | | | | Enterprise Products Operating LLC | | | | | 3.700 | | | 01/31/51 | | | 11,020 | |
| | 5,125,000 | | | | | Enterprise Products Operating LLC | | | | | 3.950 | | | 01/31/60 | | | 5,299 | |
| | 1,225,000 | | | g | | EQM Midstream Partners LP | | | | | 6.000 | | | 07/01/25 | | | 1,237 | |
| | 300,000 | | | g | | Gazprom OAO Via Gaz Capital S.A. | | | | | 4.950 | | | 03/23/27 | | | 333 | |
| | 4,850,000 | | | | | Kinder Morgan Energy Partners LP | | | | | 5.400 | | | 09/01/44 | | | 5,705 | |
| | 2,065,000 | | | | | Kinder Morgan, Inc | | | | | 5.300 | | | 12/01/34 | | | 2,402 | |
| | 10,675,000 | | | | | Magellan Midstream Partners LP | | | | | 3.250 | | | 06/01/30 | | | 11,308 | |
| | 7,125,000 | | | | | Marathon Oil Corp | | | | | 4.400 | | | 07/15/27 | | | 6,992 | |
| | 9,075,000 | | | | | Marathon Petroleum Corp | | | | | 3.800 | | | 04/01/28 | | | 9,619 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 2,800,000 | | | | | Marathon Petroleum Corp | | | | | 4.750 | % | | 09/15/44 | | $ | 2,923 | |
| | 11,000,000 | | | | | MPLX LP | | | | | 4.000 | | | 03/15/28 | | | 11,590 | |
| | 12,525,000 | | | | | MPLX LP | | | | | 4.500 | | | 04/15/38 | | | 12,521 | |
| | 6,150,000 | | | | | MPLX LP | | | | | 4.700 | | | 04/15/48 | | | 6,305 | |
| | 675,000 | | | | | Murphy Oil Corp | | | | | 5.875 | | | 12/01/27 | | | 594 | |
| | 1,000,000 | | | | | NAK Naftogaz Ukraine via Kondor Finance plc | | | | | 7.375 | | | 07/19/22 | | | 992 | |
| | 900,000 | | | | | Noble Energy, Inc | | | | | 3.900 | | | 11/15/24 | | | 907 | |
| | 1,675,000 | | | | | Noble Energy, Inc | | | | | 3.850 | | | 01/15/28 | | | 1,618 | |
| | 3,465,000 | | | | | Noble Energy, Inc | | | | | 5.050 | | | 11/15/44 | | | 3,149 | |
| | 3,000,000 | | | | | Occidental Petroleum Corp | | | | | 3.500 | | | 06/15/25 | | | 2,535 | |
| | 2,200,000 | | | | | Occidental Petroleum Corp | | | | | 5.550 | | | 03/15/26 | | | 2,008 | |
| | 3,900,000 | | | | | Occidental Petroleum Corp | | | | | 4.300 | | | 08/15/39 | | | 2,690 | |
| | 4,000,000 | | | | | ONEOK, Inc | | | | | 4.000 | | | 07/13/27 | | | 4,059 | |
| | 9,642,000 | | | | | ONEOK, Inc | | | | | 4.550 | | | 07/15/28 | | | 10,107 | |
| | 12,150,000 | | | | | ONEOK, Inc | | | | | 4.350 | | | 03/15/29 | | | 12,779 | |
| | 10,380,000 | | | | | ONEOK, Inc | | | | | 3.400 | | | 09/01/29 | | | 10,094 | |
| | 5,500,000 | | | | | ONEOK, Inc | | | | | 3.100 | | | 03/15/30 | | | 5,261 | |
| | 5,500,000 | | | | | ONEOK, Inc | | | | | 4.500 | | | 03/15/50 | | | 5,118 | |
| | 3,000,000 | | | g | | Pertamina Persero PT | | | | | 4.300 | | | 05/20/23 | | | 3,164 | |
| | 1,425,000 | | | g | | Pertamina Persero PT | | | | | 3.650 | | | 07/30/29 | | | 1,482 | |
| | 2,600,000 | | | g | | Peru LNG Srl | | | | | 5.375 | | | 03/22/30 | | | 2,044 | |
| | 2,335,000 | | | | | Petrobras Global Finance BV | | | | | 5.999 | | | 01/27/28 | | | 2,446 | |
| | 1,100,000 | | | g | | Petrobras Global Finance BV | | | | | 5.093 | | | 01/15/30 | | | 1,096 | |
| | 4,000,000 | | | | | Petrobras Global Finance BV | | | | | 5.600 | | | 01/03/31 | | | 4,018 | |
| | 750,000 | | | | | Petrobras Global Finance BV | | | | | 7.250 | | | 03/17/44 | | | 815 | |
| EUR | 375,000 | | | | | Petroleos Mexicanos | | | | | 1.875 | | | 04/21/22 | | | 392 | |
| $ | 5,000,000 | | | | | Petroleos Mexicanos | | | | | 1.950 | | | 12/20/22 | | | 5,072 | |
| | 2,675,000 | | | | | Petroleos Mexicanos | | | | | 2.000 | | | 12/20/22 | | | 2,717 | |
| | 3,900,000 | | | | | Petroleos Mexicanos | | | | | 4.500 | | | 01/23/26 | | | 3,403 | |
| | 3,775,000 | | | | | Petroleos Mexicanos | | | | | 6.500 | | | 03/13/27 | | | 3,407 | |
| | 3,050,000 | | | | | Petroleos Mexicanos | | | | | 5.350 | | | 02/12/28 | | | 2,562 | |
| | 2,988,000 | | | g | | Petroleos Mexicanos | | | | | 6.840 | | | 01/23/30 | | | 2,620 | |
| | 5,300,000 | | | g | | Petroleos Mexicanos | | | | | 5.950 | | | 01/28/31 | | | 4,373 | |
| | 2,150,000 | | | g | | Petronas Capital Ltd | | | | | 3.500 | | | 04/21/30 | | | 2,384 | |
| | 3,250,000 | | | | | Phillips 66 Partners LP | | | | | 3.150 | | | 12/15/29 | | | 3,327 | |
| | 3,275,000 | | | | | Phillips 66 Partners LP | | | | | 4.680 | | | 02/15/45 | | | 3,518 | |
| | 1,200,000 | | | | | Regency Energy Partners LP | | | | | 4.500 | | | 11/01/23 | | | 1,288 | |
| | 2,650,000 | | | g | | Rio Oil Finance Trust | | | | | 8.200 | | | 04/06/28 | | | 2,660 | |
| | 9,875,000 | | | | | Sabine Pass Liquefaction LLC | | | | | 4.200 | | | 03/15/28 | | | 10,591 | |
| | 2,500,000 | | | g | | Sabine Pass Liquefaction LLC | | | | | 4.500 | | | 05/15/30 | | | 2,760 | |
| | 5,550,000 | | | | | Shell International Finance BV | | | | | 2.250 | | | 01/06/23 | | | 5,763 | |
| | 4,875,000 | | | | | Shell International Finance BV | | | | | 2.875 | | | 05/10/26 | | | 5,339 | |
| | 6,900,000 | | | | | Shell International Finance BV | | | | | 3.125 | | | 11/07/49 | | | 7,251 | |
| | 350,000 | | | g | | Stena AB | | | | | 7.000 | | | 02/01/24 | | | 329 | |
| | 6,500,000 | | | | | Sunoco Logistics Partners Operations LP | | | | | 4.000 | | | 10/01/27 | | | 6,659 | |
| | 1,925,000 | | | | | Sunoco Logistics Partners Operations LP | | | | | 5.400 | | | 10/01/47 | | | 1,894 | |
| | 525,000 | | | | | Sunoco LP | | | | | 4.875 | | | 01/15/23 | | | 517 | |
| | 600,000 | | | | | Targa Resources Partners LP | | | | | 5.125 | | | 02/01/25 | | | 577 | |
| | 1,000,000 | | | | | Targa Resources Partners LP | | | | | 5.875 | | | 04/15/26 | | | 990 | |
| | 425,000 | | | | | Targa Resources Partners LP | | | | | 6.500 | | | 07/15/27 | | | 426 | |
| | 9,900,000 | | | g | | Thaioil Treasury Center Co Ltd | | | | | 2.500 | | | 06/18/30 | | | 9,877 | |
| EUR | 600,000 | | | | | Total Capital International S.A. | | | | | 2.500 | | | 03/25/26 | | | 757 | |
| $ | 11,000,000 | | | | | Total Capital International S.A. | | | | | 3.127 | | | 05/29/50 | | | 11,228 | |
| | 19,150,000 | | | | | TransCanada PipeLines Ltd | | | | | 4.250 | | | 05/15/28 | | | 22,029 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 2,500,000 | | | | | Vale Overseas Ltd | | | | | 6.250 | % | | 08/10/26 | | $ | 2,941 | |
| | 5,075,000 | | | | | Williams Partners LP | | | | | 3.750 | | | 06/15/27 | | | 5,413 | |
| | 2,000,000 | | | g | | YPF S.A. | | | | | 8.500 | | | 07/28/25 | | | 1,485 | |
| | | | | | | TOTAL ENERGY | | | | | | | | | | | 448,018 | |
| | | | | | | | | | | | | | | | | | | |
| FOOD & STAPLES RETAILING - 0.6% | | | | | | | | | | | | |
| | 5,225,000 | | | | | Costco Wholesale Corp | | | | | 1.375 | | | 06/20/27 | | | 5,335 | |
| | 7,850,000 | | | | | Costco Wholesale Corp | | | | | 1.600 | | | 04/20/30 | | | 7,931 | |
| | 2,450,000 | | | | | Costco Wholesale Corp | | | | | 1.750 | | | 04/20/32 | | | 2,487 | |
| | 2,258,000 | | | | | Ingles Markets, Inc | | | | | 5.750 | | | 06/15/23 | | | 2,269 | |
| | 5,575,000 | | | | | Kroger Co | | | | | 3.700 | | | 08/01/27 | | | 6,366 | |
| | 3,140,000 | | | | | Kroger Co | | | | | 3.875 | | | 10/15/46 | | | 3,516 | |
| | 1,325,000 | | | | | Kroger Co | | | | | 4.450 | | | 02/01/47 | | | 1,605 | |
| | 2,636,000 | | | | | Kroger Co | | | | | 3.950 | | | 01/15/50 | | | 3,016 | |
| EUR | 1,000,000 | | | | | SYSCO Corp | | | | | 1.250 | | | 06/23/23 | | | 1,115 | |
| $ | 22,300,000 | | | | | Walmart, Inc | | | | | 3.700 | | | 06/26/28 | | | 26,421 | |
| | 9,350,000 | | | | | Walmart, Inc | | | | | 3.250 | | | 07/08/29 | | | 10,863 | |
| | 13,650,000 | | | | | Walmart, Inc | | | | | 2.375 | | | 09/24/29 | | | 14,893 | |
| | 6,150,000 | | | | | Walmart, Inc | | | | | 3.950 | | | 06/28/38 | | | 7,825 | |
| | | | | | | TOTAL FOOD & STAPLES RETAILING | | | | | | | | | | | 93,642 | |
| | | | | | | | | | | | | | | | | | | |
| FOOD, BEVERAGE & TOBACCO - 1.1% | | | | | | | | | | | | |
| | 6,425,000 | | | | | Altria Group, Inc | | | | | 4.800 | | | 02/14/29 | | | 7,490 | |
| | 3,375,000 | | | | | Altria Group, Inc | | | | | 3.400 | | | 05/06/30 | | | 3,630 | |
| | 5,800,000 | | | | | Altria Group, Inc | | | | | 5.950 | | | 02/14/49 | | | 7,604 | |
| | 9,474,000 | | | | | Anheuser-Busch InBev Finance, Inc | | | | | 3.300 | | | 02/01/23 | | | 10,020 | |
| | 18,600,000 | | | | | Anheuser-Busch InBev Worldwide, Inc | | | | | 4.750 | | | 01/23/29 | | | 22,470 | |
| | 5,045,000 | | | | | Anheuser-Busch InBev Worldwide, Inc | | | | | 4.439 | | | 10/06/48 | | | 5,810 | |
| | 10,825,000 | | | | | BAT Capital Corp | | | | | 4.906 | | | 04/02/30 | | | 12,711 | |
| | 2,750,000 | | | | | Coca-Cola Co | | | | | 1.450 | | | 06/01/27 | | | 2,824 | |
| | 3,325,000 | | | | | Coca-Cola Co | | | | | 3.450 | | | 03/25/30 | | | 3,911 | |
| | 3,375,000 | | | | | Coca-Cola Co | | | | | 1.650 | | | 06/01/30 | | | 3,432 | |
| | 1,700,000 | | | | | Constellation Brands, Inc | | | | | 4.400 | | | 11/15/25 | | | 1,965 | |
| | 2,675,000 | | | | | Constellation Brands, Inc | | | | | 3.700 | | | 12/06/26 | | | 2,985 | |
| | 1,825,000 | | | | | Constellation Brands, Inc | | | | | 3.600 | | | 02/15/28 | | | 2,022 | |
| | 3,225,000 | | | | | Constellation Brands, Inc | | | | | 3.150 | | | 08/01/29 | | | 3,457 | |
| | 1,125,000 | | | | | Constellation Brands, Inc | | | | | 2.875 | | | 05/01/30 | | | 1,192 | |
| | 3,000,000 | | | g | | Corp Lindley S.A. | | | | | 4.625 | | | 04/12/23 | | | 3,090 | |
| | 5,500,000 | | | | | Diageo Capital plc | | | | | 2.125 | | | 10/24/24 | | | 5,784 | |
| | 4,500,000 | | | | | Diageo Capital plc | | | | | 1.375 | | | 09/29/25 | | | 4,578 | |
| | 8,050,000 | | | | | Diageo Capital plc | | | | | 2.375 | | | 10/24/29 | | | 8,592 | |
| | 3,900,000 | | | | | Diageo Capital plc | | | | | 2.000 | | | 04/29/30 | | | 4,035 | |
| | 3,600,000 | | | g | | Embotelladora Andina S.A. | | | | | 3.950 | | | 01/21/50 | | | 3,602 | |
| | 1,550,000 | | | | | General Mills, Inc | | | | | 2.875 | | | 04/15/30 | | | 1,685 | |
| | 3,700,000 | | | g | | Grupo Bimbo SAB de C.V. | | | | | 4.700 | | | 11/10/47 | | | 4,083 | |
| | 2,400,000 | | | g | | Grupo Bimbo SAB de C.V. | | | | | 5.950 | | | N/A‡ | | | 2,475 | |
| | 1,550,000 | | | | | JM Smucker Co | | | | | 2.375 | | | 03/15/30 | | | 1,582 | |
| | 4,450,000 | | | | | JM Smucker Co | | | | | 3.550 | | | 03/15/50 | | | 4,590 | |
| | 3,900,000 | | | | | Kellogg Co | | | | | 3.400 | | | 11/15/27 | | | 4,378 | |
| EUR | 400,000 | | | | | PepsiCo, Inc | | | | | 0.500 | | | 05/06/28 | | | 452 | |
| $ | 3,125,000 | | | | | PepsiCo, Inc | | | | | 3.450 | | | 10/06/46 | | | 3,608 | |
| | 6,325,000 | | | | | Philip Morris International, Inc | | | | | 2.100 | | | 05/01/30 | | | 6,516 | |
| | 1,600,000 | | | | | Philip Morris International, Inc | | | | | 6.375 | | | 05/16/38 | | | 2,411 | |
| | 2,700,000 | | | | | Tyson Foods, Inc | | | | | 3.900 | | | 09/28/23 | | | 2,947 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 5,800,000 | | | | | Tyson Foods, Inc | | | | | 5.100 | % | | 09/28/48 | | $ | 7,540 | |
| | | | | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | | | | | | | | | 163,471 | |
| | | | | | | | | | | | | | | | | | | |
| HEALTH CARE EQUIPMENT & SERVICES - 1.7% | | | | | | | | | | | | |
| | 11,100,000 | | | | | Anthem, Inc | | | | | 3.650 | | | 12/01/27 | | | 12,647 | |
| EUR | 430,000 | | | | | Becton Dickinson & Co | | | | | 1.401 | | | 05/24/23 | | | 490 | |
| | 670,000 | | | | | Becton Dickinson & Co | | | | | 1.900 | | | 12/15/26 | | | 779 | |
| $ | 11,589,000 | | | | | Becton Dickinson & Co | | | | | 3.700 | | | 06/06/27 | | | 12,966 | |
| | 4,850,000 | | | | | Boston Scientific Corp | | | | | 4.000 | | | 03/01/29 | | | 5,548 | |
| | 3,650,000 | | | | | Centene Corp | | | | | 4.250 | | | 12/15/27 | | | 3,766 | |
| | 19,230,000 | | | | | Children's Hospital Medic | | | | | 4.268 | | | 05/15/44 | | | 23,772 | |
| | 5,350,000 | | | | | Cigna Corp | | | | | 2.400 | | | 03/15/30 | | | 5,551 | |
| | 5,075,000 | | | | | Cigna Corp | | | | | 3.200 | | | 03/15/40 | | | 5,374 | |
| | 3,800,000 | | | | | Covidien International Finance S.A. | | | | | 3.200 | | | 06/15/22 | | | 3,985 | |
| | 6,775,000 | | | | | CVS Health Corp | | | | | 2.625 | | | 08/15/24 | | | 7,234 | |
| | 15,950,000 | | | | | CVS Health Corp | | | | | 2.875 | | | 06/01/26 | | | 17,270 | |
| | 18,555,000 | | | | | CVS Health Corp | | | | | 4.300 | | | 03/25/28 | | | 21,692 | |
| | 23,450,000 | | | | | CVS Health Corp | | | | | 3.750 | | | 04/01/30 | | | 26,965 | |
| | 10,300,000 | | | | | CVS Health Corp | | | | | 4.780 | | | 03/25/38 | | | 12,795 | |
| | 8,350,000 | | | | | CVS Health Corp | | | | | 5.050 | | | 03/25/48 | | | 10,861 | |
| | 3,750,000 | | | | | CVS Health Corp | | | | | 4.250 | | | 04/01/50 | | | 4,511 | |
| | 4,105,000 | | | | | Dartmouth-Hitchcock Health | | | | | 4.178 | | | 08/01/48 | | | 4,452 | |
| | 1,250,000 | | | g | | DaVita, Inc | | | | | 4.625 | | | 06/01/30 | | | 1,243 | |
| EUR | 500,000 | | | | | DH Europe Finance Sarl | | | | | 1.200 | | | 06/30/27 | | | 581 | |
| $ | 4,225,000 | | | | | HCA, Inc | | | | | 5.625 | | | 09/01/28 | | | 4,713 | |
| | 5,000,000 | | | | | HCA, Inc | | | | | 5.500 | | | 06/15/47 | | | 6,087 | |
| | 6,250,000 | | | | | Humana, Inc | | | | | 3.950 | | | 03/15/27 | | | 7,090 | |
| | 12,500,000 | | | | | Mercy Health | | | | | 3.382 | | | 11/01/25 | | | 13,498 | |
| | 500,000 | | | g | | Molina Healthcare, Inc | | | | | 4.375 | | | 06/15/28 | | | 501 | |
| | 5,000,000 | | | | | New York and Presbyterian Hospital | | | | | 3.563 | | | 08/01/36 | | | 5,420 | |
| EUR | 450,000 | | | | | Stryker Corp | | | | | 2.625 | | | 11/30/30 | | | 579 | |
| $ | 150,000 | | | g | | Teleflex, Inc | | | | | 4.250 | | | 06/01/28 | | | 154 | |
| | 375,000 | | | g | | Tenet Healthcare Corp | | | | | 4.625 | | | 06/15/28 | | | 367 | |
| | 2,975,000 | | | | | Thermo Fisher Scientific, Inc | | | | | 4.133 | | | 03/25/25 | | | 3,398 | |
| | 5,350,000 | | | | | Thermo Fisher Scientific, Inc | | | | | 2.950 | | | 09/19/26 | | | 5,918 | |
| EUR | 300,000 | | | | | Thermo Fisher Scientific, Inc | | | | | 1.950 | | | 07/24/29 | | | 369 | |
| | 325,000 | | | | | Thermo Fisher Scientific, Inc | | | | | 2.875 | | | 07/24/37 | | | 442 | |
| $ | 5,775,000 | | | | | UnitedHealth Group, Inc | | | | | 2.950 | | | 10/15/27 | | | 6,445 | |
| | 4,625,000 | | | | | UnitedHealth Group, Inc | | | | | 3.750 | | | 10/15/47 | | | 5,517 | |
| | 2,150,000 | | | | | Zimmer Biomet Holdings, Inc | | | | | 3.700 | | | 03/19/23 | | | 2,287 | |
| | 3,745,000 | | | | | Zimmer Biomet Holdings, Inc | | | | | 3.550 | | | 04/01/25 | | | 4,072 | |
| | | | | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | | | 249,339 | |
| | | | | | | | | | | | | | | | | | | |
| HOUSEHOLD & PERSONAL PRODUCTS - 0.0% | | | | | | | | | | | | |
| EUR | 600,000 | | | | | The Procter & Gamble Company | | | | | 0.625 | | | 10/30/24 | | | 695 | |
| | 400,000 | | | | | The Procter & Gamble Company | | | | | 1.875 | | | 10/30/38 | | | 539 | |
| | | | | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | | | | | | 1,234 | |
| | | | | | | | | | | | | | | | | | | |
| INSURANCE - 1.0% | | | | | | | | | | | | |
| $ | 1,925,000 | | | | | Aetna, Inc | | | | | 6.625 | | | 06/15/36 | | | 2,737 | |
| | 5,500,000 | | | | | Allstate Corp | | | | | 3.850 | | | 08/10/49 | | | 6,588 | |
| | 2,700,000 | | | | | American Financial Group, Inc | | | | | 3.500 | | | 08/15/26 | | | 2,878 | |
| | 9,025,000 | | | | | American International Group, Inc | | | | | 3.900 | | | 04/01/26 | | | 10,194 | |
| | 2,875,000 | | | | | American International Group, Inc | | | | | 4.200 | | | 04/01/28 | | | 3,271 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 6,650,000 | | | | | Aon Corp | | | | | 3.750 | % | | 05/02/29 | | $ | 7,616 | |
| | 12,975,000 | | | | | Aon plc | | | | | 3.500 | | | 06/14/24 | | | 14,136 | |
| | 3,250,000 | | | | | AXIS Specialty Finance LLC | | | | �� | 4.900 | | | 01/15/40 | | | 3,047 | |
| | 2,275,000 | | | | | Berkshire Hathaway Finance Corp | | | | | 1.850 | | | 03/12/30 | | | 2,339 | |
| | 2,400,000 | | | | | Berkshire Hathaway Finance Corp | | | | | 4.250 | | | 01/15/49 | | | 3,075 | |
| | 6,250,000 | | | | | Chubb INA Holdings, Inc | | | | | 2.875 | | | 11/03/22 | | | 6,570 | |
| EUR | 450,000 | | | | | Chubb INA Holdings, Inc | | | | | 0.875 | | | 06/15/27 | | | 508 | |
| | 500,000 | | | | | Chubb INA Holdings, Inc | | | | | 1.550 | | | 03/15/28 | | | 591 | |
| | 450,000 | | | | | Chubb INA Holdings, Inc | | | | | 1.400 | | | 06/15/31 | | | 520 | |
| $ | 3,525,000 | | | | | CNA Financial Corp | | | | | 3.950 | | | 05/15/24 | | | 3,832 | |
| | 3,050,000 | | | | | CNA Financial Corp | | | | | 3.450 | | | 08/15/27 | | | 3,253 | |
| | 900,000 | | | | | CNA Financial Corp | | | | | 3.900 | | | 05/01/29 | | | 992 | |
| | 5,665,000 | | | g,i | | Cranberry RE Ltd | | LIBOR 6 M + 1.980% | | | 2.012 | | | 07/13/20 | | | 5,662 | |
| | 1,825,000 | | | g,h | | Equitable Financial Life Global Funding | | | | | 1.400 | | | 07/07/25 | | | 1,829 | |
| EUR | 250,000 | | | g | | Fairfax Financial Holdings Ltd | | | | | 2.750 | | | 03/29/28 | | | 289 | |
| $ | 5,575,000 | | | g | | Five Corners Funding Trust | | | | | 4.419 | | | 11/15/23 | | | 6,209 | |
| | 7,325,000 | | | g | | Five Corners Funding Trust II | | | | | 2.850 | | | 05/15/30 | | | 7,553 | |
| | 5,500,000 | | | | | Hartford Financial Services Group, Inc | | | | | 2.800 | | | 08/19/29 | | | 5,822 | |
| | 1,350,000 | | | | | Hartford Financial Services Group, Inc | | | | | 4.300 | | | 04/15/43 | | | 1,552 | |
| | 3,375,000 | | | | | Hartford Financial Services Group, Inc | | | | | 3.600 | | | 08/19/49 | | | 3,557 | |
| | 728,000 | | | g | | Liberty Mutual Group, Inc | | | | | 4.250 | | | 06/15/23 | | | 790 | |
| EUR | 750,000 | | | | | Liberty Mutual Group, Inc | | | | | 2.750 | | | 05/04/26 | | | 925 | |
| $ | 2,572,000 | | | g | | Liberty Mutual Group, Inc | | | | | 4.569 | | | 02/01/29 | | | 3,012 | |
| | 4,100,000 | | | g | | Liberty Mutual Group, Inc | | | | | 3.951 | | | 10/15/50 | | | 4,330 | |
| | 1,600,000 | | | | | Marsh & McLennan Cos, Inc | | | | | 3.500 | | | 06/03/24 | | | 1,749 | |
| | 1,365,000 | | | | | Marsh & McLennan Cos, Inc | | | | | 3.500 | | | 03/10/25 | | | 1,510 | |
| | 4,325,000 | | | | | MetLife, Inc | | | | | 3.600 | | | 11/13/25 | | | 4,916 | |
| | 3,025,000 | | | g | | Metropolitan Life Global Funding I | | | | 2.950 | | | 04/09/30 | | | 3,314 | |
| | 600,000 | | | | | Principal Financial Group, Inc | | | | | 3.700 | | | 05/15/29 | | | 682 | |
| | 6,000,000 | | | | | Principal Financial Group, Inc | | | | | 2.125 | | | 06/15/30 | | | 6,009 | |
| | 2,500,000 | | | | | Prudential Financial, Inc | | | | | 3.905 | | | 12/07/47 | | | 2,841 | |
| | 3,000,000 | | | g | | Prudential Funding LLC | | | | | 6.750 | | | 09/15/23 | | | 3,496 | |
| | 4,150,000 | | | | | Reinsurance Group of America, Inc | | | | | 3.900 | | | 05/15/29 | | | 4,521 | |
| | 1,300,000 | | | | | Travelers Cos, Inc | | | | | 2.550 | | | 04/27/50 | | | 1,284 | |
| | 7,750,000 | | | g,i | | Vitality Re IX Ltd | | | | | 1.722 | | | 01/10/22 | | | 7,363 | |
| | 3,500,000 | | | g,i | | Vitality Re X Ltd | | | | | 1.879 | | | 01/10/23 | | | 3,325 | |
| | 1,000,000 | | | | | Voya Financial, Inc | | | | | 5.700 | | | 07/15/43 | | | 1,299 | |
| | 2,400,000 | | | | | WR Berkley Corp | | | | | 5.375 | | | 09/15/20 | | | 2,420 | |
| | | | | | | TOTAL INSURANCE | | | | | | | | | | | 158,406 | |
| | | | | | | | | | | | | | | | | | | |
| MATERIALS - 1.1% | | | | | | | | | | | | |
| | 1,750,000 | | | | | Air Products and Chemicals, Inc | | | | | 1.500 | | | 10/15/25 | | | 1,810 | |
| | 1,950,000 | | | | | Air Products and Chemicals, Inc | | | | | 2.050 | | | 05/15/30 | | | 2,049 | |
| | 250,000 | | | g | | Arconic Corp | | | | | 6.000 | | | 05/15/25 | | | 257 | |
| | 175,000 | | | g | | Arconic Rolled Products Corp | | | | | 6.125 | | | 02/15/28 | | | 175 | |
| EUR | 250,000 | | | | | Ball Corp | | | | | 4.375 | | | 12/15/23 | | | 303 | |
| | 425,000 | | | | | Ball Corp | | | | | 0.875 | | | 03/15/24 | | | 458 | |
| $ | 852,000 | | | | | Bemis Co, Inc | | | | | 3.100 | | | 09/15/26 | | | 899 | |
| | 2,600,000 | | | | | Bemis Co, Inc | | | | | 2.630 | | | 06/19/30 | | | 2,665 | |
| | 200,000 | | | | | Celulosa Arauco y Constitucion S.A. | | | | 3.875 | | | 11/02/27 | | | 204 | |
| | 3,000,000 | | | g | | Celulosa Arauco y Constitucion S.A. | | | | | 4.250 | | | 04/30/29 | | | 3,083 | |
| | 1,650,000 | | | g | | Celulosa Arauco y Constitucion S.A. | | | | | 4.200 | | | 01/29/30 | | | 1,681 | |
| | 3,175,000 | | | g | | Cemex SAB de C.V. | | | | | 7.375 | | | 06/05/27 | | | 3,226 | |
| | 2,500,000 | | | g | | Cemex SAB de C.V. | | | | | 5.450 | | | 11/19/29 | | | 2,309 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 3,900,000 | | | g | | Corp Nacional del Cobre de Chile-CODELCO | | | | | 3.625 | % | | 08/01/27 | | $ | 4,184 | |
| | 3,000,000 | | | g | | Corp Nacional del Cobre de Chile-CODELCO | | | | | 3.150 | | | 01/14/30 | | | 3,119 | |
| | 2,000,000 | | | g | | Corp Nacional del Cobre de Chile-CODELCO | | | | | 3.700 | | | 01/30/50 | | | 2,040 | |
| | 4,000,000 | | | | | DowDuPont, Inc | | | | | 4.725 | | | 11/15/28 | | | 4,809 | |
| | 26,950,000 | | | | | DuPont de Nemours, Inc | | | | | 2.169 | | | 05/01/23 | | | 27,455 | |
| | 1,950,000 | | | g | | Industrias Penoles SAB de C.V. | | | | | 4.150 | | | 09/12/29 | | | 2,023 | |
| EUR | 350,000 | | | g | | INEOS Finance plc | | | | | 2.875 | | | 05/01/26 | | | 375 | |
| $ | 2,561,000 | | | | | International Paper Co | | | | | 5.000 | | | 09/15/35 | | | 3,125 | |
| | 3,750,000 | | | | | International Paper Co | | | | | 4.350 | | | 08/15/48 | | | 4,423 | |
| | 3,000,000 | | | g | | Inversiones CMPC S.A. | | | | | 4.375 | | | 04/04/27 | | | 3,202 | |
| | 1,500,000 | | | g | | Inversiones CMPC S.A. | | | | | 3.850 | | | 01/13/30 | | | 1,531 | |
| | 5,672,000 | | | | | LyondellBasell Industries NV | | | | | 6.000 | | | 11/15/21 | | | 5,988 | |
| | 5,800,000 | | | g | | Midwest Connector Capital Co LLC | | | | | 3.900 | | | 04/01/24 | | | 6,094 | |
| | 5,800,000 | | | g | | Midwest Connector Capital Co LLC | | | | | 4.625 | | | 04/01/29 | | | 6,251 | |
| | 1,725,000 | | | | | Mosaic Co | | | | | 4.875 | | | 11/15/41 | | | 1,695 | |
| | 4,000,000 | | | | | Newmont Corp | | | | | 2.250 | | | 10/01/30 | | | 4,053 | |
| | 2,000,000 | | | g | | Nova Chemicals Corp | | | | | 4.875 | | | 06/01/24 | | | 1,865 | |
| | 4,767,000 | | | | | Nutrien Ltd | | | | | 3.375 | | | 03/15/25 | | | 5,196 | |
| | 7,500,000 | | | | | Nutrien Ltd | | | | | 2.950 | | | 05/13/30 | | | 7,947 | |
| EUR | 125,000 | | | g | | OCI NV | | | | | 5.000 | | | 04/15/23 | | | 141 | |
| $ | 500,000 | | | g | | OCI NV | | | | | 6.625 | | | 04/15/23 | | | 503 | |
| EUR | 375,000 | | | g | | OCI NV | | | | | 3.125 | | | 11/01/24 | | | 411 | |
| $ | 525,000 | | | g | | OCI NV | | | | | 5.250 | | | 11/01/24 | | | 504 | |
| EUR | 250,000 | | | g | | OI European Group BV | | | | | 3.125 | | | 11/15/24 | | | 276 | |
| $ | 375,000 | | | g | | PolyOne Corp | | | | | 5.750 | | | 05/15/25 | | | 386 | |
| | 350,000 | | | g | | POSCO | | | | | 2.500 | | | 01/17/25 | | | 359 | |
| | 2,550,000 | | | g | | SABIC Capital II BV | | | | | 4.000 | | | 10/10/23 | | | 2,716 | |
| | 1,300,000 | | | | | SASOL Financing USA LLC | | | | | 6.500 | | | 09/27/28 | | | 1,149 | |
| | 8,200,000 | | | | | Sherwin-Williams Co | | | | | 2.300 | | | 05/15/30 | | | 8,361 | |
| EUR | 400,000 | | | | | Silgan Holdings, Inc | | | | | 3.250 | | | 03/15/25 | | | 452 | |
| $ | 1,925,000 | | | | | Suzano Austria GmbH | | | | | 6.000 | | | 01/15/29 | | | 2,077 | |
| | 725,000 | | | g | | Tronox, Inc | | | | | 6.500 | | | 05/01/25 | | | 729 | |
| | 3,000,000 | | | | | Vulcan Materials Co | | | | | 3.500 | | | 06/01/30 | | | 3,258 | |
| | 9,300,000 | | | | | WRKCo, Inc | | | | | 4.900 | | | 03/15/29 | | | 11,098 | |
| | | | | | | TOTAL MATERIALS | | | | | | | | | | | 146,914 | |
| | | | | | | | | | | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 2.5% | | | | | | | | | | | | |
| EUR | 200,000 | | | g | | Ashland Services BV | | | | | 2.000 | | | 01/30/28 | | | 208 | |
| $ | 1,775,000 | | | g | | Cable Onda S.A. | | | | | 4.500 | | | 01/30/30 | | | 1,798 | |
| | 8,000,000 | | | | | Charter Communications Operating LLC | | | | | 3.750 | | | 02/15/28 | | | 8,719 | |
| | 8,350,000 | | | | | Charter Communications Operating LLC | | | | | 4.200 | | | 03/15/28 | | | 9,360 | |
| | 6,150,000 | | | | | Charter Communications Operating LLC | | | | | 5.125 | | | 07/01/49 | | | 7,100 | |
| | 21,620,000 | | | | | Charter Communications Operating LLC | | | | | 4.800 | | | 03/01/50 | | | 24,504 | |
| | 7,200,000 | | | | | Comcast Corp | | | | | 3.700 | | | 04/15/24 | | | 7,990 | |
| | 11,800,000 | | | | | Comcast Corp | | | | | 3.950 | | | 10/15/25 | | | 13,522 | |
| | 10,650,000 | | | | | Comcast Corp | | | | | 2.350 | | | 01/15/27 | | | 11,379 | |
| EUR | 450,000 | | | | | Comcast Corp | | | | | 0.250 | | | 05/20/27 | | | 496 | |
| $ | 5,750,000 | | | | | Comcast Corp | | | | | 3.150 | | | 02/15/28 | | | 6,420 | |
| | 48,450,000 | | | | | Comcast Corp | | | | | 4.150 | | | 10/15/28 | | | 58,288 | |
| | 11,875,000 | | | | | Comcast Corp | | | | | 2.650 | | | 02/01/30 | | | 12,912 | |
| | 15,000,000 | | | | | Comcast Corp | | | | | 3.400 | | | 04/01/30 | | | 17,081 | |
| | 12,175,000 | | | | | Comcast Corp | | | | | 1.950 | | | 01/15/31 | | | 12,400 | |
| | 5,000,000 | | | | | Comcast Corp | | | | | 4.400 | | | 08/15/35 | | | 6,199 | |
| | 18,200,000 | | | | | Comcast Corp | | | | | 3.200 | | | 07/15/36 | | | 20,230 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 3,000,000 | | | | | Comcast Corp | | | | | 3.900 | % | | 03/01/38 | | $ | 3,561 | |
| | 2,500,000 | | | | | Comcast Corp | | | | | 4.700 | | | 10/15/48 | | | 3,355 | |
| | 16,500,000 | | | | | Comcast Corp | | | | | 3.450 | | | 02/01/50 | | | 18,702 | |
| | 11,650,000 | | | | | Comcast Corp | | | | | 2.800 | | | 01/15/51 | | | 11,907 | |
| | 1,500,000 | | | g | | CSC Holdings LLC | | | | | 7.500 | | | 04/01/28 | | | 1,637 | |
| | 1,675,000 | | | g | | Diamond Sports Group LLC | | | | | 5.375 | | | 08/15/26 | | | 1,214 | |
| | 2,099,000 | | | | | Discovery Communications LLC | | | | | 2.950 | | | 03/20/23 | | | 2,205 | |
| GBP | 300,000 | | | | | Discovery Communications LLC | | | | | 2.500 | | | 09/20/24 | | | 377 | |
| $ | 6,850,000 | | | | | Discovery Communications LLC | | | | | 4.125 | | | 05/15/29 | | | 7,820 | |
| | 6,400,000 | | | | | Discovery Communications LLC | | | | | 5.200 | | | 09/20/47 | | | 7,443 | |
| | 1,895,000 | | | | | Grupo Televisa SAB | | | | | 6.625 | | | 01/15/40 | | | 2,452 | |
| | 650,000 | | | g | | Lamar Media Corp | | | | | 3.750 | | | 02/15/28 | | | 613 | |
| | 2,000,000 | | | g | | Medco Bell Pte Ltd | | | | | 6.375 | | | 01/30/27 | | | 1,701 | |
| | 3,500,000 | | | g | | MEGlobal Canada ULC | | | | | 5.000 | | | 05/18/25 | | | 3,767 | |
| | 10,350,000 | | | | | NBC Universal Media LLC | | | | | 2.875 | | | 01/15/23 | | | 11,053 | |
| EUR | 400,000 | | | g | | Reckitt Benckiser Treasury Services Nederland BV | | | | | 0.375 | | | 05/19/26 | | | 451 | |
| $ | 2,675,000 | | | g | | Sirius XM Radio, Inc | | | | | 4.125 | | | 07/01/30 | | | 2,639 | |
| | 1,650,000 | | | g | | TEGNA, Inc | | | | | 4.625 | | | 03/15/28 | | | 1,518 | |
| | 250,000 | | | g | | Tencent Holdings Ltd | | | | | 3.975 | | | 04/11/29 | | | 282 | |
| | 5,675,000 | | | | | Time Warner Cable LLC | | | | | 5.875 | | | 11/15/40 | | | 6,989 | |
| | 4,075,000 | | | | | Time Warner Cable LLC | | | | | 4.500 | | | 09/15/42 | | | 4,377 | |
| | 11,200,000 | | | g | | Upjohn, Inc | | | | | 2.700 | | | 06/22/30 | | | 11,507 | |
| | 2,425,000 | | | g | | Upjohn, Inc | | | | | 3.850 | | | 06/22/40 | | | 2,601 | |
| | 4,200,000 | | | | | ViacomCBS, Inc | | | | | 2.900 | | | 01/15/27 | | | 4,408 | |
| | 2,500,000 | | | | | ViacomCBS, Inc | | | | | 3.375 | | | 02/15/28 | | | 2,656 | |
| | 2,250,000 | | | | | ViacomCBS, Inc | | | | | 4.375 | | | 03/15/43 | | | 2,352 | |
| | 1,150,000 | | | | | ViacomCBS, Inc | | | | | 5.850 | | | 09/01/43 | | | 1,360 | |
| | 5,500,000 | | | | | Walt Disney Co | | | | | 3.700 | | | 03/23/27 | | | 6,307 | |
| | 2,105,000 | | | | | Walt Disney Co | | | | | 7.625 | | | 11/30/28 | | | 3,013 | |
| | 8,225,000 | | | | | Walt Disney Co | | | | | 2.000 | | | 09/01/29 | | | 8,454 | |
| | 1,578,000 | | | | | Walt Disney Co | | | | | 6.550 | | | 03/15/33 | | | 2,327 | |
| | 10,000,000 | | | | | Walt Disney Co | | | | | 4.700 | | | 03/23/50 | | | 13,040 | |
| | | | | | | TOTAL MEDIA & ENTERTAINMENT | | | | | | | | | | | 370,694 | |
| | | | | | | | | | | | | | | | | | | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.1% | | | | | | | | | | |
| EUR | 400,000 | | | | | Abbott Ireland Financing DAC | | | | | 0.875 | | | 09/27/23 | | | 459 | |
| | 400,000 | | | | | Abbott Ireland Financing DAC | | | | | 1.500 | | | 09/27/26 | | | 480 | |
| $ | 4,750,000 | | | | | Abbott Laboratories | | | | | 3.875 | | | 09/15/25 | | | 5,450 | |
| | 11,022,000 | | | | | Abbott Laboratories | | | | | 3.750 | | | 11/30/26 | | | 12,824 | |
| | 2,250,000 | | | | | Abbott Laboratories | | | | | 5.300 | | | 05/27/40 | | | 3,258 | |
| | 3,500,000 | | | | | AbbVie, Inc | | | | | 2.850 | | | 05/14/23 | | | 3,691 | |
| EUR | 550,000 | | | g | | AbbVie, Inc | | | | | 1.250 | | | 06/01/24 | | | 631 | |
| $ | 8,700,000 | | | g | | AbbVie, Inc | | | | | 3.800 | | | 03/15/25 | | | 9,701 | |
| | 26,000,000 | | | g | | AbbVie, Inc | | | | | 2.950 | | | 11/21/26 | | | 28,450 | |
| EUR | 350,000 | | | g | | AbbVie, Inc | | | | | 2.625 | | | 11/15/28 | | | 445 | |
| $ | 22,275,000 | | | g | | AbbVie, Inc | | | | | 3.200 | | | 11/21/29 | | | 24,772 | |
| | 12,850,000 | | | g | | AbbVie, Inc | | | | | 4.050 | | | 11/21/39 | | | 14,903 | |
| | 6,700,000 | | | | | AbbVie, Inc | | | | | 4.400 | | | 11/06/42 | | | 8,078 | |
| | 2,680,000 | | | | | AbbVie, Inc | | | | | 4.450 | | | 05/14/46 | | | 3,253 | |
| | 9,525,000 | | | g | | AbbVie, Inc | | | | | 4.250 | | | 11/21/49 | | | 11,418 | |
| | 5,650,000 | | | | | AstraZeneca plc | | | | | 3.125 | | | 06/12/27 | | | 6,292 | |
| | 325,000 | | | g | | Bausch Health Cos, Inc | | | | | 5.000 | | | 01/30/28 | | | 306 | |
| | 2,900,000 | | | g | | Bristol-Myers Squibb Co | | | | | 2.900 | | | 07/26/24 | | | 3,137 | |
| EUR | 325,000 | | | | | Bristol-Myers Squibb Co | | | | | 1.000 | | | 05/15/25 | | | 383 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 2,900,000 | | | g | | Bristol-Myers Squibb Co | | | | | 3.875 | % | | 08/15/25 | | $ | 3,299 | |
| | 13,600,000 | | | g | | Bristol-Myers Squibb Co | | | | | 3.450 | | | 11/15/27 | | | 15,652 | |
| | 20,175,000 | | | g | | Bristol-Myers Squibb Co | | | | | 3.400 | | | 07/26/29 | | | 23,514 | |
| | 16,500,000 | | | g | | Bristol-Myers Squibb Co | | | | | 4.250 | | | 10/26/49 | | | 21,908 | |
| | 10,000,000 | | | | | Eli Lilly & Co | | | | | 2.250 | | | 05/15/50 | | | 9,587 | |
| | 1,775,000 | | | | | Gilead Sciences, Inc | | | | | 4.000 | | | 09/01/36 | | | 2,203 | |
| | 5,075,000 | | | | | Gilead Sciences, Inc | | | | | 4.150 | | | 03/01/47 | | | 6,462 | |
| | 125,000 | | | g | | Jaguar Holding Co II | | | | | 4.625 | | | 06/15/25 | | | 127 | |
| | 100,000 | | | g | | Jaguar Holding Co II | | | | | 5.000 | | | 06/15/28 | | | 102 | |
| | 5,650,000 | | | | | Johnson & Johnson | | | | | 2.450 | | | 03/01/26 | | | 6,186 | |
| | 3,950,000 | | | | | Johnson & Johnson | | | | | 2.900 | | | 01/15/28 | | | 4,444 | |
| | 3,750,000 | | | | | Johnson & Johnson | | | | | 3.400 | | | 01/15/38 | | | 4,429 | |
| | 19,100,000 | | | | | Merck & Co, Inc | | | | | 1.450 | | | 06/24/30 | | | 19,138 | |
| | 11,750,000 | | | | | Merck & Co, Inc | | | | | 2.450 | | | 06/24/50 | | | 11,792 | |
| | 5,750,000 | | | | | Mylan, Inc | | | | | 4.550 | | | 04/15/28 | | | 6,605 | |
| | 9,600,000 | | | | | Novartis Capital Corp | | | | | 3.000 | | | 11/20/25 | | | 10,657 | |
| EUR | 1,200,000 | | | g | | Takeda Pharmaceutical Co Ltd | | | | | 1.125 | | | 11/21/22 | | | 1,371 | |
| $ | 9,700,000 | | | h | | Takeda Pharmaceutical Co Ltd | | | | | 2.050 | | | 03/31/30 | | | 9,601 | |
| EUR | 400,000 | | | g | | Takeda Pharmaceutical Co Ltd | | | | | 3.000 | | | 11/21/30 | | | 526 | |
| | 400,000 | | | h | | Takeda Pharmaceutical Co Ltd | | | | | 1.375 | | | 07/09/32 | | | 450 | |
| $ | 1,975,000 | | | h | | Takeda Pharmaceutical Co Ltd | | | | | 3.025 | | | 07/09/40 | | | 1,990 | |
| | 3,000,000 | | | | | Teva Pharmaceutical Finance Netherlands III BV | | | | | 3.150 | | | 10/01/26 | | | 2,679 | |
| | | | | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 300,653 | |
| | | | | | | | | | | | | | | | | | | |
| REAL ESTATE - 2.0% | | | | | | | | | | | | |
| | 1,675,000 | | | | | Alexandria Real Estate Equities, Inc | | | | | 3.950 | | | 01/15/27 | | | 1,878 | |
| | 2,300,000 | | | | | Alexandria Real Estate Equities, Inc | | | | | 3.950 | | | 01/15/28 | | | 2,623 | |
| | 5,500,000 | | | | | Alexandria Real Estate Equities, Inc | | | | | 4.900 | | | 12/15/30 | | | 6,849 | |
| | 5,950,000 | | | | | American Tower Corp | | | | | 3.000 | | | 06/15/23 | | | 6,345 | |
| | 5,775,000 | | | | | American Tower Corp | | | | | 2.950 | | | 01/15/25 | | | 6,279 | |
| EUR | 600,000 | | | | | American Tower Corp | | | | | 1.950 | | | 05/22/26 | | | 715 | |
| $ | 2,418,000 | | | | | American Tower Corp | | | | | 3.375 | | | 10/15/26 | | | 2,689 | |
| | 10,000,000 | | | | | American Tower Corp | | | | | 2.750 | | | 01/15/27 | | | 10,738 | |
| | 1,600,000 | | | | | American Tower Corp | | | | | 3.600 | | | 01/15/28 | | | 1,786 | |
| | 8,850,000 | | | | | American Tower Corp | | | | | 3.800 | | | 08/15/29 | | | 10,056 | |
| | 13,700,000 | | | | | American Tower Corp | | | | | 2.900 | | | 01/15/30 | | | 14,619 | |
| | 5,575,000 | | | | | Brandywine Operating Partnership LP | | | | | 4.100 | | | 10/01/24 | | | 5,807 | |
| | 5,825,000 | | | | | Brixmor Operating Partnership LP | | | | | 3.850 | | | 02/01/25 | | | 6,015 | |
| | 1,950,000 | | | | | Camden Property Trust | | | | | 3.150 | | | 07/01/29 | | | 2,161 | |
| | 2,150,000 | | | | | Camden Property Trust | | | | | 2.800 | | | 05/15/30 | | | 2,323 | |
| | 3,911,000 | | | | | Crown Castle International Corp | | | | | 4.875 | | | 04/15/22 | | | 4,178 | |
| | 1,700,000 | | | | | Crown Castle International Corp | | | | | 3.650 | | | 09/01/27 | | | 1,894 | |
| | 1,825,000 | | | | | Crown Castle International Corp | | | | | 3.800 | | | 02/15/28 | | | 2,051 | |
| | 19,725,000 | | | | | Crown Castle International Corp | | | | | 2.250 | | | 01/15/31 | | | 19,867 | |
| | 4,750,000 | | | | | Crown Castle International Corp | | | | | 3.250 | | | 01/15/51 | | | 4,740 | |
| | 3,075,000 | | | | | Digital Realty Trust LP | | | | | 3.700 | | | 08/15/27 | | | 3,507 | |
| | 1,600,000 | | | | | Duke Realty LP | | | | | 3.250 | | | 06/30/26 | | | 1,755 | |
| | 2,525,000 | | | | | Duke Realty LP | | | | | 4.000 | | | 09/15/28 | | | 2,963 | |
| | 3,125,000 | | | | | Duke Realty LP | | | | | 1.750 | | | 07/01/30 | | | 3,104 | |
| | 3,825,000 | | | | | Equinix, Inc | | | | | 2.150 | | | 07/15/30 | | | 3,779 | |
| | 2,754,000 | | | | | Essex Portfolio LP | | | | | 3.375 | | | 01/15/23 | | | 2,885 | |
| | 9,100,000 | | | | | Essex Portfolio LP | | | | | 3.000 | | | 01/15/30 | | | 9,899 | |
| | 1,625,000 | | | | | Healthcare Realty Trust, Inc | | | | | 3.750 | | | 04/15/23 | | | 1,692 | |
| | 6,600,000 | | | | | Healthcare Realty Trust, Inc | | | | | 3.875 | | | 05/01/25 | | | 7,011 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 3,000,000 | | | | | Healthcare Realty Trust, Inc | | | | | 3.625 | % | | 01/15/28 | | $ | 3,159 | |
| | 1,750,000 | | | | | Healthcare Realty Trust, Inc | | | | | 2.400 | | | 03/15/30 | | | 1,665 | |
| | 3,550,000 | | | | | Healthcare Trust of America Holdings LP | | | | | 3.700 | | | 04/15/23 | | | 3,714 | |
| | 6,250,000 | | | | | Healthcare Trust of America Holdings LP | | | | | 3.500 | | | 08/01/26 | | | 6,752 | |
| | 11,400,000 | | | | | Healthcare Trust of America Holdings LP | | | | | 3.100 | | | 02/15/30 | | | 11,499 | |
| | 7,950,000 | | | | | Highwoods Realty LP | | | | | 3.875 | | | 03/01/27 | | | 8,397 | |
| | 2,900,000 | | | | | Highwoods Realty LP | | | | | 4.125 | | | 03/15/28 | | | 3,101 | |
| | 2,875,000 | | | | | Highwoods Realty LP | | | | | 4.200 | | | 04/15/29 | | | 3,089 | |
| | 6,000,000 | | | | | Highwoods Realty LP | | | | | 3.050 | | | 02/15/30 | | | 5,971 | |
| | 1,833,000 | | | | | Hudson Pacific Properties LP | | | | | 3.950 | | | 11/01/27 | | | 1,899 | |
| | 800,000 | | | | | iStar, Inc | | | | | 4.750 | | | 10/01/24 | | | 747 | |
| | 575,000 | | | g | | MGM Growth Properties Operating Partnership LP | | | | | 4.625 | | | 06/15/25 | | | 564 | |
| | 5,224,000 | | | | | Mid-America Apartments LP | | | | | 4.300 | | | 10/15/23 | | | 5,735 | |
| | 5,525,000 | | | | | Mid-America Apartments LP | | | | | 3.750 | | | 06/15/24 | | | 5,982 | |
| | 4,300,000 | | | | | Mid-America Apartments LP | | | | | 4.000 | | | 11/15/25 | | | 4,776 | |
| | 7,734,000 | | | | | Mid-America Apartments LP | | | | | 3.600 | | | 06/01/27 | | | 8,581 | |
| | 11,100,000 | | | | | Mid-America Apartments LP | | | | | 2.750 | | | 03/15/30 | | | 11,738 | |
| | 5,425,000 | | | | | National Retail Properties, Inc | | | | | 3.300 | | | 04/15/23 | | | 5,650 | |
| | 2,575,000 | | | | | National Retail Properties, Inc | | | | | 4.000 | | | 11/15/25 | | | 2,820 | |
| | 3,000,000 | | | | | National Retail Properties, Inc | | | | | 3.600 | | | 12/15/26 | | | 3,157 | |
| EUR | 360,000 | | | | | ProLogis Euro Finance LLC | | | | | 0.375 | | | 02/06/28 | | | 396 | |
| | 350,000 | | | | | ProLogis LP | | | | | 3.000 | | | 06/02/26 | | | 451 | |
| $ | 2,700,000 | | | | | ProLogis LP | | | | | 2.250 | | | 04/15/30 | | | 2,842 | |
| | 2,750,000 | | | | | Regency Centers Corp | | | | | 3.750 | | | 11/15/22 | | | 2,864 | |
| | 7,225,000 | | | | | Regency Centers LP | | | | | 3.900 | | | 11/01/25 | | | 7,734 | |
| | 4,750,000 | | | | | Regency Centers LP | | | | | 3.600 | | | 02/01/27 | | | 5,055 | |
| | 5,500,000 | | | | | Regency Centers LP | | | | | 2.950 | | | 09/15/29 | | | 5,581 | |
| | 2,968,000 | | | | | SITE Centers Corp | | | | | 3.625 | | | 02/01/25 | | | 2,991 | |
| | 350,000 | | | | | SITE Centers Corp | | | | | 4.700 | | | 06/01/27 | | | 356 | |
| | 775,000 | | | g | | VICI Properties LP | | | | | 3.500 | | | 02/15/25 | | | 729 | |
| | 1,170,000 | | | | | Weingarten Realty Investors | | | | | 3.375 | | | 10/15/22 | | | 1,194 | |
| | 4,800,000 | | | | | Weingarten Realty Investors | | | | | 3.500 | | | 04/15/23 | | | 4,927 | |
| | 3,025,000 | | | | | Weingarten Realty Investors | | | | | 4.450 | | | 01/15/24 | | | 3,203 | |
| | 3,950,000 | | | | | Weingarten Realty Investors | | | | | 3.850 | | | 06/01/25 | | | 4,074 | |
| | 1,300,000 | | | | | Weingarten Realty Investors | | | | | 3.250 | | | 08/15/26 | | | 1,297 | |
| | | | | | | TOTAL REAL ESTATE | | | | | | | | | | | 292,898 | |
| | | | | | | | | | | | | | | | | | | |
| RETAILING - 0.4% | | | | | | | | | | | | |
| | 2,950,000 | | | | | AutoNation, Inc | | | | | 3.800 | | | 11/15/27 | | | 3,051 | |
| | 100,000 | | | g | | Camelot Finance S.A. | | | | | 4.500 | | | 11/01/26 | | | 100 | |
| | 8,850,000 | | | | | Home Depot, Inc | | | | | 2.000 | | | 04/01/21 | | | 8,954 | |
| | 350,000 | | | | | JD.com, Inc | | | | | 3.375 | | | 01/14/30 | | | 375 | |
| | 525,000 | | | g | | L Brands, Inc | | | | | 6.875 | | | 07/01/25 | | | 542 | |
| | 200,000 | | | g | | L Brands, Inc | | | | | 9.375 | | | 07/01/25 | | | 200 | |
| | 875,000 | | | g | | Lithia Motors, Inc | | | | | 4.625 | | | 12/15/27 | | | 866 | |
| | 300,000 | | | g | | Macy's, Inc | | | | | 8.375 | | | 06/15/25 | | | 298 | |
| | 5,100,000 | | | | | O'Reilly Automotive, Inc | | | | | 3.550 | | | 03/15/26 | | | 5,773 | |
| | 6,875,000 | | | | | O'Reilly Automotive, Inc | | | | | 3.600 | | | 09/01/27 | | | 7,725 | |
| | 4,075,000 | | | | | O'Reilly Automotive, Inc | | | | | 4.200 | | | 04/01/30 | | | 4,771 | |
| | 1,500,000 | | | g | | PetSmart, Inc | | | | | 5.875 | | | 06/01/25 | | | 1,503 | |
| | 900,000 | | | g | | PetSmart, Inc | | | | | 8.875 | | | 06/01/25 | | | 900 | |
| | 2,775,000 | | | g | | Prosus NV | | | | | 3.680 | | | 01/21/30 | | | 2,905 | |
| | 750,000 | | | | | QVC, Inc | | | | | 4.750 | | | 02/15/27 | | | 725 | |
| | 4,500,000 | | | | | Target Corp | | | | | 3.375 | | | 04/15/29 | | | 5,203 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 13,275,000 | | | | | Target Corp | | | | | 2.350 | % | | 02/15/30 | | $ | 14,193 | |
| | 1,350,000 | | | | | Target Corp | | | | | 2.650 | | | 09/15/30 | | | 1,483 | |
| | | | | | | TOTAL RETAILING | | | | | | | | | | | 59,567 | |
| | | | | | | | | | | | | | | | | | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6% | | | | | | | | | | | | |
| | 12,025,000 | | | g | | Broadcom, Inc | | | | | 4.150 | | | 11/15/30 | | | 13,084 | |
| | 15,640,000 | | | | | Intel Corp | | | | | 2.875 | | | 05/11/24 | | | 16,943 | |
| | 4,800,000 | | | | | Intel Corp | | | | | 2.600 | | | 05/19/26 | | | 5,227 | |
| | 7,325,000 | | | | | Intel Corp | | | | | 3.750 | | | 03/25/27 | | | 8,527 | |
| | 2,500,000 | | | | | Intel Corp | | | | | 3.734 | | | 12/08/47 | | | 3,011 | |
| | 2,875,000 | | | | | Lam Research Corp | | | | | 3.750 | | | 03/15/26 | | | 3,287 | |
| | 3,275,000 | | | | | Lam Research Corp | | | | | 4.000 | | | 03/15/29 | | | 3,891 | |
| | 1,100,000 | | | | | Lam Research Corp | | | | | 1.900 | | | 06/15/30 | | | 1,124 | |
| | 8,075,000 | | | | | Lam Research Corp | | | | | 2.875 | | | 06/15/50 | | | 8,344 | |
| | 5,250,000 | | | g | | NXP BV | | | | | 4.875 | | | 03/01/24 | | | 5,863 | |
| | 5,725,000 | | | g | | NXP BV | | | | | 3.875 | | | 06/18/26 | | | 6,406 | |
| | 2,450,000 | | | g | | NXP BV | | | | | 3.400 | | | 05/01/30 | | | 2,636 | |
| | 3,475,000 | | | | | Texas Instruments, Inc | | | | | 2.625 | | | 05/15/24 | | | 3,733 | |
| | 2,500,000 | | | | | Texas Instruments, Inc | | | | | 2.250 | | | 09/04/29 | | | 2,660 | |
| | 3,100,000 | | | | | Texas Instruments, Inc | | | | | 4.150 | | | 05/15/48 | | | 4,008 | |
| | | | | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | | 88,744 | |
| | | | | | | | | | | | | | | | | | | |
| SOFTWARE & SERVICES - 1.2% | | | | | | | | | | | | |
| | 4,175,000 | | | | | Activision Blizzard, Inc | | | | | 2.300 | | | 09/15/21 | | | 4,255 | |
| | 4,350,000 | | | | | Activision Blizzard, Inc | | | | | 3.400 | | | 09/15/26 | | | 4,941 | |
| | 10,050,000 | | | | | Adobe, Inc | | | | | 2.300 | | | 02/01/30 | | | 10,851 | |
| | 2,800,000 | | | | | Baidu, Inc | | | | | 2.875 | | | 07/06/22 | | | 2,867 | |
| | 1,725,000 | | | | | Baidu, Inc | | | | | 4.375 | | | 05/14/24 | | | 1,878 | |
| GBP | 150,000 | | | | | Fidelity National Information Services, Inc | | | | | 1.700 | | | 06/30/22 | | | 188 | |
| EUR | 375,000 | | | | | Fidelity National Information Services, Inc | | | | | 1.100 | | | 07/15/24 | | | 430 | |
| $ | 3,750,000 | | | | | Fidelity National Information Services, Inc | | | | | 3.750 | | | 05/21/29 | | | 4,393 | |
| | 14,800,000 | | | | | Fiserv, Inc | | | | | 2.750 | | | 07/01/24 | | | 15,781 | |
| | 17,250,000 | | | | | Fiserv, Inc | | | | | 3.500 | | | 07/01/29 | | | 19,370 | |
| | 4,725,000 | | | | | Global Payments, Inc | | | | | 2.650 | | | 02/15/25 | | | 5,015 | |
| | 10,275,000 | | | | | Global Payments, Inc | | | | | 3.200 | | | 08/15/29 | | | 11,005 | |
| | 12,600,000 | | | | | International Business Machines Corp | | | | | 2.850 | | | 05/13/22 | | | 13,179 | |
| | 25,850,000 | | | | | International Business Machines Corp | | | | | 3.500 | | | 05/15/29 | | | 29,872 | |
| | 20,825,000 | | | | | International Business Machines Corp | | | | | 1.950 | | | 05/15/30 | | | 21,295 | |
| EUR | 400,000 | | | | | International Business Machines Corp | | | | | 0.650 | | | 02/11/32 | | | 433 | |
| $ | 26,300,000 | | | | | Microsoft Corp | | | | | 2.400 | | | 08/08/26 | | | 28,712 | |
| | 2,355,000 | | | | | Microsoft Corp | | | | | 4.100 | | | 02/06/37 | | | 3,038 | |
| | 5,850,000 | | | | | Microsoft Corp | | | | | 3.700 | | | 08/08/46 | | | 7,337 | |
| | 1,395,000 | | | | | Microsoft Corp | | | | | 2.525 | | | 06/01/50 | | | 1,444 | |
| | 550,000 | | | g | | Open Text Holdings, Inc | | | | | 4.125 | | | 02/15/30 | | | 540 | |
| | 175,000 | | | g | | Presidio Holdings, Inc | | | | | 4.875 | | | 02/01/27 | | | 171 | |
| | 2,425,000 | | | | | salesforce.com, Inc | | | | | 3.700 | | | 04/11/28 | | | 2,829 | |
| | 2,700,000 | | | h | | Weibo Corp | | | | | 3.375 | | | 07/08/30 | | | 2,682 | |
| | | | | | | TOTAL SOFTWARE & SERVICES | | | | | | | | | | | 192,506 | |
| | | | | | | | | | | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 1.0% | | | | | | | | | | | | |
| | 7,025,000 | | | | | Amphenol Corp | | | | | 2.800 | | | 02/15/30 | | | 7,468 | |
| EUR | 675,000 | | | | | Amphenol Technologies Holding GmbH | | | | | 2.000 | | | 10/08/28 | | | 819 | |
| $ | 8,075,000 | | | | | Apple, Inc | | | | | 2.450 | | | 08/04/26 | | | 8,773 | |
| | 36,100,000 | | | | | Apple, Inc | | | | | 2.050 | | | 09/11/26 | | | 38,571 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| EUR | 750,000 | | | | | Apple, Inc | | | | | 1.375 | % | | 05/24/29 | | $ | 925 | |
| $ | 4,525,000 | | | | | Apple, Inc | | | | | 4.650 | | | 02/23/46 | | | 6,196 | |
| | 19,975,000 | | | | | Broadcom Corp | | | | | 3.875 | | | 01/15/27 | | | 21,594 | |
| | 19,750,000 | | | | | Cisco Systems, Inc | | | | | 1.850 | | | 09/20/21 | | | 20,102 | |
| | 2,600,000 | | | g | | CommScope, Inc | | | | | 5.500 | | | 06/15/24 | | | 2,648 | |
| | 2,075,000 | | | | | Corning, Inc | | | | | 4.375 | | | 11/15/57 | | | 2,394 | |
| | 13,175,000 | | | g | | Dell International LLC | | | | | 4.420 | | | 06/15/21 | | | 13,542 | |
| | 7,050,000 | | | g | | Dell International LLC | | | | | 5.300 | | | 10/01/29 | | | 7,805 | |
| | 3,645,000 | | | g | | Empresas Publicas de Medellin ESP | | | | | 4.250 | | | 07/18/29 | | | 3,654 | |
| | 6,669,000 | | | | | Tyco Electronics Group S.A. | | | | | 3.500 | | | 02/03/22 | | | 6,934 | |
| EUR | 400,000 | | | | | Tyco Electronics Group S.A. | | | | | 1.100 | | | 03/01/23 | | | 457 | |
| $ | 2,175,000 | | | | | Tyco Electronics Group S.A. | | | | | 3.700 | | | 02/15/26 | | | 2,420 | |
| | | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | | 144,302 | |
| | | | | | | | | | | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 3.1% | | | | | | | | | | | | |
| | 4,936,000 | | | | | AT&T, Inc | | | | | 3.000 | | | 06/30/22 | | | 5,155 | |
| EUR | 300,000 | | | | | AT&T, Inc | | | | | 1.300 | | | 09/05/23 | | | 343 | |
| $ | 18,025,000 | | | | | AT&T, Inc | | | | | 3.400 | | | 05/15/25 | | | 19,820 | |
| | 3,900,000 | | | | | AT&T, Inc | | | | | 3.600 | | | 07/15/25 | | | 4,331 | |
| | 4,045,000 | | | | | AT&T, Inc | | | | | 2.950 | | | 07/15/26 | | | 4,374 | |
| | 7,500,000 | | | | | AT&T, Inc | | | | | 3.800 | | | 02/15/27 | | | 8,446 | |
| | 50,870,000 | | | | | AT&T, Inc | | | | | 4.350 | | | 03/01/29 | | | 59,300 | |
| EUR | 500,000 | | | | | AT&T, Inc | | | | | 2.350 | | | 09/05/29 | | | 612 | |
| $ | 22,355,000 | | | | | AT&T, Inc | | | | | 4.300 | | | 02/15/30 | | | 26,118 | |
| | 9,000,000 | | | | | AT&T, Inc | | | | | 4.500 | | | 05/15/35 | | | 10,677 | |
| | 30,875,000 | | | | | AT&T, Inc | | | | | 4.500 | | | 03/09/48 | | | 36,230 | |
| | 27,600,000 | | | | | AT&T, Inc | | | | | 3.650 | | | 06/01/51 | | | 28,792 | |
| | 2,000,000 | | | g | | Bharti Airtel International Netherlands BV | | | | | 5.350 | | | 05/20/24 | | | 2,125 | |
| | 2,000,000 | | | g | | Bharti Airtel Ltd | | | | | 4.375 | | | 06/10/25 | | | 2,064 | |
| | 3,000,000 | | | g | | C&W Senior Financing Designated Activity Co | | | | | 6.875 | | | 09/15/27 | | | 2,978 | |
| | 4,000,000 | | | | | Deutsche Telekom International Finance BV | | | | | 8.750 | | | 06/15/30 | | | 6,230 | |
| | 1,325,000 | | | g | | Front Range BidCo, Inc | | | | | 4.000 | | | 03/01/27 | | | 1,258 | |
| | 1,700,000 | | | g | | Globo Comunicacao e Participacoes S.A. | | | | | 4.875 | | | 01/22/30 | | | 1,534 | |
| | 4,000,000 | | | g | | MTN Mauritius Investment Ltd | | | | | 6.500 | | | 10/13/26 | | | 4,220 | |
| | 698,000 | | | o | | Oi S.A. | | | | | 10.000 | | | 07/27/25 | | | 581 | |
| | 3,950,000 | | | | | Orange S.A. | | | | | 5.375 | | | 01/13/42 | | | 5,530 | |
| | 3,800,000 | | | | | Rogers Communications, Inc | | | | | 3.700 | | | 11/15/49 | | | 4,182 | |
| | 2,125,000 | | | | | Telefonica Emisiones SAU | | | | | 4.103 | | | 03/08/27 | | | 2,425 | |
| | 32,175,000 | | | g | | T-Mobile USA, Inc | | | | | 3.875 | | | 04/15/30 | | | 35,861 | |
| | 18,900,000 | | | g | | T-Mobile USA, Inc | | | | | 2.550 | | | 02/15/31 | | | 18,967 | |
| | 2,350,000 | | | g | | T-Mobile USA, Inc | | | | | 4.500 | | | 04/15/50 | | | 2,768 | |
| | 2,400,000 | | | g | | Turk Telekomunikasyon AS. | | | | | 6.875 | | | 02/28/25 | | | 2,524 | |
| | 577,000 | | | | | Verizon Communications, Inc | | | | | 3.376 | | | 02/15/25 | | | 640 | |
| EUR | 400,000 | | | | | Verizon Communications, Inc | | | | | 1.375 | | | 10/27/26 | | | 470 | |
| $ | 3,000,000 | | | | | Verizon Communications, Inc | | | | | 4.125 | | | 03/16/27 | | | 3,536 | |
| | 22,642,000 | | | | | Verizon Communications, Inc | | | | | 4.329 | | | 09/21/28 | | | 27,257 | |
| | 6,600,000 | | | | | Verizon Communications, Inc | | | | | 3.875 | | | 02/08/29 | | | 7,811 | |
| EUR | 400,000 | | | | | Verizon Communications, Inc | | | | | 1.875 | | | 10/26/29 | | | 491 | |
| $ | 10,000,000 | | | | | Verizon Communications, Inc | | | | | 4.016 | | | 12/03/29 | | | 11,953 | |
| | 29,589,000 | | | | | Verizon Communications, Inc | | | | | 3.150 | | | 03/22/30 | | | 33,445 | |
| | 30,220,000 | | | | | Verizon Communications, Inc | | | | | 4.272 | | | 01/15/36 | | | 37,414 | |
| EUR | 300,000 | | | | | Verizon Communications, Inc | | | | | 2.875 | | | 01/15/38 | | | 405 | |
| $ | 10,000,000 | | | | | Verizon Communications, Inc | | | | | 4.000 | | | 03/22/50 | | | 12,589 | |
| | 8,700,000 | | | | | Vodafone Group plc | | | | | 4.375 | | | 05/30/28 | | | 10,345 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 7,000,000 | | | | Vodafone Group plc | | | | | 4.250 | % | | 09/17/50 | | $ | 8,335 | |
| | | | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | | | | 452,136 | |
| | | | | | | | | | | | | | | | | | |
| TRANSPORTATION - 1.0% | | | | | | | | | | | | |
| | 4,850,000 | | g | | Adani Ports & Special Economic Zone Ltd | | | | | 4.000 | | | 07/30/27 | | | 4,661 | |
| | 9,850,000 | | | | Boeing Co | | | | | 2.950 | | | 02/01/30 | | | 9,619 | |
| | 3,352,000 | | | | Boeing Co | | | | | 3.250 | | | 02/01/35 | | | 3,055 | |
| | 1,575,000 | | | | Boeing Co | | | | | 3.750 | | | 02/01/50 | | | 1,422 | |
| | 5,175,000 | | | | Burlington Northern Santa Fe LLC | | | | | 3.050 | | | 02/15/51 | | | 5,617 | |
| | 3,700,000 | | | | Canadian Pacific Railway Co | | | | | 2.050 | | | 03/05/30 | | | 3,786 | |
| | 2,040,000 | | | | CSX Corp | | | | | 2.600 | | | 11/01/26 | | | 2,219 | |
| | 7,125,000 | | | | CSX Corp | | | | | 3.250 | | | 06/01/27 | | | 7,988 | |
| | 3,500,000 | | | | CSX Corp | | | | | 3.800 | | | 03/01/28 | | | 4,038 | |
| | 23,495,000 | | | | CSX Corp | | | | | 4.250 | | | 03/15/29 | | | 28,093 | |
| | 10,650,000 | | | | CSX Corp | | | | | 2.400 | | | 02/15/30 | | | 11,249 | |
| | 7,925,000 | | | | CSX Corp | | | | | 3.350 | | | 09/15/49 | | | 8,712 | |
| | 9,250,000 | | | | Delta Air Lines, Inc | | | | | 2.900 | | | 10/28/24 | | | 7,502 | |
| | 2,150,000 | | g | | Delta Air Lines, Inc | | | | | 7.000 | | | 05/01/25 | | | 2,219 | |
| | 4,575,000 | | | | Delta Air Lines, Inc | | | | | 3.750 | | | 10/28/29 | | | 3,660 | |
| | 1,450,000 | | g | | DP World Ltd | | | | | 5.625 | | | 09/25/48 | | | 1,581 | |
| EUR | 400,000 | | | | FedEx Corp | | | | | 1.000 | | | 01/11/23 | | | 453 | |
| | 325,000 | | | | FedEx Corp | | | | | 1.625 | | | 01/11/27 | | | 371 | |
| $ | 22,172,000 | | | | FedEx Corp | | | | | 3.100 | | | 08/05/29 | | | 23,661 | |
| | 1,600,000 | | | | Indian Railway Finance Corp Ltd | | | | | 3.730 | | | 03/29/24 | | | 1,674 | |
| | 1,975,000 | | g | | Indian Railway Finance Corp Ltd | | | | | 3.249 | | | 02/13/30 | | | 1,953 | |
| | 1,350,000 | | g | | Lima Metro Line 2 Finance Ltd | | | | | 4.350 | | | 04/05/36 | | | 1,438 | |
| | 1,175,000 | | g | | Mileage Plus Holdings LLC | | | | | 6.500 | | | 06/20/27 | | | 1,178 | |
| | 225,000 | | g | | Pelabuhan Indonesia III Persero PT | | | | | 4.500 | | | 05/02/23 | | | 235 | |
| EUR | 500,000 | | | | RELX Capital, Inc | | | | | 1.300 | | | 05/12/25 | | | 585 | |
| $ | 6,150,000 | | | | Union Pacific Corp | | | | | 3.950 | | | 09/10/28 | | | 7,300 | |
| | 6,125,000 | | | | Union Pacific Corp | | | | | 3.839 | | | 03/20/60 | | | 7,194 | |
| | | | | | TOTAL TRANSPORTATION | | | | | | | | | | | 151,463 | |
| | | | | | | | | | | | | | | | | | |
| UTILITIES - 3.3% | | | | | | | | | | | | |
| | 1,965,125 | | g | | Adani Transmission Ltd | | | | | 4.250 | | | 05/21/36 | | | 1,879 | |
| | 1,650,000 | | | | AEP Transmission Co LLC | | | | | 3.100 | | | 12/01/26 | | | 1,846 | |
| | 1,650,000 | | | | AEP Transmission Co LLC | | | | | 4.000 | | | 12/01/46 | | | 1,980 | |
| | 3,475,000 | | | | Alabama Power Co | | | | | 4.150 | | | 08/15/44 | | | 4,154 | |
| | 7,000,000 | | | | Alabama Power Co | | | | | 3.450 | | | 10/01/49 | | | 7,770 | |
| | 2,500,000 | | | | Ameren Corp | | | | | 3.500 | | | 01/15/31 | | | 2,795 | |
| | 2,750,000 | | | | American Water Capital Corp | | | | | 3.000 | | | 12/01/26 | | | 2,950 | |
| | 2,025,000 | | | | American Water Capital Corp | | | | | 2.800 | | | 05/01/30 | | | 2,202 | |
| | 2,375,000 | | | | American Water Capital Corp | | | | | 4.000 | | | 12/01/46 | | | 2,863 | |
| | 7,175,000 | | | | American Water Capital Corp | | | | | 3.750 | | | 09/01/47 | | | 8,330 | |
| | 1,325,000 | | | | American Water Capital Corp | | | | | 3.450 | | | 05/01/50 | | | 1,489 | |
| | 6,038,000 | | | | Appalachian Power Co | | | | | 4.450 | | | 06/01/45 | | | 7,395 | |
| | 1,175,000 | | | | Atmos Energy Corp | | | | | 4.125 | | | 10/15/44 | | | 1,448 | |
| | 6,500,000 | | | | Baltimore Gas & Electric Co | | | | | 3.750 | | | 08/15/47 | | | 7,537 | |
| | 5,500,000 | | | | Baltimore Gas & Electric Co | | | | | 3.200 | | | 09/15/49 | | | 5,834 | |
| | 5,925,000 | | | | Berkshire Hathaway Energy Co | | | | | 3.250 | | | 04/15/28 | | | 6,699 | |
| | 6,225,000 | | | | Black Hills Corp | | | | | 4.250 | | | 11/30/23 | | | 6,778 | |
| | 1,575,000 | | | | Black Hills Corp | | | | | 3.150 | | | 01/15/27 | | | 1,655 | |
| | 3,670,000 | | | | CenterPoint Energy Resources Corp | | | | | 4.500 | | | 01/15/21 | | | 3,712 | |
| | 3,550,000 | | | | CenterPoint Energy Resources Corp | | | | | 6.250 | | | 02/01/37 | | | 4,686 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 4,675,000 | | | | CMS Energy Corp | | | | | 3.600 | % | | 11/15/25 | | $ | 5,088 | |
| | 4,200,000 | | | | Commonwealth Edison Co | | | | | 5.900 | | | 03/15/36 | | | 5,955 | |
| | 8,250,000 | | | | Commonwealth Edison Co | | | | | 3.000 | | | 03/01/50 | | | 8,696 | |
| | 3,325,000 | | | | Consumers Energy Co | | | | | 2.500 | | | 05/01/60 | | | 3,170 | |
| | 4,125,000 | | | | Dominion Energy Gas Holdings LLC | | | | | 2.500 | | | 11/15/24 | | | 4,349 | |
| | 3,775,000 | | | | Dominion Resources, Inc | | | | | 2.000 | | | 08/15/21 | | | 3,830 | |
| | 13,775,000 | | | | DTE Electric Co | | | | | 2.250 | | | 03/01/30 | | | 14,498 | |
| | 3,250,000 | | | | DTE Electric Co | | | | | 2.950 | | | 03/01/50 | | | 3,397 | |
| | 5,825,000 | | | | Duke Energy Corp | | | | | 1.800 | | | 09/01/21 | | | 5,901 | |
| | 8,675,000 | | | | Duke Energy Corp | | | | | 2.650 | | | 09/01/26 | | | 9,405 | |
| | 5,000,000 | | | | Duke Energy Florida LLC | | | | | 3.400 | | | 10/01/46 | | | 5,632 | |
| | 1,782,959 | | | | Duke Energy Florida Project Finance LLC | | | | | 1.731 | | | 09/01/22 | | | 1,784 | |
| | 11,425,000 | | | | Duke Energy Indiana LLC | | | | | 2.750 | | | 04/01/50 | | | 11,494 | |
| | 1,450,000 | | | | Duke Energy Ohio, Inc | | | | | 3.800 | | | 09/01/23 | | | 1,572 | |
| | 3,200,000 | | | | Enel Chile S.A. | | | | | 4.875 | | | 06/12/28 | | | 3,568 | |
| | 5,700,000 | | | | Entergy Corp | | | | | 2.950 | | | 09/01/26 | | | 6,290 | |
| | 3,000,000 | | g | | Eskom Holdings SOC Ltd | | | | | 5.750 | | | 01/26/21 | | | 2,859 | |
| | 7,000,000 | | | | Eversource Energy | | | | | 3.450 | | | 01/15/50 | | | 7,465 | |
| | 2,475,000 | | | | Exelon Corp | | | | | 4.050 | | | 04/15/30 | | | 2,857 | |
| | 9,450,000 | | | | Exelon Generation Co LLC | | | | | 3.400 | | | 03/15/22 | | | 9,821 | |
| | 925,000 | | | | Florida Power & Light Co | | | | | 2.850 | | | 04/01/25 | | | 1,012 | |
| | 5,775,000 | | | | Florida Power & Light Co | | | | | 3.990 | | | 03/01/49 | | | 7,419 | |
| | 4,550,000 | | | | Florida Power & Light Co | | | | | 3.150 | | | 10/01/49 | | | 5,171 | |
| | 1,000,000 | | g | | Grupo Energia Bogota S.A. ESP | | | | | 4.875 | | | 05/15/30 | | | 1,047 | |
| | 3,600,000 | | | | Indiana Michigan Power Co | | | | | 3.750 | | | 07/01/47 | | | 4,072 | |
| | 2,725,000 | | | | Integrys Energy Group, Inc | | | | | 4.170 | | | 11/01/20 | | | 2,756 | |
| | 4,525,000 | | g | | Israel Electric Corp Ltd | | | | | 4.250 | | | 08/14/28 | | | 5,115 | |
| | 350,000 | | g | | Kallpa Generacion SA | | | | | 4.125 | | | 08/16/27 | | | 357 | |
| | 3,475,000 | | g | | KazTransGas JSC | | | | | 4.375 | | | 09/26/27 | | | 3,715 | |
| | 3,675,000 | | g | | Korea Hydro & Nuclear Power Co Ltd | | | | | 3.750 | | | 07/25/23 | | | 3,978 | |
| | 5,000,000 | | | | LG&E and KU Energy LLC | | | | | 3.750 | | | 11/15/20 | | | 5,019 | |
| | 6,975,000 | | | | MidAmerican Energy Co | | | | | 3.650 | | | 04/15/29 | | | 8,323 | |
| | 6,150,000 | | | | MidAmerican Energy Co | | | | | 3.650 | | | 08/01/48 | | | 7,281 | |
| | 3,000,000 | | g | | Minejesa Capital BV | | | | | 4.625 | | | 08/10/30 | | | 3,045 | |
| | 2,625,000 | | g | | Narragansett Electric Co | | | | | 3.395 | | | 04/09/30 | | | 2,956 | |
| | 7,350,000 | | | | Nevada Power Co | | | | | 2.400 | | | 05/01/30 | | | 7,812 | |
| | 3,335,000 | | | | Nevada Power Co | | | | | 5.450 | | | 05/15/41 | | | 4,321 | |
| | 5,725,000 | | | | NextEra Energy Capital Holdings, Inc | | | | | 2.750 | | | 11/01/29 | | | 6,171 | |
| | 17,000,000 | | | | NextEra Energy Capital Holdings, Inc | | | | | 2.250 | | | 06/01/30 | | | 17,464 | |
| | 7,100,000 | | | | NiSource, Inc | | | | | 3.490 | | | 05/15/27 | | | 8,028 | |
| | 10,840,000 | | | | NiSource, Inc | | | | | 3.600 | | | 05/01/30 | | | 12,386 | |
| | 3,600,000 | | | | Northern States Power Co | | | | | 2.900 | | | 03/01/50 | | | 3,935 | |
| | 6,225,000 | | | | Northern States Power Co | | | | | 2.600 | | | 06/01/51 | | | 6,275 | |
| | 1,675,000 | | | | NSTAR Electric Co | | | | | 3.950 | | | 04/01/30 | | | 2,009 | |
| EUR | 230,000 | | | | NTPC Ltd | | | | | 2.750 | | | 02/01/27 | | | 253 | |
| $ | 3,600,000 | | | | Ohio Power Co | | | | | 2.600 | | | 04/01/30 | | | 3,864 | |
| | 6,150,000 | | | | Ohio Power Co | | | | | 4.150 | | | 04/01/48 | | | 7,571 | |
| | 6,150,000 | | | | Ohio Power Co | | | | | 4.000 | | | 06/01/49 | | | 7,453 | |
| | 1,280,000 | | | | Oncor Electric Delivery Co LLC | | | | | 5.250 | | | 09/30/40 | | | 1,768 | |
| | 3,500,000 | | | | ONE Gas, Inc | | | | | 3.610 | | | 02/01/24 | | | 3,829 | |
| | 2,775,000 | | | | PECO Energy Co | | | | | 3.000 | | | 09/15/49 | | | 2,932 | |
| | 3,700,000 | | | | PECO Energy Co | | | | | 2.800 | | | 06/15/50 | | | 3,818 | |
| | 1,500,000 | | g | | Perusahaan Gas Negara Persero Tbk PT | | | | | 5.125 | | | 05/16/24 | | | 1,563 | |
| | 3,000,000 | | g | | Perusahaan Listrik Negara PT | | | | | 4.125 | | | 05/15/27 | | | 3,158 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 650,000 | | g | | Perusahaan Listrik Negara PT | | | | | 3.875 | % | | 07/17/29 | | $ | 678 | |
| | 3,000,000 | | g | | Perusahaan Listrik Negara PT | | | | | 3.375 | | | 02/05/30 | | | 3,033 | |
| | 200,000 | | g | | Perusahaan Listrik Negara PT | | | | | 4.875 | | | 07/17/49 | | | 218 | |
| | 750,000 | | | | Potomac Electric Power Co | | | | | 7.900 | | | 12/15/38 | | | 1,125 | |
| | 4,300,000 | | | | PPL Capital Funding, Inc | | | | | 3.950 | | | 03/15/24 | | | 4,659 | |
| | 2,000,000 | | | | PPL Electric Utilities Corp | | | | | 3.000 | | | 09/15/21 | | | 2,043 | |
| | 2,925,000 | | g | | Promigas S.A. ESP | | | | | 3.750 | | | 10/16/29 | | | 2,867 | |
| | 9,725,000 | | | | PSEG Power LLC | | | | | 3.850 | | | 06/01/23 | | | 10,501 | |
| | 2,100,000 | | g | | PTTEP Treasury Center Co Ltd | | | | | 2.587 | | | 06/10/27 | | | 2,143 | |
| | 3,000,000 | | | | Public Service Co of Colorado | | | | | 4.050 | | | 09/15/49 | | | 3,727 | |
| | 4,450,000 | | | | Public Service Co of Colorado | | | | | 3.200 | | | 03/01/50 | | | 4,972 | |
| | 2,825,000 | | | | Public Service Electric & Gas Co | | | | | 3.200 | | | 08/01/49 | | | 3,146 | |
| | 7,970,000 | | | | Public Service Electric & Gas Co | | | | | 3.150 | | | 01/01/50 | | | 8,753 | |
| | 7,775,000 | | | | Public Service Electric and Gas Co | | | | | 2.700 | | | 05/01/50 | | | 8,048 | |
| | 8,475,000 | | | | Southern Co Gas Capital Corp | | | | | 3.875 | | | 11/15/25 | | | 9,377 | |
| | 2,125,000 | | | | Southern Co Gas Capital Corp | | | | | 4.400 | | | 06/01/43 | | | 2,399 | |
| | 2,000,000 | | | | Southern Co Gas Capital Corp | | | | | 3.950 | | | 10/01/46 | | | 2,207 | |
| | 8,250,000 | | | | Southern Power Co | | | | | 2.500 | | | 12/15/21 | | | 8,457 | |
| | 7,825,000 | | | | Southern Power Co | | | | | 4.150 | | | 12/01/25 | | | 8,940 | |
| | 2,440,000 | | | | Southwestern Public Service Co | | | | | 3.400 | | | 08/15/46 | | | 2,669 | |
| | 3,680,000 | | | | Virginia Electric & Power Co | | | | | 2.950 | | | 01/15/22 | | | 3,781 | |
| | 3,250,000 | | | | Virginia Electric & Power Co | | | | | 2.950 | | | 11/15/26 | | | 3,604 | |
| | 3,250,000 | | | | Virginia Electric & Power Co | | | | | 3.500 | | | 03/15/27 | | | 3,685 | |
| | 12,379,000 | | | | Virginia Electric & Power Co | | | | | 3.800 | | | 04/01/28 | | | 14,356 | |
| | 4,125,000 | | | | Wisconsin Power & Light Co | | | | | 4.100 | | | 10/15/44 | | | 4,707 | |
| | 2,975,000 | | | | Xcel Energy, Inc | | | | | 3.350 | | | 12/01/26 | | | 3,334 | |
| | 2,890,000 | | | | Xcel Energy, Inc | | | | | 4.800 | | | 09/15/41 | | | 3,512 | |
| | | | | | TOTAL UTILITIES | | | | | | | | | | | 494,450 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | TOTAL CORPORATE BONDS | | | | | | | | | | | 5,959,893 | |
| | | | | | (Cost $5,543,858) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| GOVERNMENT BONDS - 37.0% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| AGENCY SECURITIES - 1.8% | | | | | | | | | | | | |
| | 3,087,487 | | | | AMAL Ltd | | | | | 3.465 | | | 08/21/21 | | | 3,136 | |
| | 2,500,000 | | | | Amber Circle Funding Ltd | | | | | 3.250 | | | 12/04/22 | | | 2,592 | |
| | 3,516,000 | | | | Canal Barge Co, Inc | | | | | 4.500 | | | 11/12/34 | | | 4,238 | |
| | 34,475,246 | | | | CES MU2 LLC | | | | | 1.994 | | | 05/13/27 | | | 35,694 | |
| | 5,280,000 | | | | DY8 Leasing LLC | | | | | 2.627 | | | 04/29/26 | | | 5,535 | |
| | 8,043,140 | | | | DY9 Leasing LLC | | | | | 2.372 | | | 03/19/27 | | | 8,429 | |
| | 3,090,673 | | | | Export Lease Ten Co LLC | | | | | 1.650 | | | 05/07/25 | | | 3,140 | |
| | 861,018 | | | | Helios Leasing I LLC | | | | | 2.018 | | | 05/29/24 | | | 880 | |
| | 9,214,896 | | | | Helios Leasing II LLC | | | | | 2.668 | | | 03/18/25 | | | 9,594 | |
| | 10,154,454 | | | | HNA LLC | | | | | 2.291 | | | 06/30/27 | | | 10,647 | |
| | 11,395,000 | | | | Lutheran Medical Center | | | | | 1.982 | | | 02/20/30 | | | 11,780 | |
| | 6,525,000 | | | | Montefiore Medical Center | | | | | 2.152 | | | 10/20/26 | | | 6,737 | |
| | 2,545,575 | | | | MSN 41079 and 41084 Ltd | | | | | 1.631 | | | 12/14/24 | | | 2,604 | |
| | 11,375,000 | | | | Overseas Private Investment Corp (OPIC) | | | | | 3.520 | | | 09/20/32 | | | 12,943 | |
| | 2,489,134 | | | | Premier Aircraft Leasing | | | | | 3.576 | | | 02/06/22 | | | 2,541 | |
| | 24,000,000 | | g | | Private Export Funding Corp (PEFCO) | | | | | 3.266 | | | 11/08/21 | | | 24,887 | |
| | 35,000,000 | | | | PEFCO | | | | | 4.300 | | | 12/15/21 | | | 36,932 | |
| | 25,747,000 | | | | PEFCO | | | | | 2.050 | | | 11/15/22 | | | 26,500 | |
| | 8,225,000 | | | | PEFCO | | | | | 1.750 | | | 11/15/24 | | | 8,666 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 3,000,000 | | g | | Reliance Industries Ltd | | | | | 3.667 | % | | 11/30/27 | | $ | 3,224 | |
| | 2,390,517 | | | | Santa Rosa Leasing LLC | | | | | 1.693 | | | 08/15/24 | | | 2,428 | |
| | 21,188,720 | | | | Tagua Leasing LLC | | | | | 1.900 | | | 07/12/24 | | | 21,594 | |
| | 11,655,000 | | | | UNM Sandoval Regional Medical Center | | | | | 4.500 | | | 07/20/36 | | | 11,803 | |
| | 5,962,951 | | | | Windermere Aviation LLC | | | | | 2.351 | | | 05/27/26 | | | 6,219 | |
| | 13,837,812 | | | | Zarapito Leasing LLC | | | | | 2.628 | | | 11/12/26 | | | 14,597 | |
| | | | | | TOTAL AGENCY SECURITIES | | | | | | | | | | | 277,340 | |
| | | | | | | | | | | | | | | | | | |
| FOREIGN GOVERNMENT BONDS - 5.7% | | | | | | | | | | | | |
| | 4,000,000 | | g | | Abu Dhabi Government International Bond | | | | | 3.125 | | | 05/03/26 | | | 4,331 | |
| | 2,000,000 | | g | | Abu Dhabi Government International Bond | | | | | 2.500 | | | 09/30/29 | | | 2,091 | |
| | 5,400,000 | | g | | Abu Dhabi Government International Bond | | | | | 3.125 | | | 09/30/49 | | | 5,619 | |
| | 3,325,000 | | g | | Arab Petroleum Investments Corp | | | | | 4.125 | | | 09/18/23 | | | 3,594 | |
| | 1,010,000 | | † | | Argentina Republic Government International Bond | | | | | 5.625 | | | 01/26/22 | | | 419 | |
| AUD | 400,000 | | | | Australia Government International Bond | | | | | 2.250 | | | 05/21/28 | | | 308 | |
| $ | 3,000,000 | | g | | Banque Ouest Africaine de Developpement | | | | | 4.700 | | | 10/22/31 | | | 3,014 | |
| | 3,450,000 | | g | | Bermuda Government International Bond | | | | | 3.717 | | | 01/25/27 | | | 3,657 | |
| | 2,500,000 | | g | | Bermuda Government International Bond | | | | | 4.750 | | | 02/15/29 | | | 2,815 | |
| | 17,400,000 | | g | | BNG Bank NV | | | | | 3.000 | | | 09/20/23 | | | 18,842 | |
| | 3,120,000 | | g | | Brazil Minas SPE via State of Minas Gerais | | | | | 5.333 | | | 02/15/28 | | | 3,136 | |
| | 2,225,000 | | | | Brazilian Government International Bond | | | | | 3.875 | | | 06/12/30 | | | 2,146 | |
| | 5,700,000 | | | | Brazilian Government International Bond | | | | | 5.625 | | | 02/21/47 | | | 5,899 | |
| EUR | 1,450,000 | | j | | Bundesrepublik Deutschland Bundesanleihe | | | | | 0.000 | | | 02/15/30 | | | 1,705 | |
| $ | 4,000,000 | | g | | Caisse d'Amortissement de la Dette Sociale | | | | | 1.875 | | | 02/12/22 | | | 4,097 | |
| EUR | 400,000 | | | | Caisse d'Amortissement de la Dette Sociale | | | | | 1.375 | | | 11/25/24 | | | 484 | |
| CAD | 1,300,000 | | g | | Canada Housing Trust No 1 | | | | | 2.550 | | | 12/15/23 | | | 1,024 | |
| | 1,550,000 | | | | Canadian Government International Bond | | | | | 1.500 | | | 02/01/22 | | | 1,164 | |
| | 1,000,000 | | | | Canadian Government International Bond | | | | | 5.000 | | | 06/01/37 | | | 1,220 | |
| $ | 3,050,000 | | | | Chile Government International Bond | | | | | 2.550 | | | 01/27/32 | | | 3,172 | |
| CNY | 9,700,000 | | | | China Government International Bond | | | | | 2.940 | | | 10/17/24 | | | 1,395 | |
| | 47,400,000 | | | | China Government International Bond | | | | | 3.120 | | | 12/05/26 | | | 6,808 | |
| | 18,900,000 | | | | China Government International Bond | | | | | 3.860 | | | 07/22/49 | | | 2,788 | |
| NOK | 7,000,000 | | | | City of Oslo Norway | | | | | 2.050 | | | 10/31/24 | | | 761 | |
| $ | 7,650,000 | | | | Colombia Government International Bond | | | | | 3.000 | | | 01/30/30 | | | 7,554 | |
| | 625,000 | | | | Colombia Government International Bond | | | | | 3.125 | | | 04/15/31 | | | 620 | |
| | 2,100,000 | | | | Colombia Government International Bond | | | | | 5.000 | | | 06/15/45 | | | 2,357 | |
| | 4,100,000 | | g | | Costa Rica Government International Bond | | | | | 5.625 | | | 04/30/43 | | | 3,061 | |
| | 20,200,000 | | g | | CPPIB Capital, Inc | | | | | 2.250 | | | 01/25/22 | | | 20,812 | |
| | 16,400,000 | | g | | CPPIB Capital, Inc | | | | | 2.750 | | | 11/02/27 | | | 18,607 | |
| CZK | 18,000,000 | | | | Czech Republic Government International Bond | | | | | 0.450 | | | 10/25/23 | | | 761 | |
| DOP | 48,650,000 | | g | | Dominican Republic Government International Bond | | | | | 8.900 | | | 02/15/23 | | | 762 | |
| $ | 2,000,000 | | g | | Dominican Republic Government International Bond | | | | | 6.500 | | | 02/15/48 | | | 1,842 | |
| | 400,000 | | †,g | | Ecuador Government International Bond | | | | | 7.875 | | | 03/27/25 | | | 177 | |
| | 1,725,000 | | g | | Egypt Government International Bond | | | | | 5.577 | | | 02/21/23 | | | 1,761 | |
| | 500,000 | | g | | Egypt Government International Bond | | | | | 4.550 | | | 11/20/23 | | | 494 | |
| | 425,000 | | g | | Egypt Government International Bond | | | | | 5.750 | | | 05/29/24 | | | 426 | |
| EGP | 19,025,000 | | | | Egypt Government International Bond | | | | | 15.900 | | | 07/02/24 | | | 1,243 | |
| $ | 725,000 | | g | | Egypt Government International Bond | | | | | 7.600 | | | 03/01/29 | | | 737 | |
| EUR | 1,100,000 | | g | | Egypt Government International Bond | | | | | 5.625 | | | 04/16/30 | | | 1,110 | |
| | 700,000 | | g | | Egypt Government International Bond | | | | | 6.375 | | | 04/11/31 | | | 724 | |
| $ | 2,700,000 | | g | | Egypt Government International Bond | | | | | 8.500 | | | 01/31/47 | | | 2,623 | |
| | 1,445,000 | | g | | El Salvador Government International Bond | | | | | 7.125 | | | 01/20/50 | | | 1,172 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 10,000,000 | | | | European Investment Bank | | | | | 2.500 | % | | 04/15/21 | | $ | 10,173 | |
| | 3,500,000 | | | | European Investment Bank | | | | | 4.875 | | | 02/15/36 | | | 5,324 | |
| | 4,000,000 | | g | | Export-Import Bank of India | | | | | 3.875 | | | 02/01/28 | | | 4,138 | |
| EUR | 1,100,000 | | g | | Finland Government International Bond | | | | | 0.500 | | | 09/15/29 | | | 1,320 | |
| | 3,000,000 | | | | French Republic Government Bond OAT | | | | | 0.500 | | | 05/25/25 | | | 3,541 | |
| | 2,650,000 | | | | French Republic Government Bond OAT | | | | | 0.750 | | | 11/25/28 | | | 3,233 | |
| | 1,820,000 | | | | French Republic Government Bond OAT | | | | | 1.250 | | | 05/25/34 | | | 2,371 | |
| | 1,200,000 | | g | | French Republic Government Bond OAT | | | | | 2.000 | | | 05/25/48 | | | 1,860 | |
| $ | 2,325,000 | | g | | Ghana Government International Bond | | | | | 8.125 | | | 03/26/32 | | | 2,179 | |
| | 1,000,000 | | g | | Ghana Government International Bond | | | | | 8.627 | | | 06/16/49 | | | 902 | |
| | 3,600,000 | | g | | Guatemala Government International Bond | | | | | 4.500 | | | 05/03/26 | | | 3,742 | |
| | 450,000 | | g | | Guatemala Government International Bond | | | | | 4.375 | | | 06/05/27 | | | 466 | |
| | 200,000 | | g | | Guatemala Government International Bond | | | | | 5.375 | | | 04/24/32 | | | 221 | |
| | 600,000 | | g | | Guatemala Government International Bond | | | | | 6.125 | | | 06/01/50 | | | 694 | |
| EUR | 2,725,000 | | g | | Hellenic Republic Government International Bond | | | | | 1.875 | | | 07/23/26 | | | 3,252 | |
| | 1,500,000 | | g | | Hellenic Republic Government International Bond | | | | | 3.875 | | | 03/12/29 | | | 2,061 | |
| | 1,650,000 | | g | | Hellenic Republic Government International Bond | | | | | 1.500 | | | 06/18/30 | | | 1,903 | |
| $ | 3,625,000 | | g | | Honduras Government International Bond | | | | | 6.250 | | | 01/19/27 | | | 3,859 | |
| | 350,000 | | g | | Honduras Government International Bond | | | | | 5.625 | | | 06/24/30 | | | 356 | |
| CAD | 1,800,000 | | | | Hydro-Quebec | | | | | 5.000 | | | 02/15/45 | | | 2,111 | |
| IDR | 7,750,000,000 | | | | Indonesia Treasury Bond | | | | | 8.125 | | | 05/15/24 | | | 573 | |
| | 28,000,000,000 | | | | Indonesia Treasury Bond | | | | | 7.000 | | | 09/15/30 | | | 1,928 | |
| | 19,350,000,000 | | | | Indonesia Treasury Bond | | | | | 7.500 | | | 05/15/38 | | | 1,324 | |
| AUD | 500,000 | | | | Inter-American Development Bank | | | | | 4.750 | | | 08/27/24 | | | 402 | |
| | 900,000 | | | | Inter-American Development Bank | | | | | 2.750 | | | 10/30/25 | | | 683 | |
| | 1,300,000 | | | | International Bank for Reconstruction & Development | | | | | 2.800 | | | 01/13/21 | | | 909 | |
| NZD | 941,000 | | | | International Bank for Reconstruction & Development | | | | | 3.375 | | | 01/25/22 | | | 634 | |
| AUD | 400,000 | | | | International Bank for Reconstruction & Development | | | | | 2.200 | | | 02/27/24 | | | 291 | |
| CAD | 1,300,000 | | | | International Bank for Reconstruction & Development | | | | | 1.900 | | | 01/16/25 | | | 1,009 | |
| $ | 2,050,000 | | g | | Iraq Government International Bond | | | | | 5.800 | | | 01/15/28 | | | 1,848 | |
| | 6,200,000 | | | | Israel Government International Bond | | | | | 3.250 | | | 01/17/28 | | | 7,002 | |
| ILS | 3,100,000 | | | | Israel Government International Bond | | | | | 5.500 | | | 01/31/42 | | | 1,597 | |
| | 3,200,000 | | | | Israel Government International Bond | | | | | 3.750 | | | 03/31/47 | | | 1,365 | |
| $ | 4,375,000 | | | | Israel Government International Bond | | | | | 4.125 | | | 01/17/48 | | | 5,423 | |
| EUR | 1,250,000 | | | | Italy Buoni Poliennali Del Tesoro | | | | | 0.050 | | | 04/15/21 | | | 1,407 | |
| | 3,500,000 | | | | Italy Buoni Poliennali Del Tesoro | | | | | 2.450 | | | 10/01/23 | | | 4,201 | |
| | 3,345,000 | | | | Italy Buoni Poliennali Del Tesoro | | | | | 1.250 | | | 12/01/26 | | | 3,847 | |
| | 1,225,000 | | g | | Italy Buoni Poliennali Del Tesoro | | | | | 2.950 | | | 09/01/38 | | | 1,603 | |
| | 1,550,000 | | g | | Italy Buoni Poliennali Del Tesoro | | | | | 3.850 | | | 09/01/49 | | | 2,350 | |
| | 1,000,000 | | g | | Ivory Coast Government International Bond | | | | | 5.875 | | | 10/17/31 | | | 1,050 | |
| $ | 1,909,000 | | g | | Ivory Coast Government International Bond (Step Bond) | | | | | 5.750 | | | 12/31/32 | | | 1,874 | |
| | 2,850,000 | | | | Jamaica Government International Bond | | | | | 7.875 | | | 07/28/45 | | | 3,481 | |
| | 6,000,000 | | | | Japan Bank for International Cooperation | | | | | 2.375 | | | 04/20/26 | | | 6,535 | |
| | 2,000,000 | | g | | Japan Finance Organization for Municipalities | | | | | 2.000 | | | 09/08/20 | | | 2,005 | |
| | 2,700,000 | | g | | Japan Finance Organization for Municipalities | | | | | 2.125 | | | 02/12/21 | | | 2,727 | |
| | 4,000,000 | | g | | Japan Finance Organization for Municipalities | | | | | 2.125 | | | 04/13/21 | | | 4,049 | |
| | 6,650,000 | | g | | Japan Finance Organization for Municipalities | | | | | 3.375 | | | 09/27/23 | | | 7,225 | |
| JPY | 113,000,000 | | | | Japan Finance Organization for Municipalities | | | | | 0.450 | | | 03/14/25 | | | 1,067 | |
| $ | 2,500,000 | | g | | Japan Finance Organization for Municipalities | | | | | 1.000 | | | 05/21/25 | | | 2,519 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| JPY | 103,000,000 | | | | Japan Finance Organization for Municipalities | | | | | 0.484 | % | | 06/13/25 | | $ | 976 | |
| | 140,000,000 | | | | Japan Finance Organization for Municipalities | | | | | 0.020 | | | 03/13/26 | | | 1,296 | |
| | 76,000,000 | | | | Japan Government Five Year Bond | | | | | 0.100 | | | 06/20/23 | | | 709 | |
| | 440,000,000 | | | | Japan Government Ten Year Bond | | | | | 0.100 | | | 09/20/26 | | | 4,124 | |
| | 369,000,000 | | | | Japan Government Ten Year Bond | | | | | 0.100 | | | 12/20/26 | | | 3,459 | |
| | 122,000,000 | | | | Japan Government Ten Year Bond | | | | | 0.100 | | | 06/20/29 | | | 1,140 | |
| | 162,000,000 | | | | Japan Government Ten Year Bond | | | | | 0.100 | | | 12/20/29 | | | 1,511 | |
| | 350,000,000 | | | | Japan Government Thirty Year Bond | | | | | 2.400 | | | 11/20/31 | | | 4,079 | |
| | 350,000,000 | | | | Japan Government Thirty Year Bond | | | | | 2.300 | | | 05/20/32 | | | 4,067 | |
| | 418,000,000 | | | | Japan Government Thirty Year Bond | | | | | 2.500 | | | 09/20/34 | | | 5,094 | |
| | 450,000,000 | | | | Japan Government Thirty Year Bond | | | | | 0.500 | | | 09/20/46 | | | 4,130 | |
| | 530,000,000 | | | | Japan Government Twenty Year Bond | | | | | 1.900 | | | 03/22/21 | | | 4,983 | |
| | 93,000,000 | | | | Japan Government Twenty Year Bond | | | | | 0.600 | | | 12/20/36 | | | 900 | |
| | 219,000,000 | | | | Japan Government Twenty Year Bond | | | | | 0.500 | | | 12/20/38 | | | 2,068 | |
| | 153,000,000 | | | | Japan Government Twenty Year Bond | | | | | 0.300 | | | 06/20/39 | | | 1,391 | |
| | 379,000,000 | | | | Japan Government Two Year Bond | | | | | 0.100 | | | 03/01/22 | | | 3,525 | |
| $ | 3,000,000 | | g | | Jordan Government International Bond | | | | | 4.950 | | | 07/07/25 | | | 3,000 | |
| | 1,000,000 | | g | | Jordan Government International Bond | | | | | 5.750 | | | 01/31/27 | | | 1,034 | |
| | 1,525,000 | | g | | Kenya Government International Bond | | | | | 6.875 | | | 06/24/24 | | | 1,547 | |
| | 2,350,000 | | g | | Kenya Government International Bond | | | | | 7.000 | | | 05/22/27 | | | 2,313 | |
| EUR | 1,875,000 | | g,j | | Kingdom of Belgium Government International Bond | | | | | 0.000 | | | 10/22/27 | | | 2,149 | |
| | 1,080,000 | | | | Kingdom of Belgium Government International Bond | | | | | 1.250 | | | 04/22/33 | | | 1,402 | |
| $ | 1,925,000 | | g | | Kommunalbanken AS. | | | | | 1.375 | | | 10/26/20 | | | 1,931 | |
| | 3,750,000 | | g | | Kommunalbanken AS. | | | | | 1.625 | | | 02/10/21 | | | 3,778 | |
| | 5,000,000 | | g | | Kommunalbanken AS. | | | | | 2.250 | | | 01/25/22 | | | 5,148 | |
| | 2,600,000 | | g | | Kommunalbanken AS. | | | | | 2.750 | | | 02/05/24 | | | 2,815 | |
| EUR | 500,000 | | | | Kommunalbanken AS. | | | | | 0.625 | | | 04/20/26 | | | 589 | |
| $ | 3,000,000 | | g | | Kommunalbanken AS. | | | | | 1.125 | | | 06/14/30 | | | 3,033 | |
| | 4,500,000 | | g | | Kommuninvest I Sverige AB | | | | | 2.250 | | | 05/29/21 | | | 4,577 | |
| | 2,833,000 | | g | | Kommuninvest I Sverige AB | | | | | 2.625 | | | 09/15/22 | | | 2,975 | |
| | 4,000,000 | | i | | Korea Development Bank | | LIBOR 3 M + 0.550% | | | 0.868 | | | 03/12/21 | | | 3,999 | |
| | 6,975,000 | | g | | Korea Electric Power Corp | | | | | 1.125 | | | 06/15/25 | | | 6,986 | |
| | 2,675,000 | | g | | Korea Housing Finance Corp | | | | | 2.000 | | | 10/11/21 | | | 2,713 | |
| | 5,775,000 | | g | | Korea Housing Finance Corp | | | | | 3.000 | | | 10/31/22 | | | 6,032 | |
| KRW | 4,630,000,000 | | | | Korea Treasury Bond | | | | | 1.375 | | | 09/10/21 | | | 3,883 | |
| | 1,220,000,000 | | | | Korea Treasury Bond | | | | | 1.875 | | | 03/10/22 | | | 1,033 | |
| | 1,270,000,000 | | | | Korea Treasury Bond | | | | | 1.500 | | | 03/10/25 | | | 1,074 | |
| | 1,800,000,000 | | | | Korea Treasury Bond | | | | | 1.500 | | | 12/10/26 | | | 1,517 | |
| | 2,380,000,000 | | | | Korea Treasury Bond | | | | | 2.375 | | | 09/10/38 | | | 2,224 | |
| $ | 45,000,000 | | | | Kreditanstalt fuer Wiederaufbau | | | | | 2.750 | | | 10/01/20 | | | 45,287 | |
| | 18,750,000 | | | | Kreditanstalt fuer Wiederaufbau | | | | | 2.625 | | | 01/25/22 | | | 19,439 | |
| | 5,750,000 | | g | | Kuwait Government International Bond | | | | | 2.750 | | | 03/20/22 | | | 5,926 | |
| | 1,750,000 | | †,q | | Lebanon Government International Bond | | | | | 6.750 | | | 11/29/27 | | | 299 | |
| | 5,250,000 | | g | | Lithuania Government International Bond | | | | | 6.625 | | | 02/01/22 | | | 5,714 | |
| MYR | 3,100,000 | | | | Malaysia Government International Bond | | | | | 4.893 | | | 06/08/38 | | | 843 | |
| MXN | 23,500,000 | | | | Mexican Bonos | | | | | 5.750 | | | 03/05/26 | | | 1,049 | |
| | 14,300,000 | | | | Mexican Bonos | | | | | 7.750 | | | 05/29/31 | | | 703 | |
| $ | 3,000,000 | | | | Mexico Government International Bond | | | | | 4.150 | | | 03/28/27 | | | 3,210 | |
| | 6,250,000 | | | | Mexico Government International Bond | | | | | 3.250 | | | 04/16/30 | | | 6,194 | |
| | 6,051,000 | | | | Mexico Government International Bond | | | | | 6.050 | | | 01/11/40 | | | 7,367 | |
| | 3,000,000 | | g | | Mongolia Government International Bond | | | | | 5.125 | | | 12/05/22 | | | 2,970 | |
| EUR | 900,000 | | g | | Morocco Government International Bond | | | | | 1.500 | | | 11/27/31 | | | 935 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 5,750,000 | | g | | Morocco Government International Bond | | | | | 5.500 | % | | 12/11/42 | | $ | 7,014 | |
| | 2,500,000 | | g | | Nacional Financiera SNC | | | | | 3.375 | | | 11/05/20 | | | 2,500 | |
| | 3,075,000 | | g | | Namibia Government International Bond | | | | | 5.250 | | | 10/29/25 | | | 3,116 | |
| | 4,500,000 | | g | | Nederlandse Waterschapsbank NV | | | | | 2.125 | | | 11/15/21 | | | 4,608 | |
| | 5,000,000 | | g | | Nederlandse Waterschapsbank NV | | | | | 1.875 | | | 04/14/22 | | | 5,134 | |
| | 4,000,000 | | g | | Nederlandse Waterschapsbank NV | | | | | 3.125 | | | 12/05/22 | | | 4,256 | |
| EUR | 1,075,000 | | g | | Netherlands Government International Bond | | | | | 0.750 | | | 07/15/28 | | | 1,323 | |
| | 400,000 | | g | | Netherlands Government International Bond | | | | | 2.750 | | | 01/15/47 | | | 772 | |
| AUD | 500,000 | | | | New South Wales Treasury Corp | | | | | 4.000 | | | 05/20/26 | | | 409 | |
| NZD | 1,450,000 | | | | New Zealand Government International Bond | | | | | 2.750 | | | 04/15/25 | | | 1,038 | |
| | 1,350,000 | | | | New Zealand Government International Bond | | | | | 3.000 | | | 04/20/29 | | | 1,033 | |
| $ | 4,600,000 | | g | | Nigeria Government International Bond | | | | | 6.500 | | | 11/28/27 | | | 4,357 | |
| EUR | 850,000 | | g | | North Macedonia Government International Bond | | | | | 3.675 | | | 06/03/26 | | | 969 | |
| NOK | 36,880,000 | | g | | Norway Government International Bond | | | | | 1.375 | | | 08/19/30 | | | 4,105 | |
| $ | 1,500,000 | | g | | Oman Government International Bond | | | | | 6.000 | | | 08/01/29 | | | 1,393 | |
| | 21,300,000 | | g | | OMERS Finance Trust | | | | | 2.500 | | | 05/02/24 | | | 22,737 | |
| | 15,000,000 | | g | | Ontario Teachers' Finance Trust | | | | | 1.625 | | | 09/12/24 | | | 15,533 | |
| | 4,000,000 | | | | Panama Government International Bond | | | | | 4.300 | | | 04/29/53 | | | 4,765 | |
| | 6,455,000 | | g | | Panama Notas del Tesoro | | | | | 3.750 | | | 04/17/26 | | | 6,745 | |
| | 1,650,000 | | g | | Paraguay Government International Bond | | | | | 4.700 | | | 03/27/27 | | | 1,803 | |
| | 925,000 | | g | | Paraguay Government International Bond | | | | | 5.400 | | | 03/30/50 | | | 1,071 | |
| | 4,275,000 | | g | | Perusahaan Penerbit SBSN Indonesia III | | | | | 3.900 | | | 08/20/24 | | | 4,558 | |
| | 9,350,000 | | g | | Perusahaan Penerbit SBSN Indonesia III | | | | | 4.400 | | | 03/01/28 | | | 10,380 | |
| | 4,475,000 | | | | Peruvian Government International Bond | | | | | 4.125 | | | 08/25/27 | | | 5,142 | |
| PEN | 14,725,000 | | g | | Peruvian Government International Bond | | | | | 5.400 | | | 08/12/34 | | | 4,380 | |
| $ | 364,584 | | g | | Petroamazonas EP | | | | | 4.625 | | | 12/06/21 | | | 257 | |
| EUR | 900,000 | | g | | Portugal Obrigacoes do Tesouro OT | | | | | 0.700 | | | 10/15/27 | | | 1,048 | |
| | 1,525,000 | | g | | Portugal Obrigacoes do Tesouro OT | | | | | 1.950 | | | 06/15/29 | | | 1,949 | |
| $ | 15,000,000 | | | | Province of British Columbia Canada | | | | | 2.000 | | | 10/23/22 | | | 15,573 | |
| CAD | 2,350,000 | | | | Province of British Columbia Canada | | | | | 2.550 | | | 06/18/27 | | | 1,903 | |
| $ | 10,000,000 | | | | Province of Manitoba Canada | | | | | 3.050 | | | 05/14/24 | | | 10,896 | |
| | 25,000,000 | | | | Province of Manitoba Canada | | | | | 2.125 | | | 06/22/26 | | | 26,826 | |
| CAD | 1,300,000 | | | | Province of New Brunswick Canada | | | | | 3.100 | | | 08/14/28 | | | 1,090 | |
| $ | 25,000,000 | | | | Province of Ontario Canada | | | | | 3.050 | | | 01/29/24 | | | 27,191 | |
| | 22,500,000 | | | | Province of Quebec Canada | | | | | 3.500 | | | 07/29/20 | | | 22,550 | |
| CAD | 1,650,000 | | | | Province of Quebec Canada | | | | | 2.750 | | | 09/01/27 | | | 1,356 | |
| $ | 6,000,000 | | | | Province of Quebec Canada | | | | | 7.500 | | | 09/15/29 | | | 9,232 | |
| | 2,000,000 | | †,g | | Provincia de Mendoza Argentina | | | | | 8.375 | | | 05/19/24 | | | 1,040 | |
| | 1,375,000 | | g | | Qatar Government International Bond | | | | | 3.400 | | | 04/16/25 | | | 1,495 | |
| | 2,050,000 | | g | | Qatar Government International Bond | | | | | 3.750 | | | 04/16/30 | | | 2,328 | |
| EUR | 850,000 | | g | | Republic of Austria Government International Bond | | | | | 0.750 | | | 02/20/28 | | | 1,035 | |
| $ | 1,700,000 | | g | | Republic of Belarus International Bond | | | | | 7.625 | | | 06/29/27 | | | 1,748 | |
| | 1,000,000 | | | | Republic of Italy Government International Bond | | | | | 2.375 | | | 10/17/24 | | | 1,012 | |
| | 8,000,000 | | | | Republic of Italy Government International Bond | | | | | 4.000 | | | 10/17/49 | | | 8,100 | |
| | 2,000,000 | | g | | Republic of Paraguay | | | | | 6.100 | | | 08/11/44 | | | 2,460 | |
| PLN | 3,475,000 | | | | Republic of Poland Government International Bond | | | | | 5.750 | | | 09/23/22 | | | 988 | |
| | 6,825,000 | | | | Republic of Poland Government International Bond | | | | | 3.250 | | | 07/25/25 | | | 1,939 | |
| | 2,825,000 | | | | Republic of Poland Government International Bond | | | | | 2.750 | | | 10/25/29 | | | 803 | |
| $ | 2,475,000 | | | | Republic of South Africa Government International Bond | | | | | 4.850 | | | 09/27/27 | | | 2,415 | |
| | 3,225,000 | | g | | Republic of Uzbekistan Government International Bond | | | | | 4.750 | | | 02/20/24 | | | 3,393 | |
| EUR | 600,000 | | g | | Romanian Government International Bond | | | | | 2.000 | | | 01/28/32 | | | 625 | |
| RUB | 72,000,000 | | | | Russian Federal Bond-OFZ | | | | | 4.500 | | | 07/16/25 | | | 979 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 500,000 | | g | | Saudi Government International Bond | | | | | 2.500 | % | | 02/03/27 | | $ | 512 | |
| | 6,775,000 | | g | | Saudi Government International Bond | | | | | 4.500 | | | 04/17/30 | | | 7,981 | |
| | 3,500,000 | | g | | Saudi Government International Bond | | | | | 3.750 | | | 01/21/55 | | | 3,563 | |
| EUR | 1,000,000 | | g | | Senegal Government International Bond | | | | | 4.750 | | | 03/13/28 | | | 1,084 | |
| $ | 2,000,000 | | g | | Senegal Government International Bond | | | | | 6.250 | | | 05/23/33 | | | 2,030 | |
| | 2,000,000 | | g | | Senegal Government International Bond | | | | | 6.750 | | | 03/13/48 | | | 1,929 | |
| EUR | 1,250,000 | | g | | Serbia Government International Bond | | | | | 1.500 | | | 06/26/29 | | | 1,311 | |
| RSD | 96,000,000 | | | | Serbia Treasury Bonds | | | | | 5.875 | | | 02/08/28 | | | 1,090 | |
| | 31,700,000 | | | | Serbia Treasury Bonds | | | | | 4.500 | | | 08/20/32 | | | 325 | |
| $ | 4,000,000 | | | | South Africa Government International Bond | | | | | 5.875 | | | 09/16/25 | | | 4,240 | |
| ZAR | 12,200,000 | | | | South Africa Government International Bond | | | | | 10.500 | | | 12/21/26 | | | 804 | |
| | 15,100,000 | | | | South Africa Government International Bond | | | | | 8.750 | | | 01/31/44 | | | 686 | |
| $ | 3,850,000 | | g | | Southern Gas Corridor CJSC | | | | | 6.875 | | | 03/24/26 | | | 4,426 | |
| EUR | 2,550,000 | | g | | Spain Government International Bond | | | | | 2.750 | | | 10/31/24 | | | 3,229 | |
| | 845,000 | | g | | Spain Government International Bond | | | | | 1.400 | | | 07/30/28 | | | 1,037 | |
| | 1,475,000 | | g | | Spain Government International Bond | | | | | 0.600 | | | 10/31/29 | | | 1,693 | |
| | 2,350,000 | | g | | Spain Government International Bond | | | | | 1.200 | | | 10/31/40 | | | 2,698 | |
| $ | 750,000 | | g | | Sri Lanka Government International Bond | | | | | 6.850 | | | 03/14/24 | | | 521 | |
| | 1,000,000 | | g | | Sri Lanka Government International Bond | | | | | 6.825 | | | 07/18/26 | | | 654 | |
| | 3,700,000 | | | | State of Israel | | | | | 3.375 | | | 01/15/50 | | | 4,053 | |
| | 5,280,000 | | | | Svensk Exportkredit AB | | | | | 1.625 | | | 11/14/22 | | | 5,433 | |
| | 9,590,000 | | | | Svensk Exportkredit AB | | | | | 1.750 | | | 12/12/23 | | | 10,023 | |
| THB | 48,800,000 | | | | Thailand Government International Bond | | | | | 3.300 | | | 06/17/38 | | | 1,958 | |
| UAH | 25,000,000 | | | | Ukraine Government International Bond | | | | | 17.000 | | | 05/11/22 | | | 1,025 | |
| EUR | 1,000,000 | | g | | Ukraine Government International Bond | | | | | 6.750 | | | 06/20/26 | | | 1,139 | |
| | 5,800,000 | | g | | Ukraine Government International Bond | | | | | 4.375 | | | 01/27/30 | | | 5,574 | |
| GBP | 1,800,000 | | | | United Kingdom Gilt | | | | | 0.500 | | | 07/22/22 | | | 2,257 | |
| | 3,050,000 | | | | United Kingdom Gilt | | | | | 1.625 | | | 10/22/28 | | | 4,268 | |
| | 2,450,000 | | | | United Kingdom Gilt | | | | | 4.750 | | | 12/07/30 | | | 4,468 | |
| | 2,450,000 | | | | United Kingdom Gilt | | | | | 1.750 | | | 09/07/37 | | | 3,631 | |
| | 900,000 | | | | United Kingdom Gilt | | | | | 1.500 | | | 07/22/47 | | | 1,356 | |
| | 775,000 | | | | United Kingdom Gilt | | | | | 1.625 | | | 10/22/54 | | | 1,263 | |
| UYU | 21,800,000 | | g | | Uruguay Government International Bond | | | | | 8.500 | | | 03/15/28 | | | 469 | |
| $ | 4,357,410 | | h | | Uruguay Government International Bond | | | | | 4.375 | | | 01/23/31 | | | 5,093 | |
| AUD | 2,735,000 | | | | Western Australian Treasury Corp | | | | | 2.750 | | | 07/24/29 | | | 2,126 | |
| | | | | | TOTAL FOREIGN GOVERNMENT BONDS | | | | | | | | | | | 844,427 | |
| | | | | | | | | | | | | | | | | | |
| MORTGAGE BACKED - 17.6% | | | | | | | | | | | | |
| | 7,732,106 | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | | | 3.000 | | | 10/15/33 | | | 8,645 | |
| | 21,802,701 | | | | FHLMC | | | | | 3.500 | | | 08/15/43 | | | 22,570 | |
| | 12,152,776 | | | | FHLMC | | | | | 3.500 | | | 03/15/44 | | | 13,344 | |
| | 10,090,288 | | i | | FHLMC | | | | | 5.735 | | | 03/15/44 | | | 2,100 | |
| | 31,275,336 | | | | FHLMC | | | | | 4.000 | | | 10/01/47 | | | 34,981 | |
| | 19,320,704 | | i | | FHLMC | | | | | 9.624 | | | 06/15/48 | | | 24,319 | |
| | 26,086,706 | | | | FHLMC | | | | | 3.000 | | | 09/01/48 | | | 27,595 | |
| | 16,022,625 | | i | | FHLMC | | | | | 9.544 | | | 10/15/48 | | | 20,452 | |
| | 37,158,826 | | | | FHLMC | | | | | 3.000 | | | 11/01/49 | | | 39,564 | |
| | 316 | | | | Federal Home Loan Mortgage Corp Gold (FGLMC) | | | | | 7.000 | | | 10/01/20 | | | 0 | ^ |
| | 3,262 | | | | FGLMC | | | | | 7.000 | | | 05/01/23 | | | 3 | |
| | 18,870 | | | | FGLMC | | | | | 8.000 | | | 01/01/31 | | | 20 | |
| | 4,914 | | | | FGLMC | | | | | 7.000 | | | 01/01/32 | | | 5 | |
| | 442,057 | | | | FGLMC | | | | | 4.500 | | | 07/01/33 | | | 483 | |
| | 3,015,765 | | | | FGLMC | | | | | 7.000 | | | 12/01/33 | | | 3,535 | |
| | 800,444 | | | | FGLMC | | | | | 4.500 | | | 10/01/34 | | | 867 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 587,198 | | | | FGLMC | | | | | 4.500 | % | | 04/01/35 | | $ | 641 | |
| | 901,876 | | | | FGLMC | | | | | 7.000 | | | 05/01/35 | | | 1,050 | |
| | 2,538,916 | | | | FGLMC | | | | | 5.000 | | | 06/01/36 | | | 2,913 | |
| | 940,386 | | | | FGLMC | | | | | 5.000 | | | 07/01/39 | | | 1,079 | |
| | 123,916 | | | | FGLMC | | | | | 4.500 | | | 12/01/43 | | | 137 | |
| | 79,969 | | | | FGLMC | | | | | 4.500 | | | 02/01/44 | | | 89 | |
| | 2,992,372 | | | | FGLMC | | | | | 4.500 | | | 10/01/44 | | | 3,319 | |
| | 1,205,059 | | | | FGLMC | | | | | 4.500 | | | 11/01/44 | | | 1,336 | |
| | 1,934,028 | | | | FGLMC | | | | | 4.500 | | | 11/01/44 | | | 2,145 | |
| | 1,185,319 | | | | FGLMC | | | | | 4.500 | | | 12/01/44 | | | 1,315 | |
| | 828,834 | | | | FGLMC | | | | | 4.500 | | | 12/01/44 | | | 905 | |
| | 5,815,612 | | | | FGLMC | | | | | 3.500 | | | 04/01/45 | | | 6,383 | |
| | 821,355 | | | | FGLMC | | | | | 4.500 | | | 05/01/45 | | | 875 | |
| | 27,606,404 | | | | FGLMC | | | | | 3.500 | | | 08/01/45 | | | 30,460 | |
| | 47,290,151 | | | | FGLMC | | | | | 3.500 | | | 10/01/45 | | | 51,703 | |
| | 27,677,694 | | | | FGLMC | | | | | 4.000 | | | 12/01/45 | | | 30,539 | |
| | 71,658,996 | | | | FGLMC | | | | | 3.500 | | | 08/01/46 | | | 78,267 | |
| | 101,851,564 | | | | FGLMC | | | | | 3.000 | | | 01/01/47 | | | 107,625 | |
| | 80,266,973 | | | | FGLMC | | | | | 3.000 | | | 02/01/47 | | | 84,881 | |
| | 2,631,875 | | | | FGLMC | | | | | 4.500 | | | 06/01/47 | | | 2,919 | |
| | 5,335,360 | | | | FGLMC | | | | | 4.000 | | | 09/01/47 | | | 5,813 | |
| | 5,531,559 | | | | FGLMC | | | | | 3.500 | | | 12/01/47 | | | 6,045 | |
| | 25,847,998 | | | | FGLMC | | | | | 3.500 | | | 03/01/48 | | | 28,241 | |
| | 31,516,002 | | | | FGLMC | | | | | 4.000 | | | 03/01/48 | | | 34,825 | |
| | 15,784,828 | | | | FGLMC | | | | | 4.000 | | | 07/01/48 | | | 17,285 | |
| | 23,672,150 | | | | FGLMC | | | | | 4.500 | | | 08/01/48 | | | 26,283 | |
| | 11,127,264 | | | | FGLMC | | | | | 4.500 | | | 10/01/48 | | | 12,348 | |
| | 14,779,554 | | | | FGLMC | | | | | 3.500 | | | 11/01/48 | | | 16,148 | |
| | 30,099 | | | | Federal National Mortgage Association (FNMA) | | | 8.000 | | | 07/01/24 | | | 33 | |
| | 7,658 | | | | FNMA | | | | | 9.000 | | | 11/01/25 | | | 8 | |
| | 5,161,700 | | | | FNMA | | | | | 3.500 | | | 05/01/32 | | | 5,470 | |
| | 38,721,310 | | | | FNMA | | | | | 3.000 | | | 10/01/32 | | | 40,689 | |
| | 461,735 | | | | FNMA | | | | | 4.500 | | | 10/01/33 | | | 505 | |
| | 824,373 | | | | FNMA | | | | | 4.500 | | | 05/01/35 | | | 899 | |
| | 5,226,688 | | | | FNMA | | | | | 5.000 | | | 05/01/35 | | | 5,996 | |
| | 2,352,154 | | | | FNMA | | | | | 5.000 | | | 10/01/35 | | | 2,702 | |
| | 1,994,184 | | | | FNMA | | | | | 5.000 | | | 02/01/36 | | | 2,289 | |
| | 4,286,875 | | | | FNMA | | | | | 5.500 | | | 11/01/38 | | | 4,924 | |
| | 4,450,741 | | | | FNMA | | | | | 3.000 | | | 10/01/39 | | | 4,689 | |
| | 31,617,396 | | | | FNMA | | | | | 3.000 | | | 05/01/40 | | | 33,365 | |
| | 4,477,767 | | | | FNMA | | | | | 5.000 | | | 09/01/40 | | | 5,144 | |
| | 6,769,695 | | | | FNMA | | | | | 5.000 | | | 05/01/41 | | | 7,780 | |
| | 24,216,468 | | | | FNMA | | | | | 4.000 | | | 09/01/42 | | | 26,374 | |
| | 13,108,785 | | | | FNMA | | | | | 3.500 | | | 04/01/43 | | | 14,334 | |
| | 6,299,950 | | | | FNMA | | | | | 3.000 | | | 04/25/43 | | | 6,621 | |
| | 11,489,120 | | | | FNMA | | | | | 3.500 | | | 09/01/43 | | | 12,558 | |
| | 11,839,757 | | i | | FNMA | | LIBOR 1 M + 5.950% | | | 5.766 | | | 09/25/43 | | | 2,684 | |
| | 5,815,979 | | | | FNMA | | | | | 4.000 | | | 01/01/44 | | | 6,430 | |
| | 9,331,305 | | | | FNMA | | | | | 4.500 | | | 03/01/44 | | | 10,422 | |
| | 5,589,203 | | | | FNMA | | | | | 4.500 | | | 06/01/44 | | | 6,201 | |
| | 5,782,888 | | | | FNMA | | | | | 4.500 | | | 10/01/44 | | | 6,417 | |
| | 10,689,292 | | | | FNMA | | | | | 4.500 | | | 11/01/44 | | | 11,858 | |
| | 3,652,868 | | | | FNMA | | | | | 5.000 | | | 11/01/44 | | | 4,190 | |
| | 3,378,333 | | | | FNMA | | | | | 4.500 | | | 12/01/44 | | | 3,750 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 4,856,329 | | | | FNMA | | | | | 4.000 | % | | 01/01/45 | | $ | 5,290 | |
| | 31,061,545 | | | | FNMA | | | | | 3.000 | | | 02/25/45 | | | 32,508 | |
| | 6,907,925 | | | | FNMA | | | | | 3.000 | | | 02/25/45 | | | 7,125 | |
| | 493,580 | | | | FNMA | | | | | 3.500 | | | 03/01/45 | | | 542 | |
| | 365,179 | | | | FNMA | | | | | 3.500 | | | 03/01/45 | | | 401 | |
| | 1,248,788 | | | | FNMA | | | | | 4.500 | | | 03/01/45 | | | 1,384 | |
| | 9,007,434 | | | | FNMA | | | | | 3.000 | | | 03/25/45 | | | 9,362 | |
| | 526,856 | | | | FNMA | | | | | 4.500 | | | 04/01/45 | | | 585 | |
| | 26,139,066 | | | | FNMA | | | | | 3.500 | | | 04/25/45 | | | 27,225 | |
| | 12,458,364 | | | | FNMA | | | | | 3.500 | | | 05/01/45 | | | 13,742 | |
| | 6,853,128 | | | | FNMA | | | | | 4.000 | | | 06/01/45 | | | 7,516 | |
| | 10,527,740 | | | | FNMA | | | | | 4.000 | | | 12/01/45 | | | 11,629 | |
| | 53,972,386 | | | | FNMA | | | | | 3.000 | | | 12/25/45 | | | 56,386 | |
| | 17,050,028 | | | | FNMA | | | | | 3.500 | | | 01/01/46 | | | 18,637 | |
| | 30,312,639 | | | | FNMA | | | | | 4.000 | | | 01/01/46 | | | 33,516 | |
| | 884,784 | | | | FNMA | | | | | 4.000 | | | 03/01/46 | | | 971 | |
| | 15,057,446 | | | | FNMA | | | | | 3.500 | | | 06/01/46 | | | 16,459 | |
| | 16,849,344 | | | | FNMA | | | | | 3.500 | | | 07/01/46 | | | 18,418 | |
| | 29,260,291 | | | | FNMA | | | | | 3.500 | | | 07/01/46 | | | 31,956 | |
| | 7,141,880 | | | | FNMA | | | | | 3.000 | | | 10/01/46 | | | 7,400 | |
| | 17,248,158 | | | | FNMA | | | | | 3.500 | | | 10/01/46 | | | 18,854 | |
| | 26,930,307 | | | | FNMA | | | | | 3.000 | | | 11/01/46 | | | 28,443 | |
| | 34,738,901 | | | | FNMA | | | | | 3.500 | | | 12/01/46 | | | 36,868 | |
| | 100,592,811 | | | | FNMA | | | | | 3.500 | | | 01/01/47 | | | 106,615 | |
| | 7,166,082 | | | | FNMA | | | | | 3.000 | | | 04/25/47 | | | 7,665 | |
| | 8,026,742 | | | | FNMA | | | | | 4.500 | | | 05/01/47 | | | 8,920 | |
| | 2,984,861 | | | | FNMA | | | | | 3.500 | | | 08/01/47 | | | 3,193 | |
| | 3,336,072 | | | | FNMA | | | | | 3.500 | | | 09/01/47 | | | 3,562 | |
| | 11,090,866 | | | | FNMA | | | | | 4.000 | | | 09/01/47 | | | 11,840 | |
| | 624,988 | | | | FNMA | | | | | 4.000 | | | 09/01/47 | | | 665 | |
| | 1,689,838 | | | | FNMA | | | | | 3.000 | | | 11/01/47 | | | 1,751 | |
| | 4,642,492 | | | | FNMA | | | | | 3.000 | | | 11/01/47 | | | 4,808 | |
| | 12,596,008 | | | | FNMA | | | | | 3.500 | | | 11/01/47 | | | 13,794 | |
| | 43,629,823 | | | | FNMA | | | | | 4.000 | | | 12/01/47 | | | 48,230 | |
| | 13,254,851 | | h | | FNMA | | | | | 4.000 | | | 12/01/47 | | | 14,129 | |
| | 29,223,162 | | | | FNMA | | | | | 3.500 | | | 01/01/48 | | | 32,036 | |
| | 3,041,271 | | | | FNMA | | | | | 3.500 | | | 01/01/48 | | | 3,315 | |
| | 13,193,325 | | | | FNMA | | | | | 4.500 | | | 01/01/48 | | | 14,777 | |
| | 9,752,412 | | | | FNMA | | | | | 3.500 | | | 02/01/48 | | | 10,288 | |
| | 11,625,249 | | | | FNMA | | | | | 4.500 | | | 02/01/48 | | | 13,015 | |
| | 108,136,374 | | | | FNMA | | | | | 3.000 | | | 02/25/48 | | | 114,757 | |
| | 12,355,425 | | | | FNMA | | | | | 4.000 | | | 03/01/48 | | | 13,649 | |
| | 48,909,762 | | | | FNMA | | | | | 4.500 | | | 03/01/48 | | | 54,759 | |
| | 106,974,940 | | | | FNMA | | | | | 4.000 | | | 04/01/48 | | | 113,515 | |
| | 9,348,854 | | | | FNMA | | | | | 4.500 | | | 05/01/48 | | | 10,467 | |
| | 6,936,477 | | | | FNMA | | | | | 4.500 | | | 05/01/48 | | | 7,766 | |
| | 19,061,057 | | | | FNMA | | | | | 5.000 | | | 08/01/48 | | | 21,615 | |
| | 15,618,761 | | j | | FNMA | | | | | 0.000 | | | 11/25/48 | | | 14,520 | |
| | 15,618,761 | | | | FNMA | | | | | 3.000 | | | 11/25/48 | | | 1,720 | |
| | 7,449,856 | | | | FNMA | | | | | 3.000 | | | 06/01/49 | | | 7,710 | |
| | 5,835,969 | | | | FNMA | | | | | 3.000 | | | 08/01/49 | | | 6,342 | |
| | 49,000,000 | | h | | FNMA | | | | | 2.000 | | | 07/25/50 | | | 50,120 | |
| | 228,000,000 | | h | | FNMA | | | | | 2.500 | | | 07/25/50 | | | 237,592 | |
| | 184,000,000 | | h | | FNMA | | | | | 3.000 | | | 07/25/50 | | | 193,732 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 12,912,082 | | | | Government National Mortgage Association (GNMA) | | | | | 3.700 | % | | 10/15/33 | | $ | 14,204 | |
| | 447,445 | | | | GNMA | | | | | 5.000 | | | 04/15/38 | | | 511 | |
| | 403,817 | | | | GNMA | | | | | 6.500 | | | 11/20/38 | | | 471 | |
| | 60,496 | | | | GNMA | | | | | 4.500 | | | 02/20/39 | | | 70 | |
| | 1,506,380 | | | | GNMA | | | | | 5.000 | | | 06/15/39 | | | 1,725 | |
| | 878,781 | | | | GNMA | | | | | 5.000 | | | 06/15/39 | | | 1,006 | |
| | 10,780,757 | | | | GNMA | | | | | 3.700 | | | 08/15/40 | | | 11,600 | |
| | 81,547 | | | | GNMA | | | | | 4.500 | | | 08/20/41 | | | 92 | |
| | 286,648 | | | | GNMA | | | | | 4.500 | | | 09/20/41 | | | 329 | |
| | 57,106 | | | | GNMA | | | | | 4.500 | | | 01/20/44 | | | 66 | |
| | 50,444 | | | | GNMA | | | | | 4.500 | | | 02/20/44 | | | 57 | |
| | 129,335 | | | | GNMA | | | | | 4.500 | | | 05/20/44 | | | 149 | |
| | 815,814 | | | | GNMA | | | | | 4.500 | | | 05/20/44 | | | 938 | |
| | 931,443 | | | | GNMA | | | | | 4.500 | | | 08/20/44 | | | 1,070 | |
| | 602,396 | | | | GNMA | | | | | 4.500 | | | 09/20/44 | | | 693 | |
| | 359,548 | | | | GNMA | | | | | 4.500 | | | 10/20/44 | | | 409 | |
| | 142,103 | | | | GNMA | | | | | 4.500 | | | 11/20/44 | | | 153 | |
| | 591,921 | | | | GNMA | | | | | 4.500 | | | 12/20/44 | | | 681 | |
| | 791,625 | | | | GNMA | | | | | 4.500 | | | 02/20/45 | | | 889 | |
| | 919,886 | | | | GNMA | | | | | 4.500 | | | 08/20/45 | | | 1,058 | |
| | 928,092 | | | | GNMA | | | | | 4.500 | | | 08/20/45 | | | 1,068 | |
| | 857,965 | | | | GNMA | | | | | 4.500 | | | 12/20/45 | | | 987 | |
| | 11,792,541 | | | | GNMA | | | | | 4.000 | | | 06/20/46 | | | 1,382 | |
| | 30,000,000 | | h | | GNMA | | | | | 3.000 | | | 07/20/47 | | | 31,775 | |
| | 19,173,524 | | | | GNMA | | | | | 3.500 | | | 01/20/49 | | | 20,967 | |
| | | | | | TOTAL MORTGAGE BACKED | | | | | | | | | | | 2,604,818 | |
| | | | | | | | | | | | | | | | | | |
| MUNICIPAL BONDS - 5.0% | | | | | | | | | | | | |
| | 14,595,000 | | | | Bay Area Toll Authority | | | | | 3.552 | | | 04/01/54 | | | 15,638 | |
| | 2,975,000 | | | | Chicago Housing Authority | | | | | 3.682 | | | 01/01/25 | | | 3,244 | |
| | 245,000 | | | | City & County of San Francisco CA Community Facilities District | | | | | 3.264 | | | 09/01/25 | | | 263 | |
| | 1,000,000 | | | | City & County of San Francisco CA Community Facilities District | | | | | 4.038 | | | 09/01/34 | | | 1,109 | |
| | 845,000 | | | | City & County of San Francisco CA Community Facilities District | | | | | 3.750 | | | 09/01/37 | | | 895 | |
| | 2,950,000 | | | | City & County of San Francisco CA Community Facilities District | | | | | 4.221 | | | 09/01/39 | | | 3,247 | |
| | 2,000,000 | | | | City & County of San Francisco CA Community Facilities District | | | | | 4.000 | | | 09/01/48 | | | 2,112 | |
| | 8,080,000 | | | | City of Austin TX Electric Utility Revenue | | | | | 2.456 | | | 11/15/22 | | | 8,440 | |
| | 6,590,000 | | | | City of Austin TX Electric Utility Revenue | | | | | 2.524 | | | 11/15/23 | | | 6,993 | |
| | 8,025,000 | | | | City of Austin TX Electric Utility Revenue | | | | | 2.574 | | | 11/15/24 | | | 8,645 | |
| | 4,940,000 | | | | City of Austin TX Electric Utility Revenue | | | | | 2.677 | | | 11/15/25 | | | 5,409 | |
| | 5,000,000 | | | | City of Dallas TX Waterworks & Sewer System Revenue | | | | | 1.868 | | | 10/01/22 | | | 5,149 | |
| | 2,775,000 | | | | City of Dallas TX Waterworks & Sewer System Revenue | | | | | 2.068 | | | 10/01/23 | | | 2,903 | |
| | 1,350,000 | | | | City of Dallas TX Waterworks & Sewer System Revenue | | | | | 2.389 | | | 10/01/25 | | | 1,457 | |
| | 3,995,000 | | | | City of Los Angeles CA Wastewater System Revenue | | | | | 4.029 | | | 06/01/39 | | | 4,384 | |
| | 7,470,000 | | | | City of New York NY | | | | | 3.010 | | | 08/01/24 | | | 7,953 | |
| | | | | | | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 4,870,000 | | | | City of New York NY | | | | | 3.430 | % | | 12/01/24 | | $ | 5,312 | |
| | 4,940,000 | | | | City of New York NY | | | | | 3.200 | | | 12/01/26 | | | 5,381 | |
| | 2,025,000 | | | | City of San Antonio TX Customer Facility Charge Revenue | | | | | 4.253 | | | 07/01/24 | | | 2,106 | |
| | 1,575,000 | | | | City of San Antonio TX Customer Facility Charge Revenue | | | | | 4.353 | | | 07/01/25 | | | 1,652 | |
| | 20,000,000 | | | | City of San Francisco CA Public Utilities Commission Water Revenue | | | | | 4.035 | | | 11/01/41 | | | 21,746 | |
| | 7,215,000 | | | | Commonwealth Financing Authority | | | | | 3.864 | | | 06/01/38 | | | 8,494 | |
| | 19,355,000 | | | | Commonwealth Financing Authority | | | | | 3.807 | | | 06/01/41 | | | 22,745 | |
| | 1,875,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 1.885 | | | 10/01/21 | | | 1,885 | |
| | 1,505,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 2.218 | | | 10/01/22 | | | 1,527 | |
| | 1,500,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 2.368 | | | 10/01/23 | | | 1,534 | |
| | 2,500,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 3.285 | | | 10/01/23 | | | 2,575 | |
| | 3,500,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 2.504 | | | 10/01/24 | | | 3,608 | |
| | 2,250,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 3.405 | | | 10/01/24 | | | 2,355 | |
| | 4,365,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 2.604 | | | 10/01/25 | | | 4,508 | |
| | 2,375,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 3.505 | | | 10/01/25 | | | 2,490 | |
| | 2,500,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 2.704 | | | 10/01/26 | | | 2,578 | |
| | 3,940,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 3.049 | | | 10/01/26 | | | 3,992 | |
| | 3,750,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 3.612 | | | 10/01/26 | | | 3,939 | |
| | 4,700,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 2.529 | | | 10/01/30 | | | 4,639 | |
| | 3,730,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 3.732 | | | 10/01/37 | | | 3,670 | |
| | 3,900,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 3.982 | | | 10/01/41 | | | 3,831 | |
| | 9,160,000 | | | | County of Miami-Dade FL Aviation Revenue | | | | | 4.280 | | | 10/01/41 | | | 9,789 | |
| | 7,890,000 | | | | Denver City & County School District No | | | | | 4.242 | | | 12/15/37 | | | 9,511 | |
| | 2,000,000 | | | | Duke University | | | | | 3.199 | | | 10/01/38 | | | 2,191 | |
| | 39,400,000 | | | | Florida Hurricane Catastrophe Fund Finance Corp | | | | | 2.995 | | | 07/01/20 | | | 39,400 | |
| | 5,080,000 | | | | Illinois Finance Authority | | | | | 3.944 | | | 08/15/47 | | | 5,620 | |
| | 1,000,000 | | | | Los Angeles County Redevelopment Agency | | | | | 2.000 | | | 09/01/22 | | | 1,016 | |
| | 2,350,000 | | | | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | | | | | 1.500 | | | 09/01/21 | | | 2,357 | |
| | 4,805,000 | | | | Los Angeles County Redevelopment Refunding Authority Redev Agency Successor Agy | | | | | 3.375 | | | 09/01/35 | | | 5,036 | |
| | 2,000,000 | | | | Menlo Park City School District | | | | | 2.969 | | | 07/01/38 | | | 2,098 | |
| | 2,560,000 | | | | Michigan Finance Authority | | | | | 1.941 | | | 11/01/21 | | | 2,584 | |
| | 3,000,000 | | | | Michigan Finance Authority | | | | | 2.244 | | | 11/01/22 | | | 3,071 | |
| | 13,330,000 | | | | Michigan Finance Authority | | | | | 2.862 | | | 09/01/49 | | | 13,498 | |
| | 14,000,000 | | | | Michigan Finance Authority | | | | | 2.988 | | | 09/01/49 | | | 14,117 | |
| | 500,000 | | | | New Jersey Economic Development Authority | | | | | 3.700 | | | 06/15/21 | | | 510 | |
| | 1,110,000 | | | | New Jersey Economic Development Authority | | | | | 3.800 | | | 07/01/22 | | | 1,138 | |
| | 870,000 | | | | New York City Housing Development Corp | | | | | 3.403 | | | 05/01/22 | | | 907 | |
| | 750,000 | | | | New York City Housing Development Corp | | | | | 3.453 | | | 11/01/22 | | | 788 | |
| | 1,360,000 | | | | New York City Housing Development Corp | | | | | 3.523 | | | 05/01/23 | | | 1,450 | |
| | 1,815,000 | | | | New York City Housing Development Corp | | | | | 3.573 | | | 11/01/23 | | | 1,948 | |
| | 1,000,000 | | | | New York City Housing Development Corp | | | | | 3.650 | | | 05/01/24 | | | 1,090 | |
| | 5,680,000 | | | | New York State Dormitory Authority | | | | | 3.998 | | | 07/01/39 | | | 6,121 | |
| | 10,605,000 | | | | New York State Dormitory Authority | | | | | 4.294 | | | 07/01/44 | | | 11,717 | |
| | 6,000,000 | | | | New York State Dormitory Authority | | | | | 3.879 | | | 07/01/46 | | | 6,332 | |
| | 5,000,000 | | | | New York State Thruway Authority | | | | | 2.256 | | | 01/01/25 | | | 5,102 | |
| | 6,460,000 | | | | New York State Thruway Authority | | | | | 2.406 | | | 01/01/26 | | | 6,604 | |
| | 4,750,000 | | | | New York State Thruway Authority | | | | | 2.500 | | | 01/01/27 | | | 4,870 | |
| | 855,000 | | | | Oklahoma City Economic Development Trust | | | | | 3.172 | | | 09/01/21 | | | 874 | |
| | 1,120,000 | | | | Oklahoma City Economic Development Trust | | | | | 3.222 | | | 09/01/22 | | | 1,168 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 810,000 | | | | Oklahoma City Economic Development Trust | | | | | 3.440 | % | | 09/01/24 | | $ | 876 | |
| | 2,350,000 | | | | Oregon State Lottery | | | | | 2.505 | | | 04/01/24 | | | 2,438 | |
| | 3,500,000 | | | | Palm Beach County Solid Waste Authority | | | | | 2.083 | | | 10/01/21 | | | 3,555 | |
| | 2,320,000 | | | | Permanent University Fund | | | | | 2.258 | | | 07/01/20 | | | 2,320 | |
| | 2,160,000 | | | | Permanent University Fund | | | | | 2.408 | | | 07/01/21 | | | 2,204 | |
| | 2,750,000 | | | | Permanent University Fund | | | | | 2.508 | | | 07/01/22 | | | 2,866 | |
| | 2,855,000 | | | | Permanent University Fund | | | | | 2.608 | | | 07/01/23 | | | 3,036 | |
| | 3,250,000 | | | | Permanent University Fund | | | | | 2.708 | | | 07/01/24 | | | 3,520 | |
| | 2,335,000 | | | | Permanent University Fund | | | | | 2.808 | | | 07/01/25 | | | 2,576 | |
| | 3,775,000 | | | | Permanent University Fund | | | | | 2.908 | | | 07/01/26 | | | 4,210 | |
| | 4,000,000 | | | | Permanent University Fund | | | | | 3.008 | | | 07/01/27 | | | 4,518 | |
| | 2,000,000 | | | | Port of Corpus Christi Authority of Nueces County | | | | | 3.138 | | | 12/01/22 | | | 2,077 | |
| | 3,400,000 | | | | Port of Corpus Christi Authority of Nueces County | | | | | 3.287 | | | 12/01/23 | | | 3,594 | |
| | 1,500,000 | | | | Port of Corpus Christi Authority of Nueces County | | | | | 3.387 | | | 12/01/24 | | | 1,605 | |
| | 1,000,000 | | | | Port of Corpus Christi Authority of Nueces County | | | | | 3.487 | | | 12/01/25 | | | 1,080 | |
| | 7,500,000 | | | | Port of Morrow OR | | | | | 1.582 | | | 09/01/20 | | | 7,506 | |
| | 2,075,000 | | | | Port of Morrow OR | | | | | 1.782 | | | 09/01/21 | | | 2,093 | |
| | 4,355,000 | | | | Public Finance Authority | | | | | 4.269 | | | 07/01/40 | | | 4,907 | |
| | 1,000,000 | | | | Regents of the University of California Medical Center Pooled Revenue | | | | | 2.037 | | | 05/15/23 | | | 1,019 | |
| | 1,000,000 | | | | Regents of the University of California Medical Center Pooled Revenue | | | | | 2.259 | | | 05/15/24 | | | 1,030 | |
| | 1,250,000 | | | | Regents of the University of California Medical Center Pooled Revenue | | | | | 2.359 | | | 05/15/25 | | | 1,299 | |
| | 1,785,000 | | | | Regents of the University of California Medical Center Pooled Revenue | | | | | 2.459 | | | 05/15/26 | | | 1,868 | |
| | 1,600,000 | | | | Regents of the University of California Medical Center Pooled Revenue | | | | | 2.559 | | | 05/15/27 | | | 1,689 | |
| | 700,000 | | | | Regents of the University of California Medical Center Pooled Revenue | | | | | 2.659 | | | 05/15/28 | | | 744 | |
| | 900,000 | | | | Regents of the University of California Medical Center Pooled Revenue | | | | | 2.759 | | | 05/15/29 | | | 963 | |
| | 6,000,000 | | | | San Francisco City & County Airport Comm-San Francisco International Airport | | | | | 3.046 | | | 05/01/22 | | | 6,141 | |
| | 6,360,000 | | | | San Jose Redevelopment Agency | | | | | 3.375 | | | 08/01/34 | | | 6,892 | |
| | 335,000 | | | | Santa Ana Community Redevelopment Agency Successor Agency | | | | | 3.346 | | | 09/01/21 | | | 344 | |
| | 1,340,000 | | | | Santa Ana Community Redevelopment Agency Successor Agency | | | | | 3.467 | | | 09/01/22 | | | 1,410 | |
| | 1,340,000 | | | | Santa Ana Community Redevelopment Agency Successor Agency | | | | | 3.567 | | | 09/01/23 | | | 1,443 | |
| | 13,060,000 | | | | State of California | | | | | 4.600 | | | 04/01/38 | | | 15,262 | |
| | 3,060,000 | | | | State of Georgia | | | | | 2.000 | | | 07/01/20 | | | 3,060 | |
| | 3,215,000 | | | | State of Georgia | | | | | 2.150 | | | 07/01/21 | | | 3,252 | |
| | 3,465,000 | | | | State of Georgia | | | | | 1.910 | | | 02/01/23 | | | 3,544 | |
| | 3,905,000 | | | | State of Georgia | | | | | 2.750 | | | 07/01/25 | | | 4,038 | |
| | 4,100,000 | | | | State of Georgia | | | | | 2.850 | | | 07/01/26 | | | 4,246 | |
| | 4,305,000 | | | | State of Georgia | | | | | 2.950 | | | 07/01/27 | | | 4,464 | |
| | 4,520,000 | | | | State of Georgia | | | | | 3.050 | | | 07/01/28 | | | 4,692 | |
| | 3,245,000 | | | | State of Georgia | | | | | 3.150 | | | 07/01/29 | | | 3,372 | |
| | 12,500,000 | | | | State of Illinois | | | | | 2.250 | | | 06/15/21 | | | 12,361 | |
| | 12,500,000 | | | | State of Illinois | | | | | 3.150 | | | 06/15/26 | | | 11,971 | |
| | 12,500,000 | | | | State of Illinois | | | | | 3.250 | | | 06/15/27 | | | 11,894 | |
| | 27,150,000 | | | | State of Illinois | | | | | 5.100 | | | 06/01/33 | | | 27,542 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 20,000,000 | | | | State of Michigan | | | | | 1.579 | % | | 11/01/20 | | $ | 20,047 | |
| | 13,000,000 | | | | State of Michigan | | | | | 1.779 | | | 11/01/21 | | | 13,163 | |
| | 7,000,000 | | | | State of Michigan | | | | | 1.966 | | | 11/01/22 | | | 7,178 | |
| | 3,510,000 | | | | State of Oregon | | | | | 1.783 | | | 05/01/24 | | | 3,649 | |
| | 9,700,000 | | | | State of Oregon Department of Administrative Services | | | | | 4.103 | | | 05/01/39 | | | 10,617 | |
| | 9,900,000 | | | | State of Wisconsin | | | | | 3.154 | | | 05/01/27 | | | 10,996 | |
| | 6,000,000 | | | | University of California | | | | | 2.570 | | | 05/15/22 | | | 6,211 | |
| | 25,860,000 | | | | University of California | | | | | 3.063 | | | 07/01/25 | | | 28,353 | |
| | 10,230,000 | | | | University of California | | | | | 4.601 | | | 05/15/31 | | | 12,417 | |
| | 17,045,000 | | | | University of California | | | | | 3.931 | | | 05/15/45 | | | 20,334 | |
| | 21,000,000 | | | | University of Chicago | | | | | 4.151 | | | 10/01/45 | | | 21,494 | |
| | 7,620,000 | | | | University of Massachusetts Building Authority | | | | | 3.097 | | | 11/01/35 | | | 8,115 | |
| | 13,000,000 | | | | University of Massachusetts Building Authority | | | | | 3.434 | | | 11/01/40 | | | 14,098 | |
| | 20,000,000 | | | | University of New Mexico | | | | | 3.532 | | | 06/20/32 | | | 21,285 | |
| | 835,000 | | | | Utah Municipal Power Agency | | | | | 1.823 | | | 07/01/20 | | | 835 | |
| | 500,000 | | | | Utah Municipal Power Agency | | | | | 2.023 | | | 07/01/21 | | | 503 | |
| | 1,750,000 | | | | Utah Municipal Power Agency | | | | | 2.262 | | | 07/01/22 | | | 1,782 | |
| | 1,500,000 | | | | Utah Municipal Power Agency | | | | | 2.512 | | | 07/01/23 | | | 1,547 | |
| | 2,160,000 | | | | Virginia Port Authority | | | | | 4.228 | | | 07/01/36 | | | 2,340 | |
| | 390,000 | | | | Washington Convention & Sports Authority | | | | | 3.969 | | | 10/01/30 | | | 396 | |
| | | | | | TOTAL MUNICIPAL BONDS | | | | | | | | | | | 744,196 | |
| | | | | | | | | | | | | | | | | | |
| U.S. TREASURY SECURITIES - 6.9% | | | | | | |
| | 42,427,000 | | | | United States Treasury Bond | | | | | 4.500 | | | 02/15/36 | | | 64,932 | |
| | 4,500,000 | | | | United States Treasury Bond | | | | | 4.750 | | | 02/15/37 | | | 7,175 | |
| | 22,750,000 | | | | United States Treasury Bond | | | | | 3.500 | | | 02/15/39 | | | 32,179 | |
| | 11,900,000 | | | | United States Treasury Bond | | | | | 3.875 | | | 08/15/40 | | | 17,731 | |
| | 19,135,000 | | | | United States Treasury Bond | | | | | 4.375 | | | 05/15/41 | | | 30,425 | |
| | 16,434,000 | | | | United States Treasury Bond | | | | | 3.750 | | | 08/15/41 | | | 24,208 | |
| | 6,000,000 | | | | United States Treasury Bond | | | | | 2.750 | | | 11/15/42 | | | 7,683 | |
| | 56,375,000 | | | | United States Treasury Bond | | | | | 3.625 | | | 08/15/43 | | | 82,321 | |
| | 35,680,000 | | | | United States Treasury Bond | | | | | 3.000 | | | 05/15/45 | | | 47,891 | |
| | 81,710,000 | | | | United States Treasury Bond | | | | | 2.875 | | | 08/15/45 | | | 107,669 | |
| | 67,140,000 | | | | United States Treasury Bond | | | | | 2.500 | | | 05/15/46 | | | 83,233 | |
| | 1,075,000 | | | | United States Treasury Bond | | | | | 3.000 | | | 05/15/47 | | | 1,464 | |
| | 58,160,000 | | | | United States Treasury Bond | | | | | 2.750 | | | 11/15/47 | | | 76,056 | |
| | 24,595,000 | | | | United States Treasury Bond | | | | | 3.125 | | | 05/15/48 | | | 34,451 | |
| | 52,015,000 | | | | United States Treasury Bond | | | | | 3.000 | | | 08/15/48 | | | 71,492 | |
| | 55,120,000 | | | | United States Treasury Bond | | | | | 3.375 | | | 11/15/48 | | | 80,951 | |
| | 2,850,000 | | | | United States Treasury Bond | | | | | 2.000 | | | 02/15/50 | | | 3,262 | |
| | 31,114,080 | | k | | United States Treasury Inflation Indexed Bonds | | | | | 0.500 | | | 04/15/24 | | | 32,734 | |
| | 138,785,000 | | | | United States Treasury Note | | | | | 0.125 | | | 05/31/22 | | | 138,682 | |
| | 80,270,000 | | | | United States Treasury Note | | | | | 0.250 | | | 06/15/23 | | | 80,439 | |
| | 4,000,000 | | | | United States Treasury Note | | | | | 1.250 | | | 05/15/50 | | | 3,843 | |
| | | | | | TOTAL U.S. TREASURY SECURITIES | | | | | | | | | | | 1,028,821 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | TOTAL GOVERNMENT BONDS | | | | | | | | | | | 5,499,602 | |
| | | | | | (Cost $5,112,980) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| STRUCTURED ASSETS - 18.4% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| ASSET BACKED - 8.7% | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 27,750,000 | | | | Ally Auto Receivables Trust | | | | | 1.840 | % | | 06/17/24 | | $ | 28,291 | |
| | | | | | Series - 2019 4 (Class A3) | | | | | | | | | | | | |
| | 6,325,000 | | | | AmeriCredit Automobile Receivables Trust | | | | | 2.060 | | | 04/18/24 | | | 6,439 | |
| | | | | | Series - 2019 3 (Class A3) | | | | | | | | | | | | |
| | 16,500,000 | | | | AmeriCredit Automobile Receivables Trust | | | | | 1.110 | | | 08/19/24 | | | 16,608 | |
| | | | | | Series - 2020 1 (Class A3) | | | | | | | | | | | | |
| | 2,124,000 | | g | | AMSR Trust | | | | | 1.819 | | | 04/17/37 | | | 2,147 | |
| | | | | | Series - 2020 SFR1 (Class A) | | | | | | | | | | | | |
| | 3,499,000 | | g,i | | AMSR Trust | | | | | 3.148 | | | 01/19/39 | | | 3,539 | |
| | | | | | Series - 2019 SFR1 (Class C) | | | | | | | | | | | | |
| | 3,347,000 | | g,i | | AMSR Trust | | | | | 3.247 | | | 01/19/39 | | | 3,318 | |
| | | | | | Series - 2019 SFR1 (Class D) | | | | | | | | | | | | |
| | 74,236 | | †,g | | Asset Backed Funding Corp NIM Trust | | | | | 5.900 | | | 07/26/35 | | | 0 | ^ |
| | | | | | Series - 2005 WMC1 (Class N1) | | | | | | | | | | | | |
| | 1,202,763 | | i | | Asset Backed Securities Corp Home Equity Loan Trust | | LIBOR 1 M + 0.900% | | | 3.386 | | | 08/25/34 | | | 1,179 | |
| | | | | | Series - 2004 HE5 (Class M1) | | | | | | | | | | | | |
| | 8,000,000 | | g | | Avis Budget Rental Car Funding AESOP LLC | | | | | 3.450 | | | 03/20/23 | | | 8,026 | |
| | | | | | Series - 2019 1A (Class A) | | | | | | | | | | | | |
| | 12,000,000 | | g | | Avis Budget Rental Car Funding AESOP LLC | | | | | 3.070 | | | 09/20/23 | | | 12,042 | |
| | | | | | Series - 2017 1A (Class A) | | | | | | | | | | | | |
| | 32,000,000 | | g | | Avis Budget Rental Car Funding AESOP LLC | | | | | 2.970 | | | 03/20/24 | | | 32,103 | |
| | | | | | Series - 2017 2A (Class A) | | | | | | | | | | | | |
| | 22,600,000 | | | | BA Credit Card Trust | | | | | 1.740 | | | 01/15/25 | | | 23,240 | |
| | | | | | Series - 2019 A1 (Class A1) | | | | | | | | | | | | |
| | 4,745,000 | | i | | Bayview Financial Mortgage Pass-Through Trust | | LIBOR 1 M + 0.975% | | | 1.159 | | | 02/28/41 | | | 4,626 | |
| | | | | | Series - 2006 A (Class M3) | | | | | | | | | | | | |
| | 6,537,000 | | i | | Bear Stearns Asset Backed Securities Trust | | LIBOR 1 M + 0.670% | | | 0.855 | | | 04/25/36 | | | 6,436 | |
| | | | | | Series - 2006 SD1 (Class M1) | | | | | | | | | | | | |
| | 4,236,065 | | g | | BRE Grand Islander Timeshare Issuer LLC | | | | | 3.280 | | | 09/26/33 | | | 4,216 | |
| | | | | | Series - 2019 A (Class A) | | | | | | | | | | | | |
| | 7,592,129 | | g | | Capital Automotive REIT | | | | | 3.660 | | | 10/15/44 | | | 7,516 | |
| | | | | | Series - 2014 1A (Class A) | | | | | | | | | | | | |
| | 6,587,264 | | g | | Capital Automotive REIT | | | | | 3.870 | | | 04/15/47 | | | 6,594 | |
| | | | | | Series - 2017 1A (Class A1) | | | | | | | | | | | | |
| | 13,459,899 | | g | | Capital Automotive REIT | | | | | 2.690 | | | 02/15/50 | | | 13,464 | |
| | | | | | Series - 2020 1A (Class A1) | | | | | | | | | | | | |
| | 11,400,000 | | g | | Capital Automotive REIT | | | | | 3.480 | | | 02/15/50 | | | 10,811 | |
| | | | | | Series - 2020 1A (Class A5) | | | | | | | | | | | | |
| | 9,000,000 | | | | Capital One Multi-Asset Execution Trust | | | | | 1.720 | | | 08/15/24 | | | 9,251 | |
| | | | | | Series - 2019 A2 (Class A2) | | | | | | | | | | | | |
| | 5,800,000 | | | | Capital One Multi-Asset Execution Trust | | | | | 2.430 | | | 01/15/25 | | | 6,000 | |
| | | | | | Series - 2017 A3 (Class A3) | | | | | | | | | | | | |
| | 5,950,000 | | | | CarMax Auto Owner Trust | | | | | 2.180 | | | 08/15/24 | | | 6,121 | |
| | | | | | Series - 2019 3 (Class A3) | | | | | | | | | | | | |
| | 14,550,000 | | | | CarMax Auto Owner Trust | | | | | 1.890 | | | 12/16/24 | | | 14,971 | |
| | | | | | Series - 2020 1 (Class A3) | | | | | | | | | | | | |
| | 27,000,000 | | †,g,h,i,j | | Cayuga Park CLO, Ltd. | | LIBOR 3 M + 1.600% | | | 0.000 | | | 07/17/31 | | | 27,000 | |
| | | | | | Series - 2020 1A (Class A) | | | | | | | | | | | | |
| | 1,555,629 | | i | | C-BASS Trust | | LIBOR 1 M + 0.080% | | | 0.265 | | | 07/25/36 | | | 1,433 | |
| | | | | | Series - 2006 CB6 (Class A1) | | | | | | | | | | | | |
| | 428,194 | | i | | Chase Funding Mortgage Loan Asset-Backed Certificates | | | | | 5.700 | | | 02/26/35 | | | 448 | |
| | | | | | Series - 2004 2 (Class 1M2) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 59,500,000 | | | | Chase Issuance Trust | | | | | 1.530 | % | | 01/15/25 | | $ | 61,236 | |
| | | | | | Series - 2020 A1 (Class A1) | | | | | | | | | | | | |
| | 246,005 | | | | CIT Group Home Equity Loan Trust (Step Bond) | | | | | 6.200 | | | 02/25/30 | | | 250 | |
| | | | | | Series - 2002 1 (Class AF6) | | | | | | | | | | | | |
| | 650,000 | | i | | Citigroup Mortgage Loan Trust | | LIBOR 1 M + 0.750% | | | 0.935 | | | 01/25/36 | | | 638 | |
| | | | | | Series - 2006 WFH1 (Class M4) | | | | | | | | | | | | |
| | 25,990,000 | | | | CNH Equipment Trust | | | | | 2.360 | | | 11/15/24 | | | 26,556 | |
| | | | | | Series - 2017 C (Class A4) | | | | | | | | | | | | |
| | 2,000,000 | | | | CNH Equipment Trust | | | | | 3.300 | | | 04/15/25 | | | 2,093 | |
| | | | | | Series - 2018 A (Class A4) | | | | | | | | | | | | |
| | 2,350,000 | | | | CNH Equipment Trust | | | | | 3.220 | | | 01/15/26 | | | 2,478 | |
| | | | | | Series - 2019 A (Class A4) | | | | | | | | | | | | |
| | 9,947,913 | | g | | Corevest American Finance Trust | | | | | 1.832 | | | 03/15/50 | | | 9,631 | |
| | | | | | Series - 2020 1 (Class A1) | | | | | | | | | | | | |
| | 20,659,463 | | g | | DB Master Finance LLC | | | | | 3.629 | | | 11/20/47 | | | 21,332 | |
| | | | | | Series - 2017 1A (Class A2I) | | | | | | | | | | | | |
| | 4,764,000 | | g | | DB Master Finance LLC | | | | | 3.787 | | | 05/20/49 | | | 4,916 | |
| | | | | | Series - 2019 1A (Class A2I) | | | | | | | | | | | | |
| | 8,247,675 | | g | | DB Master Finance LLC | | | | | 4.021 | | | 05/20/49 | | | 8,679 | |
| | | | | | Series - 2019 1A (Class A2II) | | | | | | | | | | | | |
| | 3,712,886 | | g | | Diamond Resorts Owner Trust | | | | | 3.700 | | | 01/21/31 | | | 3,787 | |
| | | | | | Series - 2018 1 (Class A) | | | | | | | | | | | | |
| | 9,828,948 | | g | | Diamond Resorts Owner Trust | | | | | 2.890 | | | 02/20/32 | | | 9,872 | |
| | | | | | Series - 2019 1A (Class A) | | | | | | | | | | | | |
| | 5,000,000 | | | | Discover Card Execution Note Trust | | | | | 2.390 | | | 07/15/24 | | | 5,150 | |
| | | | | | Series - 2017 A2 (Class A2) | | | | | | | | | | | | |
| | 39,073,125 | | g | | Domino's Pizza Master Issuer LLC | | | | | 3.082 | | | 07/25/47 | | | 39,908 | |
| | | | | | Series - 2017 1A (Class A2II) | | | | | | | | | | | | |
| | 2,895,231 | | g,i | | Ellington Loan Acquisition Trust | | LIBOR 1 M + 1.100% | | | 1.285 | | | 05/25/37 | | | 2,873 | |
| | | | | | Series - 2007 2 (Class A2C) | | | | | | | | | | | | |
| | 8,250,000 | | | | Ford Credit Auto Lease Trust | | | | | 1.880 | | | 05/15/23 | | | 8,416 | |
| | | | | | Series - 2020 A (Class A4) | | | | | | | | | | | | |
| | 12,000,000 | | g | | Ford Credit Auto Owner Trust | | | | | 2.620 | | | 08/15/28 | | | 12,337 | |
| | | | | | Series - 2017 1 (Class A) | | | | | | | | | | | | |
| | 27,050,000 | | g | | Ford Credit Auto Owner Trust | | | | | 2.360 | | | 03/15/29 | | | 27,835 | |
| | | | | | Series - 2017 2 (Class A) | | | | | | | | | | | | |
| | 12,000,000 | | | | Ford Credit Floorplan Master Owner Trust | | | | | 2.230 | | | 09/15/24 | | | 12,178 | |
| | | | | | Series - 2019 3 (Class A1) | | | | | | | | | | | | |
| | 6,000,000 | | | | Ford Credit Floorplan Master Owner Trust | | | | | 2.480 | | | 09/15/24 | | | 6,068 | |
| | | | | | Series - 2017 3 (Class A) | | | | | | | | | | | | |
| | 750,000 | | g,i | | FREMF Mortgage Trust | | | | | 4.158 | | | 03/25/49 | | | 801 | |
| | | | | | Series - 2016 K53 (Class B) | | | | | | | | | | | | |
| | 18,750,000 | | | | GM Financial Automobile Leasing Trust | | | | | 1.670 | | | 12/20/22 | | | 19,024 | |
| | | | | | Series - 2020 1 (Class A3) | | | | | | | | | | | | |
| | 9,500,000 | | | | GM Financial Automobile Leasing Trust | | | | | 1.750 | | | 07/16/24 | | | 9,693 | |
| | | | | | Series - 2019 4 (Class A3) | | | | | | | | | | | | |
| | 10,100,000 | | | | GM Financial Consumer Automobile Receivables Trust | | | | | 1.840 | | | 09/16/24 | | | 10,337 | |
| | | | | | Series - 2020 1 (Class A3) | | | | | | | | | | | | |
| | 4,000,000 | | g | | GSCG Trust | | | | | 2.936 | | | 09/06/34 | | | 4,085 | |
| | | | | | Series - 2019 600C (Class A) | | | | | | | | | | | | |
| | 554,760 | | g | | HERO Funding Trust | | | | | 3.280 | | | 09/20/48 | | | 573 | |
| | | | | | Series - 2017 2A (Class A1) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 1,109,932 | | g | | HERO Funding Trust | | | | | 4.070 | % | | 09/20/48 | | $ | 1,169 | |
| | | | | | Series - 2017 2A (Class A2) | | | | | | | | | | | | |
| | 4,231,674 | | g | | Hertz Vehicle Financing II LP | | | | | 3.710 | | | 03/25/23 | | | 4,189 | |
| | | | | | Series - 2019 1A (Class A) | | | | | | | | | | | | |
| | 12,490,198 | | g | | Hertz Vehicle Financing II LP | | | | | 3.290 | | | 02/25/24 | | | 12,376 | |
| | | | | | Series - 2018 1A (Class A) | | | | | | | | | | | | |
| | 4,030,283 | | g | | Hertz Vehicle Financing II LP | | | | | 3.420 | | | 05/25/25 | | | 3,987 | |
| | | | | | Series - 2019 2A (Class A) | | | | | | | | | | | | |
| | 8,056,654 | | g | | Hertz Vehicle Financing LLC | | | | | 4.030 | | | 07/25/24 | | | 7,977 | |
| | | | | | Series - 2018 3A (Class A) | | | | | | | | | | | | |
| | 4,322,699 | | g | | Hilton Grand Vacations Trust | | | | | 2.660 | | | 12/26/28 | | | 4,266 | |
| | | | | | Series - 2017 AA (Class A) | | | | | | | | | | | | |
| | 3,728,328 | | g | | Hilton Grand Vacations Trust | | | | | 2.960 | | | 12/26/28 | | | 3,445 | |
| | | | | | Series - 2017 AA (Class B) | | | | | | | | | | | | |
| | 2,018,243 | | g | | Hilton Grand Vacations Trust | | | | | 4.000 | | | 02/25/32 | | | 1,904 | |
| | | | | | Series - 2018 AA (Class C) | | | | | | | | | | | | |
| | 8,394,231 | | g | | Hilton Grand Vacations Trust | | | | | 2.340 | | | 07/25/33 | | | 8,394 | |
| | | | | | Series - 2019 AA (Class A) | | | | | | | | | | | | |
| | 770,952 | | i | | Home Equity Asset Trust | | LIBOR 1 M + 1.500% | | | 3.986 | | | 06/25/33 | | | 757 | |
| | | | | | Series - 2003 1 (Class M1) | | | | | | | | | | | | |
| | 22,535,000 | | | | Honda Auto Receivables Owner Trust | | | | | 1.830 | | | 01/18/24 | | | 23,121 | |
| | | | | | Series - 2019 4 (Class A3) | | | | | | | | | | | | |
| | 4,851,191 | | g | | Horizon Aircraft Finance III Ltd | | | | | 3.425 | | | 11/15/39 | | | 4,195 | |
| | | | | | Series - 2019 2 (Class A) | | | | | | | | | | | | |
| | 400,000 | | g,i | | Invitation Homes Trust | | LIBOR 1 M + 1.450% | | | 1.635 | | | 06/17/37 | | | 387 | |
| | | | | | Series - 2018 SFR2 (Class D) | | | | | | | | | | | | |
| | 2,321,643 | | g,i | | Invitation Homes Trust | | LIBOR 1 M + 1.000% | | | 1.194 | | | 07/17/37 | | | 2,304 | |
| | | | | | Series - 2018 SFR3 (Class A) | | | | | | | | | | | | |
| | 6,091,441 | | g,i | | Invitation Homes Trust | | LIBOR 1 M + 1.100% | | | 1.294 | | | 01/17/38 | | | 6,078 | |
| | | | | | Series - 2018 SFR4 (Class A) | | | | | | | | | | | | |
| | 2,700,000 | | g,i | | Invitation Homes Trust | | LIBOR 1 M + 1.650% | | | 1.844 | | | 01/17/38 | | | 2,636 | |
| | | | | | Series - 2018 SFR4 (Class D) | | | | | | | | | | | | |
| | 6,237,341 | | g | | JG Wentworth XXII LLC | | | | | 3.820 | | | 12/15/48 | | | 6,476 | |
| | | | | | Series - 2010 3A (Class A) | | | | | | | | | | | | |
| | 4,807,683 | | i | | JP Morgan Mortgage Acquisition Trust | | LIBOR 1 M + 0.320% | | | 0.505 | | | 03/25/37 | | | 4,605 | |
| | | | | | Series - 2007 CH3 (Class A1B) | | | | | | | | | | | | |
| | 18,479,238 | | i | | JP Morgan Mortgage Acquisition Trust | | LIBOR 1 M + 0.160% | | | 0.345 | | | 06/25/37 | | | 17,895 | |
| | | | | | Series - 2007 CH5 (Class A1) | | | | | | | | | | | | |
| | 1,738,519 | | g | | MVW Owner Trust | | | | | 2.520 | | | 12/20/32 | | | 1,723 | |
| | | | | | Series - 2015 1A (Class A) | | | | | | | | | | | | |
| | 4,321,392 | | g | | MVW Owner Trust | | | | | 2.420 | | | 12/20/34 | | | 4,298 | |
| | | | | | Series - 2017 1A (Class A) | | | | | | | | | | | | |
| | 4,568,712 | | g | | MVW Owner Trust | | | | | 3.450 | | | 01/21/36 | | | 4,669 | |
| | | | | | Series - 2018 1A (Class A) | | | | | | | | | | | | |
| | 5,041,801 | | g | | MVW Owner Trust | | | | | 2.890 | | | 11/20/36 | | | 5,129 | |
| | | | | | Series - 2019 1A (Class A) | | | | | | | | | | | | |
| | 1,234,646 | | g | | MVW Owner Trust | | | | | 3.330 | | | 11/20/36 | | | 1,149 | |
| | | | | | Series - 2019 1A (Class C) | | | | | | | | | | | | |
| | 14,470,965 | | g | | MVW Owner Trust | | | | | 2.220 | | | 10/20/38 | | | 14,467 | |
| | | | | | Series - 2019 2A (Class A) | | | | | | | | | | | | |
| | 4,400,000 | | g | | Navient Student Loan Trust | | | | | 3.390 | | | 12/15/59 | | | 4,553 | |
| | | | | | Series - 2019 BA (Class A2A) | | | | | | | | | | | | |
| | 19,500,000 | | g,h,i,j | | Octagon Investment Partners 46 Ltd | | LIBOR 3 M + 1.650% | | | 0.000 | | | 07/15/33 | | | 19,500 | |
| | | | | | Series - 2020 2A (Class A) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 15,400,000 | | g | | OneMain Financial Issuance Trust | | | | | 3.840 | % | | 05/14/32 | | $ | 15,959 | |
| | | | | | Series - 2020 1A (Class A) | | | | | | | | | | | | |
| | 1,292,003 | | g | | Orange Lake Timeshare Trust | | | | | 3.100 | | | 11/08/30 | | | 1,301 | |
| | | | | | Series - 2018 A (Class A) | | | | | | | | | | | | |
| | 20,500,000 | | g | | PFS Financing Corp | | | | | 1.270 | | | 06/16/25 | | | 20,552 | |
| | | | | | Series - 2020 A (Class A) | | | | | | | | | | | | |
| | 14,246,250 | | g | | Planet Fitness Master Issuer LLC | | | | | 4.262 | | | 09/05/48 | | | 14,308 | |
| | | | | | Series - 2018 1A (Class A2I) | | | | | | | | | | | | |
| | 2,509,105 | | g | | Pretium Mortgage Credit Partners I LLC (Step Bond) | | | | | 3.844 | | | 12/27/58 | | | 2,492 | |
| | | | | | Series - 2019 NPL2 (Class A1) | | | | | | | | | | | | |
| | 4,491,640 | | g | | Progress Residential Trust | | | | | 2.897 | | | 12/17/34 | | | 4,511 | |
| | | | | | Series - 2017 SFR2 (Class A) | | | | | | | | | | | | |
| | 2,809,000 | | g | | Progress Residential Trust | | | | | 2.937 | | | 10/17/36 | | | 2,864 | |
| | | | | | Series - 2019 SFR4 (Class B) | | | | | | | | | | | | |
| | 4,354,587 | | g | | PRPM LLC (Step Bond) | | | | | 3.967 | | | 04/25/24 | | | 4,388 | |
| | | | | | Series - 2019 2A (Class A1) | | | | | | | | | | | | |
| | 2,790,000 | | i | | RASC Trust | | LIBOR 1 M + 0.590% | | | 3.080 | | | 08/25/35 | | | 2,750 | |
| | | | | | Series - 2005 KS8 (Class M4) | | | | | | | | | | | | |
| | 12,906 | | i | | Renaissance Home Equity Loan Trust | | LIBOR 1 M + 0.880% | | | 1.065 | | | 08/25/33 | | | 12 | |
| | | | | | Series - 2003 2 (Class A) | | | | | | | | | | | | |
| | 14,700,000 | | g | | Santander Retail Auto Lease Trust | | | | | 2.300 | | | 01/20/23 | | | 15,019 | |
| | | | | | Series - 2019 B (Class A3) | | | | | | | | | | | | |
| | 6,750,000 | | g | | Santander Retail Auto Lease Trust | | | | | 1.860 | | | 02/21/23 | | | 6,883 | |
| | | | | | Series - 2019 C (Class A3) | | | | | | | | | | | | |
| | 4,950,000 | | g | | Santander Retail Auto Lease Trust | | | | | 1.930 | | | 11/20/23 | | | 5,051 | |
| | | | | | Series - 2019 C (Class A4) | | | | | | | | | | | | |
| | 1,520,164 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 2.580 | | | 09/20/32 | | | 1,517 | |
| | | | | | Series - 2015 3A (Class A) | | | | | | | | | | | | |
| | 1,833,652 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.080 | | | 09/20/32 | | | 1,821 | |
| | | | | | Series - 2015 3A (Class B) | | | | | | | | | | | | |
| | 894,167 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.080 | | | 03/21/33 | | | 893 | |
| | | | | | Series - 2016 1A (Class A) | | | | | | | | | | | | |
| | 2,920,892 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 2.330 | | | 07/20/33 | | | 2,920 | |
| | | | | | Series - 2016 2A (Class A) | | | | | | | | | | | | |
| | 465,110 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 2.780 | | | 07/20/33 | | | 464 | |
| | | | | | Series - 2016 2A (Class B) | | | | | | | | | | | | |
| | 2,219,756 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 2.430 | | | 10/20/33 | | | 2,214 | |
| | | | | | Series - 2016 3A (Class A) | | | | | | | | | | | | |
| | 1,315,411 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 2.630 | | | 10/20/33 | | | 1,306 | |
| | | | | | Series - 2016 3A (Class B) | | | | | | | | | | | | |
| | 7,249,220 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 2.910 | | | 03/20/34 | | | 7,200 | |
| | | | | | Series - 2017 1A (Class A) | | | | | | | | | | | | |
| | 3,341,825 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.200 | | | 03/20/34 | | | 3,185 | |
| | | | | | Series - 2017 1A (Class B) | | | | | | | | | | | | |
| | 4,201,354 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.500 | | | 06/20/35 | | | 4,270 | |
| | | | | | Series - 2018 2A (Class A) | | | | | | | | | | | | |
| | 3,640,735 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 4.170 | | | 09/20/35 | | | 3,476 | |
| | | | | | Series - 2018 3A (Class C) | | | | | | | | | | | | |
| | 4,522,172 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.200 | | | 01/20/36 | | | 4,610 | |
| | | | | | Series - 2019 1A (Class A) | | | | | | | | | | | | |
| | 5,227,944 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.770 | | | 01/20/36 | | | 5,065 | |
| | | | | | Series - 2019 1A (Class C) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 7,074,784 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 2.590 | % | | 05/20/36 | | $ | 7,074 | |
| | | | | | Series - 2019 2A (Class A) | | | | | | | | | | | | |
| | 4,280,553 | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 2.340 | | | 08/20/36 | | | 4,265 | |
| | | | | | Series - 2019 3A (Class A) | | | | | | | | | | | | |
| | 1,616,598 | | g | | SMB Private Education Loan Trust | | | | | 2.490 | | | 06/15/27 | | | 1,624 | |
| | | | | | Series - 2015 A (Class A2A) | | | | | | | | | | | | |
| | 3,569,037 | | g | | SMB Private Education Loan Trust | | | | | 2.750 | | | 07/15/27 | | | 3,624 | |
| | | | | | Series - 2015 C (Class A2A) | | | | | | | | | | | | |
| | 7,443,687 | | g | | SMB Private Education Loan Trust | | | | | 2.430 | | | 02/17/32 | | | 7,607 | |
| | | | | | Series - 2016 B (Class A2A) | | | | | | | | | | | | |
| | 11,033,390 | | g | | SMB Private Education Loan Trust | | | | | 2.880 | | | 09/15/34 | | | 11,413 | |
| | | | | | Series - 2017 A (Class A2A) | | | | | | | | | | | | |
| | 11,552,840 | | g | | SMB Private Education Loan Trust | | | | | 2.820 | | | 10/15/35 | | | 11,896 | |
| | | | | | Series - 2017 B (Class A2A) | | | | | | | | | | | | |
| | 4,940,513 | | g | | SMB Private Education Loan Trust | | | | | 3.500 | | | 02/15/36 | | | 5,168 | |
| | | | | | Series - 2018 A (Class A2A) | | | | | | | | | | | | |
| | 8,090,181 | | g | | SoFi Professional Loan Program LLC | | | | | 2.340 | | | 04/25/33 | | | 8,205 | |
| | | | | | Series - 2016 D (Class A2B) | | | | | | | | | | | | |
| | 6,770,155 | | g | | SoFi Professional Loan Program LLC | | | | | 2.490 | | | 01/25/36 | | | 6,853 | |
| | | | | | Series - 2016 E (Class A2B) | | | | | | | | | | | | |
| | 1,359,301 | | g | | SoFi Professional Loan Program LLC | | | | | 2.760 | | | 12/26/36 | | | 1,367 | |
| | | | | | Series - 2016 A (Class A2) | | | | | | | | | | | | |
| | 3,084,095 | | g | | SoFi Professional Loan Program LLC | | | | | 2.400 | | | 03/26/40 | | | 3,118 | |
| | | | | | Series - 2017 A (Class A2B) | | | | | | | | | | | | |
| | 8,165,641 | | g | | SoFi Professional Loan Program LLC | | | | | 2.740 | | | 05/25/40 | | | 8,297 | |
| | | | | | Series - 2017 B (Class A2FX) | | | | | | | | | | | | |
| | 2,901,613 | | g | | SoFi Professional Loan Program LLC | | | | | 2.630 | | | 07/25/40 | | | 2,938 | |
| | | | | | Series - 2017 C (Class A2B) | | | | | | | | | | | | |
| | 10,556,000 | | g | | SoFi Professional Loan Program LLC | | | | | 2.720 | | | 11/26/40 | | | 10,740 | |
| | | | | | Series - 2017 E (Class A2B) | | | | | | | | | | | | |
| | 12,846,666 | | g | | SoFi Professional Loan Program LLC | | | | | 2.840 | | | 01/25/41 | | | 13,132 | |
| | | | | | Series - 2017 F (Class A2FX) | | | | | | | | | | | | |
| | 21,000,000 | | g | | SoFi Professional Loan Program LLC | | | | | 2.950 | | | 02/25/42 | | | 21,527 | |
| | | | | | Series - 2018 A (Class A2B) | | | | | | | | | | | | |
| | 19,250,563 | | g | | SoFi Professional Loan Program LLC | | | | | 2.060 | | | 05/15/46 | | | 19,405 | |
| | | | | | Series - 2020 A (Class A1FX) | | | | | | | | | | | | |
| | 5,500,000 | | g | | SoFi Professional Loan Program LLC | | | | | 3.690 | | | 06/15/48 | | | 5,766 | |
| | | | | | Series - 2019 A (Class A2FX) | | | | | | | | | | | | |
| | 2,679,601 | | g,i | | Starwood Waypoint Homes | | LIBOR 1 M + 0.950% | | | 1.135 | | | 01/17/35 | | | 2,668 | |
| | | | | | Series - 2017 1 (Class A) | | | | | | | | | | | | |
| | 184,680 | | i | | Structured Asset Investment Loan Trust | | LIBOR 1 M + 0.900% | | | 1.085 | | | 09/25/34 | | | 175 | |
| | | | | | Series - 2004 8 (Class M1) | | | | | | | | | | | | |
| | 956,184 | | i | | Structured Asset Investment Loan Trust | | LIBOR 1 M + 1.000% | | | 1.185 | | | 09/25/34 | | | 930 | |
| | | | | | Series - 2004 8 (Class A9) | | | | | | | | | | | | |
| | 9,000,000 | | | | Synchrony Credit Card Master Note Trust | | | | | 2.620 | | | 10/15/25 | | | 9,336 | |
| | | | | | Series - 2017 2 (Class A) | | | | | | | | | | | | |
| | 1,843,000 | | g | | Taco Bell Funding LLC | | | | | 4.970 | | | 05/25/46 | | | 1,950 | |
| | | | | | Series - 2016 1A (Class A23) | | | | | | | | | | | | |
| | 16,843,500 | | g | | Taco Bell Funding LLC | | | | | 4.318 | | | 11/25/48 | | | 17,202 | |
| | | | | | Series - 2018 1A (Class A2I) | | | | | | | | | | | | |
| | 20,500,000 | | g | | Tesla Auto Lease Trust | | | | | 2.160 | | | 10/20/22 | | | 21,024 | |
| | | | | | Series - 2019 A (Class A3) | | | | | | | | | | | | |
| | 3,424,324 | | g | | TLF National Tax Lien Trust | | | | | 3.090 | | | 12/15/29 | | | 3,446 | |
| | | | | | Series - 2017 1A (Class A) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 11,675,000 | | | | Toyota Auto Receivables Owner Trust | | | | | 1.910 | % | | 09/15/23 | | $ | 11,921 | |
| | | | | | Series - 2019 C (Class A3) | | | | | | | | | | | | |
| | 28,800,000 | | | | Toyota Auto Receivables Owner Trust | | | | | 1.660 | | | 05/15/24 | | | 29,495 | |
| | | | | | Series - 2020 A (Class A3) | | | | | | | | | | | | |
| | 7,580,000 | | g | | Tricon American Homes Trust | | | | | 4.878 | | | 11/17/33 | | | 7,572 | |
| | | | | | Series - 2016 SFR1 (Class E) | | | | | | | | | | | | |
| | 951,005 | | g | | Tricon American Homes Trust | | | | | 2.716 | | | 09/17/34 | | | 968 | |
| | | | | | Series - 2017 SFR1 (Class A) | | | | | | | | | | | | |
| | 4,400,000 | | g | | Tricon American Homes Trust | | | | | 4.011 | | | 09/17/34 | | | 4,412 | |
| | | | | | Series - 2017 SFR1 (Class E) | | | | | | | | | | | | |
| | 3,932,472 | | g | | Tricon American Homes Trust | | | | | 2.928 | | | 01/17/36 | | | 4,087 | |
| | | | | | Series - 2017 SFR2 (Class A) | | | | | | | | | | | | |
| | 1,050,000 | | g | | Tricon American Homes Trust | | | | | 3.275 | | | 01/17/36 | | | 1,085 | |
| | | | | | Series - 2017 SFR2 (Class B) | | | | | | | | | | | | |
| | 20,000,000 | | | | Verizon Owner Trust | | | | | 1.940 | | | 04/22/24 | | | 20,518 | |
| | | | | | Series - 2019 C (Class A1A) | | | | | | | | | | | | |
| | 55,800,000 | | | | Verizon Owner Trust | | | | | 1.850 | | | 07/22/24 | | | 57,268 | |
| | | | | | Series - 2020 A (Class A1A) | | | | | | | | | | | | |
| | 5,124,712 | | g | | VOLT LXXV LLC (Step Bond) | | | | | 3.967 | | | 02/25/49 | | | 5,148 | |
| | | | | | Series - 2019 NPL2 (Class A1) | | | | | | | | | | | | |
| | 1,642,000 | | g | | VOLT LXXV LLC (Step Bond) | | | | | 3.967 | | | 10/25/49 | | | 1,581 | |
| | | | | | Series - 2019 NPL7 (Class A1B) | | | | | | | | | | | | |
| | 6,600,000 | | g | | VOLT LXXXIV LLC (Step Bond) | | | | | 3.967 | | | 12/27/49 | | | 6,383 | |
| | | | | | Series - 2019 NP10 (Class A1B) | | | | | | | | | | | | |
| | 31,687,500 | | g | | Wendys Funding LLC | | | | | 3.573 | | | 03/15/48 | | | 32,843 | |
| | | | | | Series - 2018 1A (Class A2I) | | | | | | | | | | | | |
| | 25,800,000 | | | | World Omni Auto Receivables Trust | | | | | 1.700 | | | 01/17/23 | | | 26,320 | |
| | | | | | Series - 2020 A (Class A3) | | | | | | | | | | | | |
| | | | | | TOTAL ASSET BACKED | | | | | | | | | | | 1,293,596 | |
| | | | | | | | | | | | | | | | | | |
| OTHER MORTGAGE BACKED - 9.7% | | | | | | | | | | | | |
| | 4,200,000 | | g,i | | 20 Times Square Trust | | | | | 3.203 | | | 05/15/35 | | | 4,103 | |
| | | | | | Series - 2018 20TS (Class B) | | | | | | | | | | | | |
| | 15,000,000 | | g,i | | 20 TSQ GROUNDCO LLC | | | | | 3.203 | | | 05/15/35 | | | 13,401 | |
| | | | | | Series - 2018 20TS (Class E) | | | | | | | | | | | | |
| | 2,206,116 | | g,i | | Agate Bay Mortgage Trust | | | | | 3.500 | | | 11/25/44 | | | 2,280 | |
| | | | | | Series - 2014 3 (Class A13) | | | | | | | | | | | | |
| | 6,974,474 | | g,i | | Agate Bay Mortgage Trust | | | | | 3.500 | | | 09/25/45 | | | 7,215 | |
| | | | | | Series - 2015 6 (Class A9) | | | | | | | | | | | | |
| | 1,015,895 | | i | | Alternative Loan Trust | | LIBOR 1 M + 0.500% | | | 0.685 | | | 06/25/34 | | | 981 | |
| | | | | | Series - 2004 8CB (Class M1) | | | | | | | | | | | | |
| | 1,240,000 | | i | | Ameriquest Mortgage Securities | | LIBOR 1 M + 1.020% | | | 1.205 | | | 10/25/34 | | | 1,207 | |
| | | | | | Series - 2004 R9 (Class M3) | | | | | | | | | | | | |
| | 2,500,000 | | i | | BANK | | | | | 4.208 | | | 11/15/50 | | | 2,313 | |
| | | | | | Series - 2017 BNK8 (Class C) | | | | | | | | | | | | |
| | 4,000,000 | | | | BANK | | | | | 3.203 | | | 12/15/52 | | | 4,354 | |
| | | | | | Series - 2019 BN23 (Class AS) | | | | | | | | | | | | |
| | 2,000,000 | | | | BANK | | | | | 2.758 | | | 09/15/62 | | | 2,174 | |
| | | | | | Series - 2019 BN20 (Class A2) | | | | | | | | | | | | |
| | 8,000,000 | | | | BANK | | | | | 3.283 | | | 11/15/62 | | | 8,765 | |
| | | | | | Series - 2019 BN24 (Class AS) | | | | | | | | | | | | |
| | 3,850,000 | | g | | BBCMS Mortgage Trust | | | | | 3.821 | | | 09/05/32 | | | 3,841 | |
| | | | | | Series - 2013 TYSN (Class C) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 1,500,000 | | g,i | | BBCMS Mortgage Trust | | | | | 4.409 | % | | 08/05/38 | | $ | 1,019 | |
| | | | | | Series - 2018 CHRS (Class E) | | | | | | | | | | | | |
| | 5,000,000 | | | | BBCMS Mortgage Trust | | | | | 3.488 | | | 02/15/50 | | | 5,396 | |
| | | | | | Series - 2017 C1 (Class ASB) | | | | | | | | | | | | |
| | 864,218 | | i | | Bear Stearns Commercial Mortgage Securities Trust | | | | | 5.117 | | | 02/11/41 | | | 858 | |
| | | | | | Series - 2005 PWR7 (Class B) | | | | | | | | | | | | |
| | 2,000,000 | | g | | Benchmark Mortgage Trust | | | | | 2.791 | | | 09/15/48 | | | 2,062 | |
| | | | | | Series - 2020 IG2 (Class AM) | | | | | | | | | | | | |
| | 2,500,000 | | g,i | | Benchmark Mortgage Trust | | | | | 3.229 | | | 09/15/48 | | | 2,713 | |
| | | | | | Series - 2020 IG3 (Class AS) | | | | | | | | | | | | |
| | 2,500,000 | | i | | Benchmark Mortgage Trust | | | | | 3.654 | | | 09/15/48 | | | 2,610 | |
| | | | | | Series - 2020 IG3 (Class BXA) | | | | | | | | | | | | |
| | 1,000,000 | | i | | Benchmark Mortgage Trust | | | | | 3.882 | | | 02/15/51 | | | 1,153 | |
| | | | | | Series - 2018 B2 (Class A5) | | | | | | | | | | | | |
| | 1,445,000 | | | | Benchmark Mortgage Trust | | | | | 4.232 | | | 01/15/52 | | | 1,716 | |
| | | | | | Series - 2018 B8 (Class A5) | | | | | | | | | | | | |
| | 1,500,000 | | | | Benchmark Mortgage Trust | | | | | 3.419 | | | 08/15/52 | | | 1,642 | |
| | | | | | Series - 2019 B12 (Class AS) | | | | | | | | | | | | |
| | 830,000 | | | | Benchmark Mortgage Trust | | | | | 4.241 | | | 05/15/53 | | | 984 | |
| | | | | | Series - 2018 B7 (Class A3) | | | | | | | | | | | | |
| | 2,500,000 | | | | Benchmark Mortgage Trust | | | | | 3.231 | | | 12/15/72 | | | 2,727 | |
| | | | | | Series - 2019 B15 (Class AS) | | | | | | | | | | | | |
| | 2,500,000 | | g | | BWAY Mortgage Trust | | | | | 3.342 | | | 01/10/35 | | | 2,420 | |
| | | | | | Series - 2015 1740 (Class C) | | | | | | | | | | | | |
| | 1,910,801 | | g,i | | BX Commercial Mortgage Trust | | LIBOR 1 M + 0.920% | | | 1.105 | | | 10/15/36 | | | 1,899 | |
| | | | | | Series - 2019 XL (Class A) | | | | | | | | | | | | |
| | 7,698,000 | | i | | CCUBS Commercial Mortgage Trust | | | | | 3.462 | | | 11/15/50 | | | 8,342 | |
| | | | | | Series - 2017 C1 (Class ASB) | | | | | | | | | | | | |
| | 5,167,000 | | | | CD Mortgage Trust | | | | | 2.622 | | | 08/10/49 | | | 5,360 | |
| | | | | | Series - 2016 CD1 (Class ASB) | | | | | | | | | | | | |
| | 9,000,000 | | | | CD Mortgage Trust | | | | | 2.926 | | | 08/10/49 | | | 9,319 | |
| | | | | | Series - 2016 CD1 (Class AM) | | | | | | | | | | | | |
| | 5,750,000 | | i | | CD Mortgage Trust | | | | | 3.879 | | | 11/10/49 | | | 5,783 | |
| | | | | | Series - 2016 CD2 (Class B) | | | | | | | | | | | | |
| | 1,000,000 | | i | | CD Mortgage Trust | | | | | 4.159 | | | 11/10/49 | | | 903 | |
| | | | | | Series - 2016 CD2 (Class C) | | | | | | | | | | | | |
| | 1,000,000 | | | | CD Mortgage Trust | | | | | 3.453 | | | 02/10/50 | | | 1,075 | |
| | | | | | Series - 2017 CD3 (Class AAB) | | | | | | | | | | | | |
| | 500,000 | | i | | CD Mortgage Trust | | | | | 4.712 | | | 02/10/50 | | | 467 | |
| | | | | | Series - 2017 CD3 (Class C) | | | | | | | | | | | | |
| | 5,000,000 | | | | CD Mortgage Trust | | | | | 3.220 | | | 08/15/50 | | | 5,290 | |
| | | | | | Series - 2017 CD5 (Class AAB) | | | | | | | | | | | | |
| | 3,457,000 | | | | CD Mortgage Trust | | | | | 2.812 | | | 08/15/57 | | | 3,701 | |
| | | | | | Series - 2019 CD8 (Class ASB) | | | | | | | | | | | | |
| | 1,000,000 | | g,i | | CFCRE Commercial Mortgage Trust | | | | | 6.292 | | | 04/15/44 | | | 1,018 | |
| | | | | | Series - 2011 C1 (Class C) | | | | | | | | | | | | |
| | 941,508 | | | | CFCRE Commercial Mortgage Trust | | | | | 3.121 | | | 05/10/58 | | | 991 | |
| | | | | | Series - 2016 C4 (Class AHR) | | | | | | | | | | | | |
| | 1,752,594 | | i | | CHL Mortgage Pass-Through Trust | | | | | 3.633 | | | 02/20/35 | | | 1,708 | |
| | | | | | Series - 2004 HYB9 (Class 1A1) | | | | | | | | | | | | |
| | 2,500,000 | | g,i | | Citigroup Commercial Mortgage Trust | | | | | 3.635 | | | 05/10/35 | | | 2,567 | |
| | | | | | Series - 2013 375P (Class B) | | | | | | | | | | | | |
| | 5,750,000 | | g | | Citigroup Commercial Mortgage Trust | | | | | 3.341 | | | 05/10/36 | | | 5,955 | |
| | | | | | Series - 2019 PRM (Class A) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 917,000 | | i | | Citigroup Commercial Mortgage Trust | | | | | 3.732 | % | | 04/10/46 | | $ | 935 | |
| | | | | | Series - 2013 GC11 (Class B) | | | | | | | | | | | | |
| | 2,400,000 | | | | Citigroup Commercial Mortgage Trust | | | | | 4.023 | | | 03/10/47 | | | 2,593 | |
| | | | | | Series - 2014 GC19 (Class A4) | | | | | | | | | | | | |
| | 3,573,597 | | | | Citigroup Commercial Mortgage Trust | | | | | 3.371 | | | 10/10/47 | | | 3,700 | |
| | | | | | Series - 2014 GC25 (Class AAB) | | | | | | | | | | | | |
| | 1,700,000 | | i | | Citigroup Commercial Mortgage Trust | | | | | 3.758 | | | 04/10/48 | | | 1,764 | |
| | | | | | Series - 2015 GC29 (Class B) | | | | | | | | | | | | |
| | 3,000,000 | | i | | Citigroup Commercial Mortgage Trust | | | | | 4.296 | | | 04/10/48 | | | 2,889 | |
| | | | | | Series - 2015 GC29 (Class C) | | | | | | | | | | | | |
| | 856,853 | | | | Citigroup Commercial Mortgage Trust | | | | | 1.506 | | | 05/10/49 | | | 857 | |
| | | | | | Series - 2016 C1 (Class A1) | | | | | | | | | | | | |
| | 5,300,000 | | | | Citigroup Commercial Mortgage Trust | | | | | 3.243 | | | 08/15/50 | | | 5,664 | |
| | | | | | Series - 2017 B1 (Class AAB) | | | | | | | | | | | | |
| | 6,765,000 | | | | Citigroup Commercial Mortgage Trust | | | | | 3.764 | | | 10/12/50 | | | 7,337 | |
| | | | | | Series - 2017 C4 (Class AS) | | | | | | | | | | | | |
| | 2,000,000 | | | | Citigroup Commercial Mortgage Trust | | | | | 3.778 | | | 09/10/58 | | | 2,214 | |
| | | | | | Series - 2015 GC33 (Class A4) | | | | | | | | | | | | |
| | 377,704 | | i | | COBALT CMBS Commercial Mortgage Trust | | | | | 5.646 | | | 04/15/47 | | | 376 | |
| | | | | | Series - 2007 C2 (Class C) | | | | | | | | | | | | |
| | 2,247,000 | | g | | COMM Mortgage Trust | | | | | 3.086 | | | 08/10/29 | | | 2,254 | |
| | | | | | Series - 2016 GCT (Class B) | | | | | | | | | | | | |
| | 5,000,000 | | g | | COMM Mortgage Trust | | | | | 3.244 | | | 10/10/29 | | | 5,147 | |
| | | | | | Series - 2017 PANW (Class A) | | | | | | | | | | | | |
| | 2,000,000 | | i | | COMM Mortgage Trust | | | | | 4.362 | | | 07/10/45 | | | 2,136 | |
| | | | | | Series - 2013 CR9 (Class A4) | | | | | | | | | | | | |
| | 3,727,236 | | | | COMM Mortgage Trust | | | | | 2.853 | | | 10/15/45 | | | 3,801 | |
| | | | | | Series - 2012 CR4 (Class A3) | | | | | | | | | | | | |
| | 1,140,000 | | g | | COMM Mortgage Trust | | | | | 3.147 | | | 03/10/46 | | | 1,159 | |
| | | | | | Series - 2013 CR6 (Class AM) | | | | | | | | | | | | |
| | 3,359,721 | | g,i | | COMM Mortgage Trust | | | | | 4.084 | | | 06/10/46 | | | 3,456 | |
| | | | | | Series - 2013 CR8 (Class B) | | | | | | | | | | | | |
| | 2,000,000 | | g,i | | COMM Mortgage Trust | | | | | 4.948 | | | 08/10/46 | | | 2,097 | |
| | | | | | Series - 2013 CR10 (Class B) | | | | | | | | | | | | |
| | 4,780,000 | | g,i | | COMM Mortgage Trust | | | | | 4.948 | | | 08/10/46 | | | 4,696 | |
| | | | | | Series - 2013 CR10 (Class C) | | | | | | | | | | | | |
| | 500,000 | | g,i | | COMM Mortgage Trust | | | | | 5.463 | | | 08/10/46 | | | 435 | |
| | | | | | Series - 2013 LC13 (Class D) | | | | | | | | | | | | |
| | 3,000,000 | | | | COMM Mortgage Trust | | | | | 4.199 | | | 03/10/47 | | | 3,211 | |
| | | | | | Series - 2014 UBS2 (Class AM) | | | | | | | | | | | | |
| | 750,000 | | | | COMM Mortgage Trust | | | | | 4.174 | | | 05/10/47 | | | 795 | |
| | | | | | Series - 2014 CR17 (Class AM) | | | | | | | | | | | | |
| | 1,843,000 | | i | | COMM Mortgage Trust | | | | | 4.882 | | | 07/15/47 | | | 1,733 | |
| | | | | | Series - 2014 CR18 (Class C) | | | | | | | | | | | | |
| | 1,500,000 | | i | | COMM Mortgage Trust | | | | | 4.888 | | | 08/10/47 | | | 1,443 | |
| | | | | | Series - 2014 CR19 (Class C) | | | | | | | | | | | | |
| | 9,131,817 | | | | COMM Mortgage Trust | | | | | 3.917 | | | 10/10/47 | | | 9,995 | |
| | | | | | Series - 2014 LC17 (Class A5) | | | | | | | | | | | | |
| | 5,000,000 | | i | | COMM Mortgage Trust | | | | | 4.188 | | | 10/10/47 | | | 5,441 | |
| | | | | | Series - 2014 LC17 (Class AM) | | | | | | | | | | | | |
| | 1,185,000 | | i | | COMM Mortgage Trust | | | | | 4.490 | | | 10/10/47 | | | 1,232 | |
| | | | | | Series - 2014 LC17 (Class B) | | | | | | | | | | | | |
| | 800,979 | | i | | COMM Mortgage Trust | | | | | 3.829 | | | 02/10/48 | | | 826 | |
| | | | | | Series - 2015 LC19 (Class B) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 1,000,000 | | g | | COMM Mortgage Trust | | | | | 3.000 | % | | 03/10/48 | | $ | 611 | |
| | | | | | Series - 2015 CR22 (Class E) | | | | | | | | | | | | |
| | 1,445,000 | | | | COMM Mortgage Trust | | | | | 3.309 | | | 03/10/48 | | | 1,560 | |
| | | | | | Series - 2015 CR22 (Class A5) | | | | | | | | | | | | |
| | 3,382,775 | | i | | COMM Mortgage Trust | | | | | 3.603 | | | 03/10/48 | | | 3,537 | |
| | | | | | Series - 2015 CR22 (Class AM) | | | | | | | | | | | | |
| | 1,805,000 | | i | | COMM Mortgage Trust | | | | | 4.244 | | | 03/10/48 | | | 1,802 | |
| | | | | | Series - 2015 CR22 (Class C) | | | | | | | | | | | | |
| | 7,150,000 | | | | COMM Mortgage Trust | | | | | 3.801 | | | 05/10/48 | | | 7,711 | |
| | | | | | Series - 2015 CR23 (Class AM) | | | | | | | | | | | | |
| | 4,000,000 | | i | | COMM Mortgage Trust | | | | | 4.183 | | | 05/10/48 | | | 4,136 | |
| | | | | | Series - 2015 CR23 (Class B) | | | | | | | | | | | | |
| | 2,549,000 | | i | | COMM Mortgage Trust | | | | | 4.435 | | | 05/10/48 | | | 2,519 | |
| | | | | | Series - 2015 CR23 (Class C) | | | | | | | | | | | | |
| | 4,898,642 | | | | COMM Mortgage Trust | | | | | 3.421 | | | 07/10/48 | | | 5,138 | |
| | | | | | Series - 2015 LC21 (Class ASB) | | | | | | | | | | | | |
| | 1,500,000 | | i | | COMM Mortgage Trust | | | | | 3.463 | | | 08/10/48 | | | 1,125 | |
| | | | | | Series - 2015 CR24 (Class D) | | | | | | | | | | | | |
| | 2,550,000 | | | | COMM Mortgage Trust | | | | | 3.696 | | | 08/10/48 | | | 2,813 | |
| | | | | | Series - 2015 CR24 (Class A5) | | | | | | | | | | | | |
| | 5,000,000 | | i | | COMM Mortgage Trust | | | | | 4.028 | | | 08/10/48 | | | 5,340 | |
| | | | | | Series - 2015 CR24 (Class AM) | | | | | | | | | | | | |
| | 3,185,000 | | i | | COMM Mortgage Trust | | | | | 4.523 | | | 08/10/48 | | | 3,305 | |
| | | | | | Series - 2015 CR24 (Class B) | | | | | | | | | | | | |
| | 1,467,000 | | i | | COMM Mortgage Trust | | | | | 4.523 | | | 08/10/48 | | | 1,380 | |
| | | | | | Series - 2015 CR24 (Class C) | | | | | | | | | | | | |
| | 1,352,000 | | | | COMM Mortgage Trust | | | | | 3.612 | | | 10/10/48 | | | 1,489 | |
| | | | | | Series - 2015 CR27 (Class A4) | | | | | | | | | | | | |
| | 3,212,210 | | | | COMM Mortgage Trust | | | | | 3.630 | | | 10/10/48 | | | 3,539 | |
| | | | | | Series - 2015 CR26 (Class A4) | | | | | | | | | | | | |
| | 1,575,000 | | | | COMM Mortgage Trust | | | | | 3.774 | | | 10/10/48 | | | 1,743 | |
| | | | | | Series - 2015 LC23 (Class A4) | | | | | | | | | | | | |
| | 6,962,000 | | i | | COMM Mortgage Trust | | | | | 4.511 | | | 10/10/48 | | | 7,306 | |
| | | | | | Series - 2015 CR27 (Class B) | | | | | | | | | | | | |
| | 1,375,000 | | i | | COMM Mortgage Trust | | | | | 4.630 | | | 10/10/48 | | | 1,399 | |
| | | | | | Series - 2015 CR26 (Class B) | | | | | | | | | | | | |
| | 1,054,489 | | | | COMM Mortgage Trust | | | | | 3.651 | | | 02/10/49 | | | 1,124 | |
| | | | | | Series - 2016 CR28 (Class AHR) | | | | | | | | | | | | |
| | 4,650,000 | | i | | COMM Mortgage Trust | | | | | 4.801 | | | 02/10/49 | | | 4,918 | |
| | | | | | Series - 2016 CR28 (Class B) | | | | | | | | | | | | |
| | 1,500,000 | | i | | COMM Mortgage Trust | | | | | 5.278 | | | 08/10/50 | | | 1,554 | |
| | | | | | Series - 2013 CR11 (Class B) | | | | | | | | | | | | |
| | 6,500,000 | | | | COMM Mortgage Trust | | | | | 3.263 | | | 08/15/57 | | | 7,005 | |
| | | | | | Series - 2019 GC44 (Class AM) | | | | | | | | | | | | |
| | 22,596,478 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.600% | | | 2.785 | | | 05/25/24 | | | 19,760 | |
| | | | | | Series - 2014 C02 (Class 1M2) | | | | | | | | | | | | |
| | 879,606 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.900% | | | 3.085 | | | 07/25/24 | | | 807 | |
| | | | | | Series - 2014 C03 (Class 2M2) | | | | | | | | | | | | |
| | 13,536,337 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 3.000% | | | 3.185 | | | 07/25/24 | | | 11,853 | |
| | | | | | Series - 2014 C03 (Class 1M2) | | | | | | | | | | | | |
| | 2,085,914 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 5.000% | | | 5.185 | | | 11/25/24 | | | 2,143 | |
| | | | | | Series - 2014 C04 (Class 2M2) | | | | | | | | | | | | |
| | 962,665 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 5.550% | | | 5.735 | | | 04/25/28 | | | 1,019 | |
| | | | | | Series - 2015 C04 (Class 2M2) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 1,584,399 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 5.700% | | | 5.885 | % | | 04/25/28 | | $ | 1,665 | |
| | | | | | Series - 2015 C04 (Class 1M2) | | | | | | | | | | | | |
| | 5,279,803 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 6.750% | | | 6.935 | | | 08/25/28 | | | 5,533 | |
| | | | | | Series - 2016 C01 (Class 1M2) | | | | | | | | | | | | |
| | 8,413,560 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 6.000% | | | 6.185 | | | 09/25/28 | | | 8,725 | |
| | | | | | Series - 2016 C02 (Class 1M2) | | | | | | | | | | | | |
| | 3,550,434 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 5.900% | | | 6.085 | | | 10/25/28 | | | 3,691 | |
| | | | | | Series - 2016 C03 (Class 2M2) | | | | | | | | | | | | |
| | 3,871,484 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 4.450% | | | 4.635 | | | 01/25/29 | | | 3,956 | |
| | | | | | Series - 2016 C05 (Class 2M2) | | | | | | | | | | | | |
| | 2,784,370 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 4.250% | | | 4.435 | | | 04/25/29 | | | 2,908 | |
| | | | | | Series - 2016 C06 (Class 1M2) | | | | | | | | | | | | |
| | 4,118,172 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.850% | | | 1.035 | | | 09/25/29 | | | 3,715 | |
| | | | | | Series - 2017 C02 (Class 2ED4) | | | | | | | | | | | | |
| | 5,094,026 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.200% | | | 2.385 | | | 01/25/30 | | | 5,115 | |
| | | | | | Series - 2017 C05 (Class 1M2A) | | | | | | | | | | | | |
| | 6,857,490 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.450% | | | 0.635 | | | 07/25/30 | | | 6,661 | |
| | | | | | Series - 2018 C01 (Class 1EB1) | | | | | | | | | | | | |
| | 3,229,502 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.900% | | | 1.085 | | | 08/25/30 | | | 3,089 | |
| | | | | | Series - 2018 C02 (Class 2EA2) | | | | | | | | | | | | |
| | 8,772,582 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.850% | | | 1.035 | | | 10/25/30 | | | 8,640 | |
| | | | | | Series - 2018 C03 (Class 1EA2) | | | | | | | | | | | | |
| | 2,254,698 | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.550% | | | 2.735 | | | 12/25/30 | | | 2,219 | |
| | | | | | Series - 2018 C04 (Class 2M2) | | | | | | | | | | | | |
| | 796,837 | | g,i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.450% | | | 2.635 | | | 07/25/31 | | | 777 | |
| | | | | | Series - 2019 R01 (Class 2M2) | | | | | | | | | | | | |
| | 968,775 | | g,i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.750% | | | 0.935 | | | 01/25/40 | | | 958 | |
| | | | | | Series - 2020 R02 (Class 2M1) | | | | | | | | | | | | |
| | 7,384,922 | | g,i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.800% | | | 0.985 | | | 01/25/40 | | | 7,343 | |
| | | | | | Series - 2020 R01 (Class 1M1) | | | | | | | | | | | | |
| | 1,240,000 | | g,i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.000% | | | 2.185 | | | 01/25/40 | | | 1,174 | |
| | | | | | Series - 2020 R02 (Class 2M2) | | | | | | | | | | | | |
| | 3,750,000 | | g | | CPT Mortgage Trust | | | | | 2.865 | | | 11/13/39 | | | 4,081 | |
| | | | | | Series - 2019 CPT (Class A) | | | | | | | | | | | | |
| | 2,000,000 | | g,i | | CPT Mortgage Trust | | | | | 3.097 | | | 11/13/39 | | | 1,802 | |
| | | | | | Series - 2019 CPT (Class E) | | | | | | | | | | | | |
| | 7,400,000 | | g,i | | Credit Suisse Commercial Mortgage Trust | | | | | 3.854 | | | 11/10/32 | | | 7,872 | |
| | | | | | Series - 2017 CALI (Class B) | | | | | | | | | | | | |
| | 2,773,000 | | g,i | | Credit Suisse Commercial Mortgage Trust | | LIBOR 1 M + 0.650% | | | 0.835 | | | 05/25/36 | | | 2,725 | |
| | | | | | Series - 2006 CF2 (Class M3) | | | | | | | | | | | | |
| | 13,868,178 | | g,i | | Credit Suisse Commercial Mortgage Trust | | | | | 3.500 | | | 02/25/48 | | | 14,349 | |
| | | | | | Series - 2018 J1 (Class A11) | | | | | | | | | | | | |
| | 4,689,000 | | g,i | | Credit Suisse Commercial Mortgage Trust | | | | | 5.896 | | | 01/15/49 | | | 5,569 | |
| | | | | | Series - 2007 C2 (Class C) | | | | | | | | | | | | |
| | 4,171,000 | | | | CSAIL Commercial Mortgage Trust | | | | | 3.314 | | | 11/15/49 | | | 4,384 | |
| | | | | | Series - 2016 C7 (Class ASB) | | | | | | | | | | | | |
| | 9,250,000 | | | | DBGS Mortgage Trust | | | | | 4.466 | | | 10/15/51 | | | 10,963 | |
| | | | | | Series - 2018 C1 (Class A4) | | | | | | | | | | | | |
| | 11,000,000 | | | | DBJPM Mortgage Trust | | | | | 2.756 | | | 08/10/49 | | | 11,453 | |
| | | | | | Series - 2016 C3 (Class ASB) | | | | | | | | | | | | |
| | 10,000,000 | | | | DBJPM Mortgage Trust | | | | | 3.121 | | | 06/10/50 | | | 10,657 | |
| | | | | | Series - 2017 C6 (Class ASB) | | | | | | | | | | | | |
| | 17,410,000 | | g | | DBUBS Mortgage Trust | | | | | 3.452 | | | 10/10/34 | | | 18,669 | |
| | | | | | Series - 2017 BRBK (Class A) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 15,500,000 | | g,i | | DBUBS Mortgage Trust | | | | | 3.648 | % | | 10/10/34 | | $ | 16,475 | |
| | | | | | Series - 2017 BRBK (Class B) | | | | | | | | | | | | |
| | 3,131,953 | | g | | DBUBS Mortgage Trust | | | | | 4.452 | | | 05/10/44 | | | 3,111 | |
| | | | | | Series - 2011 LC3A (Class PM1) | | | | | | | | | | | | |
| | 23,978,511 | | g | | DBUBS Mortgage Trust | | | | | 4.537 | | | 07/10/44 | | | 24,350 | |
| | | | | | Series - 2011 LC2A (Class A4) | | | | | | | | | | | | |
| | 3,100,000 | | g,i | | DBUBS Mortgage Trust | | | | | 4.998 | | | 07/10/44 | | | 3,134 | |
| | | | | | Series - 2011 LC2A (Class B) | | | | | | | | | | | | |
| | 5,000,000 | | g,i | | DBUBS Mortgage Trust | | | | | 5.714 | | | 07/10/44 | | | 4,956 | |
| | | | | | Series - 2011 LC2A (Class C) | | | | | | | | | | | | |
| | 2,084,000 | | g,i | | DBUBS Mortgage Trust | | | | | 5.513 | | | 08/10/44 | | | 2,125 | |
| | | | | | Series - 2011 LC3A (Class B) | | | | | | | | | | | | |
| | 5,500,000 | | g,i | | DBUBS Mortgage Trust | | | | | 5.513 | | | 08/10/44 | | | 5,638 | |
| | | | | | Series - 2011 LC3A (Class AM) | | | | | | | | | | | | |
| | 4,840,000 | | g,i | | DBUBS Mortgage Trust | | | | | 5.876 | | | 11/10/46 | | | 4,869 | |
| | | | | | Series - 2011 LC1A (Class C) | | | | | | | | | | | | |
| | 2,051,000 | | g,i | | Ellington Financial Mortgage Trust | | | | | 3.587 | | | 06/25/59 | | | 1,941 | |
| | | | | | Series - 2019 1 (Class M1) | | | | | | | | | | | | |
| | 2,456,984 | | i | | Fieldstone Mortgage Investment Trust | | LIBOR 1 M + 0.735% | | | 0.920 | | | 12/25/35 | | | 2,427 | |
| | | | | | Series - 2005 2 (Class M2) | | | | | | | | | | | | |
| | 1,964,597 | | g,i | | FirstKey Mortgage Trust | | | | | 3.500 | | | 11/25/44 | | | 2,022 | |
| | | | | | Series - 2014 1 (Class A8) | | | | | | | | | | | | |
| | 4,746,048 | | g,i | | Flagstar Mortgage Trust | | | | | 3.500 | | | 03/25/47 | | | 4,820 | |
| | | | | | Series - 2017 1 (Class 1A5) | | | | | | | | | | | | |
| | 2,588,426 | | g,i | | Flagstar Mortgage Trust | | | | | 4.111 | | | 10/25/47 | | | 2,592 | |
| | | | | | Series - 2017 2 (Class B3) | | | | | | | | | | | | |
| | 1,746,424 | | g,i | | Flagstar Mortgage Trust | | | | | 4.000 | | | 09/25/48 | | | 1,785 | |
| | | | | | Series - 2018 5 (Class A11) | | | | | | | | | | | | |
| | 10,000,000 | | g | | GRACE Mortgage Trust | | | | | 3.369 | | | 06/10/28 | | | 10,025 | |
| | | | | | Series - 2014 GRCE (Class A) | | | | | | | | | | | | |
| | 8,970,000 | | g | | GRACE Mortgage Trust | | | | | 3.520 | | | 06/10/28 | | | 8,990 | |
| | | | | | Series - 2014 GRCE (Class B) | | | | | | | | | | | | |
| | 5,943,000 | | g | | GS Mortgage Securities Corp II | | | | | 3.551 | | | 04/10/34 | | | 6,012 | |
| | | | | | Series - 2012 ALOH (Class A) | | | | | | | | | | | | |
| | 4,430,000 | | g | | GS Mortgage Securities Corp II | | | | | 2.954 | | | 11/05/34 | | | 4,404 | |
| | | | | | Series - 2012 BWTR (Class A) | | | | | | | | | | | | |
| | 350,000 | | i | | GS Mortgage Securities Corp II | | | | | 3.777 | | | 05/10/50 | | | 369 | |
| | | | | | Series - 2015 GC30 (Class AS) | | | | | | | | | | | | |
| | 1,000,000 | | i | | GS Mortgage Securities Corp II | | | | | 3.992 | | | 03/10/51 | | | 1,141 | |
| | | | | | Series - 2018 GS9 (Class A4) | | | | | | | | | | | | |
| | 3,500,000 | | i | | GS Mortgage Securities Corp II | | | | | 4.155 | | | 07/10/51 | | | 4,093 | |
| | | | | | Series - 2018 GS10 (Class A5) | | | | | | | | | | | | |
| | 5,910,000 | | g,i | | GS Mortgage Securities Trust | | | | | 5.351 | | | 12/10/43 | | | 5,976 | |
| | | | | | Series - 2010 C2 (Class B) | | | | | | | | | | | | |
| | 1,401,182 | | | | GS Mortgage Securities Trust | | | | | 3.206 | | | 02/10/48 | | | 1,444 | |
| | | | | | Series - 2015 GC28 (Class AAB) | | | | | | | | | | | | |
| | 2,816,500 | | | | GS Mortgage Securities Trust | | | | | 3.396 | | | 02/10/48 | | | 3,028 | |
| | | | | | Series - 2015 GC28 (Class A5) | | | | | | | | | | | | |
| | 2,000,000 | | i | | GS Mortgage Securities Trust | | | | | 4.018 | | | 07/10/48 | | | 2,135 | |
| | | | | | Series - 2015 GC32 (Class AS) | | | | | | | | | | | | |
| | 3,360,000 | | | | GS Mortgage Securities Trust | | | | | 3.278 | | | 10/10/48 | | | 3,534 | |
| | | | | | Series - 2015 GC34 (Class AAB) | | | | | | | | | | | | |
| | 2,250,000 | | | | GS Mortgage Securities Trust | | | | | 2.635 | | | 05/10/49 | | | 2,264 | |
| | | | | | Series - 2016 GS2 (Class A2) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 2,000,000 | | | | GS Mortgage Securities Trust | | | | | 3.143 | % | | 10/10/49 | | $ | 2,096 | |
| | | | | | Series - 2016 GS3 (Class AS) | | | | | | | | | | | | |
| | 2,000,000 | | | | GS Mortgage Securities Trust | | | | | 3.674 | | | 03/10/50 | | | 2,223 | |
| | | | | | Series - 2017 GS5 (Class A4) | | | | | | | | | | | | |
| | 4,150,000 | | i | | GS Mortgage Securities Trust | | | | | 3.826 | | | 03/10/50 | | | 4,567 | |
| | | | | | Series - 2017 GS5 (Class AS) | | | | | | | | | | | | |
| | 1,750,000 | | i | | GS Mortgage Securities Trust | | | | | 4.047 | | | 03/10/50 | | | 1,788 | |
| | | | | | Series - 2017 GS5 (Class B) | | | | | | | | | | | | |
| | 12,000,000 | | | | GS Mortgage Securities Trust | | | | | 3.230 | | | 05/10/50 | | | 12,878 | |
| | | | | | Series - 2017 GS6 (Class AAB) | | | | | | | | | | | | |
| | 6,000,000 | | | | GS Mortgage Securities Trust | | | | | 3.433 | | | 05/10/50 | | | 6,673 | |
| | | | | | Series - 2017 GS6 (Class A3) | | | | | | | | | | | | |
| | 3,000,000 | | i | | GS Mortgage Securities Trust | | | | | 4.213 | | | 05/10/50 | | | 2,731 | |
| | | | | | Series - 2015 GC30 (Class C) | | | | | | | | | | | | |
| | 3,000,000 | | | | GS Mortgage Securities Trust | | | | | 3.837 | | | 11/10/50 | | | 3,350 | |
| | | | | | Series - 2017 GS8 (Class ABP) | | | | | | | | | | | | |
| | 1,374,000 | | i | | GS Mortgage Securities Trust | | | | | 4.481 | | | 11/10/50 | | | 1,330 | |
| | | | | | Series - 2017 GS8 (Class C) | | | | | | | | | | | | |
| | 3,000,000 | | g,i | | GS Mortgage Securities Trust | | | | | 3.668 | | | 07/10/52 | | | 3,067 | |
| | | | | | Series - 2019 GC40 (Class DBC) | | | | | | | | | | | | |
| | 2,500,000 | | | | GS Mortgage Securities Trust | | | | | 3.173 | | | 02/13/53 | | | 2,683 | |
| | | | | | Series - 2020 GC45 (Class AS) | | | | | | | | | | | | |
| | 2,077,992 | | g,i | | GS Mortgage-Backed Securities Corp Trust | | | | | 4.000 | | | 11/25/49 | | | 2,132 | |
| | | | | | Series - 2019 PJ2 (Class A1) | | | | | | | | | | | | |
| | 5,428,126 | | g,i | | GS Mortgage-Backed Securities Corp Trust | | | | | 4.000 | | | 11/25/49 | | | 5,549 | |
| | | | | | Series - 2019 PJ2 (Class A4) | | | | | | | | | | | | |
| | 834,974 | | g,i | | GS Mortgage-Backed Securities Corp Trust | | | | | 3.500 | | | 07/25/50 | | | 854 | |
| | | | | | Series - 2020 PJ2 (Class A4) | | | | | | | | | | | | |
| | 3,298,931 | | i | | HarborView Mortgage Loan Trust | | LIBOR 1 M + 0.620% | | | 0.814 | | | 08/19/45 | | | 3,086 | |
| | | | | | Series - 2005 11 (Class 2A1A) | | | | | | | | | | | | |
| | 6,000,000 | | g | | Hudson Yards Mortgage Trust | | | | | 2.835 | | | 08/10/38 | | | 6,375 | |
| | | | | | Series - 2016 10HY (Class A) | | | | | | | | | | | | |
| | 2,500,000 | | g,i | | Hudson Yards Mortgage Trust | | | | | 3.076 | | | 08/10/38 | | | 2,566 | |
| | | | | | Series - 2016 10HY (Class B) | | | | | | | | | | | | |
| | 7,250,000 | | g,i | | Hudson Yards Mortgage Trust | | | | | 3.076 | | | 08/10/38 | | | 7,240 | |
| | | | | | Series - 2016 10HY (Class C) | | | | | | | | | | | | |
| | 5,500,000 | | g,i | | Hudson Yards Mortgage Trust | | | | | 3.041 | | | 12/10/41 | | | 5,276 | |
| | | | | | Series - 2019 55HY (Class D) | | | | | | | | | | | | |
| | 3,000,000 | | g,i | | Hudson Yards Mortgage Trust | | | | | 3.041 | | | 12/10/41 | | | 2,645 | |
| | | | | | Series - 2019 55HY (Class E) | | | | | | | | | | | | |
| | 510,091 | | i | | Impac CMB Trust | | LIBOR 1 M + 0.660% | | | 0.845 | | | 03/25/35 | | | 482 | |
| | | | | | Series - 2004 11 (Class 2A1) | | | | | | | | | | | | |
| | 21,182,922 | | g | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 4.717 | | | 02/15/46 | | | 21,412 | |
| | | | | | Series - 2011 C3 (Class A4) | | | | | | | | | | | | |
| | 10,975,000 | | g,i | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 5.360 | | | 02/15/46 | | | 10,038 | |
| | | | | | Series - 2011 C3 (Class C) | | | | | | | | | | | | |
| | 4,941,962 | | g | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 4.388 | | | 07/15/46 | | | 5,038 | |
| | | | | | Series - 2011 C4 (Class A4) | | | | | | | | | | | | |
| | 15,000,000 | | g | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 4.801 | | | 07/15/46 | | | 15,330 | |
| | | | | | Series - 2011 C4 (Class B) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 6,455,000 | | g,i | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 5.526 | % | | 07/15/46 | | $ | 6,450 | |
| | | | | | Series - 2011 C4 (Class C) | | | | | | | | | | | | |
| | 2,800,000 | | | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 3.372 | | | 12/15/47 | | | 2,861 | |
| | | | | | Series - 2013 C10 (Class AS) | | | | | | | | | | | | |
| | 1,430,000 | | | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 3.914 | | | 01/15/49 | | | 1,595 | |
| | | | | | Series - 2015 JP1 (Class A5) | | | | | | | | | | | | |
| | 750,000 | | i | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 4.119 | | | 01/15/49 | | | 807 | |
| | | | | | Series - 2015 JP1 (Class AS) | | | | | | | | | | | | |
| | 7,000,000 | | | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 2.713 | | | 08/15/49 | | | 7,263 | |
| | | | | | Series - 2016 JP2 (Class ASB) | | | | | | | | | | | | |
| | 4,500,000 | | | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 3.379 | | | 09/15/50 | | | 4,773 | |
| | | | | | Series - 2017 JP7 (Class A3) | | | | | | | | | | | | |
| | 4,656,484 | | g,i | | JP Morgan Mortgage Trust | | | | | 2.241 | | | 12/25/44 | | | 4,500 | |
| | | | | | Series - 2015 1 (Class B1) | | | | | | | | | | | | |
| | 1,043,625 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 05/25/45 | | | 1,071 | |
| | | | | | Series - 2015 3 (Class A19) | | | | | | | | | | | | |
| | 7,608,456 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 10/25/45 | | | 7,864 | |
| | | | | | Series - 2015 6 (Class A13) | | | | | | | | | | | | |
| | 597,884 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 05/25/46 | | | 604 | |
| | | | | | Series - 2016 1 (Class A5) | | | | | | | | | | | | |
| | 2,198,000 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 05/25/46 | | | 2,273 | |
| | | | | | Series - 2016 1 (Class A13) | | | | | | | | | | | | |
| | 375,018 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 01/25/47 | | | 387 | |
| | | | | | Series - 2017 1 (Class A3) | | | | | | | | | | | | |
| | 6,880,270 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 05/25/47 | | | 6,986 | |
| | | | | | Series - 2017 2 (Class A5) | | | | | | | | | | | | |
| | 4,864,633 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 05/25/47 | | | 5,036 | |
| | | | | | Series - 2017 2 (Class A13) | | | | | | | | | | | | |
| | 480,322 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 08/25/47 | | | 486 | |
| | | | | | Series - 2017 3 (Class 1A5) | | | | | | | | | | | | |
| | 1,953,546 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 09/25/48 | | | 2,026 | |
| | | | | | Series - 2018 3 (Class A13) | | | | | | | | | | | | |
| | 658,814 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 10/25/48 | | | 671 | |
| | | | | | Series - 2018 4 (Class A13) | | | | | | | | | | | | |
| | 1,976,538 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 10/25/48 | | | 2,021 | |
| | | | | | Series - 2018 4 (Class A5) | | | | | | | | | | | | |
| | 2,563,014 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 10/25/48 | | | 2,628 | |
| | | | | | Series - 2018 5 (Class A13) | | | | | | | | | | | | |
| | 2,071,473 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 01/25/49 | | | 2,118 | |
| | | | | | Series - 2018 8 (Class A13) | | | | | | | | | | | | |
| | 423,337 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 01/25/49 | | | 427 | |
| | | | | | Series - 2018 8 (Class A5) | | | | | | | | | | | | |
| | 6,135,605 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 02/25/49 | | | 6,272 | |
| | | | | | Series - 2018 9 (Class A13) | | | | | | | | | | | | |
| | 3,295,795 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 05/25/49 | | | 3,395 | |
| | | | | | Series - 2019 1 (Class A3) | | | | | | | | | | | | |
| | 5,525,244 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 05/25/49 | | | 5,647 | |
| | | | | | Series - 2019 1 (Class A15) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 1,760,090 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | % | | 08/25/49 | | $ | 1,770 | |
| | | | | | Series - 2019 2 (Class A4) | | | | | | | | | | | | |
| | 1,554,579 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.757 | | | 09/25/49 | | | 1,647 | |
| | | | | | Series - 2019 3 (Class B1) | | | | | | | | | | | | |
| | 29,191 | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 11/25/49 | | | 29 | |
| | | | | | Series - 2019 5 (Class A4) | | | | | | | | | | | | |
| | 7,092,301 | | g,i | | JP Morgan Mortgage Trust | | | | | 3.883 | | | 06/25/50 | | | 6,772 | |
| | | | | | Series - 2020 1 (Class B2) | | | | | | | | | | | | |
| | 1,000,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.133 | | | 08/15/46 | | | 1,073 | |
| | | | | | Series - 2013 C14 (Class A4) | | | | | | | | | | | | |
| | 1,350,000 | | | | JPMBB Commercial Mortgage Securities Trust | | | | | 3.775 | | | 08/15/47 | | | 1,464 | |
| | | | | | Series - 2014 C21 (Class A5) | | | | | | | | | | | | |
| | 5,000,000 | | | | JPMBB Commercial Mortgage Securities Trust | | | | | 3.997 | | | 08/15/47 | | | 5,273 | |
| | | | | | Series - 2014 C21 (Class AS) | | | | | | | | | | | | |
| | 2,000,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.622 | | | 09/15/47 | | | 2,077 | |
| | | | | | Series - 2014 C23 (Class B) | | | | | | | | | | | | |
| | 3,000,000 | | | | JPMBB Commercial Mortgage Securities Trust | | | | | 3.898 | | | 02/15/48 | | | 3,026 | |
| | | | | | Series - 2015 C27 (Class B) | | | | | | | | | | | | |
| | 2,556,000 | | | | JPMBB Commercial Mortgage Securities Trust | | | | | 3.611 | | | 05/15/48 | | | 2,785 | |
| | | | | | Series - 2015 C29 (Class A4) | | | | | | | | | | | | |
| | 2,500,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 3.917 | | | 05/15/48 | | | 2,709 | |
| | | | | | Series - 2015 C29 (Class AS) | | | | | | | | | | | | |
| | 1,600,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.118 | | | 05/15/48 | | | 1,609 | |
| | | | | | Series - 2015 C29 (Class B) | | | | | | | | | | | | |
| | 3,500,000 | | | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.106 | | | 08/15/48 | | | 3,752 | |
| | | | | | Series - 2015 C31 (Class AS) | | | | | | | | | | | | |
| | 9,125,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.773 | | | 08/15/48 | | | 9,635 | |
| | | | | | Series - 2015 C31 (Class B) | | | | | | | | | | | | |
| | 3,253,000 | | i | | JPMBB Commercial Mortgage Securities Trust | | | | | 4.773 | | | 08/15/48 | | | 2,951 | |
| | | | | | Series - 2015 C31 (Class C) | | | | | | | | | | | | |
| | 4,610,000 | | | | JPMBB Commercial Mortgage Securities Trust | | | | | 3.576 | | | 03/15/49 | | | 5,093 | |
| | | | | | Series - 2016 C1 (Class A5) | | | | | | | | | | | | |
| | 4,750,000 | | | | JPMCC Commercial Mortgage Securities Trust | | | | | 3.457 | | | 03/15/50 | | | 5,260 | |
| | | | | | Series - 2017 JP5 (Class A4) | | | | | | | | | | | | |
| | 1,220,000 | | | | JPMCC Commercial Mortgage Securities Trust | | | | | 3.549 | | | 03/15/50 | | | 1,319 | |
| | | | | | Series - 2017 JP5 (Class ASB) | | | | | | | | | | | | |
| | 3,000,000 | | | | JPMDB Commercial Mortgage Securities Trust | | | | | 3.694 | | | 03/15/50 | | | 3,369 | |
| | | | | | Series - 2017 C5 (Class A5) | | | | | | | | | | | | |
| | 9,000,000 | | | | JPMDB Commercial Mortgage Securities Trust | | | | | 2.536 | | | 05/13/53 | | | 9,303 | |
| | | | | | Series - 2020 COR7 (Class AS) | | | | | | | | | | | | |
| | 3,812,434 | | g | | Ladder Capital Commercial Mortgage Securities | | | | | 3.575 | | | 02/15/36 | | | 4,017 | |
| | | | | | Series - 2013 GCP (Class A1) | | | | | | | | | | | | |
| | 5,000,000 | | g | | Ladder Capital Commercial Mortgage Securities | | | | | 3.357 | | | 07/12/50 | | | 5,390 | |
| | | | | | Series - 2017 LC26 (Class ASB) | | | | | | | | | | | | |
| | 7,250,000 | | g | | Liberty Street Trust | | | | | 3.597 | | | 02/10/36 | | | 7,874 | |
| | | | | | Series - 2016 225L (Class A) | | | | | | | | | | | | |
| | 4,000,000 | | g,i | | MAD Mortgage Trust | | | | | 3.294 | | | 08/15/34 | | | 4,199 | |
| | | | | | Series - 2017 330M (Class A) | | | | | | | | | | | | |
| | 941,636 | | i | | Merrill Lynch Mortgage Investors Trust | | LIBOR 1 M + 0.260% | | | 2.278 | | | 01/25/37 | | | 867 | |
| | | | | | Series - 2006 WMC1 (Class A1B) | | | | | | | | | | | | |
| | 1,665,327 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 2.469 | | | 02/15/46 | | | 1,690 | |
| | | | | | Series - 2013 C7 (Class AAB) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 2,886,187 | | g | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.989 | % | | 12/15/46 | | $ | 2,992 | |
| | | | | | Series - 2014 C19 (Class LNC1) | | | | | | | | | | | | |
| | 2,377,420 | | g | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 4.384 | | | 12/15/46 | | | 2,429 | |
| | | | | | Series - 2014 C19 (Class LNC2) | | | | | | | | | | | | |
| | 908,967 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.669 | | | 02/15/47 | | | 916 | |
| | | | | | Series - 2014 C14 (Class A3) | | | | | | | | | | | | |
| | 221,202 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.194 | | | 10/15/47 | | | 221 | |
| | | | | | Series - 2014 C18 (Class A2) | | | | | | | | | | | | |
| | 4,650,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.832 | | | 12/15/47 | | | 4,903 | |
| | | | | | Series - 2014 C19 (Class AS) | | | | | | | | | | | | |
| | 1,600,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.605 | | | 02/15/48 | | | 1,671 | |
| | | | | | Series - 2015 C20 (Class AS) | | | | | | | | | | | | |
| | 2,640,000 | | i | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 4.610 | | | 02/15/48 | | | 2,423 | |
| | | | | | Series - 2015 C20 (Class C) | | | | | | | | | | | | |
| | 2,500,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.338 | | | 03/15/48 | | | 2,657 | |
| | | | | | Series - 2015 C21 (Class A4) | | | | | | | | | | | | |
| | 5,500,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.652 | | | 03/15/48 | | | 5,795 | |
| | | | | | Series - 2015 C21 (Class AS) | | | | | | | | | | | | |
| | 2,925,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.306 | | | 04/15/48 | | | 3,120 | |
| | | | | | Series - 2015 C22 (Class A4) | | | | | | | | | | | | |
| | 3,000,000 | | | | Morgan Stanley Bank of America Merrill Lynch Trust | | | | | 3.561 | | | 04/15/48 | | | 3,133 | |
| | | | | | Series - 2015 C22 (Class AS) | | | | | | | | | | | | |
| | 986,827 | | i | | Morgan Stanley Capital I Trust | | LIBOR 1 M + 0.825% | | | 1.010 | | | 08/25/34 | | | 974 | |
| | | | | | Series - 2004 HE6 (Class M1) | | | | | | | | | | | | |
| | 3,548,000 | | g | | Morgan Stanley Capital I Trust | | | | | 4.193 | | | 09/15/47 | | | 3,245 | |
| | | | | | Series - 2011 C1 (Class F) | | | | | | | | | | | | |
| | 7,075,000 | | g,i | | Morgan Stanley Capital I Trust | | | | | 5.684 | | | 09/15/47 | | | 7,024 | |
| | | | | | Series - 2011 C1 (Class D) | | | | | | | | | | | | |
| | 2,795,000 | | i | | Morgan Stanley Capital I Trust | | | | | 3.779 | | | 05/15/48 | | | 3,082 | |
| | | | | | Series - 2015 MS1 (Class A4) | | | | | | | | | | | | |
| | 770,012 | | †,i | | Morgan Stanley Capital I Trust | | | | | 6.461 | | | 12/12/49 | | | 459 | |
| | | | | | Series - 2007 IQ16 (Class AJ) | | | | | | | | | | | | |
| | 525,247 | | †,i | | Morgan Stanley Capital I Trust | | | | | 6.461 | | | 12/12/49 | | | 313 | |
| | | | | | Series - 2007 IQ16 (Class AJFX) | | | | | | | | | | | | |
| | 6,000,000 | | | | Morgan Stanley Capital I Trust | | | | | 3.304 | | | 06/15/50 | | | 6,412 | |
| | | | | | Series - 2017 H1 (Class ASB) | | | | | | | | | | | | |
| | 5,250,000 | | | | Morgan Stanley Capital I Trust | | | | | 4.177 | | | 07/15/51 | | | 6,145 | |
| | | | | | Series - 2018 H3 (Class A5) | | | | | | | | | | | | |
| | 3,000,000 | | g,i | | MSDB Trust | | | | | 3.427 | | | 07/11/39 | | | 3,178 | |
| | | | | | Series - 2017 712F (Class A) | | | | | | | | | | | | |
| | 1,200,000 | | g,i | | Natixis Commercial Mortgage Securities Trust | | | | | 3.917 | | | 11/15/32 | | | 1,241 | |
| | | | | | Series - 2018 285M (Class A) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 6,000,000 | | g,i | | Natixis Commercial Mortgage Securities Trust | | | | | 3.917 | % | | 11/15/32 | | $ | 6,016 | |
| | | | | | Series - 2018 285M (Class C) | | | | | | | | | | | | |
| | 15,010,000 | | g,i | | Natixis Commercial Mortgage Securities Trust | | LIBOR 1 M + 1.500% | | | 1.685 | | | 07/15/36 | | | 14,710 | |
| | | | | | Series - 2019 MILE (Class A) | | | | | | | | | | | | |
| | 5,000,000 | | g,i | | Natixis Commercial Mortgage Securities Trust | | LIBOR 1 M + 1.800% | | | 1.985 | | | 07/15/36 | | | 4,806 | |
| | | | | | Series - 2019 MILE (Class B) | | | | | | | | | | | | |
| | 5,000,000 | | g,i | | Natixis Commercial Mortgage Securities Trust | | LIBOR 1 M + 2.750% | | | 2.935 | | | 07/15/36 | | | 4,733 | |
| | | | | | Series - 2019 MILE (Class D) | | | | | | | | | | | | |
| | 5,000,000 | | g | | Natixis Commercial Mortgage Securities Trust | | | | | 2.507 | | | 10/15/36 | | | 5,074 | |
| | | | | | Series - 2019 1776 (Class A) | | | | | | | | | | | | |
| | 2,000,000 | | g | | Natixis Commercial Mortgage Securities Trust | | | | | 2.966 | | | 12/15/38 | | | 2,082 | |
| | | | | | Series - 2020 2PAC (Class A) | | | | | | | | | | | | |
| | 516,708 | | g,i | | New Residential Mortgage Loan Trust | | | | | 3.750 | | | 05/28/52 | | | 552 | |
| | | | | | Series - 2015 1A (Class A3) | | | | | | | | | | | | |
| | 122,602 | | g,i | | New Residential Mortgage Loan Trust | | | | | 4.000 | | | 08/27/57 | | | 131 | |
| | | | | | Series - 2017 6A (Class A1) | | | | | | | | | | | | |
| | 897,192 | | i | | New York Mortgage Trust | | LIBOR 1 M + 0.480% | | | 0.665 | | | 02/25/36 | | | 861 | |
| | | | | | Series - 2005 3 (Class A1) | | | | | | | | | | | | |
| | 615,925 | | g | | Prima Capital CRE Securitization Ltd | | | | | 2.550 | | | 08/24/49 | | | 613 | |
| | | | | | Series - 2015 4A (Class MR-A) | | | | | | | | | | | | |
| | 2,000,000 | | g | | RBS Commercial Funding, Inc Trust | | | | | 3.511 | | | 03/11/31 | | | 1,790 | |
| | | | | | Series - 2013 SMV (Class B) | | | | | | | | | | | | |
| | 2,571,174 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 05/25/45 | | | 2,652 | |
| | | | | | Series - 2015 2 (Class A1) | | | | | | | | | | | | |
| | 2,170,690 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 06/25/46 | | | 2,246 | |
| | | | | | Series - 2016 1 (Class A19) | | | | | | | | | | | | |
| | 1,282,515 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 11/25/46 | | | 1,311 | |
| | | | | | Series - 2016 3 (Class A10) | | | | | | | | | | | | |
| | 4,515,051 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 02/25/47 | | | 4,612 | |
| | | | | | Series - 2017 2 (Class A4) | | | | | | | | | | | | |
| | 602,139 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 02/25/47 | | | 624 | |
| | | | | | Series - 2017 2 (Class A19) | | | | | | | | | | | | |
| | 5,959,238 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 04/25/47 | | | 6,046 | |
| | | | | | Series - 2017 3 (Class A4) | | | | | | | | | | | | |
| | 195,383 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 04/25/47 | | | 202 | |
| | | | | | Series - 2017 3 (Class A19) | | | | | | | | | | | | |
| | 717,706 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 09/25/47 | | | 729 | |
| | | | | | Series - 2017 6 (Class A4) | | | | | | | | | | | | |
| | 2,309,106 | | g,i | | Sequoia Mortgage Trust | | | | | 3.743 | | | 09/25/47 | | | 2,371 | |
| | | | | | Series - 2017 6 (Class B1) | | | | | | | | | | | | |
| | 1,713,508 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 02/25/48 | | | 1,761 | |
| | | | | | Series - 2018 2 (Class A1) | | | | | | | | | | | | |
| | 323,303 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 02/25/48 | | | 335 | |
| | | | | | Series - 2018 2 (Class A19) | | | | | | | | | | | | |
| | 7,244,131 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 03/25/48 | | | 7,444 | |
| | | | | | Series - 2018 3 (Class A1) | | | | | | | | | | | | |
| | 640,313 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 03/25/48 | | | 651 | |
| | | | | | Series - 2018 3 (Class A4) | | | | | | | | | | | | |
| | 908,922 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | 09/25/48 | | | 916 | |
| | | | | | Series - 2018 7 (Class A4) | | | | | | | | | | | | |
| | 970,510 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | 09/25/48 | | | 992 | |
| | | | | | Series - 2018 7 (Class A19) | | | | | | | | | | | | |
| | 1,307,235 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | 11/25/48 | | | 1,333 | |
| | | | | | Series - 2018 8 (Class A19) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 6,931,593 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | % | | 06/25/49 | | $ | 7,117 | |
| | | | | | Series - 2019 2 (Class A1) | | | | | | | | | | | | |
| | 2,180,882 | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | 06/25/49 | | | 2,226 | |
| | | | | | Series - 2019 2 (Class A19) | | | | | | | | | | | | |
| | 11,012,708 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 11/25/49 | | | 11,321 | |
| | | | | | Series - 2019 4 (Class A1) | | | | | | | | | | | | |
| | 6,391,200 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 12/25/49 | | | 6,623 | |
| | | | | | Series - 2019 5 (Class A19) | | | | | | | | | | | | |
| | 11,068,655 | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 12/25/49 | | | 11,379 | |
| | | | | | Series - 2019 5 (Class A1) | | | | | | | | | | | | |
| | 16,678,499 | | g,i | | Sequoia Mortgage Trust | | | | | 3.000 | | | 04/25/50 | | | 17,448 | |
| | | | | | Series - 2020 3 (Class A19) | | | | | | | | | | | | |
| | 1,553,840 | | g,i | | Shellpoint Co-Originator Trust | | | | | 3.500 | | | 11/25/46 | | | 1,584 | |
| | | | | | Series - 2016 1 (Class 1A10) | | | | | | | | | | | | |
| | 2,026,916 | | g,i | | Shellpoint Co-Originator Trust | | | | | 3.500 | | | 04/25/47 | | | 2,088 | |
| | | | | | Series - 2017 1 (Class A19) | | | | | | | | | | | | |
| | 697,962 | | i | | Structured Agency Credit Risk Debt Note (STACR) | | LIBOR 1 M + 4.150% | | | 4.335 | | | 01/25/25 | | | 708 | |
| | | | | | Series - 2015 DN1 (Class M3) | | | | | | | | | | | | |
| | 4,408,551 | | i | | STACR | | LIBOR 1 M + 1.950% | | | 2.135 | | | 05/25/25 | | | 4,424 | |
| | | | | | Series - 2015 HQ2 (Class M2) | | | | | | | | | | | | |
| | 4,845,999 | | i | | STACR | | LIBOR 1 M + 4.650% | | | 4.835 | | | 10/25/28 | | | 5,044 | |
| | | | | | Series - 2016 DNA2 (Class M3) | | | | | | | | | | | | |
| | 181,396 | | i | | STACR | | LIBOR 1 M + 1.300% | | | 1.485 | | | 03/25/29 | | | 181 | |
| | | | | | Series - 2016 DNA4 (Class M2) | | | | | | | | | | | | |
| | 13,780,000 | | i | | STACR | | LIBOR 1 M + 3.250% | | | 3.435 | | | 07/25/29 | | | 13,900 | |
| | | | | | Series - 2017 DNA1 (Class M2) | | | | | | | | | | | | |
| | 2,628,829 | | i | | STACR | | LIBOR 1 M + 1.200% | | | 1.385 | | | 10/25/29 | | | 2,631 | |
| | | | | | Series - 2017 DNA2 (Class M1) | | | | | | | | | | | | |
| | 1,373,448 | | i | | STACR | | LIBOR 1 M + 0.750% | | | 0.935 | | | 03/25/30 | | | 1,373 | |
| | | | | | Series - 2017 DNA3 (Class M1) | | | | | | | | | | | | |
| | 8,456,969 | | i | | STACR | | LIBOR 1 M + 0.950% | | | 1.135 | | | 04/25/30 | | | 8,442 | |
| | | | | | Series - 2017 HQA3 (Class M2AS) | | | | | | | | | | | | |
| | 4,055,286 | | i | | STACR | | LIBOR 1 M + 2.350% | | | 2.535 | | | 04/25/30 | | | 4,040 | |
| | | | | | Series - HQA3 (Class M2) | | | | | | | | | | | | |
| | 1,018,604 | | g,i | | STACR | | | | | 3.726 | | | 02/25/48 | | | 1,019 | |
| | | | | | Series - 2018 SPI1 (Class M1) | | | | | | | | | | | | |
| | 546,935 | | g,i | | STACR | | | | | 3.809 | | | 05/25/48 | | | 546 | |
| | | | | | Series - 2018 SPI2 (Class M1) | | | | | | | | | | | | |
| | 7,269,149 | | g,i | | STACR | | | | | 4.466 | | | 11/25/48 | | | 7,172 | |
| | | | | | Series - 2018 SPI4 (Class M2) | | | | | | | | | | | | |
| | 3,300,000 | | g,i | | STACR | | LIBOR 1 M + 2.050% | | | 2.235 | | | 11/25/49 | | | 3,201 | |
| | | | | | Series - 2019 HQA4 (Class M2) | | | | | | | | | | | | |
| | 3,400,000 | | g,i | | STACR | | LIBOR 1 M + 1.850% | | | 2.035 | | | 02/25/50 | | | 3,224 | |
| | | | | | Series - 2020 DNA2 (Class M2) | | | | | | | | | | | | |
| | 2,645,000 | | g,i | | STACR | | LIBOR 1 M + 3.100% | | | 3.285 | | | 03/25/50 | | | 2,532 | |
| | | | | | Series - 2020 HQA2 (Class M2) | | | | | | | | | | | | |
| | 858,574 | | g,i | | STACR | | LIBOR 1 M + 1.100% | | | 1.285 | | | 07/27/50 | | | 855 | |
| | | | | | Series - 2020 HQA2 (Class M1) | | | | | | | | | | | | |
| | 12,548,000 | | | | UBS Commercial Mortgage Trust | | | | | 3.256 | | | 06/15/50 | | | 13,437 | |
| | | | | | Series - 2017 C1 (Class ASB) | | | | | | | | | | | | |
| | 2,000,000 | | | | UBS Commercial Mortgage Trust | | | | | 3.366 | | | 10/15/50 | | | 2,161 | |
| | | | | | Series - 2017 C4 (Class ASB) | | | | | | | | | | | | |
| | 4,000,000 | | | | UBS-Barclays Commercial Mortgage Trust | | | | | 2.850 | | | 12/10/45 | | | 4,116 | |
| | | | | | Series - 2012 C4 (Class A5) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 4,585,000 | | g | | VNDO Mortgage Trust | | | | | 3.808 | % | | 12/13/29 | | $ | 4,593 | |
| | | | | | Series - 2013 PENN (Class A) | | | | | | | | | | | | |
| | 1,100,000 | | g,i | | VNDO Mortgage Trust | | | | | 4.079 | | | 12/13/29 | | | 1,091 | |
| | | | | | Series - 2013 PENN (Class C) | | | | | | | | | | | | |
| | 1,524,370 | | g | | VSE VOI Mortgage LLC | | | | | 2.540 | | | 07/20/33 | | | 1,508 | |
| | | | | | Series - 2016 A (Class A) | | | | | | | | | | | | |
| | 1,168,881 | | g | | VSE VOI Mortgage LLC | | | | | 2.740 | | | 07/20/33 | | | 1,133 | |
| | | | | | Series - 2016 A (Class B) | | | | | | | | | | | | |
| | 4,355,503 | | g | | VSE VOI Mortgage LLC | | | | | 2.330 | | | 03/20/35 | | | 4,370 | |
| | | | | | Series - 2017 A (Class A) | | | | | | | | | | | | |
| | 4,725,000 | | g,i | | Wells Fargo Commercial Mortgage Trust | | | | | 5.276 | | | 11/15/43 | | | 4,737 | |
| | | | | | Series - 2010 C1 (Class B) | | | | | | | | | | | | |
| | 8,200,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.539 | | | 10/15/45 | | | 8,471 | |
| | | | | | Series - 2012 LC5 (Class AS) | | | | | | | | | | | | |
| | 1,740,030 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.405 | | | 12/15/47 | | | 1,815 | |
| | | | | | Series - 2014 LC18 (Class A5) | | | | | | | | | | | | |
| | 990,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.406 | | | 05/15/48 | | | 1,027 | |
| | | | | | Series - 2015 NXS1 (Class AS) | | | | | | | | | | | | |
| | 6,200,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.540 | | | 05/15/48 | | | 6,753 | |
| | | | | | Series - 2015 C28 (Class A4) | | | | | | | | | | | | |
| | 2,000,000 | | i | | Wells Fargo Commercial Mortgage Trust | | | | | 3.658 | | | 05/15/48 | | | 2,008 | |
| | | | | | Series - 2015 NXS1 (Class B) | | | | | | | | | | | | |
| | 2,566,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.637 | | | 06/15/48 | | | 2,795 | |
| | | | | | Series - 2015 C29 (Class A4) | | | | | | | | | | | | |
| | 10,000,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 2.788 | | | 07/15/48 | | | 10,411 | |
| | | | | | Series - 2016 C35 (Class ASB) | | | | | | | | | | | | |
| | 286,930 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 1.321 | | | 08/15/49 | | | 287 | |
| | | | | | Series - 2016 BNK1 (Class A1) | | | | | | | | | | | | |
| | 15,000,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 2.514 | | | 08/15/49 | | | 15,494 | |
| | | | | | Series - 2016 BNK1 (Class ASB) | | | | | | | | | | | | |
| | 15,000,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 2.825 | | | 10/15/49 | | | 15,641 | |
| | | | | | Series - 2016 LC24 (Class ASB) | | | | | | | | | | | | |
| | 10,446,660 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 2.749 | | | 03/15/50 | | | 10,621 | |
| | | | | | Series - 2017 RB1 (Class A2) | | | | | | | | | | | | |
| | 7,500,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.446 | | | 03/15/50 | | | 8,085 | |
| | | | | | Series - 2017 RB1 (Class ASB) | | | | | | | | | | | | |
| | 872,111 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.635 | | | 03/15/50 | | | 981 | |
| | | | | | Series - 2017 RB1 (Class A5) | | | | | | | | | | | | |
| | 2,000,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.757 | | | 03/15/50 | | | 2,199 | |
| | | | | | Series - 2017 RB1 (Class AS) | | | | | | | | | | | | |
| | 1,825,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.184 | | | 04/15/50 | | | 1,946 | |
| | | | | | Series - 2015 LC20 (Class A5) | | | | | | | | | | | | |
| | 15,000,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.261 | | | 07/15/50 | | | 16,038 | |
| | | | | | Series - 2017 C38 (Class ASB) | | | | | | | | | | | | |
| | 7,000,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.453 | | | 07/15/50 | | | 7,817 | |
| | | | | | Series - 2017 C38 (Class A5) | | | | | | | | | | | | |
| | 1,755,000 | | i | | Wells Fargo Commercial Mortgage Trust | | | | | 3.903 | | | 07/15/50 | | | 1,500 | |
| | | | | | Series - 2017 C38 (Class C) | | | | | | | | | | | | |
| | 10,000,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.212 | | | 09/15/50 | | | 10,710 | |
| | | | | | Series - 2017 C39 (Class ASB) | | | | | | | | | | | | |
| | 4,710,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 4.302 | | | 01/15/52 | | | 5,548 | |
| | | | | | Series - 2018 C48 (Class A5) | | | | | | | | | | | | |
| | 8,050,000 | | i | | Wells Fargo Commercial Mortgage Trust | | | | | 3.767 | | | 07/15/58 | | | 8,700 | |
| | | | | | Series - 2015 NXS2 (Class A5) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 1,000,000 | | i | | Wells Fargo Commercial Mortgage Trust | | | | | 4.438 | % | | 07/15/58 | | $ | 1,049 | |
| | | | | | Series - 2015 NXS2 (Class B) | | | | | | | | | | | | |
| | 3,800,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.560 | | | 01/15/59 | | | 4,165 | |
| | | | | | Series - 2016 C32 (Class A4) | | | | | | | | | | | | |
| | 6,000,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.749 | | | 03/15/59 | | | 6,350 | |
| | | | | | Series - 2016 C33 (Class AS) | | | | | | | | | | | | |
| | 650,000 | | | | Wells Fargo Commercial Mortgage Trust | | | | | 2.933 | | | 11/15/59 | | | 681 | |
| | | | | | Series - 2016 C36 (Class ASB) | | | | | | | | | | | | |
| | 3,611,729 | | g,i | | Wells Fargo Mortgage Backed Securities Trust | | | | | 4.000 | | | 04/25/49 | | | 3,721 | |
| | | | | | Series - 2019 2 (Class A17) | | | | | | | | | | | | |
| | 14,810,747 | | g,i | | Wells Fargo Mortgage Backed Securities Trust | | | | | 3.500 | | | 09/25/49 | | | 15,222 | |
| | | | | | Series - 2019 4 (Class A1) | | | | | | | | | | | | |
| | 2,030,000 | | g,i | | WFRBS Commercial Mortgage Trust | | | | | 5.392 | | | 02/15/44 | | | 2,012 | |
| | | | | | Series - 2011 C2 (Class C) | | | | | | | | | | | | |
| | 30,000,000 | | g,i | | WFRBS Commercial Mortgage Trust | | | | | 4.902 | | | 06/15/44 | | | 30,465 | |
| | | | | | Series - 2011 C4 (Class A4) | | | | | | | | | | | | |
| | 2,200,000 | | i | | WFRBS Commercial Mortgage Trust | | | | | 3.714 | | | 03/15/45 | | | 2,224 | |
| | | | | | Series - 2013 C11 (Class B) | | | | | | | | | | | | |
| | 1,770,000 | | | | WFRBS Commercial Mortgage Trust | | | | | 3.345 | | | 05/15/45 | | | 1,810 | |
| | | | | | Series - 2013 C13 (Class AS) | | | | | | | | | | | | |
| | 4,090,000 | | i | | WFRBS Commercial Mortgage Trust | | | | | 4.079 | | | 03/15/46 | | | 4,424 | |
| | | | | | Series - 2013 UBS1 (Class A4) | | | | | | | | | | | | |
| | 1,050,000 | | i | | WFRBS Commercial Mortgage Trust | | | | | 4.162 | | | 12/15/46 | | | 1,124 | |
| | | | | | Series - 2013 C18 (Class A5) | | | | | | | | | | | | |
| | 2,185,281 | | | | WFRBS Commercial Mortgage Trust | | | | | 3.995 | | | 05/15/47 | | | 2,355 | |
| | | | | | Series - 2014 C20 (Class A5) | | | | | | | | | | | | |
| | 9,865,000 | | | | WFRBS Commercial Mortgage Trust | | | | | 3.607 | | | 11/15/47 | | | 10,601 | |
| | | | | | Series - 2014 C24 (Class A5) | | | | | | | | | | | | |
| | 8,000,000 | | | | WFRBS Commercial Mortgage Trust | | | | | 3.560 | | | 03/15/48 | | | 8,223 | |
| | | | | | Series - 2013 C12 (Class AS) | | | | | | | | | | | | |
| | | | | | TOTAL OTHER MORTGAGE BACKED | | | | | | | | | | | 1,439,433 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | TOTAL STRUCTURED ASSETS | | | | | | | | | | | 2,733,029 | |
| | | | | | (Cost $2,707,384) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | TOTAL BONDS | | | | | | | | | | | 14,192,524 | |
| | | | | | (Cost $13,364,222) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| SHARES | | | | COMPANY | | | | | | | | | | | | |
| COMMON STOCKS - 0.0% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 0.0% | | | | | | | | | | | | |
| | 147,623 | | * | | Oi S.A. (ADR) | | | | | | | | | | | 155 | |
| | | | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | | 155 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | TOTAL COMMON STOCKS | | | | | | | | | | | 155 | |
| | | | | | (Cost $1,332) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| PREFERRED STOCKS - 0.1% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| BANKS - 0.1% | | | | | | | | | | | | |
| | 470,597 | | * | | Federal Home Loan Mortgage Corp | | | | | | | | | | | 3,737 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| SHARES | | | | COMPANY | | | | | | | | | VALUE
(000) | |
| | 1,527,061 | | * | | Federal National Mortgage Association | | | | | | | | | | $ | 12,140 | |
| | | | | | TOTAL BANKS | | | | | | | | | | | 15,877 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | TOTAL PREFERRED STOCKS | | | | | | | | | | 15,877 | |
| | | | | | (Cost $49,941) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | | | |
| SHORT-TERM INVESTMENTS - 5.7% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| GOVERNMENT AGENCY DEBT - 3.2% | | | | | | | | | | | | |
| $ | 20,000,000 | | | | Federal Agricultural Mortgage Corp (FAMC) | | | | | 0.135 | % | | 07/17/20 | | | 19,999 | |
| | 10,000,000 | | | | Federal Farm Credit Bank (FFCB) | | | | | 0.200 | | | 11/04/20 | | | 9,994 | |
| | 10,480,000 | | | | Federal Home Loan Bank (FHLB) | | | | | 0.120 | | | 07/02/20 | | | 10,480 | |
| | 14,400,000 | | | | FHLB | | | | | 0.080-0.130 | | | 07/06/20 | | | 14,400 | |
| | 16,175,000 | | | | FHLB | | | | | 0.095-0.200 | | | 07/13/20 | | | 16,174 | |
| | 39,203,000 | | | | FHLB | | | | | 0.095-0.100 | | | 07/14/20 | | | 39,201 | |
| | 45,270,000 | | | | FHLB | | | | | 0.100-0.150 | | | 07/24/20 | | | 45,267 | |
| | 41,416,000 | | | | FHLB | | | | | 0.105-0.150 | | | 07/31/20 | | | 41,412 | |
| | 42,535,000 | | | | FHLB | | | | | 0.110-0.150 | | | 08/03/20 | | | 42,529 | |
| | 9,500,000 | | | | FHLB | | | | | 0.115 | | | 08/07/20 | | | 9,499 | |
| | 28,465,000 | | | | FHLB | | | | | 0.110-0.150 | | | 08/12/20 | | | 28,460 | |
| | 25,000,000 | | | | FHLB | | | | | 0.120 | | | 08/18/20 | | | 24,995 | |
| | 29,998,000 | | | | FHLB | | | | | 0.135-0.165 | | | 09/14/20 | | | 29,989 | |
| | 40,650,000 | | | | FHLB | | | | | 0.015-0.270 | | | 09/15/20 | | | 40,638 | |
| | 25,000,000 | | | | FHLB | | | | | 0.169 | | | 09/16/20 | | | 24,992 | |
| | 34,775,000 | | | | FHLB | | | | | 0.145 | | | 09/23/20 | | | 34,764 | |
| | 14,000,000 | | | | FHLB | | | | | 0.180 | | | 10/01/20 | | | 13,995 | |
| | 5,000,000 | | | | FHLB | | | | | 0.170 | | | 03/08/21 | | | 4,994 | |
| | 10,000,000 | | | | Federal National Mortgage Association (FNMA) | | | | | 0.249 | | | 09/23/20 | | | 9,997 | |
| | 20,000,000 | | | | FNMA | | | | | 0.200 | | | 10/16/20 | | | 19,991 | |
| | | | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | 481,770 | |
| | | | | | | | | | | | | | | | | | |
| REPURCHASE AGREEMENT - 0.0% | | | | | | | | | | | | |
| | 1,210,000 | | r | | Fixed Income Clearing Corp | | | | | 0.070 | | | 07/01/20 | | | 1,210 | |
| | | | | | TOTAL REPURCHASE AGREEMENT | | | | | | | | | | | 1,210 | |
| | | | | | | | | | | | | | | | | | |
| TREASURY DEBT - 2.5% | | | | | | | | | | | | |
| EGP | 45,000,000 | | j | | Egypt Treasury Bill | | | | | 0.000 | | | 08/25/20 | | | 2,739 | |
| | 26,500,000 | | j | | Egypt Treasury Bill | | | | | 0.000 | | | 01/05/21 | | | 1,540 | |
| $ | 105,230,000 | | | | United States Treasury Bill | | | | | 0.084-0.101 | | | 07/02/20 | | | 105,230 | |
| | 36,265,000 | | | | United States Treasury Bill | | | | | 0.105-0.120 | | | 07/07/20 | | | 36,264 | |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| PRINCIPAL | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 41,860,000 | | | | United States Treasury Bill | | | | | 0.088%-0.110 | % | | 07/09/20 | | $ | 41,859 | |
| | 20,380,000 | | | | United States Treasury Bill | | | | | 0.120 | | | 07/28/20 | | | 20,378 | |
| | 32,120,000 | | | | United States Treasury Bill | | | | | 0.105-0.137 | | | 08/11/20 | | | 32,115 | |
| | 43,340,000 | | | | United States Treasury Bill | | | | | 0.116 | | | 08/20/20 | | | 43,332 | |
| | 25,000,000 | | | | United States Treasury Bill | | | | | 0.135 | | | 08/25/20 | | | 24,995 | |
| | 60,000,000 | | | | United States Treasury Bill | | | | | 0.146 | | | 11/19/20 | | | 59,963 | |
| | | | | | TOTAL TREASURY DEBT | | | | | | | | | | | 368,415 | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | 851,395 | |
| | | | | | (Cost $851,427) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | TOTAL INVESTMENTS - 102.2% | | | | | | | | | | | 15,160,182 | |
| | | | | | (Cost $14,372,286) | | | | | | | | | | | | |
| | | | | | OTHER ASSETS & LIABILITIES, NET - (2.2)% | | | | | | | | (328,903 | ) |
| | | | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 14,831,279 | |
| | | | |
| | | Abbreviation(s): | |
| ADR | | American Depositary Receipt |
| AUD | | Australian Dollar |
| CAD | | Canadian Dollar |
| CNY | | Chinese Yuan |
| CZK | | Czech Koruna |
| DOP | | Dominican Republic Peso |
| EGP | | Egyptian Pound |
| EUR | | Euro |
| GBP | | Pound Sterling |
| IDR | | Indonesian Rupiah |
| ILS | | Israeli Shekel |
| JPY | | Japanese Yen |
| KRW | | South Korean Won |
| LIBOR | | London Interbank Offered Rate |
| M | | Month |
| MXN | | Mexican Peso |
| MYR | | Malaysian Ringgit |
| NOK | | Norwegian Krone |
| NZD | | New Zealand Dollar |
| PEN | | Peruvian Sol |
| PLN | | Polish Zloty |
| REIT | | Real Estate Investment Trust |
| RSD | | Serbian Dinar |
| RUB | | Russian Ruble |
| THB | | Thailand Baht |
| UAH | | Ukrainian Hryvnia |
| UYU | | Uruguayan Peso |
| W | | Week |
| ZAR | | South African Rand |
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| * | | Non-income producing |
| ^ | | Amount represents less than $1,000. |
| † | | Security is categorized as Level 3 in the fair value hierarchy. |
| ‡ | | Perpetual security |
| g | | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $2,738,927,276 or 18.5% of net assets. |
| h | | All or a portion of these securities were purchased on a delayed delivery basis. |
| i | | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| j | | Zero coupon |
| k | | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| o | | Payment in Kind Bond |
| q | | In default |
| r | | Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $1,210,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $1,234,366. |
| | | |
| | | Cost amounts are in thousands. |
| | | | |
Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):
Currency to be
purchased | | Receive | | Currency to be
sold | | Deliver | | Counterparty | | Settlement date | | | Unrealized appreciation (depreciation) | |
| $ | | 10,833 | | CAD | | 14,793 | | Australia and New Zealand Banking Group | | 09/30/20 | | $ | (66 | ) |
| $ | | 3,958 | | EUR | | 3,660 | | Australia and New Zealand Banking Group | | 07/27/20 | | | (156 | ) |
| $ | | 414 | | EUR | | 368 | | Australia and New Zealand Banking Group | | 09/30/20 | | | (0 | )^ |
| $ | | 2,714 | | NZD | | 4,218 | | Australia and New Zealand Banking Group | | 09/30/20 | | | (8 | ) |
| Total | | | | | | | | | | | | $ | (230 | ) |
| $ | | 5,152 | | AUD | | 7,493 | | Bank of America | | 09/30/20 | | $ | (21 | ) |
| $ | | 9,835 | | KRW | | 11,811,392 | | Bank of America | | 07/31/20 | | | (14 | ) |
| Total | | | | | | | | | | | | $ | (35 | ) |
| $ | | 1,072 | | EUR | | 990 | | Citibank N.A. | | 08/18/20 | | $ | (42 | ) |
| $ | | 972 | | THB | | 30,033 | | Citibank N.A. | | 07/31/20 | | | 1 | |
| Total | | | | | | | | | | | | $ | (41 | ) |
| $ | | 760 | | CZK | | 18,150 | | Morgan Stanley | | 07/31/20 | | $ | (6 | ) |
| $ | | 3,011 | | ILS | | 10,330 | | Morgan Stanley | | 07/31/20 | | | 27 | |
| $ | | 39,155 | | JPY | | 4,182,524 | | Morgan Stanley | | 09/30/20 | | | 369 | |
| $ | | 3,819 | | PLN | | 15,221 | | Morgan Stanley | | 07/31/20 | | | (29 | ) |
| $ | | 386 | | ZAR | | 6,681 | | Morgan Stanley | | 07/31/20 | | | 2 | |
| Total | | | | | | | | | | | | $ | 363 | |
| $ | | 8,365 | | CNY | | 59,368 | | Toronto Dominion Bank | | 07/31/20 | | $ | (22 | ) |
| $ | | 92,234 | | EUR | | 82,080 | | Toronto Dominion Bank | | 09/30/20 | | | (172 | ) |
| $ | | 19,844 | | GBP | | 16,027 | | Toronto Dominion Bank | | 09/30/20 | | | (25 | ) |
| $ | | 4,836 | | NOK | | 46,946 | | Toronto Dominion Bank | | 09/30/20 | | | (43 | ) |
| $ | | 11 | | NOK | | 109 | | Toronto Dominion Bank | | 09/30/20 | | | (0 | )^ |
| Total | | | | | | | | | | | | $ | (262 | ) |
| Total | | | | | | | | | | | | $ | (205 | ) |
^Amount represents less than $1,000.
COLLEGE RETIREMENT EQUITIES FUND - Bond Market Account
| | | | |
| | | Abbreviation(s): | |
| AUD | | Australian Dollar |
| CAD | | Canadian Dollar |
| CNY | | Chinese Yuan |
| CZK | | Czech Koruna |
| EUR | | Euro |
| GBP | | Pound Sterling |
| ILS | | Israeli Shekel |
| JPY | | Japanese Yen |
| KRW | | South Korean Won |
| NOK | | Norwegian Krone |
| NZD | | New Zealand Dollar |
| PLN | | Polish Zloty |
| THB | | Thailand Baht |
| ZAR | | South African Rand |
COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
COLLEGE RETIREMENT EQUITIES FUND
INFLATION-LINKED BOND ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020
| PRINCIPAL | | | | ISSUER | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| GOVERNMENT BONDS - 98.5% | | | | | | | | |
| | | | | | | | | | | | | |
| AGENCY SECURITIES - 0.9% | | | | | | | | | | |
| $ | 4,112,500 | | | | Crowley Conro LLC | | | 4.181 | % | | 08/15/43 | | $ | 5,167 | |
| | 10,000,000 | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | 1.500 | | | 02/12/25 | | | 10,472 | |
| | 16,740,000 | | | | Montefiore Medical Center | | | 2.895 | | | 04/20/32 | | | 18,018 | |
| | 3,000,000 | | | | Private Export Funding Corp (PEFCO) | | | 3.250 | | | 06/15/25 | | | 3,366 | |
| | 3,947,368 | | | | Reliance Industries Ltd | | | 2.444 | | | 01/15/26 | | | 4,097 | |
| | 15,000,000 | | | | Ukraine Government AID International Bonds | | | 1.471 | | | 09/29/21 | | | 15,222 | |
| | 5,000,000 | | | | United States International Development Finance Corp | | | 1.490 | | | 08/15/31 | | | 5,153 | |
| | | | | | TOTAL AGENCY SECURITIES | | | | | | | | | 61,495 | |
| | | | | | | | | | | | | | | | |
| MORTGAGE BACKED - 2.6% | | | | | | | | | | |
| | 22,526,507 | | | | Government National Mortgage Association (GNMA) | | | 3.600 | | | 09/15/31 | | | 24,862 | |
| | 11,150,729 | | | | GNMA | | | 3.650 | | | 02/15/32 | | | 12,286 | |
| | 2,429,675 | | | | GNMA | | | 3.380 | | | 07/15/35 | | | 2,652 | |
| | 3,129,358 | | | | GNMA | | | 3.870 | | | 10/15/36 | | | 3,483 | |
| | 40,761,000 | | h | | GNMA | | | 1.730 | | | 07/20/37 | | | 40,869 | |
| | 59,890,170 | | | | GNMA | | | 4.250 | | | 09/15/38 | | | 65,397 | |
| | 27,384,549 | | | | GNMA | | | 2.750 | | | 01/15/45 | | | 29,692 | |
| | | | | | TOTAL MORTGAGE BACKED | | | | | | | | | 179,241 | |
| | | | | | | | | | | | | | | | |
| U.S. TREASURY SECURITIES - 95.0% | | | | | | | | | | |
| | 39,788,201 | | k | | United States Treasury Inflation Indexed Bonds | | | 1.125 | | | 01/15/21 | | | 40,189 | |
| | 136,802,374 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.625 | | | 07/15/21 | | | 139,317 | |
| | 324,026,779 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.125 | | | 01/15/22 | | | 328,720 | |
| | 278,912,605 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.125 | | | 04/15/22 | | | 283,253 | |
| | 325,626,720 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.125 | | | 07/15/22 | | | 333,600 | |
| | 332,191,990 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.125 | | | 01/15/23 | | | 340,613 | |
| | 234,361,610 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.625 | | | 04/15/23 | | | 243,922 | |
| | 236,370,420 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.375 | | | 07/15/23 | | | 246,375 | |
| | 153,045,498 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.625 | | | 01/15/24 | | | 161,335 | |
| | 207,427,200 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.500 | | | 04/15/24 | | | 218,226 | |
| | 138,782,570 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.125 | | | 07/15/24 | | | 145,113 | |
| | 172,420,650 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.125 | | | 10/15/24 | | | 180,776 | |
| | 176,483,360 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.250 | | | 01/15/25 | | | 185,877 | |
| | 268,368,285 | | k | | United States Treasury Inflation Indexed Bonds | | | 2.375 | | | 01/15/25 | | | 309,299 | |
| | 66,518,940 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.125 | | | 04/15/25 | | | 69,750 | |
| | 127,605,200 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.375 | | | 07/15/25 | | | 136,436 | |
| | 158,652,690 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.625 | | | 01/15/26 | | | 171,962 | |
| | 214,257,508 | | k | | United States Treasury Inflation Indexed Bonds | | | 2.000 | | | 01/15/26 | | | 249,250 | |
| | 147,640,680 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.125 | | | 07/15/26 | | | 156,949 | |
| | 223,473,115 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.375 | | | 01/15/27 | | | 241,061 | |
| | 122,332,730 | | k | | United States Treasury Inflation Indexed Bonds | | | 2.375 | | | 01/15/27 | | | 148,672 | |
| | 121,084,425 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.375 | | | 07/15/27 | | | 131,742 | |
| | 213,648,075 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.500 | | | 01/15/28 | | | 234,133 | |
COLLEGE RETIREMENT EQUITIES FUND - Inflation-Linked Bond Account
| PRINCIPAL | | | | ISSUER | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 211,036,564 | | k | | United States Treasury Inflation Indexed Bonds | | | 1.750 | % | | 01/15/28 | | $ | 251,905 | |
| | 112,613,689 | | k | | United States Treasury Inflation Indexed Bonds | | | 3.625 | | | 04/15/28 | | | 151,630 | |
| | 130,768,640 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.750 | | | 07/15/28 | | | 147,527 | |
| | 212,264,580 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.875 | | | 01/15/29 | | | 241,988 | |
| | 140,824,476 | | k | | United States Treasury Inflation Indexed Bonds | | | 2.500 | | | 01/15/29 | | | 180,618 | |
| | 202,935,196 | | k | | United States Treasury Inflation Indexed Bonds | | | 3.875 | | | 04/15/29 | | | 286,972 | |
| | 277,706,350 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.250 | | | 07/15/29 | | | 303,987 | |
| | 24,918,750 | | k | | United States Treasury Inflation Indexed Bonds | | | 0.125 | | | 01/15/30 | | | 26,942 | |
| | 51,289,335 | | k | | United States Treasury Inflation Indexed Bonds | | | 3.375 | | | 04/15/32 | | | 76,371 | |
| | 80,000,000 | | | | United States Treasury Note | | | 0.125 | | | 06/30/22 | | | 79,953 | |
| | 70,000,000 | | | | United States Treasury Note | | | 0.250 | | | 06/30/25 | | | 69,863 | |
| | 30,000,000 | | | | United States Treasury Note | | | 0.500 | | | 05/31/27 | | | 30,032 | |
| | 10,000,000 | | | | United States Treasury Note | | | 0.625 | | | 05/15/30 | | | 9,970 | |
| | | | | | TOTAL U.S. TREASURY SECURITIES | | | | | | | | | 6,554,328 | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL GOVERNMENT BONDS | | | | | | | | | 6,795,064 | |
| | | | | | (Cost $6,254,789) | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| SHORT-TERM INVESTMENTS - 1.9% | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| GOVERNMENT AGENCY DEBT - 0.1% | | | | | | | | | | |
| | 5,250,000 | | | | Federal National Mortgage Association (FNMA) | | | 0.200 | | | 10/16/20 | | | 5,247 | |
| | | | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | 5,247 | |
| | | | | | | | | | | | | | | | |
| REPURCHASE AGREEMENT - 0.4% | | | | | | | | | | |
| | 29,700,000 | | r | | Fixed Income Clearing Corp | | | 0.070 | | | 07/01/20 | | | 29,700 | |
| | | | | | TOTAL REPURCHASE AGREEMENT | | | | | | | | | 29,700 | |
| | | | | | | | | | | | | | | | |
| TREASURY DEBT - 1.4% | | | | | | | | | | |
| | 50,000,000 | | | | United States Treasury Bill | | | 0.100 | | | 07/02/20 | | | 50,000 | |
| | 29,235,000 | | | | United States Treasury Bill | | | 0.120 | | | 07/07/20 | | | 29,234 | |
| | 14,920,000 | | | | United States Treasury Bill | | | 0.101 | | | 07/09/20 | | | 14,920 | |
| | | | | | TOTAL TREASURY DEBT | | | | | | | | | 94,154 | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | 129,101 | |
| | | | | | (Cost $129,101) | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | TOTAL INVESTMENTS - 100.4% | | | | | | | | | 6,924,165 | |
| | | | | | (Cost $6,383,890) | | | | | | | | | | |
| | | | | | OTHER ASSETS & LIABILITIES, NET - (0.4)% | | | | | | | | | (22,267 | ) |
| | | | | | NET ASSETS - 100.0% | | | | | | | | $ | 6,901,898 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | h | | | | All or a portion of these securities were purchased on a delayed delivery basis. |
| | k | | | | Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index. |
| | r | | | | Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $29,700,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $30,294,085. |
| | | | | | | | | | | | | | | | |
| | | | | | Cost amounts are in thousands. | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
COLLEGE RETIREMENT EQUITIES FUND
SOCIAL CHOICE ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| BANK LOAN OBLIGATIONS - 0.1% |
| | | | | | | | | | | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.0% |
| $ | 3,700,972 | | | i | | MTS Systems Corp | | LIBOR 1 M + 3.250% | | | 4.000 | % | | 07/05/23 | | $ | 3,535 | |
| | | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | 3,535 | |
| | | | | | | | | | | | | | | | | | | |
| TRANSPORTATION - 0.0% |
| | 2,332,500 | | | i | | Delta Air Lines, Inc | | LIBOR 3 M + 4.750% | | | 5.510 | | | 04/27/23 | | | 2,284 | |
| | | | | | | TOTAL TRANSPORTATION | | | | | | | | | | | 2,284 | |
| | | | | | | | | | | | | | | | | | | |
| UTILITIES - 0.1% |
| | 4,647,162 | | | i | | ExGen Renewables IV LLC | | LIBOR 3 M + 3.000% | | | 4.000 | | | 11/28/24 | | | 4,496 | |
| | | | | | | TOTAL UTILITIES | | | | | | | | | | | 4,496 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL BANK LOAN OBLIGATIONS | | | | | | | | | 10,315 | |
| | | | | | | (Cost $10,588) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| BONDS - 39.4% |
| | | | | | | | | | | | | | | | | | | |
| CORPORATE BONDS - 16.8% |
| | | | | | | | | | | | | | | | | | | |
| AUTOMOBILES & COMPONENTS - 0.5% |
| | 6,675,000 | | | | | Aptiv plc | | | | | 5.400 | | | 03/15/49 | | | 6,974 | |
| | 13,255,000 | | | g | | BMW US Capital LLC | | | | | 2.250 | | | 09/15/23 | | | 13,736 | |
| | 6,500,000 | | | g | | BMW US Capital LLC | | | | | 3.150 | | | 04/18/24 | | | 6,958 | |
| | 9,600,000 | | | g | | BMW US Capital LLC | | | | | 4.150 | | | 04/09/30 | | | 11,069 | |
| | 5,400,000 | | | | | BorgWarner, Inc | | | | | 2.650 | | | 07/01/27 | | | 5,529 | |
| | 2,125,000 | | | g | | Harley-Davidson Financial Services, Inc | | | | | 2.850 | | | 01/15/21 | | | 2,136 | |
| | 8,000,000 | | | g | | Harley-Davidson Financial Services, Inc | | | | | 4.050 | | | 02/04/22 | | | 8,246 | |
| | 10,675,000 | | | | | Magna International, Inc | | | | | 3.625 | | | 06/15/24 | | | 11,618 | |
| | | | | | | TOTAL AUTOMOBILES & COMPONENTS | | | | | | | | | 66,266 | |
| | | | | | | | | | | | | | | | | | | |
| BANKS - 2.8% |
| | 14,025,000 | | | | | Bank of America Corp | | | | | 2.456 | | | 10/22/25 | | | 14,755 | |
| | 10,000,000 | | | i | | Bank of Montreal | | SOFR + 0.680% | | | 0.761 | | | 03/10/23 | | | 9,935 | |
| | 3,300,000 | | | | | Bank of New York Mellon Corp | | | | | 4.700 | | | N/A‡ | | | 3,432 | |
| | 15,375,000 | | | | | Bank of Nova Scotia | | | | | 1.300 | | | 06/11/25 | | | 15,497 | |
| | 4,425,000 | | | i | | Canadian Imperial Bank of Commerce | | SOFR + 0.800% | | | 0.881 | | | 03/17/23 | | | 4,400 | |
| | 15,000,000 | | | | | Citigroup, Inc | | | | | 1.678 | | | 05/15/24 | | | 15,292 | |
| | 10,250,000 | | | | | Citizens Bank NA | | | | | 2.250 | | | 04/28/25 | | | 10,877 | |
| | 3,800,000 | | | | | Citizens Bank NA | | | | | 3.750 | | | 02/18/26 | | | 4,265 | |
| | 1,350,000 | | | | | Citizens Financial Group, Inc | | | | | 2.375 | | | 07/28/21 | | | 1,367 | |
| | 9,075,000 | | | | | Citizens Financial Group, Inc | | | | | 3.250 | | | 04/30/30 | | | 9,805 | |
| | 7,025,000 | | | | | Cooperatieve Rabobank UA | | | | | 3.950 | | | 11/09/22 | | | 7,433 | |
| | 4,950,000 | | | | | Cooperatieve Rabobank UA | | | | | 3.750 | | | 07/21/26 | | | 5,441 | |
| | 14,850,000 | | | g | | Credit Agricole S.A. | | | | | 1.907 | | | 06/16/26 | | | 15,054 | |
| | 8,400,000 | | | g | | HSBC Bank Canada | | | | | 1.650 | | | 09/10/22 | | | 8,581 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 14,226,000 | | | g | | ING Groep NV | | | | | 4.625 | % | | 01/06/26 | | $ | 16,668 | |
| | 6,200,000 | | | g | | Intesa Sanpaolo S.p.A | | | | | 6.500 | | | 02/24/21 | | | 6,375 | |
| | 2,714,000 | | | g | | Intesa Sanpaolo S.p.A | | | | | 3.375 | | | 01/12/23 | | | 2,791 | |
| | 1,825,000 | | | g | | Intesa Sanpaolo S.p.A | | | | | 5.017 | | | 06/26/24 | | | 1,870 | |
| | 13,500,000 | | | g | | Intesa Sanpaolo S.p.A | | | | | 3.250 | | | 09/23/24 | | | 13,795 | |
| | 2,375,000 | | | g | | Intesa Sanpaolo S.p.A | | | | | 5.710 | | | 01/15/26 | | | 2,517 | |
| | 7,200,000 | | | g | | Intesa Sanpaolo S.p.A | | | | | 4.000 | | | 09/23/29 | | | 7,613 | |
| | 5,525,000 | | | g | | Intesa Sanpaolo S.p.A | | | | | 4.700 | | | 09/23/49 | | | 6,043 | |
| | 13,950,000 | | | | | KeyCorp | | | | | 2.250 | | | 04/06/27 | | | 14,589 | |
| | 2,375,000 | | | | | KeyCorp | | | | | 2.550 | | | 10/01/29 | | | 2,458 | |
| | 11,250,000 | | | i | | M&T Bank Corp | | LIBOR 3 M + 0.680% | | | 1.671 | | | 07/26/23 | | | 11,258 | |
| | 9,076,000 | | | i | | Manufacturers & Traders Trust Co | | LIBOR 3 M + 0.640% | | | 0.990 | | | 12/01/21 | | | 9,057 | |
| | 285,000 | | | | | Manufacturers & Traders Trust Co | | | | | 2.900 | | | 02/06/25 | | | 310 | |
| | 3,425,000 | | | | | Manufacturers & Traders Trust Co | | | | | 3.400 | | | 08/17/27 | | | 3,805 | |
| | 16,925,000 | | | e | | Mitsubishi UFJ Financial Group, Inc | | | | | 2.527 | | | 09/13/23 | | | 17,764 | |
| | 5,925,000 | | | i | | Mizuho Financial Group, Inc | | LIBOR 3 M + 0.630% | | | 0.990 | | | 05/25/24 | | | 5,807 | |
| | 11,125,000 | | | | | National Australia Bank Ltd | | | | | 3.625 | | | 06/20/23 | | | 12,070 | |
| | 16,100,000 | | | g | | National Bank of Canada | | | | | 2.150 | | | 10/07/22 | | | 16,548 | |
| | 10,250,000 | | | | | People’s United Bank NA | | | | | 4.000 | | | 07/15/24 | | | 10,875 | |
| | 24,878,000 | | | | | People’s United Financial, Inc | | | | | 3.650 | | | 12/06/22 | | | 25,848 | |
| | 6,950,000 | | | i | | PNC Bank NA | | LIBOR 3 M + 0.430% | | | 0.743 | | | 12/09/22 | | | 6,958 | |
| | 8,245,000 | | | e | | PNC Bank NA | | | | | 2.950 | | | 01/30/23 | | | 8,675 | |
| | 9,600,000 | | | | | Regions Financial Corp | | | | | 5.750 | | | N/A‡ | | | 9,881 | |
| | 7,625,000 | | | | | Royal Bank of Scotland Group plc | | | | | 2.359 | | | 05/22/24 | | | 7,828 | |
| | 7,275,000 | | | h | | Sumitomo Mitsui Financial Group, Inc | | | | | 1.474 | | | 07/08/25 | | | 7,274 | |
| | 17,785,000 | | | | | SVB Financial Group | | | | | 3.500 | | | 01/29/25 | | | 18,802 | |
| | 13,000,000 | | | i | | Toronto-Dominion Bank | | LIBOR 3 M + 0.300% | | | 1.060 | | | 07/30/21 | | | 13,030 | |
| | 13,675,000 | | | | | Truist Bank | | | | | 2.150 | | | 12/06/24 | | | 14,377 | |
| | 7,000,000 | | | | | Truist Financial Corp | | | | | 3.875 | | | 03/19/29 | | | 7,939 | |
| | 5,000,000 | | | | | Truist Financial Corp | | | | | 4.950 | | | N/A‡ | | | 5,112 | |
| | 2,000,000 | | | g | | USAA Capital Corp | | | | | 2.125 | | | 05/01/30 | | | 2,059 | |
| | | | | | | TOTAL BANKS | | | | | | | | | | | 416,130 | |
| | | | | | | | | | | | | | | | | | | |
| CAPITAL GOODS - 0.5% |
| | 475,000 | | | | | Anixter, Inc | | | | | 5.125 | | | 10/01/21 | | | 500 | |
| | 10,450,000 | | | g | | Carrier Global Corp | | | | | 2.700 | | | 02/15/31 | | | 10,389 | |
| | 6,250,000 | | | | | CNH Industrial Capital LLC | | | | | 3.875 | | | 10/15/21 | | | 6,406 | |
| | 4,800,000 | | | | | CNH Industrial Capital LLC | | | | | 4.200 | | | 01/15/24 | | | 5,114 | |
| | 4,000,000 | | | | | Ingersoll-Rand Luxembourg Finance S.A. | | | | | 3.550 | | | 11/01/24 | | | 4,406 | |
| | 3,175,000 | | | | | Ingersoll-Rand Luxembourg Finance S.A. | | | | | 3.500 | | | 03/21/26 | | | 3,471 | |
| | 8,975,000 | | | | | Ingersoll-Rand Luxembourg Finance S.A. | | | | | 3.800 | | | 03/21/29 | | | 10,154 | |
| | 10,000,000 | | | e,g | | NBM US Holdings, Inc | | | | | 6.625 | | | 08/06/29 | | | 10,147 | |
| | 1,475,000 | | | | | Oshkosh Corp | | | | | 3.100 | | | 03/01/30 | | | 1,485 | |
| | 3,700,000 | | | | | Parker-Hannifin Corp | | | | | 3.250 | | | 06/14/29 | | | 4,087 | |
| | 4,975,000 | | | | | Parker-Hannifin Corp | | | | | 4.200 | | | 11/21/34 | | | 5,958 | |
| | 7,375,000 | | | | | Xylem, Inc | | | | | 1.950 | | | 01/30/28 | | | 7,437 | |
| | 3,575,000 | | | | | Xylem, Inc | | | | | 2.250 | | | 01/30/31 | | | 3,597 | |
| | | | | | | TOTAL CAPITAL GOODS | | | | | | | | | | | 73,151 | |
| | | | | | | | | | | | | | | | | | | |
| COMMERCIAL & PROFESSIONAL SERVICES - 0.1% |
| | 7,500,000 | | | | | Visa, Inc | | | | | 1.900 | | | 04/15/27 | | | 7,838 | |
| | 8,250,000 | | | | | Visa, Inc | | | | | 2.050 | | | 04/15/30 | | | 8,648 | |
| | 4,550,000 | | | | | Waste Management, Inc | | | | | 4.000 | | | 07/15/39 | | | 4,696 | |
| | | | | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | | | 21,182 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| CONSUMER DURABLES & APPAREL - 0.1% |
| $ | 8,225,000 | | | | | VF Corp | | | | | 2.400 | % | | 04/23/25 | | $ | 8,662 | |
| | 8,700,000 | | | | | VF Corp | | | | | 2.800 | | | 04/23/27 | | | 9,234 | |
| | | | | | | TOTAL CONSUMER DURABLES & APPAREL | | | | | | | | | 17,896 | |
| | | | | | | | | | | | | | | | | | | |
| CONSUMER SERVICES - 0.8% |
| | 3,125,000 | | | | | Conservation Fund | | | | | 3.474 | | | 12/15/29 | | | 3,353 | |
| | 10,000,000 | | | | | Henry J Kaiser Family Foundation | | | | | 3.356 | | | 12/01/25 | | | 10,667 | |
| | 5,145,000 | | | | | Low Income Investment Fund | | | | | 3.711 | | | 07/01/29 | | | 5,381 | |
| | 3,440,000 | | | i | | Nature Conservancy | | LIBOR 3 M + 1.080% | | | 1.767 | | | 02/01/24 | | | 3,390 | |
| | 17,500,000 | | | | | New York Public Library Astor Lenox & Tilden Foundations | | | | | 4.305 | | | 07/01/45 | | | 19,188 | |
| | 4,615,000 | | | | | Salvation Army | | | | | 5.637 | | | 09/01/26 | | | 5,543 | |
| | 20,000,000 | | | | | Salvation Army | | | | | 4.528 | | | 09/01/48 | | | 22,133 | |
| | 12,300,000 | | | | | Starbucks Corp | | | | | 2.450 | | | 06/15/26 | | | 13,118 | |
| | 12,000,000 | | | | | Starbucks Corp | | | | | 4.450 | | | 08/15/49 | | | 14,495 | |
| | 11,440,000 | | | | | Wisconsin Alumni Research Foundation | | | | | 3.564 | | | 10/01/49 | | | 12,424 | |
| | 11,065,000 | | | | | YMCA of Greater New York | | | | | 5.151 | | | 08/01/48 | | | 12,665 | |
| | | | | | | TOTAL CONSUMER SERVICES | | | | | | | | | | | 122,357 | |
| | | | | | | | | | | | | | | | | | | |
| DIVERSIFIED FINANCIALS - 1.7% |
| | 10,000,000 | | | | | AXA Equitable Holdings, Inc | | | | | 4.350 | | | 04/20/28 | | | 11,199 | |
| | 8,680,000 | | | | | AXA Equitable Holdings, Inc | | | | | 5.000 | | | 04/20/48 | | | 9,884 | |
| | 6,650,000 | | | g | | BNP Paribas S.A. | | | | | 2.219 | | | 06/09/26 | | | 6,794 | |
| | 11,500,000 | | | | | Century Housing Corp | | | | | 3.995 | | | 11/01/21 | | | 11,854 | |
| | 9,220,000 | | | | | Community Preservation Corp | | | | | 2.867 | | | 02/01/30 | | | 8,815 | |
| | 9,500,000 | | | e,g | | EDP Finance BV | | | | | 5.250 | | | 01/14/21 | | | 9,695 | |
| | 11,625,000 | | | g | | EDP Finance BV | | | | | 3.625 | | | 07/15/24 | | | 12,477 | |
| | 4,750,000 | | | | | Enterprise Community Loan Fund, Inc | | | | | 4.152 | | | 11/01/28 | | | 4,810 | |
| | 5,000,000 | | | g | | Federation des Caisses Desjardins du Quebec | | | | | 1.950 | | | 09/26/22 | | | 5,158 | |
| | 15,000,000 | | | | | Ford Foundation | | | | | 2.815 | | | 06/01/70 | | | 15,546 | |
| | 16,025,000 | | | g | | ING Groep NV | | | | | 1.400 | | | 07/01/26 | | | 16,062 | |
| | 2,300,000 | | | | | Legg Mason, Inc | | | | | 3.950 | | | 07/15/24 | | | 2,475 | |
| | 13,800,000 | | | | | Lloyds Banking Group plc | | | | | 3.870 | | | 07/09/25 | | | 15,008 | |
| | 7,100,000 | | | | | Morgan Stanley | | | | | 2.188 | | | 04/28/26 | | | 7,384 | |
| | 680,000 | | | | | Reinvestment Fund, Inc | | | | | 3.377 | | | 02/15/22 | | | 678 | |
| | 1,457,000 | | | | | Reinvestment Fund, Inc | | | | | 3.166 | | | 11/01/23 | | | 1,428 | |
| | 3,000,000 | | | | | Reinvestment Fund, Inc | | | | | 3.600 | | | 02/15/24 | | | 2,968 | |
| | 10,250,000 | | | | | Reinvestment Fund, Inc | | | | | 3.366 | | | 11/01/24 | | | 10,028 | |
| | 2,570,000 | | | | | Reinvestment Fund, Inc | | | | | 3.513 | | | 11/01/25 | | | 2,515 | |
| | 15,240,000 | | | | | Reinvestment Fund, Inc | | | | | 3.880 | | | 02/15/27 | | | 15,069 | |
| | 10,435,000 | | | | | Reinvestment Fund, Inc | | | | | 3.930 | | | 02/15/28 | | | 10,336 | |
| | 12,500,000 | | | | | State Street Corp | | | | | 2.354 | | | 11/01/25 | | | 13,250 | |
| | 5,300,000 | | | g | | Swiss Re Finance Luxembourg SA | | | | | 5.000 | | | 04/02/49 | | | 5,926 | |
| | 10,500,000 | | | | | Toyota Motor Credit Corp | | | | | 1.350 | | | 08/25/23 | | | 10,712 | |
| | 10,500,000 | | | | | Toyota Motor Credit Corp | | | | | 1.800 | | | 02/13/25 | | | 10,884 | |
| | 7,525,000 | | | | | Toyota Motor Credit Corp | | | | | 3.000 | | | 04/01/25 | | | 8,185 | |
| | 10,000,000 | | | | | Toyota Motor Credit Corp | | | | | 2.150 | | | 02/13/30 | | | 10,515 | |
| | 11,075,000 | | | e | | Unilever Capital Corp | | | | | 2.000 | | | 07/28/26 | | | 11,780 | |
| | 5,523,000 | | | | | Unilever Capital Corp | | | | | 2.125 | | | 09/06/29 | | | 5,829 | |
| | 1,925,000 | | | g | | WLB Asset II Pte Ltd | | | | | 4.000 | | | 01/14/24 | | | 1,961 | |
| | | | | | | TOTAL DIVERSIFIED FINANCIALS | | | | | | | | | 259,225 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| ENERGY - 1.2% |
| $ | 6,075,000 | | | | | Chevron Corp | | | | | 1.995 | % | | 05/11/27 | | $ | 6,361 | |
| | 5,500,000 | | | | | Chevron Corp | | | | | 2.236 | | | 05/11/30 | | | 5,757 | |
| | 7,850,000 | | | | | Chevron Corp | | | | | 2.978 | | | 05/11/40 | | | 8,395 | |
| | 6,717,256 | | | g | | Continental Wind LLC | | | | | 6.000 | | | 02/28/33 | | | 7,197 | |
| | 9,625,000 | | | | | Enbridge, Inc | | | | | 2.500 | | | 01/15/25 | | | 9,995 | |
| | 4,450,000 | | | e | | EOG Resources, Inc | | | | | 5.100 | | | 01/15/36 | | | 5,129 | |
| | 9,500,000 | | | | | Equinor ASA | | | | | 3.150 | | | 01/23/22 | | | 9,882 | |
| | 4,500,000 | | | e | | Equinor ASA | | | | | 2.650 | | | 01/15/24 | | | 4,789 | |
| | 3,050,000 | | | | | Equinor ASA | | | | | 1.750 | | | 01/22/26 | | | 3,124 | |
| | 4,350,000 | | | | | Equinor ASA | | | | | 2.375 | | | 05/22/30 | | | 4,521 | |
| | 5,932,000 | | | | | Equinor ASA | | | | | 3.950 | | | 05/15/43 | | | 6,885 | |
| | 8,100,000 | | | | | Equinor ASA | | | | | 3.250 | | | 11/18/49 | | | 8,605 | |
| | 6,850,000 | | | g | | Greenko Dutch BV | | | | | 4.875 | | | 07/24/22 | | | 6,764 | |
| | 4,825,000 | | | | | ONEOK, Inc | | | | | 5.850 | | | 01/15/26 | | | 5,510 | |
| | 3,875,000 | | | | | ONEOK, Inc | | | | | 4.000 | | | 07/13/27 | | | 3,932 | |
| | 7,350,000 | | | | | ONEOK, Inc | | | | | 6.350 | | | 01/15/31 | | | 8,602 | |
| | 6,200,000 | | | | | ONEOK, Inc | | | | | 4.950 | | | 07/13/47 | | | 5,970 | |
| | 18,000,000 | | | g | | TerraForm Power Operating LLC | | | | | 5.000 | | | 01/31/28 | | | 18,810 | |
| | 7,600,000 | | | e | | Total Capital International S.A. | | | | | 2.829 | | | 01/10/30 | | | 8,264 | |
| | 12,850,000 | | | | | Total Capital International S.A. | | | | | 2.986 | | | 06/29/41 | | | 13,096 | |
| | 7,066,000 | | | | | Total Capital International S.A. | | | | | 3.127 | | | 05/29/50 | | | 7,213 | |
| | 12,650,000 | | | | | Total Capital International S.A. | | | | | 3.386 | | | 06/29/60 | | | 13,019 | |
| | | | | | | TOTAL ENERGY | | | | | | | | | | | 171,820 | |
| | | | | | | | | | | | | | | | | | | |
| FOOD, BEVERAGE & TOBACCO - 0.1% |
| | 9,200,000 | | | | | Coca-Cola Co | | | | | 1.750 | | | 09/06/24 | | | 9,654 | |
| | 6,375,000 | | | | | Coca-Cola Co | | | | | 2.600 | | | 06/01/50 | | | 6,441 | |
| | 2,250,000 | | | | | PepsiCo, Inc | | | | | 2.875 | | | 10/15/49 | | | 2,435 | |
| | | | | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | | | | | | | 18,530 | |
| | | | | | | | | | | | | | | | | | | |
| HEALTH CARE EQUIPMENT & SERVICES - 0.3% |
| | 7,500,000 | | | i | | Becton Dickinson & Co | | LIBOR 3 M + 1.030% | | | 1.348 | | | 06/06/22 | | | 7,519 | |
| | 20,600,000 | | | | | Becton Dickinson & Co | | | | | 2.823 | | | 05/20/30 | | | 21,836 | |
| | 9,000,000 | | | | | Laboratory Corp of America Holdings | | | | | 3.200 | | | 02/01/22 | | | 9,336 | |
| | | | | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | | 38,691 | |
| | | | | | | | | | | | | | | | | | | |
| HOUSEHOLD & PERSONAL PRODUCTS - 0.1% |
| | 7,125,000 | | | | | Kimberly-Clark Corp | | | | | 2.875 | | | 02/07/50 | | | 7,734 | |
| | 5,300,000 | | | | | Procter & Gamble Co | | | | | 3.000 | | | 03/25/30 | | | 6,073 | |
| | 3,350,000 | | | | | Procter & Gamble Co | | | | | 3.550 | | | 03/25/40 | | | 4,040 | |
| | 3,150,000 | | | | | Procter & Gamble Co | | | | | 3.600 | | | 03/25/50 | | | 3,922 | |
| | | | | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | | | | | | | 21,769 | |
| | | | | | | | | | | | | | | | | | | |
| INSURANCE - 0.7% |
| | 5,350,000 | | | g | | AIA Group Ltd | | | | | 3.375 | | | 04/07/30 | | | 5,828 | |
| | 4,700,000 | | | g,h | | Equitable Financial Life Global Funding | | | | | 1.400 | | | 07/07/25 | | | 4,710 | |
| | 15,675,000 | | | g | | Five Corners Funding Trust II | | | | | 2.850 | | | 05/15/30 | | | 16,163 | |
| | 20,000,000 | | | | | Principal Financial Group, Inc | | | | | 2.125 | | | 06/15/30 | | | 20,028 | |
| | 6,750,000 | | | g | | Principal Life Global Funding II | | | | | 1.250 | | | 06/23/25 | | | 6,771 | |
| | 15,000,000 | | | | | Prudential Financial, Inc | | | | | 5.200 | | | 03/15/44 | | | 15,299 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 3,700,000 | | | | | Prudential Financial, Inc | | | | | 5.375 | % | | 05/15/45 | | $ | 3,906 | |
| | 2,500,000 | | | | | Prudential plc | | | | | 3.125 | | | 04/14/30 | | | 2,685 | |
| | 18,222,000 | | | g | | Swiss Re Treasury US Corp | | | | | 2.875 | | | 12/06/22 | | | 18,755 | |
| | 14,024,000 | | | g | | Swiss Re Treasury US Corp | | | | | 4.250 | | | 12/06/42 | | | 17,139 | |
| | 2,075,000 | | | | | Travelers Cos, Inc | | | | | 2.550 | | | 04/27/50 | | | 2,050 | |
| | | | | | | TOTAL INSURANCE | | | | | | | | | | | 113,334 | |
| | | | | | | | | | | | | | | | | | | |
| MATERIALS - 0.9% |
| | 7,564,000 | | | e | | 3M Co | | | | | 2.000 | | | 02/14/25 | | | 7,966 | |
| | 10,625,000 | | | g | | Air Liquide Finance S.A. | | | | | 2.250 | | | 09/10/29 | | | 10,930 | |
| | 7,250,000 | | | g | | Celulosa Arauco y Constitucion S.A. | | | | | 4.200 | | | 01/29/30 | | | 7,386 | |
| | 10,000,000 | | | g | | Celulosa Arauco y Constitucion S.A. | | | | | 5.150 | | | 01/29/50 | | | 9,940 | |
| | 4,800,000 | | | | | Commercial Metals Co | | | | | 5.750 | | | 04/15/26 | | | 4,920 | |
| | 10,775,000 | | | | | DuPont de Nemours, Inc | | | | | 2.169 | | | 05/01/23 | | | 10,977 | |
| | 10,500,000 | | | | | Fibria Overseas Finance Ltd | | | | | 5.500 | | | 01/17/27 | | | 11,314 | |
| | 5,000,000 | | | | | International Paper Co | | | | | 6.000 | | | 11/15/41 | | | 6,583 | |
| | 4,600,000 | | | | | International Paper Co | | | | | 4.800 | | | 06/15/44 | | | 5,484 | |
| | 17,000,000 | | | e,g | | Inversiones CMPC S.A. | | | | | 4.375 | | | 04/04/27 | | | 18,148 | |
| | 10,000,000 | | | g | | Klabin Austria GmbH | | | | | 7.000 | | | 04/03/49 | | | 10,400 | |
| | 8,125,000 | | | e,g | | Klabin Finance S.A. | | | | | 4.875 | | | 09/19/27 | | | 8,328 | |
| EUR | 2,500,000 | | | g | | LG Chem Ltd | | | | | 0.500 | | | 04/15/23 | | | 2,757 | |
| $ | 3,250,000 | | | g | | LG Chem Ltd | | | | | 3.625 | | | 04/15/29 | | | 3,535 | |
| | 5,000,000 | | | | | Newmont Corp | | | | | 2.250 | | | 10/01/30 | | | 5,066 | |
| | 5,150,000 | | | g | | Teck Resources Ltd | | | | | 3.900 | | | 07/15/30 | | | 5,138 | |
| | | | | | | TOTAL MATERIALS | | | | | | | | | | | 128,872 | |
| | | | | | | | | | | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 0.0% |
| | 3,625,000 | | | | | Discovery Communications LLC | | | | | 5.000 | | | 09/20/37 | | | 4,289 | |
| | 2,320,000 | | | | | Smithsonian Institution | | | | | 2.645 | | | 09/01/39 | | | 2,391 | |
| | | | | | | TOTAL MEDIA & ENTERTAINMENT | | | | | | | | | | | 6,680 | |
| | | | | | | | | | | | | | | | | | | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.9% |
| | 10,000,000 | | e,g,i | | AbbVie, Inc | | LIBOR 3 M + 0.650% | | | 1.024 | | | 11/21/22 | | | 10,029 | |
| | 12,674,000 | | | g | | AbbVie, Inc | | | | | 2.300 | | | 11/21/22 | | | 13,101 | |
| | 6,400,000 | | | | | Biogen, Inc | | | | | 2.250 | | | 05/01/30 | | | 6,459 | |
| | 4,000,000 | | | i | | GlaxoSmithKline Capital plc | | LIBOR 3 M + 0.350% | | | 0.774 | | | 05/14/21 | | | 4,007 | |
| | 8,650,000 | | | | | GlaxoSmithKline Capital, Inc | | | | | 3.625 | | | 05/15/25 | | | 9,763 | |
| | 18,450,000 | | | | | Merck & Co, Inc | | | | | 0.750 | | | 02/24/26 | | | 18,435 | |
| | 9,075,000 | | | | | Merck & Co, Inc | | | | | 1.450 | | | 06/24/30 | | | 9,093 | |
| | 15,600,000 | | | | | Merck & Co, Inc | | | | | 2.350 | | | 06/24/40 | | | 15,872 | |
| | 13,700,000 | | | | | Merck & Co, Inc | | | | | 2.450 | | | 06/24/50 | | | 13,749 | |
| | 15,750,000 | | | h | | Takeda Pharmaceutical Co Ltd | | | | | 2.050 | | | 03/31/30 | | | 15,589 | |
| | 8,025,000 | | | h | | Takeda Pharmaceutical Co Ltd | | | | | 3.025 | | | 07/09/40 | | | 8,086 | |
| | 14,650,000 | | | h | | Takeda Pharmaceutical Co Ltd | | | | | 3.175 | | | 07/09/50 | | | 14,707 | |
| | | | | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | 138,890 | |
| | | | | | | | | | | | | | | | | | | |
| REAL ESTATE - 0.9% |
| | 8,500,000 | | | | | Alexandria Real Estate Equities, Inc | | | | | 4.000 | | | 01/15/24 | | | 9,394 | |
| | 12,350,000 | | | | | Boston Properties LP | | | | | 3.250 | | | 01/30/31 | | | 13,284 | |
| | 1,975,000 | | | | | Brandywine Operating Partnership LP | | | | | 3.950 | | | 02/15/23 | | | 2,034 | |
| | 4,300,000 | | | | | Brandywine Operating Partnership LP | | | | | 3.950 | | | 11/15/27 | | | 4,414 | |
| | 9,095,000 | | | | | Brixmor Operating Partnership LP | | | | | 3.900 | | | 03/15/27 | | | 9,349 | |
| | 2,800,000 | | | | | Camden Property Trust | | | | | 2.800 | | | 05/15/30 | | | 3,025 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 6,350,000 | | | | | Crown Castle International Corp | | | | | 2.250 | % | | 01/15/31 | | $ | 6,396 | |
| | 10,400,000 | | | | | Crown Castle International Corp | | | | | 3.250 | | | 01/15/51 | | | 10,379 | |
| | 4,888,000 | | | | | Digital Realty Trust LP | | | | | 3.950 | | | 07/01/22 | | | 5,179 | |
| | 2,350,000 | | | | | Equinix, Inc | | | | | 1.800 | | | 07/15/27 | | | 2,352 | |
| | 3,500,000 | | | | | Federal Realty Investment Trust | | | | | 2.750 | | | 06/01/23 | | | 3,561 | |
| | 6,425,000 | | | g | | HAT Holdings I LLC | | | | | 5.250 | | | 07/15/24 | | | 6,553 | |
| | 3,975,000 | | | g | | HAT Holdings I LLC | | | | | 6.000 | | | 04/15/25 | | | 4,164 | |
| | 3,600,000 | | | | | Healthpeak Properties, Inc | | | | | 2.875 | | | 01/15/31 | | | 3,696 | |
| | 3,750,000 | | | | | Host Hotels & Resorts LP | | | | | 3.375 | | | 12/15/29 | | | 3,585 | |
| | 11,075,000 | | | | | Kilroy Realty LP | | | | | 3.450 | | | 12/15/24 | | | 11,610 | |
| | 6,700,000 | | | | | Kilroy Realty LP | | | | | 4.750 | | | 12/15/28 | | | 7,512 | |
| | 16,822,000 | | | e | | Regency Centers LP | | | | | 3.750 | | | 06/15/24 | | | 17,691 | |
| | 14,700,000 | | | | | Welltower, Inc | | | | | 2.750 | | | 01/15/31 | | | 14,626 | |
| | | | | | | TOTAL REAL ESTATE | | | | | | | | | | | 138,804 | |
| | | | | | | | | | | | | | | | | | | |
| RETAILING - 0.0% |
| | 3,150,000 | | | | | Lowe’s Cos, Inc | | | | | 5.000 | | | 04/15/40 | | | 4,092 | |
| | | | | | | TOTAL RETAILING | | | | | | | | | | | 4,092 | |
| | | | | | | | | | | | | | | | | | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.1% |
| | 2,650,000 | | | g | | NXP BV | | | | | 4.125 | | | 06/01/21 | | | 2,729 | |
| | 5,325,000 | | | g | | NXP BV | | | | | 3.400 | | | 05/01/30 | | | 5,730 | |
| | | | | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | | | | 8,459 | |
| | | | | | | | | | | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 0.1% |
| | 14,250,000 | | | | | Apple, Inc | | | | | 3.000 | | | 06/20/27 | | | 15,916 | |
| | | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | 15,916 | |
| | | | | | | | | | | | | | | | | | | |
| TRANSPORTATION - 0.8% |
| | 5,350,000 | | | | | Canadian Pacific Railway Co | | | | | 2.050 | | | 03/05/30 | | | 5,474 | |
| | 1,749,389 | | | | | Delta Air Lines, Inc | | | | | 4.250 | | | 07/30/23 | | | 1,594 | |
| | 7,150,000 | | | | | Delta Air Lines, Inc | | | | | 3.204 | | | 04/25/24 | | | 7,158 | |
| | 10,325,000 | | | | | Delta Air Lines, Inc | | | | | 2.900 | | | 10/28/24 | | | 8,374 | |
| | 6,250,000 | | | g | | Delta Air Lines, Inc | | | | | 7.000 | | | 05/01/25 | | | 6,452 | |
| | 9,200,000 | | | | | Delta Air Lines, Inc | | | | | 7.375 | | | 01/15/26 | | | 8,900 | |
| | 5,000,000 | | | | | Delta Air Lines, Inc | | | | | 2.000 | | | 06/10/28 | | | 4,766 | |
| | 13,800,000 | | | | | Delta Air Lines, Inc | | | | | 2.500 | | | 06/10/28 | | | 12,375 | |
| | 10,000,000 | | | | | Delta Air Lines, Inc | | | | | 3.750 | | | 10/28/29 | | | 8,000 | |
| | 10,650,000 | | | | | GATX Corp | | | | | 4.000 | | | 06/30/30 | | | 11,444 | |
| | 7,000,000 | | | | | Kansas City Southern | | | | | 4.300 | | | 05/15/43 | | | 8,314 | |
| | 15,925,000 | | | | | Kansas City Southern | | | | | 4.950 | | | 08/15/45 | | | 20,452 | |
| | 475,000 | | | | | Norfolk Southern Corp | | | | | 5.590 | | | 05/17/25 | | | 568 | |
| | 4,428,302 | | | | | Union Pacific Railroad Co | | | | | 3.227 | | | 05/14/26 | | | 4,873 | |
| | 5,466,946 | | | | | Union Pacific Railroad Co | | | | | 2.695 | | | 05/12/27 | | | 5,841 | |
| | 1,360,000 | | | | | United Parcel Service of America, Inc (Step Bond) | | | | | 7.620 | | | 04/01/30 | | | 2,018 | |
| | | | | | | TOTAL TRANSPORTATION | | | | | | | | | | | 116,603 | |
| | | | | | | | | | | | | | | | | | | |
| UTILITIES - 4.2% |
| | 14,500,000 | | | g | | AES Gener S.A. | | | | | 6.350 | | | 10/07/79 | | | 14,572 | |
| | 3,925,000 | | | | | American Water Capital Corp | | | | | 2.800 | | | 05/01/30 | | | 4,268 | |
| | 4,600,000 | | | | | American Water Capital Corp | | | | | 3.450 | | | 05/01/50 | | | 5,168 | |
| | 4,375,000 | | | | | Arizona Public Service Co | | | | | 3.750 | | | 05/15/46 | | | 4,945 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 13,155,000 | | | | | Avangrid, Inc | | | | | 3.150 | % | | 12/01/24 | | $ | 14,202 | |
| | 15,950,000 | | | | | Avangrid, Inc | | | | | 3.200 | | | 04/15/25 | | | 17,430 | |
| | 13,200,000 | | | | | Avangrid, Inc | | | | | 3.800 | | | 06/01/29 | | | 15,328 | |
| | 10,275,000 | | | | | Avista Corp | | | | | 4.350 | | | 06/01/48 | | | 12,655 | |
| | 700,000 | | | g | | Azure Power Energy Ltd | | | | | 5.500 | | | 11/03/22 | | | 706 | |
| | 5,900,000 | | | g | | Azure Power Solar Energy Pvt Ltd | | | | | 5.650 | | | 12/24/24 | | | 5,934 | |
| | 9,750,000 | | | g | | Brooklyn Union Gas Co | | | | | 4.273 | | | 03/15/48 | | | 12,018 | |
| | 13,500,000 | | | g | | Brooklyn Union Gas Co | | | | | 4.487 | | | 03/04/49 | | | 16,770 | |
| | 2,225,000 | | | | | CenterPoint Energy Houston Electric LLC | | | | | 2.900 | | | 07/01/50 | | | 2,317 | |
| | 3,000,000 | | | | | Clearway Energy Operating LLC | | | | | 5.750 | | | 10/15/25 | | | 3,115 | |
| | 3,550,000 | | | | | CMS Energy Corp | | | | | 4.750 | | | 06/01/50 | | | 3,620 | |
| | 2,000,000 | | | | | Connecticut Light & Power Co | | | | | 5.750 | | | 03/01/37 | | | 2,634 | |
| | 7,525,000 | | | g | | Consorcio Transmantaro SA | | | | | 4.700 | | | 04/16/34 | | | 8,381 | |
| | 4,200,000 | | | | | Consumers Energy Co | | | | | 2.500 | | | 05/01/60 | | | 4,004 | |
| | 8,850,000 | | | | | Dominion Energy Gas Holdings LLC | | | | | 2.500 | | | 11/15/24 | | | 9,330 | |
| | 7,110,000 | | | | | Dominion Energy, Inc | | | | | 3.600 | | | 03/15/27 | | | 7,865 | |
| | 4,850,000 | | | | | Dominion Energy, Inc (Step Bond) | | | | | 3.071 | | | 08/15/24 | | | 5,210 | |
| | 8,787,000 | | | | | DTE Electric Co | | | | | 3.950 | | | 03/01/49 | | | 10,687 | |
| | 10,750,000 | | | | | Duke Energy Florida LLC | | | | | 2.500 | | | 12/01/29 | | | 11,625 | |
| | 3,350,000 | | | g | | East Ohio Gas Co | | | | | 1.300 | | | 06/15/25 | | | 3,368 | |
| | 3,100,000 | | | g | | East Ohio Gas Co | | | | | 2.000 | | | 06/15/30 | | | 3,093 | |
| | 22,500,000 | | | e,g | | Electricite de France S.A. | | | | | 3.625 | | | 10/13/25 | | | 25,253 | |
| | 10,000,000 | | | | | Essential Utilities, Inc | | | | | 2.704 | | | 04/15/30 | | | 10,453 | |
| | 13,750,000 | | | | | Essential Utilities, Inc | | | | | 3.351 | | | 04/15/50 | | | 14,327 | |
| | 2,050,000 | | | | | Florida Power & Light Co | | | | | 2.850 | | | 04/01/25 | | | 2,242 | |
| | 6,656,000 | | | | | Fortis, Inc | | | | | 3.055 | | | 10/04/26 | | | 7,182 | |
| | 9,885,000 | | | e | | Georgia Power Co | | | | | 3.250 | | | 04/01/26 | | | 10,741 | |
| | 16,000,000 | | | g | | Hanwha Energy USA Holdings Corp | | | | | 2.375 | | | 07/30/22 | | | 16,404 | |
| | 2,745,000 | | | | | International Transmission Co | | | | | 4.625 | | | 08/15/43 | | | 3,297 | |
| | 24,325,000 | | | g | | Korea Hydro & Nuclear Power Co Ltd | | | | | 3.750 | | | 07/25/23 | | | 26,330 | |
| | 4,000,000 | | | | | MidAmerican Energy Co | | | | | 3.100 | | | 05/01/27 | | | 4,492 | |
| | 2,375,000 | | �� | | | MidAmerican Energy Co | | | | | 3.650 | | | 04/15/29 | | | 2,834 | |
| | 4,250,000 | | | | | MidAmerican Energy Co | | | | | 3.150 | | | 04/15/50 | | | 4,684 | |
| | 4,300,000 | | | g | | Narragansett Electric Co | | | | | 3.919 | | | 08/01/28 | | | 4,923 | |
| | 4,250,000 | | | g | | Narragansett Electric Co | | | | | 3.395 | | | 04/09/30 | | | 4,786 | |
| | 12,350,000 | | | | | National Fuel Gas Co | | | | | 5.500 | | | 01/15/26 | | | 13,137 | |
| | 3,225,000 | | | g | | NextEra Energy Operating Partners LP | | | | | 4.250 | | | 07/15/24 | | | 3,261 | |
| | 2,050,000 | | | e,g | | NextEra Energy Operating Partners LP | | | | | 4.250 | | | 09/15/24 | | | 2,050 | |
| | 9,732,000 | | | g | | Niagara Mohawk Power Corp | | | | | 4.278 | | | 10/01/34 | | | 11,634 | |
| | 9,750,000 | | | g | | Niagara Mohawk Power Corp | | | | | 4.119 | | | 11/28/42 | | | 11,241 | |
| | 7,350,000 | | | | | NorthWestern Corp | | | | | 4.176 | | | 11/15/44 | | | 8,682 | |
| | 5,425,000 | | | | | Oklahoma Gas & Electric Co | | | | | 3.250 | | | 04/01/30 | | | 5,980 | |
| | 18,900,000 | | | g | | Pattern Energy Group, Inc | | | | | 5.875 | | | 02/01/24 | | | 18,994 | |
| | 8,425,000 | | | g | | Protective Life Global Funding | | | | | 1.082 | | | 06/09/23 | | | 8,493 | |
| | 13,050,000 | | | | | PSEG Power LLC | | | | | 3.850 | | | 06/01/23 | | | 14,091 | |
| | 630,000 | | | | | Public Service Co of Colorado | | | | | 4.750 | | | 08/15/41 | | | 790 | |
| | 5,000,000 | | | | | Public Service Co of Colorado | | | | | 3.200 | | | 03/01/50 | | | 5,587 | |
| | 2,975,000 | | | | | Public Service Co of New Hampshire | | | | | 3.600 | | | 07/01/49 | | | 3,480 | |
| | 3,450,000 | | | | | Public Service Electric & Gas Co | | | | | 3.200 | | | 08/01/49 | | | 3,842 | |
| | 5,500,000 | | | | | San Diego Gas & Electric Co | | | | | 3.000 | | | 08/15/21 | | | 5,620 | |
| | 3,821,505 | | | | | San Diego Gas & Electric Co | | | | | 1.914 | | | 02/01/22 | | | 3,839 | |
| | 14,250,000 | | | | | Sempra Energy | | | | | 4.875 | | | N/A‡ | | | 14,250 | |
| | 23,287,997 | | | g | | Solar Star Funding LLC | | | | | 3.950 | | | 06/30/35 | | | 23,453 | |
| | 21,754,530 | | | g | | Solar Star Funding LLC | | | | | 5.375 | | | 06/30/35 | | | 24,930 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 12,550,000 | | | | | Southern Power Co | | | | | 2.500 | % | | 12/15/21 | | $ | 12,865 | |
| | 25,000,000 | | | | | Southern Power Co | | | | | 4.150 | | | 12/01/25 | | | 28,562 | |
| | 2,200,000 | | | | | Southwest Gas Corp | | | | | 2.200 | | | 06/15/30 | | | 2,258 | |
| | 5,275,000 | | | | | Southwestern Public Service Co | | | | | 3.750 | | | 06/15/49 | | | 6,029 | |
| | 4,400,000 | | | | | Southwestern Public Service Co | | | | | 3.150 | | | 05/01/50 | | | 4,760 | |
| | 28,207,700 | | | g | | Star Energy Geothermal Wayang Windu Ltd | | | | | 6.750 | | | 04/24/33 | | | 29,340 | |
| | 20,458,088 | | | g | | Topaz Solar Farms LLC | | | | | 4.875 | | | 09/30/39 | | | 22,538 | |
| | 11,349,163 | | | g | | Topaz Solar Farms LLC | | | | | 5.750 | | | 09/30/39 | | | 13,401 | |
| | 19,650,000 | | | e | | Westar Energy, Inc | | | | | 2.550 | | | 07/01/26 | | | 20,965 | |
| | | | | | | TOTAL UTILITIES | | | | | | | | | | | 661,265 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL CORPORATE BONDS | | | | | | | | | | | 2,559,932 | |
| | | | | | | (Cost $2,422,751) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| GOVERNMENT BONDS - 19.2% |
| | | | | | | | | | | | | | | | | | | |
| AGENCY SECURITIES - 1.9% |
| | 4,393,000 | | | | | Canal Barge Co, Inc | | | | | 4.500 | | | 11/12/34 | | | 5,295 | |
| | 3,312,061 | | | | | CES MU2 LLC | | | | | 1.994 | | | 05/13/27 | | | 3,429 | |
| | 1,382,757 | | | | | DY7 Leasing LLC | | | | | 2.578 | | | 12/10/25 | | | 1,440 | |
| | 3,405,354 | | | | | DY9 Leasing LLC | | | | | 2.415 | | | 06/30/27 | | | 3,531 | |
| | 7,884,015 | | | | | Ethiopian Leasing LLC | | | | | 2.566 | | | 08/14/26 | | | 8,283 | |
| | 2,207,624 | | | | | Export Lease Ten Co LLC | | | | | 1.650 | | | 05/07/25 | | | 2,243 | |
| | 23,000,000 | | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | | | 0.375 | | | 05/05/23 | | | 23,060 | |
| | 8,000,000 | | | | | Federal National Mortgage Association (FNMA) | | | | | 0.625 | | | 04/22/25 | | | 8,065 | |
| | 5,950,000 | | | | | Hashemite Kingdom of Jordan Government AID International Bond | | | | | 3.000 | | | 06/30/25 | | | 6,599 | |
| | 3,450,000 | | | g | | Hospital for Special Surgery | | | | | 3.500 | | | 01/01/23 | | | 3,563 | |
| | 5,250,000 | | | i | | India Government AID Bond | | LIBOR 3 M + 0.100% | | | 0.787 | | | 02/01/27 | | | 5,090 | |
| | 3,795,000 | | | | | Lutheran Medical Center | | | | | 1.982 | | | 02/20/30 | | | 3,923 | |
| | 5,062,500 | | | | | Mexican Aircraft Finance V LLC | | | | | 2.329 | | | 01/14/27 | | | 5,293 | |
| | 4,165,000 | | | | | Montefiore Medical Center | | | | | 2.152 | | | 10/20/26 | | | 4,300 | |
| | 2,705,000 | | | g | | Montefiore Medical Center | | | | | 3.896 | | | 05/20/27 | | | 2,771 | |
| | 17,760,000 | | | | | Montefiore Medical Center | | | | | 2.895 | | | 04/20/32 | | | 19,116 | |
| | 14,065,000 | | | | | New York Society for the Relief of the Ruptured & Crippled | | | | | 2.881 | | | 12/20/31 | | | 14,831 | |
| | 2,649,229 | | | j | | Overseas Private Investment Corp (OPIC) | | | | | 0.000 | | | 07/17/21 | | | 2,845 | |
| | 2,494,419 | | | | | OPIC | | | | | 2.290 | | | 09/15/26 | | | 2,580 | |
| | 1,255,612 | | | | | OPIC | | | | | 2.040 | | | 12/15/26 | | | 1,287 | |
| | 13,327,428 | | | | | OPIC | | | | | 3.220 | | | 09/15/29 | | | 14,781 | |
| | 11,994,686 | | | | | OPIC | | | | | 3.280 | | | 09/15/29 | | | 13,339 | |
| | 6,000,000 | | | | | OPIC | | | | | 1.790 | | | 10/15/29 | | | 6,238 | |
| | 18,750,000 | | | | | OPIC | | | | | 2.360 | | | 10/15/29 | | | 19,991 | |
| | 2,250,544 | | | | | OPIC | | | | | 2.610 | | | 04/15/30 | | | 2,406 | |
| | 3,120,750 | | | | | OPIC | | | | | 2.930 | | | 05/15/30 | | | 3,408 | |
| | 5,157,450 | | | | | OPIC | | | | | 3.040 | | | 05/15/30 | | | 5,672 | |
| | 5,882,444 | | | | | OPIC | | | | | 3.540 | | | 06/15/30 | | | 6,592 | |
| | 15,358,206 | | | | | OPIC | | | | | 3.370 | | | 12/15/30 | | | 17,077 | |
| | 10,375,512 | | | | | OPIC | | | | | 3.430 | | | 06/01/33 | | | 11,957 | |
| | 1,062,239 | | | | | OPIC | | | | | 2.810 | | | 07/31/33 | | | 1,164 | |
| | 1,699,582 | | | | | OPIC | | | | | 2.940 | | | 07/31/33 | | | 1,878 | |
| | 5,400,000 | | | | | OPIC | | | | | 2.450 | | | 07/15/38 | | | 5,690 | |
| | 3,267,897 | | | | | Penta Aircraft Leasing LLC | | | | | 1.691 | | | 04/29/25 | | | 3,323 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 4,250,000 | | | | | Private Export Funding Corp (PEFCO) | | | | | 2.050 | % | | 11/15/22 | | $ | 4,374 | |
| | 4,000,000 | | | | | PEFCO | | | | | 3.550 | | | 01/15/24 | | | 4,359 | |
| | 3,950,000 | | | | | PEFCO | | | | | 1.750 | | | 11/15/24 | | | 4,162 | |
| | 8,000,000 | | | | | PEFCO | | | | | 3.250 | | | 06/15/25 | | | 8,976 | |
| | 5,369,943 | | | | | Sandalwood LLC | | | | | 2.836 | | | 07/10/25 | | | 5,626 | |
| | 818,369 | | | | | Tayarra Ltd | | | | | 3.628 | | | 02/15/22 | | | 837 | |
| | 741,165 | | | | | Tricahue Leasing LLC | | | | | 3.503 | | | 11/19/21 | | | 756 | |
| | 3,326,088 | | | | | Ulani MSN 37894 | | | | | 2.184 | | | 12/20/24 | | | 3,446 | |
| | 6,715,000 | | | | | UNM Sandoval Regional Medical Center | | | | | 4.500 | | | 07/20/36 | | | 6,800 | |
| | 2,388,000 | | | | | US Department of Housing and Urban Development (HUD) | | | | | 4.960 | | | 08/01/20 | | | 2,398 | |
| | 2,080,000 | | | | | HUD | | | | | 5.050 | | | 08/01/21 | | | 2,088 | |
| | 3,217,000 | | | | | HUD | | | | | 2.910 | | | 08/01/23 | | | 3,306 | |
| | 5,000,000 | | | | | HUD | | | | | 3.535 | | | 08/01/36 | | | 5,782 | |
| | | | | | | TOTAL AGENCY SECURITIES | | | | | | | | | | | 293,970 | |
| | | | | | | | | | | | | | | | | | | |
| FOREIGN GOVERNMENT BONDS - 3.4% |
| | 4,000,000 | | | | | African Development Bank | | | | | 3.000 | | | 12/06/21 | | | 4,155 | |
| | 12,750,000 | | | | | African Development Bank | | | | | 0.750 | | | 04/03/23 | | | 12,902 | |
| | 9,500,000 | | | | | Asian Development Bank | | | | | 2.125 | | | 03/19/25 | | | 10,233 | |
| | 6,500,000 | | | | | Asian Development Bank | | | | | 1.750 | | | 08/14/26 | | | 6,930 | |
| | 14,000,000 | | | | | Asian Development Bank | | | | | 3.125 | | | 09/26/28 | | | 16,511 | |
| | 8,000,000 | | | g | | BNG Bank NV | | | | | 3.125 | | | 11/08/21 | | | 8,297 | |
| | 12,400,000 | | | g | | BNG Bank NV | | | | | 2.625 | | | 02/27/24 | | | 13,387 | |
| | 3,799,085 | | | g | | Carpintero Finance Ltd | | | | | 2.004 | | | 09/18/24 | | | 3,890 | |
| EUR | 4,000,000 | | | | | Chile Government International Bond | | | | | 0.830 | | | 07/02/31 | | | 4,381 | |
| $ | 9,000,000 | | | | | Chile Government International Bond | | | | | 3.500 | | | 01/25/50 | | | 10,116 | |
| | 11,000,000 | | | e | | European Bank for Reconstruction & Development | | | | | 1.875 | | | 07/15/21 | | | 11,179 | |
| | 19,500,000 | | | | | European Bank for Reconstruction & Development | | | | | 1.625 | | | 09/27/24 | | | 20,471 | |
| | 3,750,000 | | | e | | European Investment Bank | | | | | 2.375 | | | 05/24/27 | | | 4,183 | |
| | 11,600,000 | | | | | European Investment Bank | | | | | 1.625 | | | 10/09/29 | | | 12,403 | |
| | 2,000,000 | | | e | | European Investment Bank | | | | | 4.875 | | | 02/15/36 | | | 3,042 | |
| | 1,925,000 | | | g | | Guatemala Government International Bond | | | | | 5.375 | | | 04/24/32 | | | 2,126 | |
| | 6,082,000 | | | | | Hydro Quebec | | | | | 8.400 | | | 01/15/22 | | | 6,808 | |
| | 20,000,000 | | | i | | Inter-American Development Bank | | LIBOR 3 M + 0.010% | | | 1.229 | | | 01/15/22 | | | 19,980 | |
| | 11,000,000 | | | | | International Bank for Reconstruction & Development | | | | | 0.625 | | | 04/22/25 | | | 11,088 | |
| | 19,250,000 | | | | | International Bank for Reconstruction & Development | | | | | 3.125 | | | 11/20/25 | | | 21,896 | |
| | 27,150,000 | | | e,g | | International Development Association | | | | | 2.750 | | | 04/24/23 | | | 28,991 | |
| | 46,500,000 | | | | | International Finance Corp | | | | | 1.546 | | | 11/04/21 | | | 46,982 | |
| | 7,375,000 | | | | | International Finance Corp | | | | | 0.500 | | | 03/20/23 | | | 7,420 | |
| | 33,500,000 | | | | | International Finance Corp | | | | | 2.125 | | | 04/07/26 | | | 36,476 | |
| | 5,000,000 | | | | | Japan Bank for International Cooperation | | | | | 1.875 | | | 04/20/21 | | | 5,056 | |
| | 9,000,000 | | | g | | Japan Finance Organization for Municipalities | | | | | 2.125 | | | 04/13/21 | | | 9,111 | |
| | 12,500,000 | | | g | | Kommunalbanken AS. | | | | | 2.125 | | | 02/11/25 | | | 13,394 | |
| | 8,750,000 | | | i | | Korea Development Bank International Bond | | LIBOR 3 M + 0.725% | | | 2.098 | | | 07/06/22 | | | 8,765 | |
| | 10,100,000 | | | g | | Korea Electric Power Corp | | | | | 1.125 | | | 06/15/25 | | | 10,116 | |
| | 5,750,000 | | | | | Kreditanstalt fuer Wiederaufbau | | | | | 2.000 | | | 11/30/21 | | | 5,891 | |
| | 3,000,000 | | | g | | Nacional Financiera SNC | | | | | 3.375 | | | 11/05/20 | | | 3,000 | |
| | 10,000,000 | | | g | | Nederlandse Waterschapsbank NV | | | | | 3.125 | | | 12/05/22 | | | 10,641 | |
| | 18,250,000 | | | g | | Nederlandse Waterschapsbank NV | | | | | 1.750 | | | 01/15/25 | | | 19,230 | |
| | 19,000,000 | | | g | | Nederlandse Waterschapsbank NV | | | | | 2.375 | | | 03/24/26 | | | 20,809 | |
| | 1,387,000 | | | | | North American Development Bank | | | | | 2.400 | | | 10/26/22 | | | 1,435 | |
| | 22,800,000 | | | g | | Perusahaan Penerbit SBSN Indonesia III | | | | | 3.750 | | | 03/01/23 | | | 23,841 | |
| | 10,500,000 | | | g | | Perusahaan Penerbit SBSN Indonesia III | | | | | 3.900 | | | 08/20/24 | | | 11,196 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 12,700,000 | | | | | Province of Manitoba Canada | | | | | 3.050 | % | | 05/14/24 | | $ | 13,838 | |
| | 10,000,000 | | | | | Province of Quebec Canada | | | | | 2.750 | | | 04/12/27 | | | 11,165 | |
| | 5,000,000 | | | | | Province of Quebec Canada | | | | | 7.500 | | | 09/15/29 | | | 7,693 | |
| | 10,000,000 | | | | | Republic of Italy Government International Bond | | | | | 2.875 | | | 10/17/29 | | | 9,934 | |
| | 7,750,000 | | | | | Republic of Italy Government International Bond | | | | | 4.000 | | | 10/17/49 | | | 7,847 | |
| | | | | | | TOTAL FOREIGN GOVERNMENT BONDS | | | | | | | | | | | 516,809 | |
| | | | | | | | | | | | | | | | | | | |
| MORTGAGE BACKED - 7.1% |
| | 2,600,000 | | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | | | 3.000 | | | 10/15/33 | | | 2,907 | |
| | 7,334,549 | | | | | FHLMC | | | | | 3.500 | | | 08/15/43 | | | 7,593 | |
| | 3,562,204 | | | | | FHLMC | | | | | 3.500 | | | 03/15/44 | | | 3,911 | |
| | 2,394,216 | | | i | | FHLMC | | | | | 5.735 | | | 03/15/44 | | | 498 | |
| | 6,850,259 | | | | | FHLMC | | | | | 4.000 | | | 10/01/47 | | | 7,662 | |
| | 7,361,215 | | | i | | FHLMC | | | | | 9.624 | | | 06/15/48 | | | 9,266 | |
| | 5,569,770 | | | i | | FHLMC | | | | | 9.544 | | | 10/15/48 | | | 7,110 | |
| | 17,150,228 | | | | | FHLMC | | | | | 3.000 | | | 11/01/49 | | | 18,260 | |
| | 264 | | | | | Federal Home Loan Mortgage Corp Gold (FGLMC) | | | | | 7.000 | | | 10/01/20 | | | 0 | ^ |
| | 1,306 | | | | | FGLMC | | | | | 7.000 | | | 05/01/23 | | | 1 | |
| | 11,217 | | | | | FGLMC | | | | | 8.000 | | | 01/01/31 | | | 12 | |
| | 194,010 | | | | | FGLMC | | | | | 4.500 | | | 07/01/33 | | | 212 | |
| | 1,325,126 | | | | | FGLMC | | | | | 7.000 | | | 12/01/33 | | | 1,553 | |
| | 396,118 | | | | | FGLMC | | | | | 7.000 | | | 05/01/35 | | | 461 | |
| | 940,652 | | | | | FGLMC | | | | | 5.000 | | | 06/01/36 | | | 1,079 | |
| | 293,644 | | | | | FGLMC | | | | | 5.000 | | | 07/01/39 | | | 337 | |
| | 498,728 | | | | | FGLMC | | | | | 4.500 | | | 10/01/44 | | | 553 | |
| | 535,581 | | | | | FGLMC | | | | | 4.500 | | | 11/01/44 | | | 594 | |
| | 859,568 | | | | | FGLMC | | | | | 4.500 | | | 11/01/44 | | | 954 | |
| | 368,371 | | | | | FGLMC | | | | | 4.500 | | | 12/01/44 | | | 402 | |
| | 526,808 | | | | | FGLMC | | | | | 4.500 | | | 12/01/44 | | | 585 | |
| | 1,923,864 | | | | | FGLMC | | | | | 3.500 | | | 04/01/45 | | | 2,112 | |
| | 17,812,815 | | | | | FGLMC | | | | | 3.500 | | | 10/01/45 | | | 19,475 | |
| | 8,288,454 | | | | | FGLMC | | | | | 4.000 | | | 12/01/45 | | | 9,145 | |
| | 27,733,547 | | | | | FGLMC | | | | | 3.500 | | | 08/01/46 | | | 30,291 | |
| | 12,727,864 | | | | | FGLMC | | | | | 3.000 | | | 02/01/47 | | | 13,460 | |
| | 948,383 | | | | | FGLMC | | | | | 4.500 | | | 06/01/47 | | | 1,052 | |
| | 2,281,259 | | | | | FGLMC | | | | | 4.000 | | | 09/01/47 | | | 2,486 | |
| | 1,736,910 | | | | | FGLMC | | | | | 3.500 | | | 12/01/47 | | | 1,898 | |
| | 7,333,370 | | | | | FGLMC | | | | | 3.500 | | | 03/01/48 | | | 8,012 | |
| | 11,551,298 | | | | | FGLMC | | | | | 4.000 | | | 03/01/48 | | | 12,764 | |
| | 2,795,308 | | | | | FGLMC | | | | | 4.000 | | | 07/01/48 | | | 3,061 | |
| | 8,486,103 | | | | | FGLMC | | | | | 4.500 | | | 08/01/48 | | | 9,422 | |
| | 8,327 | | | | | Federal National Mortgage Association (FNMA) | | | | | 8.000 | | | 07/01/24 | | | 9 | |
| | 18,500,000 | | | i | | FNMA | | | | | 2.895 | | | 02/25/27 | | | 20,283 | |
| | 3,500,000 | | | i | | FNMA | | | | | 3.436 | | | 06/25/28 | | | 3,993 | |
| | 2,502,870 | | | | | FNMA | | | | | 3.500 | | | 05/01/32 | | | 2,652 | |
| | 3,533,701 | | | | | FNMA | | | | | 3.000 | | | 10/01/32 | | | 3,713 | |
| | 2,439,121 | | | | | FNMA | | | | | 5.000 | | | 05/01/35 | | | 2,798 | |
| | 1,568,103 | | | | | FNMA | | | | | 5.000 | | | 10/01/35 | | | 1,801 | |
| | 1,192,047 | | | | | FNMA | | | | | 5.000 | | | 02/01/36 | | | 1,368 | |
| | 1,714,750 | | | | | FNMA | | | | | 5.500 | | | 11/01/38 | | | 1,970 | |
| | 390,659 | | | | | FNMA | | | | | 3.000 | | | 05/01/40 | | | 412 | |
| | 1,247,970 | | | | | FNMA | | | | | 5.000 | | | 09/01/40 | | | 1,434 | |
| | 2,137,798 | | | | | FNMA | | | | | 5.000 | | | 05/01/41 | | | 2,457 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 1,294,725 | | | | | FNMA | | | | | 4.000 | % | | 09/01/42 | | $ | 1,410 | |
| | 2,005,176 | | | | | FNMA | | | | | 3.000 | | | 04/25/43 | | | 2,107 | |
| | 3,448,070 | | | i | | FNMA | | | | | 5.766 | | | 09/25/43 | | | 782 | |
| | 724,157 | | | | | FNMA | | | | | 4.000 | | | 01/01/44 | | | 801 | |
| | 1,767,573 | | | | | FNMA | | | | | 4.500 | | | 03/01/44 | | | 1,974 | |
| | 711,166 | | | | | FNMA | | | | | 4.500 | | | 06/01/44 | | | 790 | |
| | 7,092,874 | | | | | FNMA | | | | | 4.500 | | | 06/01/44 | | | 7,870 | |
| | 1,659,683 | | | | | FNMA | | | | | 4.500 | | | 08/01/44 | | | 1,842 | |
| | 4,046,908 | | | | | FNMA | | | | | 4.500 | | | 10/01/44 | | | 4,491 | |
| | 8,015,703 | | | | | FNMA | | | | | 4.500 | | | 11/01/44 | | | 8,892 | |
| | 1,604,261 | | | | | FNMA | | | | | 5.000 | | | 11/01/44 | | | 1,840 | |
| | 1,882,793 | | | | | FNMA | | | | | 4.500 | | | 12/01/44 | | | 2,090 | |
| | 649,092 | | | | | FNMA | | | | | 4.000 | | | 01/01/45 | | | 707 | |
| | 9,111,386 | | | | | FNMA | | | | | 3.000 | | | 02/25/45 | | | 9,536 | |
| | 2,759,571 | | | | | FNMA | | | | | 3.000 | | | 02/25/45 | | | 2,846 | |
| | 182,589 | | | | | FNMA | | | | | 3.500 | | | 03/01/45 | | | 200 | |
| | 246,790 | | | | | FNMA | | | | | 3.500 | | | 03/01/45 | | | 271 | |
| | 416,263 | | | | | FNMA | | | | | 4.500 | | | 03/01/45 | | | 462 | |
| | 2,771,518 | | | | | FNMA | | | | | 3.000 | | | 03/25/45 | | | 2,881 | |
| | 526,855 | | | | | FNMA | | | | | 4.500 | | | 04/01/45 | | | 585 | |
| | 7,649,207 | | | | | FNMA | | | | | 3.500 | | | 04/25/45 | | | 7,967 | |
| | 3,967,632 | | | | | FNMA | | | | | 3.500 | | | 05/01/45 | | | 4,376 | |
| | 2,135,610 | | | | | FNMA | | | | | 4.000 | | | 12/01/45 | | | 2,359 | |
| | 19,474,648 | | | | | FNMA | | | | | 3.000 | | | 12/25/45 | | | 20,345 | |
| | 6,089,295 | | | | | FNMA | | | | | 3.500 | | | 01/01/46 | | | 6,656 | |
| | 7,445,210 | | | | | FNMA | | | | | 4.000 | | | 01/01/46 | | | 8,232 | |
| | 7,528,723 | | | | | FNMA | | | | | 3.500 | | | 06/01/46 | | | 8,230 | |
| | 4,384,650 | | | | | FNMA | | | | | 3.500 | | | 07/01/46 | | | 4,793 | |
| | 7,087,121 | | | | | FNMA | | | | | 3.500 | | | 07/01/46 | | | 7,740 | |
| | 1,487,892 | | | | | FNMA | | | | | 3.000 | | | 10/01/46 | | | 1,542 | |
| | 5,600,510 | | | | | FNMA | | | | | 3.500 | | | 10/01/46 | | | 6,122 | |
| | 10,201,939 | | | | | FNMA | | | | | 3.000 | | | 11/01/46 | | | 10,775 | |
| | 5,188,783 | | | | | FNMA | | | | | 3.500 | | | 12/01/46 | | | 5,507 | |
| | 16,954,990 | | | h | | FNMA | | | | | 3.500 | | | 01/01/47 | | | 17,970 | |
| | 2,237,785 | | | | | FNMA | | | | | 3.000 | | | 04/25/47 | | | 2,394 | |
| | 2,720,528 | | | | | FNMA | | | | | 4.500 | | | 05/01/47 | | | 3,023 | |
| | 897,550 | | | | | FNMA | | | | | 3.500 | | | 08/01/47 | | | 960 | |
| | 2,001,644 | | | | | FNMA | | | | | 3.500 | | | 09/01/47 | | | 2,137 | |
| | 8,410,573 | | | | | FNMA | | | | | 4.000 | | | 09/01/47 | | | 8,978 | |
| | 2,714,881 | | | | | FNMA | | | | | 4.000 | | | 09/01/47 | | | 2,889 | |
| | 8,592,818 | | | | | FNMA | | | | | 4.000 | | | 10/01/47 | | | 9,115 | |
| | 1,141,676 | | | | | FNMA | | | | | 3.000 | | | 11/01/47 | | | 1,182 | |
| | 462,470 | | | | | FNMA | | | | | 3.500 | | | 11/01/47 | | | 506 | |
| | 668,069 | | | h | | FNMA | | | | | 4.500 | | | 11/01/47 | | | 748 | |
| | 5,448,589 | | | | | FNMA | | | | | 4.000 | | | 12/01/47 | | | 6,023 | |
| | 21,181,033 | | | h | | FNMA | | | | | 4.000 | | | 12/01/47 | | | 22,578 | |
| | 955,173 | | | | | FNMA | | | | | 3.500 | | | 01/01/48 | | | 1,041 | |
| | 4,726,921 | | | | | FNMA | | | | | 4.500 | | | 01/01/48 | | | 5,294 | |
| | 1,605,926 | | | | | FNMA | | | | | 3.500 | | | 02/01/48 | | | 1,694 | |
| | 3,854,061 | | | | | FNMA | | | | | 4.500 | | | 02/01/48 | | | 4,315 | |
| | 46,723,087 | | | | | FNMA | | | | | 3.000 | | | 02/25/48 | | | 49,584 | |
| | 18,928,245 | | | | | FNMA | | | | | 3.500 | | | 03/01/48 | | | 19,974 | |
| | 4,711,601 | | | | | FNMA | | | | | 4.000 | | | 03/01/48 | | | 5,205 | |
| | 16,221,387 | | | | | FNMA | | | | | 4.500 | | | 03/01/48 | | | 18,161 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 12,221,634 | | | | | FNMA | | | | | 3.500 | % | | 04/01/48 | | $ | 12,892 | |
| | 20,344,058 | | | | | FNMA | | | | | 4.000 | | | 04/01/48 | | | 21,588 | |
| | 3,363,879 | | | | | FNMA | | | | | 4.500 | | | 05/01/48 | | | 3,766 | |
| | 2,475,733 | | | | | FNMA | | | | | 4.500 | | | 05/01/48 | | | 2,772 | |
| | 6,253,679 | | | | | FNMA | | | | | 5.000 | | | 08/01/48 | | | 7,092 | |
| | 4,043,459 | | | j | | FNMA | | | | | 0.000 | | | 11/25/48 | | | 3,759 | |
| | 4,043,459 | | | | | FNMA | | | | | 3.000 | | | 11/25/48 | | | 445 | |
| | 796,461 | | | | | FNMA | | | | | 3.000 | | | 08/01/49 | | | 866 | |
| | 41,000,000 | | | h | | FNMA | | | | | 2.000 | | | 07/25/50 | | | 41,937 | |
| | 105,000,000 | | | h | | FNMA | | | | | 2.500 | | | 07/25/50 | | | 109,417 | |
| | 148,000,000 | | | h | | FNMA | | | | | 3.000 | | | 07/25/50 | | | 155,828 | |
| | 3,856,977 | | | | | Government National Mortgage Association (GNMA) | | | 2.580 | | | 08/15/25 | | | 4,008 | |
| | 9,822,820 | | | | | GNMA | | | | | 2.690 | | | 06/15/33 | | | 10,465 | |
| | 8,027,346 | | | | | GNMA | | | | | 3.700 | | | 10/15/33 | | | 8,830 | |
| | 136,154 | | | | | GNMA | | | | | 5.000 | | | 04/15/38 | | | 156 | |
| | 201,909 | | | | | GNMA | | | | | 6.500 | | | 11/20/38 | | | 236 | |
| | 22,345 | | | | | GNMA | | | | | 4.500 | | | 02/20/39 | | | 26 | |
| | 7,763,721 | | | | | GNMA | | | | | 3.700 | | | 08/15/40 | | | 8,353 | |
| | 30,121 | | | | | GNMA | | | | | 4.500 | | | 08/20/41 | | | 34 | |
| | 105,879 | | | | | GNMA | | | | | 4.500 | | | 09/20/41 | | | 122 | |
| | 21,093 | | | | | GNMA | | | | | 4.500 | | | 01/20/44 | | | 24 | |
| | 18,632 | | | | | GNMA | | | | | 4.500 | | | 02/20/44 | | | 21 | |
| | 47,772 | | | | | GNMA | | | | | 4.500 | | | 05/20/44 | | | 55 | |
| | 301,337 | | | | | GNMA | | | | | 4.500 | | | 05/20/44 | | | 347 | |
| | 344,047 | | | | | GNMA | | | | | 4.500 | | | 08/20/44 | | | 395 | |
| | 222,507 | | | | | GNMA | | | | | 4.500 | | | 09/20/44 | | | 256 | |
| | 132,806 | | | | | GNMA | | | | | 4.500 | | | 10/20/44 | | | 151 | |
| | 52,489 | | | | | GNMA | | | | | 4.500 | | | 11/20/44 | | | 57 | |
| | 218,638 | | | | | GNMA | | | | | 4.500 | | | 12/20/44 | | | 251 | |
| | 12,358,177 | | | | | GNMA | | | | | 2.750 | | | 01/15/45 | | | 13,399 | |
| | 292,402 | | | | | GNMA | | | | | 4.500 | | | 02/20/45 | | | 329 | |
| | 335,537 | | | | | GNMA | | | | | 4.500 | | | 08/20/45 | | | 386 | |
| | 342,809 | | | | | GNMA | | | | | 4.500 | | | 08/20/45 | | | 394 | |
| | 316,906 | | | | | GNMA | | | | | 4.500 | | | 12/20/45 | | | 364 | |
| | 3,953,154 | | | | | GNMA | | | | | 4.000 | | | 06/20/46 | | | 463 | |
| | 12,363,875 | | | | | GNMA | | | | | 3.500 | | | 12/20/46 | | | 13,170 | |
| | 9,216,522 | | | | | GNMA | | | | | 3.500 | | | 01/20/47 | | | 9,802 | |
| | 65,000,000 | | | h | | GNMA | | | | | 3.000 | | | 07/20/47 | | | 68,847 | |
| | 6,881,713 | | | | | GNMA | | | | | 3.500 | | | 01/20/49 | | | 7,525 | |
| | 21,000,000 | | | h | | GNMA | | | | | 2.500 | | | 07/20/50 | | | 22,097 | |
| | | | | | | TOTAL MORTGAGE BACKED | | | | | | | | | | | 1,081,735 | |
| | | | | | | | | | | | | | | | | | | |
| MUNICIPAL BONDS - 4.2% |
| | 3,340,000 | | | | | Antelope Valley-East Kern Water Agency Financing Authority | | | | | 4.326 | | | 06/01/36 | | | 3,610 | |
| | 4,500,000 | | | g | | Basin Electric Power Coop | | | | | 6.127 | | | 06/01/41 | | | 5,784 | |
| | 3,790,000 | | | | | Bay Area Water Supply & Conservation Agency | | | | | 2.535 | | | 10/01/21 | | | 3,848 | |
| | 2,635,000 | | | | | Bay Area Water Supply & Conservation Agency | | | | | 3.015 | | | 10/01/24 | | | 2,801 | |
| | 1,170,000 | | | | | Brunswick & Glynn County Development Authority | | | | | 3.060 | | | 04/01/25 | | | 1,243 | |
| | 8,000,000 | | | | | California Housing Finance Agency | | | | | 2.966 | | | 08/01/22 | | | 8,332 | |
| | 800,000 | | | | | California Municipal Finance Authority | | | | | 1.486 | | | 11/01/22 | | | 800 | |
| | 850,000 | | | | | California Municipal Finance Authority | | | | | 1.605 | | | 11/01/23 | | | 850 | |
| | 1,935,000 | | | g | | California Municipal Finance Authority | | | | | 4.250 | | | 11/01/23 | | | 1,921 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 3,380,000 | | | | | Chicago Board of Education | | | | | 5.000 | % | | 12/01/20 | | $ | 3,404 | |
| | 14,000,000 | | | | | Chicago Housing Authority | | | | | 4.361 | | | 01/01/38 | | | 16,383 | |
| | 11,645,000 | | | | | Chicago Metropolitan Water Reclamation District-Greater Chicago | | | | | 5.720 | | | 12/01/38 | | | 16,826 | |
| | 3,500,000 | | | | | City & County Honolulu HI Wastewater System Revenue | | | | | 3.200 | | | 07/01/26 | | | 3,830 | |
| | 3,035,000 | | | | | City & County of Honolulu HI | | | | | 2.668 | | | 10/01/27 | | | 3,298 | |
| | 5,645,000 | | | | | City & County of Honolulu HI | | | | | 3.974 | | | 09/01/35 | | | 6,559 | |
| | 1,615,000 | | | | | City & County of Honolulu HI | | | | | 4.004 | | | 09/01/36 | | | 1,870 | |
| | 7,085,000 | | | | | City & County of San Francisco CA | | | | | 4.000 | | | 04/01/47 | | | 7,483 | |
| | 5,500,000 | | | | | City & County of San Francisco CA Community Facilities District | | | | | 4.000 | | | 09/01/48 | | | 5,808 | |
| | 5,395,000 | | | | | City of Chicago IL | | | | | 7.750 | | | 01/01/42 | | | 7,073 | |
| | 1,105,000 | | | | | City of Chicago IL | | | | | 7.750 | | | 01/01/42 | | | 1,190 | |
| | 380,000 | | | | | City of Eugene, OR | | | | | 6.320 | | | 08/01/22 | | | 403 | |
| | 1,250,000 | | | | | City of Florence SC | | | | | 4.250 | | | 12/01/34 | | | 1,358 | |
| | 1,000,000 | | | | | City of Houston TX Combined Utility System Revenue | | | | | 3.375 | | | 11/15/24 | | | 1,115 | |
| | 1,275,000 | | | | | City of Houston TX Combined Utility System Revenue | | | | | 4.172 | | | 11/15/38 | | | 1,456 | |
| | 5,145,000 | | | | | City of Los Angeles CA | | | | | 3.320 | | | 09/01/24 | | | 5,699 | |
| | 7,500,000 | | | | | City of Los Angeles CA | | | | | 3.880 | | | 09/01/38 | | | 8,442 | |
| | 1,780,000 | | | g | | City of Miami FL | | | | | 4.808 | | | 01/01/39 | | | 2,007 | |
| | 3,010,000 | | | | | City of Norfolk VA | | | | | 3.000 | | | 10/01/35 | | | 2,974 | |
| | 3,665,000 | | | | | City of Norfolk VA | | | | | 3.050 | | | 10/01/36 | | | 3,619 | |
| | 4,835,000 | | | | | City of Oakland CA | | | | | 2.070 | | | 01/15/29 | | | 4,913 | |
| | 3,345,000 | | | | | City of San Francisco CA Public Utilities Commission Water Revenue | | | | | 3.000 | | | 11/01/26 | | | 3,697 | |
| | 3,725,000 | | | | | City of San Francisco CA Public Utilities Commission Water Revenue | | | | | 3.950 | | | 11/01/36 | | | 4,073 | |
| | 8,615,000 | | | | | City of San Francisco CA Public Utilities Commission Water Revenue | | | | | 3.303 | | | 11/01/39 | | | 9,176 | |
| | 18,500,000 | | | | | City of San Francisco CA Public Utilities Commission Water Revenue | | | | | 4.185 | | | 11/01/46 | | | 20,118 | |
| | 1,000,000 | | | | | City of San Juan Capistrano CA | | | | | 3.700 | | | 08/01/31 | | | 1,079 | |
| | 1,150,000 | | | | | Commonwealth Financing Authority | | | | | 2.875 | | | 06/01/22 | | | 1,186 | |
| | 2,310,000 | | | | | Commonwealth Financing Authority | | | | | 3.075 | | | 06/01/23 | | | 2,420 | |
| | 2,730,000 | | | | | Commonwealth Financing Authority | | | | | 3.864 | | | 06/01/38 | | | 3,214 | |
| | 11,650,000 | | | i | | Connecticut Housing Finance Authority | | SOFR + 0.650% | | | 0.740 | | | 05/15/49 | | | 11,646 | |
| | 7,650,000 | | | | | County of Alameda CA | | | | | 3.820 | | | 08/01/38 | | | 8,274 | |
| | 685,000 | | | | | County of Greene OH | | | | | 2.720 | | | 12/01/21 | | | 686 | |
| | 725,000 | | | | | County of Greene OH | | | | | 3.120 | | | 12/01/23 | | | 726 | |
| | 765,000 | | | | | County of Greene OH | | | | | 3.270 | | | 12/01/24 | | | 766 | |
| | 790,000 | | | | | County of Greene OH | | | | | 3.420 | | | 12/01/25 | | | 791 | |
| | 1,500,000 | | | | | County of Miami-Dade FL Aviation Revenue | | | | | 2.218 | | | 10/01/22 | | | 1,522 | |
| | 12,015,000 | | | | | County of Miami-Dade FL Water & Sewer System Revenue | | | | | 3.490 | | | 10/01/42 | | | 12,734 | |
| | 935,000 | | | | | County of Saline AR | | | | | 3.550 | | | 06/01/42 | | | 973 | |
| | 3,500,000 | | | h | | District of Columbia | | | | | 3.432 | | | 04/01/42 | | | 3,527 | |
| | 15,000,000 | | | | | District of Columbia Water & Sewer Authority | | | | | 4.814 | | | 10/01/14 | | | 21,510 | |
| | 1,000,000 | | | | | Grant County Public Utility District No 2 | | | | | 5.470 | | | 01/01/34 | | | 1,129 | |
| | 1,250,000 | | | | | Grant County Public Utility District No 2 | | | | | 4.164 | | | 01/01/35 | | | 1,520 | |
| | 22,445,000 | | | | | Grant County Public Utility District No 2 | | | | | 2.918 | | | 01/01/40 | | | 23,267 | |
| | 9,255,000 | | | | | Grant County Public Utility District No 2 | | | | | 3.210 | | | 01/01/40 | | | 9,822 | |
| | 2,345,000 | | | | | Great Lakes Water Authority Sewage Disposal System Revenue | | | | | 3.056 | | | 07/01/39 | | | 2,502 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 16,915,000 | | | | | Great Lakes Water Authority Water Supply System Revenue | | | | | 3.473 | % | | 07/01/41 | | $ | 17,674 | |
| | 1,200,000 | | | | | Guadalupe Valley Electric Coop, Inc | | | | | 5.671 | | | 10/01/32 | | | 1,436 | |
| | 605,000 | | | | | Guadalupe-Blanco River Authority Industrial Development Corp | | | | | 3.287 | | | 04/15/23 | | | 626 | |
| | 640,000 | | | | | Henry County Water Authority | | | | | 3.000 | | | 01/01/43 | | | 567 | |
| | 850,000 | | | | | Henry County Water Authority | | | | | 3.200 | | | 01/01/49 | | | 829 | |
| | 1,000,000 | | | | | Honolulu City & County Board of Water Supply | | | | | 2.327 | | | 07/01/32 | | | 1,028 | |
| | 2,000,000 | | | | | Kern County Water Agency Improvement District No 4 | | | | | 4.276 | | | 05/01/36 | | | 2,291 | |
| | 540,000 | | | | | Lavaca-Navidad River Authority | | | | | 3.850 | | | 08/01/26 | | | 579 | |
| | 6,430,000 | | | | | Lavaca-Navidad River Authority | | | | | 4.430 | | | 08/01/35 | | | 6,850 | |
| | 3,430,000 | | | | | Maryland Community Development Administration Housing Revenue | | | | | 3.797 | | | 03/01/39 | | | 3,626 | |
| | 50,000 | | | | | Massachusetts Housing Finance Agency | | | | | 4.782 | | | 12/01/20 | | | 50 | |
| | 4,650,000 | | | | | Massachusetts St. Water Pollution Abatement | | | | | 5.192 | | | 08/01/40 | | | 5,616 | |
| | 10,735,000 | | | | | Metropolitan Transportation Authority | | | | | 5.175 | | | 11/15/49 | | | 12,523 | |
| | 500,000 | | | | | Michigan Finance Authority | | | | | 5.000 | | | 07/01/22 | | | 528 | |
| | 2,000,000 | | | | | Michigan Finance Authority | | | | | 5.000 | | | 07/01/31 | | | 2,274 | |
| | 3,200,000 | | | | | Montgomery Water Works & Sanitary Sewer Board | | | | | 1.701 | | | 09/01/21 | | | 3,231 | |
| | 1,655,000 | | | | | Montgomery Water Works & Sanitary Sewer Board | | | | | 1.729 | | | 09/01/22 | | | 1,685 | |
| | 7,400,000 | | | | | New Jersey Economic Development Authority | | | | | 5.706 | | | 06/15/30 | | | 8,871 | |
| | 3,000,000 | | | | | New Jersey Economic Development Authority | | | | | 5.756 | | | 06/15/31 | | | 3,627 | |
| | 3,375,000 | | | | | New Mexico Finance Authority | | | | | 4.090 | | | 06/15/38 | | | 3,668 | |
| | 4,065,000 | | | | | New York City Housing Development Corp | | | | | 3.119 | | | 08/01/38 | | | 4,304 | |
| | 2,500,000 | | | | | New York City Housing Development Corp | | | | | 3.720 | | | 11/01/39 | | | 2,725 | |
| | 1,590,000 | | | | | New York State Energy Research & Development Authority | | | | | 3.206 | | | 07/01/22 | | | 1,668 | |
| | 1,255,000 | | | | | New York State Environmental Facilities Corp | | | | | 3.045 | | | 06/15/24 | | | 1,339 | |
| | 1,225,000 | | | | | New York State Environmental Facilities Corp | | | | | 3.195 | | | 06/15/25 | | | 1,330 | |
| | 2,120,000 | | | | | New York State Environmental Facilities Corp | | | | | 3.520 | | | 07/15/27 | | | 2,401 | |
| | 17,500,000 | | | | | New York Transportation Development Corp | | | | | 5.000 | | | 01/01/26 | | | 18,609 | |
| | 4,750,000 | | | | | Northern California Power Agency | | | | | 4.320 | | | 07/01/24 | | | 5,291 | |
| | 11,245,000 | | | | | Ohio State Water Development Authority | | | | | 4.879 | | | 12/01/34 | | | 13,305 | |
| | 13,250,000 | | | †,g,q | | Oregon State Business Development Commission | | | | | 6.500 | | | 04/01/31 | | | 9,087 | |
| | 2,500,000 | | | | | Palm Beach County Solid Waste Authority | | | | | 2.636 | | | 10/01/24 | | | 2,669 | |
| | 5,155,000 | | | | | Papio-Missouri River Natural Resource District | | | | | 2.088 | | | 12/15/24 | | | 5,247 | |
| | 1,070,000 | | | | | Pend Oreille County Public Utility District No Box Canyon | | | | | 3.621 | | | 01/01/21 | | | 1,078 | |
| | 4,500,000 | | | | | Pend Oreille County Public Utility District No Box Canyon | | | | | 5.000 | | | 01/01/30 | | | 4,736 | |
| | 7,250,000 | | | g | | Pennsylvania Economic Development Financing Authority | | | | | 10.000 | | | 12/01/29 | | | 7,377 | |
| | 180,000 | | | g | | Pennsylvania Economic Development Financing Authority | | | | | 5.750 | | | 06/01/36 | | | 169 | |
| | 1,735,000 | | | g | | Public Finance Authority | | | | | 9.000 | | | 06/01/29 | | | 1,721 | |
| | 1,000,000 | | | | | Sacramento Area Flood Control Agency | | | | | 2.699 | | | 10/01/22 | | | 1,035 | |
| | 435,000 | | | | | San Francisco City & County Redevelopment Agency | | | | | 3.113 | | | 08/01/22 | | | 444 | |
| | 2,000,000 | | | | | San Francisco City & County Redevelopment Agency | | | | | 4.375 | | | 08/01/44 | | | 2,070 | |
| | 1,100,000 | | | | | Semitropic Improvement District | | | | | 2.164 | | | 12/01/22 | | | 1,126 | |
| | 36,330,000 | | | | | State of California | | | | | 3.750 | | | 10/01/37 | | | 38,995 | |
| | 11,565,000 | | | | | State of California | | | | | 4.600 | | | 04/01/38 | | | 13,515 | |
| | 10,050,000 | | | | | State of California | | | | | 4.988 | | | 04/01/39 | | | 10,847 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 5,445,000 | | | i | | State of California | | LIBOR 1 M + 0.780% | | | 0.962 | % | | 04/01/47 | | $ | 5,435 | |
| | 8,000,000 | | | | | State of Illinois | | | | | 5.000 | | | 02/01/22 | | | 8,264 | |
| | 9,000,000 | | | | | State of Illinois | | | | | 5.520 | | | 04/01/38 | | | 9,152 | |
| | 4,405,000 | | | | | State of Michigan | | | | | 3.590 | | | 12/01/26 | | | 4,635 | |
| | 2,500,000 | | | | | State of Ohio | | | | | 5.412 | | | 09/01/28 | | | 3,214 | |
| | 2,025,000 | | | | | State of Texas | | | | | 3.576 | | | 08/01/34 | | | 2,114 | |
| | 3,370,000 | | | | | State of Texas | | | | | 3.726 | | | 08/01/43 | | | 3,478 | |
| | 3,000 | | | | | State of Wisconsin | | | | | 5.700 | | | 05/01/26 | | | 3 | |
| | 6,625,000 | | | | | Stockton Public Financing Authority | | | | | 3.610 | | | 10/01/40 | | | 6,769 | |
| | 1,650,000 | | | g | | Syracuse Industrial Development Agency | | | | | 5.000 | | | 01/01/36 | | | 1,705 | |
| | 2,280,000 | | | | | Tampa Bay Water | | | | | 2.612 | | | 10/01/25 | | | 2,393 | |
| | 3,225,000 | | | | | Tampa Bay Water | | | | | 2.782 | | | 10/01/26 | | | 3,427 | |
| | 3,000,000 | | | | | Tampa Bay Water | | | | | 2.952 | | | 10/01/27 | | | 3,169 | |
| | 1,255,000 | | | | | Texas Water Development Board | | | | | 4.248 | | | 10/15/35 | | | 1,420 | |
| | 5,880,000 | | | | | Texas Water Development Board | | | | | 4.340 | | | 10/15/48 | | | 6,764 | |
| | 4,170,000 | | | | | Texas Water Development Board | | | | | 4.648 | | | 04/15/50 | | | 4,630 | |
| | 5,000,000 | | | | | Tuolumne Wind Project Authority | | | | | 6.918 | | | 01/01/34 | | | 6,899 | |
| | 3,035,000 | | | | | University of California | | | | | 3.809 | | | 05/15/28 | | | 3,522 | |
| | 11,400,000 | | | | | University of California | | | | | 4.009 | | | 05/15/30 | | | 13,592 | |
| | 1,000,000 | | | | | University of Cincinnati | | | | | 3.250 | | | 06/01/29 | | | 1,080 | |
| | 1,560,000 | | | | | University of Cincinnati | | | | | 3.650 | | | 06/01/34 | | | 1,672 | |
| | 1,615,000 | | | | | University of Cincinnati | | | | | 3.700 | | | 06/01/35 | | | 1,731 | |
| | 18,000,000 | | | | | University of New Mexico | | | | | 3.532 | | | 06/20/32 | | | 19,156 | |
| | 500,000 | | | | | Upper Allegheny Joint Sanitary Authority | | | | | 3.550 | | | 09/01/39 | | | 550 | |
| | 1,500,000 | | | | | Upper Allegheny Joint Sanitary Authority | | | | | 3.800 | | | 09/01/49 | | | 1,603 | |
| | 5,000,000 | | | | | Vermont Educational & Health Buildings Financing Agency | | | | | 4.000 | | | 12/01/42 | | | 5,268 | |
| | 3,000,000 | | | | | Vermont Educational & Health Buildings Financing Agency | | | | | 4.000 | | | 12/01/46 | | | 3,146 | |
| | 1,000,000 | | | | | Washington County Clean Water Services | | | | | 5.078 | | | 10/01/24 | | | 1,167 | |
| | 3,750,000 | | | | | Water Works Board of the City of Birmingham | | | | | 1.988 | | | 01/01/21 | | | 3,764 | |
| | 3,100,000 | | | | | Water Works Board of the City of Birmingham | | | | | 2.192 | | | 01/01/22 | | | 3,152 | |
| | 1,345,000 | | | | | West Virginia Water Development Authority | | | | | 5.000 | | | 11/01/22 | | | 1,486 | |
| | 1,000,000 | | | | | West Virginia Water Development Authority | | | | | 5.000 | | | 11/01/23 | | | 1,147 | |
| | | | | | | TOTAL MUNICIPAL BONDS | | | | | | | | | | | 645,431 | |
| | | | | | | | | | | | | | | | | | | |
| U.S. TREASURY SECURITIES - 2.6% |
| | 6,000,000 | | | | | United States Treasury Bond | | | | | 3.125 | | | 02/15/43 | | | 8,133 | |
| | 1,000,000 | | | | | United States Treasury Bond | | | | | 3.375 | | | 05/15/44 | | | 1,414 | |
| | 35,830,000 | | | | | United States Treasury Bond | | | | | 2.875 | | | 11/15/46 | | | 47,625 | |
| | 2,500,000 | | | | | United States Treasury Bond | | | | | 3.000 | | | 02/15/49 | | | 3,450 | |
| | 58,073,000 | | | | | United States Treasury Bond | | | | | 2.000 | | | 02/15/50 | | | 66,471 | |
| | 3,730,000 | | | | | United States Treasury Note | | | | | 1.500 | | | 09/30/21 | | | 3,792 | |
| | 9,350,000 | | | | | United States Treasury Note | | | | | 1.500 | | | 10/31/21 | | | 9,515 | |
| | 21,590,000 | | | | | United States Treasury Note | | | | | 0.125 | | | 06/30/22 | | | 21,577 | |
| | 4,150,000 | | | | | United States Treasury Note | | | | | 2.000 | | | 07/31/22 | | | 4,308 | |
| | 4,500,000 | | | | | United States Treasury Note | | | | | 1.750 | | | 09/30/22 | | | 4,659 | |
| | 46,184,500 | | | | | United States Treasury Note | | | | | 0.250 | | | 06/15/23 | | | 46,282 | |
| | 31,765,000 | | | | | United States Treasury Note | | | | | 2.875 | | | 09/30/23 | | | 34,525 | |
| | 6,100,000 | | | | | United States Treasury Note | | | | | 2.625 | | | 12/31/23 | | | 6,616 | |
| | 5,000,000 | | | | | United States Treasury Note | | | | | 1.500 | | | 09/30/24 | | | 5,266 | |
| | 1,525,000 | | | | | United States Treasury Note | | | | | 2.250 | | | 10/31/24 | | | 1,657 | |
| | 9,350,000 | | | | | United States Treasury Note | | | | | 2.125 | | | 11/30/24 | | | 10,120 | |
| | 1,035,000 | | | | | United States Treasury Note | | | | | 0.250 | | | 06/30/25 | | | 1,033 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 18,842,000 | | | | | United States Treasury Note | | | | | 2.500 | % | | 02/28/26 | | $ | 21,096 | |
| | 36,300,000 | | | | | United States Treasury Note | | | | | 0.500 | | | 05/31/27 | | | 36,338 | |
| | 59,823,000 | | | | | United States Treasury Note | | | | | 0.625 | | | 05/15/30 | | | 59,641 | |
| | | | | | | TOTAL U.S. TREASURY SECURITIES | | | | | | | | | | | 393,518 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL GOVERNMENT BONDS | | | | | | | | | | | 2,931,463 | |
| | | | | | | (Cost $2,779,891) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| STRUCTURED ASSETS - 3.4% |
| | | | | | | | | | | | | | | | | | | |
| ASSET BACKED - 1.2% |
| | 100,000 | | | g | | AMSR Trust | | | | | 1.819 | | | 04/17/37 | | | 101 | |
| | | | | | | Series - 2020 SFR1 (Class A) | | | | | | | | | | | | |
| | 900,000 | | | g,i | | AMSR Trust | | | | | 3.148 | | | 01/19/39 | | | 910 | |
| | | | | | | Series - 2019 SFR1 (Class C) | | | | | | | | | | | | |
| | 800,000 | | | g,i | | AMSR Trust | | | | | 3.247 | | | 01/19/39 | | | 793 | |
| | | | | | | Series - 2019 SFR1 (Class D) | | | | | | | | | | | | |
| | 5,000,000 | | | g,i | | AREIT Trust | | LIBOR 1 M + 1.020% | | | 1.215 | | | 09/14/36 | | | 4,794 | |
| | | | | | | Series - 2019 CRE3 (Class A) | | | | | | | | | | | | |
| | 181,694 | | | i | | Asset Backed Securities Corp Home Equity Loan Trust | | LIBOR 1 M + 0.900% | | | 3.386 | | | 08/25/34 | | | 178 | |
| | | | | | | Series - 2004 HE5 (Class M1) | | | | | | | | | | | | |
| | 1,500,000 | | | i | | Bayview Financial Mortgage Pass-Through Trust | | LIBOR 1 M + 0.975% | | | 1.159 | | | 02/28/41 | | | 1,462 | |
| | | | | | | Series - 2006 A (Class M3) | | | | | | | | | | | | |
| | 100,000 | | | i | | Bear Stearns Asset Backed Securities Trust | | LIBOR 1 M + 0.670% | | | 0.855 | | | 04/25/36 | | | 98 | |
| | | | | | | Series - 2006 SD1 (Class M1) | | | | | | | | | | | | |
| | 3,796,065 | | | g | | Capital Automotive REIT | | | | | 3.660 | | | 10/15/44 | | | 3,758 | |
| | | | | | | Series - 2014 1A (Class A) | | | | | | | | | | | | |
| | 3,764,151 | | | g | | Capital Automotive REIT | | | | | 3.870 | | | 04/15/47 | | | 3,768 | |
| | | | | | | Series - 2017 1A (Class A1) | | | | | | | | | | | | |
| | 558,093 | | | i | | C-BASS Trust | | LIBOR 1 M + 0.080% | | | 0.265 | | | 07/25/36 | | | 514 | |
| | | | | | | Series - 2006 CB6 (Class A1) | | | | | | | | | | | | |
| | 4,001,302 | | | i | | Chase Funding Loan Acquisition Trust | | LIBOR 1 M + 0.855% | | | 1.023 | | | 06/25/34 | | | 3,752 | |
| | | | | | | Series - 2004 OPT1 (Class M1) | | | | | | | | | | | | |
| | 325,000 | | | i | | Citigroup Mortgage Loan Trust | | LIBOR 1 M + 0.750% | | | 0.935 | | | 01/25/36 | | | 319 | |
| | | | | | | Series - 2006 WFH1 (Class M4) | | | | | | | | | | | | |
| | 218,854 | | | g | | Corevest American Finance Trust | | | | | 1.832 | | | 03/15/50 | | | 212 | |
| | | | | | | Series - 2020 1 (Class A1) | | | | | | | | | | | | |
| | 1,466,250 | | | g | | DB Master Finance LLC | | | | | 3.629 | | | 11/20/47 | | | 1,514 | |
| | | | | | | Series - 2017 1A (Class A2I) | | | | | | | | | | | | |
| | 6,922,500 | | | g | | Domino’s Pizza Master Issuer LLC | | | | | 3.082 | | | 07/25/47 | | | 7,071 | |
| | | | | | | Series - 2017 1A (Class A2II) | | | | | | | | | | | | |
| | 301,314 | | | g,i | | Ellington Loan Acquisition Trust | | LIBOR 1 M + 1.100% | | | 1.285 | | | 05/25/37 | | | 299 | |
| | | | | | | Series - 2007 2 (Class A2C) | | | | | | | | | | | | |
| | 5,652,420 | | | g | | HERO Funding Trust | | | | | 3.840 | | | 09/21/40 | | | 6,014 | |
| | | | | | | Series - 2015 1A (Class A) | | | | | | | | | | | | |
| | 1,441,731 | | | g | | HERO Funding Trust | | | | | 3.990 | | | 09/21/40 | | | 1,453 | |
| | | | | | | Series - 2014 2A (Class A) | | | | | | | | | | | | |
| | 2,780,186 | | | g | | HERO Funding Trust | | | | | 3.750 | | | 09/20/41 | | | 2,898 | |
| | | | | | | Series - 2016 2A (Class A) | | | | | | | | | | | | |
| | 2,673,140 | | | g | | HERO Funding Trust | | | | | 4.050 | | | 09/20/41 | | | 2,791 | |
| | | | | | | Series - 2016 1A (Class A) | | | | | | | | | | | | |
| | 1,026,453 | | | g | | HERO Funding Trust | | | | | 3.080 | | | 09/20/42 | | | 1,047 | |
| | | | | | | Series - 2016 3A (Class A1) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 236,907 | | | g | | HERO Funding Trust | | | | | 4.500 | % | | 09/21/42 | | $ | 237 | |
| | | | | | | Series - 2016 1R (Class A1) | | | | | | | | | | | | |
| | 6,849,127 | | | g | | HERO Funding Trust | | | | | 3.710 | | | 09/20/47 | | | 7,151 | |
| | | | | | | Series - 2017 1A (Class A1) | | | | | | | | | | | | |
| | 7,022,696 | | | g | | HERO Funding Trust | | | | | 3.190 | | | 09/20/48 | | | 7,185 | |
| | | | | | | Series - 2017 3A (Class A1) | | | | | | | | | | | | |
| | 1,664,899 | | | g | | HERO Funding Trust | | | | | 3.280 | | | 09/20/48 | | | 1,720 | |
| | | | | | | Series - 2017 2A (Class A1) | | | | | | | | | | | | |
| | 7,693,322 | | | g | | HERO Funding Trust | | | | | 4.670 | | | 09/20/48 | | | 8,230 | |
| | | | | | | Series - 2018 1A (Class A2) | | | | | | | | | | | | |
| | 29,567 | | | i | | Home Equity Asset Trust | | LIBOR 1 M + 1.500% | | | 3.986 | | | 06/25/33 | | | 29 | |
| | | | | | | Series - 2003 1 (Class M1) | | | | | | | | | | | | |
| | 100,000 | | | g,i | | Invitation Homes Trust | | LIBOR 1 M + 1.450% | | | 1.635 | | | 06/17/37 | | | 97 | |
| | | | | | | Series - 2018 SFR2 (Class D) | | | | | | | | | | | | |
| | 325,030 | | | g,i | | Invitation Homes Trust | | LIBOR 1 M + 1.000% | | | 1.194 | | | 07/17/37 | | | 323 | |
| | | | | | | Series - 2018 SFR3 (Class A) | | | | | | | | | | | | |
| | 1,030,859 | | | g,i | | Invitation Homes Trust | | LIBOR 1 M + 1.100% | | | 1.294 | | | 01/17/38 | | | 1,029 | |
| | | | | | | Series - 2018 SFR4 (Class A) | | | | | | | | | | | | |
| | 499,336 | | | i | | JP Morgan Mortgage Acquisition Trust | | LIBOR 1 M + 0.320% | | | 0.505 | | | 03/25/37 | | | 478 | |
| | | | | | | Series - 2007 CH3 (Class A1B) | | | | | | | | | | | | |
| | 7,334,980 | | | i | | JP Morgan Mortgage Acquisition Trust | | LIBOR 1 M + 0.160% | | | 0.345 | | | 06/25/37 | | | 7,103 | |
| | | | | | | Series - 2007 CH5 (Class A1) | | | | | | | | | | | | |
| | 2,800,000 | | | g | | Mosaic Solar Loan Trust | | | | | 2.100 | | | 04/20/46 | | | 2,822 | |
| | | | | | | Series - 2020 1A (Class A) | | | | | | | | | | | | |
| | 3,875,000 | | | g | | Mosaic Solar Loan Trust | | | | | 3.100 | | | 04/20/46 | | | 3,906 | |
| | | | | | | Series - 2020 1A (Class B) | | | | | | | | | | | | |
| | 5,725,625 | | | g | | Mosaic Solar Loans LLC | | | | | 3.820 | | | 06/22/43 | | | 5,892 | |
| | | | | | | Series - 2017 2A (Class A) | | | | | | | | | | | | |
| | 1,197,771 | | | g | | Progress Residential Trust | | | | | 2.897 | | | 12/17/34 | | | 1,203 | |
| | | | | | | Series - 2017 SFR2 (Class A) | | | | | | | | | | | | |
| | 650,000 | | | i | | RASC Trust | | LIBOR 1 M + 0.590% | | | 3.080 | | | 08/25/35 | | | 641 | |
| | | | | | | Series - 2005 KS8 (Class M4) | | | | | | | | | | | | |
| | 3,837,815 | | | g | | Renew | | | | | 3.670 | | | 09/20/52 | | | 3,961 | |
| | | | | | | Series - 2017 1A (Class A) | | | | | | | | | | | | |
| | 8,390,747 | | | g | | Renew | | | | | 3.950 | | | 09/20/53 | | | 9,005 | |
| | | | | | | Series - 2018 1 (Class A) | | | | | | | | | | | | |
| | 234,177 | | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 2.580 | | | 09/20/32 | | | 234 | |
| | | | | | | Series - 2015 3A (Class A) | | | | | | | | | | | | |
| | 165,692 | | | g | | Sierra Timeshare Receivables Funding LLC | | | | | 3.080 | | | 09/20/32 | | | 165 | |
| | | | | | | Series - 2015 3A (Class B) | | | | | | | | | | | | |
| | 4,178,301 | | | g | | SolarCity LMC | | | | | 4.590 | | | 04/20/44 | | | 4,079 | |
| | | | | | | Series - 2014 1 (Class A) | | | | | | | | | | | | |
| | 22,232,318 | | | g | | SolarCity LMC | | | | | 4.020 | | | 07/20/44 | | | 22,001 | |
| | | | | | | Series - 2014 2 (Class A) | | | | | | | | | | | | |
| | 3,563,581 | | | g | | SolarCity LMC | | | | | 4.800 | | | 09/20/48 | | | 3,618 | |
| | | | | | | Series - 2016 A (Class A) | | | | | | | | | | | | |
| | 920,683 | | | g,i | | Starwood Waypoint Homes | | LIBOR 1 M + 0.950% | | | 1.135 | | | 01/17/35 | | | 917 | |
| | | | | | | Series - 2017 1 (Class A) | | | | | | | | | | | | |
| | 14,181 | | | i | | Structured Asset Investment Loan Trust | | LIBOR 1 M + 0.900% | | | 1.085 | | | 09/25/34 | | | 13 | |
| | | | | | | Series - 2004 8 (Class M1) | | | | | | | | | | | | |
| | 70,908 | | | i | | Structured Asset Investment Loan Trust | | LIBOR 1 M + 1.000% | | | 1.185 | | | 09/25/34 | | | 69 | |
| | | | | | | Series - 2004 8 (Class A9) | | | | | | | | | | | | |
| | 1,937,671 | | | i | | Structured Asset Securities Corp Mortgage Loan Trust | | LIBOR 1 M + 1.500% | | | 1.673 | | | 04/25/35 | | | 1,872 | |
| | | | | | | Series - 2005 7XS (Class 2A1A) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 2,883,037 | | | g | | Sunrun Athena Issuer LLC | | | | | 5.310 | % | | 04/30/49 | | $ | 2,720 | |
| | | | | | | Series - 2018 1 (Class A) | | | | | | | | | | | | |
| | 9,618,842 | | | g | | Sunrun Atlas Issuer LLC | | | | | 3.610 | | | 02/01/55 | | | 9,500 | |
| | | | | | | Series - 2019 2 (Class A) | | | | | | | | | | | | |
| | 11,544,462 | | | g | | TES LLC | | | | | 4.330 | | | 10/20/47 | | | 11,417 | |
| | | | | | | Series - 2017 1A (Class A) | | | | | | | | | | | | |
| | 2,500,000 | | | g | | TES LLC | | | | | 7.740 | | | 10/20/47 | | | 2,214 | |
| | | | | | | Series - 2017 1A (Class B) | | | | | | | | | | | | |
| | 7,607,655 | | | g | | TES LLC | | | | | 4.120 | | | 02/20/48 | | | 7,375 | |
| | | | | | | Series - 2017 2A (Class A) | | | | | | | | | | | | |
| | 1,194,210 | | | g | | Tesla Auto Lease Trust | | | | | 3.710 | | | 08/20/21 | | | 1,211 | |
| | | | | | | Series - 2018 B (Class A) | | | | | | | | | | | | |
| | 4,125,000 | | | g | | Tesla Auto Lease Trust | | | | | 2.200 | | | 11/21/22 | | | 4,216 | |
| | | | | | | Series - 2019 A (Class A4) | | | | | | | | | | | | |
| | 1,500,000 | | | g | | Tricon American Homes Trust | | | | | 4.878 | | | 11/17/33 | | | 1,498 | |
| | | | | | | Series - 2016 SFR1 (Class E) | | | | | | | | | | | | |
| | 1,000,000 | | | g | | Tricon American Homes Trust | | | | | 4.011 | | | 09/17/34 | | | 1,003 | |
| | | | | | | Series - 2017 SFR1 (Class E) | | | | | | | | | | | | |
| | 1,097,110 | | | g | | Tricon American Homes Trust | | | | | 2.928 | | | 01/17/36 | | | 1,140 | |
| | | | | | | Series - 2017 SFR2 (Class A) | | | | | | | | | | | | |
| | 200,000 | | | g | | Tricon American Homes Trust | | | | | 3.275 | | | 01/17/36 | | | 207 | |
| | | | | | | Series - 2017 SFR2 (Class B) | | | | | | | | | | | | |
| | 14,516,802 | | | g | | Vivint Colar Financing V LLC | | | | | 4.730 | | | 04/30/48 | | | 13,605 | |
| | | | | | | Series - 2018 1A (Class A) | | | | | | | | | | | | |
| | 1,462,500 | | | g | | Wendys Funding LLC | | | | | 3.573 | | | 03/15/48 | | | 1,516 | |
| | | | | | | Series - 2018 1A (Class A2I) | | | | | | | | | | | | |
| | | | | | | TOTAL ASSET BACKED | | | | | | | | | | | 195,348 | |
| | | | | | | | | | | | | | | | | | | |
| OTHER MORTGAGE BACKED - 2.2% |
| | 927,339 | | | g,i | | Agate Bay Mortgage Trust | | | | | 3.500 | | | 11/25/44 | | | 958 | |
| | | | | | | Series - 2014 3 (Class A13) | | | | | | | | | | | | |
| | 498,177 | | | g,i | | Agate Bay Mortgage Trust | | | | | 3.500 | | | 09/25/45 | | | 515 | |
| | | | | | | Series - 2015 6 (Class A9) | | | | | | | | | | | | |
| | 259,702 | | | i | | Alternative Loan Trust | | LIBOR 1 M + 0.500% | | | 0.685 | | | 06/25/34 | | | 251 | |
| | | | | | | Series - 2004 8CB (Class M1) | | | | | | | | | | | | |
| | 2,312,674 | | | g,i | | Bancorp Commercial Mortgage Trust | | LIBOR 1 M + 0.900% | | | 1.085 | | | 09/15/35 | | | 2,225 | |
| | | | | | | Series - 2018 CRE4 (Class A) | | | | | | | | | | | | |
| | 5,440,000 | | | g,i | | BBCMS Mortgage Trust | | | | | 4.409 | | | 08/05/38 | | | 3,697 | |
| | | | | | | Series - 2018 CHRS (Class E) | | | | | | | | | | | | |
| | 12,500,000 | | | g | | BBCMS Trust | | | | | 3.593 | | | 09/15/32 | | | 12,897 | |
| | | | | | | Series - 2015 MSQ (Class A) | | | | | | | | | | | | |
| | 6,000,000 | | | g | | BBCMS Trust | | | | | 3.894 | | | 09/15/32 | | | 5,972 | |
| | | | | | | Series - 2015 MSQ (Class B) | | | | | | | | | | | | |
| | 3,000,000 | | | g,i | | BBCMS Trust | | | | | 3.688 | | | 02/15/53 | | | 2,983 | |
| | | | | | | Series - 2020 C6 (Class F5TA) | | | | | | | | | | | | |
| | 1,000,000 | | | | | Benchmark Mortgage Trust | | | | | 3.419 | | | 08/15/52 | | | 1,094 | |
| | | | | | | Series - 2019 B12 (Class AS) | | | | | | | | | | | | |
| | 11,370,000 | | | g,i | | Benchmark Mortgage Trust | | | | | 4.029 | | | 03/15/62 | | | 11,417 | |
| | | | | | | Series - 2019 B10 (Class 3CCA) | | | | | | | | | | | | |
| | 2,000,000 | | | i | | CD Mortgage Trust | | | | | 3.879 | | | 11/10/49 | | | 2,012 | |
| | | | | | | Series - 2016 CD2 (Class B) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 2,000,000 | | | i | | Citigroup Commercial Mortgage Trust | | | | | 4.296 | % | | 04/10/48 | | $ | 1,926 | |
| | | | | | | Series - 2015 GC29 (Class C) | | | | | | | | | | | | |
| | 4,800,000 | | | | | Citigroup Commercial Mortgage Trust | | | | | 3.300 | | | 11/10/52 | | | 5,234 | |
| | | | | | | Series - 2019 GC43 (Class AS) | | | | | | | | | | | | |
| | 3,115,000 | | | | | Citigroup Commercial Mortgage Trust | | | | | 3.018 | | | 08/10/56 | | | 3,239 | |
| | | | | | | Series - 2019 GC41 (Class AS) | | | | | | | | | | | | |
| | 3,000,000 | | | g,i | | Cityline Commercial Mortgage Trust | | | | | 2.871 | | | 11/10/31 | | | 3,057 | |
| | | | | | | Series - 2016 CLNE (Class A) | | | | | | | | | | | | |
| | 3,000,000 | | | g | | COMM Mortgage Trust | | | | | 2.681 | | | 08/10/29 | | | 3,018 | |
| | | | | | | Series - 2016 GCT (Class A) | | | | | | | | | | | | |
| | 2,750,000 | | | g,i | | COMM Mortgage Trust | | | | | 3.527 | | | 10/10/29 | | | 2,822 | |
| | | | | | | Series - 2017 PANW (Class B) | | | | | | | | | | | | |
| | 3,000,000 | | | g,i | | COMM Mortgage Trust | | | | | 3.712 | | | 10/10/29 | | | 3,049 | |
| | | | | | | Series - 2017 PANW (Class C) | | | | | | | | | | | | |
| | 5,120,000 | | | g | | COMM Mortgage Trust | | | | | 4.353 | | | 08/10/30 | | | 5,489 | |
| | | | | | | Series - 2013 300P (Class A1) | | | | | | | | | | | | |
| | 3,500,000 | | | g,i | | COMM Mortgage Trust | | | | | 4.244 | | | 03/10/48 | | | 2,747 | |
| | | | | | | Series - 2015 CR22 (Class D) | | | | | | | | | | | | |
| | 1,100,000 | | | i | | COMM Mortgage Trust | | | | | 4.435 | | | 05/10/48 | | | 1,087 | |
| | | | | | | Series - 2015 CR23 (Class C) | | | | | | | | | | | | |
| | 2,000,000 | | | i | | COMM Mortgage Trust | | | | | 4.435 | | | 05/10/48 | | | 1,690 | |
| | | | | | | Series - 2015 CR23 (Class D) | | | | | | | | | | | | |
| | 2,500,000 | | | i | | COMM Mortgage Trust | | | | | 3.463 | | | 08/10/48 | | | 1,874 | |
| | | | | | | Series - 2015 CR24 (Class D) | | | | | | | | | | | | |
| | 1,000,000 | | | | | COMM Mortgage Trust | | | | | 3.263 | | | 08/15/57 | | | 1,078 | |
| | | | | | | Series - 2019 GC44 (Class AM) | | | | | | | | | | | | |
| | 2,842,257 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.600% | | | 2.785 | | | 05/25/24 | | | 2,485 | |
| | | | | | | Series - 2014 C02 (Class 1M2) | | | | | | | | | | | | |
| | 6,924,198 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 3.000% | | | 3.185 | | | 07/25/24 | | | 6,063 | |
| | | | | | | Series - 2014 C03 (Class 1M2) | | | | | | | | | | | | |
| | 1,337,729 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 5.000% | | | 5.185 | | | 11/25/24 | | | 1,374 | |
| | | | | | | Series - 2014 C04 (Class 2M2) | | | | | | | | | | | | |
| | 337,573 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 5.550% | | | 5.735 | | | 04/25/28 | | | 357 | |
| | | | | | | Series - 2015 C04 (Class 2M2) | | | | | | | | | | | | |
| | 555,640 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 5.700% | | | 5.885 | | | 04/25/28 | | | 584 | |
| | | | | | | Series - 2015 C04 (Class 1M2) | | | | | | | | | | | | |
| | 1,632,232 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 6.750% | | | 6.935 | | | 08/25/28 | | | 1,710 | |
| | | | | | | Series - 2016 C01 (Class 1M2) | | | | | | | | | | | | |
| | 1,567,290 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 6.950% | | | 7.135 | | | 08/25/28 | | | 1,654 | |
| | | | | | | Series - 2016 C01 (Class 2M2) | | | | | | | | | | | | |
| | 1,885,569 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 6.000% | | | 6.185 | | | 09/25/28 | | | 1,955 | |
| | | | | | | Series - 2016 C02 (Class 1M2) | | | | | | | | | | | | |
| | 2,401,407 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 5.900% | | | 6.085 | | | 10/25/28 | | | 2,496 | |
| | | | | | | Series - 2016 C03 (Class 2M2) | | | | | | | | | | | | |
| | 4,122,036 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 4.250% | | | 4.435 | | | 01/25/29 | | | 4,266 | |
| | | | | | | Series - 2016 C04 (Class 1M2) | | | | | | | | | | | | |
| | 600,000 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 4.450% | | | 4.635 | | | 01/25/29 | | | 594 | |
| | | | | | | Series - 2016 C05 (Class 2M2B) | | | | | | | | | | | | |
| | 2,901,124 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 4.450% | | | 4.635 | | | 01/25/29 | | | 2,964 | |
| | | | | | | Series - 2016 C05 (Class 2M2) | | | | | | | | | | | | |
| | 1,531,403 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 4.250% | | | 4.435 | | | 04/25/29 | | | 1,600 | |
| | | | | | | Series - 2016 C06 (Class 1M2) | | | | | | | | | | | | |
| | 2,903,361 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.200% | | | 2.385 | | | 01/25/30 | | | 2,915 | |
| | | | | | | Series - 2017 C05 (Class 1M2A) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 391,620 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.200% | | | 2.385 | % | | 08/25/30 | | $ | 383 | |
| | | | | | | Series - 2018 C02 (Class 2M2) | | | | | | | | | | | | |
| | 327,996 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.900% | | | 1.085 | | | 08/25/30 | | | 314 | |
| | | | | | | Series - 2018 C02 (Class 2EA2) | | | | | | | | | | | | |
| | 2,343,192 | | | i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.850% | | | 1.035 | | | 10/25/30 | | | 2,308 | |
| | | | | | | Series - 2018 C03 (Class 1EA2) | | | | | | | | | | | | |
| | 400,401 | | | g,i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.450% | | | 2.635 | | | 07/25/31 | | | 391 | |
| | | | | | | Series - 2019 R01 (Class 2M2) | | | | | | | | | | | | |
| | 974,264 | | | g,i | | Connecticut Avenue Securities | | LIBOR 1 M + 0.800% | | | 0.985 | | | 01/25/40 | | | 969 | |
| | | | | | | Series - 2020 R01 (Class 1M1) | | | | | | | | | | | | |
| | 160,000 | | | g,i | | Connecticut Avenue Securities | | LIBOR 1 M + 2.000% | | | 2.185 | | | 01/25/40 | | | 151 | |
| | | | | | | Series - 2020 R02 (Class 2M2) | | | | | | | | | | | | |
| | 15,000,000 | | | g | | CPT Mortgage Trust | | | | | 2.865 | | | 11/13/39 | | | 16,324 | |
| | | | | | | Series - 2019 CPT (Class A) | | | | | | | | | | | | |
| | 2,750,000 | | | g,i | | CPT Mortgage Trust | | | | | 3.097 | | | 11/13/39 | | | 2,477 | |
| | | | | | | Series - 2019 CPT (Class E) | | | | | | | | | | | | |
| | 5,000,000 | | | g,i | | Credit Suisse Commercial Mortgage Trust | | | | | 3.854 | | | 11/10/32 | | | 5,319 | |
| | | | | | | Series - 2017 CALI (Class B) | | | | | | | | | | | | |
| | 825,000 | | | g,i | | Credit Suisse Commercial Mortgage Trust | | LIBOR 1 M + 0.650% | | | 0.835 | | | 05/25/36 | | | 811 | |
| | | | | | | Series - 2006 CF2 (Class M3) | | | | | | | | | | | | |
| | 4,359,111 | | | g,i | | Credit Suisse Commercial Mortgage Trust | | | | | 3.500 | | | 02/25/48 | | | 4,510 | |
| | | | | | | Series - 2018 J1 (Class A11) | | | | | | | | | | | | |
| | 6,650,000 | | | g,i | | CSAIL Commercial Mortgage Trust | | | | | 3.800 | | | 06/15/37 | | | 6,762 | |
| | | | | | | Series - 2017 C8 (Class 85BA) | | | | | | | | | | | | |
| | 8,750,000 | | | g,i | | CSAIL Commercial Mortgage Trust | | | | | 3.800 | | | 06/15/37 | | | 7,221 | |
| | | | | | | Series - 2017 C8 (Class 85BB) | | | | | | | | | | | | |
| | 1,500,000 | | | g,i | | DBUBS Mortgage Trust | | | | | 5.876 | | | 11/10/46 | | | 1,509 | |
| | | | | | | Series - 2011 LC1A (Class C) | | | | | | | | | | | | |
| | 500,000 | | | g,i | | Ellington Financial Mortgage Trust | | | | | 3.587 | | | 06/25/59 | | | 473 | |
| | | | | | | Series - 2019 1 (Class M1) | | | | | | | | | | | | |
| | 747,630 | | | i | | Fieldstone Mortgage Investment Trust | | LIBOR 1 M + 0.735% | | | 0.920 | | | 12/25/35 | | | 739 | |
| | | | | | | Series - 2005 2 (Class M2) | | | | | | | | | | | | |
| | 2,443,997 | | | g,i | | FirstKey Mortgage Trust | | | | | 3.500 | | | 11/25/44 | | | 2,515 | |
| | | | | | | Series - 2014 1 (Class A8) | | | | | | | | | | | | |
| | 566,602 | | | g,i | | Flagstar Mortgage Trust | | | | | 4.111 | | | 10/25/47 | | | 567 | |
| | | | | | | Series - 2017 2 (Class B3) | | | | | | | | | | | | |
| | 611,350 | | | g,i | | Flagstar Mortgage Trust | | | | | 4.000 | | | 09/25/48 | | | 625 | |
| | | | | | | Series - 2018 5 (Class A11) | | | | | | | | | | | | |
| | 5,000,000 | | | g | | GRACE Mortgage Trust | | | | | 3.369 | | | 06/10/28 | | | 5,012 | |
| | | | | | | Series - 2014 GRCE (Class A) | | | | | | | | | | | | |
| | 3,000,000 | | | g,i | | GS Mortgage Securities Trust | | LIBOR 1 M + 1.090% | | | 1.275 | | | 10/15/31 | | | 2,842 | |
| | | | | | | Series - 2018 HART (Class A) | | | | | | | | | | | | |
| | 3,000,000 | | | | | GS Mortgage Securities Trust | | | | | 3.143 | | | 10/10/49 | | | 3,144 | |
| | | | | | | Series - 2016 GS3 (Class AS) | | | | | | | | | | | | |
| | 830,000 | | | i | | GS Mortgage Securities Trust | | | | | 3.919 | | | 11/10/49 | | | 717 | |
| | | | | | | Series - 2016 GS4 (Class C) | | | | | | | | | | | | |
| | 2,000,000 | | | g | | GS Mortgage Securities Trust | | | | | 3.000 | | | 02/10/52 | | | 1,330 | |
| | | | | | | Series - 2019 GC38 (Class D) | | | | | | | | | | | | |
| | 2,570,965 | | | g,i | | GS Mortgage-Backed Securities Corp Trust | | | | | 3.500 | | | 07/25/50 | | | 2,630 | |
| | | | | | | Series - 2020 PJ2 (Class A4) | | | | | | | | | | | | |
| | 1,184,740 | | | i | | HarborView Mortgage Loan Trust | | LIBOR 1 M + 0.620% | | | 0.814 | | | 08/19/45 | | | 1,108 | |
| | | | | | | Series - 2005 11 (Class 2A1A) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 6,000,000 | | | g | | Hudson Yards Mortgage Trust | | | | | 2.835 | % | | 08/10/38 | | $ | 6,375 | |
| | | | | | | Series - 2016 10HY (Class A) | | | | | | | | | | | | |
| | 5,000,000 | | | g,i | | Hudson Yards Mortgage Trust | | | | | 3.076 | | | 08/10/38 | | | 5,133 | |
| | | | | | | Series - 2016 10HY (Class B) | | | | | | | | | | | | |
| | 5,000,000 | | | g,i | | Hudson Yards Mortgage Trust | | | | | 3.076 | | | 08/10/38 | | | 4,993 | |
| | | | | | | Series - 2016 10HY (Class C) | | | | | | | | | | | | |
| | 7,000,000 | | | g | | Hudson Yards Mortgage Trust | | | | | 3.228 | | | 07/10/39 | | | 7,819 | |
| | | | | | | Series - 2019 30HY (Class A) | | | | | | | | | | | | |
| | 1,000,000 | | | g,i | | Hudson Yards Mortgage Trust | | | | | 3.041 | | | 12/10/41 | | | 959 | |
| | | | | | | Series - 2019 55HY (Class D) | | | | | | | | | | | | |
| | 2,500,000 | | | g,i | | Hudson Yards Mortgage Trust | | | | | 3.041 | | | 12/10/41 | | | 2,189 | |
| | | | | | | Series - 2019 55HY (Class F) | | | | | | | | | | | | |
| | 8,250,000 | | | g,i | | Hudson Yards Mortgage Trust | | | | | 3.041 | | | 12/10/41 | | | 7,275 | |
| | | | | | | Series - 2019 55HY (Class E) | | | | | | | | | | | | |
| | 245,539 | | | i | | Impac CMB Trust | | LIBOR 1 M + 0.660% | | | 0.845 | | | 03/25/35 | | | 232 | |
| | | | | | | Series - 2004 11 (Class 2A1) | | | | | | | | | | | | |
| | 2,800,000 | | | | | JP Morgan Chase Commercial Mortgage Securities Corp | | | | | 3.372 | | | 12/15/47 | | | 2,861 | |
| | | | | | | Series - 2013 C10 (Class AS) | | | | | | | | | | | | |
| | 1,615,873 | | | g,i | | JP Morgan Mortgage Trust | | | | | 2.241 | | | 12/25/44 | | | 1,561 | |
| | | | | | | Series - 2015 1 (Class B1) | | | | | | | | | | | | |
| | 398,928 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 05/25/45 | | | 410 | |
| | | | | | | Series - 2015 3 (Class A19) | | | | | | | | | | | | |
| | 1,528,365 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 10/25/45 | | | 1,580 | |
| | | | | | | Series - 2015 6 (Class A13) | | | | | | | | | | | | |
| | 861,040 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 05/25/46 | | | 891 | |
| | | | | | | Series - 2016 1 (Class A13) | | | | | | | | | | | | |
| | 114,589 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 01/25/47 | | | 118 | |
| | | | | | | Series - 2017 1 (Class A3) | | | | | | | | | | | | |
| | 962,584 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 05/25/47 | | | 997 | |
| | | | | | | Series - 2017 2 (Class A13) | | | | | | | | | | | | |
| | 2,997,202 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 05/25/47 | | | 3,043 | |
| | | | | | | Series - 2017 2 (Class A5) | | | | | | | | | | | | |
| | 972,643 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 08/25/47 | | | 984 | |
| | | | | | | Series - 2017 3 (Class 1A5) | | | | | | | | | | | | |
| | 263,406 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 09/25/48 | | | 273 | |
| | | | | | | Series - 2018 3 (Class A13) | | | | | | | | | | | | |
| | 86,344 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 10/25/48 | | | 88 | |
| | | | | | | Series - 2018 4 (Class A13) | | | | | | | | | | | | |
| | 346,144 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.500 | | | 10/25/48 | | | 355 | |
| | | | | | | Series - 2018 5 (Class A13) | | | | | | | | | | | | |
| | 100,141 | | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 01/25/49 | | | 101 | |
| | | | | | | Series - 2018 8 (Class A5) | | | | | | | | | | | | |
| | 747,462 | | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 01/25/49 | | | 764 | |
| | | | | | | Series - 2018 8 (Class A13) | | | | | | | | | | | | |
| | 1,659,187 | | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 02/25/49 | | | 1,696 | |
| | | | | | | Series - 2018 9 (Class A13) | | | | | | | | | | | | |
| | 219,720 | | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 05/25/49 | | | 226 | |
| | | | | | | Series - 2019 1 (Class A3) | | | | | | | | | | | | |
| | 1,659,387 | | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 05/25/49 | | | 1,696 | |
| | | | | | | Series - 2019 1 (Class A15) | | | | | | | | | | | | |
| | 25,804 | | | g,i | | JP Morgan Mortgage Trust | | | | | 4.000 | | | 08/25/49 | | | 26 | |
| | | | | | | Series - 2019 2 (Class A4) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 141,948 | | | g,i | | JP Morgan Mortgage Trust | | | | | 4.757 | % | | 09/25/49 | | $ | 150 | |
| | | | | | | Series - 2019 3 (Class B1) | | | | | | | | | | | | |
| | 1,671,169 | | | g,i | | JP Morgan Mortgage Trust | | | | | 3.883 | | | 06/25/50 | | | 1,596 | |
| | | | | | | Series - 2020 1 (Class B2) | | | | | | | | | | | | |
| | 10,000,000 | | | g | | Liberty Street Trust | | | | | 3.597 | | | 02/10/36 | | | 10,861 | |
| | | | | | | Series - 2016 225L (Class A) | | | | | | | | | | | | |
| | 4,000,000 | | | g,i | | MAD Mortgage Trust | | | | | 3.294 | | | 08/15/34 | | | 4,199 | |
| | | | | | | Series - 2017 330M (Class A) | | | | | | | | | | | | |
| | 4,000,000 | | | g,i | | MAD Mortgage Trust | | | | | 3.478 | | | 08/15/34 | | | 4,100 | |
| | | | | | | Series - 2017 330M (Class B) | | | | | | | | | | | | |
| | 599,448 | | | i | | Morgan Stanley Capital I Trust | | LIBOR 1 M + 0.825% | | | 1.010 | | | 08/25/34 | | | 592 | |
| | | | | | | Series - 2004 HE6 (Class M1) | | | | | | | | | | | | |
| | 2,000,000 | | | g,i | | Morgan Stanley Capital I Trust | | | | | 5.684 | | | 09/15/47 | | | 1,985 | |
| | | | | | | Series - 2011 C1 (Class D) | | | | | | | | | | | | |
| | 262,623 | | | †,i | | Morgan Stanley Capital I Trust | | | | | 6.461 | | | 12/12/49 | | | 157 | |
| | | | | | | Series - 2007 IQ16 (Class AJFX) | | | | | | | | | | | | |
| | 3,000,000 | | | g,i | | MSDB Trust | | | | | 3.427 | | | 07/11/39 | | | 3,178 | |
| | | | | | | Series - 2017 712F (Class A) | | | | | | | | | | | | |
| | 15,780,000 | | | g,i | | Natixis Commercial Mortgage Securities Trust | | LIBOR 1 M + 0.784% | | | 0.968 | | | 07/15/33 | | | 15,348 | |
| | | | | | | Series - 2018 850T (Class A) | | | | | | | | | | | | |
| | 5,750,000 | | | g,i | | Natixis Commercial Mortgage Securities Trust | | LIBOR 1 M + 1.500% | | | 1.685 | | | 07/15/36 | | | 5,635 | |
| | | | | | | Series - 2019 MILE (Class A) | | | | | | | | | | | | |
| | 9,000,000 | | | g,i | | Natixis Commercial Mortgage Securities Trust | | LIBOR 1 M + 3.500% | | | 3.685 | | | 07/15/36 | | | 8,280 | |
| | | | | | | Series - 2019 MILE (Class E) | | | | | | | | | | | | |
| | 1,750,000 | | | g,i | | Natixis Commercial Mortgage Securities Trust | | LIBOR 1 M + 4.250% | | | 4.435 | | | 07/15/36 | | | 1,577 | |
| | | | | | | Series - 2019 MILE (Class F) | | | | | | | | | | | | |
| | 130,355 | | | i | | New York Mortgage Trust | | LIBOR 1 M + 0.480% | | | 0.665 | | | 02/25/36 | | | 125 | |
| | | | | | | Series - 2005 3 (Class A1) | | | | | | | | | | | | |
| | 11,800,000 | | | g | | One Bryant Park Trust | | | | | 2.516 | | | 09/15/54 | | | 12,484 | |
| | | | | | | Series - 2019 OBP (Class A) | | | | | | | | | | | | |
| | 3,900,000 | | | g | | One Market Plaza Trust | | | | | 3.614 | | | 02/10/32 | | | 4,082 | |
| | | | | | | Series - 2017 1MKT (Class A) | | | | | | | | | | | | |
| | 1,746,480 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 05/25/45 | | | 1,801 | |
| | | | | | | Series - 2015 2 (Class A1) | | | | | | | | | | | | |
| | 723,559 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 06/25/46 | | | 749 | |
| | | | | | | Series - 2016 1 (Class A19) | | | | | | | | | | | | |
| | 283,619 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 11/25/46 | | | 290 | |
| | | | | | | Series - 2016 3 (Class A10) | | | | | | | | | | | | |
| | 1,842,180 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 04/25/47 | | | 1,907 | |
| | | | | | | Series - 2017 3 (Class A19) | | | | | | | | | | | | |
| | 723,458 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.743 | | | 09/25/47 | | | 743 | |
| | | | | | | Series - 2017 6 (Class B1) | | | | | | | | | | | | |
| | 646,607 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 02/25/48 | | | 664 | |
| | | | | | | Series - 2018 2 (Class A1) | | | | | | | | | | | | |
| | 517,286 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 02/25/48 | | | 536 | |
| | | | | | | Series - 2018 2 (Class A19) | | | | | | | | | | | | |
| | 150,662 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 03/25/48 | | | 153 | |
| | | | | | | Series - 2018 3 (Class A4) | | | | | | | | | | | | |
| | 163,676 | | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | 09/25/48 | | | 165 | |
| | | | | | | Series - 2018 7 (Class A4) | | | | | | | | | | | | |
| | 129,401 | | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | 09/25/48 | | | 132 | |
| | | | | | | Series - 2018 7 (Class A19) | | | | | | | | | | | | |
| | 41,044 | | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | 11/25/48 | | | 42 | |
| | | | | | | Series - 2018 8 (Class A19) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | REFERENCE
RATE & SPREAD | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 525,957 | | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | % | | 06/25/49 | | $ | 537 | |
| | | | | | | Series - 2019 2 (Class A19) | | | | | | | | | | | | |
| | 2,170,100 | | | g,i | | Sequoia Mortgage Trust | | | | | 4.000 | | | 06/25/49 | | | 2,228 | |
| | | | | | | Series - 2019 2 (Class A1) | | | | | | | | | | | | |
| | 1,694,591 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 11/25/49 | | | 1,742 | |
| | | | | | | Series - 2019 4 (Class A1) | | | | | | | | | | | | |
| | 1,501,733 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 12/25/49 | | | 1,544 | |
| | | | | | | Series - 2019 5 (Class A1) | | | | | | | | | | | | |
| | 839,204 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.500 | | | 12/25/49 | | | 870 | |
| | | | | | | Series - 2019 5 (Class A19) | | | | | | | | | | | | |
| | 2,503,321 | | | g,i | | Sequoia Mortgage Trust | | | | | 3.000 | | | 04/25/50 | | | 2,619 | |
| | | | | | | Series - 2020 3 (Class A19) | | | | | | | | | | | | |
| | 330,171 | | | g,i | | Shellpoint Co-Originator Trust | | | | | 3.500 | | | 11/25/46 | | | 337 | |
| | | | | | | Series - 2016 1 (Class 1A10) | | | | | | | | | | | | |
| | 2,498,485 | | | g,i | | Shellpoint Co-Originator Trust | | | | | 3.500 | | | 10/25/47 | | | 2,556 | |
| | | | | | | Series - 2017 2 (Class A1) | | | | | | | | | | | | |
| | 220,303 | | | i | | Structured Agency Credit Risk Debt Note (STACR) | | LIBOR 1 M + 4.150% | | | 4.335 | | | 01/25/25 | | | 224 | |
| | | | | | | Series - 2015 DN1 (Class M3) | | | | | | | | | | | | |
| | 309,222 | | | i | | STACR | | LIBOR 1 M + 3.800% | | | 3.985 | | | 03/25/25 | | | 314 | |
| | | | | | | Series - 2015 HQ1 (Class M3) | | | | | | | | | | | | |
| | 350,439 | | | i | | STACR | | LIBOR 1 M + 1.350% | | | 1.535 | | | 03/25/29 | | | 349 | |
| | | | | | | Series - 2016 HQA3 (Class M2) | | | | | | | | | | | | |
| | 350,000 | | | i | | STACR | | LIBOR 1 M + 3.250% | | | 3.435 | | | 07/25/29 | | | 353 | |
| | | | | | | Series - 2017 DNA1 (Class M2) | | | | | | | | | | | | |
| | 751,812 | | | i | | STACR | | LIBOR 1 M + 1.200% | | | 1.385 | | | 10/25/29 | | | 752 | |
| | | | | | | Series - 2017 DNA2 (Class M1) | | | | | | | | | | | | |
| | 1,896,682 | | | i | | STACR | | LIBOR 1 M + 0.950% | | | 1.135 | | | 04/25/30 | | | 1,893 | |
| | | | | | | Series - 2017 HQA3 (Class M2AS) | | | | | | | | | | | | |
| | 186,084 | | | i | | STACR | | LIBOR 1 M + 2.350% | | | 2.535 | | | 04/25/30 | | | 185 | |
| | | | | | | Series - HQA3 (Class M2) | | | | | | | | | | | | |
| | 136,881 | | | g,i | | STACR | | | | | 3.726 | | | 02/25/48 | | | 137 | |
| | | | | | | Series - 2018 SPI1 (Class M1) | | | | | | | | | | | | |
| | 202,263 | | | g,i | | STACR | | | | | 3.809 | | | 05/25/48 | | | 202 | |
| | | | | | | Series - 2018 SPI2 (Class M1) | | | | | | | | | | | | |
| | 1,300,373 | | | g,i | | STACR | | | | | 4.466 | | | 11/25/48 | | | 1,283 | |
| | | | | | | Series - 2018 SPI4 (Class M2) | | | | | | | | | | | | |
| | 2,470,000 | | | g,i | | STACR | | LIBOR 1 M + 2.050% | | | 2.235 | | | 11/25/49 | | | 2,396 | |
| | | | | | | Series - 2019 HQA4 (Class M2) | | | | | | | | | | | | |
| | 670,000 | | | g,i | | STACR | | LIBOR 1 M + 1.850% | | | 2.035 | | | 02/25/50 | | | 635 | |
| | | | | | | Series - 2020 DNA2 (Class M2) | | | | | | | | | | | | |
| | 620,000 | | | g,i | | STACR | | LIBOR 1 M + 3.100% | | | 3.285 | | | 03/25/50 | | | 594 | |
| | | | | | | Series - 2020 HQA2 (Class M2) | | | | | | | | | | | | |
| | 1,030,000 | | | | | Wells Fargo Commercial Mortgage Trust | | | | | 3.539 | | | 10/15/45 | | | 1,064 | |
| | | | | | | Series - 2012 LC5 (Class AS) | | | | | | | | | | | | |
| | 954,474 | | | g,i | | Wells Fargo Mortgage Backed Securities Trust | | | | | 4.000 | | | 04/25/49 | | | 983 | |
| | | | | | | Series - 2019 2 (Class A17) | | | | | | | | | | | | |
| | | | | | | TOTAL OTHER MORTGAGE BACKED | | | | | | | | | | | 340,472 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL STRUCTURED ASSETS | | | | | | | | | | | 535,820 | |
| | | | | | | (Cost $537,091) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL BONDS | | | | | | | | | | | 6,027,215 | |
| | | | | | | (Cost $5,739,733) | | | | | | | | | | | | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| COMMON STOCKS - 59.4% |
| | | | | | | | | | | | | | | | | | | |
| AUTOMOBILES & COMPONENTS - 1.1% |
| | 74,280 | | | | | Aptiv plc | | | | | | | | | | $ | 5,788 | |
| | 562 | | | | | Autoliv, Inc | | | | | | | | | | | 36 | |
| | 187,442 | | | | | Bayerische Motoren Werke AG. | | | | | | | | | | | 11,966 | |
| | 64,152 | | | | | Bayerische Motoren Werke AG. (Preference) | | | | | | | | | | | 3,116 | |
| | 14,525 | | | | | BorgWarner, Inc | | | | | | | | | | | 513 | |
| | 220,582 | | | | | Denso Corp | | | | | | | | | | | 8,651 | |
| | 609,480 | | | | | Honda Motor Co Ltd | | | | | | | | | | | 15,599 | |
| | 105,512 | | | | | Magna International, Inc | | | | | | | | | | | 4,699 | |
| | 56,903 | | | | | Michelin (C.G.D.E.) (Class B) | | | | | | | | | | | 5,931 | |
| | 617,444 | | | e | | Peugeot S.A. | | | | | | | | | | | 10,126 | |
| | 109,789 | | | g | | Pirelli & C S.p.A | | | | | | | | | | | 467 | |
| | 206,727 | | | | | Renault S.A. | | | | | | | | | | | 5,291 | |
| | 31,000 | | | | | Stanley Electric Co Ltd | | | | | | | | | | | 750 | |
| | 97,152 | | | *,e | | Tenneco, Inc | | | | | | | | | | | 735 | |
| | 50,537 | | | * | | Tesla, Inc | | | | | | | | | | | 54,570 | |
| | 518,100 | | | | | Toyota Motor Corp | | | | | | | | | | | 32,580 | |
| | 48,647 | | | e | | Valeo S.A. | | | | | | | | | | | 1,283 | |
| | | | | | | TOTAL AUTOMOBILES & COMPONENTS | | | | | | | | | 162,101 | |
| | | | | | | | | | | | | | | | | | | |
| BANKS - 2.8% |
| | 12,603 | | | | | Ameris Bancorp | | | | | | | | | | | 297 | |
| | 51,530 | | | | | Associated Banc-Corp | | | | | | | | | | | 705 | |
| | 894,208 | | | | | Australia & New Zealand Banking Group Ltd | | | | | | | | | | | 11,602 | |
| | 2,471,466 | | | | | Banco Bilbao Vizcaya Argentaria S.A. | | | | | | | | | | | 8,509 | |
| | 1,285,108 | | | | | Bank Hapoalim Ltd | | | | | | | | | | | 7,683 | |
| | 182,005 | | | | | Bank of Montreal | | | | | | | | | | | 9,687 | |
| | 663,049 | | | | | Bank of New York Mellon Corp | | | | | | | | | | | 25,627 | |
| | 210,824 | | | | | Bank of Nova Scotia | | | | | | | | | | | 8,724 | |
| | 60,679 | | | | | Bank OZK | | | | | | | | | | | 1,424 | |
| | 2,405 | | | | | Banner Corp | | | | | | | | | | | 91 | |
| | 68,254 | | | | | Berkshire Hills Bancorp, Inc | | | | | | | | | | | 752 | |
| | 3,227,500 | | | | | BOC Hong Kong Holdings Ltd | | | | | | | | | | | 10,334 | |
| | 16,180 | | | | | Brookline Bancorp, Inc | | | | | | | | | | | 163 | |
| | 13,829 | | | | | Bryn Mawr Bank Corp | | | | | | | | | | | 383 | |
| | 10,067 | | | | | Cadence BanCorp | | | | | | | | | | | 89 | |
| | 2,926,176 | | | | | CaixaBank S.A. | | | | | | | | | | | 6,260 | |
| | 12,700 | | | | | Camden National Corp | | | | | | | | | | | 439 | |
| | 79,444 | | | | | Canadian Imperial Bank of Commerce | | | | | | | | | | | 5,310 | |
| | 622,072 | | | | | Citizens Financial Group, Inc | | | | | | | | | | | 15,701 | |
| | 2,120 | | | | | Columbia Banking System, Inc | | | | | | | | | | | 60 | |
| | 144,072 | | | | | Comerica, Inc | | | | | | | | | | | 5,489 | |
| | 712 | | | | | Commerce Bancshares, Inc | | | | | | | | | | | 42 | |
| | 479,554 | | | | | Commonwealth Bank of Australia | | | | | | | | | | | 23,160 | |
| | 889 | | | | | Community Trust Bancorp, Inc | | | | | | | | | | | 29 | |
| | 6,256 | | | e | | Cullen/Frost Bankers, Inc | | | | | | | | | | | 467 | |
| | 67,309 | | | * | | Customers Bancorp, Inc | | | | | | | | | | | 809 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 750,793 | | | | | DBS Group Holdings Ltd | | | | | | | | | | $ | 11,297 | |
| | 93,331 | | | * | | Erste Bank der Oesterreichischen Sparkassen AG. | | | | | | | | | | | 2,204 | |
| | 15,927 | | | | | Federal Agricultural Mortgage Corp (FAMC) | | | | | | | | | | | 1,020 | |
| | 60,389 | | | | | First Republic Bank | | | | | | | | | | | 6,401 | |
| | 2,590 | | | | | Glacier Bancorp, Inc | | | | | | | | | | | 91 | |
| | 77,515 | | | | | Great Western Bancorp, Inc | | | | | | | | | | | 1,067 | |
| | 5,441 | | | | | Hancock Whitney Corp | | | | | | | | | | | 115 | |
| | 607,700 | | | | | Hang Seng Bank Ltd | | | | | | | | | | | 10,235 | |
| | 45,083 | | | | | Hanmi Financial Corp | | | | | | | | | | | 438 | |
| | 16,503 | | | | | Heartland Financial USA, Inc | | | | | | | | | | | 552 | |
| | 12,841 | | | | | Heritage Financial Corp | | | | | | | | | | | 257 | |
| | 24,702 | | | | | HomeStreet, Inc | | | | | | | | | | | 608 | |
| | 21,937 | | | | | HomeTrust Bancshares, Inc | | | | | | | | | | | 351 | |
| | 362,200 | | | | | Huntington Bancshares, Inc | | | | | | | | | | | 3,272 | |
| | 1,838,364 | | | | | ING Groep NV | | | | | | | | | | | 12,815 | |
| | 6,276,885 | | | | | Intesa Sanpaolo S.p.A. | | | | | | | | | | | 12,062 | |
| | 139,026 | | | | | Investors Bancorp, Inc | | | | | | | | | | | 1,182 | |
| | 125,286 | | | | | KBC Groep NV | | | | | | | | | | | 7,198 | |
| | 115,824 | | | | | Kearny Financial Corp | | | | | | | | | | | 947 | |
| | 801,909 | | | | | Keycorp | | | | | | | | | | | 9,767 | |
| | 22,925 | | | e | | Live Oak Bancshares, Inc | | | | | | | | | | | 333 | |
| | 119,443 | | | | | M&T Bank Corp | | | | | | | | | | | 12,419 | |
| | 12,050 | | | | | MGIC Investment Corp | | | | | | | | | | | 99 | |
| | 8,047 | | | * | | Mr Cooper Group, Inc | | | | | | | | | | | 100 | |
| | 1,139,508 | | | | | National Australia Bank Ltd | | | | | | | | | | | 14,440 | |
| | 42,093 | | | | | National Bank Holdings Corp | | | | | | | | | | | 1,137 | |
| | 3,324 | | | | | NBT Bancorp, Inc | | | | | | | | | | | 102 | |
| | 762,543 | | | | | New York Community Bancorp, Inc | | | | | | | | | | | 7,778 | |
| | 45,407 | | | | | Northfield Bancorp, Inc | | | | | | | | | | | 523 | |
| | 9,051 | | | e | | Old National Bancorp | | | | | | | | | | | 125 | |
| | 189,303 | | | | | People’s United Financial, Inc | | | | | | | | | | | 2,190 | |
| | 57,846 | | | | | Pinnacle Financial Partners, Inc | | | | | | | | | | | 2,429 | |
| | 342,004 | | | | | PNC Financial Services Group, Inc | | | | | | | | | | | 35,982 | |
| | 905,719 | | | | | Regions Financial Corp | | | | | | | | | | | 10,072 | |
| | 2,027,100 | | | | | Resona Holdings, Inc | | | | | | | | | | | 6,937 | |
| | 4,704 | | | | | Signature Bank | | | | | | | | | | | 503 | |
| | 1,005,063 | | | | | Skandinaviska Enskilda Banken AB (Class A) | | | | | | | | | | | 8,725 | |
| | 1,970,072 | | | | | Standard Chartered plc | | | | | | | | | | | 10,679 | |
| | 17,395 | | | e | | Sterling Bancorp | | | | | | | | | | | 204 | |
| | 8,646 | | | | | Stock Yards Bancorp, Inc | | | | | | | | | | | 348 | |
| | 248,200 | | | | | Sumitomo Mitsui Trust Holdings, Inc | | | | | | | | | | | 6,994 | |
| | 25,726 | | | * | | SVB Financial Group | | | | | | | | | | | 5,545 | |
| | 886,765 | | | | | Svenska Handelsbanken AB | | | | | | | | | | | 8,420 | |
| | 6,479 | | | * | | Texas Capital Bancshares, Inc | | | | | | | | | | | 200 | |
| | 6,965 | | | | | TFS Financial Corp | | | | | | | | | | | 100 | |
| | 26,551 | | | * | | The Bancorp, Inc | | | | | | | | | | | 260 | |
| | 475,503 | | | | | Toronto-Dominion Bank | | | | | | | | | | | 21,222 | |
| | 7,365 | | | | | Trico Bancshares | | | | | | | | | | | 224 | |
| | 27,016 | | | * | | Tristate Capital Holdings, Inc | | | | | | | | | | | 424 | |
| | 675,895 | | | | | Truist Financial Corp | | | | | | | | | | | 25,380 | |
| | 1,700 | | | | | Trustmark Corp | | | | | | | | | | | 42 | |
| | 5,827 | | | | | Umpqua Holdings Corp | | | | | | | | | | | 62 | |
| | 12,481 | | | | | Univest Financial Corp | | | | | | | | | | | 201 | |
| | 8,233 | | | | | Webster Financial Corp | | | | | | | | | | | 236 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 30,378 | | | | | WesBanco, Inc | | | | | | | | | | $ | 617 | |
| | 3,019 | | | | | Westamerica Bancorporation | | | | | | | | | | | 173 | |
| | 1,108,448 | | | | | Westpac Banking Corp | | | | | | | | | | | 13,893 | |
| | 1,110 | | | | | Wintrust Financial Corp | | | | | | | | | | | 48 | |
| | 1,706 | | | | | WSFS Financial Corp | | | | | | | | | | | 49 | |
| | 76,559 | | | | | Zions Bancorporation | | | | | | | | | | | 2,603 | |
| | | | | | | TOTAL BANKS | | | | | | | | | | | 427,533 | |
| | | | | | | | | | | | | | | | | | | |
| CAPITAL GOODS - 3.6% |
| | 280,121 | | | | | 3M Co | | | | | | | | | | | 43,696 | |
| | 790 | | | | | Acuity Brands, Inc | | | | | | | | | | | 76 | |
| | 10,485 | | | * | | Aegion Corp | | | | | | | | | | | 166 | |
| | 30,215 | | | | | Argan, Inc | | | | | | | | | | | 1,432 | |
| | 167,764 | | | | | Assa Abloy AB | | | | | | | | | | | 3,434 | |
| | 47,888 | | | * | | Astronics Corp | | | | | | | | | | | 506 | |
| | 212,409 | | | e | | Atlas Copco AB (A Shares) | | | | | | | | | | | 9,046 | |
| | 202,746 | | | | | Atlas Copco AB (B Shares) | | | | | | | | | | | 7,534 | |
| | 110,725 | | | * | | Axon Enterprise, Inc | | | | | | | | | | | 10,865 | |
| | 63,398 | | | | | Barnes Group, Inc | | | | | | | | | | | 2,508 | |
| | 2,120 | | | * | | Beacon Roofing Supply, Inc | | | | | | | | | | | 56 | |
| | 60,052 | | | * | | Bloom Energy Corp | | | | | | | | | | | 653 | |
| | 46,560 | | | | | Bouygues S.A. | | | | | | | | | | | 1,595 | |
| | 38,706 | | | | | Brenntag AG. | | | | | | | | | | | 2,052 | |
| | 304,448 | | | | | CAE, Inc | | | | | | | | | | | 4,938 | |
| | 21,582 | | | | | Carlisle Cos, Inc | | | | | | | | | | | 2,583 | |
| | 245,526 | | | | | Caterpillar, Inc | | | | | | | | | | | 31,059 | |
| | 866,069 | | | | | CNH Industrial NV | | | | | | | | | | | 6,085 | |
| | 106,312 | | | | | Compagnie de Saint-Gobain | | | | | | | | | | | 3,836 | |
| | 52,379 | | | | | Cubic Corp | | | | | | | | | | | 2,516 | |
| | 47,541 | | | | | Cummins, Inc | | | | | | | | | | | 8,237 | |
| | 98,635 | | | | | Curtiss-Wright Corp | | | | | | | | | | | 8,806 | |
| | 9,100 | | | | | Daifuku Co Ltd | | | | | | | | | | | 797 | |
| | 89,000 | | | | | Daikin Industries Ltd | | | | | | | | | | | 14,400 | |
| | 92,545 | | | | | DCC plc | | | | | | | | | | | 7,722 | |
| | 132,375 | | | | | Deere & Co | | | | | | | | | | | 20,803 | |
| | 230,459 | | | | | Eaton Corp | | | | | | | | | | | 20,161 | |
| | 4,718 | | | | | EMCOR Group, Inc | | | | | | | | | | | 312 | |
| | 158,469 | | | | | Fastenal Co | | | | | | | | | | | 6,789 | |
| | 142,984 | | | | | Ferguson plc | | | | | | | | | | | 11,691 | |
| | 134,151 | | | | | Fortive Corp | | | | | | | | | | | 9,077 | |
| | 19,271 | | | * | | Herc Holdings, Inc | | | | | | | | | | | 592 | |
| | 109,696 | | | | | Hexcel Corp | | | | | | | | | | | 4,960 | |
| | 97,900 | | | * | | Hitachi Construction Machinery Co Ltd | | | | | | | | | | | 2,720 | |
| | 21,083 | | | | | Hochtief AG. | | | | | | | | | | | 1,876 | |
| | 386 | | | | | IDEX Corp | | | | | | | | | | | 61 | |
| | 212,760 | | | | | Illinois Tool Works, Inc | | | | | | | | | | | 37,201 | |
| | 428,533 | | | | | Johnson Controls International plc | | | | | | | | | | | 14,630 | |
| | 303,500 | | | | | Kajima Corp | | | | | | | | | | | 3,629 | |
| | 159,700 | | | | | Kawasaki Heavy Industries Ltd | | | | | | | | | | | 2,307 | |
| | 1,335,270 | | | e | | Keppel Corp Ltd | | | | | | | | | | | 5,751 | |
| | 417,800 | | | | | Komatsu Ltd | | | | | | | | | | | 8,557 | |
| | 579,800 | | | e | | Kubota Corp | | | | | | | | | | | 8,673 | |
| | 14,151 | | | | | Legrand S.A. | | | | | | | | | | | 1,075 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 86 | | | | | Lennox International, Inc | | | | | | | | | | $ | 20 | |
| | 227,868 | | | | | Masco Corp | | | | | | | | | | | 11,441 | |
| | 120,371 | | | * | | Mercury Systems, Inc | | | | | | | | | | | 9,468 | |
| | 605,300 | | | | | Mitsubishi Corp | | | | | | | | | | | 12,791 | |
| | 29,641 | | | | | Moog, Inc (Class A) | | | | | | | | | | | 1,570 | |
| | 54,673 | | | | | MTU Aero Engines Holding AG. | | | | | | | | | | | 9,519 | |
| | 8,124 | | | *,e | | MYR Group, Inc | | | | | | | | | | | 259 | |
| | 333,800 | | | | | Obayashi Corp | | | | | | | | | | | 3,138 | |
| | 5,749 | | | e | | Owens Corning, Inc | | | | | | | | | | | 321 | |
| | 112,147 | | | | | PACCAR, Inc | | | | | | | | | | | 8,394 | |
| | 63,269 | | | | | Parker-Hannifin Corp | | | | | | | | | | | 11,595 | |
| | 66,868 | | | | | Quanta Services, Inc | | | | | | | | | | | 2,623 | |
| | 51,010 | | | | | Rockwell Automation, Inc | | | | | | | | | | | 10,865 | |
| | 49,609 | | | | | Roper Technologies Inc | | | | | | | | | | | 19,261 | |
| | 8,372 | | | | | Rush Enterprises, Inc (Class A) | | | | | | | | | | | 347 | |
| | 170,378 | | | | | Sandvik AB | | | | | | | | | | | 3,208 | |
| | 182,145 | | | | | Schneider Electric S.A. | | | | | | | | | | | 20,261 | |
| | 386,200 | | | | | Shimizu Corp | | | | | | | | | | | 3,182 | |
| | 213,660 | | | | | Siemens AG. | | | | | | | | | | | 25,198 | |
| | 11,700 | | | | | Snap-On, Inc | | | | | | | | | | | 1,621 | |
| | 676 | | | | | Stanley Black & Decker, Inc | | | | | | | | | | | 94 | |
| | 22,771 | | | * | | Sunrun, Inc | | | | | | | | | | | 449 | |
| | 47,513 | | | * | | Teledyne Technologies, Inc | | | | | | | | | | | 14,774 | |
| | 92,390 | | | | | Trane Technologies plc | | | | | | | | | | | 8,221 | |
| | 20,355 | | | * | | Trimas Corp | | | | | | | | | | | 488 | |
| | 40,888 | | | * | | United Rentals, Inc | | | | | | | | | | | 6,094 | |
| | 6,185 | | | * | | Vectrus, Inc | | | | | | | | | | | 304 | |
| | 18,266 | | | | | Vestas Wind Systems AS | | | | | | | | | | | 1,871 | |
| | 810,661 | | | | | Volvo AB (B Shares) | | | | | | | | | | | 12,756 | |
| | 17,820 | | | | | W.W. Grainger, Inc | | | | | | | | | | | 5,598 | |
| | 9,535 | | | e | | Wabash National Corp | | | | | | | | | | | 101 | |
| | 350,496 | | | | | Wartsila Oyj (B Shares) | | | | | | | | | | | 2,907 | |
| | 3,684 | | | * | | WESCO International, Inc | | | | | | | | | | | 129 | |
| | 46,620 | | | | | Woodward Inc | | | | | | | | | | | 3,615 | |
| | 12,800 | | | | | WSP Global, Inc | | | | | | | | | | | 785 | |
| | 49,895 | | | | | Xylem, Inc | | | | | | | | | | | 3,241 | |
| | | | | | | TOTAL CAPITAL GOODS | | | | | | | | | | | 551,972 | |
| | | | | | | | | | | | | | | | | | | |
| COMMERCIAL & PROFESSIONAL SERVICES - 1.0% |
| | 2,604 | | | | | ABM Industries, Inc | | | | | | | | | | | 95 | |
| | 36,304 | | | | | ACCO Brands Corp | | | | | | | | | | | 258 | |
| | 25,543 | | | | | Adecco S.A. | | | | | | | | | | | 1,204 | |
| | 1,000 | | | * | | ASGN Inc | | | | | | | | | | | 67 | |
| | 1,175 | | | | | Brambles Ltd | | | | | | | | | | | 9 | |
| | 17,055 | | | | | Cintas Corp | | | | | | | | | | | 4,543 | |
| | 177,551 | | | * | | Copart, Inc | | | | | | | | | | | 14,785 | |
| | 15,558 | | | * | | FTI Consulting, Inc | | | | | | | | | | | 1,782 | |
| | 7,701 | | | | | Heidrick & Struggles International, Inc | | | | | | | | | | | 166 | |
| | 6,731 | | | * | | Huron Consulting Group, Inc | | | | | | | | | | | 298 | |
| | 7,635 | | | | | ICF International, Inc | | | | | | | | | | | 495 | |
| | 348,780 | | | | | IHS Markit Ltd | | | | | | | | | | | 26,333 | |
| | 125,772 | | | | | Intertek Group plc | | | | | | | | | | | 8,471 | |
| | 47,960 | | | e | | Kelly Services, Inc (Class A) | | | | | | | | | | | 758 | |
| | 81,863 | | | | | Nielsen NV | | | | | | | | | | | 1,216 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 37,666 | | | | | Randstad Holdings NV | | | | | | | | | | $ | 1,684 | |
| | 411,200 | | | | | Recruit Holdings Co Ltd | | | | | | | | | | | 14,141 | |
| | 710,114 | | | | | RELX plc (London) | | | | | | | | | | | 16,436 | |
| | 21,731 | | | | | Resources Connection, Inc | | | | | | | | | | | 260 | |
| | 73,813 | | | | | Robert Half International, Inc | | | | | | | | | | | 3,900 | |
| | 1,100 | | | | | Secom Co Ltd | | | | | | | | | | | 97 | |
| | 5,725 | | | | | Seek Ltd | | | | | | | | | | | 88 | |
| | 3,476 | | | | | SGS S.A. | | | | | | | | | | | 8,515 | |
| | 6,612 | | | * | | Teleperformance | | | | | | | | | | | 1,684 | |
| | 158,803 | | | | | TransUnion | | | | | | | | | | | 13,822 | |
| | 19,637 | | | | | Verisk Analytics, Inc | | | | | | | | | | | 3,342 | |
| | 5,280 | | | | | Viad Corp | | | | | | | | | | | 100 | |
| | 193,688 | | | | | Waste Management, Inc | | | | | | | | | | | 20,513 | |
| | 29,805 | | | | | Wolters Kluwer NV | | | | | | | | | | | 2,328 | |
| | | | | | | TOTAL COMMERCIAL & PROFESSIONAL SERVICES | | | | | | | | | 147,390 | |
| | | | | | | | | | | | | | | | | | | |
| CONSUMER DURABLES & APPAREL - 1.1% |
| | 51,093 | | | | | Adidas-Salomon AG. | | | | | | | | | | | 13,471 | |
| | 540,582 | | | | | Barratt Developments plc | | | | | | | | | | | 3,322 | |
| | 48,830 | | | | | Berkeley Group Holdings plc | | | | | | | | | | | 2,515 | |
| | 224,447 | | | | | Burberry Group plc | | | | | | | | | | | 4,435 | |
| | 21,641 | | | | | Callaway Golf Co | | | | | | | | | | | 379 | |
| | 54,962 | | | * | | Century Communities, Inc | | | | | | | | | | | 1,685 | |
| | 61,402 | | | | | DR Horton, Inc | | | | | | | | | | | 3,405 | |
| | 94,209 | | | | | Essilor International S.A. | | | | | | | | | | | 12,116 | |
| | 39,949 | | | e | | Ethan Allen Interiors, Inc | | | | | | | | | | | 473 | |
| | 2,666 | | | | | Garmin Ltd | | | | | | | | | | | 260 | |
| | 804 | | | | | Hasbro, Inc | | | | | | | | | | | 60 | |
| | 30,606 | | | *,e | | iRobot Corp | | | | | | | | | | | 2,568 | |
| | 40,139 | | | | | Lennar Corp (Class A) | | | | | | | | | | | 2,473 | |
| | 35,049 | | | * | | Lululemon Athletica, Inc | | | | | | | | | | | 10,936 | |
| | 11,623 | | | * | | Meritage Homes Corp | | | | | | | | | | | 885 | |
| | 23,556 | | | * | | Mohawk Industries, Inc | | | | | | | | | | | 2,397 | |
| | 13,397 | | | | | Newell Brands Inc | | | | | | | | | | | 213 | |
| | 516,699 | | | | | Nike, Inc (Class B) | | | | | | | | | | | 50,662 | |
| | 2,771 | | | * | | NVR, Inc | | | | | | | | | | | 9,030 | |
| | 990,000 | | | | | Panasonic Corp | | | | | | | | | | | 8,681 | |
| | 21,332 | | | | | Pandora AS | | | | | | | | | | | 1,165 | |
| | 448 | | | | | PVH Corp | | | | | | | | | | | 21 | |
| | 9,294 | | | | | SEB S.A. | | | | | | | | | | | 1,542 | |
| | 296,900 | | | | | Sekisui House Ltd | | | | | | | | | | | 5,668 | |
| | 237,100 | | | * | | Sharp Corp | | | | | | | | | | | 2,543 | |
| | 79,078 | | | * | | Sonos, Inc | | | | | | | | | | | 1,157 | |
| | 354,600 | | | | | Sony Corp | | | | | | | | | | | 24,478 | |
| | 1,162,041 | | | | | Taylor Wimpey plc | | | | | | | | | | | 2,051 | |
| | 80,881 | | | | | VF Corp | | | | | | | | | | | 4,929 | |
| | | | | | | TOTAL CONSUMER DURABLES & APPAREL | | | | | | | | | | | 173,520 | |
| | | | | | | | | | | | | | | | | | | |
| CONSUMER SERVICES - 1.2% |
| | 138,079 | | | | | Accor S.A. | | | | | | | | | | | 3,768 | |
| | 33,403 | | | * | | American Public Education, Inc | | | | | | | | | | | 989 | |
| | 41,712 | | | * | | Bright Horizons Family Solutions | | | | | | | | | | | 4,889 | |
| | 31,423 | | | | | Carriage Services, Inc | | | | | | | | | | | 569 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 729,063 | | | | | Compass Group plc | | | | | | | | | | $ | 10,031 | |
| | 48,083 | | | | | Darden Restaurants, Inc | | | | | | | | | | | 3,643 | |
| | 72,351 | | | e | | Dave & Buster’s Entertainment, Inc | | | | | | | | | | | 965 | |
| | 29,626 | | | | | Domino’s Pizza, Inc | | | | | | | | | | | 10,945 | |
| | 3,927 | | | | | Dunkin Brands Group, Inc | | | | | | | | | | | 256 | |
| | 43,553 | | | *,e | | El Pollo Loco Holdings, Inc | | | | | | | | | | | 643 | |
| | 17,931 | | | * | | frontdoor, Inc | | | | | | | | | | | 795 | |
| | 9,331 | | | | | Graham Holdings Co | | | | | | | | | | | 3,198 | |
| | 309,617 | | | | | Hilton Worldwide Holdings, Inc | | | | | | | | | | | 22,741 | |
| | 192,375 | | | | | InterContinental Hotels Group plc | | | | | | | | | | | 8,492 | |
| | 22,872 | | | | | Marriott Vacations Worldwide Corp | | | | | | | | | | | 1,880 | |
| | 80,100 | | | | | Oriental Land Co Ltd | | | | | | | | | | | 10,585 | |
| | 35,121 | | | * | | Planet Fitness, Inc | | | | | | | | | | | 2,127 | |
| | 56,379 | | | *,e | | Regis Corp | | | | | | | | | | | 461 | |
| | 129,148 | | | e | | Royal Caribbean Cruises Ltd | | | | | | | | | | | 6,496 | |
| | 106,078 | | | | | Service Corp International | | | | | | | | | | | 4,125 | |
| | 113,558 | | | * | | ServiceMaster Global Holdings, Inc | | | | | | | | | | | 4,053 | |
| | 2,305 | | | * | | Shake Shack, Inc | | | | | | | | | | | 122 | |
| | 95,785 | | | | | Six Flags Entertainment Corp | | | | | | | | | | | 1,840 | |
| | 593,077 | | | | | Starbucks Corp | | | | | | | | | | | 43,645 | |
| | 24,827 | | | | | Vail Resorts, Inc | | | | | | | | | | | 4,522 | |
| | 97,412 | | | | | Wendy’s | | | | | | | | | | | 2,122 | |
| | 105,535 | | | *,e | | Whitbread plc | | | | | | | | | | | 2,904 | |
| | 30,692 | | | * | | WW International Inc | | | | | | | | | | | 779 | |
| | 207,292 | | | | | Yum! Brands, Inc | | | | | | | | | | | 18,016 | |
| | | | | | | TOTAL CONSUMER SERVICES | | | | | | | | | | | 175,601 | |
| | | | | | | | | | | | | | | | | | | |
| DIVERSIFIED FINANCIALS - 3.1% |
| | 737,983 | | | | | 3i Group plc | | | | | | | | | | | 7,599 | |
| | 119,166 | | | | | Ally Financial, Inc | | | | | | | | | | | 2,363 | |
| | 336,760 | | | | | American Express Co | | | | | | | | | | | 32,060 | |
| | 2,187 | | | | | Ameriprise Financial, Inc | | | | | | | | | | | 328 | |
| | 1,340,182 | | | * | | AMP Ltd | | | | | | | | | | | 1,734 | |
| | 67,417 | | | g | | Amundi S.A. | | | | | | | | | | | 5,300 | |
| | 24,514 | | | | | Annaly Capital Management, Inc | | | | | | | | | | | 161 | |
| | 65,720 | | | | | BlackRock, Inc | | | | | | | | | | | 35,758 | |
| | 3,313 | | | | | Blackstone Group, Inc | | | | | | | | | | | 188 | |
| | 468,145 | | | | | Brookfield Asset Management, Inc | | | | | | | | | | | 15,407 | |
| | 562,134 | | | | | Charles Schwab Corp | | | | | | | | | | | 18,966 | |
| | 167,434 | | | | | CME Group, Inc | | | | | | | | | | | 27,215 | |
| | 47,319 | | | | | Deutsche Boerse AG. | | | | | | | | | | | 8,564 | |
| | 590,153 | | | | | Discover Financial Services | | | | | | | | | | | 29,561 | |
| | 29,186 | | | | | E*TRADE Financial Corp | | | | | | | | | | | 1,451 | |
| | 42,522 | | | | | Eurazeo | | | | | | | | | | | 2,185 | |
| | 11,159 | | | | | Factset Research Systems, Inc | | | | | | | | | | | 3,665 | |
| | 115,174 | | | | | Franklin Resources, Inc | | | | | | | | | | | 2,415 | |
| | 14,336 | | | * | | Green Dot Corp | | | | | | | | | | | 704 | |
| | 431,946 | | | | | Hong Kong Exchanges and Clearing Ltd | | | | | | | | | | | 18,397 | |
| | 421,234 | | | | | Intercontinental Exchange Group, Inc | | | | | | | | | | | 38,585 | |
| | 66,698 | | | e | | Invesco Ltd | | | | | | | | | | | 718 | |
| | 45,759 | | | | | Legg Mason, Inc | | | | | | | | | | | 2,276 | |
| | 139,552 | | | | | London Stock Exchange Group plc | | | | | | | | | | | 14,513 | |
| | 145,300 | | | | | Macquarie Group Ltd | | | | | | | | | | | 12,059 | |
| | 17,991 | | | | | MarketAxess Holdings, Inc | | | | | | | | | | | 9,012 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 454,800 | | | | | Mitsubishi UFJ Lease & Finance Co Ltd | | | | | | | | | | $ | 2,170 | |
| | 85,006 | | | | | Moody’s Corp | | | | | | | | | | | 23,354 | |
| | 848,237 | | | | | Morgan Stanley | | | | | | | | | | | 40,970 | |
| | 27,645 | | | | | Nasdaq Inc | | | | | | | | | | | 3,303 | |
| | 1,071,999 | | | | | Natixis | | | | | | | | | | | 2,827 | |
| | 12,048 | | | *,† | | NewStar Financial, Inc | | | | | | | | | | | 3 | |
| | 157,600 | | | | | Northern Trust Corp | | | | | | | | | | | 12,504 | |
| | 3,573 | | | * | | PRA Group, Inc | | | | | | | | | | | 138 | |
| | 30,998 | | | | | Redwood Trust, Inc | | | | | | | | | | | 217 | |
| | 144,654 | | | | | S&P Global, Inc | | | | | | | | | | | 47,661 | |
| | 139,030 | | | | | Schroders plc | | | | | | | | | | | 5,074 | |
| | 2,147,611 | | | | | Standard Life Aberdeen plc | | | | | | | | | | | 7,116 | |
| | 164,576 | | | | | State Street Corp | | | | | | | | | | | 10,459 | |
| | 33,024 | | | | | T Rowe Price Group, Inc | | | | | | | | | | | 4,078 | |
| | 1,400,048 | | | | | UBS Group AG | | | | | | | | | | | 16,169 | |
| | 26,721 | | | | | Voya Financial, Inc | | | | | | | | | | | 1,246 | |
| | 26,666 | | | | | Wendel | | | | | | | | | | | 2,545 | |
| | | | | | | TOTAL DIVERSIFIED FINANCIALS | | | | | | | | | | | 471,018 | |
| | | | | | | | | | | | | | | | | | | |
| ENERGY - 1.9% |
| | 551,218 | | | | | Antero Midstream Corp | | | | | | | | | | | 2,811 | |
| | 212,128 | | | | | Apache Corp | | | | | | | | | | | 2,864 | |
| | 288,013 | | | | | Baker Hughes Co | | | | | | | | | | | 4,432 | |
| | 1,172,364 | | | | | Cenovus Energy, Inc (Toronto) | | | | | | | | | | | 5,484 | |
| | 3,725 | | | * | | ChampionX Corp | | | | | | | | | | | 36 | |
| | 167,909 | | | * | | Cheniere Energy, Inc | | | | | | | | | | | 8,113 | |
| | 540,071 | | | | | Chevron Corp | | | | | | | | | | | 48,190 | |
| | 21,267 | | | e | | Cimarex Energy Co | | | | | | | | | | | 585 | |
| | 619,684 | | | | | ConocoPhillips | | | | | | | | | | | 26,039 | |
| | 4,244 | | | e | | Delek US Holdings, Inc | | | | | | | | | | | 74 | |
| | 518,980 | | | | | Enbridge, Inc (Toronto) | | | | | | | | | | | 15,780 | |
| | 1,276,105 | | | | | ENI S.p.A. | | | | | | | | | | | 12,233 | |
| | 273,530 | | | | | EQT Corp | | | | | | | | | | | 3,255 | |
| | 718,937 | | | | | Equinor ASA | | | | | | | | | | | 10,357 | |
| | 13,916 | | | e | | Equitrans Midstream Corp | | | | | | | | | | | 116 | |
| | 504,797 | | | | | Galp Energia SGPS S.A. | | | | | | | | | | | 5,856 | |
| | 342,641 | | | * | | Gulfport Energy Corp | | | | | | | | | | | 373 | |
| | 31,856 | | | * | | Helix Energy Solutions Group, Inc | | | | | | | | | | | 111 | |
| | 122,005 | | | | | Hess Corp | | | | | | | | | | | 6,321 | |
| | 556,986 | | | | | Inpex Holdings, Inc | | | | | | | | | | | 3,478 | |
| | 1,256,487 | | | | | Kinder Morgan, Inc | | | | | | | | | | | 19,061 | |
| | 6,109 | | | | | Koninklijke Vopak NV | | | | | | | | | | | 323 | |
| | 146,419 | | | | | Kosmos Energy Ltd | | | | | | | | | | | 243 | |
| | 7,464 | | | e | | Lundin Petroleum AB | | | | | | | | | | | 182 | |
| | 1,617,620 | | | e | | Marathon Oil Corp | | | | | | | | | | | 9,900 | |
| | 28,451 | | | * | | Matrix Service Co | | | | | | | | | | | 277 | |
| | 11,094 | | | e | | National Oilwell Varco, Inc | | | | | | | | | | | 136 | |
| | 267,760 | | | | | Neste Oil Oyj | | | | | | | | | | | 10,517 | |
| | 117,900 | | | e | | Noble Energy, Inc | | | | | | | | | | | 1,056 | |
| | 5,830 | | | *,e | | Oceaneering International, Inc | | | | | | | | | | | 37 | |
| | 166,551 | | | * | | OMV AG. | | | | | | | | | | | 5,620 | |
| | 26,109 | | | | | ONEOK, Inc | | | | | | | | | | | 867 | |
| | 262,045 | | | | | Parsley Energy, Inc | | | | | | | | | | | 2,799 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 1,020,152 | | | e | | Repsol YPF S.A. | | | | | | | | | | $ | 9,014 | |
| | 659,816 | | | | | Schlumberger Ltd | | | | | | | | | | | 12,134 | |
| | 965,993 | | | * | | Southwestern Energy Co | | | | | | | | | | | 2,473 | |
| | 720,293 | | | | | Suncor Energy, Inc | | | | | | | | | | | 12,145 | |
| | 7,252 | | | | | Tenaris S.A. | | | | | | | | | | | 47 | |
| | 665,364 | | | | | Total S.A. | | | | | | | | | | | 25,655 | |
| | 266,480 | | | | | Valero Energy Corp | | | | | | | | | | | 15,674 | |
| | 335,894 | | | | | Williams Cos, Inc | | | | | | | | | | | 6,389 | |
| | 948 | | | | | Woodside Petroleum Ltd | | | | | | | | | | | 14 | |
| | | | | | | TOTAL ENERGY | | | | | | | | | | | 291,071 | |
| | | | | | | | | | | | | | | | | | | |
| FOOD & STAPLES RETAILING - 0.6% |
| | 293,800 | | | | | Aeon Co Ltd | | | | | | | | | | | 6,835 | |
| | 232,229 | | | | | Alimentation Couche Tard, Inc | | | | | | | | | | | 7,282 | |
| | 86,085 | | | | | Carrefour S.A. | | | | | | | | | | | 1,335 | |
| | 82,679 | | | | | Casey’s General Stores, Inc | | | | | | | | | | | 12,362 | |
| | 49,083 | | | * | | Casino Guichard Perrachon S.A. | | | | | | | | | | | 1,818 | |
| | 46,387 | | | * | | Chefs’ Warehouse Holdings, Inc | | | | | | | | | | | 630 | |
| | 13,275 | | | | | Coles Group Ltd | | | | | | | | | | | 158 | |
| | 63,518 | | | | | George Weston Ltd | | | | | | | | | | | 4,653 | |
| | 1,559 | | | | | ICA Gruppen AB | | | | | | | | | | | 74 | |
| | 1,769,105 | | | | | J Sainsbury plc | | | | | | | | | | | 4,578 | |
| | 1,474 | | | *,e | | Jeronimo Martins SGPS S.A. | | | | | | | | | | | 26 | |
| | 69,400 | | | | | Kobe Bussan Co Ltd | | | | | | | | | | | 3,941 | |
| | 800 | | | | | Lawson, Inc | | | | | | | | | | | 40 | |
| | 155,267 | | | | | Loblaw Cos Ltd | | | | | | | | | | | 7,561 | |
| | 147,990 | | | | | Metro Wholesale & Food Specialist AG. | | | | | | | | | | | 1,405 | |
| | 15,404 | | | * | | Performance Food Group Co | | | | | | | | | | | 449 | |
| | 50,735 | | | | | Pricesmart, Inc | | | | | | | | | | | 3,061 | |
| | 81,818 | | | | | SpartanNash Co | | | | | | | | | | | 1,739 | |
| | 262,914 | | | * | | Sprouts Farmers Market, Inc | | | | | | | | | | | 6,728 | |
| | 4,508,344 | | | | | Tesco plc | | | | | | | | | | | 12,680 | |
| | 119,541 | | | * | | United Natural Foods, Inc | | | | | | | | | | | 2,177 | |
| | 484,194 | | | * | | US Foods Holding Corp | | | | | | | | | | | 9,548 | |
| | 18,123 | | | e | | Weis Markets, Inc | | | | | | | | | | | 908 | |
| | 800 | | | | | Welcia Holdings Co Ltd | | | | | | | | | | | 65 | |
| | 2,106,392 | | | | | WM Morrison Supermarkets plc | | | | | | | | | | | 4,962 | |
| | | | | | | TOTAL FOOD & STAPLES RETAILING | | | | | | | | | 95,015 | |
| | | | | | | | | | | | | | | | | | | |
| FOOD, BEVERAGE & TOBACCO - 2.5% |
| | 364,500 | | | | | Ajinomoto Co, Inc | | | | | | | | | | | 6,049 | |
| | 328,492 | | | | | Associated British Foods plc | | | | | | | | | | | 7,767 | |
| | 3,375 | | | | | Barry Callebaut AG. | | | | | | | | | | | 6,442 | |
| | 61,452 | | | *,e | | Beyond Meat, Inc | | | | | | | | | | | 8,233 | |
| | 61,362 | | | | | Bunge Ltd | | | | | | | | | | | 2,524 | |
| | 103,719 | | | | | Campbell Soup Co | | | | | | | | | | | 5,148 | |
| | 423,452 | | | | | Coca-Cola Amatil Ltd | | | | | | | | | | | 2,551 | |
| | 1,362,545 | | | | | Coca-Cola Co | | | | | | | | | | | 60,879 | |
| | 228,882 | | | | | Coca-Cola European Partners plc (Class A) | | | | | | | | | | | 8,643 | |
| | 225,309 | | | | | Coca-Cola HBC AG. | | | | | | | | | | | 5,640 | |
| | 226,559 | | | | | Danone | | | | | | | | | | | 15,726 | |
| | 69,826 | | | e | | Fresh Del Monte Produce, Inc | | | | | | | | | | | 1,719 | |
| | 484,237 | | | | | General Mills, Inc | | | | | | | | | | | 29,853 | |
| | 2,360 | | | * | | Hain Celestial Group, Inc | | | | | | | | | | | 74 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 279,178 | | | e | | Hormel Foods Corp | | | | | | | | | | $ | 13,476 | |
| | 176,470 | | | | | Kellogg Co | | | | | | | | | | | 11,658 | |
| | 92,734 | | | | | Kerry Group plc (Class A) | | | | | | | | | | | 11,520 | |
| | 146,000 | | | e | | Kikkoman Corp | | | | | | | | | | | 7,051 | |
| | 48,325 | | | | | McCormick & Co, Inc | | | | | | | | | | | 8,670 | |
| | 88,600 | | | | | MEIJI Holdings Co Ltd | | | | | | | | | | | 7,050 | |
| | 113,527 | | | | | Mowi ASA | | | | | | | | | | | 2,164 | |
| | 634,697 | | | | | Nestle S.A. | | | | | | | | | | | 70,369 | |
| | 29,600 | | | | | Nissin Food Products Co Ltd | | | | | | | | | | | 2,623 | |
| | 302,914 | | | | | Orkla ASA | | | | | | | | | | | 2,659 | |
| | 525,062 | | | | | PepsiCo, Inc | | | | | | | | | | | 69,445 | |
| | 141,100 | | | e | | Suntory Beverage & Food Ltd | | | | | | | | | | | 5,506 | |
| | 9,964 | | | * | | TreeHouse Foods, Inc | | | | | | | | | | | 436 | |
| | 116,700 | | | | | Yakult Honsha Co Ltd | | | | | | | | | | | 6,866 | |
| | | | | | | TOTAL FOOD, BEVERAGE & TOBACCO | | | | | | | | | 380,741 | |
| | | | | | | | | | | | | | | | | | | |
| HEALTH CARE EQUIPMENT & SERVICES - 3.4% |
| | 48,116 | | | * | | Abiomed, Inc | | | | | | | | | | | 11,623 | |
| | 219,862 | | | | | Alcon, Inc | | | | | | | | | | | 12,633 | |
| | 210,300 | | | | | Alfresa Holdings Corp | | | | | | | | | | | 4,408 | |
| | 56,304 | | | * | | Align Technology, Inc | | | | | | | | | | | 15,452 | |
| | 367,482 | | | *,e | | Allscripts Healthcare Solutions, Inc | | | | | | | | | | | 2,488 | |
| | 83,449 | | | * | | Angiodynamics, Inc | | | | | | | | | | | 849 | |
| | 224,873 | | | *,e | | Antares Pharma, Inc | | | | | | | | | | | 618 | |
| | 32,319 | | | * | | AtriCure, Inc | | | | | | | | | | | 1,453 | |
| | 33,262 | | | *,e | | Axonics Modulation Technologies, Inc | | | | | | | | | | | 1,168 | |
| | 34,601 | | | * | | BioTelemetry, Inc | | | | | | | | | | | 1,564 | |
| | 190,434 | | | | | Cardinal Health, Inc | | | | | | | | | | | 9,939 | |
| | 27,564 | | | * | | Cardiovascular Systems, Inc | | | | | | | | | | | 870 | |
| | 73,023 | | | * | | Centene Corp | | | | | | | | | | | 4,641 | |
| | 412,144 | | | | | Cerner Corp | | | | | | | | | | | 28,253 | |
| | 311,258 | | | * | | Cerus Corp | | | | | | | | | | | 2,054 | |
| | 91,256 | | | | | Cigna Corp | | | | | | | | | | | 17,124 | |
| | 6,294 | | | | | Cochlear Ltd | | | | | | | | | | | 826 | |
| | 50,637 | | | | | Coloplast AS | | | | | | | | | | | 7,893 | |
| | 22,324 | | | e | | Computer Programs & Systems, Inc | | | | | | | | | | | 509 | |
| | 46,216 | | | | | Cooper Cos, Inc | | | | | | | | | | | 13,109 | |
| | 216,177 | | | * | | Covetrus, Inc | | | | | | | | | | | 3,867 | |
| | 457,660 | | | | | CVS Health Corp | | | | | | | | | | | 29,734 | |
| | 232,300 | | | | | Dentsply Sirona, Inc | | | | | | | | | | | 10,235 | |
| | 469,092 | | | * | | Edwards Lifesciences Corp | | | | | | | | | | | 32,419 | |
| | 183,822 | | | * | | Envista Holdings Corp | | | | | | | | | | | 3,877 | |
| | 354,316 | | | | | Fisher & Paykel Healthcare Corp | | | | | | | | | | | 8,162 | |
| | 125,303 | | | * | | GenMark Diagnostics, Inc | | | | | | | | | | | 1,843 | |
| | 15,806 | | | *,e | | Glaukos Corp | | | | | | | | | | | 607 | |
| | 63,365 | | | * | | Globus Medical, Inc | | | | | | | | | | | 3,023 | |
| | 81,349 | | | | | GN Store Nord | | | | | | | | | | | 4,355 | |
| | 11,735 | | | * | | Guardant Health, Inc | | | | | | | | | | | 952 | |
| | 9,550 | | | * | | Haemonetics Corp | | | | | | | | | | | 855 | |
| | 140,348 | | | | | HCA Healthcare, Inc | | | | | | | | | | | 13,622 | |
| | 43,241 | | | *,e | | Health Catalyst, Inc | | | | | | | | | | | 1,261 | |
| | 30,112 | | | * | | Henry Schein, Inc | | | | | | | | | | | 1,758 | |
| | 14,207 | | | *,e | | Heska Corp | | | | | | | | | | | 1,324 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 30,772 | | | | | Hill-Rom Holdings, Inc | | | | | | | | | | $ | 3,378 | |
| | 74,901 | | | * | | HMS Holdings Corp | | | | | | | | | | | 2,426 | |
| | 127,585 | | | * | | Hologic, Inc | | | | | | | | | | | 7,272 | |
| | 45,418 | | | | | Humana, Inc | | | | | | | | | | | 17,611 | |
| | 66,007 | | | * | | IDEXX Laboratories, Inc | | | | | | | | | | | 21,793 | |
| | 8,609 | | | * | | Inogen, Inc | | | | | | | | | | | 306 | |
| | 26,165 | | | * | | Integer Holding Corp | | | | | | | | | | | 1,911 | |
| | 55,862 | | | * | | Laboratory Corp of America Holdings | | | | | | | | | | | 9,279 | |
| | 27,738 | | | | | LeMaitre Vascular, Inc | | | | | | | | | | | 732 | |
| | 3,910 | | | * | | LHC Group, Inc | | | | | | | | | | | 682 | |
| | 9,373 | | | * | | LivaNova plc | | | | | | | | | | | 451 | |
| | 90,484 | | | * | | Meridian Bioscience, Inc | | | | | | | | | | | 2,107 | |
| | 118,290 | | | * | | Merit Medical Systems, Inc | | | | | | | | | | | 5,400 | |
| | 116,928 | | | * | | NextGen Healthcare, Inc | | | | | | | | | | | 1,284 | |
| | 44,805 | | | *,e | | Omnicell, Inc | | | | | | | | | | | 3,164 | |
| | 129,633 | | | *,e | | OraSure Technologies, Inc | | | | | | | | | | | 1,508 | |
| | 37,581 | | | * | | Orthofix Medical Inc | | | | | | | | | | | 1,203 | |
| | 40,671 | | | | | Owens & Minor, Inc | | | | | | | | | | | 310 | |
| | 16,003 | | | * | | Penumbra, Inc | | | | | | | | | | | 2,862 | |
| | 2,830 | | | * | | Premier, Inc | | | | | | | | | | | 97 | |
| | 3,807 | | | * | | Providence Service Corp | | | | | | | | | | | 300 | |
| | 31,422 | | | | | Quest Diagnostics, Inc | | | | | | | | | | | 3,581 | |
| | 32,453 | | | * | | Quidel Corp | | | | | | | | | | | 7,261 | |
| | 125,777 | | | | | Ramsay Health Care Ltd | | | | | | | | | | | 5,809 | |
| | 91,258 | | | | | Resmed, Inc | | | | | | | | | | | 17,522 | |
| | 282,183 | | | | | Ryman Healthcare Ltd | | | | | | | | | | | 2,394 | |
| | 30,833 | | | | | Sartorius AG. | | | | | | | | | | | 10,176 | |
| | 12,083 | | | | | Sonic Healthcare Ltd | | | | | | | | | | | 255 | |
| | 47,799 | | | * | | Sonova Holdings AG | | | | | | | | | | | 9,568 | |
| | 54,606 | | | * | | Staar Surgical Co | | | | | | | | | | | 3,360 | |
| | 36,118 | | | | | STERIS plc | | | | | | | | | | | 5,542 | |
| | 24,656 | | | * | | Surgery Partners, Inc | | | | | | | | | | | 285 | |
| | 111,100 | | | | | Sysmex Corp | | | | | | | | | | | 8,528 | |
| | 34,744 | | | *,e | | Tactile Systems Technology, Inc | | | | | | | | | | | 1,439 | |
| | 30,380 | | | * | | Tandem Diabetes Care, Inc | | | | | | | | | | | 3,005 | |
| | 43,590 | | | *,e | | Tivity Health, Inc | | | | | | | | | | | 494 | |
| | 52,466 | | | *,e | | Triple-S Management Corp (Class B) | | | | | | | | | | | 998 | |
| | 292,116 | | | | | UnitedHealth Group, Inc | | | | | | | | | | | 86,160 | |
| | 42,880 | | | * | | Varian Medical Systems, Inc | | | | | | | | | | | 5,254 | |
| | 66,818 | | | *,e | | Vocera Communications, Inc | | | | | | | | | | | 1,417 | |
| | 47,644 | | | | | West Pharmaceutical Services, Inc | | | | | | | | | | | 10,823 | |
| | | | | | | TOTAL HEALTH CARE EQUIPMENT & SERVICES | | | | | | | | | 523,315 | |
| | | | | | | | | | | | | | | | | | | |
| HOUSEHOLD & PERSONAL PRODUCTS - 1.6% |
| | 32,966 | | | | | Beiersdorf AG. | | | | | | | | | | | 3,749 | |
| | 74,036 | | | | | Clorox Co | | | | | | | | | | | 16,241 | |
| | 347,259 | | | | | Colgate-Palmolive Co | | | | | | | | | | | 25,440 | |
| | 367,053 | | | | | Essity AB | | | | | | | | | | | 11,901 | |
| | 87,022 | | | | | Estee Lauder Cos (Class A) | | | | | | | | | | | 16,419 | |
| | 100,862 | | | | | Henkel KGaA | | | | | | | | | | | 8,438 | |
| | 37,753 | | | | | Henkel KGaA (Preference) | | | | | | | | | | | 3,522 | |
| | 172,500 | | | e | | Kao Corp | | | | | | | | | | | 13,689 | |
| | 67,915 | | | | | Kimberly-Clark Corp | | | | | | | | | | | 9,600 | |
| | 23,200 | | | | | Kobayashi Pharmaceutical Co Ltd | | | | | | | | | | | 2,040 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 22,700 | | | | | Kose Corp | | | | | | | | | | $ | 2,748 | |
| | 47,200 | | | e | | Lion Corp | | | | | | | | | | | 1,135 | |
| | 73,561 | | | * | | L’Oreal S.A. | | | | | | | | | | | 23,742 | |
| | 768,638 | | | | | Procter & Gamble Co | | | | | | | | | | | 91,906 | |
| | 166,600 | | | | | Shiseido Co Ltd | | | | | | | | | | | 10,616 | |
| | 207,700 | | | | | Uni-Charm Corp | | | | | | | | | | | 8,518 | |
| | | | | | | TOTAL HOUSEHOLD & PERSONAL PRODUCTS | | | | | | | | | 249,704 | |
| | | | | | | | | | | | | | | | | | | |
| INSURANCE - 2.2% |
| | 2,021,547 | | | | | Aegon NV | | | | | | | | | | | 5,976 | |
| | 355,504 | | | | | Aflac, Inc | | | | | | | | | | | 12,809 | |
| | 118,504 | | | | | Allianz AG. | | | | | | | | | | | 24,215 | |
| | 129,022 | | | | | Allstate Corp | | | | | | | | | | | 12,514 | |
| | 80,168 | | | | | Aon plc | | | | | | | | | | | 15,440 | |
| | 114 | | | | | Arthur J. Gallagher & Co | | | | | | | | | | | 11 | |
| | 554,526 | | | | | Assicurazioni Generali S.p.A. | | | | | | | | | | | 8,423 | |
| | 2,979,390 | | | | | Aviva plc | | | | | | | | | | | 10,098 | |
| | 574,060 | | | e | | AXA S.A. | | | | | | | | | | | 12,080 | |
| | 261,460 | | | | | Chubb Ltd | | | | | | | | | | | 33,106 | |
| | 193,866 | | | | | CNP Assurances | | | | | | | | | | | 2,249 | |
| | 1,814 | | | * | | eHealth, Inc | | | | | | | | | | | 178 | |
| | 3,863,216 | | | | | Legal & General Group plc | | | | | | | | | | | 10,532 | |
| | 236,933 | | | | | Loews Corp | | | | | | | | | | | 8,124 | |
| | 310,152 | | | | | Marsh & McLennan Cos, Inc | | | | | | | | | | | 33,301 | |
| | 82,300 | | | | | Mitsui Sumitomo Insurance Group Holdings, Inc | | | | | | | | | | | 2,266 | |
| | 32,107 | | | | | Muenchener Rueckver AG. | | | | | | | | | | | 8,361 | |
| | 237,100 | | | | | NKSJ Holdings, Inc | | | | | | | | | | | 8,162 | |
| | 642 | | | | | Principal Financial Group | | | | | | | | | | | 27 | |
| | 321,812 | | | | | Progressive Corp | | | | | | | | | | | 25,780 | |
| | 357,374 | | | | | Prudential Financial, Inc | | | | | | | | | | | 21,764 | |
| | 1,026,451 | | | | | Prudential plc | | | | | | | | | | | 15,467 | |
| | 75,475 | | | | | Sun Life Financial, Inc | | | | | | | | | | | 2,774 | |
| | 118,769 | | | | | Swiss Re Ltd | | | | | | | | | | | 9,209 | |
| | 173,200 | | | | | Tokio Marine Holdings, Inc | | | | | | | | | | | 7,582 | |
| | 171,882 | | | | | Travelers Cos, Inc | | | | | | | | | | | 19,603 | |
| | 208 | | | | | White Mountains Insurance Group Ltd | | | | | | | | | | | 185 | |
| | 15,095 | | | | | Willis Towers Watson plc | | | | | | | | | | | 2,973 | |
| | 51,467 | | | | | Zurich Insurance Group AG | | | | | | | | | | | 18,236 | |
| | | | | | | TOTAL INSURANCE | | | | | | | | | | | 331,445 | |
| | | | | | | | | | | | | | | | | | | |
| MATERIALS - 2.9% |
| | 159,439 | | | | | Agnico-Eagle Mines Ltd | | | | | | | | | | | 10,209 | |
| | 132,474 | | | | | Air Liquide | | | | | | | | | | | 19,154 | |
| | 1,524 | | | | | Amcor plc | | | | | | | | | | | 16 | |
| | 14,174 | | | | | Aptargroup, Inc | | | | | | | | | | | 1,587 | |
| | 480,800 | | | | | Asahi Kasei Corp | | | | | | | | | | | 3,936 | |
| | 612 | | | * | | Axalta Coating Systems Ltd | | | | | | | | | | | 14 | |
| | 533,448 | | | | | B2Gold Corp | | | | | | | | | | | 3,033 | |
| | 258,377 | | | | | Ball Corp | | | | | | | | | | | 17,955 | |
| | 230,548 | | | | | BASF SE | | | | | | | | | | | 12,950 | |
| | 6,891 | | | * | | Berry Global Group, Inc | | | | | | | | | | | 305 | |
| | 310,968 | | | | | BlueScope Steel Ltd | | | | | | | | | | | 2,562 | |
| | 307,457 | | | * | | Boliden AB | | | | | | | | | | | 7,052 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 83,968 | | | *,e | | Century Aluminum Co | | | | | | | | | | $ | 599 | |
| | 4,061 | | | | | Christian Hansen Holding | | | | | | | | | | | 419 | |
| | 330,987 | | | | | CRH plc | | | | | | | | | | | 11,393 | |
| | 94,615 | | | | | Croda International plc | | | | | | | | | | | 6,145 | |
| | 45,293 | | | | | DSM NV | | | | | | | | | | | 6,287 | |
| | 575,481 | | | | | DuPont de Nemours, Inc | | | | | | | | | | | 30,575 | |
| | 185,414 | | | | | Ecolab, Inc | | | | | | | | | | | 36,888 | |
| | 496,318 | | | | | Evolution Mining Ltd | | | | | | | | | | | 1,972 | |
| | 1,078,849 | | | e | | Fortescue Metals Group Ltd | | | | | | | | | | | 10,488 | |
| | 68,702 | | | | | Franco-Nevada Corp | | | | | | | | | | | 9,597 | |
| | 3,439 | | | | | Givaudan S.A. | | | | | | | | | | | 12,855 | |
| | 103,086 | | | | | HeidelbergCement AG. | | | | | | | | | | | 5,518 | |
| | 204,900 | | | | | Hitachi Metals Ltd | | | | | | | | | | | 2,456 | |
| | 15,725 | | | | | International Flavors & Fragrances, Inc | | | | | | | | | | | 1,926 | |
| | 41,353 | | | | | Johnson Matthey plc | | | | | | | | | | | 1,077 | |
| | 255,145 | | | | | Linde plc | | | | | | | | | | | 54,119 | |
| | 747,109 | | | | | Lundin Mining Corp | | | | | | | | | | | 4,006 | |
| | 16,319 | | | e | | Minerals Technologies, Inc | | | | | | | | | | | 766 | |
| | 486,000 | | | | | Mitsubishi Chemical Holdings Corp | | | | | | | | | | | 2,834 | |
| | 58,300 | | | | | Mitsubishi Materials Corp | | | | | | | | | | | 1,231 | |
| | 141,592 | | | | | Mitsui Chemicals, Inc | | | | | | | | | | | 2,962 | |
| | 279,116 | | | | | Mondi plc | | | | | | | | | | | 5,221 | |
| | 173,854 | | | | | Mosaic Co | | | | | | | | | | | 2,175 | |
| | 438,614 | | | | | Newcrest Mining Ltd | | | | | | | | | | | 9,726 | |
| | 477,058 | | | | | Newmont Goldcorp Corp | | | | | | | | | | | 29,454 | |
| | 500 | | | | | Nippon Paint Co Ltd | | | | | | | | | | | 36 | |
| | 693,100 | | | | | Nippon Steel Corp | | | | | | | | | | | 6,549 | |
| | 89,700 | | | | | Nitto Denko Corp | | | | | | | | | | | 5,085 | |
| | 1,520,855 | | | | | Norsk Hydro ASA | | | | | | | | | | | 4,243 | |
| | 277,899 | | | | | Nucor Corp | | | | | | | | | | | 11,508 | |
| | 306,097 | | | | | Nutrien Ltd (Toronto) | | | | | | | | | | | 9,835 | |
| | 20,310 | | | | | PPG Industries, Inc | | | | | | | | | | | 2,154 | |
| | 4,188 | | | | | Reliance Steel & Aluminum Co | | | | | | | | | | | 398 | |
| | 10,424 | | | | | Schnitzer Steel Industries, Inc (Class A) | | | | | | | | | | | 184 | |
| | 124,900 | | | | | Shin-Etsu Chemical Co Ltd | | | | | | | | | | | 14,658 | |
| | 142,600 | | | e | | Showa Denko KK | | | | | | | | | | | 3,219 | |
| | 40,165 | | | | | Sika AG. | | | | | | | | | | | 7,743 | |
| | 153,789 | | | | | Stora Enso Oyj (R Shares) | | | | | | | | | | | 1,841 | |
| | 1,354,900 | | | | | Sumitomo Chemical Co Ltd | | | | | | | | | | | 4,077 | |
| | 262,800 | | | | | Sumitomo Metal Mining Co Ltd | | | | | | | | | | | 7,403 | |
| | 190,141 | | | * | | Summit Materials, Inc | | | | | | | | | | | 3,057 | |
| | 463,117 | | | | | Svenska Cellulosa AB (B Shares) | | | | | | | | | | | 5,539 | |
| | 528,435 | | | | | Teck Cominco Ltd | | | | | | | | | | | 5,535 | |
| | 9,000 | | | | | Toray Industries, Inc | | | | | | | | | | | 42 | |
| | 29,019 | | | | | Trinseo S.A. | | | | | | | | | | | 643 | |
| | 164,274 | | | | | Umicore S.A. | | | | | | | | | | | 7,754 | |
| | 145,823 | | | | | UPM-Kymmene Oyj | | | | | | | | | | | 4,224 | |
| | 36,151 | | | * | | US Concrete, Inc | | | | | | | | | | | 896 | |
| | 112,930 | | | e | | Voestalpine AG. | | | | | | | | | | | 2,439 | |
| | 120,838 | | | | | Wheaton Precious Metals Corp | | | | | | | | | | | 5,315 | |
| | | | | | | TOTAL MATERIALS | | | | | | | | | | | 443,839 | |
| | | | | | | | | | | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 3.2% |
| | 387,414 | | | | | Activision Blizzard, Inc | | | | | | | | | | | 29,405 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 73,639 | | | * | | Alphabet, Inc (Class A) | | | | | | | | | | $ | 104,424 | |
| | 73,693 | | | * | | Alphabet, Inc (Class C) | | | | | | | | | | | 104,173 | |
| | 3,246 | | | e | | Cable One, Inc | | | | | | | | | | | 5,761 | |
| | 4,039 | | | * | | Cardlytics, Inc | | | | | | | | | | | 283 | |
| | 100,512 | | | | | Cinemark Holdings, Inc | | | | | | | | | | | 1,161 | |
| | 1,672,184 | | | | | Comcast Corp (Class A) | | | | | | | | | | | 65,182 | |
| | 355,347 | | | *,e | | Discovery, Inc (Class A) | | | | | | | | | | | 7,498 | |
| | 504,487 | | | * | | Discovery, Inc (Class C) | | | | | | | | | | | 9,716 | |
| | 171,686 | | | * | | Electronic Arts, Inc | | | | | | | | | | | 22,671 | |
| | 93,869 | | | * | | Gray Television, Inc | | | | | | | | | | | 1,310 | |
| | 92,371 | | | * | | Imax Corp | | | | | | | | | | | 1,036 | |
| | 898,060 | | | | | Informa plc | | | | | | | | | | | 5,192 | |
| | 1,902,885 | | | | | ITV plc | | | | | | | | | | | 1,759 | |
| | 57,052 | | | | | JC Decaux S.A. | | | | | | | | | | | 1,066 | |
| | 60,210 | | | | | John Wiley & Sons, Inc (Class A) | | | | | | | | | | | 2,348 | |
| | 223,006 | | | * | | Liberty Broadband Corp (Class C) | | | | | | | | | | | 27,644 | |
| | 2,960 | | | * | | Liberty Global plc (Class A) | | | | | | | | | | | 65 | |
| | 7,192 | | | * | | Liberty Global plc (Class C) | | | | | | | | | | | 155 | |
| | 23,584 | | | | | Loral Space & Communications, Inc | | | | | | | | | | | 460 | |
| | 20,704 | | | * | | Madison Square Garden Co | | | | | | | | | | | 3,041 | |
| | 77,621 | | | | | New York Times Co (Class A) | | | | | | | | | | | 3,262 | |
| | 35,200 | | | | | Nintendo Co Ltd | | | | | | | | | | | 15,737 | |
| | 387,791 | | | | | Omnicom Group, Inc | | | | | | | | | | | 21,173 | |
| | 749,945 | | | e | | Pearson plc | | | | | | | | | | | 5,339 | |
| | 549 | | | | | Schibsted ASA (B Shares) | | | | | | | | | | | 13 | |
| | 44,164 | | | | | Scholastic Corp | | | | | | | | | | | 1,322 | |
| | 117,248 | | | e | | Sinclair Broadcast Group, Inc (Class A) | | | | | | | | | | | 2,164 | |
| | 1,845,768 | | | | | Sirius XM Holdings, Inc | | | | | | | | | | | 10,835 | |
| | 14,953 | | | * | | Snap, Inc | | | | | | | | | | | 351 | |
| | 80,685 | | | * | | Take-Two Interactive Software, Inc | | | | | | | | | | | 11,261 | |
| | 15,254 | | | | | TEGNA, Inc | | | | | | | | | | | 170 | |
| | 225,150 | | | | | TripAdvisor, Inc | | | | | | | | | | | 4,280 | |
| | 51,055 | | | e | | World Wrestling Entertainment, Inc (Class A) | | | | | | | | | | | 2,218 | |
| | 766,310 | | | | | WPP plc | | | | | | | | | | | 5,974 | |
| | 1,232,131 | | | * | | Zynga, Inc | | | | | | | | | | | 11,755 | |
| | | | | | | TOTAL MEDIA & ENTERTAINMENT | | | | | | | | | | | 490,204 | |
| | | | | | | | | | | | | | | | | | | |
| PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.4% |
| | 502,296 | | | | | AbbVie, Inc | | | | | | | | | | | 49,315 | |
| | 72,319 | | | * | | Acadia Pharmaceuticals, Inc | | | | | | | | | | | 3,505 | |
| | 96,256 | | | *,e | | Aerie Pharmaceuticals, Inc | | | | | | | | | | | 1,421 | |
| | 199,700 | | | | | Agilent Technologies, Inc | | | | | | | | | | | 17,647 | |
| | 61,368 | | | *,e | | Agios Pharmaceuticals, Inc | | | | | | | | | | | 3,282 | |
| | 237,360 | | | | | Amgen, Inc | | | | | | | | | | | 55,984 | |
| | 52,528 | | | *,e | | AnaptysBio, Inc | | | | | | | | | | | 1,173 | |
| | 49,057 | | | * | | Assembly Biosciences, Inc | | | | | | | | | | | 1,144 | |
| | 793,914 | | | | | Astellas Pharma, Inc | | | | | | | | | | | 13,258 | |
| | 318,343 | | | | | AstraZeneca plc | | | | | | | | | | | 33,131 | |
| | 12,200 | | | | | AstraZeneca plc (ADR) | | | | | | | | | | | 645 | |
| | 86,856 | | | * | | Atara Biotherapeutics, Inc | | | | | | | | | | | 1,265 | |
| | 7,622 | | | *,e | | Avrobio, Inc | | | | | | | | | | | 133 | |
| | 3,566 | | | * | | Axsome Therapeutics, Inc | | | | | | | | | | | 293 | |
| | 334,149 | | | * | | BioCryst Pharmaceuticals, Inc | | | | | | | | | | | 1,592 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 77,438 | | | * | | Biogen, Inc | | | | | | | | | | $ | 20,718 | |
| | 63,550 | | | * | | BioMarin Pharmaceutical, Inc | | | | | | | | | | | 7,838 | |
| | 60,106 | | | * | | Bluebird Bio, Inc | | | | | | | | | | | 3,669 | |
| | 912,149 | | | | | Bristol-Myers Squibb Co | | | | | | | | | | | 53,634 | |
| | 198,186 | | | *,e | | Canopy Growth Corp (Toronto) | | | | | | | | | | | 3,210 | |
| | 284,091 | | | | | Chugai Pharmaceutical Co Ltd | | | | | | | | | | | 15,210 | |
| | 71,920 | | | * | | Collegium Pharmaceutical, Inc | | | | | | | | | | | 1,259 | |
| | 203,314 | | | *,e | | Cronos Group, Inc | | | | | | | | | | | 1,225 | |
| | 123,214 | | | | | CSL Ltd | | | | | | | | | | | 24,506 | |
| | 93,300 | | | | | Eisai Co Ltd | | | | | | | | | | | 7,413 | |
| | 346,753 | | | | | Eli Lilly & Co | | | | | | | | | | | 56,930 | |
| | 5,911 | | | *,e | | Esperion Thereapeutics, Inc | | | | | | | | | | | 303 | |
| | 39,409 | | | *,e | | Flexion Therapeutics, Inc | | | | | | | | | | | 518 | |
| | 485,311 | | | | | Gilead Sciences, Inc | | | | | | | | | | | 37,340 | |
| | 78,706 | | | | | H Lundbeck AS | | | | | | | | | | | 2,974 | |
| | 39,223 | | | * | | Halozyme Therapeutics, Inc | | | | | | | | | | | 1,052 | |
| | 16,285 | | | * | | Horizon Therapeutics Plc | | | | | | | | | | | 905 | |
| | 38,636 | | | * | | Immunomedics, Inc | | | | | | | | | | | 1,369 | |
| | 45,015 | | | * | | Insmed, Inc | | | | | | | | | | | 1,240 | |
| | 25,908 | | | * | | Intersect ENT, Inc | | | | | | | | | | | 351 | |
| | 122,707 | | | * | | Intra-Cellular Therapies, Inc | | | | | | | | | | | 3,150 | |
| | 76,381 | | | * | | IQVIA Holdings, Inc | | | | | | | | | | | 10,837 | |
| | 37,633 | | | * | | Jazz Pharmaceuticals plc | | | | | | | | | | | 4,152 | |
| | 24,002 | | | * | | Karyopharm Therapeutics, Inc | | | | | | | | | | | 455 | |
| | 30,346 | | | | | Lonza Group AG. | | | | | | | | | | | 16,074 | |
| | 105,643 | | | * | | MacroGenics, Inc | | | | | | | | | | | 2,950 | |
| | 900,659 | | | | | Merck & Co, Inc | | | | | | | | | | | 69,648 | |
| | 93,716 | | | | | Merck KGaA | | | | | | | | | | | 10,913 | |
| | 7,882 | | | * | | Mettler-Toledo International, Inc | | | | | | | | | | | 6,349 | |
| | 3,119 | | | * | | Mirati Therapeutics, Inc | | | | | | | | | | | 356 | |
| | 13,440 | | | * | | MyoKardia, Inc | | | | | | | | | | | 1,299 | |
| | 455,104 | | | | | Novo Nordisk AS | | | | | | | | | | | 29,649 | |
| | 341,800 | | | | | Ono Pharmaceutical Co Ltd | | | | | | | | | | | 9,976 | |
| | 856,183 | | | *,e | | Opko Health, Inc | | | | | | | | | | | 2,920 | |
| | 116,648 | | | | | Orion Oyj (Class B) | | | | | | | | | | | 5,657 | |
| | 56,789 | | | | | Perrigo Co plc | | | | | | | | | | | 3,139 | |
| | 83,235 | | | * | | Prothena Corp plc | | | | | | | | | | | 871 | |
| | 19,372 | | | * | | Repligen Corp | | | | | | | | | | | 2,395 | |
| | 97,664 | | | *,e | | Revance Therapeutics, Inc | | | | | | | | | | | 2,385 | |
| | 155,872 | | | | | Roche Holding AG. | | | | | | | | | | | 54,002 | |
| | 7,354 | | | * | | Sage Therapeutics, Inc | | | | | | | | | | | 306 | |
| | 103,278 | | | *,e | | Sangamo Therapeutics Inc | | | | | | | | | | | 925 | |
| | 290,635 | | | | | Sanofi-Aventis | | | | | | | | | | | 29,640 | |
| | 18,000 | | | | | Santen Pharmaceutical Co Ltd | | | | | | | | | | | 331 | |
| | 126,300 | | | | | Shionogi & Co Ltd | | | | | | | | | | | 7,923 | |
| | 198,600 | | | | | Sumitomo Dainippon Pharma Co Ltd | | | | | | | | | | | 2,752 | |
| | 519,124 | | | *,e | | TherapeuticsMD, Inc | | | | | | | | | | | 649 | |
| | 5,130 | | | *,e | | Tricida, Inc | | | | | | | | | | | 141 | |
| | 89,867 | | | | | UCB S.A. | | | | | | | | | | | 10,429 | |
| | 36,233 | | | *,e | | Ultragenyx Pharmaceutical, Inc | | | | | | | | | | | 2,834 | |
| | 157,590 | | | * | | Vertex Pharmaceuticals, Inc | | | | | | | | | | | 45,750 | |
| | 25,713 | | | * | | Waters Corp | | | | | | | | | | | 4,639 | |
| | 30,112 | | | *,e | | ZIOPHARM Oncology, Inc | | | | | | | | | | | 99 | |
| | 302,123 | | | | | Zoetis, Inc | | | | | | | | | | | 41,403 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 15,799 | | | * | | Zogenix, Inc | | | | | | | | | | $ | 427 | |
| | | | | | | TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | | | | | | | | 810,877 | |
| | | | | | | | | | | | | | | | | | | |
| REAL ESTATE - 2.1% |
| | 64,090 | | | | | Alexandria Real Estate Equities, Inc | | | | | | | | | | | 10,399 | |
| | 200,190 | | | | | American Tower Corp | | | | | | | | | | | 51,757 | |
| | 3,067 | | | | | Americold Realty Trust | | | | | | | | | | | 111 | |
| | 507,600 | | | | | Ascendas REIT | | | | | | | | | | | 1,165 | |
| | 97,312 | | | | | Boston Properties, Inc | | | | | | | | | | | 8,795 | |
| | 864,886 | | | | | British Land Co plc | | | | | | | | | | | 4,137 | |
| | 2,882,849 | | | * | | CapitaLand Ltd | | | | | | | | | | | 6,090 | |
| | 68,626 | | | | | CatchMark Timber Trust, Inc | | | | | | | | | | | 607 | |
| | 103,900 | | | * | | CBRE Group, Inc | | | | | | | | | | | 4,698 | |
| | 66,500 | | | e | | City Developments Ltd | | | | | | | | | | | 406 | |
| | 11,169 | | | | | Coresite Realty | | | | | | | | | | | 1,352 | |
| | 35,727 | | | | | Cousins Properties, Inc | | | | | | | | | | | 1,066 | |
| | 38,501 | | | | | CyrusOne, Inc | | | | | | | | | | | 2,801 | |
| | 306,400 | | | | | Daiwa House Industry Co Ltd | | | | | | | | | | | 7,236 | |
| | 155,597 | | | | | Deutsche Wohnen AG. | | | | | | | | | | | 6,992 | |
| | 115,886 | | | | | DiamondRock Hospitality Co | | | | | | | | | | | 641 | |
| | 32,647 | | | | | Easterly Government Properties, Inc | | | | | | | | | | | 755 | |
| | 47,568 | | | | | Equinix, Inc | | | | | | | | | | | 33,407 | |
| | 83,082 | | | | | First Capital Real Estate Investment Trust | | | | | | | | | | | 849 | |
| | 41,930 | | | | | First Industrial Realty Trust, Inc | | | | | | | | | | | 1,612 | |
| | 2,327 | | | | | Fonciere Des Regions | | | | | | | | | | | 169 | |
| | 31,038 | | | | | Franklin Street Properties Corp | | | | | | | | | | | 158 | |
| | 539 | | | e | | Gecina S.A. | | | | | | | | | | | 67 | |
| | 710,446 | | | | | Goodman Group | | | | | | | | | | | 7,331 | |
| | 683,337 | | | | | GPT Group | | | | | | | | | | | 1,985 | |
| | 278,555 | | | | | Healthpeak Properties Inc | | | | | | | | | | | 7,677 | |
| | 217,129 | | | | | Host Hotels and Resorts, Inc | | | | | | | | | | | 2,343 | |
| | 42,601 | | | * | | Howard Hughes Corp | | | | | | | | | | | 2,213 | |
| | 19,640 | | | | | Hudson Pacific Properties | | | | | | | | | | | 494 | |
| | 338,000 | | | | | Hulic Co Ltd | | | | | | | | | | | 3,191 | |
| | 945 | | | e | | Iron Mountain, Inc | | | | | | | | | | | 25 | |
| | 6,605 | | | | | Jones Lang LaSalle, Inc | | | | | | | | | | | 683 | |
| | 98,487 | | | | | Kimco Realty Corp | | | | | | | | | | | 1,265 | |
| | 368,338 | | | e | | Land Securities Group plc | | | | | | | | | | | 2,517 | |
| | 55,191 | | | | | Lend Lease Corp Ltd | | | | | | | | | | | 477 | |
| | 1,290,400 | | | | | Link REIT | | | | | | | | | | | 10,594 | |
| | 259,120 | | | e | | Macerich Co | | | | | | | | | | | 2,324 | |
| | 1,039,835 | | | | | Mirvac Group | | | | | | | | | | | 1,571 | |
| | 567,800 | | | | | Mitsubishi Estate Co Ltd | | | | | | | | | | | 8,461 | |
| | 362,810 | | | | | Mitsui Fudosan Co Ltd | | | | | | | | | | | 6,445 | |
| | 17 | | | | | Nippon ProLogis REIT, Inc | | | | | | | | | | | 52 | |
| | 84,700 | | | | | Nomura Real Estate Holdings, Inc | | | | | | | | | | | 1,577 | |
| | 271,894 | | | | | Park Hotels & Resorts, Inc | | | | | | | | | | | 2,689 | |
| | 7,000 | | | | | Piedmont Office Realty Trust, Inc | | | | | | | | | | | 116 | |
| | 457,893 | | | | | Prologis, Inc | | | | | | | | | | | 42,735 | |
| | 8,031 | | | e | | QTS Realty Trust, Inc | | | | | | | | | | | 515 | |
| | 19,275 | | | e | | Realogy Holdings Corp | | | | | | | | | | | 143 | |
| | 15,556 | | | | | Regency Centers Corp | | | | | | | | | | | 714 | |
| | 3,556 | | | | | RMR Group, Inc | | | | | | | | | | | 105 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 61,456 | | | | | SBA Communications Corp | | | | | | | | | | $ | 18,309 | |
| | 663,481 | | | | | Segro plc | | | | | | | | | | | 7,338 | |
| | 603,735 | | | e | | Stockland Trust Group | | | | | | | | | | | 1,400 | |
| | 563,500 | | | | | Swire Pacific Ltd (Class A) | | | | | | | | | | | 2,995 | |
| | 1,321,000 | | | | | Swire Properties Ltd | | | | | | | | | | | 3,373 | |
| | 50,691 | | | | | UDR, Inc | | | | | | | | | | | 1,895 | |
| | 40,112 | | | e | | Unibail-Rodamco-Westfield | | | | | | | | | | | 2,261 | |
| | 80,106 | | | | | Unibail-Rodamco-Westfield (Paris) | | | | | | | | | | | 4,514 | |
| | 50,025 | | | | | Ventas, Inc | | | | | | | | | | | 1,832 | |
| | 232,976 | | | | | Welltower, Inc | | | | | | | | | | | 12,056 | |
| | 318,541 | | | | | Weyerhaeuser Co | | | | | | | | | | | 7,154 | |
| | | | | | | TOTAL REAL ESTATE | | | | | | | | | | | 316,639 | |
| | | | | | | | | | | | | | | | | | | |
| RETAILING - 2.8% |
| | 59,955 | | | * | | 1-800-FLOWERS.COM, Inc (Class A) | | | | | | | | | | | 1,200 | |
| | 33,170 | | | | | Advance Auto Parts, Inc | | | | | | | | | | | 4,725 | |
| | 86,913 | | | | | Big Lots, Inc | | | | | | | | | | | 3,650 | |
| | 248,716 | | | * | | BJ’s Wholesale Club Holdings, Inc | | | | | | | | | | | 9,270 | |
| | 26,477 | | | * | | Booking Holdings, Inc | | | | | | | | | | | 42,160 | |
| | 99 | | | * | | Burlington Stores, Inc | | | | | | | | | | | 19 | |
| | 4,915 | | | * | | CarMax, Inc | | | | | | | | | | | 440 | |
| | 35,405 | | | *,g | | Delivery Hero AG. | | | | | | | | | | | 3,638 | |
| | 766,439 | | | | | eBay, Inc | | | | | | | | | | | 40,200 | |
| | 255,704 | | | * | | Etsy, Inc | | | | | | | | | | | 27,163 | |
| | 284,049 | | | | | Expedia Group Inc | | | | | | | | | | | 23,349 | |
| | 16,300 | | | | | Fast Retailing Co Ltd | | | | | | | | | | | 9,369 | |
| | 7,052 | | | * | | Five Below, Inc | | | | | | | | | | | 754 | |
| | 160,086 | | | *,e | | GameStop Corp (Class A) | | | | | | | | | | | 695 | |
| | 41,962 | | | | | Gap, Inc | | | | | | | | | | | 530 | |
| | 28,224 | | | * | | Genesco, Inc | | | | | | | | | | | 611 | |
| | 25,864 | | | | | Genuine Parts Co | | | | | | | | | | | 2,249 | |
| | 48,991 | | | *,e | | Groupon, Inc | | | | | | | | | | | 888 | |
| | 14,217 | | | e | | Haverty Furniture Cos, Inc | | | | | | | | | | | 227 | |
| | 54,715 | | | e | | Hennes & Mauritz AB (B Shares) | | | | | | | | | | | 799 | |
| | 31,775 | | | *,e | | Hibbett Sports, Inc | | | | | | | | | | | 665 | |
| | 329,155 | | | | | Home Depot, Inc | | | | | | | | | | | 82,457 | |
| | 332,136 | | | | | Industria De Diseno Textil S.A. | | | | | | | | | | | 8,813 | |
| | 97,400 | | | | | Jardine Cycle & Carriage Ltd | | | | | | | | | | | 1,421 | |
| | 898 | | | | | JD Sports Fashion plc | | | | | | | | | | | 7 | |
| | 25,673 | | | | | Kering | | | | | | | | | | | 14,036 | |
| | 579,682 | | | | | Kingfisher plc | | | | | | | | | | | 1,595 | |
| | 27,247 | | | *,e | | Lands’ End, Inc | | | | | | | | | | | 219 | |
| | 107,017 | | | * | | LKQ Corp | | | | | | | | | | | 2,804 | |
| | 280,303 | | | | | Lowe’s Companies, Inc | | | | | | | | | | | 37,875 | |
| | 211,933 | | | e | | Macy’s, Inc | | | | | | | | | | | 1,458 | |
| | 38,743 | | | * | | MarineMax, Inc | | | | | | | | | | | 867 | |
| | 2,400 | | | | | Marui Co Ltd | | | | | | | | | | | 43 | |
| | 370 | | | * | | MercadoLibre, Inc | | | | | | | | | | | 365 | |
| | 40,457 | | | | | Next plc | | | | | | | | | | | 2,449 | |
| | 201 | | | | | Pool Corp | | | | | | | | | | | 55 | |
| | 178,621 | | | * | | Prosus NV | | | | | | | | | | | 16,604 | |
| | 171,930 | | | * | | Quotient Technology, Inc | | | | | | | | | | | 1,258 | |
| | 327,400 | | | * | | Rakuten, Inc | | | | | | | | | | | 2,892 | |
| | 118,775 | | | *,e | | RealReal, Inc | | | | | | | | | | | 1,519 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 50,322 | | | | | Ross Stores, Inc | | | | | | | | | | $ | 4,289 | |
| | 1,746 | | | *,e | | Sally Beauty Holdings, Inc | | | | | | | | | | | 22 | |
| | 15,085 | | | e | | Shoe Carnival, Inc | | | | | | | | | | | 442 | |
| | 264,136 | | | | | Target Corp | | | | | | | | | | | 31,678 | |
| | 33,687 | | | | | Tiffany & Co | | | | | | | | | | | 4,108 | |
| | 382,392 | | | | | TJX Companies, Inc | | | | | | | | | | | 19,334 | |
| | 20,554 | | | | | Tractor Supply Co | | | | | | | | | | | 2,709 | |
| | 23,011 | | | * | | Ulta Beauty, Inc | | | | | | | | | | | 4,681 | |
| | 55,117 | | | *,e | | Wayfair, Inc | | | | | | | | | | | 10,892 | |
| | 1,397 | | | | | Williams-Sonoma, Inc | | | | | | | | | | | 115 | |
| | 24,714 | | | *,g | | Zalando SE | | | | | | | | | | | 1,753 | |
| | 18,108 | | | * | | Zumiez, Inc | | | | | | | | | | | 496 | |
| | | | | | | TOTAL RETAILING | | | | | | | | | | | 429,857 | |
| | | | | | | | | | | | | | | | | | | |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.1% |
| | 441,841 | | | | | Applied Materials, Inc | | | | | | | | | | | 26,709 | |
| | 274,200 | | | | | ASM Pacific Technology | | | | | | | | | | | 2,898 | |
| | 103,470 | | | | | ASML Holding NV | | | | | | | | | | | 37,851 | |
| | 29,888 | | | * | | Cirrus Logic, Inc | | | | | | | | | | | 1,847 | |
| | 15,567 | | | *,e | | Cree, Inc | | | | | | | | | | | 921 | |
| | 74,079 | | | *,e | | First Solar, Inc | | | | | | | | | | | 3,667 | |
| | 1,378,576 | | | | | Intel Corp | | | | | | | | | | | 82,480 | |
| | 37,055 | | | | | Lam Research Corp | | | | | | | | | | | 11,986 | |
| | 7,708 | | | | | NVE Corp | | | | | | | | | | | 477 | |
| | 203,257 | | | | | NVIDIA Corp | | | | | | | | | | | 77,219 | |
| | 22,132 | | | * | | Silicon Laboratories, Inc | | | | | | | | | | | 2,219 | |
| | 436,622 | | | | | Texas Instruments, Inc | | | | | | | | | | | 55,438 | |
| | 48,800 | | | | | Tokyo Electron Ltd | | | | | | | | | | | 12,041 | |
| | | | | | | TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | | | | | | 315,753 | |
| | | | | | | | | | | | | | | | | | | |
| SOFTWARE & SERVICES - 6.6% |
| | 284,657 | | | | | Accenture plc | | | | | | | | | | | 61,122 | |
| | 170,640 | | | * | | Adobe, Inc | | | | | | | | | | | 74,281 | |
| | 110,866 | | | | | Amadeus IT Holding S.A. | | | | | | | | | | | 5,821 | |
| | 25,925 | | | * | | Aspen Technology, Inc | | | | | | | | | | | 2,686 | |
| | 110,703 | | | | | Atos Origin S.A. | | | | | | | | | | | 9,491 | |
| | 150,530 | | | * | | Autodesk, Inc | | | | | | | | | | | 36,005 | |
| | 244,836 | | | *,e | | Avaya Holdings Corp | | | | | | | | | | | 3,026 | |
| | 66,843 | | | * | | Benefitfocus, Inc | | | | | | | | | | | 719 | |
| | 18,326 | | | e | | Blackbaud, Inc | | | | | | | | | | | 1,046 | |
| | 88,629 | | | * | | Blackline, Inc | | | | | | | | | | | 7,348 | |
| | 172,060 | | | * | | Cadence Design Systems, Inc | | | | | | | | | | | 16,511 | |
| | 89,427 | | | | | Cap Gemini S.A. | | | | | | | | | | | 10,320 | |
| | 59,823 | | | * | | Ceridian HCM Holding, Inc | | | | | | | | | | | 4,742 | |
| | 118,984 | | | * | | CGI, Inc | | | | | | | | | | | 7,496 | |
| | 23,801 | | | * | | ChannelAdvisor Corp | | | | | | | | | | | 377 | |
| | 3,509 | | | | | Computershare Ltd | | | | | | | | | | | 33 | |
| | 415,660 | | | * | | Conduent, Inc | | | | | | | | | | | 993 | |
| | 73,112 | | | | | CSG Systems International, Inc | | | | | | | | | | | 3,026 | |
| | 422,541 | | | | | DXC Technology Co | | | | | | | | | | | 6,972 | |
| | 49,918 | | | * | | Elastic NV | | | | | | | | | | | 4,603 | |
| | 73,876 | | | * | | ExlService Holdings, Inc | | | | | | | | | | | 4,684 | |
| | 72,127 | | | * | | Five9, Inc | | | | | | | | | | | 7,982 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 108,200 | | | | | Fujitsu Ltd | | | | | | | | | | $ | 12,668 | |
| | 26,971 | | | * | | HubSpot, Inc | | | | | | | | | | | 6,051 | |
| | 420,210 | | | | | International Business Machines Corp | | | | | | | | | | | 50,749 | |
| | 149,574 | | | | | Intuit, Inc | | | | | | | | | | | 44,302 | |
| | 290,489 | | | *,e | | Limelight Networks, Inc | | | | | | | | | | | 2,138 | |
| | 22,132 | | | * | | Liveperson, Inc | | | | | | | | | | | 917 | |
| | 109,076 | | | | | LogMeIn, Inc | | | | | | | | | | | 9,246 | |
| | 1,702,232 | | | | | Microsoft Corp | | | | | | | | | | | 346,421 | |
| | 206,281 | | | | | NEC Corp | | | | | | | | | | | 9,911 | |
| | 114,162 | | | * | | New Relic, Inc | | | | | | | | | | | 7,866 | |
| | 202,400 | | | | | Nomura Research Institute Ltd | | | | | | | | | | | 5,528 | |
| | 141,561 | | | *,e | | Nutanix, Inc | | | | | | | | | | | 3,356 | |
| | 8,622 | | | * | | OneSpan, Inc | | | | | | | | | | | 241 | |
| | 91,378 | | | | | Open Text Corp | | | | | | | | | | | 3,880 | |
| | 1,800 | | | | | Otsuka Corp | | | | | | | | | | | 95 | |
| | 35,696 | | | * | | Paylocity Holding Corp | | | | | | | | | | | 5,208 | |
| | 70,881 | | | * | | Perficient, Inc | | | | | | | | | | | 2,536 | |
| | 28,994 | | | *,e | | Qualys, Inc | | | | | | | | | | | 3,016 | |
| | 34,558 | | | * | | Rapid7, Inc | | | | | | | | | | | 1,763 | |
| | 21,480 | | | * | | Rosetta Stone, Inc | | | | | | | | | | | 362 | |
| | 526,045 | | | | | Sabre Corp | | | | | | | | | | | 4,240 | |
| | 336,094 | | | * | | salesforce.com, Inc | | | | | | | | | | | 62,961 | |
| | 257,065 | | | | | SAP AG. | | | | | | | | | | | 35,935 | |
| | 130,791 | | | | | Science Applications International Corp | | | | | | | | | | | 10,160 | |
| | 28,929 | | | * | | Shopify, Inc (Class A) (Toronto) | | | | | | | | | | | 27,484 | |
| | 45,219 | | | * | | Smartsheet, Inc | | | | | | | | | | | 2,303 | |
| | 80,474 | | | * | | SPS Commerce, Inc | | | | | | | | | | | 6,045 | |
| | 900 | | | | | Sumisho Computer Systems Corp | | | | | | | | | | | 44 | |
| | 145,682 | | | * | | SVMK, Inc | | | | | | | | | | | 3,429 | |
| | 83,587 | | | * | | Sykes Enterprises, Inc | | | | | | | | | | | 2,312 | |
| | 251,802 | | | * | | Teradata Corp | | | | | | | | | | | 5,237 | |
| | 36,680 | | | | | TTEC Holdings, Inc | | | | | | | | | | | 1,708 | |
| | 62,495 | | | * | | Virtusa Corp | | | | | | | | | | | 2,029 | |
| | 101,637 | | | * | | VMware, Inc (Class A) | | | | | | | | | | | 15,740 | |
| | 96,229 | | | * | | WEX, Inc | | | | | | | | | | | 15,879 | |
| | 55,010 | | | e | | Wisetech Global Ltd | | | | | | | | | | | 744 | |
| | 10,974 | | | * | | Workiva, Inc | | | | | | | | | | | 587 | |
| | 178,684 | | | * | | Zendesk, Inc | | | | | | | | | | | 15,819 | |
| | | | | | | TOTAL SOFTWARE & SERVICES | | | | | | | | | | | 998,194 | |
| | | | | | | | | | | | | | | | | | | |
| TECHNOLOGY HARDWARE & EQUIPMENT - 3.4% |
| | 931,346 | | | | | Apple, Inc | | | | | | | | | | | 339,755 | |
| | 4,043 | | | | | Belden CDT, Inc | | | | | | | | | | | 132 | |
| | 9,130 | | | | | Benchmark Electronics, Inc | | | | | | | | | | | 197 | |
| | 166,089 | | | * | | Ciena Corp | | | | | | | | | | | 8,995 | |
| | 1,553,100 | | | | | Cisco Systems, Inc | | | | | | | | | | | 72,437 | |
| | 934 | | | | | Cognex Corp | | | | | | | | | | | 56 | |
| | 39,338 | | | | | CTS Corp | | | | | | | | | | | 788 | |
| | 87,358 | | | | | Dolby Laboratories, Inc (Class A) | | | | | | | | | | | 5,754 | |
| | 4,418 | | | * | | Fabrinet | | | | | | | | | | | 276 | |
| | 12,986 | | | * | | FARO Technologies, Inc | | | | | | | | | | | 696 | |
| | 1,993,386 | | | | | Hewlett Packard Enterprise Co | | | | | | | | | | | 19,396 | |
| | 243,509 | | | | | HP, Inc | | | | | | | | | | | 4,244 | |
| | 16,988 | | | * | | Insight Enterprises, Inc | | | | | | | | | | | 836 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 6,173 | | | * | | Itron, Inc | | | | | | | | | | $ | 409 | |
| | 52,274 | | | | | Keyence Corp | | | | | | | | | | | 21,906 | |
| | 65,960 | | | * | | Keysight Technologies, Inc | | | | | | | | | | | 6,647 | |
| | 34,382 | | | * | | Kimball Electronics, Inc | | | | | | | | | | | 466 | |
| | 17,715 | | | * | | Lumentum Holdings, Inc | | | | | | | | | | | 1,443 | |
| | 8,736 | | | | | Methode Electronics, Inc | | | | | | | | | | | 273 | |
| | 180,700 | | | | | Murata Manufacturing Co Ltd | | | | | | | | | | | 10,652 | |
| | 4,973 | | | * | | Novanta, Inc | | | | | | | | | | | 531 | |
| | 57,800 | | | | | Omron Corp | | | | | | | | | | | 3,871 | |
| | 2,504 | | | *,e | | OSI Systems, Inc | | | | | | | | | | | 187 | |
| | 64,222 | | | * | | Ribbon Communications, Inc | | | | | | | | | | | 252 | |
| | 15,267 | | | *,e | | Rogers Corp | | | | | | | | | | | 1,902 | |
| | 5,900 | | | | | Shimadzu Corp | | | | | | | | | | | 158 | |
| | 33,440 | | | | | Synnex Corp | | | | | | | | | | | 4,005 | |
| | 30,600 | | | | | TDK Corp | | | | | | | | | | | 3,046 | |
| | 4,348 | | | | | TE Connectivity Ltd | | | | | | | | | | | 355 | |
| | 55,450 | | | * | | Tech Data Corp | | | | | | | | | | | 8,040 | |
| | 46,836 | | | * | | Trimble Inc | | | | | | | | | | | 2,023 | |
| | 72,267 | | | *,e | | TTM Technologies, Inc | | | | | | | | | | | 857 | |
| | 102,606 | | | | | Vishay Intertechnology, Inc | | | | | | | | | | | 1,567 | |
| | | | | | | TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | | | | | | | | | 522,152 | |
| | | | | | | | | | | | | | | | | | | |
| TELECOMMUNICATION SERVICES - 1.2% |
| | 32,457 | | | * | | Boingo Wireless, Inc | | | | | | | | | | | 432 | |
| | 6,482,604 | | | | | BT Group plc | | | | | | | | | | | 9,168 | |
| | 219,082 | | | * | | Iridium Communications, Inc | | | | | | | | | | | 5,574 | |
| | 554,032 | | | | | KDDI Corp | | | | | | | | | | | 16,531 | |
| | 477,000 | | | | | NTT DoCoMo, Inc | | | | | | | | | | | 12,663 | |
| | 921,525 | | | | | Orange S. A. | | | | | | | | | | | 11,020 | |
| | 185,118 | | | | | Rogers Communications, Inc (Class B) | | | | | | | | | | | 7,438 | |
| | 536,300 | | | | | Singapore Telecommunications Ltd | | | | | | | | | | | 953 | |
| | 3,479,100 | | | | | Singapore Telecommunications Ltd | | | | | | | | | | | 6,189 | |
| | 703,300 | | | | | Softbank Corp | | | | | | | | | | | 8,964 | |
| | 2,271 | | | | | Swisscom AG. | | | | | | | | | | | 1,191 | |
| | 2,071 | | | | | Tele2 AB (B Shares) | | | | | | | | | | | 28 | |
| | 476,916 | | | | | Telefonica Deutschland Holding AG. | | | | | | | | | | | 1,407 | |
| | 230,397 | | | | | Telenor ASA | | | | | | | | | | | 3,364 | |
| | 394,360 | | | | | TeliaSonera AB | | | | | | | | | | | 1,475 | |
| | 14,204 | | | | | TELUS Corp | | | | | | | | | | | 238 | |
| | 1,405,357 | | | | | Verizon Communications, Inc | | | | | | | | | | | 77,477 | |
| | 9,265,349 | | | | | Vodafone Group plc | | | | | | | | | | | 14,730 | |
| | | | | | | TOTAL TELECOMMUNICATION SERVICES | | | | | | | | | | | 178,842 | |
| | | | | | | | | | | | | | | | | | | |
| TRANSPORTATION - 1.5% |
| | 131,600 | | | e | | All Nippon Airways Co Ltd | | | | | | | | | | | 3,007 | |
| | 5,676 | | | | | Amerco, Inc | | | | | | | | | | | 1,715 | |
| | 62,470 | | | | | ArcBest Corp | | | | | | | | | | | 1,656 | |
| | 143,974 | | | | | Auckland International Airport Ltd | | | | | | | | | | | 612 | |
| | 32,552 | | | *,e | | Avis Budget Group, Inc | | | | | | | | | | | 745 | |
| | 217,872 | | | | | Canadian National Railway Co | | | | | | | | | | | 19,276 | |
| | 70,800 | | | | | Central Japan Railway Co | | | | | | | | | | | 10,950 | |
| | 71,122 | | | | | CH Robinson Worldwide, Inc | | | | | | | | | | | 5,623 | |
| | 503,442 | | | | | CSX Corp | | | | | | | | | | | 35,110 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 817,258 | | | | | Delta Air Lines, Inc | | | | | | | | | | $ | 22,924 | |
| | 380,559 | | | | | Deutsche Post AG. | | | | | | | | | | | 13,974 | |
| | 130,100 | | | | | East Japan Railway Co | | | | | | | | | | | 9,015 | |
| | 57,413 | | | * | | Echo Global Logistics, Inc | | | | | | | | | | | 1,241 | |
| | 18,939 | | | e | | Fraport AG. Frankfurt Airport Services Worldwide | | | | | | | | | | | 830 | |
| | 75,281 | | | | | Getlink S.E. | | | | | | | | | | | 1,089 | |
| | 18,300 | | | | | Hankyu Hanshin Holdings, Inc | | | | | | | | | | | 618 | |
| | 4,304 | | | | | Kansas City Southern | | | | | | | | | | | 643 | |
| | 100 | | | | | Keio Corp | | | | | | | | | | | 6 | |
| | 16,500 | | | | | Kintetsu Corp | | | | | | | | | | | 740 | |
| | 723 | | | | | Kuehne & Nagel International AG. | | | | | | | | | | | 120 | |
| | 459 | | | | | Landstar System, Inc | | | | | | | | | | | 52 | |
| | 1,735,364 | | | | | MTR Corp | | | | | | | | | | | 9,025 | |
| | 115,378 | | | | | Nippon Yusen Kabushiki Kaisha | | | | | | | | | | | 1,633 | |
| | 149,658 | | | | | Norfolk Southern Corp | | | | | | | | | | | 26,276 | |
| | 175 | | | | | Old Dominion Freight Line | | | | | | | | | | | 30 | |
| | 100 | | | | | SG Holdings Co Ltd | | | | | | | | | | | 3 | |
| | 247,249 | | | | | Singapore Airlines Ltd | | | | | | | | | | | 667 | |
| | 312,070 | | | | | Sydney Airport | | | | | | | | | | | 1,232 | |
| | 1,279,550 | | | | | Transurban Group | | | | | | | | | | | 12,548 | |
| | 366,344 | | | | | United Parcel Service, Inc (Class B) | | | | | | | | | | | 40,730 | |
| | 200 | | | | | West Japan Railway Co | | | | | | | | | | | 11 | |
| | | | | | | TOTAL TRANSPORTATION | | | | | | | | | | | 222,101 | |
| | | | | | | | | | | | | | | | | | | |
| UTILITIES - 2.1% |
| | 368,185 | | | | | American Electric Power Co, Inc | | | | | | | | | | | 29,322 | |
| | 35,541 | | | | | American Water Works Co, Inc | | | | | | | | | | | 4,573 | |
| | 500,415 | | | | | APA Group | | | | | | | | | | | 3,869 | |
| | 167,133 | | | | | Centerpoint Energy, Inc | | | | | | | | | | | 3,120 | |
| | 983,500 | | | | | CLP Holdings Ltd | | | | | | | | | | | 9,659 | |
| | 14,457 | | | | | CMS Energy Corp | | | | | | | | | | | 845 | |
| | 247,789 | | | | | Consolidated Edison, Inc | | | | | | | | | | | 17,823 | |
| | 235,972 | | | | | Dominion Energy, Inc | | | | | | | | | | | 19,156 | |
| | 27,571 | | | | | DTE Energy Co | | | | | | | | | | | 2,964 | |
| | 2,467,321 | | | | | Enel S.p.A. | | | | | | | | | | | 21,339 | |
| | 171,978 | | | | | Energias de Portugal S.A. | | | | | | | | | | | 821 | |
| | 1,832 | | | | | Equitable Holdings, Inc | | | | | | | | | | | 35 | |
| | 178,457 | | | | | Eversource Energy | | | | | | | | | | | 14,860 | |
| | 101,463 | | | | | Fortis, Inc | | | | | | | | | | | 3,859 | |
| | 6,669,034 | | | | | Hong Kong & China Gas Ltd | | | | | | | | | | | 10,365 | |
| | 1,497,062 | | | | | Iberdrola S.A. | | | | | | | | | | | 17,478 | |
| | 431,000 | | | | | Kyushu Electric Power Co, Inc | | | | | | | | | | | 3,612 | |
| | 626,819 | | | | | Meridian Energy Ltd | | | | | | | | | | | 1,954 | |
| | 1,264,855 | | | | | National Grid plc | | | | | | | | | | | 15,432 | |
| | 286,392 | | | | | Naturgy Energy Group S.A. | | | | | | | | | | | 5,347 | |
| | 103,956 | | | g | | Orsted AS | | | | | | | | | | | 11,997 | |
| | 274,501 | | | | | Public Service Enterprise Group, Inc | | | | | | | | | | | 13,494 | |
| | 684,377 | | | | | Scottish & Southern Energy plc | | | | | | | | | | | 11,589 | |
| | 239,950 | | | | | Sempra Energy | | | | | | | | | | | 28,129 | |
| | 15,442 | | | | | South Jersey Industries, Inc | | | | | | | | | | | 386 | |
| | 661,479 | | | | | Southern Co | | | | | | | | | | | 34,298 | |
| | 100 | | | | | Toho Gas Co Ltd | | | | | | | | | | | 5 | |
| | 181,100 | | | | | Tokyo Gas Co Ltd | | | | | | | | | | | 4,336 | |
| | 36,029 | | | | | UGI Corp | | | | | | | | | | | 1,146 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| SHARES | | | | | COMPANY | | | | | | | | VALUE
(000) | |
| | 147,317 | | | | | WEC Energy Group, Inc | | | | | | | | | | $ | 12,912 | |
| | 245,026 | | | | | Xcel Energy, Inc | | | | | | | | | | | 15,314 | |
| | | | | | | TOTAL UTILITIES | | | | | | | | | | | 320,039 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL COMMON STOCKS | | | | | | | | | | | 9,028,923 | |
| | | | | | | (Cost $7,443,145) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| PREFERRED STOCKS - 0.2% |
| | | | | | | | | | | | | | | | | | | |
| BANKS - 0.1% |
| | 233,115 | | | *,e | | Federal Home Loan Mortgage Corp | | | | | | | | | | | 1,851 | |
| | 740,991 | | | *,e | | Federal National Mortgage Association | | | | | | | | | 5,891 | |
| | | | | | | TOTAL BANKS | | | | | | | | | | | 7,742 | |
| | | | | | | | | | | | | | | | | | | |
| REAL ESTATE - 0.1% |
| | 390,000 | | | *,e | | Brookfield Property Partners LP | | | | | | | | | | | 7,071 | |
| | 695,000 | | | * | | Brookfield Property Partners LP | | | | | | | | | | | 11,509 | |
| | | | | | | TOTAL REAL ESTATE | | | | | | | | | | | 18,580 | |
| | | | | | | | | | | | | | | | | | | |
| UTILITIES - 0.0% |
| | 308,000 | | | * | | Brookfield Renewable Partners LP | | | | | | | | | | | 7,727 | |
| | | | | | | TOTAL UTILITIES | | | | | | | | | | | 7,727 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL PREFERRED STOCKS | | | | | | | | | | | 34,049 | |
| | | | | | | (Cost $59,178) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| RIGHTS / WARRANTS - 0.0% |
| | | | | | | | | | | | | | | | | | | |
| ENERGY - 0.0% |
| | 1,020,152 | | | e | | Repsol S.A. | | | | | | | | | | | 497 | |
| | | | | | | TOTAL ENERGY | | | | | | | | | | | 497 | |
| | | | | | | | | | | | | | | | | | | |
| MEDIA & ENTERTAINMENT - 0.0% |
| | 38,808 | | | † | | Media General, Inc | | | | | | | | | | | 0 | ^ |
| | | | | | | TOTAL MEDIA & ENTERTAINMENT | | | | | | | | | | | 0 | ^ |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL RIGHTS / WARRANTS | | | | | | | | | | | 497 | |
| | | | | | | (Cost $568) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | | |
| SHORT-TERM INVESTMENTS - 4.2% |
| | | | | | | | | | | | | | | | | | | |
| GOVERNMENT AGENCY DEBT - 1.5% |
| $ | 18,000,000 | | | | | Federal Agricultural Mortgage Corp (FAMC) | | | 0.120 | % | | 07/06/20 | | | 18,000 | |
| | 20,000,000 | | | | | Federal Farm Credit Bank (FFCB) | | | | | 0.120 | | | 07/17/20 | | | 19,999 | |
| | 20,000,000 | | | | | Federal Home Loan Bank (FHLB) | | | | | 0.115 | | | 07/09/20 | | | 20,000 | |
| | 23,475,000 | | | | | FHLB | | | | | 0.120-0.150 | | | 07/21/20 | | | 23,473 | |
| | 32,130,000 | | | | | FHLB | | | | | 0.115-0.150 | | | 07/24/20 | | | 32,128 | |
| | 4,500,000 | | | | | FHLB | | | | | 0.125-0.155 | | | 08/07/20 | | | 4,499 | |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| PRINCIPAL | | | | | ISSUER | | | | RATE | | MATURITY
DATE | | VALUE
(000) | |
| $ | 20,800,000 | | | | | FHLB | | | | | 0.120%-0.140 | % | | 08/11/20 | | $ | 20,796 | |
| | 13,437,000 | | | | | FHLB | | | | | 0.120-0.130 | | | 08/14/20 | | | 13,435 | |
| | 14,798,000 | | | | | FHLB | | | | | 0.135 | | | 08/19/20 | | | 14,795 | |
| | 14,500,000 | | | | | FHLB | | | | | 0.130-0.145 | | | 08/25/20 | | | 14,496 | |
| | 11,000,000 | | | | | FHLB | | | | | 0.140-0.170 | | | 09/04/20 | | | 10,997 | |
| | 14,400,000 | | | | | FHLB | | | | | 0.030-0.270 | | | 09/15/20 | | | 14,396 | |
| | 11,585,000 | | | | | FHLB | | | | | 0.135-0.155 | | | 09/22/20 | | | 11,581 | |
| | | | | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | 218,595 | |
| | | | | | | | | | | | | | | | | | | |
| REPURCHASE AGREEMENT - 0.2% |
| | 29,700,000 | | | r | | Fixed Income Clearing Corp | | | | | 0.070 | | | 07/01/20 | | | 29,700 | |
| | | | | | | TOTAL REPURCHASE AGREEMENT | | | | | | | | | 29,700 | |
| | | | | | | | | | | | | | | | | | | |
| TREASURY DEBT - 1.6% |
| | 13,320,000 | | | | | United States Treasury Bill | | | | | 0.100 | | | 07/02/20 | | | 13,320 | |
| | 100,000,000 | | | | | United States Treasury Bill | | | | | 0.120 | | | 07/07/20 | | | 99,998 | |
| | 34,045,000 | | | | | United States Treasury Bill | | | | | 0.096-0.111 | | | 07/09/20 | | | 34,044 | |
| | 30,000,000 | | | | | United States Treasury Bill | | | | | 0.125 | | | 07/28/20 | | | 29,997 | |
| | 20,000,000 | | | | | United States Treasury Bill | | | | | 0.120 | | | 08/04/20 | | | 19,998 | |
| | 50,000,000 | | | | | United States Treasury Bill | | | | | 0.110 | | | 08/11/20 | | | 49,993 | |
| | | | | | | TOTAL TREASURY DEBT | | | | | | | | | | | 247,350 | |
| | | | | | | | | | | | | | | | | | | | |
| SHARES | | | | | COMPANY | | | | | | | | | |
| INVESTMENTS IN REGISTERED INVESTMENT COMPANIES - 0.9% |
| | 138,794,106 | | | c | | State Street Navigator Securities Lending Government Money Market Portfolio | | | | | 138,794 | |
| | | | | | | TOTAL INVESTMENTS IN REGISTERED INVESTMENT COMPANIES | | | | | 138,794 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | | | 634,439 | |
| | | | | | | (Cost $634,439) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL INVESTMENTS - 103.3% | | | | | | | | | 15,735,438 | |
| | | | | | | (Cost $13,887,651) | | | | | | | | | | | | |
| | | | | | | OTHER ASSETS & LIABILITIES, NET - (3.3)% | | | | | | | | (490,405 | ) |
| | | | | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 15,245,033 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | Abbreviation(s): | | | | | | | | | | | | | |
| | ADR | | | | | American Depositary Receipt |
| | EUR | | | | | Euro |
| | LIBOR | | | | | London Interbank Offered Rate |
| | M | | | | | Month |
| | REIT | | | | | Real Estate Investment Trust |
| | SOFR | | | | | Secure Overnight Financing Rate |
COLLEGE RETIREMENT EQUITIES FUND - Social Choice Account
| | * | | Non-income producing |
| | ^ | | Amount represents less than $1,000. |
| | † | | Security is categorized as Level 3 in the fair value hierarchy. |
| | ‡ | | Perpetual security |
| | c | | Investments made with cash collateral received from securities on loan. |
| | e | | All or a portion of these securities are out on loan. The aggregate value of securities on loan is $185,157,435. |
| | g | | Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 6/30/20, the aggregate value of these securities is $1,448,262,279 or 9.5% of net assets. |
| | h | | All or a portion of these securities were purchased on a delayed delivery basis. |
| | i | | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| | j | | Zero coupon |
| | q | | In default |
| | r | | Agreement with Fixed Income Clearing Corporation, 0.070% dated 6/30/20 to be repurchased at $29,700,000 on 7/1/20, collateralized by U.S. Treasury Notes valued at $30,294,085. |
| | | | |
| | | | Cost amounts are in thousands. |
| | | | | |
| | | | | |
Forward foreign currency contracts outstanding as of June 30, 2020 were as follows (dollar amounts are in thousands):
Currency to be
purchased | | Receive | | Currency to be
sold | | Deliver | | Counterparty | | Settlement date | | Unrealized appreciation (depreciation) |
| $ | | 7,335 | | EUR | | 6,490 | | Citibank N.A. | | 09/30/20 | | $ | 28 |
| | | | | |
| | | | | |
| | | | Abbreviation(s): |
| | EUR | | Euro |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
COLLEGE RETIREMENT EQUITIES FUND
MONEY MARKET ACCOUNT
SCHEDULE OF INVESTMENTS (unaudited)
June 30, 2020
| | | | | | | | | | | | | MATURITY | | VALUE | |
| PRINCIPAL | | | | | ISSUER | | | | RATE | | DATE | | (000) | |
| SHORT-TERM INVESTMENTS - 100.0% | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| GOVERNMENT AGENCY DEBT - 29.1% | | | | | | | | | | | | |
| $ | 62,850,000 | | | | | Federal Agricultural Mortgage Corp (FAMC) | | | | | 0.010 | % | | 07/02/20 | | $ | 62,847 | |
| | 45,000,000 | | | | | FAMC | | | | | 0.010 | | | 07/17/20 | | | 44,991 | |
| | 100,000,000 | | | | | FAMC | | | | | 0.010 | | | 09/15/20 | | | 99,939 | |
| | 16,000,000 | | | | | FAMC | | | | | 0.010 | | | 09/25/20 | | | 15,983 | |
| | 100,000,000 | | | | | FAMC | | | | | 0.010 | | | 09/30/20 | | | 99,899 | |
| | 13,750,000 | | | | | FAMC | | | | | 0.010 | | | 11/02/20 | | | 13,739 | |
| | 90,000,000 | | | | | FAMC | | | | | 0.010 | | | 12/15/20 | | | 89,854 | |
| | 45,000,000 | | | | | FAMC | | | | | 0.010 | | | 12/21/20 | | | 44,890 | |
| | 15,000,000 | | | | | Federal Farm Credit Bank (FFCB) | | | | | 0.010 | | | 07/06/20 | | | 14,997 | |
| | 20,000,000 | | | | | FFCB | | | | | 0.010 | | | 07/20/20 | | | 19,983 | |
| | 10,000,000 | | | | | FFCB | | | | | 0.010 | | | 07/29/20 | | | 9,996 | |
| | 14,000,000 | | | | | FFCB | | | | | 0.010 | | | 07/31/20 | | | 13,982 | |
| | 70,000,000 | | | | | FFCB | | | | | 0.010 | | | 08/18/20 | | | 69,951 | |
| | 30,000,000 | | | | | FFCB | | | | | 0.010 | | | 09/15/20 | | | 29,967 | |
| | 8,000,000 | | | | | FFCB | | | | | 0.010 | | | 10/29/20 | | | 7,957 | |
| | 2,580,000 | | | | | FFCB | | | | | 0.010 | | | 11/20/20 | | | 2,579 | |
| | 20,000,000 | | | | | Federal Home Loan Bank (FHLB) | | | | | 0.010 | | | 07/06/20 | | | 20,000 | |
| | 43,500,000 | | | | | FHLB | | | | | 0.010 | | | 07/07/20 | | | 43,498 | |
| | 40,600,000 | | | | | FHLB | | | | | 0.010 | | | 07/08/20 | | | 40,599 | |
| | 59,700,000 | | | | | FHLB | | | | | 0.010 | | | 07/13/20 | | | 59,698 | |
| | 20,300,000 | | | | | FHLB | | | | | 0.010 | | | 07/15/20 | | | 20,298 | |
| | 247,720,000 | | | | | FHLB | | | | | 0.010 | | | 07/17/20 | | | 247,638 | |
| | 89,700,000 | | | | | FHLB | | | | | 0.010 | | | 07/21/20 | | | 89,695 | |
| | 145,255,000 | | | | | FHLB | | | | | 0.010 | | | 07/22/20 | | | 145,246 | |
| | 47,300,000 | | | | | FHLB | | | | | 0.010 | | | 07/23/20 | | | 47,297 | |
| | 96,135,000 | | | | | FHLB | | | | | 0.010 | | | 07/24/20 | | | 96,125 | |
| | 100,000,000 | | | | | FHLB | | | | | 0.010 | | | 07/31/20 | | | 99,992 | |
| | 1,100,000 | | | | | FHLB | | | | | 0.010 | | | 08/05/20 | | | 1,100 | |
| | 18,940,000 | | | | | FHLB | | | | | 0.010 | | | 08/07/20 | | | 18,938 | |
| | 77,500,000 | | | | | FHLB | | | | | 0.010 | | | 08/12/20 | | | 77,489 | |
| | 68,600,000 | | | | | FHLB | | | | | 0.010 | | | 08/14/20 | | | 68,590 | |
| | 100,000,000 | | | | | FHLB | | | | | 0.010 | | | 08/17/20 | | | 99,932 | |
| | 84,000,000 | | | | | FHLB | | | | | 0.010 | | | 08/19/20 | | | 83,986 | |
| | 92,705,000 | | | | | FHLB | | | | | 0.010 | | | 08/21/20 | | | 92,687 | |
| | 225,000,000 | | | | | FHLB | | | | | 0.010 | | | 08/24/20 | | | 224,856 | |
| | 4,000,000 | | | | | FHLB | | | | | 0.010 | | | 08/26/20 | | | 3,999 | |
| | 146,700,000 | | | | | FHLB | | | | | 0.010 | | | 08/28/20 | | | 146,668 | |
| | 80,000,000 | | | | | FHLB | | | | | 0.010 | | | 08/31/20 | | | 79,929 | |
| | 4,800,000 | | | | | FHLB | | | | | 0.010 | | | 09/02/20 | | | 4,799 | |
| | 83,500,000 | | | | | FHLB | | | | | 0.010 | | | 09/04/20 | | | 83,477 | |
| | 224,330,000 | | | | | FHLB | | | | | 0.010 | | | 09/09/20 | | | 224,133 | |
| | 14,480,000 | | | | | FHLB | | | | | 0.010 | | | 09/14/20 | | | 14,475 | |
| | 28,300,000 | | | | | FHLB | | | | | 0.010 | | | 09/16/20 | | | 28,290 | |
| | 38,800,000 | | | | | FHLB | | | | | 0.010 | | | 09/18/20 | | | 38,789 | |
| | 76,150,000 | | | | | FHLB | | | | | 0.010 | | | 09/22/20 | | | 76,124 | |
| | 730,000 | | | | | FHLB | | | | | 0.010 | | | 09/24/20 | | | 730 | |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
| | | | | | | | | | | | | MATURITY | | VALUE | |
| PRINCIPAL | | | | | ISSUER | | | | RATE | | DATE | | (000) | |
| $ | 103,970,000 | | | | | FHLB | | | | | 0.010 | % | | 09/28/20 | | $ | 103,926 | |
| | 11,500,000 | | | | | FHLB | | | | | 0.010 | | | 10/07/20 | | | 11,494 | |
| | 6,143,000 | | | | | FHLB | | | | | 0.010 | | | 10/26/20 | | | 6,140 | |
| | 50,000,000 | | | | | FHLB | | | | | 0.010 | | | 12/14/20 | | | 49,903 | |
| | 78,161,000 | | | | | FHLB | | | | | 0.010 | | | 12/18/20 | | | 78,098 | |
| | 17,974,000 | | | | | FHLB | | | | | 0.010 | | | 12/23/20 | | | 17,959 | |
| | 40,000,000 | | | | | Federal Home Loan Mortgage Corp (FHLMC) | | | | | 0.010 | | | 07/17/20 | | | 39,972 | |
| | 35,300,000 | | | | | FHLMC | | | | | 0.010 | | | 07/29/20 | | | 35,297 | |
| | 52,900,000 | | | | | FHLMC | | | | | 0.010 | | | 08/04/20 | | | 52,894 | |
| | 44,600,000 | | | | | FHLMC | | | | | 0.010 | | | 08/19/20 | | | 44,593 | |
| | 52,200,000 | | | | | FHLMC | | | | | 0.010 | | | 09/17/20 | | | 52,181 | |
| | 2,674,000 | | | | | FHLMC | | | | | 0.010 | | | 10/05/20 | | | 2,673 | |
| | 2,350,000 | | | | | FHLMC | | | | | 0.010 | | | 10/19/20 | | | 2,349 | |
| | 88,300,000 | | | | | Federal National Mortgage Association (FNMA) | | | | | 0.010 | | | 08/26/20 | | | 88,281 | |
| | 27,500,000 | | | | | FNMA | | | | | 0.010 | | | 09/23/20 | | | 27,483 | |
| | | | | | | TOTAL GOVERNMENT AGENCY DEBT | | | | | | | | | | | 3,533,874 | |
| | | | | | | | | | | | | | | | | | | |
| TREASURY DEBT - 45.7% | | | | | | | | | | | | |
| | 491,950,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 09/08/20 | | | 491,791 | |
| | 113,600,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 09/15/20 | | | 113,549 | |
| | 133,500,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 09/22/20 | | | 133,458 | |
| | 131,200,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 09/29/20 | | | 131,162 | |
| | 211,500,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 10/06/20 | | | 211,407 | |
| | 143,327,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 10/13/20 | | | 143,264 | |
| | 130,000,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 10/20/20 | | | 129,932 | |
| | 10,700,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 10/27/20 | | | 10,695 | |
| | 39,525,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 11/03/20 | | | 39,503 | |
| | 50,000,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 11/17/20 | | | 49,970 | |
| | 100,434,000 | | | | | United States Cash Management Bill | | | | | 0.010 | | | 12/01/20 | | | 100,368 | |
| | 56,857,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 07/02/20 | | | 56,856 | |
| | 250,000,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 07/07/20 | | | 249,995 | |
| | 71,200,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 07/09/20 | | | 71,200 | |
| | 182,100,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 07/14/20 | | | 182,092 | |
| | 169,705,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 07/16/20 | | | 169,699 | |
| | 124,280,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 07/21/20 | | | 124,273 | |
| | 135,500,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 07/23/20 | | | 135,492 | |
| | 199,400,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 07/28/20 | | | 199,381 | |
| | 142,650,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 07/30/20 | | | 142,636 | |
| | 114,500,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 08/04/20 | | | 114,487 | |
| | 269,400,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 08/06/20 | | | 269,368 | |
| | 227,600,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 08/11/20 | | | 227,575 | |
| | 239,025,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 08/13/20 | | | 238,986 | |
| | 200,000,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 08/18/20 | | | 199,970 | |
| | 187,800,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 08/20/20 | | | 187,769 | |
| | 243,399,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 08/25/20 | | | 243,351 | |
| | 293,893,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 08/27/20 | | | 293,836 | |
| | 216,948,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 09/03/20 | | | 216,898 | |
| | 122,200,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 09/10/20 | | | 122,161 | |
| | 34,500,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 09/17/20 | | | 34,490 | |
| | 129,300,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 09/24/20 | | | 129,256 | |
| | 85,000,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 10/01/20 | | | 84,993 | |
| | 111,700,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 10/15/20 | | | 111,647 | |
| | 111,700,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 10/22/20 | | | 111,645 | |
| | 72,022,000 | | | | | United States Treasury Bill | | | | | 0.010 | | | 10/29/20 | | | 71,986 | |
| | | | | | | TOTAL TREASURY DEBT | | | | | | | | | | | 5,545,141 | |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
| | | | | | | | REFERENCE | | | | | MATURITY | | VALUE | |
| PRINCIPAL | | | | | ISSUER | | RATE & SPREAD | | RATE | | DATE | | (000) | |
| VARIABLE RATE SECURITIES - 25.2% | | | | | | | | | | | | |
| $ | 25,000,000 | | | i | | Federal Agricultural Mortgage Corp (FAMC) | | EFFR + 0.100% | | | 0.180 | % | | 07/06/20 | | $ | 25,000 | |
| | 35,000,000 | | | i | | FAMC | | EFFR + 0.090% | | | 0.170 | | | 07/08/20 | | | 35,000 | |
| | 20,000,000 | | | i | | FAMC | | SOFR + 0.040% | | | 0.120 | | | 08/13/20 | | | 20,000 | |
| | 30,000,000 | | | i | | FAMC | | FRED - 2.960% | | | 0.290 | | | 08/28/20 | | | 30,000 | |
| | 44,000,000 | | | i | | FAMC | | FRED - 3.020% | | | 0.230 | | | 09/01/20 | | | 44,000 | |
| | 25,000,000 | | | i | | FAMC | | SOFR + 0.060% | | | 0.140 | | | 10/01/20 | | | 25,000 | |
| | 40,000,000 | | | i | | FAMC | | LIBOR 1 M + 0.060% | | | 0.233 | | | 10/01/20 | | | 39,994 | |
| | 45,000,000 | | | i | | FAMC | | SOFR + 0.070% | | | 0.150 | | | 10/02/20 | | | 45,000 | |
| | 25,000,000 | | | i | | FAMC | | LIBOR 1 M + 0.030% | | | 0.220 | | | 11/20/20 | | | 25,000 | |
| | 20,000,000 | | | i | | FAMC | | SOFR + 0.080% | | | 0.160 | | | 12/21/20 | | | 20,000 | |
| | 30,000,000 | | | i | | FAMC | | LIBOR 1 M + 0.030% | | | 0.220 | | | 12/21/20 | | | 30,000 | |
| | 50,000,000 | | | i | | FAMC | | SOFR + 0.070% | | | 0.150 | | | 12/23/20 | | | 50,000 | |
| | 10,000,000 | | | i | | FAMC | | LIBOR 1 M + 0.120% | | | 0.298 | | | 02/03/21 | | | 10,003 | |
| | 84,000,000 | | | i | | FAMC | | SOFR + 0.070% | | | 0.150 | | | 02/08/21 | | | 84,000 | |
| | 50,000,000 | | | i | | FAMC | | LIBOR 1 M + 0.000% | | | 0.194 | | | 02/17/21 | | | 50,000 | |
| | 50,000,000 | | | i | | FAMC | | SOFR + 0.060% | | | 0.140 | | | 02/22/21 | | | 50,000 | |
| | 75,000,000 | | | i | | FAMC | | SOFR + 0.280% | | | 0.360 | | | 03/23/21 | | | 75,000 | |
| | 30,000,000 | | | i | | FAMC | | SOFR + 0.060% | | | 0.140 | | | 03/25/21 | | | 30,000 | |
| | 50,000,000 | | | i | | FAMC | | SOFR + 0.300% | | | 0.380 | | | 03/26/21 | | | 50,000 | |
| | 15,000,000 | | | i | | FAMC | | SOFR + 0.250% | | | 0.330 | | | 05/14/21 | | | 15,000 | |
| | 50,000,000 | | | i | | Federal Farm Credit Bank (FFCB) | | FRED - 2.960% | | | 0.290 | | | 07/09/20 | | | 50,000 | |
| | 25,000,000 | | | i | | FFCB | | US Treasury Bill 3 M + 0.110% | | | 0.260 | | | 08/04/20 | | | 24,999 | |
| | 50,000,000 | | | i | | FFCB | | US Treasury Bill 3 M + 0.045% | | | 0.195 | | | 08/17/20 | | | 50,000 | |
| | 9,500,000 | | | i | | FFCB | | FRED - 3.020% | | | 0.230 | | | 09/28/20 | | | 9,498 | |
| | 52,500,000 | | | i | | FFCB | | US Treasury Bill 3 M + 0.110% | | | 0.260 | | | 12/28/20 | | | 52,496 | |
| | 50,000,000 | | | i | | FFCB | | US Treasury Bill 3 M + 0.160% | | | 0.310 | | | 01/19/21 | | | 49,997 | |
| | 100,000,000 | | | i | | FFCB | | SOFR + 0.280% | | | 0.360 | | | 04/23/21 | | | 100,000 | |
| | 75,000,000 | | | i | | FFCB | | SOFR + 0.290% | | | 0.370 | | | 04/23/21 | | | 75,000 | |
| | 100,000,000 | | | i | | FFCB | | SOFR + 0.300% | | | 0.380 | | | 04/27/21 | | | 100,000 | |
| | 10,000,000 | | | i | | Federal Home Loan Bank (FHLB) | | SOFR + 0.030% | | | 0.110 | | | 07/17/20 | | | 10,000 | |
| | 50,000,000 | | | i | | FHLB | | SOFR + 0.100% | | | 0.180 | | | 07/29/20 | | | 50,000 | |
| | 100,000,000 | | | i | | FHLB | | LIBOR 3 M - 0.220% | | | 0.095 | | | 09/11/20 | | | 100,029 | |
| | 28,000,000 | | | i | | FHLB | | SOFR + 0.045% | | | 0.125 | | | 09/28/20 | | | 28,000 | |
| | 100,000,000 | | | i | | FHLB | | SOFR + 0.070% | | | 0.150 | | | 10/02/20 | | | 99,995 | |
| | 85,000,000 | | | i | | FHLB | | SOFR + 0.080% | | | 0.160 | | | 10/02/20 | | | 85,000 | |
| | 20,000,000 | | | i | | FHLB | | SOFR + 0.120% | | | 0.200 | | | 10/07/20 | | | 20,000 | |
| | 35,000,000 | | | i | | FHLB | | SOFR + 0.130% | | | 0.210 | | | 10/16/20 | | | 35,000 | |
| | 50,000,000 | | | i | | FHLB | | SOFR + 0.080% | | | 0.160 | | | 10/23/20 | | | 50,000 | |
| | 30,000,000 | | | i | | FHLB | | SOFR + 0.090% | | | 0.170 | | | 12/04/20 | | | 30,000 | |
| | 30,000,000 | | | i | | FHLB | | SOFR + 0.120% | | | 0.200 | | | 12/11/20 | | | 30,000 | |
| | 80,000,000 | | | i | | FHLB | | SOFR + 0.240% | | | 0.320 | | | 12/24/20 | | | 80,000 | |
| | 25,000,000 | | | i | | FHLB | | LIBOR 1 M + 0.070% | | | 0.258 | | | 01/11/21 | | | 25,000 | |
| | 30,000,000 | | | i | | FHLB | | SOFR + 0.050% | | | 0.130 | | | 01/22/21 | | | 30,000 | |
| | 50,000,000 | | | i | | FHLB | | LIBOR 1 M - 0.045% | | | 0.145 | | | 02/22/21 | | | 50,000 | |
| | 36,000,000 | | | i | | FHLB | | SOFR + 0.065% | | | 0.145 | | | 02/26/21 | | | 36,000 | |
| | 80,000,000 | | | i | | FHLB | | SOFR + 0.280% | | | 0.360 | | | 03/25/21 | | | 80,000 | |
| | 150,000,000 | | | i | | FHLB | | SOFR + 0.230% | | | 0.310 | | | 04/13/21 | | | 150,000 | |
COLLEGE RETIREMENT EQUITIES FUND - Money Market Account
| | | | | | | | REFERENCE | | | | | MATURITY | | VALUE | |
| PRINCIPAL | | | | | ISSUER | | RATE & SPREAD | | RATE | | DATE | | (000) | |
| $ | 40,000,000 | | | i | | FHLB | | SOFR + 0.055% | | | 0.135 | % | | 05/14/21 | | $ | 40,000 | |
| | 25,000,000 | | | i | | Federal Home Loan Mortgage Corp (FHLMC) | | SOFR + 0.030% | | | 0.110 | | | 01/22/21 | | | 25,000 | |
| | 44,000,000 | | | i | | FHLMC | | SOFR + 0.030% | | | 0.110 | | | 02/24/21 | | | 44,000 | |
| | 50,000,000 | | | i | | FHLMC | | SOFR + 0.050% | | | 0.130 | | | 03/05/21 | | | 50,000 | |
| | 40,000,000 | | | i | | FHLMC | | SOFR + 0.240% | | | 0.320 | | | 07/23/21 | | | 40,000 | |
| | 50,000,000 | | | i | | FHLMC | | SOFR + 0.300% | | | 0.380 | | | 10/25/21 | | | 50,000 | |
| | 24,000,000 | | | i | | Federal National Mortgage Association (FNMA) | | SOFR + 0.060% | | | 0.140 | | | 07/30/20 | | | 24,000 | |
| | 15,000,000 | | | i | | FNMA | | SOFR + 0.075% | | | 0.155 | | | 10/30/20 | | | 15,000 | |
| | 83,000,000 | | | i | | FNMA | | SOFR + 0.050% | | | 0.130 | | | 03/04/21 | | | 83,000 | |
| | 100,000,000 | | | i | | FNMA | | SOFR + 0.250% | | | 0.330 | | | 03/24/21 | | | 100,000 | |
| | 60,000,000 | | | i | | FNMA | | SOFR + 0.190% | | | 0.270 | | | 04/05/21 | | | 60,000 | |
| | 80,000,000 | | | i | | FNMA | | SOFR + 0.280% | | | 0.360 | | | 04/26/21 | | | 80,000 | |
| | 40,000,000 | | | i | | FNMA | | SOFR + 0.320% | | | 0.400 | | | 10/22/21 | | | 40,000 | |
| | 50,000,000 | | | i | | FNMA | | SOFR + 0.280% | | | 0.360 | | | 10/27/21 | | | 50,000 | |
| | 100,000,000 | | | i | | United States Treasury Note | | US Treasury Bill 3 M + 0.045% | | | 0.195 | | | 10/31/20 | | | 99,983 | |
| | | | | | | TOTAL VARIABLE RATE SECURITIES | | | | | | | | | | | 3,054,994 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL SHORT-TERM INVESTMENTS | | | | | | | 12,134,009 | |
| | | | | | | (Cost $12,134,009) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | TOTAL INVESTMENTS - 100.0% | | | | | | | 12,134,009 | |
| | | | | | | (Cost $12,134,009) | | | | | | | | | | | | |
| | | | | | | OTHER ASSETS & LIABILITIES, NET - 0.0% | | | | | | | 646 | |
| | | | | | | NET ASSETS - 100.0% | | | | | | | | | | $ | 12,134,655 | |
|
| | | | |
| | | Abbreviation(s): |
| EFFR | | Effective Federal Funds Rate |
| FRED | | Federal Bank Prime Loan Rate |
| LIBOR | | London Interbank Offered Rate |
| M | | Month |
| SOFR | | Secured Overnight Financing Rate |
| |
| i | | Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end. |
| | | |
| | | Cost amounts are in thousands. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable
Item 13. Exhibits.
13(a)(2)(i) Section 302 certification of the principal executive officer
13(a)(2)(ii) Section 302 certification of the principal financial officer
13(b) Section 906 certification of principal executive officer and principal financial officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | COLLEGE RETIREMENT EQUITIES FUND | |
| | | | |
| Dated: August 14, 2020 | By: | /s/Carol W. Deckbar | |
| | | Carol W. Deckbar | |
| | | Principal Executive Officer and | |
| | | Executive Vice President | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| Dated: August 14, 2020 | By: | /s/Carol W. Deckbar | |
| | | Carol W. Deckbar | |
| | | Principal Executive Officer and | |
| | | Executive Vice President | |
| | | (principal executive officer) | |
| Dated: August 14, 2020 | By: | /s/Glenn E. Brightman | |
| | | Glenn E. Brightman | |
| | | Executive Vice President, Chief Financial Officer and Principal Accounting Officer | |
| | | (principal financial officer) | |
