______________Global

_______Equities
_________Account
____________________ _________________Growth
________Account
________________________
December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018

$ 386,694 $ 356,325 $ 169,110 $ 214,224

951,173 1,756,021 3,248,644 3,389,933

3,608,155 (4,706,729) 3,672,225 (4,097,867)

4,946,022 (2,594,383) 7,089,979 (493,710)

168,295 332,518 225,735 328,870

219,387 441,149 257,856 378,005
430,907 869,721 493,263 644,534
(15,647) 7,063 (75,553) (150,821)
8,864 131,993 (162,025) (187,671)
(40,003) 459,837 (154,390) 116,893
(475,045) (411,738) (585,733) (609,583)
(839,791) (731,937) (999,097) (974,735)
(1,256,279) (1,024,120) (1,348,676) (1,361,909)
(39,602) (40,478) (47,666) (43,694)
(1,838,914) 34,008 (2,396,286) (1,860,111)
3,107,108 (2,560,375) 4,693,693 (2,353,821)

18,213,863 20,774,238 23,227,214 25,581,035

$ 21,320,971 $ 18,213,863 $ 27,920,907 $ 23,227,214

938,135 1,861,332 1,064,423 1,666,487

1,205,316 2,434,695 1,197,261 1,899,333
2,257,078 4,692,659 2,184,748 3,113,703
(2,699,139) (2,271,931) (3,095,678) (3,897,846)
(4,530,578) (3,337,694) (5,380,848) (5,870,818)
(7,017,380) (3,153,669) (6,975,282) (6,287,298)

112,777,995 112,552,603 126,334,300 135,710,739

102,931,427 112,777,995 115,328,924 126,334,300

See notes to financial statements College Retirement Equities Fund ■ 2019 Annual Report 85