Summary portfolio of investments continued

CREF Stock Account ■ December 31, 2019

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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.
e All or a portion of these securities are out on loan. The aggregate value of securities on loan is $1,737,178,657. See Note 5 in
the Notes to financial statements for additional information about securities lending collateral.
n All or a portion of these securities have been segregated by the custodian to cover requirements on open written options contracts.
“Other” securities represent the aggregate value, by category, of securities that are not among the 50 largest holdings and, in total
for any issuer, represent 1% or less of net assets.
At 12/31/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as
amended, amounted to $1,046,965,388 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.
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Written options outstanding as of December 31, 2019 were as follows (notional amounts and values are in thousands):
Number of Notional Exercise Expiration
Description/underlying investment contracts amount price date Value
Amazon.com, Inc, Call 10 $ (9) $2,200.00 04/17/20 $ (11)
Amazon.com, Inc, Call 10 (37) 2,100.00 06/19/20 (43)
Amazon.com, Inc, Put 10 (9) 1,360.00 04/17/20 (3)
Apple, Inc, Put 50 (17) 190.00 01/17/20 (0)^
Apple, Inc, Put 25 (3) 215.00 01/17/20 (0)^
Apple, Inc, Put 20 (2) 220.00 01/17/20 (0)^
Apple, Inc, Put 25 (7) 195.00 04/17/20 (1)
Apple, Inc, Put 25 (11) 195.00 06/19/20 (3)
AutoZone, Inc, Call 10 (27) 1,400.00 06/19/20 (17)
Booking Holdings, Inc, Call 10 (37) 2,200.00 06/19/20 (81)
Children’s Place, Inc, Put 50 (2) 45.00 01/17/20 (1)
S&P 500 Index, Put 50 (66) 2,500.00 03/20/20 (17)
S&P 500 Index, Put 20 (35) 2,400.00 06/19/20 (22)
Total 315 $(262) $(199)
^ Amount represents less than $1,000.
Futures contracts outstanding as of December 31, 2019 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 333 03/20/20 $ 27,269 $ 27,815 $ 546
S&P 500 E Mini Index 2,243 03/20/20 353,143 362,368 9,225
S&P Mid-Cap 400 E Mini Index 213 03/20/20 43,029 43,980 951
Total 2,789 $423,441 $434,163 $10,722

See notes to financial statements College Retirement Equities Fund ■ 2019 Annual Report 45