Summary of market values by country (unaudited)

CREF Stock Account ■ December 31, 2019

% of % of
Value total Value total
Country (000) portfolio Country (000) portfolio
DOMESTIC LIECHTENSTEIN $ 1,174 0.0%
UNITED STATES $ 83,409,561 69.2% LUXEMBOURG 32,396 0.0
TOTAL DOMESTIC 83,409,561 69.2 MACAU 86,017 0.1
MACEDONIA 178 0.0
FOREIGN
MALAYSIA 163,640 0.1
ARGENTINA 14,843 0.0
MALTA 1,438 0.0
AUSTRALIA 1,592,838 1.3
MEXICO 224,900 0.2
AUSTRIA 276,621 0.2
MONACO 15,271 0.0
BAHAMAS 718 0.0
MONGOLIA 668 0.0
BELGIUM 210,885 0.2
MYANMAR 190 0.0
BERMUDA 53,215 0.0
NETHERLANDS 1,477,424 1.2
BRAZIL 918,965 0.8
NEW ZEALAND 69,985 0.1
CANADA 2,270,680 1.9
NORWAY 194,534 0.2
CAYMAN ISLANDS 538 0.0
PAKISTAN 9,690 0.0
CHILE 90,340 0.1
PANAMA 7,977 0.0
CHINA 3,137,416 2.6
PERU 29,706 0.0
COLOMBIA 35,968 0.0
PHILIPPINES 97,386 0.1
COTE D’IVOIRE 1,655 0.0
POLAND 70,305 0.1
CYPRUS 63 0.0
PORTUGAL 42,155 0.0
CZECH REPUBLIC 39,727 0.0
PUERTO RICO 44,719 0.0
DENMARK 525,183 0.4
QATAR 72,927 0.1
EGYPT 17,112 0.0
ROMANIA 5,051 0.0
FAROE ISLANDS 1,980 0.0
RUSSIA 341,305 0.3
FINLAND 194,258 0.2
SAUDI ARABIA 208,544 0.2
FRANCE 2,649,831 2.2
SINGAPORE 309,882 0.3
GEORGIA 462 0.0
SLOVENIA 10,118 0.0
GERMANY 1,819,409 1.5
SOUTH AFRICA 476,193 0.4
GHANA 7,714 0.0
SPAIN 487,071 0.4
GREECE 37,762 0.0
SWEDEN 625,774 0.5
GUERNSEY, C.I. 888 0.0
SWITZERLAND 2,046,346 1.7
HONG KONG 655,783 0.5
TAIWAN 1,267,606 1.1
HUNGARY 32,916 0.0
THAILAND 254,830 0.2
INDIA 832,668 0.7
TURKEY 77,241 0.1
INDONESIA 181,132 0.2
UKRAINE 338 0.0
IRELAND 454,095 0.4
UNITED ARAB EMIRATES 55,557 0.0
ISRAEL 136,231 0.1
UNITED KINGDOM 4,181,412 3.5
ITALY 686,214 0.6
VIETNAM 769 0.0
JAPAN 6,009,474 5.0
ZAMBIA 24,687 0.0
JERSEY, C.I. 707 0.0 TOTAL FOREIGN 37,126,268 30.8
JORDAN 17,513 0.0
KAZAKHSTAN 16,711 0.0
TOTAL PORTFOLIO $120,535,829 100.0%
KENYA 13,885 0.0
KOREA, REPUBLIC OF 1,174,464 1.0

See notes to financial statements College Retirement Equities Fund ■ 2019 Annual Report 47