Summary portfolio of investments continued

CREF Global Equities Account ■ December 31, 2019

Value % of net
Shares Company (000) assets
SPAIN $ 71,055 0.3%
SWEDEN 82,872 0.4
SWITZERLAND
7,686,556 Credit Suisse Group 103,904 0.5
319,225 Lonza Group AG. 116,456 0.5
493,514 Roche Holding AG. 160,393 0.8
Other 261,324 1.2
642,077 3.0
TAIWAN
21,223,500 Taiwan Semiconductor Manufacturing Co Ltd 234,898 1.1
Other 140,346 0.7
375,244 1.8
THAILAND 16,934 0.1
TURKEY 7,180 0.0
UNITED ARAB EMIRATES 10,668 0.0
UNITED KINGDOM
1,175,400 AstraZeneca plc 117,648 0.5
671,406 Linde plc (Xetra) 144,064 0.7
142,400,808 Lloyds TSB Group plc 117,968 0.6
28,810,937 Tesco plc 97,370 0.5
Other 562,874 2.6
1,039,924 4.9
UNITED STATES
1,524,080 Abbott Laboratories 132,382 0.6
127,465 * Alphabet, Inc (Class A) 170,725 0.8
177,075 * Alphabet, Inc (Class C) 236,753 1.1
151,105 * Amazon.com, Inc 279,218 1.3
2,209,351 Apple, Inc 648,776 3.1
4,222,463 AT&T, Inc 165,014 0.8
5,215,279 Bank of America Corp 183,682 0.9
744,658 Boeing Co 242,580 1.1
678,666 Caterpillar, Inc 100,225 0.5
1,425,310 Chevron Corp 171,764 0.8
2,040,131 Citigroup, Inc 162,986 0.8
3,629,841 Coca-Cola Co 200,912 1.0
600,953 Costco Wholesale Corp 176,632 0.8
1,185,754 * Facebook, Inc 243,376 1.1
887,487 Home Depot, Inc 193,809 0.9
668,535 Honeywell International, Inc 118,331 0.6
925,497 Johnson & Johnson 135,002 0.6
1,952,674 JPMorgan Chase & Co 272,203 1.3
642,071 McDonald’s Corp 126,880 0.6
2,133,462 Merck & Co, Inc 194,038 0.9
3,545,536 Microsoft Corp 559,131 2.6
2,987,249 Morgan Stanley 152,708 0.7
1,123,639 Nike, Inc (Class B) 113,836 0.5

50 2019 Annual Report ■ College Retirement Equities Fund See notes to financial statements