Summary portfolio of investments continued

CREF Growth Account ■ December 31, 2019

Value % of net
Shares Company (000) assets
SOFTWARE & SERVICES
1,193,878 * Adobe, Inc $ 393,753 1.4%
258,259 *,g Adyen NV 212,443 0.8
882,746 Automatic Data Processing, Inc 150,508 0.5
2,132,306 Intuit, Inc 558,515 2.0
1,739,000 Mastercard, Inc (Class A) 519,248 1.9
12,168,983 Microsoft Corp 1,919,048 6.9
5,628,711 * PayPal Holdings, Inc 608,858 2.2
4,910,765 * salesforce.com, Inc 798,687 2.9
842,650 * ServiceNow, Inc 237,897 0.8
4,690,329 Visa, Inc (Class A) 881,313 3.1
Other 614,406 2.2
6,894,676 24.7
TECHNOLOGY HARDWARE & EQUIPMENT
4,808,610 Apple, Inc 1,412,048 5.0
Other 390,105 1.4
1,802,153 6.4
TELECOMMUNICATION SERVICES 17,301 0.1
TRANSPORTATION 385,085 1.4
TOTAL COMMON STOCKS (Cost $21,121,676) 27,836,755 99.7

RIGHTS / WARRANTS
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 380 0.0
TOTAL RIGHTS / WARRANTS (Cost $269) 380 0.0

Principal Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT 85,643 0.3
Shares Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

266,822,224 c State Street Navigator Securities Lending Government Money Market Portfolio 266,822 1.0
266,822 1.0
TOTAL SHORT-TERM INVESTMENTS (Cost $352,458) 352,465 1.3

TOTAL PORTFOLIO (Cost $21,474,403) 28,189,600 101.0

OTHER ASSETS & LIABILITIES, NET (268,693) (1.0)
NET ASSETS $27,920,907 100.0%

56 2019 Annual Report ■ College Retirement Equities Fund See notes to financial statements