Summary portfolio of investments concluded

CREF Growth Account ■ December 31, 2019

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* Non-income producing
c Investments made with cash collateral received from securities on loan.
g Security is exempt from registration under Rule 144(A) of the Securities Act of 1933, as amended. Such securities are
deemed liquid and may be resold in transactions exempt from registration to qualified institutional buyers. At 12/31/19,
the aggregate value of these securities, including those in "Other," is $294,176,678 or 1.1% of net assets.
“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 on loan is $291,878,893. See Note 5 in the Notes to financial statements for
additional information about securities lending collateral.
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.

See notes to financial statements College Retirement Equities Fund ■ 2019 Annual Report 57