Summary portfolio of investments continued

CREF Equity Index Account ■ December 31, 2019

Value % of net
Shares Company (000) assets
SOFTWARE & SERVICES
405,146 Accenture plc $ 85,312 0.4%
309,709 * Adobe, Inc 102,145 0.5
561,913 Mastercard, Inc (Class A) 167,782 0.8
4,793,811 Microsoft Corp 755,984 3.8
747,574 * PayPal Holdings, Inc 80,865 0.4
526,150 * salesforce.com, Inc 85,573 0.4
1,085,915 Visa, Inc (Class A) 204,043 1.0
Other 996,345 4.9
2,478,049 12.2
TECHNOLOGY HARDWARE & EQUIPMENT
2,817,483 Apple, Inc 827,354 4.1
2,720,046 Cisco Systems, Inc 130,453 0.6
Other 284,591 1.4
1,242,398 6.1
TELECOMMUNICATION SERVICES
4,622,439 AT&T, Inc 180,645 0.9
2,619,840 Verizon Communications, Inc 160,858 0.8
Other 42,369 0.2
383,872 1.9
TRANSPORTATION
440,093 Union Pacific Corp 79,564 0.4
Other 309,499 1.5
389,063 1.9
UTILITIES 649,642 3.2
TOTAL COMMON STOCKS (Cost $8,117,412) 20,133,424 99.3
RIGHTS / WARRANTS
MATERIALS 56 0.0
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES 5 0.0
TOTAL RIGHTS / WARRANTS (Cost $207) 61 0.0

Principal Issuer

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT 50,097 0.2
TREASURY DEBT 70,684 0.4
Shares Company

INVESTMENTS IN REGISTERED INVESTMENT COMPANIES

164,249,634 c State Street Navigator Securities Lending Government Money Market Portfolio 164,250 0.8
164,250 0.8
TOTAL SHORT-TERM INVESTMENTS (Cost $285,024) 285,031 1.4

TOTAL PORTFOLIO (Cost $8,402,643) 20,418,516 100.7

OTHER ASSETS & LIABILITIES, NET (145,627) (0.7)
NET ASSETS $20,272,889 100.0%

60 2019 Annual Report ■ College Retirement Equities Fund See notes to financial statements