Summary portfolio of investments concluded

CREF Equity Index Account ■ December 31, 2019

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* Non-income producing
c Investments made with cash collateral received from securities on loan.
d All or a portion of these securities have been segregated to cover margin requirements on open futures contracts.
“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 $175,991,779. 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.
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Futures contracts outstanding as of December 31, 2019 were as follows (notional amounts and values are in thousands):
Number of Unrealized
long (short) Expiration Notional appreciation
Description contracts date amount Value (depreciation)
Russell 2000 E Mini Index 41 03/20/20 $ 3,427 $ 3,425 $ (2)
S&P 500 E Mini Index 636 03/20/20 102,370 102,749 379
S&P Mid-Cap 400 E Mini Index 12 03/20/20 2,482 2,477 (5)
Total 689 $108,279 $108,651 $372

See notes to financial statements College Retirement Equities Fund ■ 2019 Annual Report 61