Summary portfolio of investments concluded

CREF Bond Market Account ■ December 31, 2019

SOLD
Terms of Terms of
payments payments Unrealized
Reference to be to be Maturity Notional Variation appreciation
entity paid received Counterparty date amount* margin (depreciation)
CDX-NAHYS32V3- Credit event 5.000%
5 Year Index as specified Citigroup Global
in contract Markets, Inc 06/20/24 $19,600 $(9) $1,006
* The maximum potential amount the Account could be required to pay as a seller of credit protection or receive as a buyer
of credit protection if a credit event occurs is defined under the terms of that particular swap agreement. This amount may
be reduced by any recoverable assets, if applicable.

68 2019 Annual Report ■ College Retirement Equities Fund See notes to financial statements