Summary portfolio of investments concluded

CREF Social Choice Account ■ December 31, 2019

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Abbreviation(s):
LIBOR London Interbank Offered Rate
M Month
* Non-income producing
c Investments made with cash collateral received from securities on loan.
h All or a portion of these securities were purchased on a delayed delivery basis.
i Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the
underlying asset of the security. Coupon rate reflects the rate at period end.
j Zero coupon
“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 $123,132,152. See Note 5 in the Notes to financial statements for
additional information about securities lending collateral.
At 12/31/19, the aggregate value of securities exempt from registration under Rule 144(A) of the Securities Act of 1933, as
amended, amounted to $1,517,168,039 or 10.0% of net assets. Such securities are deemed liquid and may be resold in
transactions exempt from registration to qualified institutional buyers.
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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Forward foreign currency contracts outstanding as of December 31, 2019 were as follows (dollar amounts are in thousands):
Currency Currency Unrealized
to be to be appreciation
purchased Receive sold Deliver Counterparty Settlement date (depreciation)
$ 7,172 EUR 6,490 Citibank N.A. 01/31/20 $(122)

Abbreviation(s):
EUR Euro

76 2019 Annual Report ■ College Retirement Equities Fund See notes to financial statements