Summary portfolio of investments continued

CREF Money Market Account ■ December 31, 2019

Value % of net
Principal Issuer (000) assets
TREASURY DEBT—continued
$ 126,300,000 United States Treasury Bill 0.010%, 04/02/20 $ 125,774 1.2%
100,000,000 United States Treasury Bill 0.010%, 06/18/20 99,157 1.0
230,550,000 United States Treasury Bill 0.010%, 01/07/20–06/04/20 229,874 2.3
92,000,000 United States Treasury Note 0.010%, 01/31/20 92,004 0.9
93,000,000 United States Treasury Note 0.010%, 02/29/20 92,922 1.0
Other 32,551 0.3
1,898,613 18.9
VARIABLE RATE SECURITIES
84,000,000 i Federal Agricultural Mortgage Corp
(FAMC), SOFR + 0.070% 1.610%, 02/08/21 84,000 0.9
593,500,000 i FAMC, EFFR + 0.120%–
SOFR + 0.060% 1.580%–1.817%, 02/26/20–02/22/21 593,488 5.9
96,700,000 i Federal Farm Credit Bank (FFCB),
US Treasury Bill 3 M + 0.055% 1.580%, 01/27/20 96,697 1.0
80,000,000 i FFCB, FRED – 2.980% 1.770%, 02/20/20 80,000 0.8
308,700,000 i FFCB, LIBOR 1 M – 0.030%–US Treasury Bill
3 M + 0.160% 1.570%–1.880%, 01/07/20–01/19/21 308,674 3.0
433,300,000 i Federal Home Loan Bank (FHLB),
US Treasury Bill 3 M + 0.070%–
SOFR + 0.055% 1.560%–1.788%, 01/30/20–05/14/21 433,284 4.3
183,000,000 i Federal Home Loan Mortgage Corp (FHLMC),
SOFR + 0.040% 1.580%, 04/29/20 182,995 1.8
130,000,000 i FHLMC, SOFR + 0.000%–SOFR + 0.030%, 02/20/20–01/22/21 129,999 1.3
131,000,000 i Federal National Mortgage Association (FNMA),
SOFR + 0.160%–
SOFR + 0.075% 1.700%–1.600%, 01/30/20–10/30/20 131,013 1.3
227,000,000 i United States Treasury Floating Rate Note,
US Treasury Bill 3 M + 0.033% 1.558%, 04/30/20 226,978 2.3
100,000,000 i United States Treasury Floating Rate Note,
US Treasury Bill 3 M + 0.045% 1.571%, 10/31/20 99,957 1.0
Other 72,495 0.7
2,439,580 24.3
TOTAL SHORT-TERM INVESTMENTS (Cost $10,037,586) 10,037,586 100.0

TOTAL PORTFOLIO (Cost $10,037,586) 10,037,586 100.0

OTHER ASSETS & LIABILITIES, NET 2,565 0.0
NET ASSETS $10,040,151 100.0%

78 2019 Annual Report ■ College Retirement Equities Fund See notes to financial statements