Statements of assets and liabilities

College Retirement Equities Fund ■ December 31, 2019

Stock Global Equities

(amounts in thousands, except accumulation unit value) Account Account
ASSETS
Portfolio investments, at value*† $120,408,205 $21,457,743
Affiliated investments, at value‡ 127,624 —
Total portfolio investments, at value $120,535,829 $21,457,743
Cash**# 11,106 1,577
Cash – foreign^ 32,343 24,484
Dividends and interest receivable 153,002 25,949
Receivable from securities transactions 90,570 40,358
Receivable for delayed delivery securities 40,556 —
Due from affiliates — —
Receivable for variation margin on open futures contracts 10,728 2,444
Unrealized appreciation on forward foreign currency contracts 145 —
Receivable for variation margin on centrally cleared swap contracts — —
Other 11,837 2,343
Total assets 120,886,116 21,554,898
LIABILITIES
Investment management fees payable 3,012 53
Service agreement fees payable 2,390 249
Payable for collateral for securities loaned 1,263,316 188,874
Payable for securities transactions 120,910 35,655
Payable for delayed delivery securities 7,845 —
Due to affiliates 135,326 6,042
Written options◊ 199 —
Unrealized depreciation on forward foreign currency contracts 1,290 —
Payable for trustee compensation 11,803 2,341
Other 5,110 713
Total liabilities 1,551,201 233,927
NET ASSETS $119,334,915 $21,320,971
CLASS R1 (Accumulation): Net assets $ 14,577,126 $ 3,682,021
Units outstanding 26,308 18,313
Unit value $ 554.10 $ 201.06
CLASS R2 (Accumulation): Net assets 35,440,837 7,150,335
Units outstanding 63,252 35,170
Unit value $ 560.32 $ 203.31
CLASS R3 (Accumulation): Net assets 57,944,068 10,088,071
Units outstanding 103,058 49,448
Unit value $ 562.25 $ 204.01
ANNUITY: Net assets $ 11,372,884 $ 400,544
* Includes securities loaned of $ 1,737,179 $ 294,556
** Includes cash collateral for securities loaned of $ 20,783 $ 3,695
# Includes cash collateral for mortgage dollar rolls of $ — $ —
† Portfolio investments; unaffiliated issuers cost $104,042,380 $18,462,769
‡ Portfolio investments; affiliated issuers cost $ 121,957 $ —
^ Foreign cash, cost $ 32,279 $ 24,482
◊ Written options premiums $ 262 $ —
80 2019 Annual Report ■ College Retirement Equities Fund See notes to financial statements