Statements of changes in net assets

College Retirement Equities Fund ■ For the year ended

_____________Social
________Choice
________Account
____________________
(amounts in thousands except accumulation units) December 31, 2019 December 31, 2018

OPERATIONS
Net investment income (loss) $ 342,311 $ 333,616
Net realized gain (loss) on total investments 587,126 1,080,875
Net change in unrealized appreciation (depreciation)
on total investments 1,695,423 (1,994,529)
Net increase (decrease) in net assets from operations 2,624,860 (580,038)

FROM PARTICIPANT TRANSACTIONS

Premiums and contributions: Class R1 129,760 117,086
Class R2 276,985 214,761
Class R3 459,555 303,754
Net transfers between CREF Accounts: Class R1 17,602 (71,016)
Class R2 119,106 (98,505)
Class R3 134,898 59,266
Withdrawals and death benefits: Class R1 (257,228) (268,792)
Class R2 (512,009) (521,801)
Class R3 (656,578) (692,272)
Annuity payments: (37,737) (36,758)
Net increase (decrease) from participant transactions (325,646) (994,277)
Net increase (decrease) in net assets 2,299,214 (1,574,315)
NET ASSETS
Beginning of period 12,858,367 14,432,682
End of period $ 15,157,581 $ 12,858,367

ACCUMULATION UNITS:
Units purchased: Class R1 517,476 499,348
Class R2 1,092,143 906,825
Class R3 1,708,819 1,186,592
Units sold / transferred: Class R1 (963,165) (1,449,236)
Class R2 (1,565,109) (2,618,815)
Class R3 (2,075,868) (2,666,460)
Outstanding:
Beginning of period 55,443,059 59,584,805
End of period 54,157,355 55,443,059

88 2019 Annual Report ■ College Retirement Equities Fund See notes to financial statements