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    Continued: College Retirement Equities Fund 2019 Annual Report 113

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    Ljubisa Matic
    The document discusses securities lending activities for several accounts. It details the total value of securities on loan and total collateral received for each account. It also describes repurchase agreements, purchases of securities on a when-issued or delayed-delivery basis, and investments in Treasury Inflation-Protected Securities.

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    Continued: College Retirement Equities Fund 2019 Annual Report 113

    Uploaded by

    Ljubisa Matic
    7 views1 page
    The document discusses securities lending activities for several accounts. It details the total value of securities on loan and total collateral received for each account. It also describes repurchase agreements, purchases of securities on a when-issued or delayed-delivery basis, and investments in Treasury Inflation-Protected Securities.

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    CREF_ar-page113

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    The document discusses securities lending activities for several accounts. It details the total value of securities on loan and total collateral received for each account. It also describes repurchase agreements, purchases of securities on a when-issued or delayed-delivery basis, and investments in Treasury Inflation-Protected Securities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    7 views1 page

    Continued: College Retirement Equities Fund 2019 Annual Report 113

    Uploaded by

    Ljubisa Matic
    The document discusses securities lending activities for several accounts. It details the total value of securities on loan and total collateral received for each account. It also describes repurchase agreements, purchases of securities on a when-issued or delayed-delivery basis, and investments in Treasury Inflation-Protected Securities.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    continued

    income securities. Securities lending income recognized by the Accounts consists of


    earnings on invested collateral and lending fees, net of any rebates to the borrower
    and compensation to the Agent. Such income is reflected separately in the
    Statements of operations. In lending its securities, an Account bears the market risk
    with respect to the investment of collateral and the risk that the Agent may default on
    its contractual obligations to the Account. The Agent bears the risk that the borrower
    may default on its obligation to return the loaned securities as the Agent is
    contractually obligated to indemnify the Account if at the time of a default by a
    borrower some or all of the loan securities have not been returned.
    At December 31, 2019, the total value of securities on loan and the total value of
    collateral received were as follows (dollar amounts are in thousands):
    Non-cash
    Aggregate value of Cash collateral collateral Total collateral
    Account securities on loan received* received received
    Stock $1,737,179 $1,263,316 $559,505 $1,822,821
    Global Equities 294,556 188,874 121,044 309,918
    Growth 291,879 266,822 30,056 296,878
    Equity Index 175,992 164,250 15,498 179,748
    Social Choice 123,132 78,749 47,485 126,234
    * May include cash and investment of cash collateral.

    Repurchase agreements: Each Account may enter into repurchase agreements with
    banks or broker-dealers. Repurchase agreements involve the purchase of securities
    from an institution, subject to the seller’s agreement to repurchase and the Account’s
    agreement to resell such securities at a mutually agreed-upon price. Pursuant to the
    terms of the repurchase agreement, securities purchased subject to repurchase
    agreements must have an aggregate market value greater than or equal to the agreed-
    upon repurchase price plus accrued interest at all times. If the value of the underlying
    securities falls below the value of the repurchase price plus accrued interest, the
    Account will require the seller to deposit additional collateral by the next business day.
    If a request for additional collateral is not met, or if the seller defaults on its
    repurchase obligation, the Account maintains the right to sell the underlying securities
    at market value and pursue a claim for any remaining loss against the seller.
    Securities purchased on a when-issued or delayed-delivery basis: The Accounts may
    purchase securities on a when-issued or delayed-delivery basis. Securities purchased
    or sold on a when-issued or delayed-delivery basis may be settled a month or more
    after trade date; interest income is not accrued until settlement date. At the time an
    Account enters into such transactions, it is required to have segregated assets with a
    current value at least equal to the amount of its when-issued or delayed-delivery
    purchase commitments. Amounts receivable and/or payable for these transactions
    are reflected separately in the Statements of assets and liabilities.
    Treasury Inflation-Protected Securities: The Accounts (other than the Money Market
    Account) may invest in Treasury Inflation-Protected Securities, specially structured
    bonds in which the principal amount is adjusted periodically to keep pace with
    College Retirement Equities Fund ■ 2019 Annual Report 113

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