CREF Inflation-Linked Bond Account

Account profile Holdings by maturity

as of 12/31/2019 % of fixed-income investments
(excluding short-term investments)
Net assets $6.63 billion as of 12/31/2019
Portfolio turnover rate 26%
Number of issues 49 Less than 1 year 0.1
Option-adjusted duration‡ 4.93 years 1–3 years 25.4
Average maturity§ 5.26 years 3–5 years 21.9
5–10 years 51.3
‡
Option-adjusted duration estimates how much the
Over 10 years 1.3
value of a bond portfolio would be affected by a
change in prevailing interest rates, taking into Total 100.0
account the options embedded in the individual
securities. The longer a portfolio’s duration, the more
sensitive it is to changes in interest rates. Holdings by credit quality
§
Average maturity is a simple average of the
maturities of all the bonds in an account’s portfolio. % of fixed-income investments
The maturity of a bond is the amount of time until (excluding short-term investments)
the bond’s principal becomes due or payable. as of 12/31/2019

U.S. Treasury & U.S. agency securities* 99.7

Portfolio composition
Non-rated 0.3
% of net assets
Sector as of 12/31/2019 Total 100.0
* These securities are guaranteed by the full faith and
U.S. Treasury securities 97.4 credit of the U.S. government.
Mortgage-backed securities 1.5
Credit quality ratings are based on the Bloomberg
U.S. agency securities 0.8
Barclays methodology, which uses the median rating
Short-term investments, of those compiled by the Moody’s, Standard & Poor’s
other assets & liabilities, net 0.3 and Fitch ratings agencies. If ratings are available
from only two of these agencies, the lower rating is
Total 100.0 used. When only one rating is available, that one is
used. These ratings are subject to change without
notice.

College Retirement Equities Fund 2019 Annual Report 33