Portfolio of investments

CREF Inflation-Linked Bond Account ■ December 31, 2019

Value % of net
Principal Issuer (000) assets
GOVERNMENT BONDS
AGENCY SECURITIES
$ 4,200,000 Crowley Conro LLC 4.181%, 08/15/43 $ 4,689 0.1%
17,310,000 Montefiore Medical Center 2.895%, 04/20/32 17,838 0.3
3,500,000 Private Export Funding Corp (PEFCO) 2.300%, 09/15/20 3,516 0.1
3,000,000 PEFCO 3.250%, 06/15/25 3,194 0.0
4,276,316 Reliance Industries Ltd 2.444%, 01/15/26 4,345 0.1
3,500,000 Ukraine Government AID International Bonds 1.847%, 05/29/20 3,504 0.0
15,000,000 Ukraine Government AID International Bonds 1.471%, 09/29/21 14,941 0.2
52,027 0.8
MORTGAGE BACKED
23,319,126 Government National Mortgage Association (GNMA) 3.600%, 09/15/31 24,523 0.4
11,523,399 GNMA 3.650%, 02/15/32 12,024 0.2
2,489,652 GNMA 3.380%, 07/15/35 2,597 0.0
3,195,867 GNMA 3.870%, 10/15/36 3,383 0.1
55,393,200 h GNMA 2.750%, 01/15/45 54,801 0.8
97,328 1.5
U.S. TREASURY SECURITIES
81,096,880 k United States Treasury Inflation Indexed Bonds 1.125%, 01/15/21 81,847 1.2
318,121,820 k United States Treasury Inflation Indexed Bonds 0.125%, 04/15/21 317,459 4.8
292,054,534 k United States Treasury Inflation Indexed Bonds 0.625%, 07/15/21 295,324 4.5
359,247,141 k United States Treasury Inflation Indexed Bonds 0.125%, 01/15/22 359,044 5.4
279,870,095 k United States Treasury Inflation Indexed Bonds 0.125%, 04/15/22 279,448 4.2
326,745,080 k United States Treasury Inflation Indexed Bonds 0.125%, 07/15/22 328,098 4.9
333,334,170 k United States Treasury Inflation Indexed Bonds 0.125%, 01/15/23 333,287 5.0
235,165,190 k United States Treasury Inflation Indexed Bonds 0.625%, 04/15/23 238,794 3.6
237,183,375 k United States Treasury Inflation Indexed Bonds 0.375%, 07/15/23 240,449 3.6
153,570,470 k United States Treasury Inflation Indexed Bonds 0.625%, 01/15/24 156,813 2.4
167,327,560 k United States Treasury Inflation Indexed Bonds 0.500%, 04/15/24 170,024 2.6
139,259,305 k United States Treasury Inflation Indexed Bonds 0.125%, 07/15/24 140,080 2.1
135,400,950 k United States Treasury Inflation Indexed Bonds 0.125%, 10/15/24 136,173 2.1
177,089,720 k United States Treasury Inflation Indexed Bonds 0.250%, 01/15/25 178,651 2.7
269,289,489 k United States Treasury Inflation Indexed Bonds 2.375%, 01/15/25 300,100 4.5
117,191,880 k United States Treasury Inflation Indexed Bonds 0.375%, 07/15/25 119,571 1.8
159,196,590 k United States Treasury Inflation Indexed Bonds 0.625%, 01/15/26 164,062 2.5
214,993,771 k United States Treasury Inflation Indexed Bonds 2.000%, 01/15/26 238,958 3.6
148,147,140 k United States Treasury Inflation Indexed Bonds 0.125%, 07/15/26 148,602 2.2
224,241,440 k United States Treasury Inflation Indexed Bonds 0.375%, 01/15/27 227,624 3.4
122,753,124 k United States Treasury Inflation Indexed Bonds 2.375%, 01/15/27 141,675 2.1
121,500,225 k United States Treasury Inflation Indexed Bonds 0.375%, 07/15/27 123,923 1.9
214,381,710 k United States Treasury Inflation Indexed Bonds 0.500%, 01/15/28 219,900 3.3
211,760,644 k United States Treasury Inflation Indexed Bonds 1.750%, 01/15/28 237,864 3.6
113,000,065 k United States Treasury Inflation Indexed Bonds 3.625%, 04/15/28 144,535 2.2
131,217,920 k United States Treasury Inflation Indexed Bonds 0.750%, 07/15/28 138,030 2.1
212,993,990 k United States Treasury Inflation Indexed Bonds 0.875%, 01/15/29 226,154 3.4
141,307,866 k United States Treasury Inflation Indexed Bonds 2.500%, 01/15/29 170,281 2.6
203,631,178 k United States Treasury Inflation Indexed Bonds 3.875%, 04/15/29 271,672 4.1

See notes to financial statements College Retirement Equities Fund ■ 2019 Annual Report 69