Portfolio of investments concluded

CREF Inflation-Linked Bond Account ■ December 31, 2019

Value % of net
Principal Issuer (000) assets
U.S. TREASURY SECURITIES—continued
$221,317,800 k United States Treasury Inflation Indexed Bonds 0.250%, 07/15/29 $ 223,441 3.4%
25,370,275 k United States Treasury Inflation Indexed Bonds 3.375%, 04/15/32 34,826 0.5
37,000,000 United States Treasury Note 1.875%, 07/31/26 37,120 0.6
37,000,000 United States Treasury Note 1.750%, 11/15/29 36,412 0.5
6,460,241 97.4
TOTAL GOVERNMENT BONDS (Cost $6,346,622) 6,609,596 99.7

SHORT-TERM INVESTMENTS
GOVERNMENT AGENCY DEBT
10,000,000 Federal Home Loan Bank (FHLB) 1.556%, 01/13/20 9,995 0.2
14,995,000 FHLB 1.571%, 01/23/20 14,982 0.2
24,977 0.4
TREASURY DEBT
1,950,000 United States Treasury Bill 1.520%, 01/02/20 1,950 0.0
2,400,000 United States Treasury Bill 1.528%, 01/30/20 2,398 0.0
4,348 0.0
TOTAL SHORT-TERM INVESTMENTS (Cost $29,322) 29,325 0.4

TOTAL PORTFOLIO (Cost $6,375,944) 6,638,921 100.1

OTHER ASSETS & LIABILITIES, NET (8,591) (0.1)
NET ASSETS $6,630,330 100.0%
_________

h All or a portion of these securities were purchased on a delayed delivery basis.

k Principal amount for interest accrual purposes is periodically adjusted based on changes in the Consumer Price Index.
Cost amounts are in thousands.

70 2019 Annual Report ■ College Retirement Equities Fund See notes to financial statements