CREF Variable Annuity

CREF Inflation-Linked Bond Account (R1)


Unit Value


Day's Change


Portfolio Net Assets


Expense Charge

Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results.

The Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details.

30 Day
SEC Yield

The fund's 30-day SEC yield is based on yield to maturity of a fund's investments over a 30-day period and not on the dividends paid by the fund, which may differ.

Overall Morningstar Rating

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

52 Week Range

0.2004 (0.30%)
$65.5484 - $68.7275
As of close 10/05/2015As of 09/30/2015As of 10/02/2015 
As of 08/31/2015
Based on risk adjusted returns

Hypothetical Growth of $10,000 
The chart illustrates the performance of a hypothetical $10,000 investment made on the date indicated. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.

06/30/2012 - 06/30/2015

  • 3 Month
  • 6 Month
  • 1 Year
  • 3 Years
  • 5 Years
  • 10 Years

Portfolio Overview

  • Investment Strategy
  • Management Team
  • Video
  • Class

    Class R1

  • Dividend Frequency


  • Redemption Fee


  • Inception Date


  • Ticker




This variable annuity account seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds--fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond. Under normal circumstances, the account invests at least 80% of its assets in U.S. Treasury Inflation-Indexed Securities. It can invest in other inflation-indexed bonds issued or guaranteed by the U.S. government or its agencies, by corporations and other U.S. domiciled issuers as well as foreign governments. The account may also invest in money market instruments or other short-term securities. It may invest up to 25% of its assets in inflation-indexed bonds issued or guaranteed by foreign governments and their agencies, as well as other foreign issuers.

John Cerra

Managing Director, Global Public Markets, Portfolio Management

Stephen Liberatore, CFA

Managing Director, Global Public Markets

Performance Returns 
Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Also, it is the average annual profit or loss realized by an investment at the end of a specified calendar period, stated as the percentage gained or lost per dollar invested.

  • Monthly
  • Quarterly

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative for funds that have less than one year of performance history. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

Portfolio Composition

Portfolio Composition provides details for the investments that constitute a particular fund.

Sector Weightings

As of 06/30/2015
% of
Net Assets
U.S. Treasury Securities99.11%
U.S. Agency Securities0.14%
Short-Term Investments, Other Assets & Liabilities, Net0.75%

Top 10 Holdings 
The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. The holdings listed should not be considered a recommendation to buy or sell a particular security. Top holdings by issuer includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants as applicable.

As of 06/30/2015
Market Value ($)% of
Net Assets
U.S. Treasury Inflation Indexed Bonds 0.125%, 04/15/17407.2M5.71%
U.S. Treasury Inflation Indexed Bonds 0.125%, 07/15/22394.4M5.53%
U.S. Treasury Inflation Indexed Bonds 1.125%, 01/15/21380.3M5.33%
U.S. Treasury Inflation Indexed Bonds 0.625%, 07/15/21352.4M4.94%
U.S. Treasury Inflation Indexed Bonds 0.125%, 01/15/22337.1M4.72%
U.S. Treasury Inflation Indexed Bonds 0.125%, 04/15/18322.6M4.52%
U.S. Treasury Inflation Indexed Bonds 1.250%, 07/15/20309.0M4.33%
U.S. Treasury Inflation Indexed Bonds 0.125%, 01/15/23264.3M3.70%
U.S. Treasury Inflation Indexed Bonds 2.375%, 01/15/25261.8M3.67%
U.S. Treasury Inflation Indexed Bonds 2.000%, 01/15/26243.3M3.41%

As of April 24, 2015, additional classes of CREF Accounts are available with different eligibility requirements. Please visit the account’s prospectus at for more information.

Investing in this account involves risk that the market values of these bonds may be affected by changes in investors' inflation expectations or changes in "real" rates of interest (i.e., a security's return, above the inflation rate).

1The Barclays U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. You cannot invest directly in this index.

Morningstar is an independent service that rates mutual funds and variable annuities.

For each fund/account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's/account's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Where applicable, Morningstar's performance rankings are based on linked performance that considers the differences in expense ratios, while actual performance data shown does not reflect such differences.

The top 10 percent of funds/accounts in a category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars, the next 22.5 percent receive two stars and the bottom 10 percent receive one star. (Each share class is counted as a fraction of one fund/account within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar proprietary ratings on U.S.-domiciled funds/accounts reflect historical risk-adjusted performance, are subject to change every month. They are derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Please note, Morningstar now rates group variable annuities within the open-end mutual fund universe.

The information contained in these reports is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. Additionally, Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from use of this information. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.


A research company that rates the performance of Mutual Funds and Variable Annuities.

Morningstar Rating

    OUT OF 198 FUNDS
  • 3 YEAR
    OUT OF 198 FUNDS
  • 5 YEAR
    OUT OF 177 FUNDS
  • 10 YEAR
    OUT OF 103 FUNDS

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

Morningstar Category

Inflation-Protected Bond

Morningstar Risk Measures

  • LOW
  • AVG
  • HIGH

Investment Risk

Investment risk is usually related to the performance of an investment—riskier investments offer potentially higher returns—but are more volatile in the short-term. Beta (past price fluctuations), R-Squared (performance against benchmark index), and Standard Deviation (past volatility) are all used to calculate the degree of risk associated with individual investments.

Level of risk is defined using the 3 Year Standard Deviation of the Investment.

Following risk measures below are based on a 3 Year period.

  • Standard Deviation

  • R-Squared

  • Sharpe Ratio

  • Beta