continued

_______________Bond
______Market
________Account
_____________________ __________Inflation-Linked
_________________Bond
______Account
________________
December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018

$ 392,776 $ 381,913 $ 136,298 $ 180,501

115,047 (105,956) (1,373) 6,580

662,264 (317,410) 271,988 (222,604)

1,170,087 (41,453) 406,913 (35,523)

183,520 136,171 112,111 67,815

285,876 291,918 139,346 154,399
567,202 449,478 242,397 260,514
101,745 13,932 36,553 3,421
215,468 94,759 75,864 64,477
272,800 255,450 103,379 149,050
(289,786) (299,729) (130,350) (141,219)
(611,249) (622,902) (273,489) (275,659)
(895,928) (869,297) (406,981) (431,600)
(28,622) (27,803) (18,628) (19,015)
(198,974) (578,023) (119,798) (167,817)
971,113 (619,476) 287,115 (203,340)

13,221,255 13,840,731 6,343,215 6,546,555

$ 14,192,368 $ 13,221,255 $ 6,630,330 $ 6,343,215

1,425,839 1,137,926 1,570,229 993,482

2,208,673 2,420,078 1,945,878 2,243,650
4,216,412 3,559,308 3,224,346 3,673,498
(1,478,865) (2,391,872) (1,327,505) (2,019,198)
(3,075,368) (4,379,958) (2,758,743) (3,067,963)
(4,842,623) (5,070,279) (4,176,084) (4,069,349)

105,857,860 110,582,657 89,444,564 91,690,444

104,311,928 105,857,860 87,922,685 89,444,564

See notes to financial statements College Retirement Equities Fund ■ 2019 Annual Report 87