College Retirement Equities Fund - Core Bond Account
Actively managed U.S. bond fund
As of its 2026 Q2 report, College Retirement Equities Fund - Core Bond Account held 1,633 positions with $12.90B in net assets. Its ten largest holdings made up 14.4% of the fund. Over the 12 months to May 2026, QCBMRX returned 5.1%, with dividends reinvested. In 2026 Q2 it added 139 new positions and exited 174.
College Retirement Equities Fund - Core Bond Account is actively managed U.S. bond fund.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
United States Treasury Note/Bond 3.75% · due 2031-01-31 | 2.17% | $279.44M | — |
Chicago Board of Trade | 1.97% | $254.45M | — |
Fannie Mae Pool 5.50% · due 2054-05-01 | 1.46% | $188.70M | — |
United States Treasury Note/Bond 4.13% · due 2031-06-30 | 1.42% | $182.80M | — |
United States Treasury Note/Bond 4.13% · due 2031-05-31 | 1.42% | $182.77M | — |
Fannie Mae Pool 5.50% · due 2054-04-01 | 1.37% | $176.98M | — |
US TREASURY N/B 3.50% · due 2028-04-30 | 1.36% | $175.73M | — |
US TREASURY N/B 2.25% · due 2052-02-15 | 1.20% | $154.13M | — |
United States Treasury Note/Bond 4.63% · due 2055-11-15 | 1.05% | $135.83M | — |
United States Treasury Note/Bond 3.50% · due 2027-09-30 | 1.02% | $131.78M | — |
The 200 largest of 1,633 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 57.58% |
| Securitized | 38.38% |
| Cash & short-term | 2.33% |
| Derivatives | 1.99% |
| 2 smaller | 0.16% |
Derivatives are shown at market value, not notional exposure.
By sector
- Securitized
- 38.2%
- Government
- 32.5%
- Other
- 7.5%
- Financials
- 6.2%
- 12 other sectors
- 15.6%
- Securitized
- 38.2%
- Government
- 32.5%
- Other
- 7.5%
- Financials
- 6.2%
- International
- 3.7%
- Utilities
- 2.9%
- Communication Services
- 2.2%
- Cash
- 1.5%
- Information Technology
- 1.3%
- Health Care
- 1.2%
- Industrials
- 0.8%
- Real Estate
- 0.7%
- Consumer Discretionary
- 0.5%
- Energy
- 0.4%
- Consumer Staples
- 0.4%
- Materials
- 0.2%
How it has done
QCBMRX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.20%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| — | +5.14% | +13.65% | +1.74% | -4.74% | |
| — | +5.26% | +14.09% | +2.44% | -4.69% | |
| — | +5.31% | +14.27% | +2.72% | -4.66% | |
| — | +5.44% | +14.77% | — | -4.59% |
These classes hold the same portfolio, so the 1.13pp spread over 3 years is the cost difference between them — roughly 0.38pp a year — not a difference in what they own.
Fees & fund details
College Retirement Equities Fund - Core Bond Account is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
This fund files no prospectus profile. Unit investment trusts and closed-end funds register on forms that carry no objective or fee tagging, and some fund families file without it — a gap in what was filed, not a fund without an objective or without fees.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
139 new· the largest 4
174 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 88.1% |
| Floating rate | 11.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.1% |
| 1-3y | 9.8% |
| 3-5y | 13.3% |
| 5-10y | 16.6% |
| 10y+ | 55.7% |
| Unknown | 1.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +5.34 yr |
| High yield | +0.15 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.10 yr | 2% |
| 1 yr | 0.22 yr | 4% |
| 5 yr | 0.89 yr | 17% |
| 10 yr | 1.55 yr | 29% |
| 30 yr | 2.61 yr | 49% |
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.25 yr | 5% |
| 5 yr | 0.94 yr | 17% |
| 10 yr | 1.69 yr | 31% |
| 30 yr | 2.58 yr | 47% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.10 | +0.02 | +0.01 | $25.0k | $15.5k |
| 1 yr | +0.22 | +0.24 | +0.01 | $304.5k | $15.0k |
| 5 yr | +0.89 | +0.91 | +0.03 | $1.18m | $40.4k |
| 10 yr | +1.55 | +1.64 | +0.05 | $2.12m | $63.5k |
| 30 yr | +2.61 | +2.53 | +0.04 | $3.27m | $55.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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