COLLEGE RETIREMENT EQUITIES FUND (“CREF”)
CREF Stock Account
CREF Global Equities Account
SUPPLEMENT NO. 2
dated January 17, 2020 to the Prospectus dated May 1, 2019
Effective January 17, 2020, Stephanie Link is no longer a portfolio manager of the CREF Stock Account. Therefore, all references to Ms. Link are hereby removed from the CREF Stock Account’s portfolio management team disclosure in the Prospectus. Thomas Franks, Adam Cao, Hans Erickson and Saira Malik will continue to serve as members of the CREF Stock Account’s portfolio management team.
Also effective January 17, 2020, Harinder Bagai is no longer a portfolio manager of the CREF Global Equities Account. Therefore, all references to Mr. Bagai are hereby removed from the CREF Global Equities Account’s portfolio management team disclosure in the Prospectus. John Tribolet and Thomas Franks will continue to serve as members of the CREF Global Equities Account’s portfolio management team.
A40738 (1/20)
COLLEGE RETIREMENT EQUITIES FUND (“CREF”)
SUPPLEMENT NO. 3
dated January 17, 2020
to the Statement of Additional Information (“SAI”)
dated May 1, 2019
Effective January 17, 2020, Stephanie Link is no longer a portfolio manager of the CREF Stock Account. Therefore, all references to Ms. Link are hereby removed from the CREF Stock Account’s portfolio management team disclosure in the SAI.
Also effective January 17, 2020, Harinder Bagai is no longer a portfolio manager of the CREF Global Equities Account. Therefore, all references to Mr. Bagai are hereby removed from the CREF Global Equities Account’s portfolio management team disclosure in the SAI.
A40742 (1/20)
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