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COLLEGE RETIREMENT EQUITIES FUND (“CREF”)
CREF Stock Account CREF Bond
Market Account |
SUPPLEMENT NO. 2
dated August 17, 2020 to the Prospectus dated May 1, 2020, as supplemented through May 1, 2020
Effective August 17, 2020, the portfolio management teams of the CREF Bond Market Account, CREF Inflation-Linked Bond Account and CREF Money Market Account have changed.
Jason O’Brien has become a new member of the CREF Bond Market Account’s portfolio management team. Accordingly, the following hereby replaces in its entirety the entry for the CREF Bond Market Account in the table found in the sub-section entitled “Portfolio management teams” of the section entitled “Management of the Accounts” beginning on page 77 of the CREF Prospectus:
Total Experience (since dates specified below) | ||||||||||
Name & Title | Portfolio Role | Experience Over Past Five Years |
At
TIAA |
Total | On Team | |||||
BOND MARKET ACCOUNT | ||||||||||
Joseph Higgins, CFA | ||||||||||
Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1995 to Present (fixed-income portfolio management) | 1995 | 1995 | 2011 | |||||
John Cerra | ||||||||||
Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1985 to Present (fixed-income portfolio management) | 1985 | 1985 | 2003 | |||||
Jason O’Brien, CFA | ||||||||||
Managing Director | Portfolio Manager | Advisors, Nuveen Asset Management and other advisory affiliates of TIAA—1993 to Present (fixed-income portfolio management) | 2014 | 1993 | 2020 |
Chad Kemper has become a new member of the CREF Inflation-Linked Bond Account’s portfolio management team. Accordingly, the following hereby replaces in its entirety the entry for the CREF Inflation-Linked Bond Account in the table found in the sub-section entitled “Portfolio management teams” of the section entitled “Management of the Accounts” beginning on page 77 of the CREF Prospectus:
Total
Experience (since dates specified below) | ||||||||||
Name & Title | Portfolio Role | Experience
Over Past Five Years |
At
TIAA |
Total | On Team | |||||
INFLATION-LINKED BOND ACCOUNT | ||||||||||
John Cerra | ||||||||||
Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1985 to Present (fixed-income portfolio management) | 1985 | 1985 | 2003 | |||||
Nicholas Travaglino | ||||||||||
Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2014 to Present (fixed-income portfolio management) | 2014 | 1997 | 2016 | |||||
Chad Kemper | ||||||||||
Senior Director | Portfolio Manager | Advisors, TCIM, Nuveen Asset Management and other advisory affiliates of TIAA—1999 to Present (fixed-income portfolio management) | 2014 | 1999 | 2020 |
1 |
Chad Kemper and Andrew Hurst each have become new members of the CREF Money Market Account’s portfolio management team. Accordingly, the following hereby replaces in its entirety the entry for the CREF Money Market Account in the table found in the sub-section entitled “Portfolio management teams” of the section entitled “Management of the Accounts” beginning on page 77 of the CREF Prospectus:
Total
Experience (since dates specified below) | ||||||||||
Name & Title | Portfolio Role | Experience
Over Past Five Years |
At
TIAA |
Total | On Team | |||||
MONEY MARKET ACCOUNT | ||||||||||
Joseph Rolston | ||||||||||
Senior Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1984 to Present (fixed-income portfolio management) | 1984 | 1979 | 2011 | |||||
Chad Kemper | ||||||||||
Senior Director | Portfolio Manager | Advisors, TCIM, Nuveen Asset Management and other advisory affiliates of TIAA—1999 to Present (fixed-income portfolio management) | 2014 | 1999 | 2020 | |||||
Andrew Hurst | ||||||||||
Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2000 to Present (fixed-income portfolio management and operations) | 2005 | 2000 | 2020 |
In addition, as of October 1, 2020 (the “effective date”), the portfolio management teams of the CREF Stock Account, CREF Global Equities Account, CREF Growth Account and CREF Money Market Account will change.
As of the effective date, Thomas Franks and Adam Cao will each no longer be portfolio managers of the CREF Stock Account. In addition, as of the effective date, David Chalupnik will become a new member of the CREF Stock Account’s portfolio management team. Saira Malik and Hans Erickson will each continue to serve as portfolio managers of the CREF Stock Account. Accordingly, as of the effective date, the following hereby replaces in its entirety the entry for the CREF Stock Account in the table found in the sub-section entitled “Portfolio management teams” of the section entitled “Management of the Accounts” beginning on page 77 of the CREF Prospectus:
Total
Experience (since dates specified below) | ||||||||||
Name & Title | Portfolio Role | Experience
Over Past Five Years |
At
TIAA |
Total | On Team | |||||
STOCK ACCOUNT | ||||||||||
Saira Malik, CFA | ||||||||||
Senior Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2014 to Present (Head of Global Equity Portfolio Management) | 2003 | 1995 | 2008 | |||||
Hans Erickson, CFA | ||||||||||
Senior Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1996 to Present (oversight and management responsibility for all asset allocation funds; oversight for quantitative equity strategies and equity index funds prior to 2011) | 1996 | 1988 | 1996 | |||||
David Chalupnik, CFA | ||||||||||
Senior Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2002 to Present (portfolio management of core and value-focused portfolios) | 2002 | 1984 | 2020 |
2 |
As of the effective date, Thomas Franks will no longer be a portfolio manager of the CREF Global Equities Account. In addition, as of the effective date, Saira Malik will become a new member of the CREF Global Equities Account’s portfolio management team. John Tribolet will continue to serve as a portfolio manager of the CREF Global Equities Account. Accordingly, as of the effective date, the following hereby replaces in its entirety the entry for the CREF Global Equities Account in the table found in the sub-section entitled “Portfolio management teams” of the section entitled “Management of the Accounts” beginning on page 77 of the CREF Prospectus:
Total
Experience (since dates specified below) | ||||||||||
Name & Title | Portfolio Role | Experience
Over Past Five Years |
At
TIAA |
Total | On Team | |||||
GLOBAL EQUITIES ACCOUNT | ||||||||||
John Tribolet | ||||||||||
Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of global and international equity portfolios) | 2005 | 1997 | 2006 | |||||
Saira Malik, CFA | ||||||||||
Senior Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2014 to Present (Head of Global Equity Portfolio Management) | 2003 | 1995 | 2020 |
As of the effective date, Thomas Franks and Susan Hirsch will each no longer be portfolio managers of the CREF Growth Account. In addition, as of the effective date, Saira Malik will become a new member of the CREF Growth Account’s portfolio management team. Terrence Kontos will continue to serve as a portfolio manager of the CREF Growth Account. Accordingly, as of the effective date, the following hereby replaces in its entirety the entry for the CREF Growth Account in the table found in the sub-section entitled “Portfolio management teams” of the section entitled “Management of the Accounts” beginning on page 77 of the CREF Prospectus:
Total
Experience (since dates specified below) | ||||||||||
Name & Title | Portfolio Role | Experience
Over Past Five Years |
At
TIAA |
Total | On Team | |||||
GROWTH ACCOUNT | ||||||||||
Terrence Kontos, CFA | ||||||||||
Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2012 to Present (research and portfolio management of domestic growth portfolios) | 2012 | 2005 | 2014 | |||||
Saira Malik, CFA | ||||||||||
Senior Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2014 to Present (Head of Global Equity Portfolio Management) | 2003 | 1995 | 2020 |
As of the effective date, Joseph Rolston will no longer be a portfolio manager of the CREF Money Market Account. Therefore, as of the effective date, all references to Mr. Rolston are to be removed from the CREF Money Market Account’s portfolio management team disclosure in the CREF Prospectus.
3 |
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4 | A40894 (8/20) |
COLLEGE RETIREMENT EQUITIES FUND (“CREF”)
SUPPLEMENT NO. 2
dated August 17, 2020 to the Statement of Additional Information (“SAI”) dated May 1, 2020, as supplemented through May 1, 2020
The portfolio management teams of the CREF Bond Market Account, CREF Inflation-Linked Bond Account and the CREF Money Market Account have changed effective immediately.
Jason O’Brien has become a new member of the CREF Bond Market Account’s portfolio management team. Chad Kemper has become a new member of the CREF Inflation-Linked Bond Account’s portfolio management team and the CREF Money Market Account’s portfolio management team. Andrew Hurst has become a new member of the CREF Money Market Account’s portfolio management team.
Accordingly, effective immediately, the following hereby replaces in its entirety the entries for the CREF Bond Market Account, CREF Inflation-Linked Bond Account and CREF Money Market Account in the chart currently appearing under the sub-section entitled “Additional information regarding portfolio managers” of the section entitled “Information about the Accounts’ portfolio management” on page 50 of the SAI:
Number of other accounts managed | Total assets in other accounts managed (millions) | ||||||||||||||
Name of portfolio manager | Registered investment companies |
Other pooled investment vehicles |
Other accounts |
Registered investment companies |
Other pooled investment vehicles |
Other accounts |
Dollar range of equity securities owned in Account |
||||||||
Bond Market Account | |||||||||||||||
Joseph Higgins | 3 | 1 | 0 | $12,151 | $66 | $0 | $1–10,000 | ||||||||
John Cerra | 6 | 0 | 0 | $24,754 | $0 | $0 | $50,001–100,000 | ||||||||
Jason O’Brien* | 2 | 0 | 40 | $7,200 | $0 | $1,800 | $0 | ||||||||
Inflation-Linked Bond Account | |||||||||||||||
John Cerra | 6 | 0 | 0 | $32,314 | $0 | $0 | $1–10,000 | ||||||||
Nicholas Travaglino | 3 | 0 | 0 | $4,361 | $0 | $0 | $0 | ||||||||
Chad Kemper* | 2 | 0 | 36 | $3,300 | $0 | $600 | $0 | ||||||||
Money Market Account | |||||||||||||||
Joseph Rolston | 2 | 0 | 0 | $1,786 | $0 | $0 | $100,001–500,000 | ||||||||
Chad Kemper* | 2 | 0 | 36 | $3,300 | $0 | $600 | $0 | ||||||||
Andrew Hurst* | 2 | 0 | 0 | $2,254 | $0 | $0 | $0 |
* | This information is as of June 30, 2020. |
In addition, as of October 1, 2020 (the “effective date”), the portfolio management teams of the CREF Stock Account, CREF Global Equities Account, CREF Growth Account and CREF Money Market Account will change.
As of the effective date, Thomas Franks and Adam Cao will each no longer be portfolio managers of the CREF Stock Account. In addition, as of the effective date, David Chalupnik will become a new member of the CREF Stock Account’s portfolio management team. Therefore, as of the effective date, all references to Mr. Franks and Mr. Cao are removed from the CREF Stock Account’s portfolio management team disclosure in the SAI.
As of the effective date, Thomas Franks will no longer be a portfolio manager of the CREF Global Equities Account. In addition, as of the effective date, Saira Malik will become a new member of the CREF Global Equities Account’s portfolio management team. Therefore, as of the effective date, all references to Mr. Franks are removed from the CREF Global Equities Account’s portfolio management team disclosure in the SAI.
As of the effective date, Thomas Franks and Susan Hirsch will each no longer be portfolio managers of the CREF Growth Account. In addition, as of the effective date, Saira Malik will become a new member of the CREF Growth Account’s portfolio management team. Therefore, as of the effective date, all references to Mr. Franks and Ms. Hirsch are removed from the CREF Growth Account’s portfolio management team disclosure in the SAI.
Accordingly, as of the effective date, the following replaces in its entirety the entries for the CREF Stock Account, CREF Global Equities Account, and CREF Growth Account in the chart currently appearing under the sub-section entitled “Additional information regarding portfolio managers” of the section entitled “Information about the Accounts’ portfolio management” on page 50 of the SAI:
Number of other accounts managed | Total assets in other accounts managed (millions) | ||||||||||||||
Name of portfolio manager | Registered investment companies |
Other
pooled investment vehicles |
Other accounts |
Registered investment companies |
Other
pooled investment vehicles |
Other accounts |
Dollar
range of equity securities owned in Account |
||||||||
Stock Account | |||||||||||||||
Saira Malik | 0 | 0 | 0 | $0 | $0 | $0 | Over $1,000,000 | ||||||||
Hans Erickson | 31 | 0 | 0 | $63,107 | $0 | $0 | Over $1,000,000 | ||||||||
David Chalupnik* | 7 | 1 | 3,152 | $6,900 | $118 | $8,900 | $0 | ||||||||
Global Equities Account | |||||||||||||||
John Tribolet | 2 | 0 | 0 | $5,087 | $0 | $0 | Over $1,000,000 | ||||||||
Saira Malik* | 2 | 0 | 0 | $135,974 | $0 | $0 | Over $1,000,000 | ||||||||
Growth Account | |||||||||||||||
Terrence Kontos | 3 | 1 | 0 | $7,482 | $2 | $0 | $100,001–500,000 | ||||||||
Saira Malik* | 2 | 0 | 0 | $125,899 | $0 | $0 | $50,001–100,000 |
* | This information is as of June 30, 2020. |
As of the effective date, Joseph Rolston will no longer be a portfolio manager of the CREF Money Market Account. Therefore, as of the effective date, all references to Mr. Rolston are to be removed from the CREF Money Market Account’s portfolio management team disclosure in the SAI.
A40895 (8/20)