COLLEGE RETIREMENT
EQUITIES FUND (“CREF”)
CREF Stock Account
SUPPLEMENT NO. 2
dated November 8, 2022 to the Statutory Prospectus dated May 1, 2022
Effective November 8, 2022, Hans Erickson is no longer a portfolio manager of the CREF Stock Account (“the Account”). Therefore, all references to Mr. Erickson are hereby removed from the Account’s portfolio management team disclosure in the Statutory Prospectus. Saira Malik and David Chalupnik will continue to serve as members of the Account’s portfolio management team.
Effective November 8, 2022, John Cunniff has been added to the portfolio management team of the Account. Accordingly, the following hereby replaces in its entirety the entry for the Account in the table of the sub-section entitled “Portfolio management teams” of the section entitled “Management of the Accounts” on page 22 of the Statutory 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 | ||||||
| John Cunniff, CFA Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1996 to Present (quantitative portfolio manager) | 2006 | 1992 | 2022 | ||||||
| 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 | ||||||
A41338 (11/22)
COLLEGE RETIREMENT EQUITIES FUND (“CREF”)
SUPPLEMENT NO. 2
dated November 8, 2022, to the Statement of Additional Information (“SAI”) dated May 1, 2022
Effective November 8, 2022, Hans Erickson is no longer a portfolio manager of the CREF Stock Account, (the “Account”). Therefore, all references to Mr. Erickson are hereby removed from the Account’s portfolio management team disclosure in the SAI. Saira Malik and David Chalupnik will continue to serve as portfolio managers of the Account.
Effective November 8, 2022, John Cunniff has been added to the portfolio management team of the Account. Accordingly, the following hereby replaces in its entirety the entry for the Account in the first chart appearing in the sub-section entitled “Additional information regarding portfolio managers” in the section entitled “Information about the Accounts’ portfolio management” on page 56 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 | ||||||||||||||||||||
| John Cunniff** | 33 | 26 | 0 | $71,138 | $ | 2,392 | $ | 0 | $ | 500,001–1,000,000 | ||||||||||
| Saira Malik | 2 | 0 | 0 | $68,599 | $ | 0 | $ | 0 | Over $1,000,000 | |||||||||||
| David Chalupnik | 8 | 1 | 3,953 | $13,539 | $ | 159 | $ | 14,946 | † | $ | 50,001–100,000 | |||||||||
| * | Includes notional amounts awarded in connection with long-term compensation awards described above. | |
| ** | This information is as of September 30, 2022. | |
| † | Includes approximately $12.8 billion in model-based assets as of December 31, 2021. |
A41339 (11/22)