COLLEGE RETIREMENT EQUITIES FUND - Bu.edu

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PROSPECTUSCOLLEGE RETIREMENTEQUITIES FUNDINDIVIDUAL, GROUP AND TAX-DEFERREDVARIABLE ANNUITIESMAY 1, 2010StockBond MarketGlobal EquitiesInflation-Linked BondGrowthSocial ChoiceEquity IndexMoney MarketeDelivery will save trees, conserve paper andreduce mailbox clutter.Sign up today at www.tiaa-cref.org/eDelivery

PROSPECTUSMAY 1, 2010COLLEGE RETIREMENTEQUITIES FUND (CREF)Individual, Group and Tax-Deferred Variable AnnuitiesThis prospectus (“Prospectus”) describes the individual, group and tax-deferred variable annuities CREFoffers. It contains information you should know before purchasing a CREF variable annuity and selectingyour investment options. Please read it carefully before investing and keep it for future reference.Investment in a CREF variable annuity is subject to risk and you could lose money. CREF does notguarantee the investment performance of its accounts, and you bear the entire investment risk. CREFprovides variable annuities for retirement and tax-deferred savings plans for employees of colleges,universities, other educational and research organizations and other governmental and non-profitinstitutions. CREF’s main purpose is to invest funds for your retirement and pay you income based onyour choice of eight investment accounts: Stock Bond Market Global Equities Inflation-Linked Bond Growth Social Choice Equity Index Money MarketYou or your employer can purchase a CREF variable annuity certificate or contract (which together willbe referred to in this Prospectus as a “contract”) in connection with certain types of retirement plans.CREF offers the following contracts: RA (Retirement Annuity)GRA (Group Retirement Annuity)SRA (Supplemental Retirement Annuity)GSRA (Group Supplemental RetirementAnnuity)Retirement Choice and RetirementChoice Plus Annuity GA (Group Annuity) and InstitutionallyOwned GSRAsClassic, Roth IRA and Rollover(Individual Retirement Annuity)including SEP IRAs (SimplifiedEmployee Pension Plans)KeoghATRAs (After Tax Retirement Annuities)Note that state regulatory approval may be pending for certain of these contracts and they may notcurrently be available in your state.More information about CREF is contained in its Statement of Additional Information (“SAI”) datedMay 1, 2010, which is incorporated by reference into this Prospectus. The Prospectus, SAI and CREF’sannual and semi-annual reports are on file with the Securities and Exchange Commission (“SEC”). Fora free copy of any of these documents, write to us at 730 Third Avenue, New York, NY 10017-3206,Attn: Central Services, call us at 877 518-9161 or visit our website at www.tiaa-cref.org.The table of contents for the SAI is on the last page of this Prospectus. The SEC’s website(http://www.sec.gov) contains this Prospectus, the SAI, annual and semi-annual reports, materialincorporated by reference and other information about CREF.The SEC has not approved or disapproved these securities or passed upon the adequacy of thisProspectus. Any representation to the contrary is a criminal offense. The CREF Accounts are notinsured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

TABLE OF CONTENTSAbout CREF3Special Terms3About ExpensesCondensed Financial InformationAdditional Information AboutInvestment Strategies and Risks424More About Benchmarks andOther Indices477Management of the Accounts5115The Accounts’ Investment AdviserOverview of the Accounts15Portfolio Management Teams51Equity Accounts16Stock Account16Adding, Closing or SubstitutingAccounts56Global Equities Account18The Annuity Contracts56Growth Account20Your CREF Contract and Account5821Important Information AboutProcedures for Opening a New Account60Non-Principal Investments of theEquity and Equity Index Accounts22Choosing an Account60Fixed-Income Accounts24Bond Market Account24How to Transfer and WithdrawYour Money63Inflation-Linked Bond Account26Market Timing/ExcessiveTrading Policy66When You Are Ready to ReceiveYour Annuity Income68Illustrations of Annuity Payments72Death Benefits75Taxes77Important Transaction Information81Additional Information AboutIndex Providers83Table of Contents for the Statementof Additional Information84Your Investment OptionsIndex AccountEquity Index Account21Non-Principal Investments of theBond Market and Inflation-LinkedBond Accounts28Specialty/Balanced Account28Social Choice AccountMoney Market Account2832Money Market Account32Principal Risks of Investing inthe Accounts33Principal Risks of Investing in theEquity Accounts33Principal Risks of Investing in theFixed-Income Accounts36Past Performance5138This Prospectus outlines the terms under which the CREF Accounts are offered. The Accountsare offered only in those jurisdictions where it is legal to do so. No one is permitted to makeany representation to you or give you any information that is not in the Prospectus. If anyoneattempts to do so, you should not rely on it.

ABOUT CREFFounded in 1952, CREF is a nonprofit membership corporation established inNew York State. Its home office is at 730 Third Avenue, New York, NY 10017-3206.There are also local offices across the United States including Atlanta, Boston,Chicago, Dallas, Denver, Detroit, New York, Philadelphia, San Francisco andWashington, D.C., as well as service centers in New York, Denver and Charlotte.CREF, the first company in the United States to issue a variable annuity, is thecompanion organization of Teachers Insurance and Annuity Association ofAmerica (“TIAA”). TIAA was founded in 1918 by the Carnegie Foundation for theAdvancement of Teaching and offers traditional annuities. TIAA also offersvariable annuities that invest in, among other things, real estate (the “TIAA RealEstate Account”) and in mutual funds that invest in equities and fixed-incomeinvestments (“TIAA Access”).Together, CREF and TIAA form the principal retirement system for thenation’s education and research communities, which is one of the largestretirement systems in the world based on assets under management. TIAA-CREFserves approximately 3.6 million people at approximately 15,000 institutions. As ofDecember 31, 2009, CREF’s net assets were approximately 173.6 billion and thecombined net assets for TIAA, CREF and other entities within the TIAA-CREForganization totaled approximately 414.6 billion.SPECIAL TERMSThis Prospectus defines certain terms so that you will have a clearerunderstanding of this Prospectus and your investment.Account Any of CREF’s investment portfolios. Each Account is a separateportfolio with its own investment objective.Accumulation The total value of your accumulation units.Accumulation Unit A share of participation in an Account for someone in theaccumulation period. Each Account has its own accumulation unit value, whichchanges daily.Annuity Unit A measure used to calculate the amount of annuity payments.Each Account has a separate annuity unit value.Beneficiary Any person or institution named to receive benefits if you die duringthe accumulation period or if you (and your annuity partner, if you have one)die before the end of any guaranteed period.Business Day Any day the New York Stock Exchange (“NYSE”) is open fortrading. A business day ends at 4 p.m. Eastern Time or when trading closes onthe NYSE, if earlier.Calendar Day Any day of the year. Calendar days end at the same time asbusiness days.College Retirement Equities Fund Prospectus3

Commuted Value The present value of annuity payments due under anincome option or method of payment not based on life contingencies.Eligible Institution A nonprofit institution, including any governmentalinstitution, organized in the United States.Income Change Method How you choose to have your annuity paymentsrevalued. Under the annual income change method, your payments are revaluedonce each year. Under the monthly income change method, your payments arerevalued every month.Income Option How you receive your CREF retirement income.Participant Any person who owns a CREF contract. Sometimes an employercan be a participant.Valuation Day Any business day, plus the last calendar day of each month.Valuation days end as of the close of all U.S. national exchanges where securitiesor other investments of CREF are principally traded. Valuation days that are notbusiness days end at 4 p.m. Eastern Time.For purposes of this Prospectus, the term “we” refers to CREF and its affiliates,officers and employees that provide services to CREF, as well as TIAA and its affiliates,to the extent they provide services for CREF.ABOUT EXPENSESCREF deducts expenses from the net assets of each Account each valuationday for investment management, administration and distribution services. TIAAor subsidiaries of TIAA provide or arrange for the provision of these services forCREF “at cost” to TIAA and its affiliates. Investment management expenses. These expenses generally includeinvestment management, portfolio accounting and custodial services. Administrative expenses. These cover expenses of administration andoperations of CREF and the contracts. Administrative expenses includecertain costs associated with the provision by TIAA entities of recordkeepingand other services for retirement plans utilizing the contracts and otherpension products in addition to CREF, including other products provided byTIAA or its affiliates. A portion of these expenses is allocated to CREF inaccordance with applicable allocation procedures. Distribution fees. These are paid under a distribution plan that CREF hasadopted authorizing payment of Rule 12b-1 or distribution fees. These fees arefor all expenses associated with the provision of distribution services for theCREF contracts. These services include informing you about the contracts andhow you can invest, helping employers implement and manage retirementplans and for certain other purposes. The annual distribution expense chargewill not be more than 0.25% of an Account’s average daily net assets.4Prospectus College Retirement Equities Fund

CREF expenses also include the costs of its audit and legal services, and certainother services provided by third parties, all of which are included in one or moreof the expense groups noted above.CREF also deducts a mortality and risk expense charge to guarantee thatCREF participants transferring funds to TIAA for the immediate purchase oflifetime payout annuities will not be charged more than the rate stipulated in theCREF contract.The estimated annual expense deduction rates that appear in the expense tableon the following page reflect estimates of the amounts we currently expect todeduct to approximate the costs that CREF will incur from May 1, 2010 throughApril 30, 2011. Actual expenses may be higher or lower.After the end of every quarter, CREF reconciles the amount deducted from anAccount with the expenses the Account actually incurred. If there is a difference,it is added to or deducted from the Account in equal daily installments over theremaining days of the quarter, provided that material differences may be repaid inthe current calendar quarter, in accordance with accounting principles generallyaccepted in the United States of America (GAAP). CREF’s at-cost deductions arebased on projections of overall expenses and the assets of each Account, and thesize of any adjusting payments will be directly affected by how different theprojections are from an Account’s actual assets or expenses.The size of an Account’s assets can be affected by a number of factors,including premium growth, participant transfers into or out of the Account andmarket performance affecting the value of the Account’s portfolio holdings. Inaddition, CREF’s operating expenses can fluctuate based on a number of factorsincluding participant transaction volume, operational efficiency, andtechnological, personnel and other infrastructure costs. Historically, the adjustingpayments have resulted in both upward and downward adjustments to CREF’sexpense deductions for the following quarter.CREF revises its expense rates (the daily deduction rate before the quarterlyadjustment) from time to time, usually on an annual basis in an effort to keepdeductions as close as possible to actual expenses.CREF makes payments to TIAA-CREF Individual & Institutional Services,LLC (“Services”) for distribution services, pursuant to its 12b-1 plan, as describedabove. In addition, TIAA or its affiliates also may make cash payments to certainthird-party broker-dealers and others, such as third-party administrators ofemployer plans, who may provide CREF access to their distribution platforms, aswell as transaction processing or administrative services.College Retirement Equities Fund Prospectus5

6Prospectus College Retirement Equities %0.375%NoneNoneNoneNoneNoneMoneyMarket1 Year3 Years5 Years10 Years 4 14 24 55Stock 5 15 26 58GlobalEquities 4 14 24 54Growth 4 12 22 49EquityIndex 4 13 23 51BondMarket 4 13 23 51Inflation-LinkedBond 4 13 23 51SocialChoice 4 12 21 47MoneyMarketThe following table shows you an example of the expenses you would incur on a hypothetical investment of 1,000 in eachAccount over several periods during the accumulation period. The table assumes a 5% annual return on assets. Remember thatthese figures do not represent actual expenses or investment performance, which may differ.Participant Transaction ExpensesDeductions from Premiums(as a percentage of premiums)NoneNoneNoneNoneCharges for Transfers and Cash Withdrawals (as a percentage of transaction amount)Transfers Between AccountsNoneNoneNoneNoneTransfers to TIAANoneNoneNoneNoneTransfers to Other CompaniesNoneNoneNoneNoneCash WithdrawalsNoneNoneNoneNoneEstimated Annual Expense Deductions from Net Assets (as a percentage of average net assets)Investment Advisory Expenses0.110%0.135%0.105%0.060%Administrative Expenses0.250%0.250%0.250%0.250%Distribution Expenses (12b-1)0.070%0.070%0.070%0.070%Mortality and Expense Risk Charges 0.005%0.005%0.005%0.005%Total Annual Expense Deductions0.435%0.460%0.430%0.385%StockANNUAL EXPENSE DEDUCTIONSThe following table shows the direct and indirect expense deductions for each of the Accounts, and is intended to assist you inunderstanding the costs you will bear directly or indirectly if you buy and hold interests in the Accounts.

College Retirement Equities Fund 23 208.25442453%0.64%1.95%(39.68)%261.490 157.72344849%0.52%1.44%7.99%242.139 192.137 206.53311.47814.39632.37235.606206.533 242.139 3.8190.9012.9182005 4.3291.0953.234200649558%0.41%1.63%13.03%169.993 192.13719.29722.144 3.5640.7172.847200449947%0.52%1.43%31.97%128.816 169.99339.12741.177 2.7960.7462.050200349331%0.44%1.28%(20.73)%162.513 128.816(35.535)(33.697) 0.31%0.91%(8.43)%206.110 188.725(19.231)(17.385)(27.951)#(26.212)188.725 162.513 2.4720.6261.8462000 2.4320.6931.739#2001* Based on per accumulation unit data. Information for Annuity Units is not presented.#As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiumsand discounts on all debt securities. For the Stock Account, the effect of this change for the year ended December 31, 2001 was to increase net investment income peraccumulation unit by 0.006 and increase net realized and unrealized loss per accumulation unit by 0.006. For the ratio of net investment income to average net assets, therewas no effect for the Stock Account for the year ended December 31, 2001. Per accumulation unit amounts and ratios for the periods prior to January 1, 2001 have not beenrestated to reflect this change in presentation.(a) Based on average units outstanding.SUPPLEMENTAL DATAPortfolio turnover rateAccumulation units outstandingat end of year (in millions)RATIOS TO AVERAGE NET ASSETSExpensesNet investment incomeTOTAL RETURN*Accumulation unit value:Beginning of yearEnd of yearFOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD*Investment income (a) 4.251 5.339 4.754Expenses (a)0.8491.1130.992Net investment income (a)3.4024.2263.762Net realized and unrealized gain(loss) on total investments47.129 (107.993)15.589Net change in accumulation unit value 50.531 (103.767)19.351For the Years Ended December 31,STOCK ACCOUNTBelow you will find condensed, audited financial information for the Accounts for each of the periods indicated.CONDENSED FINANCIAL INFORMATION

8Prospectus College Retirement Equities Fund20092008200715559%0.53%2.11%32.91%64.217 85.35314776%0.68%2.34%(42.29)%111.273 64.217153108%0.56%1.53%10.07%101.091 2%77.438 84.8876.2057.44914.96916.20484.887 101.091 1.6410.3971.2442005 1.7160.4811.235200613074%0.46%1.62%13.49%68.235 77.4388.0649.203 1.4620.3231.1392004117140%0.57%1.60%33.57%51.084 68.23516.22717.151 1.2490.3250.924200310496%0.49%1.18%(21.72)%65.262 51.084(14.853)(14.178) %0.35%0.68%(16.19)%96.750 81.090(16.281)(15.660)(16.493)#(15.828)81.090 65.262 0.9460.3250.6212000 0.9850.3200.665#2001(continued)* Based on per accumulation unit data. Information for Annuity Units is not presented.#As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiumsand discounts on all debt securities. For the Global Equities Account, the effect of this change for the year ended December 31, 2001, was to increase net investment income peraccumulation unit by 0.001 and increase net realized and unrealized loss per accumulation unit by 0.001. For the ratio of net investment income to average net assets, therewas no effect for the Global Equities Account for the year ended December 31, 2001. Per accumulation unit amounts and ratios for the periods prior to January 1, 2001, have notbeen restated to reflect this change in presentation.(a)Based on average units outstanding.SUPPLEMENTAL DATAPortfolio turnover rateAccumulation units outstandingat end of year (in millions)RATIOS TO AVERAGE NET ASSETSExpensesNet investment incomeTOTAL RETURN*Accumulation unit value:Beginning of yearEnd of yearFOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD*Investment income (a) 1.862 2.587 2.069Expenses (a)0.3740.4620.409Net investment income (a)1.4882.1251.660Net realized and unrealizedgain (loss) on total investments19.648(49.181)8.522Net change in accumulation unit value 21.136(47.056)10.182For the Years Ended December 31,GLOBAL EQUITIES ACCOUNTCONDENSED FINANCIAL INFORMATION

College Retirement Equities Fund 39.78)%75.638 45.553(30.085)181127%0.55%0.60%16.73%64.800 75.63810.838182109%0.52%0.49%5.49%61.430 64.80019487%0.50%0.39%5.43%58.266 61.4303.16419665%0.45%0.77%6.25%54.838 58.2663.4283.005 0.6720.2490.423200419776%0.54%0.70%27.75%42.925 54.83811.91311.572 0.6060.2650.341200317654%0.46%0.51%(30.06)%61.372 42.925(18.447)(18.704) 0.4880.2310.257200217144%0.43%0.17%#(22.91)%79.608 61.37216737%0.31%0.18%(20.56)%100.207 79.608(20.599)(20.788)(18.345)#(18.236) 0.5090.3200.1892000 0.3870.2780.109#2001* Based on per accumulation unit data. Information for Annuity Units is not presented.#As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiumsand discounts on all debt securities. For the Growth Account, the effect of this change for the year ended December 31, 2001, was to decrease net investment income peraccumulation unit by 0.002, and decrease net realized and unrealized loss per accumulation unit by 0.002. For the ratio of net investment income to average net assets, therewas no effect for the Growth Account for the year ended December 31, 2001. Per accumulation unit amounts and ratios for the periods prior to January 1, 2001, have not beenrestated to reflect this change in presentation.(a)Based on average units outstanding.SUPPLEMENTAL DATAPortfolio turnover rateAccumulation units outstandingat end of year (in millions)RATIOS TO AVERAGE NET ASSETSExpensesNet investment incomeTOTAL RETURN*45.553 62.19816.6453.370Accumulation unit value:Beginning of yearEnd of yearNet change in accumulation unit value20052.93520063.0662007 0.5200.2910.2292008 0.6250.3210.3042009FOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD*Investment income (a) 0.836 0.740 0.694Expenses (a)0.2490.3160.272Net investment income (a)0.5870.4240.422Net realized and unrealizedgain (loss) on total investments16.058(30.509)10.416For the Years Ended December 31,GROWTH ACCOUNT

10Prospectus College Retirement Equities Fund2009200820071165%0.43%1.77%27.86%62.306 79.6641137%0.59%1.67%(37.50)%99.683 62.3061139%0.47%1.39%4.70%95.210 .191 82.6273.3204.43611.33212.58382.627 95.210 1.4410.3251.1162005 1.6360.3851.25120061133%0.36%1.60%11.55%70.093 78.1916.9548.098 1.4000.2561.14420041043%0.46%1.33%30.34%53.777 70.09315.52116.316 1.0730.2780.7952003867%0.41%1.26%(21.76)%68.735 53.777(15.713)(14.958) %0.98%(7.59)%84.263 77.869(7.216)(6.394)(9.849)#(9.134)77.869 68.735 1.0550.2330.8222000 0.9730.2580.715#2001(continued)* Based on per accumulation unit data. Information for Annuity Units is not presented.#As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiumsand discounts on all debt securities. For the Equity Index Account the change had no effect on the condensed financial information. Per accumulation unit amounts and ratios forthe periods prior to January 1, 2001, have not been restated to reflect this change in presentation.(a) Based on average units outstanding.SUPPLEMENTAL DATAPortfolio turnover rateAccumulation units outstandingat end of year (in millions)RATIOS TO AVERAGE NET ASSETSExpensesNet investment incomeTOTAL RETURN*Accumulation unit value:Beginning of yearEnd of yearFOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD*Investment income (a) 1.470 1.823 1.806Expenses (a)0.2880.4290.383Net investment income (a)1.1821.3941.423Net realized and unrealizedgain (loss) on total investments16.176(38.771)3.050Net change in accumulation unit value 17.358(37.377)4.473For the Years Ended December 31,EQUITY INDEX ACCOUNTCONDENSED FINANCIAL INFORMATION

College Retirement Equities Fund %79.532 .701 76.382(1.414)1.681(0.467)3.15076.382 79.532 3.4370.3423.0952005 3.9900.3733.617200670100%0.40%4.07%4.17%71.713 74.7010.0152.988 3.2650.2922.973200473164%0.49%3.69%4.33%68.737 71.7130.3772.976 2.9460.3472.599200382249%0.41%4.75%10.08%62.445 68.7373.2366.292 0.33%6.50%11.75%51.775 57.8582.6216.0831.571#4.58757.858 62.445 3.6360.1743.4622000 3.2580.2423.016#2001* Based on per accumulation unit data. Information for Annuity Units is not presented.#As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiumsand discounts on all debt securities. For the Bond Market Account, the effect of this change for the year ended December 31, 2001, was to decrease net investment income peraccumulation unit by 0.067, increase net realized and unrealized gain per accumulation unit by 0.067 and decrease the ratio of net investment income to average net assets by0.12%. Per accumulation unit amounts and ratios for the periods prior to January 1, 2001, have not been restated to reflect this change in presentation.†During 2000, the Bond Market Account began structuring dollar rolls as financing transactions. Dollar rolls occur when an Account sells securities for delivery in the current monthand simultaneously contracts to repurchase substantially similar securities on a specified future date. Had these transactions been treated for the entire year as purchases andsales, rather than as financing transactions, the portfolio turnover rate for the year ended December 31, 2000, would have been 552.94%.(a) Based on average units outstanding.(b) The portfolio turnover rate excluding mortgage dollar rolls transactions was 96% for the year.125%0.61%4.53%1.24%84.283 85.331185%(b)0.45%3.88%SUPPLEMENTAL DATAPortfolio turnover rateAccumulation units outstandingat end of year (in millions)7.00%RATIOS TO AVERAGE NET ASSETSExpensesNet investment income85.331 91.306TOTAL RETURN*Accumulation unit value:Beginning of yearEnd of yearFOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD*Investment income (a) 3.818 4.241 4.260Expenses (a)0.3990.4160.315Net investment income (a)3.4193.8253.945Net realized and unrealizedgain (loss) on total investments2.556(2.777)0.806Net change in accumulation unit value5.9751.0484.751For the Years Ended December 31,BOND MARKET ACCOUNT

12Prospectus College Retirement Equities Fund20092008200711619%0.58%4.69%(1.78)%51.563 50.6479113%0.50%5.00%11.04%46.436 .296 46.443(1.316)1.147(1.339)(0.007)46.443 46.436 2.6570.1942.4632005 1.5600.2281.332200673110%0.39%4.34%8.01%41.937 45.2961.4973.359 2.0280.1661.862200457240%0.48%3.93%7.61%38.971 41.9371.3952.966 1.7640.1931.57120036431%0.41%4.56%16.32%33.504 38.9713.8175.467 6.97%12.76%27.597 31.1181.4913.5210.692#2.38631.118 33.504 2.1130.0832.0302000 1.8160.1221.694#2001(continued)* Based on per accumulation unit data. Information for Annuity Units is not presented.#As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiumsand discounts on all debt securities. For the Inflation-Linked Bond Account, the effect of this change for the year ended December 31, 2001, was to decrease net investmentincome per accumulation unit by 0.031, increase net realized and unrealized gain per accumulation unit by 0.031 and decrease the ratio of net investment income to averagenet assets by 0.11%. Per accumulation unit amounts and ratios for the periods prior to January 1, 2001, have not been restated to reflect this change in presentation.(a)Based on average units outstanding.13411%0.45%1.38%SUPPLEMENTAL DATAPortfolio turnover rateAccumulation units outstandingat end of year (in millions)9.58%RATIOS TO AVERAGE NET ASSETSExpensesNet investment income50.647 55.499TOTAL RETURN*Accumulation unit value:Beginning of yearEnd of yearFOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD*Investment income (a) 0.974 2.700 2.618Expenses (a)0.2410.2490.186Net investment income (a)0.7332.4512.432Net realized and unrealizedgain (loss) on total investments4.119(3.367)2.695Net change in accumulation unit value4.852(0.916)5.127For the Years Ended December 31,INFLATION-LINKED BOND ACCOUNTCONDENSED FINANCIAL INFORMATION

College Retirement Equities Fund 31.566 100.71885%(b)0.45%2.81%22.41%100.718 123.2776860%0.48%2.81%4.81%125.522 8.559 113.9582.8775.3998.41211.564113.958 125.522 2.9870.4652.5222005 3.6870.5353.15220066237%0.37%2.46%9.02%99.580 108.5596.4738.979 2.8830.3772.50620045741%0.47%2.22%19.56%83.291 99.58014.29316.289 2.4180.4221.99620035193%0.39%2.75%(9.17)%91.697 83.291(10.756)(8.406) �0.30%3.04%0.34%95.962 96.286(2.582)0.324(7.003)#(4.589)96.286 91.697 3.1880.2822.9062000 2.7660.3522.414#2001* Based on per accumulation unit data. Information for Annuity Units is not presented.#As required, effective January 1, 2001, the Accounts adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiumsand discounts on all debt securities. For the Social Choice Account, the effect of this change for the year ended December 31, 2001, was to decrease net investment income peraccumulation unit by 0.019, decrease net realized and unrealized loss per accumulation unit by 0.019 and decrease the ratio of net investment income to average net assets by0.02%. Per accumulation unit amounts and ratios for the periods prior to January 1, 2001, have not been restated to reflect this change in presentation.†During 2000, the Social Choice Account began structuring dollar rolls as financing transactions. Dollar rolls occur when an Account sells securities for delivery in the current monthand simultaneously contracts to repurchase substantially similar securities on a specified future date. Had these transactions been treated for the entire year as purchases andsales, rather than as financing transactions, the portfolio turnover rate for the year ended December 31, 2000, would have been 196.05%.(a) Based on average units outstanding.(b) The portfolio turnover rate excluding mortgage dollar rolls transactions was 49% for the year.SUPPLEMENTAL DATAPortfolio turnover rateAccumulation units outstandingat end of year (in millions)RATIOS TO AVERAGE NET ASSETSExpensesNet investment incomeTOTAL RETURN*Accumulation unit value:Beginning of yearEnd of yearFOR AN ACCUMULATION UNIT OUTSTANDING THROUGHOUT EACH PERIOD*Investment income (a) 3.517 4.191 4.165Expenses (a)0.4880.6000.492Net investment income (a)3.0293.5913.673Net realized and unrealizedgain (loss) on total investments19.530(34.439)2.371Net change in accumulation unit value 22.559(30.

investments ("TIAA Access"). Together, CREF and TIAA form the principal retirement system for the nation's education and research communities, which is one of the largest retirement systems in the world based on assets under management. TIAA-CREF December 31, 2009, CREF's net assets were approximately 173.6 billion and the