CREF Bond Market Account

Expense example
Six months ended December 31, 2019
Beginning Ending Expenses paid
account value account value during period*
Bond Market Account (7/1/19) (12/31/19) (7/1/19–12/31/19)

Actual return
Class R1 $1,000.00 $ 1,023.41 $2.45
Class R2 1,000.00 1,024.43 1.43
Class R3 1,000.00 1,024.71 1.12
5% annual hypothetical return
Class R1 1,000.00 1,022.79 2.45
Class R2 1,000.00 1,023.79 1.43
Class R3 1,000.00 1,024.10 1.12
* “Expenses paid during period” is based on the Account’s actual expense ratio for the most recent fiscal half-
year, multiplied by the average account value over the six-month period, multiplied by 184/365. There were
184 days in the six months ended December 31, 2019. The Account’s annualized six-month expense ratios for
that period were 0.48% for Class R1, 0.28% for Class R2 and 0.22% for Class R3.
For more information about this expense example, please see page 9.

Actual expenses
Net expense ratio for the one-year period ended 12/31/2019

Class R1 0.50%
Class R2 0.30%
Class R3 0.25%

28 2019 Annual Report College Retirement Equities Fund