____________________ Ratios and supplemental data

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Ratios to average net assets Accumulation

Accumulation Net units Accumulation
unit value investment Portfolio outstanding fund net
end of Total Gross income turnover end of period assets
period returnb expenses (loss) rate (in millions) (in millions)i

$554.098 27.13% 0.55% 1.67% 60% 26 $14,577

435.849 (9.86) 0.53 1.57 55 29 12,655
483.507 23.01 0.65 1.38 48 33 15,853
393.060 8.76 0.74 1.59 56 36 14,174
361.404 (1.10) 0.57 1.60 52 39 14,153
560.315 27.38 0.35 1.86 60 63 35,441
439.868 (9.69) 0.34 1.75 55 70 30,866
487.075 23.33 0.39 1.64 48 78 38,159
394.928 9.06 0.47 1.87 56 86 33,996
362.129 (6.73)c 0.48d 1.75d 52 94 33,974
562.248 27.45 0.30 1.92 60 103 57,944
441.152 (9.65) 0.30 1.79 55 114 50,309
488.295 23.43 0.32 1.72 48 124 60,531
395.607 9.17 0.36 1.97 56 136 53,821
362.378 (6.67)c 0.38d 1.85d 52 148 53,614

201.059 27.96 0.50 1.73 67 18 3,682

157.127 (12.56) 0.53 1.54 77 20 3,154
179.688 24.38 0.69 1.38 36 20 3,681
144.462 4.72 0.75 1.60 78 22 3,230
137.957 (0.60) 0.58 1.59 49 24 3,312
203.309 28.21 0.31 1.92 67 35 7,150
158.571 (12.40) 0.35 1.73 77 38 6,104
181.007 24.71 0.43 1.64 36 39 7,131
145.144 5.00 0.48 1.87 78 43 6,224
138.230 (6.58)c 0.48d 1.60d 49 47 6,435
204.012 28.28 0.25 1.98 67 49 10,088
159.035 (12.36) 0.30 1.77 77 54 8,621
181.461 24.81 0.35 1.71 36 53 9,558
145.393 5.11 0.37 1.98 78 57 8,324
138.325 (6.52)c 0.38d 1.70d 49 62 8,527

See notes to financial statements College Retirement Equities Fund ■ 2019 Annual Report 91