MS 0434504923 Microsite Pages** 14 ECORR 4345 Arizona Board of Regents: ASU, NAU and UA 4923 Arizona Board of Regents: ASU, NAU and UA 2009-10-14T15:46:11.440001 09/30/2009 4923 Arizona Board of Regents: ASU, NAU and UA AZ Y Y ( ) - N ( ) - N ( ) - Premier Sole Recordkeeper/Sole Provider 1 http://www.tiaa-cref.org/azus AZ Y 5491 azus http://www.tiaa-cref.org/azus http://enroll.tiaamax.com/staging/azus http://www.abor.asu.edu/ Y 1 2992 Uploaded file Uploaded fi.gif Y Y 10570 11809 10570 AZ Bd of Regents 401a ORP1 Arizona Board of Regents 401(a) Optional Retirement Plan Arizona Board of Regents 401(a) Optional Retirement Plan GRA 0 0 X10570 999 0 1 1 1 1 0 1 1 Paper 1 0 This is HARDCODED URL N Open Your TIAA-CREF Account Now Your first step is to notify your university that you wish to participate in the Arizona Board of Regents Optional Retirement Plan. If you do not complete all the enrollment steps, including the Retirement Plan Election process with your university, your retirement plan participation will be permanently and irrevocably defaulted to the Arizona State Retirement System. To elect to participate in the Optional Retirement Plan, please visit your university’s Human Resources website. <UL> <LI>Arizona State University </LI></UL> Step 1. Print out and complete the Election of Retirement Option form and mail it to the ASU HR Benefits Office. (If this step has been completed, go to Step 2.) Step 2. Open your account online as described below.         <UL> <LI>University of Arizona</LI></UL> To enroll in the Optional Retirement Plan, log in to <A href="https://emplink.arizona.edu/pls/portal30/elink.dyn_elink_login.show">Employee Link</A> with your UA NetID and password, then select “ORP Enrollment.” A new browser window containing the TIAA-CREF enrollment website will open. (Do not close Employee Link.) After opening your account through TIAA-CREF, return to Employee Link, where you will enter information provided by TIAA-CREF as you complete the final steps of the enrollment process. <UL> <LI>Northern Arizona University </LI></UL> To complete your retirement enrollment you must submit your election electronically to the <A href="http://hr.nau.edu/m/content/view/121/131/">NAU Human Resources Department</A>, then choose "Enroll in Retirement." (You will need to log into Louie.) Open an Account Online Before you open an account, have the following information available: <UL> <LI>Your investment allocations, which you selected from your Investment Choices </LI> <LI>The Access Code for your Arizona Board of Regents 401(a) Optional Retirement Plan:</LI> <UL> <LI>ASU: AZQ190</LI> <LI>UA: AZQ192</LI> <LI>NAU: AZQ193</LI></UL> <LI>Your Social Security number</LI> <LI>Your beneficiary election and his/her Social Security number, birth date and address  </LI></UL> <CENTER><A href="https://ais2.tiaa-cref.org/cgi-bin/WebObjects/IOESEmplWeb" target=_blank><IMG src="http://enroll.tiaamax.com/staging/azus/images/btn_enrollnow_01.gif" border=0></A></CENTER> N N Lifecycle Fund Y 0 20090929 1 To learn more about your investment choices, select this link: Arizona Board of Regents Optional Retirement Plan - Investment Options Information (PDF) 20901231 1 NOTE: You may  transfer up to 50% of your current retirement plan accumulations to any of more than 1,000 no-transaction-fee mutual funds as well as exchange- traded funds through the Brokerage Account. You may also transfer money you may have in the TIAA Traditional Account and CREF annuity accounts to your brokerage account, and back again, with certain restrictions. You may not make contributions to the Brokerage Account. 1 Lifecycle funds TIAA-CREF mutual funds Non-proprietary funds Partner funds Y CUSTOM An employee may commence participation in the Optional Retirement Plan (ORP) immediately upon hire into an ORP-eligible position. Rollover (9) Employee After-Tax (K) Employee Pre Tax Mandatory (I) Employer (F) CUSTOM You are required to make a 7% contribution. The University will then make a contribution of 7%. None 0 0 CUSTOM You are required to make a 7% contribution. The University will then make a contribution of 7%. N CUSTOM Employees are fully vested after five years. However, employees who have an active contract (monies on deposit) in a qualified defined-benefit or defined-contribution retirement program of a college, university or higher education organization located in a state other than Arizona, or in a similar type of retirement plan in any country other than the United States, may be immediately vested in the ORP upon verification of eligibility. It is the responsibility of the participant to provide the University with the necessary documentation for consideration of immediate vesting. If you are appointed to an ORP-eligible position for the first time after your initial employment date, without a break in continuous retirement eligible employment in the Arizona University System, and you previously participated in the ASRS plan, your credited years of service under the ASRS plan will be applied toward your vesting period in the ORP. STANDARD N Fixed Period IPRO Lifetime Income Lump Sum MDO (Minimum Distribution Option) RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) STANDARD Y STANDARD N STANDARD 0 0 8071 - 0 Equities Variable Annuity CREF Equity Index Account 008 0 1 Proprietary Accounts - Equity N/A 41518 The investment seeks long-term return. The fund attempts to track the U.S. stock market as a whole by investing substantially all of its assets in stocks included in the Russell 3000 index. It does not hold all 3000 of the stocks included in the index. Instead, the fund may use a sampling method to try to emulate the index's overall investment characteristics. 194408308 10570 Large Blend 04/29/1994 16.18 20.84 -6.70 1.16 0.36 7.36 0.48 90 105 25 34 44 49 90 104 105 121 122 CREF Global Equities Account 006 0 1 Proprietary Funds - International N/A 41518 The investment seeks long-term total return. The account invests at least 80% of assets in equity securities of foreign and domestic companies. It may invest at least 40% of assets in foreign securities and at least 25% in domestic securities. The remaining 35% is distributed between foreign and domestic securities. 194408100 10570 World Stock 05/01/1992 18.42 27.15 -2.10 3.28 0.61 6.83 90 105 25 34 44 90 104 105 107 121 122 CREF Growth Account 007 0 1 Proprietary Accounts - Growth N/A 41518 The investment seeks total return. The account normally invests at least 80% of assets in common stocks and other equity securities. It invests primarily in large, well-known, established companies, particularly when we believe they have new or innovative products, services, or processes that enhance future earnings prospects. The fund may invest in smaller, less seasoned companies with growth potential as well as companies in new and emerging areas of the economy. It invest up to 20% of its assets in foreign securities. 194408209 10570 Large Growth 04/29/1994 14.13 26.63 -2.35 1.56 -3.44 5.56 0.57 90 105 25 34 44 49 90 104 105 121 122 CREF Stock Account 002 0 1 Proprietary Account - Stock N/A 41518 The investment seeks long-term total return. The fund invests in foreign stocks and other equity securities. It also may invest in fixed-income securities and money market instruments traded on foreign exchanges, in other foreign securities markets or privately placed. The fund invests a portion of its foreign investments in emerging market securities and, to a lesser extent, foreign small-cap equities. It intents to transition weightings of its holdings to be approximately 70-75% domestic equities and 25-30% foreign equities, with approximately 5% of the Account comprised of emerging market investments. 194408803 10570 Large Blend 08/01/1952 17.65 25.77 -3.05 2.79 1.03 9.70 0.58 90 105 25 34 44 49 90 104 105 121 122 Mutual Fund American Funds Capital World Growth and Income Fund RWIFX 307 0 1 Non-Proprietary Funds - Equity R5 99999 The investment seeks long-term growth of capital while providing current income. The fund invests, on a global basis, in common stocks that are denominated in U.S. dollars or other currencies. It may also hold cash or money market instruments. 140543836 10570 World Stock RWIFX 05/15/2002 18.79 27.38 2.89 8.15 9.05 0.50 40 34 40 44 104 107 121 122 American Funds EuroPacific Growth Fund RERFX 035 0 1 Partner Funds - International R5 41518 The fund normally invests at least 80% of net assets in securities of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation. 298706839 10570 Foreign Large Blend RERFX 05/15/2002 19.61 34.88 8.92 10.08 9.24 0.54 40 34 40 44 104 107 121 122 American Funds Fundamental Investors RFNFX 309 0 1 Non-Proprietary Funds - Equity R5 41518 The investment seeks long-term growth of capital and income. The fund invests primarily in common stocks or securities convertible into common stocks and may invest significantly in securities of issuers domiciled outside the United States and Canada and not included in the Standard & Poor's 500 Composite index. It may also hold cash or money market instruments. 360802839 10570 Large Blend RFNFX 05/15/2002 15.21 26.02 -3.32 4.97 4.98 0.37 40 34 40 44 49 104 121 122 First American Mid-Cap Growth Opportunity Fund FISGX 276 0 1 Non-Proprietary Funds - Equity Y 99999 The investment seeks capital appreciation. The fund invests primarily in common stocks of mid-capitalization companies, defined as companies that have market capitalizations at the time of purchase within the range of market capitalizations of companies constituting the Russell Midcap index. It may utilize options, futures contracts, options on futures contracts, and foreign currency exchange contracts. The fund may also invest up to 25% of assets, collectively, in non-dollar denominated and dollar-denominated equity securities of foreign issuers that are either listed on a U.S. stock exchange or represented by depositary receipts. 318941598 10570 Mid-Cap Growth FISGX 12/28/1989 16.61 37.28 2.45 4.66 8.38 9.89 0.97 40 34 40 44 49 104 121 122 Goldman Sachs Growth Opportunities Fund GGOIX 279 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks long-term growth of capital. The fund normally invests at least 90% of assets in equity securities with a primary focus on mid-cap companies. It primarily invests in publicly traded U.S. securities. The fund may also invest up to 25% of assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. 38142Y401 10570 Mid-Cap Growth GGOIX 05/24/1999 18.53 45.71 4.06 5.73 9.84 10.17 1.07 40 34 40 44 49 104 121 122 Goldman Sachs Large Cap Value Fund GSLIX 280 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks long-term capital appreciation. The fund normally invests at least 80% of total net assets in equity securities. It may invest up to 25% of assets in foreign securities and up to 20% in fixed-income securities. The advisor attempts to invest primarily in the equities of companies whose intrinsic value is not reflected in the stock price. 38142Y773 10570 Large Value GSLIX 12/15/1999 15.44 19.58 -6.32 1.73 3.24 0.77 40 34 40 44 49 104 121 122 Keeley Small Cap Value Fund KSCIX 1097 0 1 Non-Proprietary Funds - Equity Class I 99999 The investment seeks capital appreciation. The fund invests in companies with a small market capitalization, which is currently defined as $3.5 billion or less. It normally invests at least 80% of net assets plus the amount of any borrowings for investment purposes in common stocks and other equity type securities (including preferred stock, convertible debt securities and warrants) of companies with small market capitalization. As long as an investment continues to meet the its other criteria, it may choose to hold such securities even if the company grows beyond the $3.5 billion capitalization level. 487300808 10570 Small Blend KSCIX 12/31/2007 18.96 17.36 -20.56 -18.19 1.11 40 34 40 44 49 104 121 122 123 Legg Mason Opportunity Fund LMNOX 284 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks long-term growth of capital. The fund primarily invests securities, derivatives and other financial instruments that offer the opportunity for long-term growth of capital. It may also invest in the common stock of foreign issuers and in other U.S. and foreign securities, convertible securities, debt securities, futures, options, derivatives and other instruments. The fund may borrow up to 10% of assets for leveraging. It is nondiversified. 52465G202 10570 Mid-Cap Growth LMNOX 06/26/2000 36.57 80.26 5.91 -1.90 2.45 1.32 40 34 40 44 49 104 121 122 Legg Mason U.S. Small-Cap Value Fund LUSIX 285 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks long-term capital appreciation. The fund invests at least 80% of total assets in equity securities of domestic small-capitalization value companies. The adviser regards small-capitalization companies as those whose market capitalizations at the time of investment range between $50 million and the largest capitalization stock of either the Russell 2000 Small-Cap index or the S&P 600 Small-Cap index (currently approximately $5 billion). The adviser considers value companies to be those in the lowest quartile of price/earnings or price-to-book valuation. 52465Q606 10570 Small Value LUSIX 06/19/1998 19.09 13.49 -14.23 -1.64 5.80 3.70 1.29 40 34 40 44 49 54 104 121 122 Legg Mason Value Fund LMNVX 283 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks long-term growth of capital. The fund primarily invests in equity securities of companies with market capitalizations greater than $5 billion but may invest in companies of any size. It may invest up to 25% of total assets in long-term debt securities and up to 10% of total assets in debt securities rated below investment-grade. 524659208 10570 Large Blend LMNVX 12/01/1994 19.85 37.25 -2.29 -5.09 -0.84 10.02 0.74 40 34 40 44 49 104 121 122 Lord Abbett Small-Cap Blend Fund LSBYX 286 0 1 Non-Proprietary Funds - Equity Institutional 99999 The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in a blend of growth and value equity securities of small companies with a market capitalization that falls within the market capitalization range of the Russell 2000 index. It may invest in common stocks, preferred stocks, convertible securities and warrants. The fund may also invest in convertible securities, ADRs, options for hedging, obligations of the U.S. government and agencies, commercial paper, bank certificates of deposit, bankers' acceptance and repurchase agreements. 54400M500 10570 Small Growth LSBYX 06/26/2001 14.37 17.36 -12.94 3.13 7.26 1.01 40 34 40 44 49 104 121 122 Neuberger Berman Socially Responsive Fund NBSRX 287 0 1 Non-Proprietary Funds - Equity Investor 99999 The investment seeks long-term growth of capital. The fund invests mainly in common stocks of mid- to large-capitalization companies. It seeks to reduce risk by investing across many different industries. The fund looks for solid balance sheets, strong management teams with a track record of success, good cash flow, the prospect for above average earnings growth, and other valuation-related factors. 641224605 10570 Large Blend NBSRX 03/16/1994 14.27 24.01 -8.99 2.20 3.10 7.55 0.90 40 34 40 44 49 104 121 122 Royce Opportunity Fund ROFIX 295 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks long-term growth of capital. The fund invests primarily in the equity securities of small- and micro-cap companies, those with market capitalizations up to $2.5 billion. Although the Fund normally focuses on the securities of companies with market capitalizations up to $2.5 billion, it may, in certain market environments, invest an equal or greater percentage of its assets in securities of larger-cap companies and may invest up to 10% of its assets in foreign securities. Normally, the fund invests at least 65% of its net assets in equity securities. 780905691 10570 Small Value ROFIX 12/12/2001 32.19 57.68 0.46 3.78 8.07 1.06 40 34 40 44 49 104 121 122 Royce Premier Fund RPFIX 288 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks long-term growth of capital. The Fund invests at least 80% of its net assets in the equity securities of “premier” companies. At least 65% of these securities will be issued by companies with stock market capitalizations up to $2.5 billion at the time of investment. The fund may invest up to 25% of assets in the securities of foreign issuers. The fund looks for companies it considers “premier” that have excellent business strengths and/or prospects for growth, high internal rates of return and low leverage, and that are trading significantly below estimates of their current worth. 780905683 10570 Mid-Cap Blend RPFIX 09/17/2002 18.66 29.27 0.93 7.71 12.57 1.04 40 34 40 44 49 104 121 122 SSgA S&P 500 Index Fund SVSPX 289 0 1 Non-Proprietary Funds - Equity Other 41518 The investment seeks to replicate the total return of the S&P 500 index. The fund substantially invests all of investable assets in a corresponding portfolio of the State Street Equity 500 index portfolio that has the same investment objective as and investment policies that are substantially similar to those of the fund. It invests at least 80% of total assets in stocks in the S&P 500 index in proportion to their weighting. The fund may also invest in futures and options. 784924888 10570 Large Blend SVSPX 12/30/1992 15.51 19.06 -7.01 0.88 -0.30 7.30 0.18 40 34 40 44 49 104 121 122 T. Rowe Price Growth Stock Fund PRGFX 291 0 1 Non-Proprietary Funds - Equity Retail 41518 The investment seeks long-term growth of capital; income is secondary. The fund normally invests at least 80% of assets in the common stocks of a diversified group of growth companies. It mostly seeks investments in companies that have the ability to pay increasing dividends through strong cash flow. The fund generally looks for companies with an above-average rate of earnings growth and a lucrative niche in the economy. While it invests most assets in U.S. common stocks, the fund may also purchase other securities including foreign stocks, futures, and options. 741479109 10570 Large Growth PRGFX 04/11/1950 14.00 31.24 0.27 2.45 2.03 10.26 0.73 40 34 40 44 49 104 121 122 TIAA-CREF Equity Index Fund TIQRX 373 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund primarily invests in a portfolio of equity securities selected to track the overall U.S. equity markets based on a market index. Its benchmark is Russell 3000 index. 886315753 10570 Large Blend TIQRX 03/31/2006 16.14 20.84 -6.60 -3.87 0.33 34 44 49 57 121 122 TIAA-CREF Growth and Income Fund TRGIX 011 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term return. The fund normally invests at least 80% of net assets in income-producing equity securities. It invests primarily in income-producing equity securities or other securities defined by its benchmark index, the Standard & Poor’s 500 (S&P 500) index. The fund also may invest in rapidly growing smaller companies and may invest up to 20% of total assets in foreign investments. 87244W763 10570 Large Blend TRGIX 10/01/2002 15.91 21.75 -2.66 4.86 7.40 0.75 34 44 49 104 121 122 TIAA-CREF International Equity Fund TRERX 013 0 1 Proprietary Funds - International Retirement 41518 The investment seeks favorable long-term returns. The fund normally invests at least 80% of net assets in equity securities of foreign issuers. It has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. The fund may sometimes hold a significant amount of stocks of smaller, lesser-known companies. The fund’s sector and country exposure is regularly managed against the Morgan Stanley Capital International EAFE (Europe, Australasia, Far East) Index. 87244W748 10570 Foreign Large Blend TRERX 10/01/2002 18.94 25.61 -3.42 4.59 9.61 0.79 27 34 44 104 107 121 122 131 TIAA-CREF International Equity Index Fund TRIEX 027 0 1 Proprietary Funds - International Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of foreign equity investments based on a market index. Its benchmark is MSCI EAFE index. 87244W490 10570 Foreign Large Blend TRIEX 10/01/2002 19.25 26.85 1.57 5.82 10.49 0.36 34 44 104 107 121 122 131 TIAA-CREF Large-Cap Growth Fund TILRX 348 0 1 Proprietary Funds - Equity Retirement 99999 The investment seeks a favorable long-term return. The fund normally invests at least 80% of assets in large-cap equity securities. Large-cap securities are securities of issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within the Russell 1000 Index at the time of purchase. It may invest up to 20% of total assets in foreign investments. 87244W326 10570 Large Growth TILRX 03/31/2006 13.67 24.89 -4.17 -2.73 0.78 34 44 49 121 122 TIAA-CREF Large-Cap Growth Index Fund TRIRX 019 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund primarily invests in a portfolio of equity securities of large domestic growth companies based on a market index. Its benchmark is Russell 1000 Growth index. 87244W672 10570 Large Growth TRIRX 10/01/2002 13.89 26.95 -2.06 1.48 4.80 0.35 34 44 49 104 121 122 TIAA-CREF Large-Cap Value Fund TRLCX 014 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund uses the dual investment management strategy and invests at least 80% of assets in equity securities of large domestic companies, as defined by the Russell 1000 Value index, that appear undervalued by the market based on our evaluation of their potential worth. It may invest up to 20% of total assets in foreign investments. 87244W722 10570 Large Value TRLCX 10/01/2002 19.87 28.32 -0.88 2.10 7.46 0.74 34 44 49 104 121 122 TIAA-CREF Large-Cap Value Index Fund TRCVX 020 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of equity securities of large domestic value companies based on a market index. Its benchmark is Russell 1000 Value index. 87244W656 10570 Large Value TRCVX 10/01/2002 18.15 14.70 -10.77 0.59 5.69 0.35 34 44 49 104 121 122 TIAA-CREF Mid-Cap Growth Fund TRGMX 015 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund normally invests at least 80% of net assets in mid-cap equity securities. It invests primarily in equity securities of medium-sized domestic companies, as defined by the fund’s benchmark index (the Russell Mid-cap Growth index). The fund may invest up to 20% of total assets in foreign investments. 87244W888 10570 Mid-Cap Growth TRGMX 10/01/2002 17.44 36.44 -2.69 3.15 9.00 0.81 34 44 49 104 121 122 TIAA-CREF Mid-Cap Value Fund TRVRX 016 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund normally invests at least 80% of assets in mid-cap equity securities. It invests primarily in equity securities of medium-sized domestic companies, as defined by the fund’s benchmark index (the Russell Mid-cap Value index). The fund may invest up to 20% of assets in foreign investments. 87244W854 10570 Mid-Cap Value TRVRX 10/01/2002 20.30 31.52 -3.98 5.20 11.10 0.77 34 44 49 104 121 122 TIAA-CREF Real Estate Securities Fund TRRSX 017 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund invests at least 80% of assets in the equity and fixed-income securities of companies that are principally engaged in or related to the real estate industry such as REITs. It also may invest up to 20% of total assets in equity and debt securities of issuers that are not engaged in or related to the real estate industry and up to 15% of total assets in real estate securities of foreign issuers. 87244W789 10570 Real Estate TRRSX 10/01/2002 31.70 13.79 -28.95 -0.66 6.90 0.81 34 44 49 104 121 122 TIAA-CREF S&P 500 Index Fund TRSPX 018 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of equity securities of large domestic companies selected to track U.S. equity markets based on a market index. Its benchmark is S&P 500 index. 87244W698 10570 Large Blend TRSPX 10/01/2002 15.50 19.05 -7.11 0.70 4.89 0.31 34 44 49 104 121 122 TIAA-CREF Small-Cap Blend Index Fund TRBIX 024 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of equity securities in smaller domestic companies based on a market index. Its benchmark is Russell 2000 index. 87244W565 10570 Small Blend TRBIX 10/01/2002 19.13 21.84 -10.06 2.13 8.39 0.42 34 44 49 104 121 122 131 TIAA-CREF Small-Cap Equity Fund TRSEX 028 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund normally invests at least 80% of assets in small-cap equity securities. It invests primarily in equity securities of smaller domestic companies across a wide range of sectors, growth rates and valuations, that appear to have favorable prospects for significant long-term capital appreciation. 87244W821 10570 Small Blend TRSEX 10/01/2002 19.17 21.70 -8.57 1.17 8.04 0.78 34 44 49 104 121 122 131 TIAA-CREF Social Choice Equity Fund TRSCX 012 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund normally invests at least 80% of net assets in equity securities. It attempts to track the return of the U.S. stock market as represented by the Russell 3000 index, while investing only in companies whose activities are consistent with the funds’ social criteria. The fund may invest in U.S. Government securities and in securities issued by foreign governments or their agencies or instrumentalities as approved by the Corporate Governance and Social Responsibility Committee. It may invest up to 15% of total assets in foreign investments. 87244W755 10570 Large Blend TRSCX 10/01/2002 16.56 23.09 -6.17 1.70 6.00 0.46 34 44 49 104 121 122 Vanguard 500 Index Fund Signal Shares VIFSX 296 0 1 Non-Proprietary Funds - Equity Signal Shares 41518 The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs a passive management investment approach designed to track the performance of the Standard & Poor's 500 index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. It invests all, or substantially all, of assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. 922908496 10570 Large Blend VIFSX 09/29/2006 15.62 19.38 -6.78 -5.39 0.09 40 34 40 44 49 104 121 122 123 Vanguard Explorer Fund VEXPX 323 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks to provide long-term capital appreciation. The fund invests mainly in the stocks of small companies. These companies tend to be unseasoned but are considered by the advisors to have superior growth potential. These companies often provide little or no dividend income. 921926101 10570 Small Growth VEXPX 12/11/1967 17.62 30.23 -3.83 2.24 5.62 8.41 0.51 40 34 40 44 49 104 121 122 Vanguard Selected Value Fund VASVX 293 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks long-term growth of capital and income. The fund invests mainly in the stocks of medium-size U.S. companies, choosing stocks considered to be undervalued which are generally those that are out of favor with investors and are trading at prices that the advisor feels are below average in relation to such measures as earnings and book value. 921946109 10570 Mid-Cap Value VASVX 02/15/1996 19.58 28.03 3.05 3.97 8.02 6.65 0.45 40 34 40 44 49 104 121 122 Vanguard Small-Cap Growth Index Fund VISGX 343 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks to track the performance of a benchmark index that measures the investment return of small capitalization growth stocks. The fund employs a passive management investment approach designed to track the performance of the MSCI US Small Cap Growth index, a broadly diversified index of growth stocks of smaller U.S. companies. It attempts to replicate the target index by investing all, or substantially all, of assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. 922908827 10570 Small Growth VISGX 05/21/1998 19.69 35.91 -2.08 4.54 6.38 5.07 0.28 40 34 40 44 49 104 121 122 Vanguard Strategic Equity Fund VSEQX 294 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks long-term capital appreciation. The fund normally invests in small- and mid-capitalization domestic stocks based on the advisor's assessment of the relative return potential of the securities. The advisor selects securities that it believes offer a good balance between reasonable valuations and attractive growth prospects relative to their peers, by using proprietary software programs that allow comparisons among thousands of securities at a time. 922038104 10570 Mid-Cap Blend VSEQX 08/14/1995 19.41 23.89 -9.66 0.31 5.69 8.30 0.32 40 34 40 44 49 104 121 122 Vanguard Windsor II Fund VWNFX 331 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks long-term capital appreciation and income. The fund invests mainly in mid- and large-capitalization companies whose stocks are considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor feels are trading at prices that are below average in relation to such measures as earnings and book value. These stocks often have above-average dividend yields. 922018205 10570 Large Value VWNFX 06/24/1985 16.25 19.23 -6.55 1.46 3.30 10.31 0.39 40 34 40 44 49 104 121 122 Real Estate Variable Annuity TIAA Real Estate Account 009 0 0 Proprietary Account - Money Market N/A 41518 The account seeks favorable long-term returns primarily through rental income and appreciation of real estate investments owned by the account. The account intends to invest between 70 percent to 85 percent of its assets directly in real estate or real estate-related investments. The account will invest the remaining portion of its assets in government and corporate debt securities, money market instruments and other cash equivalents, and, at times, stock of companies that do not primarily own or manage real estate. 878094200 10570 10/02/1995 -7.64 -23.79 -33.83 0.02 3.86 5.12 90 105 25 34 44 90 101 105 122 Fixed Income Variable Annuity CREF Bond Market Account 005 0 1 Proprietary Funds - Fixed Income N/A 41518 The investment seeks high current income consistent with capital preservation. The account invests at least 80% of assets in a broad range of debt securities. It invests majority of the assets in U.S. Treasury and Agency securities, corporate bonds and mortgage-backed or other asset-backed securities. 194408407 10570 Intermediate-Term Bond 03/01/1990 4.07 6.59 9.20 4.22 5.79 6.82 90 105 25 34 44 62 90 104 105 121 122 CREF Inflation-Linked Bond Account 010 0 1 Proprietary Funds - Fixed Income N/A 41518 The investment seeks a long-term rate of return that outpaces inflation. The account invests at least 80% of assets in U.S. Treasury Inflation-Indexed Securities (TIIS). It can also invest in other inflation-indexed bonds issued or guaranteed by the U.S. government or its agencies, by corporations and other U.S. domiciled issuers as well as foreign governments. The fund may invest in money market instruments or other short-term securities. 194408506 10570 Inflation-Protected Bond 05/01/1997 2.85 7.60 4.58 4.26 7.03 6.34 0.49 90 105 25 34 44 90 92 104 105 122 Mutual Fund Goldman Sachs Government Income Fund GSOIX 278 0 1 Non-Proprietary Funds - Fixed Income Institutional 41518 The investment seeks current income consistent with safety of principal. The fund normally invests at least 80% of assets in U.S. Government securities and in repurchase agreements collateralized by such securities. It may invest up to 20% of assets in non-government securities such as privately issued mortgage-backed securities, asset-backed securities and corporate securities. 38142V761 10570 Intermediate Government GSOIX 08/15/1997 2.58 4.66 8.95 4.92 6.12 6.00 0.64 40 34 40 44 62 104 121 122 TIAA-CREF Bond Fund TIDRX 368 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks as favorable a long-term total return The fund invests at least 80% of assets in investment-grade bonds and other bonds. It also invests in other fixed-income securities. Bonds of this type may include U.S. government securities, corporate bonds and mortgage-backed or other asset-backed securities. The fund also invests in other fixed-income securities. 886315720 10570 Intermediate-Term Bond TIDRX 03/31/2006 4.02 5.99 9.64 5.52 0.57 34 44 62 121 122 TIAA-CREF Bond Plus Fund TCBRX 358 0 1 Proprietary Funds - Fixed Income Retirement 99999 The investment seeks a favorable long-term return. The fund invests at least 80% of assets in bonds. It tracks the duration of the Lehman Brothers U.S. Aggregate index. The fund invests at least 75% of assets in a broad range of the debt securities in the Lehman index. 886315605 10570 Intermediate-Term Bond TCBRX 03/31/2006 5.30 8.73 9.39 4.33 0.63 34 44 62 121 122 TIAA-CREF High-Yield Fund TIHRX 355 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks high current income and capital appreciation. The fund invests primarily in lower-rated, higher-yielding fixed-income securities. It invests at least 80% of assets in debt and other fixed-income securities rated lower than investment-grade (and their unrated equivalents) or other high-yielding debt securities. The fund invests up to 20% of assets in payment-in-kind or deferred interest obligations, defaulted securities, asset-backed securities, securities rated lower than B- or its equivalent by at least two rating agencies and securities having limited liquidity. 886315787 10570 High Yield Bond TIHRX 03/31/2006 10.32 35.87 18.54 5.28 0.69 34 44 62 121 122 131 TIAA-CREF Inflation-Linked Bond Fund TIKRX 367 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks a long-term rate of return that outpaces inflation. The fund invests at least 80% of assets in fixed-income securities whose returns are designed to track a specified inflation index, the Consumer Price Index for All Urban Consumers (CPI-U), over the life of the security. It may invest less than 25% of total assets in inflation-linked bonds of foreign issuers. The fund invests no more than 5% of total assets in fixed-income securities rated below investment-grade. 886315696 10570 Inflation-Protected Bond TIKRX 03/31/2006 2.81 7.39 4.33 5.33 0.59 34 44 62 121 122 TIAA-CREF Short-Term Bond Fund TISRX 361 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks high current income consistent with preservation of capital. The fund invests primarily in a broad range of debt securities comprising the Lehman Brothers Mutual Fund Short (one- five year) government/credit index. It invests at least 80% of assets in U.S. treasury and agency securities and corporate bonds with maturities less than five years. The fund invests up to 15% of assets in the securities of foreign issuers. 886315886 10570 Short-Term Bond TISRX 03/31/2006 3.17 4.79 7.07 4.56 0.63 34 44 62 121 122 Western Asset Core Plus Bond Portfolio WACPX 038 0 1 Partner Funds - Fixed Income Institutional 41518 The investment seeks to maximize total return, consistent with prudent investment management and liquidity needs. The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, invests at least 80% of net assets in debt and fixed income securities. It may also invest up to 25% of their respective total assets in the securities of non-U.S. issuers. The duration targets between 2.5 and 7 years. 957663503 10570 Intermediate-Term Bond WACPX 07/08/1998 10.50 21.79 17.24 4.73 6.85 6.30 0.47 40 34 40 44 62 104 121 122 123 Collective Fund Wells Fargo Galliard Stable Return Fund 277 0 0 Non-Proprietary Funds - Equity N/A 41518 949907703 10570 40 40 122 200 Money Market Variable Annuity CREF Money Market Account 003 0 1 Proprietary Account - Money Market N/A 41518 The investment seeks high current income consistent with maintaining liquidity and preserving capital. The fund invests at least 95% of assets in money market instruments that at the time of purchase are first tier securities. It may invest up to 5% of assets in second tier securities and up to 30% of assets in money market and debt instruments of foreign issuers denominated in U.S. dollars. The dollar-weighted average maturity of the fund will be less than 90 days. 194408704 10570 Money Market - Taxable 04/01/1988 0.00 0.11 0.73 3.08 3.00 4.46 0.46 78 90 105 25 30 34 44 78 90 104 105 108 121 122 Mutual Fund TIAA-CREF Money Market Fund TIEXX 370 0 1 Proprietary Funds - Money Market Retirement 41518 The investment seeks high current income consistent with maintaining liquidity and preserving capital. The fund primarily invests in high-quality, short-term money market instruments. It can also invest up to 30% of assets in money market and debt instruments of foreign issuers denominated in U.S. dollars. 886315688 10570 Money Market - Taxable TIEXX 03/31/2006 0.01 0.28 0.78 3.30 0.39 77 31 34 44 77 108 121 122 Guaranteed Guaranteed Annuity TIAA Traditional Account 001 0 0 Proprietary Account - Money Market N/A 41518 The TIAA Traditional Annuity guarantees principal and a specified interest rate (based on TIAA's claims paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. These additional amounts, when declared, remain in effect for the “declaration year” which begins each March 1. \n\nIf you have an Retirement Annuity (RA) contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers out must be spread over ten annual installments. If you have a Group Retirement Annuity (GRA) contract, lump-sum withdrawals are available from the TIAA Traditional Annuity, subject to the terms of your employer plan, only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and all transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan must be spread over ten annual installments (or over five years for withdrawals after termination of employment). \n\nIf you have an Retirement Annuity (RA) contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers out must be spread over ten annual installments. If you have a Group Retirement Annuity (GRA) contract, lump-sum withdrawals are available from the TIAA Traditional Annuity, subject to the terms of your employer plan, only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and all transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan must be spread over ten annual installments (or over five years for withdrawals after termination of employment). \n\nIf you have a Retirement Choice Annuity (RC) contract, subject to the terms of your employer’s plan, within 120 days after termination of employment, withdrawals from the TIAA Traditional Annuity may be made available in a lump sum. Such withdrawals are subject to a 2.5% surrender charge. At all other times, withdrawals and transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan from the TIAA Traditional Annuity must be spread over an 84-month period (7 years) in monthly systematic payments. 878094101 10570 4.91 4.55 6.16 3.65 90 105 26 32 90 101 105 122 Multi-Asset Variable Annuity CREF Social Choice Account 004 0 1 Proprietary Account - Social N/A 41518 The investment seeks total return consistent with certain social criteria. The fund invests in a diversified portfolio of equity, debt, and money-market securities. It normally invests 60% of assets in equities and 40% in debt securities. The fund invests in companies included in the KLD Broad Market Social index which is a subset of companies in the Russell 3000 index screened to eliminate companies that do not meet certain social criteria. 194408605 10570 Moderate Allocation 03/01/1990 12.19 18.04 2.26 3.12 2.95 8.29 0.53 90 105 25 34 44 49 90 104 105 121 122 Mutual Fund T. Rowe Price Capital Appreciation Fund PRWCX 290 0 1 Non-Proprietary Funds - Asset Allocation Retail 41518 The investment seeks long-term capital appreciation. The fund will invest primarily in the common stocks of established U.S. companies that have above-average potential for capital growth. It invests at least half of assets in common stocks and invests the remaining assets in other securities, including convertible securities, corporate and government debt, foreign securities, futures, and options. 77954M105 10570 Moderate Allocation PRWCX 06/30/1986 11.06 26.74 2.73 4.95 8.66 11.12 0.74 40 34 40 44 49 104 121 122 TIAA-CREF Lifecycle 2010 Fund TCLEX 135 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests primarily in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2010. It expects to allocate approximately 51.60% of assets to equity underlying funds and 48.40% of assets to fixed-income underlying funds. 87244W458 10570 Target Date 2000-2010 TCLEX 10/15/2004 10.68 16.18 3.36 3.17 0.87 34 44 49 104 121 122 123 132 6 TIAA-CREF Lifecycle 2015 Fund TCLIX 136 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2015. It expects to approximately 59.60% of assets to equity underlying funds and 40.40% of assets to fixed-income underlying funds. 87244W441 10570 Target Date 2011-2015 TCLIX 10/15/2004 11.81 17.77 2.49 2.96 0.89 34 44 49 104 121 122 123 132 5 TIAA-CREF Lifecycle 2020 Fund TCLTX 137 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2020. It expects to allocate approximately 67.60% of assets to equity underlying funds and 32.40% of assets to fixed-income underlying funds. 87244W433 10570 Target Date 2016-2020 TCLTX 10/15/2004 12.86 19.22 1.40 2.51 0.92 34 44 49 104 121 122 123 132 4 TIAA-CREF Lifecycle 2025 Fund TCLFX 138 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2025. It expects to allocate approximately 75.60% of assets to equity underlying funds and 24.40% of assets to fixed-income underlying funds. 87244W425 10570 Target Date 2021-2025 TCLFX 10/15/2004 13.89 20.53 0.08 2.09 0.94 34 44 49 104 121 122 123 132 3 TIAA-CREF Lifecycle 2030 Fund TCLNX 139 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2030. It expects to allocate approximately 83.60% of assets to equity underlying funds and 16.40% of assets to fixed-income underlying funds. 87244W417 10570 Target Date 2026-2030 TCLNX 10/15/2004 14.99 21.78 -1.41 1.58 0.96 34 44 49 104 121 122 123 132 2 TIAA-CREF Lifecycle 2035 Fund TCLRX 140 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2035. It expects to allocate approximately 90.0% of assets to equity underlying funds and 10.0% of assets to fixed-income underlying funds. 87244W391 10570 Target Date 2031-2035 TCLRX 10/15/2004 15.93 23.04 -1.94 1.59 0.98 34 44 49 104 121 122 123 132 1 TIAA-CREF Lifecycle 2040 Fund TCLOX 141 0 1 Proprietary Funds - Asset Allocation Retirement 99999 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2040. It expects to allocate approximately 90.0% of assets to equity underlying funds and 10.0% of assets to fixed-income underlying funds. 87244W383 10570 Target Date 2036-2040 TCLOX 10/15/2004 15.91 23.04 -1.91 1.98 0.95 34 44 49 104 121 122 123 132 1 TIAA-CREF Lifecycle 2045 Fund TTFRX 522 0 1 Proprietary Funds - Asset Allocation Retirement 99999 The investment seeks high total return over time through a combination of capital appreciation and income. The fund invests primarily in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2045. It expects to allocate approximately 90.0% of assets to equity underlying funds and 10.0% of assets to fixed-income underlying funds. 886315522 10570 Target Date 2041-2045 TTFRX 11/30/2007 15.91 23.10 -2.93 -14.48 7.08 34 44 104 121 122 123 132 1 TIAA-CREF Lifecycle 2050 Fund TLFRX 525 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return over time through a combination of capital appreciation and income. The fund invests primarily in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2050. Currently, it expects to allocate approximately 90% of assets to equity underlying funds and 10% of assets to fixed-income underlying funds. 886315514 10570 Target Date 2050+ TLFRX 11/30/2007 15.88 22.64 -4.08 -14.67 8.17 34 44 104 121 122 123 132 1 TIAA-CREF Lifecycle Retirement Income Fund TLIRX 528 0 1 Proprietary Funds - Asset Allocation Retirement 99999 The investment seeks high total return over time primarily through income, with a secondary emphasis on capital appreciation. The fund invests primarily in underlying funds according to a fixed, more conservative asset allocation strategy designed for investors who are already in or entering retirement. Currently, it invests in a diversified portfolio consisting of about 40% stocks and 60% bonds. The fund expects to allocate approximately 40% of assets to equity underlying funds and 60% of assets to fixed-income underlying funds. 886315480 10570 Retirement Income TLIRX 11/30/2007 8.88 13.74 4.86 -3.39 2.17 34 44 104 121 122 123 125 132 7 TIAA-CREF Managed Allocation Fund TITRX 352 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks favorable returns. The fund invests approximately 60% of net assets in equity funds, approximately 40% of net assets in fixed-income funds and up to 5% of net assets in real estate funds.If Advisors believes that the relative attractiveness of the markets in which the equity and fixed-income funds are invested changes, the fund can adjust the percentage of investments in these funds up or down by up to 10%. 886315829 10570 Moderate Allocation TITRX 03/31/2006 12.15 18.17 1.39 -0.54 0.77 34 44 49 121 122 124 Asset allocation risk is the risk that a fund or account that invests in other funds or accounts may not be able to invest according to its target allocations due to fluctuations in the value of the underlying funds or accounts, and that the selection of underlying funds or accounts and the allocations among them will result in the fund or account's underperformance versus similar funds or accounts or will cause an investor to lose money. Investing in companies emerging from bankruptcy presents special risks. Although companies emerging from bankruptcy usually have improved balance sheets resulting from their restructure, they often are subject to specific plans imposed by their lenders that they must meet in a fairly short time frame. Often, if the company does not meet its plan, it has few, if any, alternatives. In addition, such companies must overcome the negative perceptions resulting from a previous bankruptcy. Generally, companies going through corporate restructuring are more likely than others to remain undervalued. Call risk is the risk that during periods of declining interest rates, an issuer of a bond may "call" (i.e., redeem) a high-yielding obligation before its maturity date. This often creates an unanticipated capital gain liability and requires the fund or account to reinvest the proceeds at the lower prevailing interest rate. Investments in commodity derivatives entail significant risk including risk of loss of a significant portion of their principal value because these investments are subject to the movements of prices in the potentially volatile commodity markets. Company risk is the risk that the earnings prospects and overall financial position of the issuer of a security will deteriorate, causing a decline in the security's value over short or extended periods of time. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. The value of convertible security is a function of (1) its yield in comparison with the yields or other securities of comparable maturity and quality that do not have a conversion privilege and (2) its worth, at market value, if converted into the underlying common stock in a way that non-convertible debt does not. Credit risk (a type of company risk) is the risk that a decline in a company's overall financial soundness may make it unable to pay principal and interest on bonds when due. The fund will suffer a loss in connection with its use of derivatives such as options, futures contracts, and options on futures contracts if securities prices do not move in the direction anticipated by the fund's advisor when entering into the derivative instruments. Dividend risk is the risk associated with investments in stocks paying relatively high dividends. These stocks may significantly underperform other stocks during periods of rapid market appreciation. The securities markets of Asia, Latin, Central and South America, Eastern Europe, the Middle East, Africa and other emerging regions are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. Further, investment in equity securities of issuers located in certain emerging countries involves risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. These risks are not normally associated with investments in more developed countries. Extension risk is the risk of decline in value for certain fixed-income securities because principal payments are not made as early as possible. Financial risk is the risk that the issuer of debt securities will not be able to pay principal and interest when due. For issuers of common or preferred stock, it is the risk that the issuer's current earnings will fall or that its overall financial soundness will decline, reducing the security's value. Foreign investment risks are the risks of investing in securities of foreign issuers, in securities or contracts traded on foreign exchanges or in foreign markets, or in securities or contracts payable in foreign currency. Foreign investing involves special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. These investment risks may be magnified in emerging markets. Growth investing risks include the risk that, due to their relatively high valuations, growth stocks will be more volatile than value stocks. In addition, because the value of growth companies is generally a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained. Illiquid security risk is the risk that investments in illiquid securities may be difficult to sell for their fair market value. Income volatility risk is the risk that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments. Index risk is the risk that the performance of a fund or account will not match the performance of its index for any period of time. Although a fund or account attempts to closely track the investment performance of the index, the fund or account may not duplicate the composition of this index. In addition, its performance, unlike that of its index, is affected by investment and other operating expenses. Interest rate risk (a type of market risk) is the risk that bond prices or the income of a fund or account may decline if interest rates change. The proprietary models used by each advisor to evaluate securities or securities markets are based on the advisor's understanding of the interplay of market factors and do not ensure successful investment. The markets, or the price of individual securities, may be affected by factors not foreseen in developing the models. Companies involved in IPOs generally have limited operating histories, and prospects for future profitability are uncertain. Prices of IPOs may also be unstable because of the absence of a prior public market, the small number of shares available for trading, and limited investor information. IPOs will frequently be sold within 12 months of purchase. This may result in increased short-term capital gains, which will be taxable to shareholders as ordinary income. Large-cap risk is the risk that, by focusing on investments in securities of larger companies, a fund or account may have fewer opportunities to identify securities that the market misprices. In addition, larger companies may grow more slowly than the economy as a whole or not at all. The risk that downward price changes in a security may result in a loss greater than a fund's investment in the security. This risk exists through the use of certain securities or techniques (e.g., forward or futures contracts, derivative securities or purchases on margin) that tend to magnify changes in an index or market. Manager risk is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. Market risk is the risk that the price of securities may decline in response to general market and economic conditions or events. Unlike a traditional mutual fund that invests directly in securities, a fund that operates in a master/feeder structure pursues its objective by investing substantially all of its assets in another mutual fund (referred to as a "master fund") with substantially the same investment objectives, policies and restrictions as the fund. The ability of the fund to meet its investment objective is directly related to the ability of the master fund to meet its objective. The ability of the master fund to meet its objective may be adversely affected by the purchase and redemption activities of other investors in the master fund. The Advisor of the fund may also serve as investment advisor to the master fund. Therefore, conflicts may arise as these persons fulfill their fiduciary responsibilities to the funds and the master fund. If a situation arises that may result in a conflict, the trustees and officers of the funds will carefully analyze the situation and take all necessary steps to resolve it. Mid-cap risk is the risk that the securities of medium-sized companies will be more volatile than those of larger companies. In addition, the securities of medium-sized companies may be harder to buy or sell than those of larger, more established, companies. The fund is non-diversified. This means that the percentage of its assets invested in any single issuer is not limited by the Investment Company Act of 1940, as amended. When the fund's assets are invested in the securities of a limited number of issuers or it holds a large portion of its assets in a few issuers, the value of its shares will be more susceptible to any single economic, political, or regulatory event than shares of a diversified fund. Prepayment and extension risk is the risk of a decline for certain fixed-income securities that allow for the early prepayment of principal, and the risk that a fund or account's income will decline as a result of the prepayment. Real estate investing risks are the risks associated with real estate ownership, including fluctuations in property values, higher expenses or lower income than expected, and potential environmental problems and liability. Real estate securities risk is the risk that a fund that concentrates its investments in real estate securities and holds securities of relatively few issuers may experience greater fluctuations in value and be subject to a greater risk of loss than other mutual funds. Reorganization risk is the risk that stocks of companies involved in reorganizations and other special situations can involve more risk than ordinary securities. Accordingly, the performance of a fund or account that invests in such companies is often more volatile than the performance of the overall stock market, and the fund or account could significantly outperform or underperform the stock market during any particular period. Risk of socially screened investing is the possibility that funds or accounts whose social screens exclude some investments may not be able to take advantage of the same opportunities or market trends as funds or accounts that do not use such criteria. Risks of inflation-indexed bonds include the risk that market values of inflation-indexed bonds can be affected by changes in investors' inflation expectations or changes in "real" rates of interest (i.e., a security's return above the inflation rate). Also, the inflation index that a bond is intended to track may not accurately reflect the true rate of inflation. If the market perceives that an index does not accurately reflect inflation, the market value of inflation-indexed bonds could be adversely affected. In addition, an investment in a fund or account that invests in inflation-indexed bonds is subject to certain special tax considerations. The risk that a fund concentrates its investment in specific industry sectors that have historically experienced substantial price volatility. A fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. Securities of issuers held by a fund may lack sufficient market liquidity to enable a fund to sell the securities at an advantageous time or without a substantial drop in price. To generate additional income, the fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions. When the fund engages in this practice, it is subject to the risk that the other party to a securities lending agreement will default on its obligations. A short sale involves the sale by the fund of a security that it does not own, i.e., that is borrowed from a third party, with the hope of purchasing the same security at a later date at a lower price. The fund may suffer significant losses if securities that the fund sells short appreciate rather than depreciate in value. Such transactions may also involve a cost of borrowing the security. Small-cap risk is the risk that the securities of smaller companies may experience steeper fluctuations in price than those of larger companies. These securities may also have to be sold at a discount from their current market prices or in small lots over an extended period. Small-cap/mid-cap risk is the risk that smaller company securities may experience steeper fluctuations in price than the securities of larger companies. They may also have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. Style risk is the risk that a fund or account's growth investing or value investing style may be out of favor in the marketplace for various periods of time. Although the fund's advisor does not anticipate a turnover rate in excess of 100%, the possibility exists. High turnover rates can result in increased trading costs and higher levels of realized capital gains. Value investing risks are the risks that (1) the issuer's potential business prospects may not be realized; (2) the securities' potential values may never be recognized by the market; and (3) due to unanticipated problems associated with the issuer or industry, the securities were appropriately priced (or overpriced) when acquired. Data Provided by Morningstar, Inc. © 2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The comparative indices used for all mutual funds and accounts have been provided by Morningstar, Inc. and may not match those that appear in other websites or publications. The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your mutual fund shares/annuity account accumulation units. For current performance information, including performance to the most recent month-end, call 800 TIAA-CREF (800 842-2273). TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161, or go to tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org for details. An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. The fund will attempt to maintain a stable net asset value of $1.00 per share, but it is possible to lose money by investing in the fund. The 7-day money market yield listed more closely reflects the current earnings of the money market mutual fund(s) than does the total return. An investment in the CREF Money Market Account is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. The 7-day money market yield listed more closely reflects the current earnings of the money market annuity account than does the total return. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating®based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. [Insert name of fund] was rated against the following numbers of U.S.-domiciled [insert name of category] funds over the following time periods: [insert number of funds in category during prior 3-year period] funds in the last three years, [insert number of funds in category during the prior 5-year period] funds in the last five years, and [insert number of funds in category during the prior 10-year period] funds in the last ten years. With respect to these [insert name of category] funds, [insert name of fund] received a Morningstar Rating of [insert number of stars for 3-year rating] stars, [insert number of stars for 5-year rating] stars and [insert number of stars for 10-year rating] stars for the three-, five- and ten-year periods, respectively. The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on the month end after the commencement of operations (whichever is later). The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses, and assume reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. All CREF accounts estimate expenses each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small. The TIAA Traditional Annuity guarantees principal and a specified interest rate (based on TIAA's claims paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. These additional amounts, when declared, remain in effect for the “declaration year” which begins each March 1.\n\nIf you have an Retirement Annuity (RA) contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers out must be spread over ten annual installments. If you have a Group Retirement Annuity (GRA) contract, lump-sum withdrawals are available from the TIAA Traditional Annuity, subject to the terms of your employer plan, only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and all transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan must be spread over ten annual installments (or over five years for withdrawals after termination of employment).\n\nIf you have an Retirement Annuity (RA) contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers out must be spread over ten annual installments. If you have a Group Retirement Annuity (GRA) contract, lump-sum withdrawals are available from the TIAA Traditional Annuity, subject to the terms of your employer plan, only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and all transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan must be spread over ten annual installments (or over five years for withdrawals after termination of employment).\n\nIf you have a Retirement Choice Annuity (RC) contract, subject to the terms of your employer’s plan, within 120 days after termination of employment, withdrawals from the TIAA Traditional Annuity may be made available in a lump sum. Such withdrawals are subject to a 2.5% surrender charge. At all other times, withdrawals and transfers from TIAA Traditional to any variable annuity accounts or mutual funds offered through TIAA-CREF within the plan or to approved alternate carriers within the plan from the TIAA Traditional Annuity must be spread over an 84-month period (7 years) in monthly systematic payments. Performance shown for the Retirement Class shares of the International Equity Fund was impacted by a misallocation of income and net capital gains among the Fund's share classes. If this misallocation had not occurred, the three-month and year-to-date returns would have been 1.19% and 18.76, respectively; the one-year, five-year, and since inception average annual total returns would have been 18.76%, 23.52, and 23.54%, respectively. Shareholders who owned Retirement Class shares on or before May 25, 2006, who were negatively impacted by this misallocation by more than $10, have been made whole through direct payments by Teachers Advisors, Inc. For additional information please contact our Telephone Counseling Center at 800 927-3059. Interest credited to TIAA Traditional Annuities includes a guaranteed rate of between 1% and 3%, plus any additional amounts that are established on a year-by-year basis. The additional amounts, when declared, remain in effect through the "declaration year," which begins each March 1. Accumulations in mutual funds not managed by TIAA-CREF may be subject to administrative charges. These charges are subject to change. Please review current documents related to your plan. The S&P 500 Index is a market-capitalization-weighted index of the 500 leading companies in major industries of the U.S. economy. You cannot invest directly in this index. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies. The Russell 2000® Index measures the performance of the 2,000 smallest U.S. equity securities in the Russell 3000® Index, based on market capitalization. You cannot invest directly in these indexes. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. Russell 2000 and Russell 3000 are trademarks and service marks of the Frank Russell Company. The Russell 3000® Index measures the performance of the 3,000 largest publicly traded U.S. companies, based on market capitalization. These companies make up about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. Russell 3000 is a trademark and service mark of the Frank Russell Company. The Lehman Brothers U.S. Aggregate Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in this index. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. The Lehman Brothers U.S. TIPS (Treasury Inflation-Protected Securities) Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. You cannot invest directly in this index. All displayed performance and statistical data have been compiled by TIAA-CREF. Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Payments from TIAA and CREF variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns. Mutual funds do not offer the range of income options available through annuities. Listed for foreign stock funds (EAFE refers to Europe, Australasia, and Far East). Widely accepted as a benchmark for international stock performance, the EAFE Index is an aggregate of 21 individual country indexes that collectively represent many of the major markets of the world. Ndtr_D (Net Dividends Total Returns in Dollars) indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In addition, Ndtr_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty. The returns we publish for the index are total returns, which include reinvestment of dividends. For more information, visit the MSCI website or call MSCI at 212 762 5790. MSCI also has a site containing performance data for its indexes. Three-month T-bills are government-backed short-term investments considered to be risk-free and as good as cash because the maturity is only three months. Morningstar collects yields on the T-bill on a weekly basis from The Wall Street Journal. The Managed Allocation fund operates at a zero expense ratio because the fund advisor does not receive a management fee for its services to the fund and has agreed to be responsible for providing the services reasonably necessary for the ordinary operation of the fund. Shareholders indirectly bear their pro rata share of the fees and expenses of the fund in which the Managed Allocation fund invests. This is a new investment choice being offered by TIAA-CREF and no performance is available this quarter. You will be charged a 2.00% fee of the amount redeemed or exchanged out of the fund within 60 calendar days of the initial purchase date. Please see the prospectus for details about this redemption fee and certain exemptions that may apply. The above performance data does not reflect the deduction of the redemption fee, and if reflected, the fee would reduce the performance quoted. As Target Retirement Date Funds are actively managed, their asset allocations are subject to change and may vary from those indicated. They invest in many underlying funds and are exposed to the risks of different areas of the market. The higher a fund’s allocation to stocks, the greater the risk. After the target date has been reached, some of these funds may be merged into a fund with a more stable asset allocation. In addition to the fund level expenses these funds are also subject to the expenses of their underlying investments. Please consult the prospectus for more complete information. For performance details about this investment option, visit your employer's microsite and click on "Investment Options," or call 800 TIAA-CREF (800 842-2273). Group Retirement Annuity (GRA) Contract Form Series G-1000.4 and G-1000.5