MS 0284503123 Microsite Pages** 14 ECORR 2845 CalSTRS 3123 CalSTRS 2009-11-04T15:29:28.859 09/30/2009 3123 CalSTRS CA 999999 Y N ( ) - N ( ) - N ( ) - Premier Non-Sole Recordkeeper 0 http://www.tiaa-cref.org/calstrs CA CT DE DC GA Y 2541 calstrs http://www.tiaa-cref.org/calstrs http://enroll.tiaamax.com/staging/calstrs http://www.CalSTRS.com N 2 5760 2481 CalsTrs_Logo_BW_Web.GIF Y Y 5760 5750 31355 5760 CalSTRS Pension2 403(b) Plan CalSTRS Pension2 403(b) Plan SRA 0 0 999998 002 1 0 0 1 1 0 1 1 Paper 1 0 This is HARDCODED URL N We're pleased to offer you the following options to enroll in your CalSTRS retirement plan(s). Enroll By PhoneCalSTRS PENSION2SM INFORMATION LINE <OL> <LI>Have ready your Social Security number, district name and beneficiary information. </LI> <LI>Call 888 566-2950 Monday - Friday, 5 a.m. - 7 p.m., or Saturday, 6 a.m. - 3 p.m. (PT). </LI> <LI>Go to your employer's business office to obtain and complete a Salary Reduction Agreement. (Your enrollment is not finished until you have completed this step.) </LI></OL> Enroll By Mail To enroll, follow these instructions: <UL> <LI>Download the enrollment materials below <LI>Complete the fields as indicated <LI>Sign the forms as needed <LI>Submit the forms to: </LI></UL> Your Employer's Business Office CalSTRS Pension2SM Enrollment Forms: <UL> <LI><A href="../Resources/EF/ef_0284503123_5760.pdf" target=_blank>CalSTRS 403(b) Voluntary Investment Plan</A></LI></UL>The 403(b) Voluntary plan is available to all employees; however, you must complete a Salary Reduction Agreement and other paperwork to complete your enrollment. Go to your employer's business office or visit <A href="http://www.403bcompare.com" target=_blank>403bCompare</A> for details. <UL> <LI><A href="../Resources/EF/ef_0284503123_5750.pdf" target=_blank>CalSTRS 457(b) Deferred Compensation Plan</A></LI></UL>The 457(b) Deferred Compensation plan must be adopted by your district before you are eligible to participate. Please check with your employer's business office before applying. To ensure that you can view PDF files on this page correctly, disable your browser's pop-up blocker if it is in use. N N Money Market Fund N 0 20090925 0 20090717 1 0 Y STANDARD Employee After-Tax (K) Employee Pre-Tax (E) Employer (F) Rollover (9) STANDARD None 0 0 STANDARD Y STANDARD STANDARD N 59 -1/2 In Service 90-24 Transfer Disability Fixed Period Hardship IPRO Lifetime Income Limited Periodic Option Lump Sum MDO (Minimum Distribution Option) Other In Service Retirement Loan Rollover RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) STANDARD N STANDARD Y STANDARD 0 1 5702 - 0 5750 CalSTRS Pension2 457(b) Plan CalSTRS Pension2 457(b) Plan 457(b) Public 0 0 999999 001 0 0 0 1 1 0 1 1 Paper 1 0 This is HARDCODED URL N N Money Market Fund N 0 20090925 0 20090914 1 1 N STANDARD Employer (F) Rollover (9) STANDARD None 0 0 STANDARD N STANDARD STANDARD N 59 -1/2 In Service 90-24 Transfer Disability Fixed Period Hardship IPRO Lifetime Income Limited Periodic Option Lump Sum MDO (Minimum Distribution Option) Other In Service Retirement Loan Rollover RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) STANDARD N STANDARD Y STANDARD 0 1 5581 - 0 Equities Mutual Fund American Funds Capital World Growth and Income Fund RWIGX 1247 0 1 Non-Proprietary Funds - Equity R6 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. 140543810 5750 5760 World Stock RWIGX 05/01/2009 18.81 28.98 0.45 40 34 40 44 59 104 121 122 123 American Funds EuroPacific Growth Fund RERGX 1243 0 1 Non-Proprietary Funds - Equity R6 99999 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. 298706821 5750 5760 Foreign Large Blend RERGX 05/01/2009 19.59 31.74 0.51 40 34 40 44 59 104 121 122 123 American Funds Growth Fund of America RGAGX 1244 0 1 Non-Proprietary Funds - Equity R6 99999 The investment seeks capital growth by investing in common stocks. The fund primarily invests in high potential growth companies. It may also invest up to 15% of assets in securities of issuers domiciled outside the United States and Canada and not included in Standard & Poor's 500 Composite index. It may invest up to 10% of assets in lower quality nonconvertible debt securities. 399874817 5750 5760 Large Growth RGAGX 05/01/2009 13.45 20.20 0.33 40 34 40 44 104 121 122 123 American Funds SMALLCAP World Fund RLLGX 1246 0 1 Non-Proprietary Funds - Equity R6 99999 The investment seeks long-term growth of capital. The fund invests at least 80% of assets in equity securities of companies located around the world with small market capitalizations, measured at the time of purchase. It currently defines "small market capitalization" companies to be companies with market capitalizations of $3.5 billion or less. 831681812 5750 5760 World Stock RLLGX 05/01/2009 21.87 35.74 0.72 40 34 40 44 59 104 121 122 123 Artisan International Fund ARTIX 115 0 1 Non-Proprietary Funds - International N/A 41518 The investment seeks long-term capital growth. The fund substantially fully invests in common stocks and similar securities, and invests up to 65% of net assets at market value in stocks of foreign companies in a portfolio that is broadly diversified by country, industry and company. It invests primarily in developed markets but also may invest up to 20% of net assets at market value in emerging and less developed markets. The fund may invest up to 10% of net assets in equity-linked securities that provide economic exposure to a security of one or more non-U.S. companies without a direct investment in the underlying securities. 04314H204 5750 5760 Foreign Large Growth ARTIX 12/28/1995 21.59 34.76 5.00 7.56 5.63 10.32 1.22 40 34 40 44 104 107 121 122 123 DFA Emerging Markets Portfolio DFEMX 033 0 1 Non-Proprietary Funds - International Institutional 41518 The investment seeks long-term capital appreciation. The fund invests at least 65% of assets in securities issued by companies or governments in emerging markets; it invests primarily in equities issued by larger companies within each market. The fund invests only in "approved markets" based on market liquidity, investor information, government regulations, and accessibility to these markets. 233203785 5750 5760 Diversified Emerging Mkts DFEMX 04/25/1994 21.57 59.88 15.39 17.11 11.65 8.39 0.60 40 34 40 44 104 107 121 122 DFA Global Equity Portfolio DGEIX 114 0 1 Non-Proprietary Funds - Equity N/A 41518 The investment seeks to provide long-term capital appreciation. The fund invests almost all assets in equity underlying funds including both domestic equity and international equity funds. These funds may be the U.S. Large Company Series, the U.S. Large Cap Value Series, the U.S. Small Cap Series, and Dimensional Real Estate Securities Portfolio, and Large Cap International Portfolio etc. 25434D674 5750 5760 World Stock DGEIX 12/24/2003 19.93 29.61 -1.08 4.19 4.86 0.61 40 34 40 44 49 104 121 122 123 DFA International Small Company Portfolio DFISX 034 0 1 Partner Funds - International Other 41518 The investment seeks long-term capital appreciation. The portfolio invests virtually all of assets in up to five International Small Company Master funds in such relative proportions as determined by the Advisor from time to time. It may invest at least 80% of net assets in securities of small companies through its investments in the International Small Company Master Funds. 233203629 5750 5760 Foreign Small/Mid Value DFISX 09/30/1996 20.40 41.29 11.03 8.14 8.70 6.32 0.55 202 34 44 104 107 121 122 202 Dodge & Cox International Stock Fund DODFX 113 0 1 Non-Proprietary Funds - International N/A 41518 The investment seeks long-term growth of principal and income. The fund generally invests primarily in a diversified portfolio of equity securities issued by non-U.S. companies from at least three different foreign countries, including emerging markets. It focuses on countries whose economic and political systems appear more stable and are believed to provide some protection to foreign shareholders. The fund invests primarily in medium-to-large well established companies based on standards of the applicable market. 256206103 5750 5760 Foreign Large Value DODFX 05/01/2001 24.39 44.38 6.77 8.34 8.73 0.64 40 34 40 44 59 104 121 122 123 Dodge & Cox Stock Fund DODGX 119 0 1 Non-Proprietary Funds - Equity N/A 41518 The investment seeks long-term growth of principal and income; current income is a secondary consideration. The fund invests primarily in a broadly diversified portfolio of common stocks. In selecting investments, it invests in companies that appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth. The fund invests primarily in medium-to-large well established companies based on standards of the applicable market. 256219106 5750 5760 Large Value DODGX 01/04/1965 19.88 25.64 -3.68 0.82 5.97 10.75 0.52 40 34 40 44 49 104 121 122 123 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 5750 5760 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 Institutional Index Fund VINIX 388 0 1 Non-Proprietary Funds - Equity Admiral 41518 The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund attempts to replicate the target index by investing all, or substantially all, of assets in the stocks that make up Standard & Poor's 500 index, which is a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. 922040100 5750 5760 Large Blend VINIX 07/31/1990 15.61 19.40 -6.76 1.05 -0.11 8.12 0.05 40 34 40 44 49 121 122 Vanguard Mid Cap Index Fund VMCIX 600 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The fund employs a passive management investment approach designed to track the performance of the MSCI US Mid Cap 450 index, a broadly diversified index of the stocks of medium-size 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. 922908835 5760 Mid-Cap Blend VMCIX 05/21/1998 21.64 31.84 -1.93 3.98 7.32 7.04 0.09 40 34 40 44 58 104 121 122 Vanguard Mid-Cap Index Fund VIMSX 345 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 mid-capitalization stocks. The fund employs a passive management investment approach designed to track the performance of the MSCI US Mid Cap 450 index, a broadly diversified index of the stocks of medium-size 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. 922908843 5750 Mid-Cap Blend VIMSX 05/21/1998 21.53 31.64 -2.11 3.83 7.17 6.89 0.27 40 34 40 44 49 104 121 122 Vanguard Small Cap Index Fund VSCIX 599 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks to track the performance of a benchmark index that measures the investment return of small capitalization stocks. The fund employs a passive management investment approach designed to track the performance of the MSCI US Small Cap 1750 index, a broadly diversified index of the 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. 922908876 5750 5760 Small Blend VSCIX 07/07/1997 21.91 31.01 -3.89 3.82 5.89 5.84 0.09 40 34 40 44 54 104 121 122 Vanguard Total Stock Market Index Fund Institutional Shares VITSX 116 0 1 Non-Proprietary Funds - Equity Institutional Shares 41518 The investment seeks to track the performance of a benchmark index that measures the investment return of the overall stock market. The fund employs a passive management strategy designed to track the performance of the MSCI US Broad Market index, which consists of all the U.S. common stocks traded regularly on the New York Stock Exchange and the Nasdaq over-the-counter market. It typically holds 1,200-1,300 of the stocks in its target index. 922908801 5750 5760 Large Blend VITSX 07/07/1997 16.48 21.68 -5.93 1.87 0.96 3.62 0.06 40 34 40 44 49 104 121 122 123 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 5750 5760 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 Mutual Fund PIMCO All Asset Fund PAAIX 1242 0 1 Non-Proprietary Funds - Fixed Income Institutional 99999 The investment seeks maximum real return. The fund normally invests all of assets in Institutional Class shares of other funds of the Trust except the All Asset All Authority fund, Global Multi-Asset and the RealRetirement funds. It invests assets in shares of the Underlying Funds and does not invest directly in stocks or bonds of other issuers. The fund may invest in any or all of the underlying funds, but will not normally invest in every underlying fund at any particular time. The fund’s investment in a particular underlying fund normally will not exceed 50% of total assets. It is nondiversified. 722005626 5750 5760 Moderate Allocation PAAIX 07/31/2002 9.66 20.35 10.41 5.32 8.54 1.06 40 34 40 44 62 104 121 122 123 Vanguard Inflation Protected Securities VIPIX 1248 0 1 Non-Proprietary Funds - Fixed Income Institutional 99999 The investment seeks to provide inflation protection and income consistent with investment in inflation-indexed securities. The fund invests at least 80% of assets in inflation-indexed bonds issued by the U.S. government. It may invest in bonds of any maturity, though the fund typically maintains a dollar-weighted average maturity of 7 to 20 years. 922031745 5750 5760 Inflation-Protected Bond VIPIX 12/12/2003 3.08 8.96 4.68 4.60 4.90 0.09 40 34 40 44 62 104 121 122 123 Vanguard Short-Term Bond Index Fund Signal Shares VBSSX 118 0 1 Non-Proprietary Funds - Fixed Income Signal Shares 41518 The investment seeks to track the performance of a market-weighted bond index with a short-term dollar-weighted average maturity. The fund invests by sampling the index. It invests at least 80% of assets in bonds held in the index. The fund's dollar-weighted average maturity is not expected to exceed 3 years. 921937850 5750 5760 Short-Term Bond VBSSX 03/30/2007 2.07 4.09 7.97 6.12 0.14 40 34 40 44 63 104 121 122 123 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 5750 5760 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 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 5750 5760 4.91 4.55 6.16 3.65 90 105 26 32 90 101 105 122 Multi-Asset Mutual Fund American Funds American Balanced Fund RLBGX 1245 0 1 Non-Proprietary Funds - Asset Allocation R6 99999 The investment seeks conservation of capital, current income and long-term growth of capital and income. The fund invests in a broad range of securities, including stocks, bonds and securities issued and guaranteed by the U.S. government. It normally maintains at least 50% of assets in common stocks and at least 25% of assets in debt securities, including money market securities. The fund may also hold cash or money market instruments. 024071813 5750 5760 Moderate Allocation RLBGX 05/01/2009 11.24 15.88 0.31 40 34 40 44 49 104 121 122 123 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. 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. Securities denominated in different currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency. 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. 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. The values of equity securities, such as common stocks and preferred stocks, may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have greater price volatility than fixed income securities. 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. 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. Industry concentration risk is the chance that there will be overall problems affecting a particular industry. Because the Fund normally invests at least 80% of its assets in the health care industry, the Fund's performance largely depends--for better or for worse--on the overall condition of this industry. 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. 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 a Fund will not be able to pay redemption proceeds within the time periods described in the Prospectus because of an inability to sell securities of companies, including small and mid-sized companies, due to low trading volume, unusual market conditions, an unusually high volume of redemption requests or other reasons. 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. 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 invests in asset- and mortgage-backed securities and is subject to prepayment risk; falling interest rates can cause security prices and income to decline because of the early payment of principal. The fund is also subject to extension risk; rising rates can cause securities prices to decline because expected payments of principal do not occur. 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. 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. 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. Tax risk is the risk that the yields and market values of municipal securities may be hurt more by changes in tax rates and policies than similar income-bearing securities that are taxable. In addition, tax-exempt income from certain securities held by the fund may be a factor in determining whether an individual is subject to the alternative minimum tax (AMT), and such income may affect taxes paid under the AMT. A tax advisor should be consulted about this issue. 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 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. 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 Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® 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 Midcap and Russell 1000 are trademarks and service marks of the Frank Russell Company. The Morgan Stanley Capital International EAFE® (Europe, Australasia, Far East) Index measures the performance of the leading stocks in 21 developed countries outside of North America. You cannot invest directly in this index. EAFE is a trademark of Morgan Stanley Capital International, Inc. 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. Lehman Brothers U.S. Government/Credit (1-5 year) Index measures the performance primarily of U.S. Treasury and agency securities and corporate bonds with 1-5 year maturities. 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. 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. Effective Dec. 31, 2005: (1) TIAA-CREF no longer will distribute funds from Dimensional Fund Advisors (DFA); (2) TIAA-CREF no longer will accept new contributions into DFA funds on behalf of plans with existing DFA investors; (3) current investors in DFA funds in existing plans will be able to maintain their accumulations in those funds beyond 12.31.05 to the extent that a plan sponsor has not mapped those assets to another fund. Supplemental Retirement Annuity (SRA) Contract Form Series 1200.8 Group Supplemental Retirement (GSRA) Annuity contract form series G1250.1 (not available in all states).