MS 0000900009 Microsite Pages** 462 TAEMINSOHNII 9 University of Richmond 2008-09-24T13:14:12.621 06/30/2008 9 University of Richmond VA N Y ( ) - N ( ) - N ( ) - Premier Sole Recordkeeper/Sole Provider Online enrollment only. No forms needed. No return address needed. 1 http://www.tiaa-cref.org/richmond Y 45 richmond http://www.tiaa-cref.org/richmond http://enroll.tiaamax.com/staging/richmond http://hr.richmond.edu Y 4 1311 university of richmond_img.gif Y Y 11 10 11267 11266 9896 11 University of Richmond Basic Plan (RA) University of Richmond Defined Contribution Retirement Plan University of Richmond Basic Plan (Retirement Annuity) RA 100190 001 1 1 1 0 0 0 0 1 Paper Online 0 University of Richmond Basic Plan (Retirement Annuity): VA100190 0 This is HARDCODED URL N We're pleased to offer you the following options to enroll in or modify contributions to your University of Richmond retirement plan(s). Note that the Basic Plan is available only if you're <A href="plan_det_elig_11.html">eligible</A> for university contributions. Online Enrollment Online enrollment is the fastest and easiest way to enroll. Before you enroll, have the following information available: <UL> <LI>Your investment allocations, which you select from your <A href="inv_opt_home.html">investment choices</A></LI> <LI>The Access Code for each plan for which you are eligible: </LI> <UL> <LI>University of Richmond Basic Plan* (Retirement Annuity): VA100190 </LI> <LI>University of Richmond Optional Plan (Supplemental Retirement Annuity): VA100191</LI></UL> <LI>Your Social Security number <LI>Your beneficiary's Social Security number, birth date and address </LI></UL>* Available only if you're <A href="plan_det_elig_11.html">eligible</A> for university contributions <CENTER><A href="https://ais2.tiaa-cref.org/cgi-bin/WebObjects/IOESEmplWeb" target=_blank><IMG src="http://enroll.tiaa-cref.org/richmond/images/btn_enrollNow_01.gif" border=0></A></CENTER> Need help with online enrollment? Read our <A href="../Resources/EC/EC_u_richmond_012408.pdf" target=_blank>step-by-step instructions</A>. Important: Don't forget that your enrollment is not complete until you also complete and submit the required <A href="http://www.tiaa-cref.org/go/salary_reduction/index.html" target=_blank>Salary Reduction Agreement</A>. You can also use the agreement to <A href="http://www.tiaa-cref.org/support/forms/topics/Salary_Reduction_Agr.html" target=_blank>modify your contributions</A>. How It Works <UL> <LI><A name=newenroll>New Enrollees:</A> Once you've enrolled, on the Confirmation page choose "Go" next to “Complete a Salary Reduction Agreement online now.” This will take you to the <A href="http://www.tiaa-cref.org/go/salary_reduction/index.html" target=_blank>Salary Reduction Agreement</A>.</LI> <LI>New or Existing Employees: If you have not completed your agreement or wish to change your elections at any time, access the <A href="http://www.tiaa-cref.org/go/salary_reduction/index.html" target=_blank>Salary Reduction Agreement</A> directly. The agreement will enable you to elect your salary reduction for both University of Richmond plans: the Basic Plan (Retirement Annuity) and the Optional Plan (Group Supplemental Annuity).</LI></UL> Follow these instructions based on the scenario that best fits you: <UL> <LI><A name=newemp>New Employees enrolling in the Optional Plan:</A> Complete only the plan section for the Group Supplemental Retirement Annuity. Choose your contribution level:</LI> <UL> <LI>A % of your gross annual salary;</LI> <LI>A dollar amount per pay period; or</LI> <LI>The maximum reduction amount allowed</LI></UL> <LI><A name=currempcont>Existing Employees enrolling in the Basic Plan and continuing Optional Plan contributions:</A> Please complete both sections of the form including your new or current contribution election to the Supplemental plan.</LI> <LI><A name=currempdisc>Existing Employees enrolling in the Basic Plan and discontinuing Optional Plan contributions:</A> You must submit two agreements. On the first agreement, check the box at the top of the page indicating “Click here to stop contributions,” then submit your request. On the second agreement, complete only the section for the Basic (Retirement Annuity) plan, then submit.</LI></UL> Please note: Only use “Click here to stop contributions” to terminate one or both of your Salary Reduction Agreements. Once you've done so you must complete a new agreement to continue contributions to either or both of your plans. When you change elections, be sure to complete all sections that apply even if certain elections won't change. This will ensure that your contributions are processed correctly. <A href="enrollment.html">Back to Online Enrollment</A> VA100190 Money Market Fund Y 0 19000101 0 20070615 0 Non-proprietary funds Partner funds Lifecycle funds TIAA-CREF mutual funds N CUSTOM All employees who have completed a year of service and have reached age 21 are eligible to participate in the employer-contribution portion of the plan. The year-of-service requirement will be waived if a new staff member has been employed at an institution of higher education for the full 12 months immediately preceding his/her date of hire, or a faculty member was employed at an institution of higher education for the full academic year immediately preceding his/her employment with the University. You will be notified prior to meeting your eligibility requirements and given the opportunity to enroll online. If you do not enroll in the plan prior to your one-year anniversary, you will be default enrolled into a TIAA-CREF <A href="inv_opt_multi_asset_ap.html">Lifecycle Fund</A> based on your expected year of retirement, and your estate will be named as your beneficiary. Employer Match (D) Employee Pre-Tax Matched (A) Employer (F) Qualified Non-elective Contribution ( C ) Rollover (9) CUSTOM If you are <A href="plan_det_elig_11.html">eligible</A> to participate in the employer contribution portion of the plan, the University will make "basic" and "matching" contributions on your behalf. Basic contributions are those made by the University on behalf of each eligible employee who is credited with a year of service during the plan year. The basic contribution is 5% of your base salary paid during the plan year. No contribution is required by the employee to receive this contribution on his/her behalf. Click for information about the <A href="plan_det_emp_match_11.htm">employer match</A>. Fixed Percent 0 0 CUSTOM Matching contributions are those made by the University on behalf of each eligible employee who is credited with a year of service during the plan year and has made a salary reduction contribution during the plan year. If you satisfy these criteria, the University will match 100% of your salary reduction contributions made in whole percentages up to 5% of your base salary paid during the plan year. Therefore, the total maximum contribution made by the University on the employee's behalf will be 10% of the participant's base salary paid during the plan year. Y CUSTOM All employee and employer contributions are vested immediately. STANDARD N Fixed Period IPRO Lifetime Income MDO (Minimum Distribution Option) Rollover Single Sum Death Benefit SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) STANDARD N STANDARD N STANDARD 0 0 11 - 10 University of Richmond Optional Plan (SRA) University of Richmond Tax-Deferred Annuity Plan University of Richmond Optional Plan (Supplemental Retirement Annuity) GSRA 100191 002 1 1 1 0 0 0 0 1 Paper Online 0 University of Richmond Optional Plan (Supplemental Retirement Annuity): VA100191 0 This is HARDCODED URL N VA100191 Lifecycle Fund Y 0 fundmappinginfo.pdf 20070227 0 20070227 0 Non-proprietary funds Partner funds Lifecycle funds TIAA-CREF mutual funds Y CUSTOM All employees except for student employees are eligible to make pretax contributions to the plan as soon as they begin employment. Student employees are those employees who are regularly enrolled students and whose wages are generally exempt from FICA tax withholding. Employee Pre-Tax (E) CUSTOM The plan allows all employees to make pretax contributions out of their pay. Employees who participate in the plan are permitted to elect how these contributions will be invested. The plan allows you to invest these contributions in one or more <A href="inv_opt_home.html">funds</A> provided by the fund sponsors available under the plan. None 0 0 CUSTOM The University of Richmond does not make matching contributions to this part of the plan. Y CUSTOM All employee and employer contributions are vested immediately. STANDARD N Fixed Period IPRO Lifetime Income MDO (Minimum Distribution Option) Rollover Single Sum Death Benefit SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) STANDARD Y STANDARD Y CUSTOM Loans are available from a minimum of $1,000 to a maximum of $50,000. The amount you can borrow depends on the amount currently in your TIAA-CREF accumulation. <A href="contact.html">Call</A> a TIAA-CREF consultant at 800 842-2776 for details. 0 1 4512 - 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, it may use a sampling method to try to emulate the index's overall investment characteristics. 194408308 9 10 11 Large Blend 04/29/1994 -1.81 -11.27 -13.08 7.91 3.19 9.27 0.50 105 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 fund 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 9 10 11 World Stock 04/30/1992 -1.26 -11.01 -9.96 11.83 3.54 8.66 0.62 105 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 9 10 11 Large Growth 04/29/1994 1.71 -9.67 -2.93 7.17 0.19 7.35 0.59 105 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 9 10 11 Large Blend 07/31/1952 -1.41 -10.92 -11.53 10.03 3.91 10.24 0.56 105 25 34 44 49 90 104 105 121 122 Mutual Fund American Funds AMCAP Fund RAFFX 301 0 1 Non-Proprietary Funds - Equity R5 41518 The investment seeks long-term growth of capital. The fund invests primarily in stocks of issuers located in the U.S. but may invest in non-U.S. securities to a limited extent. It generally purchases growth-oriented, equity-type securities which involves large price swings and potential for loss. The management focuses primarily on companies with attributes that are associated with long-term growth. 023375835 10 11 Large Growth RAFFX 05/15/2002 -4.56 -14.06 -14.47 6.16 4.28 0.43 34 40 44 49 104 121 122 American Funds American Mutual Fund RMFFX 304 0 1 Non-Proprietary Funds - Equity R5 41518 The investment seeks current income, growth of capital and conservation of principal. The fund seeks to invest primarily in common stocks of companies that are likely to participate in the growth of the American economy and whose dividends are well protected. It may invest up to 5% of assets in companies domiciled outside the United States and Canada and not included in the Standard & Poor's 500 Composite index. The fund may also invest in debt securities. 027681832 10 11 Large Value RMFFX 05/15/2002 -1.76 -8.81 -12.83 7.79 5.06 0.37 34 40 44 49 104 121 122 American Funds Capital Income Fund RIRFX 306 0 1 Non-Proprietary Funds - Equity R5 41518 The investment seeks to provide you with a level of current income that exceeds the average yield on U.S. stocks generally and a growing stream of income over the years. The fund invests primarily in a broad range of income-producing securities, including stocks with a history of, or potential for, increasing dividends. It may also invest significantly in non-U.S. securities. 140193830 10 11 World Allocation RIRFX 05/15/2002 -0.95 -7.78 -5.43 11.72 9.79 0.37 34 40 44 104 107 121 122 American Funds Capital World Growth & Income Fund RWIFX 307 0 1 Non-Proprietary Funds - Equity R5 41518 The investment seeks long-term capital growth and 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 10 11 World Stock RWIFX 05/15/2002 -2.47 -9.90 -4.96 17.49 13.47 0.50 34 40 44 104 107 121 122 American Funds EuroPacific Growth Fund RERFX 035 0 1 Partner Funds - International R5 41518 The investment seeks long-term growth of capital. The fund primarily invests in securities of issuers located in Europe and the Pacific Basin. It is designed for investors seeking capital appreciation and diversification through investments in stocks of issuers based outside the United States. 298706839 10 11 Foreign Large Blend RERFX 05/15/2002 -2.26 -9.97 -3.93 18.99 13.29 0.57 34 40 44 104 107 121 122 American Funds Fundamental Investors Fund 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 10 11 Large Blend RFNFX 05/15/2002 0.53 -7.23 -5.11 14.25 9.49 0.38 34 40 44 49 104 121 122 American Funds Growth Fund of America RGAFX 310 0 1 Non-Proprietary Funds - Equity R5 41518 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. 399874833 10 11 Large Growth RGAFX 05/15/2002 1.31 -6.62 -5.01 11.58 8.38 0.38 34 40 44 49 104 121 122 American Funds Income Fund of America RIDFX 311 0 1 Non-Proprietary Funds - Equity R5 41518 The investment seeks current income; capital appreciation is secondary. The fund allocates among common and preferred stocks, straight debt securities, convertibles, and cash equivalents. It normally maintains 60% of assets in equity-type securities. The fund may also invest up to 25% of assets in equity securities of issuers domiciled outside the United States and not included in Standard & Poor's 500 Composite index. In addition, the fund may invest up to 20% of assets in lower quality, higher yielding nonconvertible debt securities. It may also invest up to 10% of assets in debt securities of non-U.S. issuers. 453320830 10 11 Moderate Allocation RIDFX 05/15/2002 -2.62 -9.12 -11.26 8.75 7.27 0.36 34 40 44 49 104 121 122 American Funds Investment Company of America RICFX 313 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. It may invest up to 15% of its assets, at the time of purchase, in securities of issuers domiciled outside the United States and not included in Standard & Poor's 500 Composite Index. The fund may also hold cash or money market instruments. 461308835 10 11 Large Value RICFX 05/15/2002 -2.65 -11.34 -12.96 8.29 5.56 0.35 34 40 44 49 104 121 122 American Funds New Economy Fund RNGFX 314 0 1 Non-Proprietary Funds - International R5 41518 The investment seeks long term growth of capital; current income is a secondary consideration. The fund normally invests primarily in stocks of companies in the services and information areas of the global economy, although a portion of assets may be invested outside these areas. Companies in the services and information areas include those involved in the fields of telecommunications, computer systems and software, the Internet, broadcasting and publishing, health care, advertising, leisure, tourism, financial services, distribution and transportation. 643822836 10 11 Large Growth RNGFX 05/15/2002 -2.82 -15.40 -13.09 10.31 6.62 0.55 34 40 44 49 104 121 122 American Funds New Perspective Fund RNPFX 315 0 1 Non-Proprietary Funds - International R5 41518 The investment seeks capital appreciation and income. The fund normally invests in stocks of companies located around the world to take advantage of investment opportunities generated by changes in international trade patterns and economic and political relationships. It may also hold cash or money market instruments. 648018836 10 11 World Stock RNPFX 05/15/2002 -1.78 -8.95 -4.14 15.11 10.63 0.51 34 40 44 104 107 121 122 American Funds Smallcap World Fund RSLFX 316 0 1 Non-Proprietary Funds - International R5 41518 The investment seeks growth of capital and income. The fund normally invests primarily in stocks of companies located around the world with small market capitalizations measured at the time of purchase. The fund's investment adviser currently defines "small market capitalization" companies to be companies with market capitalizations of $3.5 billion or less. 831681838 10 11 World Stock RSLFX 05/15/2002 -2.99 -13.85 -13.29 17.18 11.86 0.77 34 40 44 49 104 121 122 American Funds Washington Mutual Investors Fund RWMFX 036 0 1 Partner Funds - Equity R5 41518 The investment seeks income and opportunity for growth of principal consistent with sound common stock investing. The fund invests primarily in common stocks of larger, more established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. It strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks. In the selection of securities, current and potential yield as well as the potential for long-term capital appreciation are considered. 939330833 10 11 Large Value RWMFX 05/15/2002 -4.54 -12.13 -15.09 7.19 4.36 0.37 34 40 44 49 104 121 122 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 9 10 11 Foreign Large Blend TRIEX 10/01/2002 -2.23 -11.12 -10.64 16.16 16.81 0.42 34 44 104 107 121 122 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 9 10 11 Large Growth TRIRX 10/01/2002 1.15 -9.37 -6.44 6.83 8.72 0.38 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 9 10 11 Large Value TRCVX 10/01/2002 -5.34 -13.69 -18.94 8.49 10.33 0.32 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 9 10 11 Mid-Cap Growth TRGMX 10/01/2002 4.93 -7.13 -2.35 12.48 15.79 0.84 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 9 10 11 Mid-Cap Value TRVRX 10/01/2002 -0.48 -9.17 -13.16 14.97 16.74 0.78 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 9 10 11 Specialty-Real Estate TRRSX 10/01/2002 -5.53 -4.82 -15.57 12.53 14.51 0.83 34 44 49 104 121 122 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 9 10 11 Small Blend TRSEX 10/01/2002 1.72 -7.17 -18.13 9.56 12.35 0.81 34 44 49 104 121 122 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 9 10 11 Large Blend TRSCX 10/01/2002 -1.12 -9.80 -11.80 7.93 10.01 0.48 34 44 49 104 121 122 Vanguard 500 Index Fund VFINX 339 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 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. 922908108 10 11 Large Blend VFINX 08/31/1976 -2.75 -11.96 -13.19 7.45 2.81 11.36 0.15 34 40 44 49 104 121 122 Vanguard Capital Opportunity Fund VHCOX 336 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks long-term total return. The fund invests mainly in U.S. stocks, with an emphasis on companies that are considered to have prospects for rapid earnings growth. The investment advisor uses fundamental research to identify stocks that are expected to outperform the market over a three- to five-year time horizon and that are available at attractive prices relative to their fundamental values. 922038302 10 11 Large Growth VHCOX 08/14/1995 1.04 -7.22 -5.86 14.47 15.12 13.05 0.45 34 40 44 49 104 121 122 Vanguard Emerging Markets Stock Index Fund VEIEX 337 0 1 Non-Proprietary Funds - International Investor 41518 The investment seeks to track the performance of the MSCI Emerging Markets index. The fund employs a passively managed investment approach by investing all or substantially all of its assets in a representative sample of the common stocks included in the MSCI Emerging Markets index. This index includes approximately 840 common stocks of companies located in emerging markets around the world. 922042304 10 11 Diversified Emerging Mkts VEIEX 05/04/1994 -1.35 -11.68 4.03 29.24 15.68 9.93 0.37 34 40 44 104 107 121 122 Vanguard Energy Fund VGENX 317 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks long-term growth of capital. The fund invests at least 80% of assets in the common stocks of companies principally engaged in energy-related activities, such as production and transmission of energy or energy fuels; the making of component products for such activities; energy research; and energy conservation or pollution control. It may invest up to 100% of assets in foreign stocks. 921908109 10 11 Specialty-Natural Res VGENX 05/23/1984 21.05 14.10 31.09 34.39 20.30 15.93 0.25 34 40 44 49 104 121 122 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 10 11 Small Growth VEXPX 12/11/1967 2.95 -9.68 -14.27 9.78 7.87 9.09 0.42 34 40 44 49 104 121 122 Vanguard Health Care Fund VGHCX 318 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks long-term growth of capital. The fund normally invests at least 80% of assets in equities of companies engaged in the development, production, or distribution of products and services related to the treatment or prevention of diseases and other medical infirmities. This includes pharmaceutical firms, medical-supply firms, and companies that operate hospitals and other health-care facilities. It may also invest up to 50% of assets in foreign securities. 921908307 10 11 Specialty-Health VGHCX 05/23/1984 0.88 -9.26 -10.32 8.27 10.70 17.64 0.26 34 40 44 49 104 121 122 Vanguard International Explorer Fund VINEX 330 0 1 Non-Proprietary Funds - International Investor 41518 The investment seeks long-term capital appreciation. The fund invests primarily in the equity securities of small-capitalization companies located outside the United States that the advisor believes offer the potential for capital appreciation. 921946208 10 11 Foreign Small/Mid Growth VINEX 11/04/1996 -3.89 -11.89 -17.37 20.25 13.52 12.64 0.35 34 40 44 104 107 121 122 Vanguard International Growth Fund VWIGX 321 0 1 Non-Proprietary Funds - International Investor 41518 The investment seeks to provide long-term capital appreciation. The fund invests predominantly in the stocks of companies located outside the United States. In selecting stocks, the advisors evaluate foreign markets around the world and choose companies considered to have above-average growth potential. 921910204 10 11 Foreign Large Blend VWIGX 09/30/1981 -1.68 -10.60 -7.41 17.12 6.63 12.53 0.51 34 40 44 104 107 121 122 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 10 11 Mid-Cap Blend VIMSX 05/21/1998 2.92 -7.90 -11.91 12.92 10.03 9.75 0.21 34 40 44 49 104 121 122 Vanguard Morgan Growth Fund VMRGX 324 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks long-term growth of capital. The fund invests mainly in the stocks of mid- and large-capitalization U.S. companies whose revenues and/or earnings are expected to grow faster than those of the average company in the market. It uses multiple investment advisors. 921928107 10 11 Large Growth VMRGX 12/31/1968 2.65 -8.75 -6.54 9.57 4.01 10.57 0.37 34 40 44 49 104 121 122 Vanguard PRIMECAP Fund VPMCX 327 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks long-term capital appreciation. The fund invests in stocks considered to have above-average earnings growth potential that is not reflected in their current market prices. It's portfolio consists predominantly of mid- and large-capitalization stocks. 921936100 10 11 Large Growth VPMCX 11/01/1984 3.77 -3.30 -0.93 13.06 8.76 14.59 0.43 34 40 44 49 104 121 122 Vanguard REIT Index Fund VGSIX 319 0 1 Non-Proprietary Funds - Equity Investor 41518 The investment seeks income and moderate long-term capital growth. The fund normally invests at least 98% of assets in stocks of real estate investment trusts (REITs) that are included in the Morgan Stanley REIT index. 921908703 10 11 Specialty-Real Estate VGSIX 05/13/1996 -5.39 -3.38 -13.83 13.80 10.38 12.02 0.20 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 10 11 Small Growth VISGX 05/21/1998 5.94 -6.43 -9.56 12.56 7.54 7.16 0.22 34 40 44 49 104 121 122 Vanguard Small-Cap Index Fund NAESX 341 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 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. 922908702 10 11 Small Blend NAESX 10/03/1960 1.05 -8.22 -14.97 11.52 6.36 10.68 0.22 34 40 44 49 104 121 122 Vanguard Small-Cap Value Index Fund VISVX 342 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 value stocks. The fund employs a passive management investment approach designed to track the performance of the MSCI US Small Cap Value index, a broadly diversified index of value 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. 922908793 10 11 Small Value VISVX 05/21/1998 -3.80 -10.07 -20.42 10.28 7.01 6.70 0.22 34 40 44 49 104 121 122 Vanguard Total Stock Market Index Fund VTSMX 340 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 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 NYSE, AMEX, or OTC markets. It typically invests substantially all of assets in the 1,300 largest stocks in its target index, thus covering nearly 95% of the Index's total market capitalization. 922908306 10 11 Large Blend VTSMX 04/27/1992 -1.56 -10.91 -12.55 8.55 3.54 9.41 0.15 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 10 11 Large Value VWNFX 06/24/1985 -3.32 -14.14 -19.85 8.48 4.35 11.52 0.33 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 to invest between 70 percent to 95 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 those don't primarily own or manage real estate. 878094200 9 10 11 0.27 0.97 6.91 11.87 9.45 9.29 0.84 105 25 33 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 9 10 11 Intermediate-Term Bond 03/01/1990 -1.12 0.36 5.53 3.36 5.37 6.87 0.54 105 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 fund 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 9 10 11 Inflation-Protected Bond 05/30/1997 -0.48 4.72 14.61 5.49 7.36 6.97 0.54 105 25 34 44 90 92 104 105 122 Mutual Fund American Funds American High-Income Trust RITFX 344 0 1 Non-Proprietary Funds - Fixed Income R5 41518 The investment seeks to provide you with a high level of current income and capital appreciation. The fund seeks to achieve these objectives by investing primarily in a broad range of higher yielding and generally lower quality debt securities, including corporate loans, that also provide an opportunity to increase in value. 026547836 10 11 High Yield Bond RITFX 05/15/2002 2.70 -1.25 -3.00 7.19 7.95 0.44 34 40 44 62 104 121 122 American Funds Bond Fund of America RBFFX 305 0 1 Non-Proprietary Funds - Fixed Income R5 41518 The investment seeks to provide as high a level of current income as is consistent with the preservation of capital. The fund normally invests at least 80% of assets in bonds and other debt securities. It invests a majority of its assets in debt securities rated A and above, including securities issued and guaranteed by the U.S. and other governments, and securities backed by mortgages and other assets. The fund currently does not invest more than 15% of its assets in debt securities rated Ba and BB or below or in debt securities that are unrated but determined to be of equivalent quality. 097873830 10 11 Intermediate-Term Bond RBFFX 05/15/2002 0.13 -1.13 1.02 4.06 5.54 0.36 34 40 44 62 104 121 122 American Funds Intermediate Bond Fund of America RBOFX 312 0 1 Non-Proprietary Funds - Fixed Income R5 41518 The investment seeks to current income. The fund normally invests primarily in debt securities with quality ratings of A or better. It may invest up to 10% of assets in securities rated BBB or Baa. The fund primarily invests in intermediate-term debt securities, including securities issued and guaranteed by the U.S. government and securities backed by mortgages or other assets. 458809837 10 11 Short-Term Bond RBOFX 05/15/2002 -0.23 -0.18 3.56 2.86 3.64 0.42 34 40 44 62 104 121 122 Vanguard Inflation-Protected Securities Fund VIPSX 334 0 1 Non-Proprietary Funds - Fixed Income Investor 41518 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 seven to 20 years. 922031869 10 11 Inflation-Protected Bond VIPSX 06/29/2000 -0.14 5.16 15.41 5.90 8.22 0.20 34 40 44 62 104 121 122 Vanguard Intermediate-Term Investment-Grade Fund VFICX 335 0 1 Non-Proprietary Funds - Fixed Income Investor 41518 The investment seeks to provide a moderate and sustainable level of current income. The fund invests at least 80% of assets in short- and intermediate-term investment-grade securities. It maintains an average weighted maturity of between five and ten years. 922031885 10 11 Intermediate-Term Bond VFICX 11/01/1993 -1.48 0.10 5.42 3.50 5.62 5.97 0.21 34 40 44 62 104 121 122 Vanguard Intermediate-Term Treasury Fund VFITX 333 0 1 Non-Proprietary Funds - Fixed Income Investor 41518 The investment seeks to provide a moderate and sustainable level of current income. The fund normally invests at least 80% of assets in U.S. Treasury bills, notes and bonds issued by U.S. Treasury. It is expected to maintain a dollar-weighted average maturity of five to ten years. 922031802 10 11 Intermediate Government VFITX 10/28/1991 -2.69 2.63 11.97 4.00 6.12 6.95 0.26 34 40 44 62 104 121 122 Vanguard Long-Term Investment-Grade Fund VWESX 332 0 1 Non-Proprietary Funds - Fixed Income Investor 41518 The investment seeks to provide a high and sustainable level of current income. The fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80% of which will be intermediate- and long-term investment-grade securities. The average weighted maturity generally ranges from 15 to 25 years. 922031109 10 11 Long-Term Bond VWESX 07/09/1973 -1.27 -1.94 3.13 3.24 5.56 8.49 0.22 34 40 44 62 104 121 122 Vanguard Total Bond Market Index Fund VBMFX 328 0 1 Non-Proprietary Funds - Fixed Income Investor 41518 The investment seeks to track the performance of a broad, market-weighted bond index. The fund invests by sampling the index. It invests at least 80% of assets in bonds held in the index. The fund maintains a dollar-weighted average maturity consistent with that of the index, ranging between 5 and 10 years. 921937108 10 11 Intermediate-Term Bond VBMFX 12/11/1986 -1.09 1.07 7.23 3.77 5.42 6.84 0.19 34 40 44 62 104 121 122 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 9 10 11 Money Market-Taxable 03/31/1988 0.46 1.34 3.77 3.03 3.51 4.68 0.49 78 105 25 30 34 44 78 90 104 105 108 121 122 Mutual Fund American Funds Cash Management Trust of America RKFXX 308 0 1 Non-Proprietary Funds - Money Market R5 41518 The investment seeks to earn income while preserving the value of the investment and maintaining liquidity. The fund normally invests in high-quality money market instruments, such as commercial paper, commercial bank obligations, savings association obligations, U.S. or Canadian government securities, and short-term corporate bonds and notes. These securities may have credit and liquidity enhancements. 147548838 10 11 Money Market-Taxable RKFXX 05/15/2002 0.49 1.29 3.70 3.00 2.64 0.41 77 31 34 40 44 77 104 108 121 122 Vanguard Prime Money Market Fund VMMXX 338 0 1 Non-Proprietary Funds - Money Market Investor 41518 The investment seeks to provide current income while maintaining liquidity and a stable share price of $1. The fund invests primarily in high-quality, short-term money market instruments, including certificates of deposit, banker's acceptances, commercial paper, and other money market securities. To be considered high-quality, a security generally must be rated in one of the two highest credit-quality categories for short-term securities by at least two nationally recognized rating services. The fund invests more than 25% of assets in securities issued by companies in the financial services industry. 922906201 10 11 Money Market-Taxable VMMXX 06/04/1975 0.59 1.55 4.11 3.21 3.62 6.40 0.24 77 31 34 40 44 77 104 108 121 122 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. If you have an RA contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers must be spread over a 10-year period. If you have a GRA contract, lump-sum withdrawals are available from the TIAA Traditional Annuity only within 120 days after termination of employment and are subject to a surrender charge. All other withdrawals and all transfers to the Real Estate Account or to CREF must be spread over a 10-year period (five years for withdrawals after termination of employment). 878094101 9 10 11 5.26 4.42 6.13 6.00 105 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 10 11 Moderate Allocation 03/01/1990 -1.36 -5.91 -5.07 6.28 4.34 9.12 0.53 105 25 34 44 49 90 104 105 121 122 Mutual Fund American Funds American Balanced Fund RLBFX 302 0 1 Non-Proprietary Funds - Asset Allocation R5 41518 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. 024071839 10 11 Moderate Allocation RLBFX 05/15/2002 -2.68 -8.36 -7.56 6.73 5.55 0.35 34 40 44 49 104 121 122 TIAA-CREF Lifecycle Fund 2010 TCLEX 135 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks to a 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 53.2% of assets to equity underlying funds and 46.8% of assets to fixed-income underlying funds. 87244W458 9 10 11 Target-Date 2000-2014 TCLEX 10/15/2004 -1.80 -6.92 -3.90 5.59 0.85 34 44 49 104 121 122 TIAA-CREF Lifecycle Fund 2015 TCLIX 136 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks to a 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 61.2% of assets to equity underlying funds and 38.8% of assets to fixed-income underlying funds. 87244W441 9 10 11 Target-Date 2015-2029 TCLIX 10/15/2004 -1.89 -8.15 -5.60 5.83 0.87 34 44 49 104 121 122 TIAA-CREF Lifecycle Fund 2020 TCLTX 137 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks to a 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 69.2% of assets to equity underlying funds and 30.8% of assets to fixed-income underlying funds. 87244W433 9 10 11 Target-Date 2015-2029 TCLTX 10/15/2004 -1.97 -9.38 -7.35 5.83 0.88 34 44 49 104 121 122 TIAA-CREF Lifecycle Fund 2025 TCLFX 138 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks to a 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 77.2% of assets to equity underlying funds and 22.8% of assets to fixed-income underlying funds. 87244W425 9 10 11 Target-Date 2015-2029 TCLFX 10/15/2004 -2.16 -10.60 -8.99 5.87 0.92 34 44 49 104 121 122 TIAA-CREF Lifecycle Fund 2030 TCLNX 139 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks to a 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 85.2% of assets to equity underlying funds and 14.8% of assets to fixed-income underlying funds. 87244W417 9 10 11 Target-Date 2030+ TCLNX 10/15/2004 -2.25 -11.70 -10.42 5.85 0.94 34 44 49 104 121 122 TIAA-CREF Lifecycle Fund 2035 TCLRX 140 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks to a 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 9 10 11 Target-Date 2030+ TCLRX 10/15/2004 -2.23 -12.10 -11.00 6.19 1.00 34 44 49 104 121 122 TIAA-CREF Lifecycle Fund 2040 TCLOX 141 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks to a 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 9 10 11 Target-Date 2030+ TCLOX 10/15/2004 -2.19 -12.08 -11.01 6.73 0.97 34 44 49 104 121 122 TIAA-CREF Lifecycle Fund 2045 TTFRX 522 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 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 9 10 11 Target-Date 2030+ TTFRX 11/30/2007 -1.94 -11.89 -12.06 5.21 34 44 104 121 122 123 TIAA-CREF Lifecycle Fund 2050 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 9 10 11 Target-Date 2030+ TLFRX 11/30/2007 -1.14 -11.17 -11.34 5.21 34 44 104 121 122 123 TIAA-CREF Lifecycle Retirement Income Fund TLIRX 528 0 1 Proprietary Funds - Asset Allocation Retirement 41518 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 9 10 11 Target-Date 2000-2014 TLIRX 11/30/2007 -1.52 -4.85 -4.83 1.47 34 44 104 121 122 123 125 Vanguard Balanced Index Fund VBINX 325 0 1 Non-Proprietary Funds - Asset Allocation Investor 41518 The investment seeks to track the performance of a benchmark index that measures the investment return of the overall U.S. stock market and a broad, market-weighted bond index. The fund normally invests 60% of assets in equities and 40% in bonds. It seeks to track the investment performance of the Morgan Stanley Capital International/(R)/ (MSCI/(R)/) US Broad Market Index. The Fund typically holds 1,200-1,300 stocks in the Index and a representative sample of the remaining stocks. It seeks to track the investment performance of the Lehman Brothers U.S. Aggregate Bond Index. 921931101 10 11 Moderate Allocation VBINX 11/09/1992 -1.33 -6.08 -4.86 6.79 4.66 8.37 0.19 34 40 44 49 104 121 122 Vanguard LifeStrategy Growth Fund VASGX 320 0 1 Non-Proprietary Funds - Asset Allocation Investor 41518 The investment seeks capital appreciation and some current income. The fund typically allocates assets within the following ranges: 80% of assets in stocks and 20% in bonds. Rather than investing directly in securities, it invests in a combination of several underlying Vanguard funds. It invests in the following Vanguard funds: Total Bond Market Index, Asset Allocation, Total Stock Market Index, and Total International Stock Index. The fund is nondiversified. 921909503 10 11 Large Blend VASGX 09/30/1994 -1.87 -9.93 -9.76 9.33 4.69 9.00 0.23 34 40 44 49 104 121 122 Vanguard Wellesley Income Fund VWINX 329 0 1 Non-Proprietary Funds - Asset Allocation Investor 41518 The investment seeks to provide long-term growth of income and a high and sustainable level of current income, along with moderate long-term capital appreciation. The fund invests approximately 60% to 65% of assets in investment-grade corporate, U.S. Treasury, and government agency bonds, as well as mortgage-backed securities. The remaining 35% to 40% of fund assets are invested in common stocks of companies that have a history of above-average dividends or expectations of increasing dividends. 921938106 10 11 Conservative Allocation VWINX 07/01/1970 -2.82 -4.51 -1.95 5.20 6.04 10.28 0.25 34 40 44 49 104 121 122 Vanguard Wellington Fund VWELX 326 0 1 Non-Proprietary Funds - Asset Allocation Investor 41518 The investment seeks to provide long-term capital appreciation and reasonable current income. The fund invests 60% to 70% of assets in dividend-paying and, to a lesser extent, non-dividend-paying common stocks of established, medium-size and large companies. It invests 30% to 40% of the fund's assets mainly in fixed income securities. These securities include investment-grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, and mortgage-backed securities. 921935102 10 11 Moderate Allocation VWELX 07/01/1929 -1.66 -5.52 -3.54 9.18 6.86 8.25 0.27 34 40 44 49 104 121 122 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. 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. 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. 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. Extension risk is the risk of decline in value for certain fixed-income securities because principal payments are not made as early as possible. 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. 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. 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 common stocks of companies principally engaged in energy-related activities, the Fund's performance largely depends--for better or for worse--on the overall condition of the energy industry. The energy industry could be adversely affected by various political, regulatory, supply and demand, and other economic factors. 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. 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. 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. 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. 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. 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. © 2007 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, or call 800 TIAA-CREF (800 842-2273). TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. 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 upon 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. If you have an RA contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers must be spread over a ten-year period. If you have a GRA contract, lump-sum withdrawals are available from the TIAA Traditional Annuity only within 120 days after termination of employment and are subject to a surrender charge. All other withdrawals and all transfers to the Real Estate Account or to CREF must be spread over a ten-year period (five years for withdrawals after termination of employment). Interest credited to TIAA Traditional Annuities includes a guaranteed rate of between 1% and 3%, plus 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. In California, the TIAA Real Estate Account is available, but not through all employer-sponsored plans. Please contact us to determine if your employer's plan can accept investments into the account. 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 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. Annuities are issued by Teachers Insurance and Annuity Association (TIAA), 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. 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. This is a new investment choice being offered by TIAA-CREF and no performance is available this quarter. 6853 Paul Matthews TIAA-CREF pmatthews2@tiaa-cref.org (617) 276-7641 8-5 Boston Office (Roaming) Boston MA US 28262 OFFICE 1 1 Paul Matthews