MS 0052900529 Microsite Pages** 1584 HAPPAJI 529 University of Iowa 529 University of Iowa 2009-09-10T12:30:09.239 06/30/2009 529 University of Iowa IA 0107, CK36, EN28, EN29, FP67, P252, X774 N Y ( ) - N ( ) - N (866) 842-2977 Premier Non-Sole Recordkeeper 1 http://www.tiaa-cref.org/uiowa IA Y 124 uiowa http://www.tiaa-cref.org/uiowa http://enroll.tiaamax.com/staging/uiowa http://www.uiowa.edu/hr/benefits/index.html Y 2 1401 uiowa_img.gif Y Y 746 747 31456 33137 31455 746 UIowa 403(b) DC Plan The University of Iowa Defined Contribution Retirement Plan The University of Iowa Defined Contribution Retirement Plan RA 0 0 100275 999 0 1 1 0 1 0 1 1 Online Paper 0 The University of Iowa Defined Contribution Retirement Plan: IAFP67 0 This is HARDCODED URL N IAFP67 Y N Money Market Fund Y 0 20090410 0 20070227 0 0 Partner funds Lifecycle funds TIAA-CREF mutual funds N CUSTOM You are eligible to participate in The Plan if you hold a regular appointment of 50% time or greater and earn an annual salary of $7,800 or more at the University. Your participation is required immediately upon being hired and, once elected, participation in TIAA-CREF is irrevocable as long as you remain eligible. Employee Pre Tax Mandatory (I) Employer (F) Rollover (9) CUSTOM If you have less than five years of regular service with the University, contributions to The Plan will be made in amounts equal to the following percentages of your annual budgeted salary: On the first $4,800, you contribute 3 1/3% and the University will contribute 6 2/3% on your behalf. Above $4,800, you contribute 5% and the University will contribute 10% on your behalf. At five years or more of regular service with the University, contributions will be made in amounts equal to the following percentages of your annual budgeted salary: You contribute 5% and the University will contribute 10%. None 0 0 CUSTOM This is a mandatory plan. You must contribute in order to receive the University's contribution. Y STANDARD STANDARD N Lump Sum CUSTOM Your plan offers many distribution options, including: <UL class=cntTxt01> <LI class=cntTxt01>Lifetime Retirement Income <UL class=cntTxt01> <LI class=cntTxt01>One-life annuity. This option provides income for as long as you live. At your death, payments can continue to your designated beneficiaries if you include a guaranteed period. <LI class=cntTxt01>Two-life annuity. This option pays lifetime income to you and an annuity partner (spouse or any other person you name) for as long as either of you live. At the death of both you and your annuity partner, payments can continue to your designated beneficiaries if you include a guaranteed period. <LI class=cntTxt01>One-life or two-life annuity with a guaranteed period. A guaranteed period of either 10, 15, or 20 years can be added to your lifetime annuity income option as long as it does not exceed your life expectancy. Guaranteed periods ensure that benefits continue to your beneficiaries if you and your annuity partner (if applicable) die before the end of the guaranteed period. </LI></UL> <LI class=cntTxt01>Systematic withdrawals- This option can provide you the flexibility to determine the amount you'd like to withdraw semimonthly, monthly, quarterly, semiannually or annually (minimum of $100). You can increase, decrease or suspend the payments at anytime. Systematic cash withdrawals are not available from TIAA Traditional Retirement Annuity contracts. <LI class=cntTxt01>Lump Sum- This represents a single withdrawal of all or a portion of your available TIAA-CREF retirement account. Subject to plan rules, Retirement Annuities only allow cash withdrawals from the CREF variable annuity accounts, the TIAA Real Estate Account and mutual funds. Supplemental Retirement Annuities and Group Supplemental Retirement Annuities are entirely cashable after you satisfy a triggering event (such as separation from service or attainment of age 59 1/2). A participant may only withdraw accumulations based upon employee contributions prior to age 55. The full amount becomes available for lump-sum upon the attainment of age 55. <LI class=cntTxt01>Small Sum Distribution- Upon separating from service you may be eligible to withdraw your total Retirement Annuity if the value of your TIAA Traditional does not exceed $2000 and the total of your accounts is below a certain level as defined by your employer's plan. Therefore, regardless of your age and your employer's cash rules, you may be able to withdraw your retirement account in full; assuming the total accumulation is below the maximum limit set by your Employer's plan (generally $10,000). <LI class=cntTxt01>TPA to Cash- You can withdraw your Retirement Annuity TIAA Traditional accumulation through the Transfer Payout Annuity (TPA) in 10 approximately equal annual payments. <LI class=cntTxt01>Interest-Only- This option provides monthly payments of the total current interest earned on your TIAA Traditional in Retirement Annuity contracts. Your principal remains intact while you receive the payments. Interest-Only payments are generally available to individuals between ages 55 and 69 1/2. <LI class=cntTxt01>The Retirement Transition Benefit- This option allows you to receive a cash withdrawal of up to 10% of the accumulation converted to lifetime annuity income. The amount you receive as a cash withdrawal will reduce your lifetime annuity income by the same percentage. <LI class=cntTxt01>Fixed-Period Annuities- These options provide income for a specific number of years, not to exceed your life expectancy. At the end of the period, you will have received all of your principal and earnings, and payments stop. Depending on the retirement product, you can select a fixed period from 2 - 30 years. <LI class=cntTxt01>Minimum Distribution Option- Generally, you must begin taking minimum withdrawals from your retirement plans by April 1 following the year you reach age 70 1/2 or retire, whichever is later. The Minimum Distribution Option is designed to maximize the tax deferral of your assets while keeping you in compliance with the federal regulations. <LI class=cntTxt01>Single Sum Death Benefit- This is the amount paid to your beneficiary(ies) as a death benefit from your retirement account. </LI></UL> The primary purpose of your University of Iowa retirement plan is to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis. <DIV>In addition to the Standard distribution options the Board of Regents has rules that apply to transfers out of The Plan and cash distributions upon termination of employment. TRANSFER RULES: A participant is not allowed to transfer plan assets to another company while employed. Upon termination of employment you may transfer your accumulations to another company only with prior University approval. </DIV> <DIV>CASH DISTRIBUTION RULES: If you are age 55 or older and terminate employment with the University, you can withdraw all of your Plan accumulations subject to fund/account rules. If you terminate employment before age 55 you can withdraw the portion of your Plan accumulations attributable to your own contributions plus any investment earnings. If you become employed at another TIAA-CREF participating institution and its cash withdrawal policy is more liberal than that of the Iowa Board of Regentst, the portion of your TIAA-CREF account balance attributable to The Plan will become subject to the new institution's cash withdrawal rules. </DIV> Y STANDARD N STANDARD 0 0 478 - 0 747 UIowa 403(b) TDA Plan University of Iowa Tax-Deferred Annuity Savings Plan The University of Iowa Voluntary Retirement Savings Plan GSRA 0 1 100276 999 <DIV class=cntDiv>There are many things you need to know about the University of Iowa Supplemental Retirement Plan including eligibility requirements, vesting schedules, and loan features. Select any of the links on the right to learn more. Roth 403(b) savings are now available under the Supplemental plan. Find out more. If you have further questions, <A href="contact.html">contact</A> your institution. </DIV> 0 VOLUNTARY RETIREMENT SAVINGS PLAN|ENROLLMENT BOOK The University of Iowa 1 1 0 1 0 1 1 Online Paper 0 The University of Iowa Voluntary Retirement Savings Plan: IAFP67 0 This is HARDCODED URL N NOTE: A Salary Reduction Agreement is required for participation in The University of Iowa Voluntary Retirement Savings Plan.  <A href="http://www.uiowa.edu/hr/benefits/forms/sracontr.pdf">Click here </A>to download a copy of the form. IAFP67 Y N Lifecycle Fund Y 1 UIowa Roth 403(b)3_21.pdf 20080331 0 20080331 0 0 Partner funds Lifecycle funds TIAA-CREF mutual funds Y STANDARD Employee Pre-Tax (E) Rollover (9) STANDARD None 0 0 STANDARD Y STANDARD STANDARD N Lump Sum Fixed Period IPRO Lifetime Income Limited Periodic Option MDO (Minimum Distribution Option) RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) Retirement Loan CUSTOM Your plan offers many distribution options, including: <UL> <LI class=cntTxt01>Lifetime Retirement Income <UL class=cntTxt01> <LI class=cntTxt01>One-life annuity. This option provides income for as long as you live. At your death, payments can continue to your designated beneficiaries if you include a guaranteed period. <LI class=cntTxt01>Two-life annuity. This option pays lifetime income to you and an annuity partner (spouse or any other person you name) for as long as either of you live. At the death of both you and your annuity partner, payments can continue to your designated beneficiaries if you include a guaranteed period. <LI class=cntTxt01>One-life or two-life annuity with a guaranteed period. A guaranteed period of either 10, 15, or 20 years can be added to your lifetime annuity income option as long as it does not exceed your life expectancy. Guaranteed periods ensure that benefits continue to your beneficiaries if you and your annuity partner (if applicable) die before the end of the guaranteed period. </LI></UL> <LI class=cntTxt01>Systematic withdrawals- This option can provide you the flexibility to determine the amount you'd like to withdraw semimonthly, monthly, quarterly, semiannually or annually (minimum of $100). You can increase, decrease or suspend the payments at anytime. Systematic cash withdrawals are not available from TIAA Traditional Retirement Annuity contracts. <LI class=cntTxt01>Lump Sum- This represents a single withdrawal of all or a portion of your available TIAA-CREF retirement account. Subject to plan rules, Retirement Annuities only allow cash withdrawals from the CREF variable annuity accounts, the TIAA Real Estate Account and mutual funds. Supplemental Retirement Annuities and Group Supplemental Retirement Annuities are entirely cashable after you satisfy a triggering event (such as separation from service or attainment of age 59 1/2). <LI class=cntTxt01>Small Sum Distribution- Upon separating from service you may be eligible to withdraw your total Retirement Annuity or Group Retirement Annuity if the value of your TIAA Traditional does not exceed $2000 and the total of your accounts is below a certain level as defined by your employer's plan. Therefore, regardless of your age and your employer's cash rules, you may be able to withdraw your retirement account in full; assuming the total accumulation is below the maximum limit set by your Employer's plan (generally $4,000). <LI class=cntTxt01>TPA to Cash- You can withdraw your Retirement Annuity and Group Retirement Annuity TIAA Traditional accumulation through the Transfer Payout Annuity (TPA) in 10 approximately equal annual payments. In addition to the TPA, lump-sum withdrawals of TIAA Traditional are available from Group Retirement Annuities within 120 days after termination of employment and are subject to a 2.5% surrender charge. You may also be eligible to establish a fixed period annuity of 5 - 30 years from a Group Retirement Annuity. <LI class=cntTxt01>The Limited Periodic Option- This option allows cash withdrawals of up to 7% from CREF and TIAA Real Estate for individuals over 55 (currently only available in the TIAA-CREF Group Retirement Annuity plan). <LI class=cntTxt01>Interest-Only- This option provides monthly payments of the total current interest earned on your TIAA Traditional in Retirement Annuity and Group Retirement Annuity contracts. Your principal remains intact while you receive the payments. Interest-Only payments are generally available to individuals between ages 55 and 69 1/2. <LI class=cntTxt01>The Retirement Transition Benefit- This option allows you to receive a cash withdrawal of up to 10% of the accumulation converted to lifetime annuity income. The amount you receive as a cash withdrawal will reduce your lifetime annuity income by the same percentage. <LI class=cntTxt01>Fixed-Period Annuities- These options provide income for a specific number of years, not to exceed your life expectancy. At the end of the period, you will have received all of your principal and earnings, and payments stop. Depending on the retirement product, you can select a fixed period from 2 - 30 years. <LI class=MsoNormal style="MARGIN: 0in 0in 6pt; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list .5in">Minimum Distribution Option- Generally, you must begin taking minimum withdrawals from your retirement plans by April 1 following the year you reach age 70 1/2 or retire, whichever is later. The Minimum Distribution Option is designed to maximize the tax deferral of your assets while keeping you in compliance with the federal regulations. <?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></LI> <LI class=MsoNormal style="MARGIN: 0in 0in 6pt; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list .5in">Retirement Loan - Some retirement plans allow you to borrow funds from your account. Generally, under the Internal Revenue Code the maximum loan allowed from all your employer's plans is up to $50,000 or 50% of your vested accumulation, whichever is less. (This may be further limited by the terms of your contract.) Borrowing funds from your retirement plan is a nontaxable event as long as you repay your loan in full.<o:p></o:p></LI> <LI class=MsoNormal style="MARGIN: 0in 0in 6pt; mso-margin-top-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list .5in">Single Sum Death Benefit- This is the amount paid to your beneficiary(ies) as a death benefit from your retirement account. </LI></UL> The primary purpose of your University of Iowa retirement plan is to provide you with income throughout your retirement. Leaving money in your account may allow the funds to grow on a tax-deferred basis. C34786 Y STANDARD Y STANDARD 0 1 479 - 0 Equities Variable Annuity CREF Equity Index Account 008 0 1 Proprietary Accounts - Equity n/a 41518 The investment seeks long-term return. The fund attempts to track the U.S. stock market as a whole by investing substantially all of its assets in stocks included in the Russell 3000 index. It does not hold all 3000 of the stocks included in the index. Instead, it may use a sampling method to try to emulate the index's overall investment characteristics. 194408308 746 747 04/29/1994 16.68 4.01 -26.74 -2.22 -1.78 6.43 0.00 90 105 25 34 44 49 90 104 105 121 122 CREF Global Equities Account 006 0 1 Proprietary Funds - International n/a 41518 The investment seeks long-term total return. The 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 746 747 05/01/1992 20.91 7.38 -30.36 -0.56 -1.08 5.88 0.00 90 105 25 34 44 90 104 105 107 121 122 CREF Growth Account 007 0 1 Proprietary Accounts - Growth n/a 41518 The investment seeks total return. The account normally invests at least 80% of assets in common stocks and other equity securities. It invests primarily in large, well-known, established companies, particularly when we believe they have new or innovative products, services, or processes that enhance future earnings prospects. The fund may invest in smaller, less seasoned companies with growth potential as well as companies in new and emerging areas of the economy. It invest up to 20% of its assets in foreign securities. 194408209 746 747 04/29/1994 15.55 10.96 -26.02 -2.01 -5.01 4.74 0.00 90 105 25 34 44 49 90 104 105 121 122 CREF Stock Account 002 0 1 Proprietary Account - Stock n/a 41518 The investment seeks long-term total return. The fund invests in foreign stocks and other equity securities. It also may invest in fixed-income securities and money market instruments traded on foreign exchanges, in other foreign securities markets or privately placed. The fund invests a portion of its foreign investments in emerging market securities and, to a lesser extent, foreign small-cap equities. It intents to transition weightings of its holdings to be approximately 70-75% domestic equities and 25-30% foreign equities, with approximately 5% of the Account comprised of emerging market investments. 194408803 746 747 08/01/1952 19.57 6.91 -27.61 -0.84 -1.04 9.43 0.00 90 105 25 34 44 49 90 104 105 121 122 Mutual Fund American Funds Capital World Growth and Income Fund RWIEX 1100 0 1 Non-Proprietary Funds - International R4 43186 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. 140543844 746 747 World Stock RWIEX 06/27/2002 19.52 7.05 -26.70 4.61 7.88 0.79 40 34 40 44 59 104 121 122 123 American Funds EuroPacific Growth Fund RERFX 035 0 1 Partner Funds - International R5 41518 The fund normally invests at least 80% of net assets in securities of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation. 298706839 746 747 Foreign Large Blend RERFX 05/15/2002 22.41 12.77 -25.32 6.33 6.86 0.54 40 34 40 44 104 107 121 122 American Funds Fundamental Investors RFNEX 1107 0 1 Non-Proprietary Funds - Equity R4 43186 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. 360802847 746 747 Large Blend RFNEX 07/25/2002 17.10 9.14 -28.96 1.93 6.47 0.67 40 34 40 44 49 104 121 122 123 American Funds Growth Fund of America RGAEX 1102 0 1 Non-Proprietary Funds - Equity R4 43186 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. 399874841 746 747 Large Growth RGAEX 05/28/2002 16.81 12.16 -26.74 0.55 2.59 0.67 40 34 40 44 49 104 121 122 123 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 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. In the selection of securities, current and potential yields as well as the potential for long-term capital appreciation are considered. 939330833 746 747 Large Value RWMFX 05/15/2002 13.00 -1.78 -25.07 -2.08 -0.38 0.37 40 34 40 44 49 104 121 122 Columbia Mid Cap Value Z NAMAX 608 0 1 Non-Proprietary Funds - Equity Z 41518 The investment seeks to provide long-term growth of capital. The fund normally invests at least 80% of net assets in equity securities of companies that have market capitalizations in the range of the companies in the Russell Midcap Value index at the time of purchase (between $10 million and $16.5 billion as of May 31, 2009) that the Advisor believes are undervalued and have the potential for long-term growth. It may invest up to 20% of total assets in foreign securities. The fund also may invest in real estate investment trusts. 19765J830 746 747 Mid-Cap Value NAMAX 11/20/2001 17.79 3.75 -31.56 -0.07 3.95 0.92 40 34 40 44 49 104 121 122 123 Columbia Small Cap Value Z CSCZX 609 0 1 Non-Proprietary Funds - Equity Z 41518 The investment seeks long-term capital growth. The fund normally invests at least 80% of assets in common stocks issued by domestic companies with market capitalizations equal to or less than the largest stock in the Russell 2000 Value Index. It uses quantitative sampling techniques to select a stock portfolio that it believes to be representative of the small-stock universe. 19765N567 746 747 Small Value CSCZX 07/28/1995 19.42 0.62 -20.53 0.07 6.55 7.42 1.05 40 34 40 44 49 104 121 122 123 Eaton Vance Large-Cap Value EHSTX 594 0 1 Non-Proprietary Funds - Equity A 41518 The investment seeks total return. The fund normally invests primarily in value stocks of large-cap companies. It normally invests at least 80% of net assets in equity securities of large-cap companies. The fund primarily invests in dividend-paying stocks. It may invest in convertible debt securities (including securities rated below investment grade). The fund may also invest in real estate investment trusts for income. 277905808 746 747 Large Value EHSTX 09/23/1931 12.16 -3.67 -32.02 0.56 2.11 9.07 1.02 40 34 40 44 49 104 121 122 Forward International Small Co Instl PISRX 613 0 1 Non-Proprietary Funds - International Inv 41518 The investment seeks long-term capital growth. The fund normally invests at least 80% of net assets plus borrowings, if any, in equity securities of companies with small market capitalizations located outside the United States. It invests up to 20% of assets in medium and large capitalization companies. The fund normally will invest its assets among countries throughout the world including countries considered to be emerging market countries. 349913830 746 747 Foreign Small/Mid Growth PISRX 03/05/2002 23.45 9.04 -35.24 2.96 8.28 1.65 40 34 40 44 59 104 121 122 123 Harbor International HRINX 617 0 1 Non-Proprietary Funds - International Administrative 41518 The investment seeks long-term total return, principally from growth of capital. The fund invests primarily (no less than 65% of total assets) in common and preferred stocks of foreign companies that have market capitalizations in excess of $1 billion, including those located in emerging market. It invests in a minimum of 10 countries throughout the world. The fund focuses on companies located in Europe, the Pacific Basin and emerging industrialized countries whose economies and political regimes appear more stable. 411511652 746 747 Foreign Large Value HRINX 11/01/2002 26.62 7.49 -33.58 6.28 11.35 1.05 40 34 40 44 59 104 121 122 123 Lazard Emerging Markets LZOEX 623 0 1 Non-Proprietary Funds - International 41518 The investment seeks long-term capital appreciation. The fund normally invests at least 80% of assets in equity securities of companies whose principal business activities are located in emerging market countries but focuses on companies in Latin America, the Pacific Basin and Eastern Europe. It may also engage in foreign currency transactions and lending portfolio securities. 52106N764 746 747 Diversified Emerging Mkts LZOEX 01/08/1997 33.89 30.86 -26.11 16.94 10.57 6.97 1.54 40 34 40 44 59 121 122 Munder Mid-Cap Core Growth Y MGOYX 630 0 1 Non-Proprietary Funds - Equity Y 41518 The investment seeks long-term capital appreciation. The fund normally invests at least 80% of assets in the equity securities of mid-capitalization companies. Mid-capitalization companies are those companies with market capitalizations within the range of companies included in the S&P Mid-Cap 400 index, or within the range of companies included in the Russell Mid-cap index. The fund may invest in exchange-traded funds (ETFs) to manage cash. It also may enter into futures contracts. 626124242 746 747 Mid-Cap Growth MGOYX 06/24/1998 15.98 7.99 -32.26 0.50 7.07 7.20 1.08 40 34 40 44 49 104 121 122 Royce MicroCap Fund RYOTX 383 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 the equities of micro-cap companies with market capitalizations less than $500 million. It may invest up to 25% of assets in the securities of foreign issuers. The fund invests in micro-cap companies that the advisor believes are trading significantly below its estimate of their current worth, basing this assessment chiefly on balance sheet quality and cash flow levels. 780905709 746 747 Small Blend RYOTX 12/31/1991 30.57 21.50 -22.89 2.64 9.80 11.94 1.69 40 34 40 44 49 121 122 Royce Premier Fund RPFIX 288 0 1 Non-Proprietary Funds - Equity Institutional 41518 The investment seeks long-term growth of capital. The Fund invests at least 80% of its net assets in the equity securities of “premier” companies. At least 65% of these securities will be issued by companies with stock market capitalizations up to $2.5 billion at the time of investment. The fund may invest up to 25% of assets in the securities of foreign issuers. The fund looks for companies it considers “premier” that have excellent business strengths and/or prospects for growth, high internal rates of return and low leverage, and that are trading significantly below estimates of their current worth. 780905683 746 747 Mid-Cap Blend RPFIX 09/17/2002 21.93 8.94 -24.84 4.15 10.25 1.04 40 34 40 44 49 104 121 122 Sentinel Small Company A SAGWX 632 0 1 Non-Proprietary Funds - Equity A 41518 The investment seeks growth of capital. The fund invests at least 80% of net assets in small-capitalization companies which have market capitalizations of less than $3 billion. It may invest up to 25% of the assets in securities within a single industry. For portfolio construction purposes, the fund uses the S&P Small-Cap 600 index as a sector-weighting guide. It attempts to be well-balanced across major economic sectors. 817270804 746 747 Small Growth SAGWX 03/01/1993 15.01 5.25 -22.24 0.47 7.46 9.49 1.22 40 34 40 44 104 121 122 T. Rowe Price Capital Appreciation Fund PACLX 395 0 1 Non-Proprietary Funds - Equity Advisor 41518 The investment seeks long-term capital appreciation. The fund will invest primarily in the common stocks of established U.S. companies that have above-average potential for capital growth. It invests at least half of assets in common stocks and invests the remaining assets in other securities, including convertible securities, corporate and government debt, foreign securities, futures, and options. 77954M204 746 747 Moderate Allocation PACLX 12/31/2004 18.49 13.97 -14.17 1.10 1.00 40 34 40 44 49 121 122 T. Rowe Price Growth Stock Fund TRSAX 396 0 1 Non-Proprietary Funds - Equity Advisor 41518 The investment seeks long-term growth of capital; income is secondary. The fund normally invests at least 80% of assets in the common stocks of a diversified group of growth companies. It mostly seeks investments in companies that have the ability to pay increasing dividends through strong cash flow. The fund generally looks for companies with an above-average rate of earnings growth and a lucrative niche in the economy. While it invests most assets in U.S. common stocks, the fund may also purchase other securities including foreign stocks, futures, and options. 741479208 746 747 Large Growth TRSAX 12/31/2001 14.88 15.06 -26.26 -1.04 -0.29 0.94 40 34 40 44 49 104 121 122 Thornburg International Value TIVRX 571 0 1 Non-Proprietary Funds - International R5 41518 The investment seeks long-term capital appreciation. The fund normally invests at least 75% of assets in foreign securities or depository receipts of foreign securities. It may invest in developing countries. The fund typically makes equity investments in the following three types of companies: basic value companies with well established businesses whose stock is under valued; Consistent earner companies when they are selling at valuations below historic norms; and Emerging franchises that are in the process of establishing a leading position in a product, service or market expecting growth at an above average rate. 885215368 746 747 Foreign Large Blend TIVRX 02/01/2005 22.81 9.91 -26.44 5.10 1.02 40 34 40 44 59 104 121 122 TIAA-CREF Equity Index Fund TIQRX 373 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund primarily invests in a portfolio of equity securities selected to track the overall U.S. equity markets based on a market index. Its benchmark is Russell 3000 index. 886315753 746 747 Large Blend TIQRX 03/31/2006 16.64 4.05 -26.58 -8.48 0.33 34 44 49 57 121 122 TIAA-CREF Growth and Income Fund TRGIX 011 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term return. The fund normally invests at least 80% of net assets in income-producing equity securities. It invests primarily in income-producing equity securities or other securities defined by its benchmark index, the Standard & Poor’s 500 (S&P 500) index. The fund also may invest in rapidly growing smaller companies and may invest up to 20% of total assets in foreign investments. 87244W763 746 747 Large Blend TRGIX 10/01/2002 13.97 5.04 -23.76 1.31 5.35 0.75 34 44 49 104 121 122 TIAA-CREF International Equity Fund TRERX 013 0 1 Proprietary Funds - International Retirement 41518 The investment seeks favorable long-term returns. The fund normally invests at least 80% of net assets in equity securities of foreign issuers. It has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. The fund may sometimes hold a significant amount of stocks of smaller, lesser-known companies. The fund’s sector and country exposure is regularly managed against the Morgan Stanley Capital International EAFE (Europe, Australasia, Far East) Index. 87244W748 746 747 Foreign Large Blend TRERX 10/01/2002 25.13 5.61 -34.78 0.60 7.20 0.79 27 34 44 104 107 121 122 131 TIAA-CREF International Equity Index Fund TRIEX 027 0 1 Proprietary Funds - International Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of foreign equity investments based on a market index. Its benchmark is MSCI EAFE index. 87244W490 746 747 Foreign Large Blend TRIEX 10/01/2002 25.23 6.37 -30.98 2.12 8.05 0.36 34 44 104 107 121 122 131 TIAA-CREF Large-Cap Growth Fund TILRX 348 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term return. The fund normally invests at least 80% of assets in large-cap equity securities. Large-cap securities are securities of issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within the Russell 1000 Index at the time of purchase. It may invest up to 20% of total assets in foreign investments. 87244W326 746 747 Large Growth TILRX 03/31/2006 13.72 9.87 -28.20 -6.70 0.78 34 44 49 121 122 TIAA-CREF Large-Cap Growth Index Fund TRIRX 019 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund primarily invests in a portfolio of equity securities of large domestic growth companies based on a market index. Its benchmark is Russell 1000 Growth index. 87244W672 746 747 Large Growth TRIRX 10/01/2002 16.28 11.46 -24.57 -2.21 2.98 0.35 34 44 49 104 121 122 TIAA-CREF Large-Cap Value Fund TRLCX 014 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund uses the dual investment management strategy and invests at least 80% of assets in equity securities of large domestic companies, as defined by the Russell 1000 Value index, that appear undervalued by the market based on our evaluation of their potential worth. It may invest up to 20% of total assets in foreign investments. 87244W722 746 747 Large Value TRLCX 10/01/2002 22.81 7.05 -23.86 -1.37 4.90 0.74 34 44 49 104 121 122 TIAA-CREF Large-Cap Value Index Fund TRCVX 020 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of equity securities of large domestic value companies based on a market index. Its benchmark is Russell 1000 Value index. 87244W656 746 747 Large Value TRCVX 10/01/2002 16.62 -2.92 -29.15 -2.44 3.32 0.35 34 44 49 104 121 122 TIAA-CREF Mid-Cap Growth Fund TRGMX 015 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund normally invests at least 80% of net assets in mid-cap equity securities. It invests primarily in equity securities of medium-sized domestic companies, as defined by the fund’s benchmark index (the Russell Mid-cap Growth index). The fund may invest up to 20% of total assets in foreign investments. 87244W888 746 747 Mid-Cap Growth TRGMX 10/01/2002 19.75 16.19 -32.95 -0.99 6.78 0.81 34 44 49 104 121 122 TIAA-CREF Mid-Cap Value Fund TRVRX 016 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund normally invests at least 80% of assets in mid-cap equity securities. It invests primarily in equity securities of medium-sized domestic companies, as defined by the fund’s benchmark index (the Russell Mid-cap Value index). The fund may invest up to 20% of assets in foreign investments. 87244W854 746 747 Mid-Cap Value TRVRX 10/01/2002 20.34 9.33 -28.67 1.44 8.52 0.77 34 44 49 104 121 122 TIAA-CREF Real Estate Securities Fund TRRSX 017 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund invests at least 80% of assets in the equity and fixed-income securities of companies that are principally engaged in or related to the real estate industry such as REITs. It also may invest up to 20% of total assets in equity and debt securities of issuers that are not engaged in or related to the real estate industry and up to 15% of total assets in real estate securities of foreign issuers. 87244W789 746 747 Real Estate TRRSX 10/01/2002 28.31 -13.60 -44.41 -4.51 2.88 0.81 34 44 49 104 121 122 TIAA-CREF S&P 500 Index Fund TRSPX 018 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of equity securities of large domestic companies selected to track U.S. equity markets based on a market index. Its benchmark is S&P 500 index. 87244W698 746 747 Large Blend TRSPX 10/01/2002 15.83 3.08 -26.30 -2.55 2.85 0.31 34 44 49 104 121 122 TIAA-CREF Small-Cap Blend Index Fund TRBIX 024 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund invests primarily in a portfolio of equity securities in smaller domestic companies based on a market index. Its benchmark is Russell 2000 index. 87244W565 746 747 Small Blend TRBIX 10/01/2002 20.35 2.28 -25.25 -1.97 5.93 0.42 34 44 49 104 121 122 131 TIAA-CREF Small-Cap Equity Fund TRSEX 028 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund normally invests at least 80% of assets in small-cap equity securities. It invests primarily in equity securities of smaller domestic companies across a wide range of sectors, growth rates and valuations, that appear to have favorable prospects for significant long-term capital appreciation. 87244W821 746 747 Small Blend TRSEX 10/01/2002 20.13 2.13 -26.18 -2.70 5.57 0.78 34 44 49 104 121 122 131 TIAA-CREF Social Choice Equity Fund TRSCX 012 0 1 Proprietary Funds - Equity Retirement 41518 The investment seeks a favorable long-term total return. The fund normally invests at least 80% of net assets in equity securities. It attempts to track the return of the U.S. stock market as represented by the Russell 3000 index, while investing only in companies whose activities are consistent with the funds’ social criteria. The fund may invest in U.S. Government securities and in securities issued by foreign governments or their agencies or instrumentalities as approved by the Corporate Governance and Social Responsibility Committee. It may invest up to 15% of total assets in foreign investments. 87244W755 746 747 Large Blend TRSCX 10/01/2002 17.66 5.60 -25.43 -1.86 3.85 0.46 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 746 747 Large Blend VFINX 08/31/1976 15.97 3.21 -26.17 -2.32 -2.29 9.98 0.18 40 34 40 44 49 104 121 122 Vanguard Developed Markets Index VDMIX 386 0 1 Non-Proprietary Funds - International Investor 41518 The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe and the Pacific region. The fund normally invests in other Vanguard mutual funds and/or directly in securities included in the Index. It allocates assets among Vanguard European Stock Index Fund and Vanguard Pacific Stock Index Fund, and/or directly in individual stocks, based on the market capitalizations of European and Pacific stocks in the MSCI EAFE Index. The fund is nondiversified. 921909701 746 747 Foreign Large Blend VDMIX 05/08/2000 25.59 5.72 -30.90 2.35 -0.12 0.29 40 34 40 44 107 121 122 Vanguard Extended Market Index Fund VEXMX 1150 0 1 Partner Funds - Equity Investor 99999 The investment seeks to track the performance of a benchmark index that measures the investment return of small- and mid-capitalization stocks. The fund employs a passive management strategy designed to track the performance of the Standard & Poor's Completion index, a broadly diversified index of stocks of small and medium-size U.S. companies. The fund invests all, or substantially all, of assets in stocks of its target index. 922908207 746 747 Mid-Cap Blend VEXMX 12/21/1987 21.69 9.15 -27.82 -0.31 1.39 8.96 0.30 40 34 40 44 49 104 121 122 123 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 746 747 Small Blend NAESX 10/03/1960 24.09 7.35 -25.22 -0.81 3.01 9.80 0.28 40 34 40 44 49 104 121 122 Real Estate Variable Annuity TIAA Real Estate Account 009 0 0 Proprietary Account - Money Market n/a 41518 The account seeks favorable long-term returns primarily through rental income and appreciation of real estate investments owned by the Account. The Account intends to invest between 70 percent to 85 percent of its assets directly in real estate or real estate-related investments. The account will invest the remaining portion of its assets in government and corporate debt securities, money market instruments and other cash equivalents, and, at times, stock of companies that do not primarily own or manage real estate. 878094200 746 747 10/02/1995 -9.96 -17.49 -29.84 2.52 4.83 5.83 90 105 25 34 44 90 101 105 122 Fixed Income Variable Annuity CREF Bond Market Account 005 0 1 Proprietary Funds - Fixed Income n/a 41518 The investment seeks high current income consistent with capital preservation. The account invests at least 80% of assets in a broad range of debt securities. It invests majority of the assets in U.S. Treasury and Agency securities, corporate bonds and mortgage-backed or other asset-backed securities. 194408407 746 747 03/01/1990 1.95 2.42 3.32 4.03 5.46 6.69 90 105 25 34 44 62 90 104 105 121 122 CREF Inflation-Linked Bond Account 010 0 1 Proprietary Funds - Fixed Income n/a 41518 The investment seeks a long-term rate of return that outpaces inflation. The 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 746 747 05/01/1997 0.43 4.62 -1.87 4.45 6.78 6.23 0.00 90 105 25 34 44 90 92 104 105 122 Mutual Fund American Funds Capital Income Builder RIREX 1106 0 1 Non-Proprietary Funds - Fixed Income R4 43186 The fund seeks a level of current income and a growing stream of income over time. It also seeks the capital appreciation. The fund normally invests at least 90% of assets in income producing securities (with at least 50% in equity securities) 140193848 746 747 World Allocation RIREX 05/20/2002 13.18 3.53 -21.50 3.20 4.49 0.65 40 34 40 44 104 121 122 123 1007 American Funds Income Fund of America RIDEX 1103 0 1 Non-Proprietary Funds - Fixed Income R4 43186 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. 453320848 746 747 Moderate Allocation RIDEX 06/27/2002 12.21 3.26 -19.22 0.83 3.68 0.66 40 34 40 44 104 121 122 123 1007 Goldman Sachs Government Income Fund GSOIX 278 0 1 Non-Proprietary Funds - Fixed Income Institutional 41518 The investment seeks current income consistent with safety of principal. The fund normally invests at least 80% of assets in U.S. Government securities and in repurchase agreements collateralized by such securities. It may invest up to 20% of assets in non-government securities such as privately issued mortgage-backed securities, asset-backed securities and corporate securities. 38142V761 746 747 Intermediate Government GSOIX 08/15/1997 0.58 2.03 6.48 4.97 5.91 5.90 0.66 40 34 40 44 62 104 121 122 MainStay High-Yield Corporate Bond MHCAX 579 0 1 Non-Proprietary Funds - Fixed Income A 41518 The investment seeks current income; capital appreciation is a secondary consideration. The fund invests 80% of assets in domestic and foreign high-yield debt securities rated from BBB to B, or in those unrated but of comparable quality. It may invest up to 20% of assets in securities rated lower than B. 56062F772 746 747 High Yield Bond MHCAX 01/03/1995 17.26 22.97 -4.65 3.86 5.22 7.50 1.07 40 34 40 44 62 104 121 122 PIMCO Total Return Instl PTRAX 583 0 1 Non-Proprietary Funds - Fixed Income Admin 41518 The investment seeks maximum total return. The fund normally invests at least 65% of assets in a diversified portfolio of Fixed-Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. It invests primarily in investment-grade debt securities, but may invest up to 10% of total assets in high-yield securities (“junk bonds”). The fund may invest all assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. 693390726 746 747 Intermediate-Term Bond PTRAX 09/08/1994 4.67 6.16 8.99 6.10 6.74 7.23 0.77 40 34 40 44 62 104 121 122 TIAA-CREF High Yield Fund TIHRX 355 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks high current income and capital appreciation. The fund invests primarily in lower-rated, higher-yielding fixed-income securities. It invests at least 80% of assets in debt and other fixed-income securities rated lower than investment-grade (and their unrated equivalents) or other high-yielding debt securities. The fund invests up to 20% of assets in payment-in-kind or deferred interest obligations, defaulted securities, asset-backed securities, securities rated lower than B- or its equivalent by at least two rating agencies and securities having limited liquidity. 886315787 746 747 High Yield Bond TIHRX 03/31/2006 17.83 23.16 -0.05 2.55 0.69 34 44 62 121 122 131 TIAA-CREF Short-Term Bond Fund TISRX 361 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks high current income consistent with preservation of capital. The fund invests primarily in a broad range of debt securities comprising the Lehman Brothers Mutual Fund Short (one- five year) government/credit index. It invests at least 80% of assets in U.S. treasury and agency securities and corporate bonds with maturities less than five years. The fund invests up to 15% of assets in the securities of foreign issuers. 886315886 746 747 Short-Term Bond TISRX 03/31/2006 1.51 1.57 2.89 3.92 0.63 34 44 62 121 122 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 746 747 Intermediate-Term Bond VBMFX 12/11/1986 1.75 2.11 6.13 4.97 5.74 6.81 0.22 40 34 40 44 62 104 121 122 Western Asset Core Plus Bond Portfolio WACPX 038 0 1 Partner Funds - Fixed Income Institutional 41518 The investment seeks to maximize total return, consistent with prudent investment management and liquidity needs. The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, invests at least 80% of net assets in debt and fixed income securities. It may also invest up to 25% of their respective total assets in the securities of non-U.S. issuers. The duration targets between 2.5 and 7 years. 957663503 746 747 Intermediate-Term Bond WACPX 07/08/1998 11.18 9.96 3.32 3.45 5.88 5.48 0.47 40 34 40 44 62 104 121 122 123 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 746 747 04/01/1988 0.00 0.11 1.20 3.14 3.12 4.51 0.00 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\nFor Retirement Annuity (RA) contracts, 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.\n\nFor Group Retirement Annuity (GRA) contracts, 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\nFor Retirement Choice Annuity (RC) contracts, 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 746 747 5.65 4.92 6.25 3.65 90 105 26 32 90 101 105 122 Multi-Asset Variable Annuity CREF Social Choice Account 004 0 1 Proprietary Account - Social n/a 41518 The investment seeks total return consistent with certain social criteria. The fund invests in a diversified portfolio of equity, debt, and money-market securities. It normally invests 60% of assets in equities and 40% in debt securities. The fund invests in companies included in the KLD Broad Market Social index which is a subset of companies in the Russell 3000 index screened to eliminate companies that do not meet certain social criteria 194408605 746 747 03/01/1990 12.36 5.21 -14.40 0.72 1.42 7.76 0.00 90 105 25 34 44 49 90 104 105 121 122 Mutual Fund TIAA-CREF Lifecycle Fund 2010 TCLEX 135 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests primarily in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2010. It expects to allocate approximately 51.60% of assets to equity underlying funds and 48.40% of assets to fixed-income underlying funds. 87244W458 746 747 Target Date 2000-2010 TCLEX 10/15/2004 10.87 4.97 -13.81 1.13 0.87 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2015 TCLIX 136 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2015. It expects to approximately 59.60% of assets to equity underlying funds and 40.40% of assets to fixed-income underlying funds. 87244W441 746 747 Target Date 2011-2015 TCLIX 10/15/2004 12.39 5.33 -16.22 0.71 0.89 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2020 TCLTX 137 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2020. It expects to allocate approximately 67.60% of assets to equity underlying funds and 32.40% of assets to fixed-income underlying funds. 87244W433 746 747 Target Date 2016-2020 TCLTX 10/15/2004 13.85 5.63 -18.80 0.04 0.92 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2025 TCLFX 138 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2025. It expects to allocate approximately 75.60% of assets to equity underlying funds and 24.40% of assets to fixed-income underlying funds. 87244W425 746 747 Target Date 2021-2025 TCLFX 10/15/2004 15.33 5.83 -21.25 -0.59 0.94 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2030 TCLNX 139 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2030. It expects to allocate approximately 83.60% of assets to equity underlying funds and 16.40% of assets to fixed-income underlying funds. 87244W417 746 747 Target Date 2026-2030 TCLNX 10/15/2004 16.62 5.91 -23.89 -1.31 0.96 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2035 TCLRX 140 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 2035. It expects to allocate approximately 90.0% of assets to equity underlying funds and 10.0% of assets to fixed-income underlying funds. 87244W391 746 747 Target Date 2031-2035 TCLRX 10/15/2004 17.55 6.13 -25.36 -1.47 0.98 34 44 49 104 121 122 132 TIAA-CREF Lifecycle Fund 2040 TCLOX 141 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks high total return through capital appreciation and income. The fund invests in underlying funds according to an asset allocation strategy designed for investors planning to retire in or within a few years of 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 746 747 Target Date 2036-2040 TCLOX 10/15/2004 17.54 6.15 -25.32 -1.07 0.95 34 44 49 104 121 122 132 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 746 747 Target Date 2041-2045 TTFRX 11/30/2007 17.33 6.21 -26.38 -24.01 7.08 34 44 104 121 122 123 132 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 746 747 Target Date 2050+ TLFRX 11/30/2007 17.30 5.83 -27.25 -24.19 8.17 34 44 104 121 122 123 132 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 746 747 Retirement Income TLIRX 11/30/2007 8.63 4.46 -9.42 -8.95 2.17 34 44 104 121 122 123 132 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. Investments in commodity derivatives entail significant risk including risk of loss of a significant portion of their principal value because these investments are subject to the movements of prices in the potentially volatile commodity markets. Company risk is the risk that the earnings prospects and overall financial position of the issuer of a security will deteriorate, causing a decline in the security's value over short or extended periods of time. A convertible security is a bond, debenture, note, preferred stock or other security that may be converted into or exchanged for a prescribed amount of common stock of the same or a different issuer within a particular period of time at a specified price or formula. The value of convertible security is a function of (1) its yield in comparison with the yields or other securities of comparable maturity and quality that do not have a conversion privilege and (2) its worth, at market value, if converted into the underlying common stock in a way that non-convertible debt does not. Credit risk (a type of company risk) is the risk that a decline in a company's overall financial soundness may make it unable to pay principal and interest on bonds when due. The fund will suffer a loss in connection with its use of derivatives such as options, futures contracts, and options on futures contracts if securities prices do not move in the direction anticipated by the fund's advisor when entering into the derivative instruments. Dividend risk is the risk associated with investments in stocks paying relatively high dividends. These stocks may significantly underperform other stocks during periods of rapid market appreciation. The securities markets of Asia, Latin, Central and South America, Eastern Europe, the Middle East, Africa and other emerging regions are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. Further, investment in equity securities of issuers located in certain emerging countries involves risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. These risks are not normally associated with investments in more developed countries. Extension risk is the risk of decline in value for certain fixed-income securities because principal payments are not made as early as possible. Foreign investment risks are the risks of investing in securities of foreign issuers, in securities or contracts traded on foreign exchanges or in foreign markets, or in securities or contracts payable in foreign currency. Foreign investing involves special risks, including erratic market conditions, economic and political instability, and fluctuations in currency exchange rates. These investment risks may be magnified in emerging markets. Growth investing risks include the risk that, due to their relatively high valuations, growth stocks will be more volatile than value stocks. In addition, because the value of growth companies is generally a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained. Illiquid security risk is the risk that investments in illiquid securities may be difficult to sell for their fair market value. Income volatility risk is the risk that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments. Index risk is the risk that the performance of a fund or account will not match the performance of its index for any period of time. Although a fund or account attempts to closely track the investment performance of the index, the fund or account may not duplicate the composition of this index. In addition, its performance, unlike that of its index, is affected by investment and other operating expenses. Interest rate risk (a type of market risk) is the risk that bond prices or the income of a fund or account may decline if interest rates change. 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. 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. Although the fund's advisor does not anticipate a turnover rate in excess of 100%, the possibility exists. High turnover rates can result in increased trading costs and higher levels of realized capital gains. Value investing risks are the risks that (1) the issuer's potential business prospects may not be realized; (2) the securities' potential values may never be recognized by the market; and (3) due to unanticipated problems associated with the issuer or industry, the securities were appropriately priced (or overpriced) when acquired. The risk that performance will be affected by unanticipated events (e.g., significant earnings shortfalls or gains, war, or political events) that cause major price changes in individual securities or market sectors. 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 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 ten annual installments (five years for withdrawals after termination of employment). Performance shown for the Retirement Class shares of the International Equity Fund was impacted by a misallocation of income and net capital gains among the Fund's share classes. If this misallocation had not occurred, the three-month and year-to-date returns would have been 1.19% and 18.76, respectively; the one-year, five-year, and since inception average annual total returns would have been 18.76%, 23.52, and 23.54%, respectively. Shareholders who owned Retirement Class shares on or before May 25, 2006, who were negatively impacted by this misallocation by more than $10, have been made whole through direct payments by Teachers Advisors, Inc. For additional information please contact our Telephone Counseling Center at 800 927-3059. Interest credited to TIAA Traditional Annuities includes a guaranteed rate of between 1% and 3%, plus any additional amounts that are established on a year-by-year basis. The additional amounts, when declared, remain in effect through the "declaration year," which begins each March 1. Accumulations in mutual funds not managed by TIAA-CREF may be subject to administrative charges. These charges are subject to change. Please review current documents related to your plan. The S&P 500 Index is a market-capitalization-weighted index of the 500 leading companies in major industries of the U.S. economy. You cannot invest directly in this index. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies. The Russell 3000® Index measures the performance of the 3,000 largest publicly traded U.S. companies, based on market capitalization. These companies make up about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in this index. TIAA-CREF products are not promoted or sponsored by, or affiliated with, the Frank Russell Company. Russell 3000 is a trademark and service mark of the Frank Russell Company. The 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. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. The Lehman Brothers U.S. TIPS (Treasury Inflation-Protected Securities) Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. You cannot invest directly in this index. All displayed performance and statistical data have been compiled by TIAA-CREF. Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Payments from TIAA and CREF variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns. Mutual funds do not offer the range of income options available through annuities. Listed for foreign stock funds (EAFE refers to Europe, Australasia, and Far East). Widely accepted as a benchmark for international stock performance, the EAFE Index is an aggregate of 21 individual country indexes that collectively represent many of the major markets of the world. Ndtr_D (Net Dividends Total Returns in Dollars) indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In addition, Ndtr_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty. The returns we publish for the index are total returns, which include reinvestment of dividends. For more information, visit the MSCI website or call MSCI at 212 762 5790. MSCI also has a site containing performance data for its indexes. Three-month T-bills are government-backed short-term investments considered to be risk-free and as good as cash because the maturity is only three months. Morningstar collects yields on the T-bill on a weekly basis from The Wall Street Journal. You will be charged a 2.00% fee of the amount redeemed or exchanged out of the fund within 60 calendar days of the initial purchase date. Please see the prospectus for details about this redemption fee and certain exemptions that may apply. The above performance data does not reflect the deduction of the redemption fee, and if reflected, the fee would reduce the performance quoted. As Target Retirement Date Funds are actively managed, their asset allocations are subject to change and may vary from those indicated. They invest in many underlying funds and are exposed to the risks of different areas of the market. The higher a fund’s allocation to stocks, the greater the risk. After the target date has been reached, some of these funds may be merged into a fund with a more stable asset allocation. In addition to the fund level expenses these funds are also subject to the expenses of their underlying investments. Please consult the prospectus for more complete information. The Dow Jones Moderate Portfolio is a benchmark designed for asset allocation strategists who are willing to take 60% of the risk of the global securities market. It is a total returns index that is a time-varying weighted average of stocks, bonds, and cash. You cannot invest directly in this index. 6273 Benefits Office benefits@uiowa.edu (877) 830-4001 www.uiowa.edu/hr/benefits/index.html Monday - Friday, 8:00 a.m. to 5:00 p.m. CT University of Iowa 120-40 USB Iowa City IA US 52242-1911 Benefits Office OFFICE 1 1 7695 Enrollment Forms Return Address University of Iowa 120-40 USB Iowa City IA US 52242-1911 Benefits Office OFFICE 1 1 6274 Richard Saunders Benefits Office (319) 335-2676 Monday - Friday, 8:00 a.m. - 5:00 p.m. CT University of Iowa Iowa City IA US 52242-1911 Benefits Office - Director of Benefits and Payroll OFFICE 1 1 Richard Saunders Retirement Annuity (RA) Contract Form Series 1000.24 Group Supplemental Retirement Annuity (GSRA) Contract Form Series 1250.01 (not available in all states)