MS 0048000480 Microsite Pages** 1584 HAPPAJI 480 University of Michigan 480 University of Michigan 2009-09-10T12:42:40.307 06/30/2009 480 University of Michigan MI 0129, FL67, PX47, L284, L360 Y Y (734) 332-3504 N ( ) - N ( ) - Premier Non-Sole Recordkeeper For faster service, fax forms to: 734-936-8835. Retirement Book includes RA and SRA enrollment Forms. 1 http://www.tiaa-cref.org/umich MI OH Y 91 umich http://www.tiaa-cref.org/umich http://enroll.tiaamax.com/staging/umich http://www.umich.edu/~benefits/plans/retire/index.htm Y 1 899 umich_img.gif Y Y 627 655 1013 19286 11299 31465 627 U of M Base Plan University of Michigan 401(a) Retirement Plan U-M Basic Retirement Plan RA 0 0 101011 002 0 1 1 0 1 0 1 1 Paper 1 0 This is HARDCODED URL N We're pleased to offer you online enrollment in your University of Michigan retirement plans. It's 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>Your Social Security number <LI>Your beneficiary's Social Security number, birth date and address </LI></UL> Next, select the plan in which you want to enroll: <UL> <LI><A href="https://ais2.tiaa-cref.org/cgi-bin/WebObjects/IOESEmplWeb?id=UMBASIC" target=_blank>U-M Basic Retirement Plan</A> — Open the account for your 5% faculty or staff member contribution under the <A href="plan_det_home_627.html">U-M Basic Retirement Plan</A>, and the 401(a) account to accept the 10% U-M contribution.</LI> <LI><A href="https://ais2.tiaa-cref.org/cgi-bin/WebObjects/IOESEmplWeb?id=UMSRA" target=_blank>U-M Supplemental Retirement Account (SRA)</A> — Open a <A href="plan_det_home_655.html">403(b) Supplemental Retirement Account (SRA)</A> with the University of Michigan. You contribute a fixed dollar amount per pay period. (U-M does not contribute to this plan.) Enrollment is open to all faculty and staff members with a 1% appointment or greater.</LI> <LI><A href="https://ais2.tiaa-cref.org/cgi-bin/WebObjects/IOESEmplWeb?id=BASICSRA" target=_blank>U-M Basic Retirement Plan and SRA</A> — Open the account for your 5% faculty or staff member contribution under the <A href="plan_det_home_627.html">U-M Basic Retirement Plan</A>, and the 401(a) account to accept the 10% U-M contribution. You will also establish a <A href="plan_det_home_655.html">403(b) Supplemental Retirement Account (SRA)</A> for making additional non-matching contributions.</LI> <UL> </UL> <LI><A href="https://ais2.tiaa-cref.org/cgi-bin/WebObjects/IOESEmplWeb?id=UM457B" target=_blank>U-M 457(b) Deferred Compensation Plan</A> — Open a <A href="plan_det_home_1013.html">457(b) Deferred Compensation Plan</A> with the University of Michigan. You contribute a fixed dollar amount per pay period. (U-M does not contribute to this plan.) Enrollment is open to all faculty and staff members with a 1% appointment or greater. </LI></UL> For more information on enrollment, <A href="contact.html">contact</A> your HR/benefits service office. N N Money Market Fund Y 0 19000101 0 20070227 0 0 Lifecycle funds TIAA-CREF mutual funds Y CUSTOM Regular faculty and staff are eligible to participate in the Basic Retirement Plan with as little as a 1% appointment lasting at least four continuous months funded by the University. LEO Lecturers I and II, and Supplemental Instructional Staff (Adjunct, Visiting I and II, Clinical I titles) with a 50% appointment or greater, with University funding for at least four continuous months also are eligible. House Officers, Research Fellows, Graduate Students, and Professional Specialists are not eligible to enroll in the Basic Retirement Plan but may contribute to an <A href="plan_det_home_655.html">SRA</A>. Stipends and temporary wages may not be contributed to this plan. You may enroll at any time; however, requests for retroactive contributions must be received by the <A href="contact.html">Benefits Office</A> within 60 days of your date of hire or eligibility. Enrollments received after December 1 are effective the following January; retroactive contributions cannot cross the calendar tax year in accordance with IRS regulations. After-Tax Rollover Employer Match (D) Employee Pre Tax Mandatory (I) Employer (F) Rollover (9) CUSTOM The Basic Retirement Plan is a tax-deferred defined contribution retirement savings plan. It combines a 403(b) plan for employee contributions with a 401(a) plan for University contributions. You contribute 5% of your eligible gross salary (up to a maximum salary of $220,000 in 2006), and the University  contributes the equivalent of 10% of your eligible gross salary (up to a maximum salary of $220,000 in 2006) on your behalf. Faculty or staff may voluntarily join the Basic Retirement Plan at any time. However, participation becomes compulsory when all three of the following conditions are met: <OL> <LI>You are age 35 or older.</LI> <LI>You are working at a 100% appointment at the University.</LI> <LI>You have completed two years of continuous service in a title eligible for the Basic Retirement Plan.</LI></OL> If you are not participating in the plan at the point you meet all three eligibility criteria, you will be automatically enrolled at the Reduced Benefit Option rate. This provides a University contribution of only 5%, and you are not required to contribute up to a point. However, once your earnings exceed the Social Security wage base ($94,200 in 2006) under the Reduced Benefit Option, the University contribution will increase to 10%, and your contribution will be 5% on earnings in excess of the wage base for the remainder of the calendar year. Elective deferrals you have made to another 403(b), 401(k), SEP-IRA, 408(k)(6) SARSEP, Keogh or SIMPLE will offset the amount you can contribute to the U-M Retirement Plan. Consult a tax adviser to determine whether your combined contributions you are making to the U-M Plan and your contributions to other retirement plans do not exceed Internal Revenue Code limits. None 0 0 CUSTOM If you contribute 5% of your eligible gross salary (up to a maximum salary of $220,000 in 2006) to this plan, the University will contribute the equivalent of 10% of your eligible gross salary (up to a maximum salary of $220,000 in 2006) on your behalf. Y STANDARD STANDARD N Lump Sum Fixed Period IPRO Lifetime Income MDO (Minimum Distribution Option) RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) CUSTOM When it's time to decide how to take income from your U-M Basic Retirement Plan, you have a variety of options*: <UL> <LI>Cash Withdrawals: Except for savings held in the TIAA Traditional annuity, you may cash out or roll over your 5% employee contributions and earnings in the Basic Retirement Plan at any age when you have terminated your employment with the university. The university's contributions and earnings are available for cash out or rollover at age 55 or older once you have terminated employment. Cash withdrawals are not available from the Basic Retirement Plan while you are still employed at the University of Michigan. In addition, if you are on any of the following statuses, you are still employed with the university and are not eligible for a cash withdrawal: leave of absence, layoff (RIF), period of nonappointment, short work break, 0% effort appointment, phased retirement, retirement furlough or long-term disability. </LI> <LI>Interest-Only Payment Option: This provides monthly payments of the total current interest earned on your TIAA Traditional annuity in the Basic Retirement Plan. Your principal remains intact while you receive the payments. Interest-only payments are generally available to individuals between ages 55 and 69½. </LI> <LI>TIAA Traditional Payout Annuity to Cash: You can withdraw your Basic Retirement Plan TIAA Traditional accumulation through the Transfer Payout Annuity (TPA) in 10 approximately equal annual payments. Your contributions and earnings are available at any age when you have terminated your employment; the University contribution and earnings are available at age 55 or older once you have terminated employment. </LI> <LI>Lifetime Annuity: You may choose to receive a lifetime annuity from TIAA-CREF at any age once you have terminated employment.</LI> <UL> <LI>A one-life annuity 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> <LI>A two-life annuity 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></UL></UL> <BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px"> 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 help ensure that benefits continue to your beneficiaries if you and your annuity partner (if applicable) die before the end of the guaranteed period.</BLOCKQUOTE> <UL> <LI>Minimum Distribution Option: Generally, you must begin taking minimum withdrawals from your retirement plans by April 1 following the year you reach age 70½ 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 federal regulations.</LI></UL> * The availability of certain distributions may depend on the type of annuity contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. <A href="contact.html">Talk to your benefits office</A> for details. Your Basic Retirement Plan is designed to help provide you with income throughout your retirement. Leaving money in your account may allow the funds to accumulate on a tax-deferred basis. Also, note that any distributions you take prior to age 59½ may be subject to a 10% IRS early-withdrawal penalty. The Basic Retirement Plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply. C39532a Y CUSTOM No taxes are due on pretax contributions or earnings  until the money is withdrawn. If you withdraw funds before age 59½, they may be subject to an additional 10% early-withdrawal penalty. For additional information and guidance, contact your tax advisor. N CUSTOM Loans are not available under the U-M Basic Retirement Plan. 0 0 359 - 0 655 U of M Supplemental University of Michigan 403(b) Tax Deferred Annuity Plan U-M SRA GSRA 0 0 101013 003 0 1 1 0 1 0 1 1 Paper 0 0 This is HARDCODED URL N N Lifecycle Fund Y 0 19000101 0 19000101 0 0 Lifecycle funds TIAA-CREF mutual funds Y CUSTOM You are eligible to participate in the U-M SRA if you are a regular faculty or staff member, LEO, supplemental instructional staff, House Officer, Research Fellow, Graduate Student (Staff Assistant, Research Assistant or Instructor) or Professional Specialist with a 1% appointment or greater, with University funding for at least four continuous months. Stipend money may not be contributed to the SRA. Temporary staff are not eligible to participate. Employee Pre-Tax (E) Rollover (9) CUSTOM You specify a fixed dollar amount, not a percentage of salary, to contribute per pay period to your U-M SRA. Contributions are tax-classified as 403(b), and you can change the amount of your contribution at any time. Elective deferrals you have made to another 403(b), 401(k), SEP-IRA, 408(k)(6) SARSEP, Keogh or SIMPLE plan will offset the amount you can contribute to the U-M retirement plan. Consult a tax adviser to determine whether the combined contributions you make to the U-M plan and to other retirement plans do not exceed Internal Revenue Code limits. None 0 0 CUSTOM The U-M SRA is an employee-only contribution plan; there is no University contribution. Y STANDARD STANDARD N Lump Sum 59 -1/2 In Service Fixed Period Hardship IPRO Lifetime Income MDO (Minimum Distribution Option) RTB (Retirement Transition Benefit) Single Sum Death Benefit Small Sum Distribution SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) CUSTOM When it's time to decide how to take income from your U-M SRA, you have a variety of options*: CURRENT EMPLOYEES: You may take a withdrawal from the U-M SRA while actively employed due to permanent and total disability, an IRS qualifying financial hardship, or for any reason at age 59½ or older. FORMER EMPLOYEES: You may take a cash withdrawal or rollover from the U-M SRA at any age once you have terminated employment with the University of Michigan. In addition, you may choose to receive: <UL> <LI>A lifetime annuity from TIAA-CREF at any age, once you have terminated employment.</LI> <UL> <LI>A one-life annuity 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> <LI>A two-life annuity 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></UL></UL> <BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px"> A guaranteed period of 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 help ensure that benefits continue to your beneficiaries if you and your annuity partner (if applicable) die before the end of the guaranteed period.</BLOCKQUOTE> <UL> <LI>Minimum Distribution Option: Generally, you must begin taking minimum withdrawals from your retirement plans by April 1 following the year in which you reach age 70½ 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 federal regulations.</LI></UL> * The availability of certain distributions may depend on the type of annuity contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. <A href="contact.html">Talk to your benefits office</A> for details. Your SRA is designed to help provide you with income throughout your retirement. Leaving money in your account may allow the funds to accumulate on a tax-deferred basis. Also, note that any distributions you take prior to age 59½ may be subject to a 10% IRS early-withdrawal penalty. The SRA allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply. C39532b Y STANDARD Y CUSTOM Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer. The amount you can borrow depends on the amount you currently have in the plan and whether you have other outstanding loans. If you have accumulations in other employers plans, you may be able to transfer or roll them over to the U-M SRA to increase your maximum loan amount. 0 1 387 - 0 1013 U of M 457(b) University of Michigan 457 (b) Deferred Compensation Plan U-M 457(b) Deferred Compensation Plan 457(b) Public 0 0 101012 005 0 1 1 0 1 0 1 1 Paper 0 0 This is HARDCODED URL N N Lifecycle Fund Y 0 19000101 0 19000101 0 0 Lifecycle funds TIAA-CREF mutual funds Y CUSTOM You are eligible to participate in the U-M 457(b) Deferred Compensation Plan if you are regular faculty or staff, LEO, supplemental instructional staff, House Officer, Research Fellow, Graduate Student (Staff Assistant, Research Assistant or Instructor) or Professional Specialistswith a 1% appointment or greater, with University funding for at least four continuous months. Stipend money may not be contributed to the plan. Temporary staff are not eligible to participate. Employee Pre-Tax (E) Qualified to 457(b) Public Rollover (R) Rollover (9) CUSTOM You specify a fixed dollar amount, not a percentage of salary, to contribute per pay period. Your contributions to the 457(b) plan do not reduce the amount that may be contributed to the U-M Retirement Plan. This enables you to double your pretax elective deferrals by contributing to both plans. None 0 0 CUSTOM The U-M 457(b) Deferred Compensation Plan is an employee-only contribution plan; there is no University contribution. Y STANDARD STANDARD N Lump Sum Fixed Period IPRO Lifetime Income MDO (Minimum Distribution Option) RTB (Retirement Transition Benefit) Single Sum Death Benefit SWAT (Systematic Withdrawals) TPA to Cash (Transfer Payout Annuity) CUSTOM When it's time to decide how to take income from your U-M 457(b) Deferred Compensation Plan, you have a variety of options*: CURRENT EMPLOYEES: You may take a one-time withdrawal from the U-M 457(b) Deferred Compensation Plan while actively employed if your accumulation balance is less than $5,000 and you have made no contributions to the plan for the two years prior to the withdrawal, or at age 70½ or older for any reason. FORMER EMPLOYEES: You may take a cash withdrawal or rollover from the U-M 457(b) Deferred Compensation Plan at any age once you have terminated employment with the University of Michigan. In addition, you may choose to receive: <UL> <LI>A lifetime annuity from TIAA-CREF at any age once you have terminated employment.</LI> <UL> <LI>A one-life annuity 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> <LI>A two-life annuity 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></UL></UL> <BLOCKQUOTE dir=ltr style="MARGIN-RIGHT: 0px"> A guaranteed period of 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 help ensure that benefits continue to your beneficiaries if you and your annuity partner (if applicable) die before the end of the guaranteed period.</BLOCKQUOTE> <UL> <LI>Minimum Distribution Option: Generally, you must begin taking minimum withdrawals from your retirement plans by April 1 following the year you reach age 70½ 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 federal regulations.</LI></UL> * The availability of certain distributions may depend on the type of annuity contract underlying your plan. Also, if you're married, your right to choose an option may be subject to your spouse's right to survivor benefits. <A href="contact.html">Talk to your benefits office</A> for details. Your 457(b) Deferred Compensation Plan is designed to help provide you with income throughout your retirement. Leaving money in your account may allow the funds to accumulate on a tax-deferred basis. Also, note that any distributions you take prior to age 59½ may be subject to a 10% IRS early-withdrawal penalty. The 457(b) Deferred Compensation Plan allows you to receive a cash withdrawal. This may be restricted by the terms of your TIAA-CREF contracts. Taxes and penalties may apply. C39532c N STANDARD Y CUSTOM Loans are available from a minimum of $1,000 to a maximum of $50,000 from each employer. The amount you can borrow depends on the amount you currently have in the plan and whether you have other outstanding loans. If you have accumulations in other employers plans, you may be able to transfer or roll them over to the U-M 457(b) Deferred Compensation Plan to increase your maximum loan amount. 0 1 727 - 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 627 629 647 655 1013 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 627 629 647 655 1013 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 627 629 647 655 1013 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 627 629 647 655 1013 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 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 Large Blend TRSCX 10/01/2002 17.66 5.60 -25.43 -1.86 3.85 0.46 34 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 627 629 647 655 1013 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 627 629 647 655 1013 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 627 629 647 655 1013 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 TIAA-CREF Bond Fund TIDRX 368 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks as favorable a long-term total return The fund invests at least 80% of assets in investment-grade bonds and other bonds. It also invests in other fixed-income securities. Bonds of this type may include U.S. government securities, corporate bonds and mortgage-backed or other asset-backed securities. The fund also invests in other fixed-income securities. 886315720 627 629 655 1013 Intermediate-Term Bond TIDRX 03/31/2006 1.88 1.89 4.17 4.69 0.57 34 44 62 121 122 TIAA-CREF Bond Plus Fund TCBRX 358 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks a favorable long-term return. The fund invests at least 80% of assets in bonds. It tracks the duration of the Lehman Brothers U.S. Aggregate index. The fund invests at least 75% of assets in a broad range of the debt securities in the Lehman index. 886315605 627 629 655 1013 Intermediate-Term Bond TCBRX 03/31/2006 3.29 3.26 1.45 3.03 0.63 34 44 62 121 122 TIAA-CREF High Yield Fund TIHRX 355 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks high current income and capital appreciation. The fund invests primarily in lower-rated, higher-yielding fixed-income securities. It invests at least 80% of assets in debt and other fixed-income securities rated lower than investment-grade (and their unrated equivalents) or other high-yielding debt securities. The fund invests up to 20% of assets in payment-in-kind or deferred interest obligations, defaulted securities, asset-backed securities, securities rated lower than B- or its equivalent by at least two rating agencies and securities having limited liquidity. 886315787 627 629 655 1013 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 Inflation-Linked Bond Fund TIKRX 367 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks a long-term rate of return that outpaces inflation. The fund invests at least 80% of assets in fixed-income securities whose returns are designed to track a specified inflation index, the Consumer Price Index for All Urban Consumers (CPI-U), over the life of the security. It may invest less than 25% of total assets in inflation-linked bonds of foreign issuers. The fund invests no more than 5% of total assets in fixed-income securities rated below investment-grade. 886315696 627 629 655 1013 Inflation-Protected Bond TIKRX 03/31/2006 0.39 4.45 -2.16 4.86 0.59 34 44 62 121 122 TIAA-CREF Short-Term Bond Fund TISRX 361 0 1 Proprietary Funds - Fixed Income Retirement 41518 The investment seeks high current income consistent with preservation of capital. The fund invests primarily in a broad range of debt securities comprising the Lehman Brothers Mutual Fund Short (one- five year) government/credit index. It invests at least 80% of assets in U.S. treasury and agency securities and corporate bonds with maturities less than five years. The fund invests up to 15% of assets in the securities of foreign issuers. 886315886 627 629 655 1013 Short-Term Bond TISRX 03/31/2006 1.51 1.57 2.89 3.92 0.63 34 44 62 121 122 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 627 629 647 655 1013 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 Mutual Fund TIAA-CREF Money Market Fund TIEXX 370 0 1 Proprietary Funds - Money Market Retirement 41518 The investment seeks high current income consistent with maintaining liquidity and preserving capital. The fund primarily invests in high-quality, short-term money market instruments. It can also invest up to 30% of assets in money market and debt instruments of foreign issuers denominated in U.S. dollars. 886315688 627 629 655 1013 Money Market - Taxable TIEXX 03/31/2006 0.05 0.27 1.34 3.56 0.39 77 31 34 44 77 108 121 122 Guaranteed Guaranteed Annuity TIAA Traditional Account 001 0 0 Proprietary Account - Money Market n/a 41518 The TIAA Traditional Annuity guarantees principal and a specified interest rate (based on TIAA's claims paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. These additional amounts, when declared, remain in effect for the “declaration year” which begins each March 1.\n\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 627 629 647 655 1013 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 627 629 647 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 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 627 629 655 1013 Retirement Income TLIRX 11/30/2007 8.63 4.46 -9.42 -8.95 2.17 34 44 104 121 122 123 132 TIAA-CREF Managed Allocation Fund TITRX 352 0 1 Proprietary Funds - Asset Allocation Retirement 41518 The investment seeks favorable returns. The fund invests approximately 60% of net assets in equity funds, approximately 40% of net assets in fixed-income funds and up to 5% of net assets in real estate funds.If Advisors believes that the relative attractiveness of the markets in which the equity and fixed-income funds are invested changes, the fund can adjust the percentage of investments in these funds up or down by up to 10%. 886315829 627 629 655 1013 Moderate Allocation TITRX 03/31/2006 12.58 5.37 -17.72 -4.03 0.77 34 44 49 121 122 124 Asset allocation risk is the risk that a fund or account that invests in other funds or accounts may not be able to invest according to its target allocations due to fluctuations in the value of the underlying funds or accounts, and that the selection of underlying funds or accounts and the allocations among them will result in the fund or account's underperformance versus similar funds or accounts or will cause an investor to lose money. 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. 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. 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. © 2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The comparative indices used for all mutual funds and accounts have been provided by Morningstar, Inc. and may not match those that appear in other websites or publications. The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your mutual fund shares/annuity account accumulation units. For current performance information, including performance to the most recent month-end, call 800 TIAA-CREF (800 842-2273). TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161, or go to tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org for details. An investment in the fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. The fund will attempt to maintain a stable net asset value of $1.00 per share, but it is possible to lose money by investing in the fund. The 7-day money market yield listed more closely reflects the current earnings of the money market mutual fund(s) than does the total return. An investment in the CREF Money Market Account is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. The 7-day money market yield listed more closely reflects the current earnings of the money market annuity account than does the total return. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating®based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. [Insert name of fund] was rated against the following numbers of U.S.-domiciled [insert name of category] funds over the following time periods: [insert number of funds in category during prior 3-year period] funds in the last three years, [insert number of funds in category during the prior 5-year period] funds in the last five years, and [insert number of funds in category during the prior 10-year period] funds in the last ten years. With respect to these [insert name of category] funds, [insert name of fund] received a Morningstar Rating of [insert number of stars for 3-year rating] stars, [insert number of stars for 5-year rating] stars and [insert number of stars for 10-year rating] stars for the three-, five- and ten-year periods, respectively. The chart illustrates the performance of a hypothetical $10,000 investment made in the fund ten years ago or on the month end after the commencement of operations (whichever is later). The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses, and assume reinvestment of dividends and capital gains. This chart is not intended to imply any future performance of the fund. All CREF accounts estimate expenses each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small. The TIAA Traditional Annuity guarantees principal and a specified interest rate (based 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. 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 Lehman Brothers U.S. Aggregate Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in this index. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. The Lehman Brothers U.S. TIPS (Treasury Inflation-Protected Securities) Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. You cannot invest directly in this index. All displayed performance and statistical data have been compiled by TIAA-CREF. Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Payments from TIAA and CREF variable annuities are not guaranteed, and the payment amounts will rise or fall depending on investment returns. Mutual funds do not offer the range of income options available through annuities. Listed for foreign stock funds (EAFE refers to Europe, Australasia, and Far East). Widely accepted as a benchmark for international stock performance, the EAFE Index is an aggregate of 21 individual country indexes that collectively represent many of the major markets of the world. Ndtr_D (Net Dividends Total Returns in Dollars) indexes are calculated daily and take into account actual dividends reinvested daily before withholding taxes, but exclude special tax credits declared by companies. In addition, Ndtr_D indexes subtract withholding taxes retained at the source, for foreigners who do not benefit from a double taxation treaty. The returns we publish for the index are total returns, which include reinvestment of dividends. For more information, visit the MSCI website or call MSCI at 212 762 5790. MSCI also has a site containing performance data for its indexes. Three-month T-bills are government-backed short-term investments considered to be risk-free and as good as cash because the maturity is only three months. Morningstar collects yields on the T-bill on a weekly basis from The Wall Street Journal. The Managed Allocation fund operates at a zero expense ratio because the fund advisor does not receive a management fee for its services to the fund and has agreed to be responsible for providing the services reasonably necessary for the ordinary operation of the fund. Shareholders indirectly bear their pro rata share of the fees and expenses of the fund in which the Managed Allocation fund invests. 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. 6221 University of Michigan HR / Payroll Service Benefits Office benefits.office@umich.edu (734) 615-2000 Benefits Office - Retirement P Wolverine Tower - Low Rise G40 3003 South State Street Ann Arbor MI US 48109-1278 Benefits Office OFFICE 1 1 University of Michigan HR / Payroll Service 7646 Enrollment Forms Return Address University of Michigan Wolverine Tower - Low Rise G405 3003 South State Street Ann Arbor MI US 48109-1278 Benefits Office OFFICE 1 1 Retirement Annuity (RA) Contract Form Series 1000.24 Group Supplemental Retirement Annuity (GSRA) Contract Form Series 1250.01 (not available in all states) Group Supplemental Retirement (GSRA) Annuity contract form series G1250.1 (not available in all states).