Retirement Investments & IRAs:=20 Standardized Prior Quarter-End Performance

Retirement plans may not = offer all=20 investment choices shown below or may offer additional investment=20 selections. Please log in to Secure=20 Access and click "Performance Charts" at the bottom of the Account = homepage=20 to view the investment options available to you.

CREF=20 Variable Annuity Accounts | TIAA=20 Variable Annuity Accounts | TIAA-CREF=20 Funds - Retirement Class

CREF Variable Annuities⁷
	Average Annual Total Returns as of 03/31/2009
	1 Year	3 Year	5 Year	10 Year	Since Inception	Inception = Date
World
Global=20 Equities	-43.13%	-14.33%	-4.10%	-2.41%	4.79%	05/01/1992
U.S./International Equity
Stock	-40.31%	-13.69%	-4.14%	-2.08%	9.13%	08/01/1952
U.S. Equity
Equity=20 Index	-38.35%	-13.88%	-4.95%	-2.57%	5.45%	04/29/1994
Growth	-34.88%	-11.53%	-4.63%	-5.75%	3.81%	04/29/1994
Balanced
Social=20 Choice	-24.85%	-6.94%	-1.62%	0.59%	7.21%	03/01/1990
Fixed Income
Bond=20 Market	0.22%	4.15%	3.12%	5.14%	6.67%	03/01/1990
Inflation-Linked=20 Bond	-2.77%	5.18%	3.68%	6.86%	6.32%	05/01/1997
Money Market¹
Money=20 Market	1.67%	3.71%	3.17%	3.24%	4.57%	04/01/1988
	7-day current annualized = yield=20 0.01% as of 06/29/2009 7-day effective annualized yield 0.01% = as of=20 06/29/2009

back=20 to top

TIAA Variable Annuities⁷
	Average Annual Total Returns as of 03/31/2009
	1 Year	3 Year	5 Year	10 Year	Since Inception	Inception = Date
Real Estate
Real=20 Estate	-21.87%	-0.36%	5.14%	6.20%	6.77%	10/02/1995

back=20 to top

TIAA-CREF Funds - Retirement = Class^2,7
	Average Annual Total Returns³ as of = 03/31/2009	Expense Ratios*
	1 Year	3 Year	5 Year	10 Year	Since Inception²	Gross	Net	Inception Date
International
International=20 Equity^**	-51.47%	-16.52%	-3.76%	--	3.84%	0.79%	0.79%	10/01/2002
International=20 Equity Index	-46.12%	-14.45%	-2.33%	--	4.68%	0.36%	0.36%	10/01/2002
U.S. Equity
Equity=20 Index^**	-38.14%	-13.69%	--	--	-13.69%	0.33%	0.33%	03/31/2006
Growth=20 & Income^**	-33.95%	-7.65%	-1.12%	--	3.46%	0.75%	0.75%	10/01/2002
Large-Cap=20 Growth	-35.51%	-11.12%	--	--	-11.12%	0.78%	0.77%	03/31/2006
Large-Cap=20 Growth Index⁴	-34.39%	-11.58%	-4.77%	--	0.73%	0.35%	0.34%	10/01/2002
Large-Cap=20 Value	-41.64%	-16.17%	-5.16%	--	1.82%	0.74%	0.74%	10/01/2002
Large-Cap=20 Value Index	-42.49%	-15.59%	-5.25%	--	1.03%	0.35%	0.35%	10/01/2002
Mid-Cap=20 Growth	-41.25%	-15.55%	-4.35%	--	4.12%	0.81%	0.81%	10/01/2002
Mid-Cap=20 Value	-41.01%	-13.86%	-1.96%	--	5.80%	0.77%	0.77%	10/01/2002
Small-Cap=20 Blend Index	-37.51%	-16.90%	-5.45%	--	3.18%	0.42%	0.35%	10/01/2002
Small-Cap=20 Equity	-37.50%	-17.94%	-6.15%	--	2.85%	0.78%	0.78%	10/01/2002
Social=20 Choice Equity^**	-37.33%	-13.56%	-4.73%	--	1.43%	0.46%	0.46%	10/01/2002
S&P=20 500 Index	-38.16%	-13.27%	-5.07%	--	0.66%	0.31%	0.31%	10/01/2002
Fixed Income
Bond^**	0.98%	4.44%	--	--	4.44%	0.57%	0.57%	03/31/2006
Bond=20 Plus	-2.86%	2.18%	--	--	2.18%	0.63%	0.60%	03/31/2006
High-Yield	-13.95%	-2.70%	--	--	-2.70%	0.69%	0.65%	03/31/2006
Inflation-Linked=20 Bond^***	-3.02%	5.13%	--	--	5.13%	0.59%	0.59%	03/31/2006
Short-Term=20 Bond	0.69%	3.73%	--	--	3.73%	0.63%	0.55%	03/31/2006
Money Market
Money=20 Market^5,**	1.85%	3.84%	--	--	3.84%	0.39%	0.39%	03/31/2006
	7-day current annualized = yield=20 0.10% as of 06/29/2009 7-day effective annualized yield 0.10% = as of=20 06/29/2009
Asset Allocation
Managed=20 Allocation⁶	-28.28%	-8.06%	--	--	-8.06%	0.77%	0.71%	03/31/2006
Real Estate
Real=20 Estate Securities	-59.07%	-25.98%	-10.31%	--	-0.88%	0.81%	0.81%	10/01/2002
Lifecycle
Lifecycle=20 2010	-23.66%	-5.78%	--	--	-1.12%	0.87%	0.66%	10/15/2004
Lifecycle=20 2015	-26.86%	-7.28%	--	--	-1.86%	0.89%	0.67%	10/15/2004
Lifecycle=20 2020	-30.09%	-9.00%	--	--	-2.83%	0.92%	0.69%	10/15/2004
Lifecycle=20 2025	-33.20%	-10.66%	--	--	-3.75%	0.94%	0.70%	10/15/2004
Lifecycle=20 2030	-36.20%	-12.22%	--	--	-4.73%	0.96%	0.71%	10/15/2004
Lifecycle=20 2035	-37.92%	-13.03%	--	--	-5.06%	0.98%	0.72%	10/15/2004
Lifecycle=20 2040	-37.86%	-12.78%	--	--	-4.65%	0.95%	0.72%	10/15/2004
Lifecycle=20 2045	-38.47%	--	--	--	-35.96%	7.08%	0.73%	11/30/2007
Lifecycle=20 2050	-38.69%	--	--	--	-36.13%	8.17%	0.72%	11/30/2007
Lifecycle=20 Retirement Income	-17.88%	--	--	--	-15.91%	2.17%	0.63%	11/30/2007

back=20 to top

The performance data quoted represents past = performance, and is=20 no guarantee of future results. Your returns and the principal value of = your=20 investment will fluctuate so that your accumulation units or shares, = when=20 redeemed, may be worth more or less than their original cost. Current=20 performance may be lower or higher than the performance quoted above. =

An investment in the CREF Money Market = Account is=20 neither insured nor guaranteed by the Federal Deposit Insurance = Corporation or=20 any other government agency. It is possible to lose money in these=20 investments. The current yield more closely reflects the = account's=20 current earnings than does the total return.=20
Mutual Fund performance information posted here is for the = TIAA-CREF Funds=20 - Retirement Class only.

The Since Inception values presented = for the=20 Lifecycle 2045, Lifecycle 2050 and Lifecycle Retirement Income funds = are=20 cumulative values and not average annualized total returns.=20
Performance figures include the reinvestment of all dividends and = any=20 capital gains distribution.=20
Teachers Advisors, Inc. has voluntarily agreed to reimburse the = Large-Cap=20 Growth Index Fund an additional 0.01% of its gross annual expenses, so = the=20 Fund's actual net annual expenses are 0.33% of average daily net = assets. This=20 voluntary reimbursement may be discontinued at any time.=20
The TIAA-CREF Money Market Fund is not = insured or=20 guaranteed by the Federal Deposit Insurance Corporation or any other=20 government agency. Although the fund seeks to preserve the value of = your=20 investment at $1 per share, it is possible to lose money by investing = in the=20 fund. Notwithstanding the preceding statements, the Fund is = participating in=20 the U.S. Treasury's Temporary Guarantee Program for Money Market = Funds. The=20 Program generally does not guarantee any new investments in the Fund = made=20 after September 19, 2008. The current yield more closely = reflects the=20 fund's current earnings than does the total return.=20
The fund's adviser does not receive a management fee for its = services to=20 the Managed Allocation Fund II and has contracted to reimburse the = fund for=20 all its direct expenses through April 30, 2008 (except for the 0.25% = service=20 fee that pays for expenses related to offering Retirement Class shares = on a=20 retirement distribution platform). Shareholders indirectly bear their = pro rata=20 share of the fees and expenses of the funds in which the Managed = Allocation=20 Fund II invests.=20
From November 30, 2007 on, the since inception performance shown = is=20 computed from the inception date of the fund/account (the date on = which the=20 fund/account became publicly available). Previously, since inception=20 performance for this fund/account was computed from the net asset = value per=20 share on the day prior to the inception date. The since inception = performance=20 for the CREF Stock account and the Equity Index, Large-Cap Growth, = Bond, Bond=20 Plus, High-Yield, Inflation Linked Bond, Short-Term Bond and Money = Market=20 funds were not impacted by this change.

The net annual expense ratio represents expenses after = reimbursement=20 and waivers, while the gross annual expense ratio represents = expenses=20 without any reimbursements and waivers. These expense = reimbursement=20 arrangements will continue through at least April 30, 2010 for the = Index=20 Funds and January 31, 2010 for the other Funds (except for the = 0.25%=20 service fee that pays for expenses related to offering Retirement = Class=20 shares on a retirement or other distribution platform), and can = only be=20 changed with approval of the Board of Trustees. Without these = waivers and=20 reimbursements, the Fund expenses would be higher and their = performance=20 would have been lower.

The annual expenses include the fees of the underlying funds in = which=20 Lifecycle Funds invest. These underlying fund expenses are 0.30% = for the=20 Lifecycle 2010 Fund, Lifecycle 2015 Fund and Lifecycle 2025 Fund = and 0.31%=20 for the other Lifecycle Funds. Since the Lifecycle Funds = implemented new=20 target allocations on Jan. 17, 2007, the underlying fund expense = shown is=20 based on the new allocations. Without expense reimbursements for = each=20 Lifecycle fund and various reimbursements for certain underlying = funds,=20 the Fund expenses would have been higher and their performance = would have=20 been lower. Teachers Advisors, Inc. has contractually agreed to = waive its=20 0.10% management fee on each Lifecycle Fund through at least April = 30,=20 2008. In addition, Advisors has contracted to reimburse the Funds = for all=20 of the "Other Expenses" of the Retirement Class (except for the = 0.25% fee=20 for services provided in connection with the offering of this = class on=20 retirement platforms) through April 30, 2008. As noted previously, = the=20 Lifecycle Fund's expenses have been restated to reflect the new = investment=20 management agreement as well as the effect of the commencement of=20 operations of the new Institutional class of the Lifecycle Funds = on Jan.=20 17, 2007.

The fund's Institutional Class began operations on July 1, = 1999.=20 Performance shown prior to the inception of the Retirement Class = is based=20 on the performance of the fund's Institutional Class. Performance = has not=20 been restated to reflect the higher expenses of the Retirement = Class. If=20 the expense differential had been reflected, performance for these = periods=20 would have been lower.

***

The fund's Institutional Class began operations on October 1, = 2002.=20 Performance shown prior to the inception of the Retirement Class = is based=20 on the performance of the fund's Institutional Class. Performance = has not=20 been restated to reflect the higher expenses of the Retirement = Class. If=20 the expense differential had been reflected, performance for these = periods=20 would have been lower.

TIAA-CREF Individual & Institutional Services, = LLC and=20 Teachers Personal Investors Services, Inc. distribute securities = products. You should consider the investment objectives, risks, = charges and=20 expenses carefully before investing. Please click here = or call 1=20 877 518-9161 for a prospectus that contains this and other information. = Please=20 read the prospectus carefully before investing. TIAA (Teachers = Insurance=20 and Annuity Association) New York, NY issues annuities. Investment = products are=20 not FDIC insured, may lose value, and are not guaranteed.

View:

Curre= nt=20 Performance=20
Standardized Prior Quarter-End Performance=20
Distributions=20
Morningstar=20 Ratings

Tools & Information

= Download=20 Data=20
Custom=20 Graphing=20
Prospectuses=20

Market Tools

Need Help?

C40299