Institution Name
Plan 2
Retirement Plan Investments Performance
The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your mutual fund shares/variable annuity account accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance current to the most recent month-end, call 800 842-2776.

Annuity account options are available through annuity contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts are not guaranteed and will rise or fall based on investment performance. Mutual funds do not offer the range of income options available through annuities.

There are inherent risks in investing in mutual funds and variable annuity accounts . Please be sure to read carefully the notes that appear at the end of this section for details.
Equities          
As of 9/30/2006     Total Returns Average Annual Total Returns  
Variable Annuities Symbol Inception
Date
3-Month
Return
YTD 1
Year
5
Years
10
Years
Since
Inception
Expense
Ratio
CREF Equity Index Account
Account Number: 008
See notes: 37, 120, 121, 44, 25, 90, 102, 105 
-- 4/29/1994 4.52 7.69 9.77 7.63 8.37 10.70 0.41
CREF Global Equities Account
Account Number: 006
See notes: 37, 120, 121, 44, 25, 90, 102, 105 
-- 4/30/1992 4.63 9.58 12.94 9.26 6.79 9.28 0.50
CREF Growth Account
Account Number: 007
See notes: 37, 120, 121, 44, 25, 90, 102, 105 
-- 4/29/1994 3.22 -0.06 2.86 2.97 3.97 7.50 0.50
CREF Stock Account
Account Number: 002
See notes: 37, 120, 121, 44, 25, 90, 102, 105 
-- 8/01/1952 4.31 8.83 11.48 8.91 8.17 10.51 0.46
Mutual Funds
American Funds AMCAP Fund
Fund Number: 301
See notes: 34, 120, 121, 44, 40, 102 
RAFFX 5/15/2002 2.56 3.30 7.65 -- -- 6.62 0.41
American Funds American Mutual Fund
Fund Number: 304
See notes: 34, 120, 121, 44, 40, 102 
RMFFX 5/15/2002 4.45 8.94 11.08 -- -- 6.92 0.36
American Funds Capital Income Fund
Fund Number: 306
See notes: 34, 120, 121, 44, 40, 102 
RIRFX 5/15/2002 5.89 13.05 14.55 -- -- 11.37 0.37
American Funds Capital World Growth & Income Fund
Fund Number: 307
See notes: 34, 120, 121, 44, 40, 102 
RWIFX 5/15/2002 5.23 12.27 17.57 -- -- 15.40 0.50
American Funds EuroPacific Growth Fund
Fund Number: 035
See notes: 34, 120, 121, 44, 40, 102 
RERFX 5/15/2002 5.05 12.36 20.37 -- -- 14.95 0.53
American Funds Fundamental Investors Fund
Fund Number: 309
See notes: 34, 120, 121, 44, 40, 102 
RFNFX 5/15/2002 2.23 11.37 14.34 -- -- 10.34 0.36
American Funds Growth Fund of America
Fund Number: 310
See notes: 34, 120, 121, 44, 40, 102 
RGAFX 5/15/2002 1.51 4.44 9.75 -- -- 9.37 0.38
American Funds Income Fund of America
Fund Number: 311
See notes: 34, 120, 121, 44, 40, 102 
RIDFX 5/15/2002 5.62 12.93 13.43 -- -- 10.10 0.35
American Funds Investment Company of America
Fund Number: 313
See notes: 34, 120, 121, 44, 40, 102 
RICFX 5/15/2002 4.11 10.21 12.85 -- -- 8.05 0.34
American Funds New Economy Fund
Fund Number: 314
See notes: 34, 120, 121, 44, 40, 102 
RNGFX 5/15/2002 4.82 5.53 13.75 -- -- 8.65 0.52
American Funds New Perspective Fund
Fund Number: 315
See notes: 34, 120, 121, 44, 40, 102 
RNPFX 5/15/2002 4.50 11.08 16.06 -- -- 11.66 0.49
American Funds Smallcap World Fund
Fund Number: 316
See notes: 34, 120, 121, 44, 40, 102 
RSLFX 5/15/2002 2.30 10.45 15.60 -- -- 13.77 0.76
American Funds Washington Mutual Investors Fund
Fund Number: 036
See notes: 34, 120, 121, 44, 40, 102 
RWMFX 5/15/2002 5.61 11.19 13.02 -- -- 6.79 0.35
Columbia Acorn Fund
Fund Number: 377
See notes: 34, 120, 121, 39, 40, 102 
ACRNX 6/10/1970 0.47 6.31 9.59 17.13 14.79 16.30 0.74
Columbia Small Cap Value II Fund
Fund Number: 378
See notes: 34, 120, 121, 44, 40, 102 
NSVAX 4/30/2002 0.15 9.64 12.58 -- -- 13.36 0.98
Davis NY Venture
Fund Number: 586
See notes: 34, 120, 121, 44, 102 
NYVTX 2/17/1969 3.62 6.94 11.16 10.19 11.08 13.32 0.89
Davis NY Venture
Fund Number: 585
See notes: 34, 120, 121, 44, 102 
DNVYX 10/02/1996 3.69 7.13 11.43 10.52 -- 11.28 0.58
DFA Emerging Markets Portfolio
Fund Number: 033
See notes: 34, 120, 121, 44, 102, 201, 202 
DFEMX 4/25/1994 6.42 10.18 18.67 27.12 8.70 8.25 0.69
DFA International Small Company Portfolio
Fund Number: 034
See notes: 34, 120, 121, 44, 102, 201, 202 
DFISX 9/30/1996 2.29 10.88 18.18 23.93 8.92 8.92 0.64
DFA US Micro-Cap Portfolio
Fund Number: 031
See notes: 34, 120, 121, 44, 102, 201, 202 
DFSCX 12/22/1981 -0.21 6.03 7.92 17.53 12.80 13.74 0.55
DFA US Small-Cap Value Portfolio
Fund Number: 032
See notes: 34, 120, 121, 44, 102, 201, 202 
DFSVX 3/01/1993 -0.70 10.36 12.02 20.94 15.60 15.63 0.55
Dreyfus Premier Alpha Growth
Fund Number: 590
See notes: 34, 120, 121, 44, 102 
BSFAX 1/02/1998 -3.90 -2.02 0.67 10.03 -- 8.63 1.40
Dreyfus Premier Alpha Growth
Fund Number: 591
See notes: 34, 120, 121, 44, 102 
DPARX 5/03/2004 -3.74 -1.57 1.21 -- -- 10.85 0.90
Eaton Vance Large-Cap Value
Fund Number: 594
See notes: 34, 120, 121, 44, 102 
EHSTX 9/23/1931 5.01 11.20 12.83 10.20 11.92 9.79 1.04
Eaton Vance Large-Cap Value
Fund Number: 595
See notes: 34, 120, 121, 44, 102 
EILVX 12/28/2004 5.02 11.35 13.05 -- -- 13.29 0.79
First American Mid-Cap Growth Opportunity Fund
Fund Number: 276
See notes: 34, 120, 121, 44, 40, 102 
FISGX 12/28/1989 0.33 3.78 7.49 13.76 9.76 12.29 0.96
GE Instl International Equity
Fund Number: 570
See notes: 34, 120, 121, 44, 102 
GIEIX 2/01/2001 2.65 12.59 20.39 14.18 -- 5.85 0.57
Goldman Sachs Growth Opportunities Fund
Fund Number: 279
See notes: 34, 120, 121, 44, 40, 102 
GGOIX 5/24/1999 0.14 -0.59 1.39 7.95 -- 12.81 1.09
Goldman Sachs Large Cap Value
Fund Number: 596
See notes: 34, 120, 121, 44, 102 
GSVSX 12/15/1999 6.82 11.37 12.79 10.51 -- 7.11 1.35
Goldman Sachs Large Cap Value A
Fund Number: 562
See notes: 34, 120, 121, 44, 102 
GSLAX 12/15/1999 6.87 11.42 12.99 10.57 -- 7.17 1.25
Goldman Sachs Large Cap Value Fund
Fund Number: 280
See notes: 34, 120, 121, 44, 40, 102 
GSLIX 12/15/1999 7.03 11.80 13.50 11.03 -- 7.57 0.85
Jennison Blend
Fund Number: 588
See notes: 34, 120, 121, 44, 102 
PBQAX 1/22/1990 4.73 4.91 8.63 8.81 7.53 10.49 0.93
Jennison Blend
Fund Number: 587
See notes: 34, 120, 121, 44, 102 
PEQZX 3/04/1996 4.79 5.06 8.86 9.06 7.79 7.81 0.68
Jennison Growth
Fund Number: 592
See notes: 34, 120, 121, 44, 102 
PJFAX 11/02/1995 4.43 -2.53 3.07 4.77 6.74 7.06 1.06
Legg Mason Opportunity Fund
Fund Number: 284
See notes: 34, 120, 121, 44, 40, 102 
LMNOX 6/26/2000 -1.45 -0.08 0.99 17.16 -- 9.31 1.04
Legg Mason U.S. Small-Cap Value Fund
Fund Number: 285
See notes: 34, 120, 121, 44, 40, 102 
LUSIX 6/19/1998 1.65 6.69 6.33 16.25 -- 9.01 0.98
Legg Mason Value Fund
Fund Number: 283
See notes: 34, 120, 121, 44, 40, 102 
LMNVX 12/01/1994 1.83 -2.84 3.29 8.69 13.73 16.90 0.69
Legg Mason Value Instl
Fund Number: 589
See notes: 34, 120, 121, 44, 102 
LMVFX 3/23/2001 1.75 -3.08 2.97 8.33 -- 5.31 1.02
Lord Abbett Small-Cap Blend Fund
Fund Number: 286
See notes: 34, 120, 121, 44, 40, 102 
LSBYX 6/26/2001 -0.23 0.94 4.63 16.90 -- 13.63 1.17
Neuberger Berman International Fund
Fund Number: 380
See notes: 34, 120, 121, 44, 40, 102 
NBISX 6/15/1994 1.39 11.35 15.03 18.71 11.01 10.66 1.39
Neuberger Berman Socially Responsive Fund
Fund Number: 287
See notes: 34, 120, 121, 44, 40, 102 
NBSRX 3/16/1994 5.35 6.65 9.05 11.20 9.09 10.60 1.01
Pennsylvania Mutual Fund
Fund Number: 381
See notes: 34, 120, 121, 44, 39, 40, 102 
PENNX 12/12/1962 -0.44 5.66 9.57 16.56 14.14 -- 0.90
Perritt Micro-Cap Opportunities Fund
Fund Number: 382
See notes: 34, 120, 121, 40, 102 
PRCGX 5/02/1988 -2.19 4.64 6.38 23.16 13.97 11.36 1.29
Royce MicroCap Fund
Fund Number: 383
See notes: 34, 120, 121, 44, 39, 40, 102 
RYOTX 12/31/1991 -2.19 9.43 12.63 17.66 14.75 15.50 1.48
Royce Opportunity Fund
Fund Number: 295
See notes: 34, 120, 121, 44, 40, 102 
ROFIX 12/12/2001 -0.07 9.72 12.00 -- -- 15.67 1.04
Royce Premier Fund
Fund Number: 288
See notes: 34, 120, 121, 44, 40, 102 
RPFIX 9/17/2002 -2.20 2.66 12.01 -- -- 19.77 1.02
SSgA S&P 500 Index Fund
Fund Number: 289
See notes: 34, 120, 121, 44, 40, 102 
SVSPX 12/30/1992 5.61 8.38 10.58 6.78 8.40 10.32 0.16
T. Rowe Price Blue Chip Growth
Fund Number: 561
See notes: 34, 120, 121, 44, 102 
TRBCX 6/30/1993 4.64 3.43 7.76 5.98 7.58 10.88 0.85
T. Rowe Price Blue Chip Growth Adv
Fund Number: 560
See notes: 34, 120, 121, 44, 102 
PABGX 3/31/2000 4.64 3.36 7.64 5.91 -- -1.24 0.98
T. Rowe Price Growth Stock Fund
Fund Number: 291
See notes: 34, 120, 121, 44, 40, 102 
PRGFX 4/11/1950 5.97 6.83 11.29 7.72 9.33 9.34 0.72
T. Rowe Price Growth Stock Fund
Fund Number: 395
See notes: 34, 120, 121, 44, 40, 102 
TRSAX 12/31/2001 5.92 6.63 11.00 -- -- 4.91 0.94
T. Rowe Price Institutional Large Cap Growth Fund
Fund Number: 385
See notes: 34, 120, 121, 44, 40, 102 
TRLGX 10/31/2001 3.22 -0.36 4.63 -- -- 7.29 0.61
T. Rowe Price International Growth & Income
Fund Number: 384
See notes: 34, 120, 121, 44, 39, 40, 102 
TRIGX 12/21/1998 3.62 15.28 18.57 16.71 -- 8.90 0.99
Thornburg International Value
Fund Number: 571
See notes: 34, 120, 121, 44, 102 
TIVRX 2/01/2005 3.77 14.17 19.71 -- -- 21.07 0.99
Thornburg International Value A
Fund Number: 563
See notes: 34, 120, 121, 44, 102 
TGVAX 5/28/1998 3.65 13.86 19.30 17.27 -- 12.04 1.44
TIAA-CREF Equity Index Fund
Fund Number: 373
See notes: 34, 120, 121, 44, 39, 102 
TIQRX 3/31/2006 4.49 -- -- -- -- 2.40 --
TIAA-CREF Growth and Income Fund
Fund Number: 011
See notes: 34, 120, 121, 44, 39, 41, 102 
TRGIX 10/01/2002 5.49 8.26 10.62 -- -- 14.07 0.46
TIAA-CREF International Equity Fund
Fund Number: 013
See notes: 34, 120, 121, 44, 27, 39, 41, 102 
TRERX 10/01/2002 5.05 15.59 19.68 -- -- 23.14 0.56
TIAA-CREF International Equity Index Fund
Fund Number: 027
See notes: 34, 120, 121, 44, 39, 102 
TRIEX 10/01/2002 3.86 14.25 18.72 -- -- 22.47 0.50
TIAA-CREF Large-Cap Growth Fund
Fund Number: 348
See notes: 34, 120, 121, 44, 39 
TILRX 3/31/2006 3.09 -- -- -- -- -3.30 --
TIAA-CREF Large-Cap Growth Index Fund
Fund Number: 019
See notes: 34, 120, 121, 44, 39, 102 
TRIRX 10/01/2002 3.75 2.67 5.53 -- -- 10.89 0.43
TIAA-CREF Large-Cap Value Fund
Fund Number: 014
See notes: 34, 120, 121, 44, 39, 41, 102 
TRLCX 10/01/2002 4.60 11.05 14.21 -- -- 18.63 0.48
TIAA-CREF Large-Cap Value Index Fund
Fund Number: 020
See notes: 34, 120, 121, 44, 39, 102 
TRCVX 10/01/2002 6.13 12.91 14.14 -- -- 17.37 0.44
TIAA-CREF Mid-Cap Blend Index Fund
Fund Number: 021
See notes: 34, 120, 121, 44, 39, 102 
TRMBX 10/01/2002 2.00 6.70 9.03 -- -- 20.37 0.44
TIAA-CREF Mid-Cap Growth Fund
Fund Number: 015
See notes: 34, 120, 121, 44, 39, 41, 102 
TRGMX 10/01/2002 -0.65 1.08 2.42 -- -- 18.69 0.48
TIAA-CREF Mid-Cap Growth Index Fund
Fund Number: 022
See notes: 34, 120, 121, 44, 39, 102 
TRMGX 10/01/2002 0.78 3.19 6.60 -- -- 18.97 0.45
TIAA-CREF Mid-Cap Value Fund
Fund Number: 016
See notes: 34, 120, 121, 44, 39, 41, 102 
TRVRX 10/01/2002 3.35 9.98 12.42 -- -- 23.40 0.48
TIAA-CREF Mid-Cap Value Index Fund
Fund Number: 023
See notes: 34, 120, 121, 44, 39, 102 
TRVUX 10/01/2002 3.40 10.44 11.77 -- -- 21.61 0.44
TIAA-CREF Real Estate Securities Fund
Fund Number: 017
See notes: 34, 120, 121, 44, 39, 41, 102 
TRRSX 10/01/2002 8.51 20.82 23.45 -- -- 25.76 0.48
TIAA-CREF S&P 500 Index Fund
Fund Number: 018
See notes: 34, 120, 121, 44, 39, 102 
TRSPX 10/01/2002 5.59 8.21 10.39 -- -- 13.57 0.44
TIAA-CREF Small-Cap Blend Index Fund
Fund Number: 024
See notes: 34, 120, 121, 44, 39, 102 
TRBIX 10/01/2002 0.39 8.42 9.51 -- -- 19.44 0.44
TIAA-CREF Small-Cap Equity Fund
Fund Number: 028
See notes: 34, 120, 121, 44, 39, 41, 102 
TRSEX 10/01/2002 -0.25 8.56 9.90 -- -- 20.00 0.48
TIAA-CREF Small-Cap Growth Index Fund
Fund Number: 025
See notes: 34, 120, 121, 44, 39, 102 
TRCGX 10/01/2002 -1.86 3.93 6.13 -- -- 19.39 0.45
TIAA-CREF Small-Cap Value Index Fund
Fund Number: 026
See notes: 34, 120, 121, 44, 39, 102 
TRSVX 10/01/2002 2.45 12.88 13.58 -- -- 21.11 0.44
TIAA-CREF Social Choice Equity Fund
Fund Number: 012
See notes: 34, 120, 121, 44, 39, 41, 102 
TRSCX 10/01/2002 4.23 6.85 9.45 -- -- 15.63 0.44
Vanguard 500 Index Fund
Fund Number: 339
See notes: 34, 120, 121, 44, 40, 102 
VFINX 8/31/1976 5.62 8.42 10.63 6.85 8.51 12.10 0.18
Vanguard 500 Index Fund
Fund Number: 292
See notes: 34, 120, 121, 44, 40, 102 
VFIAX 11/13/2000 5.65 8.50 10.74 6.93 -- 1.45 0.09
Vanguard Asset Allocation Fund
Fund Number: 029
See notes: 34, 120, 121, 44, 40, 102 
VAAPX 11/03/1988 5.57 8.84 11.00 8.00 9.24 11.34 0.38
Vanguard Capital Opportunity Fund
Fund Number: 336
See notes: 34, 120, 121, 44, 40, 102 
VHCOX 8/14/1995 5.93 9.32 14.10 13.43 14.57 14.30 0.51
Vanguard Developed Markets Index
Fund Number: 386
See notes: 34, 120, 121, 44, 40, 102 
VDMIX 5/08/2000 4.00 14.59 18.90 14.14 -- 4.33 0.00
Vanguard Emerging Markets Stock Index Fund
Fund Number: 337
See notes: 34, 120, 121, 44, 40, 102 
VEIEX 5/04/1994 4.00 10.38 18.22 27.49 7.86 8.19 0.45
Vanguard Energy Fund
Fund Number: 317
See notes: 34, 120, 121, 44, 40, 102 
VGENX 5/23/1984 -7.38 7.89 4.21 26.16 16.80 14.42 0.28
Vanguard Explorer Fund
Fund Number: 030
See notes: 34, 120, 121, 44, 40, 102 
VEXRX 11/12/2001 -1.58 2.49 5.74 -- -- 9.59 0.34
Vanguard Explorer Fund
Fund Number: 323
See notes: 34, 120, 121, 44, 40, 102 
VEXPX 12/11/1967 -1.64 2.34 5.55 11.62 9.54 9.47 0.51
Vanguard Health Care Fund
Fund Number: 318
See notes: 34, 120, 121, 44, 40, 102 
VGHCX 5/23/1984 7.35 9.94 13.26 9.78 16.85 19.39 0.25
Vanguard Institutional Index Fund
Fund Number: 388
See notes: 34, 120, 121, 44, 40, 102 
VINIX 7/31/1990 5.66 8.52 10.78 6.98 8.64 10.83 0.05
Vanguard International Explorer Fund
Fund Number: 330
See notes: 34, 120, 121, 44, 40, 102 
VINEX 11/04/1996 3.70 15.74 21.47 22.47 -- 14.54 0.48
Vanguard International Growth Fund
Fund Number: 321
See notes: 34, 120, 121, 44, 40, 102 
VWIGX 9/30/1981 3.82 13.95 19.34 14.14 7.43 12.84 0.58
Vanguard Mid Cap Index Fund
Fund Number: 600
See notes: 34, 120, 121, 44, 39, 102 
VMCIX 5/21/1998 1.35 5.94 9.17 14.59 -- 11.44 0.08
Vanguard Mid Capitalization Index
Fund Number: 387
See notes: 34, 120, 121, 44, 39, 40, 102 
VIMAX 11/12/2001 1.30 5.86 9.07 -- -- 12.82 0.13
Vanguard Mid-Cap Index Fund
Fund Number: 345
See notes: 34, 120, 121, 44, 40, 102 
VIMSX 5/21/1998 1.30 5.79 9.02 14.41 -- 11.28 0.22
Vanguard Morgan Growth Fund
Fund Number: 324
See notes: 34, 120, 121, 44, 40, 102 
VMRGX 12/31/1968 2.34 3.56 8.20 8.11 8.04 10.84 0.39
Vanguard PRIMECAP Fund
Fund Number: 327
See notes: 34, 120, 121, 44, 40, 102 
VPMCX 11/01/1984 3.70 7.64 12.30 11.34 12.95 15.23 0.45
Vanguard REIT Index Fund
Fund Number: 319
See notes: 34, 120, 121, 44, 40, 102 
VGSIX 5/13/1996 9.39 23.84 25.94 21.71 15.21 15.59 0.21
Vanguard Selected Value Fund
Fund Number: 293
See notes: 34, 120, 121, 44, 40, 102 
VASVX 2/15/1996 7.16 10.34 12.01 14.11 10.53 9.82 0.49
Vanguard Small Cap Index Fund
Fund Number: 599
See notes: 34, 120, 121, 44, 39, 102 
VSCIX 7/07/1997 -0.26 6.71 8.00 14.26 -- 8.76 0.08
Vanguard Small Cap Index Fund
Fund Number: 392
See notes: 34, 120, 121, 44, 40, 102 
VSMAX 11/13/2000 -0.23 6.69 7.99 14.21 -- 9.29 0.13
Vanguard Small-Cap Growth Index Fund
Fund Number: 343
See notes: 34, 120, 121, 44, 40, 102 
VISGX 5/21/1998 -2.36 3.19 5.36 13.59 -- 7.34 0.23
Vanguard Small-Cap Index Fund
Fund Number: 341
See notes: 34, 120, 121, 44, 40, 102 
NAESX 10/03/1960 -0.26 6.63 7.87 14.08 9.70 -- 0.23
Vanguard Small-Cap Value Index Fund
Fund Number: 342
See notes: 34, 120, 121, 44, 40, 102 
VISVX 5/21/1998 1.72 9.88 10.15 15.52 -- 9.43 0.23
Vanguard Strategic Equity Fund
Fund Number: 294
See notes: 34, 120, 121, 44, 40, 102 
VSEQX 8/14/1995 -0.69 5.20 6.49 14.89 12.63 13.33 0.40
Vanguard Total Stock Market Index Fund
Fund Number: 340
See notes: 34, 120, 121, 44, 40, 102 
VTSMX 4/27/1992 4.50 7.91 10.25 8.45 8.56 10.57 0.19
Vanguard Windsor II Fund
Fund Number: 331
See notes: 34, 120, 121, 44, 40, 102 
VWNFX 6/24/1985 6.35 10.92 10.99 9.88 10.51 12.88 0.34
Wells Fargo Advantage Small Company Value
Fund Number: 393
See notes: 34, 120, 121, 44, 39, 40, 102 
SCVIX 1/31/2002 -0.19 4.74 6.26 -- -- 14.56 1.12
Real Estate          
As of 9/30/2006     Total Returns Average Annual Total Returns  
Variable Annuities Symbol Inception
Date
3-Month
Return
YTD 1
Year
5
Years
10
Years
Since
Inception
Expense
Ratio
TIAA Real Estate Account
Account Number: 009
See notes: 37, 44, 25, 33, 90, 101, 102, 105 
-- 10/02/1995 3.43 11.76 15.48 9.96 9.45 9.25 0.63
Fixed Income          
As of 9/30/2006     Total Returns Average Annual Total Returns  
Variable Annuities Symbol Inception
Date
3-Month
Return
YTD 1
Year
5
Years
10
Years
Since
Inception
Expense
Ratio
CREF Bond Market Account
Account Number: 005
See notes: 37, 120, 121, 44, 25, 90, 102, 105 
-- 3/01/1990 3.71 2.87 3.39 4.65 6.28 7.15 0.45
CREF Inflation-Linked Bond Account
Account Number: 010
See notes: 37, 44, 25, 90, 102, 105 
-- 5/01/1997 3.54 1.46 1.48 6.82 -- 6.75 0.47
Mutual Funds
American Century Equity Income Fund
Fund Number: 376
See notes: 34, 120, 121, 44, 39, 40, 102 
TWEIX 8/01/1994 6.89 12.57 13.47 10.86 12.47 13.83 0.98
American Funds American High-Income Trust
Fund Number: 344
See notes: 34, 120, 121, 44, 40, 102 
RITFX 5/15/2002 3.42 7.32 8.51 -- -- 9.99 0.43
American Funds Bond Fund of America
Fund Number: 305
See notes: 34, 120, 121, 44, 40, 102 
RBFFX 5/15/2002 3.53 4.10 4.84 -- -- 6.76 0.35
American Funds Intermediate Bond Fund of America
Fund Number: 312
See notes: 34, 120, 121, 44, 40, 102 
RBOFX 5/15/2002 2.76 3.19 3.79 -- -- 3.63 0.37
BlackRock High Yield Bond A
Fund Number: 574
See notes: 34, 120, 121, 44, 102 
BHYAX 11/18/1998 3.51 6.35 7.09 10.85 -- 7.01 0.96
BlackRock High Yield Bond Instl
Fund Number: 573
See notes: 34, 120, 121, 44, 39, 102 
BHYIX 11/18/1998 3.61 6.62 7.43 11.28 -- 7.46 0.70
Goldman Sachs Government Income Fund
Fund Number: 278
See notes: 34, 120, 121, 44, 40, 102 
GSOIX 8/15/1997 3.36 3.01 3.70 4.59 -- 5.95 0.58
Goldman Sachs High Yield
Fund Number: 576
See notes: 34, 120, 121, 44, 39, 102 
GSHIX 8/01/1997 3.51 7.26 8.32 12.13 -- 7.06 0.76
Goldman Sachs High Yield
Fund Number: 578
See notes: 34, 120, 121, 44, 102 
GSHAX 8/01/1997 3.42 6.97 8.07 11.71 -- 6.64 1.15
Goldman Sachs High Yield Instl
Fund Number: 577
See notes: 34, 120, 121, 44, 102 
GSHSX 8/01/1997 3.52 7.01 7.94 11.56 -- 6.52 1.26
MainStay High-Yield Corporate Bond
Fund Number: 579
See notes: 34, 120, 121, 44, 39, 102 
MHCAX 1/03/1995 3.02 6.05 7.52 12.09 7.80 9.31 1.02
MainStay High-Yield Corporate Bond
Fund Number: 580
See notes: 34, 120, 121, 44, 39, 102 
MHYIX 12/31/2003 2.92 6.24 7.78 -- -- 8.17 0.81
PIMCO Total Return
Fund Number: 582
See notes: 34, 120, 121, 44, 39, 102 
PTTRX 5/11/1987 3.88 3.04 3.54 5.38 7.13 8.38 0.43
PIMCO Total Return Insti
Fund Number: 584
See notes: 34, 120, 121, 44, 102 
PTTAX 1/13/1997 3.76 2.68 3.05 4.89 -- 6.53 0.90
PIMCO Total Return Instl
Fund Number: 583
See notes: 34, 120, 121, 44, 102 
PTRAX 9/08/1994 3.82 2.85 3.28 5.12 6.86 7.19 0.68
TIAA-CREF Bond Fund
Fund Number: 368
See notes: 34, 120, 121, 44, 39, 102 
TIDRX 3/31/2006 3.65 -- -- -- -- 3.52 --
TIAA-CREF Bond Plus Fund II
Fund Number: 358
See notes: 34, 120, 121, 44, 39, 102 
TCBRX 3/31/2006 3.68 -- -- -- -- 3.54 --
TIAA-CREF High Yield Fund II
Fund Number: 355
See notes: 34, 120, 121, 44, 39, 102 
TIHRX 3/31/2006 3.60 -- -- -- -- 2.51 --
TIAA-CREF Inflation-Linked Bond Fund
Fund Number: 367
See notes: 34, 120, 121, 44, 39, 102 
TIKRX 3/31/2006 3.58 -- -- -- -- 4.04 --
TIAA-CREF Short-Term Bond Fund II
Fund Number: 361
See notes: 34, 120, 121, 44, 39, 102 
TISRX 3/31/2006 2.36 -- -- -- -- 2.75 --
Vanguard Inflation-Protected Securities Fund
Fund Number: 334
See notes: 34, 120, 121, 44, 40, 102 
VIPSX 6/29/2000 3.52 1.79 1.77 7.08 -- 8.07 0.20
Vanguard Intermediate-Term Investment-Grade Fund
Fund Number: 335
See notes: 34, 120, 121, 44, 40, 102 
VFICX 11/01/1993 4.20 2.89 3.31 5.16 6.48 6.19 0.21
Vanguard Intermediate-Term Treasury Fund
Fund Number: 333
See notes: 34, 120, 121, 44, 40, 102 
VFITX 10/28/1991 3.96 2.42 3.13 4.56 6.41 6.87 0.26
Vanguard Long-Term Investment-Grade Fund
Fund Number: 332
See notes: 34, 120, 121, 44, 40, 102 
VWESX 7/09/1973 7.25 1.42 2.29 7.12 7.60 8.85 0.25
Vanguard Total Bond Market Fund
Fund Number: 598
See notes: 34, 120, 121, 44, 39, 102 
VBTIX 9/18/1995 3.88 2.98 3.69 4.44 6.27 6.14 0.07
Vanguard Total Bond Market Index Fund
Fund Number: 390
See notes: 34, 120, 121, 44, 39, 40, 102 
VBTLX 11/12/2001 3.87 2.95 3.65 -- -- 4.08 0.11
Vanguard Total Bond Market Index Fund
Fund Number: 328
See notes: 34, 120, 121, 44, 40, 102 
VBMFX 12/11/1986 3.85 2.88 3.55 4.31 6.14 6.98 0.20
Western Asset Core Plus Bond Portfolio
Fund Number: 559
See notes: 34, 120, 121, 44, 40, 102 
WACIX 1/07/2002 4.59 4.49 3.95 -- -- 6.44 0.70
Western Asset Core Plus Bond Portfolio
Fund Number: 038
See notes: 34, 120, 121, 44, 40, 102 
WACPX 7/07/1998 4.66 4.68 4.31 6.60 -- 6.86 0.45
Collective Fund
SEI Stable Asset Fund #354
Fund Number: 564
See notes: 200 
-- -- -- -- -- -- -- -- --
SEI Stable Asset Fund #357
Fund Number: 567
See notes: 200 
-- -- -- -- -- -- -- -- --
SEI Stable Asset Fund #361
Fund Number: 566
See notes: 200 
-- -- -- -- -- -- -- -- --
SEI Stable Asset Fund #366
Fund Number: 568
See notes: 200 
-- -- -- -- -- -- -- -- --
SEI Stable Asset Fund #384
Fund Number: 569
See notes: 200 
-- -- -- -- -- -- -- -- --
SEI Stable Asset Fund #392
Fund Number: 565
See notes: 200 
-- -- -- -- -- -- -- -- --
Wells Fargo Galliard Stable Return Fund
Fund Number: 277
See notes: 200 
-- 10/01/1985 -- -- -- -- -- -- --
Money Market          
As of 9/30/2006     Total Returns Average Annual Total Returns  
Variable Annuities Symbol Inception
Date
3-Month
Return
YTD 1
Year
5
Years
10
Years
Since
Inception
Expense
Ratio
CREF Money Market Account
Account Number: 003
See notes: 37, 120, 121, 44, 78, 30, 25, 90, 102, 105 
-- 4/29/1988 1.24 3.42 4.35 2.04 3.71 4.71 0.41
Mutual Funds
American Century Premium Money Market Fund
Fund Number: 346
See notes: 34, 120, 121, 44, 77, 31, 40, 102 
TCRXX 4/01/1993 1.25 3.47 4.42 2.05 3.64 3.85 0.45
American Funds Cash Management Trust of America
Fund Number: 308
See notes: 34, 120, 121, 44, 77, 31, 40, 102 
RKFXX 5/15/2002 1.25 3.44 4.38 -- -- 2.00 0.42
TIAA-CREF Money Market Fund
Fund Number: 370
See notes: 34, 120, 121, 44, 77, 31, 102 
TIEXX 3/31/2006 1.26 -- -- -- -- 2.44 --
TIAA-CREF Money Market Fund - Institutional Class
Fund Number:
See notes: 34, 120, 121, 44, 31 
TCIXX -- -- -- -- -- -- -- --
Vanguard Prime Money Market Fund
Fund Number: 338
See notes: 34, 120, 121, 44, 77, 31, 40, 102 
VMMXX 6/04/1975 1.29 3.55 4.53 2.17 3.76 6.50 0.30
Vanguard Prime Money Market Fund
Fund Number: 389
See notes: 34, 120, 121, 44, 77, 31, 40, 102 
VMRXX 10/03/1989 1.33 3.69 4.73 2.38 3.97 4.58 0.09
Guaranteed          
As of 9/30/2006       Rates of Return  
Guaranteed Annuities         1
Year
5
Years
10
Years
Current
Rate
 
TIAA Stable Return
Account Number: 394
See notes: 26, 101, 105, 125, 126 
        -- -- -- --  
TIAA Traditional Account
Account Number: 001
See notes: 26, 32, 90, 101, 102, 105 
        4.00 5.54 6.21 4.25  
Multi-Asset          
As of 9/30/2006     Total Returns Average Annual Total Returns  
Variable Annuities Symbol Inception
Date
3-Month
Return
YTD 1
Year
5
Years
10
Years
Since
Inception
Expense
Ratio
CREF Social Choice Account
Account Number: 004
See notes: 37, 120, 121, 44, 25, 90, 102, 105 
-- 3/01/1990 4.13 5.38 7.04 6.75 8.10 9.93 0.42
Mutual Funds
American Funds American Balanced Fund
Fund Number: 302
See notes: 34, 120, 121, 44, 40, 102 
RLBFX 5/15/2002 4.61 7.03 9.12 -- -- 7.23 0.34
Dodge & Cox Balanced Fund
Fund Number: 279
See notes: 34, 120, 121, 44, 40, 102 
DODBX 6/26/1931 4.26 8.52 10.78 11.38 11.98 -- 0.53
T. Rowe Price Capital Appreciation Fund
Fund Number: 290
See notes: 34, 120, 121, 44, 40, 102 
PRWCX 6/30/1986 4.88 8.13 10.27 12.12 12.15 12.75 0.76
TIAA-CREF Lifecycle Fund 2010
Fund Number: 135
See notes: 38, 120, 121, 44, 43, 102 
TCLEX 10/15/2004 3.78 4.87 6.32 -- -- 8.09 0.60
TIAA-CREF Lifecycle Fund 2015
Fund Number: 136
See notes: 38, 120, 121, 44, 43, 102 
TCLIX 10/15/2004 3.85 5.13 6.80 -- -- 8.79 0.61
TIAA-CREF Lifecycle Fund 2020
Fund Number: 137
See notes: 38, 120, 121, 44, 43, 102 
TCLTX 10/15/2004 3.90 5.57 7.30 -- -- 9.46 0.61
TIAA-CREF Lifecycle Fund 2025
Fund Number: 138
See notes: 38, 120, 121, 44, 43, 102 
TCLFX 10/15/2004 3.79 5.64 7.59 -- -- 10.00 0.61
TIAA-CREF Lifecycle Fund 2030
Fund Number: 139
See notes: 38, 120, 121, 44, 43, 102 
TCLNX 10/15/2004 3.96 6.10 8.20 -- -- 10.41 0.61
TIAA-CREF Lifecycle Fund 2035
Fund Number: 140
See notes: 38, 120, 121, 44, 43, 102 
TCLRX 10/15/2004 4.02 6.45 8.62 -- -- 10.99 0.61
TIAA-CREF Lifecycle Fund 2040
Fund Number: 141
See notes: 38, 120, 121, 44, 43, 102 
TCLOX 10/15/2004 4.09 6.71 9.04 -- -- 11.55 0.61
TIAA-CREF Managed Allocation Fund II
Fund Number: 352
See notes: 34, 120, 121, 44, 39, 124 
TITRX 3/31/2006 3.96 -- -- -- -- 2.17 --
Vanguard Balanced Index Fund
Fund Number: 391
See notes: 34, 120, 121, 44, 40, 102 
VBAIX 12/01/2000 4.26 6.06 7.76 7.19 -- 4.68 0.08
Vanguard Balanced Index Fund
Fund Number: 325
See notes: 34, 120, 121, 44, 40, 102 
VBINX 11/09/1992 4.23 5.97 7.58 7.05 7.99 9.13 0.20
Vanguard LifeStrategy Growth Fund
Fund Number: 320
See notes: 34, 120, 121, 44, 40, 102 
VASGX 9/30/1994 4.58 8.54 11.04 9.09 8.40 10.06 0.00
Vanguard Wellesley Income Fund
Fund Number: 329
See notes: 34, 120, 121, 44, 40, 102 
VWINX 7/01/1970 5.27 7.38 7.61 6.77 8.92 10.67 0.24
Vanguard Wellington Fund
Fund Number: 326
See notes: 34, 120, 121, 44, 40, 102 
VWELX 7/01/1929 5.07 8.96 10.39 9.25 9.91 8.34 0.29

Important Information

34 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 shares. For current performance information, including performance to the most recent month-end, call 800 842-2888.

37 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 accumulation units. For current performance information, including performance to the most recent month-end, call 800 842-2252.

38 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 shares. For current performance information, including performance to the most recent month-end, call 800 842-2776.

121 Data Provided by Morningstar, Inc.  © 2006 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.

44 TIAA-CREF Individual & Institutional Services, LLC, distributor. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing.

77 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.

31 The 7-day money market yield listed more closely reflects the current earnings of the money market mutual fund(s) than the total return.

78 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.

30 The 7-day money market yield listed more closely reflects the current earnings of the money market annuity account than the total return.

25 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 expense ratio above is based on historical information provided by Morningstar, Inc.

26 The TIAA Traditional Annuity guarantees principal and a specified interest rate (based upon TIAA's claims-paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. If you have an RA contract, the TIAA annuity contract does not allow lump-sum cash withdrawals from the TIAA Traditional Annuity and transfers must be spread over a ten-year period. If you have a GRA contract, lump-sum withdrawals are available from the TIAA Traditional Annuity only within 120 days after termination of employment and are subject to a surrender charge. All other withdrawals and all transfers to the Real Estate Account or to CREF must be spread over a ten-year period (five years for withdrawals after termination of employment).

27 Performance shown for the Retirement Class shares of the International Equity Fund was negatively impacted by a misallocation of income and net capital gains among the Fund's classes. If this misallocation had not occurred, the three-month and year-to-date returns would have been 5.06% and 15.92% respectively; the one-year and since inception average annual total returns would have been 19.98% and 23.49%, respectively; and the since inception cumulative return would have been 132.71%. Shareholders who owned Retirement Class shares on or before May 25, 2006, who were negatively impacted by this misallocation by more than $10, will be made whole through direct payments by Teachers Advisors, Inc. For additional information please contact our Telephone Counseling Center at 800 927-3059.

32 Interest credited to TIAA Traditional Annuities includes a guaranteed rate of between 1% and 3%, plus additional amounts that are established on a year-by-year basis. The additional amounts, when declared, remain in effect through the "declaration year," which begins each March 1.

33 While recently enacted legislation makes the TIAA Real Estate Account available to participants in California, a number of additional regulatory and administrative requirements must be met before we can begin accepting investments into this account.

39 The expense ratio and performance return of the fund reflect a voluntary reimbursement of various other expenses by the fund's advisor. Without this reimbursement, the fund's expenses would have been higher, and its performance lower. The expense ratio above is based on historical information provided by Morningstar, Inc.

40 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.

41 On February 1, 2006, these funds entered into a new investment management agreement with Teachers Advisors, Inc. for a higher stated fee. The new total expenses reflect the higher investment management fee, and other fund expenses as of September 30, 2005, and a reimbursement of various other expenses by the fund's advisor. Without this reimbursement, the fund's expenses would have been higher, and its performance lower. Please review the fund prospectus for the fund's current annual expenses.

43 The expense ratio includes underlying fund expenses and reflects a reimbursement of various expenses by the fund's advisor. Without this reimbursement, the fund's expenses would be higher.

90 TIAA (Teachers Insurance and Annuity Association), New York, NY issues annuities.

101 All displayed performance and statistical data have been compiled by TIAA-CREF.

102  For more detailed information on these funds, visit www.gs.com, www.vanguard.com, www.ssgafunds.com, www.americanfunds.com, www.tiaa-cref.org, www.dreyfus.com, www.mainstayfunds.com, www.allianzinvestors.com, www.troweprice.com, www.dfafunds.com, www.roycefunds.com, www.westernasset.com, www.davisfunds.com, www.eatonvance.com, www.leggmason.com, www.lordabbett.com, www.blackrock.com, www.geam.com, www.jennisondryden.com, www.dodgeandcox.com, www.thornburg.com, www.americancentury.com, www.nb.com, www.wellsfargofunds.com, www.wellsfargo.com, www.columbiafunds.com, www.firstamericanfunds.com.

105 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.

124 The Managed Allocation II 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 II fund invests.

125 This is a new investment choice being offered by TIAA-CREF and no performance is available this quarter.

126 Interest credited to TIAA Stable Return Annuity accumulations includes a guaranteed rate plus additional amounts that are established on a year-to-year basis. The guaranteed annual interest rate is between 1% and 3%, as specified in the contract. The additional amounts when declared remain in effect through the end of the "declaration year," which begins each March 1.

200 For performance details about this investment option, visit the micro site and click on "Investment Options" or call TIAA-CREF at 800 842-2776.

201 Service fees for Investment Solutions plans have been waived through March 31, 2006, at which time a new fee structure will be activated.

202 Effective Dec. 31, 2005: (1) TIAA-CREF no longer will distribute funds from Dimensional Fund Advisors (DFA); (2) TIAA-CREF no longer will accept new contributions into DFA funds on behalf of plans with existing DFA investors; (3) current investors in DFA funds in existing plans will be able to maintain their accumulations in those funds beyond 12.31.05 to the extent that a plan sponsor has not mapped those assets to another fund.

 

 
 
TIAA-CREF Individual & Institutional Services, distributor.
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