TIAA-CREF, the financial services organization, today announced that newly released data from Morningstar shows that 76 percent of TIAA-CREF variable annuities and mutual funds within its fund complex1 rated by Morningstar exceeded their category median over the three-year period and 72 percent exceeded their category median over the five-year period ended December 31, 2008.2
In addition, data from Morningstar shows that 99 percent of TIAA-CREF's mutual funds and variable annuity accounts within its fund complex rated by Morningstar had an overall rating of three, four or five stars across all asset classes (as of December 31, 2008). Morningstar ratings are based on risk-adjusted returns.3
"TIAA-CREF remains committed to providing investors low-cost, style-pure funds to help them build portfolios that will help them reach their long-term goals," said Scott C. Evans, Executive Vice President and Head of Asset Management. "While 2008 was a difficult year for all fund investors, the performance of our funds and variable annuity accounts relative to our peers is attributable to the hard work of our investment managers and sober approach to risk management during a period of unprecedented market volatility."
Morningstar Mutual Funds, a monthly publication of Morningstar, Inc., rates mutual funds by assessing each fund's historical total returns and risk relative to other mutual funds in its category as defined by Morningstar (i.e., Large Value, Large Growth, Mid Cap Growth, etc.). The return and risk evaluations are then combined to produce a 1- to 5-star risk-adjusted rating, which measures a fund's historical risk/return performance in any particular category.
About TIAA-CREF
TIAA-CREF (www.tiaa-cref.org) is a national financial services organization with $363 billion in combined assets under management (as of 12/31/08) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
All TIAA-CREF investment products are subject to market risks and fund-specific risk factors as noted in the prospectus.
Chad Peterson, Director, Corporate Media Relations
cpeterson@tiaa-cref.org, 1 212 916-4808 Cell: 1 917 715-9083
Abby Aylman Cohen, Manager, Corporate Media Relations
aacohen@tiaa-cref.org, 1 212 916-4381 Cell: 1 917 596-4758
1Fund complex defined as all TIAA-CREF Open-End Mutual Funds, its group variable annuities (e.g. CREF Accounts) and the TIAA-CREF Life Funds as defined by Morningstar Direct.
2The Morningstar median represents the midpoint of an index of comparable funds/accounts grouped by factors such as investment objective and asset class.
3Our funds and accounts have been negatively impacted due to the recent market volatility. For more information on performance, please visit www.tiaa-cref.org/performance.
You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 1 877-518-9161, or go to www.tiaa-cref.org for a current prospectus that contains this and other information. Please read the prospectus carefully before investing.
Annuity products are issued by TIAA (Teachers Insurance and Annuity Association), New York, NY.
Variable annuity account options are available through 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 [and mutual funds] 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.
© 2009 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017
