Retirement Investments & IRAs: Standardized Prior Quarter-End Performance

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

Please see the note below concerning the following Retirement Class Mutual Funds: International Equity.

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 accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above.

1. An investment in the CREF Money Market Account is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money in these investments. The current yield more closely reflects the account's current earnings than does the total return.
2. Mutual Fund performance information posted here is for the Retirement Class of TIAA-CREF Institutional Mutual Funds only.
   
   The Since Inception values presented for the Lifecycle 2045, Lifecycle 2050 and Lifecycle Retirement Income funds are cumulative values and not average annualized total returns.
3. Performance figures include the reinvestment of all dividends and any capital gains distribution.
4. Teachers Advisors, Inc. has voluntarily agreed to reimburse the Large-Cap Growth Index Fund an additional 0.01% of its gross annual expenses, so the Fund's actual net annual expenses are 0.33% of average daily net assets. This voluntary reimbursement may be discontinued at any time.
5. This Fund strives to maintain a stable net asset value of $1.00 per share. However, an investment in this fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency, and there's no guarantee that we will be able to maintain a stable $1.00 per share net asset value. It is possible to lose money in this fund. The current yield more closely reflects the fund's current earnings than does the total return.
6. The fund's adviser does not receive a management fee for its services to the Managed Allocation Fund II and has contracted to reimburse the fund for all its direct expenses through April 30, 2008 (except for the 0.25% service fee that pays for expenses related to offering Retirement Class shares on a retirement distribution platform). Shareholders indirectly bear their pro rata share of the fees and expenses of the funds in which the Managed Allocation Fund II invests.
7. From November 30, 2007 on, the since inception performance shown is computed from the inception date of the fund/account (the date on which the fund/account became publicly available). Previously, since inception performance for this fund/account was computed from the net asset value per share on the day prior to the inception date. The since inception performance for the CREF Stock account and the Equity Index, Large-Cap Growth, Bond, Bond Plus II, High-Yield II, Inflation Linked Bond, Short-Term Bond II and Money Market funds were not impacted by this change.

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Shareholders of these Funds approved a new investment management agreement, effective February 1, 2006. The expenses in this chart have been restated to show what the expenses would be under the new investment management agreement if they had been in effect during the entire fiscal year ended September 30, 2006. The net annual expense ratio represents expenses after reimbursement and waivers, while the gross annual expense ratio represents expenses without any reimbursements and waivers. The expense reimbursements and waiver agreements are contractual and are currently generally expected to continue through at least April 30, 2008, except that the expense reimbursements in place for the funds managed to an index will continue through at least April 30, 2010.Without these waivers and reimbursements, the Fund expenses would be higher and their performance would have been lower. The annual expenses include the fees of the underlying funds in which Lifecycle Funds invest. These underlying fund expenses are 0.30% for the Lifecycle 2010 Fund, Lifecycle 2015 Fund and Lifecycle 2025 Fund and 0.31% for the other Lifecycle Funds. Since the Lifecycle Funds implemented new target allocations on Jan. 17, 2007, the underlying fund expense shown is based on the new allocations. Without expense reimbursements for each Lifecycle fund and various reimbursements for certain underlying funds, the Fund expenses would have been higher and their performance would have been lower. Teachers Advisors, Inc. has contractually agreed to waive its 0.10% management fee on each Lifecycle Fund through at least April 30, 2008. In addition, Advisors has contracted to reimburse the Funds for all of the "Other Expenses" of the Retirement Class (except for the 0.25% fee for services provided in connection with the offering of this class on retirement platforms) through April 30, 2008. As noted previously, the Lifecycle Fund's expenses have been restated to reflect the new investment management agreement as well as the effect of the commencement of operations of the new Institutional class of the Lifecycle Funds on Jan. 17, 2007.

**	The fund's Institutional Class began operations on July 1, 1999. Performance shown prior to the inception of the Retirement Class is based on the performance of the fund's Institutional Class. Performance has not been restated to reflect the higher expenses of the Retirement Class. If the expense differential had been reflected, performance for these periods would have been lower.
***	The fund's Institutional Class began operations on October 1, 2002. Performance shown prior to the inception of the Retirement Class is based on the performance of the fund's Institutional Class. Performance has not been restated to reflect the higher expenses of the Retirement Class. If the expense differential had been reflected, performance for these periods would have been lower.

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