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Personal Annuity Select

Real Estate Securities

The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity and fixed-income securities of companies principally engaged in or related to the real estate industry.

Unit Values: 30 days
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Unit value as of 03/19/2010 : $45.5607
Total return year-to-date as of 03/19/2010 : 10.44%
Net invested assets as of 12/31/2009 : $14.86 million
Expense charge 1 : 0.87%
Inception date : 10/28/2002
Investment class : Real Estate
Performance Comparison
  Performance Data
as of 03/19/2010 		Average Annual Total Returns
as of 02/28/2010
  Unit
Values 		Net
Change 		YTD
Return 		1 Year 3 Year 5 Year 10 Year Since Inception 2
Real Estate Securities $45.5607 -1.06% 10.44% 92.97% -15.60% -0.83% -- 8.05%
FTSE NAREIT Equity Index 3 -- -1.02% 9.76% 93.65% -16.83% 0.10% -- 8.90%

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

The risks that the fund is subject to include market risk, company risk, real estate investing risks, real estate securities risk, interest -rate risk, small-cap risk, income volatility risk, credit risk, and foreign investment risks.

1.
Includes both separate account and fund level charges. A portion of the separate account charges has been waived. The maximum total annual expense charge without the waiver is 1.46%. TIAA-CREF Life will provide at least 3 months notice before it raises these charges.
2.
From November 30, 2007 on, the since inception performance shown is computed from the inception date of the account (the date on which the account became publicly available). Previously, since inception performance for this account was computed from the net asset value per share on the day prior to the inception date.
3.
Effective April 1, 2009, the fund's benchmark changed from the Dow Jones Wilshire Real Estate Securities Index to the FTSE NAREIT Equity REITs Index. The NAREIT Index is an unmanaged, market capitalization weighted index of all publicly-traded REITs that invest predominantly in the equity ownership of real estate. The index is designed to reflect the performance of all publicly-traded equity REITs as a whole. You cannot invest directly in this index.

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

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