Stock

We estimate expenses for the year based on projected expense and asset levels. Differences between estimated and actual expenses are adjusted quarterly and reflected in current investment results.

The CREF Stock Account’s benchmark is a composite index that is a weighted average of four unmanaged indices: (i) the Russell 3000® Index, (ii) the MSCI EAFE + Canada Index, (iii) the MSCI Emerging Markets Index and (iv) the MSCI EAFE + Canada Small Cap Index. The weights in the composite index change to reflect the relative sizes of the domestic, developed foreign market, emerging market and foreign small-cap segments of the Stock Account and to maintain its consistency with the Account’s investment strategies. Please note that starting May 1, 2011, the CREF Stock Account’s composite benchmark will begin a transition so that as of July 1, 2011, the MSCI EAFE + Canada Index, the MSCI Emerging Markets Index and the MSCI EAFE + Canada Small Cap Index will be replaced with the MSCI ACWI ex-US IMI. As of July 1, 2011, the Account's composite benchmark index will be a weighted average of two unmanaged indices: the Russell 3000® Index (domestic equities) and the MSCI ACWI ex-US IMI (foreign equities). The Account’s benchmark, the components that make up a composite benchmark and the method of calculating a composite benchmark’s performance may vary over time. See “More About Benchmarks and Other Indices” in the prospectus for additional information about benchmarks.