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CREF Variable Annuity Accounts

Inflation-Linked Bond

The CREF Inflation-Linked Bond Account seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds—fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond.

Unit Values: 30 days
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Unit value as of 03/18/2010 : $55.9691
Total return year-to-date as of 03/18/2010 : 0.85%
3-month cumulative rate of return as of 12/31/2009 : 1.84%
Net invested assets as of 12/31/2009 : $7.66 billion
Expense charge 1 : 0.45%
Inception date : 05/01/1997
Investment class : Fixed Income

As of 03/17/2010 : 30-day SEC Yield CPI-Adjusted 2 : 1.56%
Performance Comparison
  Performance Data
as of 03/18/2010 		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 3
Inflation-Linked Bond $55.9691 -0.25% 0.85% 11.83% 5.51% 4.31% 7.13% 6.31%
Barclays Capital U.S. TIPS Index 4 -- -0.25% 1.01% 12.24% 6.05% 4.81% 7.60% 6.74%

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.

Investing in this account involves risk that the market values of these bonds may be affected by changes in investors' inflation expectations or changes in "real" rates of interest (i.e., a security's return, above the inflation rate).

1.
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.
2.
The 30-day SEC yield displayed is the yield of the securities within the portfolio adjusted for inflation, as measured by the Consumer Price Index (CPI). This 30-day yield, because of the adjustment, may be more volatile than 30-day SEC yields typically quoted on traditional (nominal) bond investments. The 30-day SEC yield is based on yield to maturity of a fund's investments over a 30-day period and not on the dividends paid by the fund, which may differ.
3.
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.
4.
The Barclays Capital U.S. TIPS Index measures the performance of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the Consumer Price Index for All Urban Consumers. 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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