CREF Variable Annuity Accounts

Money Market

The CREF Money Market Account seeks high current income consistent with maintaining liquidity and preserving capital.

Unit value as of 02/10/2012 : $25.5335
Total return year-to-date as of 02/10/2012 : 0.00%
3-month cumulative rate of return as of 12/31/2011 : 0.00%
Expense charge 1 : 0.42%
Net invested assets as of 12/31/2011 : $12.40 billion
Inception date : 04/01/1988
Investment class : Money Market

As of : 02/10/2012
7-day current annualized yield : 0.00%
7-day effective annualized yield : 0.00%
Performance Comparison
  Performance Data
as of 02/10/2012
Average Annual Total Returns
as of 01/31/2012
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
Money Market $25.5335 0.00% 0.00% -- 0.03% 1.39% 1.81% 4.01%
iMoneyNet Money Fund Report Averages™ All Taxable 2 -- -- -- -- -- -- -- --

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. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

Beginning July 16, 2009, part or all of the 12b-1 distribution expenses and/or administrative expenses attributable to the CREF Money Market Account are being voluntarily waived. Without these waivers, the 7-day current and effective annualized yields and total returns would have been lower. These waivers may be discontinued at any time without notice. Amounts waived on or after October 1, 2010 are subject to possible recovery by TIAA under certain conditions. Please see the prospectus for additional information. An investment in this account is not a deposit of any bank and is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other U.S. government agency. It is possible to lose money in this Account. The current yield more closely reflects the account's current earnings than does the total return.

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 iMoneyNet Money Fund Report Averages – All Taxable category is a simple average of over 1,000 taxable money market funds and you cannot invest directly in it.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. 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.

© 2012 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017