CREF Variable Annuity Accounts

CREF Global Equities

The CREF Global Equities Account seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks.

Unit value as of 08/29/2014 : $140.4540
Total return year-to-date as of 08/29/2014 : 5.41%
3-month cumulative rate of return as of 06/30/2014 : 3.88%
Expense charge 1, 2 : 0.47%
Net invested assets as of 06/30/2014 : $19.72 billion
Inception date : 05/01/1992
Investment class : World
Performance Comparison
  Performance Data
as of 08/29/2014
Average Annual Total Returns
as of 07/31/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
CREF Global Equities $140.4540 + 0.22% 5.41% 14.65% 11.53% 12.61% 7.16% 7.77%
Morgan Stanley Capital International World Index 3 -- + 0.26% 6.79% 15.96% 11.89% 12.77% 7.43% 7.59%

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.

The risks that the account is subject to include market risk, company risk, small-cap risk and foreign investment risks.

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 Account’s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding.  Please refer to the prospectus for further details.
3.
The Morgan Stanley Capital International (MSCI) World Index is an aggregate of 23 developed market countries. MSCI calculates indices by applying full market capitalization weights (price multiplied by the number of shares outstanding) for the securities in the index. MSCI calculates regional indices using GDP weightings for countries. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC, member FINRA, distributes 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 product and the underlying fund prospectuses that contains this and other information. Please read the prospectus carefully before investing. Investment products are not FDIC insured, are not bank deposits or bank guaranteed, and may lose value.

© 2014 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017