CREF Variable Annuity Accounts

CREF Bond Market

The CREF Bond Market Account seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital.

Unit value as of 10/17/2014 : $113.0451
Total return year-to-date as of 10/17/2014 : 5.12%
3-month cumulative rate of return as of 09/30/2014 : -0.03%
Expense charge 1, 2 : 0.45%
Net invested assets as of 09/30/2014 : $13.32 billion
Inception date : 03/01/1990
Investment class : Fixed Income

As of 10/17/2014 : 30-day SEC Yield 3 : 1.79%
Performance Comparison
  Performance Data
as of 10/17/2014
Average Annual Total Returns
as of 09/30/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
CREF Bond Market $113.0451 -0.06% 5.12% 4.25% 2.86% 4.22% 4.22% 6.28%
Barclays U.S. Aggregate Bond Index 4 -- -0.10% 5.61% 3.96% 2.43% 4.12% 4.62% 6.58%

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.

Investing in this account involves a number of risks, including interest rate risk, income volatility risk, credit risk, prepayment and extension risk, illiquid security 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 fund's 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.
4.
The Barclays U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, 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 product and the underlying fund prospectuses that contains this and other information. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, and are not a condition to any banking service or activity and may lose value.

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