CREF Variable Annuity Accounts

CREF 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 value as of 09/17/2014 : $66.6979
Total return year-to-date as of 09/17/2014 : 3.60%
3-month cumulative rate of return as of 06/30/2014 : 3.73%
Expense charge 1, 2 : 0.41%
Net invested assets as of 06/30/2014 : $7.78 billion
Inception date : 05/01/1997
Investment class : Fixed Income

As of 09/16/2014 : 30-day SEC Yield CPI-Adjusted 3 : 0.68%
Performance Comparison
  Performance Data
as of 09/16/2014
Average Annual Total Returns
as of 08/31/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
CREF Inflation-Linked Bond $67.0377 -0.03% 4.12% 5.28% 1.71% 5.04% 4.47% 5.87%
Barclays U.S. TIPS Index 4 -- -0.02% 4.34% 5.70% 2.12% 5.45% 4.92% 6.30%

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 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 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 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.
4.
The Barclays 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, 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