Oberlin College
Tier2-3: Socially Responsible Retirement Plan

Employees may invest in TIAA-CREF Social Choice Account. The account invests only in companies that are suitable from a financial perspective and whose activities are consistent with the account’s social criteria (please see note section).

CREF RETIREMENT ANNUITY ACCOUNTS CREF SOCIAL CHOICE ACCOUNT MULTI-ASSET AS OF 9/30/2011 Account Net Assets Inception Date CUSIP Symbol Benchmark Index Estimated Annual Expenses 1 $9.74 Billion 3/01/1990 194408605 N/A CREF Social Choice Account Composite Benchmark 0.43% PORTFOLIO STRATEGIES This variable annuity account seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria. The account is balanced with assets divided between domestic and foreign stocks (60%) and fixed-income securities, including money market instruments (40%). The account invests only in companies that are suitable from a financial perspective and whose activities are consistent with the account's social criteria. Using specific environmental, social and governance criteria, the evaluation process seeks out companies that are: strong stewards of the environment; devoted to serving local communities and society in general; committed to higher labor standards; dedicated to producing high-quality and safe products; and those managed in an exemplary and ethical manner. MORNINGSTAR CATEGORY Moderate Allocation MORNINGSTAR RATINGTM Overall 3 Years 5 Years 10 Years         847 847 711 386 The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings. LEARN MORE ABOUT OUR INVESTMENTS For more information please contact: 800 842-2252 Weekdays 8 a.m. to 10 p.m. ET, Saturdays 9 a.m. to 6 p.m. ET, or visit tiaa-cref.org PERFORMANCE TOTAL RETURN AVERAGE ANNUAL TOTAL RETURN 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception CREF Social Choice Account -8.40% -4.46% 0.83% 4.29% 1.89% 4.29% 8.01% CREF Social Choice Account Composite Benchmark -8.45% -4.12% 1.43% 4.37% 1.96% 4.34% 8.05% Russell 3000 Index -15.28% -9.90% 0.55% 1.45% -0.92% 3.48% 8.27% Morningstar Moderate Allocation Average -10.43% -6.48% -0.42% 3.44% 1.00% 3.91% – The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your mutual fund shares/annuity account accumulation units. For current performance information, including performance to the most recent month-end, please visit tiaa-cref.org, or call 800 842-2252. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower. 1 Expenses are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small. Annuities are designed for retirement savings or for other long-term goals. They offer several payment options, including lifetime income. Payments from variable annuities are not guaranteed, and the payment amounts may rise or fall depending on investment returns. HYPOTHETICAL GROWTH OF $10,000 An investment of $10,000 on September 30, 2001 would have been worth $15,218 on September 30, 2011, including the reinvestment of dividends and distributions. The chart illustrates the performance of a hypothetical $10,000 investment made in the account on the date indicated. The account total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing fund expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs. 9/11 $3,000 $8,000 $13,000 $18,000 9/01 9/02 9/03 9/04 9/05 9/06 9/07 9/08 9/09 9/10 9/11 — CREF Social Choice Account CREF RETIREMENT ANNUITY ACCOUNTS CREF SOCIAL CHOICE ACCOUNT MULTI-ASSET AS OF 9/30/2011 Continued on next page… PORTFOLIO COMPOSITION (As of 9/30/11) Sector % of Net Assets Common Stocks & Rights 58.8% Mortgage-Backed Securities (Includes MPT & CMOS) 12.4% Corporate Bonds 10.6% Short-Term Investments 10.5% U.S. Treasury Securities 6.0% U.S. Agency Securities 3.9% Foreign Government And Corporate Bonds Denominated In U.S. Dollars 3.4% Municipal Bonds 1.9% CMBS 1.6% Asset-Backed Securities 0.7% Other Assets & Liabilities, Net -9.8% CURRENT ASSET ALLOCATION 3 (As of 9/30/11) % of Portfolio Investments U.S. Equity 41.7% U.S. Fixed Income 33.8% International Equity 11.8% Short-Term Investments 9.6% International Fixed Income 3.1% TOP 10 HOLDINGS 2 (As of 9/30/11) Issuer % of Net Assets U.S. Treasury Note 1.250%, 10/31/15 1.1% FNMA 4.500%, 10/25/2041 1.1% International Business Machines Corp 1.0% U.S. Treasury Bond 8.000%, 11/15/21 1.0% Procter & Gamble Co 0.9% Johnson & Johnson 0.9% FNMA 4.000%, 10/25/2041 0.9% Google, Inc (Class A) 0.7% FNMA 5.500%, 07/25/2041 0.6% Berkshire Hathaway, Inc (Class B) 0.6% PORTFOLIO STATISTICS Portfolio Benchmark Beta (3 Yr) 1.00 – R Squared (3 Yr) 1.00 – Sharpe Ratio (3 Yr) 0.29 – Standard Deviation (3 Yr Annualized) 14.00 – # Holdings 2,145 – Please refer to Portfolio Statistics Definitions section. HOLDINGS BY COMPANY SIZE % of Portfolio Investments LARGE Over $15 Billion 63.4% MID $4 Billion–$15 Billion 28.3% SMALL Under $4 Billion 8.3% ABOUT THE BENCHMARK The CREF Social Choice Account Composite Benchmark is a weighted average of three indexes: the Russell 3000® Index, which measures the performance of the broad U.S. stock market (47.0%); the Barclays Capital U.S. Aggregate Bond Index, which measures the performance of the U.S. investment-grade, fixed-rate bond market (40.0%); and the MSCI EAFE+Canada Index, which measures stocks in 22 developed nations excluding the United States (13.0%). You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses. The Russell 3000 Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses. IMPORTANT INFORMATION 2 The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments. Money market instruments and/or futures contracts, if applicable, are excluded. The holdings may not include the fund's entire investment portfolio and should not be considered a recommendation to buy or sell a particular security. 3 Short Term Investments include $245.5 M of securities lending collateral. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. 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 call 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. MORNINGSTAR DISCLOSURE The Morningstar Category classifies a fund based on its investment style as measured by underlying portfolio holdings (portfolio statistics and compositions over the past three years). If the fund is new and has no portfolio, Morningstar estimates where it will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information. To determine a fund's star rating for a given time period (three, five, or 10 years), the fund's risk-adjusted return (including the effects of sales charges, loads and redemption fees) is plotted on a bell curve. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% earn 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. Morningstar RatingTM is for individual share classes only. Other classes may have different performance characteristics. CREF RETIREMENT ANNUITY ACCOUNTS CREF SOCIAL CHOICE ACCOUNT MULTI-ASSET AS OF 9/30/2011 Continued on next page… A NOTE ABOUT RISKS Multi-asset variable annuity accounts share the risks associated with the types of securities in which they directly or indirectly invest. An investment in a multiasset variable annuity account may be subject to all or some of the following investment risks: Active Management Risk, the risk that a variable annuity account may underperform because of the allocation decisions or individual security selections of its portfolio manager; Asset Allocation Risk, the risk that the selection of investments and the allocation among them will result in the variable annuity account's underperformance versus similar accounts or will cause an investor to lose money; Call Risk, the risk that, during periods of declining interest rates, an issuer of a bond may “call” (i.e., redeem) a bond prior to maturity, and the associated risk that bondholders will be reinvesting the proceeds at a lower interest rate; Company Risk, the risk that the financial condition of a company may deteriorate, causing a decline in the value of the securities it issues; Credit Risk, the risk that an issuer of bonds may default; Current Income Risk, the risk that the income a variable annuity account receives may unexpectedly fall as a result of a decline in interest rates; Emerging Markets Risk, the risk that securities issued in developing markets, where there is greater potential for political, currency and economic volatility, may be less liquid than those issued in more developed countries and foreign investors in these markets may be subject to special restrictions which could have an adverse impact on performance; Extension Risk, the risk that a security’s duration will lengthen, due to a decrease in prepayments caused by rising interest rates; Foreign Investment Risk, the risk that securities of foreign issuers may lose value because of erratic market conditions, economic and political instability or fluctuations in currency exchange rates, which may be magnified in emerging markets; Growth Investing Risk, the risk that, due to their relatively high valuations which are generally a function of expected earnings growth, growth stocks will be more volatile than value stocks and such earnings growth may not occur or be sustained; Income Volatility Risk, the risk that the income from a portfolio of securities may decline in certain interest rate environments; Index Risk, the risk that a variable annuity account's performance may not match that of its benchmark index; Interest Rate Risk, the risk that interest payments of debt securities may become less competitive during periods of rising interest rates and declining bond prices; Large-Cap Risk, the risk that large companies may grow more slowly than the overall market; Liquidity Risk, the risk that illiquid securities may be difficult to sell at their fair market value; Market Risk, the risk that the price of securities may fall in response to economic conditions; Mid-Cap Risk, the risk that stocks of mid-capitalization companies may have greater price volatility, lower trading volume and less liquidity than the stocks of larger, more established companies; Prepayment Risk, the risk associated with the early unscheduled return of principal on fixed-income investments, such as mortgage-backed securities; Risks of inflation-indexed bonds, the risks that interest payments on inflation-indexed bonds may decline because of a change in inflation (or deflation) expectations; Small-Cap Risk, the risk that the securities of small companies may be more volatile than those of larger ones, and they are also often less liquid than those of larger companies because there is a limited market for small-cap securities; Style Risk, the risk that a variable annuity account’s investing style may lose favor in the marketplace. For a detailed discussion of risk, please consult the prospectus. Social Criteria Risk is the risk that because a variable annuity account’s social criteria excludes securities of certain issuers for non-financial reasons, the variable annuity account may forgo some market opportunities available to funds that don’t use these criteria. PORTFOLIO STATISTICS DEFINITIONS Beta (3 Yr) measures the magnitude of a portfolio’s past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). If a security has a beta greater than 1, that security’s price can be expected to be more volatile than the market. R Squared (3 Yr) measures how much of a portfolio’s performance can be explained by the returns from the overall market (or benchmark index). If a portfolio’s total return precisely matched that of the overall market or benchmark, its R squared would be 1.00. If a portfolio’s return bore no relationship to the market’s returns, its R squared would be 0. Sharpe Ratio (3 Yr) is a measure of the excess return per unit of risk in an investment asset. The higher the Sharpe ratio, the better the return. Excess return is the rate of return above and beyond the risk-free rate, which is usually the T-bill rate, or in excess of a market measure, such as an index fund. Standard Deviation (3 Yr Annualized) measures an investment's past volatility, based on a sample. The higher the standard deviation, the higher the volatility. It is not a measure of performance and should not be considered relative to an investment's annual returns. Please note that past standard deviation is not a predictor of future volatility or risk. # Holdings refers to the total number of individual security positions held in a portfolio on a given date. ©2011 Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY 10017. C1460 BAL-Rev 35 11/30/2011 3:34:41 PM 7054