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.
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