This semi-annual report contains the Accounts’ unaudited financial statements.

 

Account Name		Class R4		Class R3		Class R2		Class R1
CREF Stock Account		QCSTFX		QCSTIX		QCSTPX		QCSTRX
CREF Global Equities Account		QCGLFX		QCGLIX		QCGLPX		QCGLRX
CREF Growth Account		QCGRFX		QCGRIX		QCGRPX		QCGRRX
CREF Equity Index Account		QCEQFX		QCEQIX		QCEQPX		QCEQRX
CREF Core Bond Account		QCBMFX		QCBMIX		QCBMPX		QCBMRX
CREF Inflation-Linked Bond Account		QCILFX		QCILIX		QCILPX		QCILRX
CREF Social Choice Account		QSCCFX		QCSCIX		QCSCPX		QCSCRX
CREF Money Market Account		QCMMFX		QCMMIX		QCMMPX		QCMMRX

 

Table of Contents

 

Important Notices		3
Letter to CREF Participants		4
About the Accounts’ Benchmarks		6
Account Performance		8
Expense Examples		16
Summary Portfolios of Investments		18
Statement of Assets and Liabilities		40
Statement of Operations		42
Statement of Changes in Net Assets		44
Financial Highlights		48
Notes to Financial Statements		64
Additional Account Information		81
Approval of Investment Management Agreement		82
Liquidity Risk Management Program		88
Additional Information About Index Providers		89

Important Notices

 

Name changes: Effective November 30, 2025, the following Accounts will have a name change:

 

•

CREF Stock Account to CREF Total Global Stock Account

 

•

CREF Equity Index Account to CREF S&P 500 Index Account

 

•

CREF Social Choice Account to CREF Responsible Balanced Account

CREF Social Choice Account benchmark name change: Effective November 30, 2025, the Account’s composite index name will change from CREF Social Choice Account Composite Index to CREF Responsible Balanced Account Composite Index.

CREF Stock Account and CREF Equity Index Account benchmark changes: Effective May 1, 2025, benchmark changes for the Accounts are as follows:

 

•

CREF Stock Account: CREF Stock Account Composite Index (which is comprised of 65% Russell 3000 Index (domestic equities) and 35% MSCI ACWI ex USA IMI (foreign equities)) to the MSCI ACWI IMI.

 

•

CREF Equity Index Account: Russell 300 Index to the S&P 500 Index due to a corresponding change in the Account’s investment strategy from tracking the Russell 3000 Index to the tracking the S&P 500 Index. The Account’s performance for periods prior to May 1, 2025, reflects an investment strategy that tracked the Russell 3000 Index.

Proposals for action at CREF’s 2026 participant meeting: We anticipate that the next meeting of participants will be held in 2026; however, the exact date, time and location of such meeting have yet to be determined. Proposals submitted by or on behalf of participants pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 for inclusion in the proxy materials for a potential 2026 participant meeting must be received by the CREF Corporate Secretary no earlier than October 9, 2025 and no later than February 6, 2026. The submission of a proposal does not assure its inclusion in CREF’s proxy statement or presentation at the meeting. Unless CREF is notified by April 22, 2026 of other matters that may be properly brought before a potential 2026 participant meeting by or on behalf of participants, the persons named in the proxy will have the discretion to vote on those matters as they see fit.

 

 

3

Colbert Narcisse		Letter to CREF Participants   Diversification may provide some balance during shifting market environments Financial markets generated positive returns in the first half of 2025. Yet, it was by no means smooth sailing to get there. The year began with the Trump administration unveiling broad increases to U.S. tariffs on nearly every major trading partner, resulting in sharp swings in the equity markets and uncertainty surrounding economic growth. By May, global trade talks brought some clarity to investors, steadying stocks and erasing earlier losses. However, volatility crept back into the financial markets in June as the conflict between Israel and Iran escalated, igniting concerns about prolonged geopolitical tensions and tempering investor sentiment. The road ahead may continue to be bumpy at times and how investors react to those bumps can make all the difference. Adhering to a well-thought-out financial plan that includes a diversified portfolio of asset classes may be difficult during turbulent times. However, we believe this can be a prudent strategy to help investors navigate through the inevitable ups and downs of the financial markets. Nevertheless, please keep in mind that past performance cannot guarantee future results, and diversification does not guarantee against market losses.   Overview of the markets and economy U.S. and international stock markets advanced for the six-month period despite ongoing geopolitical turmoil and uncertainty regarding tariff policy. The U.S. economy contracted by an annual rate of 0.5% in the first quarter of 2025, primarily due to a deceleration in consumer spending and a downturn in government expenditures. However, economies of the 20-nation euro area and China expanded during the same period, despite trade tensions with the United States, which have clouded the outlook for growth for the remainder of 2025. Global central banks had varying monetary policy decisions during the six months. The U.S. Federal Reserve left interest rates unchanged at 4.25%–4.50%, citing low unemployment and somewhat elevated inflation. However, the European Central Bank lowered its suite of benchmark rates on multiple occasions, and the Bank of England decreased its benchmark rate twice to 4.25%.   Stocks and bonds posted gains For the six-month period, U.S. stocks, as represented by the S&P 500®Index, gained 6.20%. International equities, as measured by the MSCI EAFE®Index, advanced 19.45%. The U.S. investment-grade fixed-rate bond market, as measured by the Bloomberg U.S. Aggregate Bond Index, returned 4.02% as yields on U.S. fixed-income securities declined across most maturities. Bond yields move in the opposite direction of prices.   CREF performance review All CREF Accounts* posted gains for the first six months of 2025. Generally, stocks outperformed bonds, and international equities surpassed U.S. stocks. However, account performance was mixed when compared to their respective benchmarks. The Stock Account gained 9.60% but trailed the 9.82% return of the MSCI All Country World (ACWI) Investable Market Index (IMI). The Global Equities Account rose 9.19% but underperformed the 10.05% return of the MSCI All Country World Index. The Social Choice Account, which is a balanced portfolio with equity and fixed income components that incorporates environmental, social and governance (ESG) and impact criteria, advanced 8.70% and outperformed the returns of its Composite benchmark and the Morningstar Moderate Target Risk Index at 7.74% and 8.66%, respectively. The Growth Account returned 6.51% and exceeded the 6.09% return of the Russell 1000®Growth Index. The passively managed Equity Index Account gained 5.60% but lagged the 6.20% return of the S&P 500 Index.

 

 

 

4

Among fixed-income accounts, the Inflation-Linked Bond Account advanced 4.91%, but trailed the 5.08% return of the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. The Core Bond Account rose 4.19%, surpassing the 4.02% return of the Bloomberg U.S. Aggregate Bond Index. The Money Market Account gained 2.11% and outpaced the 2.00% return of the iMoneyNet Money Fund Averages™—All Government.

*Account returns referenced are for the R3 Share Class.

TIAA is here to help

If you have any questions or concerns about your investments, we encourage you to speak with your financial advisor or call a TIAA financial consultant. To learn more, visit us at TIAA.org or call 800-842-2252. We would be pleased to assist you.

Best regards,

 

Colbert G. Narcisse

President and Chief Executive Officer of CREF

 

5

About the Accounts’ Benchmarks

 

CREF Stock Account

The Account’s new benchmark is the MSCI All Country World (ACWI) Investable Market Index (IMI): An index designed to measure the performance of large, mid and small cap stocks across 23 developed and 24 emerging markets countries. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

The Account’s former composite benchmark is a weighted average of two unmanaged indexes: The Russell 3000^®Index, which measures the performance of the broad U.S. stock market, and the MSCI All Country World (ACWI) ex USA Investable Market Index (IMI), which measures the performance of large and mid-cap stocks in 46 developed- and emerging-markets nations throughout the world, excluding the United States.

CREF Global Equities Account

The Account’s benchmark is the MSCI All Country World Index (ACWI): An index designed to measure the performance of large and mid cap stocks across 23 developed and 24 emerging markets countries. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

CREF Growth Account

The Account’s benchmark is the Russell 1000^®Growth Index: An index designed to measure the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

CREF Equity Index Account

The Account’s new benchmark is the S&P 500^®Index: An index which is generally considered a representative of the U.S. equity market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

The Account’s former benchmark is the Russell 3000 Index: An index designed to measure 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. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

CREF Core Bond Account

The Account’s benchmark is the Bloomberg U.S. Aggregate Bond Index: An index designed to measure the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

CREF Inflation-Linked Bond Account

The Account’s benchmark is the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index: An index designed to measure the performance of fixed-income securities with maturities between 1 and 10 years that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

CREF Social Choice Account

The Account’s composite benchmark is a weighted average of three unmanaged indexes: The S&P 500 Index, which is generally considered a representative of the U.S. equity market; Bloomberg U.S. Aggregate Bond Index, which measures the performance of the USD-denominated, fixed-rate, U.S. investment grade taxable bond market; and the MSCI EAFE^®Index, which measures the performance of large and mid-cap securities across 21 developed market countries, excluding the United States and Canada.

The Morningstar Moderate Target Risk Index is a broad-based securities market index for the Social Choice Account. The index has a multi-asset class exposure (60% global equity, 40% global fixed income) that is similar to the Social Choice Account.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the accounts’ latest prospectus.

 

6

  

 

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE®,” “Russell®” and “FTSE Russell®” are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI. EAFE stands for Europe, Australasia, Far East. S&P 500 is a registered trademark and service mark of Standard & Poor’s Financial Services, LLC, a division of S&P Global.

 

7

CREF Stock Account

 

Performance as of June 30, 2025

										Total return												Average annual total  return												Estimated annual operating expenses*
Stock Account		Inception date								6 months				1 year								5 years				10 years
Class R4			9/16/2022								9.68	%			15.11	%							13.78	%†			10.32	%†							0.110	%
Class R3			7/31/1952								9.60				14.95								13.69				10.28								0.255
Class R2			4/24/2015								9.58				14.89								13.62				10.20								0.300
Class R1			4/24/2015								9.53				14.77								13.46				10.00								0.395
MSCI ACWI IMI			–								9.82				15.89								13.39				9.69								–
CREF Stock Account Composite Index‡			–								9.93				16.36								14.11				10.87								–

The returns in this report show 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, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

*

The estimated annual operating expenses are taken from the Account’s current prospectus. 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. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.

†	The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account’s Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

‡

Effective May 1, 2025, the Stock Account changed its benchmark index from the CREF Stock Account Composite Index to the MSCI ACWI IMI Index because the new index is more publicly accessible and broadly recognized. The CREF Stock Account Composite Index is a weighted average of two unmanaged indices. As of the close of business on June 30, 2025, the CREF Stock Account Composite Index consisted of: 65.0% Russell 3000® Index and 35.0% MSCI ACWI ex USA IMI. The Account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

 

 

8

CREF Global Equities Account

 

Performance as of June 30, 2025

										Total return												Average annual total return												Estimated annual operating expenses*
Global Equities Account		Inception date								6 months				1 year								5 years				10 years
Class R4			9/16/2022								9.27	%			15.23	%							14.30	%†			10.22	%†							0.095	%
Class R3			5/1/1992								9.19				15.07								14.21				10.18								0.240
Class R2			4/24/2015								9.17				15.01								14.14				10.11								0.285
Class R1			4/24/2015								9.12				14.89								13.98				9.90								0.380
MSCI All Country World Index			–								10.05				16.17								13.65				9.99								–

The returns in this report show 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, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

*

The estimated annual operating expenses are taken from the Account’s current prospectus. 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. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.

†	The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account’s Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

 

 

9

CREF Growth Account

 

Performance as of June 30, 2025

										Total return												Average annual total  return												Estimated annual operating expenses*
Growth Account		Inception date								6 months				1 year								5 years				10 years
Class R4			9/16/2022								6.58	%			15.21	%							16.23	%†			15.34	%†							0.060	%
Class R3			4/29/1994								6.51				15.05								16.13				15.29								0.205
Class R2			4/24/2015								6.49				14.99								16.06				15.22								0.250
Class R1			4/24/2015								6.44				14.86								15.89				15.00								0.345
Russell 1000® Growth Index			–								6.09				17.22								18.15				17.01								–

The returns in this report show 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, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

*

The estimated annual operating expenses are taken from the Account’s current prospectus. 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. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.

†	The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account’s Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

 

 

10

CREF Equity Index Account

 

Performance as of June 30, 2025

										Total return												Average annual total  return												Estimated annual operating expenses*
Equity Index Account		Inception date								6 months				1 year								5 years				10 years
Class R4			9/16/2022								5.67	%			15.15	%							15.87	%†			12.80	%†							0.025	%
Class R3			4/29/1994								5.60				14.99								15.77				12.75								0.170
Class R2			4/24/2015								5.57				14.93								15.70				12.68								0.215
Class R1			4/24/2015								5.52				14.81								15.54				12.47								0.310
S&P 500® Index			–								6.20				15.16								16.64				13.65								–
Russell 3000® Index‡			–								5.75				15.30								15.96				12.96								–

The returns in this report show 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, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

*

The estimated annual operating expenses are taken from the Account’s current prospectus. 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. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.

†	The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account’s Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

‡

Effective May 1, 2025, the Equity Index Account changed its benchmark index from the Russell 3000® Index to the S&P 500® Index due to a corresponding change in the Account’s investment strategy from tracking the Russell 3000® Index to tracking the S&P 500® Index. Therefore, performance of the Account for periods in the table before May 1, 2025 reflects when the Account was operated using an investment strategy of tracking the Russell 3000® Index.

 

 

11

CREF Core Bond Account

 

Performance as of June 30, 2025

										Total return												Average annual total  return												Estimated annual operating expenses*
Core Bond Account		Inception date								6 months				1 year								5 years				10 years
Class R4			9/16/2022								4.26	%			6.63	%							0.06	%†			2.19	%†							0.085	%
Class R3			3/1/1990								4.19				6.48								-0.03				2.15								0.230
Class R2			4/24/2015								4.17				6.42								-0.08				2.09								0.275
Class R1			4/24/2015								4.12				6.31								-0.23				1.89								0.370
Bloomberg U.S. Aggregate Bond Index			–								4.02				6.08								-0.73				1.76								–

The returns in this report show 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, and you may have a gain or a loss when you redeem your accumulation units. For current performance and 30-day SEC yield information, including performance to the most recent month-end, please visit TIAA.org.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

*

The estimated annual operating expenses are taken from the Account’s current prospectus. 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. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.

†	The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account’s Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

 

 

12

CREF Inflation-Linked Bond Account

 

Performance as of June 30, 2025

										Total return												Average annual total  return												Estimated annual operating expenses*
Inflation-Linked Bond Account		Inception date								6 months				1 year								5 years				10 years
Class R4			9/16/2022								4.98	%			6.96	%							3.12	%†			2.99	%†							0.040	%
Class R3			5/1/1997								4.91				6.82								3.03				2.94								0.185
Class R2			4/24/2015								4.89				6.76								2.97				2.88								0.230
Class R1			4/24/2015								4.84				6.64								2.82				2.69								0.325
Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index			–								5.08				6.85								2.89				2.93								–

The returns in this report show 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, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

*

The estimated annual operating expenses are taken from the Account’s current prospectus. 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. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.

†	The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account’s Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

 

 

13

CREF Social Choice Account

 

Performance as of June 30, 2025

										Total return												Average annual total  return												Estimated annual operating expenses*
Social Choice Account		Inception date								6 months				1 year								5 years				10 years
Class R4			9/16/2022								8.78	%			12.21	%							8.31	%†			7.49	%†							0.070	%
Class R3			3/1/1990								8.70				12.05								8.22				7.45								0.215
Class R2			4/24/2015								8.68				11.99								8.16				7.38								0.260
Class R1			4/24/2015								8.63				11.87								8.00				7.18								0.355
Broad market index Morningstar Moderate Target Risk Index			–								8.66				12.92								7.64				6.82								–
CREF Social Choice Account Composite Index‡			–								7.74				12.11								8.52				7.54								–

The returns in this report show 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, and you may have a gain or a loss when you redeem your accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org.

You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.

 

*

The estimated annual operating expenses are taken from the Account’s current prospectus. 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. Refer to the Financial highlights later in this report for the Account’s expense ratios as of the end of the reporting period.

†	The performance shown for Class R4 that is prior to its respective inception date is based on the performance of the Account’s Class R3. The performance of Class R4 for periods prior to its inception has not been restated to reflect the lower expenses of Class R4.

‡

As of the close of business on June 30, 2025, the CREF Social Choice Composite Index consisted of: 42.0% S&P 500® Index, 40.0% Bloomberg U.S. Aggregate Bond Index and 18.0% MSCI EAFE® Index. The Account’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time.

 

 

14

CREF Money Market Account

 

 

15

Expense Examples

 

All participants in the CREF Accounts incur ongoing costs, including management fees and other account expenses.

The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other variable annuity accounts and mutual funds. Participants in the CREF Accounts do not incur a sales charge for purchases or other distributions.

The examples are based on an investment of $10,000 invested at the beginning and held for the entire reporting period. The examples are also based on each Account’s actual expenses, which may vary from the expense rates shown in CREF’s prospectus.

What were the Accounts’ costs for the last six months? (based on a hypothetical $10,000 investment)

 

Stock Account		Cost of a $10,000 investment				Cost paid as a percentage of $10,000 investment*
Class R4			$6				0.12%
Class R3			$13				0.26%
Class R2			$15				0.30%
Class R1			$20				0.39%
Global Equities Account		Cost of a $10,000 investment				Cost paid as a percentage of $10,000 investment*
Class R4			$5				0.10%
Class R3			$12				0.23%
Class R2			$14				0.28%
Class R1			$19				0.37%
Growth Account		Cost of a $10,000 investment				Cost paid as a percentage of $10,000 investment*
Class R4			$3				0.06%
Class R3			$10				0.20%
Class R2			$12				0.24%
Class R1			$17				0.33%
Equity Index Account		Cost of a $10,000 investment				Cost paid as a percentage of $10,000 investment*
Class R4			$1				0.03%
Class R3			$8				0.16%
Class R2			$10				0.20%
Class R1			$15				0.29%
Core Bond Account		Cost of a $10,000 investment				Cost paid as a percentage of $10,000 investment*
Class R4			$5				0.09%
Class R3			$11				0.23%
Class R2			$13				0.27%
Class R1			$18				0.37%
Inflation-Linked Bond Account		Cost of a $10,000 investment				Cost paid as a percentage of $10,000 investment*
Class R4			$2				0.04%
Class R3			$9				0.18%
Class R2			$11				0.22%
Class R1			$16				0.32%

 

16

 

 

Social Choice Account		Cost of a $10,000 investment				Cost paid as a percentage of $10,000 investment*
Class R4			$4				0.08%
Class R3			$11				0.21%
Class R2			$13				0.25%
Class R1			$17				0.35%
Money Market Account		Cost of a $10,000 investment				Cost paid as a percentage of $10,000 investment*
Class R4			$1				0.03%
Class R3			$8				0.16%
Class R2			$10				0.20%
Class R1			$15				0.30%

 

*	Annualized for period less than one year.

 

17

Summary Portfolio of Investments

 

 

18		See Notes to Financial Statements