Investment Performance Summary as of August 31, 2020 · ,19(670(17 3(5)250$1&( 6800$5,(6,16758&7,216 (yhu\ prqwk dqg hyhu\ txduwhu 7,$$ fuhdwhv d vxppdu\ ri shuirupdqfh lqirupdwlrq

$Page 1: Investment Performance Summary as of August 31, 2020 · ,19(670(17 3(5)250$1&( 6800$5,(6,16758&7,216 (yhu\ prqwk dqg hyhu\ txduwhu 7,$$ fuhdwhv d vxppdu\ ri shuirupdqfh lqirupdwlrq$
INVESTMENT PERFORMANCE SUMMARIESDISCLOSURE 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 or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted within. For the most recent month end performance, visit the TIAA website at https://www.tiaa.org/public/tcfpi/InvestResearch or call 877-518-9161.

For mutual fund prospectuses, or for annuities the contract prospectus and, if applicable, the underlying funds' prospectuses visit the TIAA website at http://www.tiaa.org/public/prospectuses/ or call 877-518-9161.

TIAA Mutual Funds are managed by Teacher's Advisors, LLC under the supervision of the Board of Trustees. Advisors is an indirect wholly-owned subsidiary of TIAA. It is registered as an investment adviser with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940.

CREF variable annuity accounts are managed by TIAA Investment Management, LLC, a registered investment adviser.

Annuity account options are available through contracts issued by TIAA or CREF. These contracts are designed for retirement or other long-term goals, and offer a variety of income options, including lifetime income. Payments from the variable annuity accounts [and mutual funds] are not guaranteed and will rise or fall based on investment performance. Mutual funds do not offer the range of income options available through annuities.

The CREF Money Market Account and TIAA-CREF Money Market Fund are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the TIAA-CREF Money Market Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund.

The current yield of the money market funds/accounts more closely reflects current earnings than does the total return.

For the CREF variable annuity accounts we estimate expenses for the coming year based on projected expenses, asset levels and other relevant factors. At the end of each quarter, we compare these projections with the account’s actual experience and adjust the account’s expenses upward or downward to reflect any difference. These adjustments are made in equal daily installments over the remaining days of the new quarter.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc. and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

The investment advisory services, strategies and expertise of TIAA Investments, a division of Nuveen, are provided by Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. Securities offered through Nuveen Securities, LLC.

Please note that equity returns have historically been higher than other asset classes, but carry considerable risk of principal. Small stocks are traditionally more volatile than large stocks. Fixed income returns have historically been less than equity returns, are subject to interest rate risk, but bring greater safety of principal. Real estate investing has special risks, including fluctuations in property value, higher expenses or lower income than expected, and potential environmental problems and liability.

Morningstar is an independent service that rates mutual funds and variable annuities, based on risk-adjusted returns. Although Morningstar data are gathered from reliable sources, neither Morningstar nor TIAA can guarantee its completeness and accuracy. Morningstar does not rate money market accounts. Past performance does not guarantee future results. Accumulation net asset values and returns will vary.

Morningstar ratings include Retail, Retirement, Premier and Institutional fund share classes that have completed one calendar year of performance; CREF Variable Annuity Accounts; and the Life Funds. Please note Morningstar rates CREF group variable annuities within the open-end mutual fund universe. Current rankings may be higher or lower on a monthly basis. Morningstar is an independent service that rates mutual funds and variable annuities. The top 10% of accounts in an investment category receive five stars, the next 22.5% receive four stars, and the next 35% receive three stars. Morningstar proprietary ratings reflect historical risk-adjusted performance and can change every month. They are calculated from the account’s three-, five- and ten-year average annual returns in excess of 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects subaccount performance below 90-day T-bill returns. Past performance cannot guarantee future results. For current performance and rankings, please visit https://www.tiaa.org/public/tcfpi/InvestResearch.

There are special risks associated with investments in foreign securities, including erratic market conditions economic and political instability and fluctuations in currency exchange rates.

TIAA may use fair value pricing when there are significant market movements in the United States after foreign markets have closed and it is expected that prices on those markets will change when they open the next day. Our benchmark indexes do not use this procedure. This difference in calculating share prices may magnify differences between a fund’s performance and that of its benchmark. For a full description of fair value pricing, please see the section ‘Calculating share price’ in the mutual fund prospectuses.

Lifecycle Fund Disclosures:

The Target Date is the approximate date when investors plan to start withdrawing their money.

The principal investment in any Lifecycle Fund is not guaranteed at any time even at or after the Target Date has been reached.

The Lifecycle Funds are Actively Managed fund of funds that invest primarily in Actively Managed Mutual Funds. Any chart or depiction of Lifecycle Fund asset allocation or glide paths will reflect current allocation and may be subject to change at any moment without notice.

Approximately seven to ten years following the Lifecycle Fund's target date the Fund may be merged into the TIAA-CREF Lifecycle Retirement Income Fund.

Benchmark Disclosures:

Please note, you cannot invest directly in any index.

The Morgan Stanley Capital International Europe, Australasia, Far East (EAFE) Index is an unmanaged index. The Index tracks the performance of the leading stocks in 21 MSCI developed counties outside of North America. EAFE is a trademark of Morgan Stanley Capital International, Inc. The Morgan Stanley Capital International All Country World Ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging market nations, excluding the United States. The MSCI Emerging Markets® (EM) Index tracks the performance of the leading stocks in 20 MSCI emerging countries in the following areas: Europe, Asia, Africa, Latin America and the Middle East. The MSCI All Country World Commodity Producers Sector Capped Index (the "Index") is a free float-adjusted index that tracks the overall performance of stocks of commodity producers in 24 developed market and 21 emerging market countries around the world.

The iMoneyNet Money Fund Averages™ – All Government is a simple average of over 500 money market funds that invest in U.S. Treasuries, U.S. Agencies, repurchase agreements and government-backed floating rate notes and you cannot invest directly in it.

Standard & Poor’s 500 Index and S&P are registered trademarks. The S&P 500 Index is an unmanaged index of 500 stocks. S&P 500 is a trademark of The McGraw-Hill Companies, Inc.

The Russell 1000, 2000, 2500, 3000, MidCap Growth, MidCap Value indexes are registered trademarks of the Frank Russell Company. Our accounts are not promoted or sponsored by or affiliated with Frank Russell Company.

The ICE BofA Merrill Lynch BB-B US Cash Pay Index is an unmanaged index. The index includes securities that are rated either BB or B on a composite basis by Moody’s and Standard & Poor’s and are U.S. dollar cash-pay securities.

The Bloomberg Barclays U.S. Aggregate Bond Index, the Bloomberg Barclays 10-Year Municipal Bond Index and the Bloomberg Barclays Mutual Fund (1-3 Year) Government/Credit Index are all unmanaged indices.

The NAREIT Index is an unmanaged, market capitalization weighted index of all publicly-traded REITs that invest predominantly in the equity ownership of real estate. The index is designed to reflect the performance of all publicly-traded equity REITs as a whole.

Lipper is a trademark of Reuters, SA and provides data and analysis on Mutual Funds and Variable Annuities.

© 2020 and prior years, Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, New York, NY 10017)

C14977

INVESTMENT PERFORMANCE SUMMARIESINSTRUCTIONS

Every month and every quarter, TIAA creates a summary of performance information on all TIAA-CREF funds. The performance summaries highlight month or quarter end reviews of:

- Six different asset classes of funds

- Net assets under management for each fund

- Expense Ratio

- 1 month, 3 month, YTD performance

- 1, 3, 5, 10 year and since inception performance

- Benchmark comparisons

The reports are available the 10th business day of each month. If you plan to utilize this information for internally-generated reports of investment funds offered by your institution, please make certain that the following guidelines are adhered to in order to ensure proper legal and regulatory disclosures are provided to your institution’s employees. Disclosures are an increasing focus of securities regulators (including SEC and FINRA) so we feel this protects both you and your participants while providing useful and current information. Please contact your TIAA Relationship Manager if you have any questions. Thank you.

1. The disclosure page cannot be changed in any way and must be provided with the report.2. Benchmark data may be removed for a fund(s) but the removal must be consistent across all funds. For example, if your plan offers TIAA-CREF Large Cap Value Fund, you may either delete all of the benchmarks associated with this Fund or keep all of them.

3. Non-proprietary funds cannot be added to this spreadsheet. If you offer non-proprietary funds in your plans, a clear distinction must be made between those funds and the TIAA-CREF funds.

4. The disclosure page should precede the performance presentation, or otherwise be prominently presented.

5. The performance data should not be altered in any way.

6. Only those tabs/share classes/funds offered under the respective plans may be sent to plan administrators.

Thank you for your cooperation in adhering to these guidelines. Please contact your TIAA Relationship Manager if you need additional information or if you have any questions.

INVESTMENT PERFORMANCE SUMMARYCREF VARIABLE ANNUITIES - R3

1 Year 3 Year 5 Year 10 Year 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year Since

Total Portfolio Net Exp. 10/01/19 10/01/17 10/01/15 10/01/10 12/01/20 10/01/20 01/01/20 01/01/20 01/01/18 01/01/16 01/01/11 Inception

Assets (in $Mil.) Ratio to to to to to to to to to to to to Inc.

ACCOUNT 12/31/20 (bps) 09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date

U.S. Equities

CREF EQUITY INDEX ACCOUNT $21,835.80 23 14.74% 11.43% 13.45% 13.16% 4.48% 14.61% 20.63% 20.63% 14.27% 15.19% 13.48% 10.11% 4/29/1994

4/24/2015

BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 10.45%

Fund vs.Russell 3000 Index -26 -22 -24 -32 -2 -7 -26 -26 -22 -24 -31 -34

PG: Large Blend M'star OE Category 10.70% 9.55% 11.77% 11.96% N/A N/A N/A 15.83% 11.89% 13.39% 12.28% N/A

Fund vs. Large Blend M'star OE Category 404 188 168 120 N/A N/A N/A 480 238 180 120 N/A

PG: Fund % Rank in Large Blend M'star Category 33% 38% 32% 31% N/A N/A N/A 22% 21% 19% 27% N/A

PG: # of funds in Large Blend M'star Category 1370 1229 1066 819 N/A N/A N/A 1363 1232 1072 814 N/A

Fund Star Rating N/A *** *** *** N/A N/A N/A N/A **** **** **** N/A

CREF GROWTH ACCOUNT $35,717.60 26 37.52% 20.49% 18.89% 16.73% 4.79% 11.45% 40.76% 40.76% 21.82% 19.65% 16.73% 10.22% 4/29/1994

4/24/2015

BM: Russell 1000 Growth Index 37.53% 21.67% 20.10% 17.25% 4.60% 11.39% 38.49% 38.49% 22.99% 21.00% 17.21% 11.09%

Fund vs.Russell 1000 Growth Index -1 -118 -121 -52 19 6 227 227 -117 -135 -48 -87

PG: Large Growth M'star OE Category 32.13% 18.22% 16.99% 15.01% N/A N/A N/A 35.86% 20.50% 18.30% 15.14% N/A

Fund vs. Large Growth M'star OE Category 539 227 190 172 N/A N/A N/A 490 132 135 159 N/A

PG: Fund % Rank in Large Growth M'star Category 27% 35% 33% 24% N/A N/A N/A 27% 39% 32% 24% N/A

PG: # of funds in Large Growth M'star Category 1328 1229 1095 813 N/A N/A N/A 1289 1197 1070 789 N/A

Fund Star Rating N/A *** *** **** N/A N/A N/A N/A *** **** **** N/A

Global Equities

CREF GLOBAL EQUITIES ACCOUNT $24,361.70 30 16.37% 8.08% 10.38% 9.43% 5.34% 15.89% 22.75% 22.75% 11.34% 12.61% 10.09% 8.24% 5/1/1992

4/24/2015

BM: MSCI AC World Index 10.44% 7.12% 10.30% 8.55% 4.64% 14.68% 16.25% 16.25% 10.06% 12.26% 9.13% N/A

Fund vs.MSCI AC World Index 593 96 8 88 70 121 650 650 128 35 96 N/A

PG: World Large Stock M'star OE Category 10.77% 6.59% 9.58% 8.28% N/A N/A N/A 17.67% 9.70% 11.48% 8.97% N/A

Fund vs. World Large Stock M'star OE Category 560 149 80 115 N/A N/A N/A 508 164 113 112 N/A

PG: Fund % Rank in World Large Stock M'star Category 25% 34% 37% 32% N/A N/A N/A 27% 34% 32% 32% N/A

PG: # of funds in World Large Stock M'star Category 823 725 608 360 N/A N/A N/A 867 760 631 385 N/A

Fund Star Rating N/A *** *** **** N/A N/A N/A N/A *** *** **** N/A

CREF STOCK ACCOUNT [5,7]

$127,061.50 33 11.30% 7.55% 10.73% 10.18% 4.98% 15.37% 17.91% 17.91% 10.73% 12.84% 10.65% 9.96% 7/31/1952

4/24/2015

BM: CREF Composite Benchmark [1]

11.50% 8.45% 11.49% 10.68% 4.83% 15.44% 17.93% 17.93% 11.57% 13.52% 11.18% N/A

Fund vs.CREF Composite Benchmark -20 -90 -76 -50 15 -7 -2 -2 -84 -68 -53 N/A

BM: Morningstar Aggressive Target Risk TR USD 5.78% 6.16% 9.85% 9.25% 4.58% 15.77% 13.26% 13.26% 9.41% 12.20% 9.76% N/A

Fund vs.Morningstar Aggressive Target Risk TR USD 552 139 88 93 40 -40 465 465 132 64 89 N/A

PG: Allocation--85%+ Equity M'star OE Category 6.14% 5.38% 8.57% 8.96% N/A N/A N/A 15.41% 9.41% 11.03% 9.68% N/A

Fund vs. Allocation--85%+ Equity M'star OE Category 516 217 216 122 N/A N/A N/A 250 132 181 97 N/A

PG: Fund % Rank in Allocation--85%+ Equity M'star Category 26% 25% 9% 13% N/A N/A N/A 35% 27% 8% 12% N/A

PG: # of funds in Allocation--85%+ Equity M'star Category 169 154 138 99 N/A N/A N/A 163 154 134 94 N/A

Fund Star Rating N/A **** **** **** N/A N/A N/A N/A *** **** **** N/A

Fixed Income

CREF BOND MARKET ACCOUNT $15,022.10 26 6.45% 5.14% 4.38% 3.72% 0.39% 1.54% 7.92% 7.92% 5.50% 4.82% 4.00% 5.85% 3/1/1990

4/24/2015

BM: Bloomberg Barclays U.S. Aggregate Bond Index 6.98% 5.24% 4.18% 3.64% 0.14% 0.67% 7.51% 7.51% 5.34% 4.44% 3.84% 6.04%

Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -53 -10 20 8 25 87 41 41 16 38 16 -19

PG: Intermediate Core Bond M'star OE Category 6.66% 4.88% 3.94% 3.49% N/A N/A N/A 7.52% 5.11% 4.26% 3.69% N/A

Fund vs. Intermediate Core Bond M'star OE Category -21 26 44 23 N/A N/A N/A 40 39 56 31 N/A

PG: Fund % Rank in Intermediate Core Bond M'star Category 64% 39% 23% 35% N/A N/A N/A 38% 25% 19% 31% N/A

PG: # of funds in Intermediate Core Bond M'star Category 417 380 335 255 N/A N/A N/A 415 380 330 252 N/A

Fund Star Rating N/A *** **** *** N/A N/A N/A N/A **** **** **** N/A

CREF INFLATION-LINKED BOND ACCOUNT $7,224.00 23 7.32% 4.33% 3.50% 2.82% 1.13% 1.44% 8.03% 8.03% 4.62% 3.98% 3.07% 4.94% 5/1/1997

4/24/2015

BM: Bloomberg Barclays US TIPS 1-10 Year Index 7.75% 4.56% 3.66% 2.72% 1.24% 1.60% 8.39% 8.39% 4.93% 4.13% 2.88% N/A

Fund vs.Bloomberg Barclays US TIPS 1-10 Year Index -43 -23 -16 10 -11 -16 -36 -36 -31 -15 19 N/A

PG: Inflation-Protected Bond M'star OE Category 8.79% 5.00% 4.02% 2.96% N/A N/A N/A 10.01% 5.26% 4.59% 3.20% N/A

Fund vs. Inflation-Protected Bond M'star OE Category -147 -67 -52 -14 N/A N/A N/A -198 -64 -61 -13 N/A

PG: Fund % Rank in Inflation-Protected Bond M'star Category 66% 68% 66% 56% N/A N/A N/A 71% 69% 67% 58% N/A

PG: # of funds in Inflation-Protected Bond M'star Category 212 200 172 116 N/A N/A N/A 207 197 173 117 N/A

Fund Star Rating N/A *** *** *** N/A N/A N/A N/A ** *** *** N/A

Multi-AssetCREF SOCIAL CHOICE ACCOUNT

[3]$17,393.10 26 9.14% 7.48% 8.69% 8.06% 2.85% 9.35% 13.52% 13.52% 9.49% 10.00% 8.44% 8.51% 3/1/1990

4/24/2015

BM: CREF Social Choice Account Composite Benchmark 9.71% 7.46% 8.63% 8.32% 2.76% 9.26% 13.89% 13.89% 9.40% 9.89% 8.67% 8.60%

Fund vs.CREF Social Choice Account Composite Benchmark -57 2 6 -26 9 9 -37 -37 9 11 -23 -9

BM: Morningstar Moderate Target Risk TR USD 7.69% 6.37% 8.13% 7.36% 3.06% 10.24% 12.82% 12.82% 8.55% 9.75% 7.77% N/A

Fund vs.Morningstar Moderate Target Risk TR USD 145 111 56 70 -21 -89 70 70 94 25 67 N/A

PG: Allocation--50% to 70% Equity M'star OE Category 6.28% 5.71% 7.45% 7.53% N/A N/A N/A 11.72% 7.76% 8.99% 7.90% N/A

Fund vs. Allocation--50% to 70% Equity M'star OE Category 286 177 124 53 N/A N/A N/A 180 173 101 54 N/A

PG: Fund % Rank in Allocation--50% to 70% Equity M'star Category 34% 25% 26% 37% N/A N/A N/A 37% 27% 29% 36% N/A

PG: # of funds in Allocation--50% to 70% Equity M'star Category 676 638 581 414 N/A N/A N/A 673 636 575 414 N/A

Fund Star Rating N/A **** **** *** N/A N/A N/A N/A **** **** *** N/A

FOR PERIOD ENDING December 31, 2020PLEASE REFER TO RISK DISCLOSURES ON PAGE ONE

Previous Quarter-End Returns Current Month-End ReturnsAvg. Annual Returns Avg. Annual Returns





ACCOUNT 12/31/20 (bps) 09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



Money MarketCREF MONEY MARKET ACCOUNT

[2,4,6]$10,652.70 23 0.79% 1.34% 0.90% 0.45% 0.00% 0.00% 0.38% 0.38% 1.28% 0.90% 0.45% 3.04% 4/1/1988

4/24/2015

PG: iMoneynet Money Fund AveragesTM-All Government 0.61% 1.22% 0.80% 0.41% 0.00% 0.00% 0.28% 0.28% 1.16% 0.80% 0.41% 2.76%

Fund vs.iMoneynet Money Fund AveragesTM-All Government 18 12 10 4 0 0 10 10 12 10 4 28

7-Day Effective Yield as of 12/31/2020: 0.00%

7-Day Current Yield as of 12/31/2020: 0.00%

CREF ACCOUNTS TOTALS $259,268.50

[4] Beginning July 16, 2009, part or all of the 12b-1 distribution expenses and/or administrative expenses attributable to the CREF Money Market Account are being voluntarily waived. Without these waivers, the 7-day current and effective annualized yields and total returns would have been lower. These waivers may be discontinued at any time without notice. Amounts waived on or after October 1, 2010 are subject to possible recovery by TIAA under certain conditions. Please see the prospectus for additional information.

[5] If a fund is displayed with a "composite index", an appropriate broad market index is also included for reference.

[6] Effective October 1, 2016, the iMoneyNet Money Fund Averages-All Taxable peer group was changed to the iMoneyNet Money Fund Averages-All Government.[7] Previously, the Fund compared its performance to the Russell 3000 Index instead of the Morningstar Aggressive Target Risk Index as shown. The returns of the Morningstar Aggressive Target Risk Index are more appropriate for comparison purposes because they reflect multi-asset class exposure and a similar risk profile as the Fund.

Where a product lists two inception dates, the top date reflects the inception date of the product’s oldest share class, and the bottom date represents the date of inception for the Share Class being reported.The performance shown for Class R3 that is prior to its inception date is based on the performance of the Account's Class R1. The performance for these periods has not been restated to reflect the lower expenses of Class R3. If these lower expenses had been reflected, the performance of Class R3 for these periods would have been higher.

[1] Current Weightings: 70.00% Russell 3000® Index, 30.00% MSCI ACWI ex US Investable Market Index.

[2] The Peer Group since inception performance shown is computed from May 1988.

[3] As of July 1, 2002, the domestic equity component of the Social Choice Account uses the Russell 3000® Index as its benchmark. Prior to July 1, 2002, it used the S&P 500® Index. Consequently, the domestic equity component of the benchmark data involving time periods prior to July 1, 2002, are a combination of the Russell 3000® and the S&P 500®, reflecting the proportional weights of the two equity benchmarks during the periods involved. As of April 1, 2008, the MSCI EAFE®+Canada Index was added to the Social Choice Account’s composite benchmark to reflect the change in the equity component of the account to include foreign developed-market stocks. The current weightings are 42% Russell 3000® Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index, 18% MSCI EAFE + Canada Index.

As provided for in the annuity contracts or certificates, restrictions may apply to certain plan sponsor and / or participant initiated transactions. Please refer to these documents for details.

BM = Benchmark; PG = Peer Group; % Rank within Morningstar Category: 1 = Best 100 = Worst; Morningstar Category Returns are equal-weighted.

The Morningstar category averages, percentile ranks and star ratings are sourced from the Morningstar Essentials files prepared for TIAA as well as from Morningstar Direct.

Morningstar, Inc. rates and ranks U.S. variable annuities’ underlying funds within their open-end mutual funds universe and includes the effect of fees and expenses charged by U.S. variable annuities in their comparisons. The data points that provide the number of investments in each category for the 3, 5, and 10 year time periods reflect the number of funds in each respective Morningstar open-end fund category.


1 Year 3 Year 5 Year 10 Year 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year SinceTotal Portfolio Net Exp. 10/01/19 10/01/17 10/01/15 10/01/10 12/01/20 10/01/20 01/01/20 01/01/20 01/01/18 01/01/16 01/01/11 InceptionAssets (in $Mil.) Ratio to to to to to to to to to to to to Inc.

ACCOUNT 12/31/20 (bps) 09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date

U.S. Equities


4/24/2015

BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 10.45%






Fund Star Rating N/A *** *** *** N/A N/A N/A N/A **** **** **** N/A


4/24/2015








Global Equities


4/24/2015


Fund vs.MSCI AC World Index 586 91 0 83 70 119 643 643 122 27 91 N/A







$127,061.50 39 11.23% 7.50% 10.66% 10.13% 4.97% 15.35% 17.84% 17.84% 10.67% 12.76% 10.60% 9.95% 7/31/1952

4/24/2015


11.50% 8.45% 11.49% 10.68% 4.83% 15.44% 17.93% 17.93% 11.57% 13.52% 11.18% N/A









Fixed Income


4/24/2015


Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -59 -16 13 4 24 86 34 34 11 31 12 -20





Fund Star Rating N/A *** **** *** N/A N/A N/A N/A **** **** *** N/A


4/24/2015


Fund vs.Bloomberg Barclays US TIPS 1-10 Year Index -50 -29 -24 6 -12 -18 -43 -43 -36 -22 15 N/A





Fund Star Rating N/A *** *** *** N/A N/A N/A N/A ** ** *** N/A

Multi-Asset

CREF SOCIAL CHOICE ACCOUNT [3]

$17,393.10 32 9.08% 7.42% 8.62% 8.01% 2.84% 9.34% 13.45% 13.45% 9.43% 9.93% 8.40% 8.50% 3/1/1990

4/24/2015


Fund vs.CREF Social Choice Account Composite Benchmark -63 -4 -1 -31 8 8 -44 -44 3 4 -27 -10


Fund vs.Morningstar Moderate Target Risk TR USD 139 105 49 65 -22 -90 63 63 88 18 63 N/A





Fund Star Rating N/A **** **** *** N/A N/A N/A N/A **** **** *** N/A




1 Year 3 Year 5 Year 10 Year 1 Month 3 Month YTD 1 Year 3 Year 5 Year 10 Year SinceTotal Portfolio Net Exp. 10/01/19 10/01/17 10/01/15 10/01/10 12/01/20 10/01/20 01/01/20 01/01/20 01/01/18 01/01/16 01/01/11 InceptionAssets (in $Mil.) Ratio to to to to to to to to to to to to Inc.

ACCOUNT 12/31/20 (bps) 09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



Money Market

CREF MONEY MARKET ACCOUNT [2,4,6]

$10,652.70 29 0.74% 1.26% 0.83% 0.41% 0.00% 0.00% 0.35% 0.35% 1.21% 0.83% 0.41% 3.03% 4/1/1988

4/24/2015












Where a product lists two inception dates, the top date reflects the inception date of the product’s oldest share class, and the bottom date represents the date of inception for the Share Class being reported.The performance shown for Class R2 that is prior to its inception date is based on the performance of the Account's Class R1. The performance for these periods has not been restated to reflect the lower expenses of Class R2. If these lower expenses had been reflected, the performance of Class R2 for these periods would have been higher.









ACCOUNT 12/31/20 (bps) 09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date

U.S. Equities


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 10.45%






Fund Star Rating N/A *** *** *** N/A N/A N/A N/A *** *** *** N/A









Global Equities



Fund vs.MSCI AC World Index 566 71 -25 70 68 113 623 623 102 3 77 N/A







$127,061.5 57 11.04% 7.30% 10.41% 10.00% 4.96% 15.29% 17.64% 17.64% 10.47% 12.52% 10.46% 9.93% 7/31/1952


11.50% 8.45% 11.49% 10.68% 4.83% 15.44% 17.93% 17.93% 11.57% 13.52% 11.18% N/A








Fund Star Rating N/A *** **** **** N/A N/A N/A N/A *** **** **** N/A

Fixed Income



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -78 -35 -11 -9 23 82 16 16 -8 8 -1 -25








Fund vs.Bloomberg Barclays US TIPS 1-10 Year Index -69 -48 -47 -7 -13 -21 -61 -61 -55 -44 2 N/A





Fund Star Rating N/A ** ** *** N/A N/A N/A N/A ** ** *** N/A

Multi-Asset

CREF SOCIAL CHOICE ACCOUNT [3]

$17,393.1 50 8.89% 7.22% 8.37% 7.88% 2.83% 9.29% 13.26% 13.26% 9.23% 9.69% 8.26% 8.45% 3/1/1990


Fund vs.CREF Social Choice Account Composite Benchmark -82 -24 -26 -44 7 3 -63 -63 -17 -20 -41 -15


Fund vs.Morningstar Moderate Target Risk TR USD 120 85 24 52 -23 -95 44 44 68 -6 49 N/A





Fund Star Rating N/A **** **** *** N/A N/A N/A N/A **** *** *** N/A







ACCOUNT 12/31/20 (bps) 09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



Money Market

CREF MONEY MARKET ACCOUNT [2,4,6]

$10,652.7 48 0.62% 1.00% 0.63% 0.31% 0.00% 0.00% 0.28% 0.28% 0.96% 0.63% 0.31% 3.00% 4/1/1988


Fund vs.iMoneynet Money Fund AveragesTM-All Government 1 -22 -17 -10 0 0 0 0 -20 -17 -10 24














INVESTMENT PERFORMANCE SUMMARYTIAA ANNUITY ACCOUNTS




ACCOUNT 12/31/20 (bps) 09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date

TIAA TRADITIONAL ANNUITY-GROUP RETIREMENT ANNUITY [1,2,3]

$273,268.60 3.75% 3.79% 3.86% 3.97% 0.31% 0.93% 3.75% 3.75% 3.79% 3.85% 3.96% N/A 1918

TIAA TRADITIONAL ANNUITY-GROUP SUPPLEMENTAL RETIREMENT ANNUITY [1,2,3]

3.12% 3.13% 3.19% 3.28% 0.26% 0.77% 3.11% 3.11% 3.13% 3.19% 3.27% N/A 10/1/1973

TIAA TRADITIONAL ANNUITY-IRA (ISSUED ON OR AFTER 10/11/2010) [1,2,3]

1.40% 1.49% 1.33% N/A 0.11% 0.33% 1.36% 1.36% 1.49% 1.35% 1.19% 1.19% 10/11/2010

TIAA TRADITIONAL ANNUITY-IRA (ISSUED PRIOR TO 10/11/2010) [1,2,3,4]

3.00% 3.00% 3.00% 3.03% 0.25% 0.75% 3.00% 3.00% 3.00% 3.00% 3.02% N/A 5/1/1997

TIAA TRADITIONAL ANNUITY-KEOGH [1,2,3]

3.00% 3.00% 3.00% 3.03% 0.25% 0.75% 3.00% 3.00% 3.00% 3.00% 3.02% N/A 4/1/1988

TIAA TRADITIONAL ANNUITY-RETIREMENT ANNUITY [1,2,3]

3.75% 3.79% 3.86% 3.97% 0.31% 0.93% 3.75% 3.75% 3.79% 3.85% 3.96% N/A 1918

TIAA TRADITIONAL ANNUITY-RETIREMENT CHOICE [1,2,3]

4.00% 4.05% 4.13% 4.24% 0.33% 0.98% 4.00% 4.00% 4.04% 4.12% 4.23% 4.41% 8/1/2005

TIAA TRADITIONAL ANNUITY-RETIREMENT CHOICE PLUS [1,2,3]

3.25% 3.29% 3.38% 3.45% 0.27% 0.80% 3.25% 3.25% 3.29% 3.36% 3.45% 3.65% 6/1/2006

TIAA TRADITIONAL ANNUITY-SUPPLEMENTAL RETIREMENT ANNUITY [1,2,3]

3.12% 3.13% 3.19% 3.28% 0.26% 0.77% 3.11% 3.11% 3.13% 3.19% 3.27% N/A 10/1/1973

TIAA REAL ESTATE ACCOUNT (QREARX) $23,229.40 78 -0.24% 3.35% 3.99% 7.67% 0.32% 0.59% -0.84% -0.84% 3.11% 3.78% 7.14% 5.96% 10/2/1995

TIAA ANNUITY TOTALS $296,498.00

[3] The returns shown for the TIAA Traditional Products are based on a single investment at the beginning of each period. The Crediting Rates as of December 01, 2020 are as follows: TIAA Traditional Annuity - RC ( 2.75%); TIAA Traditional Annuity - RA, GRA and GA ( 3.00%); TIAA Traditional Annuity – SRA, GSRA, GSA and SSRA ( 3.00%); TIAA Traditional Annuity - RCP ( 2.00%). Funds applied to the TIAA Traditional Annuity during December 2020 will be credited with the indicated rates through February 28, 2021. Funds transferred to TIAA Traditional Annuity during December 2020 will begin earning interest at the beginning of the next calendar day following the effective date of the transfer, and will be credited with the indicated rates through February 28, 2021.

[4] Contributions and accumulation transfers can no longer be applied to IRA contracts issued prior to 10/10/2010.

[1] The Net Assets figures shown for the TIAA Traditional Annuity Accounts reflect the total Invested Assets that are attributable to the TIAA Traditional line of business within the TIAA General Account as of November 30, 2020. Please note that the assets of the entire General Account are available to meet the claims of the TIAA Traditional Annuity contract holders.

[2] The TIAA Traditional Account under the Retirement Annuity (RA), Group Retirement Annuity (GRA), Group Annuity (GA), Retirement Choice (RC), Supplemental Retirement Annuity (SRA), Group Supplemental Retirement Annuity (GSRA) and Retirement Choice Plus (RCP), Group Supplemental Annuity (GSA) and Special Service Retirement Annuity (SSRA) contracts are issued by Teachers Insurance and Annuity Association (TIAA), New York, NY 10017. Amounts contributed are deposited in TIAA’s general account. These guaranteed accounts and contracts are not considered to be “investments” under the Federal Securities laws. Each premium allocated to these accounts and contracts buys a definite amount of lifetime income for participants based on the rate schedule in effect at the time the premium is paid. In addition, these accounts and contracts provide a guarantee of principal, a guaranteed minimum rate of interest and the potential for additional amounts of interest when declared by TIAA's Board of Trustees. Additional interest, when declared, remains in effect for the "declaration year" that begins each March 1. Additional interest is not guaranteed for future years. Interest crediting rates are net of administrative expenses, investment expenses and risk capital charges. Payment obligations and the fulfillment of the returns provided for in these annuity accounts and contracts are subject to TIAA’s claims-paying ability. Past interest rates are not indicative of future interest rates. These products are not mutual funds or bank products. The obligations of TIAA are not insured by the FDIC or any other federal governmental agency.




INVESTMENT PERFORMANCE SUMMARYTIAA-CREF FUNDSINSTITUTIONAL SHARE CLASS




FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date

U.S. Equities

TIAA-CREF EQUITY INDEX FUND (TIEIX) $30,580.80 5 14.94% 11.59% 13.65% 13.44% 4.48% 14.63% 20.82% 20.82% 14.44% 15.40% 13.75% 7.18% 7/1/1999

Gross Expense Ratio 5

BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%


PG: Large Blend M'star Category 10.70% 9.55% 11.77% 11.96% N/A N/A N/A 15.83% 11.89% 13.39% 12.28% N/A

Fund vs. Large Blend M'star Category 424 204 188 148 N/A N/A N/A 499 255 201 147 N/A



Fund Star Rating N/A *** **** **** N/A N/A N/A N/A **** **** **** N/A

TIAA-CREF GROWTH & INCOME FUND (TIGRX) $5,869.00 41 14.43% 10.80% 12.88% 13.42% 4.57% 14.47% 20.53% 20.53% 13.39% 14.44% 13.79% 7.34% 7/1/1999


BM: S&P 500 Index 15.15% 12.28% 14.15% 13.74% 3.84% 12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 6.79%

Fund vs.S&P 500 Index -72 -148 -127 -32 73 232 213 213 -79 -78 -9 55






TIAA-CREF LARGE-CAP GROWTH FUND (TILGX) $6,619.60 42 39.54% 21.54% 19.50% 17.39% 5.02% 12.52% 44.24% 44.24% 23.56% 20.26% 17.64% 12.49% 3/31/2006



Fund vs.Russell 1000 Growth Index 201 -13 -60 14 42 113 575 575 57 -74 43 -4

PG: Large Growth M'star Category 32.13% 18.22% 16.99% 15.01% N/A N/A N/A 35.86% 20.50% 18.30% 15.14% N/A

Fund vs. Large Growth M'star Category 741 332 251 238 N/A N/A N/A 838 306 196 250 N/A



Fund Star Rating N/A **** **** **** N/A N/A N/A N/A **** **** **** N/A

TIAA-CREF LARGE-CAP GROWTH INDEX FUND (TILIX) $12,807.20 5 37.44% 21.60% 20.03% 17.18% 4.57% 11.38% 38.43% 38.43% 22.92% 20.93% 17.14% 12.56% 10/1/2002



Fund vs.Russell 1000 Growth Index -9 -7 -7 -7 -3 -1 -6 -6 -7 -7 -7 -10






TIAA-CREF LARGE-CAP VALUE FUND (TRLIX) $5,225.40 41 -4.02% 0.44% 6.49% 8.68% 3.65% 17.59% 3.59% 3.59% 4.65% 8.87% 9.22% 9.08% 10/1/2002


BM: Russell 1000 Value Index -5.03% 2.63% 7.66% 9.95% 3.83% 16.25% 2.80% 2.80% 6.07% 9.74% 10.50% 9.15%

Fund vs.Russell 1000 Value Index 101 -219 -117 -127 -18 134 79 79 -142 -87 -128 -7

PG: Large Value M'star Category -4.52% 2.55% 7.26% 9.17% N/A N/A N/A 2.91% 5.57% 9.42% 9.73% N/A

Fund vs. Large Value M'star Category 50 -211 -77 -49 N/A N/A N/A 68 -92 -55 -51 N/A

PG: Fund % Rank in Large Value M'star Category 46% 74% 66% 67% N/A N/A N/A 41% 65% 64% 69% N/A

PG: # of funds in Large Value M'star Category 1205 1129 992 716 N/A N/A N/A 1200 1128 998 716 N/A

Fund Star Rating N/A ** *** ** N/A N/A N/A N/A *** *** ** N/A

TIAA-CREF LARGE-CAP VALUE INDEX FUND (TILVX) $7,564.90 5 -4.96% 2.61% 7.62% 9.88% 3.87% 16.25% 2.90% 2.90% 6.04% 9.70% 10.44% 9.07% 10/1/2002



Fund vs.Russell 1000 Value Index 7 -2 -4 -7 4 0 10 10 -3 -4 -6 -8


Fund vs. Large Value M'star Category -44 6 36 71 N/A N/A N/A -1 47 28 71 N/A



Fund Star Rating N/A *** *** *** N/A N/A N/A N/A *** *** **** N/A

TIAA-CREF MID-CAP GROWTH FUND (TRPWX) $1,672.10 48 27.00% 15.07% 14.05% 13.21% 7.29% 23.32% 45.33% 45.33% 21.19% 18.03% 14.13% 13.23% 10/1/2002


BM: Russell Mid Cap Growth Index 23.23% 16.23% 15.53% 14.55% 4.80% 19.02% 35.59% 35.59% 20.50% 18.66% 15.04% 13.55%

Fund vs.Russell Mid Cap Growth Index 377 -116 -148 -134 249 430 974 974 69 -63 -91 -32

PG: Mid-Cap Growth M'star Category 24.49% 14.68% 14.28% 13.22% N/A N/A N/A 39.26% 19.77% 17.80% 13.83% N/A

Fund vs. Mid-Cap Growth M'star Category 251 39 -23 -1 N/A N/A N/A 607 142 23 30 N/A

PG: Fund % Rank in Mid-Cap Growth M'star Category 32% 47% 52% 54% N/A N/A N/A 27% 36% 41% 45% N/A

PG: # of funds in Mid-Cap Growth M'star Category 607 557 500 380 N/A N/A N/A 604 564 504 383 N/A


TIAA-CREF MID-CAP VALUE FUND (TIMVX) $1,986.50 44 -15.48% -3.69% 2.81% 7.36% 5.65% 21.51% -4.19% -4.19% 1.48% 6.40% 8.21% 10.25% 10/1/2002


BM: Russell Mid Cap Value Index -7.30% 0.82% 6.38% 9.71% 4.63% 20.43% 4.96% 4.96% 5.37% 9.73% 10.49% 10.94%

Fund vs.Russell Mid Cap Value Index -818 -451 -357 -235 102 108 -915 -915 -389 -333 -228 -69

PG: Mid-Cap Value M'star Category -10.25% -1.16% 4.93% 8.16% N/A N/A N/A 2.63% 3.91% 8.67% 9.20% N/A

Fund vs. Mid-Cap Value M'star Category -523 -253 -212 -80 N/A N/A N/A -682 -243 -227 -99 N/A

PG: Fund % Rank in Mid-Cap Value M'star Category 84% 85% 88% 70% N/A N/A N/A 89% 83% 89% 78% N/A

PG: # of funds in Mid-Cap Value M'star Category 420 391 348 248 N/A N/A N/A 415 396 349 247 N/A








FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF QUANT SMALL-CAP EQUITY FUND (TISEX) [15]

$2,880.80 42 -8.13% -1.06% 6.04% 9.32% 9.89% 32.14% 12.82% 12.82% 7.15% 11.16% 10.80% 10.79% 10/1/2002


BM: Russell 2000 Index 0.39% 1.77% 8.00% 9.85% 8.65% 31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 11.12%

Fund vs.Russell 2000 Index -852 -283 -196 -53 124 77 -714 -714 -310 -210 -40 -33

PG: Small Blend M'star Category -6.56% -0.86% 5.68% 8.66% N/A N/A N/A 10.99% 6.41% 10.50% 9.83% N/A

Fund vs. Small Blend M'star Category -157 -20 36 66 N/A N/A N/A 183 74 66 97 N/A

PG: Fund % Rank in Small Blend M'star Category 58% 56% 47% 37% N/A N/A N/A 42% 45% 40% 29% N/A

PG: # of funds in Small Blend M'star Category 658 617 503 358 N/A N/A N/A 671 629 517 367 N/A


TIAA-CREF QUANT SMALL/MID-CAP EQUITY (TSMWX) [16,4]

$1,046.70 50 -1.00% 5.75% N/A N/A 6.93% 26.16% 15.99% 15.99% 11.69% N/A N/A 14.21% 8/5/2016


BM: Russell 2500 Index 2.22% 4.45% 7.61% 27.41% 19.99% 19.99% 11.33% 13.19%

Fund vs.Russell 2500 Index -322 130 -68 -125 -400 -400 36 102

PG: Small Blend M'star Category -6.56% -0.86% N/A N/A N/A 10.99% 6.41% N/A

Fund vs. Small Blend M'star Category 556 661 N/A N/A N/A 500 528 N/A

PG: Fund % Rank in Small Blend M'star Category 27% 2% N/A N/A N/A 30% 6% N/A

PG: # of funds in Small Blend M'star Category 658 617 N/A N/A N/A 671 629 N/A

Fund Star Rating N/A ***** N/A N/A N/A N/A ***** N/A

TIAA-CREF REAL ESTATE SECURITIES FUND (TIREX) $2,963.90 50 -5.93% 6.89% 8.10% 10.07% 3.84% 8.35% 1.33% 1.33% 8.43% 8.36% 10.05% 10.34% 10/1/2002


BM: FTSE Nareit All Equity REITs Index -12.15% 3.54% 6.61% 9.20% 2.45% 8.15% -5.12% -5.12% 5.41% 6.70% 9.27% 10.05%

Fund vs.FTSE Nareit All Equity REITs Index 622 335 149 87 139 20 645 645 302 166 78 29

PG: Real Estate M'star Category -13.44% 1.17% 4.28% 7.80% N/A N/A N/A -4.49% 4.18% 5.26% 8.07% N/A

Fund vs. Real Estate M'star Category 751 572 382 227 N/A N/A N/A 582 425 310 198 N/A

PG: Fund % Rank in Real Estate M'star Category 10% 4% 4% 3% N/A N/A N/A 10% 7% 4% 6% N/A

PG: # of funds in Real Estate M'star Category 253 224 197 141 N/A N/A N/A 248 225 199 144 N/A

Fund Star Rating N/A ***** ***** ***** N/A N/A N/A N/A ***** ***** ***** N/A

TIAA-CREF S&P 500 INDEX FUND (TISPX) $7,100.70 5 15.14% 12.22% 14.08% 13.66% 3.81% 12.10% 18.34% 18.34% 14.11% 15.15% 13.81% 10.64% 10/1/2002


BM: S&P 500 Index 15.15% 12.28% 14.15% 13.74% 3.84% 12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 10.72%

Fund vs.S&P 500 Index -1 -6 -7 -8 -3 -5 -6 -6 -7 -7 -7 -8





Fund Star Rating N/A **** **** ***** N/A N/A N/A N/A **** **** **** N/A

TIAA-CREF SMALL-CAP BLEND INDEX FUND (TISBX) $4,054.40 6 0.63% 1.92% 8.19% 10.04% 8.62% 31.32% 20.15% 20.15% 10.38% 13.43% 11.39% 11.19% 10/1/2002


BM: Russell 2000 Index 0.39% 1.77% 8.00% 9.85% 8.65% 31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 11.12%

Fund vs.Russell 2000 Index 24 15 19 19 -3 -5 19 19 13 17 19 7


Fund vs. Small Blend M'star Category 719 278 251 138 N/A N/A N/A 916 397 293 156 N/A




TIAA-CREF SOCIAL CHOICE EQUITY FUND (TISCX) $6,277.80 17 14.98% 11.63% 13.69% 12.77% 4.21% 14.13% 20.34% 20.34% 14.34% 15.46% 13.06% 6.99% 7/1/1999


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%

Fund vs.Russell 3000 Index -2 -2 0 -71 -29 -55 -55 -55 -15 3 -73 -26






TIAA-CREF SOCIAL CHOICE LOW CARBON EQUITY FUND (TNWCX) $558.40 32 16.59% 12.05% 14.06% N/A 4.32% 14.44% 22.34% 22.34% 15.07% 15.75% N/A 14.13% 8/7/2015


BM: Russell 3000 Index 15.00% 11.65% 13.69% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.83%

Fund vs.Russell 3000 Index 159 40 37 -18 -24 145 145 58 32 30

PG: Large Blend M'star Category 10.70% 9.55% 11.77% N/A N/A N/A 15.83% 11.89% 13.39% N/A

Fund vs. Large Blend M'star Category 589 250 229 N/A N/A N/A 651 318 236 N/A

PG: Fund % Rank in Large Blend M'star Category 15% 25% 14% N/A N/A N/A 12% 10% 8% N/A

PG: # of funds in Large Blend M'star Category 1370 1229 1066 N/A N/A N/A 1363 1232 1072 N/A

Fund Star Rating N/A **** **** N/A N/A N/A N/A **** ***** N/A

International Equities

TIAA-CREF EMERGING MARKETS EQUITY FUND (TEMLX) $1,594.80 90 13.63% 3.05% 10.24% 2.72% 6.53% 20.06% 18.23% 18.23% 7.59% 13.93% 3.94% 5.48% 8/31/2010


BM: MS Emerging Market 10.54% 2.42% 8.97% 2.50% 7.35% 19.70% 18.31% 18.31% 6.17% 12.81% 3.63% 5.29%

Fund vs.MS Emerging Market 309 63 127 22 -82 36 -8 -8 142 112 31 19

PG: Diversified Emerging Mkts M'star Category 9.11% 1.73% 8.08% 2.46% N/A N/A N/A 17.90% 5.69% 11.75% 3.63% N/A

Fund vs. Diversified Emerging Mkts M'star Category 452 132 216 26 N/A N/A N/A 33 190 218 31 N/A

PG: Fund % Rank in Diversified Emerging Mkts M'star Category 29% 31% 25% 39% N/A N/A N/A 40% 28% 23% 38% N/A

PG: # of funds in Diversified Emerging Mkts M'star Category 790 695 590 264 N/A N/A N/A 796 697 597 278 N/A

Fund Star Rating N/A *** **** *** N/A N/A N/A N/A *** **** *** N/A





FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF EMERGING MARKETS EQUITY INDEX FUND (TEQLX) $4,130.60 20 10.69% 2.32% 8.85% 2.32% 7.00% 18.81% 17.68% 17.68% 6.03% 12.72% 3.35% 4.95% 8/31/2010



Fund vs.MS Emerging Market 15 -10 -12 -18 -35 -89 -63 -63 -14 -9 -28 -34


Fund vs. Diversified Emerging Mkts M'star Category 158 59 77 -14 N/A N/A N/A -22 34 97 -28 N/A



Fund Star Rating N/A *** *** *** N/A N/A N/A N/A *** **** *** N/A

TIAA-CREF INTERNATIONAL EQUITY FUND (TIIEX) $5,925.80 48 8.44% -1.04% 4.76% 4.58% 6.28% 17.77% 15.82% 15.82% 2.99% 7.84% 5.14% 5.22% 7/1/1999


BM: Morgan Stanley EAFE Index 0.49% 0.62% 5.26% 4.62% 4.65% 16.05% 7.82% 7.82% 4.28% 7.45% 5.51% 4.42%

Fund vs.Morgan Stanley EAFE Index 795 -166 -50 -4 163 172 800 800 -129 39 -37 80

PG: Foreign Large Blend M'star Category 2.19% 0.41% 5.19% 4.34% N/A N/A N/A 9.30% 4.18% 7.57% 5.33% N/A

Fund vs. Foreign Large Blend M'star Category 625 -145 -43 24 N/A N/A N/A 652 -119 27 -19 N/A

PG: Fund % Rank in Foreign Large Blend M'star Category 11% 77% 66% 39% N/A N/A N/A 13% 75% 45% 57% N/A

PG: # of funds in Foreign Large Blend M'star Category 761 647 548 363 N/A N/A N/A 785 676 586 382 N/A

Fund Star Rating N/A ** ** ** N/A N/A N/A N/A ** *** ** N/A

TIAA-CREF INTERNATIONAL EQUITY INDEX FUND (TCIEX) $16,057.70 6 0.72% 0.77% 5.35% 4.80% 5.04% 15.85% 8.14% 8.14% 4.54% 7.71% 5.70% 7.77% 10/1/2002



Fund vs.Morgan Stanley EAFE Index 23 15 9 18 39 -20 32 32 26 26 19 5


Fund vs. Foreign Large Blend M'star Category -147 36 16 46 N/A N/A N/A -116 36 14 37 N/A




TIAA-CREF INTERNATIONAL OPPORTUNITIES FUND (TIOIX) $2,111.10 62 24.18% 9.04% 11.06% N/A 5.15% 15.86% 32.66% 32.66% 12.65% 13.93% N/A 9.48% 4/12/2013


BM: MSCI AC World Index ex USA 3.00% 1.16% 6.23% 5.41% 17.01% 10.65% 10.65% 4.88% 8.93% 5.71%

Fund vs.MSCI AC World Index ex USA 2118 788 483 -26 -115 2201 2201 777 500 377

PG: Foreign Large Growth M'star Category 18.53% 7.17% 9.70% N/A N/A N/A 25.48% 11.17% 11.95% N/A

Fund vs. Foreign Large Growth M'star Category 565 187 136 N/A N/A N/A 718 148 198 N/A

PG: Fund % Rank in Foreign Large Growth M'star Category 21% 25% 27% N/A N/A N/A 14% 24% 17% N/A

PG: # of funds in Foreign Large Growth M'star Category 469 420 336 N/A N/A N/A 447 384 313 N/A

Fund Star Rating N/A *** *** N/A N/A N/A N/A *** **** N/A

TIAA-CREF QUANT INTERNATIONAL SMALL-CAP EQUITY FUND (TIISX) [18,4]

$1,190.50 71 1.34% -3.56% N/A N/A 8.00% 15.58% 5.86% 5.86% -0.61% N/A N/A 6.91% 12/9/2016


BM: MSCI ACWI ex-US Small Cap Index 6.97% 0.93% 6.99% 18.57% 14.24% 14.24% 4.59% 10.78%

Fund vs.MSCI ACWI ex-US Small Cap Index -563 -449 101 -299 -838 -838 -520 -387

PG: Foreign Small/Mid Value M'star Category 0.89% -2.63% N/A N/A N/A 8.61% 1.77% N/A

Fund vs. Foreign Small/Mid Value M'star Category 45 -93 N/A N/A N/A -275 -238 N/A

PG: Fund % Rank in Foreign Small/Mid Value M'star Category 27% 54% N/A N/A N/A 39% 54% N/A

PG: # of funds in Foreign Small/Mid Value M'star Category 48 42 N/A N/A N/A 50 42 N/A

Fund Star Rating N/A *** N/A N/A N/A N/A *** N/A

TIAA-CREF SOCIAL CHOICE INTERNATIONAL EQUITY FUND (TSONX) $654.40 40 2.12% 1.30% 5.84% N/A 5.36% 16.49% 9.87% 9.87% 5.40% 8.07% N/A 6.15% 8/7/2015


BM: Morgan Stanley EAFE Index 0.49% 0.62% 5.26% 4.65% 16.05% 7.82% 7.82% 4.28% 7.45% 5.36%

Fund vs.Morgan Stanley EAFE Index 163 68 58 71 44 205 205 112 62 79

PG: Foreign Large Blend M'star Category 2.19% 0.41% 5.19% N/A N/A N/A 9.30% 4.18% 7.57% N/A

Fund vs. Foreign Large Blend M'star Category -7 89 65 N/A N/A N/A 57 122 50 N/A

PG: Fund % Rank in Foreign Large Blend M'star Category 45% 34% 34% N/A N/A N/A 42% 25% 39% N/A

PG: # of funds in Foreign Large Blend M'star Category 761 647 548 N/A N/A N/A 785 676 586 N/A

Fund Star Rating N/A **** **** N/A N/A N/A N/A **** *** N/A

Fixed Income

TIAA-CREF 5-15 YEAR LADDERED TAX-EXEMPT BOND FUND (TITIX) [19]

$282.30 30 2.66% 3.83% 3.37% 3.29% 0.94% 2.26% 4.33% 4.33% 4.57% 3.54% 4.03% 4.09% 3/31/2006


BM: Bloomberg Barclays 10-Year Municipal Bond Index 4.59% 4.44% 4.01% 4.22% 0.61% 1.78% 5.62% 5.62% 4.88% 4.05% 4.80% 4.91%

Fund vs.Bloomberg Barclays 10-Year Municipal Bond Index -193 -61 -64 -93 33 48 -129 -129 -31 -51 -77 -82

PG: Muni National Interm M'star Category 3.08% 3.45% 3.12% 3.28% N/A N/A N/A 4.51% 3.99% 3.23% 3.89% N/A

Fund vs. Muni National Interm M'star Category -42 38 25 1 N/A N/A N/A -18 58 31 14 N/A

PG: Fund % Rank in Muni National Interm M'star Category 67% 27% 32% 49% N/A N/A N/A 56% 13% 28% 37% N/A

PG: # of funds in Muni National Interm M'star Category 284 240 218 160 N/A N/A N/A 291 249 223 164 N/A

Fund Star Rating N/A *** *** *** N/A N/A N/A N/A **** *** *** N/A

TIAA-CREF BOND INDEX FUND (TBIIX) $19,003.10 11 6.79% 5.08% 4.01% 3.47% 0.06% 0.66% 7.49% 7.49% 5.21% 4.28% 3.69% 3.87% 9/14/2009



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -19 -16 -17 -17 -8 -1 -2 -2 -13 -16 -15 -18

PG: Intermediate Core Bond M'star Category 6.66% 4.88% 3.94% 3.49% N/A N/A N/A 7.52% 5.11% 4.26% 3.69% N/A

Fund vs. Intermediate Core Bond M'star Category 13 20 7 -2 N/A N/A N/A -3 10 2 0 N/A








FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF CORE BOND FUND (TIBDX) $8,092.30 30 6.28% 5.09% 4.58% 4.15% 0.46% 1.73% 7.87% 7.87% 5.53% 5.05% 4.45% 5.25% 7/1/1999



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -70 -15 40 51 32 106 36 36 19 61 61 19

PG: Intermediate Core-Plus Bond M'star Category 6.37% 4.77% 4.32% 3.97% N/A N/A N/A 8.06% 5.34% 4.86% 4.25% N/A

Fund vs. Intermediate Core-Plus Bond M'star Category -9 32 26 18 N/A N/A N/A -19 19 19 20 N/A

PG: Fund % Rank in Intermediate Core-Plus Bond M'star Category 58% 40% 41% 36% N/A N/A N/A 57% 44% 42% 37% N/A

PG: # of funds in Intermediate Core-Plus Bond M'star Category 605 537 459 341 N/A N/A N/A 602 543 464 343 N/A


TIAA-CREF CORE IMPACT BOND FUND (TSBIX) $6,254.00 36 6.03% 5.17% 4.38% N/A 0.46% 1.40% 7.45% 7.45% 5.44% 4.80% N/A 4.07% 9/21/2012


BM: Bloomberg Barclays U.S. Aggregate Bond Index 6.98% 5.24% 4.18% 0.14% 0.67% 7.51% 7.51% 5.34% 4.44% 3.26%

Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -95 -7 20 32 73 -6 -6 10 36 81

PG: Intermediate Core-Plus Bond M'star Category 6.37% 4.77% 4.32% N/A N/A N/A 8.06% 5.34% 4.86% N/A

Fund vs. Intermediate Core-Plus Bond M'star Category -34 40 6 N/A N/A N/A -61 10 -6 N/A

PG: Fund % Rank in Intermediate Core-Plus Bond M'star Category 62% 36% 53% N/A N/A N/A 68% 48% 54% N/A

PG: # of funds in Intermediate Core-Plus Bond M'star Category 605 537 459 N/A N/A N/A 602 543 464 N/A

Fund Star Rating N/A *** *** N/A N/A N/A N/A *** *** N/A

TIAA-CREF CORE PLUS BOND FUND (TIBFX) $5,503.30 30 5.92% 4.99% 4.66% 4.36% 0.61% 2.33% 7.98% 7.98% 5.64% 5.28% 4.71% 4.94% 3/31/2006








Fund Star Rating N/A *** *** **** N/A N/A N/A N/A *** **** **** N/A

TIAA-CREF EMERGING MARKETS DEBT FUND (TEDNX) $638.70 63 0.71% 3.18% 7.16% N/A 2.63% 8.41% 6.12% 6.12% 5.44% 8.79% N/A 6.00% 9/26/2014


BM: J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified 1.29% 3.49% 6.15% 1.90% 5.80% 5.26% 5.26% 5.05% 7.08% 5.61%

Fund vs.J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified -58 -31 101 73 261 86 86 39 171 39

PG: Emerging Markets Bond M'star Category 1.21% 2.09% 5.37% N/A N/A N/A 5.09% 4.15% 6.68% N/A

Fund vs. Emerging Markets Bond M'star Category -50 109 179 N/A N/A N/A 103 129 211 N/A

PG: Fund % Rank in Emerging Markets Bond M'star Category 59% 23% 3% N/A N/A N/A 34% 18% 4% N/A

PG: # of funds in Emerging Markets Bond M'star Category 276 239 187 N/A N/A N/A 274 244 192 N/A

Fund Star Rating N/A *** **** N/A N/A N/A N/A *** ***** N/A

TIAA-CREF GREEN BOND (TGRNX) $47.40 45 6.64% N/A N/A N/A 0.60% 1.93% 8.59% 8.59% N/A N/A N/A 8.95% 11/16/2018


BM: Bloomberg Barclays MSCI US Green Bond Index 7.43% 0.24% 1.09% 8.34% 8.34% 9.35%

Fund vs.Bloomberg Barclays MSCI US Green Bond Index -79 36 84 25 25 -40

PG: Intermediate Core-Plus Bond M'star Category 6.37% N/A N/A N/A 8.06% N/A

Fund vs. Intermediate Core-Plus Bond M'star Category 27 N/A N/A N/A 53 N/A

PG: Fund % Rank in Intermediate Core-Plus Bond M'star Category 52% N/A N/A N/A 40% N/A

PG: # of funds in Intermediate Core-Plus Bond M'star Category 605 N/A N/A N/A 602 N/A

Fund Star Rating N/A N/A N/A N/A N/A N/A

TIAA-CREF HIGH YIELD FUND (TIHYX) $4,120.60 36 0.13% 3.37% 5.79% 5.81% 1.56% 5.42% 2.23% 2.23% 4.96% 7.31% 6.10% 6.71% 3/31/2006


BM: ICE BofA BB-B Cash Pay Issuer Constrained Index (New) 3.21% 4.43% 6.61% 6.29% 1.60% 5.66% 6.32% 6.32% 6.22% 8.03% 6.63% 6.92%

Fund vs.ICE BofA BB-B Cash Pay Issuer Constrained Index (New) -308 -106 -82 -48 -4 -24 -409 -409 -126 -72 -53 -21

PG: High Yield Bond M'star Category 1.33% 2.89% 5.18% 5.29% N/A N/A N/A 4.91% 4.74% 6.75% 5.55% N/A

Fund vs. High Yield Bond M'star Category -120 48 61 52 N/A N/A N/A -268 22 56 55 N/A

PG: Fund % Rank in High Yield Bond M'star Category 75% 42% 31% 24% N/A N/A N/A 88% 53% 38% 24% N/A

PG: # of funds in High Yield Bond M'star Category 676 620 534 350 N/A N/A N/A 676 627 554 351 N/A


TIAA-CREF INFLATION-LINKED BOND FUND (TIILX) $3,572.60 26 7.40% 4.36% 3.40% 2.85% 1.12% 1.45% 8.09% 8.09% 4.66% 3.87% 3.09% 4.14% 10/1/2002


BM: Bloomberg Barclays US TIPS 1-10 Year Index 7.75% 4.56% 3.66% 2.72% 1.24% 1.60% 8.39% 8.39% 4.93% 4.13% 2.88% 3.98%

Fund vs.Bloomberg Barclays US TIPS 1-10 Year Index -35 -20 -26 13 -12 -15 -30 -30 -27 -26 21 16

PG: Inflation-Protected Bond M'star Category 8.79% 5.00% 4.02% 2.96% N/A N/A N/A 10.01% 5.26% 4.59% 3.20% N/A

Fund vs. Inflation-Protected Bond M'star Category -139 -64 -62 -11 N/A N/A N/A -192 -60 -72 -11 N/A



Fund Star Rating N/A *** *** *** N/A N/A N/A N/A *** ** *** N/A

TIAA-CREF INTERNATIONAL BOND FUND (TIBWX) [4]

$476.90 60 1.79% 4.62% N/A N/A 0.77% 2.45% 4.81% 4.81% 4.98% N/A N/A 3.94% 8/5/2016


BM: Bloomberg Barclays Global Aggregate ex-USD Index (Hedged) 1.82% 4.94% 0.40% 0.94% 3.94% 3.94% 4.88% 3.48%

Fund vs.Bloomberg Barclays Global Aggregate ex-USD Index (Hedged) -3 -32 37 151 87 87 10 46

PG: World Bond-USD Hedged M'star Category 3.80% 4.42% N/A N/A N/A 6.17% 4.85% N/A

Fund vs. World Bond-USD Hedged M'star Category -201 20 N/A N/A N/A -136 13 N/A

PG: Fund % Rank in World Bond-USD Hedged M'star Category 81% 49% N/A N/A N/A 70% 55% N/A

PG: # of funds in World Bond-USD Hedged M'star Category 108 91 N/A N/A N/A 108 94 N/A






FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF SHORT DURATION IMPACT BOND (TSDJX) $32.00 35 4.08% N/A N/A N/A 0.39% 1.00% 4.61% 4.61% N/A N/A N/A 4.68% 11/16/2018


BM: Bloomberg Barclays US 1-3 Yr Govt Credit Index 3.73% 0.09% 0.21% 3.33% 3.33% 3.88%

Fund vs.Bloomberg Barclays US 1-3 Yr Govt Credit Index 35 30 79 128 128 80

PG: Short-Term Bond M'star Category 3.30% N/A N/A N/A 3.81% N/A

Fund vs. Short-Term Bond M'star Category 78 N/A N/A N/A 80 N/A

PG: Fund % Rank in Short-Term Bond M'star Category 32% N/A N/A N/A 27% N/A

PG: # of funds in Short-Term Bond M'star Category 581 N/A N/A N/A 574 N/A


TIAA-CREF SHORT-TERM BOND FUND (TISIX) $2,115.60 27 3.28% 2.86% 2.46% 2.05% 0.28% 0.73% 3.57% 3.57% 3.09% 2.64% 2.18% 2.98% 3/31/2006


BM: Bloomberg Barclays US 1-3 Yr Govt Credit Index 3.73% 2.84% 2.09% 1.57% 0.09% 0.21% 3.33% 3.33% 2.98% 2.21% 1.60% 2.58%

Fund vs.Bloomberg Barclays US 1-3 Yr Govt Credit Index -45 2 37 48 19 52 24 24 11 43 58 40

PG: Short-Term Bond M'star Category 3.30% 2.76% 2.39% 1.99% N/A N/A N/A 3.81% 3.14% 2.68% 2.11% N/A

Fund vs. Short-Term Bond M'star Category -2 10 7 6 N/A N/A N/A -24 -5 -4 7 N/A

PG: Fund % Rank in Short-Term Bond M'star Category 57% 46% 46% 45% N/A N/A N/A 58% 55% 48% 44% N/A

PG: # of funds in Short-Term Bond M'star Category 581 515 459 297 N/A N/A N/A 574 514 458 300 N/A


TIAA-CREF SHORT-TERM BOND INDEX FUND (TNSHX) $961.90 12 3.60% 2.72% 1.93% N/A 0.04% 0.23% 3.28% 3.28% 2.88% 2.06% N/A 1.89% 8/7/2015


BM: Bloomberg Barclays US 1-3 Yr Govt Credit Index 3.73% 2.84% 2.09% 0.09% 0.21% 3.33% 3.33% 2.98% 2.21% 2.04%

Fund vs.Bloomberg Barclays US 1-3 Yr Govt Credit Index -13 -12 -16 -5 2 -5 -5 -10 -15 -15

PG: Short-Term Bond M'star Category 3.30% 2.76% 2.39% N/A N/A N/A 3.81% 3.14% 2.68% N/A

Fund vs. Short-Term Bond M'star Category 30 -4 -46 N/A N/A N/A -53 -26 -62 N/A

PG: Fund % Rank in Short-Term Bond M'star Category 45% 56% 82% N/A N/A N/A 69% 66% 86% N/A

PG: # of funds in Short-Term Bond M'star Category 581 515 459 N/A N/A N/A 574 514 458 N/A

Fund Star Rating N/A *** ** N/A N/A N/A N/A *** ** N/A

Multi-Asset

TIAA-CREF LIFECYCLE 2010 FUND (TCTIX) [7,8]

$1,288.50 37 7.96% 5.87% 7.14% 6.94% 2.32% 6.77% 11.24% 11.24% 7.25% 8.12% 7.13% 6.29% 10/15/2004

Gross Expense Ratio 52 1/17/2007

BM: Lifecycle 2010 Fund Composite Index 9.19% 6.66% 7.31% 6.92% 2.10% 6.52% 11.95% 11.95% 7.96% 8.22% 7.13% 6.33%

Fund vs.Lifecycle 2010 Fund Composite Index -123 -79 -17 2 22 25 -71 -71 -71 -10 0 -4

BM: S&P Target Date 2010 Index 7.28% 5.62% 6.33% 5.97% 1.87% 5.96% 9.95% 9.95% 6.79% 7.22% 6.15% 5.70%

Fund vs.S&P Target Date 2010 Index 68 25 81 97 45 81 129 129 46 90 98 59

PG: Target-Date 2000-2010 M'star Category 7.47% 5.56% 6.46% 5.98% N/A N/A N/A 10.48% 6.89% 7.40% 6.11% N/A

Fund vs. Target-Date 2000-2010 M'star Category 49 31 68 96 N/A N/A N/A 76 36 72 102 N/A

PG: Fund % Rank in Target-Date 2000-2010 M'star Category 18% 31% 5% 3% N/A N/A N/A 23% 33% 6% 1% N/A

PG: # of funds in Target-Date 2000-2010 M'star Category 121 90 73 54 N/A N/A N/A 119 88 75 52 N/A

Fund Star Rating N/A *** ***** ***** N/A N/A N/A N/A *** ***** ***** N/A

TIAA-CREF LIFECYCLE 2015 FUND (TCNIX) [7,8]

$1,838.70 38 8.36% 6.06% 7.52% 7.39% 2.43% 7.43% 11.80% 11.80% 7.58% 8.57% 7.53% 6.54% 10/15/2004



Fund vs.Lifecycle 2015 Fund Composite Index -113 -84 -22 -2 11 18 -77 -77 -76 -17 -6 -5



PG: Target-Date 2015 M'star Category 7.31% 5.77% 6.89% 6.65% N/A N/A N/A 10.75% 7.14% 7.93% 6.79% N/A

Fund vs. Target-Date 2015 M'star Category 105 29 63 74 N/A N/A N/A 105 44 64 74 N/A

PG: Fund % Rank in Target-Date 2015 M'star Category 28% 36% 15% 2% N/A N/A N/A 34% 31% 15% 4% N/A

PG: # of funds in Target-Date 2015 M'star Category 120 93 68 46 N/A N/A N/A 118 97 74 44 N/A

Fund Star Rating N/A *** **** ***** N/A N/A N/A N/A *** **** ***** N/A

TIAA-CREF LIFECYCLE 2020 FUND (TCWIX) [7,9]

$3,969.90 39 8.61% 6.24% 8.01% 7.93% 2.69% 8.13% 12.38% 12.38% 7.87% 9.12% 8.05% 6.78% 10/15/2004










Fund Star Rating N/A *** **** ***** N/A N/A N/A N/A *** **** ***** N/A

TIAA-CREF LIFECYCLE 2025 FUND (TCYIX) [7,9]

$5,225.00 41 9.24% 6.55% 8.59% 8.50% 2.97% 9.25% 13.44% 13.44% 8.38% 9.84% 8.65% 7.07% 10/15/2004















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE 2030 FUND (TCRIX) [7,9]

$5,466.40 42 9.85% 6.78% 9.15% 9.03% 3.49% 10.54% 14.54% 14.54% 8.88% 10.55% 9.20% 7.30% 10/15/2004










Fund Star Rating N/A *** **** **** N/A N/A N/A N/A *** *** **** N/A

TIAA-CREF LIFECYCLE 2035 FUND (TCIIX) [7,9]

$5,574.30 43 10.32% 7.00% 9.67% 9.51% 3.80% 11.71% 15.48% 15.48% 9.33% 11.22% 9.71% 7.66% 10/15/2004





Fund vs.S&P Target Date 2035 Index 315 81 93 93 6 -49 269 269 66 75 80 10





Fund Star Rating N/A *** **** ***** N/A N/A N/A N/A *** *** **** N/A

TIAA-CREF LIFECYCLE 2040 FUND (TCOIX) [7,9]

$6,606.10 44 10.82% 7.14% 10.12% 9.83% 4.23% 12.95% 16.44% 16.44% 9.73% 11.84% 10.13% 8.05% 10/15/2004



Fund vs.Lifecycle 2040 Fund Composite Index -26 -105 -55 -31 27 29 13 13 -95 -45 -35 -20








TIAA-CREF LIFECYCLE 2045 FUND (TTFIX) [9]

$4,190.20 45 11.33% 7.24% 10.34% 9.92% 4.53% 14.04% 17.31% 17.31% 10.11% 12.26% 10.33% 7.00% 11/30/2007



Fund vs.Lifecycle 2045 Fund Composite Index 3 -105 -56 -33 20 19 23 23 -97 -49 -38 -49








TIAA-CREF LIFECYCLE 2050 FUND (TFTIX) [9]

$3,002.90 45 11.47% 7.25% 10.41% 9.96% 4.57% 14.19% 17.44% 17.44% 10.15% 12.37% 10.39% 7.03% 11/30/2007











TIAA-CREF LIFECYCLE 2055 FUND (TTRIX) [9]

$1,233.80 45 11.52% 7.26% 10.48% N/A 4.67% 14.37% 17.52% 17.52% 10.21% 12.48% N/A 9.84% 4/29/2011


BM: Lifecycle 2055 Fund Composite Index 11.36% 8.34% 11.07% 4.48% 14.30% 17.35% 17.35% 11.23% 13.02% 10.26%

Fund vs.Lifecycle 2055 Fund Composite Index 16 -108 -59 19 7 17 17 -102 -54 -42

BM: S&P Target Date 2055 Index 7.07% 6.26% 9.50% 4.47% 14.56% 13.86% 13.86% 9.26% 11.55% 9.24%

Fund vs.S&P Target Date 2055 Index 445 100 98 20 -19 366 366 95 93 60

PG: Target-Date 2055 M'star Category 8.73% 6.61% 9.55% N/A N/A N/A 15.47% 9.69% 11.64% N/A

Fund vs. Target-Date 2055 M'star Category 279 65 93 N/A N/A N/A 205 52 84 N/A

PG: Fund % Rank in Target-Date 2055 M'star Category 14% 29% 12% N/A N/A N/A 23% 36% 16% N/A

PG: # of funds in Target-Date 2055 M'star Category 211 183 140 N/A N/A N/A 207 184 145 N/A

Fund Star Rating N/A *** **** N/A N/A N/A N/A *** **** N/A

TIAA-CREF LIFECYCLE 2060 FUND (TLXNX) [9]

$310.60 45 11.60% 7.30% 10.54% N/A 4.79% 14.58% 17.75% 17.75% 10.30% 12.59% N/A 10.21% 9/26/2014




BM: S&P Target Date 2060+ Index 7.28% 6.41% 9.67% 4.47% 14.56% 13.99% 13.99% 9.38% 11.71% 9.35%

Fund vs.S&P Target Date 2060+ Index 432 89 87 32 2 376 376 92 88 86

PG: Target-Date 2060+ M'star Category 8.69% 6.70% 9.76% N/A N/A N/A 15.52% 9.78% 11.69% N/A

Fund vs. Target-Date 2060+ M'star Category 291 60 78 N/A N/A N/A 223 52 90 N/A

PG: Fund % Rank in Target-Date 2060+ M'star Category 11% 30% 22% N/A N/A N/A 22% 32% 16% N/A

PG: # of funds in Target-Date 2060+ M'star Category 244 171 71 N/A N/A N/A 257 181 93 N/A






FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE 2065 FUND (TSFTX) $5.60 45 N/A N/A N/A N/A 4.77% 14.73% N/A N/A N/A N/A N/A 14.73% 9/30/2020


BM: Lifecycle 2065 Fund Composite Index 4.60% 14.68% 14.68%

Fund vs.Lifecycle 2065 Fund Composite Index 17 5 5

BM: S&P Target Date 2060+ Index 4.47% 14.56% 14.56%

Fund vs.S&P Target Date 2060+ Index 30 17 17

PG: Target-Date 2060+ M'star Category N/A N/A N/A

Fund vs. Target-Date 2060+ M'star Category N/A N/A N/A

PG: Fund % Rank in Target-Date 2060+ M'star Category N/A N/A N/A

PG: # of funds in Target-Date 2060+ M'star Category N/A N/A N/A

Fund Star Rating N/A N/A N/A

TIAA-CREF LIFECYCLE INDEX 2010 FUND (TLTIX) [8]

$674.20 10 9.03% 6.56% 7.17% 6.88% 2.14% 6.51% 11.97% 11.97% 7.92% 8.12% 7.10% 7.50% 9/30/2009


BM: Lifecycle Index 2010 Composite Benchmark 9.16% 6.67% 7.31% 7.00% 2.09% 6.51% 11.92% 11.92% 7.97% 8.20% 7.21% 7.63%

Fund vs.Lifecycle Index 2010 Composite Benchmark -13 -11 -14 -12 5 0 5 5 -5 -8 -11 -13








TIAA-CREF LIFECYCLE INDEX 2015 FUND (TLFIX) [8]

$1,152.20 10 9.34% 6.81% 7.62% 7.35% 2.34% 7.22% 12.58% 12.58% 8.31% 8.64% 7.56% 7.99% 9/30/2009



Fund vs.Lifecycle Index 2015 Composite Benchmark -12 -10 -12 -12 3 -2 4 4 -5 -7 -10 -13








TIAA-CREF LIFECYCLE INDEX 2020 FUND (TLWIX) [9]

$3,260.80 10 9.58% 7.07% 8.17% 7.92% 2.53% 7.94% 13.07% 13.07% 8.68% 9.25% 8.11% 8.57% 9/30/2009



Fund vs.Lifecycle Index 2020 Composite Benchmark -16 -10 -12 -11 1 -3 -2 -2 -6 -7 -10 -12








TIAA-CREF LIFECYCLE INDEX 2025 FUND (TLQIX) [9]

$4,810.30 10 10.03% 7.39% 8.82% 8.54% 2.90% 9.07% 14.00% 14.00% 9.22% 10.03% 8.74% 9.21% 9/30/2009



Fund vs.Lifecycle Index 2025 Composite Benchmark -11 -9 -10 -10 4 -4 5 5 -6 -6 -9 -12








TIAA-CREF LIFECYCLE INDEX 2030 FUND (TLHIX) [9]

$5,354.10 10 10.40% 7.69% 9.44% 9.13% 3.26% 10.21% 14.76% 14.76% 9.76% 10.79% 9.36% 9.86% 9/30/2009










Fund Star Rating N/A ***** ***** ***** N/A N/A N/A N/A ***** **** ***** N/A

TIAA-CREF LIFECYCLE INDEX 2035 FUND (TLYIX) [9]

$5,007.70 10 10.75% 7.95% 10.03% 9.71% 3.60% 11.33% 15.54% 15.54% 10.25% 11.53% 9.94% 10.46% 9/30/2009





Fund vs.S&P Target Date 2035 Index 358 176 129 113 -14 -87 275 275 158 106 103 80










FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE INDEX 2040 FUND (TLZIX) [9]

$5,183.90 10 11.00% 8.14% 10.58% 10.07% 3.96% 12.53% 16.27% 16.27% 10.68% 12.21% 10.42% 10.89% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2045 FUND (TLXIX) [9]

$3,777.70 10 11.26% 8.25% 10.80% 10.18% 4.36% 13.69% 17.02% 17.02% 11.08% 12.67% 10.65% 11.09% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2050 FUND (TLLIX) [9]

$3,059.80 10 11.26% 8.27% 10.89% 10.23% 4.45% 13.98% 17.20% 17.20% 11.16% 12.82% 10.72% 11.16% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2055 FUND (TTIIX) [9]

$1,451.90 10 11.23% 8.28% 10.97% N/A 4.53% 14.16% 17.22% 17.22% 11.22% 12.94% N/A 10.18% 4/29/2011


BM: Lifecycle Index 2055 Composite Benchmark 11.34% 8.36% 11.07% 4.45% 14.30% 17.33% 17.33% 11.27% 12.99% 10.29%

Fund vs.Lifecycle Index 2055 Composite Benchmark -11 -8 -10 8 -14 -11 -11 -5 -5 -11







Fund Star Rating N/A ***** ***** N/A N/A N/A N/A ***** ***** N/A

TIAA-CREF LIFECYCLE INDEX 2060 FUND (TVIIX) [9]

$527.30 10 11.37% 8.34% 11.06% N/A 4.55% 14.32% 17.40% 17.40% 11.31% 13.05% N/A 10.44% 9/26/2014



Fund vs.Lifecycle Index 2060 Composite Benchmark 0 -5 -10 4 -17 -2 -2 -2 -6 -9


Fund vs.S&P Target Date 2060+ Index 409 193 139 8 -24 341 341 193 134 109





Fund Star Rating N/A ***** ***** N/A N/A N/A N/A ***** ***** N/A

TIAA-CREF LIFECYCLE INDEX 2065 FUND (TFITX) $6.00 10 N/A N/A N/A N/A 4.54% 14.47% N/A N/A N/A N/A N/A 14.47% 9/30/2020


BM: Lifecycle Index 2065 Composite Benchmark 4.57% 14.68% 14.68%

Fund vs.Lifecycle Index 2065 Composite Benchmark -3 -21 -21


Fund vs.S&P Target Date 2060+ Index 7 -9 -9






TIAA-CREF LIFECYCLE INDEX RETIREMENT INCOME FUND (TRILX) [8]

$594.10 10 9.09% 6.59% 6.98% 6.47% 2.11% 6.50% 12.05% 12.05% 7.97% 7.97% 6.81% 7.13% 9/30/2009


BM: Lifecycle Index Retirement Income Composite Benchmark 9.17% 6.60% 7.06% 6.58% 2.11% 6.57% 12.05% 12.05% 7.98% 8.03% 6.90% 7.25%

Fund vs.Lifecycle Index Retirement Income Composite Benchmark -8 -1 -8 -11 0 -7 0 0 -1 -6 -9 -12

BM: S&P Target Date Retirement Income Index 6.86% 5.40% 5.72% 5.25% 1.55% 4.93% 8.81% 8.81% 6.32% 6.50% 5.47% 5.84%

Fund vs.S&P Target Date Retirement Income Index 223 119 126 122 56 157 324 324 165 147 134 129

PG: Allocation--30% to 50% Equity M'star Category 4.38% 4.18% 5.68% 5.68% N/A N/A N/A 8.86% 5.95% 6.89% 5.97% N/A

Fund vs. Allocation--30% to 50% Equity M'star Category 471 241 130 79 N/A N/A N/A 319 202 108 84 N/A



Fund Star Rating N/A ***** **** **** N/A N/A N/A N/A ***** **** **** N/A





FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE RETIREMENT INCOME FUND (TLRIX) [8]

$593.50 37 7.93% 5.81% 6.92% 6.51% 2.25% 6.64% 11.10% 11.10% 7.20% 7.93% 6.81% 5.67% 11/30/2007


BM: Lifecycle Retirement Income Fund Composite Index 9.20% 6.60% 7.07% 6.48% 2.12% 6.57% 12.08% 12.08% 7.97% 8.04% 6.79% 5.79%

Fund vs.Lifecycle Retirement Income Fund Composite Index -127 -79 -15 3 13 7 -98 -98 -77 -11 2 -12








TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND (TSAIX) [11]

$205.90 60 13.04% 7.52% 10.83% N/A 4.99% 15.59% 19.71% 19.71% 10.79% 12.93% N/A 12.69% 12/9/2011


BM: Lifestyle Aggressive Composite Benchmark 11.50% 8.45% 11.47% 4.83% 15.44% 17.93% 17.93% 11.57% 13.53% 12.78%

Fund vs.Lifestyle Aggressive Composite Benchmark 154 -93 -64 16 15 178 178 -78 -60 -9

BM: Morningstar Aggressive Target Risk TR USD 5.78% 6.16% 9.85% 4.58% 15.77% 13.26% 13.26% 9.41% 12.20% 11.24%

Fund vs.Morningstar Aggressive Target Risk TR USD 726 136 98 41 -18 645 645 138 73 145

PG: Allocation--85%+ Equity M'star Category 6.14% 5.38% 8.57% N/A N/A N/A 15.41% 9.41% 11.03% N/A

Fund vs. Allocation--85%+ Equity M'star Category 690 214 226 N/A N/A N/A 430 138 190 N/A

PG: Fund % Rank in Allocation--85%+ Equity M'star Category 11% 25% 9% N/A N/A N/A 23% 25% 5% N/A

PG: # of funds in Allocation--85%+ Equity M'star Category 169 154 138 N/A N/A N/A 163 154 134 N/A


TIAA-CREF LIFESTYLE CONSERVATIVE FUND (TCSIX) [10]

$344.50 47 8.65% 5.80% 6.83% N/A 2.30% 7.15% 12.15% 12.15% 7.40% 7.93% N/A 7.37% 12/9/2011


BM: Lifestyle Conservative Composite Benchmark 8.81% 6.43% 6.91% 2.01% 6.43% 11.58% 11.58% 7.78% 7.85% 6.98%

Fund vs.Lifestyle Conservative Composite Benchmark -16 -63 -8 29 72 57 57 -38 8 39

BM: Morningstar Moderately Conservative Target Risk TR USD 8.23% 6.25% 6.98% 2.17% 7.13% 11.86% 11.86% 7.79% 8.17% 6.90%

Fund vs.Morningstar Moderately Conservative Target Risk TR USD 42 -45 -15 13 2 29 29 -39 -24 47

PG: Allocation--30% to 50% Equity M'star Category 4.38% 4.18% 5.68% N/A N/A N/A 8.86% 5.95% 6.89% N/A

Fund vs. Allocation--30% to 50% Equity M'star Category 427 162 115 N/A N/A N/A 329 145 104 N/A

PG: Fund % Rank in Allocation--30% to 50% Equity M'star Category 17% 22% 20% N/A N/A N/A 21% 22% 22% N/A

PG: # of funds in Allocation--30% to 50% Equity M'star Category 547 514 450 N/A N/A N/A 549 524 461 N/A

Fund Star Rating N/A **** **** N/A N/A N/A N/A **** **** N/A

TIAA-CREF LIFESTYLE GROWTH FUND (TSGGX) [11]

$299.20 56 11.72% 7.09% 9.70% N/A 4.12% 12.87% 17.45% 17.45% 9.84% 11.51% N/A 11.12% 12/9/2011


BM: Lifestyle Growth Composite Benchmark 11.06% 8.08% 10.18% 3.90% 12.45% 16.38% 16.38% 10.62% 11.88% 11.03%

Fund vs.Lifestyle Growth Composite Benchmark 66 -99 -48 22 42 107 107 -78 -37 9

BM: Morningstar Moderately Aggressive Target Risk TR USD 6.97% 6.39% 9.19% 3.94% 13.41% 13.51% 13.51% 9.18% 11.27% 10.14%

Fund vs.Morningstar Moderately Aggressive Target Risk TR USD 475 70 51 18 -54 394 394 66 24 98






TIAA-CREF LIFESTYLE INCOME FUND (TSITX) [10]

$93.70 43 6.57% 4.73% 5.06% N/A 1.32% 4.21% 8.79% 8.79% 5.74% 5.77% N/A 5.16% 12/9/2011


BM: Lifestyle Income Composite Benchmark 7.02% 5.17% 4.95% 1.06% 3.40% 8.39% 8.39% 5.91% 5.50% 4.70%

Fund vs.Lifestyle Income Composite Benchmark -45 -44 11 26 81 40 40 -17 27 46

BM: Morningstar Conservative Target Risk TR USD 7.34% 5.47% 5.38% 1.33% 4.24% 9.75% 9.75% 6.44% 6.20% 4.85%

Fund vs.Morningstar Conservative Target Risk TR USD -77 -74 -32 -1 -3 -96 -96 -70 -43 31






TIAA-CREF LIFESTYLE MODERATE FUND (TSIMX) [11]

$584.00 52 10.57% 6.77% 8.54% N/A 3.25% 10.22% 15.46% 15.46% 9.00% 10.06% N/A 9.56% 12/9/2011


BM: Lifestyle Moderate Composite Benchmark 10.38% 7.57% 8.81% 2.96% 9.47% 14.54% 14.54% 9.52% 10.14% 9.22%

Fund vs.Lifestyle Moderate Composite Benchmark 19 -80 -27 29 75 92 92 -52 -8 34

BM: Morningstar Moderate Target Risk TR USD 7.69% 6.37% 8.13% 3.06% 10.24% 12.82% 12.82% 8.55% 9.75% 8.56%

Fund vs.Morningstar Moderate Target Risk TR USD 288 40 41 19 -2 264 264 45 31 100






TIAA-CREF MANAGED ALLOCATION FUND (TIMIX) [11]

$976.30 42 10.40% 6.78% 8.62% 8.29% 3.28% 10.35% 15.41% 15.41% 9.03% 10.16% 8.72% 6.91% 3/31/2006


BM: Managed Allocation Composite Index [5]

10.38% 7.57% 8.81% 8.18% 2.96% 9.47% 14.54% 14.54% 9.52% 10.14% 8.57% 7.01%

Fund vs.Managed Allocation Composite Index 2 -79 -19 11 32 88 87 87 -49 2 15 -10

BM: Morningstar Moderate Target Risk TR USD 7.69% 6.37% 8.13% 7.36% 3.06% 10.24% 12.82% 12.82% 8.55% 9.75% 7.77% 6.83%

Fund vs.Morningstar Moderate Target Risk TR USD 271 41 49 93 22 11 259 259 48 41 95 8










FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



Money Market

TIAA-CREF MONEY MARKET FUND (TCIXX) [12,3,6]

$1,840.30 13 0.85% 1.50% 1.06% 0.54% 0.00% 0.01% 0.44% 0.44% 1.42% 1.06% 0.54% 1.83% 7/1/1999


BM: iMoneynet Money Fund AveragesTM-All Government 0.61% 1.22% 0.80% 0.41% 0.00% 0.00% 0.28% 0.28% 1.16% 0.80% 0.41% 1.46%




MUTUAL FUND TOTALS [1]

$181,814.10

b) These expense reimbursement arrangements will continue through at least July 31, 2021 unless changed with approval of the Board of Trustees.

c) These expense reimbursement arrangements will continue through at least September 30, 2021 unless changed with approval of the Board of Trustees.

In addition to the expense reimbursement arrangement, Advisors has contractually agreed to waive a portion of the Fund’s Management Fee equal to, on an annual basis of 0.10% for the all of the Lifecycle Funds. This waiver will remain in effect through September 30, 2021, unless changed with approval of the Board of Trustees.

Under the Funds’ expense reimbursement arrangements, the Funds’ investment adviser, Teachers Advisors, LLC. (“Advisors”), has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed the following annual rates of average daily net assets: a) 0.52% for the Growth & Income Fund; 0.60% for the International Equity Fund; 0.95% for the Emerging Markets Equity Fund; 0.52% for the Large-Cap Growth Fund; 0.52% for the Large-Cap Value Fund; 0.55% for the Mid-Cap Growth Fund; 0.55% for the Mid-Cap Value Fund; 0.53% for the Small-Cap Equity Fund; 0.09% for the Large-Cap Growth Index Fund; 0.09% for the Large-Cap Value Index Fund; 0.09% for the Equity Index Fund; 0.09% for the S&P 500 Index Fund; 0.09% for the Small-Cap Blend Index Fund; 0.15% for the International Equity Index Fund; 0.50% for the Enhanced International Equity Index Fund; 0.40% for the Enhanced Large-Cap Growth Index Fund; 0.40% for the Enhanced Large-Cap Value Index Fund; 0.25% for the Emerging Markets Equity Index Fund; 0.22% for the Social Choice Equity Fund; 0.75% of the Global Natural Resources Fund; 0.70% for the International Opportunities Fund; 0.65% for the Emerging Markets Debt Fund; b) 0.57% for the Real Estate Securities Fund; 0.35% for the Bond Fund; 0.35% for the Bond Plus Fund; 0.30% for the Short-Term Bond Fund; 0.30% for the Inflation-Linked Bond Fund; 0.40% for the High-Yield Fund; 0.35% for the Tax-Exempt Bond Fund; 0.13% for the Bond Index Fund; 0.15% for the Money Market Fund; 0.40% for the Social Choice Bond Fund; 0.12% for the Short-Term Bond Index Fund; 0.32% for the Social Choice Low Carbon Equity Fund; 0.40% for the Social Choice International Equity Index; c) 0.00% for the Managed Allocation Fund.

a) These expense reimbursement arrangements will continue through at least February 28, 2021 unless changed with approval of the Board of Trustees.

[16] Effective August 1, 2018, the TIAA-CREF Small/Mid-Cap Equity Fund’s name was changed to TIAA-CREF Quant Small/Mid Cap Equity Fund.

[17] Effective August 1, 2018, the TIAA-CREF Enhanced International Equity Index Fund’s name was changed to TIAA-CREF Quant International Equity Fund.

[18] Effective August 1, 2018, the TIAA-CREF International Small-Cap Equity Fund’s name was changed to TIAA-CREF Quant International Small-Cap Equity Fund.

[19] Effective August 1, 2018, the TIAA-CREF Tax-Exempt Bond Fund’s name was changed to TIAA-CREF 5-15 Year Laddered Tax-Exempt Bond Fund.

Teachers Advisors, LLC. (“Advisors”), the Funds’ investment adviser has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed 0.00% of average daily net assets for the Lifecycle and 0.04% for the Lifecycle Index Institutional Class Funds. These expense reimbursement arrangements will continue through at least September 30, 2021 unless changed with approval of the Board of Trustees.

[10] The Morningstar Target Risk Indexes are asset allocation indexes comprised of constituent Morningstar indexes and reflect global equity market exposure of 20%, 40%, 60%, 80% or 95% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Target Risk Indexes do not reflect a deduction for fees or expenses. Previously, the Lifestyle Conservative and Lifestyle Income Funds compared their performance to the Bloomberg Barclays U.S. Aggregate Bond Index instead of the Morningstar Target Risk Indexes shown in the chart above. The returns of the Morningstar Target Risk Indices are more appropriate for comparison purposes because they reflect multi-asset class exposure and similar risk profiles.

[11] The Morningstar Target Risk Indexes are asset allocation indexes comprised of constituent Morningstar indexes and reflect global equity market exposure of 20%, 40%, 60%, 80% or 95% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Target Risk Indexes do not reflect a deduction for fees or expenses. Previously, the Lifestyle Moderate, Growth and Aggressive, and the TIAA-CREF Managed Allocation Fund compared their performance to the Russell 3000 Index instead of the Morningstar Target Risk Indexes shown in the chart above. The returns of the Morningstar Target Risk Indices are more appropriate for comparison purposes because they reflect multi-asset class exposure and similar risk profiles.

[12] Effective October 1, 2016, the iMoneyNet Money Fund Averages-All Taxable peer group was changed to the iMoneyNet Money Fund Averages-All Government.

[13] Effective August 1, 2018, the TIAA-CREF Enhanced Large-Cap Growth Index Fund’s name was changed to TIAA-CREF Quant Large-Cap Growth Fund.

[14] Effective August 1, 2018, the TIAA-CREF Enhanced Large-Cap Value Index Fund’s name was changed to TIAA-CREF Quant Large-Cap Value Fund.

[15] Effective August 1, 2018, the TIAA-CREF Small Cap Equity Fund’s name was changed to TIAA-CREF Quant Small Cap Equity Fund.

[5] 42% Russell 3000® Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index, 18% Morgan Stanley All Country World Index ex-USA.[6] Beginning December 13, 2011, part or all of the investment management fees of the Institutional Class of the TIAA-CREF Money Market Fund may be voluntarily waived. Without this waiver, current and effective annualized yields and total returns would be lower. This voluntary fee waiver may be discontinued at any time without notice.

[7] The Institutional Class began operations on January 17, 2007. Where a product lists two inception dates, the top date reflects the inception date of the product’s oldest share class, and the bottom date represents the date of inception for the Share Class being reported. Performance shown for periods prior to the inception of the Institutional Class reflects the performance of the Retirement Class, and has not been adjusted to reflect the higher expenses of the Retirement Class.

[8] The S&P Target Date Indexes represent a broadly derived consensus of asset class exposure for the respective target retirement date based on market observations acquired through an annual survey of target date fund managers. The S&P Target Date Index returns include the fees and expenses of the exchange-traded funds that comprise each respective index. Previously, the Lifecycle Active and Index 2010, 2015 and Retirement Income Funds compared their performance to the Bloomberg Barclays U.S. Aggregate Bond Index instead of the S&P Target Date Indexes shown in the chart above. The returns of the S&P Target Date Indexes are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund.[9] The S&P Target Date Indexes represent a broadly derived consensus of asset class exposure for the respective target retirement date based on market observations acquired through an annual survey of target date fund managers. The S&P Target Date Index returns include the fees and expenses of the exchange-traded funds that comprise each respective index. Previously, the Lifecycle Active and Index 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055 and 2060 Funds compared their performance to the Russell 3000 Index instead of the S&P Target Date Indexes shown in the chart above. The returns of the S&P Target Date Indexes are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund.


[1] Combined Mutual Funds' Net Assets exclude the Managed Allocation Fund, Lifecycle Funds, and Lifestyle Funds.

[2] The net expense ratio (top number) represents expenses after reimbursement and waivers, and is what participants actually pay. The number below represents the gross expense ratio, before consideration for reimbursements and/or waivers.

[3] The "Since Inception" benchmark performance shown is computed from August 1999.

[4] The "Since Inception" values presented are cumulative values and not average annualized total returns.


INVESTMENT PERFORMANCE SUMMARYTIAA-CREF FUNDS ADVISOR SHARE CLASS




FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date

U.S. Equities

TIAA-CREF EQUITY INDEX FUND (TEIHX) $30,580.80 19 14.76% 11.45% 13.54% 13.38% 4.48% 14.64% 20.73% 20.73% 14.30% 15.29% 13.70% 7.15% 7/1/1999


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%






Fund Star Rating N/A *** *** **** N/A N/A N/A N/A **** **** **** N/A

TIAA-CREF GROWTH & INCOME FUND (TGIHX) $5,869.00 51 14.32% 10.71% 12.78% 13.38% 4.54% 14.43% 20.40% 20.40% 13.28% 14.34% 13.74% 7.31% 7/1/1999


BM: S&P 500 Index 15.15% 12.28% 14.15% 13.74% 3.84% 12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 6.79%

Fund vs.S&P 500 Index -83 -157 -137 -36 70 228 200 200 -90 -88 -14 52






TIAA-CREF LARGE-CAP GROWTH FUND (TILHX) $6,619.60 50 39.44% 21.44% 19.41% 17.35% 5.04% 12.50% 44.12% 44.12% 23.46% 20.19% 17.60% 12.46% 3/31/2006



Fund vs.Russell 1000 Growth Index 191 -23 -69 10 44 111 563 563 47 -81 39 -7






TIAA-CREF LARGE-CAP GROWTH INDEX FUND (TRIHX) $12,807.20 18 37.26% 21.43% 19.90% 17.11% 4.59% 11.36% 38.28% 38.28% 22.75% 20.80% 17.07% 12.53% 10/1/2002









TIAA-CREF LARGE-CAP VALUE FUND (TRLHX) $5,225.40 49 -4.05% 0.39% 6.44% 8.65% 3.65% 17.53% 3.54% 3.54% 4.59% 8.82% 9.19% 9.07% 10/1/2002








Fund Star Rating N/A ** *** ** N/A N/A N/A N/A *** *** ** N/A

TIAA-CREF LARGE-CAP VALUE INDEX FUND (THCVX) $7,564.90 19 -5.13% 2.46% 7.50% 9.82% 3.82% 16.17% 2.69% 2.69% 5.88% 9.57% 10.37% 9.03% 10/1/2002



Fund vs.Russell 1000 Value Index -10 -17 -16 -13 -1 -8 -11 -11 -19 -17 -13 -12


Fund vs. Large Value M'star Category -61 -9 24 65 N/A N/A N/A -22 31 15 64 N/A




TIAA-CREF MID-CAP GROWTH FUND (TCMHX) $1,672.10 56 26.87% 15.00% 13.99% 13.18% 7.29% 23.33% 45.29% 45.29% 21.14% 17.98% 14.10% 13.22% 10/1/2002









TIAA-CREF MID-CAP VALUE FUND (TRVHX) $1,986.50 54 -15.53% -3.79% 2.72% 7.31% 5.61% 21.40% -4.36% -4.36% 1.37% 6.30% 8.16% 10.21% 10/1/2002















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF QUANT SMALL-CAP EQUITY FUND (TSCHX) [13]

$2,880.80 52 -8.24% -1.15% 5.96% 9.28% 9.88% 32.14% 12.73% 12.73% 7.07% 11.09% 10.76% 10.76% 10/1/2002


BM: Russell 2000 Index 0.39% 1.77% 8.00% 9.85% 8.65% 31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 11.12%







TIAA-CREF QUANT SMALL/MID-CAP EQUITY (TSMNX) [14,4]

$1,046.70 58 -1.06% 5.78% N/A N/A 6.94% 26.13% 15.89% 15.89% 11.71% N/A N/A 14.20% 8/5/2016


BM: Russell 2500 Index 2.22% 4.45% 7.61% 27.41% 19.99% 19.99% 11.33% 13.19%







TIAA-CREF REAL ESTATE SECURITIES FUND (TIRHX) $2,963.90 62 -6.05% 6.75% 7.99% 10.01% 3.87% 8.31% 1.26% 1.26% 8.29% 8.23% 9.99% 10.31% 10/1/2002









TIAA-CREF S&P 500 INDEX FUND (TISAX) $7,100.70 19 14.95% 12.06% 13.96% 13.60% 3.80% 12.07% 18.19% 18.19% 13.96% 15.02% 13.74% 10.60% 10/1/2002


BM: S&P 500 Index 15.15% 12.28% 14.15% 13.74% 3.84% 12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 10.72%

Fund vs.S&P 500 Index -20 -22 -19 -14 -4 -8 -21 -21 -22 -20 -14 -12






TIAA-CREF SMALL-CAP BLEND INDEX FUND (TRHBX) $4,054.40 21 0.44% 1.77% 8.07% 9.98% 8.65% 31.27% 19.98% 19.98% 10.21% 13.30% 11.33% 11.15% 10/1/2002


BM: Russell 2000 Index 0.39% 1.77% 8.00% 9.85% 8.65% 31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 11.12%

Fund vs.Russell 2000 Index 5 0 7 13 0 -10 2 2 -4 4 13 3






TIAA-CREF SOCIAL CHOICE EQUITY FUND (TICHX) $6,277.80 24 14.92% 11.57% 13.64% 12.75% 4.19% 14.07% 20.23% 20.23% 14.25% 15.41% 13.02% 6.98% 7/1/1999


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%







TIAA-CREF SOCIAL CHOICE LOW CARBON EQUITY FUND (TCCHX) $558.40 43 16.43% 11.91% 13.97% N/A 4.31% 14.43% 22.27% 22.27% 14.92% 15.66% N/A 14.04% 8/7/2015


BM: Russell 3000 Index 15.00% 11.65% 13.69% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.83%








TIAA-CREF EMERGING MARKETS EQUITY FUND (TEMHX) $1,594.80 98 13.56% 3.03% 10.19% 2.70% 6.52% 20.05% 18.13% 18.13% 7.56% 13.87% 3.91% 5.45% 8/31/2010













FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF EMERGING MARKETS EQUITY INDEX FUND (TEQHX) $4,130.60 34 10.53% 2.20% 8.75% 2.27% 7.01% 18.81% 17.58% 17.58% 5.92% 12.61% 3.30% 4.90% 8/31/2010



Fund vs.MS Emerging Market -1 -22 -22 -23 -34 -89 -73 -73 -25 -20 -33 -39






TIAA-CREF INTERNATIONAL EQUITY FUND (TIEHX) $5,925.80 60 8.37% -1.16% 4.67% 4.54% 6.20% 17.62% 15.72% 15.72% 2.84% 7.70% 5.09% 5.19% 7/1/1999









TIAA-CREF INTERNATIONAL EQUITY INDEX FUND (TCIHX) $16,057.70 19 0.59% 0.64% 5.24% 4.75% 5.04% 15.81% 8.04% 8.04% 4.41% 7.59% 5.64% 7.74% 10/1/2002



Fund vs.Morgan Stanley EAFE Index 10 2 -2 13 39 -24 22 22 13 14 13 2


Fund vs. Foreign Large Blend M'star Category -160 23 5 41 N/A N/A N/A -126 23 2 31 N/A




TIAA-CREF INTERNATIONAL OPPORTUNITIES FUND (TIOHX) $2,111.10 71 23.99% 8.92% 10.98% N/A 5.13% 15.85% 32.49% 32.49% 12.53% 13.85% N/A 9.43% 4/12/2013









TIAA-CREF QUANT INTERNATIONAL SMALL-CAP EQUITY FUND (TAISX) [16,4]

$1,190.50 79 1.19% -3.61% N/A N/A 7.97% 15.56% 5.83% 5.83% -0.66% N/A N/A 6.84% 12/9/2016









TIAA-CREF SOCIAL CHOICE INTERNATIONAL EQUITY FUND (TSOHX) $654.40 48 1.98% 1.22% 5.79% N/A 5.34% 16.48% 9.67% 9.67% 5.33% 7.99% N/A 6.10% 8/7/2015








Fund Star Rating N/A **** *** N/A N/A N/A N/A **** *** N/A

Fixed Income

TIAA-CREF 5-15 YEAR LADDERED TAX-EXEMPT BOND FUND (TIXHX) [17]

$282.30 40 2.48% 3.73% 3.31% 3.26% 0.93% 2.24% 4.15% 4.15% 4.44% 3.48% 4.00% 4.07% 3/31/2006





Fund vs. Muni National Interm M'star Category -60 28 19 -2 N/A N/A N/A -36 45 25 11 N/A



Fund Star Rating N/A *** *** *** N/A N/A N/A N/A **** *** *** N/A

TIAA-CREF BOND INDEX FUND (TBIAX) $19,003.10 22 6.68% 4.96% 3.91% 3.42% 0.14% 0.72% 7.47% 7.47% 5.12% 4.18% 3.65% 3.83% 9/14/2009



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -30 -28 -27 -22 0 5 -4 -4 -22 -26 -19 -22


Fund vs. Intermediate Core Bond M'star Category 2 8 -3 -7 N/A N/A N/A -5 1 -8 -4 N/A








FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF CORE BOND FUND (TIBHX) $8,092.30 43 6.23% 4.97% 4.51% 4.11% 0.45% 1.70% 7.72% 7.72% 5.40% 4.97% 4.41% 5.23% 7/1/1999









TIAA-CREF CORE IMPACT BOND FUND (TSBHX) $6,254.00 46 5.83% 5.06% 4.28% N/A 0.36% 1.38% 7.25% 7.25% 5.32% 4.70% N/A 4.01% 9/21/2012



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -115 -18 10 22 71 -26 -26 -2 26 75


Fund vs. Intermediate Core-Plus Bond M'star Category -54 29 -4 N/A N/A N/A -81 -2 -16 N/A




TIAA-CREF CORE PLUS BOND FUND (TCBHX) $5,503.30 38 5.94% 4.93% 4.61% 4.34% 0.60% 2.31% 7.89% 7.89% 5.58% 5.20% 4.68% 4.92% 3/31/2006









TIAA-CREF EMERGING MARKETS DEBT FUND (TEDHX) $638.70 71 0.74% 3.13% 7.14% N/A 2.61% 8.26% 6.02% 6.02% 5.39% 8.75% N/A 5.96% 9/26/2014









TIAA-CREF GREEN BOND (TGRKX) $47.40 55 6.63% N/A N/A N/A 0.60% 1.93% 8.58% 8.58% N/A N/A N/A 8.92% 11/16/2018









TIAA-CREF HIGH YIELD FUND (TIHHX) $4,120.60 47 -0.08% 3.26% 5.67% 5.75% 1.56% 5.39% 2.12% 2.12% 4.86% 7.18% 6.04% 6.67% 3/31/2006









TIAA-CREF INFLATION-LINKED BOND FUND (TIIHX) $3,572.60 34 7.39% 4.29% 3.33% 2.81% 1.18% 1.43% 8.08% 8.08% 4.59% 3.80% 3.05% 4.12% 10/1/2002



Fund vs.Bloomberg Barclays US TIPS 1-10 Year Index -36 -27 -33 9 -6 -17 -31 -31 -34 -33 17 14






TIAA-CREF INTERNATIONAL BOND FUND (TIBNX) [4]

$476.90 70 1.71% 4.54% N/A N/A 0.74% 2.42% 4.68% 4.68% 4.92% N/A N/A 3.89% 8/5/2016



Fund vs.Bloomberg Barclays Global Aggregate ex-USD Index (Hedged) -11 -40 34 148 74 74 4 41


Fund vs. World Bond-USD Hedged M'star Category -209 12 N/A N/A N/A -149 7 N/A




TIAA-CREF SHORT DURATION IMPACT BOND (TSDHX) $32.00 45 4.08% N/A N/A N/A 0.39% 1.00% 4.61% 4.61% N/A N/A N/A 4.65% 11/16/2018













FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF SHORT-TERM BOND FUND (TCTHX) $2,115.60 35 3.10% 2.78% 2.38% 2.01% 0.27% 0.71% 3.39% 3.39% 2.97% 2.56% 2.14% 2.95% 3/31/2006



Fund vs.Bloomberg Barclays US 1-3 Yr Govt Credit Index -63 -6 29 44 18 50 6 6 -1 35 54 37


Fund vs. Short-Term Bond M'star Category -20 2 -1 2 N/A N/A N/A -42 -17 -12 3 N/A




TIAA-CREF SHORT-TERM BOND INDEX FUND (TTBHX) $961.90 26 3.45% 2.57% 1.82% N/A 0.03% 0.20% 3.13% 3.13% 2.74% 1.96% N/A 1.78% 8/7/2015



Fund vs.Bloomberg Barclays US 1-3 Yr Govt Credit Index -28 -27 -27 -6 -1 -20 -20 -24 -25 -26





Fund Star Rating N/A *** ** N/A N/A N/A N/A ** ** N/A

Multi-Asset

TIAA-CREF LIFECYCLE 2010 FUND (TCLHX) [6]

$1,288.50 45 7.93% 5.90% 7.14% 6.81% 2.28% 6.81% 11.17% 11.17% 7.31% 8.15% 7.00% 6.15% 10/15/2004










Fund Star Rating N/A *** ***** **** N/A N/A N/A N/A *** ***** ***** N/A

TIAA-CREF LIFECYCLE 2015 FUND (TCNHX) [6]

$1,838.70 46 8.22% 6.00% 7.47% 7.22% 2.46% 7.47% 11.73% 11.73% 7.54% 8.54% 7.38% 6.39% 10/15/2004











TIAA-CREF LIFECYCLE 2020 FUND (TCWHX) [7]

$3,969.90 47 8.50% 6.21% 7.98% 7.77% 2.63% 8.16% 12.31% 12.31% 7.85% 9.09% 7.90% 6.62% 10/15/2004











TIAA-CREF LIFECYCLE 2025 FUND (TCQHX) [7]

$5,225.00 49 9.20% 6.47% 8.53% 8.33% 3.02% 9.31% 13.40% 13.40% 8.34% 9.80% 8.48% 6.91% 10/15/2004





Fund vs.S&P Target Date 2025 Index 210 50 67 60 25 30 218 218 61 72 60 -6






TIAA-CREF LIFECYCLE 2030 FUND (TCHHX) [7]

$5,466.40 50 9.81% 6.74% 9.10% 8.86% 3.43% 10.47% 14.48% 14.48% 8.82% 10.51% 9.04% 7.13% 10/15/2004





Fund vs.S&P Target Date 2030 Index 267 64 78 68 20 -5 257 257 63 73 63 -15










FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE 2035 FUND (TCYHX) [7]

$5,574.30 51 10.19% 6.94% 9.60% 9.35% 3.82% 11.74% 15.31% 15.31% 9.28% 11.19% 9.55% 7.49% 10/15/2004











TIAA-CREF LIFECYCLE 2040 FUND (TCZHX) [7]

$6,606.10 52 10.78% 7.08% 10.06% 9.66% 4.18% 12.90% 16.29% 16.29% 9.69% 11.79% 9.96% 7.89% 10/15/2004











TIAA-CREF LIFECYCLE 2045 FUND (TTFHX) [7]

$4,190.20 53 11.38% 7.22% 10.31% 9.76% 4.57% 14.00% 17.26% 17.26% 10.08% 12.26% 10.18% 6.83% 11/30/2007











TIAA-CREF LIFECYCLE 2050 FUND (TFTHX) [7]

$3,002.90 53 11.38% 7.21% 10.37% 9.80% 4.56% 14.26% 17.42% 17.42% 10.13% 12.36% 10.24% 6.85% 11/30/2007











TIAA-CREF LIFECYCLE 2055 FUND (TTRHX) [7]

$1,233.80 53 11.51% 7.26% 10.45% N/A 4.65% 14.36% 17.50% 17.50% 10.20% 12.47% N/A 9.71% 4/29/2011











TIAA-CREF LIFECYCLE 2060 FUND (TLXHX) [7]

$310.60 53 11.51% 7.25% 10.51% N/A 4.70% 14.58% 17.75% 17.75% 10.22% 12.55% N/A 10.13% 9/26/2014





Fund vs.S&P Target Date 2060+ Index 423 84 84 23 2 376 376 84 84 78






TIAA-CREF LIFECYCLE 2065 FUND (TSFHX) $5.60 53 N/A N/A N/A N/A 4.74% 14.69% N/A N/A N/A N/A N/A 14.69% 9/30/2020















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE INDEX 2010 FUND (TLTHX) [6]

$674.20 18 9.01% 6.54% 7.14% 6.72% 2.11% 6.48% 11.86% 11.86% 7.86% 8.07% 6.95% 7.34% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2015 FUND (TLFAX) [6]

$1,152.20 18 9.23% 6.76% 7.58% 7.19% 2.30% 7.18% 12.41% 12.41% 8.23% 8.60% 7.41% 7.82% 9/30/2009



Fund vs.Lifecycle Index 2015 Composite Benchmark -23 -15 -16 -28 -1 -6 -13 -13 -13 -11 -25 -30







Fund Star Rating N/A ***** **** ***** N/A N/A N/A N/A ***** **** ***** N/A

TIAA-CREF LIFECYCLE INDEX 2020 FUND (TLWHX) [7]

$3,260.80 21 9.49% 6.98% 8.09% 7.74% 2.55% 7.92% 12.98% 12.98% 8.58% 9.17% 7.93% 8.38% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2025 FUND (TLQHX) [7]

$4,810.30 20 9.92% 7.28% 8.72% 8.36% 2.89% 9.07% 13.84% 13.84% 9.13% 9.95% 8.56% 9.03% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2030 FUND (TLHHX) [7]

$5,354.10 20 10.29% 7.59% 9.34% 8.96% 3.24% 10.16% 14.65% 14.65% 9.65% 10.70% 9.17% 9.67% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2035 FUND (TLYHX) [7]

$5,007.70 20 10.66% 7.87% 9.96% 9.53% 3.58% 11.33% 15.43% 15.43% 10.17% 11.46% 9.77% 10.28% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2040 FUND (TLZHX) [7]

$5,183.90 19 10.89% 8.06% 10.50% 9.90% 3.99% 12.52% 16.16% 16.16% 10.60% 12.14% 10.25% 10.71% 9/30/2009















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE INDEX 2045 FUND (TLMHX) [7]

$3,777.70 21 11.10% 8.12% 10.70% 9.99% 4.35% 13.69% 16.87% 16.87% 10.95% 12.57% 10.47% 10.89% 9/30/2009










Fund Star Rating N/A ***** ***** ***** N/A N/A N/A N/A **** ***** ***** N/A

TIAA-CREF LIFECYCLE INDEX 2050 FUND (TLLHX) [7]

$3,059.80 20 11.16% 8.20% 10.81% 10.05% 4.44% 13.93% 17.10% 17.10% 11.08% 12.73% 10.54% 10.97% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2055 FUND (TTIHX) [7]

$1,451.90 20 11.17% 8.21% 10.91% N/A 4.48% 14.11% 17.12% 17.12% 11.13% 12.87% N/A 10.01% 4/29/2011










Fund Star Rating N/A ***** ***** N/A N/A N/A N/A **** ***** N/A

TIAA-CREF LIFECYCLE INDEX 2060 FUND (TVIHX) [7]

$527.30 20 11.23% 8.27% 11.00% N/A 4.48% 14.26% 17.25% 17.25% 11.20% 12.99% N/A 10.33% 9/26/2014



Fund vs.Lifecycle Index 2060 Composite Benchmark -14 -12 -16 -3 -23 -17 -17 -13 -12 -20








TIAA-CREF LIFECYCLE INDEX 2065 FUND (TFIHX) $6.00 18 N/A N/A N/A N/A 4.65% 14.49% N/A N/A N/A N/A N/A 14.49% 9/30/2020



Fund vs.Lifecycle Index 2065 Composite Benchmark 8 -19 -19








TIAA-CREF LIFECYCLE INDEX RETIREMENT INCOME FUND (TLIHX) [6]

$594.10 22 8.95% 6.50% 6.91% 6.31% 2.10% 6.48% 11.92% 11.92% 7.90% 7.91% 6.65% 6.96% 9/30/2009



Fund vs.Lifecycle Index Retirement Income Composite Benchmark -22 -10 -15 -27 -1 -9 -13 -13 -8 -12 -25 -29








TIAA-CREF LIFECYCLE RETIREMENT INCOME FUND (TLRHX) [6]

$593.50 47 7.82% 5.74% 6.86% 6.35% 2.23% 6.62% 11.00% 11.00% 7.12% 7.87% 6.65% 5.49% 11/30/2007



Fund vs.Lifecycle Retirement Income Fund Composite Index -138 -86 -21 -13 11 5 -108 -108 -85 -17 -14 -30












FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND (TSAHX) [9]

$205.90 69 12.90% 7.47% 10.78% N/A 5.02% 15.56% 19.61% 19.61% 10.74% 12.88% N/A 12.66% 12/9/2011











TIAA-CREF LIFESTYLE CONSERVATIVE FUND (TLSHX) [8]

$344.50 57 8.53% 5.72% 6.77% N/A 2.28% 7.13% 12.04% 12.04% 7.28% 7.86% N/A 7.33% 12/9/2011



Fund vs.Lifestyle Conservative Composite Benchmark -28 -71 -14 27 70 46 46 -50 1 35








TIAA-CREF LIFESTYLE GROWTH FUND (TSGHX) [9]

$299.20 66 11.57% 7.00% 9.62% N/A 4.10% 12.86% 17.38% 17.38% 9.76% 11.42% N/A 11.08% 12/9/2011



Fund vs.Lifestyle Growth Composite Benchmark 51 -108 -56 20 41 100 100 -86 -46 5








TIAA-CREF LIFESTYLE INCOME FUND (TSIHX) [8]

$93.70 51 6.54% 4.74% 5.03% N/A 1.32% 4.21% 8.77% 8.77% 5.71% 5.76% N/A 5.15% 12/9/2011



Fund vs.Lifestyle Income Composite Benchmark -48 -43 8 26 81 38 38 -20 26 45


Fund vs.Morningstar Conservative Target Risk TR USD -80 -73 -35 -1 -3 -98 -98 -73 -44 30






TIAA-CREF LIFESTYLE MODERATE FUND (TSMHX) [9]

$584.00 62 10.54% 6.66% 8.46% N/A 3.23% 10.21% 15.43% 15.43% 8.92% 9.99% N/A 9.51% 12/9/2011















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



Money Market

TIAA-CREF MONEY MARKET FUND (TMHXX) [10,3,5]

$1,840.30 23 0.96% 1.50% 1.06% 0.54% 0.00% 0.00% 0.55% 0.55% 1.43% 1.06% 0.54% 1.83% 7/1/1999







$181,814.10

Under the Funds’ expense reimbursement arrangements, the Funds’ investment adviser, Teachers Advisors, LLC. (“Advisors”), has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed the following annual rates of average daily net assets: a) 0.67% for the Growth & Income Fund; 0.75% for the International Equity Fund; 1.10% for the Emerging Markets Equity Fund; 0.67% for the Large-Cap Growth Fund; 0.67% for the Large-Cap Value Fund; 0.70% for the Mid-Cap Growth Fund; 0.70% for the Mid-Cap Value Fund; 0.68% for the Small-Cap Equity Fund; 0.24% for the Large-Cap Growth Index Fund; 0.24% for the Large-Cap Value Index Fund; 0.24% for the Equity Index Fund; 0.24% for the S&P 500 Index Fund; 0.24% for the Small-Cap Blend Index Fund; 0.30% for the International Equity Index Fund; 0.65% for the Enhanced International Equity Index Fund; 0.55% for the Enhanced Large-Cap Growth Index Fund; 0.55% for the Enhanced Large-Cap Value Index Fund; 0.40% for the Emerging Markets Equity Index Fund; 0.37% for the Social Choice Equity Fund; 0.90% of the Global Natural Resources Fund; 0.85% for the International Opportunities Fund; 0.80% for the Emerging Markets Debt Fund; b) 0.72% for the Real Estate Securities Fund; 0.50% for the Bond Fund; 0.50% for the Bond Plus Fund; 0.45% for the Short-Term Bond Fund; 0.45% for the Inflation-Linked Bond Fund; 0.55% for the High-Yield Fund; 0.50% for the Tax-Exempt Bond Fund; 0.28% for the Bond Index Fund; 0.30% for the Money Market Fund; 0.55% for the Social Choice Bond Fund; 0.27% for the Short-Term Bond Index Fund; 0.47% for the Social Choice Low Carbon Equity Fund; 0.55% for the Social Choice International Equity Index.

[12] Effective August 1, 2018, the TIAA-CREF Enhanced Large-Cap Value Index Fund’s name was changed to TIAA-CREF Quant Large-Cap Value Fund.



[15] Effective August 1, 2018, the TIAA-CREF Enhanced International Equity Index Fund’s name was changed to TIAA-CREF Quant International Equity Fund.



[11] Effective August 1, 2018, the TIAA-CREF Enhanced Large-Cap Growth Index Fund’s name was changed to TIAA-CREF Quant Large-Cap Growth Fund.

Teachers Advisors, LLC. (“Advisors”), the Funds’ investment adviser has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed 0.25% of average daily net assets for the Lifecycle and 0.29% for the Lifecycle Advisor Class Funds. These expense reimbursement arrangements will continue through at least September 30, 2021 unless changed with approval of the Board of Trustees.In addition to the expense reimbursement arrangement, Advisors has contractually agreed to waive a portion of the Fund’s Management Fee equal to, on an annual basis of 0.10% for the all of the Lifecycle Funds. This waiver will remain in effect through September 30, 2021, unless changed with approval of the Board of Trustees.




[5] Beginning December 5, 2015, part or all of the investment management fees of the Advisor Class of the TIAA-CREF Money Market Fund may be voluntarily waived. Without this waiver, current and effective annualized yields and total returns would be lower. This voluntary fee waiver may be discontinued at any time without notice.





Where a product lists two inception dates, the top date reflects the inception date of the product’s oldest share class, and the bottom date represents the date of inception for the Share Class being reported. Performance shown for the Since Inception period and prior to the inception of the Advisor Class is based on the performance of the fund's Institutional Class. Performance has not been restated to reflect the higher expenses of the Advisor Class. If the expense differential had been reflected, performance for these periods would have been lower.




INVESTMENT PERFORMANCE SUMMARYTIAA-CREF FUNDSPREMIER SHARE CLASS




FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date

U.S. Equities

TIAA-CREF EQUITY INDEX FUND (TCEPX) [5]

$30,580.80 20 14.72% 11.41% 13.47% 13.26% 4.49% 14.63% 20.63% 20.63% 14.26% 15.22% 13.58% 7.09% 7/1/1999


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%






Fund Star Rating N/A *** *** **** N/A N/A N/A N/A **** **** **** N/A

TIAA-CREF GROWTH & INCOME FUND (TRPGX) [5]

$5,869.00 56 14.20% 10.63% 12.70% 13.24% 4.51% 14.46% 20.35% 20.35% 13.20% 14.27% 13.63% 7.25% 7/1/1999


BM: S&P 500 Index 15.15% 12.28% 14.15% 13.74% 3.84% 12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 6.79%

Fund vs.S&P 500 Index -95 -165 -145 -50 67 231 195 195 -98 -95 -25 46






TIAA-CREF LARGE-CAP GROWTH FUND (TILPX) [5]

$6,619.60 57 39.33% 21.35% 19.31% 17.21% 5.02% 12.49% 44.00% 44.00% 23.37% 20.08% 17.47% 12.37% 3/31/2006



Fund vs.Russell 1000 Growth Index 180 -32 -79 -4 42 110 551 551 38 -92 26 -16






TIAA-CREF LARGE-CAP VALUE FUND (TRCPX) [5]

$5,225.40 56 -4.16% 0.29% 6.34% 8.51% 3.64% 17.55% 3.42% 3.42% 4.51% 8.71% 9.05% 8.98% 10/1/2002








Fund Star Rating N/A ** ** ** N/A N/A N/A N/A *** ** ** N/A

TIAA-CREF MID-CAP GROWTH FUND (TRGPX) [5]

$1,672.10 63 26.77% 14.88% 13.88% 13.03% 7.27% 23.30% 45.11% 45.11% 21.00% 17.85% 13.96% 13.12% 10/1/2002









TIAA-CREF MID-CAP VALUE FUND (TRVPX) [5]

$1,986.50 59 -15.62% -3.85% 2.65% 7.19% 5.68% 21.51% -4.36% -4.36% 1.32% 6.23% 8.05% 10.14% 10/1/2002








Fund Star Rating N/A ** ** *** N/A N/A N/A N/A ** ** ** N/A

TIAA-CREF QUANT SMALL-CAP EQUITY FUND (TSRPX) [12,5]

$2,880.80 57 -8.29% -1.21% 5.89% 9.15% 9.92% 32.09% 12.66% 12.66% 6.99% 11.01% 10.64% 10.68% 10/1/2002


BM: Russell 2000 Index 0.39% 1.77% 8.00% 9.85% 8.65% 31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 11.12%







TIAA-CREF QUANT SMALL/MID-CAP EQUITY (TSMMX) [13,4]

$1,046.70 66 -1.19% 5.61% N/A N/A 6.89% 26.10% 15.79% 15.79% 11.54% N/A N/A 14.04% 8/5/2016


BM: Russell 2500 Index 2.22% 4.45% 7.61% 27.41% 19.99% 19.99% 11.33% 13.19%













FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF REAL ESTATE SECURITIES FUND (TRRPX) [5]

$2,963.90 65 -6.03% 6.72% 7.94% 9.90% 3.86% 8.29% 1.21% 1.21% 8.27% 8.20% 9.88% 10.24% 10/1/2002









TIAA-CREF SOCIAL CHOICE EQUITY FUND (TRPSX) [5]

$6,277.80 33 14.80% 11.44% 13.51% 12.60% 4.21% 14.12% 20.19% 20.19% 14.17% 15.29% 12.89% 6.90% 7/1/1999


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%






Fund Star Rating N/A *** *** *** N/A N/A N/A N/A **** **** *** N/A

TIAA-CREF SOCIAL CHOICE LOW CARBON EQUITY FUND (TPWCX) $558.40 47 16.42% 11.88% 13.90% N/A 4.28% 14.37% 22.18% 22.18% 14.90% 15.59% N/A 13.97% 8/7/2015


BM: Russell 3000 Index 15.00% 11.65% 13.69% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.83%








TIAA-CREF EMERGING MARKETS EQUITY FUND (TEMPX) $1,594.80 105 13.48% 2.91% 10.08% 2.58% 6.52% 20.04% 18.02% 18.02% 7.47% 13.77% 3.79% 5.33% 8/31/2010









TIAA-CREF EMERGING MARKETS EQUITY INDEX FUND (TEQPX) $4,130.60 35 10.56% 2.17% 8.70% 2.17% 7.04% 18.79% 17.55% 17.55% 5.87% 12.56% 3.20% 4.80% 8/31/2010



Fund vs.MS Emerging Market 2 -25 -27 -33 -31 -91 -76 -76 -30 -25 -43 -49






TIAA-CREF INTERNATIONAL EQUITY FUND (TREPX) [5]

$5,925.80 63 8.28% -1.19% 4.61% 4.44% 6.25% 17.67% 15.72% 15.72% 2.83% 7.68% 4.98% 5.14% 7/1/1999









TIAA-CREF INTERNATIONAL EQUITY INDEX FUND (TRIPX) [5]

$16,057.70 21 0.57% 0.63% 5.19% 4.65% 5.01% 15.79% 8.01% 8.01% 4.39% 7.55% 5.54% 7.67% 10/1/2002



Fund vs.Morgan Stanley EAFE Index 8 1 -7 3 36 -26 19 19 11 10 3 -5


Fund vs. Foreign Large Blend M'star Category -162 22 0 31 N/A N/A N/A -129 21 -2 21 N/A




TIAA-CREF INTERNATIONAL OPPORTUNITIES FUND (TIOPX) $2,111.10 77 24.02% 8.90% 10.90% N/A 5.12% 15.81% 32.48% 32.48% 12.50% 13.77% N/A 9.32% 4/12/2013













FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF QUANT INTERNATIONAL SMALL-CAP EQUITY FUND (TPISX) [14,4]

$1,190.50 89 1.14% -3.66% N/A N/A 8.02% 15.50% 5.70% 5.70% -0.70% N/A N/A 6.79% 12/9/2016









TIAA-CREF SOCIAL CHOICE INTERNATIONAL EQUITY FUND (TSOPX) $654.40 55 1.93% 1.13% 5.67% N/A 5.29% 16.42% 9.61% 9.61% 5.24% 7.90% N/A 5.98% 8/7/2015








Fund Star Rating N/A *** *** N/A N/A N/A N/A **** *** N/A

Fixed Income

TIAA-CREF BOND INDEX FUND (TBIPX) [5]

$19,003.10 27 6.63% 4.95% 3.85% 3.33% 0.05% 0.63% 7.33% 7.33% 5.06% 4.13% 3.53% 3.71% 9/14/2009





Fund vs. Intermediate Core Bond M'star Category -3 7 -9 -16 N/A N/A N/A -19 -5 -13 -16 N/A




TIAA-CREF CORE BOND FUND (TIDPX) [5]

$8,092.30 45 6.22% 4.93% 4.43% 3.99% 0.45% 1.69% 7.80% 7.80% 5.37% 4.89% 4.29% 5.17% 7/1/1999









TIAA-CREF CORE IMPACT BOND FUND (TSBPX) $6,254.00 53 5.75% 4.96% 4.21% N/A 0.35% 1.36% 7.16% 7.16% 5.23% 4.63% N/A 3.91% 9/21/2012



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -123 -28 3 21 69 -35 -35 -11 19 65






TIAA-CREF CORE PLUS BOND FUND (TBPPX) [5]

$5,503.30 45 5.86% 4.87% 4.53% 4.21% 0.60% 2.29% 7.82% 7.82% 5.48% 5.12% 4.55% 4.82% 3/31/2006









TIAA-CREF EMERGING MARKETS DEBT FUND (TEDPX) $638.70 79 0.66% 3.00% 6.98% N/A 2.59% 8.26% 5.95% 5.95% 5.26% 8.60% N/A 5.80% 9/26/2014









TIAA-CREF GREEN BOND (TGRLX) $47.40 60 6.51% N/A N/A N/A 0.59% 1.91% 8.47% 8.47% N/A N/A N/A 8.81% 11/16/2018













FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF HIGH YIELD FUND (TIHPX) [5]

$4,120.60 51 -0.11% 3.25% 5.63% 5.66% 1.55% 5.37% 2.08% 2.08% 4.84% 7.17% 5.96% 6.60% 3/31/2006









TIAA-CREF INFLATION-LINKED BOND FUND (TIKPX) [5]

$3,572.60 41 7.25% 4.21% 3.25% 2.68% 1.08% 1.41% 7.94% 7.94% 4.51% 3.72% 2.93% 4.04% 10/1/2002



Fund vs.Bloomberg Barclays US TIPS 1-10 Year Index -50 -35 -41 -4 -16 -19 -45 -45 -42 -41 5 6






TIAA-CREF INTERNATIONAL BOND FUND (TIBLX) [4]

$476.90 75 1.54% 4.45% N/A N/A 0.80% 2.37% 4.62% 4.62% 4.81% N/A N/A 3.78% 8/5/2016



Fund vs.Bloomberg Barclays Global Aggregate ex-USD Index (Hedged) -28 -49 40 143 68 68 -7 30


Fund vs. World Bond-USD Hedged M'star Category -226 3 N/A N/A N/A -155 -4 N/A




TIAA-CREF SHORT DURATION IMPACT BOND (TSDFX) $32.00 50 3.93% N/A N/A N/A 0.38% 0.96% 4.46% 4.46% N/A N/A N/A 4.53% 11/16/2018









TIAA-CREF SHORT-TERM BOND FUND (TSTPX) [5]

$2,115.60 42 3.13% 2.71% 2.30% 1.91% 0.27% 0.70% 3.32% 3.32% 2.93% 2.49% 2.03% 2.87% 3/31/2006



Fund vs.Bloomberg Barclays US 1-3 Yr Govt Credit Index -60 -13 21 34 18 49 -1 -1 -5 28 43 29


Fund vs. Short-Term Bond M'star Category -17 -5 -9 -8 N/A N/A N/A -49 -21 -19 -8 N/A




TIAA-CREF SHORT-TERM BOND INDEX FUND (TPSHX) $961.90 27 3.54% 2.57% 1.78% N/A 0.02% 0.10% 3.12% 3.12% 2.69% 1.88% N/A 1.72% 8/7/2015









Multi-Asset

TIAA-CREF LIFECYCLE 2010 FUND (TCTPX) [5,7]

$1,288.50 52 7.77% 5.71% 6.97% 6.78% 2.25% 6.72% 11.01% 11.01% 7.09% 7.95% 6.96% 6.13% 10/15/2004










Fund Star Rating N/A *** **** **** N/A N/A N/A N/A *** **** ***** N/A

TIAA-CREF LIFECYCLE 2015 FUND (TCFPX) [5,7]

$1,838.70 53 8.19% 5.90% 7.36% 7.22% 2.48% 7.41% 11.68% 11.68% 7.43% 8.43% 7.38% 6.39% 10/15/2004















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE 2020 FUND (TCWPX) [5,8]

$3,969.90 54 8.53% 6.11% 7.85% 7.77% 2.64% 8.09% 12.24% 12.24% 7.73% 8.97% 7.89% 6.63% 10/15/2004











TIAA-CREF LIFECYCLE 2025 FUND (TCQPX) [5,8]

$5,225.00 56 9.06% 6.36% 8.41% 8.34% 3.10% 9.33% 13.34% 13.34% 8.23% 9.69% 8.48% 6.91% 10/15/2004











TIAA-CREF LIFECYCLE 2030 FUND (TCHPX) [5,8]

$5,466.40 57 9.69% 6.64% 8.98% 8.87% 3.36% 10.44% 14.24% 14.24% 8.70% 10.39% 9.04% 7.14% 10/15/2004











TIAA-CREF LIFECYCLE 2035 FUND (TCYPX) [5,8]

$5,574.30 58 10.14% 6.81% 9.49% 9.34% 3.74% 11.69% 15.15% 15.15% 9.14% 11.03% 9.53% 7.50% 10/15/2004











TIAA-CREF LIFECYCLE 2040 FUND (TCZPX) [5,8]

$6,606.10 59 10.64% 6.98% 9.95% 9.66% 4.18% 12.83% 16.11% 16.11% 9.53% 11.66% 9.96% 7.89% 10/15/2004











TIAA-CREF LIFECYCLE 2045 FUND (TTFPX) [5,8]

$4,190.20 60 11.24% 7.10% 10.18% 9.76% 4.55% 13.95% 17.14% 17.14% 9.94% 12.09% 10.16% 6.83% 11/30/2007











TIAA-CREF LIFECYCLE 2050 FUND (TCLPX) [5,8]

$3,002.90 60 11.29% 7.10% 10.25% 9.80% 4.58% 14.16% 17.34% 17.34% 10.00% 12.21% 10.23% 6.85% 11/30/2007















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE 2055 FUND (TTRPX) [8]

$1,233.80 60 11.26% 7.10% 10.31% N/A 4.67% 14.42% 17.43% 17.43% 10.04% 12.32% N/A 9.68% 4/29/2011



Fund vs.Lifecycle 2055 Fund Composite Index -10 -124 -76 19 12 8 8 -119 -70 -58







Fund Star Rating N/A *** **** N/A N/A N/A N/A *** *** N/A

TIAA-CREF LIFECYCLE 2060 FUND (TLXPX) [8]

$310.60 60 11.40% 7.15% 10.38% N/A 4.68% 14.49% 17.57% 17.57% 10.09% 12.42% N/A 10.03% 9/26/2014











TIAA-CREF LIFECYCLE 2065 FUND (TSFPX) $5.60 60 N/A N/A N/A N/A 4.74% 14.69% N/A N/A N/A N/A N/A 14.69% 9/30/2020











TIAA-CREF LIFECYCLE INDEX 2010 FUND (TLTPX) [7]

$674.20 25 8.85% 6.39% 7.02% 6.72% 2.07% 6.46% 11.72% 11.72% 7.72% 7.95% 6.93% 7.34% 9/30/2009










Fund Star Rating N/A **** **** **** N/A N/A N/A N/A ***** **** ***** N/A

TIAA-CREF LIFECYCLE INDEX 2015 FUND (TLFPX) [7]

$1,152.20 25 9.16% 6.65% 7.46% 7.19% 2.32% 7.22% 12.41% 12.41% 8.14% 8.48% 7.40% 7.83% 9/30/2009










Fund Star Rating N/A ***** **** **** N/A N/A N/A N/A ***** **** ***** N/A

TIAA-CREF LIFECYCLE INDEX 2020 FUND (TLWPX) [8]

$3,260.80 25 9.48% 6.91% 8.01% 7.76% 2.55% 7.89% 12.91% 12.91% 8.52% 9.08% 7.95% 8.40% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2025 FUND (TLVPX) [8]

$4,810.30 25 9.87% 7.23% 8.66% 8.37% 2.87% 9.02% 13.80% 13.80% 9.05% 9.86% 8.57% 9.05% 9/30/2009










Fund Star Rating N/A ***** **** ***** N/A N/A N/A N/A **** **** ***** N/A





FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE INDEX 2030 FUND (TLHPX) [8]

$5,354.10 25 10.25% 7.53% 9.27% 8.98% 3.23% 10.17% 14.63% 14.63% 9.60% 10.63% 9.20% 9.69% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2035 FUND (TLYPX) [8]

$5,007.70 25 10.56% 7.80% 9.87% 9.53% 3.62% 11.35% 15.42% 15.42% 10.09% 11.36% 9.79% 10.29% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2040 FUND (TLPRX) [8]

$5,183.90 25 10.86% 7.99% 10.42% 9.91% 3.98% 12.50% 16.11% 16.11% 10.51% 12.05% 10.26% 10.72% 9/30/2009










Fund Star Rating N/A ***** ***** ***** N/A N/A N/A N/A **** **** ***** N/A

TIAA-CREF LIFECYCLE INDEX 2045 FUND (TLMPX) [8]

$3,777.70 25 11.02% 8.08% 10.63% 10.01% 4.34% 13.67% 16.81% 16.81% 10.91% 12.49% 10.48% 10.92% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2050 FUND (TLLPX) [8]

$3,059.80 25 11.14% 8.12% 10.72% 10.06% 4.44% 13.92% 17.00% 17.00% 11.00% 12.65% 10.56% 10.99% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2055 FUND (TTIPX) [8]

$1,451.90 25 11.13% 8.13% 10.82% N/A 4.47% 14.07% 17.08% 17.08% 11.04% 12.76% N/A 10.02% 4/29/2011











TIAA-CREF LIFECYCLE INDEX 2060 FUND (TVIPX) [8]

$527.30 25 11.20% 8.17% 10.90% N/A 4.58% 14.30% 17.21% 17.21% 11.14% 12.89% N/A 10.28% 9/26/2014










Fund Star Rating N/A ***** **** N/A N/A N/A N/A **** ***** N/A





FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE INDEX 2065 FUND (TFIPX) $6.00 25 N/A N/A N/A N/A 4.65% 14.49% N/A N/A N/A N/A N/A 14.49% 9/30/2020











TIAA-CREF LIFECYCLE INDEX RETIREMENT INCOME FUND (TLIPX) [7]

$594.10 25 8.93% 6.41% 6.81% 6.31% 2.13% 6.52% 11.94% 11.94% 7.83% 7.83% 6.65% 6.97% 9/30/2009



Fund vs.Lifecycle Index Retirement Income Composite Benchmark -24 -19 -25 -27 2 -5 -11 -11 -15 -20 -25 -28








TIAA-CREF LIFECYCLE RETIREMENT INCOME FUND (TPILX) [5,7]

$593.50 52 7.76% 5.65% 6.74% 6.34% 2.21% 6.60% 10.93% 10.93% 7.04% 7.75% 6.64% 5.50% 11/30/2007











TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND (TSAPX) [10]

$205.90 75 12.74% 7.33% 10.67% N/A 5.00% 15.58% 19.48% 19.48% 10.63% 12.77% N/A 12.53% 12/9/2011











TIAA-CREF LIFESTYLE CONSERVATIVE FUND (TLSPX) [9]

$344.50 62 8.48% 5.64% 6.66% N/A 2.26% 7.10% 11.97% 11.97% 7.23% 7.78% N/A 7.20% 12/9/2011



Fund vs.Lifestyle Conservative Composite Benchmark -33 -79 -25 25 67 39 39 -55 -7 22


Fund vs.Morningstar Moderately Conservative Target Risk TR USD 25 -61 -32 9 -3 11 11 -56 -39 30






TIAA-CREF LIFESTYLE GROWTH FUND (TSGPX) [10]

$299.20 71 11.56% 6.93% 9.52% N/A 4.15% 12.86% 17.36% 17.36% 9.69% 11.33% N/A 10.95% 12/9/2011



Fund vs.Lifestyle Growth Composite Benchmark 50 -115 -66 25 41 98 98 -93 -55 -8








TIAA-CREF LIFESTYLE INCOME FUND (TSIPX) [9]

$93.70 58 6.40% 4.58% 4.91% N/A 1.37% 4.16% 8.62% 8.62% 5.55% 5.62% N/A 5.00% 12/9/2011



Fund vs.Lifestyle Income Composite Benchmark -62 -59 -4 31 76 23 23 -36 12 30


Fund vs.Morningstar Conservative Target Risk TR USD -94 -89 -47 4 -8 -113 -113 -89 -58 15





Fund Star Rating N/A **** *** N/A N/A N/A N/A *** *** N/A





FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFESTYLE MODERATE FUND (TSMPX) [10]

$584.00 67 10.44% 6.60% 8.40% N/A 3.27% 10.16% 15.31% 15.31% 8.82% 9.90% N/A 9.40% 12/9/2011











Money Market

TIAA-CREF MONEY MARKET FUND (TPPXX) [11,3,5,6]

$1,840.30 28 0.72% 1.36% 0.92% 0.46% 0.00% 0.00% 0.34% 0.34% 1.29% 0.92% 0.46% 1.78% 7/1/1999







$150,004.60



Under the Funds’ expense reimbursement arrangements, the Funds’ investment adviser, Teachers Advisors, LLC. (“Advisors”), has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed the following annual rates of average daily net assets: a) 0.67% for the Growth & Income Fund; 0.75% for the International Equity Fund; 1.10% for the Emerging Markets Equity Fund; 0.67% for the Large-Cap Growth Fund; 0.67% for the Large-Cap Value Fund; 0.70% for the Mid-Cap Growth Fund; 0.70% for the Mid-Cap Value Fund; 0.68% for the Small-Cap Equity Fund; 0.24% for the Equity Index Fund; 0.30% for the International Equity Index Fund; 0.40% for the Emerging Markets Equity Index Fund; 0.37% for the Social Choice Equity Fund; 0.90% for the Global Natural Resources Fund; 0.85% for the International Opportunities Fund; 0.80% for the Emerging Markets Debt Fund; b) 0.72% for the Real Estate Securities Fund; 0.50% for the Bond Fund; 0.50% for the Bond Plus Fund; 0.45% for the Short-Term Bond Fund; 0.45% for the Inflation-Linked Bond Fund; 0.55% for the High-Yield Fund; 0.28% for the Tax-Exempt Bond Fund; 0.28% for the Bond Index Fund; 0.30% for the Money Market Fund; 0.55% for the Social Choice Bond Fund; 0.27% for the Short-Term Bond Index Fund ; 0.47% for the Social Choice Low Carbon Equity Fund; 0.55% for the Social Choice International Equity Index.




Teachers Advisors, LLC. (“Advisors”), the Funds’ investment adviser has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed 0.15% of average daily net assets for the Lifecycle and 0.19% for the Lifecycle Index Premier Class Funds. These expense reimbursement arrangements will continue through at least September 30, 2021 unless changed with approval of the Board of Trustees.










[5] The Premier Class began operations on September 30, 2009. Where a product lists two inception dates, the top date reflects the inception date of the product’s oldest share class, and the bottom date represents the date of inception for the Share Class being reported. Performance shown for periods prior to the inception of the Premier Class reflects the performance of the Institutional Class, and has not been adjusted to reflect the expenses of the Premier Class.[6] Beginning October 1, 2009, part or all of the 12b-1 distribution and investment management fees of the Premier Class of the TIAA-CREF Money Market Fund is being voluntarily waived. Without these waivers, the 7-day current and effective annualized yields and total returns would have been lower. These voluntary fee waivers may be discontinued at any time without notice.



INVESTMENT PERFORMANCE SUMMARYTIAA-CREF FUNDS RETIREMENT SHARE CLASS




FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date

U.S. Equities

TIAA-CREF EQUITY INDEX FUND (TIQRX) [5]

$30,580.80 30 14.60% 11.31% 13.37% 13.16% 4.48% 14.62% 20.57% 20.57% 14.14% 15.11% 13.47% 7.00% 7/1/1999


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%






Fund Star Rating N/A *** *** *** N/A N/A N/A N/A *** **** **** N/A

TIAA-CREF GROWTH & INCOME FUND (TRGIX) [6,7]

$5,869.00 66 14.04% 10.53% 12.58% 13.13% 4.52% 14.42% 20.19% 20.19% 13.09% 14.15% 13.51% 7.09% 7/1/1999


BM: S&P 500 Index 15.15% 12.28% 14.15% 13.74% 3.84% 12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 6.79%

Fund vs.S&P 500 Index -111 -175 -157 -61 68 227 179 179 -109 -107 -37 30






TIAA-CREF LARGE-CAP GROWTH FUND (TILRX) $6,619.60 66 39.18% 21.22% 19.17% 17.08% 5.01% 12.45% 43.81% 43.81% 23.24% 19.94% 17.33% 12.20% 3/31/2006









TIAA-CREF LARGE-CAP GROWTH INDEX FUND (TRIRX) $12,807.20 30 37.08% 21.29% 19.73% 16.88% 4.55% 11.31% 38.07% 38.07% 22.61% 20.62% 16.84% 12.26% 10/1/2002









TIAA-CREF LARGE-CAP VALUE FUND (TRLCX) $5,225.40 66 -4.24% 0.19% 6.22% 8.41% 3.64% 17.51% 3.35% 3.35% 4.40% 8.60% 8.95% 8.82% 10/1/2002








Fund Star Rating N/A ** ** ** N/A N/A N/A N/A ** ** ** N/A

TIAA-CREF LARGE-CAP VALUE INDEX FUND (TRCVX) $7,564.90 30 -5.21% 2.34% 7.35% 9.61% 3.83% 16.16% 2.62% 2.62% 5.78% 9.42% 10.16% 8.78% 10/1/2002



Fund vs.Russell 1000 Value Index -18 -29 -31 -34 0 -9 -18 -18 -29 -32 -34 -37


Fund vs. Large Value M'star Category -69 -21 9 44 N/A N/A N/A -29 21 0 43 N/A




TIAA-CREF MID-CAP GROWTH FUND (TRGMX) $1,672.10 73 26.66% 14.78% 13.76% 12.93% 7.24% 23.23% 44.96% 44.96% 20.88% 17.73% 13.84% 12.93% 10/1/2002





Fund vs. Mid-Cap Growth M'star Category 217 10 -52 -29 N/A N/A N/A 570 111 -7 1 N/A




TIAA-CREF MID-CAP VALUE FUND (TRVRX) $1,986.50 69 -15.70% -3.94% 2.55% 7.09% 5.64% 21.40% -4.45% -4.45% 1.22% 6.13% 7.94% 9.95% 10/1/2002















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF QUANT SMALL-CAP EQUITY FUND (TRSEX) $2,880.80 67 -8.38% -1.30% 5.77% 9.05% 9.93% 32.10% 12.53% 12.53% 6.90% 10.89% 10.53% 10.50% 10/1/2002


BM: Russell 2000 Index 0.39% 1.77% 8.00% 9.85% 8.65% 31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 11.12%







TIAA-CREF QUANT SMALL/MID-CAP EQUITY (TSMOX) [15,16,4]

$1,046.70 75 -1.22% 5.48% N/A N/A 6.87% 25.99% 15.60% 15.60% 11.39% N/A N/A 13.90% 8/5/2016


BM: Russell 2500 Index 2.22% 4.45% 7.61% 27.41% 19.99% 19.99% 11.33% 13.19%







TIAA-CREF REAL ESTATE SECURITIES FUND (TRRSX) $2,963.90 75 -6.10% 6.63% 7.84% 9.79% 3.84% 8.26% 1.10% 1.10% 8.16% 8.09% 9.78% 10.11% 10/1/2002









TIAA-CREF S&P 500 INDEX FUND (TRSPX) $7,100.70 30 14.84% 11.94% 13.79% 13.38% 3.82% 12.06% 18.08% 18.08% 13.84% 14.87% 13.52% 10.35% 10/1/2002


BM: S&P 500 Index 15.15% 12.28% 14.15% 13.74% 3.84% 12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 10.72%

Fund vs.S&P 500 Index -31 -34 -36 -36 -2 -9 -32 -32 -34 -35 -36 -37






TIAA-CREF SMALL-CAP BLEND INDEX FUND (TRBIX) $4,054.40 31 0.34% 1.66% 7.92% 9.76% 8.64% 31.27% 19.86% 19.86% 10.11% 13.15% 11.12% 10.91% 10/1/2002


BM: Russell 2000 Index 0.39% 1.77% 8.00% 9.85% 8.65% 31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 11.12%







TIAA-CREF SOCIAL CHOICE EQUITY FUND (TRSCX) [6]

$6,277.80 42 14.70% 11.35% 13.41% 12.49% 4.22% 14.07% 20.08% 20.08% 14.06% 15.18% 12.78% 6.74% 7/1/1999


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%






Fund Star Rating N/A *** *** *** N/A N/A N/A N/A **** **** *** N/A

TIAA-CREF SOCIAL CHOICE LOW CARBON EQUITY FUND (TEWCX) $558.40 57 16.29% 11.78% 13.77% N/A 4.23% 14.31% 22.00% 22.00% 14.76% 15.47% N/A 13.84% 8/7/2015


BM: Russell 3000 Index 15.00% 11.65% 13.69% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.83%








TIAA-CREF EMERGING MARKETS EQUITY FUND (TEMSX) $1,594.80 115 13.54% 2.88% 10.04% 2.49% 6.54% 20.04% 18.11% 18.11% 7.44% 13.72% 3.71% 5.25% 8/31/2010



Fund vs.MS Emerging Market 300 46 107 -1 -81 34 -20 -20 127 91 8 -4





Fund Star Rating N/A *** **** *** N/A N/A N/A N/A *** *** *** N/A





FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF EMERGING MARKETS EQUITY INDEX FUND (TEQSX) $4,130.60 45 10.41% 2.06% 8.58% 2.07% 6.99% 18.76% 17.42% 17.42% 5.77% 12.45% 3.10% 4.69% 8/31/2010









TIAA-CREF INTERNATIONAL EQUITY FUND (TRERX) [6]

$5,925.80 73 8.16% -1.29% 4.49% 4.33% 6.26% 17.68% 15.52% 15.52% 2.74% 7.57% 4.88% 4.91% 7/1/1999





Fund vs. Foreign Large Blend M'star Category 597 -170 -70 -1 N/A N/A N/A 622 -144 0 -45 N/A




TIAA-CREF INTERNATIONAL EQUITY INDEX FUND (TRIEX) $16,057.70 31 0.48% 0.53% 5.09% 4.55% 4.99% 15.72% 7.86% 7.86% 4.27% 7.43% 5.43% 7.48% 10/1/2002



Fund vs.Morgan Stanley EAFE Index -1 -9 -17 -7 34 -33 4 4 -1 -2 -8 -24


Fund vs. Foreign Large Blend M'star Category -171 12 -10 21 N/A N/A N/A -144 9 -14 10 N/A




TIAA-CREF INTERNATIONAL OPPORTUNITIES FUND (TIOTX) $2,111.10 87 23.97% 8.82% 10.83% N/A 5.11% 15.86% 32.46% 32.46% 12.46% 13.71% N/A 9.24% 4/12/2013









TIAA-CREF QUANT INTERNATIONAL SMALL-CAP EQUITY FUND (TTISX) [17,4]

$1,190.50 96 1.18% -3.76% N/A N/A 7.93% 15.51% 5.68% 5.68% -0.81% N/A N/A 6.69% 12/9/2016









TIAA-CREF SOCIAL CHOICE INTERNATIONAL EQUITY FUND (TSOEX) $654.40 65 1.96% 1.07% 5.58% N/A 5.29% 16.35% 9.53% 9.53% 5.14% 7.80% N/A 5.89% 8/7/2015









Fixed Income

TIAA-CREF BOND INDEX FUND (TBIRX) $19,003.10 37 6.43% 4.82% 3.75% 3.21% 0.13% 0.69% 7.31% 7.31% 4.95% 4.02% 3.43% 3.61% 9/14/2009



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -55 -42 -43 -43 -1 2 -20 -20 -39 -42 -41 -44


Fund vs. Intermediate Core Bond M'star Category -23 -6 -19 -28 N/A N/A N/A -21 -16 -24 -26 N/A



Fund Star Rating N/A *** *** ** N/A N/A N/A N/A *** *** ** N/A

TIAA-CREF CORE BOND FUND (TIDRX) [5]

$8,092.30 55 6.14% 4.86% 4.33% 3.89% 0.43% 1.64% 7.69% 7.69% 5.28% 4.79% 4.20% 5.07% 7/1/1999



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -84 -38 15 25 29 97 18 18 -6 35 36 1


Fund vs. Intermediate Core-Plus Bond M'star Category -23 9 1 -8 N/A N/A N/A -37 -6 -7 -5 N/A








FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF CORE IMPACT BOND FUND (TSBBX) $6,254.00 61 5.66% 4.91% 4.12% N/A 0.35% 1.34% 7.18% 7.18% 5.18% 4.52% N/A 3.81% 9/21/2012



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -132 -33 -6 21 67 -33 -33 -16 8 55





Fund Star Rating N/A *** *** N/A N/A N/A N/A *** ** N/A

TIAA-CREF CORE PLUS BOND FUND (TCBRX) $5,503.30 55 5.66% 4.73% 4.40% 4.10% 0.59% 2.26% 7.70% 7.70% 5.38% 5.01% 4.45% 4.68% 3/31/2006





Fund vs. Intermediate Core-Plus Bond M'star Category -71 -4 8 13 N/A N/A N/A -36 4 15 20 N/A




TIAA-CREF EMERGING MARKETS DEBT FUND (TEDTX) $638.70 88 0.56% 2.92% 6.90% N/A 2.57% 8.24% 5.85% 5.85% 5.18% 8.51% N/A 5.72% 9/26/2014









TIAA-CREF GREEN BOND (TGRMX) $47.40 70 6.50% N/A N/A N/A 0.59% 1.91% 8.47% 8.47% N/A N/A N/A 8.80% 11/16/2018









TIAA-CREF HIGH YIELD FUND (TIHRX) [6]

$4,120.60 61 -0.22% 3.11% 5.51% 5.55% 1.44% 5.35% 1.97% 1.97% 4.70% 7.04% 5.84% 6.44% 3/31/2006





Fund vs. High Yield Bond M'star Category -155 22 33 26 N/A N/A N/A -294 -4 29 29 N/A




TIAA-CREF INFLATION-LINKED BOND FUND (TIKRX) [5]

$3,572.60 51 7.25% 4.12% 3.15% 2.59% 1.13% 1.38% 7.84% 7.84% 4.39% 3.63% 2.84% 3.95% 10/1/2002



Fund vs.Bloomberg Barclays US TIPS 1-10 Year Index -50 -44 -51 -13 -11 -22 -55 -55 -54 -50 -4 -3






TIAA-CREF INTERNATIONAL BOND FUND (TIBVX) [4]

$476.90 85 1.53% 4.36% N/A N/A 0.75% 2.33% 4.48% 4.48% 4.73% N/A N/A 3.68% 8/5/2016





Fund vs. World Bond-USD Hedged M'star Category -227 -6 N/A N/A N/A -169 -12 N/A




TIAA-CREF SHORT DURATION IMPACT BOND (TSDDX) $32.00 60 3.82% N/A N/A N/A 0.37% 0.94% 4.25% 4.25% N/A N/A N/A 4.42% 11/16/2018













FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF SHORT-TERM BOND FUND (TISRX) $2,115.60 52 3.02% 2.61% 2.20% 1.80% 0.26% 0.67% 3.21% 3.21% 2.83% 2.38% 1.93% 2.73% 3/31/2006









TIAA-CREF SHORT-TERM BOND INDEX FUND (TESHX) $961.90 37 3.34% 2.47% 1.68% N/A 0.02% 0.17% 3.02% 3.02% 2.62% 1.81% N/A 1.64% 8/7/2015









Multi-Asset

TIAA-CREF LIFECYCLE 2010 FUND (TCLEX) [10,9]

$1,288.50 62 7.74% 5.60% 6.88% 6.67% 2.24% 6.67% 10.95% 10.95% 6.99% 7.84% 6.85% 6.06% 10/15/2004





Fund vs.S&P Target Date 2010 Index 46 -2 55 70 37 71 100 100 20 62 70 36






TIAA-CREF LIFECYCLE 2015 FUND (TCLIX) [10,9]

$1,838.70 63 8.04% 5.78% 7.25% 7.11% 2.43% 7.43% 11.58% 11.58% 7.31% 8.31% 7.27% 6.32% 10/15/2004











TIAA-CREF LIFECYCLE 2020 FUND (TCLTX) [11,9]

$3,969.90 64 8.39% 5.98% 7.75% 7.66% 2.68% 8.09% 12.12% 12.12% 7.61% 8.85% 7.78% 6.55% 10/15/2004











TIAA-CREF LIFECYCLE 2025 FUND (TCLFX) [11,9]

$5,225.00 66 8.96% 6.23% 8.31% 8.22% 3.04% 9.31% 13.23% 13.23% 8.12% 9.57% 8.37% 6.84% 10/15/2004











TIAA-CREF LIFECYCLE 2030 FUND (TCLNX) [11,9]

$5,466.40 67 9.52% 6.50% 8.88% 8.75% 3.41% 10.46% 14.23% 14.23% 8.62% 10.27% 8.93% 7.07% 10/15/2004















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE 2035 FUND (TCLRX) [11,9]

$5,574.30 68 10.06% 6.72% 9.38% 9.24% 3.78% 11.64% 15.08% 15.08% 9.04% 10.94% 9.43% 7.42% 10/15/2004











TIAA-CREF LIFECYCLE 2040 FUND (TCLOX) [11,9]

$6,606.10 69 10.59% 6.88% 9.84% 9.55% 4.15% 12.84% 16.07% 16.07% 9.45% 11.56% 9.85% 7.82% 10/15/2004











TIAA-CREF LIFECYCLE 2045 FUND (TTFRX) [11,9]

$4,190.20 70 11.07% 6.95% 10.06% 9.63% 4.56% 14.01% 17.03% 17.03% 9.84% 12.00% 10.05% 6.73% 11/30/2007











TIAA-CREF LIFECYCLE 2050 FUND (TLFRX) [11,9]

$3,002.90 70 11.15% 7.00% 10.14% 9.69% 4.60% 14.23% 17.24% 17.24% 9.91% 12.11% 10.12% 6.76% 11/30/2007











TIAA-CREF LIFECYCLE 2055 FUND (TTRLX) [11,9]

$1,233.80 70 11.18% 7.00% 10.20% N/A 4.65% 14.34% 17.27% 17.27% 9.94% 12.21% N/A 9.57% 4/29/2011



Fund vs.Lifecycle 2055 Fund Composite Index -18 -134 -87 17 4 -8 -8 -129 -81 -69








TIAA-CREF LIFECYCLE 2060 FUND (TLXRX) [11,9]

$310.60 70 11.24% 7.01% 10.27% N/A 4.69% 14.51% 17.41% 17.41% 9.98% 12.30% N/A 9.93% 9/26/2014



Fund vs.Lifecycle 2060 Fund Composite Index -14 -135 -89 15 2 -3 -3 -130 -84 -55








TIAA-CREF LIFECYCLE 2065 FUND (TSFRX) $5.60 70 N/A N/A N/A N/A 4.72% 14.66% N/A N/A N/A N/A N/A 14.66% 9/30/2020



Fund vs.Lifecycle 2065 Fund Composite Index 12 -2 -2












FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE INDEX 2010 FUND (TLTRX) [10,9]

$674.20 35 8.79% 6.29% 6.91% 6.61% 2.04% 6.39% 11.61% 11.61% 7.63% 7.84% 6.83% 7.23% 9/30/2009










Fund Star Rating N/A **** **** **** N/A N/A N/A N/A ***** **** **** N/A

TIAA-CREF LIFECYCLE INDEX 2015 FUND (TLGRX) [10,9]

$1,152.20 35 9.07% 6.55% 7.35% 7.08% 2.27% 7.13% 12.27% 12.27% 8.03% 8.37% 7.29% 7.72% 9/30/2009










Fund Star Rating N/A **** **** **** N/A N/A N/A N/A ***** **** **** N/A

TIAA-CREF LIFECYCLE INDEX 2020 FUND (TLWRX) [11,9]

$3,260.80 35 9.34% 6.80% 7.91% 7.65% 2.51% 7.86% 12.85% 12.85% 8.42% 8.98% 7.84% 8.30% 9/30/2009










Fund Star Rating N/A ***** **** **** N/A N/A N/A N/A **** **** **** N/A

TIAA-CREF LIFECYCLE INDEX 2025 FUND (TLQRX) [11,9]

$4,810.30 35 9.82% 7.13% 8.55% 8.27% 2.88% 8.95% 13.69% 13.69% 8.94% 9.75% 8.46% 8.94% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2030 FUND (TLHRX) [11,9]

$5,354.10 35 10.13% 7.42% 9.16% 8.87% 3.24% 10.17% 14.53% 14.53% 9.49% 10.52% 9.08% 9.58% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2035 FUND (TLYRX) [11,9]

$5,007.70 35 10.51% 7.69% 9.76% 9.43% 3.58% 11.29% 15.27% 15.27% 9.99% 11.25% 9.67% 10.18% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2040 FUND (TLZRX) [11,9]

$5,183.90 35 10.70% 7.86% 10.29% 9.80% 3.98% 12.50% 16.01% 16.01% 10.40% 11.93% 10.15% 10.62% 9/30/2009















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFECYCLE INDEX 2045 FUND (TLMRX) [11,9]

$3,777.70 35 10.92% 7.97% 10.52% 9.90% 4.30% 13.63% 16.68% 16.68% 10.80% 12.39% 10.37% 10.81% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2050 FUND (TLLRX) [11,9]

$3,059.80 35 10.99% 8.00% 10.62% 9.95% 4.40% 13.89% 16.88% 16.88% 10.88% 12.53% 10.43% 10.88% 9/30/2009











TIAA-CREF LIFECYCLE INDEX 2055 FUND (TTIRX) [11,9]

$1,451.90 35 11.00% 8.02% 10.71% N/A 4.49% 14.06% 16.95% 16.95% 10.94% 12.66% N/A 9.91% 4/29/2011










Fund Star Rating N/A ***** ***** N/A N/A N/A N/A **** **** N/A

TIAA-CREF LIFECYCLE INDEX 2060 FUND (TVITX) [11,9]

$527.30 35 11.05% 8.06% 10.79% N/A 4.50% 14.24% 17.08% 17.08% 11.03% 12.76% N/A 10.16% 9/26/2014



Fund vs.Lifecycle Index 2060 Composite Benchmark -32 -33 -37 -1 -25 -34 -34 -30 -35 -37







Fund Star Rating N/A ***** **** N/A N/A N/A N/A **** **** N/A

TIAA-CREF LIFECYCLE INDEX 2065 FUND (TFIRX) $6.00 35 N/A N/A N/A N/A 4.63% 14.46% N/A N/A N/A N/A N/A 14.46% 9/30/2020











TIAA-CREF LIFECYCLE INDEX RETIREMENT INCOME FUND (TRCIX) [10,9]

$594.10 35 8.76% 6.31% 6.70% 6.20% 2.12% 6.51% 11.79% 11.79% 7.71% 7.70% 6.55% 6.87% 9/30/2009



Fund vs.Lifecycle Index Retirement Income Composite Benchmark -41 -29 -36 -38 1 -6 -26 -26 -27 -33 -35 -38








TIAA-CREF LIFECYCLE RETIREMENT INCOME FUND (TLIRX) [10,9]

$593.50 62 7.67% 5.52% 6.64% 6.25% 2.27% 6.58% 10.84% 10.84% 6.94% 7.63% 6.53% 5.41% 11/30/2007















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND (TSARX) [13]

$205.90 85 12.70% 7.25% 10.56% N/A 5.01% 15.54% 19.39% 19.39% 10.52% 12.66% N/A 12.41% 12/9/2011











TIAA-CREF LIFESTYLE CONSERVATIVE FUND (TSCTX) [12]

$344.50 72 8.32% 5.52% 6.56% N/A 2.32% 7.18% 11.90% 11.90% 7.15% 7.67% N/A 7.10% 12/9/2011











TIAA-CREF LIFESTYLE GROWTH FUND (TSGRX) [13]

$299.20 81 11.42% 6.81% 9.40% N/A 4.08% 12.81% 17.19% 17.19% 9.56% 11.21% N/A 10.84% 12/9/2011





Fund vs.Morningstar Moderately Aggressive Target Risk TR USD 445 42 21 14 -60 368 368 38 -6 70






TIAA-CREF LIFESTYLE INCOME FUND (TLSRX) [12]

$93.70 68 6.39% 4.50% 4.82% N/A 1.35% 4.06% 8.53% 8.53% 5.45% 5.51% N/A 4.89% 12/9/2011



Fund vs.Lifestyle Income Composite Benchmark -63 -67 -13 29 66 14 14 -46 1 19




Fund vs. Allocation--15% to 30% Equity M'star Category 254 86 34 N/A N/A N/A 124 38 -4 N/A




TIAA-CREF LIFESTYLE MODERATE FUND (TSMTX) [13]

$584.00 77 10.37% 6.51% 8.27% N/A 3.19% 10.09% 15.18% 15.18% 8.71% 9.77% N/A 9.28% 12/9/2011



Fund vs.Lifestyle Moderate Composite Benchmark -1 -106 -54 23 62 64 64 -81 -37 6








TIAA-CREF MANAGED ALLOCATION FUND (TITRX) [13]

$976.30 67 10.12% 6.55% 8.36% 8.03% 3.22% 10.21% 15.04% 15.04% 8.76% 9.86% 8.44% 6.64% 3/31/2006



10.38% 7.57% 8.81% 8.18% 2.96% 9.47% 14.54% 14.54% 9.52% 10.14% 8.57% 7.01%

Fund vs.Managed Allocation Composite Index -26 -102 -45 -15 26 74 50 50 -76 -28 -13 -37


Fund vs.Morningstar Moderate Target Risk TR USD 243 18 23 67 16 -3 222 222 21 11 67 -19










FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



Money Market

TIAA-CREF MONEY MARKET FUND (TIEXX) [14,3,5,7]

$1,840.30 38 0.73% 1.34% 0.87% 0.44% 0.00% 0.00% 0.34% 0.34% 1.28% 0.87% 0.44% 1.73% 7/1/1999







$181,531.80




Teachers Advisors, LLC. (“Advisors”), the Funds’ investment adviser has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed 0.25% of average daily net assets for the Lifecycle and 0.29% for the Lifecycle Index Retirement Class Funds. These expense reimbursement arrangements will continue through at least September 30, 2021 unless changed with approval of the Board of Trustees.




Under the Funds’ expense reimbursement arrangements, the Funds’ investment adviser, Teachers Advisors, LLC. (“Advisors”), has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed the following annual rates of average daily net assets: a) 0.77% for the Growth & Income Fund; 0.85% for the International Equity Fund; 1.20% for the Emerging Markets Equity Fund; 0.77% for the Large-Cap Growth Fund; 0.77% for the Large-Cap Value Fund; 0.80% for the Mid-Cap Growth Fund; 0.80% for the Mid-Cap Value Fund; 0.78% for the Small-Cap Equity Fund; 0.34% for the Large-Cap Growth Index Fund; 0.34% for the Large-Cap Value Index Fund; 0.34% for the Equity Index Fund; 0.34% for the S&P 500 Index Fund; 0.34% for the Small-Cap Blend Index Fund; 0.40% for the International Equity Index Fund; 0.50% for the Emerging Markets Equity Index Fund; 0.47% for the Social Choice Equity Fund; 1.00% for the Global Natural Resources Fund; 0.95% for the International Opportunities Fund; 0.90% for the Emerging Markets Debt Fund; b) 0.82% for the Real Estate Securities Fund; 0.60% for the Bond Fund; 0.60% for the Bond Plus Fund; 0.55% for the Short-Term Bond Fund; 0.55% for the Inflation-Linked Bond Fund; 0.65% for the High-Yield Fund; 0.38% for the Bond Index Fund; 0.40% for the Money Market Fund; 0.65% for the Social Choice Bond Fund; 0.37% for the Short-Term Bond Index Fund; 0.57% for the Social Choice Low Carbon Equity Fund; 0.65% for the Social Choice International Equity Index; c) 0.25% for the Managed Allocation Fund.

[11] The S&P Target Date Indexes represent a broadly derived consensus of asset class exposure for the respective target retirement date based on market observations acquired through an annual survey of target date fund managers. The S&P Target Date Index returns include the fees and expenses of the exchange-traded funds that comprise each respective index. Previously, the Lifecycle Active and Index 2020, 2025, 2030, 2035, 2040, 2045, 2050, 2055 and 2060 Funds compared their performance to the Russell 3000 Index instead of the S&P Target Date Indexes shown in the chart above. The returns of the S&P Target Date Indexes are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund.






[5] The Retirement Class began operations on March 31, 2006. Where a product lists two inception dates, the top date reflects the inception date of the product’s oldest share class, and the bottom date represents the date of inception for the Share Class being reported. Performance shown for periods prior to the inception of the Retirement Class reflects the performance of the Institutional Class, and has not been adjusted to reflect the higher expenses of the Retirement Class.

[6] The Retirement Class began operations on October 1, 2002. Where a product lists two inception dates, the top date reflects the inception date of the product’s oldest share class, and the bottom date represents the date of inception for the Share Class being reported. Performance shown for periods prior to the inception of the Retirement Class reflects the performance of the Institutional Class, and has not been adjusted to reflect the higher expenses of the Retirement Class.[7] Beginning August 27, 2013, part or all of the investment management fees of the Retirement Class are being voluntarily waived. In addition, the fund's investment adviser is reimbursing certain other fund expenses. Beginning August 18, 2009 part or all of theservice fees are being voluntarily waived. Without these changes, the 7-day current and effective net annualized yields and total returns for the fund would have been lower. The suspension of reimbursements and the addition of waivers are voluntary and may bediscontinued at any time without notice.

[8] 42% Russell 3000® Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index, 18% Morgan Stanley All Country World Index ex-USA.

[9] TPIS has contractually agreed not to seek payment of the 12b-1 fee under the Retirement Plan through September 30, 2021. This agreement may not be continued after that date.

[10] The S&P Target Date Indexes represent a broadly derived consensus of asset class exposure for the respective target retirement date based on market observations acquired through an annual survey of target date fund managers. The S&P Target Date Index returns include the fees and expenses of the exchange-traded funds that comprise each respective index. Previously, the Lifecycle Active and Index 2010, 2015 and Retirement Income Funds compared their performance to the Bloomberg Barclays U.S. Aggregate Bond Index instead of the S&P Target Date Indexes shown in the chart above. The returns of the S&P Target Date Indexes are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund.






INVESTMENT PERFORMANCE SUMMARYTIAA-CREF FUNDS RETAIL SHARE CLASS




FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date

U.S. Equities

TIAA-CREF EQUITY INDEX FUND (TINRX) [6]

$30,580.80 33 14.56% 11.26% 13.33% 13.11% 4.44% 14.59% 20.46% 20.46% 14.11% 15.06% 13.42% 7.00% 7/1/1999


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%







TIAA-CREF GROWTH & INCOME FUND (TIIRX) [6]

$5,869.00 70 14.03% 10.49% 12.54% 13.07% 4.52% 14.38% 20.18% 20.18% 13.04% 14.11% 13.45% 7.16% 7/1/1999


BM: S&P 500 Index 15.15% 12.28% 14.15% 13.74% 3.84% 12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 6.79%

Fund vs.S&P 500 Index -112 -179 -161 -67 68 223 178 178 -114 -111 -43 37






TIAA-CREF LARGE-CAP GROWTH FUND (TIRTX) $6,619.60 71 39.17% 21.16% 19.13% 17.00% 5.01% 12.42% 43.75% 43.75% 23.19% 19.90% 17.25% 12.17% 3/31/2006









TIAA-CREF LARGE-CAP VALUE FUND (TCLCX) $5,225.40 72 -4.27% 0.14% 6.18% 8.34% 3.59% 17.42% 3.23% 3.23% 4.33% 8.53% 8.87% 8.80% 10/1/2002









TIAA-CREF MID-CAP GROWTH FUND (TCMGX) $1,672.10 78 26.60% 14.72% 13.70% 12.86% 7.26% 23.24% 44.88% 44.88% 20.83% 17.67% 13.77% 12.91% 10/1/2002





Fund vs. Mid-Cap Growth M'star Category 211 4 -58 -36 N/A N/A N/A 562 106 -13 -6 N/A




TIAA-CREF MID-CAP VALUE FUND (TCMVX) $1,986.50 74 -15.77% -4.00% 2.49% 7.03% 5.67% 21.44% -4.53% -4.53% 1.16% 6.08% 7.89% 9.96% 10/1/2002









TIAA-CREF QUANT SMALL-CAP EQUITY FUND (TCSEX) [12]

$2,880.80 72 -8.43% -1.34% 5.73% 8.98% 9.86% 32.09% 12.50% 12.50% 6.85% 10.85% 10.45% 10.51% 10/1/2002


BM: Russell 2000 Index 0.39% 1.77% 8.00% 9.85% 8.65% 31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 11.12%







TIAA-CREF QUANT SMALL/MID-CAP EQUITY (TSMEX) [13,4]

$1,046.70 88 -1.44% 5.34% N/A N/A 6.88% 26.13% 15.62% 15.62% 11.27% N/A N/A 13.77% 8/5/2016


BM: Russell 2500 Index 2.22% 4.45% 7.61% 27.41% 19.99% 19.99% 11.33% 13.19%

Fund vs.Russell 2500 Index -366 89 -73 -128 -437 -437 -6 58












FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF REAL ESTATE SECURITIES FUND (TCREX) $2,963.90 79 -6.17% 6.58% 7.78% 9.73% 3.80% 8.21% 1.01% 1.01% 8.08% 8.04% 9.70% 10.08% 10/1/2002









TIAA-CREF SOCIAL CHOICE EQUITY FUND (TICRX) [6]

$6,277.80 45 14.70% 11.32% 13.39% 12.46% 4.20% 14.03% 20.00% 20.00% 14.02% 15.15% 12.74% 6.82% 7/1/1999


BM: Russell 3000 Index 15.00% 11.65% 13.69% 13.48% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.79% 7.25%







TIAA-CREF SOCIAL CHOICE LOW CARBON EQUITY FUND (TLWCX) $558.40 64 16.19% 11.68% 13.69% N/A 4.28% 14.37% 21.97% 21.97% 14.69% 15.41% N/A 13.77% 8/7/2015


BM: Russell 3000 Index 15.00% 11.65% 13.69% 4.50% 14.68% 20.89% 20.89% 14.49% 15.43% 13.83%

Fund vs.Russell 3000 Index 119 3 0 -22 -31 108 108 20 -2 -6





Fund Star Rating N/A *** **** N/A N/A N/A N/A **** **** N/A


TIAA-CREF EMERGING MARKETS EQUITY FUND (TEMRX) $1,594.80 127 13.17% 2.65% 9.82% 2.32% 6.49% 19.97% 17.66% 17.66% 7.18% 13.48% 3.54% 5.07% 8/31/2010



Fund vs.MS Emerging Market 263 23 85 -18 -86 27 -65 -65 101 67 -9 -22






TIAA-CREF EMERGING MARKETS EQUITY INDEX FUND (TEQKX) $4,130.60 57 10.23% 1.94% 8.43% 1.93% 6.96% 18.72% 17.27% 17.27% 5.62% 12.31% 2.96% 4.55% 8/31/2010





Fund vs. Diversified Emerging Mkts M'star Category 112 21 35 -53 N/A N/A N/A -63 -7 56 -67 N/A




TIAA-CREF INTERNATIONAL EQUITY FUND (TIERX) [6]

$5,925.80 82 8.16% -1.36% 4.43% 4.25% 6.22% 17.59% 15.48% 15.48% 2.65% 7.49% 4.79% 5.12% 7/1/1999





Fund vs. Foreign Large Blend M'star Category 597 -177 -76 -9 N/A N/A N/A 618 -153 -8 -54 N/A




TIAA-CREF INTERNATIONAL OPPORTUNITIES FUND (TIOSX) $2,111.10 102 23.58% 8.57% 10.58% N/A 5.11% 15.77% 32.06% 32.06% 12.18% 13.43% N/A 9.04% 4/12/2013









TIAA-CREF QUANT INTERNATIONAL SMALL-CAP EQUITY FUND (TLISX) [14,4]

$1,190.50 114 0.79% -3.96% N/A N/A 7.98% 15.45% 5.44% 5.44% -1.03% N/A N/A 6.47% 12/9/2016





Fund vs. Foreign Small/Mid Value M'star Category -10 -133 N/A N/A N/A -317 -280 N/A



Fund Star Rating N/A *** N/A N/A N/A N/A ** N/A





FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF SOCIAL CHOICE INTERNATIONAL EQUITY FUND (TSORX) $654.40 74 1.75% 0.94% 5.49% N/A 5.26% 16.42% 9.49% 9.49% 5.05% 7.71% N/A 5.79% 8/7/2015









Fixed Income

TIAA-CREF 5-15 YEAR LADDERED TAX-EXEMPT BOND FUND (TIXRX) [15]

$282.30 58 2.37% 3.54% 3.09% 3.01% 0.91% 2.19% 3.95% 3.95% 4.25% 3.26% 3.75% 3.87% 3/31/2006





Fund vs. Muni National Interm M'star Category -71 9 -3 -27 N/A N/A N/A -56 26 3 -14 N/A



Fund Star Rating N/A *** ** ** N/A N/A N/A N/A *** *** ** N/A

TIAA-CREF BOND INDEX FUND (TBILX) $19,003.10 43 6.45% 4.77% 3.69% 3.14% 0.12% 0.58% 7.25% 7.25% 4.88% 3.95% 3.34% 3.53% 9/14/2009





Fund vs. Intermediate Core Bond M'star Category -21 -11 -25 -35 N/A N/A N/A -27 -23 -31 -35 N/A



Fund Star Rating N/A *** ** ** N/A N/A N/A N/A ** ** ** N/A

TIAA-CREF CORE BOND FUND (TIORX) $8,092.30 59 6.01% 4.78% 4.27% 3.84% 0.43% 1.72% 7.66% 7.66% 5.20% 4.74% 4.15% 5.07% 7/1/1999





Fund vs. Intermediate Core-Plus Bond M'star Category -36 1 -5 -13 N/A N/A N/A -40 -14 -12 -10 N/A




TIAA-CREF CORE IMPACT BOND FUND (TSBRX) $6,254.00 64 5.65% 4.85% 4.10% N/A 0.35% 1.34% 7.17% 7.17% 5.12% 4.50% N/A 3.76% 9/21/2012



Fund vs.Bloomberg Barclays U.S. Aggregate Bond Index -133 -39 -8 21 67 -34 -34 -22 6 50





Fund Star Rating N/A *** *** N/A N/A N/A N/A *** ** N/A

TIAA-CREF CORE PLUS BOND FUND (TCBPX) $5,503.30 61 5.59% 4.67% 4.33% 4.04% 0.58% 2.24% 7.63% 7.63% 5.31% 4.95% 4.38% 4.67% 3/31/2006





Fund vs. Intermediate Core-Plus Bond M'star Category -78 -10 1 7 N/A N/A N/A -43 -3 9 13 N/A




TIAA-CREF EMERGING MARKETS DEBT FUND (TEDLX) $638.70 92 0.49% 2.83% 6.82% N/A 2.56% 8.23% 5.78% 5.78% 5.08% 8.43% N/A 5.64% 9/26/2014









TIAA-CREF GREEN BOND (TGROX) $47.40 80 6.35% N/A N/A N/A 0.67% 1.95% 8.39% 8.39% N/A N/A N/A 8.72% 11/16/2018





Fund vs. Intermediate Core-Plus Bond M'star Category -2 N/A N/A N/A 33 N/A








FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF HIGH YIELD FUND (TIYRX) $4,120.60 64 -0.23% 3.09% 5.50% 5.53% 1.53% 5.32% 1.94% 1.94% 4.67% 7.01% 5.82% 6.48% 3/31/2006





Fund vs. High Yield Bond M'star Category -156 20 32 24 N/A N/A N/A -297 -7 26 27 N/A




TIAA-CREF INFLATION-LINKED BOND FUND (TCILX) $3,572.60 57 7.07% 4.05% 3.08% 2.54% 1.15% 1.41% 7.87% 7.87% 4.33% 3.56% 2.78% 3.91% 10/1/2002



Fund vs.Bloomberg Barclays US TIPS 1-10 Year Index -68 -51 -58 -18 -9 -19 -52 -52 -60 -57 -10 -7





Fund Star Rating N/A ** ** ** N/A N/A N/A N/A ** ** *** N/A

TIAA-CREF INTERNATIONAL BOND FUND (TIBEX) [4]

$476.90 95 1.38% 4.21% N/A N/A 0.75% 2.33% 4.38% 4.38% 4.61% N/A N/A 3.59% 8/5/2016





Fund vs. World Bond-USD Hedged M'star Category -242 -21 N/A N/A N/A -179 -24 N/A




TIAA-CREF SHORT DURATION IMPACT BOND (TSDBX) $32.00 70 3.70% N/A N/A N/A 0.37% 0.94% 4.33% 4.33% N/A N/A N/A 4.37% 11/16/2018



Fund vs.Bloomberg Barclays US 1-3 Yr Govt Credit Index -3 28 73 100 100 49






TIAA-CREF SHORT-TERM BOND FUND (TCTRX) $2,115.60 57 2.97% 2.55% 2.16% 1.75% 0.25% 0.66% 3.26% 3.26% 2.78% 2.33% 1.87% 2.73% 3/31/2006









TIAA-CREF SHORT-TERM BOND INDEX FUND (TRSHX) $961.90 47 3.22% 2.37% 1.59% N/A 0.01% 0.15% 3.02% 3.02% 2.53% 1.72% N/A 1.55% 8/7/2015





Fund vs. Short-Term Bond M'star Category -8 -39 -80 N/A N/A N/A -79 -61 -96 N/A



Fund Star Rating N/A ** ** N/A N/A N/A N/A ** * N/A

Multi-Asset

TIAA-CREF LIFECYCLE RETIREMENT INCOME FUND (TLRRX) [8]

$593.50 62 7.75% 5.55% 6.66% 6.26% 2.19% 6.49% 10.83% 10.83% 6.94% 7.65% 6.53% 5.45% 11/30/2007



Fund vs.Lifecycle Retirement Income Fund Composite Index -145 -105 -41 -22 7 -8 -125 -125 -103 -39 -26 -34








TIAA-CREF LIFESTYLE AGGRESSIVE GROWTH FUND (TSALX) [10]

$205.90 90 12.66% 7.20% 10.48% N/A 5.02% 15.51% 19.37% 19.37% 10.48% 12.59% N/A 12.34% 12/9/2011















FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



TIAA-CREF LIFESTYLE CONSERVATIVE FUND (TSCLX) [9]

$344.50 74 8.36% 5.49% 6.53% N/A 2.24% 7.09% 11.86% 11.86% 7.09% 7.65% N/A 7.07% 12/9/2011





Fund vs.Morningstar Moderately Conservative Target Risk TR USD 13 -76 -45 7 -4 0 0 -70 -52 17






TIAA-CREF LIFESTYLE GROWTH FUND (TSGLX) [10]

$299.20 84 11.42% 6.81% 9.38% N/A 4.11% 12.79% 17.18% 17.18% 9.53% 11.19% N/A 10.80% 12/9/2011





Fund vs.Morningstar Moderately Aggressive Target Risk TR USD 445 42 19 17 -62 367 367 35 -8 66






TIAA-CREF LIFESTYLE INCOME FUND (TSILX) [9]

$93.70 71 6.28% 4.48% 4.79% N/A 1.34% 4.05% 8.50% 8.50% 5.42% 5.48% N/A 4.86% 12/9/2011



Fund vs.Lifestyle Income Composite Benchmark -74 -69 -16 28 65 11 11 -49 -2 16




Fund vs. Allocation--15% to 30% Equity M'star Category 243 84 31 N/A N/A N/A 121 35 -7 N/A




TIAA-CREF LIFESTYLE MODERATE FUND (TSMLX) [10]

$584.00 79 10.35% 6.46% 8.25% N/A 3.25% 10.17% 15.23% 15.23% 8.69% 9.76% N/A 9.25% 12/9/2011



Fund vs.Lifestyle Moderate Composite Benchmark -3 -111 -56 29 70 69 69 -83 -38 3








TIAA-CREF MANAGED ALLOCATION FUND (TIMRX) [10]

$976.30 67 10.16% 6.54% 8.36% 8.03% 3.28% 10.24% 15.14% 15.14% 8.78% 9.89% 8.45% 6.71% 3/31/2006



10.38% 7.57% 8.81% 8.18% 2.96% 9.47% 14.54% 14.54% 9.52% 10.14% 8.57% 7.01%

Fund vs.Managed Allocation Composite Index -22 -103 -45 -15 32 77 60 60 -74 -25 -12 -30


Fund vs.Morningstar Moderate Target Risk TR USD 247 17 23 67 22 0 232 232 23 14 68 -12










FUND 12/31/20 (bps) [2]

09/30/20 09/30/20 09/30/20 09/30/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 12/31/20 Date



Money Market

TIAA-CREF MONEY MARKET FUND (TIRXX) [11,3,6,7]

$1,840.30 47 0.61% 1.21% 0.77% 0.38% 0.00% 0.00% 0.27% 0.27% 1.15% 0.77% 0.38% 1.73% 7/1/1999



Fund vs.iMoneynet Money Fund AveragesTM-All Government 0 -1 -3 -3 0 0 -1 -1 -1 -3 -3 27




$134,229.20


Under the Funds’ expense reimbursement arrangements, the Funds’ investment adviser, Teachers Advisors, LLC. (“Advisors”), has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed the following annual rates of average daily net assets: a) 0.91% for the Growth & Income Fund; 0.99% for the International Equity Fund; 1.34% for the Emerging Markets Equity Fund; 0.91% for the Large-Cap Growth Fund; 0.91% for the Large-Cap Value Fund; 0.94% for the Mid-Cap Growth Fund; 0.94% for the Mid-Cap Value Fund; 0.92% for the Small-Cap Equity Fund; 0.48% for the Equity Index Fund; 0.64% for the Emerging Markets Equity Index Fund; 0.61% for the Social Choice Equity Fund; 1.14% for the Global Natural Resources Fund; 1.09% for the International Opportunities Fund; 1.00% for the Emerging Markets Debt Fund; b) 0.96% for the Real Estate Securities Fund; 0.70% for the Bond Fund; 0.70% for the Bond Plus Fund; 0.65% for the Short-Term Bond Fund; 0.65% for the Inflation-Linked Bond Fund; 0.75% for the High-Yield Fund; 0.70% for the Tax-Exempt Bond Fund; 0.48% for the Bond Index Fund; 0.50% for the Money Market Fund; 0.75% for the Social Choice Bond Fund; 0.47% for the Short-Term Bond Index Fund; 0.71% for the Social Choice Low Carbon Equity Fund; 0.79% for the Social Choice International Equity Index; c) 0.25% for the Managed Allocation Fund.





Teachers Advisors, LLC. (“Advisors”), the Funds’ investment adviser has contractually agreed to reimburse the Funds for any Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses and extraordinary expenses) that exceed 0.25% of average daily net assets for the Lifecycle and 0.29% for the Lifecycle Index Retail Class Funds. These expense reimbursement arrangements will continue through at least September 30, 2021 unless changed with approval of the Board of Trustees.









[5] 42% Russell 3000® Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index, 18% Morgan Stanley All Country World Index ex-USA.

[6] The Retail Class began operations on March 31, 2006. Where a product lists two inception dates, the top date reflects the inception date of the product’s oldest share class, and the bottom date represents the date of inception for the Share Class being reported. Performance shown for periods prior to the inception of the Retail Class reflects the performance of the Institutional Class, and has not been adjusted to reflect the higher expenses of the Retail Class.[7] Beginning August 18, 2009, part or all of the 12b-1 distribution expenses of the Retail Class of the TIAA-CREF Money Market Fund are not being reimbursed to the Fund's distributor. The Fund's advisor is also waiving part or all of the investment management fees and reimbursing certain other Fund expenses. Without these changes, current and effective annualized yields and total returns would have been lower. These voluntary fee and waivers and reimbursements may be discontinued at any time without notice.

[8] The S&P Target Date Indexes represent a broadly derived consensus of asset class exposure for the respective target retirement date based on market observations acquired through an annual survey of target date fund managers. The S&P Target Date Index returns include the fees and expenses of the exchange-traded funds that comprise each respective index. Previously, the Lifecycle Active and Index 2010, 2015 and Retirement Income Funds compared their performance to the Bloomberg Barclays U.S. Aggregate Bond Index instead of the S&P Target Date Indexes shown in the chart above. The returns of the S&P Target Date Indexes are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund.





Documents

Investment Performance Summary as of August 31, 2020 · ,19(670(17 3(5)250$1&( 6800$5,(6,16758&7,216 (yhu\ prqwk dqg hyhu\ txduwhu 7,$$ fuhdwhv d vxppdu\ ri shuirupdqfh lqirupdwlrq