CREF Stock Account. Account Performance Highlights. Positioning. Investment Product Commentary

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1 Investment Product Commentary For the quarter ended September 30, 2017 Account Performance Highlights In the third quarter of 2017, the CREF Stock Account outperformed the 5.08% return of its composite benchmark, which consists of a 70% allocation to the Russell 3000 Index (U.S. markets) and a 30% allocation to the MSCI All-Country World ex-us Investable Market Index (foreign developed and emerging markets). Fair valuing had a positive effect on the Account s return during the quarter. 1 U.S. equity investors enjoyed another profitable, low-volatility quarter despite major hurricanes and tensions with North Korea. The broad-based Russell 3000 Index advanced 4.57%, bringing its year-to-date gain to 13.91%. Meanwhile, small-cap stocks (+5.67%) beat both large caps (+4.48%) and mid caps (+3.47%), based on respective Russell indexes. Increasingly synchronized global growth and robust fund flows propelled international equities. Emerging market (EM) stocks (+7.89%) outperformed developed-market shares (+5.40%) in U.S. dollar terms. Eurozone stocks rose 4.19% in local terms, a gain that was nearly doubled when translated into dollars. Japan s moderate recovery remained on track and Chinese equities surged during the period. The Account allocates its assets across three main portfolio management sleeves : active fundamental; active research; and quantitative; in addition to an index component for liquidity purposes. To provide broad diversification, each sleeve offers a different investment style and approach in its stock selection process. Third-quarter results for the Account s U.S. holdings exceeded those of the Russell 3000 Index. Our active value and core mandates outpaced their respective benchmarks; growth sleeves were mixed. The U.S. quantitatively managed sleeves contributed as well. Relative performance was favorable among the Account s international allocations. Our large-cap, developed markets returns were led by European and Asian actively managed mandates. International quantitative sleeves also outperformed. Within EM, positive returns from the actively managed mandate was partially offset by the quantitative sleeve. Global mandates outperformed in aggregate. Returns in the sector-neutral, research analyst portfolios exceeded the U.S., European, Canadian, and EM benchmarks, while lagging in Asia. Positioning The CREF Stock Account is a broadly diversified, global equity variable annuity emphasizing low relative risk versus the market. Intended as a complete equity holding, the Account provides exposure to all major equity market segments, including large-, mid-, and small-cap stocks, both domestically and within foreign developed and emerging markets. Secular, professional asset allocation takes a long-term view on portfolio positioning to assist participants in planning for retirement. The multi-manager approach leverages the skills and experience of fundamental active portfolio managers, active equity research analysts, and quantitative portfolio managers, to generate multiple sources of excess return. Midway through the ninth year of the current U.S. economic expansion one of the longest in history we see none of the typical scenarios that could stop this equity bull market. Interest rates, while rising, are still near historically low levels. Inflation and unemployment also remain low. In fact, the potential for fiscal stimulus, tax reform, or both could fuel further gains in stocks despite relatively full valuations. Although some political risks remain internationally, we continue to favor overseas stocks. In Europe, equities should benefit from stronger economic growth, lower market valuations, and mild inflation. While key EM economies are bouncing back from stagnation, we are mindful of fiscal tightening in China and ongoing political tension in the Korean peninsula. As always, we are committed to the CREF Stock Account s investment approach: combining a high level of geographic diversification and a variety of distinctive investment styles to provide attractive long-term return potential without undue risk. 1 The Account s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be the result of a fair-value pricing adjustment. Many foreign exchanges close before the Account s daily unit value is calculated (generally 4 p.m. (ET)). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the Account s benchmark index. They may, however, be reflected in the calculation of the Account s unit value for that day. The sectors referenced in the relative performance commentary above are based on the Global Industry Classification Standard (GICS ). The Global Industry Classification Standard (GICS) was developed by MSCI, a premier independent provider of global indexes and benchmark-related products and services, and Standard & Poor s (S&P), an independent international financial data and investment services company and a leading provider of global equity indexes.

2 Investment Product Commentary For the quarter ended September 30, 2017 Average Annual Returns 2 Ticker Estimated Annual Expenses 4 Inception Latest Quarter 1 Year 3 Year 5 Year 10 Year CREF Stock Account R1 QCSTRX 0.71% 7/31/ % 18.76% 8.63% 11.72% 5.48% 9.86% CREF Stock Account R2 3 QCSTPX 0.43% 4/24/ % 19.09% 8.88% 11.87% 5.55% 9.87% CREF Stock Account R3 3 QCSTIX 0.32% 4/24/ % 19.19% 8.96% 11.93% 5.57% 9.87% CREF Composite Benchmark 5.08% 19.05% 9.10% 12.18% 5.79% N/A Since Inception Security Selection Effects on Account Performance Sector Effects on Account Performance Top 10 Holdings Issuer Top Contributing Securities Apple Inc. Via Varejo S.A. Applied Materials, Inc. Top Detracting Securities Dick s Sporting Goods, Inc. Allergan PLC Kraft Heinz Company Top Contributing Sectors Industrials Information Technology Consumer Staples Top Detracting Sectors Telecommunication Services Energy Utilities Consumer Staples Health Care Consumer Discretionary Energy Industrials Information Technology Materials Financials Telecommunications Services Utilities Contribution Detraction Apple, Inc. 2.00% Alphabet, Inc. 1.55% Microsoft Corp. 1.31% Facebook, Inc. 1.08% JPMorgan Chase & Co. 1.04% Amazon.com, Inc. 0.95% Bank of America Corp. 0.89% Johnson & Johnson 0.86% Exxon Mobil Corp. 0.66% Home Depot, Inc. 0.63% 2 The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown above, and you may have a gain or a loss when you redeem your annuity account accumulation units. For current performance information, including performance to the most recent month-end, please visit TIAA.org, or call Effective April 24, 2015, additional classes are available with different eligibility requirements. The performance shown for Class R2 and Class R3 that is prior to its inception date is based on the Account s Class R1. The inception date of the Account s Class R1 is shown in the table above. The performance for these periods has not been restated to reflect the lower expenses of the Class R2 and Class R3. If these lower expenses had been reflected, the performance of the Class R2 and Class R3 for these periods would have been higher. Please visit the account s prospectus at TIAA.org for more information. 4 Total annual expense deductions, which include investment advisory, administrative, and distribution (12b-1) expenses, and mortality and expense risk charges, are estimated each year based on projected expense and asset levels. Please visit the account s prospectus at TIAA.org for more information. The Account is subject to certain risks, such as market and investment style risk. Please consider all risks carefully prior to investing, the account is subject to allocation risk and the risks of foreign investing. Top ten holdings are subject to change and may not be representative of the account s current or future investments. The holdings listed only include the account s long-term investments. Money market instruments and/or futures contracts, and index products used for cash management or to provide temporary exposure to a particular stock or country, is applicable, are excluded. The holdings may not include the account s entire investment portfolio and should not be considered a recommendation to buy or sell a particular security. Nuveen, LLC, formerly known as TIAA Global Asset Management, delivers the expertise of TIAA Investments and its independent investment affiliates. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Member FINRA and SIPC, distributes securities products. This variable annuity is issued by College Retirement Equities Fund (CREF), New York, NY. Each TIAA entity is solely responsible for its own financial condition and contractual obligations. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to TIAA.org for an Account prospectus that contains this and other information. Please read the prospectuses carefully before investing. Diversification cannot ensure a profit nor eliminate market risk. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor s objectives and circumstances and in consultation with his or her advisors Teachers Insurance and Annuity Association of America, 730 Third Avenue, New York, NY, _ (10/17)

3 Class R2 (QCSTPX) As of 09/30/17 Portfolio Strategies This variable annuity account seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks. Under normal circumstances, the account invests at least 80% of its assets in broadly diversified portfolio of common stocks. The account's managers typically use a combination of three different investment strategies to manage the Account active management, enhanced indexing and pure indexing and invests in both domestic and foreign equities. Management looks for companies it believes are attractively priced based on a detailed analysis of their prospects for growth in earnings, cash flow, revenues and other relevant measures. Management also looks for companies whose assets appear undervalued in the market. The account may invest in companies of any market capitalization size, including smaller issues. Enhanced index strategies often employ proprietary, quantitative modeling techniques for stock selection, country allocation and portfolio construction. A pure index strategy is designed to track various segments of the component indices of the account s composite benchmark index. Performance Total Return Average Annual Total Return 1 Fund Name QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr SI CREF Stock Account 5.24% 16.68% 19.09% 8.88% 11.87% 5.55% 9.87% CREF Composite Benchmark 5.08% 16.15% 19.05% 9.10% 12.18% 5.79% - S&P 500 Index 4.48% 14.24% 18.61% 10.81% 14.22% 7.44% - Morningstar Peer Group: Allocation--85%+ Equity Median Quartile 4.35% 14.48% 16.51% 7.53% 10.70% 4.83% - Percentile Rank Overall: Number of Funds in Peer Group Morningstar Rating Calendar Year Performance CREF Stock Account 9.06% CREF Composite Benchmark 10.25% Portfolio Characteristics As of 09/30/17 Fund Benchmark # Holdings 9,455 - Market Cap - $ - Weighted Median $43.49 $47.65 P/E Ratio (1 Yr Forecast) Price/Book Price/Sales ROE (1 Yr Average) Descriptive Information Ticker QCSTPX CUSIP Share Class Class R2 Portfolio Inception Date 08/01/1952 Fund Inception Date - Share Class 04/24/2015 Estimated Annual Expenses 0.43% Revenue Share 0.20% Portfolio Net $ billion Turnover (As of 12/31/16) 56.0% Manager Name Team Managed Manager Tenure years Up Down Market Chart N/A Data not available 1 The Account's Class R1 began operations on July 31, 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. For Institutional Investor use only. Not for use with or distribution to the public.

4 Class R2 (QCSTPX) As of 09/30/17 Style Map Data not available N/A Top 10 Holdings As of 09/30/17 Apple Inc 2.00% Alphabet Inc 1.55% Microsoft Corp 1.31% Facebook Inc 1.08% JPMorgan Chase & Co 1.04% Amazon.com Inc 0.95% Bank of America Corp 0.89% Johnson & Johnson 0.86% Exxon Mobil Corp 0.66% Home Depot Inc 0.63% Total 10.97% Peer Group Scattergram As of 09/30/17 Return (%) Historical Statistics 2 10/01/14 09/30/17 Return Standard Deviation Sharpe Ratio Alpha Beta R 2 Tracking Error IR CREF Stock Account 8.88% CREF Composite Benchmark 9.10% Peer Group Median 7.53% Risk Statistics are calculated using a category benchmark and may not be the same as the benchmark index shown. Growth of $10,000 04/24/15 09/30/17 $15,000 $13,000 $11,000 $9,000 $7,000 $5,000 $3,000 4/15 3/16 3/17 9/17 CREF Stock Account $11,869 CREF Composite Benchmark $11,987 S&P 500 Index $12,533 The total returns are not adjusted to reflect sales charges, the effects of taxation or redemption fees, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs. 3 yr Rolling Under/Over Performance N/A Data not available Market Cap Breakdown As of 09/30/17 Fund Benchmark Difference Over $50 Billion 47.19% 48.27% -1.08% $15 Billion - $50 Billion $2 Billion - $15 Billion 22.76% 23.79% -1.03% 24.08% 22.94% 1.14% $300 Million - $2 Billion 5.70% 4.78% 0.92% Under $300 Million 0.27% 0.22% 0.05% Current Asset Allocation As of 09/30/17 U.S. Equity 69.02% International Equity 30.34% Short-Term Investments, Other & Liabilities, Net 0.64% Risk (Standard Deviation) Standard Return Deviation CREF Stock Account 8.88% CREF Composite Benchmark 9.10% Median 7.53% 9.76 Sector Allocation As of 07/31/17 Fund Technology 18.02% Financial Services 17.72% Consumer Cyclical 12.20% Healthcare 11.73% Industrials 10.89% Consumer Defensive 8.14% Energy 6.11% Basic Materials 5.29% Communication Services 3.62% Real Estate 3.59% Utilities 2.69% 2 Risk statistics that require a 3-year performance history are calculated using the Account s Class R1 share class for periods prior to the Account s Class R2 inception date. The Account's Class R1 began operations on July 31, Neither the performance nor the risk statistics for these periods have been restated to reflect the lower expenses of Class R2. If these lower expenses had been reflected, the performance and risk statistic values of Class R2 for these periods would have been higher Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY For Institutional Investor use only. Not for use with or distribution to the public. 2 Rev 2 10/18/2017 1:58:12 PM-EQ

5 Disclosures As of 09/30/2017 Investment Performance 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. For current performance information, including performance to the most recent month-end, please visit TIAA.org or call Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative when there is less than one year of performance history. A Note About Risks Equity mutual funds generally carry a higher degree of risk than fixed-income funds and accounts. This risk is heightened for funds and accounts that invest in small- and mid-cap stocks. Mutual funds that invest in real estate securities are subject to various risks, including fluctuation in property values, higher expenses or lower income than expected, and potential environmental problems and liability. More detailed information on risks applicable to a particular investment option can be found in the prospectus or other product literature. Morningstar Disclosures Category: The Morningstar Category classifies a fund based on its investment style as measured by underlying portfolio holdings (portfolio statistics and compositions over the past three years). If the fund is new and has no portfolio, Morningstar estimates where it will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information. Percentile Ranks: The ranking is based on the fund's total-return percentile rank relative to all funds that have the same category for the same time period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. Morningstar total return includes both income and capital gains or losses. Ratings: The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The Morningstar Rating or star rating is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The rating is calculated based on a Morningstar Risk- Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Where applicable, ratings are based on linked performance that considers the differences in expense ratios. The Morningstar Rating is for individual share classes only. Other classes may have different performance characteristics. Ratings and Rankings Annuities: 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. Data Sources Unless otherwise noted, nonproprietary fund data and performance, performance data for benchmarks presented with nonproprietary funds, Morningstar category performance, fund and benchmark risk statistics (excluding tracking error and information ratio), peer group, ratings and rankings data is provided by Morningstar, Inc Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Neither TIAA nor its affiliates has independently verified the accuracy or completeness of this information. All other data provided by Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA-CREF). Benchmark performance shown across proprietary and nonproprietary funds/accounts is provided by TIAA-CREF with the exception of Since Inception periods calculated using a nonproprietary fund s inception date. TIAA-CREF reserves the rights to all proprietary data herein, and is not responsible for any damages or losses arising from any use of this information.

6 Disclosures As of 09/30/2017 Methodology 3 Yr Rolling Under/Over Performance: This chart illustrates the over- or underperformance of the fund expressed as an annualized average return for prior three years ending in the listed year vs. the benchmark return over that same time period. Growth of $10,000: The total returns are not adjusted to reflect sales charges, the effects of taxation or redemption fees, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs. Peer Group Scattergram: This chart compares the fund's risk (as measured by its standard deviation) and return to a peer group of funds that invests in a similar manner based on market capitalization, industry, sector, and/or region vs. the fund's benchmark risk and return as well as the median risk and return of the peer group. Style Map: This chart illustrates two parameters the fund's investment manager may use in selecting portfolio securities. For equity funds, the fund manager may make selection decisions based on company size as determined by market capitalization and the value or growth characteristics of the securities selected for the portfolio. For fixed-income funds, the fund manager may make selection decisions based on average maturity and credit quality of selected securities. The style history represents how the fund manager's security selections have varied over time. Top 10 Holdings: The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. Top holdings by issuer (for other than Fixed Income) includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants as applicable. The holdings listed should not be considered a recommendation to buy or sell a particular security. Turnover Rates: The portfolio turnover rate shown for CREF Bond Account, CREF Social Choice Account, TIAA-CREF Bond Fund, TIAA-CREF Bond Plus Fund, TIAA Access Account - TIAA-CREF Bond Fund and TIAA Access Account - TIAA-CREF Bond Plus Fund is inflated due to the inclusion of mortgage dollar roll transactions. Please consult the most current prospectus for more information. Turnover is calculated by dividing the lesser of purchases or sales by the average value of portfolio assets during a period. Turnover is based on the portfolio's fiscal year end and is not annualized if the reporting period covers less than 12 months. If a turnover rate is not shown, it typically indicates a newly operational fund that has not yet been required to report turnover in its regulatory filings or, more rarely, the turnover rate was 0.00%. Up/Down Market Chart: This chart illustrates the fund's over- or underperformance compared to its benchmark during periods of market strength vs. periods of market weakness. The fund's monthly average return is compared to a benchmark average return in the months during which the benchmark average return was positive vs. the months during which its benchmark average return was negative. Definitions Manager Name is the name of the individual identified in the prospectus as having direct responsibility for managing the portfolio. The term Team Managed is used when more than one person has responsibility for managing the portfolio. Manager Tenure represents the number of years the Manager has managed the portfolio. Team Managed portfolios show the tenure of the Manager who has been on the portfolio's management team the longest. Redemption Fees: Fund performance does not reflect the reduction of any applicable redemption fees and, if redemption fees had been reflected, returns would be lower. Revenue Share: Based on service agreements with fund companies, TIAA-CREF is paid revenue from mutual funds that are offered through the TIAA-CREF platform. The revenue share represents a portion of the Net Annual Fund Operating Expenses. The amount is deducted based on average monthly fund balances or quarterly depending on the fund company not from plan assets or participant account balances. Portfolio Net : (a fund's assets less liabilities) represents the total net assets of a mutual fund. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call for a paper copy of the prospectus that contains this and other information. Please read the prospectus carefully before investing. This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor s personal advisor based on the investor s own objectives and circumstances. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY For Institutional Investor use only. Not for use with or distribution to the public Rev 1 10/19/2017 2:03:22 PM-EQ

7 QTD Attribution Report As of 09/30/2017 Performance Attribution CREF Stock Account vs. (CB) CREF COMPOSITE INDEX 06/30/2017 to 09/30/2017 U.S. Dollar Return (%) Weight (%) Attribution (BP) Sector Port. Bench. Relative Port. Avg Port. Final Bench. Final Allocation Selection Total Consumer Discretionary Consumer Staples Derivatives Energy Financials Futures Health Care Index Options Industrials Information Technology Materials Other Real Estate Telecommunication Services Unclassified Utilities [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

8 QTD Attribution Report As of 09/30/2017 Performance Attribution CREF Stock Account vs. (CB) CREF COMPOSITE INDEX 06/30/2017 to 09/30/2017 U.S. Dollar Return USD (%) Return Local (%) Weight (%) Attribution (BP) Country Port. Bench. Port. Bench. Port. Avg Port. Final Bench. Final Allocation (Local) Selection (Local) Currency Total Argentina Australia Austria Belgium Brazil Canada Cayman Islands Chile China Colombia Cyprus Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland Israel Italy Japan Jersey Korea Luxembourg Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

9 QTD Attribution Report As of 09/30/2017 Return USD (%) Return Local (%) Weight (%) Attribution (BP) Country Port. Bench. Port. Bench. Port. Avg Port. Final Bench. Final Allocation (Local) Selection (Local) Currency Total Malaysia Malta Mexico Netherlands New Zealand Norway Pakistan Peru Philippines Poland Portugal Qatar Russia Singapore South Africa Spain Sri Lanka Sweden Switzerland Taiwan Thailand Turkey United Arab Emirates United Kingdom United States Virgin Islands (Brit [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

10 YTD Attribution Report As of 09/30/2017 Performance Attribution CREF Stock Account vs. (CB) CREF COMPOSITE INDEX 12/31/2016 to 09/30/2017 U.S. Dollar Return (%) Weight (%) Attribution (BP) Sector Port. Bench. Relative Port. Avg Port. Final Bench. Final Allocation Selection Total Consumer Discretionary Consumer Staples Derivatives Energy Financials Futures Health Care Index Options Industrials Information Technology Materials Other Real Estate Telecommunication Services Unclassified Utilities [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

11 YTD Attribution Report As of 09/30/2017 Performance Attribution CREF Stock Account vs. (CB) CREF COMPOSITE INDEX 12/31/2016 to 09/30/2017 U.S. Dollar Return USD (%) Return Local (%) Weight (%) Attribution (BP) Country Port. Bench. Port. Bench. Port. Avg Port. Final Bench. Final Allocation (Local) Selection (Local) Currency Total Argentina Australia Austria Belgium Brazil Canada Cayman Islands Chile China Colombia Cyprus Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland Israel Italy Japan Jersey Korea Luxembourg Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

12 YTD Attribution Report As of 09/30/2017 Return USD (%) Return Local (%) Weight (%) Attribution (BP) Country Port. Bench. Port. Bench. Port. Avg Port. Final Bench. Final Allocation (Local) Selection (Local) Currency Total Malaysia Malta Mexico Netherlands New Zealand Norway Pakistan Peru Philippines Poland Portugal Qatar Russia Singapore South Africa Spain Sri Lanka Sweden Switzerland Taiwan Thailand Turkey United Arab Emirates United Kingdom United States Virgin Islands (Brit [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

13 1 YR Attribution Report As of 09/30/2017 Performance Attribution CREF Stock Account vs. (CB) CREF COMPOSITE INDEX 09/30/2016 to 09/30/2017 U.S. Dollar Return (%) Weight (%) Attribution (BP) Sector Port. Bench. Relative Port. Avg Port. Final Bench. Final Allocation Selection Total Consumer Discretionary Consumer Staples Derivatives Energy Financials Futures Health Care Index Options Industrials Information Technology Materials Other Real Estate Telecommunication Services Unclassified Utilities [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

14 1 YR Attribution Report As of 09/30/2017 Performance Attribution CREF Stock Account vs. (CB) CREF COMPOSITE INDEX 09/30/2016 to 09/30/2017 U.S. Dollar Return USD (%) Return Local (%) Weight (%) Attribution (BP) Country Port. Bench. Port. Bench. Port. Avg Port. Final Bench. Final Allocation (Local) Selection (Local) Currency Total Argentina Australia Austria Belgium Brazil Canada Cayman Islands Chile China Colombia Cyprus Czech Republic Denmark Egypt Finland France Germany Greece Hong Kong Hungary India Indonesia Ireland Israel Italy Japan Jersey Korea Luxembourg Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

15 1 YR Attribution Report As of 09/30/2017 Return USD (%) Return Local (%) Weight (%) Attribution (BP) Country Port. Bench. Port. Bench. Port. Avg Port. Final Bench. Final Allocation (Local) Selection (Local) Currency Total Malaysia Malta Mexico Netherlands New Zealand Norway Pakistan Peru Philippines Poland Portugal Qatar Russia Singapore South Africa Spain Sri Lanka Sweden Switzerland Taiwan Thailand Turkey United Arab Emirates United Kingdom United States Vietnam Virgin Islands (Brit [Cash] Total Please refer to Important Information at the end of the report Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

16 Attribution Report As of 09/30/2017 Important Information Results do not include intra-day trading activity or fees and expenses, so the actual results may vary. Calculations are produced from FactSet Portfolio Analytics. For lifestyle funds, the annual expense charge may include fees for the lifestyle fund and fees for the underlying funds; in general, lifestyle funds indirectly bear their pro rata share of the fees and expenses incurred by the underlying funds. This report does not present Fund performance, but the attribution of performance by sector and/or country. For performance information, please refer to the corresponding Fact Sheet. As of April 24, 2015, additional classes are available with different eligibility requirements. Please visit the account s prospectus at tiaa.org for more information. This information should not be considered as a recommendation to purchase or sell a particular security and these weightings, returns, sectors, country and security selections may change at any time and may not represent the current or future weightings, returns, sectors, country or security selections. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or go to tiaa.org for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Individual & Institutional Services, LLC, 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 (TIAA) and College Retirement Equities Fund (CREF), New York, NY. About the Benchmark The CREF Composite Benchmark is a weighted average of the Russell 3000 Index, which measures the performance of the broad U.S. stock market (70.0%); and the MSCI All Country World Excluding-U.S. Index, which 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 (30.0%). You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses. Definitions Average Weight is the dollar value (price multiplied by shares held) of the security or group, divided by the total dollar value of the entire portfolio displayed as a percentage. It is calculated as the simple arithmetic average of daily values. Portfolio Return is the price change of a security or group including dividends accrued over the report period which includes only the time period that each security was invested in the portfolio. Allocation Effect is the portion of portfolio excess return that is attributable to taking different group bets from the benchmark. If either the portfolio or the benchmark has no position in a given group, allocation effect is the lone effect. A group's allocation effect is equal to the percent capitalization of the portfolio's group less the percent capitalization of the benchmar's group multiplied by the total return of the benchmark group, less the total return of the benchmark. Selection Effect is the portion of portfolio excess return attributable to choosing different securities within groups from the benchmark. A group's security selection effect is the weight of the benchmark's group multiplied by the total return of the portfolio's group, less the total return of the benchmark's group. Currency Effect is the portion of total effect which explains the impact of the portfolio manager's currency management decisions. A currency effect can be thought of as either the sum of a currency allocation effect and a currency selection effect, or as the difference between the total effect and the total effect in local currency. Total Effect is the sum of Allocation Effect and Selection Effect. The total effect represents the opportunity cost of transactions in a group relative to the overall portfolio, not merely the difference between percent contribution in the portfolio and the benchmark. At the overall portfolio level, the two numbers are equal. At the group level, these numbers can be different. Option-Adjusted Duration is an estimate of the effect of a change in prevailing interest rates to the value of a bond portfolio. This calculation takes into account options embedded in the individual securities that could result in early repayment of principal, thereby shortening their duration. The longer the portfolio duration, the more sensitive it is to changes in interest rates. Average Maturity refers to the average time to maturity (the date a principal amount of a security becomes due or payable) of all the debt securities held in a portfolio. A relatively short average maturity results in smaller price fluctuations in response to changes in market rates of interest. A short average maturity subjects the owner of a debt portfolio to the risk that maturing debt will be replaced with debt carrying a lower interest rate. The Russell 3000 Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY C12965

17 Attribution Report As of 09/30/2017 A Note About Risks Mutual Funds share the risks associated with the types of securities in which they directly or indirectly invest. An investment in a mutual fund may be subject to all or some of the investment risks as detailed in the prospectus. Variable annuity accounts share the risks associated with the types of securities in which they directly or indirectly invest. An investment in a variable annuity account may be subject to all or some of the investment risks below. Please refer to corresponding Fact Sheet for additional risk factors. Past performance does not guarantee future results Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY C12965

18 C CREF Retirement Annuity Accounts CREF Stock Account Class R2 Equities Domestic As of 9/30/2017 Account Net $ Billion Inception Date 4/24/2015 CUSIP Symbol QCSTPX Benchmark Index CREF Composite Benchmark Estimated Annual Expenses % Portfolio Strategies This variable annuity account seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks. Under normal circumstances, the account invests at least 80% of its assets in broadly diversified portfolio of common stocks. The account's managers typically use a combination of three different investment strategies to manage the Account active management, enhanced indexing and pure indexing and invests in both domestic and foreign equities. Management looks for companies it believes are attractively priced based on a detailed analysis of their prospects for growth in earnings, cash flow, revenues and other relevant measures. Management also looks for companies whose assets appear undervalued in the market. The account may invest in companies of any market capitalization size, including smaller issues. Enhanced index strategies often employ proprietary, quantitative modeling techniques for stock selection, country allocation and portfolio construction. A pure index strategy is designed to track various segments of the component indices of the account s composite benchmark index. Morningstar Category Allocation--85%+ Equity Morningstar Rating TM Overall 3 Years 5 Years 10 Years The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Learn More For more information please contact: Weekdays, 8 a.m. to 10 p.m. (ET), Saturdays, 9 a.m. to 6 p.m. (ET), or visit TIAA.org Performance Total Return Average Annual Total Return 3 Since 3 Months YTD 1 Year 3 Years 5 Years 10 Years Inception CREF Stock Account 5.24% 16.68% 19.09% 8.88% 11.87% 5.55% 9.87% CREF Composite Benchmark 5.08% 16.15% 19.05% 9.10% 12.18% 5.79% Russell 3000 Index 4.57% 13.91% 18.71% 10.74% 14.23% 7.57% Morningstar Allocation--85%+ Equity 4.19% 13.50% 16.02% 7.40% 10.73% 5.18% The performance data quoted represents past performance and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may differ from figures shown. For performance current to the most recent month-end, call Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance may be lower. 1 Total annual expense deductions, which include investment advisory, administrative, and distribution (12b-1) expenses, and mortality and expense risk charges, are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small. 2 The Account s total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details. 3 The Account's Class R1 began operations on July 31, 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. Hypothetical Growth of $10,000 The chart illustrates the performance of a hypothetical $10,000 investment on April 24, 2015 and redeemed on September 30, CREF Stock Account $11,869 CREF Composite Benchmark $11,987 $13,000 $11,000 $9,000 $7,000 $5,000 $3,000 4/15 9/15 3/16 9/16 3/17 9/17 9/17 The total returns are not adjusted to reflect sales charges, the effects of taxation or redemption fees, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs. Please refer to the next page for important disclosure information.

19 CREF Retirement Annuity Accounts CREF Stock Account Class R2 Equities Domestic As of 9/30/2017 Portfolio Composition (As of 9/30/17) Top 10 Holdings 4 (As of 9/30/17) Portfolio Statistics 5 Sector Holding Portfolio Benchmark Information Technology 19.44% Financials 16.68% Consumer Discretionary 12.17% Health Care 11.88% Industrials 11.49% Consumer Staples 7.67% Energy 6.18% Materials 5.18% Real Estate 3.57% Utilities 2.70% Telecommunication Services 2.39% Short-Term Investments, Other & Liabilities, Net 0.65% Current Asset Allocation 6 (As of 9/30/17) U.S. Equity 69.02% International Equity 30.34% Short-Term Investments, Other & Liabilities, Net 0.64% Apple Inc 2.00% Alphabet Inc 1.55% Microsoft Corp 1.31% Facebook Inc 1.08% JPMorgan Chase & Co 1.04% Amazon.com Inc 0.95% Bank of America Corp 0.89% Johnson & Johnson 0.86% Exxon Mobil Corp 0.66% Home Depot Inc 0.63% Holdings by Company Size (As of 9/30/17) % of Equity Investments Over $50 Billion 47.19% $15 Billion - $50 Billion 22.76% $2 Billion - $15 Billion 24.08% $300 Million - $2 Billion 5.70% Under $300 Million 0.27% Alpha (3 Yr)* Beta (3 Yr)* 0.99 EPS Growth (1 Yr Forecast) 9.85% 8.72% Market Cap -- $-Weighted Median $43.49 $47.65 Market Cap -- $-Wtd Avg -- $ billions $ $ P/E Ratio (1 Yr Forecast) Price/Book R Squared (3 Yr)* 1.00 Return on Equity (5 Yr Average) 13.83% 14.32% Sharpe Ratio (3 Yr)* Standard Deviation (3 Yr Annualized)* Turnover As of 12/31/ % # Holdings 9,455 Please refer to Portfolio Statistics Definitions section. *risk statistic About the Benchmark The CREF Composite Benchmark is a weighted average of unmanaged benchmark indices that represent the market sectors in which the Account invests. The Composite Index provides a more relevant benchmark for the Account's performance as compared to the Account's unmanaged broad-based market indices. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses. The Russell 3000 Index measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. Index returns do not reflect a deduction for fees or expenses. You cannot invest directly in any index. Important Information 4 The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. Top holdings by issuer (for other than Fixed Income) includes the underlying ordinary shares combined with any depositary receipts, preferred shares, contract for differences (CFDs), rights, options and warrants as applicable. The holdings listed should not be considered a recommendation to buy or sell a particular security. 5 Risk statistics that require a 3-year performance history are calculated using the Account s Class R1 share class for periods prior to the Account s Class R2 inception date. The Account's Class R1 began operations on July 31, Neither the performance nor the risk statistics for these periods have been restated to reflect the lower expenses of Class R2. If these lower expenses had been reflected, the performance and risk statistic values of Class R2 for these periods would have been higher. 6 Securities lending may be utilized, and in such cases the collateral is included in the Short-Term assets shown. College Retirement Equities Fund (CREF), New York, NY, issues annuity contracts and certificates. This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor s personal advisor based on the investor s own objectives and circumstances. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call for a prospectus that contains this and other information. Please read the prospectus carefully before investing. Continued on next page

20 CREF Retirement Annuity Accounts CREF Stock Account Class R2 Equities Domestic As of 9/30/2017 Morningstar Disclosure Morningstar Rating and Morningstar Style Box (if shown), category information and risk disclosures provided by Morningstar, Inc Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Neither TIAA nor its affiliates has independently verified the accuracy or completeness of this information. The Morningstar Category classifies a fund based on its investment style as measured by underlying portfolio holdings (portfolio statistics and compositions over the past three years). If the fund is new and has no portfolio, Morningstar estimates where it will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information. The Morningstar Rating or star rating is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The rating is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Where applicable, ratings are based on linked performance that considers the differences in expense ratios. The Morningstar Rating is for individual share classes only. Other classes may have different performance characteristics. A Note About Risks This variable annuity account is subject to a number of risks, which include the following: Active Management: The investment is actively managed and subject to the risk that the advisor s usage of investment techniques and risk analyses to make investment decisions fails to perform as expected, which may cause the portfolio to lose value or underperform investments with similar objectives and strategies or the market in general. Emerging Markets: Investments in emerging- and frontier-markets securities may be subject to greater market, credit, currency, liquidity, legal, political, and other risks compared with assets invested in developed foreign countries. Foreign Securities: Investments in foreign securities may be subject to increased volatility as the value of these securities can change more rapidly and extremely than can the value of U.S. securities. Foreign securities are subject to increased issuer risk because foreign issuers may not experience the same degree of regulation as U.S. issuers do and are held to different reporting, accounting, and auditing standards. In addition, foreign securities are subject to increased costs because there are generally higher commission rates on transactions, transfer taxes, higher custodial costs, and the potential for foreign tax charges on dividend and interest payments. Many foreign markets are relatively small, and securities issued in less-developed countries face the risks of nationalization, expropriation or confiscatory taxation, and adverse changes in investment or exchange control regulations, including suspension of the ability to transfer currency from a country. Economic, political, social, or diplomatic developments can also negatively impact performance. Index Correlation/Tracking Error: A portfolio that tracks an index is subject to the risk that certain factors may cause the portfolio to track its target index less closely, including if the advisor selects securities that are not fully representative of the index. The portfolio will generally reflect the performance of its target index even if the index does not perform well, and it may underperform the index after factoring in fees, expenses, transaction costs, and the size and timing of shareholder purchases and redemptions. Issuer: A stake in any individual security is subject to the risk that the issuer of that security performs poorly, resulting in a decline in the security s value. Issuerrelated declines may be caused by poor management decisions, competitive pressures, technological breakthroughs, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, or other factors. Additionally, certain issuers may be more sensitive to adverse issuer, political, regulatory, market, or economic developments. Large Cap: Concentrating assets in large-capitalization stocks may subject the portfolio to the risk that those stocks underperform other capitalizations or the market as a whole. Large-cap companies may be unable to respond as quickly as small- and mid-cap companies can to new competitive pressures and may lack the growth potential of those securities. Historically, large-cap companies do not recover as quickly as smaller companies do from market declines. Long-Term Outlook and Projections: The investment is intended to be held for a substantial period of time, and investors should tolerate fluctuations in their investment s value. Loss of Money: Because the investment s market value may fluctuate up and down, an investor may lose money, including part of the principal, when he or she buys or sells the investment. Market/Market Volatility: The market value of the portfolio s securities may fall rapidly or unpredictably because of changing economic, political, or market conditions, which may reduce the value of the portfolio. Mid-Cap: Concentrating assets in mid-capitalization stocks may subject the portfolio to the risk that those stocks underperform other capitalizations or the market as a whole. Mid-cap companies may be subject to increased liquidity risk compared with large-cap companies and may experience greater price volatility than do those securities because of more-limited product lines or financial resources, among other factors. Not FDIC Insured: The investment is not a deposit or obligation of, or guaranteed or endorsed by, any bank and is not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other U.S. governmental agency. Quantitative Investing: Holdings selected by quantitative analysis may perform differently from the market as a whole based on the factors used in the analysis, the weighting of each factor, and how the factors have changed over time. Small Cap: Concentrating assets in small-capitalization stocks may subject the portfolio to the risk that those stocks underperform other capitalizations or the market as a whole. Smaller, less-seasoned companies may be subject to increased liquidity risk compared with mid- and large-cap companies and may experience greater price volatility than do those securities because of limited product lines, management experience, market share, or financial resources, among other factors. Continued on next page

21 CREF Retirement Annuity Accounts CREF Stock Account Class R2 Equities Domestic As of 9/30/2017 Portfolio Statistics Definitions Alpha (3 Yr) is a risk statistic used to measure performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of an investment and compares its risk-adjusted performance to a benchmark. The risk-adjusted excess return of the investment relative to the return of the benchmark is an investment's alpha. Beta (3 Yr) is a risk statistic used to measure the magnitude of past share-price fluctuations in relation to the ups and downs of the overall market (or appropriate market index). If a security has a beta greater than 1, that security s price can be expected to be more volatile than the market. EPS Growth (1 Yr Forecast) is the rate at which earnings per share are projected to grow during the upcoming twelve months. This forecast is not indicative of the investment's future performance. Market Cap -- $-Weighted Median is a measure of the market value of a portfolio's investments using the median (middle) holding as determined by dollars invested. Half of the portfolio s assets are invested in companies larger than the median, and half are in companies smaller than the median. Holdings with a larger percentage of net assets in the portfolio are assigned a greater weight. Market Cap -- $-Wtd Avg -- $ billions is a measure of the size of the portfolio's equity holdings using the average holding as determined by dollars invested. Holdings with a larger percentage of net assets in the portfolio are assigned a greater weight. P/E Ratio (1 Yr Forecast) is the price of a stock divided by its forecasted earnings per share for the next 12-month period. Price/Book is the ratio of a stock's total market capitalization to the company's net assets. R Squared (3 Yr) is a risk statistic that measures how much of an investment s performance can be explained by the returns from the overall market (or benchmark index). If an investment s total return precisely matched that of the overall market or benchmark, its R squared would be If an investment s return bore no relationship to the market s returns, its R squared would be 0. Return on Equity (5 Yr Average) relates a company s profitability to its shareholders equity. A high ROE indicates that the portfolio is invested in companies that historically have been quite profitable, though care should be taken when using this number because it can be impacted, positively or negatively, by how much a firm's assets are financed with debt as opposed to equity. Sharpe Ratio (3 Yr) is a risk statistic used to measure the excess return per unit of risk in an investment asset. The higher the Sharpe ratio, the better the return. Excess return is the rate of return above and beyond the risk-free rate, which is usually the T-bill rate, or in excess of a market measure, such as an index fund. Standard Deviation (3 Yr Annualized) is a risk statistic that measures an investment's past volatility, based on a sample. The higher the standard deviation, the higher the volatility. It is not a measure of performance and should not be considered relative to an investment's annual returns. Please note that past standard deviation is not a predictor of future volatility or risk. Turnover is calculated by dividing the lesser of purchases or sales by the average value of portfolio assets during a period. Turnover is based on the portfolio's fiscal year end and is not annualized if the reporting period covers less than 12 months. If a turnover rate is not shown, it typically indicates a newly operational fund that has not yet been required to report turnover in its regulatory filings or, more rarely, the turnover rate was 0.00%. # Holdings refers to the total number of individual security positions held in a portfolio on a given date Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY Continued on next page EQ-Rev 1 10/16/2017 1:42:24 PM 14799

22 Short-Term Investments SECURITY NAME SHARES/PAR COUPON RATE MATURITY MARKET VALUE DATE Bank of Montreal 123,000, % $ 123,000, % Barclays Bank PLC 125,000, % $ 125,000, % Canadian Imperial Bank of Commerce 123,000, % $ 123,000, % Citigroup Inc 200,000, % 02/01/2012 $ 200,000, % Citigroup Inc 47,000, % $ 47,000, % Citigroup Inc 150,000, % $ 150,000, % Credit Agricole North America Inc 69,000, % $ 69,000, % Federal Home Loan Bank Discount Notes 49,300, % 10/02/2017 $ 49,300, % HSBC Bank PLC 50,000, % $ 50,000, % JP Morgan Chase Bilateral Reverse REPO 44,000, % $ 44,000, % National Australia Bank Ltd 123,000, % $ 123,000, % Nomura Co Ltd 240,000, % $ 240,000, % Royal Bank of Scotland Group PLC 245,000, % $ 245,000, % Royal Bank of Scotland Group PLC 360,000, % $ 360,000, % Royal Bank of Scotland Group PLC 299,000, % $ 299,000, % Societe Generale North America Inc 150,000, % $ 150,000, % United States Treasury Bill 56,100, % 11/02/2017 $ 56,053, % United States Treasury Bill 28,975, % 11/09/2017 $ 28,945, % United States Treasury Bill 119,000, % 11/30/2017 $ 118,808, % United States Treasury Bill 100,000, % 11/16/2017 $ 99,880, % United States Treasury Bill 145,290, % 10/12/2017 $ 145,252, % United States Treasury Bill 121,570, % 10/26/2017 $ 121,494, % United States Treasury Bill 94,500, % 10/05/2017 $ 94,494, %