TIAA-CREF Lifecycle Index 2010 Institutional Class (TLTIX) As of 12/31/17 Portfolio Strategies The Lifecycle Index 2010 seeks high total return over time through a combination of capital appreciation and income. Each of the TIAA-CREF Lifecycle Index s is designed to provide a single diversified portfolio managed with a target retirement date in mind. The target date is the approximate date when investors expect to begin withdrawing money from the fund. Each portfolio invests primarily in underlying equity and fixed-income index funds offered by the TIAA-CREF s. Currently, the Lifecycle Index 2010 's target allocation consists of an equity/fixed-income mix of approximately 42%/58%. Over time, the fund's target allocations will gradually become more conservative, reaching an equity/fixed-income mix of approximately 40%/60% between 2017-2020. The fund may deviate from these target allocations by up to 10% depending upon current market conditions and outlook. Performance Total Return Average Annual Total Return Name QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr SI TIAA-CREF Lifecycle Index 2010 2.55% 11.15% 11.15% 5.51% 6.71% - 7.35% Lifecycle Index 2010 Composite Benchmark 2.70% 11.23% 11.23% 5.61% 6.87% - 7.51% S&P Target Date 2010 Index 2.53% 9.95% 9.95% 5.10% 5.94% - 6.59% Morningstar Lifetime Moderate 2010 Index 2.82% 10.19% 10.19% 4.97% 5.75% - - Morningstar Peer Group: Target Date 2000-2010 Median Quartile 2.23% 10.30% 10.30% 5.08% 5.96% - - Percentile Rank - - 18 17 18 - - Overall: Number of s in Peer Group - - 110 91 69-91 Morningstar Rating - - - - Calendar Year Performance 2010 2017 2010 2011 2012 2013 2014 2015 2016 2017 TIAA-CREF Lifecycle Index 2010 10.77% 3.33% 10.51% 10.80% 6.31% -0.06% 5.74% 11.15% Lifecycle Index 2010 Composite Benchmark 11.04% 3.40% 10.51% 11.15% 6.47% -0.01% 5.92% 11.23% S&P Target Date 2010 Index 10.56% 2.61% 8.94% 9.42% 5.07% -0.21% 5.82% 9.95% Portfolio Characteristics N/A Descriptive Information Ticker TLTIX CUSIP 87245M830 Share Class Institutional Class Asset Class Target Date Portfolio Inception Date 09/30/2009 Inception Date - Share Class 09/30/2009 Net Expense Ratio 0.10% Revenue Share 0.00% Portfolio Net Assets $356.76 million Turnover (As of 05/31/17) 16.0% Manager Name Team Managed Manager Tenure 8.26 years Up Down Market Chart 01/01/15 12/31/17 Average Returns (%) 2% 1% 0% -1% -2% 27 Up Months 9 Down Months Average Returns Up Months Down Months TIAA-CREF Lifecycle Index 2010 0.99% -1.17% Lifecycle Index 2010 Composite Benchmark 1.01% -1.20% For Institutional Investor use only. Not for use with or distribution to the public.
TIAA-CREF Lifecycle Index 2010 Institutional Class (TLTIX) As of 12/31/17 Style Map 01/01/15 12/31/17 Capitalization Large Cap Value Small Cap Value Style History Dec-2017 Manager Style Large Cap Growth Small Cap Growth Average Style Exposure Benchmark Top 10 Holdings As of 12/31/17 TIAA-Cref Bond Index 39.34% TIAA-CREF Equity Index 29.63% TIAA-CREF International Equity Index 9.39% TIAA-CREF Inflation Linked Bond 8.96% TIAA-CREF Short-Term Bond Index 8.93% TIAA-CREF Emerging Markets Equity Index 3.39% Total 99.64% Peer Group Scattergram As of 12/31/17 Return (%) 10 0 0 15 Risk (Standard Deviation) Standard Return Deviation TIAA-CREF Lifecycle Index 2010 5.51% 4.53 Lifecycle Index 2010 Composite Benchmark 5.61% 4.63 Median 5.08% 4.62 Historical Statistics 01/01/15 12/31/17 Return Standard Deviation Sharpe Ratio Alpha Beta R 2 Tracking Error IR TIAA-CREF Lifecycle Index 2010 5.51% 4.53 1.13 0.03 0.98 1.00 0.32 - Lifecycle Index 2010 Composite Benchmark 5.61% 4.63 1.13 - - - - - Peer Group Median 5.08% 4.62 1.00-0.30 1.04 0.95 1.12 0.07 Growth of $10,000 09/30/09 12/31/17 $19,000 $17,000 $15,000 $13,000 $11,000 $9,000 $7,000 $5,000 $3,000 9/09 9/11 9/13 9/15 9/17 12/17 TIAA-CREF Lifecycle Index 2010 $17,957 Lifecycle Index 2010 Composite Benchmark $18,173 Morningstar Lifetime Moderate 2010 Index $17,432 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. Sector Allocation As of 11/30/17 Technology 18.63% Financial Services 17.88% Healthcare 11.91% Consumer Cyclical 11.65% Industrials 11.17% Consumer Defensive 8.15% Energy 5.59% Basic Materials 4.79% Communication Services 3.60% Real Estate 3.52% Utilities 3.12% 3 yr Rolling Under/Over Performance 12/31/14 12/31/17 0.00% -0.05% -0.10% -0.15% -0.20% -0.25% Dec-14 Dec-15 Dec-16 Dec-17 TIAA-CREF Lifecycle Index 2010 Lifecycle Index 2010 Composite Benchmark Market Cap Breakdown N/A Current Asset Allocation As of 12/31/17 Fixed Income 39.34% U.S. Equity 29.63% International Equity 12.79% Inflation-Protected Assets 8.96% U.S. Fixed Income 8.93% Short-Term Investments, Other Assets & Liabilities, Net 0.35% 2018 Teachers Insurance and Annuity Association of America-College Retirement Equities, 730 Third Avenue, New York, NY 10017 For Institutional Investor use only. Not for use with or distribution to the public. 2 Rev 4 1/25/2018 2:40:44 PM-EQ
Disclosures As of 12/31/2017 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 800-842-2252. 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 Target-date mutual funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. As with all mutual funds, the principal value isn't guaranteed. Also, please note that the target date is an approximate date when investors may begin withdrawing from the fund. Target-date mutual funds are actively managed, so their asset allocations are subject to change and may vary from those shown. After the target date has been reached, some of these funds may be merged into a fund with a more stable asset allocation. In addition, target-date mutual funds are subject to the risk that they may be unable to invest according to their target allocations due to changes in the value of their underlying investments. 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 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 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. 2018 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 (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.
Disclosures As of 12/31/2017 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 and TIAA-CREF Bond Plus 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: 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 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 Assets: (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 877-518-9161 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 (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. 2018 Teachers Insurance and Annuity Association of America-College Retirement Equities, 730 Third Avenue, New York, NY 10017 For Institutional Investor use only. Not for use with or distribution to the public. 345610 Rev 0 1/18/2018 12:31:08 PM-EQ
TIAA-CREF Lifecycle Index 2015 Institutional Class (TLFIX) As of 12/31/17 Portfolio Strategies The Lifecycle Index 2015 seeks high total return over time through a combination of capital appreciation and income. Each of the TIAA-CREF Lifecycle Index s is designed to provide a single diversified portfolio managed with a target retirement date in mind. The target date is the approximate date when investors expect to begin withdrawing money from the fund. Each portfolio invests primarily in underlying equity and fixed-income index funds offered by the TIAA-CREF s. Currently, the Lifecycle Index 2015 's target allocation consists of an equity/fixed-income mix of approximately 47%/53%. Over time, the fund s target allocations will gradually become more conservative, reaching an equity/fixed-income mix of approximately 40%/60% between 2022-2025. The fund may deviate from these target allocations by up to 10% depending upon current market conditions and outlook. Performance Total Return Average Annual Total Return Name QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr SI TIAA-CREF Lifecycle Index 2015 2.82% 12.23% 12.23% 5.99% 7.40% - 7.87% Lifecycle Index 2015 Composite Benchmark 2.99% 12.29% 12.29% 6.06% 7.56% - 8.03% S&P Target Date 2015 Index 2.85% 11.39% 11.39% 5.82% 6.99% - 7.47% Morningstar Lifetime Moderate 2015 Index 3.15% 11.39% 11.39% 5.45% 6.46% - - Morningstar Peer Group: Target-Date 2015 Median Quartile 2.61% 11.42% 11.42% 5.54% 6.79% - - Percentile Rank - - 27 19 23 - - Overall: Number of s in Peer Group - - 122 93 65-93 Morningstar Rating - - - - Calendar Year Performance 2010 2017 2010 2011 2012 2013 2014 2015 2016 2017 TIAA-CREF Lifecycle Index 2015 11.31% 2.56% 11.31% 12.79% 6.40% -0.04% 6.13% 12.23% Lifecycle Index 2015 Composite Benchmark 11.65% 2.54% 11.32% 13.23% 6.59% -0.03% 6.28% 12.29% S&P Target Date 2015 Index 11.85% 1.53% 10.32% 12.16% 5.49% -0.16% 6.56% 11.39% Portfolio Characteristics N/A Descriptive Information Ticker TLFIX CUSIP 87245M822 Share Class Institutional Class Asset Class Target Date Portfolio Inception Date 09/30/2009 Inception Date - Share Class 09/30/2009 Net Expense Ratio 0.10% Revenue Share 0.00% Portfolio Net Assets $706.36 million Turnover (As of 05/31/17) 14.0% Manager Name Team Managed Manager Tenure 8.26 years Up Down Market Chart 01/01/15 12/31/17 Average Returns (%) 2% 1% 0% -1% -2% 28 Up Months 8 Down Months Average Returns Up Months Down Months TIAA-CREF Lifecycle Index 2015 1.04% -1.44% Lifecycle Index 2015 Composite Benchmark 1.06% -1.47% For Institutional Investor use only. Not for use with or distribution to the public.
TIAA-CREF Lifecycle Index 2015 Institutional Class (TLFIX) As of 12/31/17 Style Map 01/01/15 12/31/17 Capitalization Large Cap Value Small Cap Value Style History Dec-2017 Manager Style Large Cap Growth Small Cap Growth Average Style Exposure Benchmark Top 10 Holdings As of 12/31/17 TIAA-Cref Bond Index 38.47% TIAA-CREF Equity Index 33.25% TIAA-CREF International Equity Index 10.54% TIAA-CREF Inflation Linked Bond 6.99% TIAA-CREF Short-Term Bond Index 6.97% TIAA-CREF Emerging Markets Equity Index 3.81% Total 100.03% Peer Group Scattergram As of 12/31/17 Return (%) 10 0 0 15 Risk (Standard Deviation) Standard Return Deviation TIAA-CREF Lifecycle Index 2015 5.99% 5.00 Lifecycle Index 2015 Composite Benchmark 6.06% 5.11 Median 5.54% 5.28 Historical Statistics 01/01/15 12/31/17 Return Standard Deviation Sharpe Ratio Alpha Beta R 2 Tracking Error IR TIAA-CREF Lifecycle Index 2015 5.99% 5.00 1.12 0.06 0.98 1.00 0.34 - Lifecycle Index 2015 Composite Benchmark 6.06% 5.11 1.11 - - - - - Peer Group Median 5.54% 5.28 0.98-0.17 1.02 0.95 1.29-0.58 Growth of $10,000 09/30/09 12/31/17 $21,000 $19,000 $17,000 $15,000 $13,000 $11,000 $9,000 $7,000 $5,000 $3,000 9/09 9/11 9/13 9/15 9/17 12/17 TIAA-CREF Lifecycle Index 2015 $18,690 Lifecycle Index 2015 Composite Benchmark $18,917 Morningstar Lifetime Moderate 2015 Index $18,241 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. Sector Allocation As of 11/30/17 Technology 18.63% Financial Services 17.88% Healthcare 11.90% Consumer Cyclical 11.65% Industrials 11.17% Consumer Defensive 8.14% Energy 5.59% Basic Materials 4.80% Communication Services 3.60% Real Estate 3.52% Utilities 3.12% 3 yr Rolling Under/Over Performance 12/31/14 12/31/17 0.00% -0.05% -0.10% -0.15% -0.20% -0.25% Dec-14 Dec-15 Dec-16 Dec-17 TIAA-CREF Lifecycle Index 2015 Lifecycle Index 2015 Composite Benchmark Market Cap Breakdown N/A Current Asset Allocation As of 12/31/17 Fixed Income 38.47% U.S. Equity 33.25% International Equity 14.35% Inflation-Protected Assets 6.99% U.S. Fixed Income 6.97% Short-Term Investments, Other Assets & Liabilities, Net -0.03% 2018 Teachers Insurance and Annuity Association of America-College Retirement Equities, 730 Third Avenue, New York, NY 10017 For Institutional Investor use only. Not for use with or distribution to the public. 2 Rev 4 1/25/2018 2:40:27 PM-EQ
Disclosures As of 12/31/2017 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 800-842-2252. 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 Target-date mutual funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. As with all mutual funds, the principal value isn't guaranteed. Also, please note that the target date is an approximate date when investors may begin withdrawing from the fund. Target-date mutual funds are actively managed, so their asset allocations are subject to change and may vary from those shown. After the target date has been reached, some of these funds may be merged into a fund with a more stable asset allocation. In addition, target-date mutual funds are subject to the risk that they may be unable to invest according to their target allocations due to changes in the value of their underlying investments. 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 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 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. 2018 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 (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.
Disclosures As of 12/31/2017 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 and TIAA-CREF Bond Plus 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: 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 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 Assets: (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 877-518-9161 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 (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. 2018 Teachers Insurance and Annuity Association of America-College Retirement Equities, 730 Third Avenue, New York, NY 10017 For Institutional Investor use only. Not for use with or distribution to the public. 345610 Rev 0 1/18/2018 12:31:08 PM-EQ
TIAA-CREF Lifecycle Index 2020 Institutional Class (TLWIX) As of 12/31/17 Portfolio Strategies The Lifecycle Index 2020 seeks high total return over time through a combination of capital appreciation and income. Each of the TIAA-CREF Lifecycle Index s is designed to provide a single diversified portfolio managed with a target retirement date in mind. The target date is the approximate date when investors expect to begin withdrawing money from the fund. Each portfolio invests primarily in underlying equity and fixed-income index funds offered by the TIAA-CREF s. Currently, the Lifecycle Index 2020 's target allocation consists of an equity/fixed-income mix of approximately 53.2%/46.8%. Over time, the fund s target allocations will gradually become more conservative, reaching an equity/fixed-income mix of approximately 40%/60% between 2027-2030. The fund may deviate from these target allocations by up to 10% depending upon current market conditions and outlook. Performance Total Return Average Annual Total Return Name QTD YTD 1 Yr 3 Yr 5 Yr 10 Yr SI TIAA-CREF Lifecycle Index 2020 3.21% 13.67% 13.67% 6.57% 8.30% - 8.52% Lifecycle Index 2020 Composite Benchmark 3.37% 13.73% 13.73% 6.65% 8.46% - 8.68% S&P Target Date 2020 Index 3.20% 12.80% 12.80% 6.48% 7.92% - 8.23% Morningstar Lifetime Moderate 2020 Index 3.53% 12.79% 12.79% 6.01% 7.34% - - Morningstar Peer Group: Target Date 2016-2020 Median Quartile 3.01% 12.66% 12.66% 5.84% 7.19% - - Percentile Rank - - 26 15 11 - - Overall: Number of s in Peer Group - - 234 189 151-189 Morningstar Rating - - - - Calendar Year Performance 2010 2017 2010 2011 2012 2013 2014 2015 2016 2017 TIAA-CREF Lifecycle Index 2020 11.97% 1.53% 12.28% 15.59% 6.48% -0.14% 6.65% 13.67% Lifecycle Index 2020 Composite Benchmark 12.27% 1.58% 12.27% 15.90% 6.73% -0.12% 6.79% 13.73% S&P Target Date 2020 Index 12.93% 0.58% 11.48% 14.76% 5.67% -0.19% 7.22% 12.80% Portfolio Characteristics N/A Descriptive Information Ticker TLWIX CUSIP 87245M814 Share Class Institutional Class Asset Class Target Date Portfolio Inception Date 09/30/2009 Inception Date - Share Class 09/30/2009 Net Expense Ratio 0.10% Revenue Share 0.00% Portfolio Net Assets $1.57 billion Turnover (As of 05/31/17) 9.0% Manager Name Team Managed Manager Tenure 8.26 years Up Down Market Chart 01/01/15 12/31/17 Average Returns (%) 2% 1% 0% -1% -2% 27 Up Months 9 Down Months Average Returns Up Months Down Months TIAA-CREF Lifecycle Index 2020 1.21% -1.48% Lifecycle Index 2020 Composite Benchmark 1.24% -1.53% For Institutional Investor use only. Not for use with or distribution to the public.
TIAA-CREF Lifecycle Index 2020 Institutional Class (TLWIX) As of 12/31/17 Style Map 01/01/15 12/31/17 Capitalization Large Cap Value Small Cap Value Style History Dec-2017 Manager Style Large Cap Growth Small Cap Growth Average Style Exposure Benchmark Top 10 Holdings As of 12/31/17 TIAA-CREF Equity Index 37.65% TIAA-Cref Bond Index 35.92% TIAA-CREF International Equity Index 11.94% TIAA-CREF Inflation Linked Bond 4.99% TIAA-CREF Short-Term Bond Index 4.98% TIAA-CREF Emerging Markets Equity Index 4.31% Total 99.79% Peer Group Scattergram As of 12/31/17 Return (%) 10 0 0 15 Risk (Standard Deviation) Standard Return Deviation TIAA-CREF Lifecycle Index 2020 6.57% 5.73 Lifecycle Index 2020 Composite Benchmark 6.65% 5.86 Median 5.84% 5.52 Historical Statistics 01/01/15 12/31/17 Return Standard Deviation Sharpe Ratio Alpha Beta R 2 Tracking Error IR TIAA-CREF Lifecycle Index 2020 6.57% 5.73 1.08 0.08 0.98 1.00 0.38 - Lifecycle Index 2020 Composite Benchmark 6.65% 5.86 1.07 - - - - - Peer Group Median 5.84% 5.52 0.96-0.26 0.87 0.96 1.40-0.75 Growth of $10,000 09/30/09 12/31/17 $21,000 $19,000 $17,000 $15,000 $13,000 $11,000 $9,000 $7,000 $5,000 $3,000 9/09 9/11 9/13 9/15 9/17 12/17 TIAA-CREF Lifecycle Index 2020 $19,641 Lifecycle Index 2020 Composite Benchmark $19,874 Morningstar Lifetime Moderate 2020 Index $19,241 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. Sector Allocation As of 11/30/17 Technology 18.63% Financial Services 17.88% Healthcare 11.90% Consumer Cyclical 11.65% Industrials 11.16% Consumer Defensive 8.14% Energy 5.59% Basic Materials 4.80% Communication Services 3.60% Real Estate 3.52% Utilities 3.12% 3 yr Rolling Under/Over Performance 12/31/14 12/31/17 0.00% -0.05% -0.10% -0.15% -0.20% Dec-14 Dec-15 Dec-16 Dec-17 TIAA-CREF Lifecycle Index 2020 Lifecycle Index 2020 Composite Benchmark Market Cap Breakdown N/A Current Asset Allocation As of 12/31/17 U.S. Equity 37.65% Fixed Income 35.92% International Equity 16.25% Inflation-Protected Assets 4.99% U.S. Fixed Income 4.98% Short-Term Investments, Other Assets & Liabilities, Net 0.21% 2018 Teachers Insurance and Annuity Association of America-College Retirement Equities, 730 Third Avenue, New York, NY 10017 For Institutional Investor use only. Not for use with or distribution to the public. 2 Rev 4 1/25/2018 2:40:05 PM-EQ
Disclosures As of 12/31/2017 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 800-842-2252. 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 Target-date mutual funds share the risks associated with the types of securities held by each of the underlying funds in which they invest. As with all mutual funds, the principal value isn't guaranteed. Also, please note that the target date is an approximate date when investors may begin withdrawing from the fund. Target-date mutual funds are actively managed, so their asset allocations are subject to change and may vary from those shown. After the target date has been reached, some of these funds may be merged into a fund with a more stable asset allocation. In addition, target-date mutual funds are subject to the risk that they may be unable to invest according to their target allocations due to changes in the value of their underlying investments. 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 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 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. 2018 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 (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.
Disclosures As of 12/31/2017 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 and TIAA-CREF Bond Plus 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: 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 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 Assets: (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 877-518-9161 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 (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. 2018 Teachers Insurance and Annuity Association of America-College Retirement Equities, 730 Third Avenue, New York, NY 10017 For Institutional Investor use only. Not for use with or distribution to the public. 345610 Rev 0 1/18/2018 12:31:08 PM-EQ