SUSORP - FLORIDA GULF COAST UNIVERSITY

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1 Quarterly Investment Update SUSORP FLORIDA GULF COAST UNIVERSITY Investment Performance as of 3/31/2016 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 mutual fund shares and annuity account accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance current to the most recent monthend, call or visit TIAA.org/planinvestmentoptions and enter your plan ID. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Inception performance shown is cumulative for periods less than one year. Equities Variable Annuity CREF Equity Index Account (R3) (QCEQIX) 1,2,3,4 Large Blend 4/24/2015 1/3/1900 Average Annual 0.92% 0.92% 0.53% 10.80% 10.64% 8.91% 0.29% $2.90 Benchmark: Russell 3000??? Index 0.97% 0.97% 0.34% 11.15% 11.01% 9.27% CREF Global Equities Account (R3) World Stock 4/24/2015 (QCGLIX) 1,2,3,4 1/4/ % 1.88% 4.95% 6.47% 6.30% 7.18% 0.38% $3.80 Benchmark: MSCI World Index 0.35% 0.35% 3.45% 6.82% 6.51% 7.01% CREF Stock Account (R3) (QCSTIX) 1,2,3,4 Large Blend 4/24/2015 1/6/1900 Benchmark: CREF Stock Account Composite Index 0.09% 0.09% 3.33% 7.62% 7.39% 9.70% 0.37% $ % 0.61% 2.68% 7.99% 7.85% Benchmark: Russell 3000??? Index 0.97% 0.97% 0.34% 11.15% 11.01% 0.29% $ % $ % $3.70 Round Trip: If a round trip is made within 60 calendar days, exchanges into the same account will be restricted for 90 calendar days. Round Trip: If a round trip is made within 60 calendar days, exchanges into the same account will be restricted for 90 calendar days. Round Trip: If a round trip is made within 60 calendar days, exchanges into the same account will be restricted for 90 calendar days. Average Annual 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. Equities Mutual Fund

2 Equities Mutual Fund Aberdeen International Equity Fund Institutional Class (GIGIX) 5 Average Annual Foreign Large Blend 6/29/ % 2.66% 13.19% 3.89% 0.06% 2.50% 1.02% $10.20 Benchmark: MSCI ACWI Ex USA NR USD 0.38% 0.38% 9.19% 0.32% 0.31% 1.94% Delaware Smid Cap Growth Fund Institutional MidCap 11/9/ % 1.23% 2.53% 12.71% 10.61% 8.99% 0.97% Class (DFDIX) 5 $9.70 Benchmark: Russell 2500 Growth TR USD 2.66% 2.66% 9.57% 9.25% 8.77% 7.00% DFA Emerging Markets Core Equity Portfolio Institutional Class (DFCEX) 5 Diversified Emerging Mkts 4/5/ % 7.26% 10.43% 3.85% 3.49% 4.32% 0.62% $6.20 Benchmark: MSCI EM NR USD 5.71% 5.71% 12.03% 4.50% 4.13% 3.02% DFA U.S. Targeted Value Portfolio Institutional Small Value 2/23/ % 2.55% 6.96% 7.71% 7.96% 5.87% 0.37% Class (DFFVX) 5 $3.70 Benchmark: Russell 2000 Value TR USD 1.70% 1.70% 7.72% 5.73% 6.67% 4.42% Neuberger Berman Socially Responsive Fund Large Growth 11/28/ % 0.65% 1.22% 10.14% 9.24% 6.17% 0.68% Institutional Class (NBSLX) 5 $6.80 Benchmark: S&P 500 TR USD 1.35% 1.35% 1.78% 11.82% 11.58% 10.45% T. Rowe Price Institutional Large Cap Growth Large Growth 10/31/ % 6.44% 2.37% 14.28% 12.02% 8.44% 0.56% Fund (TRLGX) 5 $5.60 Benchmark: Russell 1000 Growth TR USD 0.74% 0.74% 2.52% 13.61% 12.38% 8.28% Touchstone Value Fund Institutional (TVLIX) 5,6 Large Value 12/20/ % 1.04% 3.11% 9.03% 10.02% 4.88% 0.85% $8.50 Benchmark: Russell 1000 Value TR USD 1.64% 1.64% 1.54% 9.38% 10.25% 12.01% Vanguard Total International Stock Index Fund Institutional Shares (VTSNX) 5,7 Foreign Large Blend 11/29/ % 0.16% 8.13% 0.84% 0.71% 2.54% 0.10% $1.00 Benchmark: MSCI ACWI Ex USA NR USD 0.38% 0.38% 9.19% 0.32% 0.31% 4.08% Vanguard Total Stock Market Index Fund Large Blend 7/7/ % 0.95% 0.44% 11.12% 11.00% 7.06% 0.04% Institutional Shares (VITSX) 5 $0.40 Benchmark: CRSP US Total Market TR USD 0.95% 0.95% 0.45% 11.14% 10.95% 7.08% 1.02% $ % $ % $ % $ % $ % $ % $ % $ % $ /29/2016

3 Real Estate Variable Annuity TIAA Real Estate Account (QREARX) 3,8 Average Annual Miscellaneous Sector 10/2/ % 1.89% 7.02% 10.00% 10.27% 4.09% 0.87% $ % $8.70 Transfers out: Limit 1 per quarter. Limitations may apply to any transaction resulting in a balance > $150,000. Fixed Income Variable Annuity CREF Bond Market Account (R3) (QCBMIX) 1,2,3,4 Average Annual Intermediate Term Bond 4/24/2015 1/2/ % 3.03% 1.86% 2.36% 3.69% 6.11% 0.37% $3.70 Benchmark: Barclays U.S. Aggregate Bond 3.03% 3.03% 1.96% 2.50% 3.78% 6.41% CREF InflationLinked Bond Account (R3) (QCILIX) 1,2,3,4,9 Benchmark: Barclays U.S. Treasury Inflation Protected Securities (TIPS) 110 Year Index Benchmark: Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (SeriesL) Inflation Protected Bond 4/24/2015 1/4/ % 4.01% 0.81% 1.12% 2.57% 5.34% 0.32% $ % 3.60% 1.84% 0.72% 1.88% 4.46% 4.46% 1.51% 0.71% 3.02% 5.78% 0.37% $ % $3.20 Round Trip: If a round trip is made within 60 calendar days, exchanges into the same account will be restricted for 90 calendar days. Round Trip: If a round trip is made within 60 calendar days, exchanges into the same account will be restricted for 90 calendar days. Fixed Income Mutual Fund DFA InflationProtected Securities Portfolio Institutional Class (DIPSX) 5 Benchmark: Barclays US Treasury US TIPS TR USD Metropolitan West Total Return Bond Fund Class Institutional (MWTIX) 5 Average Annual Inflation Protected Bond Intermediate Term Bond 9/18/ % 5.01% 1.88% 0.84% 3.24% 4.75% 0.12% $ % 4.46% 1.51% 0.71% 3.02% 5.68% 3/31/ % 2.43% 1.31% 2.69% 4.87% 6.62% 0.44% $4.40 Benchmark: Barclays US Agg Bond TR USD 3.03% 3.03% 1.96% 2.50% 3.78% 4.90% 0.12% $ % $4.40

4 Fixed Income Mutual Fund Vanguard Total Bond Market Index Fund Institutional Shares (VBTIX) 5 Average Annual Intermediate Term Bond 9/18/ % 3.09% 1.83% 2.39% 3.72% 4.89% 0.05% $0.50 Benchmark: Barclays US Agg Float Adj TR USD 3.12% 3.12% 1.88% 2.47% 3.80% 0.05% $0.50 Multi Asset Variable Annuity CREF Social Choice Account (R3) (QCSCIX) 1,2,3,4 Benchmark: CREF Social Choice Account Composite Index Average Annual Allocation50% to 70% Equity 4/24/2015 1/2/ % 1.65% 1.03% 5.62% 6.63% 8.21% 0.33% $ % 1.37% 0.69% 6.42% 7.00% 8.33% Benchmark: Russell 3000??? Index 0.97% 0.97% 0.34% 11.15% 11.01% 9.65% 0.33% $3.30 Round Trip: If a round trip is made within 60 calendar days, exchanges into the same account will be restricted for 90 calendar days. Multi Asset Mutual Fund Vanguard Target Retirement 2010 Fund Investor Shares (VTENX) 5,10 Average Annual TargetDate /7/ % 2.21% 0.14% 4.42% 5.45% 5.42% 0.14% Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 8.79% Vanguard Target Retirement 2015 Fund Investor Shares (VTXVX) 5,10 TargetDate /27/ % 1.90% 0.59% 5.29% 6.02% 5.30% 0.14% Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 7.08% Vanguard Target Retirement 2020 Fund Investor Shares (VTWNX) 5,10 TargetDate /7/ % 1.73% 1.12% 5.98% 6.45% 5.77% 0.14% Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 8.79% 0.14% 0.14% 0.14%

5 Multi Asset Mutual Fund Vanguard Target Retirement 2025 Fund Investor Shares (VTTVX) 5,10 Vanguard Target Retirement 2030 Fund Investor Shares (VTHRX) 5,10 Vanguard Target Retirement 2035 Fund Investor Shares (VTTHX) 5,10 Vanguard Target Retirement 2040 Fund Investor Shares (VFORX) 5,10 Vanguard Target Retirement 2045 Fund Investor Shares (VTIVX) 5,10 Vanguard Target Retirement 2050 Fund Investor Shares (VFIFX) 5,10 Average Annual TargetDate 2040 TargetDate 2045 TargetDate /7/ % 0.84% 3.07% 7.11% 7.28% 5.89% 0.16% Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 8.79% 10/27/ % 0.79% 3.14% 7.10% 7.27% 5.48% 0.16% Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 7.08% 6/7/ % 0.77% 3.10% 7.09% 7.26% 5.93% 0.16% Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 8.79% Vanguard Target Retirement 2055 Fund Investor Shares (VFFVX) 5,10 Vanguard Target Retirement 2060 Fund Investor Shares (VTTSX) 5,10 Vanguard Target Retirement Income Fund Investor Shares (VTINX) 5,10 TargetDate 2025 TargetDate 2030 TargetDate 2035 TargetDate 2055 TargetDate TargetDate Retirement 10/27/ % 1.54% 1.53% 6.33% 6.70% 5.37% 0.15% $1.50 Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 7.08% 6/7/ % 1.30% 2.01% 6.68% 6.93% 5.78% 0.15% $1.50 Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 8.79% 10/27/ % 1.07% 2.50% 7.00% 7.14% 5.40% 0.15% $1.50 Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 7.08% 8/18/ % 0.78% 3.25% 7.04% 7.28% 10.08% 0.16% Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 11.07% 8.79% 1/19/ % 0.77% 3.22% 7.05% 9.46% 0.16% Benchmark: MSCI US Broad Market GR USD 0.91% 0.91% 0.36% 11.22% 8.79% 10/27/ % 2.35% 0.41% 3.64% 4.95% 5.22% 0.14% Benchmark: Barclays US Agg Bond TR USD 3.03% 3.03% 1.96% 2.50% 3.78% 4.90% 0.15% $ % $ % $ % 0.16% 0.16% 0.16% 0.16% 0.14%

6 Money Market Variable Annuity CREF Money Market Account (R3) (QCMMIX) 1,2,3,4,11,12 Benchmark: imoneynet Money Fund Averages???All Taxable Category Money Market Taxable Inception Date 4/24/2015 1/3/1900 Average Annual 7Day Yield* 3 Month YTD 1 Year 3 Year 5 Year 0.26% 0.02% 0.02% 0.02% 0.01% 0.00% 3.41% 0.32% $ % 0.02% 0.04% 0.02% 0.02% 3.15% 0.32% $3.20 You could lose money by investing in the CREF Money Market Account. Because the accumulation unit value of the Account will fluctuate, the value of your investment may increase or decrease. An investment in the Account is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Account's sponsor has no legal obligation to provide support to the Account, and you should not expect that the sponsor will provide financial support to the Account at any time. * The current yield more closely reflects the earnings of this investment choice. Money Market Mutual Fund Vanguard Federal Money Market Fund Investor Shares (VMFXX) 5,13 Category Money Market Taxable Inception Date Average Annual 7Day Yield* 3 Month YTD 1 Year 3 Year 5 Year 7/13/ % 0.07% 0.07% 0.10% 0.04% 0.03% 1.18% 0.11% $1.10 Benchmark: Citi Treasury Bill 3 Mon USD 0.05% 0.05% 0.08% 0.05% 0.06% 1.07% 0.11% $1.10 You could lose money by investing in a money market fund. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A money market fund's sponsor has no legal obligation to provide support to a money market fund, and you should not expect that the sponsor will provide financial support to a money market fund at any time. * The current yield more closely reflects the earnings of this investment choice.

7 Average Annual Current Rates Guaranteed Fixed Annuity Inception Date 3 Month YTD 1 Year 3 Year 5 Year 10 Year Inception Rate Guaranteed Minimum Rate TIAA Traditional Annuity Retirement Choice 14,15,16 8/1/ % 1.06% 4.28% 4.37% 4.36% 4.54% 4.54% 4.25% 1.00% Additional Information: The current rate shown applies to premiums remitted during the month of April 2016 and will be credited through 2/28/2017. This rate is subject to change in subsequent months. Uptodate rate of return information is available on your planspecific website noted above or at TIAA Traditional guarantees your principal and a minimum annual interest rate. The current guaranteed minimum interest rate for premiums remitted in 2016 is 1.00%, and is effective through The account also offers the opportunity for additional amounts in excess of the minimum interest rate. When declared, additional amounts remain in effect for the twelvemonth period that begins each March 1 for accumulating annuities and January 1 for payout annuities. Additional amounts are not guaranteed for the future years. All guarantees are subject to TIAA's claims paying ability. TIAA Traditional is designed primarily to help meet your longterm retirement income needs; it is not a shortterm savings vehicle. Therefore, some contracts require that benefits are paid in installments over time and/or may impose surrender charges on certain withdrawals. TIAA has rewarded participants who save in contracts where benefits are paid in installments over time instead of in an immediate lumpsum by crediting higher interest rates, typically 0.50% to 0.75% higher. Higher rates will lead to higher account balances and more retirement income for you. For Retirement Choice (RC) contracts, and subject to the terms of your employer's plan, lumpsum withdrawals are available from the TIAA Traditional account only within 120 days after termination of employment and are subject to a 2.5% surrender charge. All other withdrawals and transfers from the account must be paid in 84 monthly installments (7 years). If the Contractholder elects to remove TIAA Traditional, the contract's entire TIAA Traditional accumulation will be paid out in 84 monthly installments with a 1.50% surrender charge. Average Annual Current Rates Guaranteed Fixed Annuity Inception Date 3 Month YTD 1 Year 3 Year 5 Year 10 Year Inception Rate Guaranteed Minimum Rate TIAA Traditional Annuity Retirement Choice Plus 14,15,16 6/1/ % 0.87% 3.49% 3.56% 3.54% 3.79% 3.50% 1.00% Additional Information: The current rate shown applies to premiums remitted during the month of April 2016 and will be credited through 2/28/2017. This rate is subject to change in subsequent months. Uptodate rate of return information is available on your planspecific website noted above or at TIAA Traditional guarantees your principal and a minimum annual interest rate. The current guaranteed minimum interest rate is 1.00% for premiums remitted in March 2016 through February 2017, and is effective through February The account also offers the opportunity for additional amounts in excess of the minimum interest rate. When declared, additional amounts remain in effect for the twelvemonth period that begins each March 1 for accumulating annuities and January 1 for payout annuities. Additional amounts are not guaranteed for the future years. All guarantees are subject to TIAA's claims paying ability. For Retirement Choice Plus (RCP) contracts, and subject to the terms of your employer's plan, lumpsum withdrawals and transfers are available from the TIAA Traditional account without any restrictions or charges. After termination of employment additional income options may be available including income for life and IRS required minimum distribution payments. The Contractholder (typically your employer as the sponsor of your plan) has the right to remove TIAA Traditional as a plan option. If elected, the contract's entire TIAA Traditional accumulation will be paid out in 84 monthly installments, each subject to a 1.50% surrender charge and will be reinvested at the direction of your plan sponsor. Please refer to your contract certificate for additional details.

8 A Note About Risk Equity mutual funds and variable annuity accounts 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 midcap stocks and foreign securities. Fixed income funds and variable annuity accounts are not guaranteed and are subject to interest rate, inflation and credit risks. Funds and accounts that invest in noninvestment grade securities (i.e. highyield) present special risks, including significantly higher interest rate and credit risk. Mutual funds and variable annuity accounts 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. Fees and Expenses Fee and expense information for the variable return investment options include the expressed as a percentage and a dollar amount based upon a $1,000 accumulation both as net (after) and gross (before) of expenses. is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a dollar amount or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For more information on the impact of fees and expenses associated with your plan, please visit TIAA.org/fees. Fees are only one of many factors to consider when making an investment decision. About the Benchmark A benchmark provides an investor with a point of reference to evaluate an investment's performance. One common type of benchmark used to compare investment performance is called an index. Indexes are unmanaged portfolios of securities designed to track the performance of a particular segment of the market. For example, a large cap stock fund or account will usually be compared to an index that tracks a portfolio of largecap stocks. Conversely, a bond fund or account is typically compared to an index that tracks a portfolio of bonds that is comparable to the fund or account's portfolio in terms of credit quality, maturity and liquidity. Each mutual fund or account shown in the table includes performance information for an index that the advisor determined provides a fair comparison of the fund or account's investment performance. Indexes are for comparison purposes only. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses. Data Providers Unless otherwise noted, data on nonproprietary investment products, including performance, Category and expenses, is provided by, Inc. All other data provided by Teachers Insurance and Annuity Association of America College Retirement Equities Fund. Benchmark performance shown across proprietary and nonproprietary funds/accounts is provided by TIAA with the exception of Inception periods calculated using a nonproprietary fund's inception date. TIAA reserves the rights to all proprietary data herein, and is not responsible for any damages or losses arising from any use of this information. Data Provided by, Inc. 2016, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither 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 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, estimates where it will fall before assigning a more permanent category. When necessary, may change a category assignment based on current information. Important Information 1 When more than one inception date is shown, the performance displayed for periods prior to the investment's inception date is hypothetical. The second inception date is that of the fund/account to which such performance is based. Please refer to the investment's performance disclosure for more details. 2 Total annual expense deductions, which include investment advisory, administrative, and distribution (12b1) 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. 3 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. 4 The performance shown for Class R3 that is prior to its inception date is based on the performance of the Account's Class R1. The performance for these periods has not been restated to reflect the lower expenses of Class R3. If these lower expenses had been reflected, the performance of Class R3 for these periods would have been higher. 5 Accumulations in funds not managed by TIAA may be subject to administrative charges. These charges are subject to change. Please review current documents related to your plan. 6 The net expense ratio reflects a contractual arrangement that has the effect of reducing or limiting the fund's expenses. Without such an arrangement, currently or in the past, returns would have been lower. The arrangement will remain in effect until terminated. Please see the prospectus for details. 7 The index shown is for comparative purposes only, and may not match other websites or publications. 8 The total annual expense deduction, which includes investment management, administration, and distribution expenses, mortality and expense risk charges, and the liquidity guarantee, is 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. 9 Effective April 1, 2016, the Account's benchmark index changed from the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index (SeriesL) (the "Barclays TIPS Index") to the Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1 10 Year Index (the "Barclays TIPS 1 10 Index"). 10 As Target Retirement Date Funds are actively managed, their asset allocations are subject to change and may vary from those indicated. They invest in many underlying funds and are exposed to the risks of different areas of the market. Please note that, as with all mutual funds, the principal value of a Target Retirement Date Fund is not guaranteed. The higher a fund's allocation to stocks, the greater the risk. 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 to the fund level expenses these funds are also subject to the expenses of their underlying investments. Please consult the prospectus for more complete information. 11 Beginning July 16, 2009, TIAA withheld a portion of the distribution Rule 12b1 and as necessary, administrative expenses for the Money Market Account. TIAA will end the voluntary withholding of expenses by April 14, 2017, and any amounts waived by TIAA within the three year period prior to termination of the waiver may be subject to recoupment by TIAA. TIAA may recover from the Account a portion of the amounts waived at such time as the Class's daily yield would be positive absent the effect of the waiver, and in such event the amount of recovery on any day will be approximately 25% of the class's yield (net of all expenses) on that day. As a result of the share class conversion on April 24, 2015, previously recoverable amounts have been allocated to the newly formed Classes. For more information on the pending termination of the voluntary waiver please see the Account's prospectus.

9 12 imoneynet reports yields as of the last Tuesday of the month. Yields for the imoneynet Money Fund Report AveragesAll Taxable and the annuity account(s) that track this industry average are calculated based on this date. 13 Closed to new investors. 14 The TIAA Traditional Annuity guarantees principal and a specified interest rate (based on TIAA's claims paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a yearbyyear basis by the TIAA Board of Trustees. These additional amounts, when declared, remain in effect for the "declaration year" which begins each March 1. Additional amounts are not guaranteed. For more up to date information please visit your employer's microsite or TIAA.org. TIAA Traditional is a guaranteed insurance contract and not an investment for federal securities law purposes. 15 TIAA accumulations are credited with interest based on when contributions and transfers are received, and your performance will reflect your pattern of contributions. The returns shown in the table reasonably represent what an individual making level monthly premiums would have historically earned over the time periods. Returns for different time periods are calculated in two steps: monthly performance returns are calculated from an accumulation created by a series of level monthly premiums over the prior 10 years (or the inception date of the product if later), and those monthly returns are linked together to determine historical performance for each of the return periods shown. 16 The Current Rates, Minimum Guaranteed Rates and Fees (if applicable) shown for guaranteed annuities are the rates in effect as of the first day of the month following quarter end. Depending upon the contract, these may apply to new money only or to both new money and existing accumulations. See your annuity contract or certificate for details.

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12 Mutual funds are offered through your plan sponsor's retirement plan, which is recordkept by TIAA. Funds are offered at that day's net asset value (NAV), and the performance is displayed accordingly. Performance at NAV does not reflect sales charges, which are waived through your retirement plan. If included, the sales charges would have reduced the performance as quoted. Before making your investment choices and completing your enrollment form, you should consider the investment objectives, risks, charges and expenses carefully. Please call for paper copies of the product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. Unless otherwise noted, annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. TIAACREF 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 AmericaCollege Retirement Equities Fund, 730 Third Avenue, New York, NY C31086