Investment Performance

⁽¹⁾ TIAA-CREF Lifecycle Index 2020 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.027% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.073% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽²⁾ Each of the TIAA-CREF Lifecycle Funds 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 in several underlying equity and fixed income funds offered by the TIAA-CREF Funds. 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, and you may have a gain or a loss when you redeem your mutual fund shares.

⁽³⁾ TIAA-CREF Lifecycle Index 2025 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.032% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.068% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽⁴⁾ TIAA-CREF Lifecycle Index 2030 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.037% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.063% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽⁵⁾ TIAA-CREF Lifecycle Index 2035 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.042% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.058% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽⁶⁾ TIAA-CREF Lifecycle Index 2040 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.045% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.055% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽⁷⁾ TIAA-CREF Lifecycle Index 2045 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.046% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.054% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽⁸⁾ TIAA-CREF Lifecycle Index 2050 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.047% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.053% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽⁹⁾ TIAA-CREF Lifecycle Index 2055 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.047% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.053% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽¹⁰⁾ TIAA-CREF Lifecycle Index 2060 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.047% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.053% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽¹¹⁾ TIAA-CREF Lifecycle Index Retirement Income Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.021% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.079% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽¹²⁾ TIAA-CREF Lifecycle Index 2065 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the Management of the Funds section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.046% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.054% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

⁽¹³⁾ Nuveen Real Estate Securities Fund - Class R6: Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees. The Fund's investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2024 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.97% of the average daily net assets of any class of Fund shares. However, because Class R6 shares are not subject to sub-transfer agent and similar fees, the total annual operating expenses for the Class R6 shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to July 31, 2024 only with the approval of the Board of Directors of the Fund.

The chart shows the performance for each investment option for the time periods shown.