¹Other fees and expenses do apply to a continued investment in the funds and are described in the fund's current prospectus.

²Fees for online equity trades reflect a lower fee based on a household asset balance of $500,000 held in Brokerage Services. Contact a TIAA-CREF Brokerage Consultant regarding householding eligibility.

Equity Notes:

• Fees shown reflect stock prices greater than $1 per share. Orders to buy shares priced under $1 will not be accepted.
• Orders to sell shares priced under $1 are handled via Client Service Assistance at $19.95 + 3 percent of transaction.

Brokerage Services are provided by TIAA-CREF Brokerage Services, a division of TIAA-CREF Individual & Institutional Services, LLC, Distributor. Member FINRA/SIPC.

Brokerage accounts are carried by Pershing, LLC, a subsidiary of the The Bank of New York Company, Inc. Member FINRA, NYSE, SIPC.

Certain securities may not be suitable for all investors. Securities are not FDIC-insured and are not a deposit or other obligation of or guaranteed by any bank or TIAA-CREF. Securities are subject to investment risk, including possible loss of the principal amount invested.

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please contact your financial advisor or call 1 877-518-9161 for a current prospectus that contains this and other information. Please read the prospectus carefully before investing. All TIAA-CREF investment vehicles are subject to market and other risk factors, which could result in loss of principal.