# EDGAR Filing Document

**Accession Number:** 0000777535
**File Stem:** 0000930413-26-001336
**Filing Date:** 2026-4
**Character Count:** 1064929
**Document Hash:** 294d03b98ccd28d00b4de2b851864da4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000930413-26-001336.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0000930413-26-001336

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 66

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLLEGE RETIREMENT EQUITIES FUND
- **CENTRAL INDEX KEY:** 0000777535

**ORGANIZATION NAME:**
- **EIN:** 136022042
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04415
- **FILM NUMBER:** 26911023

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2129164905

**MAIL ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COLLEGE RETIREMENT EQUITIES FUND
- **CENTRAL INDEX KEY:** 0000777535

**ORGANIZATION NAME:**
- **EIN:** 136022042
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-00480
- **FILM NUMBER:** 26911022

**BUSINESS ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2129164905

**MAIL ADDRESS:**
- **STREET 1:** 730 THIRD AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### Total Global Stock Account (Series ID: S000005080)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154473 | Class R1     | QCSTRX          |
| C000154474 | Class R2     | QCSTPX          |
| C000154475 | Class R3     | QCSTIX          |
| C000234671 | Class R4     | QCSTFX          |

### Global Equities Account (Series ID: S000005081)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154476 | Class R1     | QCGLRX          |
| C000154477 | Class R2     | QCGLPX          |
| C000154478 | Class R3     | QCGLIX          |
| C000234672 | Class R4     | QCGLFX          |

### Growth Account (Series ID: S000005082)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154479 | Class R1     | QCGRRX          |
| C000154480 | Class R2     | QCGRPX          |
| C000154481 | Class R3     | QCGRIX          |
| C000234673 | Class R4     | QCGRFX          |

### S&P 500 Index Account (Series ID: S000005083)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154482 | Class R1     | QCEQRX          |
| C000154483 | Class R2     | QCEQPX          |
| C000154484 | Class R3     | QCEQIX          |
| C000234674 | Class R4     | QCEQFX          |

### Core Bond Account (Series ID: S000005084)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154485 | Class R1     | QCBMRX          |
| C000154486 | Class R2     | QCBMPX          |
| C000154487 | Class R3     | QCBMIX          |
| C000234675 | Class R4     | QCBMFX          |

### Inflation-Linked Bond Account (Series ID: S000005085)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154488 | Class R1     | QCILRX          |
| C000154489 | Class R2     | QCILPX          |
| C000154490 | Class R3     | QCILIX          |
| C000234676 | Class R4     | QCILFX          |

### Responsible Balanced Account (Series ID: S000005086)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154491 | Class R1     | QCSCRX          |
| C000154492 | Class R2     | QCSCPX          |
| C000154493 | Class R3     | QCSCIX          |
| C000234677 | Class R4     | QSCCFX          |

### Money Market Account (Series ID: S000005087)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000154494 | Class R1     | QCMMRX          |
| C000154495 | Class R2     | QCMMPX          |
| C000154496 | Class R3     | QCMMIX          |
| C000234678 | Class R4     | QCMMFX          |

?xml version='1.0' encoding='ASCII'?

**As filed with the U.S. Securities and Exchange Commission on April 29, 2026 Registration File No. 033-00480 and File No. 811-04415**

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-3**

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. 65 | ☒ |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
| Amendment No. 71 | ☒ |
| (Check Appropriate Box or Boxes) |  |

---

**College Retirement Equities Fund**

(Exact Name of Registrant)

**Not Applicable**

(Name of Insurance Company)

**730 Third Avenue New York, New York 10017-3206**

(Address of Insurance Company's Principal Executive Offices)

**Insurance Company's Telephone Number, including Area Code: (212) 490-9000**

*Name and Address of Agent for Service:* Rachael M. Zufall, Esq. College Retirement Equities Fund 8500 Andrew Carnegie Boulevard Charlotte, North Carolina 28262 *Copy to:* Adam T. Teufel, Esq. Dechert LLP 1900 K Street, NW Washington, DC 20006

Securities to be Registered: Interests in an open-end management investment company for individual and group

flexible payment deferred variable annuity contracts

*Approximate Date of Proposed Public Offering:*

As soon as practicable after effectiveness of the Registration Statement.

It is proposed that this filing will become effective (check appropriate box):

☐ Immediately upon filing pursuant to paragraph (b)

☒ On May 1, 2026 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ On (date) pursuant to paragraph (a)(1)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ On (date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

---

| | |
|:---|:---|
| PROSPECTUS<br>**MAY 1, 2026** | ![](img_c7bdacd8ca9d4m2.jpg) |

---

## College Retirement Equities Fund (CREF)

#### Individual, group and tax-deferred variable annuity contracts
*CREF can be used as an investment vehicle for long-term retirement savings or for other purposes. Before you invest in a CREF variable annuity contract, you need to carefully review this statutory prospectus ("Prospectus"). This document describes the variable annuity contracts CREF offers and contains essential information about the contracts and your investment options. Please read it carefully before investing and keep this document for your future reference.*

You should be aware that investing in a CREF variable annuity contract involves financial risk and you could lose money. CREF does not guarantee the performance of your investments, and you bear all investment risks. This is an important consideration as you plan your financial future.

If you are an employee of a college, university, educational institution, research organization, governmental institution, or nonprofit organization, CREF offers you variable annuities and tax-deferred savings plans. CREF's main purpose is to invest for your retirement through our investment options.

When you invest with CREF, you can choose from eight different investment accounts. Each Account offers four classes (each, a "class") of accumulation or annuity units (collectively, "units"): Class R1, Class R2, Class R3, and Class R4. The class you select will determine specific aspects of your investment, including fees and features.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Accounts & Ticker Symbols** | **Class R1**  | **Class R2**  | **Class R3**  | **Class R4** |
| Total Global Stock Account (formerly Stock Account) | QCSTRX | QCSTPX | QCSTIX | QCSTFX |
| Global Equities Account | QCGLRX | QCGLPX | QCGLIX | QCGLFX |
| Growth Account | QCGRRX | QCGRPX | QCGRIX | QCGRFX |
| S&P 500 Index Account (formerly Equity Index Account) | QCEQRX | QCEQPX | QCEQIX | QCEQFX |
| Core Bond Account  | QCBMRX | QCBMPX | QCBMIX | QCBMFX |
| Inflation-Linked Bond Account | QCILRX | QCILPX | QCILIX | QCILFX |
| Responsible Balanced Account (formerly Social Choice Account) | QCSCRX | QCSCPX | QCSCIX | QSCCFX |
| Money Market Account | QCMMRX | QCMMPX | QCMMIX | QCMMFX |

---

------

You or your employer can purchase a CREF variable annuity certificate or contract (which together will be referred to in this Prospectus as a "Contract") in connection with certain types of retirement plans. CREF offers the following types of Contracts:

---

| | |
|:---|:---|
| **Retirement Product** | **Available Classes**  |
| RA (Retirement Annuity) | R1, R2, R3 |
| GRA (Group Retirement Annuity) | R1, R2, R3 |
| SRA (Supplemental Retirement Annuity) | R1, R2, R3 |
| GSRA (Group Supplemental Retirement Annuity) | R1, R2, R3 |
| Retirement Choice and Retirement Choice Plus Annuity | All Classes |
| GA (Group Annuity) and Institutionally Owned GSRAs | R1, R2, R3 |
| Traditional, Roth IRA and Rollover (Individual Retirement Annuity) including SEP IRAs (Simplified Employee Pension Plans) | R3 only |
| Keogh (no longer offered) | R1 only |
| ATRA (After-Tax Retirement Annuity) | R2 only |

---

Subject to the terms of your Contract, if you are a new investor, you may be able to cancel your Contract within 10 days of receiving it without paying fees or penalties. Some states allow for a longer cancellation period. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract value, depending on the circumstances. You should review this Prospectus carefully or consult with your financial professional to understand specific cancellation terms that may apply.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's ("SEC") staff and is available at Investor.gov.

*The SEC has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. The CREF Accounts are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency.*

------

#### Table of contents

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[**Special terms**](#new_id)[**4**](#new_id)<br>[**Important information you should consider about the Contract**](#new_id-0)[**7**](#new_id-0)<br>[**Overview of the Contract**](#new_id-1)[**10**](#new_id-1)<br>[**Fee and expense tables of each Contract**](#new_id-2)[**12**](#new_id-2)<br>[**Principal risks of investing in the Contract**](#new_id-3)[**17**](#new_id-3)<br>[**Who we are and other related information**](#new_id-4)[**19**](#new_id-4)<br>[Corporate structure and registration](#new_id-5)[19](#new_id-5)<br>[The Accounts](#new_id-6)[20](#new_id-6)<br>[Portfolio holdings disclosure](#new_id-7)[20](#new_id-7)<br>[Voting rights](#new_id-8)[20](#new_id-8)<br>[**Management of the Accounts**](#new_id-9)[**21**](#new_id-9)<br>[Investment management structure](#new_id-10)[21](#new_id-10)<br>[Management services and compensation](#new_id-11)[21](#new_id-11)<br>[Portfolio management](#new_id-12)[21](#new_id-12)<br>[Distribution framework](#new_id-13)[24](#new_id-13)<br>[Administrative operations](#new_id-14)[24](#new_id-14)<br>[**About CREF's expenses**](#new_id-15)[**25**](#new_id-15)<br>[**Information from TIAA: TIAA plan pricing, employer plan fees, and potential transfer fees**](#new_id-16)[**27**](#new_id-16)<br>[**The annuity contracts we offer**](#new_id-17)[**28**](#new_id-17)<br>[**Starting out and how to purchase a contract**](#new_id-18)[**31**](#new_id-18)<br>[**Class eligibility**](#new_id-19)[**32**](#new_id-19)<br>[**Choosing accounts**](#new_id-20)[**33**](#new_id-20)<br>[Conflicts of interest](#new_id-21)[36](#new_id-21)<br>[**How to transfer and withdraw**<br>**your money**](#new_id-22)[**36**](#new_id-22)<br>[Loans](#new_id-23)[41](#new_id-23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**Market timing/excessive**<br>**trading policy**](#new_id-24)[**43**](#new_id-24)<br>[**Timing of payments to you**](#new_id-25)[**45**](#new_id-25)<br>[**When you are ready to receive**<br>**your annuity income, if you choose to annuitize**](#new_id-26)[**45**](#new_id-26)<br>[**Illustrations of annuity payments**](#new_id-27)[**50**](#new_id-27)<br>[**Benefits available under the Contract**](#new_id-28)[**54**](#new_id-28)<br>[**Death benefits**](#new_id-29)[**54**](#new_id-29)<br>[**Other features of the Contract**](#new_id-30)[**59**](#new_id-30)<br>[**Taxes**](#new_id-31)[**60**](#new_id-31)<br>[**Additional information**](#new_id-32)[**69**](#new_id-32)<br>[**Appendix A: Accounts available under the Contract**](#new_id-33)[**70**](#new_id-33)<br>[**Appendix B: Additional information about the Accounts available under the Contract**](#new_id-34)[**71**](#new_id-34)<br>[Your investment options](#new_id-35)[71](#new_id-35)<br>[Total Global Stock Account](#new_id-36)[72](#new_id-36)<br>[Global Equities Account](#new_id-37)[75](#new_id-37)<br>[Growth Account](#new_id-38)[77](#new_id-38)<br>[S&P 500 Index Account](#new_id-39)[79](#new_id-39)<br>[Core Bond Account](#new_id-40)[80](#new_id-40)<br>[Inflation-Linked Bond Account](#new_id-41)[83](#new_id-41)<br>[Responsible Balanced Account](#new_id-42)[85](#new_id-42)<br>[Money Market Account](#new_id-43)[90](#new_id-43)<br>[Principal risks of investing in Equity Accounts](#new_id-44)[92](#new_id-44)<br>[Principal risks of investing in the Fixed-Income Accounts and the Money Market Account](#new_id-45)[100](#new_id-45)<br>[Past performance](#new_id-46)[109](#new_id-46)<br>[More about benchmarks and other indices](#new_id-47)[114](#new_id-47)<br>[Additional information about investment strategies and risks](#new_id-48)[117](#new_id-48) |

---

------

### Special terms
This section defines key terms and phrases used in this Prospectus. To understand some definitions, you may have to refer to other defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Account**. Any of CREF's investment portfolios. Each Account is a separate portfolio with its own investment objective, which offers four classes of units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Accumulation**. The total value of your accumulation units under the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Accumulation Phase**. The period that begins with your first premium and continues until the entire Accumulation has been applied to purchase annuity income, has been transferred from an Account, or has been paid to you or a beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Accumulation Unit**. A share of participation in an investment account for someone in the accumulation phase. Each class of each Account has its own accumulation unit value, which typically changes daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Annuitant**. The natural person whose life is used in determining the annuity payments to be received. You are the Annuitant under the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Annuity**. A written contract, typically between an individual or institutional (group) plan and an insurance company or similarly regulated entity, under which you make a single lump sum payment or a series of contributions in exchange for which the insurer or other entity agrees to make periodic payments to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Annuity Partner.** The person you name, if you choose to receive income under a two-life annuity, to receive an income for life if he or she survives you. In some Contracts, this person is referred to as the second annuitant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Annuity Phase.** The period following the end of the Accumulation Period during which you (and your Annuity Partner, if you name one) receive annuity payments. Accumulations can be otherwise paid out without entering an Annuity Phase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Annuity Starting Date.** The date you exchange accumulation units for annuity units in order to provide annuity payments, or the date you apply your Accumulation Units to a required minimum distribution annuity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Annuity Unit**. A measure used to calculate the amount of annuity payments, which is based on the expenses of Class R3 of each Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Beneficiary**. Any person or institution you name, in a form satisfactory to us, to receive benefits if you die during the accumulation phase or if you (and your Annuity Partner, if you have one) die before the end of any guaranteed period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Business Day**. Any day the New York Stock Exchange ("NYSE") or its affiliated exchanges NYSE Arca Equities or NYSE American (collectively

4&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ College Retirement Equities Fund

------

with NYSE, the "NYSE Exchanges") is open for trading. A Business Day generally ends at 4 p.m. Eastern Time or when trading closes on the NYSE Exchanges, if earlier. A Business Day may end early only as of the latest closing time of the regular (or core) trading session of any of the NYSE Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Calendar Day**. Any day of the year. Calendar days end at the same time as a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Class.** Each Account issues four classes of units (Class R1, Class R2, Class R3 and Class R4), which have different administrative and distribution expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Commuted Value**. The lump-sum amount that represents the present value of all future regular annuity payments due under an income option or method of payment not based on life contingencies. It is essentially the cash equivalent you would receive today instead of periodic payouts, actuarially calculated using factors such as interest rates, capital market assumptions, and life expectancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Certificate.** The CREF certificate issued to you when you received your contract, or if not then, on the later date you first participated in CREF, if applicable. The CREF certificate is a document you receive as an employee in a retirement plan (often through an employer) that outlines your participation in CREF, detailing your investments in the various CREF Accounts, and your option for lifetime income, serving as proof of your benefits under the CREF Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Contract.** The individual, group and tax-deferred variable annuity Contracts described in this Prospectus under the section "The annuity contracts we offer," including your certificate and any endorsements under the Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Eligible Institution**. A nonprofit institution, including any governmental institution, organized in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Employer.** Your employer is the organization (e.g., plan sponsor) that remits your premiums that you invest under your Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Good Order.** Actual receipt of an order along with all information and supporting legal documentation necessary to effect the transaction. The information and documentation generally include your complete application (or complete request for redemptions, transfers, or withdrawals or payment of death or other benefits), and any other information or supporting documentation we may require. With respect to purchase requests, "good order" also generally includes receipt of sufficient funds by us to effect the transaction. We may, in our sole discretion, determine whether any particular transaction request is in good order and reserve the right to change or waive any good order requirement at any time either in general or with respect to a particular plan, Contract, or transaction. In addition, it is also possible that if we

College Retirement Equities Fund ■ **Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 5

------

are unable to reach you to obtain additional or missing information relating to incomplete applications, or if transaction requests are not in good order, the transaction may be canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Guaranteed Period.** The period during which annuity payments remaining due after your death and the death of your Annuity Partner, if any, will continue to be paid to the payee named to receive them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Income Change Method**. How you choose to have your annuity payments revalued. Under the annual income change method, your annuity payments are revalued once each year. Under the monthly income change method, your annuity payments are revalued every month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Income Option**. Any of the ways you can elect to receive your annuity income. It is also referred to as an "annuity option."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Participant**. Any person who owns a CREF Contract. Sometimes an employer can be a participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Premiums.** Monies invested to purchase Accumulation Units in one or more underlying Accounts. Premiums are subject to product-level fees and expenses such as investment management, administration, distribution, and mortality/expense charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **TIAA.** Teachers Insurance and Annuity Association of America, which is the companion organization of CREF. TIAA offers variable and fixed annuities, such as TIAA Traditional, TIAA Real Estate Account, and TIAA Access, which may be offered alongside the CREF Accounts. TIAA is also the parent company of CREF's investment adviser and distributor and serves as CREF's administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Valuation Day**. Any Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **You or Your.** This means any Contract owner or any prospective Contract owner. In certain instances, in accordance with the terms of your employer plan, your employer may exercise or limit certain rights under your Contract or Certificate.

6&nbsp;&nbsp;&nbsp;&nbsp; **Prospectus** ■ College Retirement Equities Fund

------

### Important information you should consider about the Contract

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Location in Prospectus** |
| **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** |  |
| **Charges for early withdrawals** | ● None | ● None | ● None | How to transfer and withdraw your money |
| **Transaction charges** | ● The Contract does not impose a transaction charge nor a transfer charge.<br>● Currently, TIAA does not charge CREF participants for transfers of their accumulations to the TIAA Traditional annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee. | ● The Contract does not impose a transaction charge nor a transfer charge.<br>● Currently, TIAA does not charge CREF participants for transfers of their accumulations to the TIAA Traditional annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee. | ● The Contract does not impose a transaction charge nor a transfer charge.<br>● Currently, TIAA does not charge CREF participants for transfers of their accumulations to the TIAA Traditional annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee. | Fee and expense tables of each Contract |
|  | ● A $75 origination fee ($125 for residential loans) and a $25 annual maintenance fee will apply to Retirement Plan Loans. | ● A $75 origination fee ($125 for residential loans) and a $25 annual maintenance fee will apply to Retirement Plan Loans. | ● A $75 origination fee ($125 for residential loans) and a $25 annual maintenance fee will apply to Retirement Plan Loans. | Loans |
| **Ongoing fees and expenses (annual charges)** | The table below describes the fees and expenses (not including any fees of a financial advisor) that you may pay *each year*, depending on the options you choose. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected. | The table below describes the fees and expenses (not including any fees of a financial advisor) that you may pay *each year*, depending on the options you choose. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected. | The table below describes the fees and expenses (not including any fees of a financial advisor) that you may pay *each year*, depending on the options you choose. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected. | Fee and expense tables of each Contract |
|  | **Annual Fee** | **Minimum** | **Maximum** |  |
|  | Annual Contract Expenses (varies by investment Account and Class) (as a percentage of average annual net assets) | CREF Money Market Account, Class R4: 0.025% | CREF Total Global Stock Account, Class R1: 0.430% |  |
|  | Optional benefits available for an additional charge (for single optional benefit, if elected) | N/A | N/A |  |

---

College Retirement Equities Fund ■ **Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 7

------

---

| | | | |
|:---|:---|:---|:---|
| | | | **Location in Prospectus** |
|  | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost (not including any fees of a financial advisor) you could pay *each year*, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add charges for early withdrawals that substantially increase costs. | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost (not including any fees of a financial advisor) you could pay *each year*, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add charges for early withdrawals that substantially increase costs. |  |
|  | **Lowest Annual Cost: <br>CREF Money Market Account, Class R4: $24** | **Highest Annual Cost: <br>CREF Total Global Stock Account,<br>Class R1: $411** |  |
|  | Assumes:<br>● Investment of $100,000 <br>● 5% annual appreciation <br>● Least expensive combination of Contract Classes and Account management fees<br>● No optional benefits <br>● No sales charges <br>● No additional purchase payments, transfers, or withdrawals  | Assumes:<br>● Investment of $100,000 <br>● 5% annual appreciation <br>● Most expensive combination of Contract Classes, Account management fees, and optional benefits <br>● No sales charges <br>● No additional purchase payments, transfers, or withdrawals  |  |
| **RISKS** | **RISKS** | **RISKS** |  |
| **Risk of loss** | ● You can lose money by investing in your Contract, including loss of principal. | ● You can lose money by investing in your Contract, including loss of principal. | Principal risks of investing in the Contract |
| **Not a short-term investment** | ● The Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash (except for the Money Market Account).<br>● The benefits of a tax deferral product, adding premiums over time to the value of your Contract and long-term income means the Contract is generally more beneficial to investors with a long-term horizon.<br>● Your employer's plan or the Internal Revenue Code ("IRC") may impose restrictions on your ability to redeem your accumulation under certain circumstances.<br>● If you make a withdrawal, it will reduce the value of your Contract and the amount of money you will receive when you annuitize. | ● The Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash (except for the Money Market Account).<br>● The benefits of a tax deferral product, adding premiums over time to the value of your Contract and long-term income means the Contract is generally more beneficial to investors with a long-term horizon.<br>● Your employer's plan or the Internal Revenue Code ("IRC") may impose restrictions on your ability to redeem your accumulation under certain circumstances.<br>● If you make a withdrawal, it will reduce the value of your Contract and the amount of money you will receive when you annuitize. | Principal risks of investing in the Contract |

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| | | | |
|:---|:---|:---|:---|
| | | | **Location in Prospectus** |
|  | **Risks associated with investments** | ● An investment in the Contract is subject to the risk of poor investment performance. Performance can vary depending on the performance of the Accounts you choose under the Contract.<br>● Each Account has its own unique risks.<br>● You should review the Accounts before making an investment decision. | Principal risks of investing in the Contract<br>Appendix B—Additional information about the Accounts available under the Contract |
|  | **Insurance risks** | ● An investment in the Contract is subject to risks related to CREF, and any obligations, guarantees or benefits of the Contract are subject to CREF's claims-paying ability. CREF may not be able to meet its obligations to you. CREF is not an insurance company. | Principal risks of investing in the Contract |
| **RESTRICTIONS** | **RESTRICTIONS** | **RESTRICTIONS** |  |
|  | **Investments** | ● Though the Accounts are available under the terms of your Contract, they may not be available under the terms of your employer's plan. You may only invest in those Accounts available under the terms of your employer's plan and this Prospectus. <br>● Your employer's plan may impose additional restrictions, including restrictions on allocations of premiums and transfers of accumulation. Please see your employer's plan.<br>● We have adopted policies and procedures to discourage market timing and excessive transaction activity.<br>● We reserve the right to add or close Accounts, substitute another Account without your consent, or combine Accounts. A substituted Account may have different fees and expenses. | Who we are and other related information<br>Market timing/excessive trading policy |

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| | | |
|:---|:---|:---|
| | | **Location in Prospectus** |
| **Optional benefits** | ● Certain optional benefits are subject to a minimum dollar amount. We reserve the right to cancel optional benefits at any time.<br>● There are restrictions on the frequency of transactions within a certain period.<br>● We may modify or terminate the transfer feature of the Contract at any time. | Benefits available under the Contract<br>Other features of the Contract |
| **TAXES** | **TAXES** |  |
| **Tax implications** | ● You should consult with a qualified tax professional to determine the tax implications of an investment in the Accounts and annuity payments received under the Contract.<br>● Withdrawals on your Contract will be subject to ordinary income tax and may be subject to premature distribution taxes if taken before age 59½.<br>● Generally, you are not taxed until you make a withdrawal from the Contract. <br>● Premium taxes may apply with respect to the Contract.<br>● If you purchase the Contract through a tax-qualified plan or individual retirement account (IRA), you do not get any additional tax benefit. | Taxes |
| **CONFLICTS OF INTEREST** | **CONFLICTS OF INTEREST** |  |
| **Financial professional compensation** | ● Some financial professionals may receive compensation for selling the Contract to you, in the form of an additional cash benefit (e.g., a bonus). Accordingly, your financial professional may have a financial incentive to offer or recommend the Contract over another investment. | Conflicts of interest |
| **Exchanges** | ● Some financial professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable for you to purchase the new contract rather than continue to own the existing Contract. | How to transfer and withdraw your money |

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### Overview of the Contract

#### Purpose of the Contract
The Contract is a tax-deferred variable annuity contract designed for retirement planning and asset accumulation through investing in the Accounts. The Contract may be appropriate for you if you have a long investment time horizon and is not intended for individuals who may need to access invested funds within a short-term timeframe or on a frequent basis (except for the Money Market Account). In addition, the Contract is not intended for individuals who intend to engage in frequent transfers between the Accounts.

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#### Phases of the Contract
The Contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity phase (for income). Generally speaking, the longer your accumulation phase, the greater your accumulated value may be for setting your annuity payouts and optional benefits should you choose to annuitize.

#### Accumulation phase
During the accumulation phase, earnings grow tax deferred until withdrawal and are taxed as ordinary income when withdrawn. Premiums are subject to your employer's plan and IRC limits and may continue until the annuity starting date.

**You can allocate your premiums across one or more of the Accounts available under the Contract and your employer's plan. Amounts that you allocate to an Account will increase or decrease in dollar value depending on the investment performance of the Account. You bear the risk of any decline in the balance of your Contract resulting from the performance of the Accounts you have chosen. Your accumulation value could decline significantly, and there is a risk of loss of the entire amount invested. You should consider the investment objectives, risks, and charges and expenses of each Account carefully before making an investment decision. Additional information about each Account is provided in the Appendix at the end of this Prospectus.**

At the end of the accumulation phase, if you choose to annuitize, we use the accumulated value of your investments to calculate the payments that will be made during the annuity phase.

#### Annuity phase
The annuity phase occurs after the annuity starting date and when you (and your Annuity Partner, if you name one) begin receiving regular annuity payments from your Contract. You will receive a stream of annuity payments for the payout period you elect. Subject to the provisions under your Contract and your employer's plan, you can elect any one of the following options to receive annuity payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. One-life annuity with or without a guaranteed period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annuity for a fixed period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Two-life annuities with or without a guaranteed period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Required minimum distributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Retirement transition benefit (single-sum payments)

Upon annuitization, your Accumulation is converted to Annuity payments and you will no longer be able to make any withdrawals from your Contract. Your Annuity Units remain allocated to the Accounts you selected. CREF participants can decide to fully or partially annuitize their investments in CREF when they desire to receive income payments. Partial annuitization is when a participant converts less than all of their Accumulation Units to Annuitization Units. If you partially annuitize, only the elected portion is applied to an income option (allocated to Annuity Units of the Accounts you selected), and the remainder of your Accumulation Units stays

College Retirement Equities Fund ■ **Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 11

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invested in the Accounts you selected. If you fully annuitize your entire Accumulation, generally, you will no longer be able to make withdrawals from your Contract, and all Accumulation Phase benefits terminate, including the death benefits. Please see CREF's [Statement of Additional Information](#document_3) ("SAI") for additional detail about how the value of your Annuity Units and/or Accumulation Units is determined.

Subject to the provisions of your employer's plan, you may elect an Income Test Drive, an optional feature that provides variable payments to you for a two-year period by taking withdrawals from your Contract. (See "Income Test Drive" below.)

#### Contract features
**Withdrawals*.*** Before your Contract is annuitized, you may take withdrawals. Withdrawals will reduce your account value and are subject to ordinary income tax and potential early withdrawal penalties if taken before age 59½.

**Tax treatment*.*** You can transfer money between Accounts tax-free, and if there are earnings on your investments, those earnings are generally tax deferred. You would be taxed when: (1) you make a withdrawal; (2) you surrender the Contract; (3) you receive an annuity payment from the Contract; (4) a death benefit is paid; or (5) if you default on a loan from your Contract.

**Death benefits*.*** The Contract includes a standard death benefit payable to your designated beneficiary at the time of your death.

**Loans*.*** Loans may be available for request under your employer's plan, subject to applicable conditions (as discussed in further detail in section entitled "Loans" below).

**Additional services*.*** The Contract offers systematic options for withdrawals, transfers between Accounts, and financial intermediary fee payments, all subject to minimum amounts and/or scheduling requirements. These transactions may affect your Contract value and have tax implications.

**Partial annuitization*.*** Partial annuitization is when a participant converts less than all of their accumulation units to annuitization units. Under the terms of the Contract, CREF participants can decide to fully or partially annuitize their investments in CREF when they desire to receive lifetime income.

### Fee and expense tables of each Contract
**The following tables describe the fees and estimated expenses you will pay when buying, owning, surrendering, or making withdrawals from the Contract. These estimates typically change from year to year. TIAA or subsidiaries of TIAA provide or arrange for the provision of services for CREF "at cost" to TIAA and its affiliates. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected.** 

**The first table describes the fees and estimated expenses you will pay *at the time* you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract value between Accounts. State premium taxes** 

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**(which vary by state) may also be deducted. These fees and expenses do not reflect any advisory fees paid to financial intermediaries from your Contract value or other assets or any plan-level fees for TIAA recordkeeping (as discussed in further detail in "Information from TIAA: TIAA plan pricing, employer plan fees and potential transfer fees" below). If such charges were reflected, the fees and expenses would be higher.**

**TRANSACTION EXPENSES** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Charge on all accounts** | **Charge on all accounts** | **Charge on all accounts** | **Charge on all accounts** |
| <br>**Expense type**  | **Class R1** | **Class R2** | **Class R3** | **Class R4** |
| Sales load imposed on purchases <br>(as a percentage of premiums) |  |  |  |  |
| Deferred sales load (or surrender charge) (as a percentage of premiums or amount surrendered, as applicable) |  |  |  |  |
| Exchange fee or Redemption fee<sup>1</sup> |  |  |  |  |
| General loan origination fee | $75 | $75 | $75 | $75 |
| Residential loan origination fee | $125 | $125 | $125 | $125 |
| Annual loan maintenance fee | $25 | $25 | $25 | $25 |

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<sup>1</sup> Currently, TIAA does not charge CREF participants for transfers of their accumulations to the TIAA Traditional Annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee.

**The next table describes the fees and expenses of each Account (not including any advisory fees paid to financial intermediaries) you will pay *each year* during the time you own the Contract. These fees and expenses typically change from year to year.**

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**ESTIMATED ANNUAL CONTRACT EXPENSES** 

(as a percentage of average net assets)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Base contract expenses** | **Management fees** | **Other <br>expenses: Administrative expenses** | **Other <br>expenses: Distribution expenses** | **Total other expenses** | **Total annual expense deductions** |
| **Total Global Stock Account** | **Total Global Stock Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.090% | 0.005% | 0.005% | 0.010% | 0.105% |
| Class R3 | 0.005 | 0.090 | 0.130 | 0.020 | 0.150 | 0.245 |
| Class R2 | 0.005 | 0.090 | 0.170 | 0.025 | 0.195 | 0.290 |
| Class R1 | 0.005 | 0.090 | 0.300 | 0.035 | 0.335 | 0.430 |
| **Global Equities Account** | **Global Equities Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.080% | 0.005% | 0.005% | 0.010% | 0.095% |
| Class R3 | 0.005 | 0.080 | 0.130 | 0.020 | 0.150 | 0.235 |
| Class R2 | 0.005 | 0.080 | 0.170 | 0.025 | 0.195 | 0.280 |
| Class R1 | 0.005 | 0.080 | 0.300 | 0.035 | 0.335 | 0.420 |
| **Growth Account** | **Growth Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.050% | 0.005% | 0.005% | 0.010% | 0.065% |
| Class R3 | 0.005 | 0.050 | 0.130 | 0.020 | 0.150 | 0.205 |
| Class R2 | 0.005 | 0.050 | 0.170 | 0.025 | 0.195 | 0.250 |
| Class R1 | 0.005 | 0.050 | 0.300 | 0.035 | 0.335 | 0.390 |
| **S&P 500 Index Account** | **S&P 500 Index Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.015% | 0.005% | 0.005% | 0.010% | 0.030% |
| Class R3 | 0.005 | 0.015 | 0.130 | 0.020 | 0.150 | 0.170 |
| Class R2 | 0.005 | 0.015 | 0.170 | 0.025 | 0.195 | 0.215 |
| Class R1 | 0.005 | 0.015 | 0.300 | 0.035 | 0.335 | 0.355 |
| **Core Bond Account** | **Core Bond Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.065% | 0.005% | 0.005% | 0.010% | 0.080% |
| Class R3 | 0.005 | 0.065 | 0.130 | 0.020 | 0.150 | 0.220 |
| Class R2 | 0.005 | 0.065 | 0.170 | 0.025 | 0.195 | 0.265 |
| Class R1 | 0.005 | 0.065 | 0.300 | 0.035 | 0.335 | 0.405 |
| **Inflation-Linked Bond Account** | **Inflation-Linked Bond Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.015% | 0.005% | 0.005% | 0.010% | 0.030% |
| Class R3 | 0.005 | 0.015 | 0.130 | 0.020 | 0.150 | 0.170 |
| Class R2 | 0.005 | 0.015 | 0.170 | 0.025 | 0.195 | 0.215 |
| Class R1 | 0.005 | 0.015 | 0.300 | 0.035 | 0.335 | 0.355 |
| **Responsible Balanced Account** | **Responsible Balanced Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.060% | 0.005% | 0.005% | 0.010% | 0.075% |
| Class R3 | 0.005 | 0.060 | 0.130 | 0.020 | 0.150 | 0.215 |
| Class R2 | 0.005 | 0.060 | 0.170 | 0.025 | 0.195 | 0.260 |
| Class R1 | 0.005 | 0.060 | 0.300 | 0.035 | 0.335 | 0.400 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Base contract expenses** | **Management fees** | **Other <br>expenses: Administrative expenses** | **Other <br>expenses: Distribution expenses** | **Total other expenses** | **Total annual expense deductions** |
| **Money Market Account** | **Money Market Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.010% | 0.005% | 0.005% | 0.010% | 0.025% |
| Class R3 | 0.005 | 0.010 | 0.130 | 0.020 | 0.150 | 0.165 |
| Class R2 | 0.005 | 0.010 | 0.170 | 0.025 | 0.195 | 0.210 |
| Class R1 | 0.005 | 0.010 | 0.300 | 0.035 | 0.335 | 0.350 |

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#### Example
**This example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual Contract expenses, and Account operating expenses. This example does not reflect any advisory fees paid to financial intermediaries from your Contract value or other assets or any plan-level fees for TIAA recordkeeping (as discussed in further detail in "Information from TIAA: TIAA plan pricing, employer plan fees and potential transfer fees" below). If such charges were reflected, the costs of the Contract would be higher.**

**The example assumes that you invest $100,000 in the Contract for the time periods indicated and surrender your Contract at the end of each of these time periods. The example also assumes that your investment has a 5% return each year and assumes the most expensive combination of Account operating expenses. We do not impose a surrender charge when you make a withdrawal nor do we charge for any elected optional benefit under the Contract. As a result, your Contract value would be the same whether or not you surrender or annuitize at the end of the applicable time period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| **Total Global Stock Account** | **Total Global Stock Account** |  |  |  |
| Class R4 | $108 | $339 | $593 | $1346 |
| Class R3 | $251 | $789 | $1379 | $3119 |
| Class R2 | $297 | $933 | $1631 | $3683 |
| Class R1 | $440 | $1381 | $2410 | $5422 |
| **Global Equities Account** | **Global Equities Account** |  |  |  |
| Class R4 | $97 | $307 | $537 | $1219 |
| Class R3 | $241 | $757 | $1323 | $2993 |
| Class R2 | $287 | $901 | $1575 | $3558 |
| Class R1 | $430 | $1349 | $2354 | $5299 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| **Growth Account** | **Growth Account** |  |  |  |
| Class R4 | $67 | $210 | $368 | $835 |
| Class R3 | $210 | $660 | $1155 | $2615 |
| Class R2 | $256 | $805 | $1407 | $3182 |
| Class R1 | $399 | $1253 | $2188 | $4928 |
| **S&P 500 Index Account** | **S&P 500 Index Account** |  |  |  |
| Class R4 | $31 | $97 | $170 | $386 |
| Class R3 | $174 | $548 | $959 | $2173 |
| Class R2 | $220 | $693 | $1211 | $2741 |
| Class R1 | $363 | $1141 | $1993 | $4494 |
| **Core Bond Account** | **Core Bond Account** |  |  |  |
| Class R4 | $82 | $258 | $452 | $1027 |
| Class R3 | $225 | $709 | $1239 | $2804 |
| Class R2 | $271 | $853 | $1491 | $3370 |
| Class R1 | $414 | $1301 | $2271 | $5114 |
| **Inflation-Linked Bond Account** | **Inflation-Linked Bond Account** |  |  |  |
| Class R4 | $31 | $97 | $170 | $386 |
| Class R3 | $174 | $548 | $959 | $2173 |
| Class R2 | $220 | $693 | $1211 | $2741 |
| Class R1 | $363 | $1141 | $1993 | $4494 |
| **Responsible Balanced Account** | **Responsible Balanced Account** |  |  |  |
| Class R4 | $77 | $242 | $424 | $963 |
| Class R3 | $220 | $693 | $1211 | $2741 |
| Class R2 | $266 | $837 | $1463 | $3307 |
| Class R1 | $409 | $1285 | $2243 | $5052 |
| **Money Market Account** | **Money Market Account** |  |  |  |
| Class R4 | $26 | $81 | $142 | $322 |
| Class R3 | $169 | $532 | $931 | $2109 |
| Class R2 | $215 | $676 | $1183 | $2678 |
| Class R1 | $358 | $1125 | $1965 | $4432 |

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#### Portfolio turnover
The Accounts pay transaction costs, such as commissions, when they buy and sell securities (or "turn over" their portfolios). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual Contract expenses or in the example, affect an Account's performance. During the most recent fiscal year, the Accounts' portfolio turnover rates were the following percentages of the average value of their portfolios:

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| | |
|:---|:---|
| **Account Name** | **Turnover Rate** |
| Total Global Stock Account | 50% |

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| | |
|:---|:---|
| **Account Name** | **Turnover Rate** |
| Global Equities Account | 47% |
| Growth Account | 35% |
| S&P 500 Index Account | 14% |
| Core Bond Account | 105% |
| Inflation-Linked Bond Account | 20% |
| Responsible Balanced Account | 90% |

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### Principal risks of investing in the Contract
Investing in the Contract involves risks. The following are the principal risks of an investment in the Contract. You should carefully consider the below risks in addition to the other information contained in this Prospectus. Additional risks and details regarding various risks and benefits of investing in the Contract are described in other sections of the Prospectus and in the SAI. These include more specific risks that each Account may be subject to, which are detailed in the Appendix. The Contract may be subject to additional risks other than those identified and described in the Prospectus and SAI.

**Risk of loss.** The Contract is subject to market risk (the risk that your investments may decline in value or underperform your expectations). As a result, you can lose money by investing in the Contract, including loss of principal. An investment in the Contract is not a bank deposit and is not guaranteed by the U.S. Government, the FDIC, or any other governmental agency.

**Not a short-term investment.** The Contract is not appropriate for an investor who needs ready access to cash. The Contract serves primarily as a retirement savings vehicle and is intended for long-term investment purposes. All investment portfolios available under the Contract follow this long-term objective, except for the Money Market Account, which can accommodate temporary investment needs. The benefits of a tax-deferral product, adding premiums over time to the value of your Contract and receiving income in the annuity phase, means the Contract is generally more beneficial to investors with a long-term horizon. If you require immediate or near-term access to funds, carefully consider whether the Contract aligns with your financial needs. The Contract is not suitable as a short-term savings vehicle.

Early withdrawals may result in ordinary income tax liability and premature distribution tax for withdrawals prior to age 59½. Additional restrictions on accumulation redemption may be imposed by your employer's plan or the IRC.

**Investment risk.** As with all variable annuities, an investment in the Contract is subject to the risk of poor investment performance of the Accounts. Performance can vary depending on the performance of the Accounts you selected that are available under the Contract. You bear the risk of any decline in the account balance of your Contract resulting from the performance of the Accounts you have chosen. Your account value could decline significantly, and

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there is a risk of loss of the entire amount invested. You should review the Accounts carefully before making an investment decision.

Each Account will have its own unique risks. We do not guarantee the investment performance of the Accounts, and you bear the entire investment risk. Additional information regarding the Accounts available under your Contract is provided below in this Prospectus under "Appendix B—Additional information about the Accounts available under the Contract."

**Risks associated with CREF.** An investment in the Contract is subject to risks related to CREF, and any obligations, guarantees or benefits of the Contract are subject to CREF's overall financial strength and claims-paying ability. It is important to note there is no guarantee we will always be able to meet our claims-paying obligations, and there are risks to purchasing any variable annuity. The "mortality risk" of each Account is shared among those who receive income from it and is not guaranteed by either CREF or TIAA.

**Possible adverse tax consequences.** A variety of federal income tax regulations govern the Contracts, depending on the retirement plan type and its specific provisions. It is important to note that your rights under a Contract may be subject to the retirement plan's terms, regardless of the terms of the Contract. Failure to comply with tax and other legal requirements regarding premium contributions, distributions, and other Contract-related transactions may result in adverse tax consequences.

Due to the complexity and individual nature of tax implications, which can vary based on personal circumstances and state of residence, we cannot provide tax guidance. Furthermore, tax regulations are subject to change without notice, and such changes could affect your Contract. We cannot anticipate future legislative proposals or enactments.

We strongly recommend consulting with a qualified tax professional before making contributions to your Contract, executing any Contract-related transactions, or making decisions regarding payment distributions.

**Business continuity risks.** Our ability to administer your Contract could be adversely affected by natural and man-made disasters such as storms, fires, earthquakes, public health crises, disease outbreaks, and terrorist acts. In the event of a natural or man-made disaster, a significant portion of our workforce or certain key personnel may become unable to fulfill their duties. System outages could compromise our operational effectiveness and impair our capacity to process Contract transactions or calculate Contract values. Our operations rely significantly on the outsourcing of critical business functions to third parties and rely upon their successful implementation and execution of their business continuity planning. While we monitor the business continuity planning of such entities, we cannot directly control the successful implementation and execution of their continuity strategies. Should one or more of these third-party service providers experience operational failures, our ability to administer your Contract could be substantially impaired.

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**Cybersecurity risks.** With the increased use of technologies such as the internet to conduct business, we, any third-party administrator, the Accounts, intermediaries and other affiliated or third-party service providers are susceptible to operational, information security and related risks through breaches in cybersecurity. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through "hacking" or other means to digital systems, networks, or devices used to service our operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity attacks can also be carried out in a manner that does not require gaining unauthorized access, including by carrying out a "denial-of-service" attack on our or our service providers' websites. In addition, authorized persons could inadvertently or intentionally release and possibly destroy confidential or proprietary information stored on our systems or the systems of our service providers.

Cybersecurity failures by us or any of our service providers, the Accounts, or the issuers of securities in which the Accounts invest, may result in disruptions to and impact business operations, and may adversely affect us and the value of your accumulation units. Such disruptions or impacts may result in: financial losses; interference with our processing of Contract transactions, including the processing of orders from our website; interference with our ability to calculate unit values; barriers to trading and order processing; your inability to transact business with us; violations of applicable federal and state privacy or other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; or additional compliance costs. We may incur additional, incremental costs to prevent and mitigate the risks of cybersecurity attacks or incidents in the future. We and participants could be negatively impacted by such cyberattacks or incidents. Although we have established business continuity plans and risk-based processes and controls to address such cybersecurity risks, there are inherent limitations in such plans and systems in part due to the evolving nature of technology and cybersecurity attack tactics. As a result, it is possible that we or our service providers will not be able to adequately identify or prepare for all cybersecurity attacks. In addition, we cannot directly control the cybersecurity plans or systems implemented by our service providers.

### Who we are and other related information

#### Corporate structure and registration
Founded by TIAA in New York in 1952 as the first ever variable annuity, CREF is a nonprofit membership corporation that operates as a diversified, open-end management investment company. Together, CREF and TIAA form one of the world's largest retirement systems, primarily serving the education and research communities. As of December 31, 2025, CREF maintains net assets of

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approximately $292.0 billion, while the combined TIAA organization oversees approximately $1.506 trillion in total assets.

CREF is registered with the SEC under the Investment Company Act of 1940, as amended (the "1940 Act"), and, with its home office in New York, is subject to regulation by the New York State Department of Financial Services ("NYSDFS") and the insurance departments of other jurisdictions where the Contracts are offered. For additional information, see the SAI.

#### The Accounts
CREF currently offers eight Accounts: Total Global Stock, Global Equities, Growth, S&P 500 Index, Core Bond, Inflation-Linked Bond, Responsible Balanced and Money Market. The Accounts are designed to fund individual and group variable contracts in retirement plans.

Although CREF owns the assets of each Account and the obligations under the Contract are obligations of CREF, each Account's income, investment gains, and investment losses are credited to or charged against the assets of that Account without regard to CREF or the other Accounts' other income, gains, or losses. Under New York law, no Account may be charged with liabilities of another Account.

It is important to understand that accumulation values will fluctuate based on investment performance. CREF provides no guarantees on investment returns, and participants assume all investment risks. CREF reserves the right to modify available Accounts through additions, removals, or mergers.

The availability of specific Accounts depends on your employer's plan provisions. For qualified plans, earnings on accumulations are tax deferred until withdrawal or conversion to annuity income. You should carefully review all Contract documentation and consider consulting financial advisors before making investment decisions.

The information regarding each Account available under your Contract, including (i) its name; (ii) a statement concerning its investment objectives and strategies; (iii) its investment adviser; (iv) current expenses; and (v) performance is provided below in this Prospectus under "Appendix B—Additional information about the Accounts available under the Contract." Expense information regarding the Accounts is located above in the section entitled "Fee and expense tables of each Contract."

#### Portfolio holdings disclosure
A description of CREF's policies and procedures with respect to the disclosure of the Accounts' portfolio holdings is available in the SAI.

#### Voting rights
The number of votes a participant can cast is determined on an Account basis. Participants are entitled one vote per dollar of assets held in the

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Account's accumulation fund and/or one vote per dollar of their assets underlying their annuity in the Account's annuity fund on the record date.

For matters affecting all Accounts, every CREF participant may vote. However, when issues impact Accounts differently, voting is restricted to participants in affected Accounts only. Accounts unaffected by specific matters do not participate in those votes.

When matters concern individual classes, voting rights are limited to participants within the affected class. In cases where different classes have distinct interests, each class will vote separately.

### Management of the Accounts

#### Investment management structure
TIAA-CREF Investment Management, LLC ("TCIM"), 730 Third Avenue, New York, NY 10017-3206, serves as the investment adviser for each CREF Account, subject to the Board of Trustees of CREF ("Board of Trustees" or "Board") oversight. TCIM is a wholly controlled subsidiary of TIAA and is registered with the SEC under the Investment Advisers Act of 1940. Together with Teachers Advisors, LLC ("Advisors"), TCIM managed approximately $727.4 billion in assets as of December 31, 2025.

#### Management services and compensation
Under its investment management services agreement with CREF, TCIM's duties include managing the assets of the Accounts, subject to Board of Trustees oversight. TCIM also coordinates with State Street Bank and Trust Company for the provision of portfolio accounting, custodial and related services for each Account. TCIM supervises and acts as liaison among certain other service providers to the Accounts. All services provided by TCIM to the Accounts are provided by TCIM at cost. During the fiscal year ended December 31, 2025, the Accounts reimbursed TCIM for its aggregate investment management expenses expressed as a percentage of the Accounts' total net assets of .048%. TCIM offers its investment management services to the Accounts on an at-cost basis.

A discussion regarding the basis for the Board of Trustees' approval of each Account's investment management agreement is available in CREF's most recent semiannual report to participants for the six-month period ended June 30.

#### Portfolio management
Each Account is managed by a team of portfolio managers, whose members are primarily responsible for the day-to-day management of the Account. The following is a list of members of the portfolio management teams primarily responsible for managing each Account's investments, along with their relevant experience. The members of each team may change from time to time.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name & Title** | **Portfolio role** | **Experience over<br>past five years** | **Total experience<br>(since dates<br>specified below)** | **Total experience<br>(since dates<br>specified below)** | **Total experience<br>(since dates<br>specified below)** |
| **Name & Title** | **Portfolio role** | **Experience over<br>past five years** | **At <br>TIAA** | **<br>Total** | **On <br>Team** |
| **TOTAL GLOBAL STOCK ACCOUNT**  | **TOTAL GLOBAL STOCK ACCOUNT**  | **TOTAL GLOBAL STOCK ACCOUNT**  |  |  |  |
| **Saira Malik, CFA <br>Executive Vice President** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2003 to Present (chief investment officer)  | 2003 | 1995 | 2008 |
| **Willis Tsai**<br>Senior Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2006 to Present (portfolio management of global equity portfolios) | 2006 | 2005 | 2025 |
| **John Cunniff, CFA <br>Senior Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2006 to Present (oversight of and management responsibility for asset allocation funds) | 2006 | 1992 | 2022 |
| **GLOBAL EQUITIES ACCOUNT**  | **GLOBAL EQUITIES ACCOUNT**  | **GLOBAL EQUITIES ACCOUNT**  |  |  |  |
| **John Tribolet** <br>Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of global and international equity portfolios) | 2005 | 1997 | 2006 |
| **Saira Malik, CFA <br>Executive Vice President** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2003 to Present (chief investment officer)  | 2003 | 1995 | 2020 |
| **GROWTH ACCOUNT**  | **GROWTH ACCOUNT**  | **GROWTH ACCOUNT**  |  |  |  |
| **Willis Tsai**<br>Senior Managing Director | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2006 to Present (portfolio management of global equity portfolios) | 2006 | 2005 | 2026 |
| **Karen Hiatt, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2021 to Present (portfolio management of domestic large-cap growth portfolios); Allianz—1998 to 2021 (portfolio management of domestic large-cap growth portfolios and head of global technology team) | 2021 | 1994 | 2021 |
| **Scott Tonneson, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2007 to Present (portfolio management of domestic large-cap core, growth and long/short equity portfolios) | 2007 | 1994 | 2026 |
| **S&P 500 INDEX ACCOUNT**  | **S&P 500 INDEX ACCOUNT**  | **S&P 500 INDEX ACCOUNT**  |  |  |  |
| **Philip James (Jim)<br>Campagna, CFA <br>Senior Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and environmental, social and governance ("ESG") portfolios) | 2005 | 1991 | 2005 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name & Title** | **Portfolio role** | **Experience over<br>past five years** | **Total experience<br>(since dates<br>specified below)** | **Total experience<br>(since dates<br>specified below)** | **Total experience<br>(since dates<br>specified below)** |
| **Name & Title** | **Portfolio role** | **Experience over<br>past five years** | **At <br>TIAA** | **<br>Total** | **On <br>Team** |
| **S&P 500 INDEX ACCOUNT *(continued)*** | **S&P 500 INDEX ACCOUNT *(continued)*** | **S&P 500 INDEX ACCOUNT *(continued)*** |  |  |  |
| **Darren Tran, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2005 | 2000 | 2019 |
| **Nazar Romanyak, CFA <br>Senior Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2013 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2013 | 2012 | 2024 |
| **CORE BOND ACCOUNT**  | **CORE BOND ACCOUNT**  | **CORE BOND ACCOUNT**  |  |  |  |
| **Joseph Higgins, CFA <br>Senior Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1995 to Present (portfolio management of fixed-income portfolios) | 1995 | 1995 | 2011 |
| **Jason O'Brien, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1993 to Present (portfolio management of fixed-income portfolios) | 1993 | 1993 | 2020 |
| **Peter Agrimson, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2008 to Present (portfolio management of fixed-income portfolios) | 2008 | 2005 | 2023 |
| **INFLATION-LINKED BOND ACCOUNT**  | **INFLATION-LINKED BOND ACCOUNT**  | **INFLATION-LINKED BOND ACCOUNT**  |  |  |  |
| **Chad Kemper <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1999 to Present (portfolio management of fixed-income portfolios) | 1999 | 1999 | 2020 |
| **Peter Agrimson, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2008 to Present (portfolio management of fixed-income portfolios) | 2008 | 2005 | 2023 |
| **RESPONSIBLE BALANCED ACCOUNT**  | **RESPONSIBLE BALANCED ACCOUNT**  | **RESPONSIBLE BALANCED ACCOUNT**  |  |  |  |
| **Stephen Liberatore, CFA<br>Senior Managing Director**  | Portfolio Manager  | Advisors, TCIM and other advisory affiliates of TIAA—2004 to Present (fixed-income credit research and portfolio management of ESG/impact portfolios) | 2004 | 1994 | 2004 |
| **Philip James (Jim)<br>Campagna, CFA <br>Senior Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2005 | 1991 | 2005 |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name & Title** | **Portfolio role** | **Experience over<br>past five years** | **Total experience<br>(since dates<br>specified below)** | **Total experience<br>(since dates<br>specified below)** | **Total experience<br>(since dates<br>specified below)** |
| **Name & Title** | **Portfolio role** | **Experience over<br>past five years** | **At <br>TIAA** | **<br>Total** | **On <br>Team** |
| **RESPONSIBLE BALANCED ACCOUNT *(continued)*** | **RESPONSIBLE BALANCED ACCOUNT *(continued)*** | **RESPONSIBLE BALANCED ACCOUNT *(continued)*** |  |  |  |
| **Darren Tran, CFA <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2005 | 2000 | 2022 |
| **Nazar Romanyak, CFA <br>Senior Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2013 to Present (portfolio management of domestic and international large-, mid- and small-cap equity index and ESG portfolios) | 2013 | 2012 | 2024 |
| **MONEY MARKET ACCOUNT**  | **MONEY MARKET ACCOUNT**  | **MONEY MARKET ACCOUNT**  |  |  |  |
| **Chad Kemper <br>Managing Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—1999 to Present (portfolio management of fixed-income portfolios) | 1999 | 1999 | 2020 |
| **Andrew Hurst<br>Director** | Portfolio Manager | Advisors, TCIM and other advisory affiliates of TIAA—2005 to Present (portfolio management of fixed-income portfolios) | 2005 | 2000 | 2020 |

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The SAI provides additional disclosure about the compensation structure for each of the Accounts' portfolio managers, the other accounts they manage, total assets in those accounts and potential conflicts of interest, as well as the portfolio managers' ownership of accumulation units in each of the Accounts they manage.

#### Distribution framework
TIAA-CREF Individual & Institutional Services, LLC ("Services"), 730 Third Avenue, New York, NY 10017, a wholly controlled TIAA subsidiary, serves as the principal underwriter and distributor of the Contracts. Services is a SEC-registered broker-dealer and a member of FINRA. No commissions are paid to dealers as a percentage of purchase payments and underwriting commissions are not paid to Services for distribution of the Contracts. Each Account class pays an annual Rule 12b-1 fee to Services, which may not exceed 0.25% of average net assets, on an at-cost basis.

#### Administrative operations
TIAA, 730 Third Avenue, New York, NY 10017-3206, serves as CREF's administrator and manages comprehensive administrative functions. These operations encompass participant recordkeeping, tax and financial reporting, accounting, legal, compliance, and Contract owner services. Administrative

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expenses are charged on an at-cost basis and may include expenses for direct services and plan-related recordkeeping and other support provided by TIAA entities for plans and participants using the Contracts.

### A bout CREF's expenses
CREF deducts expenses from the net assets of each class of each Account each Valuation Day for, among other services and expenses, investment management, administration, and distribution services. Please see the section above entitled "Fee and expense tables of each Contract" for the amounts of these estimated Account-level expenses. TIAA or subsidiaries of TIAA provide or arrange for the provision of these services for CREF on an "at cost" basis. CREF's investment management, administration and distribution costs also include the cost of services provided by third parties. Each Account currently issues four classes of units under the Contracts: Class R1, Class R2, Class R3, and Class R4. There are differences among the expenses associated with each class, such as different administrative and distribution expenses, as described below.

#### Expense types
**Investment management expenses.** These expenses generally include investment management, portfolio accounting, and custodial services and are the same across all classes within an Account as a percentage of each class's average daily net assets. These expenses are included in the category labeled "Management fees" in the expense table above.

**Administrative expenses.** Administrative expenses cover two types of expenses. The first type of expense is charged to each class to cover the administration and operations of CREF and the Contracts, including tax and financial reporting, accounting, legal and compliance, facilities and services for CREF, as well as expenses associated with participant-level Contract recordkeeping and other participant related services. The second type of expense is charged to Classes R1, R2, and R3 only and include certain costs associated with the provision by TIAA entities of recordkeeping (including costs related to administration of IRA Contracts), premium allocation, and other plan-related services for plans and their participants utilizing the Contracts. These administrative expenses are allocated to each CREF Account and to each class within an Account in accordance with applicable allocation procedures. This means participants invested in a particular CREF Account will be subject to different administrative expenses depending upon the class of the Account they own. These expenses are included in the category labeled "Other expenses: Administrative expenses" in the expense table above.

**Distribution expenses.** These expenses are paid under a distribution plan CREF has adopted authorizing payment of Rule 12b-1 or distribution expenses. These expenses are for all expenses associated with the provision of distribution

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services for the CREF Contracts and consistent with the administrative services, relate in part to expenses charged to each class and in part to expenses charged to Classes R1, R2, and R3 only. The distribution services include informing you about the Contracts and how you can invest, helping employers implement and manage retirement plans and for certain other purposes. The annual distribution expense charge will not be more than 0.25% of an Account's average daily net assets attributable to any class. These expenses are allocated to each CREF Account and to each class within an Account in accordance with applicable allocation procedures. This means that participants invested in a particular CREF Account will be subject to different distribution expenses depending upon the class of the Account they own. These expenses are included in the category labeled "Other expenses: Distribution expenses" in the expense table above.

**Mortality and expense risk charge.** CREF deducts a mortality and expense risk charge paid to TIAA to guarantee CREF participants transferring funds to TIAA for the immediate purchase of lifetime payout annuities will not be charged more than the rate stipulated in the CREF Contract. This mortality and expense risk charge is a direct insurance charge and is not at-cost. This charge is the same across all Accounts and classes within an Account as a percentage of each class's average daily net assets. This expense is included in the category labeled "Base contract expenses" in the expense table above.

#### Additional expense information
All expenses of an Account not specifically attributable to a particular class of that Account are generally allocated to each class of the Account on the basis of the net assets attributable to that class in relation to the aggregate net assets of the Account. Expenses attributable to a particular class are generally allocated to only that class based on the average daily net assets of all units within that class across all Accounts.

The estimated annual expense deduction rates that appear in this Prospectus reflect estimates of the amounts we currently expect to deduct to approximate the costs CREF will incur from May 1, 2026 through April 30, 2027. Actual expenses may be higher or lower.

After the end of every calendar quarter, CREF compares the amount deducted from each class of an Account with the expenses actually incurred by the class of the Account and, if there is a difference, it is added to or deducted from the class of the Account in equal daily installments over the remaining days of the quarter, provided that material differences may be repaid in the current calendar quarter, in accordance with accounting principles generally accepted in the United States of America. CREF's at-cost deductions are based on projections of overall expenses and the assets of each class of an Account, and the size of any adjusting payments will be directly affected by how different the projections are from a class of an Account's actual assets or expenses. To the extent that the cost projections substantially differ from an Account's actual expenses, the cost deduction rates may be adjusted.

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The size of an Account's assets can be affected by several factors, including premium growth, participant transfers into or out of the Account, and market performance affecting the value of the Account's portfolio holdings. In addition, CREF's operating expenses can fluctuate based on a number of factors, including participant transaction volume; operational efficiency; and technological, personnel, and other infrastructure costs. Historically, the adjusting payments have resulted in both upward and downward adjustments to CREF's expense deductions for the following quarter.

CREF revises its expense rates (the daily deduction rate before the quarterly adjustment) from time to time, usually on an annual basis, in an effort to keep deductions as close as possible to actual expenses. CREF makes payments to Services for distribution services, pursuant to its 12b-1 plan, as described above.

TIAA plan pricing arrangements can affect the overall costs of retirement investment for employers and participants and are not reflected in the CREF "at cost" expenses described in this Prospectus. For example, because all Class R4 participants participate through employer retirement plans, the total expense to each Class R4 participant would include, in addition to the CREF expenses described in this Prospectus, plan-level fees for TIAA recordkeeping that the plan passes on to the participant. For Contracts offered under a retirement plan through your employer, please contact TIAA (as noted in the section of this Prospectus entitled "Information from TIAA: TIAA plan pricing, employer plan fees, and potential transfer fees" below) if you would like additional information.

Each Account currently issues four classes of units under the Contracts. CREF may in the future choose to offer additional or fewer classes of units of the Accounts.

Other than the Account-level expenses detailed in the section entitled "Fee and expense tables of each Contract" above, no other fees and expenses are charged by CREF, including no sales loads, charges for optional benefits, or administrative fees. No commissions are paid on transactions by CREF participants. All Account-level expenses are paid out of the assets of the Accounts. Depending upon your state of residence and personal circumstances, various premium and other tax consequences may apply to you. Some states assess premium taxes on the qualified accumulation based on current state insurance laws, subject to the provisions of your Contract, and our status in the state. Generally, premium taxes range from 0% to 1% on qualified annuity contract premiums, depending on the state. Please consult your personal tax advisor for more information on your personal tax circumstances.

### Information from TIAA: TIAA plan pricing, employer plan fees, and potential transfer fees
TIAA provides recordkeeping and other plan-related services for many retirement plans and their participants investing in the CREF Accounts. An employer that sponsors a retirement plan typically agrees with TIAA on the

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services to be provided and a total price for providing these services to the plan and its participants. TIAA plan pricing arrangements can affect the overall costs of retirement investing for employers and participants. TIAA plan pricing arrangements are not reflected in the CREF Account expenses described in this Prospectus and may result in compensation to TIAA that is more or less than TIAA's cost associated with services for any plan. In particular, although Class R4 participants will not be charged for any plan recordkeeping-related expenses through Class R4's expense ratio, the overall expense to a participant would depend on the plan-level fees of TIAA for recordkeeping the plan passes on to a participant. The details of TIAA plan pricing arrangements are the sole responsibility of TIAA and the employer and are not reflected in this Prospectus. For additional information, call TIAA at 800-842-2252.

Your employer may, in accordance with the terms of your plan, instruct TIAA to withdraw amounts from your accumulations under your Retirement Choice or Retirement Choice Plus Contract, and, if your certificate so provides, on your GRA, GSRA, or GA Contract, to, among other things, meet the total plan price agreed to by TIAA and your employer for recordkeeping and other plan-related services. TIAA also reserves, in accordance with its procedures, the right to suspend or reinstate the employer's instruction for a plan to make such withdrawals. The amount and the effective date of an employer plan fee withdrawal will be in accordance with the terms of your plan. Withdrawals are effected by TIAA solely at the instruction of the employer sponsoring the retirement plan, and a withdrawal cannot be revoked after its effective date under the plan.

Currently, TIAA does not charge CREF participants for transfers of their accumulations to the TIAA Traditional Annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee.

### The annuity contracts we offer

#### Investment products and their tax implications
CREF offers various annuity contracts specifically designed for tax-qualified retirement plans under IRC Sections 401(a)/403(a) (including 401(k) plans), 403(b), 414(d), 415(m), 457(b), and 457(f), as well as Traditional, Roth, Rollover, and SEP IRAs. It is important to understand the tax advantages associated with these Contracts are solely derived from qualifying retirement plans or accounts. In contrast to many variable annuities, because these Contracts can invest in funds available to the general public, if the Contracts are not issued or purchased through one of these types of retirement plans, the taxes on gains will not be deferred. You should carefully consider the advantages and disadvantages of owning a variable annuity in a tax-qualified plan, as well as the costs and benefits of the Contract (including annuity income if you choose to

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annuitize all or a portion of our accumulation), before you purchase the Contract in a tax-qualified plan. We also offer non-qualified ATRA (After-Tax Retirement Annuity) Contracts. We are not making any representation regarding the tax qualification status of any plan.

#### Investment risk disclosure
As with all variable annuities, your accumulation value will fluctuate based on the investment performance of your selected Accounts over time. CREF does not guarantee investment performance of the Accounts, and investors bear the entire investment risk.

#### Contract types
The following contracts are available, subject to employer plan and eligibility requirements.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Contract type** | **Key features** | **Eligibility & use** | **Contribution methods** | **Special considerations** |
| RA (Retirement Annuity) | ● Individual contract<br>● Direct issuance to participant | Employer-sponsored retirement plans | ● Employer and/or employee contributions<br>● Pretax or after-tax dollars<br>● Roth contributions possible | Can transfer accumulations from other investment choices under employer's plan |
| GRA (Group Retirement Annuity) | ● Group contract<br>● Issued through employer agreement | Employer-sponsored retirement plans | ● Employer-only contribution<br>● Can include salary reduction<br>● Pretax or after-tax contributions | Transfers allowed from other plan investment choices |
| SRA (Supplemental Retirement Annuity) | ● Individual contract<br>● Direct issuance to participant | ● Tax Deferred Annuity (TDA) plans<br>● Supplemental 401(k) plans | ● Pre-tax salary reduction<br>● After-tax Roth options available | Cannot pay premiums directly, but transfers from other TDA plans possible |
| GSRA (Group Supplemental Retirement Annuity) | ● Group contract<br>● Issued via employer agreement | ● TDA plans<br>● Supplemental 401(k) plans | ● Pre-tax salary reduction<br>● After-tax Roth options | Same transfer rules as SRA |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Contract type** | **Key features** | **Eligibility & use** | **Contribution methods** | **Special considerations** |
| Retirement Choice/Choice Plus | ● Similar to GRA/GSRA<br>● Issued to employer/ trustee | Employer-sponsored retirement plans | Employer-controlled contributions | Employer retains right to transfer accumulations |
| GA/Institutionally Owned GSRA | ● Exclusive employer contracts<br>● Direct issuance to employer/ trustee | Employer-sponsored retirement plans | Employer direct payment only | ● Employer/trustee controls allocations<br>● Different rules for transfers/ withdrawals |
| Traditional IRA | ● Individual contract<br>● Direct issuance | Personal retirement savings | ● Up to Internal Revenue Service ("IRS") limits | ● Can contribute past age 70½<br>● No joint accounts<br>● Tax-deductible contributions possible |
| Roth IRA | ● Individual contract<br>● Direct issuance | Personal retirement savings | ● Up to IRS limits | ● Can contribute past age 70½<br>● After-tax contributions<br>● No joint accounts<br>● Special conversion rules |
| Keogh | ● For self-employed individuals who own an unincorporated business <br>● Limited availability | Unincorporated business retirement plans | Self-employed individual contributions | Only available for plans established before 2013 |
| ATRA (After-Tax Retirement Annuity) | ● Nonqualified deferred annuity contract<br>● Individual contract | Personal retirement savings | Personal after-tax premiums | Requires active and premium-paying RA Contract |

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#### Important considerations
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● All transactions must be in good order, requiring complete documentation, and, where applicable, sufficient funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Contract values are subject to market fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● State regulatory approval may be pending for certain Contracts and they may not be currently available in your state. There are no material state variations of the same contract type from one state-specific contract to another state-specific contract in terms of features, restrictions, limitations, benefits and charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● We reserve the right to make changes to CREF, the Accounts or the Contracts as required by applicable laws or at our discretion, subject to necessary regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● CREF may become an insurance company separate account of TIAA, as permitted by law and regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Special rules and restrictions apply to contracts, plans and IRAs, including income limitations. Consult your qualified tax advisor for more information.

### Starting out and how to purchase a contract

#### Contract issuance
We will issue your Contract upon receiving a completed application or enrollment form in good order. Good order signifies our actual receipt of your transaction request accompanied by all necessary information and supporting legal documentation. For purchases, this includes sufficient funds to execute the transaction. We may, in our sole discretion, determine whether any particular transaction request (including, among others, a purchase, redemption, or withdrawal request or request to pay benefits) is in good order and reserve the right to change or waive any good order requirement at any time either in general or with respect to a particular plan, Contract or transaction.

#### Application processing
If we do not receive the necessary information and signed documentation within five Business Days of the receipt of the initial premium, we will return your initial premium at that time. Furthermore, if we cannot reach you to obtain additional or missing information, we may cancel the transaction.

#### Investment protocol
When we receive premiums from your employer and (where applicable) your completed application before receiving your specific allocation instructions, or if your allocation instructions violate employer plan restrictions or do not total 100%, we will invest all premiums in your employer's designated default option. Your employer's designation of a default option serves as an instruction to us for

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premium allocation. You must consult your plan documents or plan administrator to learn about your employer's designated default option. Further, to the extent you hold an IRA Contract, the default option will be that fund or Account specified in your IRA forms.

#### Future premium management
Upon receiving complete allocation instructions in good order, we will follow your instructions for future premiums. However, you must specifically request the transfer of previously allocated premiums (and earnings or losses on them) from the default option to your chosen investments.

#### Premium contribution parameters
CREF currently does not restrict premium contribution amounts or their frequency, though we maintain the right to implement such restrictions. Your employer's retirement plan may impose limitations on premium amounts. IRA contributions and IRC-qualified plans have specific restrictions regarding total annual premiums. There are currently no minimum account values and we do not charge a low balance fee.

#### Payment acceptance policy
We do not accept credit cards, money orders, traveler's checks, or digital currencies, including virtual or cryptocurrency. Additionally, we will not accept third-party checks when the payor's relationship to the Contract owner is not clearly identifiable on the check's face.

#### Federal compliance requirements
Federal law requires financial institutions to obtain, verify, and record identifying information for all Contract purchasers. This includes your legal name, street address (post office boxes are not accepted), date of birth, and Social Security number. Additional information may be required. Without this information, we cannot issue a Contract or process transactions.

#### Regulatory oversight
Under certain circumstances, we may be required to block transactions, refuse premium payments, or decline transfer, withdrawal, or benefit requests until we receive appropriate regulatory clearance. We may also need to report account information to government regulators without prior notice or consent.

### Class eligibility
CREF currently maintains four distinct unit classes (Class R1, Class R2, Class R3, and Class R4) for each Account. While investment allocation remains uniform across the Account's portfolio for all classes, investors should be aware of

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differences in expense structures that directly impact their returns. Each class carries unique administrative and distribution expense ratios, and higher expense ratios associated with certain classes will result in diminished investment returns compared to classes with lower expense structures.

Eligibility for Classes R1, R2, and R3 is generally determined by total retirement plan assets invested across all CREF Accounts at the institutional level. For non-retirement plan assets, eligibility depends on the specific product vehicle holding CREF assets. Class R4 eligibility is restricted to institutions that have implemented Retirement Choice/Retirement Choice Plus Contracts and maintain an active recordkeeping services agreement with TIAA.

All annuity units and Individual Retirement Accounts (IRA) are consolidated with Class R3, which may change at CREF's discretion.

Generally, class eligibility is as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Institutional clients** | **Individual and annuity products** |
| **R1** | &nbsp;&nbsp;Institutions with CREF assets under management below $20 million  | Keogh Contract (no longer offered) |
| **R2** | &nbsp;&nbsp;Institutions with CREF assets under management of $20 million or more, but less than $400 million | &nbsp;&nbsp;After-Tax Retirement Annuity (ATRA) |
| **R3** | &nbsp;&nbsp;Institutions with CREF assets under management of $400 million or more | &nbsp;&nbsp;Immediate annuity<br>Accumulation Unit Deposit Option (AUDO)<br>Individual Retirement Account (IRA) |
| **R4** | &nbsp;&nbsp;Institutions utilizing Retirement Choice/Retirement Choice Plus Contracts with TIAA recordkeeping services agreement |  |

---

Please contact CREF directly if you have any questions or would like assistance in determining your class eligibility. CREF reserves the right to modify, suspend, or change eligibility requirements. CREF may add, delete, or modify one or more classes.

### Choosing accounts
After you receive your Contract, you can allocate your premiums among the Accounts unless your employer's plan blocks some Accounts. If you have RAs, GRAs, GSRAs, or Keoghs, your employer cannot block the Total Global Stock or Money Market Accounts. Allocations you make to an ATRA, SRA, or IRA are not subject to your employer's plan. You can change your allocation for future premiums by:

&nbsp;&nbsp;&nbsp;&nbsp;● Using the TIAA website's account access feature at tiaa.org

&nbsp;&nbsp;&nbsp;&nbsp;● Calling our Automated Telephone Service (24 hours a day) at 800-842-2252

&nbsp;&nbsp;&nbsp;&nbsp;● Writing to TIAA at P.O. Box 1259, Charlotte, NC 28201

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You may be required to complete and return certain forms (in good order) to effect these transactions.

#### Determining the value of your contract—accumulation units
To determine the amount of money in your account, we use a measure called an accumulation unit. The accumulation unit value ("AUV") for each class of each Account depends on the Account's investment performance and the expenses of that class. We calculate AUV at the end of each Valuation Day. Your accumulation equals the number of accumulation units you own in a class of an Account multiplied by the AUV for that class.

#### How we value assets

#### General valuation methods
TCIM oversees the calculation of the values of the portfolio assets in each Account as of the close of every Valuation Day. For Accounts other than the Money Market Account, we generally use market quotations or values obtained from independent pricing services to value securities and other instruments held by the Accounts. When market quotations are not readily available or not considered reliable, we will value the securities using fair value methodologies determined in good faith under procedures approved by the Board of Trustees.

#### Fixed-income securities valuation
For fixed-income instruments, we generally utilize matrix pricing, a form of fair value pricing. Fair value is also applied when events affecting investment values (as determined in TCIM's discretion) occur between the time a security's price is determined and when the AUV is calculated. For example, we will use a domestic security's fair value when an exchange on which the security is principally traded closes early or when trading in the security is halted and does not resume before the AUV is calculated.

Fair value pricing may rely on quantitative models or individual judgment, potentially resulting in changes to the prices of portfolio securities that are used to calculate the AUV. While this approach is applied security-by-security, Accounts holding foreign securities generally experience fair value pricing more frequently than Accounts that do not hold foreign securities.

#### Foreign securities valuation
Fair value pricing is commonly applied to securities primarily traded outside the United States, particularly when there are market movements in the United States after foreign markets have closed, and there is the expectation that securities traded on foreign markets will adjust based on market movements in the United States when their markets open the next day. In these cases, we will fair value certain foreign securities when it is believed the last traded price on the foreign market does not reflect the value of that security at the end of any

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Valuation Day (generally 4:00 p.m. Eastern Time). This process helps prevent "stale price arbitrage" by market timers who might otherwise take advantage of the perceived price differences between closed foreign markets and U.S. markets to the detriment of longer-term investors. Fair value pricing for foreign securities will reduce some of the certainty in pricing obtained by using actual market close prices.

The Accounts' fair value pricing procedures provide, among other things, for each Account to examine whether to fair value foreign securities when there is a movement in the value of a U.S. market index between the close of one or more foreign markets and the close of the NYSE Exchanges. For these securities, the Accounts use a fair value pricing service approved by TCIM, as the valuation designee. This pricing service employs quantitative models to value foreign equity investments in order to adjust for stale pricing, which occurs between the close of certain foreign exchanges and the close of the NYSE Exchanges. Fair value pricing is subjective in nature and the use of fair value pricing by an Account may cause the AUV of units within a class of an Account to differ significantly from the AUV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.

TCIM also examines the prices of individual securities to determine, among other things, whether the price of such securities reflects fair value at the close of the NYSE Exchanges based on market movements. Additionally, we may fair value any security when it is believed the last market quotation is not readily available or such quotation does not represent the fair value of that security. The Board of Trustees has designated TCIM as the valuation designee pursuant to Rule 2a-5 under the 1940 Act and delegated to TCIM the responsibility of making fair value determinations.

#### Money Market instrument valuation
Money market instruments (except those in the Money Market Account) are valued using market quotations, independent pricing sources, or values derived from a pricing matrix that has various types of money market instruments along one axis and various maturities along the other.

The Money Market Account's portfolio securities are valued using their amortized cost. This valuation method does not factor in unrealized gains or losses on the Account's portfolio securities. Amortized cost valuation involves first valuing a security at its cost, and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the security's market value. While this method provides certainty in valuation, there may be times when the value of a security, as determined by amortized cost, may be higher or lower than the price the Money Market Account would receive if it sold the security. See the SAI for more information.

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#### If you need to cancel
You may cancel certain CREF Contracts (RA, SRA, GSRA, Traditional IRA, Roth IRA, ATRA, or Keogh Contract) in accordance with the Contract's Right to Examine provision. This option is available only if annuity or any other periodic payments have not yet begun and must be exercised within the time period established by the state in which the Contract was issued.

To cancel a Contract, you must mail or deliver the physical Contract document with a signed Notice of Cancellation (available by contacting CREF) to our home office.

Upon cancellation, we will return either your current accumulation value or premium payments, depending on the requirements of the state in which your Contract was issued, to whoever originally submitted the premium payments.

Unless state law requires a return of premiums paid, you will bear the investment risk during the examination period. This means your returned amount may be more or less than your original investment. Cancellation of a Contract may have adverse tax consequences.

#### Conflicts of interest
Some financial professionals may receive compensation for selling the Contract to you in the form of an additional cash benefit (e.g., a bonus). Accordingly, your financial professional may have a financial incentive to offer or recommend the Contract over another investment.

Some financial professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable for you to purchase the new contract rather than continue to own the existing Contract.

### H ow to transfer and withdraw your money
Generally, depending on the terms of your plan, Contracts, tax law, and applicable governing documents, CREF allows you to move your money to and from the CREF Accounts in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;● From a class of an Account to the same class of another Account;

&nbsp;&nbsp;&nbsp;&nbsp;● From the Accounts to the TIAA Real Estate Account, other TIAA separate accounts, or the TIAA Traditional Annuity;

&nbsp;&nbsp;&nbsp;&nbsp;● To the Accounts from the TIAA Real Estate Account, other TIAA separate accounts, or the TIAA Traditional Annuity (subject to certain charges or restrictions under the terms of those Contracts);

&nbsp;&nbsp;&nbsp;&nbsp;● From the Accounts to other companies;

&nbsp;&nbsp;&nbsp;&nbsp;● To the Accounts from other companies/plans;

&nbsp;&nbsp;&nbsp;&nbsp;● By withdrawing cash; or

&nbsp;&nbsp;&nbsp;&nbsp;● By setting up a program of systematic withdrawals and transfers.

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These options (including any potential contract-level charges on transfers) may be limited by the terms of your employer's plan, by current tax law, by eligibility requirements of the product to which you transfer, or by the terms of your Contract, as set forth below. You should be aware that each Account may from time to time, in its discretion, suspend, change, or terminate the processes and procedures outlined below for purchasing, withdrawing, and transferring your money to or from an Account. Transfers from an Account to the TIAA Traditional Annuity, to the TIAA Real Estate Account, to another TIAA annuity offered by your employer's plan or to funds offered under the terms of your plan must generally be at least $1,000 (except for systematic transfers, which must generally be at least $100) or your entire accumulation, if less. These minimums may be reduced or eliminated in the future. Any such change will be applied uniformly across all Contracts going forward. Cash withdrawals, transfers to TIAA to immediately begin annuity income, and transfers to other companies are not subject to a minimum amount. Transfers from the TIAA Real Estate Account to the CREF Accounts are limited to once per calendar quarter, and cash withdrawals are currently free (although no such limit applies to transfers from TIAA Access). Because excessive transfer activity can hurt performance and other participants, CREF may in the future, subject to applicable state law and the terms of your Contract, limit how often you transfer or otherwise modify the transfer privilege, including, among other things, placing restrictions on transfers or charging fees for transfers and/or withdrawals. Transfers and cash withdrawals have an effective date of the Business Day we receive your request in good order. You can also choose to have transfers and withdrawals take effect at the end of any future Business Day. Any transfers (including any potential contract-level charges) to the TIAA Traditional Annuity or to any TIAA separate account will be subject to TIAA's rules and the terms of TIAA's contracts. If you hold your units through an intermediary, please contact the intermediary for any additional requirements that may apply to the transfers and withdrawals described in this section.

If you are married, you may be required by law or by your employer's plan to show us advance written consent from your spouse before we make certain transactions on your behalf.

Subject to the provisions under your Contract, you may redeem the entire current account accumulation or withdraw a lesser amount from one or more of the investment accounts. Generally, withdrawals are not permitted for less than $1,000. Such withdrawals will not be available before the earliest date permitted under your employer's plan. A portion of your account accumulation available to withdraw may be limited by your employer's plan.

If you are married and if some or all of your accumulation is subject to the Employee Retirement Income Security Act of 1974 ("ERISA"), your right to receive your entire account accumulation is subject to the rights of your spouse. Withdrawals may lower your Contract value, will be subject to ordinary tax and may be subject to a premature distribution tax if taken before age 59½.

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#### Systematic withdrawals and transfers
Subject to your employer's plan allowance, you may establish automatic cash withdrawals or transfers from your Account accumulation. These systematic transactions can be structured as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A fixed number of accumulation units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A specific dollar amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● A percentage of accumulation.

These automatic transactions will continue until you instruct us to stop or until your accumulation is depleted. Currently, internal transfers must be at least $100, though this minimum transfer amount may be eliminated in the future.

Each Account reserves the right to suspend, change, or terminate systematic withdrawal and transfer processes and procedures in its discretion. You will receive notification if such changes occur.

#### Transfers/exchanges to and from CREF Accounts and other TIAA Accounts and Funds
Subject to your employer's plan, current tax law, and Contract terms, you may transfer or exchange some or all of your accumulation between the same class across the CREF Accounts, or from an Account to the TIAA Traditional Annuity product, to the TIAA Real Estate Account (subject to certain limitations), or to other TIAA separate accounts, mutual funds, or other investments offered through your plan.

Generally, such transfers or exchanges will be valued at each Account's or other product's current price. Such transfers must be at least $1,000, (except for systematic transfers, which must generally be at least $100) or your entire accumulation, if less. These minimums may be reduced or eliminated in the future, with any changes applied uniformly across all contracts.

You may also transfer funds from the TIAA Traditional Annuity, the TIAA Real Estate Account, another TIAA separate account or mutual funds offered under your employer's plan to CREF Contracts. To protect other participants, CREF may limit transfer frequency, modify transfer privileges, restrict transfers, or charge fees for transfers/withdrawals, subject to state law and the Contract terms. CREF reserves the right to stop accepting or limit internal transfers to any Account at any time.

#### Contract-specific restrictions:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **RA, SRA, GSRA, GRA, Retirement Choice, Retirement Choice Plus and Keogh:** Your employer's plan may restrict transfers except, for some Contracts, transfers to the Total Global Stock and Money Market Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **IRA:** You can transfer funds without employer restrictions among the Accounts and to TIAA's Traditional Annuity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **GSRA:** Funds may be transferred between SRA and GSRA Contracts if your institution offers this plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **ATRA:** Amounts cannot be transferred to or from any retirement plan Contract.

#### Restrictions on transfers from other products into CREF:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **TIAA Real Estate Account:** Transfers to an Account are limited to once per calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **TIAA Traditional Annuity:** Transfers to an Account pursuant to the RA, GRA, or Retirement Choice Contracts must be made over a period (up to ten years) and may have other limitations as specified in your Contract.

#### Transfers from other companies/plans
Subject to your employer's plan, federal tax law, and CREF's eligibility requirements, you may transfer or roll over funds from the following retirement plans to your CREF Contract:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 403(b) plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 401(a)/403(a) plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Governmental 457(b) plans

You may also roll over before-tax amounts in a Traditional IRA to 403(b) plans, 401(a)/403(a) plans or eligible governmental 457(b) plans, provided such employer plans agree to accept the rollover.

Amounts transferred to CREF may be subject to the provisions of your original employer's plan.

Similarly, subject to your employer's plan and CREF's eligibility requirements, you may be able to roll over funds from qualified plans (401(a), 403(a), 403(b), governmental 457(b) plans) to a CREF Traditional IRA. Subject to applicable income limits, funds from an IRA containing contributions originally made to such plans may be rolled over to either a CREF Traditional or Roth IRA. Please consult your qualified tax advisor for more information before making any IRA rollover.

#### Specific restrictions apply to certain plan types:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Roth amounts in a 403(b) or 401(a) plan can only be rolled over to another Roth 403(b), Roth 401(a), or Roth IRA as permitted by applicable law and plan terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Funds held by the sponsor of a private 457(b) plan can only transfer to another private 457(b) plan sponsor if both plans permit such transfers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Private 457(b) plan accumulations cannot be rolled over to qualified plans (e.g., 401(a), 403(b) and governmental 457(b) plans, or IRAs).

#### Transfers to other companies
Your ability to transfer funds from CREF to another company depends on your Contract type and employer's retirement plan provisions.

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For RA, GRA, GSRA, Retirement Choice, Retirement Choice Plus, or Keogh Contract holders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transfer rights may be limited by your employer's retirement plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If your employer participates in our special transfer services program, automatic monthly transfers from RA or GRA Contracts are available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● SRA, GSRA, IRA, or Keogh Contract accumulations may be transferable subject to certain tax restrictions.

Roth amounts in 403(b) or 401(a) plans can only be transferred to another Roth 403(b) or 401(a) account or to a Roth IRA, as permitted by applicable law and plan terms.

Please consult your qualified tax advisor for more information before making any IRA rollover.

Under Retirement Choice and Retirement Choice Plus Contracts, your employer has the authority to transfer your funds from one Account to another Account or investment option without your consent, subject to your plan's terms.

#### Class conversions
CREF conducts periodic reviews of institutional clients and/or individual annuity products to verify continued eligibility for their current unit class. If a participant Contract no longer meets eligibility requirements for its current class or qualifies for a different class with corresponding services, CREF may automatically convert the Contract's value to a different class within the same Account.

Before any such conversion occurs, participants will receive written notification. However, CREF reserves the right to not convert a Contract even when it no longer meets the eligibility requirements of its current class.

#### Withdrawals
You may withdraw some or all of your RA, GRA, GSRA, Retirement Choice, Retirement Choice Plus, Keogh, SRA, or IRA accumulations subject to your employer's plan and certain tax restrictions. Withdrawals cannot be taken from a Contract if you have already applied the funds to begin receiving lifetime annuity income. If your account value is under $5,000 when you leave employment or retire, your employer's plan may permit CREF to cash out some or all of your RA. Married participants may need to provide spousal consent for certain transactions as required by law or plan provisions.

Federal tax law restricts withdrawals of salary reduction contributions (and related earnings) from certain retirement plans, including, without limitation, 403(b) plans, unless you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reach age 59½;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Leave your job;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Become disabled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Die or meet qualified reservist distribution requirements.

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For 403(b) annuities, these restrictions apply to amounts credited after December 31, 1988. All salary reduction amounts in 401(k) plans and funds transferred from 403(b)(7) custodial accounts are similarly restricted. If your employer's plan permits, you may also be able to withdraw salary reduction money for certain hardships as defined under the IRC.

The 10% premature distribution tax generally does not apply to distributions that are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Made after the taxpayer reaches age 59½;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Made on or after the Contract owner's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Attributable to the taxpayer's becoming disabled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Made as part of a series of substantially equal periodic payments for the taxpayer's life or life expectancy.

Under the SECURE 2.0 Act of 2022 ("SECURE 2.0"), the substantially equal periodic payments exception continues to apply in the case of a rollover of a retirement account or application of a retirement account to an annuity making distributions that satisfy the required minimum distribution ("RMD") rules. This is effective for transfers, rollovers, exchanges and annuity distributions. Other exceptions may be applicable under certain circumstances such as distributions made in cases of financial hardship or unforeseeable emergencies or in connection with a qualified birth or adoption, terminal illness and special rules may be applicable in connection with the exceptions enumerated above. Consult your qualified tax advisor for more information.

Under current federal tax law, you are not permitted to withdraw from private 457(b) plans earlier than the calendar year in which you reach age 70½ or leave your job or are faced with an unforeseeable emergency (as defined by law). For governmental 457(b) plans only, the minimum age for in-service withdrawals has been lowered to 59½. There are generally no premature distribution taxes if you withdraw under any of these circumstances (i.e., no 10% excise tax on distributions prior to age 59½).

Special rules and restrictions apply to IRAs. Consult your qualified tax advisor for more information.

#### Withdrawals to pay advisory fees
You may establish a program to withdraw funds directly from your retirement plan, subject to your employer's plan provisions, or IRA to pay financial advisor fees. Proper documentation is required, and you should understand the potential tax implications before setting up this arrangement. See the discussion under "Taxes" below. This feature is not available for all Contracts.

#### Loans
Subject to your employer's plan provisions, Section 72(p) of the IRC, and applicable ERISA regulations, you may request a Retirement Plan Loan from your available investment account accumulations at any time prior to your annuity

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starting date. When you take a Retirement Plan Loan, both your accumulations and death benefit are reduced by the loan amount.

The maximum Retirement Plan Loan amount is limited to the least of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Your total accumulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 50% of your vested accrued benefit under any employer plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● $50,000

All employer plans are considered when calculating available Retirement Plan Loan amounts, including 403(b), 401(a), 403(a), and 457(b) plans where loans are permitted, as well as plans of related employers under IRC Section 414(b), (c), or (m). Your Contract or employer plan may limit the number of Retirement Plan Loans you can have.

Retirement Plan Loan requests must be made on or before your annuity starting date in accordance with your Contract terms. The Retirement Plan Loan becomes effective on the Business Day TIAA receives your properly completed request in a form acceptable to TIAA and any required spousal waiver. All values are determined as of the end of the effective date, and requests cannot be revoked after this date.

Retirement Plan Loans are issued according to a loan agreement that specifies all terms, conditions, fees, and charges for the loan. Repayment typically occurs through payroll deduction or ACH. Retirement Plan Loan costs are fee-based rather than interest rate spread-based, with a one-time origination fee of $75 ($125 for residential loans) and a $25 annual maintenance fee. All loan repayments to your Contract are applied as new premiums.

#### How to make transfers or withdrawals
To request a transfer or withdrawal, you can do one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;● Use the TIAA website's account access feature at tiaa.org

&nbsp;&nbsp;&nbsp;&nbsp;● Call our Automated Telephone Service at 800-842-2252

&nbsp;&nbsp;&nbsp;&nbsp;● Write to TIAA at P.O. Box 1259, Charlotte, NC 28201

You may be required to complete specific forms in good order to process these transactions. All electronic and telephone transactions are recorded. TIAA reserves the right to suspend or terminate electronic and telephone transaction capabilities at any time, for any reason. These services may also occasionally be unavailable. Consider potential tax consequences before making any transfers or withdrawals.

#### Confirmations
Subject to certain exceptions for use of quarterly confirmations for which CREF has received exemptive relief from the SEC, you will receive confirmation statements for the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Premium payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transfers between Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cash withdrawals;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Administrative adjustments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Class transfers.

&nbsp;&nbsp;&nbsp;&nbsp;Each confirmation statement shows the date and amount of each transaction. For automatic investment plans, confirmation statements are provided quarterly. The Accounts reserve the right to suspend, change, or terminate automatic investment plan options at any time and will notify you if this occurs.

Quarterly statements will be provided for any Account in which you hold accumulations, detailing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Premiums paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Number and dollar value of accumulation units in the Accounts credited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Current balance of units in each Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Cash withdrawals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Administrative adjustments, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Transfers.

The Accounts are not responsible for losses from unauthorized or fraudulent instructions when reasonable security procedures to verify your identity have been followed. It is your responsibility to review and verify the accuracy of your confirmation statements immediately after you receive them.

At least semi-annually, reports containing financial statements and investment schedules for Accounts in which you have accumulations will be made available on the TIAA website.

### M arket timin g/excessive trading policy
There are participants who may try to profit from making transactions back and forth among the Accounts, the TIAA Real Estate Account, and the mutual funds or other investment options available under the terms of your plan in an effort to "time" the market. As money is shifted in and out of the Accounts, the Accounts may incur transaction costs, including, among other things, expenses for buying and selling securities. These costs are borne by all participants, including long-term investors who do not generate these costs. In addition, market timing can interfere with efficient portfolio management and cause dilution if timers are able to take advantage of pricing inefficiencies. Consequently, the Accounts are not appropriate for such market timing and you should not invest in the Accounts if you want to engage in market timing activity.

The Board of Trustees has adopted policies and procedures to discourage market timing activity. Under these policies and procedures, a participant is generally limited to two "round trip" trades made via electronic means (such as trades made via the internet, telephone, or fax) in a 60-day period. A "round trip" is the purchase and subsequent redemption of Account units, including exchange transactions, or a redemption and then subsequent purchase of Account units, including exchange transactions.

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The Accounts' market timing policies and procedures will not be applied to the Money Market Account or to certain types of transactions like systematic withdrawals, systematic purchases, automatic rebalancings, death and hardship withdrawals, certain transactions made within a retirement or employee benefit plan (such as contributions, mandatory distributions, loans, and employer-initiated transactions), and other types of transactions specified by the Accounts' management. In addition, the market timing policies and procedures will not apply to certain tuition (529) programs, funds of funds, wrap programs, asset allocation programs, and other similar programs approved by the Accounts' management. The Accounts' management may also waive the market timing policies and procedures when it is believed that such waiver is in an Account's best interests, including but not limited to when it is determined that enforcement of these policies and procedures is not necessary to protect the Account from the effects of short-term trading.

The Accounts also reserve the right to reject any purchase or exchange request, including when it is believed that a request would be disruptive to an Account's efficient portfolio management. The Accounts also may suspend or terminate your ability to transact by telephone, fax, or over the internet for any reason, including the prevention of market timing. A purchase or exchange request could be rejected or electronic trading privileges could be suspended because of the timing or amount of the investment or because of a history of excessive trading by the participant. Because the Accounts have discretion in applying this policy, it is possible that similar transaction activity could be handled differently because of the surrounding circumstances.

The Accounts' portfolio securities are fair valued, as necessary (most frequently with respect to foreign holdings), to help ensure a portfolio security's true value is reflected in the Accounts' AUV, thereby minimizing any potential stale price arbitrage.

The Accounts seek to apply their specifically defined market timing policies and procedures uniformly to all Account participants and not to make exceptions with respect to these policies and procedures (beyond the exemptions noted above). The Accounts make reasonable efforts to apply these policies and procedures to participants who own units through omnibus accounts. These efforts may include requesting transaction data from intermediaries from time to time to verify whether an Account's policies are being followed and/or to instruct intermediaries to take action against participants who have violated an Account's market timing policies. At times, the Accounts may agree to defer to an intermediary's market timing policy if the Account's management believes that the intermediary's policy provides comparable protection of Account participants' interests. The Accounts have the right to modify their market timing policies and procedures at any time without advance notice.

The Accounts are not appropriate for market timing. You should not invest in the Accounts if you want to engage in market timing activity.

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Participants seeking to engage in market timing may deploy a variety of strategies to avoid detection, and, despite the Accounts' efforts to discourage market timing, there is no guarantee that CREF or its agents will be able to identify such participants or curtail their trading practices.

If you invest in an Account through an intermediary, including through a retirement or employee benefit plan, you may be subject to additional market timing or excessive trading policies implemented by the intermediary or plan. Please contact your intermediary or employer for more details.

### Timing of payments to you
CREF will generally process the following types of payments within seven calendar days after receiving your properly completed request:

&nbsp;&nbsp;&nbsp;&nbsp;● Cash withdrawals

&nbsp;&nbsp;&nbsp;&nbsp;● Transfers to TIAA or other companies

&nbsp;&nbsp;&nbsp;&nbsp;● Payments under a fixed period annuity

&nbsp;&nbsp;&nbsp;&nbsp;● Death benefits

This seven-day period may be extended in certain circumstances, such as SEC-recognized emergencies. Payment delays may also occur due to:

&nbsp;&nbsp;&nbsp;&nbsp;● Loan-related processing

&nbsp;&nbsp;&nbsp;&nbsp;● Missing information needed from the transferring company

&nbsp;&nbsp;&nbsp;&nbsp;● Incomplete or incorrect income tax withholding and reporting forms

If your withdrawal proceeds are scheduled for transfer to another investment vehicle and a delay occurs in that transfer, you will not participate in the investment performance of the destination investment during the delay period.

Each payment type is subject to specific requirements and conditions as detailed in their respective sections of this Prospectus.

### W hen you are ready to receive your annuity income, if you choose to annuitize

#### The annuity phase in general
You can create an income stream from all or part of your accumulation in any Account once distributions are permitted to begin under your plan or Contract. To avoid a potential 10% premature distribution tax, you should generally be at least age 59 ½ when beginning annuity income (except for one-life or two-life annuities). Otherwise, you may have to pay a 10% premature distribution tax on the taxable amount, except under certain circumstances. You cannot delay annuity payments beyond the IRC's minimum distribution rules. See the section entitled "Taxes" below for more information. When you annuitize, your investments convert to annuity payments with no further withdrawal options, unless you have non-annuitized balances.

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Contract terms prohibit beginning a one-life annuity after age 90 or a two-life annuity after either you or your annuity partner reaches age 90.

The Accounts offer various income options, and you may select different options for different portions of your accumulation. Once one-life or two-life annuity payments begin, you cannot change your income option or annuity partner for that payment stream.

Annuity payments are typically monthly, though quarterly, semiannual, and annual payments are available. CREF has the right to refuse to make payments at any interval that would cause the initial payment to be less than $100. Payments are delivered via electronic funds transfer or, on your request, by mail.

Initial annuity payments for one-life annuities, two-life annuities, fixed period annuities, and Income Test Drive are based on the value of your accumulation on the last Valuation Day before the annuity starting date. We calculate initial income based on:

&nbsp;&nbsp;&nbsp;&nbsp;● Your accumulated balance applied to the annuity

&nbsp;&nbsp;&nbsp;&nbsp;● Your chosen income option(s)

&nbsp;&nbsp;&nbsp;&nbsp;● A 4% assumed annual investment return

&nbsp;&nbsp;&nbsp;&nbsp;● Applicable mortality assumptions for you and any annuity partner

On your annuity starting date, accumulation units allocated to one-life annuities, two-life annuities, or annuities for a fixed period convert to annuity units in the same Account(s) automatically. These annuity units are aggregated with Class R3 units for income and expense allocation, regardless of your previous class(es). Subsequent payment amounts following the initial payment vary based on net investment results, expenses and mortality experience for Class R3 units.

For one-life annuities, two-life annuities, annuities for a fixed period and Income Test Drive, two income change methods are available: annual (changing each May 1 based on the previous year's investment results from the day following the last Valuation Day in March of the prior year through the last Valuation Day in March of the current year) and monthly (changing monthly based on the previous valuation period's results). Under the monthly method, units are valued on the 20th of each month (or the preceding Business Day if the 20<sup>th</sup> is not a Business Day). Your total annuity payments may be more or less than your total premiums. For more information on the Income Test Drive feature, please see the section below entitled "Annuity income options-Income Test Drive."

With partial annuitization, you may apply a portion of your accumulation to one of the annuity payment options that we offer, while the remainder of your accumulation can remain invested in your investment account. Full annuitization generally terminates all withdrawal options and accumulation phase benefits, including death benefits.

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#### Impact of mortality experience on annuity payments
For one-life annuities, two-life annuities, and fixed period annuities, annuity payment amounts depend partly on the shared mortality experience of the annuity fund (annually or monthly revalued). If participants as a group live longer than expected, individual payments will decrease; if they as a group die sooner than expected, payments will increase. This "mortality risk" is shared among all income recipients and is not guaranteed by either CREF or TIAA.

#### Annuity starting date
Your annuity payments begin on your designated starting date once all necessary documentation has been received. If documentation is incomplete, your starting date will be deferred. You may designate any future date for annuitization in accordance with our procedures and processing schedule. Premiums received within 70 days of the first of the month in which payments begin may be used to provide additional income. Premiums received after 70 days will remain in your accumulating Contract until you provide further instructions. Your first annuity payment can typically be made on any Business Day from the first through 20th of any month.

#### Annuity income options
Your choice of income option(s) affects both the number of annuity units purchased and your payment amounts. Your employer's plan, tax law, and ERISA may limit available income options. Federal tax law may restrict your options depending on your second annuitant or beneficiary. Certain designated beneficiaries may need to receive payment of death benefits within ten years of your death, and if you die after your required beginning date, your designated beneficiary must continue minimum distributions for the first nine years of the 10-year period in order to satisfy distribution requirements under federal tax law.

For IRA minimum distributions, you may include annuity Contract values when calculating your RMD and count annuity payments toward satisfying your annual RMD. Employer plans may adopt this calculation method with aggregation restricted to 403(b) plans. Proposed regulations have been issued to provide guidance on implementation and you should consult your qualified tax or legal advisor for more information. However, we cannot predict which proposed regulations will become final regulations and are still waiting on further guidance from the IRS and the U.S. Treasury Department on certain aspects of this calculation of minimum distributions that were not covered in the proposed regulations. We do not anticipate needing to modify RMD calculations for employer plan administration until such guidance is issued. Consult a qualified tax advisor for your required minimum distribution calculations. For more information see "Taxes."

Typically, you will choose income options shortly before you want payments to begin, but you can make or change your choice any time before your annuity starting date.

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All income options provide variable payments, and the amount of income you receive depends partly on the investment experience of your selected investment accounts. Current options include:

&nbsp;&nbsp;&nbsp;&nbsp;● **One-life annuity with or without guaranteed period:** Provides income for your lifetime. With a guaranteed period (10, 15, or 20 years), payments continue to your beneficiary if you die before the period ends (although federal tax law may require payment within ten years). Without a guaranteed period, payments end at your death. (The15-year guaranteed period is not available in all Contracts.)

&nbsp;&nbsp;&nbsp;&nbsp;● **Annuity for a fixed period:** Provides income for a set number of years you choose. Available periods vary by Contract, and this option is not available in all Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;● **Two-life annuity with or without guaranteed period:** Provides lifetime income with continuation at either the same or a reduced level to your annuity partner after your death. Four types are available with or without a guaranteed period: full benefit to survivor, two-thirds benefit to survivor, 75% benefit to annuity partner, and half-benefit to annuity partner. With a guaranteed period (10, 15, or 20 years), payments will continue to your beneficiary until the end of the period if you and your annuity partner die before it is over (although federal tax law may require payment within ten years to avoid an excise tax). Without a guaranteed period, payments end when both you and your annuity partner die. (The 15-year guaranteed period is not available in all Contracts.)

&nbsp;&nbsp;&nbsp;&nbsp;● **Minimum distribution option (MDO):** Generally available when IRC minimum distribution requirements apply. (Some employer plans allow you to elect this option earlier-please contact CREF for more information.) Automatically pays amounts designed to satisfy federal tax distribution requirements. You must apply your entire Contract accumulation to use MDO. Payments may cease during your lifetime. Prior to age 90, subject to plan and legal restrictions, remaining accumulation can be applied to other eligible income options. Available cash withdrawals from remaining accumulation are unaffected. Not available in all Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;● **Income Test Drive:** This is an optional feature that allows you to try variable income payments for two years without irrevocable annuitization. You retain accumulation units during this period, and payments are withdrawals from these units. Payments approximate what you would receive under your selected one-life or two-life annuity option and income change method. You can cancel Income Test Drive before the two-year period ends by notifying us, after which payments will stop. If you die during this period, payments cease and your beneficiary receives the remaining accumulation, though federal tax law may require payment within ten years and continuation of minimum distributions if you die after your required beginning date. At the end of the two-year period (if not stopped earlier), your remaining accumulation converts irrevocably to annuity units under your chosen income

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option. You may elect to begin annuity payments sooner, following required procedures. The conversion may result in payments higher or lower than your final Income Test Drive payment.

TIAA may discontinue the Income Test Drive feature at any time, and it may not be available under your employer's plan. If you apply your entire accumulation to Income Test Drive, premiums received during the two-year period will purchase accumulation units that will be used to increase your variable payments.

Federal tax law limits guaranteed periods to your joint life expectancy with your beneficiary or annuity partner. Some income options may be unavailable due to IRC stipulations, and death benefits may need to be paid within ten years of your death. If married at your annuity start date, you may be required to provide survivor benefits to your spouse unless waived by your spouse.

&nbsp;&nbsp;&nbsp;&nbsp;● **Retirement transition benefit:** Allows a single-sum payment up to 10% of accumulations being converted to annuities if permitted by your employer's plan (employer plan and percentage limitations do not apply to IRAs).

Other income options may become available in the future, subject to the terms of your retirement plan and relevant federal and state laws. CREF may stop offering certain income options in the future. For more information about any annuity options, please contact CREF.

#### Transfers during the annuity phase
After you begin receiving annuity income from a one-life annuity, two-life annuity, or fixed period annuity, you can transfer income quarterly between Accounts, TIAA Traditional Annuity, other TIAA separate account annuities, or the TIAA Real Estate Account. Such transfers must be between comparable annuities with the same income option, annuitant(s), and guaranteed period, if any.

For annuitants receiving income from TIAA Traditional one-life or two-life annuities, transfers to the Total Global Stock, Global Equities, Growth, S&P 500 Index, or Responsible Balanced Accounts are limited to 20% of annuity income annually, or through a five-year installment program. Such transfers may not be made into the Core Bond, Inflation-Linked Bond and Money Market Accounts. Once transferred from TIAA Traditional, subsequent transfers can only occur among these five Accounts, and transfers back to TIAA Traditional are not permitted.

CREF processes transfers on the Business Day your request is received, unless you specify a future date. For annual annuity payment method, transfers affect payments beginning May 1 following the last Valuation Day in March that is on or after the effective date of the transfer. For monthly payment method and transfers to TIAA Traditional Annuity, changes take effect after the next monthly valuation (the 20th of each month or preceding Business Day if the 20th is not a Business Day). You can switch between the annual and monthly income change method, with the change taking effect on the last Valuation Day in March.

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### I llustrations of annuity payments
Investment performance affects both your accumulation and your annuity payments after beginning to receive annuity income. The following line graphs show how each Account's performance has affected participant annuity payments over the last 20 years, based on Class R3 investment performance and mortality experience through March 31, 2026. Additionally, these line graphs do not take into account the impact of any TIAA plan pricing where one or more CREF Accounts are investment options in an employer retirement plan. For example, since all Class R4 participants participate through employer retirement plans, the return to each Class R4 participant would be lower after taking into account plan-level fees for TIAA recordkeeping that the plan passes on to the participant. Because expenses vary across unit classes, the performance of Classes R1, R2, R3 and R4 will vary from each other.

Each graph shows yearly annuity payments (May 1 to April 1) assuming an initial $1,000 monthly payment under the annual income change method. Each plot point represents the total of 12 monthly annuity payments made in that fiscal year, demonstrating how payments would have changed if all money was initially invested in that particular Account.

Payment changes primarily reflect Class R3 investment performance, which can be affected by an Account's asset class exposure (equity or fixed income). Annuity income can be impacted by: (1) single asset class exposure from annuitizing from one Account, (2) blended exposure from multiple Accounts, and (3) the market cycle timing of annuitization. Mortality experience and other factors also influence payment changes.

For context, annuity payments reflect a 4% assumed investment return. If actual performance equals 4% (and mortality factors remain unchanged), payments stay the same. With 10% or 3% performance, annuity payments would increase by approximately 6% or decrease by approximately 1%, respectively.

**These illustrations reflect past performance and mortality experience. Future results may differ, causing annuity payment changes that vary from those shown.** Your initial annuity payment will depend on your account balance, chosen income option, payment frequency, and age (and annuity partner's age, if applicable). For the Money Market Account, payments could be minimal or zero during periods of near-zero or negative interest rates.

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#### Total Global Stock Account
![](img_e42908ea28ca4m2.jpg)

#### Global Equities Account
![](img_b82d92e922f14m2.jpg)

#### Growth Account
![](img_c144f4a65f074m2.jpg)

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#### S&P 500 Index Account
![](img_0ebef8d0d88a4m2.jpg)

#### Core Bond Account
![](img_0bac2d5af8f64m2.jpg)

#### Inflation-Linked Bond Account
![](img_b92ae958a6bc4m2.jpg)

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#### Responsible Balanced Account
![](img_d6c855db653a4m2.jpg)

#### Money Market Account
![](img_2799c6a6bdf84m2.jpg)

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### Benefits available under the Contract
The following table summarizes information about the benefits available under the Contract.

---

| | | | |
|:---|:---|:---|:---|
| **Name of benefit <br> Purpose** | **Standard/<br>Optional** | **Maximum fee** | **Brief description of restrictions/limitations** |
| **Death benefit** |  |  |  |
| The amount of the death benefit is the accumulation on the Valuation Day that we authorize payment of the death benefit. | Standard | No charge | &nbsp;&nbsp;Withdrawals could significantly reduce the death benefit.<br>Only available in accumulation phase. |
| **Retirement transition benefit** | **Retirement transition benefit** |  |  |
| If your employer's plan allows, you may be able to receive a single-sum payment of up to 10% of the value of any part of an accumulation being converted to a one-life or two-life annuity on the annuity starting date. Such employer plan and 10% limitations do not apply to IRAs.<br>Subject to the provisions under your Contract, you may redeem accumulation units generally not less than $1,000 from one or more of the Accounts prior to annuitization. | Optional | No charge | &nbsp;&nbsp;Subject generally to a minimum amount of $1,000.<br>This benefit will not be available before the earliest date permitted under your employer's plan.<br>The portion of your accumulation available to you in this benefit may be limited by your employer's plan.<br>If you are married and if some or all of your accumulation is subject to ERISA, your right to receive this benefit is subject to the rights of your spouse.<br>Withdrawals may lower your Contract value, will be subject to ordinary tax and may be subject to a premature distribution tax if taken before age 59½. |

---

For more information on death benefits, see the section below. For more information on the retirement transition benefit, see the section entitled "Retirement transition benefit" above.

### Death benefits

#### Choosing beneficiaries
Under CREF Contracts, death benefits are payable to your designated beneficiaries, subject to your employer's plan provisions. When establishing your annuity Contract, you name one or more beneficiaries to receive the death benefit upon your death. You generally retain the right to change beneficiaries at any time prior to your death, and unless specified otherwise, your annuity partner may do the same after your death.

Changing beneficiaries may impact your annuity options, including those already in payment status. Recent tax law changes may require certain designated beneficiaries to receive payment of death benefits within ten years of the year of your death. For more information, see "Taxes."

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#### Amount of death benefit

#### During accumulation phase
If you die during the accumulation phase, the death benefit is the accumulation on the Valuation Day that we authorize payment of the death benefit.

Participants should note that this value fluctuates with market conditions and may be higher or lower than previous valuations at the time of payment.

#### During annuity phase
If you and your annuity partner die during the annuity phase while receiving a fixed period annuity or during a guaranteed period, the death benefit equals the present value of the remaining payments, calculated using a 4% annual interest rate.

#### Investment performance impact on death benefits
Consider an investment scenario where you have contributed a total of $100,000 in premiums. The actual death benefit will directly reflect the investment performance of your chosen Accounts at the time of valuation:

**Positive performance scenario:** If investment performance has been favorable and your accumulation has grown to $110,000, your beneficiaries would receive a death benefit of $110,000.

**Negative performance scenario:** Conversely, if investment performance has been unfavorable and your accumulation has declined to $90,000, your beneficiaries would receive a death benefit of $90,000.

Current and potential participants should understand that death benefits during the accumulation phase are not guaranteed and directly reflect investment results, which may fluctuate significantly based on market conditions. The timing of death benefit processing may also affect the final value. This market-based valuation applies regardless of the total amount of premiums paid into the Contract.

#### Payment of death benefit
To process and disburse a death benefit, TIAA requires all necessary documentation in good order, including proof of death and the selection of payment method. Processing will only commence once all required materials are properly submitted.

State unclaimed property laws may require escheatment of unclaimed proceeds to the state under various circumstances for non-ERISA properties. These regulations vary by jurisdiction and may impact the ultimate disposition of benefits that remain unclaimed.

To prevent benefits from being designated as unclaimed property, participants should maintain current contact information for themselves, insureds, beneficiaries, and other potential payees. This information should include full

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names, postal and email addresses, telephone numbers, dates of birth, and Social Security numbers.

Contact information can be updated through:

&nbsp;&nbsp;&nbsp;&nbsp;● TIAA's website (tiaa.org)—available 24 hours daily

&nbsp;&nbsp;&nbsp;&nbsp;● Written correspondence to TIAA (P.O. Box 1259, Charlotte, NC 28201)

&nbsp;&nbsp;&nbsp;&nbsp;● TIAA's Automated Telephone System (800-842-2252)—available 24 hours for account updates

&nbsp;&nbsp;&nbsp;&nbsp;● Speaking directly with a TIAA consultant during call center hours

Current and potential participants should recognize that outdated contact information may delay benefit payments and potentially result in escheatment of proceeds to state authorities.

#### Methods of payment of death benefits
As a Contract holder, you have the option to designate the method by which death benefits will be paid to your beneficiaries, although most participants defer this decision to their beneficiaries. Should you choose to specify a payment method, you may also restrict beneficiaries from altering your selected method.

CREF reserves the right to reject any payment method selection that would result in initial payments less than $25.

Important considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Your beneficiary designation may restrict available payment options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Federal tax laws may require certain designated beneficiaries to receive payment of death benefits within ten years of your death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Eligible designated beneficiaries may need to satisfy RMD rules.

Current and potential participants should be aware that tax regulations governing death benefit distributions continue to evolve, potentially affecting distribution timelines and tax consequences. Consulting with a qualified tax professional regarding your specific situation is advisable to ensure compliance with current regulations and optimal planning for beneficiaries.

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#### Payments during accumulation phase

#### Available methods of payment for death benefits
CREF currently offers the following payment methods for death benefits from funds in the accumulation phase:

---

| | |
|:---|:---|
| **Payment Option** | **Description** |
| Single-sum payment | The entire death benefit is paid to your beneficiary in one lump sum. |
| One-Life annuity with or without guaranteed period | Death benefit payments continue for the beneficiary's lifetime or through the guaranteed period, subject to current tax regulations.  |
| Annuity for a fixed period | Available under specific Contracts only, this option provides payments for a predetermined number of years, subject to Contract terms and current tax laws.  |
| Minimum distribution payments | Not available under all Contracts, this option allows beneficiaries to receive automatic payments in amounts that satisfy the IRC's minimum distribution payments.  |

---

#### Regulatory considerations
The IRS and Treasury Department have released final regulations effective January 1, 2025, and proposed regulations updating existing minimum distribution requirements for qualified retirement plans, 403(b) plans, 457(b) plans, and IRAs. See "Taxes" for more information. We cannot predict which proposed regulations will become final regulations. Consult your qualified tax advisor for more information. Participants should be aware that these regulations may impact available death benefit payment options and timing requirements.

#### Payment frequency
Death benefits are typically paid monthly, except for single-sum payments. However, beneficiaries may elect to receive payments quarterly, semiannually, or annually.

#### Payments during annuity phase
If you and your annuity partner die during the annuity phase, your beneficiary can choose to receive any remaining guaranteed periodic payments due under your Contract (although federal tax laws may require payment within ten years to avoid excise tax). Alternatively, your beneficiary can choose to receive the commuted value of those payments in a single sum unless you have indicated otherwise. The amount of the commuted value will be different from the total of the periodic payments that would otherwise be paid.

Ordinarily, death benefits are subject to federal tax. If taken as a single-sum payment, death benefits would be taxed like complete withdrawals. If taken as annuity benefits, the death benefit would be taxed like annuity payments. For more information, see the discussion under "Taxes" below, and the SAI.

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#### Your spouse's right to death benefits

#### Overview of spousal rights
Your spouse may have statutory rights to death benefits that can override your beneficiary designations. Federal law may require a portion of the death benefit be paid to your spouse if you are married even if you have named another beneficiary. If you die without naming a beneficiary, benefits not payable to your spouse will generally go to your estate, unless your employer's plan specifies otherwise.

#### Applicable plans
Spousal rights apply if you are married and all or part of your accumulation is attributable to contributions made under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An employer plan subject to ERISA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An employer plan that provides for spousal rights to benefits.

To the extent required by the IRC, ERISA, or your employer's plan terms, your benefit choices are restricted by your spouse's rights as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● **Spouse's survivor retirement benefit:** If you are married on your annuity starting date, your income benefit must be paid under a two-life annuity with your spouse as second annuitant.

&nbsp;&nbsp;&nbsp;&nbsp;● **Spouse's survivor death benefit:** If you die during the Accumulation Phase/before your annuity starting date and your spouse survives you, your spouse may be entitled to receive a death benefit. Under an employer plan subject to ERISA, your spouse has the right to at least 50% of any accumulation attributable to contributions under such plans. Under other employer plans, your spouse may be entitled to the amount stipulated in the plan.

Your spouse may consent to a waiver of his or her rights to these benefits.

#### Waiver of spousal rights to death benefits
To the extent required by the IRC, ERISA, or your employer's plan terms, your spouse must consent to a waiver of his or her rights to survivor benefits before you can choose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● an income option other than a two-life annuity with your spouse as second annuitant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● beneficiaries who are not your spouse for more than the percentage of the death benefit allowed by the employer plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a retirement transition benefit.

Your spouse may consent to waive these rights. For such a waiver to be valid:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● It must be received by CREF in satisfactory form

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● It must include your spouse's consent or verification that your spouse cannot be located

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● It must comply with IRC and ERISA requirements or applicable provisions of your employer's plan

A waiver of the survivor death benefit may not be effective if made before the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The plan year in which you reach age 35; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Your severance from employment.

CREF may require verification of your marital status in a satisfactory form. You may revoke a waiver of your spouse's rights at any time during your lifetime before the annuity starting date. Your spouse cannot revoke consent to a waiver once it is been given.

#### Other features of the Contract

---

| | | | |
|:---|:---|:---|:---|
| **Name of feature <br> Purpose** | **Standard/<br>Optional** | **Maximum fee** | **Brief description of restrictions/limitations** |
| **Internal transfers** |  |  |  |
| Subject to the provisions under your Contract, you may internally transfer accumulation units generally not less than $1,000 from one Account to another Account or to your companion TIAA contract. | Optional | No charge | &nbsp;&nbsp;Subject generally to a minimum amount of $1,000.<br>Internal transfers may be restricted to not more than one in a calendar quarter. |
| **Systematic withdrawals** |  |  |  |
| Subject to the provisions under your Contract, you may redeem accumulation units generally not less than $100 from one or more of the Accounts on a systematic basis. | Optional | No charge | &nbsp;&nbsp;Subject generally to a minimum amount of $100.<br>May be paid semi-monthly, monthly, quarterly, semiannually, or annually.<br>If you are married and some or all of your accumulation is subject to ERISA, your right to receive a single-sum benefit is subject to the rights of your spouse.<br>Withdrawals may lower your Contract value, will be subject to ordinary income tax and may be subject to a premature distribution tax if taken before age 59½. |

---

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---

| | | | |
|:---|:---|:---|:---|
| **Name of feature <br> Purpose** | **Standard/<br>Optional** | **Maximum fee** | **Brief description of restrictions/limitations** |
| **Systematic internal transfers** | **Systematic internal transfers** |  |  |
| Subject to the provisions under your Contract, you may internally transfer accumulation units generally not less than $100 from one Account to another Account or to your companion TIAA contract on a systematic basis. | Optional | No charge | &nbsp;&nbsp;Subject generally to a minimum amount of $100.<br>Internal transfers may be scheduled semimonthly, monthly, quarterly, semiannually, or annually. |
| **Systematic withdrawals to pay financial advisory fees** | **Systematic withdrawals to pay financial advisory fees** | **Systematic withdrawals to pay financial advisory fees** |  |
| Subject to the provisions under your Contract and in certain situations, as agreed to between you and a registered investment advisor, you can set up a program to have money withdrawn directly from your Contract to pay your advisor. | Optional | No charge | &nbsp;&nbsp;We will not assess a charge for the withdrawal of these advisory fees.<br>Withdrawals may lower your Contract value.<br>You should consult a qualified tax advisor regarding the tax treatment of the payment of advisor fees from your Contract.<br>Such withdrawals may occur monthly, quarterly, semiannually, or annually and are transacted at the current accumulation unit value of the specified Investment Account. |

---

### T axes
The following discussion is based on current federal income tax laws and relevant regulations issued by the Department of the Treasury. This section is for general informational purposes only, and it does not cover every situation. You should consult a qualified tax professional for advice before executing any transaction involving a Contract.

During the accumulation phase, premiums paid in before-tax dollars, employer contributions, and earnings attributable to these amounts are not taxed until they are withdrawn. Annuity payments, single-sum withdrawals, systematic withdrawals, and death benefits are usually taxed as ordinary income. When withdrawn, premiums paid in after-tax dollars are not taxable, but earnings attributable to these amounts are taxable unless those amounts are contributed as Roth IRA contributions or Roth after-tax contributions to a 401(a), 403(b), or governmental 457(b) plan and certain criteria are met before the amounts (and income on the amounts) are withdrawn. Death benefits are usually also subject to federal estate and state estate or inheritance taxation.

Generally, transfers between qualified retirement plans and between 403(b) plans are not taxed or treated as a rollover. Transfers among the Accounts also are not taxed.

If you receive a distribution from an IRA for the purposes of a rollover, only one rollover between IRAs is permitted in a 12-month period. The 12-month restriction

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period applies to the aggregate of all the taxpayer's IRAs, effectively treating them as one IRA for purposes of the limit. Please consult your qualified tax advisor for more information before making any IRA rollover.

Generally, contributions you can make under an employer's plan are limited by federal tax laws. For 2026, employee voluntary salary reduction contributions and Roth after-tax contributions to 403(b) and 401(k) plans are limited, collectively, to $24,500 per year ($32,500 per year if you are age 50 or older). Certain long-term employees may be able to defer additional amounts in a 403(b) plan. 2025 contributions to Traditional IRAs and Roth IRAs, other than rollover contributions, cannot generally exceed $7,000 per year ($8,000 per year if you are age 50 or older). 2026 contributions to Traditional IRAs and Roth IRAs, other than rollover contributions, cannot generally exceed $7,500 per year ($8,600 per year if you are age 50 or older).

The maximum contribution limit to a 457(b) non-qualified deferred compensation plan for employees of state and local governments is $24,500 ($32,500 if you are age 50 or older). Special catch-up rules may permit a higher contribution in one or more of the last three years prior to an individual's normal retirement age under the plan.

Note: The dollar amounts listed above are for 2026—different dollar limits may apply in future years. Beginning in 2025, SECURE 2.0 increases the basic catch-up contribution limit to a 401(k) plan or 403(b) plan or to most 457 plans, for an individual who reaches age 60 to 63 in the plan year, to $11,250, allowing these retirement plan participants to save more for retirement. For more information on your specific maximum contribution limit, you should consult your qualified tax advisor.

**Early distributions:** If you want to withdraw funds or begin receiving income from any 401(a), 403(a), or 403(b) retirement plan or an IRA before you reach age 59½, you may have to pay an additional 10% early distribution tax on the taxable amount in addition to applicable federal and state income taxes. In general, however, there is no premature distribution tax on distributions from 401(a), 403(a), or 403(b) retirement plans or an IRA (1) made on or after the taxpayer reaches age 59½; (2) made on or after the death of the Contract owner; (3) attributable to the taxpayer's becoming disabled; or (4) made as part of a series of substantially equal periodic payments for the life (or life expectancy) of the taxpayer. As enacted under SECURE 2.0 (see "Enacted tax legislation"), the substantially equal periodic payments exception continues to apply in the case of a rollover of a retirement account or application of a retirement account to an annuity making distributions that satisfy the RMD rules. This is effective for transfers, rollovers, exchanges, and annuity distributions. Other exceptions may be applicable under certain circumstances, such as distributions made in cases of financial hardship or unforeseeable emergencies or in connection with a qualified birth or adoption or terminal illness, and special rules may be applicable in connection with the exceptions enumerated above. Consult your qualified tax advisor for more information.

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Roth IRA distributions that do not meet the definition of a "qualified distribution" under the IRC are includible in gross income and may be subject to the 10% premature distribution tax. The rules concerning Roth IRA distributions are complex—consult your qualified tax advisor for more information.

**Minimum distribution requirements:** In most cases, for employer-sponsored retirement plans, your minimum distributions from qualified Contracts (RMDs) must begin by your required beginning date of April 1 of the year following the calendar year in which you reach your RMD Applicable Age (or retirement, if later for employer retirement plan accounts). For Traditional IRAs (other than Roth IRAs), and with respect to 5% or more owners of the business covered by a Keogh plan, your required beginning date is April 1 of the year following the calendar year in which you reach your RMD Applicable Age. Other minimum distribution requirements apply to beneficiaries of deceased participants.

Your RMD Applicable Age is age 70½ if you were born before July 1, 1949; age 72 if you were born on or after July 1, 1949, or in 1950; age 73 if you were born between 1951 and 1959; and age 75 if you were born on or after 1960.

Under the terms of certain retirement plans, the plan administrator may direct CREF to make the RMD required by law even if you do not elect to receive it. In addition, if you do not begin RMDs on time, you may be subject to an excise tax of up to 25% on the amount you should have received but did not. If a failure to take a RMD is corrected within a correction window, the excise tax on the failure is reduced to 10%. Roth IRAs and designated Roth accounts under employer plans are not subject to RMD during your lifetime. You are responsible for requesting distributions that comply with the minimum distribution rules. Please consult your qualified tax advisor for more information.

With respect to the death of a participant or an IRA owner, the general rule for most non-spouse beneficiaries requires full distribution to an individual non-spouse beneficiary within a 10-year period after the year of the participant's death. If a participant's death occurs after the participant's required beginning date, the non-spouse beneficiary must continue to take RMDs at least as rapidly as the decedent during the first nine years of the 10-year period. Certain exceptions apply to "eligible designated beneficiaries," which include spouses, disabled and chronically ill individuals (or a trust for their benefit); a minor child of the participant until the child reaches the age of majority (21 years of age); and anyone else who is older than or not more than ten years younger than the participant. An eligible designated beneficiary is generally able to satisfy the minimum distribution requirements by "stretching" payouts over the beneficiary's life expectancy. Final regulations address many of the outstanding issues concerning interpretation of SECURE 2.0 (see "Enacted tax legislation"). Surviving spouses may elect to determine RMD in the same manner as the deceased participant using the Uniform Lifetime Table. Proposed regulations were issued alongside the final regulations to address the RMD of surviving spouses and certain other outstanding RMD issues under the final regulations.

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We cannot predict which proposed regulations will become final regulations. Consult your qualified tax or legal advisor for more information.

After a first beneficiary dies, the 10-year distribution period would generally apply to the beneficiary of the first deceased beneficiary. Generally, the second-generation beneficiary is also required to continue RMDs at least as rapidly for the remainder of the 10-year distribution period. The federal tax law also applies to one-life, two-life, and fixed period annuities.

**Withholding on distributions:** If CREF pays an "eligible rollover" distribution directly to you, federal law requires CREF to withhold 20% from the taxable portion. However, if CREF rolls over such a distribution directly to an IRA or employer plan, CREF does not withhold any federal income tax. The 20% mandatory withholding also does not apply to certain types of distributions that are not considered eligible rollovers, such as payments from IRAs, lifetime annuity payments, or minimum distribution payments.

For the taxable portion of distributions other than eligible rollover distributions, CREF will usually withhold federal income taxes unless you instruct CREF not to do so, and you are eligible to opt out of withholding. However, if you tell CREF not to withhold but it does not have the appropriate withholding election certificate on file, then CREF is still required to withhold taxes on the distribution. These rules also apply to distributions from governmental 457(b) plans. In general, all amounts received under a private 457(b) plan are taxable and subject to federal income tax withholding as wages. Nonresident non-citizens of the United States who pay U.S. taxes are subject to different withholding rules.

**Premium taxes**: Some states assess premium taxes on the qualified annuity contract premiums paid under the Contract (for example, IRA, 403(b), or 401(k)). We will deduct the total amount of premium taxes, if any, from your accumulation based on current state insurance laws, subject to the provisions of your Contract, and our status in the state. Generally, where charged, the premium taxes range from 0% to 1% on qualified annuity contract premiums depending on the state.

#### Special rules for after-tax Retirement Annuities
*If you paid premiums directly to an RA and the premiums are not subject to your employer's retirement plan, or if you have been issued an ATRA Contract, the following general discussion describes CREF's understanding of current federal income tax law that applies to these accumulations. This discussion does not apply to premiums paid on your behalf under the terms of your employer's retirement plan. It also does not cover every situation and does not address all possible circumstances.*

**In general:** These annuities are generally not taxed until distributions occur. When distributions occur, they are taxed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● Withdrawals, including withdrawals of the entire accumulation under the Contract, are generally taxed as ordinary income to the extent that the Contract's value is more than your investment in the Contract (in other words*,* what you have paid into it).

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&nbsp;&nbsp;&nbsp;&nbsp;● Annuity payments are generally treated in part as taxable ordinary income and in part as non-taxable recovery of your investment in the Contract until you recover all your investment in the Contract. After that, annuity payments are taxable in full as ordinary income.

**Required distributions:** In general, if you die after you start your annuity payments but before the entire interest in the annuity Contract has been distributed, the remaining portion must be distributed at least as quickly as under the method in effect on the date of your death. If you die before your annuity payments begin, the entire interest in your annuity Contract generally must be distributed within five years after your death or be used to provide payments that begin within one year of your death and made for the life of your designated beneficiary or for a period not extending beyond the life expectancy of your designated beneficiary. CREF has issued an endorsement to your Contract that clarifies the wording in provisions concerning required distributions. The "designated beneficiary" refers to a natural person you designate and to whom ownership of the Contract passes because of your death. However, if the designated beneficiary is your surviving spouse, your surviving spouse can continue the annuity Contract as the new owner.

**Death benefit proceeds:** Death benefit proceeds are taxed like withdrawals of the entire accumulation in the Contract if distributed in a single sum and are taxed like annuity payments if distributed as annuity payments. Your beneficiary may be required to take death benefit proceeds within a certain time period.

**Premature distribution tax on certain distributions:** You may have to pay a premature distribution tax (10% of the amount treated as taxable income) on distributions you take prior to age 59½. In general, however, there is no premature distribution tax on distributions (1) made on or after the taxpayer reaches age 59½, (2) made on or after the death of the Contract owner, (3) attributable to the taxpayer becoming disabled, or (4) made as part of a series of substantially equal periodic payments for the life (or life expectancy) of the taxpayer. As enacted under SECURE 2.0 (see "Enacted tax legislation"), the exception continues to apply in the case of an exchange of an annuity providing the payments or application of an account to an annuity making payments that, if applicable, would have satisfied RMD rules. Other exceptions may be applicable under certain circumstances and special rules may be applicable in connection with the exceptions enumerated above. You should consult a qualified tax advisor for information about those exceptions.

**Medicare tax:** Distributions from after-tax Contracts (such as ATRA Contracts) may be considered "investment income" for purposes of the Medicare tax on investment income. Thus, in certain circumstances, a 3.8% tax may be applied to some or all of the taxable portion of distributions (earnings) to individuals whose income exceeds certain threshold amounts ($200,000 for filing single, $250,000 for married filing jointly and $125,000 for married filing separately). Please consult a qualified tax advisor for more information.

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**Withholding:** Annuity distributions are generally subject to federal income tax withholding but most recipients can usually elect not to have the tax withheld. Unnecessary withholdings, delays in payment while we attempt to verify information and other adverse tax and financial consequences may result if you or your beneficiary do not provide us with a valid Social Security number or other taxpayer identification number, or if the taxpayer fails to properly complete and execute tax-related forms and certifications required to process distributions and administer your Contract.

**Certain designations or exchanges:** Designating an annuitant, payee, or other beneficiary, or exchanging a Contract, may have tax consequences that should be discussed with a qualified tax advisor before you engage in any of these transactions.

**Multiple contracts:** All non-qualified deferred annuity Contracts issued by CREF and certain of its affiliates to the same owner during a calendar year must generally be treated as a single Contract in determining when and how much income is taxable and how much income is subject to the 10% premature distribution tax (see above).

**Diversification requirements:** The investments of each Account must be "adequately diversified" in order for the ATRA Contracts to be treated as annuity Contracts for federal income tax purposes. It is intended that each Account (other than the Inflation-Linked Bond Account) will satisfy these diversification requirements. We believe the CREF Money Market Account is exempt from otherwise applicable diversification testing under the safe harbor for "government money market funds," as provided in IRS Notice 2016-32. There are restrictions on the investment choices of Contracts in the Inflation-Linked Bond Account—see the discussion below under "Tax consequences of allocating to the CREF Inflation-Linked Bond Account under a CREF annuity for self-remitted non-qualified funds."

**Owner control:** In certain circumstances, owners of non-qualified variable annuity Contracts have been considered for federal income tax purposes to be the owners of the assets of the separate account supporting their Contracts due to their ability to exercise investment control over those assets. When this is the case, the Contract owners have been currently taxed on income and gains attributable to the variable account assets. While CREF believes the ATRA Contracts do not give you investment control over assets in the Accounts or any other separate account underlying your ATRA Contract, CREF reserves the right to modify the ATRA Contracts as necessary to prevent you from being treated as an owner of the assets in an Account.

**Premium taxes**: Some states, Puerto Rico and the District of Columbia assess premium taxes on the nonqualified annuity contract premiums paid under the Contract. We will deduct the total amount of premium taxes, if any, from your accumulation based on current state insurance laws, subject to the provisions of your Contract and our status in the state. Generally, the premium taxes range

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from 0% to 3.5% on non-qualified annuity contract premiums depending on the state.

Please consult a qualified tax advisor for more information in relationship to the facts surrounding your personal financial situation.

#### Federal estate, gift, and generation-skipping transfer taxes
The value of an annuity Contract owned by a decedent and payable to a beneficiary by virtue of surviving the decedent is included in the decedent's gross estate. Depending on the terms of the annuity Contract, the value of the annuity included in the gross estate may be the value of the single-sum payment payable to the designated beneficiary or the actuarial value of the payments to be received by the beneficiary. Consult an estate planning advisor for more information.

Under certain circumstances, the IRC may impose a generation-skipping tax (GST) when all or part of an annuity Contract is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Contract owner. Regulations issued under the IRC may require us to deduct the tax from your Contract, or from any applicable payment, and pay it directly to the IRS. For 2026, the federal estate tax, gift tax, and GST exemptions and maximum rates are $15,000,000 and 40%, respectively. The potential application of these taxes underscores the importance of seeking guidance from a qualified advisor to help ensure your estate plan adequately addresses your needs and those of your beneficiaries under all possible scenarios.

#### Special rules for withdrawals to pay advisory fees
If you have arranged for us to pay advisory fees to your financial advisor from your accumulations, those partial withdrawals generally will not be treated as taxable distributions as long as:

&nbsp;&nbsp;&nbsp;&nbsp;● The payment is for expenses that are ordinary and necessary

&nbsp;&nbsp;&nbsp;&nbsp;● The payment is made from a Section 401 or 403 retirement plan or an IRA

&nbsp;&nbsp;&nbsp;&nbsp;● Your financial advisor's payment is only made from the accumulations in your retirement plan or IRA, as applicable, and not directly by you or anyone else, under the agreement with your financial advisor

&nbsp;&nbsp;&nbsp;&nbsp;● Once advisory fees begin to be paid from your retirement plan or IRA, as applicable, you continue to pay those fees solely from your plan or IRA, as applicable, and not from any other source

However, withdrawals to pay advisory fees to your financial advisor from your accumulations under an ATRA Contract will be treated as taxable distributions. The IRS has privately ruled that withdrawals to pay advisory fees under some insurers' nonqualified Contracts will not be treated as taxable distributions. TIAA did not obtain a ruling of this type for the ATRA Contract, and the Contract has not been changed to prepare for such a ruling request. You should consult a

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qualified tax advisor as to whether you may exclude from income advisory fees paid to your financial advisor from ATRA Contracts.

#### Residents of Puerto Rico
The IRS's current position is that income received by residents of Puerto Rico from a nonqualified annuity issued by a U.S. insurer is U.S.-source income that is generally subject to U.S. federal income tax.

#### Annuity purchases by nonresident noncitizens of the United States and foreign corporations
The discussion above provides general information regarding U.S. federal income tax consequences to annuity purchasers who are U.S. citizens or residents. Purchasers who are not U.S. citizens or residents will generally be subject to U.S. federal withholding tax on taxable distributions from annuity Contracts at a 30% rate, unless a lower treaty rate applies. In addition, purchasers may be subject to state and/or municipal taxes and taxes that may be imposed by the purchaser's country of citizenship or residence. Prospective purchasers are advised to consult with a qualified tax advisor regarding U.S., state, and foreign taxation with respect to an annuity Contract purchase.

#### Foreign tax credits
CREF may benefit from any foreign tax credits attributable to taxes paid by certain funds to foreign jurisdictions to the extent permitted under federal tax law.

#### Tax consequences of allocating to the CREF Inflation-Linked Bond Account under a CREF annuity for self-remitted nonqualified funds
If you have a CREF Contract set up only to receive self-remitted nonqualified funds (in other words*,* money that is not part of a pension plan you remit to CREF directly) and you allocate any such funds to the CREF Inflation-Linked Bond Account, then earnings, if any, on your total accumulation under the Contract are not eligible for tax deferral. Therefore, you may be required to pay taxes on such earnings when you allocate funds under the Contract to the Inflation-Linked Bond Account.

#### Other tax consequences
**Definition of spouse under federal law.** A person who meets the definition of "spouse" under federal law may avail themselves to certain rights and benefits under the Contract. Any right of a spouse made available to continue the Contract and all Contract provisions relating to spouses and spousal continuation are available only to a person who meets the definition of "spouse" under federal law. IRS guidance provides that civil unions and domestic partnerships that may be recognized under state law are not marriages unless denominated as such.

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The impact of the Respect for Marriage Act, which provides certain protections for interracial and same-sex marriages, on IRS guidance regarding civil unions and domestic partnerships is uncertain. Consult a qualified tax advisor for more information on this subject.

**Enacted tax legislation.** SECURE 2.0 was signed into law under Division T of the Consolidated Appropriations Act of 2023. Certain Act provisions are effective in 2026 or later years. On July 4, 2025, Congress enacted the One Big Beautiful Bill Act, Public Law 119-21. This law did not specifically address taxation of annuity contracts. However, the Act concerns individual tax rates and expiring individual tax provisions, among many other individual tax provisions, and is likely to affect your personal tax situation. One such provision is the increase to the federal estate tax, gift tax and GST tax exemptions (see "Federal estate, gift and generation-skipping transfer taxes"). You should consult a tax advisor with respect to these legislative developments.

**Possible tax law changes.** There is always the possibility that the tax treatment of your Contract could change by legislation or otherwise. However, the timing and nature of legislative changes is uncertain. Consult a qualified tax advisor with respect to legislative developments and their effect on your Contract. We have the right to modify the Contract in response to legislative changes that could otherwise diminish the favorable tax treatment annuity Contract owners currently receive. We make no guarantee regarding the tax status of any Contract, and the above discussion does not constitute tax advice.

#### Additional information
**Spouse's rights to benefits**. If you are married and have accumulations attributable to contributions made under either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An employer plan subject to ERISA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● An employer plan that provides for spousal rights to benefits

Only to the extent required by the IRC or ERISA or the terms of your employer plan, will your rights to choose certain benefits be restricted by the rights of your spouse to benefits as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Spouse's survivor retirement benefit.** If you are married on your annuity starting date, your income benefit must be paid under a two-life annuity with your spouse as the second annuitant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Spouse's survivor death benefit.** If you die during the Accumulation Phase/before your annuity starting date and your spouse survives you, your designated beneficiary's receipt of death benefits may be subject to your spouse's rights. Under ERISA plans, your spouse is entitled to at least 50% of any accumulation attributable to contributions made under such plans. Under other employer plans, your spouse may be entitled to the death benefit amount specified in the plan.

Your spouse may consent to waive these benefit rights.

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**Legal proceedings. Neither CREF, TCIM, nor Services are involved in any legal action that we consider likely to have a material adverse effect on CREF, the ability of CREF to meet its obligations under the Contracts, or the ability of TCIM or Services to perform its Contract with CREF.**

#### Financial statements. CREF's financial statements have been incorporated by reference into this Prospectus and are incorporated by reference into the SAI.
**Customer complaints.** Customer complaints may be directed to TIAA Customer Care, P.O. Box 1259, Charlotte, NC 28201-1259, telephone 800-842-2252.

**Choices and changes.** Certain changes or elections (such as changing income options or making cash withdrawals) require written notice in good order submitted to our home office or designated location. Beneficiary changes are effective as of the date signed, even if the signer subsequently dies. All other changes become effective on the date they are received in good order.

**Telephone and internet transactions.** The TIAA website (**tiaa.org**) provides 24-hour account access for checking balances, viewing allocations, transferring between accounts, and allocating future premiums. The Automated Telephone System (**800-842-2252**) offers 24-hour balance information and account updates. These services require proper identification through PIN and Social Security number verification.

TIAA employs reasonable security procedures for online and telephone instructions. However, we may not be liable for fraudulent transactions if these procedures are followed. All electronic and telephone transactions are recorded. TIAA reserves the right to suspend or terminate electronic transaction capabilities at any time, and these services may occasionally be unavailable.

**Your voting rights.** As an Account participant, you may vote to elect CREF Trustees and on matters requiring participant votes, including changes to investment objectives and fundamental policies. Voting rights are based on accumulation unit values or annuity unit values credited to your account on the record date. For matters affecting only specific Account(s) or class(es), only participants holding those Accounts or classes may vote.

#### Additional provisions
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Electronic prospectuses:** Free paper copies are available by calling 877-518-9161.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Contract assignment:** Generally, CREF Contracts cannot be assigned to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Errors or omissions correction:** We reserve the right to correct errors or omissions on any form, report, or statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **GA Contracts:** If a GA Contract is issued pursuant to your plan, the rules relating to transferring and withdrawing your money, receiving any annuity income or death benefits and the timing of payments may be

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different, and are determined by your plan. Contact your employer or plan administrator for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Texas Optional Retirement Program:** If you are in the Texas Optional Retirement Program, you (or your beneficiary) can redeem some or all of your accumulation only if you retire, die or leave your job in the state's public institutions of higher education.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Householding:** Only one copy of documents will be sent per household—request individual copies by calling 877-518-9161.

### Appendix A: Accounts available under the Contract
The following is a list of the Accounts available under the Contract. Not all Accounts may be available under the terms of your employer's plan. You may only invest in those Accounts available under the terms of your employer's plan and this Prospectus.

More information about the Accounts is available below and also can be requested at no cost by following the instructions on the back cover page. The current expenses and performance information below reflect Contract fees and expenses that are paid by each investor in CREF Class R3 units, but does not reflect the impact of any advisory fees paid to financial intermediaries or TIAA plan pricing arrangements (as discussed in further detail in the section entitled "Information from TIAA: TIAA plan pricing, employer plan fees and potential transfer fees" above). If such charges were reflected, the fees and expenses would be higher. Each Account's past performance is not necessarily an indication of future performance.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Average annual total returns <br>12/31/2025 (Class R3)** | **Average annual total returns <br>12/31/2025 (Class R3)** | **Average annual total returns <br>12/31/2025 (Class R3)** |
| <br>**Investment objective** | <br>**Account <br>Adviser** | <br>**Current <br>expenses <br>(Class R3****)** | **One <br>year** | **Five <br>years** | **Ten <br>years** |
| Seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks. | **Total Global Stock Account <br>TCIM** | 0.245% | 21.46% | 10.94% | 11.89% |
| Seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks. | **Global Equities Account <br>TCIM** | 0.235 | 21.67 | 11.10 | 11.85 |
| Seeks a favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth. | **Growth Account <br>TCIM** | 0.205 | 16.81 | 12.92 | 16.23 |
| Seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index. | **S&P 500 Index Account <br>TCIM** | 0.170 | 17.11 | 13.02 | 14.10 |
| Seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital. | **Core Bond Account <br>TCIM** | 0.220 | 7.50 | 0.07 | 2.42 |
| Seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds—fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond. | **Inflation-Linked Bond Account <br>TCIM** | 0.170 | 7.19 | 2.72 | 3.35 |
| Seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria. | **Responsible Balanced Account <br>TCIM** | 0.215 | 15.03 | 6.49 | 8.23 |
| Seeks high current income consistent with maintaining liquidity and preserving capital. | **Money Market Account <br>TCIM** | 0.165 | 4.20 | 3.09 | 1.99 |

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### Appendix B: Additional information about the Accounts available under the Contract

#### Your investment options

#### Overview of the Accounts
Currently, CREF has eight investment portfolios, or Accounts, which are divided into several categories reflecting different investment management strategies. Not all Accounts may be available under the terms of your employer's

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plan. You may only invest in those Accounts available under the terms of your employer's plan and this Prospectus.

They are:

#### Equity Accounts:
&nbsp;&nbsp;&nbsp;&nbsp;● Total Global Stock Account

&nbsp;&nbsp;&nbsp;&nbsp;● Global Equities Account

&nbsp;&nbsp;&nbsp;&nbsp;● Growth Account

#### Index Account:
&nbsp;&nbsp;&nbsp;&nbsp;● S&P 500 Index Account

#### Fixed-Income Accounts:
&nbsp;&nbsp;&nbsp;&nbsp;● Core Bond Account

&nbsp;&nbsp;&nbsp;&nbsp;● Inflation-Linked Bond Account

#### Specialty/Balanced Account:
&nbsp;&nbsp;&nbsp;&nbsp;● Responsible Balanced Account

#### Money Market Account:
&nbsp;&nbsp;&nbsp;&nbsp;● Money Market Account

CREF's goal is to provide retirement benefits. CREF has a long-term investment perspective and the Accounts provide a wide range of investment alternatives. Each Account has its own investment objective, policies and special risks. The investment objective of an Account cannot be changed without the approval of a majority of Account participants. CREF can change investment policies without such approval. There is no guarantee that any Account will meet its investment objective.

Each of the Total Global Stock, Global Equities, S&P 500 Index, Core Bond, Inflation-Linked Bond and Responsible Balanced Accounts has a policy of investing, under normal circumstances, at least 80% of its respective assets (net assets, plus the amount of any borrowings for investment purposes) in certain securities implied by its name, including such terms as "equity" and "index." Each of these Accounts will provide its participants with at least 60 days' prior notice before making changes to this policy. The Accounts are not appropriate for market timing. You should not invest in the Accounts if you are a market timer.

#### Equity Accounts

#### Total Global S tock Account
**Investment Objective:** A favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks.

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**Principal Investment Strategies:** Under normal circumstances, the Total Global Stock Account invests at least 80% of its assets in a broadly diversified portfolio of common stocks. CREF's investment adviser, TCIM, typically uses a combination of fundamental active management, quantitative, and indexing investment strategies to manage the Account. TCIM invests the Account's assets in both domestic and foreign securities to achieve the Account's investment objective. TCIM seeks to achieve the Account's overall investment objective by managing the Account in segments, each of which may use one of these different investment strategies. The Account's benchmark index is the MSCI All Country World Index Investable Market Index (the "MSCI ACWI IMI Index").

A majority of the Account is managed using a fundamental active management investment strategy. With active management, TCIM looks for stocks that it believes are attractively priced based on an analysis of the company's prospects for growth in earnings, cash flow, revenues or other relevant measures. TCIM also looks for companies whose assets appear undervalued in the market. In general, TCIM focuses on companies with shareholder-oriented management dedicated to creating shareholder value. The Account may invest in companies of any size, including small companies.

A portion of the Account is managed using a quantitative strategy. With quantitative strategies, TCIM may use several different investment techniques to build a portfolio of stocks that is structured to resemble and share the risk characteristics of various segments of the benchmark index, while also seeking to outperform that benchmark index. Quantitative strategies often employ proprietary, quantitative modeling techniques for stock selection, country allocation and portfolio construction. Quantitative analysis involves the use of mathematical models and computer and other programs that attempt to outperform the index by over- and underweighting certain stocks in the index.

A portion of the Account is managed using an index strategy. This portion of the Account is designed to track the Account's benchmark index, and will attempt to closely match the overall investment characteristics of such index.

The Account invests in foreign stocks and other equity securities. The Account also may invest in fixed-income securities and money market instruments traded on foreign exchanges or in other foreign securities markets, or that are privately placed. Foreign securities have different types and levels of risk than domestic securities. The Account will also invest a portion of its foreign investments in emerging market securities and, to a lesser extent, foreign developed market small-cap equities. Under normal circumstances, the Account seeks to maintain the weightings of its holdings as approximately 60%–70% domestic equities and 30%–40% foreign equities. Under normal circumstances, the foreign equities portion of the Account will include investments in both developed and emerging market securities and in securities of large-, mid- and small-capitalization issuers. Normally, the Account will be invested in at least three different countries, one of which will be the United States, although the Account will usually be more diversified. As of December 31, 2025, the market value of the Account was

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divided as indicated below among U.S., foreign developed and foreign emerging market securities:

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| | | | |
|:---|:---|:---|:---|
| ![](img_c3a12bb95cc24m2.jpg) |  |  |  |
| ![](img_c3a12bb95cc24m2.jpg) | ![](img_37cb6fdc79264m2.jpg) | 64.8% | United States  |
| ![](img_c3a12bb95cc24m2.jpg) | ![](img_eab42e60a5114m2.jpg) | 23.5% | Foreign developed markets |
| ![](img_c3a12bb95cc24m2.jpg) | ![](img_dea9f3b7334b4m2.jpg) | 11.7% | Foreign emerging markets |
| ![](img_c3a12bb95cc24m2.jpg) |  |  |  |

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For a discussion of additional risks concerning investments in foreign securities, see "Additional information about investment strategies and risks" below.

Within the Account's globally diversified, multi-investment style strategy, the Account allocates assets to a variety of underlying investment strategies. The allocations to such strategies, including domestic or foreign investments in mega-cap, large-cap, mid-cap and small-cap and various industry sector specializations, may change over time. As of December 31, 2025, the equity investments of the Account were divided among issuers with varying market capitalizations as indicated below:

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| | | | |
|:---|:---|:---|:---|
| ![](img_24123aadaf034m2.jpg) |  |  |  |
| ![](img_24123aadaf034m2.jpg) | ![](img_37cb6fdc79264m2.jpg) | 72.1% | Mega-cap: more than $50 billion |
| ![](img_24123aadaf034m2.jpg) | ![](img_eab42e60a5114m2.jpg) | 14.2% | Large-cap: more than $15 billion–$50 billion |
| ![](img_24123aadaf034m2.jpg) | ![](img_dea9f3b7334b4m2.jpg) | 10.9% | Mid-cap: more than $2 billion–$15 billion |
| ![](img_24123aadaf034m2.jpg) | ![](img_25443df022744m2.jpg) | 2.8% | Small-cap: $2 billion or less |

---

See "More about benchmarks and other indices" below for information about the Total Global Stock Account's benchmark index.

**Principal Investment Risks:** The Account is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;● market risk/information technology sector risk;

&nbsp;&nbsp;&nbsp;&nbsp;● issuer risk (often called financial risk);

&nbsp;&nbsp;&nbsp;&nbsp;● foreign investment risk;

&nbsp;&nbsp;&nbsp;&nbsp;● emerging markets risk;

&nbsp;&nbsp;&nbsp;&nbsp;● index risk;

&nbsp;&nbsp;&nbsp;&nbsp;● active management risk;

&nbsp;&nbsp;&nbsp;&nbsp;● quantitative analysis risk;

&nbsp;&nbsp;&nbsp;&nbsp;● large-cap risk;

&nbsp;&nbsp;&nbsp;&nbsp;● mid-cap risk; and

&nbsp;&nbsp;&nbsp;&nbsp;● small-cap risk.

Investing in securities traded on foreign exchanges or in foreign markets involves risks beyond those of domestic investing. These include political or social instability, changes in currency rates and the possible imposition of market controls or currency exchange controls. These risks may be enhanced

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with respect to investments in emerging markets. Also, seeking enhanced results relative to an index may cause that portion of the Account that is managed using a quantitative strategy to underperform the index. Furthermore, because of the Account's size, it may be buying or selling blocks of stock that are large compared to the stock's trading volume, making it difficult to reach the positions called for by TCIM's investment decisions and/or affecting the stock's price. As a result, TCIM may not be able to adjust the portfolio as quickly as it would like. The Account may also be subject to market timing risk due to "stale price arbitrage," in which an investor seeks to take advantage of the perceived difference in price from a foreign market closing price. If not mitigated through effective policies, market timing can interfere with efficient portfolio management and cause dilution. The Account has in place policies and procedures that are designed to reduce the risk of market timing in the Account.

As with any investment, you can lose money by investing in this Account.

**Who May Want to Invest:** The Total Global Stock Account may be best for individuals who have a longer time horizon, think stocks will perform well over time and want to invest in a broadly diversified foreign and domestic stock portfolio.

See "Principal risks of investing in the Accounts" below and "Additional information about investment strategies and risks" below for more information.

#### G lobal Equities Account
**Investment Objective:** A favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks.

**Principal Investment Strategies:** Under normal circumstances, the Global Equities Account invests at least 80% of its assets in equity securities of foreign and domestic companies. As an actively managed strategy, the portfolio management team remains aware of the weights to U.S. and non-U.S. issuers (domestic and foreign) of the benchmark index. This benchmark awareness is part of the risk management of the portfolio. To maintain a desired allocation and within the risk profile desired, the portfolio managers may shift the weights of the portfolio to some degree as the weight of each region in the index shifts. The portion of the Account's net assets invested in domestic and foreign securities (including foreign emerging markets issuers) generally floats based on the respective weightings of the Account's benchmark index. These percentages may vary according to market conditions. As of December 31, 2025, the portfolio of investments of the Account was divided as indicated below among U.S., foreign developed market and foreign emerging market securities:

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---

| | | | |
|:---|:---|:---|:---|
| ![](img_445541b19b434m2.jpg) |  |  |  |
| ![](img_445541b19b434m2.jpg) | ![](img_37cb6fdc79264m2.jpg) | 65.9% | United States |
| ![](img_445541b19b434m2.jpg) | ![](img_eab42e60a5114m2.jpg) | 23.1% | Foreign developed markets |
| ![](img_445541b19b434m2.jpg) | ![](img_dea9f3b7334b4m2.jpg) | 11.0% | Foreign emerging markets |
| ![](img_445541b19b434m2.jpg) |  |  |  |

---

Normally, the Account will be invested in at least three different countries, one of which will be the United States, although the Account will usually be more diversified. For a discussion of additional risks concerning investments in foreign securities, including emerging market securities, see "Additional information about investment strategies and risks" below.

The Account can invest in companies of any size, including small companies. Investing in smaller companies entails more risk. See "Principal Investment Risks" for the Account below.

TCIM seeks to achieve the Account's investment objective through an active management strategy. TCIM looks for stocks that it believes are attractively priced based on an analysis of the company's prospects for growth in earnings, cash flow, revenues or other relevant measures. TCIM also looks for companies whose assets appear undervalued in the market. In general, TCIM focuses on companies with shareholder-oriented management dedicated to creating shareholder value.

Within the Account's globally diversified strategy, the Account allocates assets to a variety of underlying investment strategies. The allocations to such sub-strategies, including domestic or foreign investments in various sector specializations, may change over time. As of December 31, 2025, the equity investments of the Account were divided among issuers with varying market capitalizations as indicated below:

---

| | | | |
|:---|:---|:---|:---|
| ![](img_6c44021ac7074m2.jpg) |  |  |  |
| ![](img_6c44021ac7074m2.jpg) | ![](img_37cb6fdc79264m2.jpg) | 83.7% | Mega-cap: more than $50 billion |
| ![](img_6c44021ac7074m2.jpg) | ![](img_eab42e60a5114m2.jpg) | 12.9% | Large-cap: more than $15 billion–$50 billion |
| ![](img_6c44021ac7074m2.jpg) | ![](img_dea9f3b7334b4m2.jpg) | 3.3% | Mid-cap: more than $2 billion–$15 billion |
| ![](img_6c44021ac7074m2.jpg) | ![](img_25443df022744m2.jpg) | 0.1% | Small-cap: $2 billion or less |

---

The benchmark for the Global Equities Account is the MSCI All Country World Index. See "More about benchmarks and other indices" below for additional information about the benchmark.

**Principal Investment Risks:** The Account is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;● market risk/information technology sector risk;

&nbsp;&nbsp;&nbsp;&nbsp;● issuer risk (often called financial risk);

&nbsp;&nbsp;&nbsp;&nbsp;● foreign investment risk;

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&nbsp;&nbsp;&nbsp;&nbsp;● emerging markets risk;

&nbsp;&nbsp;&nbsp;&nbsp;● active management risk;

&nbsp;&nbsp;&nbsp;&nbsp;● large-cap risk; and

&nbsp;&nbsp;&nbsp;&nbsp;● mid-cap risk.

Investing in securities traded on foreign exchanges or in foreign markets involves risks beyond those of domestic investing. These include political or social instability, changes in currency rates and the possible imposition of market controls or currency exchange controls. These risks may be enhanced with respect to investments in emerging markets. The Account may also be subject to market timing risk due to "stale price arbitrage," in which an investor seeks to take advantage of the perceived difference in price from a foreign market closing price. If not mitigated through effective policies, market timing can interfere with efficient portfolio management and cause dilution. The Account has in place policies and procedures that are designed to reduce the risk of market timing in the Account.

As with any investment, you can lose money by investing in this Account.

**Who May Want to Invest:** The Global Equities Account may be best for individuals who have a longer time horizon, think stocks will perform well over time and want to take advantage of the potential of foreign as well as domestic markets.

See "Principal risks of investing in the Accounts" below and "Additional information about investment strategies and risks" below for more information.

#### G rowth Account
**Investment Objective:** A favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth.

**Principal Investment Strategies:** Under normal circumstances, the Growth Account invests at least 80% of its assets in equity securities of large-capitalization growth companies. The Account invests primarily in large, well-known, established companies, particularly when TCIM believes they have new or innovative products, services or processes that enhance future earnings prospects. To a lesser extent, the Account may also invest in smaller, less seasoned companies with growth potential as well as companies in new and emerging areas of the economy. The Account may also invest in companies in order to benefit from prospective acquisitions, reorganizations, corporate restructurings or other special situations. Large-capitalization companies are those that have market capitalizations within the range of the companies in the Russell 1000<sup>®</sup>Index on the last Business Day of the month in which its most recent reconstitution was completed. Growth companies are those constituents of at least one of the following indexes on the last Business Day of the month in which the most recent reconstitution was completed: Russell 3000<sup>®</sup>Growth Index, S&P 1500<sup>®</sup>Growth Index, MSCI World IMI Growth Index.

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Growth-oriented companies are companies with a strong competitive position within their industry or a competitive position within a very strong industry. Generally, growth investing entails analyzing the quality of a company's earnings (i.e.*,* the degree to which earnings are derived from sustainable sources), and analyzing companies as if one would be buying the underlying business, not simply trading its equity. Growth investing also involves fundamental research and qualitative analysis of particular companies in order to identify and benefit from particular companies whose business prospects appear underappreciated by the market.

The Account may buy foreign securities and other instruments if TCIM believes they have superior investment potential. Depending on investment opportunities, the Account may invest up to 20% of its assets in foreign securities. The securities will be those traded on foreign exchanges or in other foreign markets and may be denominated in foreign currencies or other units.

TCIM seeks to achieve the Account's investment objective through an active management strategy. TCIM looks for stocks that it believes are attractively priced based on an analysis of the company's prospects for growth in earnings, strong cash flow, revenues, proprietary products and/or services, favorable or improving return on invested capital, or other relevant measures. TCIM also looks for companies whose assets appear undervalued in the market. In general, TCIM focuses on companies with shareholder-oriented management dedicated to creating shareholder value.

The benchmark for the Growth Account is the Russell 1000<sup>®</sup> Growth Index. See "More about benchmarks and other indices" below for additional information about the benchmark.

**Principal Investment Risks:** The Account is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;● market risk/information technology sector risk;

&nbsp;&nbsp;&nbsp;&nbsp;● issuer risk (often called financial risk);

&nbsp;&nbsp;&nbsp;&nbsp;● foreign investment risk;

&nbsp;&nbsp;&nbsp;&nbsp;● style risk/the risks of growth investing;

&nbsp;&nbsp;&nbsp;&nbsp;● active management risk;

&nbsp;&nbsp;&nbsp;&nbsp;● large-cap risk;

&nbsp;&nbsp;&nbsp;&nbsp;● mid-cap risk; and

&nbsp;&nbsp;&nbsp;&nbsp;● small-cap risk.

Also, stocks of companies involved in reorganizations and other special situations can often involve more risk than ordinary securities. The Account will probably be more volatile than the overall equity market due to its focus on more growth-oriented sectors of the market.

As with any investment, you can lose money by investing in this Account.

**Who May Want to Invest:** The Growth Account may be best for individuals who are looking for long-term capital appreciation and a favorable long-term return but are willing to tolerate fluctuations in value. It may also be well suited

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to investors seeking exposure to growth-oriented companies who also have exposure to other segments of the stock market, including selective exposure to value-oriented companies.

See "Principal risks of investing in the Accounts" below and "Additional information about investment strategies and risks" below for more information.

#### Index Account

#### S&P 500 Index Account
**Investment Objective:** A favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index.

**Principal Investment Strategies:** The S&P 500 Index Account is designed to track the U.S. stock market as a whole and invests in stocks in its benchmark index, the S&P 500<sup>®</sup>Index. The Account buys most, but not necessarily all, of the securities in the S&P 500<sup>®</sup>Index, and attempts to closely match the overall investment characteristics of the Index. Under normal circumstances, the Account invests at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in equity securities that comprise the S&P 500<sup>®</sup>Index. Using the S&P 500<sup>®</sup>Index is not fundamental to the Account's investment objective and policies. The Account can change the index at any time and will notify its participants if it does so. "Equity securities" include equity securities of any type, including common stocks; preferred securities; warrants to purchase common stocks and preferred securities; convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities; common and preferred securities issued by master limited partnerships and real estate investment trusts; depositary receipts; and other securities with equity characteristics. See "More about benchmarks and other indices" below for additional information about the benchmark.

The Account may also invest in securities and other instruments, such as futures, whose return depends on stock market prices. TCIM selects these instruments to attempt to match the total return of the S&P 500<sup>®</sup>Index but may not always do so.

The Account is classified as a diversified investment company, as defined under the 1940 Act. However, the Account may become non-diversified under the 1940 Act without the approval of Account participants solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its benchmark index, the S&P 500<sup>®</sup>Index, which the Account seeks to track.

**Principal Investment Risks:** The Account is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;● market risk/information technology sector risk;

&nbsp;&nbsp;&nbsp;&nbsp;● issuer risk (often called financial risk);

&nbsp;&nbsp;&nbsp;&nbsp;● index risk;

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&nbsp;&nbsp;&nbsp;&nbsp;● large-cap risk; and

&nbsp;&nbsp;&nbsp;&nbsp;● non-diversification risk.

As with any investment, you can lose money by investing in this Account.

**Who May Want to Invest:** The S&P 500 Index Account may be best for individuals who have a longer time horizon, think large-cap U.S. stocks will perform well over time and want to invest in a broad range of such securities in the U.S. market.

See "Principal risks of investing in the Accounts" below and "Additional information about investment strategies and risks" below for more information.

#### F ixed-Income Accounts

#### Core Bond Account
**Investment Objective:** A favorable long-term rate of return, primarily through high current income consistent with preserving capital.

**Principal Investment Strategies:** Under normal circumstances, the Core Bond Account invests at least 80% of its assets in a broad range of fixed-income securities. The majority of the Account's assets are invested in U.S. Treasury and other governmental agency securities, corporate bonds and mortgage-backed or other asset-backed securities. The Account's holdings are mainly of investment-grade securities rated in the top four credit rating categories by a nationally recognized statistical rating organization ("NRSRO"), or that TCIM determines are of comparable quality. Fixed-income securities may pay a fixed or variable rate of interest.

The Account will overweight or underweight individual securities or sectors as compared to their weight in the Bloomberg U.S. Aggregate Bond Index, the Core Bond Account's benchmark index, depending on where TCIM finds undervalued, overlooked or misunderstood issues that TCIM believes offer the potential for superior returns compared to the Bloomberg U.S. Aggregate Bond Index. See "More about benchmarks and other indices" below for additional information about the benchmark.

The Account can also invest in below-investment-grade securities (also known as "high yield" or "junk" bonds) that, for example, are rated Ba1 or lower by Moody's Investors Services, Inc. ("Moody's") or BB+ or lower by Standard & Poor's ("S&P"), as well as securities that TCIM determines to be of a similar quality. Securities of below-investment-grade quality are speculative in nature. However, TCIM does not intend to invest more than 20% of the Account's assets in such securities. The Account can also make foreign investments, including emerging market fixed-income securities and non-dollar-denominated instruments, but such investments are not expected to exceed 20% of the Account's assets.

The Account can also invest in mortgage-backed securities. These can include pass-through securities sold by private, governmental and government-related organizations, and collateralized mortgage obligations ("CMOs"). Mortgage pass-

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through securities are formed when mortgages are pooled together and interests in the pool are sold to investors. The cash flow from the underlying mortgages is "passed through" to investors in periodic principal and interest payments. CMOs are obligations fully collateralized directly or indirectly by a pool of mortgages on which payments of principal and interest are dedicated to payment of principal and interest.

The Account may make certain other investments, but not as principal investment strategies. For example, the Account may invest in interest-only and principal-only mortgage-backed securities. These instruments have unique characteristics and are more sensitive to prepayment and extension risks than traditional mortgage-backed securities.

TCIM may also use an investment strategy called "mortgage rolls" (also referred to as "dollar rolls"), in which the Account "rolls over" an investment in a mortgage-backed security before its settlement date in exchange for a similar security with a later settlement date. The Account may also engage in duration-neutral relative value trading, a technique in which the Account buys and sells government bonds of identical credit quality but different maturity dates in an attempt to take advantage of spread differentials along the yield curve.

TCIM seeks the Account's investment objective through active management of security selection, sector allocation, yield-curve positioning, and duration management. While the Account seeks to preserve capital as part of its investment objective, this is only one factor in an actively managed approach of seeking a favorable long-term rate of return. Accordingly, there can be no assurance that the Account will succeed in preserving capital, and the Account may lose money because of the risks of investment in bonds and other eligible assets, including interest rate risk, credit risk, and other risks noted below.

The Account may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Account's investment strategies. In particular, the Account may purchase and sell interest rate futures to attempt to manage duration and/or certain risks.

**Principal Investment Risks:** The Account is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;● interest rate risk;

&nbsp;&nbsp;&nbsp;&nbsp;● prepayment risk;

&nbsp;&nbsp;&nbsp;&nbsp;● extension risk;

&nbsp;&nbsp;&nbsp;&nbsp;● issuer risk (often called financial risk);

&nbsp;&nbsp;&nbsp;&nbsp;● income volatility risk;

&nbsp;&nbsp;&nbsp;&nbsp;● credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;● call risk;

&nbsp;&nbsp;&nbsp;&nbsp;● fixed-income foreign investment risk;

&nbsp;&nbsp;&nbsp;&nbsp;● active management risk;

&nbsp;&nbsp;&nbsp;&nbsp;● market volatility, liquidity and valuation risk;

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&nbsp;&nbsp;&nbsp;&nbsp;● mortgage roll risk;

&nbsp;&nbsp;&nbsp;&nbsp;● downgrade risk;

&nbsp;&nbsp;&nbsp;&nbsp;● non-investment-grade securities risk;

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government securities risk;

&nbsp;&nbsp;&nbsp;&nbsp;● illiquid investments risk;

&nbsp;&nbsp;&nbsp;&nbsp;● derivatives risk;

&nbsp;&nbsp;&nbsp;&nbsp;● emerging markets risk; and

&nbsp;&nbsp;&nbsp;&nbsp;● portfolio turnover risk.

Interest rate risk is the risk that prices of portfolio securities held by the Account may decline if interest rates rise. For example, if interest rates rise by 1%, the market value of a portfolio with a duration of 5 years will decline by approximately 5%.

In addition, below-investment-grade securities, which are usually called "high-yield" or "junk" bonds, offer the potential for higher returns but also entail higher risks. Issuers of below-investment-grade securities are typically speculative in nature, may be in weak financial health, their ability to pay interest and principal is uncertain and they have a higher risk of becoming insolvent. Small changes in the issuer's creditworthiness can have more impact on the price of lower-rated bonds than would comparable changes for investment-grade bonds. Lower-rated bonds can also be harder to value and sell and their prices can be more volatile than the prices of higher-quality securities. High-yield bond markets may react strongly to adverse news about an issuer or the economy, or to the perception or expectation of adverse news.

Bear in mind that all these risks can also apply to the lower levels of "investment-grade" securities, for example, Moody's Baa and S&P's BBB. Also, securities originally rated "investment-grade" are sometimes downgraded later, should a NRSRO believe the issuer's business outlook or creditworthiness has deteriorated. If that happens to a security in the Account, it may or may not be sold, depending on an analysis by TCIM of the issuer's prospects. However, the Account will not purchase below-investment-grade securities if that would increase their amount in the portfolio above the Account's current investment target. The Account does not rely exclusively on credit ratings when making investment decisions because such ratings may not alone be an accurate measure of the risk of lower-rated bonds. Instead, TCIM also does its own credit analysis, and pays particular attention to economic trends and other market events.

The Account can hold illiquid investments. The risk of investing in illiquid investments is that they may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame.

The Account's investments in mortgage-backed securities are subject to prepayment or extension risk. This is the possibility that a change in interest rates would cause the underlying mortgages to be paid off sooner or later than expected.

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As with any investment, you can lose money by investing in this Account.

**Who May Want to Invest:** The Core Bond Account may be best for individuals who have a longer time horizon, think bonds will do well over time and/or want to diversify other holdings invested in stocks.

See "Principal risks of investing in the Accounts" below and "Additional information about investment strategies and risks" below for more information.

#### I nflation-Linked Bond Account
**Investment Objective:** A long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds—fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond.

**Principal Investment Strategies:** Under normal circumstances, the Inflation-Linked Bond Account invests at least 80% of its assets in U.S. Treasury Inflation-Indexed Securities (TIIS). The Account can also invest in other inflation-indexed bonds issued or guaranteed by the U.S. Government or its agencies, by corporations and other U.S. domiciled issuers as well as foreign governments. It can also invest in money market instruments or other short-term securities.

Like conventional bonds, inflation-indexed bonds generally pay interest at fixed intervals and return the principal at maturity. Unlike conventional bonds, an inflation-indexed bond's principal is adjusted periodically to reflect changes in a specified inflation index. Inflation-indexed bonds are designed to preserve purchasing power over the life of the bond while paying a "real" rate of interest (i.e.*,* a return over and above the inflation rate). These bonds are generally issued at a fixed interest rate that is lower than that of conventional bonds of comparable maturity and quality, but they are expected to retain their value against inflation over time.

The principal amount of a TIIS bond is adjusted periodically for inflation using the Consumer Price Index for All Urban Consumers ("CPI-U"). Interest is paid twice a year. The interest rate is fixed, but the amount of each interest payment varies as the principal is adjusted for inflation.

The principal amount of a TIIS investment can go down in times of negative inflation. However, the U.S. Treasury guarantees that the final principal payment at maturity will not be less than the original principal amount of the bond.

The interest and principal components of the bonds may be "stripped" or sold separately. The Account can buy or sell either component.

The Account can also invest in inflation-indexed bonds issued or guaranteed by foreign governments and their agencies, as well as other foreign issuers. These investments are usually designed to track the inflation rate in the issuing country. Under most circumstances, TCIM does not expect the Account's investments in inflation-linked bonds of foreign issuers will be more than 25% of its assets, although this level may change.

The Account can also hold the same kind of fixed-income securities as the Core Bond Account. These securities will usually be investment-grade. However,

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the Account can invest up to 5% of its assets in fixed-income instruments that are rated below investment-grade, or in unrated securities of similar quality.

The Account may purchase and sell futures, options, swaps, forwards and other fixed-income derivative instruments to carry out the Account's investment strategies. In particular, the Account may purchase and sell interest rate futures to attempt to manage duration and/or certain risks.

**Principal Investment Risks:** The Account is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;● interest rate risk;

&nbsp;&nbsp;&nbsp;&nbsp;● income volatility risk;

&nbsp;&nbsp;&nbsp;&nbsp;● credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;● fixed-income foreign investment risk;

&nbsp;&nbsp;&nbsp;&nbsp;● active management risk;

&nbsp;&nbsp;&nbsp;&nbsp;● market volatility, liquidity and valuation risk;

&nbsp;&nbsp;&nbsp;&nbsp;● illiquid investments risk;

&nbsp;&nbsp;&nbsp;&nbsp;● derivatives risk;

&nbsp;&nbsp;&nbsp;&nbsp;● special risks relating to inflation-indexed bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government securities risk.

In addition, because the investments in the Account are "marked-to-market" daily and because market values will fluctuate, the Account could lose money on its investments. As a result, its total return may not actually track the selected inflation index every year.

The benchmark for the Inflation-Linked Bond Account is the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. See "More about benchmarks and other indices" below for additional information on the benchmark.

Market values of inflation-indexed bonds can be affected by changes in the market's inflation expectations or changes in real rates of interest.

Also, the CPI-U may not accurately reflect the true rate of inflation. If the market perceives that the index used by TIIS does not accurately reflect inflation, the market value of those bonds could be adversely affected. In addition, participants who choose to receive annuity income through this Account should be aware that their income might not keep pace with inflation, especially if the average stated interest rate on the Account's inflation-indexed bonds is below approximately 4%.

As with any investment, you can lose money by investing in this Account.

**Who May Want to Invest:** The Inflation-Linked Bond Account may be best for individuals who are especially concerned about high inflation, seek a modest "real" rate of return (i.e.*,* greater than the inflation rate) and/or want to diversify holdings in stocks, conventional bonds and other investments.

See "Principal risks of investing in the Accounts" below and "Additional information about investment strategies and risks" below for more information.

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#### S pecialty/Balanced Account

#### Responsible Balanced Account
**Investment Objective:** A favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria.

**Principal Investment Strategies:** The Responsible Balanced Account invests in a diversified set of domestic and foreign stocks and other equity securities, domestic and foreign bonds and other fixed-income securities, as well as money market instruments and other short-term debt instruments. The Account seeks to invest in issuers that are suitable from a financial perspective while taking into consideration certain environmental, social and governance ("ESG") or impact criteria, which are described in more detail below. Under normal circumstances, the Account invests at least 80% of its assets in securities that meet the Account's ESG criteria.

The Account is balanced, with assets divided between foreign and domestic stocks and other equity securities (about 60%) and bonds and other fixed-income securities, including money market instruments (about 40%). Under normal circumstances, the equity portion of the Account is divided between a generally larger domestic and a smaller foreign portion. Under normal circumstances, the fixed-income portion of the Account is divided between a generally larger domestic and a smaller foreign portion. As of December 31, 2025, the Account was invested in its various market segments as follows: domestic equity 42.23%; foreign equity 18.02%; domestic fixed-income 31.82%; and foreign fixed-income 7.93%.

When TCIM believes that market conditions or transaction needs make it appropriate, the equity portion of the Account can go as high as 70% or as low as 50% through adjustments to either or both of the domestic and foreign equity portions, with corresponding changes to the fixed-income portion. Any of these percentages can be changed even further if TCIM believes it would be appropriate.

The equity portion of the Account includes both a domestic and a foreign equities portion. The domestic equity portion attempts to track the return of the U.S. stock market as represented by the S&P 500<sup>®</sup>Index. The foreign equity portion of the Account attempts to track the return of developed foreign markets as represented by the MSCI EAFE Index. TCIM may utilize quantitative and/or other investment strategies to facilitate the management of the overall Account.

See "More about benchmarks and other indices" below for information about the Responsible Balanced Account Composite Index.

When selecting investments for the equity portion of the Account, TCIM considers certain ESG criteria, which include criteria relating to carbon intensity and fossil fuel reserves. The ESG criteria are generally implemented based on data provided by independent ESG research vendor(s). The evaluation process favors companies with leadership in ESG performance relative to their peers.

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Typically, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities. Social evaluation categories include human capital, product safety and social opportunities. Governance assessment categories include corporate governance, business ethics and government and public policy. How well companies adhere to international norms and principles and involvement in major ESG controversies (examples of which may relate to the environment, customers, human rights and community, labor rights and supply chain and governance) are other considerations.

The ESG evaluation process for the equity portion of the Account is conducted on an industry-specific basis and involves the identification of key performance indicators, which are given more or less relative weight compared to the broader range of potential assessment categories. When ESG concerns exist, the evaluation process gives careful consideration to how companies address the risks and opportunities they face in the context of their sector or industry and relative to their peers. The Account will not generally invest in companies significantly involved in certain business activities, including, but not limited to, the production of alcohol, tobacco, military weapons, firearms, thermal coal, adult entertainment, arctic oil and gas, oil sands extraction, for-profit prisons and gambling products and services.

In addition to the overall ESG performance evaluation, the equity portion of the Account favors companies that (1) demonstrate leadership in managing and mitigating their current carbon intensity and (2) do not have evidence of fossil fuel reserves ownership, regardless of industry. The determination of leadership criteria takes into consideration company carbon intensity in relative terms (e.g., tons of carbon emitted per unit of economic output such as sales). Reserves are fossil fuel deposits that have not yet been extracted. Evidence of fossil fuel reserves ownership includes company disclosure and statements regarding ownership. While the equity portion of the Account favors companies that (1) demonstrate leadership in managing and mitigating their current carbon intensity and (2) do not have evidence of fossil fuel reserves ownership, regardless of industry, the equity portion of the Account may invest in companies that are engaged in the extraction, storage and transportation of fossil fuels as long as they also meet the aforementioned criteria.

After the ESG evaluation process is conducted, TCIM then uses quantitative investment techniques to attempt to closely match, to the extent practicable, the overall risk characteristics of the equity portion of the Account's composite benchmark index. Under these quantitative investment techniques, the Account uses a risk model to evaluate the stocks in which the equity portion of the Account may invest and to inform the construction of a broadly diversified group of stocks.

The fixed-income portion of the Account invests in a broad range of fixed-income instruments. The majority of this portion of the Account is invested in U.S. Treasury and other governmental agency securities, corporate bonds and

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mortgage-backed and other asset-backed securities. This portion's holdings consist mainly of investment-grade securities rated in the top four credit rating categories by a NRSRO, or that TCIM determines are of comparable quality. The fixed-income portion of the Account can also invest in below-investment-grade securities (also known as "high-yield" or "junk" bonds) rated, for example, Ba1 or lower by Moody's or BB+ or lower by S&P, as well as securities that TCIM determines to be of a similar quality. Securities of below-investment-grade quality are speculative in nature. However, TCIM does not intend to invest more than 20% of the Account's assets in such securities. The Account can also make foreign investments, including emerging market fixed-income securities and non-dollar-denominated instruments, but such investments are not expected to exceed 20% of the Account's assets. Account investments in fixed-income securities issued by corporate entities or certain foreign governments are also subject to the ESG criteria discussed previously.

When selecting investments for the fixed-income portion of the Account, TCIM considers certain ESG criteria or TIAA's proprietary Impact framework. The Account's Impact framework, described in more detail below, provides direct exposure to issuers or projects that TCIM believes have the potential to have social and environmental benefits. The ESG criteria are generally implemented based on data provided by independent research vendor(s). In those limited cases where independent ESG criteria are not available for certain types of securities or for certain issuers, these securities may nonetheless be eligible for the fixed-income portion of the Account should they meet certain ESG criteria established by TCIM.

The ESG criteria described above for the equity portion of the Account also apply to corporate issuers in the fixed-income portion of the Account. With respect to government issuers, the ESG evaluation process utilized by the fixed-income portion of the Account favors issuers with leadership in ESG performance relative to all peers. For government issuers, typically, environmental assessment categories include the issuer's ability to protect, harness and supplement its natural resources, and to manage environmental vulnerabilities and externalities. Social assessment categories include the issuer's ability to develop a healthy, productive and stable workforce and knowledge capital, and to create a supportive economic environment. Governance assessment categories include the issuer's institutional capacity to support long-term stability and well-functioning financial, judicial and political systems, and capacity to address environmental and social risks. The government ESG evaluation process is conducted on a global basis and reflects how an issuer's exposure to and management of ESG risk factor may affect the long-term sustainability of its economy.

Additionally, TCIM invests some of the fixed-income portion of the Account taking into consideration the Impact framework as implemented by the Account's portfolio management team. As of December 31, 2025, 39.86% of the fixed-income portion of the Account was invested in impact investments. These investments provide direct exposure to issuers and/or individual projects that

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TCIM, through its proprietary analysis, believes have the potential to have social or environmental benefits. Within this exposure to impact investments, the Account seeks opportunities to invest in publicly traded fixed-income securities that finance initiatives in areas including affordable housing, community and economic development, renewable energy and climate change and natural resources. These investments will be selected based on the same financial criteria used by TCIM in selecting the Account's other fixed-income investments. The portion of the Account invested in accordance with the Impact framework is not additionally subject to the ESG criteria. TCIM engages with certain issuers of investments deemed by TCIM to represent impact securities to communicate impact reporting preferences and encourage alignment with industry best practices regarding responsible investment.

The ESG criteria implemented by both the equity and fixed-income portions of the Account and the Impact framework implemented by the fixed-income portion of the Account are both non-fundamental investment policies and may be changed without the approval of the Account's participants. While TCIM may invest in issuers or projects that meet these criteria, it is not required to invest in every issuer that meets these criteria. In addition, concerns with respect to one ESG assessment category may not automatically eliminate an issuer from being considered an eligible Account investment.

As noted above, the fixed-income portion of the Account may invest in certain asset-backed securities, mortgage-backed securities and other securities that represent interests in assets such as pools of mortgage loans, automobile loans or credit card receivables. These securities are typically issued by legal entities established specifically to hold assets and to issue debt obligations backed by those assets. Asset-backed or mortgage-backed securities are normally created or "sponsored" by banks or other financial institutions or by certain government sponsored enterprises such as Fannie Mae or Freddie Mac. TCIM does not take into consideration whether the sponsor of an asset-backed security in which the Account invests meets the ESG criteria or the Impact framework. That is because asset-backed securities represent interests in pools of loans, and not of the ongoing business enterprise of the sponsor. It is therefore possible that the Account could invest in an asset-backed or mortgage-backed security sponsored by a bank or other financial institution in which the Account could not invest directly.

The fixed-income portion of the Account may also use a trading technique called "mortgage rolls" or "dollar rolls" in which the Account "rolls over" an investment in a mortgage-backed security before its settlement date in exchange for a similar security with a later settlement date.

Money market instruments and short-term debt securities held by the Account are primarily securities with maturities of 397 days or less at the time of purchase that TCIM believes present minimal credit risks, including "government securities" as such term is defined in the applicable rules governing money market funds. The Account can also hold other kinds of short-term instruments.

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These help the Account to maintain liquidity, use cash balances effectively and take advantage of attractive investment opportunities.

The Account may also buy and sell derivative instruments, such as options, swaps, options on swaps, futures contracts and options on futures. The Account may use these instruments as hedging techniques, for cash management purposes or to seek to increase total return. These instruments do, however, involve special risks. The Account is not required to hedge its investments and such instruments will not be subject to the Account's ESG criteria.

Investing on the basis of ESG criteria and according to the Impact framework are qualitative and subjective by nature. There can be no assurance that every Account investment will meet ESG criteria or the Impact framework, or will do so at all times, or that the ESG criteria and the Impact framework or any judgement exercised by TCIM will reflect the beliefs or values of any particular investor. TCIM has the right to change the ESG vendor(s) at any time and to add to the number of vendor(s) providing the ESG data.

The Account is not restricted from investing in any securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

The Account may also seek exposure to Regulation S fixed-income securities as well as certain bonds or fixed-income securities that are sold subject to selling restrictions under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"), which generally restricts the purchase of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes) ("TEFRA Bonds") through investment in a Cayman Islands exempted company that is wholly owned and controlled by the Account (the "Subsidiary"). A Cayman Islands exempted company is a corporate entity established under the laws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. Regulation S fixed-income securities are debt securities of U.S. and non-U.S. issuers that are issued through private placement offerings without registration with the Securities and Exchange Commission ("SEC") pursuant to Regulation S under the Securities Act of 1933. These may include sovereign or quasi-sovereign bonds, corporate bonds and structured notes issued pursuant to Regulation S or TEFRA. The Subsidiary is advised by TCIM and has the same investment objective as the Account, except that the Subsidiary may invest without limitation in Regulation S securities and TEFRA Bonds.

**Principal Investment Risks:** The Account is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● market risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● issuer risk (often called financial risk);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● foreign investment risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● active management risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● quantitative analysis risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● ESG criteria and impact risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● low carbon risk;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● interest rate risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● prepayment risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● extension risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● income volatility risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● call risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● volatility, liquidity and valuation risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● downgrade risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Regulation S securities risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● risks of investments in the Account's wholly owned Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● mortgage roll risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● non-investment-grade risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● illiquid investments risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● derivatives risk; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government securities risk.

As with any investment, you can lose money by investing in this Account.

**Who May Want to Invest:** The Responsible Balanced Account may be best for individuals who want to avoid investing in companies that do not meet certain ESG or impact criteria; want an Account balanced among stocks and bonds; and/or want an Account that may be less volatile than an Equity Account.

See "Principal risks of investing in the Accounts" below and "Additional information about investment strategies and risks" below for more information.

#### M oney Market Account
**Investment Objective:** High current income consistent with maintaining liquidity and preserving capital.

**Principal Investment Strategies**: The Account is a "government money market fund" as defined in the applicable rules governing money market funds and as such, invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. These investments include (1) securities issued by, or whose principal and interest are guaranteed by, the U.S. Government or one of its agencies or instrumentalities and (2) repurchase agreements involving securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities. Short-term, U.S. Government securities generally pay interest that is among the lowest for income-paying securities. Because of this, the yield on the Account will likely be lower than the yields on funds that invest in longer-term or lower-quality securities.

The Account's investments will be made in accordance with the applicable rules governing the quality, maturity and diversification of securities and other

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instruments held by money market funds. The Account maintains a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life to maturity of 120 days or less, and invests in debt obligations that are deemed to mature in 397 days or less.

TCIM limits the Account's investments to U.S. Government securities or securities that present minimal credit risks to the Account and are of eligible quality.

A government money market fund is not required to impose liquidity fees and the Account does not currently intend to impose such fees. However, the Account's Board of Trustees could elect to subject the Account to such fees in the future.

The above list of investments is not exclusive and the Account may make other investments consistent with its investment objective and policies.

The peer group average to which the Account is compared is the iMoneyNet Money Fund Averages<sup>TM</sup> —All Government.

**Principal Investment Risks:** You could lose money by investing in the Money Market Account. Because the accumulation unit value of the Account will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. An investment in the Account is not a bank account and is not insured or guaranteed by the FDIC or any other government agency. The Account's sponsor is not required to reimburse the Account for losses, and you should not expect that the sponsor will provide financial support to the Account at any time, including during periods of market stress. The Account is subject to the following principal investment risks:

&nbsp;&nbsp;&nbsp;&nbsp;● interest rate risk;

&nbsp;&nbsp;&nbsp;&nbsp;● issuer risk (often called financial risk);

&nbsp;&nbsp;&nbsp;&nbsp;● income volatility risk;

&nbsp;&nbsp;&nbsp;&nbsp;● credit risk;

&nbsp;&nbsp;&nbsp;&nbsp;● market volatility, liquidity and valuation risk

&nbsp;&nbsp;&nbsp;&nbsp;● active management risk;

&nbsp;&nbsp;&nbsp;&nbsp;● current income risk;

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government securities risk; and

&nbsp;&nbsp;&nbsp;&nbsp;● floating and variable securities risk.

**No Constant Accumulation Value:** Unlike most money market funds, the Money Market Account does not distribute income on a daily basis. Therefore, the Account does not maintain a constant value of $1.00 per unit and the AUV will fluctuate.

**Who May Want to Invest:** The Money Market Account may be best for individuals who have a shorter time horizon and/or who are risk averse.

See "Principal risks of investing in the Accounts" below and "Additional information about investment strategies and risks" below for more information.

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#### P rincipal risks of investing in the Accounts

#### P rincipal risks of investing in Equity Accounts
In general, the value of equity investments fluctuates in response to the performance and financial condition of individual companies that issue them and in response to general market and economic conditions. Therefore, the value of an investment in the Accounts that hold equity securities may decrease. The fact that a particular risk below is not specifically identified as being heightened under current conditions does not mean that the risk is not greater than under normal conditions. There is no guarantee that an Account will meet its investment objective.

An investment in an Equity Account, the Index Account, or the equity portion of the Responsible Balanced Account, or any Account's equity investments, typically will be subject to the following principal investment risks described below:

&nbsp;&nbsp;&nbsp;&nbsp;● **Issuer Risk** (often called **Financial Risk**)—The risk that the issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer's credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market Risk**—The risk that the price of equity investments may fluctuate in response to general market and economic conditions or events, including conditions and developments outside of the financial markets such as significant changes in interest and inflation rates, the availability of credit and the occurrence of other factors, such as governmental actions and/or interventions (including, but not limited to, the threat or imposition of tariffs, trade restrictions, currency restrictions or similar actions), natural disasters or public health emergencies (pandemics and epidemics) as well as armed conflict. Certain securities may be difficult to value under such conditions. There is an increased likelihood that these types of events or conditions can, sometimes rapidly and unpredictably, result in a variety of adverse developments and circumstances, such as reduced liquidity, supply chain disruptions and market volatility, as well as increased general uncertainty and broad ramifications for markets, economies, issuers, businesses in many sectors and societies globally. Certain securities may be difficult to value under such conditions, and the value of the equity investments that an Account holds may decline over short or extended periods of time. Any investment is subject to the risk that the financial markets as a whole may decline in value, thereby depressing the investment's price. Such conditions may add significantly to the risk of volatility in the AUV of the Account's units and adversely affect the Account and its investments. Equity markets, for example, tend to be cyclical, with periods when prices generally rise and periods when prices generally decline. Foreign equity markets tend to reflect local economic and financial conditions and, therefore, trends often vary from country to country and region to region. During periods of unusual

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volatility or turmoil in the financial markets, an Account may undergo an extended period of decline. From time to time, an Account may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Account more vulnerable to adverse developments affecting such sectors or industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Information Technology Sector Risk** – The Equity Accounts and Index Account currently invest a significant portion of their assets in the information technology sector, although this may change over time. Securities of companies in the information technology sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, the pace of technological development and product obsolescence, market competition, government regulation, investor perception and/or confidence, and patent and intellectual property rights. An Account may be adversely affected by events or developments negatively impacting the information technology sector.

The Accounts that make foreign investments are subject to:

&nbsp;&nbsp;&nbsp;&nbsp;● **Emerging Markets Risk**—The risks of foreign investment often increases in countries with emerging markets or those economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect TCIM's ability to evaluate local companies or their potential impact on an Account's performance. Certain emerging market countries may also face other significant internal or external risks, such as the risk of war, macroeconomic, geopolitical, global health conditions, and ethnic, religious and racial conflicts. Because their financial markets may be very small, share prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries and may be more vulnerable to market manipulation. In addition, foreign investors such as the Accounts are subject to a variety of special restrictions in many emerging market countries. Moreover, legal remedies for investors in emerging markets (including derivative litigation) may be more limited, and U.S. authorities (such as the SEC or U.S. Department of Justice) may have less ability to enforce certain regulatory or legal obligations or otherwise bring actions against bad actors in emerging market countries. National policies (including sanctions programs) may limit an Account's investment opportunities including restrictions on investment in issuers or industries deemed sensitive to national interests. Additionally, emerging markets are more likely to experience problems with the clearing

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and settling of trades, as well as the custody of securities by local banks, agents and depositories. The risks outlined above are often more pronounced in "frontier markets" in which an Account may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid. These factors may make investing in frontier market countries significantly riskier than investing in other countries.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment Risk**—Foreign investments, which may include securities of foreign issuers, securities or contracts traded or acquired in non-U.S. markets or on non-U.S. exchanges, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest to investors outside the country. Additionally, to the extent that the underlying securities held by an Account trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate an Account's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Account's investments in such securities less liquid (or illiquid) or more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, an Account may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or

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prevent an Account from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Account's liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. The U.S. and governments of other countries may renegotiate some or all of its global trade relationships and may impose or threaten to impose significant import tariffs, which could lead to price volatility and overall declines in U.S. and global markets. Brokerage commissions and custodial and transaction costs are often higher for foreign investments, and it may be difficult to use foreign laws and courts to enforce financial or legal obligations. Differences in clearance, custody, and settlement requirements and/or procedures in foreign markets may cause delays in settlement of an Account's trades effected in such markets and could result in losses to an Account. To the extent an Account invests in depositary receipts, the Account will be subject to many of the same risks as when investing directly in non-U.S. securities. The holder of an unsponsored depositary receipt may have limited voting rights and may not receive as much information about the issuer of the underlying securities as would the holder of a sponsored depositary receipt. To the extent an Account invests a significant portion of its assets in the securities of companies in a single country or region (or depositary receipts representing such securities), it is more likely to be impacted by events or conditions affecting that country or region. Investment in an Account may be more exposed to a single country's or a region's economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified Account. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country's or region's securities and thus the holdings of an Account.

The risks described above often increase in countries with emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. Because the financial markets of emerging market countries may be very small, prices

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of issuers in emerging market countries may be volatile and difficult to determine. In addition, foreign investors such as an Account are subject to a variety of special restrictions in many such countries. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.

The Accounts (or portions of an Account) that are managed according to a growth investment style are subject to:

&nbsp;&nbsp;&nbsp;&nbsp;● **Style Risk/Risks of Growth Investing**—Use of either a growth investing or value investing style entails the risk that equity securities representing either style may be out of favor in the marketplace for various periods of time, and result in underperformance relative to the broader market sector or significant declines in the Account's portfolio value. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. For example, the price of a growth stock may experience a larger decline on a forecast of lower earnings, or a negative event or market development, than would a value stock. Because the value of growth companies is often a function of their expected earnings growth, there is a risk that such earnings growth may not occur or cannot be sustained. Accordingly, a stock with growth characteristics can have sharp price declines due to decreases in current or expected earnings and may lack dividends that can help cushion its share price in a declining market. In addition, growth stocks, at times, may not perform as well as value stocks or the stock market in general and may be out of favor with investors for varying periods of time.

The Accounts that are managed, in whole or in part, according to indexing techniques are subject to:

&nbsp;&nbsp;&nbsp;&nbsp;● **Index Risk**—The risk that the performance of an Account may not correspond to, or may underperform, its benchmark index for any period of time. Although each Account attempts to use the investment performance of its respective index as a baseline, it may not duplicate the exact composition of that index. In addition, unlike an Account, the returns of an index are not reduced by investment and other operating expenses, and therefore, the ability of an Account to match the performance of its index is adversely affected by the costs of buying and selling investments as well as other expenses. Therefore, no Account can guarantee that its performance will match or exceed its index for any period of time.

&nbsp;&nbsp;&nbsp;&nbsp;● **Non-Diversification Risk—**While the S&P 500 Index Account is considered to be a diversified investment company under the 1940 Act, this Account may become non-diversified under the 1940 Act without Account participant approval when necessary to continue to track its benchmark index. Non-diversified status means that this Account can invest a greater percentage of its assets in the securities of a single issuer than a diversified investment company. Investing in a non-diversified investment company involves greater

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risk than investing in a diversified investment company because a loss in value of a particular investment may have a greater effect on the investment company's return since that investment may represent a larger portion of the investment company's total portfolio assets, which could lead to greater volatility in the investment company's returns.

Because the Accounts are managed by an investment adviser, they are subject to management risk.

The Accounts that are managed, in whole or in part, according to active management investment techniques are subject to:

&nbsp;&nbsp;&nbsp;&nbsp;● **Active Management Risk**—The risk that the performance of an Account, which is actively managed, reflects in part the ability of the portfolio manager(s) to make active investment, strategic or trading decisions that are suited to achieving the Account's investment objective. As a result of strategy, investment selection or trading execution, such Account could underperform its benchmark or other investment products with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

The Accounts that are managed, in whole or in part, according to a quantitative investment methodology are subject to:

&nbsp;&nbsp;&nbsp;&nbsp;● **Quantitative Analysis Risk**—The risk that securities selected for Accounts that are actively managed, in whole or in part, according to a quantitative analysis methodology can perform differently from the market as a whole based on the model and the factors used in the analysis, the weight placed on each factor and changes in the factor's historical trends and the risk that such quantitative analysis and modeling may not adequately take into account certain factors, may contain design flaws or inaccurate assumptions and may rely on inaccurate data inputs. If inaccurate market data is entered into a quantitative model, the resulting information will be incorrect. Because such models are based on assumptions of these and other market factors, the models may not take into account certain factors, or perform as intended, and may result in a decline in the value of an Account's portfolio.

The Accounts that invest in large-cap securities are subject to:

&nbsp;&nbsp;&nbsp;&nbsp;● **Large-Cap Risk**—The risk that, by focusing on securities of larger companies, an Account may have fewer opportunities to identify securities that the market misprices and that these companies may grow more slowly than the economy as a whole or not at all. Also, larger companies may fall out of favor with the investing public as a result of market, political and economic conditions, including for reasons unrelated to their businesses or economic fundamentals.

The Accounts that invest in medium-sized and small-sized securities are subject to:

&nbsp;&nbsp;&nbsp;&nbsp;● **Mid-Cap Risk**—Securities of medium-sized companies may experience greater fluctuations in price than the securities of larger companies. From

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time to time, medium-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of medium-sized companies that an Account wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of medium-sized companies may be greater than those of more widely traded securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap Risk**—Securities of small-sized companies may experience greater fluctuations in price than the securities of larger companies. The securities of small-sized companies often have lower overall liquidity than those of larger, more established companies. The number of small-sized companies whose securities are listed on securities exchanges has been declining while investor demand for the securities of such issuers has been increasing, in each case relative to historical trends, which may increase an Account's exposure to illiquid investments risk. As a result, an Account's investments in the securities of small-sized companies may be difficult to purchase or sell at an advantageous time or price, which could prevent the Account from taking advantage of investment opportunities. From time to time, small-sized company securities may have to be sold at a discount from their current market prices or in small lots over an extended period, since they may be harder to sell than larger-cap securities. In addition, it may be difficult to find buyers for securities of small-sized companies that an Account wishes to sell when the company is not perceived favorably in the marketplace or during periods of poor economic or market conditions. Such companies may be subject to certain business risks due to their smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The costs of purchasing and selling securities of small-sized companies may be greater than those of more widely traded securities.

The Responsible Balanced Account is subject to:

&nbsp;&nbsp;&nbsp;&nbsp;● **ESG Criteria and Impact Risk**—The risk that because the Account's ESG criteria and/or proprietary Impact framework exclude securities of certain issuers for nonfinancial reasons, the Account may forgo some market opportunities available to funds or accounts that do not use these criteria. TCIM's evaluation of ESG criteria or the Impact framework in connection with its management of the Account may also cause the Account's performance to differ from funds or accounts that do not use such criteria. Sustainability data, including sustainability data obtained from independent research vendor(s), may be incomplete, inaccurate, inconsistent or unavailable, which could adversely affect the analysis of a particular investment, and TCIM does

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not guarantee the accuracy of such data. It is possible that the investments identified by TCIM as being aligned with its ESG criteria or Impact framework will not operate as expected or that, because the assessment of whether an issuer meets the ESG criteria or Impact framework is conducted at the time of investment, an issuer initially meeting the criteria will not continue to do so over time. Investors may differ in their view of whether a particular investment fits within the ESG criteria or Impact framework, and as a result, the Account may invest in issuers that do not reflect the beliefs and/or values of any particular investor. The decision not to invest in certain investments as a result of the ESG criteria or Impact framework may adversely affect Account performance at times when such investments are performing well. The regulatory landscape with respect to ESG and impact investing in the U.S. is still under development and, as a result, future regulations and/or rules adopted by applicable regulators could require the Account to change or adjust its investment process with respect to ESG and impact investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Low-Carbon Risk**—The risk that because the Account's investment strategy includes a special emphasis on companies with low current carbon intensity and an absence of fossil fuel reserves ownership, the Account's portfolio might exclude certain issuers for nonfinancial reasons and the Account may forgo some market opportunities that otherwise would be available.

&nbsp;&nbsp;&nbsp;&nbsp;● **Regulation S Securities Risk**—The risk that Regulation S securities may be less liquid than publicly traded securities as a result of legal or contractual restrictions on resale. Regulation S securities may be resold in privately negotiated transactions, but the price realized in such resales could be less than the amount originally paid. Further, because Regulation S securities are not publicly traded, they may not be subject to the same disclosure and other investor protection requirements that would be applicable to publicly traded securities. As a result, Regulation S securities may involve a high degree of business and financial risk and may result in losses.

&nbsp;&nbsp;&nbsp;&nbsp;● **Risks of Investments in the Account's Wholly Owned Subsidiary**—The Account, through its investment in the Subsidiary, is indirectly exposed to the risks associated with the Subsidiary's investments. There can be no assurance that the investment objective of the Account or the Subsidiary will be achieved. Further, the Subsidiary is not registered under the 1940 Act and, therefore, is not subject to the investor protections (except as otherwise noted in the Prospectus) of the 1940 Act. As an investor in the Subsidiary, the Account does not have all of the protections offered to investors by the 1940 Act. However, the Subsidiary is wholly owned and controlled by the Account and managed by TCIM. Changes in the laws of the United States and/or Cayman Islands could result in the inability of the Account to invest in the Subsidiary as described in this Prospectus and in the Account's SAI and could adversely affect the Account.

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#### P rincipal risks of investing in the Fixed-Income Accounts and the Money Market Account
An investment in a Fixed-Income Account, the Money Market Account or the fixed-income portion of the Responsible Balanced Account, or any Account's fixed-income investments, typically will be subject to the following principal investment risks described below:

&nbsp;&nbsp;&nbsp;&nbsp;● **Active Management Risk**—The risk that the performance of an Account, which is actively managed, reflects in part the ability of the portfolio manager(s) to make active investment, strategic or trading decisions that are suited to achieving the Account's investment objective. As a result of strategy, investment selection or trading execution, such Account could underperform its benchmark or other investment products with similar investment objectives and/or strategies and may not produce the desired results or expected returns.

&nbsp;&nbsp;&nbsp;&nbsp;● **Call Risk**—The risk that an issuer will redeem a fixed-income security prior to maturity. This often happens when prevailing interest rates are lower than the rate specified for the fixed-income security. If a fixed-income security is called early, an Account may not be able to benefit fully from the increase in value that other fixed-income securities experience when interest rates decline. Additionally, an Account would likely have to reinvest the payoff proceeds at current yields, which are likely to be lower than the fixed-income securities in which the Account originally invested, resulting in a decline in income.

&nbsp;&nbsp;&nbsp;&nbsp;● **Credit Risk** (a type of **Issuer Risk**)—The risk that a decline, or perceived decline (whether by market participants, rating agencies, pricing services or otherwise), in an issuer's financial position may prevent it from making principal and interest payments on fixed-income investments when due. Credit risk relates to the possibility that the issuer could default on its obligations, thereby causing an Account to lose its investment. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market's perception of the creditworthiness of an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument's value and liquidity and make it more difficult for an Account to sell at an advantageous price or time. Credit risk is heightened in times of market turmoil, when perceptions of an issuer's credit risk can quickly change and even large, well-established issuers and/or governments may deteriorate rapidly with little or no warning. Additionally, credit risk is heightened in market environments where interest rates are rising, particularly when rates are rising significantly, to the extent that an issuer is less willing or able to make payments when due. Credit risk is also heightened in the case of investments in lower-rated, high-yield fixed-income securities because they are speculative in nature and their issuers are typically in weak financial health and their ability to pay interest and

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principal is uncertain. Compared to issuers of investment-grade securities, issuers of lower-rated, high-yield fixed-income investments are more likely to encounter financial difficulties and to be materially affected by such difficulties and they have a higher risk of becoming insolvent. High-yield securities may also be relatively more illiquid; therefore, they may be more difficult to purchase or sell than more highly rated securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Current Income Risk**—The risk that the income an Account receives may fall as a result of a decline in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;● **Derivatives Risk**—The risks associated with investing in derivatives, including futures, options, swaps, and other equity or fixed-income derivative instruments, and other similar instruments (referred to collectively as "derivatives") may be different and greater than the risks associated with directly investing in the underlying securities and other instruments, including leverage risk, market risk, counterparty risk, liquidity risk, operational risk and legal risk. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls, and human error, and legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Derivatives such as swaps are particularly subject to risks such as liquidity risk, interest rate risk, market risk, legal risk and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps (including credit default swaps), forwards and other types of derivative instruments may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present counterparty risk, or the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Changes in the value of a derivative may also create margin delivery or settlement obligations for an Account. An Account may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. Some of these risks exist for futures, options and swaps which may trade on established markets. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of an Account than if it had not entered into derivatives transactions. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, may be greater than investing directly in the underlying security or other instrument. Derivatives can create leverage by magnifying investment losses or gains, and an Account could lose more than the amount invested. Derivatives used for hedging or risk management may not operate as intended, may expose an Account to other risks, and may be insufficient to protect an Account from the risks they were intended to hedge.

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&nbsp;&nbsp;&nbsp;&nbsp;● **Downgrade Risk**—The risk that securities are subsequently downgraded should TCIM and/or rating agencies believe the issuer's business outlook or creditworthiness has deteriorated. If this occurs, the values of these investments may decline, or it may affect the issuer's ability to raise additional capital for operational or financial purposes and increase the chance of default, as a downgrade may be seen in the financial markets as a signal of an issuer's deteriorating financial position.

&nbsp;&nbsp;&nbsp;&nbsp;● **Extension Risk**—The risk that during periods of rising interest rates, borrowers may pay off their mortgage loans later than expected, preventing an Account from reinvesting principal proceeds at higher interest rates, resulting in less income than potentially available. These risks are normally present in mortgage-backed securities and other asset-backed securities. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can lengthen depending on homeowner prepayment activity. A decline in the prepayment rate and the resulting increase in duration of fixed-income securities held by an Account can result in losses to investors in the Account.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed-Income Foreign Investment Risk**—Foreign investments, which may include fixed-income securities of foreign issuers, or securities or contracts payable or denominated in non-U.S. currencies, can involve special risks that arise from one or more of the following events or circumstances: (1) changes in currency exchange rates; (2) possible imposition of market controls or currency exchange controls; (3) possible imposition of withholding taxes on dividends and interest; (4) possible seizure, expropriation or nationalization of assets; (5) more limited financial information about the foreign debt issuer or difficulties interpreting it because of foreign regulations and accounting standards; (6) lower liquidity and higher volatility in some foreign markets; (7) the impact of armed conflict or political, social or diplomatic events; (8) economic sanctions or other measures by the United States or other governments; (9) the difficulty of evaluating some foreign economic trends; and (10) the possibility that a foreign government could restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. Additionally, to the extent that the underlying securities held by an Account trade on foreign exchanges or in foreign markets that may be closed when the U.S. markets are open, there are likely to be deviations between the current price of an underlying security and the last quoted price for the underlying security. Foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may decrease the liquidity and value of the securities. Economic sanctions and other similar governmental actions or developments could, among other things, effectively restrict or eliminate an Account's ability to purchase or sell certain foreign securities or groups of foreign securities, and/or thus may make the Account's investments in such securities less liquid (or illiquid) or

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more difficult to value. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. In some cases, as a result of economic sanctions and other similar governmental actions or developments, an Account may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. The imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent an Account from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Account's liquidity and performance. Sanctions and other similar measures may be in place for a substantial period of time and enacted with limited advanced notice. The U.S. and governments of other countries may renegotiate some or all of its global trade relationships and may impose or threaten to impose significant import tariffs, which could lead to price volatility and overall declines in U.S. and global markets. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations. In addition, the cost of servicing external debt will also generally be adversely affected by rising international interest rates because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Differences in clearance, custody, and settlement requirements and/or procedures in foreign markets may cause delays in settlement of the Account's trades effected in such markets and could result in losses to the Account. To the extent an Account invests a significant portion of its assets in the securities of companies in a single country or region (or depositary receipts representing such securities), it is more likely to be impacted by events or conditions affecting that country or region. Investment in an Account may be more exposed to a single country's or a region's economic cycles, stock market valuations and currency, which could increase its risk compared with a more geographically diversified fund. In addition, political, social, regulatory, economic or environmental events that occur in a single country or region may adversely affect the values of that country's or region's securities and thus the holdings of an Account.

The risks described above often increase in countries with emerging markets. For example, the ability of a foreign sovereign issuer, especially in an emerging market country, to make timely and ultimate payments on its debt obligations may be strongly influenced by the issuer's balance of payments, including export performance, its access to international credit and investments, fluctuations of interest rates and the extent of its foreign reserves. If a deterioration occurs in the foreign country's balance of

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payments, it could impose temporary restrictions on foreign capital remittances. In addition, there is a risk of restructuring certain foreign debt obligations that could reduce and reschedule interest and principal payments. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. Emerging market countries typically have less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. The economies of some emerging markets may be particularly exposed to or affected by a certain industry or sector, and therefore issuers and/or securities of such emerging markets may be more affected by the performance of such industries or sectors.

&nbsp;&nbsp;&nbsp;&nbsp;● **Floating and Variable Rate Securities Risk**— Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on an Account's ability to sell the securities at any given time. Such securities also may lose value.

&nbsp;&nbsp;&nbsp;&nbsp;● **Illiquid Investments Risk**—The risk that illiquid investments may be difficult to sell for the value at which they are carried, if at all, or at any price within the desired time frame. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Pursuant to applicable SEC regulations, an Account may not invest more than 15% of its net assets in illiquid investments that are assets. The Accounts have implemented a liquidity risk management program and related procedures to identify illiquid

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investments pursuant to this regulation. An Account may be limited in its ability to invest in illiquid and "less liquid" investments, which may adversely affect an Account's performance and ability to achieve its investment objective. An Account's investments in illiquid investments may reduce the returns of the Account because it may be unable to sell the illiquid investment at an advantageous time or price, which could prevent the Account from taking advantage of other investment opportunities. There is also a risk that unusually high withdrawal requests from certain large plans or participants (such as institutional investors) or asset allocation changes, may make it difficult for an Account to sell investments in sufficient time to allow it to meet withdrawals or require an Account to sell illiquid investments at reduced prices and/or under unfavorable conditions. Illiquid investments may trade less frequently, in lower quantities and/or at a discount as compared to more liquid investments, which may cause an Account to receive distressed prices and incur higher transaction costs when selling such investments. Securities that are liquid at the time of purchase may subsequently become illiquid due to events such as adverse developments for an issuer, industry-specific developments, market events, rising interest rates, changing economic conditions, changes in interest rates or investor perceptions and geopolitical risk. Dislocations in certain parts of the markets are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve and economic conditions will stabilize. Liquidity of financial markets may also be affected by government intervention and political, social, health, economic or market developments. During periods of market stress, an Account's assets could potentially experience significant levels of illiquidity.

&nbsp;&nbsp;&nbsp;&nbsp;● **Income Volatility Risk**—Income volatility refers to the degree and speed with which changes in prevailing market interest rates diminish the level of current income from a portfolio of fixed-income securities. The risk of income volatility is that the level of current income from a portfolio of fixed-income securities may decline in certain interest rate environments.

&nbsp;&nbsp;&nbsp;&nbsp;● **Interest Rate Risk** (a type of **Market Risk**)—The risk that the value, liquidity or yield of fixed-income investments may decline if interest rates change. In general, when prevailing interest rates decline, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to increase while yields on similar newly issued fixed-income investments tend to decrease, which could adversely affect an Account's income. Conversely, when prevailing interest rates increase, the market values of outstanding fixed-income investments (particularly those paying a fixed rate of interest) tend to decline while yields on similar newly issued fixed-income investments tend to increase. If a fixed-income investment pays a floating or variable rate of interest, changes in prevailing interest rates may increase or decrease the investment's yield. Fixed-income investments with longer durations tend to be more sensitive to interest rate changes than

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shorter-duration investments. Therefore, an Account that has a portfolio with a longer weighted average maturity or effective duration may be impacted to a greater degree than an Account that has a portfolio with a shorter weighted average maturity or effective duration. Conversely, fixed-rate securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-rate securities with longer durations or maturities. Interest rate risk is generally heightened during periods when prevailing interest rates are changing. There is a risk that interest rates across the financial system may change, possibly significantly and/or rapidly. In general, changing interest rates, including rates that fall below zero, or a lack of market participants may lead to decreased liquidity and increased volatility in the fixed-income or debt markets, making it more difficult for an Account to sell fixed-income investments. During periods of very low or negative interest rates, an Account may not be able to maintain positive returns. Low interest rates may magnify the risks associated with rising interest rates. An Account may also be subject to heightened interest rate risk when the U.S. Federal Reserve changes interest rates. A wide variety of factors can cause interest rates to change (e.g., central bank monetary policies, inflation rates, general economic conditions). Rising interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Other factors that may affect the value of debt securities include, but are not limited to, economic, political, public health, and other crises and responses by governments and companies to such crises. In general, changing interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. Changes in interest rates may also lead to an increase in Account redemptions, which may result in high portfolio turnover costs, thereby adversely affecting an Account's performance.

&nbsp;&nbsp;&nbsp;&nbsp;● **Issuer Risk** (often called **Financial Risk**)—The risk that the issuer's earnings prospects, credit rating and overall financial position will deteriorate, causing a decline in the value of the issuer's financial instruments over short or extended periods of time. In times of market turmoil, perceptions of an issuer's credit risk can quickly change and even large, well-established issuers may deteriorate rapidly with little or no warning.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market Volatility, Liquidity and Valuation Risk** (types of **Market Risk**)—Trading activity in fixed-income investments in which an Account invests may be dramatically reduced or cease at any time, whether due to general market turmoil, limited dealer capacity, problems experienced by a single company or a market sector, or other factors, such as governmental actions and/or interventions, natural disasters or public health emergencies (pandemics and epidemics) as well as armed conflict. In such cases, it may be difficult for an Account to properly value assets represented by such investments. In addition, an Account may not be able to purchase or sell a security at a price deemed to be attractive, if at all, which may inhibit the Account from

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pursuing its investment strategies or negatively impact the values of portfolio holdings. Further, an increase in interest rates or other adverse conditions (e.g., inflation/deflation, increased selling of fixed-income investments across other pooled investment vehicles or accounts, changes in investor perception or changes in government intervention in the markets) may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Account investments, adversely affect values of portfolio holdings, and increase an Account's costs. If dealer capacity in fixed-income markets is insufficient for market conditions, this has the potential to further inhibit liquidity and increase volatility in the fixed-income markets. Certain fixed-income investments, with longer durations or maturities may face heightened levels of liquidity risk. From time to time, an Account may invest a significant portion of its assets in companies in one or more related sectors or industries, which would make the Account more vulnerable to adverse developments affecting such sectors or industries.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage Roll Risk**— The risk that TCIM will not correctly predict mortgage prepayments and interest rates, which will diminish the investment performance of an Account compared with what such performance would have been without the use of the strategy.

&nbsp;&nbsp;&nbsp;&nbsp;● **Non-Investment-Grade Securities Risk**—Issuers of non-investment-grade securities, which are usually called "high-yield" or "junk" bonds, are typically speculative in nature, in weaker financial health and such securities can be harder to value and sell and their prices can be more volatile than more highly rated securities. While these securities generally have higher rates of interest, they also involve greater risk of default than do securities of a higher-quality rating. In addition, high-yield securities generally are less liquid than investment-grade securities and the risks associated with high-yield securities are heightened during times of weakening economic, political, unusual or adverse market conditions or rising interest rates. In the event of an issuer's default, the Account may incur additional expenses to seek recovery. Any investment in distressed or defaulted securities subjects an Account to even greater credit risk than investments in other below-investment-grade securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Portfolio Turnover Risk**—In pursuing their investment objectives, the Accounts may engage in trading that results in a high portfolio turnover rate, which may vary greatly from year to year, as well as within a given year. A higher portfolio turnover rate may result in correspondingly greater transactional expenses that are borne by the Account. Such expenses may include bid-ask spreads, dealer mark-ups and other transactional costs on the sale of securities and reinvestment in other securities, and may result in the realization of taxable capital gains (including short-term gains, which are generally taxed to participants as ordinary income). These costs, which are not reflected in annual account operating expenses or in the example thereunder, may affect the Account's performance.

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&nbsp;&nbsp;&nbsp;&nbsp;● **Prepayment Risk**—The risk that during periods of falling interest rates, borrowers may pay off their mortgage loans sooner than expected, forcing an Account to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in income. These risks are normally present in mortgage-backed investments and other asset-backed investments. For example, homeowners have the option to prepay their mortgages. Therefore, the duration of a security backed by home mortgages can shorten depending on homeowner prepayment activity. A rise in the prepayment rate and the resulting decline in duration of fixed-income investments held by an Account can result in losses to investors in the Account.

&nbsp;&nbsp;&nbsp;&nbsp;● **Special Risks of Inflation-Indexed Bonds**—The risk that market values of inflation-indexed investments held by an Account may be adversely affected by a number of factors, including changes in the market's inflation expectations, changes in real rates of interest or declines in inflation (or deflation). There is a risk that interest payments in inflation-indexed investments may fall because of a decline in inflation (or deflation). In addition, the CPI-U may not accurately reflect the true rate of inflation. If the market perceives that any of these events have occurred, then the market value of those investments could be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities Risk**— U.S. Treasury obligations and some obligations of U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Government. Other U.S. Government agencies or instrumentalities are backed by the right of the issuer to borrow from the U.S. Treasury. Still others are supported only by the credit of the issuer. No assurance can be given that the U.S. Government would provide financial support to its agencies or instrumentalities if not required to do so by law, and such agencies or instrumentalities may not have the funds to meet their payment obligations in the future. Therefore, securities issued by U.S. Government agencies or instrumentalities that are not backed by the full faith and credit of the U.S. Government may involve increased risk of loss of principal and interest. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

To the extent an Account invests significantly in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, any market movements, regulatory changes or changes in political or economic conditions that affect the securities of the U.S. Government or its agencies or instrumentalities in which an Account invests may have a significant impact on the Account's performance. Events that would adversely affect the market prices of securities issued or guaranteed by one U.S. Government agency or instrumentality may adversely affect the market prices of securities issued or guaranteed by other agencies or instrumentalities.

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#### P ast performance
The following bar charts and performance tables below help illustrate some of the risks of investing in the Accounts, and how investment performance during the accumulation phase varies. The bar charts show CREF investment performance during the accumulation phase in the form of annual total returns of Class R3 units of each Account for the past 10 calendar years, have not been adjusted to reflect current fee rates and do not take into account any TIAA plan pricing where one or more CREF Accounts are investment options in an employer retirement plan. For example, since all Class R4 participants participate through employer retirement plans, the return to each Class R4 participant would be lower than the Average Annual Total Returns of CREF for Class R4 after taking into account plan-level fees for TIAA recordkeeping that the plan passes on to the participant. **Performance reflects contract fees and expenses that are paid by each Contract owner.** Because the expenses may vary across classes, the performance of Class R3 may vary from the other classes. Below each chart, the best and worst returns of Class R3 for a calendar quarter during this period are noted.

The performance tables following the charts show each Account's average annual total returns for Class R3 units, as well as Class R1, R2 and R4 units (whose performance prior to their inception dates on April 24, 2015 (for Class R1 and Class R2) and September 16, 2022 (for Class R4) is based on Class R3 performance), over the one-year, five-year and ten-year periods ended December 31, 2025, and how those returns compare to those of broad-based securities market indices (and a composite index in some instances). As of October 14, 2016, certain changes were made to the Money Market Account's investment strategies. Performance information prior to this date reflects the Money Market Account's investment strategies before this date. As a result, the Money Market Account's performance after October 14, 2016 may differ materially from the performance information shown below for the period prior to October 14, 2016. As of May 1, 2025, certain changes were made to the S&P 500 Index Account's investment strategies. Performance information prior to this date reflects the S&P 500 Index Account's investment strategies before this date. Past performance does not guarantee future results.

The benchmarks and other indices listed below are unmanaged, and you cannot invest directly in an index. The use of a particular benchmark or comparative index is not a fundamental policy and can be changed without participant approval. The Accounts will notify you if such a change is made.

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**ANNUAL TOTAL RETURNS FOR CLASS R3 (%)** 

#### Total Global Stock Account
![PerformanceBarChartData(2016:9.17, 2017:23.43, 2018:-9.65, 2019:27.45, 2020:17.91, 2021:18.92, 2022:-18.45, 2023:22.37, 2024:16.6, 2025:21.46)](img_270bab71394b4m2.jpg)

Best quarter: 21.33%, for the quarter ended June 30, 2020. Worst quarter: -22.41%, for the quarter ended March 31, 2020.

#### Global Equities Account
![PerformanceBarChartData(2016:5.11, 2017:24.81, 2018:-12.36, 2019:28.28, 2020:22.75, 2021:15.65, 2022:-18.49, 2023:23.94, 2024:19.08, 2025:21.67)](img_e33a707a75a94m2.jpg)

Best quarter: 22.61%, for the quarter ended June 30, 2020. Worst quarter: -21.72%, for the quarter ended March 31, 2020.

#### Growth Account
![PerformanceBarChartData(2016:2.92, 2017:31.83, 2018:-2.46, 2019:31.66, 2020:40.76, 2021:20.43, 2022:-32.34, 2023:46.09, 2024:32.01, 2025:16.81)](img_64737c7b36094m2.jpg)

Best quarter: 29.32%, for the quarter ended June 30, 2020. Worst quarter: -22.13%, for the quarter ended June 30, 2022.

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**ANNUAL TOTAL RETURNS FOR CLASS R3 (%)** *(continued)*

#### S&P 500 Index Account
![PerformanceBarChartData(2016:12.49, 2017:20.84, 2018:-5.37, 2019:30.73, 2020:20.63, 2021:25.52, 2022:-19.25, 2023:25.77, 2024:23.52, 2025:17.11)](img_45007bacd75a4m2.jpg)

Best quarter: 21.88%, for the quarter ended June 30, 2020. Worst quarter: -20.87%, for the quarter ended March 31, 2020.

#### Core Bond Account
![PerformanceBarChartData(2016:3.47, 2017:4.12, 2018:-0.19, 2019:9.03, 2020:7.92, 2021:-1.23, 2022:-13.14, 2023:6.31, 2024:2.35, 2025:7.5)](img_81eea06980d34m2.jpg)

Best quarter: 6.65%, for the quarter ended December 31, 2023. Worst quarter: -5.85%, for the quarter ended March 31, 2022.

#### Inflation-Linked Bond Account
![PerformanceBarChartData(2016:4.23, 2017:1.85, 2018:-0.49, 2019:6.53, 2020:8.03, 2021:5.28, 2022:-6.34, 2023:4.62, 2024:3.43, 2025:7.19)](img_01560d87760e4m2.jpg)

Best quarter: 4.01%, for the quarter ended March 31, 2016. Worst quarter: -3.41%, for the quarter ended September 30, 2022.

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**ANNUAL TOTAL RETURNS FOR CLASS R3 (%)** *(concluded)*

#### Responsible Balanced Account
![PerformanceBarChartData(2016:7.4, 2017:14.27, 2018:-4.29, 2019:20.8, 2020:13.52, 2021:12.64, 2022:-15.47, 2023:14.82, 2024:8.87, 2025:15.03)](img_73ea3544256a4m2.jpg)

Best quarter: 14.00%, for the quarter ended June 30, 2020. Worst quarter: -13.19%, for the quarter ended March 31, 2020.

#### Money Market Account
![PerformanceBarChartData(2016:0.13, 2017:0.5, 2018:1.46, 2019:2.02, 2020:0.38, 2021:0, 2022:1.24, 2023:4.97, 2024:5.13, 2025:4.2)](img_c27e1a6a38594m2.jpg)

Best quarter: 1.31%, for the quarter ended December 31, 2023. Worst quarter: -0.02%, for the quarter ended March 31, 2022.

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**AVERAGE ANNUAL TOTAL RETURNS FOR THE ACCOUNTS** 

For the periods ended December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** |  | **Ten years** |  |
| **Total Global Stock Account** |  |  |  |  |  |  |
| **Class R4** | 9/16/2022 | 21.62% | 11.05  | %<sup>#</sup> | 11.94  | %<sup>#</sup> |
| **Class R3** | 7/31/1952 | 21.46  | 10.94  | <sub> </sub> | 11.89  | <sub> </sub> |
| **Class R2** | 4/24/2015 | 21.41  | 10.88  | <sub> </sub> | 11.82  | <sub> </sub> |
| **Class R1** | 4/24/2015 | 21.28  | 10.72  |  | 11.62  | <sub> </sub> |
| MSCI All Country World Index IMI |  |  |  |  |  |  |
| (reflects reinvested dividends net of withholding |  |  |  |  |  |  |
| taxes but reflects no deductions for fees, expenses |  |  |  |  |  |  |
| or other taxes) |  | 22.06  | 10.75  |  | 11.45  |  |
| **Global Equities Account** |  |  |  |  |  |  |
| **Class R4** | 9/16/2022 | 21.84  | 11.21  | <sup>#</sup>  | 11.91  | <sup>#</sup>  |
| **Class R3** | 5/1/1992 | 21.67  | 11.10  | <sub> </sub> | 11.85  | <sub> </sub> |
| **Class R2** | 4/24/2015 | 21.62  | 11.04  | <sub> </sub> | 11.78  | <sub> </sub> |
| **Class R1** | 4/24/2015 | 21.50  | 10.89  |  | 11.58  | <sub> </sub> |
| MSCI All Country World Index |  |  |  |  |  |  |
| (reflects reinvested dividends net of withholding |  |  |  |  |  |  |
| taxes but reflects no deductions for fees, expenses |  |  |  |  |  |  |
| or other taxes) |  | 22.34  | 11.19  |  | 11.72  |  |
| **Growth Account** |  |  |  |  |  |  |
| **Class R4** | 9/16/2022 | 16.96  | 13.03  | <sup>#</sup>  | 16.29  | <sup>#</sup>  |
| **Class R3** | 4/29/1994 | 16.81  | 12.92  | <sub> </sub> | 16.23  | <sub> </sub> |
| **Class R2** | 4/24/2015 | 16.76  | 12.85  | <sub> </sub> | 16.16  | <sub> </sub> |
| **Class R1** | 4/24/2015 | 16.64  | 12.70  |  | 15.96  | <sub> </sub> |
| Russell 1000<sup>®</sup> Growth Index |  |  |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 18.56  | 15.32  |  | 18.13  |  |
| **S&P 500 Index Account** |  |  |  |  |  |  |
| **Class R4** | 9/16/2022 | 17.27  | 13.13  | <sup>#</sup>  | 14.16  | <sup>#</sup>  |
| **Class R3** | 4/29/1994 | 17.11  | 13.02  | <sub> </sub> | 14.10  | <sub> </sub> |
| **Class R2** | 4/24/2015 | 17.06  | 12.96  | <sub> </sub> | 14.03  | <sub> </sub> |
| **Class R1** | 4/24/2015 | 16.94  | 12.80  |  | 13.83  | <sub> </sub> |
| S&P 500<sup>®</sup> Index |  |  |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 17.88  | 14.42  |  | 14.82  |  |
| **Core Bond Account** |  |  |  |  |  |  |
| **Class R4** | 9/16/2022 | 7.65  | 0.17  | <sup>#</sup>  | 2.47  | <sup>#</sup>  |
| **Class R3** | 3/1/1990 | 7.50  | 0.07  | <sub> </sub> | 2.42  | <sub> </sub> |
| **Class R2** | 4/24/2015 | 7.46  | 0.01  | <sub> </sub> | 2.35  | <sub> </sub> |
| **Class R1** | 4/24/2015 | 7.35  | –0.13  |  | 2.17  | <sub> </sub> |
| Bloomberg U.S. Aggregate Bond Index |  |  |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 7.30  | –0.36  |  | 2.01  |  |

---

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception date** | **One year** | **Five years** |  | **Ten years** |  |
| **Inflation-Linked Bond Account** |  |  |  |  |  |  |
| **Class R4** | 9/16/2022 | 7.33% | 2.82  | %<sup>#</sup> | 3.40  | %<sup>#</sup> |
| **Class R3** | 5/1/1997 | 7.19  | 2.72  | <sub> </sub> | 3.35  | <sub> </sub> |
| **Class R2** | 4/24/2015 | 7.15  | 2.66  | <sub> </sub> | 3.29  | <sub> </sub> |
| **Class R1** | 4/24/2015 | 7.04  | 2.52  |  | 3.10  | <sub> </sub> |
| Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index |  |  |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 7.47  | 2.52  |  | 3.32  |  |
| **Responsible Balanced Account** |  |  |  |  |  |  |
| **Class R4** | 9/16/2022 | 15.18  | 6.59  | <sup>#</sup>  | 8.28  | <sup>#</sup>  |
| **Class R3** | 3/1/1990 | 15.03  | 6.49  | <sub> </sub> | 8.23  | <sub> </sub> |
| **Class R2** | 4/24/2015 | 14.98  | 6.43  | <sub> </sub> | 8.16  | <sub> </sub> |
| **Class R1** | 4/24/2015 | 14.87  | 6.28  |  | 7.97  | <sub> </sub> |
| Morningstar Moderate Target Risk Index |  |  |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 15.95  | 5.95  |  | 7.83  |  |
| CREF Responsible Balanced Account Composite Index <sup>‡</sup> |  |  |  |  |  |  |
| (reflects no deductions for fees, expenses or taxes) |  | 15.95  | 7.13  |  | 8.50  |  |
| **Money Market Account** |  |  |  |  |  |  |
| **Class R4** | 9/16/2022 | 4.34  | 3.18  | <sup>#</sup>  | 2.03  | <sup>#</sup>  |
| **Class R3** | 4/1/1988 | 4.20  | 3.09  | <sub> </sub> | 1.99  | <sub> </sub> |
| **Class R2** | 4/24/2015 | 4.16  | 3.02  | <sub> </sub> | 1.92  | <sub> </sub> |
| **Class R1** | 4/24/2015 | 4.05  | 2.85  |  | 1.73  | <sub> </sub> |
| iMoneyNet Money Fund Averages™—All Government |  | 3.96  | 2.98  |  | 1.89  |  |

---

---

| |
|:---|
| <sup>#</sup> |
| <sup>‡</sup><br> The CREF Responsible Balanced Account Composite Index is a weighted average of three unmanaged indices. As of December 31, 2025 the CREF Responsible Balanced Account Composite Index consisted of: 42.0% S&P 500<sup>®</sup> Index, 40.0% Bloomberg U.S. Aggregate Bond Index and 18.0% MSCI EAFE Index. The weights in the composite index approximately reflect the relative sizes of the domestic, domestic investment-grade bond and developed foreign market segments of the Responsible Balanced Account. The Account's composite index, the components that make up a composite index and the method of calculating a composite index's performance may vary over time. See "More about benchmarks and other indices" below for additional information. |
| <br>After-tax returns have not been shown, since they are not relevant to investors in the Accounts who hold their accumulation units through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or IRAs. The benchmark indices reflect no deductions for fees, expenses or taxes. For the Money Market Account's most current 7-day yield and for the Core Bond and Inflation-Linked Bond Accounts' most current 30-day yields, please call 800-842-2252. |
| <sup>A</sup><br> A |

---

#### M ore about benchmarks and other indices
The benchmarks and broad-based securities market and other indices described below are unmanaged, and you cannot invest directly in an index.

Use of any of the following benchmarks, including use of a composite index, by an Account is not a fundamental policy of the Account, so CREF can substitute

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a benchmark without participant approval. CREF will notify Account participants when such a benchmark change is made.

#### Additional information about the broad-based securities market index for the Responsible Balanced Account
The returns shown against the broad-based securities market index compare average annual returns of the Responsible Balanced Account with a broad measure of market performance. The Morningstar Target Risk Index Series is an asset allocation index series comprised of constituent Morningstar indices and reflects global equity market exposures of 20%, 40%, 60%, 80% or 95% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Target Risk Index Series reflect multi-asset class exposure and similar risk profiles as the Responsible Balanced Account.

#### Additional information about the composite index of the Responsible Balanced Account
In addition to certain broad-based market indices, the Responsible Balanced Account compares its performance to a composite index as described below.

An Account's composite index, the components that make up a composite index and the method of calculating a composite index's performance may vary over time.

#### S&P 500 Index
The S&P 500 Index is a market capitalization-weighted index of the 500 leading companies in leading industries of the U.S. economy. It is widely recognized as a guide to the overall health of the U.S. stock market. The index covers industrial, utility, technology, financial, and other companies of the U.S. markets. The index focuses on the large-cap segment of the market, with 80% coverage (by market capitalization) of U.S. equities. Standard & Poor's determines the composition of the index based on a combination of factors including market capitalization, liquidity and industry group representation, and can change its composition at any time.

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#### MSCI EAFE Index
The MSCI EAFE Index tracks the performance of the leading stocks in certain MSCI countries outside of North America in Europe, Australasia and the Far East. The MSCI EAFE Index constructs indices country by country, then assembles the country indices into regional indices. To construct an MSCI country index, the MSCI EAFE Index analyzes each stock in that country's market based on its market capitalization, trading volume and significant owners. The stocks are sorted by free-float-adjusted market capitalization, and the largest stocks (meeting liquidity and trading volume requirements) are selected until approximately 85% of the free-float-adjusted market representation of each country's market is reached. When combined as the MSCI EAFE Index, the regional index captures approximately 85% of the free-float-adjusted market capitalization of certain countries around the world.

The MSCI EAFE Index is primarily a large-capitalization index. MSCI determines the composition of the index based on a combination of factors including regional/country exposure, price, trading volume and significant owners, and can change its composition at any time.

#### MSCI ACWI Investable Market Index
The MSCI ACWI Investable Market Index (IMI) captures large, mid and small cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. The index is comprehensive, covering approximately 99% of the global equity investment opportunity set.

#### MSCI All Country World Index (ACWI)
This is the benchmark index for the Global Equities Account. The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance by capturing large and mid-capitalization representation of stocks in both developed and emerging markets.

#### Russell 1000 Growth Index
This is the benchmark index for the Growth Account. The Russell 1000 Growth Index is a subset of the Russell 1000 Index, which represents the top 1,000 U.S. equity securities in market capitalization (according to Russell). The Russell 1000 Growth Index represents those Russell 1000 Index securities with higher relative forecasted growth rates and price/book ratios. The Russell 1000 Growth Index has higher weightings in those sectors of the market with typically higher relative valuations and higher growth rates, including sectors such as technology and health care. Russell determines the composition of the index based on certain factors and can change its composition at any time.

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#### Bloomberg U.S. Aggregate Bond Index
This is the benchmark index for the Core Bond Account. The Bloomberg U.S. Aggregate Bond Index covers the U.S. investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable and dollar-denominated. To be selected for inclusion in the Bloomberg U.S. Aggregate Bond Index, the securities must have a minimum maturity of one year. Securities must be rated investment-grade or higher using the middle rating of Moody's, S&P and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used to determine index eligibility. Duration is a measure of volatility in the price of a bond in response to a change in prevailing interest rates, with a longer duration indicating more volatility.

#### Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index
This is the benchmark for the Inflation-Linked Bond Account. The Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index measures the return of fixed-income securities with fixed-rate coupon payments that adjust for inflation as measured by the CPI-U. To be selected for inclusion in the Bloomberg U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index, the securities must have a minimum maturity of 1 year and a maximum maturity of 9.9999 years, with a minimum par amount outstanding of $250 million.

#### A dditional information about investment strategies and risks
At times, the Accounts may use certain investment tools in seeking to enhance returns or hedge risk. This section summarizes these tools and their risks. For more information on the tools described and their risks, please see the SAI.

#### Foreign investments
TCIM has extensive experience managing foreign investments, including those not registered or traded in the United States. An Account's foreign portfolio may be divided into segments—some designed to track foreign markets as a whole, and others with stocks selected individually for their investment potential. TCIM invests in a wide range of foreign securities in an effort to reduce the risks and increase the opportunity for returns for the Accounts. The percentages of foreign assets in each Account change daily as a result of new transactions, market value fluctuations and changes in foreign currency exchange rates.

Investing in foreign securities, especially those not issued by foreign governments, involves risks beyond those of domestic investments. These include:

&nbsp;&nbsp;&nbsp;&nbsp;● Changes in currency exchange rates;

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&nbsp;&nbsp;&nbsp;&nbsp;● Possible imposition of market controls or currency exchange controls;

&nbsp;&nbsp;&nbsp;&nbsp;● Possible imposition of withholding of taxes on dividends and interest;

&nbsp;&nbsp;&nbsp;&nbsp;● Possible seizure, expropriation, or nationalization of assets;

&nbsp;&nbsp;&nbsp;&nbsp;● More limited foreign financial information or difficulty in interpretation due to foreign regulations and accounting standards;

&nbsp;&nbsp;&nbsp;&nbsp;● Lower liquidity and higher volatility in some foreign markets;

&nbsp;&nbsp;&nbsp;&nbsp;● The impact of political, social, or diplomatic events;

&nbsp;&nbsp;&nbsp;&nbsp;● The difficulty of evaluating some foreign economic trends;

&nbsp;&nbsp;&nbsp;&nbsp;● The possibility that a foreign government could restrict an issuer from paying principal and interest to investors outside the country; and

&nbsp;&nbsp;&nbsp;&nbsp;● Difficulty in using foreign legal systems to enforce financial or legal obligations.

Also, brokerage commissions and transaction costs are often higher for foreign investments.

The Accounts may also invest in countries with emerging markets. The risks just listed often increase in emerging markets. For example, these countries may have more unstable governments than developed countries, and their economies may be based on only a few industries. Prices of securities from emerging market countries may be volatile and difficult to determine. In addition, foreign investors are subject to a variety of special restrictions in many emerging market countries.

The Accounts (other than the Money Market Account) may use currency transactions to help protect against future exchange rate uncertainties and to take advantage of differences in exchange rates. Changes in exchange rates and exchange control regulations may increase or reduce the value of a security. Currency transactions involve special risks and may limit potential gains due to increases in a currency's value. The Accounts do not intend to speculate in foreign currency exchange transactions or forward currency contracts.

Accounts with foreign investments may also be subject to market timing risk due to "stale price arbitrage" in which an investor takes advantage of the perceived difference in price from a foreign market closing price. If not mitigated through effective policies, market timing can interfere with efficient portfolio management and cause dilution. The Accounts have in place policies and procedures that are designed to reduce the risk of market timing.

Even considering the risks, foreign investment offers the chance to improve an Account's diversification and long-term performance. Foreign investments let the Accounts take part in the growth of other countries' economies and financial markets, which sometimes offer better prospects than in the United States. Moreover, periods of rising or falling values often come at different times in foreign markets than in U.S. markets, and price trends can move in different directions. When this happens, foreign investments may reduce an Account's volatility, compared with that of the U.S. market as a whole, and may enhance long-term returns.

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#### Global economic risk
National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of an Account's investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, events such as war, armed conflict, terrorism, the imposition of economic sanctions and tariffs and other governmental actions and/or interventions, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and the markets and issuers in which an Account invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which an Account's service providers, including the investment adviser, TCIM, rely, and could otherwise disrupt the ability of employees of an Account's service providers to perform essential tasks on behalf of the Accounts. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions) could lead to price volatility and overall declines in U.S. and global investment markets. In addition, sanctions and other measures could limit or prevent an Account from buying and selling securities (in sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact liquidity and performance. Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect an Account's investments.

An Account's investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation), liquidity of assets or income from investments will be less in the future because inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of an Account's assets can decline as can the value of the Account's distributions). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy, changes in monetary or economic policies (or expectations that these policies may change), public health policies, and other crises and responses by governments and companies to such crises. The market price of

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debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by an Account. The risk of inflation is greater for debt instruments with longer maturities and especially those that pay a fixed rather than variable interest rate. Therefore, the income generated by such debt instruments may not keep pace with inflation. In addition, this risk may be significantly elevated compared to normal conditions because of monetary policy measures and the current interest rate environment and level of government intervention and spending.

#### Cybersecurity risk
The Accounts and their service providers (including, but not limited to, the Accounts' administrator, custodian, transfer agent, distributor and their delegates) are susceptible to operational, information security and related risks through breaches in cybersecurity. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through hacking or other means to digital systems, networks, or devices that are used to service the Accounts' operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Geopolitical tensions may, from time to time, increase the scale and sophistication of deliberate cyber attacks. The use of cloud-based service providers and/or services could heighten or change these risks. Cybersecurity failures or breaches affecting the Accounts and their service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Accounts' ability to calculate their AUV, impediments to trading, the inability of Account participants to transact business, destruction to equipment and systems, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. In addition, substantial costs may be incurred by the Accounts and their service providers in order to prevent any cybersecurity breaches in the future. There is no assurance that any such efforts to mitigate cybersecurity risks undertaken by the Accounts, TCIM, or their service providers will be effective. While such parties may establish business continuity and other plans and processes that seek to address the possibility of and fallout from cyber attacks, disruptions, or failures, there are inherent limitations in such plans and systems, including that they do not apply to third parties, such as Account counterparties, issuers of securities held by the Accounts, or other market participants, as well as the possibility that certain risks have not been identified or that unknown threats may emerge in the future and there is no assurance that such plans and processes will address the possibility of and fallout from cyber attacks, disruptions, or failures.

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#### Fixed-income investments
The Core Bond Account, as well as other fixed-income Accounts, may from time to time purchase senior loans. Senior loans (also referred to as senior bank loans) are a form of borrowing or financing under which the bank or lender holds a legal claim to the borrower's assets that is superior or senior to all other debt obligations of the borrower. Many senior loans, despite their collateral protections, present credit risk comparable to high-yield securities. The liquidation of the collateral backing a senior loan may not satisfy the borrower's obligation to the Account in the event of nonpayment of scheduled interest or principal. Senior loans also expose the Account to call risk and illiquid investments risk. The secondary market for senior loans can be limited. Trades can be infrequent and the values for senior loans may experience volatility. In some cases, negotiations for the sale or settlement of senior loans may require weeks to complete, which may impair the Account's ability to raise cash to satisfy redemptions, pay dividends, pay expenses or to take advantage of other investment opportunities in a timely manner. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Account will have to reinvest the proceeds in other senior loans or instruments that may pay lower interest rates.

#### Options, futures and other derivatives
The Equity Accounts, the Index Account and the equity portion of the Responsible Balanced Account may each write (sell) call options, including covered call options, and purchase call and put options, to try to enhance income, reduce portfolio volatility or protect gains in the Account's portfolio. Such options may include put and call options on securities of the types in which the Account may invest and on securities indices composed of such securities. In writing (selling) call options, the Account may give up the opportunity to profit on a security if the market price of the security rises and the option is exercised and, conversely, the premiums received from call options sold may not reduce the extent of Account losses during periods of market decline. In purchasing call and put options, the Account may purchase a call or put option that expires with no value due to the market price of the security remaining below or above, as applicable, the strike price of the option. In such an event, the Account would lose the value of the premium paid for the call or put option but would also receive no economic benefit from the purchase or sale, as applicable, of the security. The Account can also write (sell) put options. In writing put options, the Account may experience losses on a security if the market price of the security declines and the option is exercised and, conversely, the premiums received from put options sold may not reduce the extent of Account losses during periods of market decline.

In addition, the Equity Accounts, the Index Account and the equity portion of the Responsible Balanced Account may each buy and sell futures contracts on securities indices composed of securities of the types in which it may invest, and put and call options on such futures contracts. The Account may use such

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futures contracts and options on futures contracts for hedging or cash management purposes, or to seek increased total return. Futures contracts permit an Account to gain exposure to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments.

The Equity Accounts, the Index Account and the equity portion of the Responsible Balanced Account can each invest in other derivatives, such as equity swaps and contracts for difference (including arrangements where the return is linked to a stock market index) and equity-linked fixed-income securities, so long as these derivatives are consistent with the Account's investment objective and restrictions, policies and current regulations, except that such instruments will not be subject to the Responsible Balanced Account's ESG criteria.

The Fixed-Income Accounts and the fixed-income portion of the Responsible Balanced Account can each also invest in derivatives, such as swaps and options on swaps, so long as these derivatives are consistent with the Account's investment objective and restrictions, policies and current regulations, except that such instruments will not be subject to the Responsible Balanced Account's ESG criteria. For example, these Accounts can invest in credit default swaps (a derivative in which the buyer of the swap makes a series of payments to the seller and, in exchange, receives a payment if the underlying credit instrument (e.g*.*, a bond) goes into default) and interest rate swaps (a derivative in which one party exchanges a stream of interest payments for another party's stream of cash flows).

The Accounts may also use swaps in seeking to hedge or manage the risks associated with the assets held in an Account, for cash management purposes or to seek to increase total return.

The risks associated with investing in derivatives by any of the Accounts may be different and greater than the risks associated with directly investing in the underlying securities and other instruments. Derivatives such as swaps are subject to risks such as liquidity risk, interest rate risk, market risk and credit risk. These derivatives involve the risk of mispricing or improper valuation and the risk that the prices of certain options, futures, swaps and other types of derivative instruments, and their prices, may not correlate perfectly with the prices or performance of the underlying security, currency, rate, index or other asset. Certain derivatives present the risk of default by the other party to the contract, and some derivatives are, or may suddenly become, illiquid. Some of these risks exist for futures and options which may trade on established markets. The potential for loss as a result of investing in derivatives, and the speed at which such losses can be realized, are greater than investing directly in the underlying security or other instrument. Changes in regulation relating to a registered investment company's use of derivatives could potentially limit or impact the Accounts' ability to invest in derivatives and adversely affect the value or performance of derivatives and the Accounts.

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In seeking to manage currency risk, these Accounts also may enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on foreign currencies. Unanticipated changes in interest rates, securities prices or currency exchange rates may result in poorer overall performance of an Account than if it had not entered into any derivative transactions.

#### Illiquid investments
The Money Market Account may invest up to 5% of its total assets, measured at the time of investment, in illiquid investments. The Total Global Stock Account may invest up to the lesser of 10% of its total assets or 15% of its net assets, measured at the time of investment, in illiquid investments. Each of the other Accounts may invest up to 15% of their net assets, measured at the time of investment, in illiquid investments. Such an investment may not be readily marketable, which could make it difficult to sell the investment quickly at fair market value.

#### Temporary defensive measures
Although no Account is required to do so in order to achieve its investment objective, any Account may, for temporary defensive purposes, invest all of its assets in cash and money market instruments or funds. In doing so, an Account may be successful in avoiding market losses but may otherwise fail to achieve its investment objective.

#### Firm commitment agreements and "when issued" securities
Each Account can enter "firm commitment" agreements to buy securities at a fixed price or yield on a specified date. An Account would do this if TCIM expects a decline in interest rates, believing it may be better to commit now with a later issue or delivery date. The Accounts may also purchase securities on a "when issued" basis, with the valuation terms set at the time of the transaction or with such terms set sometime prior to the settlement date.

#### Securities lending
Each Account may lend its securities to brokers and dealers that are not affiliated with TIAA and to certain other financial institutions. All loans will be fully collateralized by cash, securities issued or guaranteed by the U.S. Government (e.g., Treasury securities) or other collateral permitted by applicable law.

Cash collateral received by an Account will generally be invested in high-quality short-term instruments, or in one or more funds maintained by the securities lending agent for the purpose of investing cash collateral. During the term of the loan, an Account will continue to have investment risks with respect to the securities being loaned, as well as risk with respect to the investment of the cash collateral, and an Account may lose money as a result of a decline in the value of the investment of such collateral.

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As with any extension of credit, however, there are risks of delay in recovering the loaned securities, or in liquidating the collateral, should the borrower of securities default, become the subject of bankruptcy proceedings or otherwise be unable to fulfill its obligations or fail financially. For more information, see the SAI.

#### Borrowing
As a temporary measure for extraordinary or emergency purposes, the Total Global Stock, Global Equities, Core Bond, Responsible Balanced and Money Market Accounts can borrow money from banks, not exceeding 10% of the value of any of the Accounts' total assets taken at market value at the time of borrowing. These Accounts can also borrow up to 5% of their assets' value to buy securities. Each Account can pledge or otherwise encumber up to 10% of its total assets taken at market value at the time of borrowing as collateral.

The Growth, S&P 500 Index and Inflation-Linked Bond Accounts can also borrow money from banks, not exceeding 33 ¹/3% of each of the Accounts' total assets taken at market value at the time of borrowing. These Accounts can borrow from other sources temporarily, but in an amount that is no more than 5% of the Accounts' total assets taken at market value at the time of borrowing.

If an Account borrows money, it could leverage its portfolio by keeping securities that it might otherwise have sold had it not borrowed money. The risks of leverage include a greater possibility that an Account's AUV may change during market fluctuations.

Each Account typically will pay transfer or withdrawal proceeds using holdings of cash (including cash flows into the Accounts) in the Account's portfolio, or using the proceeds from sales of portfolio securities. Certain Accounts also may meet transfer or withdrawal requests through overdrafts at the Accounts' custodian, by borrowing under a credit agreement to which certain Accounts are parties or by borrowing from certain other registered investment companies advised by TCIM or Advisors under an inter-fund lending program maintained by the Accounts and such other registered investment companies pursuant to exemptive relief granted by the SEC. These methods are more likely to be used to meet large transfer or withdrawal requests or in times of stressed market conditions.

#### Investment companies
Each Account (other than the Money Market Account) may invest up to 10% of the value of its assets in non-affiliated investment companies, including mutual funds and exchange-traded funds ("ETFs"). The Accounts may also use ETFs for cash management purposes and other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs. When an Account invests in another investment company, like an ETF, the Account bears a proportionate share of expenses charged by the investment company in which it invests.

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#### Repurchase agreements
The Accounts can use repurchase agreements to help manage cash balances.

#### Information about the Responsible Balanced Account's Subsidiary
The Responsible Balanced Account may invest in the Subsidiary, a Cayman Islands exempted company that is wholly owned and controlled by the Account, to gain exposure to Regulation S securities and to certain TEFRA Bonds. A Cayman Islands exempted company is a corporate entity established under the laws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. The Account invests in the Subsidiary to obtain exposure to certain Regulation S securities not eligible for investment by the Account until the expiration of the applicable Regulation S security restricted period. These may include sovereign or quasi-sovereign bonds, corporate bonds and structured notes issued pursuant to Regulation S. TEFRA Bonds are sold subject to selling restrictions generally designed to restrict the purchasers of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes). As the Subsidiary will elect to be a corporation from a U.S. federal income tax perspective, the Subsidiary will generally be viewed as a non-U.S. person for such purposes. The Account invests in the Subsidiary to provide the Account exposure to TEFRA Bonds, within the selling restrictions that apply to the sale of such bonds. These may include sovereign or quasi-sovereign bonds, corporate bonds and structured notes issued pursuant to TEFRA. The Account is the sole shareholder of the Subsidiary and it is currently expected that shares of the Subsidiary will not be sold or offered to other investors.

The Subsidiary has entered into an investment management agreement with TCIM for the management of the Subsidiary's portfolio. Under this agreement, TCIM provides the Subsidiary with the same type of management services, under the same terms, as are provided to the Account. The investment management agreement with the Subsidiary provides for its automatic termination upon the termination of the Account's investment management agreement. TCIM is not compensated by the Subsidiary for the services it provides to the Subsidiary. As described in more detail in this Prospectus, the Account reimburses TCIM, on an at-cost basis, for its investment management expenses, including any expenses related to investment in the Subsidiary. The Account will indirectly bear the operating expenses of the Subsidiary. The Subsidiary has also entered into separate contracts for the provision of custody and certain other services with the same service providers as those engaged by the Account.

In managing the Subsidiary's portfolio, TCIM is subject to the same investment policies and restrictions that apply to the management of the Account. However, unlike the Account, the Subsidiary may invest without limitation in Regulation S securities and TEFRA Bonds.

While there are no limitations on the ability of the Account to invest in the Subsidiary, the portfolio investments of the Subsidiary are subject to the investment strategies and limitations of the Account in the same manner as are

College Retirement Equities Fund ■ **Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 125

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investments directly held by the Account. The Account will comply with the applicable provisions of the 1940 Act, including, without limitation, those provisions relating to investment policies, capital structure and leverage on an aggregate basis with the Subsidiary.

Neither the Account nor the Subsidiary currently intends to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets other than entities wholly- or majority-owned by the Account.

#### Additional information about index providers

#### Russell indices
Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2026. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>," "Russell<sup>®</sup>" and "FTSE Russell<sup>®</sup>" are trademarks of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

#### Standard & Poor's Index
The S&P 500<sup>®</sup> Index is a product of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates ("SPDJI"), and has been licensed for use by the S&P 500 Index Account and the Responsible Balanced Account. Standard & Poor's<sup>®</sup> and S&P<sup>®</sup> are registered trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). It is not possible to invest directly in an index. The Account is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the Account or any member of the public regarding the advisability of investing in securities generally or in the Account particularly or the ability of the S&P 500 Index to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices' only relationship to the Account with respect to the S&P 500 Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The S&P 500 Index is determined, composed and calculated by S&P Dow Jones Indices without regard to the Account. S&P Dow

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Jones Indices has no obligation to take the needs of the Account or the owners of the Account into consideration in determining, composing or calculating the S&P 500 Index. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the Account or the timing of the issuance or sale of Account shares or in the determination or calculation of the equation by which Account shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the Account. There is no assurance that investment products based on the S&P 500 Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.

s&p dow jones indices does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the s&p 500 index or any data related thereto or any communication, including but not limited to, oral or written communication (including electronic communications) with respect thereto. s&p dow jones indices shall not be subject to any damages or liability for any errors, omissions, or delays therein. s&p dow jones indices makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by the Account, owners of the Account, or any other person or entity from the use of the s&p 500 index or with respect to any data related thereto. without limiting any of the foregoing, in no event whatsoever shall s&p dow jones indices be liable for any indirect, special, incidental, punitive, or consequential damages including but not limited to, loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability, or otherwise. there are no third party beneficiaries of any agreements or arrangements between s&p dow jones indices and the Account, other than the licensors of s&p dow jones indices.

#### MSCI indices
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or

College Retirement Equities Fund ■ **Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 127

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related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

#### Bloomberg indices
Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.

#### Morningstar indices©2026 Morningstar. 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.

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More information about CREF is contained in its [Statement of Additional Information](#document_3) ("SAI"), dated May 1, 2026, which is incorporated by reference into this Prospectus. The Prospectus, SAI and [CREF's annual report for the year ended December 31, 2025](http://www.sec.gov/Archives/edgar/data/777535/000119312526096129/d855715dncsr.htm) and [semi-annual report for the period ended June 30, 2025](http://www.sec.gov/Archives/edgar/data/777535/000119312525196738/d53660dncsrs.htm), which are incorporated by reference herein, are on file with the SEC. For a free copy of any of these documents, to request additional information about CREF or the Accounts or to make other investor inquiries, visit our website at www.tiaa.org, write to us at 730 Third Avenue, New York, NY 10017-3206, Attn: TIAA Imaging Services or call us at 877-518-9161.

You may also obtain reports and other information about CREF on the SEC's website at www.sec.gov and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

![](img_5a3c1e604ac64m2.jpg)<br>

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and the Securities Investor Protection Corporation ("SIPC"), distributes securities products. SIPC only protects customers' securities and cash held in brokerage accounts. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.©2026 Teachers Insurance and Annuity Association of America–College Retirement

Equities Fund, 730 Third Avenue, New York, NY 10017-3206

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| | |
|:---|:---|
| EDGAR contract identifiers: C000154473, C000154474, C000154475, C000234671, C000154476, C000154477, C000154478, C000234672, C000154479, C000154480, C000154481, C000234673, C000154482, C000154483, C000154484, C000234674, C000154485, C000154486, C000154487, C000234675, C000154488, C000154489, C000154490, C000234676, C000154491, C000154492, C000154493, C000234677, C000154494, C000154495, C000154496, C000234678  | A10849 (5/26) |

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---

| | |
|:---|:---|
| **Statement of Additional Information** | ![](img_e366fbdc69f04m3.jpg) |

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#### Individual, Group and Tax-Deferred Variable Annuity Contracts

#### Issued by

## College Retirement Equities Fund

#### MAY 1, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Tickers by Class** | **Tickers by Class** | **Tickers by Class** | **Tickers by Class** |
| <br>**Account Name** | **Class R1** | **Class R2** | **Class R3** | **Class R4** |
| **Total Global Stock Account (formerly Stock Account)** | QCSTRX | QCSTPX | QCSTIX | QCSTFX |
| **Global Equities Account** | QCGLRX | QCGLPX | QCGLIX | QCGLFX |
| **Growth Account** | QCGRRX | QCGRPX | QCGRIX | QCGRFX |
| **S&P 500 Index Account (formerly Equity Index Account)** | QCEQRX | QCEQPX | QCEQIX | QCEQFX |
| **Core Bond Account** | QCBMRX | QCBMPX | QCBMIX | QCBMFX |
| **Inflation-Linked Bond Account** | QCILRX | QCILPX | QCILIX | QCILFX |
| **Responsible Balanced Account (formerly Social Choice Account)** | QCSCRX | QCSCPX | QCSCIX | QSCCFX |
| **Money Market Account** | QCMMRX | QCMMPX | QCMMIX | QCMMFX |

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CREF offers the following types of contracts:

◾ RA (Retirement Annuity) (Class R1, R2, R3)<br>◾ GRA (Group Retirement Annuity) (Class R1, R2, R3)<br>◾ SRA (Supplemental Retirement Annuity) (Class R1, R2, R3)<br>◾ GSRA (Group Supplemental Retirement Annuity) (Class R1, R2, R3)<br>◾ Retirement Choice and Retirement Choice Plus Annuity (all Classes)<br>◾ GA (Group Annuity) and Institutionally Owned GSRAs (Class R1, R2, R3)<br>◾ Traditional, Roth IRA and Rollover (Individual Retirement Annuity) including SEP IRAs (Simplified Employee Pension Plans) (Class R3)<br>◾ Keogh (Class R1) (no longer offered)<br>◾ ATRA (After-Tax Retirement Annuity) (Class R2)<br>

**This [Statement of Additional Information](#document_3) ("SAI") is not a prospectus. The SAI contains additional information that you should consider before investing in any of the variable annuity contracts or certificates (the "contracts") of the College Retirement Equities Fund ("CREF"). The current prospectus dated May 1, 2026 with respect to the contracts (the "Prospectus") is available without charge upon written or oral request to College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206, Attention: Imaging Services; Telephone 877-518-9161. [The audited financial statements of CREF for the fiscal period ended December 31, 2025](http://www.sec.gov/Archives/edgar/data/777535/000119312526096129/d855715dncsr.htm) are incorporated into this SAI by reference to CREF's report on Form N-CSR, which contains the Annual Report to participants. Capitalized or defined terms used in the Prospectus are incorporated into this SAI.**

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#### Table of contents

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| | |
|:---|:---|
| [**CREF and its operations**](#new_id-49)[**2**](#new_id-49)<br>[**Investment restrictions**](#new_id-50)[**2**](#new_id-50)<br>[**Investment policies and risk considerations**](#new_id-51)[**6**](#new_id-51)<br>[**Portfolio turnover**](#new_id-52)[**42**](#new_id-52)<br>[**Valuation of assets**](#new_id-53)[**42**](#new_id-53)<br>[**Disclosure of portfolio holdings**](#new_id-54)[**44**](#new_id-54)<br>[**Management of CREF**](#new_id-55)[**45**](#new_id-55)<br>[**Proxy voting policies**](#new_id-56)[**53**](#new_id-56)<br>[**Investment advisory and related services**](#new_id-57)[**54**](#new_id-57)<br>[**Personal trading policy**](#new_id-58)[**57**](#new_id-58)<br>[**Information about the Accounts' portfolio management**](#new_id-59)[**58**](#new_id-59)<br>[**Brokerage allocation**](#new_id-60)[**61**](#new_id-60) | [**Accumulation unit values**](#new_id-61)[**64**](#new_id-61)<br>[**Periodic reports**](#new_id-62)[**65**](#new_id-62)<br>[**Voting rights**](#new_id-63)[**65**](#new_id-63)<br>[**General matters**](#new_id-64)[**66**](#new_id-64)<br>[**State regulation**](#new_id-65)[**67**](#new_id-65)<br>[**Legal matters**](#new_id-66)[**67**](#new_id-66)<br>[**Experts**](#new_id-67)[**67**](#new_id-67)<br>[**Federal income taxes**](#new_id-68)[**67**](#new_id-68)<br>[**Additional information**](#new_id-69)[**70**](#new_id-69)<br>[**Financial statements**](#new_id-70)[**70**](#new_id-70)<br>[**Appendix A: Nuveen proxy voting guidelines and policies**](#new_id-71)[**71**](#new_id-71) |

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### CREF and its operations
CREF is unlike most other companies that offer variable annuities. Usually, variable annuities are issued by insurance companies through segregated asset accounts called "separate accounts." The insurance company performs administration and other services for the separate account and, for a fee, assumes certain mortality and expense risks. In contrast, CREF is legally independent from any insurance company, including Teachers Insurance and Annuity Association ("TIAA"), its companion organization. Investment advisory, distribution and administrative services are provided at cost for CREF under agreements with TIAA or its affiliates.

CREF is a diversified, open-end management investment company that issues variable annuity contracts to residents of all 50 states, the District of Columbia, Puerto Rico, U.S. territories and foreign countries. Founded in 1952, CREF is a nonprofit membership corporation established in New York State. CREF is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"). CREF is also subject to the Not-For-Profit Corporation Law of New York and to regulation by the New York Department of Financial Services ("NYDFS") and insurance departments (as an insurance company) in several other jurisdictions.

Among the expenses which CREF deducts from the net assets of each investment fund ("Account") each valuation day are expenses for investment management, administration and distribution services, as well as a mortality and expense risk charge. TIAA or subsidiaries of TIAA provide or arrange for the provision of these services for CREF on an "at cost" basis by TIAA and its affiliates. Each Account currently issues four classes of units: Class R1, Class R2, Class R3 and Class R4. There are differences among the fees and expenses associated with each class such as different administrative and distribution expenses. Prior to April 24, 2015, CREF offered only one class, which became Class R3 on that date with the addition of Class R1 and Class R2 on that date. Subsequently, Class R4 was launched on September 16, 2022. Consequently, historical information in this SAI that refers to Class R3 of an Account reflects information about the entire Account.

CREF's estimated annual expenses, which appear in its Prospectus, reflect estimates of the amounts that we currently expect to deduct to approximate the costs that CREF will incur from May 1, 2026 through April 30, 2027. Actual expenses may be higher or lower. After the end of every quarter, CREF reconciles the amount deducted from each class of an Account with the expenses the class of the Account actually incurred and, if there is a difference, such difference is added to or deducted from the class of the Account in equal daily installments over the remaining days of the quarter, provided that material differences may be repaid in the current calendar quarter, in accordance with accounting principles generally accepted in the United States of America (GAAP). CREF's at cost deductions are based on projections of overall expenses and the assets of each class of an Account, and the size of any adjusting payments will be directly affected by how different the projections are from a class of an Account's actual assets or expenses. To the extent that the cost projections substantially differ from an Account's actual expenses, the cost deduction rates may be adjusted.

CREF's expenses do not include any advisory fees paid to financial intermediaries nor any retirement plan-level fees for TIAA recordkeeping.

### Investment restrictions
Pursuant to CREF's Charter (the "Charter"), none of the Accounts will invest in any common stocks or shares of any corporation, joint stock association or business trust in an amount in excess of a specified percentage, not to exceed 10%

2&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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(except with the approval of the NYDFS) of voting shares of such entity, that would cause such entity to be controlled by, or become a subsidiary of, CREF as defined in New York insurance law, although this restriction will not apply to investment in an entity formed or acquired by CREF for a lawful business purpose. This restriction cannot be changed without an amendment to the Charter. (The Charter may be amended only by the action of the CREF Board of Governors and only if the NYDFS certifies the amendment as lawful and equitable.)

The Responsible Balanced Account may pursue its investment objective by investing in its wholly owned subsidiary, CREF Social Choice Account Taxable Offshore Limited (the "Subsidiary"), which is a Cayman Islands exempted company. A Cayman Islands exempted company is a corporate entity established under the laws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. The Responsible Balanced Account invests in the Subsidiary to obtain exposure to certain Regulation S securities not eligible for investment by the Responsible Balanced Account until the expiration of the applicable Regulation S security restricted period and to obtain exposure to certain bonds or fixed-income securities that are sold subject to selling restrictions under the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"), which generally restricts the purchase of such bonds to non-U.S. persons (as defined for applicable U.S. federal income tax purposes) ("TEFRA Bonds"). As the Subsidiary will elect to be a corporation from a U.S. federal income tax perspective, the Subsidiary will generally be viewed as a non-U.S. person for such purposes. The Subsidiary is advised by TIAA-CREF Investment Management, LLC ("TCIM"), has the same investment objective as the Responsible Balanced Account, and is subject to the same investment policies and restrictions that apply to the management of the Responsible Balanced Account (except that the Subsidiary may invest without limitation in Regulation S securities and TEFRA Bonds). The Responsible Balanced Account and the Subsidiary will test for compliance with investment restrictions on a consolidated basis. By investing in the Subsidiary, the Responsible Balanced Account is indirectly exposed to the risks associated with the Subsidiary's investments. The investments held by the Subsidiary are generally similar to those held by the Responsible Balanced Account and are subject to the same risks that apply to similar investments if held directly by the Responsible Balanced Account. See the Responsible Balanced Account's Prospectus and the section titled "Investment in a Wholly Owned Subsidiary" below for a more detailed discussion of the Subsidiary.

The following restrictions, not set forth in CREF's Charter, are fundamental policies with respect to the Accounts and may not be changed without the approval of a majority of the outstanding voting securities, as that term is defined under the 1940 Act, in the affected Account.

Each of the Accounts is classified as "diversified" within the meaning of the 1940 Act, as set forth in Restrictions #5 and #6 below. However, the S&P 500 Index Account may become non-diversified under the 1940 Act without the approval of Account participants solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its benchmark index. Therefore, this Account has a different diversification-related policy than the other Accounts as noted in Restrictions #5 and #6 below:

1. None of the Accounts will issue senior securities (the issuance and sales of options and futures not being considered the issuance of senior securities);

2. Neither the Total Global Stock nor the Money Market Account will make short sales, except when the Account has, by reason of ownership of other securities, the right to obtain securities of equivalent kind and amount that will be held so long as the Account is in a short position;

3. The Total Global Stock, Global Equities, Core Bond, Responsible Balanced and Money Market Accounts will not borrow money, except: (a) they may purchase securities on margin, as described in Restriction #12 below; and (b) from banks as a temporary measure for extraordinary or emergency purposes, and then only in amounts not in excess of 10% of the value of the Account's total assets, taken at market value at the time of borrowing. The Growth, S&P 500 Index and Inflation-Linked Bond Accounts will not borrow money, except: (a) they may purchase securities on margin, as described in Restriction #12 below; and (b) (i) from banks only in amounts not in excess of 33¹/<sub>3</sub>% of the Account's total assets taken at market value at the time of borrowing, or (ii) for temporary purposes in an amount not exceeding 5% of the Account's total assets taken at market value at the time of borrowing. Money may be temporarily obtained through bank borrowing, rather than through the sale of portfolio securities, when such borrowing appears more attractive for an Account; nevertheless, any bank borrowings by an Account may, depending on market conditions, affect investment returns;

4. None of the Accounts will underwrite the securities of other companies, except as it may be deemed to do so in a sale of restricted portfolio securities;

5. The S&P 500 Index Account will not, with respect to at least 75% of the value of its total assets, invest more than 5% of its total assets in the securities of any one issuer (including repurchase agreements with any one primary dealer) other than securities issued or guaranteed by the U.S. Government, or its agencies or instrumentalities, except as may be necessary to approximate the composition of its benchmark index.

With respect to each other Account, the Account will not, with respect to at least 75% of the value of its total assets, invest more than 5% of its total assets in the securities of any one issuer (including repurchase agreements with any one primary dealer) other than securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities;

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6. The S&P 500 Index Account will not, with respect to at least 75% of the value of its total assets, purchase more than 10% of the outstanding voting securities of an issuer, except that such restriction shall not apply to securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, and except as may be necessary to approximate the composition of its benchmark index.

With respect to each other Account, the Account will not, with respect to at least 75% of the value of its total assets, purchase more than 10% of the outstanding voting securities of an issuer, except that such restriction shall not apply to securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities;

7. None of the Accounts will make an investment in an industry if after giving effect to that investment the Account's holding in that industry would exceed 25% of the Account's total assets—this restriction, however, does not apply to investments in obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities, and, with respect to the Money Market Account, to certificates of deposit, or securities issued or guaranteed by domestic banks and branches of domestic banks and savings and loan associations and savings banks; utilities will be divided according to their services (so that, for example, gas distribution and transmission, electric and telephone each will be considered a separate industry);

8. The Total Global Stock, Global Equities, Growth, S&P 500 Index and Money Market Accounts will not purchase real estate or mortgages directly, although the Core Bond, Inflation-Linked Bond and Responsible Balanced Accounts may purchase or hold real estate or mortgages directly, subject to investment Restriction #14 below (relating to illiquid investments); the Total Global Stock, Global Equities, Growth and Responsible Balanced Accounts may, however, buy shares of real estate investment trusts listed on stock exchanges or reported on the NASDAQ Stock Market, Inc. ("NASDAQ") system, and the Accounts may buy pass-through mortgage securities and securities collateralized by mortgages;

9. None of the Accounts will purchase commodities or commodities contracts, except to the extent futures are purchased as described herein;

10. None of the Accounts will invest more than 5% of its total assets in the securities of any one investment company; an Account may not own more than 3% of an investment company's outstanding voting securities, and total holdings of investment company securities may not exceed 10% of the value of an Account's total assets (the SEC staff takes the position that although certain issuers of collateralized mortgage obligations may be investment companies, an Account's ability to acquire collateralized mortgage obligations of such issuers would not be subject to these restrictions);

11. None of the Accounts will make loans, except: (a) that the Total Global Stock and Money Market Accounts may make loans of portfolio securities (not exceeding 20% of the value of their total assets), and the Global Equities, Growth, S&P 500 Index, Core Bond, Inflation-Linked Bond and Responsible Balanced Accounts may make loans of portfolio securities not exceeding 33⅓% of the value of their total assets, which are collateralized by either cash, U.S. Government securities, or other means permitted by applicable law, equal to at least 102% of the market value of the loaned securities, or such lesser percentage as may be permitted by the NYDFS (not to fall below 100% of the market value of the loaned securities), as reviewed daily; (b) loans through entry into repurchase agreements (the purchase of publicly traded debt obligations not being considered in the making of a loan); (c) to the extent authorized under the contracts, loans to participants in amounts not greater than the value of their accumulations, to the extent permitted by law; (d) privately placed debt securities may be purchased; or (e) participation interests in loans, and similar investments, may be purchased;

12. None of the Accounts will purchase any security on margin (except that an Account may obtain such short-term credit as may be necessary for the clearance of purchases and sales of portfolio securities);

13. Neither the Total Global Stock nor the Money Market Account will purchase or sell options or futures except those listed on domestic or foreign securities, options or commodities exchange; however, the Global Equities, Growth, S&P 500 Index, Core Bond, Inflation-Linked Bond and Responsible Balanced Accounts may purchase or sell options or futures that are not listed on an exchange; and

14. None of the Accounts will invest more than 10% of its total assets in repurchase agreements maturing in more than seven days, and other illiquid investments, except that the Global Equities, Growth, S&P 500 Index, Core Bond, Inflation-Linked Bond or Responsible Balanced Accounts may invest to a greater extent in such investments if, and to the extent, permitted by law.

With the exception of percentage restrictions relating to borrowings, if a percentage restriction is adhered to at the time of investment, a later increase or decrease in percentage beyond the specified limit resulting from a change of values in portfolio securities will not be considered a violation.

Each Account is considered to be diversified under the 1940 Act unless otherwise specified herein.

#### Non-principal investments of the Total Global Stock, Global Equities, Growth and S&P 500 Index Accounts
The Total Global Stock, Global Equities, Growth and S&P 500 Index Accounts (collectively, the "Equity and Index Accounts") may make certain other investments, but not as principal strategies. In addition to stocks, the Equity and Index Accounts may

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hold other types of securities and other investments with equity characteristics, such as convertible bonds, preferred stock, warrants and depository receipts. The Equity and Index Accounts may also invest in short-term debt securities of the same type as those held by the Money Market Account and other kinds of short-term instruments for cash management and other purposes. Investing in these instruments is intended to help the Accounts maintain liquidity, use cash balances effectively and take advantage of attractive investment opportunities. The Equity Accounts also may invest up to 20% of their assets in fixed-income securities. TIAA-CREF Investment Management, LLC ("TCIM") may also manage cash in the Accounts by investing in money market funds or other short-term instruments.

The Equity and Index Accounts may also buy and sell: (1) put and call options, including covered call options, on securities of the types they each may invest in and on securities indices composed of such securities; (2) futures contracts on securities indices composed of securities of the types in which each may invest; and (3) put and call options on such futures contracts. They may also buy and sell stock index futures contracts. The Equity and Index Accounts may use such options and futures contracts for hedging, cash management, and to seek to increase total return. Futures contracts permit an Account to gain exposure to groups of securities and thereby have the potential to earn returns that are similar to those that would be earned by direct investments in those securities or instruments.

The Equity and Index Accounts may invest in non-affiliated investment company securities, such as exchange-traded funds ("ETFs"). The Equity and Index Accounts may use ETFs for cash management purposes and other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs. When an Equity or Index Account invests in ETFs or other investment companies, the Account bears a proportionate share of expenses charged by the investment company in which it invests.

In seeking to manage currency risk, these Accounts also may enter into forward currency contracts and currency swaps and may buy or sell put and call options and futures contracts on, and securities indexed to, foreign currencies. Although the Equity and Index Accounts may use options, futures or currency contracts at times to hedge certain risks, it is not the intent of these Accounts to hedge all equity or currency risks of the Accounts at any particular time.

The Equity and Index Accounts may invest in other derivatives and other similar financial instruments, such as equity swaps, so long as these derivatives and financial instruments are consistent with the Account's investment objective and restrictions, policies and current regulations. The Accounts may use swaps to hedge or manage the risks associated with the assets held in an Account, to manage cash and to seek to increase total return.

The Equity and Index Accounts may also hold fixed-income securities that they acquire through mergers, recapitalizations or other situations. When TCIM believes market conditions are favorable, these Accounts may also invest in bonds or other debt instruments similar to those investments made by the Core Bond Account. The Equity and Index Accounts may also invest in debt securities with prices or interest rates that are linked to the return of a stock market index.

For more information on these and other investments the Equity and Index Accounts may utilize, please see the section entitled "Investment policies and risk considerations" in this SAI.

#### Non-principal investments of the Core Bond and Inflation-Linked Bond Accounts
The Core Bond and Inflation-Linked Bond Accounts (collectively, the "Fixed-Income Accounts") may make certain other investments, but not as principal strategies. For instance, the Core Bond and Inflation-Linked Bond Accounts may hold the same kind of money market and other short-term instruments and debt securities as the Money Market Account, as well as other kinds of short-term instruments. The Core Bond Account may also hold preferred stock and common stock through conversion of bonds or exercise of warrants.

The Core Bond and Inflation-Linked Bond Accounts may also buy and sell options, futures contracts and options on futures (including options and futures on foreign currencies). They may also enter into forward currency contracts and buy and sell securities indexed to foreign currencies. These Accounts may use options and futures as a hedging technique, for cash management purposes or to seek to increase total return. These Accounts may also use these techniques to help manage currency risk.

The Core Bond and Inflation-Linked Bond Accounts may buy and sell swaps and options on swaps. These Accounts may use these instruments as hedging techniques, for cash management purposes, and to seek to increase total return. These instruments do, however, involve special risks. These Accounts are not required to hedge investments.

The Core Bond and Inflation-Linked Bond Accounts may invest in interest-only and principal-only mortgage-backed securities. These instruments have unique characteristics and are more sensitive to prepayment risk and extension risk than traditional mortgage-backed securities.

In addition, the Core Bond and Inflation-Linked Bond Accounts may invest in non-affiliated investment companies, such as ETFs, for cash management and other purposes, including to gain exposure to certain sectors or securities that are represented by ownership in ETFs. When invested in other investment companies, these Accounts will bear their proportionate share of expenses charged by these investment companies.

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For more information on these and other investments the Accounts may utilize, please see the section entitled "Investment policies and risk considerations" in this SAI.

#### Investment policies and risk considerations
In executing the investment strategies of certain Accounts that do not employ an express environmental, responsible, governance, social or impact investment objective, portfolio management teams may consider in their discretion certain environmental, social, governance, climate, sustainability and other related factors to the extent any of these factors are deemed financially relevant from an investment perspective. Whether and the degree to which any of these factors are considered largely depends on the particular portfolio management team, strategy, asset classes, securities, and other factors, which could vary.

**Credit Facility and Borrowing and Lending Among Affiliates.** Certain Accounts participate in an unsecured revolving credit facility for temporary or emergency purposes, including, without limitation, funding of participant redemptions that otherwise might require the untimely disposition of securities. An annual commitment fee for the credit facility is borne by the participating funds and Accounts. Interest associated with any borrowing under the credit facility will be charged to the borrowing Accounts at rates that are based on a specified rate of interest.

If an Account borrows money, it could leverage its portfolio by keeping securities it might otherwise have had to sell. Leveraging exposes an Account to special risks, including greater fluctuations in accumulation unit value ("AUV") in response to market changes.

Additionally, the SEC has granted an exemptive order (the "Order") permitting the Accounts to participate in an inter-fund lending facility whereby the participating Accounts may directly lend to and borrow money from each other and certain other registered investment companies, as described below, for temporary purposes (e.g., to satisfy transfer or withdrawal requests or to cover unanticipated cash shortfalls) (the "Inter-Fund Program"). Certain accounts or series of TIAA-CREF Funds ("TCF"), TIAA-CREF Life Funds ("TCLF") and TIAA Separate Account VA-1 ("VA-1") may also participate in the Inter-Fund Program, and each such account or series, as well as each Account, each of which is managed by Teachers Advisors, LLC ("Advisors"), an affiliate of TCIM, or an affiliate of Advisors, is considered to be a "Fund" for the purpose of the description of the Inter-Fund Program in this section.

The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that: (i) no Fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction; (ii) no Fund may borrow on an unsecured basis through the Inter-Fund Program unless the Fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets, provided that if the borrowing Fund has a secured borrowing outstanding from any other lender, including but not limited to another Fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (iii) if a Fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the Fund may borrow through the inter-fund loan on a secured basis only; (iv) no Fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its current net assets at the time of the loan; (v) a Fund's inter-fund loans to any one Fund shall not exceed 5% of the lending Fund's net assets; (vi) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (vii) each inter-fund loan may be called on one business day's notice by a lending Fund and may be repaid on any day by a borrowing Fund. In addition, a Fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the Fund's investment objective and investment policies, including the fundamental investment policies on borrowing and lending set forth above, and authorized by its portfolio manager(s).

Due to the Accounts' fundamental investment policies, under the Inter-Fund Program, only certain Accounts are permitted to be borrowers (and only to a lesser extent than is permitted by the Order), and no Accounts are permitted to be lenders. The Board of Trustees of CREF (the "Board of Trustees" or the "Board") has approved the Accounts' participation in the Inter-Fund Program and is responsible for ongoing oversight of the Inter-Fund Program, as required by the Order.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with the Inter-Fund Program for both the lending Fund and the borrowing Fund. However, no borrowing or lending activity is without risk. When a Fund borrows money from another Fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the Fund may have to borrow from a bank at a higher rate or take other actions to pay off such loan if an inter-fund loan is not available from another Fund. Any delay in repayment to a lending Fund could result in a lost investment opportunity or additional costs.

**Temporary Defensive Positions.** The Accounts may take temporary defensive positions. During periods when TCIM believes there are unstable market, economic, political or currency conditions domestically or abroad, TCIM may assume, on behalf of an Account, a temporary defensive posture and (1) without limitation, hold cash and/or invest in money market instruments, or (2) restrict the securities markets in which the Account's assets will be invested by investing those assets in securities markets

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deemed by TCIM to be conservative in light of the Account's investment objective and policies. Under normal circumstances, each Account may invest a portion of its total assets in cash or money market instruments for cash management purposes, pending investment in accordance with the Account's investment objective and policies and to meet operating expenses. To the extent that each Account holds cash or invests in money market instruments, it may not achieve its investment objective. Cash assets are generally not income-generating and would impact an Account's performance.

**Additional Risks Resulting From Market or Other Events and Government Intervention in Financial Markets and Regulatory Matters.** National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices around the world, which could negatively impact the value of an Account's investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Events such as war (for example, the ongoing armed conflict between Russia and Ukraine, as well as that between Israel and Hamas and other militant groups in the Middle East, and the conflict with Iran), terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies, conflicts, social unrest, recessions, inflation, rapid interest rate changes, changes in economic or other policies, governmental intervention including trade policies, immigration restrictions and reductions in federal spending and supply chain disruptions may adversely affect the global economy and the markets and issuers in which an Account invests. Additionally, the spread of infectious outbreaks, epidemics or pandemics have caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the investments the Accounts hold, and have, at times, adversely affected the Accounts' investments and operations. These events could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which an Account's service providers, including TCIM, rely, and could otherwise disrupt the ability of employees of an Account's service providers to perform essential tasks on behalf of an Account.

U.S. and global markets, in recent years, have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks, which could be harmful to the Accounts and issuers in which they invest. For example, if a bank in which an Account or an issuer in which an Account invests has an account that fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Account or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer fails, the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of capital and banking services or result in the issuers in which the Accounts invest being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Market conditions and legislative or regulatory responses, as well as a changing interest rate environment, can contribute to decreased market liquidity and erode the value of certain holdings. Market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Accounts and issuers in which they invest.

Changing interest rate environments (whether downward or upward) impact the various sectors of the economy in different ways. During periods when interest rates are low (or negative), an Account's yield (or total return) may also be low and fall below zero. Very low or negative interest rates may magnify interest rate risk. The U.S. Federal Reserve (the "Fed") has increased interest rates significantly over recent periods and has over more recent periods decreased interest rates meaningfully. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and may detract from Account performance to the extent an Account is exposed to such interest rates and/or volatility.

Governments or their agencies may also acquire distressed assets from financial institutions and acquire ownership interests in those institutions. The implications of government ownership and disposition of these assets are unclear, and such a program may have positive or negative effects on the liquidity, valuation and performance of an Account's portfolio holdings. Furthermore, volatile financial markets can expose an Account to greater market and liquidity risk and potential difficulty in valuing portfolio holdings, as well as potentially higher portfolio turnover and related transaction costs. TCIM will monitor developments and seek to manage each Account in a manner consistent with achieving its investment objective, but there can be no assurance that TCIM will be successful in doing so.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of participants' interests in a fund by requiring the adjustment of fund AUV per share to pass on costs stemming from participant purchase or redemption activity. In addition, the proposed rule would amend the existing liquidity rule framework. The proposal's impact on the Accounts will not be known unless and until any final rulemaking is adopted.

On February 25, 2025, the SEC extended the compliance date applicable to the clearing mandate for Treasury repo transactions. Under the extended compliance date, market participants, absent an exemption, will be required to clear Treasury repo transactions under the rule beginning June 30, 2027. The clearing mandate is expected to result in each Account being required to clear all or substantially all of its Treasury repo transactions as of the compliance date, and may necessitate

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expenditures by each Account that trades in Treasury repo transactions in connection with entering into new agreements with sponsoring members and taking other actions to comply with the new requirements. TCIM will monitor developments in the Treasury repo transactions market as the implementation period progresses.

In December 2023, the SEC adopted rule amendments providing that any covered clearing agency ("CCA") for U.S. Treasury securities require that every direct participant of the CCA (which generally would be a bank or broker-dealer) submit for clearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which it is a counterparty. The clearing mandate includes in its scope all repurchase or reverse repurchase agreements of such direct participants collateralized by U.S. Treasury securities (collectively, "Treasury repo transactions") of a type accepted for clearing by a registered CCA, including both bilateral Treasury repo transactions and triparty Treasury repo transactions where a bank agent provides custody, collateral management and settlement services.

The Treasury repo transactions of registered funds with any direct participants of a CCA will be subject to the mandatory clearing requirement. Currently, the Fixed Income Clearing Corporation ("FICC") is the only CCA for U.S. Treasury securities. FICC currently operates a "Sponsored Program" for clearing of Treasury repo transactions pursuant to which a registered fund may enter into a clearing arrangement with a "sponsoring member" bank or broker-dealer that is a direct participant of FICC as a "sponsored member" of FICC.

In August 2024, the SEC adopted amendments to the reporting requirements on Form N-PORT and Form N-CEN. Under the amendments, funds must file Form N-PORT reports on a monthly basis within 30 days of month end, and each report will be made public 60 days after month end. Additionally, funds will be required to identify and provide certain information about liquidity service providers on Form N-CEN, including the asset classes for which the liquidity service provider provided liquidity classifications and whether the provider was hired or terminated during the period. The compliance date for these amendments was November 17, 2025. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments to November 17, 2027. On February 18, 2026, the SEC then extended the compliance date for Form N-PORT reporting requirements related to the Names Rule to November 17, 2027 for fund groups with net assets of $10 billion or more. In addition, on February 18, 2026, the SEC proposed amendments to certain reporting requirements on Form N-PORT that would, if adopted, provide that monthly reports must be filed within 45 days of month end and reduce the frequency of publication of reports on Form N-PORT from monthly (within 60 days of each month end) to quarterly (within 60 days after fiscal quarter end).

Until any policy or regulatory changes are made, it is not possible to predict the impact such changes may have on the value of portfolio holdings of an Account, the issuers thereof or TIAA (or their affiliates). Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Actions by governments, including legislation or regulation may change the way in which an Account itself is regulated. Such legislation or regulation may also affect the expenses incurred directly by an Account and the value of its investments, and could limit or preclude an Account's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

The value of an Account's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which an Account invests. For example, any public health emergency could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the economy, which in turn could adversely affect an Account's investments. In the event of such a disturbance, issuers of securities held by an Account may experience significant declines in the value of their assets and even cease operations, or may receive government assistance accompanied by increased restrictions on their business operations or other government intervention. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns and/or changes in economic or other policies, although companies can seek to identify and manage future uncertainties through risk management programs.

**Money Market Funds.** The Money Market Account is a "government money market fund," as defined in the applicable rules governing money market funds, and as such invests at least 99.5% of its total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully by cash or U.S. Government securities. With respect pursuant to Rule 2a-7, a money market fund that satisfies the applicable diversification requirements of Rule 2a-7 shall be deemed to have satisfied the diversification requirements of the 1940 Act and the rules adopted thereunder. As a "government" money market fund, the Money Market Account is exempt from the provisions under Rule 2a-7 relating to mandatory and discretionary liquidity fees (although the Account would be permitted to rely on the ability to impose discretionary (but not mandatory) liquidity fees after providing at least sixty days' prior notice to shareholders).

**Distressed and Defaulted Securities in a Workout Arrangement.** In the event that an Account holds distressed or defaulted securities of an issuer, Advisors may determine that it is in the best interest of Account participants to pursue a workout arrangement with the issuer, which may involve making loans to the issuer, purchasing bonds, equity or other interests of the issuer, or taking other related or similar steps involving the investment of additional monies.

Certain Accounts may make a loan to an entity suffering severe economic distress, oftentimes in or near bankruptcy. It is generally more time-consuming and expensive for a troubled entity to issue additional bonds, instead of borrowing, as a means

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of obtaining liquidity in times of severe financial distress. Making a loan to such an entity may allow the entity to remain a "going concern" and enable it to eventually both repay the loan as well as be in better position to pay interest and principal on the pre-existing securities held by an Account. Absent a loan, an Account may be forced to liquidate the entity's assets, which can reduce recovery value.

In the course of pursuing such a workout arrangement, Advisors may acquire material non-public information regarding an issuer, which may limit its ability to purchase or sell securities or otherwise to participate in an investment opportunity for an Account.

**Illiquid Investments.** The Accounts (except the Money Market Account) have implemented a written liquidity risk management program (the "Liquidity Risk Program"), as required by applicable SEC regulation, reasonably designed to assess and manage the Accounts' liquidity risk. As a result of its designation as Liquidity Risk Program administrator by the Board, TCIM is also responsible for determining the liquidity of investments held by each Account. The Money Market Account may invest up to 5% of its total assets, measured at the time of investment, in illiquid securities. The Total Global Stock Account may invest up to the lesser of 10% of its total assets or 15% of its net assets, measured at the time of investment, in illiquid investments. Each of the other Accounts may invest up to 15% of its net assets, measured at the time of investment, in illiquid investments that are assets. Illiquid investments are those that are not reasonably expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Investments may be illiquid because of, among other factors, the absence of a trading market or distress in a trading market, making it difficult to value the investments or dispose of them promptly at the value at which they are carried. Investments in illiquid investments or holding securities that have become illiquid pose risks of potential delays in resale. Limitations on or delays in resale may have an adverse effect on the marketability of portfolio securities, and it may be difficult for the Accounts to dispose of illiquid investments promptly or to sell such investments for the value at which they are carried, if at all, or at any price within the desired time frame. The Accounts may receive distressed prices and incur higher transaction costs when selling illiquid investments. There is also a risk that unusually high redemption requests, including redemption requests from certain large participants (such as institutional investors), asset allocation changes, or other unusual market conditions may make it difficult for an Account to sell investments in sufficient time to allow it to meet redemptions. Redemption requests could require an Account to sell illiquid investments at reduced prices or under unfavorable conditions, which may negatively impact an Account's performance. The regulations adopted by the SEC may limit an Account's ability to invest in illiquid investments, which may adversely affect an Account's performance and ability to achieve its investment objective.

**Inflation/Deflation Risk.** An Account's investments may be subject to inflation risk, which is the risk that the real value (i.e., nominal price of the asset adjusted for inflation) of assets or income from investments will be less in the future as inflation decreases the purchasing power and value of money (i.e., as inflation increases, the real value of an Account's assets can decline). Inflation rates may change frequently and significantly as a result of various factors, including unexpected shifts in the domestic or global economy and changes in monetary or economic policies (or expectations that these policies may change), and an Account's investments may not keep pace with inflation, which would generally adversely affect the real value of Account participants' investments in the Account. This risk is generally greater for fixed-income instruments with longer durations.

Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of an Account's assets.

**Restricted Securities.** The Accounts may invest in restricted securities. A restricted security is one that has a contractual restriction on resale or cannot be resold publicly until it is registered under the Securities Act of 1933, as amended (the "1933 Act"). From time to time, restricted securities can be considered illiquid under the Accounts' Liquidity Risk Program. However, purchases by an Account of securities of foreign issuers offered and sold outside the United States may not be considered illiquid even though they are restricted. The Board of Trustees has designated TCIM to determine the value and liquidity of restricted securities and other investments held by each Account.

**Preferred Stock.** The Accounts (other than the Money Market Account) can invest in preferred stock consistent with their investment objectives. Preferred stock pays dividends at a specified rate and generally has preference over common stock in the payment of dividends and the liquidation of the issuer's assets but is junior to the debt securities of the issuer in those same respects. Unlike interest payments on debt securities, dividends on preferred stock are generally payable at the discretion of the issuer's board of directors, and participants may suffer a loss of value if dividends are not paid. Preferred participants generally have no legal recourse against the issuer if dividends are not paid. The market prices of preferred stocks are subject to changes in interest rates and are more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. Under ordinary circumstances, preferred stock does not carry voting rights.

**Small and Medium Capitalization Companies.** Some Accounts may invest in common stocks of issuers with small or medium market capitalizations. An investment in common stocks of issuers with small or medium market capitalizations generally involves greater risk and price volatility than an investment in common stocks of larger, more established companies. This increased risk may be due to the greater business risks of their small or medium size, limited markets and financial resources, narrow product lines and frequent lack of management depth. The securities of small and medium capitalization

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companies are often traded in the over-the-counter market, and might not be traded in volumes typical of securities traded on a national securities exchange. Thus, the securities of small and medium capitalization companies are likely to be less liquid and subject to more abrupt or erratic market movements than securities of larger, more established companies.

**Initial Public Offerings ("IPOs").** Some Accounts may invest a portion of their assets in securities of companies offering shares in IPOs. IPOs may have a magnified performance impact on an Account with a small asset base. The impact of IPOs on an Account's performance likely will decrease as the Account's asset size increases. IPOs may not be consistently available to an Account for investing, particularly as the Account's asset base grows. Because IPO shares frequently are volatile in price, an Account may hold IPO shares for a very short period of time. This may increase the portfolio turnover of an Account and may lead to increased expenses for the Account, such as commissions and transaction costs. By selling shares, an Account may realize taxable gains it will subsequently distribute to participants. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for an Account to buy or sell significant amounts of shares without an unfavorable impact on prevailing prices. Holders of IPO shares (including an Account) can be affected by substantial dilution in the value of the IPO issuer's shares, by sales of additional shares and by concentration of control in existing management and principal participants.

The Account's investment in IPO shares may include the securities of unseasoned companies (companies with less than three years of continuous operations), which present risks considerably greater than common stocks of more established companies. These companies may have limited operating histories and their prospects for profitability may be uncertain. These companies may be involved in new and evolving businesses and may be vulnerable to competition and changes in technology, markets and economic conditions. These companies may also be more dependent on key managers and third parties and may have limited product lines.

**Options and Futures.** The Accounts (other than the Money Market Account) may engage in options (puts and calls) and futures strategies to the extent permitted by the NYDFS and subject to SEC and Commodity Futures Trading Commission ("CFTC") requirements. The Accounts may use options and futures strategies as hedging techniques, for cash management purposes or to seek to increase total return. Options and futures transactions may increase an Account's transaction costs and portfolio turnover rate and will be initiated only when consistent with its investment objective. None of the Accounts are required to hedge any investments.

**Options.** Options-related activities could include: (1) the sale of call option contracts (including covered call options) and the purchase of call option contracts, to close out a position acquired through the sale of such options; (2) buying put option contracts (including covered put options) and selling put option contracts, including to close out a position acquired through the purchase of such options; and (3) selling call option contracts or buying put option contracts on groups of securities and on futures on groups of securities, and buying similar call option contracts or selling put option contracts, including to close out a position acquired through a sale of such options. This list of options-related activities is not intended to be exclusive, and the Accounts may engage in other types of options transactions consistent with their investment objectives and policies and applicable law.

A call option is a short-term contract (generally for nine months or less) that gives the purchaser of the option the right but not the obligation to purchase the underlying security at a fixed exercise price at any time (American style) or at a set time (European style) prior to the expiration of the option regardless of the market price of the security during the option period. As consideration for the call option, the purchaser pays the seller a premium, which the seller retains whether or not the option is exercised. The seller of a call option has the obligation, upon the exercise of the option by the purchaser, to sell the underlying security at the exercise price. Selling a call option would benefit the Account if, over the option period, the underlying security declines in value or does not appreciate above the aggregate of the exercise price and the premium. However, the Account risks an "opportunity loss" of profits if the underlying security appreciates above the aggregate value of the exercise price and the premium.

The Account may close out a position acquired through selling a call option by buying a call option on the same security with the same exercise price and expiration date as the call option that it had previously sold on that security. Depending on the premium for the call option purchased by an Account, the Account will realize a profit or loss on the transaction on that security.

A put option is a similar short-term contract that gives the purchaser of the option the right to sell the underlying security at a fixed exercise price at any time prior to the expiration of the option regardless of the market price of the security during the option period. As consideration for the put option, an Account, as the purchaser, pays the seller a premium, which the seller retains whether or not the option is exercised. The seller of a put option has the obligation, upon the exercise of the option by the purchaser, to purchase the underlying security at the exercise price. The buying of a covered put contract limits the downside exposure for the investment in the underlying security. The risk of purchasing a put option is that the market price of the underlying stock prevailing on the expiration date may be above the option's exercise price. In that case, the option would expire worthless and the entire premium would be lost.

Selling a put or call option may require the payment of initial and variation margin, and adverse market movements against the underlying security or instrument may require the seller to make additional margin payments. The Account may have to sell

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securities or other instruments at a time when it may be disadvantageous to do so to meet margin and settlement payment requirements in connection with the sale of put or call options.

The Account may close out a position acquired through buying a put option by selling an identical put option on the same security with the same exercise price and expiration date as the put option that it had previously bought on the security. Depending on the premium for the put option purchased by the Account, the Account would realize a profit or loss on the transaction.

In addition to options (both calls and puts) on individual securities, there are also options on groups of securities, such as the options on the Standard & Poor's 100 Index, which are traded on the Chicago Board Options Exchange. There are also options on the futures of groups of securities such as the Standard & Poor's 500 Index and the New York Stock Exchange Composite Index. The selling of such calls can be used in anticipation of, or in, a general market or market sector decline that may adversely affect the market value of an Account's portfolio of securities. To the extent that an Account's portfolio of securities changes in value in correlation with a given stock index, the sale of call options on the futures of that index would substantially reduce the risk to the portfolio of a market decline, and, by so doing, provide an alternative to the liquidation of securities positions in the portfolio with resultant transaction costs. A risk in all options, particularly the relatively new options on groups of securities and on the futures on groups of securities, is a possible lack of liquidity. This will be a major consideration of TCIM before it deals in any option on behalf of an Account.

There is another risk in connection with selling a call option on a group of securities or on the futures of groups of securities. This arises because of the imperfect correlation between movements in the price of the call option on a particular group of securities and the price of the underlying securities held in the portfolio. Unlike a covered call on an individual security, where a large movement on the upside for the call option will be offset by a similar move on the underlying stock, a move in the price of a call option on a group of securities may not be offset by a similar move in the price of securities held due to the difference in the composition of the particular group and the portfolio itself.

**Futures.** To the extent permitted by applicable regulatory authorities, the Accounts (other than the Money Market Account) may purchase and sell futures contracts on securities or other instruments, or on groups or indices of securities or other instruments. The purpose of hedging techniques using financial futures is to protect the principal value of the Account against adverse changes in the market value of securities or instruments in its portfolio, and to obtain better returns on investments than available in the cash market. Since these are hedging techniques, the gains or losses on the futures contract normally will be offset by losses or gains, respectively, on the hedged investment. Futures contracts also may be offset prior to the future date by executing an opposite futures contract transaction.

A futures contract on an investment is a binding contractual commitment which, if held to maturity, generally will result in an obligation to make or accept delivery, during a particular future month, of the securities or instrument underlying the contract.

By purchasing a futures contract—assuming a "long" position—TCIM will legally obligate an Account to accept the future delivery of the underlying security or instrument and pay the agreed price. By selling a futures contract—assuming a "short" position—TCIM will legally obligate an Account to make the future delivery of the security or instrument against payment of the agreed price.

Positions taken in the futures markets are not normally held to maturity, but are instead liquidated through offsetting transactions that may result in a profit or a loss. While futures positions taken by an Account usually will be liquidated in this manner, an Account may instead make or take delivery of the underlying securities or instruments whenever it appears economically advantageous to an Account to do so. A clearing corporation associated with the exchange on which futures are traded assumes responsibility for closing out positions and guarantees that the sale and purchase obligations will be performed with regard to all positions that remain open at the termination of the contract.

A stock index futures contract, unlike a contract on a specific security, does not provide for the physical delivery of securities, but merely provides for profits and losses resulting from changes in the market value of the contract to be credited or debited at the close of each trading day to the respective accounts of the parties to the contract. On the contract's expiration date, a final cash settlement occurs and the futures positions are closed out. Changes in the market value of a particular stock index futures contract reflect changes in the specified index of equity securities on which the future is based.

Stock index futures may be used to hedge the equity investments of the Total Global Stock, Global Equities, Growth, S&P 500 Index, or Responsible Balanced Accounts with regard to market (systematic) risk (involving the market's assessment of overall economic prospects), as distinguished from stock specific risk (involving the market's evaluation of the merits of the issuer of a particular security). By establishing an appropriate "short" position in stock index futures, TCIM may seek to protect the value of portfolio securities held by the Total Global Stock, Global Equities, Growth, S&P 500 Index and Responsible Balanced Accounts against an overall decline in the market for equity securities. Alternatively, in anticipation of a generally rising market, TCIM can seek to avoid losing the benefit of apparently low current prices by establishing a "long" position in stock index futures and later liquidating that position as particular equity securities are in fact acquired. To the extent that these hedging strategies are successful, the Account will be affected to a lesser degree by adverse overall market price movements, unrelated to the merits of specific portfolio equity securities, than would otherwise be the case.

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Unlike the purchase or sale of a security, no price is paid or received by an Account upon the purchase or sale of a futures contract. Initially, an Account will be required to deposit in a segregated account with the broker (futures commission merchant) carrying the futures account on behalf of the Account an amount of cash, U.S. Treasury securities, or other permissible assets equal to a percentage of the contract amount as determined by the clearinghouse. This amount is known as "initial margin." The nature of initial margin in futures transactions is different from that of margin in security transactions in that futures contract margin does not involve the borrowing of funds by the customer to finance the transactions. Rather, the initial margin is in the nature of a performance bond or good faith deposit on the contract that is returned to an Account upon termination of the futures contract assuming all contractual obligations have been satisfied. Subsequent payments to and from the broker, called "variation margin," will be made on a daily basis as the price of the underlying stock index fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market."

For example, when an Account has purchased a stock index futures contract and the price of the underlying stock index has risen, that position will have increased in value, and the Account will receive from the broker a variation margin payment equal to that increase in value. Conversely, where an Account has purchased a stock index futures contract and the price of the underlying stock index has declined, the position would be less valuable and the Account would be required to make a variation margin payment to the broker. At any time prior to expiration of the futures contract, the Account may elect to close the position by taking an opposite position that will operate to terminate the Account's position in the futures contract. A final determination of variation margin is then made, additional cash is required to be paid by or released to the Account, and the Account realizes a loss or a gain. The risks inherent in the purchase or sale of stock index futures are, in a general sense, similar to the risks inherent in the purchase or sale of bond index futures. A bond index assigns relative values to the bonds included in the index. The index fluctuates with changes in the market values of those bonds included, and the parties to the bond index futures contract agree to take or make delivery of an amount of cash equal to a specified dollar amount times the difference between the index value at the close of the last trading day of the contract and the price at which the index future was originally written. No physical delivery of the underlying bonds in the index is made.

There are several risks in connection with the use of a futures contract as a hedging device. One risk arises because of the imperfect correlation between movements in the prices of the futures contracts and movements in the securities or instruments that are the subject of the hedge. TCIM, on behalf of an Account, will attempt to reduce this risk by engaging in futures transactions, to the extent possible, where, in TCIM's judgment, there is a significant correlation between changes in the prices of the futures contracts and the prices of the Account's portfolio securities or instruments sought to be hedged.

Successful use of futures contracts for hedging purposes also is subject to TCIM's ability to correctly predict movements in the direction of the market. For example, it is possible that where an Account has sold futures to hedge its portfolio against declines in the market, the index on which the futures are written may advance and the values of securities or instruments held in the Account's portfolio may decline. If this occurred, the Account would lose money on the futures and also experience a decline in value in its portfolio investments. However, TCIM believes that over time the value of an Account's portfolio will tend to move in the same direction as the market indices that are intended to correlate to the price movements of the portfolio securities or instruments sought to be hedged.

It also is possible that, for example, if an Account has hedged against the possibility of a decline in the market adversely affecting stocks held in its portfolio and stock prices increased instead, the Account will lose part or all of the benefit of increased value of those stocks that it has hedged because it will have offsetting losses in its futures positions. In addition, in such situations, if an Account has insufficient cash, it may have to sell securities or instruments to meet daily variation margin requirements. Such sales may be, but will not necessarily be, at increased prices that reflect the rising market. The Account may have to sell securities or instruments at a time when it may be disadvantageous to do so.

In addition to the possibility that there may be an imperfect correlation, or no correlation at all, between movements in the futures contracts and the portion of the portfolio being hedged, the prices of futures contracts may not correlate perfectly with movements in the underlying security or instrument due to certain market distortions. First, all transactions in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions that could distort the normal relationship between the index and futures markets. Second, the margin requirements in the futures market are less onerous than margin requirements in the securities market, and as a result the futures market may attract more speculators than the securities market does. Increased participation by speculators in the futures market also may cause temporary price distortions. Due to the possibility of price distortion in the futures market and also because of the imperfect correlation between movements in the futures contracts and the portion of the portfolio being hedged, even a correct forecast of general market trends by TCIM still may not result in a successful hedging transaction over a very short time period.

**Firm Commitment Agreements and Purchase of "When-Issued" Securities.** The Accounts can enter into firm commitment agreements for the purchase of securities on a specified future date. Thus, an Account may purchase, for example, issues of fixed-income instruments on a "when-issued" basis, whereby the payment obligation, or yield to maturity, or coupon rate on the instruments may not be fixed at the time of the transaction. In addition, the Accounts may invest in asset-backed securities on

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a delayed delivery basis. This reduces an Account's risk of early repayment of principal, but exposes the Accounts to some additional risk that the transaction will not be consummated.

When an Account enters into a firm commitment agreement, liability for the purchase price—and the rights and risks of ownership of the securities—accrues to the Account at the time it becomes obligated to purchase such securities, although delivery and payment occur at a later date. Accordingly, if the market price of the security should decline, the effect of the agreement would be to obligate the Account to purchase the security at a price above the current market price on the date of delivery and payment. In addition, certain rules of the Financial Industry Regulatory Authority ("FINRA") include mandatory margin requirements that will require the Accounts to post collateral in connection with their to-be-announced ("TBA") transactions. There is no similar requirement applicable to the Accounts' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Accounts and impose added operational complexity. An Account may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements. An Account must comply with the SEC rule related to the use of derivatives and certain other transactions when engaging in the transactions discussed above. See "Derivatives and Other Similar Instruments" below.

**Participatory Notes.** Some of the Accounts may invest in participatory notes issued by banks or broker-dealers that are designed to replicate the performance of certain non-U.S. companies traded on a non-U.S. exchange. Participatory notes are a type of equity-linked derivative which generally are traded over-the-counter. Even though a participatory note is intended to reflect the performance of the underlying equity securities on a one-to-one basis so that investors will not normally gain or lose more in absolute terms than they would have made or lost had they invested in the underlying securities directly, the performance results of participatory notes will not replicate exactly the performance of the issuers or markets that the participatory notes seek to replicate due to transaction costs and other expenses. Investments in participatory notes involve risks normally associated with a direct investment in the underlying securities. In addition, participatory notes are subject to counterparty risk, which is the risk that the broker-dealer or bank that issues the notes will not fulfill its contractual obligation to complete the transaction with an Account. Participatory notes constitute general unsecured, unsubordinated contractual obligations of the banks or broker-dealers that issue them, and an Account is relying on the creditworthiness of such banks or broker-dealers and has no rights under a participatory note against the issuers of the securities underlying such participatory notes. There can be no assurance that the trading price or value of participatory notes will equal the value of the underlying equity securities they seek to replicate.

**Master Limited Partnerships.** Some of the Accounts may invest in equity securities issued by master limited partnerships ("MLPs"). An MLP is an entity, most commonly a limited partnership that is taxed as a partnership, publicly traded and listed on a national securities exchange. Holders of common units of MLPs typically have limited control and limited voting rights as compared to holders of a corporation's common shares. Preferred units issued by MLPs are not typically listed or traded on an exchange. Holders of preferred units can be entitled to a wide range of voting and other rights. MLPs are limited by the Subchapter M of Chapter 1 of the Internal Revenue Code of 1986, as amended (the "Code") to only apply to enterprises that engage in certain businesses, mostly pertaining to the use of natural resources, such as petroleum and natural gas extraction, and transportation, although some other enterprises may also qualify as MLPs.

There are certain tax risks associated with investments in MLPs. The benefit derived from an investment in an MLP is largely dependent on the MLP being treated as a partnership for federal income tax purposes. A change to current tax law, or a change in the underlying business mix of a given MLP, could result in an MLP being treated as a corporation for federal income tax purposes. If an MLP were treated as a corporation, the MLP would be required to pay federal income tax on its taxable income. This would reduce the amount of cash available for distribution by the MLP, which could result in a reduction of the value of an Account's investment in the MLP and lower income to the Account. Additionally, since MLPs generally conduct business in multiple states, an Account may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact an Account's return on its investment in MLPs.

Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions, and MLPs may have limited financial resources. Securities of MLPs may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than common shares of larger or more broadly based companies. An Account's investment in MLPs also subjects the Account to the risks associated with the specific industry or industries in which the MLP invests. MLPs are generally considered interest rate sensitive investments, and during periods of interest rate volatility, may not provide attractive returns. A portion of any gain or loss recognized by an Account on a disposition of an MLP equity security may be separately computed and taxed as ordinary income or loss under the Code. Any such gain may exceed net taxable gain realized on the disposition and will be recognized even if there is a net taxable loss on the disposition.

**Royalty Trust.** Some of the Accounts may invest in publicly traded royalty trusts. Royalty trusts are income-oriented equity investments that indirectly, through the ownership of trust units, provide investors (called "unit holders") with exposure to energy sector assets such as coal, oil and natural gas. A royalty trust generally acquires an interest in natural resource companies or chemical companies and distributes the income it receives to the investors of the royalty trust. A sustained decline in demand for crude oil, natural gas and refined petroleum products could adversely affect income and royalty trust

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revenues and cash flows. Factors that could lead to a decrease in market demand include a recession or other adverse economic conditions, an increase in the market price of the underlying commodity, higher taxes or other regulatory actions that increase costs, or a shift in consumer demand for such products. A rising interest rate environment could adversely impact the performance of royalty trusts. Rising interest rates could limit the capital appreciation of royalty trusts because of the increased availability of alternative investments at more competitive yields.

**Private Investments in Public Equity.** Some of the Accounts may purchase equity securities in a private placement that are issued by issuers who have outstanding, publicly traded equity securities of the same class ("private investments in public equity" or "PIPES"). Shares in PIPES generally are not registered with the SEC until after a certain time period from the date the private sale is completed. This restricted period can last many months. Until the public registration process is completed, PIPES are restricted as to resale and an Account cannot freely trade the securities. Generally, such restrictions cause the PIPES to be illiquid during this time. PIPES may contain provisions that the issuer will pay specified financial penalties to the holder if the issuer does not publicly register the restricted equity securities within a specified period of time, but there is no assurance that the restricted equity securities will be publicly registered, or that the registration will remain in effect.

**Special Purpose Acquisition Companies.** Some of the Accounts may invest in equity securities of special purpose acquisition companies ("SPACs"). Also known as a "blank check company," a SPAC is a company with no commercial operations that is formed solely to raise capital from investors for the purpose of acquiring one or more existing private companies. SPACs often have pre-determined time frames to make an acquisition (typically two years) or the SPAC will liquidate. An Account may purchase units or shares of SPACs that have completed an IPO on a secondary market, during a SPAC's IPO or through a PIPES offering. See "Private Investments in Public Equity" above for information about PIPES offerings.

Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities, money market securities and cash. Because SPACs have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. There is no guarantee that the SPACs in which an Account invests will complete an acquisition or that any acquisitions that are completed will be profitable. Public stockholders of SPACs such as an Account may not be afforded a meaningful opportunity to vote on a proposed initial business combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. As a result, a SPAC may complete a business combination even though a majority of its public stockholders do not support such a combination. An investment in a SPAC may be diluted by additional, later offerings of securities by the SPAC or by other investors exercising existing rights to purchase securities of the SPAC. Additionally, a significant portion of the funds raised by a SPAC may be expended during the search for a target acquisition or merger. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices.

The private companies that SPACs acquire are often unseasoned and lack a trading history, a track record of reporting to investors and widely available research coverage. Securities of SPAC-derived companies are thus subject to extreme price volatility and speculative trading. In addition, the ownership of many SPAC-derived companies often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following a business combination transaction when shares restricted by lock-up are released, causing even greater price volatility and possible downward pressure during the time that locked-up shares are released.

#### Debt instruments generally
A debt instrument held by an Account will be affected by general changes in interest rates that will, in turn, result in increases or decreases in the market value of the instrument. The market value of non-convertible debt instruments (particularly fixed-income instruments) in an Account's portfolio can be expected to vary inversely to changes in prevailing interest rates. In periods of declining interest rates, the yield of an Account holding a significant amount of debt instruments will tend to be somewhat higher than prevailing market rates, and in periods of rising interest rates, the Account's yield will tend to be somewhat lower. In addition, when interest rates are falling, money received by such an Account from the continuous issuance of its units will likely be invested in portfolio instruments producing lower yields than the balance of its portfolio, thereby reducing the Account's current yield. In periods of rising interest rates, the opposite result can be expected to occur. During periods of declining interest rates, because the interest rates on adjustable-rate securities generally reset downward, their market value is unlikely to rise to the same extent as the value of comparable fixed-rate securities. Interest rate risk is generally heightened during periods when prevailing interest rates are low or negative, and during such periods, an Account may not be able to maintain a positive yield or yields on par with historical levels. Specifically, with respect to the Money Market Account, low or negative interest rates could lead to negative yields. Changing interest rates may cause issuers to not make principal and interest payments on fixed-income investments when due. Additionally, changing interest rates could lead to heightened credit risk if issuers are less willing or able to make payments when due. Changes in interest rates, among other factors, may also adversely affect the liquidity of an Account's fixed-income investments.

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The market for fixed-income instruments has consistently grown over the past decades while the growth of capacity for traditional dealers to engage in fixed-income trading and provide liquidity to markets has not kept pace and in some cases has decreased. Because dealers acting as market makers provide stability to a market, a reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed-income markets. Such issues may be exacerbated during periods of economic uncertainty or market volatility (including rapid interest rate changes).

**Ratings as Investment Criteria.** Nationally Recognized Statistical Rating Organization ("NRSRO") ratings represent the opinions of those organizations as to the quality of securities that they rate. Although these ratings, which are relative and subjective and are not absolute standards of quality, are used by TCIM as one of many criteria for the selection of portfolio securities on behalf of the Accounts, TCIM also relies upon its own analysis to evaluate potential investments.

Subsequent to its purchase by an Account, an issue of securities may cease to be rated or its rating may be reduced below the minimum required for purchase by the Account. These events will not require the sale of the securities by an Account. However, TCIM will consider the event in its determination of whether the Account should continue to hold the securities. To the extent that a NRSRO's rating changes as a result of a change in the NRSRO or its rating system, TCIM will attempt to use comparable ratings as standards for the Accounts investments in accordance with their investment objectives and policies.

**Certain Investment-Grade Debt Obligations**. Although obligations rated in the fourth credit category by a NRSRO or deemed to be of the same quality by Advisors using its own credit analysis, for example, are considered investment-grade, they may be viewed as being subject to greater risks than other investment-grade obligations. Obligations rated Baa by Moody's Investors Services, Inc. ("Moody's") are considered medium-grade obligations that lack outstanding investment characteristics and have speculative characteristics as well, while obligations rated BBB by S&P Global Ratings ("S&P") are regarded as having only an adequate capacity to pay principal and interest.

**U.S. Government Debt Securities.** The Accounts may invest in U.S. Government securities. These include: debt obligations of varying maturities issued by the U.S. Treasury or issued or guaranteed by the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, Government National Mortgage Association ("GNMA"), General Services Administration, any of the various institutions that previously were, or currently are, part of the Farm Credit System, including the National Bank for Cooperatives, the Farm Credit Banks and the Banks for Cooperatives, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation ("FHLMC"), Federal Intermediate Credit Banks, Federal Land Banks, Federal National Mortgage Association ("FNMA"), Maritime Administration, Tennessee Valley Authority and District of Columbia Armory Board. Direct obligations of the U.S. Treasury include a variety of securities that differ in their interest rates, maturities and issue dates. Certain of the foregoing U.S. Government securities are supported by the full faith and credit of the United States. These U.S. Government securities present limited credit risk compared to other types of debt securities but are not free of risk. Other U.S. Government securities are supported by the right of the agency or instrumentality to borrow an amount limited to a specific line of credit from the U.S. Treasury or by the discretionary authority of the U.S. Government or GNMA to purchase financial obligations of the agency or instrumentality, which are thus subject to a greater amount of credit risk than those supported by the full faith and credit of the United States. Still other U.S. Government securities are only supported by the credit of the issuing agency or instrumentality, which are subject to greater credit risk as compared to other U.S. Government securities. The maximum potential liability of the issuers of some U.S. Government securities may exceed then current resources, including any legal right to support from the U.S. Treasury. Because the U.S. Government is not obligated by law to support an agency or instrumentality that it sponsors, or such agency's or instrumentality's securities, an Account only invests in U.S. Government securities when TCIM determines that the credit risk associated with the obligation is suitable for the Account.

It is possible that issuers of U.S. Government securities will not have the funds to meet their payment obligations in the future. FHLMC and FNMA have been operating under conservatorship, with the Federal Housing Finance Administration ("FHFA") acting as their conservator, since September 2008. The FHFA and U.S. Presidential administration have made public statements regarding plans to consider ending the conservatorships. Under a letter agreement between the FHFA (in its role as conservator) and the U.S. Treasury, the FHFA is prohibited from removing its conservatorship of each enterprise until litigation regarding the conservatorship has ended and each enterprise has retained equity capital levels equal to three percent of their total assets. It is unclear how long it will be before the FHFA will be able to remove its conservatorship of the enterprises under this letter agreement. The FHFA has indicated that the conservatorship of each enterprise will end when the director of the FHFA determines that FHFA's plan to restore the enterprise to a safe and solvent condition has been completed. Under amendments to the Enterprise Regulatory Capital Framework ("ERCF"), FHLMC and FNMA have published capital disclosures that provide additional information about their capital position and capital requirements on a quarterly basis since the first quarter of 2023 and delivered their first capital plans to FHFA in May 2023. The FHFA finalized amendments to certain provisions of the ERCF in November 2023 that modify various capital requirements for FHLMC and FNMA. In the event that FHLMC or FNMA are taken out of conservatorship, it is unclear how their respective capital structure would be constructed and what impact, if any, there would be on FHLMC's or FNMA's creditworthiness and guarantees of certain mortgage-backed securities. The ERCF requires FHLMC and FNMA, upon exit from conservatorship, to maintain higher levels of capital than prior to conservatorship to satisfy their risk-based capital requirements, leverage ratio requirements, and prescribed buffer amounts. The entities are dependent upon the

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continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. On January 2, 2025, FHFA and U.S. Treasury entered into a side letter agreement, under which FHFA and Treasury agreed to amend the preferred stock purchase agreements to help ensure that the eventual release from conservatorship will be orderly and to reflect certain existing practices. These factors, among others, could affect the future status and role of FHLMC and FNMA and the value of their securities and the securities which they guarantee.

Uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling, which may occur from time to time, may increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Accounts. In August 2023, the long-term credit rating of the United States was downgraded by S&P and Fitch Investors Service, Inc. respectively, as a result of disagreements within the U.S. Government over raising the debt ceiling to repay outstanding obligations. Similar situations in the future could result in higher interest rates, lower prices of U.S. Treasury securities and could increase the costs of various kinds of debt, which may adversely affect the Accounts.

**Risks of Lower-Rated, Lower-Quality Debt Instruments.** Lower-rated debt securities (i.e., those securities rated in the fifth or lower rating categories) are sometimes referred to as "high-yield" or "junk" bonds. Each of the Accounts (except for the Money Market Account) may invest in lower-rated debt securities. These securities are considered, on balance, as predominantly speculative with respect to capacity to pay interest and repay principal in accordance with the terms of the obligation and will generally involve more credit risk than securities in the higher-rated categories. Reliance on credit ratings entails greater risks with regard to lower-rated securities than it does with regard to higher-rated securities, and TCIM's success is more dependent upon its own credit analysis with regard to lower-rated securities than is the case with regard to higher-rated securities. The market values of such securities tend to reflect individual corporate developments to a greater extent than do higher-rated securities, which react primarily to fluctuations in the general level of interest rates. Such lower-rated securities also tend to be more sensitive to economic conditions than are higher-rated securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, regarding lower-rated bonds may depress prices and liquidity for such securities. To the extent an Account invests in these securities, factors adversely affecting the market value of lower-rated securities will adversely affect the Account's AUV. In addition, an Account may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings.

An Account may have difficulty disposing of certain lower-rated securities for which there is a thin trading market. Because not all dealers maintain markets in lower-rated securities, there is no established retail secondary market for many of these securities, and TCIM anticipates that they could be sold only to a limited number of dealers or institutional investors. To the extent there is a secondary trading market for lower-rated securities, it is generally not as liquid as that for higher-rated securities. The lack of a liquid secondary market for certain securities may make it more difficult for the Accounts to obtain accurate market quotations for purposes of valuing their assets. Market quotations are generally available on many lower-rated issues only from a limited number of dealers and may not necessarily represent firm bids of such dealers or prices for actual sales. When market quotations are not readily available, lower-rated securities must be fair valued by TCIM, in its role as valuation designee, in accordance with TCIM's fair valuation procedures, which have been approved by the Board of Trustees. This valuation is more difficult and judgment plays a greater role in such valuation when there are less reliable objective data available.

Any debt instrument, no matter its initial rating, may, after purchase by an Account, have its rating lowered due to the deterioration of the issuer's financial position. TCIM may determine that an unrated security is of comparable quality to securities with a particular rating. Such unrated securities are treated as if they carried the rating of securities with which TCIM compares them.

Lower-rated debt securities may be issued by corporations in the growth stage of their development. They may also be issued in connection with a corporate reorganization or as part of a corporate takeover. Companies that issue such lower-rated securities are often highly leveraged and may not have available to them more traditional methods of financing. Therefore, the risk associated with acquiring the securities of such issuers is greater than would be the case with higher-rated securities. For example, during an economic downturn or a sustained period of rising interest rates, highly leveraged issuers of lower-rated securities may experience financial stress. During such periods, such issuers may not have sufficient revenues to meet their interest payment obligations. The issuer's ability to service its debt obligations may also be adversely affected by specific corporate developments, the issuer's inability to meet specific projected business forecasts or the unavailability of additional financing.

The risk of loss due to default by the issuer is significantly greater for the holders of lower-rated securities because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

It is possible that a major economic recession could adversely affect the market for lower-rated securities. Any such recession might severely affect the market for and the values of such securities, as well as the ability of the issuers of such securities to repay principal and pay interest thereon.

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The Accounts (other than the Money Market Account) may acquire lower-rated securities that are sold without registration under the federal securities laws and therefore carry restrictions on resale. The Accounts may incur special costs in disposing of such securities, but will generally incur no costs when the issuer is responsible for registering the securities.

The Accounts may also acquire lower-rated securities during an initial underwriting. Such securities involve special risks because they are new issues. The Accounts have no arrangement with any person concerning the acquisition of such securities, and TCIM will carefully review the credit and other characteristics pertinent to such new issues. An Account may from time to time participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by the Account. Such participation may subject the Account to expenses such as legal fees and may make the Account an "insider" of the issuer for purposes of the federal securities laws, and, therefore, may restrict the Account's ability to trade in or acquire additional positions in a particular security when it might otherwise desire to do so. Participation by an Account on such committees also may expose the Account to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. The Account would participate on such committees only when TCIM believes that such participation is necessary or desirable to enforce the Account's rights as a creditor or to protect the value of securities held by the Account.

**Corporate Debt Securities.** An Account may invest in corporate debt securities of U.S. and foreign issuers and/or hold its assets in these securities for cash management purposes. The investment return of corporate debt securities reflects interest earnings and changes in the market value of the security. The market value of a corporate debt obligation may be expected to rise and fall inversely with interest rates generally. There also exists the risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.

**Zero Coupon Obligations**. Some of the Accounts may invest in zero coupon obligations. Zero coupon securities generally pay no cash interest (or dividends in the case of preferred stock) to their holders prior to maturity. Accordingly, such securities usually are issued and traded at a deep discount from their face or par value and generally are subject to greater fluctuations of market value in response to changing interest rates than securities of comparable maturities and credit quality that pay cash interest (or dividends in the case of preferred stock) on a current basis. Although an Account will receive no payments on its zero coupon securities prior to their maturity or disposition, it will be required for federal income tax purposes generally to include in its dividends to participants each year an amount equal to the annual income that accrues on its zero coupon securities. Such dividends will be paid from the cash assets of the Account, from borrowings or by liquidation of portfolio securities, if necessary, at a time that the Account otherwise would not have done so. To the extent an Account is required to liquidate thinly traded securities, the Account may be able to sell such securities only at prices lower than if such securities were more widely traded. The risks associated with holding securities that are not readily marketable may be accentuated at such time. To the extent the proceeds from any such dispositions are used by an Account to pay distributions, the Account will not be able to purchase additional income-producing securities with such proceeds, and as a result its current income ultimately may be reduced.

**Floating and Variable Rate Instruments.** Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. The terms of such obligations provide that interest rates are adjusted periodically based upon an interest rate adjustment index as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event based, such as based on a change in the prime rate. The interest rate on a floater is a variable rate which is tied to another interest rate, such as a money market index or U.S. Treasury bill rate. The interest rate on a floater resets periodically, typically every 1–3 months. Some of the Accounts may invest in floating and variable rate instruments. Income securities may provide for floating or variable rate interest or dividend payments. The floating or variable rate may be determined by reference to a known lending rate, such as a bank's prime rate, a certificate of deposit rate, Secured Overnight Financing Rate ("SOFR") or other rates based on SOFR. Alternatively, the rate may be determined through an auction or remarketing process. The rate also may be indexed to changes in the values of the interest rate of securities indexed, currency exchange rate or other commodities. Variable and floating rate securities tend to be less sensitive than fixed-rate securities to interest rate changes and to have higher yields when interest rates increase. However, during rising interest rates, changes in the interest rate of an adjustable-rate security may lag changes in market rates. The amount by which the rates are paid on an income security may increase or decrease and may be subject to periodic or lifetime caps. Fluctuations in interest rates above these caps could cause adjustable-rate securities to behave more like fixed-rate securities in response to extreme movements in interest rates.

An Account (other than the Money Market Account) may also invest in inverse floating rate debt instruments ("inverse floaters"). The interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floating rate security may exhibit greater price volatility than a fixed-rate obligation of similar credit quality. Such securities may also pay a rate of interest determined by applying a multiple to the variable rate. The extent of increases and decreases in the value of securities whose rates vary inversely with changes in market rates of interest generally will be larger than comparable changes in the value of an equal principal amount of a fixed-rate security having similar credit quality redemption provisions and maturity.

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As a result of benchmark reforms, publication of all London Interbank Offered Rate ("LIBOR") settings has ceased. All synthetic U.S. dollar LIBOR settings were discontinued at the end of September 2024. Although LIBOR is no longer published, there are potential effects related to the transition away from LIBOR or the prior use of LIBOR on an Account, or on certain instruments in which an Account invests, which can be difficult to ascertain, and may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how and when industry participants adopt new reference rates for affected instruments.

Any effects of the LIBOR transition process, including unforeseen effects, could result in losses to an Account. In many cases, in the event that an instrument falls back to an alternative reference rate, including SOFR, the alternative reference rate will not perform the same as LIBOR because the alternative reference rate does not include a credit sensitive component in the calculation of the rate. These developments could negatively impact financial markets in general and present heightened risks, including with respect to an Account's investments.

The Internal Revenue Service (the "IRS") has issued regulations regarding the tax consequences of the transition from LIBOR or another interbank offered rate ("IBOR") to a new reference rate in debt instruments and non-debt contracts. Under the regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the regulations), including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.

**Foreign Debt Obligations.** The debt obligations of foreign governments and entities may or may not be supported by the full faith and credit of the foreign government. An Account may buy securities issued by certain "supra-national" entities, which include entities designated or supported by governments to promote economic reconstruction or development, international banking organizations and related government agencies. Examples are the International Bank for Reconstruction and Development (more commonly known as the "World Bank"), the Asian Development Bank and the Inter-American Development Bank.

The governmental members of these supra-national entities are "stockholders" that typically make capital contributions and may be committed to make additional capital contributions if the entity is unable to repay its borrowings. A supra-national entity's lending activities may be limited to a percentage of its total capital, reserves and net income. There can be no assurance that the constituent foreign governments will continue to be able or willing to honor their capitalization commitments for those entities.

**Loan Participations and Assignments; Direct Loans.** Certain Accounts may purchase participations and/or assignments in commercial loans. Such investments may be secured or unsecured and may pay interest at fixed or floating rates. Loan participations and assignments involve special types of risk, including interest rate risk, liquidity risk and the risks of being a lender.

Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. Certain Accounts may participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing loan participations, an Account assumes the credit risk associated with the corporate borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The loan participations in which an Account intends to invest may not be rated by any nationally recognized rating service.

Investments in loans through a direct assignment of the financial institution's interests with respect to the loan may involve additional risks to the Accounts. The purchaser of an assignment typically succeeds to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. If a loan is foreclosed, an Account could become part owner of any collateral, and would bear the costs and liabilities associated with owning and disposing of the collateral. In addition, it is conceivable that under emerging legal theories of lender liability, an Account could be held liable as co-lender. It is unclear whether loans and other forms of indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, the Accounts rely on TCIM's research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Accounts.

Loans may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of loans may require weeks to complete. Consequently, some loans may be difficult or impossible to dispose of readily at what TCIM believes to be a fair price. In addition, valuation of illiquid loans involves a greater degree of judgment in determining an Account's AUV than if that value were based on available market quotations, and could result in significant variations in the Account's daily share price. At the same time, some loan interests are traded among certain financial institutions and accordingly may be deemed liquid. As the market for different types of loans develops, the liquidity of these instruments is expected to improve. However, from time to time, loans may be illiquid. Investment in loan participations and assignments are considered to be debt obligations for purposes of CREF's investment restriction relating to the lending of funds or assets by an Account.

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A loan is often administered by an agent bank acting as agent for all holders. The agent bank administers the terms of the loan, as specified in the loan agreement. In addition, the agent bank is normally responsible for the collection of principal and interest payments from the corporate borrower and the apportionment of these payments to the credit of all institutions which are parties to the loan agreement. Unless, under the terms of the loan, an Account has direct recourse against the corporate borrower, the Account may have to rely on the agent bank or other financial intermediary to apply appropriate credit remedies against a corporate borrower. A financial institution's employment as agent bank might be terminated in the event that it fails to observe a requisite standard of care or becomes insolvent. A successor agent bank would generally be appointed to replace the terminated agent bank, and assets held by the agent bank under the loan agreement should remain available to holders of such indebtedness. However, if assets held by the agent bank for the benefit of an Account were determined to be subject to the claims of the agent bank's general creditors, the Account might incur certain costs and delays in realizing payment on a loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (e.g., an insurance company or governmental agency) similar risks may arise.

Purchasers of loans depend primarily upon the creditworthiness of the corporate borrower for payment of principal and interest. If an Account does not receive scheduled interest or principal payments on such indebtedness, the Account's share price and yield could be adversely affected. Loans that are fully secured offer an Account more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower's obligation, or that the collateral can be liquidated. In the event of the bankruptcy of a borrower, an Account could experience delays or limitations in its ability to realize the benefits of any collateral securing a loan.

Certain Accounts may invest in loan participations and assignments with credit quality comparable to that of issuers of its securities investments. Indebtedness of companies whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. Some companies may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Consequently, when investing in indebtedness of companies with poor credit, an Account bears a substantial risk of losing the entire amount invested. The Accounts may make investments in loan participations and assignments to achieve capital appreciation, rather than to seek income.

For purposes of limits on an Account's total assets invested in any one issuer and the amount of an Account's total assets that are invested in issuers within the same industry, an Account generally will treat the corporate borrower as the "issuer" of indebtedness held by the Account. In the case of loan participations where a bank or other lending institution serves as a financial intermediary between an Account and the corporate borrower, if the participation does not shift to the Account the direct debtor-creditor relationship with the corporate borrower, SEC interpretations require the Account to treat both the lending bank or other lending institution and the corporate borrower as "issuers." Treating a financial intermediary as an issuer of indebtedness may restrict an Account's ability to invest in indebtedness related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the underlying borrowers represent many different companies and industries.

Loans are not traded on an exchange or similar market but through a secondary market comprised of dealers and other institutional participants. Loans are generally subject to extended settlement periods and may take more than seven days to settle. During this period, an Account may seek other sources of liquidity including the use of an overdraft facility with the Accounts' custodian or by borrowing under a credit agreement to which the Accounts are parties.

Certain loans may not be considered securities under the federal securities laws. In such circumstances, fewer legal protections may be available with respect to an Account's investment in loans. In particular, if a loan is not considered a security under the federal securities laws, certain legal protections normally available to securities investors under the federal securities laws, such as those against fraud and misrepresentation, may not be available.

To the extent permitted by applicable law, an Account may also make one or more direct loans, which may be secured or unsecured, to a commercial borrower (each, a "Direct Loan"). To the extent it makes a Direct Loan, an Account would negotiate the terms of such Direct Loan with the borrower pursuant to a private transaction. The Account will base its determination of whether or not to make a Direct Loan on, among other factors, TCIM's assessment of the borrower's creditworthiness, as well as any collateral received by the Account or recourse available to the Account in the event of untimely or non-payment of interest and repayment of principal to the Account. By making one or more Direct Loans, an Account would be exposed to the risk that the borrower will default or become insolvent. In such instances, the Account may lose money. Direct Loans also expose an Account to liquidity and interest rate risk. Direct Loans are not publicly traded, may not have a secondary market, and may be illiquid. The absence of a secondary market may impact an Account's ability to sell and/or value its Direct Loans. An Account's performance with respect to a Direct Loan will depend, in part, on the Account's (or TCIM's, on the Account's behalf) ability to negotiate advantageous terms with a borrower.

**Structured or Indexed Securities (including Exchange-Traded Notes, Equity-Linked Notes and Inflation-Indexed Bonds).** Some of the Accounts may invest in structured or indexed securities. The value of the principal of and/or interest on such securities is based on a reference such as a specific currency, interest rate, commodity, index or other financial indicator (the "Reference") or the relative change in two or more References. The interest rate or the principal amount payable upon maturity

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or redemption may be increased or decreased depending upon changes in the applicable Reference. The terms of the structured or indexed securities may provide that in certain circumstances no principal is due at maturity and, therefore, may result in a loss of an Account's investment. Structured or indexed securities may be positively or negatively indexed, so that appreciation of the Reference may produce an increase or a decrease in the interest rate or value of the security at maturity. In addition, changes in interest rates or the value of the security at maturity may be some multiple of the change in the value of the Reference. Consequently, structured or indexed securities may entail a greater degree of market risk than other types of debt securities. Structured or indexed securities may also be more volatile, have lower overall liquidity and be more difficult to accurately price than less complex securities. Structured and indexed securities are generally subject to the same risks as other fixed-income securities in addition to the special risks associated with linking the payment of principal and/or interest payments (or other payable amounts) to the performance of a Reference.

An Account may also invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the Consumer Price Index ("CPI") accruals as part of a semi-annual coupon.

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of a U.S. Treasury inflation-indexed bond, even during a period of deflation, although the inflation-adjusted principal received could be less than the inflation-adjusted principal that had accrued to the bond at the time of purchase. However, the current market value of the bonds is not guaranteed and will fluctuate. An Account may also invest in other inflation-related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is not reflected in the bond's inflation measure.

The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for All Urban Consumers ("CPI-U"), which is not seasonally adjusted and which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index calculated by that government. There can be no assurance that the CPI-U or any foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the United States.

**Convertible Securities. Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at prices above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest rate sensitive, their value may increase as interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.**

**Contingent Capital Securities**. Contingent capital securities (sometimes referred to as "CoCos") are issued primarily by non-U.S. financial institutions, which have loss absorption mechanisms benefiting the issuer built into their terms. CoCos generally provide for mandatory conversion into the common stock of the issuer or a write-down of the principal amount or value of the CoCos upon the occurrence of certain "triggers." These triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution's continued viability as a going concern. Equity conversion

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or principal write-down features are tailored to the issuer and its regulatory requirements and, unlike traditional convertible securities, conversions are not voluntary.

A trigger event for CoCos would likely be the result of, or related to, the deterioration of the issuer's financial condition (e.g*.*, a decrease in the issuer's capital ratio) and status as a going concern. In such a case, with respect to CoCos that provide for conversion into common stock upon the occurrence of the trigger event, the market price of the issuer's common stock received by an Account will have likely declined, perhaps substantially, and may continue to decline, which may adversely affect the Account's AUV. Further, the issuer's common stock would be subordinate to the issuer's other classes of securities and therefore would worsen an Account's standing in a bankruptcy proceeding. In addition, because the common stock of the issuer may not pay a dividend, investors in these instruments could experience a reduced income rate, potentially to zero. In view of the foregoing, CoCos are often rated below investment grade and are subject to the risks of high-yield securities.

CoCos may be subject to an automatic write-down (i.e*.*, the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in an Account losing a portion or all of its investment in such securities. In addition, an Account may not have any rights with respect to repayment of the principal amount of the securities that has not become due or the payment of interest or dividends on such securities for any period from (and including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down could also result in a reduced income rate if the dividend or interest payment is based on the security's par value. Coupon payments on CoCos may be discretionary and may be cancelled by the issuer for any reason or may be subject to approval by the issuer's regulator and may be suspended in the event there are insufficient distributable reserves.

In certain scenarios, investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. The prices of CoCos may be volatile. There is no guarantee that an Account will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have a material adverse effect on the market price of CoCos.

#### Mortgage-backed and asset-backed securities
**Mortgage-Backed and Asset-Backed Securities Generally.** Some of the Accounts may invest in mortgage-backed and asset-backed securities, which represent direct or indirect participation in, or are collateralized by and payable from, mortgage loans secured by real property or instruments derived from such loans. Mortgage-backed securities include various types of mortgage-related securities such as government stripped mortgage-related securities, adjustable-rate mortgage-related securities and collateralized mortgage obligations. Some of the Accounts may also invest in asset-backed securities, which represent participation in, or are secured by and payable from, assets such as motor vehicle installment sales contracts, installment loan contracts, leases of various types of real and personal property, receivables from revolving credit (i.e., credit card) agreements and other categories of receivables. These assets are typically pooled and securitized by governmental, government-related or private organizations through the use of trusts and special purpose entities established specifically to hold assets and to issue debt obligations backed by those assets. Asset-backed or mortgage-backed securities are normally created or "sponsored" by banks or other financial institutions or by certain government-sponsored enterprises such as FNMA or FHLMC.

Payments or distributions of principal and interest may be guaranteed up to certain amounts and for certain time periods by letters of credit or pool insurance policies issued by a financial institution non-affiliated with the trust or corporation. Other credit enhancements also may exist.

With respect to the Responsible Balanced Account, TCIM does not take into consideration whether the sponsor of an asset-backed security in which the Account invests meets the Account's screening criteria. That is because asset-backed securities represent interests in pools of loans, and not of the ongoing business enterprise of the sponsor. It is therefore possible that the Account could invest in an asset-backed or mortgage-backed security sponsored by a bank or other financial institution in which the Account could not invest directly.

**Mortgage Pass-Through Securities.** Some of the Accounts may invest in mortgage pass-through securities. Mortgage-related securities represent pools of mortgage loans assembled for sale to investors by various governmental agencies, such as GNMA, by government-related organizations, such as FNMA and FHLMC, as well as by private issuers, such as commercial banks, savings and loan institutions, mortgage bankers and private mortgage insurance companies.

Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.

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Under the direction of FHFA, GNMA and FHLMC have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform Mortgage-Backed Security (the "Single Security Initiative"), which would generally align the characteristics of FNMA and FHLMC certificates. The Single Security Initiative launched in June 2019, and is intended to maximize liquidity for both FNMA and FHLMC mortgage-backed securities in the TBA market. While the initial effects of the issuance of a uniform Mortgage-Backed Security on the market for mortgage-related securities have been relatively minimal, the long-term effects that the Single Security Initiative may have on the market for mortgage-backed securities are uncertain.

**Collateralized Mortgage Obligations ("CMOs").** CMOs are structured into multiple classes, each bearing a different stated maturity. Similar to a bond, interest and prepaid principal are paid, in most cases, on a monthly basis. Actual maturity and average life will depend upon the prepayment experience of the collateral. CMOs provide for a modified form of call protection through a de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes receive principal only after the first class has been retired. An investor is partially guarded against a sooner than desired return of principal because of the sequential payments.

In a typical CMO transaction, a corporation ("issuer") issues multiple series (e.g., A, B, C, Z) of CMO bonds ("Bonds"). Proceeds of the Bond offering are used to purchase mortgages or mortgage pass-through certificates ("Collateral"). The Collateral is pledged to a third-party trustee as security for the Bonds.

Principal and interest payments from the Collateral are used to pay principal on the Bonds in the order A, B, C, Z. The Series A, B, and C Bonds all bear current interest. Interest on the Series Z Bond is accrued and added to principal and a like amount is paid as principal on the Series A, B, or C Bond currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and principal on the Series Z Bond begin to be paid currently. With some CMOs, the issuer serves as a conduit to allow loan originators (primarily builders or savings and loan associations) to borrow against their loan portfolios.

The average maturity of pass-through pools of mortgage-related securities in which some of the Accounts may invest varies with the maturities of the underlying mortgage instruments. In addition, a pool's stated maturity may be shortened by unscheduled payments on the underlying mortgages. Factors affecting mortgage prepayments include the level of interest rates, general economic and social conditions, developments in the commercial or residential real estate markets, location of the mortgaged property and age of the mortgage. For example, in periods of falling interest rates, the rate of prepayment tends to increase, thereby shortening the actual average life of the mortgage-related security. Conversely, when interest rates are rising, the rate of prepayment tends to decrease, thereby lengthening the actual average life of the mortgage-related security. Accordingly, it is not possible to accurately predict the average life of a particular pool. Reinvestment of prepayments may occur at higher or lower rates than originally expected. Therefore, the actual maturity and realized yield on pass-through or modified pass-through mortgage-related securities will vary based upon the prepayment experience of the underlying pool of mortgages. For purposes of calculating the average life of the assets of the relevant Account, the maturity of each of these securities will be the average life of such securities based on the most recent estimated annual prepayment rate.

**Asset-Backed Securities Unrelated to Mortgage Loans.** Some of the Accounts may invest in asset-backed securities that are unrelated to mortgage loans. These include, but are not limited to, credit card securitizations, auto and equipment lease and loan securitizations and rate reduction bonds. The performance of such investments are affected by, among other things, general economic conditions. Changes in economic conditions may adversely affect the performance and market value of such investments. In the case of credit card securitizations, it is typical to have a revolving master trust issue "soft bullet" maturities representing a fractional interest in trusts whose assets consist of revolving credit card receivables. Auto and equipment lease and loan securitizations reference specific static asset pools whereby monthly payments of principal and interest are passed through directly to certificate holders typically in order of seniority. The ultimate performance of these securities is a function of

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both the creditworthiness of the borrowers as well as recovery obtained on collateral foreclosed upon by the respective trust(s). Increases in unemployment, decreases in home values or the values of other consumer assets or lack of availability of credit may lead to increased default rates and may also be accompanied by decreased consumer demand for automobiles and declining values of automobiles securing outstanding automobile loan contracts, which weakens collateral coverage and increases the amount of a loss in the event of default. Rate reduction bonds represent a secured interest in future rate recovery on stranded utility assets that may result from, for example, storm damages or environmental costs. Typically these costs are recouped over time from a broad rate payer base. The performance of these securities would depend primarily upon a continuance of sufficient rate base to repay the notes in the specified time frame and a stable regulatory environment.

**Mortgage Dollar Rolls.** Some of the Accounts may enter into mortgage "dollar rolls" in which the Account sells securities for delivery in the current month and simultaneously contracts with a counterparty to repurchase either similar or substantially identical securities on a specified future date. To be considered "substantially identical," the securities returned to an Account generally must: (1) be collateralized by the same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have the same original stated maturity; (4) have identical net coupon rates; (5) have identical form and type so as to provide the same risks and rights; and (6) satisfy "good delivery" requirements, meaning that the aggregate principal amounts of the securities delivered and received back must be within 2.5% of the initial amount delivered. The Account loses the right to receive principal and interest paid on the securities sold. However, the Account would benefit to the extent of any price received for the securities sold and the lower forward price for the future purchase (often referred to as the "drop") plus the interest earned on the short-term investment awaiting the settlement date of the forward purchase. Unless such benefits exceed the income and gain or loss due to mortgage repayments that would have been realized on the securities sold as part of the mortgage dollar roll, the use of this technique will diminish the investment performance of the Account compared with what such performance would have been without the use of mortgage dollar rolls. An Account must comply with the SEC rule related to the use of derivatives and certain other transactions when engaging in the transactions discussed above. See "Derivatives and Other Similar Instruments" below. The benefits derived from the use of mortgage dollar rolls may depend upon TCIM's ability to correctly predict mortgage prepayments and interest rates. There is no assurance that mortgage dollar rolls can be successfully employed. In connection with mortgage dollar roll transactions, an Account could receive securities with investment characteristics that are different than those originally sold by the Account, which may adversely affect the sensitivity of the Account to changes in interest rates.

**Collateralized Debt Obligations.** Some of the Accounts may invest in Collateralized Debt Obligations ("CDOs"). Similar to CMOs, CDOs are debt obligations typically issued by a private special-purpose entity and collateralized principally by debt securities (including, for example, high-yield, high-risk bonds, structured finance securities including asset-backed securities, CDOs, mortgage-backed securities and real estate investment trusts ("REITs")) or corporate loans. The special purpose entity typically issues one or more classes (sometimes referred to as "tranches") of rated debt securities, one or more unrated classes of debt securities that are generally treated as equity interests, and a residual equity interest. The tranches of CDOs typically have different interest rates, projected weighted average lives and ratings, with the higher rated tranches paying lower interest rates. One or more forms of credit enhancement are almost always necessary in a CDO structure to obtain the desired credit ratings for the most highly rated debt securities issued by the CDO. The types of credit enhancement used include "internal" credit enhancement provided by the underlying assets themselves, such as subordination, excess spread and cash collateral accounts, and hedges provided by interest rate swaps, and "external" credit enhancement provided by third parties, principally financial guaranty insurance issued by monoline insurers. Despite this credit enhancement, CDO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and the disappearance of lower rated protecting tranches, market anticipation of defaults, and investor aversion to CDO securities as a class. CDOs can be less liquid than other publicly held debt issues, and require additional structural analysis.

#### Other investment policies
**Securities Lending.** Subject to the Accounts' investment restrictions relating to loans of portfolio securities set forth above, certain Accounts may lend their securities. The Accounts may lend their securities to brokers and dealers that are not affiliated with TIAA, are registered with the SEC and are members of FINRA, and also to certain other financial institutions. All loans will be fully collateralized. Any borrower of an Account's portfolio securities must maintain acceptable collateral, marked to market daily, with the Account's custodian (or a sub-custodian or a special "tri-party" custodian). In connection with the lending of its securities, an Account will receive as collateral cash, securities issued or guaranteed by the U.S. Government (e.g., Treasury securities), or other collateral permitted by applicable law, which at all times while the loan is outstanding will be maintained in amounts equal to at least 102% of the current market value of the outstanding loaned securities for U.S. equities and fixed-income assets and 105% for non-U.S. equities, or such lesser percentage as may be permitted by the NYDFS and SEC interpretations (not to fall below 100% of the market value of the loaned securities not including a decline in the value of the collateral), as reviewed daily. Cash collateral received by an Account will generally be invested in high-quality short-term instruments, or in one or more Accounts maintained by the securities lending agent for the purpose of investing cash collateral, including a fund that qualifies as a "government money market fund" under the SEC rules governing money market funds.

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Investment of cash collateral in a fund that qualifies as a "government money market fund" will not be subject to any applicable environmental, social and governance ("ESG") criteria of an Account. During the term of the loan, an Account will continue to have investment risks with respect to the securities being loaned, as well as risk with respect to the investment of the cash collateral, and an Account may lose money as a result of the investment of such collateral. Voting rights may pass with the loaned securities, but an Account will retain the right to call any security in anticipation of any material vote. The Account also bears the risk that the reinvestment of collateral will result in a principal loss. Finally, there is the risk that the price of the securities will increase while they are on loan and the collateral will not be adequate to cover their value. In addition, an Account could suffer a loss if the loan terminates and the Account is forced to liquidate investments at a loss in order to return the cash collateral to the borrower.

By lending its securities, an Account will receive amounts equal to the interest or dividends paid on the securities loaned and, in addition, will expect to receive a portion of the income generated by the short-term investment of cash received as collateral or, alternatively, where securities or letter of credit are used as collateral, a lending fee paid directly to the Account by the borrower of the securities. Under certain circumstances, a portion of the lending fee may be paid or rebated to the borrower by the Account. Such loans will be terminable by the Account at any time and will not be made to affiliates of CREF. The Account may terminate a loan of securities in order to regain record ownership of, and to exercise beneficial rights related to, the loaned securities, including, but not necessarily limited to, voting or subscription rights or certain tax benefits, and TCIM may, in the exercise of its fiduciary duties, terminate a loan in the event that a vote of holders of those securities is required on a material matter. The Account may pay reasonable fees to persons non-affiliated with the Account for services, for arranging such loans, or for acting as securities lending agent (each an "Agent"). Loans of securities will be made only to firms deemed creditworthy. In lending its securities, an Account bears the market risk with respect to the investment of collateral and the risk the Agent may default on its contractual obligations to the Account. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Account if at the time of a default by a borrower some or all of the loaned securities have not been returned. Substitute payments for dividends received by an Account for securities loaned out by the Account will not be considered as qualified dividend income or as eligible for the corporate dividend received deduction. Each Agent is authorized to engage a third-party bank as a special "tri-party" custodian for securities lending activities and enter into a separate custodian undertaking with each applicable borrower under the Accounts' securities lending program.

During the fiscal year ended December 31, 2025, the Agent for each applicable Account provided various services to the Account, including locating borrowers, monitoring daily the value of the loaned securities and collateral, requiring additional collateral from borrowers as necessary, cash collateral management, qualified dividend management, negotiation of loan terms, selection of securities to be loaned, recordkeeping and account servicing, monitoring dividend activity and material proxy votes relating to loaned securities, and arranging for return of loaned securities to the Account at loan termination.

For the fiscal year ended December 31, 2025 for the following Accounts, the table below reflects the dollar amounts of income received and the compensation paid to an Agent, including any share of revenue generated by the securities lending program paid to an Agent ("revenue split"), related to the securities lending activities of each such Account in existence during the period:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | **Fees and/or compensation for securities lending activities and related services** | | |
|  | <br>**Account** | <br>**Gross <br>income <br>from <br>securities <br>lending <br>activities** | **Fees paid to <br>securities <br>lending agent <br>from a <br>revenue split** | **Fees paid for <br>any cash <br>collateral <br>management <br>service <br>that are not <br>included in the <br>revenue split** | **Administrative <br>fees not <br>included in <br>revenue split** | **Indemnification <br>fees not <br>included in <br>revenue split** | **Rebates <br>(paid to <br>borrowers)** | **Other <br>fees not <br>included in <br>revenue split** | <br>**Aggregate <br>fees/ <br>compensation <br>for securities <br>lending <br>activities** | <br>**Net <br>income from <br>securities <br>lending <br>activities** |
|  | Total Global Stock Account  | $36356634  | $1256386  | $—  | $— | $— | $20651811  | $— | $21908197  | $14448437  |
|  | Global Equities Account  | 5405015  | 123057  | —  |  |  | 3866804  |  | 3989861  | 1415154  |
|  | Growth Account  | 8840123  | 636465  | 33824  |  |  | 850483  |  | 1520772  | 7319351  |
|  | S&P 500 Index Account  | 1977231  | 31503  | 13723  |  |  | 1569724  |  | 1614950  | 362281  |
|  | Core Bond Account  | 2864595  | 35154  | 21946  |  |  | 2403221  |  | 2460321  | 404274  |
|  | Inflation-Linked Bond Account  | 518666  | 7088  | 4007  |  |  | 426061  |  | 437156  | 81510  |
|  | Responsible Balanced Account  | 4337064  | 66527  | 30556  |  |  | 3474915  |  | 3571998  | 765066  |
| \* | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. | Including fees deducted from a pooled cash collateral reinvestment vehicle. |  |  |  |

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Regulations adopted by federal banking regulators under the Dodd-Frank Wall Street Reform and Consumer Protection Act require that certain qualified financial contracts ("QFCs") with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. QFCs include, but are not limited to, securities contracts, commodities contracts, forward contracts, repurchase agreements, securities lending agreements and swap agreements, as well as related master agreements, security agreements, credit

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enhancements, and reimbursement obligations. If a covered counterparty of an Account or certain of the covered counterparty's affiliates were to become subject to certain insolvency proceedings, the Account may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact an Account's credit and counterparty risks.

**Repurchase Agreements.** Repurchase agreements are one of several short-term vehicles the Accounts can use to manage cash balances effectively. In a repurchase agreement, the Account buys an underlying debt instrument on the condition that the seller agrees to buy it back at a fixed price and time (usually no more than a week and never more than a year). Repurchase agreements have the characteristics of loans by an Account, and will be fully collateralized (either with physical securities or evidence of book entry transfer to the account of the custodian bank) at all times. During the term of the repurchase agreement, the Account entering into the agreement retains the security subject to the repurchase agreement as collateral securing the seller's repurchase obligation, continually monitors the market value of the security subject to the agreement, and requires the Account's seller to deposit with the Account additional collateral equal to any amount by which the market value of the security subject to the repurchase agreement falls below the resale amount provided under the repurchase agreement. Each Account will enter into repurchase agreements only with member banks of the Fed, or with primary dealers in U.S. Government securities or their wholly owned subsidiaries whose creditworthiness has been reviewed and found satisfactory by TCIM and who have, therefore, been determined to present minimal credit risk.

Securities underlying repurchase agreements will be limited to certificates of deposit, commercial paper, bankers' acceptances, or obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities, in which the Account entering into the agreement may otherwise invest.

If a seller of a repurchase agreement defaults and does not repurchase the security subject to the agreement, the Account entering into the agreement would look to the collateral underlying the seller's repurchase agreement, including the securities subject to the repurchase agreement, for satisfaction of the seller's obligation to the Account. In such event, the Account might incur disposition costs in liquidating the collateral and might suffer a loss if the value of the collateral declines. In addition, if bankruptcy proceedings are instituted against a seller of a repurchase agreement, realization upon the collateral may be delayed or limited.

**Swap Transactions.** Each Account (other than the Money Market Account) may, to the extent permitted by the applicable state and federal regulatory authorities, enter into privately negotiated "swap" transactions with other financial institutions in order to take advantage of investment opportunities generally not available in public markets (generally known as an over-the-counter, "OTC" or "uncleared" swap). In general, these transactions involve "swapping" a return based on certain securities, instruments, or financial indices with another party, such as a commercial bank, in exchange for a return based on different securities, instruments, or financial indices.

By entering into a swap transaction, an Account may be able to protect the value of a portion of its portfolio against declines in market value. Each Account (other than the Money Market Account) may also enter into swap transactions to facilitate implementation of allocation strategies between different market segments or countries or to take advantage of market opportunities that may arise from time to time. The Account may be able to enhance its overall performance if the return offered by the other party to the swap transaction exceeds the return swapped by the Account. However, there can be no assurance that the return an Account receives from the counterparty to the swap transaction will exceed the return it swaps to that party.

In a credit default swap, the credit default protection buyer makes periodic payments, known as premiums, to the credit default protection seller. In return the credit default protection seller will make a payment to the credit default protection buyer upon the occurrence of a specified credit event. A credit default swap can refer to a single issuer or asset, a basket of issuers or assets or index of assets, each known as the reference entity or underlying asset. An Account may act as either the buyer or the seller of a credit default swap. An Account may buy or sell credit default protection on a basket of issuers or assets, even if a number of the underlying assets referenced in the basket are lower-quality debt securities. In an unhedged credit default swap, an Account buys credit default protection on a single issuer or asset, a basket of issuers or assets or index of assets without owning the underlying asset or debt issued by the reference entity. Credit default swaps involve greater and different risks than investing directly in the referenced asset because, in addition to market risk, credit default swaps include liquidity, counterparty and operational risk.

Credit default swaps allow an Account to acquire or reduce credit exposure to a particular issuer, asset or basket of assets. If a swap agreement calls for payments by the Account, the Account must be prepared to make such payments when due. If the Account is the credit default protection seller, the Account will experience a loss if a credit event occurs and the credit of the reference entity or underlying asset has deteriorated. If the Account is the credit default protection buyer, the Account will be required to pay premiums to the credit default protection seller. In the case of a physically settled credit default swap in which the Account is the protection seller, the Account must be prepared to pay par for and take possession of debt of a defaulted issuer delivered to the Account by the credit default protection buyer. Any loss would be offset by the premium payments the Account receives as the seller of credit default protection.

While the Accounts will only enter into swap transactions with counterparties TCIM considers creditworthy (and will monitor the creditworthiness of parties with which they enter into swap transactions), a risk inherent in swap transactions is that the

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other party to the transaction may default on its obligations under the swap agreement. In times of general market turmoil, the creditworthiness of even large, well-established counterparties may decline rapidly. If the other party to a swap transaction defaults on its obligations, the Account entering into the agreement would be limited to the agreement's contractual remedies. There can be no assurance that an Account will succeed when pursuing its contractual remedies. To minimize an Account's exposure in the event of default, it will usually enter into swap transactions on a net basis (i.e., the parties to the transaction will net the payments payable to each other before such payments are made). When an Account enters into swap transactions on a net basis, the net amount of the excess, if any, of the Account's obligations over its entitlements with respect to each such swap agreement will be accrued on a daily basis. An Account must comply with the SEC rule related to the use of derivatives and certain other transactions when engaging in the transactions discussed above. See "Derivatives and Other Similar Instruments" below.

Additionally, certain standardized swaps must now be cleared through a clearinghouse that serves as a central counterparty (generally known as a "cleared" swap). Certain swaps subject to the clearing requirement must also be executed on a designated contract market or swap execution facility. Exchange trading and central clearing are intended to reduce counterparty credit risk and increase liquidity, but it does not make cleared swap transactions risk-free. Depending on the size of an Account and other factors, the margin required under the rules of a clearinghouse and by a clearing member may be in excess of the collateral required to be posted by the Account to support its obligations under a similar uncleared swap. However, the CFTC and other applicable regulators have adopted rules imposing certain margin requirements, including minimums, on uncleared swaps which may result in an Account and its counterparties posting higher amounts for uncleared swaps.

In addition to other swap transactions, certain Accounts may purchase and sell Contracts for Difference ("CFDs"). A CFD is a form of equity swap in which its value is based on the fluctuating value of some underlying asset (e.g., shares of a particular stock or a stock index). A CFD is a contract between two parties, buyer and seller, stipulating that the seller will pay to the buyer the difference between the nominal value of the underlying stock at the opening of the contract and the stock's value at the close of the contract. The size of the contract and the contract's expiration date are typically negotiated by the parties to the CFD transaction. CFDs enable an Account to take short or long positions on an underlying stock and thus potentially capture gains on movements in the share prices of the stock without the need to own the underlying stock.

By entering into a CFD transaction, an Account could incur losses because it would face many of the same types of risks as owning the underlying equity security directly. For example, an Account might buy a short position in a CFD and the contract value at the close of the transaction may be greater than the contract value at the opening of the transaction. This may be due to, among other factors, an increase in the market value of the underlying equity security. In such a situation, the Account would have to pay the difference in value of the contract to the seller of the CFD. As with other types of swap transactions, CFDs also carry counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. If the counterparty were to do so, the value of the contract, and of the Account's shares, may be reduced.

Entry into a swap or CFD transaction may, in certain circumstances, require the payment of initial margin and adverse market movements against the underlying stock may require the buyer to make additional margin payments and make settlement payments. An Account may have to sell securities or instruments at a time when it may be disadvantageous to do so to meet such payment requirements.

Certain Accounts may also invest in credit default swaps ("CDS"). CDS are contracts in which the buyer makes a payment or series of payments to the seller in exchange for a payment if the reference security or asset (e.g., a bond or an index) undergoes a "credit event" (e.g., a default). CDS share many risks common to other types of swaps and derivatives, including credit risk, counterparty risk and market risk. Certain Accounts may also invest in credit default swap indices ("CDX"). A CDX is a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. Certain CDX indices are subject to mandatory central clearing and exchange trading, which may reduce counterparty credit risk and increase liquidity compared to other CDS or CDX transactions. In addition, there may be disputes between the buyer and seller of a CDS agreement or within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller.

Swap agreements may be illiquid and, in such circumstances, could be subject to the limitations on illiquid investments. See "Illiquid Investments" above.

To the extent that there is an imperfect correlation between the return on an Account's obligation to its counterparty under the swap and the return on related assets in its portfolio, the swap transaction may increase the Account's financial risk. No Account will enter into a swap transaction that is inconsistent with its investment objective, policies and strategies. The Accounts (other than the Money Market Account) may engage in swap transactions to hedge or manage the risks associated with assets held in, or to facilitate the implementation of portfolio strategies of purchasing and selling assets for, the Account, to manage their cash flow more efficiently and to seek to increase total return.

**Derivatives and Other Similar Instruments.** Under Rule 18f-4, which regulates a registered investment company's use of derivatives and certain other investments, a registered investment company's derivatives exposure is limited through a value-at-

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risk test and the rule requires the adoption and implementation of a derivatives risk management program for certain derivatives users. However, subject to certain conditions, limited derivatives users (as defined in Rule 18f-4) are not subject to the full requirements of Rule 18f-4. In addition, under Rule 18f-4, an Account is permitted to invest in when-issued securities, and the transaction will be deemed not to involve a senior security, provided that (i) the Account intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). An Account may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the Account treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Rule 18f4 could limit an Account's ability to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the value or performance of the Account.

The Accounts (other than the Money Market Account) may also use futures contracts, options on futures contracts and swaps as hedging techniques to manage their cash flow more effectively and to seek to increase total return. These instruments will, however, only be used in accordance with certain CFTC exemptive provisions that permit TCIM to claim an exclusion from the definition of a "commodity pool operator" under the Commodity Exchange Act with regard to CREF. TCIM has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act and the regulations thereunder and, therefore, is not currently subject to registration or regulation as a commodity pool operator with regard to the Accounts. If the exclusion becomes unavailable, an Account may incur additional expenses.

**Investment Companies.** Subject to certain exceptions and limitations, an Account may invest up to 5% of its assets in any single non-affiliated investment company and up to 10% of its assets in all other non-affiliated investment companies in the aggregate. However, no Account can hold more than 3% of the total outstanding voting stock of any single investment company. When an Account invests in another investment company, it bears a proportionate share of expenses charged by the investment company in which it invests. Registered investment companies may invest in an underlying fund in excess of these percentage limits imposed by the 1940 Act in reliance on certain exemptions, such as Rule 12d1-4 under the 1940 Act. When an Account serves as an underlying fund in reliance on Rule 12d1-4, or in reliance on Section 12(d)(1)(G) of the 1940 Act while relying on Rule 12d1-4 to invest in other non-affiliated investment companies, each Account's ability to invest in other non-affiliated investment companies and private funds will generally be limited to 10% of each Account's assets. Additionally, an Account may invest in other non-affiliated investment companies, such as ETFs, for cash management and other purposes, subject to the limitations set forth above. An Account may also use ETFs to gain exposure to certain sectors or securities that are represented by ownership in ETFs.

Note that if an Account serves as an underlying fund investment for an affiliated fund of funds pursuant to Section 12(d)(1)(G) of the 1940 Act, it will adopt a policy not to, in turn, rely on Sections 12(d)(1)(F) or (G) to invest in other affiliated or unaffiliated funds beyond the limits of Sections 12(d)(1)(A) or (B).

**Exchange-Traded Funds.** Additionally, certain Accounts may invest in other types of investment companies, which may include ETFs for cash management, investment exposure or defensive purposes. ETFs generally seek to track the performance of an equity, fixed-income or balanced index by holding in its portfolio either the contents of the index or a representative sample of the securities in the index. Some ETFs, however, select securities consistent with the ETF's investment objectives and policies without reference to the composition of an index. Typically, an Account would purchase ETF shares to obtain exposure to all or a portion of the stock or bond market. An investment in an ETF generally presents the same primary risks as an investment in a conventional stock, bond or balanced mutual fund (i.e., one that is not exchange-traded) that has the same investment objective, strategies, and policies. The price of an ETF can fluctuate within a wide range, and an Account could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional mutual funds: (1) the market price of the ETF's shares may trade at a discount or premium to their AUV; (2) an active trading market for an ETF's shares may not develop or be maintained; or (3) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally. Most ETFs are investment companies. Therefore, an Account's purchases of ETF shares generally are subject to the limitations on an Account's investments in other investment companies, which are described above under the heading "Investment Companies." As with other investment companies, when an Account invests in an ETF, it will bear certain investor expenses charged by the ETF. Generally, an Account will treat an investment in an ETF as an investment in the type of security or index to which the ETF is attempting to provide investment exposure. For example, an investment in an ETF that attempts to provide the return of the equity securities represented in the Russell 3000<sup>®</sup> Index will be considered as an equity investment by the Account.

**Exchange-Traded Notes ("ETNs") and Equity-Linked Notes ("ELNs").** An Account may purchase shares of ETNs or ELNs. ETNs and ELNs are fixed-income securities with principal and/or interest payments (or other payments) linked to the performance of referenced currencies, interest rates, commodities, indices or other financial indicators (each, a "Reference"), or linked to the performance of a specified investment strategy (such as an options or currency trading program). ETNs are traded on an exchange, while ELNs are not. Often, ETNs and ELNs are structured as uncollateralized medium-term notes. Typically, an Account would purchase ETNs or ELNs to obtain exposure to all or a portion of the financial markets or specific

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investment strategies. Because ETNs and ELNs are structured as fixed-income securities, they are generally subject to the risks of fixed-income securities, including (among other risks) the risk of default by the issuer of the ETN or ELN. The price of an ETN or ELN can fluctuate within a wide range, and an Account could lose money investing in an ETN or ELN if the value of the Reference or the performance of the specified investment strategy goes down. In addition, ETNs and ELNs are subject to the following risks that do not apply to most fixed-income securities: (1) the market price of the ETNs or ELNs may trade at a discount to the market price of the Reference or the performance of the specified investment strategy; (2) an active trading market for ETNs or ELNs may not develop or be maintained; or (3) trading of ETNs may be halted if the listing exchange's officials deem such action appropriate, the ETNs are de-listed from the exchange or the activation of market-wide "circuit breakers" (which are tied to large decreases in stock prices) halts stock trading generally.

When an Account invests in an ETN or ELN, it will bear certain investor expenses charged by these products. While ETNs and ELNs are structured as fixed-income obligations, rather than as investment companies, they generally provide exposure to a specified market sector or index like ETFs, but are also subject to the general risks of fixed-income securities, including risk of default by their issuers.

Generally, an Account will treat an investment in an ETN or ELN as an investment in the type of security or index to which the ETN or ELN is attempting to provide investment exposure. For example, an investment in an ELN that attempts to provide the return of the equity securities represented in the Russell 3000 Index will be considered as an equity investment by an Account, and not a fixed-income investment.

#### Currency transactions
The value of an Account's assets (other than the Money Market Account) as measured in U.S. dollars may be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations, and the Account may incur costs in connection with conversions between various currencies. To manage the impact of such factors on AUVs, the Accounts (other than the Money Market Account) may engage in foreign currency transactions in connection with their investments in foreign securities. These transactions may also let TCIM "lock in" exchange rates when buying or selling foreign securities on behalf of the Accounts. The Accounts will not speculate in foreign currency, and will enter into foreign currency transactions only to "hedge" the currency risk associated with investing in foreign securities. Although such transactions tend to minimize the risk of loss due to a decline in the value of the hedged currency, they also may limit any potential gain that might result should the value of such currency increase.

The Accounts will conduct their currency exchange transactions either on a spot (i.e., cash) basis at the rate prevailing in the currency exchange market, or through forward contracts to purchase or sell foreign currencies. A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into with large commercial banks or other currency traders that are participants in the interbank market.

By entering into a forward contract for the purchase or sale of foreign currency involved in an underlying security transaction, an Account is able to protect itself against possible loss between trade and settlement dates for that purchase or sale resulting from an adverse change in the relationship between the U.S. dollar and such foreign currency. This practice is sometimes referred to as "transaction hedging." In addition, when it appears that a particular foreign currency may suffer a substantial decline against the U.S. dollar, an Account may enter into a forward contract to sell an amount of foreign currency approximating the value of some or all of its portfolio securities denominated in such foreign currency. This practice is sometimes referred to as "portfolio hedging." Similarly, when it appears that the U.S. dollar may suffer a substantial decline against a foreign currency, an Account may enter into a forward contract to buy that foreign currency for a fixed dollar amount.

The Accounts (other than the Money Market Account) may also hedge their foreign currency exchange rate risk by engaging in currency financial futures, options and "cross-hedge" transactions. In "cross-hedge" transactions, an Account holding securities denominated in one foreign currency will enter into a forward currency contract to buy or sell a different foreign currency (one that generally tracks the currency being hedged with regard to price movements). Such cross-hedges are expected to help protect an Account against an increase or decrease in the value of the U.S. dollar against certain foreign currencies.

The Accounts (other than the Money Market Account) may hold a portion of their respective assets in bank deposits denominated in foreign currencies, so as to facilitate investment in foreign securities as well as protect against currency fluctuations and the need to convert such assets into U.S. dollars (thereby also reducing transaction costs). Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments, central banks or supra-national entities such as the International Monetary Fund, or by the imposition of currency controls or other political developments in the United States or abroad. To the extent these monies are converted back into U.S. dollars, the value of the assets so maintained will be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations.

The forecasting of short-term currency market movement is extremely difficult and whether a short-term hedging strategy will be successful is highly uncertain. Moreover, it is impossible to correctly forecast with absolute precision the market value of portfolio securities at the expiration of a foreign currency forward contract. Accordingly, an Account may be required to buy or

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sell additional currency on the spot market (and bear the expense of such transaction) if TCIM's predictions regarding the movement of foreign currency or securities markets prove inaccurate. In addition, the use of cross-hedging transactions may involve special risks, and may leave an Account in a less advantageous position than if such a hedge had not been established. Because foreign currency forward contracts are privately negotiated transactions, there can be no assurance that the Account will have flexibility to rollover the foreign currency forward contract upon its expiration if it desires to do so. Additionally, there can be no assurance that the other party to the contract will perform its obligations thereunder. Entry into a foreign currency transaction may, in certain circumstances, require the payment of initial margin, and adverse market movements against the underlying currency may require an Account to make additional margin payments and make settlement payments. An Account may have to sell securities or other instruments at a time when it may be disadvantageous to do so to meet such payment requirements.

#### Foreign investments
As described more fully in the Prospectus, certain of the Accounts may invest in foreign securities, including those in emerging markets. The Money Market Account may only invest in foreign securities that are U.S. dollar denominated. In addition to the general risk factors discussed in the Prospectus and below, there are a number of country- or region-specific risks and other considerations that may adversely affect these investments. Many of the risks are more pronounced for investments in emerging market countries, as described below.

On December 31, 2025, foreign investments (including securities held as collateral for securities lending) represented the following percentages of market value for each Account:

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| | |
|:---|:---|
| Total Global Stock Account | 35.2 |
| Global Equities Account | 34.1 |
| Growth Account | 3.1 |
| S&P 500 Index Account | 0.5 |
| Core Bond Account | 9.0 |
| Inflation-Linked Bond Account | 1.3 |
| Responsible Balanced Account | 25.6 |
| Money Market Account | 0.0 |

---

To meet an Account's investment objective, the Board of Trustees or its Investment Committee can change the percentage of the portfolio devoted to foreign investments, subject to the limits in CREF's charter.

**General.** Since foreign companies may not be subject to accounting, auditing or financial reporting practices, disclosure and other requirements comparable to those applicable to U.S. companies, there may be less publicly available information about a foreign company than about a U.S. company, and it may be difficult to interpret the information that is available. There may be difficulties in obtaining or enforcing judgments against foreign issuers and it also is often more difficult to keep currently informed of corporate actions which affect the prices of portfolio securities. In certain countries, there is less government supervision and regulation of stock exchanges, brokers and listed companies than in the United States. Volume and liquidity in most foreign markets are less than in the United States, and securities of many foreign companies have lower overall liquidity and are more volatile than securities of comparable U.S. companies. Notwithstanding the fact that each Account generally intends to acquire the securities of foreign issuers only where there are public trading markets, investments by an Account in the securities of foreign issuers may tend to increase the risks with respect to the liquidity of the Account's portfolio and the Account's ability to meet a large number of participant redemption requests should there be economic or political turmoil in a country in which the Account has a substantial portion of its assets invested or should relations between the United States and foreign countries deteriorate markedly. Securities may trade at price/earnings multiples higher than comparable U.S. securities and such levels may not be sustainable. Fixed commissions on some foreign securities exchanges are higher than negotiated commissions on U.S. exchanges, although TCIM endeavors to achieve the most favorable net results on the Accounts' portfolio transactions.

Foreign markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct these transactions. Settlement practices for transactions in foreign markets may differ from those in the U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of "failed settlement." The inability of an Account to make intended security purchases due to settlement problems could cause the Account to miss attractive investment opportunities. Losses to the Account due to subsequent declines in the value of portfolio securities, or liabilities arising out of the Account's inability to fulfill a contract to sell these securities, could result from failed settlements. In addition, evidence of securities ownership may be uncertain in many foreign countries. As a result, there is a risk that an Account's trade details could be incorrectly or fraudulently entered at the time of the transaction, resulting in a loss to the Account.

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With respect to certain foreign countries, there is the possibility of expropriation or confiscatory taxation, political or social instability, or diplomatic developments that could affect the Account's investments in those countries. The economies of some countries differ unfavorably from the U.S. economy in such respects as growth of national product, rate of inflation, capital reinvestment, resource self-sufficiency, and balance of payments position. In addition, the internal politics of some foreign countries are not as stable as in the United States. Governments in certain foreign countries continue to participate to a significant degree, through ownership interest or regulation, in their respective economies. Action by these governments could have a significant effect on market prices of securities and payment of dividends. The economies of many foreign countries are heavily dependent upon international trade and are accordingly affected by protective trade barriers, including the imposition of tariffs, the economic conditions of their trading partners and/or other circumstances or conditions that may impact international trade (e.g., impacts on trade routes on account of regional or global conflicts). The enactment by these trading partners of protectionist trade legislation could have a significant adverse effect upon the securities markets of such countries.

Armed conflict, terrorism and related geopolitical risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.

**Investment and Repatriation Restrictions.** Foreign investment in the securities markets of certain foreign countries is restricted or controlled to varying degrees. These restrictions limit and, at times, preclude investment in certain of such countries (especially emerging market countries) and increase the cost and expenses of Accounts investing in them. These restrictions may take the form of prior governmental approval, limits on the amount or type of securities held by foreigners, and limits on the types of companies in which foreigners may invest. Additional or different restrictions may be imposed at any time by these or other countries in which the Accounts invest. In addition, the repatriation (i.e., remitting back to the United States) of both investment income and capital from several foreign countries is restricted and controlled under certain regulations, including in some cases the need for certain government consents. The Accounts could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for repatriation.

**Taxes.** The dividends and interest payable on certain of the Accounts' foreign portfolio securities may be subject to foreign withholding and, in some other cases, other taxes, thus reducing the net amount of income available for distribution to the Accounts' participants.

**Emerging Market Securities.** TCIM considers an "emerging market security" to be a security that is principally traded on a securities exchange of an emerging market or that is issued by an issuer that is located or has primary operations in an emerging market.

**Emerging Markets.** Investments in companies domiciled in emerging market countries may be subject to potentially higher risks than investments in companies in developed countries. The term "emerging market" describes any country or market that is generally considered to be emerging or developing by major organizations in the international financial community, such as the International Finance Corporation, or by financial industry analysts like MSCI, Inc., which compiles the MSCI Emerging Markets Index, and J.P. Morgan Chase & Co., which compiles several fixed-income emerging markets benchmarks; or other countries or markets with similar emerging characteristics. Emerging markets can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most nations located in Western Europe. Notwithstanding the foregoing, the fixed-income portfolio management team generally views Israel as an emerging market.

Risks of investing in emerging markets and emerging market securities include: (i) less social, political and economic stability; (ii) the smaller size of the markets for these securities and the currently low or nonexistent volume of trading that results in a lack of liquidity and in greater price volatility; (iii) the lack of publicly available information, including reports of payments of dividends or interest on outstanding securities, and less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which could render financial information and related audits to be unreliable and unverifiable, increase the potential for market manipulation and affect an Account's ability to evaluate potential portfolio companies; (iv) certain national policies that may restrict an Account's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests; (v) local taxation; (vi) the absence of developed structures governing private or foreign investment or allowing for judicial redress for injury to private property; (vii) the absence until recently, in certain countries, of a capital structure or market-oriented economy; (viii) the possibility that recent favorable economic developments in certain countries may be slowed or reversed by unanticipated political or social events as well as armed conflicts in these countries; (ix) restrictions that may make it difficult or impossible for the Account to vote proxies, exercise participant rights, pursue legal remedies, and obtain judgments in foreign courts; (x) the risk of uninsured loss due to lost, stolen, or counterfeit stock certificates; (xi) possible losses through the holding of securities in domestic and foreign custodial banks and depositories; (xii) heightened opportunities for governmental corruption; (xiii) large amounts of foreign debt to finance basic governmental duties that could lead to restructuring or default; (xiv) limited legal remedies for investors in emerging markets (including derivative litigation) and a limited ability of U.S. authorities (e.g., SEC and U.S. Department of Justice) to enforce certain regulatory or legal obligations or otherwise bring actions against bad actors; (xv) heavy reliance on exports that may be severely affected by global economic downturns; and (xvi) the risk of man-made or natural disasters. Additionally, the degree of cooperation between issuers in emerging market countries with foreign and U.S. financial regulators may vary significantly. The type and severity of sanctions and other similar measures, including counter sanctions and other

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retaliatory actions, that may be imposed could vary broadly in scope, and their impact is highly uncertain. Changes in exchange rates and interest rates and the imposition of sanctions could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Account from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact an Account's liquidity and performance.

In addition, some countries in which the Accounts may invest have experienced substantial, and in some periods, extremely high rates of inflation for many years. Inflation and rapid fluctuations in inflation rates have had and may continue to have negative effects on the economies and securities markets of certain countries. Further, the economies of emerging market countries generally are heavily dependent upon international trade and, accordingly, have been and may continue to be adversely affected by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which they trade.

Governments of many emerging market countries have become overly reliant on the international capital markets and other forms of foreign credit to finance large public spending programs that cause huge budget deficits. As a result of either an inability to pay or submission to political pressure, certain of these governments have sought to restructure their loan and/or bond obligations, have declared a temporary suspension of interest payments, or have defaulted (in part or full) on their outstanding debt obligations. These events have adversely affected the values of securities issued by such governments and corporations domiciled in these emerging market countries and have negatively affected not only their cost of borrowing but also their ability to borrow in the future. The economic and political environment has presented significant challenges to the economies of emerging markets, including, among others, rising inflation, food insecurity, subdued employment growth, and economic setback caused by supply chain disruption and the reduction in exports.

The risks outlined above are often more pronounced in "frontier markets" in which an Account may invest. Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, the risks of investing in emerging markets are magnified in frontier markets. This magnification of risks is the result of a number of factors, including: government ownership or control of parts of the private sector and of certain companies; trade barriers; exchange controls; managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; less uniformity in accounting and reporting requirements; unreliable securities valuation; greater risk associated with custody of securities; and the relatively new and unsettled securities laws in many frontier market countries. In addition, the markets of frontier countries typically have low trading volumes, leading to a greater potential for extreme price volatility and illiquidity. This volatility may be further increased by the actions of a few large investors. For example, a substantial increase or decrease in cash flows of mutual funds investing in these markets could significantly affect local securities prices and, therefore, the AUV of an Account. All of these factors may make investing in frontier market countries significantly riskier than investing in other countries, including more developed and traditional emerging market countries, and any one of them could cause the AUV of an Account to decline.

**Investment in Canada.** The United States is Canada's largest trading partner and foreign investor, and developments in U.S. economic and other policies do have a significant impact on the Canadian economy as well as political landscape. The expanding economic and financial integration of the United States, Canada, and Mexico through the United States-Mexico-Canada Agreement ("USMCA") has made, and will likely continue to make, the Canadian economy and securities market more sensitive to North American trade patterns. Any disruption in the continued operation of USMCA or any trade policy changes may have a significant and adverse impact on Canada's economic outlook and the value of an Account's investments in Canada. Growth has continued to slow in recent years for certain sectors of the Canadian economy, particularly energy extraction and manufacturing. Forecasts on growth remain modest. Oil prices have fluctuated greatly over time and the enduring volatility in the relative strength of the Canadian dollar against the U.S. dollar from time to time may negatively affect Canada's exporting industries. Decreasing imports from Asian and European Union ("EU") producers, new or changing trade regulations, changes in exchange rates or a recession of the Chinese or EU economies may have an adverse impact on the economy of Canada.

Canada's parliamentary system of government is, in general, stable. However, one of the provinces, Quebec, does have a separatist party whose objective is to achieve sovereignty and increased self-governing legal and financial powers. In addition, the Canadian market is relatively concentrated in issuers involved in the production and distribution of natural resources such as forest products, metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly, changes in the supply and demand of such commodity resources, both domestically and internationally, can have a significant effect on Canadian market performance.

**Investment in Europe.** The EU is an intergovernmental and supra-national union of certain European countries, known as member states. A key activity of the EU is the establishment and administration of a common single market, consisting of, among other things, a single currency and a common trade policy. The most widely used currency in the EU (and the unit of currency of the European Economic and Monetary Union ("EMU")) is the euro, which is in use in many of the member states. In addition to adopting a single currency, EMU member states generally no longer control their own monetary policies. Instead, the

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authority to direct monetary policy is exercised by the European Central Bank and, as a result, EMU member states are significantly affected by fiscal and monetary policies implemented by the EMU and European Central Bank.

While economic and monetary convergence in the EU may offer new opportunities for those investing in the region, investors should be aware that the success of the EU is not wholly assured. Europe must grapple with a number of challenges, any one of which could threaten the survival of this monumental undertaking. Many disparate economies continue to adjust to a unified monetary system, the absence of exchange rate flexibility, and the loss of economic sovereignty. Europe's economies are diverse, its governments are decentralized, and its cultures differ widely. As member states unify their economic and monetary policies, movements in European markets will lose the benefit of diversification within the region. High unemployment could pose political risk. One or more member states might exit the union, placing the currency and banking system in jeopardy. Major issues currently facing the EU relate to its membership, structure, procedures and policies; they include the adoption, abandonment or adjustment of the constitutional treaty, the EU's enlargement to the south and east, and resolving the EU's problematic fiscal and democratic accountability. Any or all of these challenges may affect the value of an Account's investments economically tied to the EU.

The EU has been extending its influence to the south and east. For former Iron Curtain member states, membership serves as a strong political impetus to employ tight fiscal and monetary policies. Nevertheless, several entrants that most recently joined the EU are former Soviet satellites that remain burdened to various extents by the inherited inefficiencies of centrally planned economies similar to that which existed under the old Soviet Union.

In addition, certain member states in the EU have had to accept assistance from supra-governmental agencies such as the International Monetary Fund and the European Financial Stability Facility. The European Central Bank has also intervened to purchase eurozone debt in order to seek to stabilize markets and reduce borrowing costs. Responses to these financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

The EU's economy may grow further as more countries join. However, the EU's economic growth has been below that of the United States most years since 1990, and the economic performance of certain of its key members is a matter of serious concern to policy makers. Although economic conditions vary among EU member states, there is continued concern about national level support for the euro and the accompanying coordination of fiscal and wage policy of EU member states.

Further, it is possible that the euro could be abandoned in the future by EU member states that have already adopted its use, and the effects of such an abandonment or a member state's forced expulsion from the euro on that member state, on the EMU, and on global markets are impossible to predict and could be negative. The exit of any member state out of the euro would likely have a significant destabilizing effect on all eurozone countries and their economies and a negative effect on the global economy as a whole. In addition, under these circumstances, it may be difficult to value investments denominated in euros or in a replacement currency.

In a June 2016 referendum, citizens of the UK voted to leave the EU. On January 31, 2020, the UK withdrew from the EU. Negotiators representing the UK and EU signed a trade agreement on December 30, 2020 on the terms governing certain aspects of the EU's and UK's relationship, the EU-UK Trade and Cooperation Agreement (the "TCA"). The TCA became effective May 1, 2021. Notwithstanding the TCA, the UK's post-transition framework will likely continue to develop and could result in increased volatility and illiquidity and potentially lower economic growth. It is not possible to anticipate the longer term impact to the economic, legal, political, regulatory and social framework that will result from any agreements between the UK and the EU. The effects will depend, in part, on whether the UK is able to negotiate agreements to retain access to EU markets including, but not limited to, trade and finance agreements. In addition, such agreements may lead to ongoing political, regulatory and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time.

The UK's withdrawal from the EU may have a destabilizing impact on the EU to the extent other member states similarly seek to withdraw from the union and may cause additional market disruption globally and introduce new legal and regulatory uncertainties. The UK's withdrawal could result in lower growth for companies in the UK, EU and globally, which could have an adverse effect on the value of an Account's investments. An Account may make investments in the UK, other EU members and in non-EU countries that are directly or indirectly affected by the exit of the UK from the EU. Any or all of these challenges may affect the value of an Account's investments economically tied to the UK or EU and may have an adverse effect on the Account's performance. Additionally, the willingness or ability of financial and other counterparties to enter into transactions may be affected by the UK's withdrawal.

An increasingly assertive Russia poses its own set of risks for the EU, as evidenced by the Russian invasion of Ukraine in February 2022 and the ongoing Russian-Ukraine conflict. Opposition to EU expansion to members of the former Soviet bloc may prompt more intervention by Russia in the affairs of its neighbors. This interventionist stance may carry various negative consequences, including direct effects, such as export restrictions on Russia's natural resources, Russian support for separatist groups of pro-Russian parties located in EU countries, Russian interference in the internal political affairs of current

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or potential EU members or the EU itself, externalities of ongoing conflict, such as an influx of refugees from various affected countries, or collateral damage to foreign assets in conflict zones, all of which could negatively impact EU economic activity.

**Investment in Eastern Europe**. Investing in the securities of Eastern European issuers involves risks not usually associated with investing in the more developed markets of Western Europe. Changes occurring in Eastern Europe today could have long-term potential consequences. These changes could result in rising standards of living, lower manufacturing costs, growing consumer spending and substantial economic growth.

Political and economic reforms may not have eliminated the possibility of a return to centrally planned economies and state-owned industries. Investments in Eastern European countries may involve risks of nationalization, expropriation and confiscatory taxation. In many of the countries of Eastern Europe, there is no stock exchange or formal market for securities. Such countries may also have government exchange controls, currencies with no recognizable market value relative to the established currencies of Western market economies, little or no experience in trading in securities, no accounting or financial reporting standards, a lack of a banking and securities infrastructure to handle such trading and a legal tradition which does not recognize rights in private property.

Eastern European markets are particularly sensitive to social, political, economic, and currency events in Russia and may suffer heavy losses as a result of their trading and investment links to the Russian economy and currency. Russia also may attempt to assert its influence in the region through economic or even military measures. The ongoing conflict between Russia and Ukraine poses great risk to Eastern European countries' economic stability. In particular, the value and liquidity of securities issued by Ukrainian companies have been adversely affected and the disruption to the Russian economy as a result of sanctions imposed on Russia by the U.S. and EU may hurt Eastern European countries with close trade links to Russia. Eastern European markets will be significantly affected by the fiscal and monetary controls of the EMU. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions among European countries may have a significant adverse effect on the economies of other European countries including those of Eastern Europe.

Several Eastern European countries on the periphery of the EU have recently been the destination for a surge of refugees and migrants fleeing global conflict zones. While these countries have borne many of the direct costs of managing the flow of refugees and migrants seeking resettlement in Europe, they have also faced significant international criticism over their treatment of migrants and refugees which may affect foreign investor confidence in the attractiveness of such markets.

**Investment in Saudi Arabia.** The Saudi Arabian government exerts substantial influence over many aspects of the private sector. While the political situation in Saudi Arabia is generally stable, future political instability or instability in the larger Middle East region (including with respect to the conflict with Iran within the region) could adversely impact the economy of Saudi Arabia, particularly with respect to foreign investments. Instability may be caused by military developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences, or other factors. Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S. Government as state sponsors of terrorism. Investments in Saudi Arabia are also subject to the risk of expropriation or nationalization of assets or the risk of restrictions on foreign investments and repatriation of capital.

Saudi Arabian issuers may be impacted by the significant ties in the Saudi Arabian economy to petroleum exports. As a result, changes within the petroleum industry could have a significant impact on the overall health of the Saudi Arabian economy. Additionally, the Saudi Arabian economy relies heavily on foreign labor, and changes in the availability of this labor supply could have an adverse effect on the economy.

The ability of foreign investors to invest in Saudi Arabian issuers is relatively new and untested, and such ability may be revoked or restricted by the government of Saudi Arabia in the future, which may materially affect an Account. An Account may be unable to obtain or maintain the required licenses, which would affect the Account's ability to buy and sell securities at full value. Additionally, an Account's ownership of any single issuer listed on the Saudi Arabian Stock Exchange may be limited by the Saudi Arabia Capital Market Authority ("CMA"). The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result, securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control and heavy regulation of labor and industry. Major disruptions or regulatory changes may occur in the Saudi Arabian market, which could negatively impact an Account.

An Account's ability to invest in Saudi Arabian securities depends on the ability of TCIM and/or the Account to maintain its respective status as a Foreign Portfolio Manager and/or a Qualified Foreign Investor ("QFI"), as applicable, with the CMA and, if applicable, an Account as a client of a QFI who has been approved by the CMA ("QFI Client"). QFI regulations and local market infrastructure are relatively new and have not been tested and the CMA may discontinue the QFI regime at any time. Any change in the QFI system generally, including the possibility of TCIM or an Account losing its Foreign Portfolio Manager, QFI and/or QFI Client status, as applicable, may adversely affect the Account.

There may also be a limited number of brokers who can provide services to an Account that invests in Saudi Arabian securities, which may have an adverse impact on the prices, quantity or timing of Account transactions. The limited number of

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brokers may impact an Account's ability to achieve best execution on securities transactions, make the Account more susceptible to credit loss or trading disruptions in the event of a default or business disruptions by one or more of the available brokers, disrupt the operations of the Account and cause the Account to incur losses due to the acts or omissions of its brokers in the execution or settlement of any transaction or in the transfer of any funds or securities.

**Investment in Russia**. Russia has experienced political, social and economic turbulence as a result of decades of Communist rule. In addition, there is a heightened risk of political corruption and weak and variable government oversight. To date, many of the country's economic reform initiatives have not yet been implemented or successful. In this environment, there is always the risk that the nation's government will abandon the current program of economic reform and replace it with drastically different political and economic policies that would be detrimental to the interests of foreign investors.

Along with the general risks of investing in emerging markets, investing in the Russian market is subject to significant risks due to the less developed state of Russia's banking system and its settlement, clearing and securities registration processes as compared to more developed markets. With the implementation of the National Settlement Depository in Russia ("NSD") as a recognized central securities depository, title to Russian equities is now based on the records of the NSD and not the local registrars. The implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities; however, loss may still occur. Moreover, changes in Russian laws and regulations have and could continue to require the transfer of securities from the NSD to registrars or other parties outside of standard custodial arrangements. To the extent that an Account suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Account to enforce its rights or otherwise remedy the loss.

There is relatively little long-term historical data on the Russian securities market because it is relatively new, and a substantial proportion of securities transactions in Russia are privately negotiated outside of stock exchanges. The inexperience of the Russian securities market and the limited volume of trading in securities in the market may make obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed markets. Additionally, because of less stringent auditing and financial reporting standards that apply to companies operating in Russia, there is little solid corporate information available to investors. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Regional armed conflict and its collateral economic and market effects may also pose risks for investments in Russia. As a result, it may be difficult to assess the value or prospects of an investment in Russian companies.

The United States and the regulatory bodies of certain other countries, as well as the EU, have imposed economic sanctions against Russia in response to recent military actions. The imposition of sanctions and other similar measures and the threat of additional sanctions could, among other things, have further adverse consequences, including a decline in the value and/or liquidity of securities issued by Russia or companies located in or economically tied to Russia, downgrades in the credit ratings of Russian securities or those of companies located in or economically tied to Russia, devaluation of Russia's currency, and increased market volatility and disruption in Russia and throughout the world. Sanctions and other similar measures, including banning Russia from global payment systems that facilitate cross-border payments, could limit or prevent an Account from buying and selling securities (in Russia and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact an Account's liquidity and performance. In particular, U.S. sanctions prohibit any "new investment" in Russia which is defined to include any new purchases of Russian securities. U.S. persons also are required to freeze securities issued by certain Russian entities identified on the List of Specially Designated Nationals, which includes several large publicly traded Russian banks and other companies. Russia has issued various countermeasures that affect the ability of non-Russian persons to trade in Russian securities which may prohibit an Account from selling or transacting in these securities and potentially impact the Account's liquidity. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including cyberattacks on the Russian government, Russian companies, or Russian individuals, including politicians, may impact Russia's economy and Russian issuers of securities in which an Account invests. The Russian military action, as well as the resulting sanctions and negative consumer and investor sentiment, could have a severe negative and long-term impact on Russia's economy. The scope and magnitude of the sanctions and negative sentiment could make it difficult for Russia's economy to recover even if the sanctions were to be lifted.

The EU could also broaden, strengthen and/or otherwise change existing sanctions. These sanctions, or even the threat of further sanctions, could impair an Account's ability to invest in securities it views as attractive investment opportunities or to sell securities or other financial instruments as needed to meet participant redemptions. Such sanctions may result in the decline of the value and liquidity profile of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. Sanctions, as well as other political actions, could also result in Russia taking countermeasures or retaliatory actions which may further impair the value and liquidity of Russian securities or depositary receipts tied to Russian securities. Such retaliatory measures include prohibiting individuals and companies from sanctioned countries from obtaining loans, transferring securities, and engaging in certain foreign currency transactions. Additional retaliatory sanctions may be imposed in the future. The impact that sanctions and countermeasures have are highly uncertain at this time. These and any related events could have a significant impact on Account performance and the value of Account investments.

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**Investment in Latin America.** The history of certain Latin American countries has been characterized by political, economic and social instability, intervention by the military in civilian and economic spheres, and political corruption. For investors, this has meant additional risk caused by periods of regional conflict, political corruption, totalitarianism, protectionist measures, nationalizations, hyperinflation, debt crises, sudden and large currency devaluation, and military intervention. However, there have been changes in this regard, particularly in the past decade. Democracy is becoming well established in some countries. A move to a more mature and accountable political environment is well under way. Domestic economies have been deregulated, privatization of state-owned companies has progressed, and foreign trade restrictions have been relaxed. Nonetheless, to the extent that events such as those listed above that increase the risk of investment in this region continue in the future, they could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers, and result in significant disruption in securities markets.

Economies of most Latin American countries are highly dependent on commodity exports and, for certain countries, oil exports. Fluctuations in commodity and oil prices and currency rates can therefore have a pronounced effect on Latin American countries' economies. The 2008–2009 worldwide economic downturn and the effects of the COVID-19 pandemic have in the past weakened demand for commodities and oil, and led to recession or economic difficulties in these countries. Certain Latin American countries recently have shown signs of recovery and have entered into regional trade agreements.

For example, USMCA has facilitated economic and financial integration among the United States, Canada and Mexico. However, any disruption and uncertainty regarding USMCA may have a significant and adverse impact on Mexico's outlook and the value of an Account's investments in securities economically tied to Mexico. More broadly, the prices of oil and other commodities are in the midst of a period of high volatility driven, in part, by a continued slowdown in growth in China and the conflict in Ukraine. If growth in China remains slow, the conflict in Ukraine continues or if global economic conditions worsen, Latin American countries may face significant economic difficulties. Thus, there can be no assurance that any recent growth will be sustained and that Latin American countries will not face further recessionary pressures.

Most Latin American countries have experienced, at one time or another, and including for some, continue to experience severe and persistent levels of inflation, including in some cases, hyperinflation. This has, in turn, led to high interest rates, extreme measures by governments to keep inflation in check, and a generally debilitating effect on economic growth. For example, recent political instability in Venezuela has resulted in social unrest and a massive disruption in the Venezuelan economy, including a deep recession and near hyperinflation. Although inflation in many countries has lessened, there is no guarantee it will remain at lower levels.

Investments in or exposure to Venezuela may increase an Account's overall liquidity risk and may subject an Account to legal, regulatory, political, currency, security, expropriation and/or nationalization of assets, and economic risk specific to Venezuela. Natural resources are abundant in Venezuela, and its economy is heavily dependent on the export of natural resources to key trading partners. Any act of terrorism, an armed conflict or a breakdown of a key trading relationship that disrupts the production or export of natural resources will likely negatively affect the Venezuelan economy. The U.S. has imposed economic sanctions, which consist of asset freezes and sectoral sanctions, on certain Venezuelan individuals and Venezuelan corporate entities, as well as certain securities issued by the Venezuelan government. These sanctions, or the threat of further sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a weakening of the bolivar, or other adverse consequences to the Venezuelan economy. Additional sanctions against Venezuela may be imposed by the U.S. or other countries in the future. These factors and others may significantly reduce the value of creditors' claims against the Venezuelan government, state-owned enterprises, and private business in Venezuela. Enforcing these claims may also require protracted negotiation or litigation. In January 2026, the U.S. Government took direct action in Venezuela, including an incursion that resulted in the removal of its president, and the extent of future U.S. Government intervention is uncertain. The downstream impacts and effects of any such actions are also uncertain, including the potential for retributive actions by the Venezuelan government or its allies, further instability in the country, a further weakening of the bolivar or other adverse consequences to the Venezuelan economy.

Certain Latin American countries may experience sudden and large adjustments in their currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Latin American countries may impose restrictions on the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for many currencies and it would, as a result, be difficult for the Accounts to engage in foreign currency transactions designed to protect the value of the Accounts' interests in securities denominated in such currencies.

Almost all of the region's economies have become highly dependent upon foreign credit and loans from external sources to fuel their state-sponsored economic plans. Government plans for modernization have exhausted these resources with little benefit accruing to the economy and most countries have been forced to restructure their loans or risk default on their debt obligations. In addition, interest on the debt is subject to market conditions and may reach levels that would impair economic activity and create a difficult and costly environment for borrowers. Accordingly, these governments may be forced to reschedule or freeze their debt repayment, which could negatively affect the market for Latin American securities. Latin American economies that depend on foreign credit and loans may also face significant economic difficulties if the Fed raises interest rates, which could potentially jeopardize various countries' ability to service debt obligations or to service such obligations in a

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timely manner. Any ongoing or future deterioration of global economic conditions may reduce demand for exports from Latin America and limit the availability of foreign credit for some countries in the region.

**Investment in Japan.** Government-industry cooperation, a strong work ethic, mastery of high technology, emphasis on education, and a comparatively small defense allocation helped Japan advance with extraordinary speed to become one of the largest economic powers along with the United States and the EU. Despite its impressive history, investors face special risks when investing in Japan.

The growth of Japan's economy has recently lagged that of its Asian neighbors and other major developed countries. Since the early 2000s, Japan's economic growth rate has remained low relative to other advanced economies and may remain low in the future. The Japanese economy is heavily reliant on international trade and has been adversely affected in the past by trade tariffs, other protectionist measures, competition from emerging economies, and the economic conditions of its trading partners. In addition, China has become an important trading partner with Japan, and therefore, changes in China's growth rates may significantly impact the Japanese economy. The animosity between Japan and other Asian countries, such as China and Korea, may affect the trading relations between these countries. China's territorial ambition over Taiwan may negatively impact Japan's relationship with China given Japan's historical and economic interests in Taiwan. In recent years, a territorial dispute between China and Japan over the Senkaku Islands has heightened, which may result in further discord between the two countries. Japan is also heavily dependent on oil and other commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. Although Japan has recently worked to reduce its dependence on oil by encouraging energy conservation and the use of alternative fuels, there is no guarantee that this trend will continue. The yen has had a history of unpredictable and volatile movements against the U.S. dollar; a weakening yen hurts U.S. investors holding yen-denominated securities. The Japanese stock market has also experienced wild swings in value over time and has often been considered significantly overvalued. Furthermore, Japan's economic growth rate could be impacted by the Bank of Japan's monetary policies, changing interest rates and global inflation, tax increases, budget deficits and volatility in the yen.

Beginning in the late 1990s, the nation's financial institutions were successfully overhauled under the strong leadership of the government. The successful financial sector reform coincided with a Japanese economic recovery, which had set the stage for a comparatively brighter outlook for Japanese companies. However, Japan has an aging workforce and has experienced a significant population decline in recent years. Japan's labor market appears to be undergoing fundamental structural changes, as a labor market traditionally accustomed to lifetime employment adjusts to meet the need for increased labor mobility, which may affect Japan's economic competitiveness.

Japan is susceptible to natural disasters such as earthquakes and tsunamis, and an Account's investment in Japan may be more likely to be affected by such events than its investments in other geographic regions. There are special risks associated with investments in Japan, including foreign trade policy, regional economic disruption, government debt, aging and shrinking of the population, an uncertain financial sector, economic, political or social instability, low domestic consumption and certain corporate structural weaknesses.

**Investment in Asia Other Than Japan**. The political history of some Asian countries has been characterized by political uncertainty, intervention by the military in civilian and economic spheres, regional conflicts and government corruption. Such developments, if they continue to occur, could reverse favorable trends toward market and economic reform, privatization, and removal of trade barriers and result in significant disruption in securities markets. The economies of many countries in the region are heavily dependent on international trade and are accordingly affected by protective trade barriers and the economic conditions of their trading partners, principally, the United States, Japan, China and the EU.

Unlike in the United States, the currencies of certain Asian countries are not determined by the market but are instead managed at artificial levels to the U.S. dollar. This type of system can lead to sudden and large adjustments in the currency which, in turn, can have a disruptive and negative effect on foreign investors. Certain Asian countries also may restrict the free conversion of their currency into foreign currencies, including the U.S. dollar. There is no significant foreign exchange market for certain currencies and it would, as a result, be difficult for the Accounts to engage in foreign currency transactions designed to protect the value of the Accounts' interests in securities denominated in such currencies.

Asian countries have historically been prone to natural disasters, such as droughts, floods and tsunamis, and the region's economies may be affected by such environmental events in the future. Given the particular vulnerability of the region to the effects of climate change, disruptions in international efforts to address climate-related issues may have a disproportionate impact on an Account's investments in the region. An Account's investment in or exposure to Asian countries is, therefore, subject to the risk of such events.

By investing in securities or instruments that are economically tied to the People's Republic of China ("PRC") excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure or other developing market Asian countries, an Account is subject to certain risks in addition to those generally applicable to investment in foreign and emerging markets. In many Asian securities markets, including but not limited to the PRC qualified foreign institutional investors program ("QFII") based on recent PRC regulatory developments, there is a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many of these markets also may be affected by developments with respect to more established markets in the region. Special risks

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associated with investments in the PRC include exposure to currency fluctuations, less liquidity, expropriation, confiscatory taxation, nationalization and exchange control regulations (including currency blockage). Inflation and rapid fluctuations in inflation and interest rates have had, and may continue to have, negative effects on the economy and securities markets of PRC, Hong Kong and Taiwan. Brokers in developing market Asian countries typically are fewer in number and less well capitalized than brokers in the United States. A number of Asian companies are also highly dependent on foreign loans for their operation, which could impose strict repayment term schedules and require significant economic and financial restructuring. In addition, there is a lack of clarity and more frequent changes in the laws and regulations in certain Asian countries compared to more developed international markets, and there could potentially be a lack of consistency in interpreting and applying the relevant regulations. These factors may severely restrict an Account's ability to pursue its investment objective or strategies, may result in fewer investment opportunities for an Account and may have an adverse impact on the investment performance of an Account.

Investment in securities or instruments that are economically tied to the PRC is also subject to the risk of political instability in the PRC. Including those risks associated with investing in emerging markets, an Account's investment in or exposure to the PRC is also subject to risks associated with, among other things, (a) inefficiencies resulting from erratic growth; (b) the unavailability of consistently reliable economic or financial data; (c) potentially high rates of inflation; (d) dependence on exports and international trade; (e) relatively high levels of asset price volatility; (f) potential shortage of liquidity and limited accessibility by foreign investors (including as a result of sanctions); (g) greater competition from regional economies and territorial and other disputes with other countries; (h) fluctuations in currency exchange rates or currency devaluation by the PRC government or central bank, particularly in light of the relative lack of currency hedging instruments and controls on the ability to exchange local currency for U.S. dollars; (i) the relatively small size and absence of operating history of many PRC companies; (j) the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce; (k) uncertainty and potential changes with respect to the rules and regulations of the QFII program and other market access programs through which such investments are made; (l) the commitment of the PRC government to continue with its economic reforms; (m) the fact that Chinese regulators may suspend trading in Chinese issuers (or permit such issuers to suspend trading) during market disruptions, and that such suspensions may be widespread and increase the risk of market manipulation; (n) different regulatory and audit requirements related to the quality of financial statements of Chinese issuers; (o) limitations on the ability to inspect the quality of audits performed in China, particularly the Public Company Accounting Oversight Board's ("PCAOB's") lack of access to inspect PCAOB-registered accounting firms in China; (p) limitations on the ability of U.S. authorities to enforce actions against non-U.S. companies and non-U.S. persons; and (q) limitations on the rights and remedies of investors as a matter of law. In addition, certain securities are, or may in the future become, restricted, and an Account may be forced to sell such restricted security and incur a loss as a result. In addition, certain securities are, or may in the future become, restricted and an Account may be forced to sell such restricted security and incur a loss as a result. In addition, the relationship between the PRC and Taiwan is particularly sensitive, and hostilities between the PRC and Taiwan may present a risk to an Account's investment in either the PRC or Taiwan. Moreover, as demonstrated by past protests in Hong Kong over political, economic, and legal freedoms, and the PRC government's response to them, political uncertainty exists within Hong Kong and there is no guarantee that additional protests will not arise in the future. Hostilities between the PRC and Hong Kong may present a risk to an Account's investment in the PRC or Hong Kong.

There also exists control on foreign investment in the PRC and limitations on repatriation of invested capital. Under the QFII program, which is a market access program through which PRC investments are made available, or through investments in companies listed on exchanges outside of the PRC that provide exposure to companies that are based or operated in the PRC, there are certain regulatory restrictions imposed, particularly on (without limitation) investment scope, repatriation of accounts, foreign shareholding limit and account structure. Although the relevant regulations have recently been revised to relax regulatory restrictions on the onshore capital management by QFIIs (including but not limited to removing the investment quota limit and simplifying routine repatriation of investment proceeds), it is a new development and there is no guarantee that the relaxation of such restrictions under the current QFII regulations will be maintained in the future. On the other hand, the recently amended QFII regulations are also enhancing ongoing supervision on QFIIs in terms of information disclosure among other aspects. In particular, QFIIs are required to procure their underlying clients (such as any Account investing in PRC securities via the QFII program) to comply with PRC disclosure of interests rules and make the required disclosure on behalf of such underlying investors. As a result of PRC regulatory requirements, an Account may be limited in its ability to invest in securities or instruments tied to the PRC and/or may be required to liquidate its holdings in securities or instruments tied to the PRC, including at an inopportune time. Under certain instances, such involuntary liquidations may result in losses for an Account. In addition, securities exchanges in the PRC typically have the right to suspend or limit trading in any security traded on the relevant exchange. The PRC government or relevant PRC regulators may also implement policies that may adversely affect the PRC financial markets. Such suspensions, limitations or policies may have a negative impact on the performance of an Account's investments.

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The PRC has historically been prone to natural or human disasters such as droughts, floods, pandemics, epidemics, earthquakes and tsunamis, and the region's economy may be affected by such environmental events in the future. An Account's investment in the PRC is, therefore, subject to the risk of such events.

Investments in the PRC may subject an Account's investments to a number of PRC tax rules, and the application of many of those rules may be uncertain. Moreover, the PRC has implemented a number of tax reforms in recent years, and may amend or revise its existing tax laws and/or procedures in the future, possibly with retroactive effect. Changes in applicable PRC tax law could reduce the after-tax profits of the Accounts, directly or indirectly, including by reducing the after-tax profits of companies in the PRC in which an Account invests. PRC taxes that may apply to an Account's investments include income tax or withholding tax on dividends, interest or gains earned by the Account, business tax and stamp duty. Uncertainties in the PRC tax rules could result in unexpected tax liabilities for the Accounts. In addition, because the PCAOB is generally restricted from inspecting the audit work and practices of registered accountants in the PRC, there is the risk that material accounting and financial information about PRC issuers may be unavailable or unreliable. The PCAOB signed a Statement of Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC to grant the PCAOB access to inspect and investigate registered public accounting firms in mainland China and Hong Kong completely, consistent with U.S. law. To the extent the PCAOB remains unable to inspect audit work papers and practices of the PCAOB-registered accounting firms in China with respect to their audit work of U.S. reporting companies, such inability may impose significant additional risks associated with investments in China. Further, to the extent an Account invests in the securities of a company whose securities become subject to a trading prohibition, the Account's ability to transact in such securities, and the liquidity of the securities, as well as their market price, would likely be adversely affected. Foreign companies listed on U.S. exchanges, including offshore companies that utilize a variable interest entity ("VIE") structure, also could face delisting or other ramifications for failure to meet the requirements of the listing exchange, the SEC, the PCAOB or other United States regulators, which could adversely affect the liquidity or value of the securities and have negative implications for U.S. investors and result in significant investment losses.

**Variable Interest Entities**. An Account may invest in companies based or operated in the PRC by investing through legal structures known as VIEs. Certain PRC companies have used VIEs in order to facilitate foreign investment without distributing ownership of the PRC-based companies primarily due to the PRC governmental restrictions on non-PRC ownership of companies in certain industries and sectors. In such cases, the PRC-based operating company typically establishes an offshore company in another jurisdiction, and the offshore company enters into contractual arrangements (such as powers of attorney, equity pledge agreements, and other exclusive services or business cooperation agreements) with the PRC-based operating company. These contractual arrangements are intended to give the offshore company the ability to exercise power over and obtain economic rights from the PRC-based operating company. Shares of the offshore company, in turn, are listed and traded on exchanges outside of the PRC and are available to non-PRC investors such as an Account. This arrangement allows non-PRC investors to hold stock in the offshore company, rather than the PRC-based operating company, to obtain economic exposure without direct equity ownership.

On February 17, 2023, the China Securities Regulatory Commission ("CSRC") released the "Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies" (the "Trial Measures"), which went into effect on March 31, 2023. The Trial Measures and its implementing guidelines require Chinese companies that pursue listings outside of mainland China, including those that do so using the VIE structure, to make a filing with the CSRC. While the Trial Measures and its implementing guidelines do not prohibit the use of VIE structures, this does not serve as a formal endorsement either. There is a risk that the PRC may cease to allow VIEs at any time or impose new restrictions on the structure, such as penalties, revocation of business and operating licenses or forfeiture of ownership interests. Investments involving a VIE may also pose additional risks because such investments are made through a company whose interests in the underlying operating company are established through contract rather than through direct equity ownership. For example, the non-PRC offshore company's contractual arrangement may be less effective than direct equity ownership, and the company may incur substantial costs to enforce the terms of the arrangements. If the parties to the contractual arrangements do not meet their obligations as intended or there are effects on the enforceability of these arrangements from changes in PRC law or practice, a breach of the contractual arrangement between the listed company and VIE, or if any physical instruments are used without authorization (such as PRC chops and seals), the listed company may lose control over the PRC-based operating company, and investments in the listed company's securities may suffer significant economic losses. Also, the terms of such arrangements may be deemed unenforceable in the PRC, thus limiting (or eliminating) the remedies and rights available to the non-PRC offshore company and its investors and potentially resulting in significant economic losses with little or no recourse available. Such legal uncertainty may also be exploited against the interests of the offshore company and its investors. Further, the interests of the equity owners of the operating company may conflict with the interests of the investors of the offshore company, and the fiduciary duties of the officers and directors of the operating company may differ from, or conflict with, the fiduciary duties of the officers and directors of the offshore company. Any of the foregoing risks and events could negatively impact an Account's performance and AUV.

**China A-Shares and China Stock Connect Risk**. The following risks are in addition to the risks described under "Investment in Asia Other Than Japan" and "Emerging Markets." Certain Accounts may invest in eligible renminbi ("RMB")-denominated

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shares of mainland China-based companies that trade on Chinese stock markets such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange (referred to as "China A-Shares") through the Shanghai and Shenzhen-Hong Kong Stock Connect programs ("Stock Connect"). Stock Connect allows non-Chinese investors (such as the Accounts) to purchase certain PRC-listed equities via brokers in Hong Kong. There are significant risks and limitations inherent in investing in China A-Shares through Stock Connect. For example, an Account's investment in China A-Shares may only be traded through Stock Connect and is not otherwise transferable. Further, the list of eligible China A-Shares may change from time to time. When a China A-Shares issue is recalled from the scope of securities eligible for trading through Stock Connect, an Account invested in such China A-Shares issue traded through Stock Connect may only sell, not buy, the China A-Shares issue, which may adversely affect the Account's investment strategy.

Stock Connect is not subject to individual investment quotas but market-wide daily and aggregate investment quotas apply to all Stock Connect participants. Once a daily quota limit is reached, orders to purchase additional China A-Shares of such issuance through Stock Connect will be rejected. Once such daily quotas are used up, acceptance of the corresponding buy orders will be immediately suspended and no further buy orders will be accepted for the remainder of the trading day. Buy orders which have been accepted will not be affected by the using up of the daily quota, while sell orders will continue to be accepted. Such quotas, which are subject to change from time to time, may restrict or preclude an Account from investing in China A-Shares on a timely basis, which could affect the Account's ability to effectively pursue its investment strategy. Further, an investor cannot purchase and sell the same security on the same trading day, which may restrict an Account's ability to invest in China A-Shares through Stock Connect and to enter into or exit trades where it is advantageous to do so on the same trading day. In addition, because Stock Connect trades are routed through Hong Kong brokers and the Hong Kong Stock Exchange, Stock Connect is affected by trading holidays in either the PRC or Hong Kong, and there are trading days in the PRC when Stock Connect investors will not be able to trade. As a result, prices of Stock Connect may fluctuate at times when an Account is unable to add to or exit its position, which could adversely affect the Account's investment performance. Both the PRC and Hong Kong regulators are permitted, independently of each other, to suspend Stock Connect (or to permit such issues to suspend trading) in response to certain market conditions. Stock Connect trades are settled in RMB and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed.

Stock Connect regulations provide that investors enjoy the rights and benefits of Shanghai Stock Exchange equities purchased through Stock Connect, but the nominee structure under Stock Connect requires that China A-Shares be held through the Hong Kong Securities Clearing Company ("HKSCC"), as nominee for investors. An Account's ownership of China A-Shares will be reflected on the custodian's records but the Account itself will have only beneficial rights in such China A-Shares, and the mechanisms that beneficial owners may use to enforce their rights are untested. For instance, courts in China have limited experience in applying the concept of beneficial ownership and the law surrounding beneficial ownership will continue to evolve. An Account may not be able to participate in corporate actions affecting Stock Connect securities due to time constraints or for other operational reasons. Similarly, an Account will not be able to vote in participants' meetings except through HKSCC and will not be able to attend participants' meetings. Taken together with Stock Connect's omnibus clearing structure, this structure may limit TCIM's ability to effectively manage an Account and may expose the Account to the credit risk of its custodian or to greater risk of expropriation. While certain aspects of the Stock Connect trading process are subject to Hong Kong law, PRC rules applicable to share ownership will apply.

Additionally, China generally has less established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information relating to Chinese issuers. China A-Shares traded via Stock Connect are subject to risks associated with the legal and technical framework of Stock Connect. The trading, settlement and information technology ("IT") systems required to operate Stock Connect are continuing to evolve. If relevant Stock Connect systems fail to function properly, trading in China A-Shares on Stock Connect could be disrupted. Further, in the event of high trading volume or unexpected market conditions, Stock Connect may be available on a limited basis.

The risks related to investments in China A Shares through Stock Connect are heightened to the extent that an Account invests in China A Shares listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange ("STAR Market") and/or the ChiNext Market of the Shenzhen Stock Exchange ("ChiNext Market"). Listed companies on the STAR Market and ChiNext Market are usually of an emerging nature with smaller operating scale. They are subject to higher fluctuation in stock prices and liquidity. It may be more common and faster for companies listed on the STAR Market and ChiNext Market to delist.

**China Bond Connect Risk**. There are risks associated with an Account's investment in Chinese government bonds and other PRC-based debt instruments traded on the China Interbank Bond Market ("CIBM") through the Bond Connect program. Bond Connect refers to the arrangement between Hong Kong and the PRC that enables Hong Kong and overseas investors to trade various types of debt securities in each other's bond markets through connection between the relevant respective financial infrastructure institutions. Such trading is subject to a number of restrictions that may affect an Account's investments and returns. For example, investments made through Bond Connect are subject to order, clearance and settlement procedures that are relatively untested in the PRC, which could pose risks to an Account. Furthermore, securities purchased through Bond Connect will be held on behalf of ultimate investors (such as an Account) via a book entry omnibus account in the name of the

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Hong Kong Monetary Authority Central Money Markets Unit maintained with either the China Central Depository & Clearing Co. ("CCDC") or the Shanghai Clearing House ("SCH"), each a PRC-based custodian. An Account's ownership interest in Bond Connect securities will not be reflected directly in book entry with CCDC or SCH and will instead only be reflected on the books of its Hong Kong sub-custodian. This recordkeeping system also subjects an Account to various risks, such as the risks of settlement delays and counterparty default of the Hong Kong sub-custodian, or the risk that the Account may have a limited ability to enforce rights as a bondholder. While the ultimate investors hold a beneficial interest in Bond Connect securities, the mechanisms that beneficial owners may use to enforce their rights are untested and courts in the PRC have limited experience in applying the concept of beneficial ownership. As such, an Account may not be able to participate in corporate actions affecting its rights as a bondholder, such as timely payment of distributions, due to time constraints or for other operational reasons. Bond Connect trades are settled in RMB and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed. Furthermore, securities purchased through Bond Connect generally may not be sold, purchased or otherwise transferred other than through Bond Connect in accordance with applicable rules.

A primary feature of Bond Connect is the application of the home market's laws and rules applicable to investors in Chinese fixed-income instruments. Therefore, an Account's investments in securities through Bond Connect are generally subject to Chinese securities regulations and listing rules, among other restrictions. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through Bond Connect. An Account will not benefit from access to Hong Kong investor compensation accounts, which are designed to protect against defaults of trades, when investing through Bond Connect. Bond Connect adheres to the trading calendar of CIBM, and as such, trading can be undertaken on days on which the CIBM is open for trade, regardless of whether it is a public holiday in Hong Kong. As a result, prices of securities purchased through Bond Connect may fluctuate at times when an Account is unable to add to or exit its position (for example, in situations where intermediaries are not available to assist with trades) and, therefore, may limit the Account's ability to trade when it would be otherwise attractive to do so.

The Bond Connect program may be subject to further interpretation, guidance and regulatory change. The trading, settlement and IT systems required for non-Chinese investors in Bond Connect are continuing to evolve. In the event that the relevant systems do not function properly, trading through Bond Connect could be disrupted. An Account's ability to trade through Bond Connect (and hence to pursue its investment strategy) may therefore be adversely affected. There can be no assurance that further regulations will not affect the availability of securities in the program, the frequency of redemptions or other limitations. In addition, the application and interpretation of the laws and regulations of Hong Kong and the PRC, and the rules, policies or guidelines published or applied by relevant regulators and exchanges in respect of the Bond Connect program are uncertain, and they may have an adverse effect on an Account's performance.

Potential lack of liquidity due to low trading volume of certain Account investments in securities through Bond Connect may result in prices of certain fixed-income securities traded on such market fluctuating significantly, which may expose an Account to liquidity risks. The bid and offer spreads of the prices of securities through Bond Connect may be large, and the Accounts may therefore incur significant trading and realization costs and may even suffer losses when disposing of such investments.

**Depositary Receipts.** Certain Accounts can invest in American, European and Global Depositary Receipts ("ADRs," "EDRs" and "GDRs," respectively). They are alternatives to the purchase of the underlying securities in their national markets and currencies. Although their prices are quoted in U.S. dollars, they do not eliminate all the risks of foreign investing.

ADRs represent the right to receive securities of foreign issuers deposited in a domestic bank or a foreign correspondent bank. To the extent that an Account acquires ADRs through banks which do not have a contractual relationship with the foreign issuer of the security underlying the ADR to issue and service such ADRs, there may be an increased possibility that the Account would not become aware of, and be able to respond to, corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. However, by investing in ADRs rather than directly in the stock of foreign issuers, an Account will avoid currency risks during the settlement period for either purchases or sales. In general, there is a large, liquid market in the United States for ADRs quoted on a national securities exchange or the national market system, including the NASDAQ. The information available for ADRs is subject to the accounting, auditing and financial reporting standards of the domestic market or exchange on which they are traded, which standards are more uniform and more exacting than those to which many foreign issuers may be subject.

EDRs and GDRs are receipts evidencing an arrangement with a non-U.S. bank similar to that for ADRs and are designed for use in non-U.S. securities markets. EDRs and GDRs are not necessarily quoted in the same currency as the underlying security.

#### Other investment techniques and opportunities
CREF has been an industry leader in devising investment strategies for retirement investing, including developing sophisticated research methods and dividing a portfolio into segments, some designed to track the U.S. markets as a whole and others that are actively managed and selected for their investment potential.

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TCIM may take certain actions with respect to merger proposals, tender offers, conversion of equity-related securities and other investment opportunities with the objective of enhancing an Account's overall return, irrespective of how these actions may affect the weight of the particular securities in the Account's portfolio.

Each of the Accounts may invest up to 15% of its total assets in repurchase agreements of more than seven days and other illiquid securities that may not be readily marketable except for the Total Global Stock Account and Money Market Account, each of which has a 10% limit on such investments. Investment in illiquid securities poses risks of potential delays in resale. Limitations on resale may have an adverse effect on the marketability of portfolio securities, and it may be difficult for the Account to dispose of illiquid securities promptly or to sell such securities for their fair market value.

**Regulation S Securities Risk. As described more fully in its Prospectus, the Responsible Balanced Account may seek exposure to Regulation S securities through its investment in the Subsidiary. Regulation S securities may be less liquid than publicly traded securities as a result of legal or contractual restrictions on resale. If a Regulation S security is determined to be illiquid, the investment will be included with an Account's 15% of net assets limitation on investment in illiquid investments. Regulation S securities may be resold in privately negotiated transactions but the price realized in such resales could be less than the amount originally paid. Further, because Regulation S securities are not publicly traded, they may not be subject to the same disclosure and other investor protection requirements that would be applicable to publicly traded securities. As a result, Regulation S securities may involve a high degree of business and financial risk and may result in losses.**

**Investment in a Wholly Owned Subsidiary.** The Subsidiary is a Cayman Islands exempted company that is wholly owned and controlled by the Responsible Balanced Account and is overseen by its own board of directors. A Cayman Islands exempted company is a corporate entity established under the laws of the Cayman Islands for the purpose of conducting business mainly outside the Cayman Islands. The Responsible Balanced Account is the sole shareholder of the Subsidiary, and it is not currently expected that shares of the Subsidiary will be sold or offered to other investors. It is expected that the Subsidiary will invest primarily in Regulation S securities and TEFRA Bonds. As a result, the Responsible Balanced Account, through its investment in the Subsidiary, is indirectly exposed to the risks associated with Regulation S securities and TEFRA Bonds. There can be no assurance that the investment objective of the Responsible Balanced Account or the Subsidiary will be achieved.

The Subsidiary is not registered under the 1940 Act and, therefore, is not subject to the investor protection provisions of the 1940 Act (unless otherwise noted in the Responsible Balanced Account's Prospectus or this SAI). As an investor in the Subsidiary, the Responsible Balanced Account does not have all of the protections offered to investors by the 1940 Act. However, the Subsidiary is wholly owned and controlled by the Responsible Balanced Account and managed by TCIM. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Responsible Balanced Account to invest in the Subsidiary as described in the Responsible Balanced Account's Prospectus and in this SAI and could adversely affect the Responsible Balanced Account. For example, the Cayman Islands currently does not impose certain taxes on exempted companies like the Subsidiary, including income and capital gains tax, among others. If Cayman Islands laws were changed to require such entities to pay Cayman Islands taxes, the investment returns of the Account would likely decrease.

**Special Risks Related to Cybersecurity.** With the increased use of technologies such as the internet to conduct business, the Accounts and their service providers (including, but not limited to, the Accounts' custodian, transfer agent and financial intermediaries) are susceptible to cybersecurity risks. In general, cybersecurity attacks can result from infection by computer viruses or other malicious software or from deliberate actions or unintentional events, including gaining unauthorized access through hacking or other means to digital systems, networks, or devices that are used to service the Accounts' operations in order to misappropriate assets or sensitive information, corrupt data, or cause operational disruption. Cybersecurity attacks can also be carried out in a manner that does not require gaining unauthorized access, including by carrying out a "denial-of-service" attack on an Account or its service providers' websites. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on CREF's or an Account's systems.

Cybersecurity failures by TCIM or its affiliated investment advisers, other service providers, or the issuers of the portfolio securities in which an Account invests have the ability to result in disruptions to and impacts on business operations. Such disruptions or impacts may result in financial losses, including a reduction in AUV, interference with the Accounts' ability to calculate their AUVs, barriers to trading, Account participants' inability to transact business with an Account, violations of applicable federal and state privacy or other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. The Accounts and their service providers may also maintain sensitive information (including relating to personally identifiable information of investors) and a cybersecurity breach may cause such information to be lost or improperly accessed, used or disclosed. The Accounts may incur additional, incremental costs to prevent and mitigate the risks of cybersecurity attacks or incidents in the future. The Accounts and their participants could be negatively impacted by such attacks or incidents. Although TCIM and its affiliated investment advisers have established business continuity plans and risk-based processes and controls to address such cybersecurity risks, there are inherent limitations in such plans and systems in part due to the evolving nature of technology and cybersecurity attack tactics. The use of cloud-based service providers could heighten or change these risks. In addition, work-from-home arrangements by the Accounts, TCIM or their service providers could increase all of the above risks, create additional data and information accessibility concerns, and make the Accounts, TCIM or their service providers more susceptible to operational disruptions, any

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of which could adversely impact their operations. As a result, it is possible that the Accounts, TCIM or its affiliated investment advisers or an Account's service providers will not be able to adequately identify or prepare for all cybersecurity attacks. In addition, the Accounts cannot directly control the cybersecurity plans or systems implemented by its service providers or issuers in which they invest.

### Portfolio turnover
The transactions an Account engages in are reflected in its portfolio turnover rate. The rate of portfolio turnover for each Account (except for the Money Market Account) is calculated by dividing the lesser of the amount of purchases or sales of portfolio securities during the fiscal year by the monthly average of the value of the Account's portfolio securities (excluding from the computation all securities, including options, with maturities at the time of acquisition of one year or less). A high rate of portfolio turnover generally involves correspondingly greater brokerage commission expenses, which must be borne directly by the Account and ultimately by the Account's participants. However, because portfolio turnover is not a limiting factor in determining whether or not to sell portfolio securities, a particular investment may be sold at any time if investment judgment or Account operations make a sale advisable. The Accounts have no fixed policy with respect to portfolio turnover.

For the year ended December 31, 2025, the portfolio turnover rate of each Account did not significantly change from the portfolio turnover rate in 2024.

No portfolio turnover rate is calculated for the Money Market Account due to the short maturities of the instruments purchased.

Because a higher portfolio turnover rate will increase brokerage costs to the Accounts, each Account will carefully weigh the added costs of short-term investment against the gains anticipated from such transactions.

### Valuation of assets
Rule 2a-5 ("Rule 2a-5") under the 1940 Act provides that a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that an account can access on the measurement date, provided that a quotation will not be deemed to be readily available if it is not reliable. Securities for which market quotations are not readily available must be valued at fair value as determined in good faith by the Board of Trustees. The Board of Trustees has designated TCIM as the valuation designee pursuant to Rule 2a-5 to perform fair value determinations for the Accounts. TCIM, as the valuation designee, is responsible for periodically assessing any material risks associated with the determination of the fair value of an Account's investments; establishing and applying fair value methodologies; testing the appropriateness of fair value methodologies; and overseeing and evaluating third-party pricing services. Valuing securities at fair value involves greater reliance on judgment than valuing securities that have readily available market quotations. Accordingly, there can be no assurance that the determination of a security's fair value in accordance with an Account's valuation procedures will in fact approximate the price at which an Account could sell that security at that time. The assets of the Accounts are valued as of the close of each valuation day in the following manner:

#### Investments for which market quotations are readily available
Account investments for which market quotations are readily available are valued at the market value of such investments, determined as follows:

#### Equity securities
Equity securities listed or traded on a national market or exchange are valued based on their sale price on such market or exchange at the close of business (generally 4:00 p.m. Eastern Time) on the date of valuation, or at the mean of the closing bid and asked prices if no sale is reported. For securities traded on NASDAQ, the official closing price quoted by NASDAQ for that security is used. Equity securities that are traded on neither a national securities exchange nor on NASDAQ are valued at the last sale price at the close of business on the New York Stock Exchange ("NYSE"), NYSE Arca Equities or NYSE American (collectively, the "NYSE Exchanges") (normally 4:00 p.m. Eastern Time or such earlier time that is the latest close of a regular (or core) trading session of any of the NYSE Exchanges), if a last sale price is available, or otherwise at the mean of the closing bid and ask prices. Such an equity security may also be valued at fair value by TCIM as determined in good faith using procedures approved by the Board of Trustees if events materially affecting its value occur between the time its price is determined and the time the Account's AUV is calculated.

#### Foreign investments
Investments traded on a foreign exchange or in foreign markets are valued at the last sale price or official closing price reported on the local exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. Since the trading of investments on a foreign exchange or in foreign markets is normally completed before the end of

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a valuation day, such valuation does not take place contemporaneously with the determination of the valuation of certain other investments held by the Account for purposes of calculating the AUV. Because events affecting the value of foreign investments occur between the time their share price is determined and the time when the Account's AUV is calculated, such investments will be valued at fair value by TCIM as determined in good faith using procedures approved by the Board of Trustees. For these securities, the Account uses a fair value pricing service approved by TCIM, the valuation designee. This pricing service employs quantitative models to value foreign equity securities in order to adjust for stale pricing, which occurs between the close of certain foreign exchanges and the close of the NYSE Exchanges. Fair value pricing is subjective in nature and the use of fair value pricing by the Account may cause the AUV of the Account's units to differ significantly from the AUV that would have been calculated using market prices at the close of the foreign exchange on which a portfolio security is primarily traded.

#### Debt securities
Generally, debt securities for which market quotations are readily available are valued based on the most recent bid price or the equivalent quoted yield for such securities (or those of comparable maturity, quality and type), although certain debt securities, such as municipal securities, broadly syndicated loans and collateralized loan obligations, are valued based on the most recent mid price, which is generally the average of the most recent bid and ask prices. These values will be derived utilizing an independent pricing service except when it is believed that the prices do not accurately reflect the security's fair value.

Values for debt securities, including money market instruments (other than those in the Money Market Account), may also be derived from a pricing matrix that has various types of debt securities along one axis and various maturities along the other.

All debt securities may also be valued at fair value by TCIM as determined in good faith using procedures approved by the Board of Trustees. The use of a price derived from a pricing matrix is a method of fair value pricing.

#### Special valuation procedures for the Money Market Account
The Money Market Account's portfolio securities are valued on an amortized cost basis. Under the amortized cost method of valuation, the security is initially valued at cost on the date of purchase and thereafter a constant proportionate amortization in value until maturity of the discount or premium is assumed. While this method provides certainty in valuation, there may be times when the value of a security, as determined by amortized cost, may be higher or lower than the price the Money Market Account would receive if it sold the security.

The Board of Trustees has established procedures reasonably designed, taking into account current market conditions and the Money Market Account's investment objective, to stabilize the AUV for purposes of sales and redemptions. These procedures include review by the Board of Trustees, at such intervals as it deems appropriate, to determine the extent, if any, to which the AUV calculated by using available market quotations deviates by more than ¼ of one percent from the amortized cost price. In the event such deviation should exceed ¼ of one percent, the Board of Trustees will promptly consider initiating corrective action. If the Board of Trustees believes that the extent of any deviation from the amortized cost price per unit may result in material dilution or other unfair results to new or existing participants, it will take such steps as it considers appropriate to eliminate or reduce these consequences to the extent reasonably practicable. Such steps may include: (1) selling securities prior to maturity; (2) shortening the average maturity of the Account; (3) withholding or reducing dividends; or (4) utilizing an AUV determined from available market values. Even if these steps were taken, the Money Market Account's AUV might still decline.

#### Options and futures
Portfolio investments underlying options are valued as described above. Stock options written by an Account are valued at the last quoted sale price, or at the closing bid price if no sale is reported for the day of valuation as determined on the principal exchange on which the option is traded. The value of the Account's net assets will be increased or decreased by the difference between the premiums received on writing options and the costs of liquidating such positions measured by the closing price of the options on the date of valuation.

For example, when the Account writes a call option, the amount of the premium is included in the Account's assets and an equal amount is included in its liabilities. The liability thereafter is adjusted to the current market value of the call. Thus, if the current market value of the call exceeds the premium received, the excess would be unrealized depreciation; conversely, if the premium exceeds the current market value, such excess would be unrealized appreciation. If a call expires or if the Account enters into a closing purchase transaction, it realizes a gain (or a loss if the cost of the transaction exceeds the premium received when the call was written) without regard to any unrealized appreciation or depreciation in the underlying securities, and the liability related to such call is extinguished. If a call is exercised, the Account realizes a gain or loss from the sale of the underlying securities and the proceeds of the sale are increased by the premium originally received.

A premium paid on the purchase of a put will be deducted from the Account's assets and an equal amount will be included as an investment and subsequently adjusted to the current market value of the put. For example, if the current market value of

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the put exceeds the premium paid, the excess would be unrealized appreciation; conversely, if the premium exceeds the current market value, such excess would be unrealized depreciation.

Stock and bond index futures, and options thereon, which are traded on commodities exchanges, are valued at their last sale prices as of the close of such commodities exchanges.

#### Investments for which market quotations are not readily available
Portfolio securities or other assets for which market quotations are not readily available will be valued at fair value as determined by TCIM in good faith using procedures approved by the Board of Trustees (except for the Money Market Account, which uses amortized cost). For more information about the Accounts' fair value pricing procedures, see "How we value assets" in the Prospectus.

### Disclosure of portfolio holdings
The Accounts have adopted a portfolio holdings disclosure policy that governs the dissemination of an Account's portfolio holdings. In accordance with this policy, an Account may provide portfolio holdings information to third parties no earlier than the time a report is filed with the SEC that is required to contain such information or one day after the information is posted on the Account's publicly accessible website, www.tiaa.org. A complete list of portfolio holdings information is generally made available on the Account's website ten business days after the end of the month. Additionally, the Account publishes on the website a list of its top ten holdings as of the end of each month, approximately two to five business days after the end of the month for which the information is current. This information will remain available on the website at least until the Account files with the SEC its Form N-CSR or Form N-PORT for the period that includes the date as of which the website information is current.

Additionally, an Account may disclose portfolio holdings information that has not been included in a filing with the SEC or posted on the Account's website (i.e., non-public portfolio holdings information) only if there is a legitimate business purpose for doing so and if the recipient is required, either by explicit agreement or by virtue of the recipient's duties to the Account as an agent or service provider, to maintain the confidentiality of the information and to not use the information in an improper manner (e.g., personal trading). In this context, portfolio holdings information does not include summary information from which the identity of the Account's specific portfolio holdings cannot reasonably be derived. An Account may disclose on an ongoing basis non-public portfolio holdings information in the normal course of its investment and administrative operations to various service providers, including, but not limited to, Nuveen and TIAA employees, fund accounting agents, auditors, custodians, pricing vendors, financial printers, proxy voting agents, securities lending agents, counsel to the Accounts or the independent trustees, regulatory authorities, stock exchanges and other listing organizations. Also, TCIM may transmit to service providers non-public portfolio holdings information to enable TCIM to perform portfolio attribution analysis using third-party systems and software programs. TCIM may also provide certain portfolio holdings information to broker-dealers from time to time in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities. In providing this information, reasonable precautions are taken in an effort to avoid potential misuse of the disclosed information, including limitations on the scope of the portfolio holdings information disclosed, when appropriate. The Accounts and TCIM do not receive compensation or other consideration in exchange for the disclosure of portfolio holdings.

Non-public portfolio holdings information may be provided to other persons if approved by a Managing Director in the Legal Department or Secretary of the Accounts upon a determination that there is a legitimate business purpose for doing so, the disclosure is consistent with the interests of the participants of the Account, and the recipient is obligated to maintain the confidentiality of the information and not misuse it, which includes a prohibition on trading on such non-public information. Notification must be provided to the Accounts' Chief Compliance Officer prior to the holdings information being released.

Compliance officers of the Accounts and TCIM periodically monitor overall compliance with the policy to ascertain whether portfolio holdings information is disclosed in a manner that is consistent with the Accounts' policies.

There is no assurance that the Accounts' policies on portfolio holdings information will protect an Account from the potential misuse of portfolio holdings information by individuals or firms in possession of such information.

The following parties currently receive non-public portfolio holdings information regarding one or more of the Accounts on an ongoing basis pursuant to the various arrangements described above: Advent; Adviser Compliance Associates, LLC; Alphasense, Inc.; Bank of America PriceServe; Barclays Capital, Inc., BARRA; Bloomberg Finance, L.P.; Broadridge Investor Communication Solutions, Inc.; Broadridge Systems; Chapman and Cutler, LLP; Citibank, N.A., Command Financial Press; Compliance Solutions Strategies; Confluence NXT; Donnelley Financial Solutions; Eagle Investment Systems, LLC; Electra Information Systems; Ernst & Young; FactSet Research Systems Inc.; Financial Graphic Services; Glass, Lewis & Co., LLC; Houlihan Lokey Financial Advisors, Inc.; ICE Benchmark Administration Limited; ICE Data Services; IHS Markit, Ltd., ISS; Investortools; Lipper, Inc., a Reuters Company; Moody's; Morningstar, Inc.; Northern Trust Corp; Omgeo, LLC; PricewaterhouseCoopers LLP; PricingDirect Inc.; Refinitiv; Ridgeline, Inc.; Rimes Technologies Corporation; Sherpa Funds Technology Pte Ltd.; SS&C; State Street Bank and Trust Co.; Strategic Insight and Wolters Kluwer.

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With respect to the Money Market Account, complete portfolio holdings are filed with the SEC on a monthly basis through Form N-MFP and are made publicly available on the SEC's website approximately five business days after the end of each month. In addition, the Money Market Account posts on its website, no later than the fifth business day of the month, a schedule of its portfolio investments as of the last business day of the previous month. You can request more frequent portfolio holdings information, subject to the Accounts' policy as stated above, by writing to CREF at 730 Third Avenue, New York, NY 10017-3206.

In addition, the Accounts or TCIM may distribute certain portfolio attribution analyses and related data and commentary ("Portfolio Data"). Specifically, the Accounts or TCIM and/or TIAA-CREF Individual & Institutional Services LLC ("Services") may provide oral or written information about the Accounts, including, but not limited to, how each Account's investments are divided among: various sectors; industries; countries; value and growth stocks; small-, mid- and large-cap stocks; and various asset classes such as stocks, bonds, currencies and cash; as well as types of bonds, bond maturities, bond coupons and bond credit quality ratings. Portfolio Data may also include information on how these various weightings and factors contributed to Account performance including the attribution of each Account's return by asset class, sector, industry and country, among other factors, as well as how various factors impacted Account performance as compared to its benchmark. Portfolio Data may also include various financial characteristics of each Account or its underlying portfolio securities, including, but not limited to, alpha, beta, R-squared, duration, maturity, information ratio, Sharpe ratio, earnings growth, payout ratio, price/book value, projected earnings growth, return on equity, standard deviation, tracking error, weighted average quality, market capitalization, percent debt to equity, price to cash flow, dividend yield or growth, default rate, portfolio turnover and risk and style characteristics.

Portfolio Data may be based on each Account's most recent quarter-end portfolio, month-end portfolio or some other interim period, so long as that portfolio has been made publicly available. Portfolio Data may be provided to members of the press, participants in the Account, persons considering investing in the Account, or representatives of such participants or potential participants, such as consultants, financial intermediaries, fiduciaries of a 401(k) plan or a trust and their advisers and rating and ranking organizations. While the Accounts or TCIM and/or Services will provide Portfolio Data to persons upon appropriate request, the content and nature of the information provided to any person or category of persons may differ. Please contact the Accounts for information about obtaining Portfolio Data. The Accounts or TCIM and/or Services may restrict access to any or all Portfolio Data in their sole discretion, including, but not limited to, if the Accounts or TCIM and/or Services believe the release of such Portfolio Data may be harmful to an Account.

Advisors, an affiliate of TCIM, serves as investment adviser to various other funds and accounts that may have investment objectives, strategies and portfolio holdings that are substantially similar to or overlap with those of the Accounts, and in some cases, these funds may publicly disclose portfolio holdings on a more frequent basis than is required for the Accounts. As a result, it is possible that other market participants may use such information for their own benefit, which could negatively impact the Accounts' execution of purchase and sale transactions.

### Management of CREF

#### The Board of Trustees
CREF is governed by its Board, which oversees CREF's business and affairs. The Board delegates the day-to-day management of the Accounts to TCIM and the officers of CREF (see below).

#### Board leadership structure and related matters
The Board is composed of seven trustees (the "Trustees"), all of whom are independent or disinterested, which means that they are not "interested persons" of the Accounts as defined in Section 2(a)(19) of the 1940 Act (independent Trustees). One of the independent Trustees serves as the Chair of the Board. The Chair's responsibilities include: coordinating with management in the preparation of the agenda for each meeting of the Board; presiding at all meetings of the Board; and serving as a liaison with other Trustees, CREF's officers and other management personnel, and counsel to the independent Trustees. The Chair performs such other duties as the Board may from time to time determine. The Chief Executive Officer of CREF does not serve on the Board.

The Board meets periodically to review, among other matters, the Accounts' activities, contractual arrangements with companies that provide services to the Accounts and the performance of the Accounts' investment portfolios. The Board holds regularly scheduled meetings each year and may hold special meetings, as needed, to address matters arising between regularly-scheduled meetings. During a portion of each regularly-scheduled meeting and, as the Board may determine, at its other meetings, the Board meets without management present.

The Board has established a committee structure that includes (i) standing committees, each composed of all of the independent Trustees and chaired by an independent Trustee, and (ii) non-standing committees (which, when constituted, shall be composed of independent Trustees and chaired by an independent Trustee). The Board, with the assistance of its Nominating and Governance Committee, periodically evaluates its structure and composition, as well as various aspects of its

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operations. The Board believes that its leadership and operating structure, which includes (i) its committees, (ii) having an independent Trustee in the position of Chair of the Board and of each committee, and (iii) having independent counsel to the independent Trustees, provides for independent oversight of management and is appropriate for CREF in light of, among other factors, the asset size and nature of CREF and the Accounts, the number of Accounts overseen by the Board, the arrangements for the conduct of the Accounts' operations, the number of Trustees, and the Board's responsibilities.

All of the persons that serve on the Board of Trustees of CREF also serve on the Management Committee of VA-1, and the same person serves as Chair of the Board and Management Committee, respectively.

#### Qualifications of Trustees
The Board believes that each of the Trustees is qualified to serve as a Trustee of CREF based on a review of the experience, qualifications, attributes and skills of each Trustee. The Board bases this view on its consideration of a variety of criteria, no single one of which is controlling. Generally, the Board looks for: character and integrity; ability to review critically, evaluate, question and discuss information provided and exercise effective business judgment in protecting participant interests; and willingness and ability to commit the time necessary to perform the duties of Trustee. Each Trustee's ability to perform his or her duties effectively is evidenced by his or her experience in one or more of the following fields: management, consulting, and/or board experience in the investment management industry; academic positions in relevant fields; management, consulting, and/or board experience with public companies in other fields, nonprofit entities or other organizations; educational background and professional training; and experience as a Trustee of CREF, Manager of VA-1 and previously as trustees of other funds in the Nuveen Fund Complex. The Board seeks representative diversity within its membership and generally considers the manner in which an individual's professional experience, education, expertise in relevant matters, general leadership experience and life experiences are complementary and, as a whole, contribute to the ability of the Board to perform its duties.

Information indicating certain of the specific experience and relevant qualifications, attributes and skills of each Trustee relevant to the Board's belief that the Trustee should serve in this capacity is provided in the "Independent Trustees" table included herein. The table includes, for each Trustee, positions held with CREF, length of office and time served, and principal occupations held in the last five years. The table also includes the number of portfolios in CREF and VA-1 overseen by each Trustee and certain directorships and certain other positions held by each of them, including in the last five years.

#### Board committees
The Board has appointed the following standing committees, each with specific responsibilities for aspects of CREF's operations and whose charters are available online:

(1) An Audit and Compliance Committee, consisting solely of independent Trustees, which assists the Board in fulfilling its oversight responsibilities relating to accounting and financial reporting processes, valuation issues and certain compliance matters. The Audit and Compliance Committee is also charged with, among other matters, approving and/or recommending for Board approval the appointment, compensation and retention (or termination) of the Accounts' independent registered public accounting firm. All members of the Board are members of the Audit and Compliance Committee, with Mr. Carrier serving as chair. Mr. Carrier has been designated as an "audit committee financial expert" as defined by the rules of the SEC. During the fiscal year ended December 31, 2025, the Audit and Compliance Committee held four meetings.

(2) An Executive Committee, consisting solely of independent Trustees, which generally is vested with full Board powers for emergent matters that arise between regularly scheduled Board meetings. The Board Chair, Chair of the Nominating and Governance Committee and Chair of the Audit and Compliance Committee are members of the Executive Committee, with Prof. Poterba serving as chair. During the fiscal year ended December 31, 2025, the Executive Committee held no meetings.

(3) A Finance Committee, consisting solely of independent Trustees, which assists the Board in fulfilling its oversight responsibilities for certain financial matters, including reviewing the processes and methodologies used to determine expense allocations charged to CREF and its Accounts, expense adjustments, 12b-1 plan expenditures, insurance and line of credit arrangements, and services of certain key vendors. All members of the Board are members of the Finance Committee, with Ms. Eckl serving as chair. During the fiscal year ended December 31, 2025, the Finance Committee held eight meetings.

(4) An Investment Committee, consisting solely of independent Trustees, which assists the Board in fulfilling its oversight responsibilities for the investment management process, strategies and policies for CREF. This includes review of investment performance and risk metrics, the process utilized for the Responsible Balanced Account, and the Accounts' and their adviser's trading practices. All members of the Board are members of the Investment Committee, with Mr. Berkley serving as chair. During the fiscal year ended December 31, 2025, the Investment Committee held five meetings.

(5) A Nominating and Governance Committee, consisting solely of independent Trustees, which assists the Board in addressing internal governance matters for CREF, including determining the criteria, policies and process for consideration and selection of Trustee candidates and recommending persons to be nominated or re-nominated as Trustees, reviewing

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Trustee and CCO compensation matters, periodically reviewing the size, composition, independence, and functioning of the Board and its Committees, recommending the appointment of officers and signatories for CREF, and overseeing certain responsible investing matters, including proxy voting and guidelines. All members of the Board are members of the Nominating and Governance Committee, with Prof. Eberly serving as chair. During the fiscal year ended December 31, 2025, the Nominating and Governance Committee held nine meetings.

(6) A Products Committee, consisting solely of independent Trustees, which assists the Board in fulfilling its oversight responsibilities for CREF and/or its Accounts, including monitoring certain annuity features, reviewing management proposals to modernize CREF's structure, operations and marketing strategy, monitoring certain financial and operational metrics, and reviewing certain matters related to distribution. All members of the Board are members of the Products Committee, with Prof. Jackson serving as chair. During the fiscal year ended December 31, 2025, the Products Committee held four meetings.

Participants can recommend, and the Nominating and Governance Committee will consider, nominees for election as Trustees by providing potential nominee names and background information to the Secretary of CREF. The Secretary's address is: Office of the Corporate Secretary, 730 Third Avenue, New York, NY 10017-3206 or trustees@tiaa.org.

#### Risk oversight
Day-to-day management of the various risks relating to the administration and operation of CREF and the Accounts is the responsibility of management, which includes professional risk management staff. The Board oversees this risk management function consistent with and as part of its oversight responsibility. The Board performs this risk management oversight directly and, as to certain matters, through its standing committees (which are described below) and, at times, through its use of non-standing committees. The following provides an overview of the principal, but not all, aspects of the Board's oversight of risk management for CREF and the Accounts. The Board recognizes that it is not possible to identify all of the risks that may affect CREF and the Accounts or to develop procedures or controls that eliminate CREF's and the Accounts' exposure to all of these risks.

In general, an Account's risks include, among others, market risk, credit risk, derivatives risk, liquidity risk, valuation risk, operational risk, reputational risk, regulatory compliance risk, and cybersecurity risk. The Board has adopted, and periodically reviews, policies and procedures designed to address certain (but not all) of these and other risks to CREF and the Accounts. In addition, under the general oversight of the Board, TCIM, the investment adviser for each Account as well as the administrator of the Accounts' Liquidity Risk Program, and other service providers to the Accounts, including TIAA, have themselves adopted a variety of policies, procedures and controls designed to address particular risks to the Accounts. Different processes, procedures and controls are employed with respect to different types of risks.

The Board, with advice of counsel to the independent Trustees, also oversees risk management for CREF and the Accounts through receipt and review by the Board or its committee(s) of regular and special reports, presentations and other information from officers of CREF and other persons, including from senior risk management personnel for TCIM and its affiliates. Senior officers of CREF, senior officers of TCIM, TIAA and their affiliates, and the Accounts' CCO regularly report to the Board and/or one or more of the Board's committees on a range of matters, including those relating to risk management. The Board also regularly receives reports, presentations and other information from TCIM with respect to the investments and securities trading of the Accounts. At least annually, the Board receives a report from the Accounts' CCO regarding the effectiveness of the Accounts' compliance program. Also, on an annual basis, the Board receives reports, presentations and other information from management in connection with the Board's consideration of the renewal of CREF's investment management agreement with TCIM and CREF's distribution plan under Rule 12b-1 of the 1940 Act. The Board also annually considers the renewal of CREF's administrative services agreement with TIAA and its distribution services agreement with TIAA-CREF Individual & Institutional Services, LLC. In addition, on an annual basis, TCIM, in its capacity as Liquidity Risk Program administrator pursuant to applicable SEC regulations, provides the Board with a written report that addresses the operation, adequacy and effectiveness of the Accounts' Liquidity Risk Program. The Board provides oversight of the Accounts' use of derivatives in accordance with Rule 18f-4 under the 1940 Act. As required by Rule 18f-4, with respect to each of the Accounts that is either not classified as a "limited derivatives user fund" (as defined in Rule 18f-4) or a Money Market Account (each, a "Full Compliance Fund"), CREF has implemented a Derivatives Risk Management Program, which is reasonably designed to manage the Full Compliance Funds' derivatives risks and to reasonably segregate the functions associated with the Program from the portfolio management of such Funds. The Board approved the designation of one or more Derivatives Risk Managers (each, a "DRM"), who are responsible for administering the Derivatives Risk Management Program for the Full Compliance Funds. To facilitate the Board's oversight, the Board reviews, no less frequently than annually, a written report on the effectiveness of the Derivatives Risk Management Program and also more frequent reports regarding certain derivatives risk matters. With respect to each Account that is classified as a limited derivatives user fund (each, a "LDU Fund"), the Board oversees the Account's derivatives risks through, among other things, receiving written reports by a DRM regarding any LDU Fund's exceedance of the derivatives exposure

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;47

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threshold set forth in Rule 18f-4. Additionally, as required by Rule 18f-4, the Accounts have implemented written policies and procedures reasonably designed to manage the LDU Funds' derivatives risks.

Officers of CREF and officers of TIAA and its affiliates also report to the Audit and Compliance Committee on CREF's internal controls over financial reporting and accounting and financial reporting policies and practices. The Accounts' CCO reports regularly to the Audit and Compliance Committee on compliance matters, and the TIAA Internal Audit organization reports regularly to the Audit and Compliance Committee regarding internal audit matters. In addition, the Audit and Compliance Committee receives regular reports from CREF's independent registered public accounting firm on internal controls and financial reporting matters.

The Finance Committee receives regular reports, presentations and other information from CREF officers and from other management personnel regarding expense allocation processes and methodologies. The Finance Committee also receives regular reports, presentations and other information from TCIM and other TIAA personnel, as well as reports, presentations and other information regarding certain other service providers to CREF, either directly or through CREF's officers, TCIM personnel or other management personnel.

The Investment Committee regularly receives reports, presentations and other information from TCIM with respect to the investments, securities trading, portfolio liquidity, ESG criteria and the responsible investing process used by the Responsible Balanced Account and other portfolio management aspects of the Accounts.

The Nominating and Governance Committee routinely monitors various aspects of the Board's structure and oversight activities, including reviewing matters such as the workload of the Board, the balance of responsibilities delegated among the Board's committees, the relevant skill sets of Board members, and overall investment management philosophy and approach with respect to ESG and responsible investing and proxy voting policies and guidelines. On an annual basis, the Nominating and Governance Committee reviews the independent status of each Trustee under the 1940 Act and the independent status of counsel to the independent Trustees.

The Products Committee regularly receives reports, presentations and other information from CREF officers and other management personnel relating to CREF's structure, operations, marketing, and annuity and other features.

48&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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#### Independent Trustees

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, address and <br>year of birth ("YOB")** | **Position(s) held <br>with registrant** | **Term of office <br>and length of <br>time served** | **Principal occupation(s) during past 5 years and <br>other relevant experience and qualifications** | **Number of <br>portfolios <br>in fund <br>complex <br>overseen by Trustee** | **Other directorships <br>and positions held by Trustee**  |
| Forrest Berkley<br>c/o Corporate Secretary <br>730 Third Avenue <br>New York, NY 10017-3206<br>YOB: 1954 | Trustee | Four-year term. <br>Trustee since 2006. | Partner (1990-2005) and Head of Global Product Management (2003-2005), GMO (formerly, Grantham, Mayo, Van Otterloo & Co.) (investment management); and member of asset allocation portfolio management team, GMO (2003-2005).<br>Mr. Berkley has particular experience in investment management, global operations and finance, as well as experience with non-profit organizations and foundations. | 9 | Investment Committee Member, Maine Community Foundation. |
| Joseph A. Carrier<br>c/o Corporate Secretary <br>730 Third Avenue <br>New York, NY 10017-3206<br>YOB: 1960 | Trustee | Four-year term. <br>Trustee since 2023. | Senior Vice President, Enterprise Risk Management, Franklin Resources, Inc. (2020-2022). Senior Managing Director, Chief Risk Officer and Chief Audit Executive, Legg Mason, Inc. (2008-2020).<br>Mr. Carrier has particular experience in risk management, investment management, investment operations, vendor oversight, internal audit, compliance, public accounting, and finance. | 9 | Director, Franklin Templeton Irish Funds; Director, CAIS Sports, Media & Entertainment Fund; Board and Executive Committee Member, Cal Ripken, Sr. Foundation; Director, University of Maryland Medical Center; Advisory Board Member, Loyola University Maryland, Sellinger School of Business and Management.  |
| Janice C. Eberly<br>c/o Corporate Secretary <br>730 Third Avenue <br>New York, NY 10017-3206<br>YOB: 1962 | Trustee | Four-year term. <br>Trustee since 2018. | Executive Editor, Journal of Finance: Insights and Perspectives (since 2025). Distinguished Senior Fellow, MIT Sloan and Golub Center for Finance and Policy (2023-2024). James R. and Helen D. Russell Professor of Finance (2002-2011 and since 2013), Senior Associate Dean for Strategy and Academics (2020-2023) and Chair of the Finance Department (2005-2007) at the Kellogg School of Management, Northwestern University. President-Elect (since 2026) and Vice President, American Economic Association (2020-2021). Assistant Secretary for Economic Policy, United States Department of the Treasury (2011-2013).<br>Prof. Eberly has particular experience in education, finance, and public economic policy. | 9 | Director, Avant, LLC; Executive Committee Member, American Finance Association.  |
| Nancy A. Eckl <br>c/o Corporate Secretary <br>730 Third Avenue <br>New York, NY 10017-3206<br>YOB: 1962 | Trustee | Four-year term. <br>Trustee since 2007. | Vice President (1990-2006), American Beacon Advisors, Inc., and of certain funds advised by American Beacon Advisors, Inc.<br>Ms. Eckl has particular experience in investment management, mutual funds, pension plan management, finance, accounting and operations. Ms. Eckl is licensed as a certified public accountant in the State of Texas. | 9 | Independent Director/Trustee and Audit Committee Chair, The Lazard Funds, Inc., Lazard Retirement Series, Inc., Lazard Global Total Return and Income Fund, Inc., and Lazard Active ETF Trust. |
| Howell E. Jackson<br>c/o Corporate Secretary <br>730 Third Avenue <br>New York, NY 10017-3206<br>YOB: 1954 | Trustee | Four-year term. <br>Trustee since 2005. | James S. Reid, Jr. Professor of Law (since 2004), Senior Adviser to President and Provost (2010-2012), Acting Dean (2009), Vice Dean for Budget (2003-2006) and on the faculty (since 1989) of Harvard Law School. Special Adviser, White House National Economic Council (2023-2024).<br>Prof. Jackson has particular experience in law, including financial regulation, federal securities laws, consumer protection, finance, federal budget policy, pensions and Social Security, and organizational management and education. | 9 |  |

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College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;49

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, address and <br>year of birth ("YOB")** | **Position(s) held <br>with registrant** | **Term of office <br>and length of <br>time served** | **Principal occupation(s) during past 5 years and <br>other relevant experience and qualifications** | **Number of <br>portfolios <br>in fund <br>complex <br>overseen by Trustee** | **Other directorships <br>and positions held by Trustee**  |
| Nicole Thorne Jenkins<br>c/o Corporate Secretary <br>730 Third Avenue <br>New York, NY 10017-3206<br>YOB: 1970 | Trustee | Four-year term. <br>Trustee since 2023. | Professor of Accountancy (2020-present), John A. Griffin Dean (2020-2025), McIntire School of Commerce at the University of Virginia. Vice Dean (2016-2020), Von Allmen Chaired Professor of Accountancy (2017-2020), Associate Professor and EY Research Fellow (2012-2017), Gatton College of Business and Economics at the University of Kentucky.<br>Prof. Jenkins has particular experience in higher education, accounting, finance, and social impact. She is licensed as a certified public accountant in the State of Maryland. | 9 | Trustee and Chair of the Investment, Audit & Finance Committee, Strada Education Foundation; Treasurer and Director, The Montpelier Foundation; Advisory Board Member, University of Iowa Tippie College of Business. |
| James M. Poterba<br>c/o Corporate Secretary <br>730 Third Avenue <br>New York, NY 10017-3206<br>YOB: 1958 | Chair of the Board and Trustee | Four-year term. Trustee since 2006. <br>Chair since <br>January 1, 2024, <br>for term ending December 31, <br>2027. | President and Chief Executive Officer (since 2008) and Program Director (1990-2008), National Bureau of Economic Research. Mitsui Professor of Economics, Massachusetts Institute of Technology ("MIT") (since 1996); Affiliated Faculty Member of the Finance Group, Alfred P. Sloan School of Management (since 2014); Head (2006–2008) and Associate Head (1994–2000 and 2001–2006), Economics Department of MIT.<br>Prof. Poterba has particular experience in education, economics, finance, tax, and organizational development. | 9 | Director, National Bureau of Economic Research; Member, Congressional Budget Office Panel of Economic Advisers.  |

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50&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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#### Officers
The table below includes certain information about the officers of CREF, including positions held with CREF, length of office and time served, and principal occupations in the last five years.

---

| | | | |
|:---|:---|:---|:---|
| **Name, business address and <br>year of birth ("YOB")** | **Position(s) held <br>with registrant** | **Term of office <br>and length of <br>time served** | **Principal occupation(s) during past 5 years** |
| Richard S. Biegen<br>730 Third Avenue <br>New York, NY 10017<br>YOB: 1962 | Chief Compliance Officer | One-year term. Chief Compliance Officer since 2008. | Senior Managing Director, TIAA. Chief Compliance Officer of CREF and TIAA Separate Account VA-1. Formerly, Chief Compliance Officer of TIAA-CREF Funds and TIAA-CREF Life Funds. |
| Marc Cardella<br>730 Third Avenue <br>New York, NY 10017<br>YOB: 1984 | Principal Financial Officer, Principal Accounting Officer and Treasurer  | One-year term. Principal Financial Officer, Principal Accounting Officer and Treasurer since 2024. | Senior Managing Director, Head, Public Investment Finance, Nuveen. Principal Financial Officer, Principal Accounting Officer and Treasurer of CREF and TIAA Separate Account VA-1. Formerly, Managing Director and Deputy Head of Fund Administration, Nuveen. |
| Derek B. Dorn<br>730 Third Avenue <br>New York, NY 10017<br>YOB: 1976 | Senior Managing Director, General Counsel and Corporate Secretary | One-year term. Senior Managing Director, General Counsel and Corporate Secretary since 2020. | Senior Managing Director, General Counsel, Governance and Operations, and Corporate Secretary of TIAA, CREF and TIAA Separate Account VA-1. Formerly, Senior Managing Director and Corporate Secretary of the TIAA-CREF Funds and TIAA-CREF Life Funds, Managing Director, Special Assistant to the CEO and Managing Director, Regulatory Affairs, TIAA. Prior to joining TIAA, Mr. Dorn served as a partner at Davis & Harman LLP and an adjunct professor of Law at Georgetown University Law Center. |
| Deirdre Hykal<br>730 Third Avenue <br>New York, NY 10017<br>YOB: 1976 | Executive Vice President, General Counsel, and Assistant Secretary | One-year term. Executive Vice President, General Counsel, and Assistant Secretary since 2025. | Executive Vice President and General Counsel, Product & Distribution, TIAA. Formerly, General Counsel, TIAA Financial Solutions, and Head of Litigation, TIAA. Prior to joining TIAA, Ms. Hykal served as a partner at Willkie Farr & Gallagher LLP. |
| Colbert Narcisse<br>730 Third Avenue <br>New York, NY 10017<br>YOB: 1965 | President and Chief Executive Officer | One-year term. President and Chief Executive Officer since 2022. | Senior Executive Vice President, Chief Product Officer, Head of Insurance Solutions & New Markets of TIAA. President and Chief Executive Officer of CREF and TIAA Separate Account VA-1. Formerly, Executive Vice President of TIAA-CREF Funds and TIAA-CREF Life Funds. Executive Vice President and Head of Advisory and Corporate Solutions, TIAA. Prior to joining TIAA, Mr. Narcisse served as Managing Director and Head of International Wealth Management and Head of Traditional and Alternative Investment Products at Morgan Stanley. |

---

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;51

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#### Equity ownership of Trustees
The following chart includes information relating to equity securities that are beneficially owned by CREF trustees in CREF and in all registered investment companies in the same "family of investment companies" as CREF as of December 31, 2025. CREF's family of investment companies included CREF and VA-1.

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| | | |
|:---|:---|:---|
| **Name** | **Dollar range of equity securities in the registrant <sup>1</sup>** | **Aggregate dollar range of equity securities in<br>all registered investment companies overseen<br>in family of investment companies<sup>1</sup>** |
| Forrest Berkley | Total Global Stock: Over $100,000 | Over $100,000 |
|  | Growth: Over $100,000 |  |
|  | Money Market: Over $100,000 |  |
| Joseph A. Carrier | Total Global Stock: Over $100,000 | Over $100,000 |
| Janice C. Eberly | Total Global Stock: Over $100,000 | Over $100,000 |
|  | Global Equities: Over $100,000 |  |
|  | S&P 500 Index: Over $100,000 |  |
|  | Core Bond: Over $100,000 |  |
|  | Responsible Balanced: Over $100,000 |  |
| Nancy A. Eckl | Total Global Stock: Over $100,000 | Over $100,000 |
|  | Global Equities: Over $100,000 |  |
|  | Growth: Over $100,000 |  |
|  | S&P 500 Index: Over $100,000 |  |
|  | Responsible Balanced: $10,001–50,000 |  |
|  | Money Market: Over $100,000 |  |
| Howell E. Jackson | Total Global Stock: Over $100,000 | Over $100,000 |
|  | Global Equities: Over $100,000 |  |
|  | Growth: Over $100,000 |  |
|  | S&P 500 Index: Over $100,000 |  |
|  | Core Bond: Over $100,000 |  |
|  | Responsible Balanced: Over $100,000 |  |
|  | Money Market: Over $100,000 |  |
| Nicole Thorne Jenkins | Total Global Stock: Over $100,000 | Over $100,000 |
| James M. Poterba | Total Global Stock: Over $100,000 | Over $100,000 |
|  | Global Equities: Over $100,000 |  |
|  | S&P 500 Index: Over $100,000 |  |
|  | Responsible Balanced: Over $100,000 |  |

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<sup>1</sup> Includes notional amounts allocated under both the long-term compensation plan and optional deferred compensation plan described below.

52&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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#### Trustee and officer compensation
The following table shows the compensation received from CREF and VA-1 by each non-officer Trustee for the year ended December 31, 2025. CREF's officers receive no direct compensation from CREF or VA-1.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Name** | **Aggregate compensation from the registrant<sup>1</sup>** | **Amount of compensation <br>that has been deferred** | **Total compensation paid <br>from CREF and VA-1<sup>1</sup>** |
|  | Forrest Berkley | $427972  | $427972  | $430000  |
|  | Joseph A. Carrier | 427972  | 171189  | 430000  |
|  | Janice C. Eberly | 427972  | 213986  | 430000  |
|  | Nancy A. Eckl  | 447878  | 143321  | 450000  |
|  | Howell E. Jackson | 452854  | 190199  | 455000  |
|  | Nicole Thorne Jenkins | 418019  | 149293  | 420000  |
|  | James M. Poterba | 507595  | 507595  | 510000  |
| <sup>1</sup> | Compensation figures include cash and amounts deferred under the optional deferred compensation plan described below, as well as amounts related to special, ad hoc working groups that are temporary in nature and not expected to be long-term, ongoing compensation. | Compensation figures include cash and amounts deferred under the optional deferred compensation plan described below, as well as amounts related to special, ad hoc working groups that are temporary in nature and not expected to be long-term, ongoing compensation. | Compensation figures include cash and amounts deferred under the optional deferred compensation plan described below, as well as amounts related to special, ad hoc working groups that are temporary in nature and not expected to be long-term, ongoing compensation. | Compensation figures include cash and amounts deferred under the optional deferred compensation plan described below, as well as amounts related to special, ad hoc working groups that are temporary in nature and not expected to be long-term, ongoing compensation. |

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Compensation is paid to the Trustees based on each Trustee's service as a member of the Board of Trustees of CREF and as a member of the Management Committee of VA-1, and Trustee compensation expenses are allocated among each of the Accounts of CREF and the single portfolio of VA-1, as applicable. Effective January 1, 2026, Trustee compensation is based on the following rates: an annual retainer of $250,000; an annual committee chair fee of $30,000 each for the Audit and Compliance Committee, Finance Committee, Investment Committee, Nominating and Governance Committee and Products Committee; an annual Board chair fee of $90,000; and an annual committee retainer of $30,000 each for the Audit and Compliance Committee, Finance Committee, Investment Committee, Nominating and Governance Committee and Products Committee.

The chair and members of the Executive Committee, which act on behalf of the Board if needed between regularly scheduled meetings, do not receive fees for service on this committee. The Trustees may also receive non-standing committee fees, such as special, working group or ad hoc committee fees, or related chair fees, as determined by the Board. The level of compensation is evaluated regularly and is based on a study of compensation for board members at comparable companies, the time and responsibilities required of the Trustees, and the need to attract and retain well-qualified Board members.

The Board strongly encourages Trustees to invest substantial sums in the CREF Account(s) of their choice. Deferral of Trustee compensation is one mechanism for investing in the Accounts. Under this unfunded deferred compensation plan, Trustees may elect to contribute any portion of their annual compensation to the plan, which is allocated to notional investments in certain CREF annuities or other proprietary investments selected by each Trustee. As currently structured, after the Trustee leaves this Board, benefits related to service on this Board will be paid in a lump sum or in annual installments over a period of 2 to 20 years, as requested by the Trustee. The Board may waive the mandatory retirement policy for the Trustees, which would delay the commencement of benefit payments until after the Trustee eventually retires from the Board.

CREF has adopted a mandatory retirement policy for its Board of Trustees. Under this policy, CREF's Trustees shall cease to be members of the Board and resign their positions effective no later than the completion of the last scheduled in-person meeting of the Board while such persons are 72 years of age. Such requirement may be waived with respect to one or more Trustees for reasonable time periods upon the unanimous approval and at the sole discretion of the Board of Trustees, and the Trustees eligible for the waiver are not permitted to vote on such proposal regarding their waiver.

### Proxy voting policies
CREF has adopted policies and procedures to govern its voting of proxies of portfolio companies. CREF seeks to use proxy voting as a tool to promote positive returns for long-term participants. CREF believes that sound corporate governance practices and responsible corporate behavior create the framework from which public companies can be managed in the long-term interests of participants.

As a general matter, the Board has delegated to TCIM responsibility for voting proxies of the portfolio companies in accordance with the Nuveen Proxy Voting Policies, attached as an Appendix to this SAI.

TCIM has a dedicated team of professionals responsible for reviewing and voting proxies. In analyzing a proposal, in addition to exercising their professional judgment, these professionals utilize various sources of information to enhance their ability to evaluate the proposal. These sources may include research from third-party proxy advisory firms and other consultants, various corporate governance-focused organizations, related publications and TIAA investment professionals. Based on their analysis of proposals and guided by the Nuveen Proxy Voting Policies, these professionals then vote in a manner intended solely to advance the best interests of the participants. Occasionally, when a proposal relates to issues not addressed in the Nuveen Proxy Voting Policies, TCIM may seek guidance from the Board or a designated committee thereof.

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;53

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CREF and TCIM believe that they have implemented policies, procedures and processes designed to prevent conflicts of interest from influencing proxy voting decisions. These include (i) oversight by the Board or a designated committee thereof; (ii) a clear separation of proxy voting functions from external client relationship and sales functions; and (iii) the active monitoring of required annual disclosures of potential conflicts of interest by individuals who have direct roles in executing or influencing CREF's proxy voting (e.g., TCIM's proxy voting professionals, a Trustee, or a senior executive of CREF, TCIM or TCIM's affiliates) by TCIM's legal and compliance professionals.

There could be rare instances in which an individual who has a direct role in executing or influencing the proxy voting (e.g., TCIM's proxy voting professionals, a Trustee, or a senior executive of CREF, TCIM or TCIM's affiliates) is either a director or executive of a portfolio company or may have some other association with a portfolio company. In such cases, this individual is required to recuse himself or herself from all decisions related to proxy voting for that portfolio company.

A record of all proxy votes cast for the 12-month period ended June 30 can be obtained, free of charge, at www.tiaa.org, and on the SEC's website at www.sec.gov.

### Investment advisory and related services
Investment advisory services and related services for the Accounts are provided on an at-cost basis by personnel of TCIM. TCIM is a subsidiary of TIAA, CREF's companion organization, and is registered as an investment adviser under the Investment Advisers Act of 1940 ("Advisers Act").

TIAA, an insurance company, holds all of the shares of Nuveen, LLC ("Nuveen"), the investment management arm of TIAA. Nuveen, in turn, holds all of the shares of TIAA-CREF Asset Management LLC, which holds all of the shares of TCIM. TIAA also holds all the shares of Services, CREF's distributor. All of the foregoing are affiliates of CREF and TCIM.

Nuveen Fund Advisors, LLC ("Nuveen Fund Advisors"), Nuveen Asset Management, LLC ("Nuveen Asset Management"), Advisors and TCIM are each wholly owned subsidiaries of Nuveen. As a result of their common ownership by Nuveen and, ultimately, TIAA, Nuveen Fund Advisors, Nuveen Asset Management, Advisors and TCIM are considered affiliated persons under common control, and the registered investment companies managed by each are considered to be part of the same group of investment companies.

TCIM manages the investment and reinvestment of the assets of each Account, subject to the oversight of the Board. The advisory personnel of TCIM perform all research, make recommendations, and place orders for the purchase and sale of securities. TCIM also provides or arranges for the provision of all portfolio accounting, custodial and related services for the assets of each Account. Under TCIM's Investment Management Services Agreement, the Accounts reimburse TCIM for its expenses in rendering services to the Accounts absent TCIM's willful misfeasance, bad faith or gross negligence. TCIM shares employees and other resources with other affiliates of TIAA, and the expenses of these employees and resources are allocated under a process that is described to and reviewed by the Board.

As described in the Responsible Balanced Account's Prospectus, TCIM serves as the Subsidiary's investment adviser. Pursuant to its investment management agreement with the Subsidiary, TCIM does not receive compensation from the Subsidiary for the portfolio management, portfolio accounting, custodial, compliance, administrative and related services it provides to the Subsidiary. The direct expenses of the Subsidiary, if any, which may include portfolio accounting, custodial, compliance, administrative and related services, are borne indirectly by the Responsible Balanced Account. The investment management agreement between TCIM and the Subsidiary may be terminated at any time without penalty upon 60 days' written notice by action of the Subsidiary's directors or by TCIM and will terminate automatically in the event of an "assignment" (as defined in the Advisers Act) thereof. The investment management agreement with the Subsidiary provides for its automatic termination upon the termination of the Account's Investment Management Services Agreement.

The table below reflects the total dollar amount of expenses attributable to investment advisory services for each Account for the last three fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **Account** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Total Global Stock Account | $129336642  | $120085474  | $111415697  |
| Global Equities Account | 24970366  | 24398071  | 22354144  |
| Growth Account | 17826575  | 18596220  | 14706318  |
| S&P 500 Index Account | 2602756  | 2201695  | 2399652  |
| Core Bond Account | 8150914  | 7901535  | 7574448  |
| Inflation-Linked Bond Account | 1845361  | 2605339  | 1820492  |
| Responsible Balanced Account | 12548429  | 9559160  | 9362250  |
| Money Market Account | 906407  | 1064371  | 1880134  |

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54&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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#### Administrative services
Administrative services have been provided pursuant to an Administrative Services Agreement with TIAA. The Administrative Services Agreement covers all administrative services in relation with the operation of CREF and each Account and the administration of any annuity contracts or certificates issued by CREF for each class of CREF. The Administrative Services Agreement also covers certain recordkeeping-related administrative services with respect to Class R1, Class R2, Class R3 and Class R4.

The table below reflects the total dollar amount of expenses attributable to administrative services for Class R1 of each Account for the last three fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **CLASS R1**<br>**Account** | <br>**December 31, 2025** | <br>**December 31, 2024** | <br>**December 31, 2023** |
| Total Global Stock Account | $30540535  | $43987743  | $42903030  |
| Global Equities Account | 10332959  | 13578237  | 11971057  |
| Growth Account | 15666293  | 21417204  | 17715744  |
| S&P 500 Index Account | 10355907  | 14543735  | 13380949  |
| Core Bond Account | 4264735  | 5746681  | 5664233  |
| Inflation-Linked Bond Account | 2791033  | 4110408  | 4203086  |
| Responsible Balanced Account | 5933682  | 8801525  | 8888081  |
| Money Market Account | 4346396  | 5900136  | 5968222  |

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The table below reflects the total dollar amount of expenses attributable to administrative services for Class R2 of each Account for the last three fiscal years:

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| | | | |
|:---|:---|:---|:---|
| **CLASS R2**<br>**Account** | <br>**December 31, 2025** | <br>**December 31, 2024** | <br>**December 31, 2023** |
| Total Global Stock Account | $56795327  | $69818551  | $66068944  |
| Global Equities Account | 14927256  | 17273867  | 15430685  |
| Growth Account | 20251837  | 24132645  | 19758359  |
| S&P 500 Index Account | 12929595  | 15633721  | 14193389  |
| Core Bond Account | 5563248  | 6821991  | 7270652  |
| Inflation-Linked Bond Account | 3226000  | 3797120  | 4083655  |
| Responsible Balanced Account | 10346152  | 13386059  | 13183262  |
| Money Market Account | 4963236  | 5554112  | 5443529  |

---

The table below reflects the total dollar amount of expenses attributable to administrative services for Class R3 of each Account for the last three fiscal years:

---

| | | | |
|:---|:---|:---|:---|
| **CLASS R3**<br>**Account** | <br>**December 31, 2025** | <br>**December 31, 2024** | <br>**December 31, 2023** |
| Total Global Stock Account | $97820589  | $108244780  | $101086145  |
| Global Equities Account | 21033230  | 21730201  | 18672737  |
| Growth Account | 26586825  | 28307038  | 22781274  |
| S&P 500 Index Account | 16134065  | 17295352  | 15468782  |
| Core Bond Account | 7758024  | 7979797  | 8265063  |
| Inflation-Linked Bond Account | 5458469  | 5358597  | 5754117  |
| Responsible Balanced Account | 13123544  | 15465836  | 15220036  |
| Money Market Account | 7081479  | 7147212  | 7194676  |

---

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;55

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The table below reflects the total dollar amount of expenses attributable to administrative services for Class R4 of each Account for the last three fiscal years:

---

| | | | |
|:---|:---|:---|:---|
| **CLASS R4**<br>**Account** | <br>**December 31, 2025** | <br>**December 31, 2024** | <br>**December 31, 2023** |
| Total Global Stock Account | $392563  | $310860  | $122083  |
| Global Equities Account | 156803  | 116518  | 58301  |
| Growth Account | 98168  | 59575  | 20687  |
| S&P 500 Index Account | 87660  | 42345  | 9276  |
| Core Bond Account | 37888  | 24696  | 13011  |
| Inflation-Linked Bond Account | 36493  | 22463  | 10876  |
| Responsible Balanced Account | 210365  | 188959  | 71894  |
| Money Market Account | 26636  | 14550  | 5916  |

---

#### Rule 12b-1 fees
The Board of Trustees of CREF has adopted a distribution plan with respect to Class R1, R2, R3 and R4 units held by participants (the "Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Distribution Plan, each Account compensates Services for certain services that Services provides in connection with the promotion, distribution and/or participant servicing of Class R1, R2, R3 and R4 units. An Account may pay Services under the Distribution Plan for services that include, but are not limited to, compensation of dealers and others for their various activities primarily intended to promote the sale of CREF's variable annuity contracts as well as for participant servicing expenses. Payments by an Account under the Distribution Plan are calculated daily and paid monthly at the annual rate of (i) 0.060% of the average daily AUV of the Account for Class R1, (ii) 0.025% of the average daily AUV of the Account for Class R2, (iii) 0.020% of the average daily AUV of the Account for Class R3, and (iv) 0.005% of the average daily AUV of the Account for Class R4. CREF's Distribution Plan expenses are charged on an at-cost basis, so they only pay for actual expenses Services incurs in distributing CREF's units. CREF does not participate in any joint distribution activities with another investment company.

For the fiscal year ended December 31, 2025 for the following Accounts, the table below reflects the net amount of 12b-1 fees paid by Class R1 units of such Accounts in existence during the period under the Distribution Plan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS R1**<br>**Account** | <br>**Advertising** | <br>**Compensation <br>to underwriters** | <br>**Compensation <br>to broker-dealers** | <br>**Compensation <br>to sales personnel** | <br>**Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | <br>**Total 12b-1<br>expenses paid for<br>the period ended<br>December 31, 2025** |
| Total Global Stock Account | $719790  | $—  | $—  | $2765073  | $1086917  | $4571780  |
| Global Equities Account | 242071  | —  | —  | 935789  | 369158  | 1547018  |
| Growth Account | 363265  | —  | —  | 1415092  | 558996  | 2337353  |
| S&P 500 Index Account | 243037  | —  | —  | 937306  | 368583  | 1548926  |
| Core Bond Account | 103796  | —  | —  | 388677  | 151385  | 643858  |
| Inflation-Linked Bond Account | 70028  | —  | —  | 255641  | 98194  | 423863  |
| Responsible Balanced Account | 140822  | —  | —  | 537733  | 210965  | 889520  |
| Money Market Account | 103867  | —  | —  | 394790  | 155087  | 653744  |

---

56&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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For the fiscal year ended December 31, 2025 for the following Accounts, the table below reflects the net amount of 12b-1 fees paid by Class R2 units of such Accounts in existence during the period under the Distribution Plan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS R2**<br>**Account** | <br>**Advertising** | <br>**Compensation <br>to underwriters** | <br>**Compensation <br>to broker-dealers** | <br>**Compensation <br>to sales personnel** | <br>**Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | <br>**Total 12b-1<br>expenses paid for<br>the period ended<br>December 31, 2025** |
| Total Global Stock Account | $801841  | $—  | $—  | $5160959  | $2007994  | $7970794  |
| Global Equities Account | 210462  | —  | —  | 1354943  | 528125  | 2093530  |
| Growth Account | 286727  | —  | —  | 1839249  | 716618  | 2842594  |
| S&P 500 Index Account | 182929  | —  | —  | 1174793  | 457085  | 1814807  |
| Core Bond Account | 78185  | —  | —  | 505387  | 196102  | 779674  |
| Inflation-Linked Bond Account | 45194  | —  | —  | 292688  | 113750  | 451632  |
| Responsible Balanced Account | 145959  | —  | —  | 940797  | 365137  | 1451893  |
| Money Market Account | 69171  | —  | —  | 449801  | 174843  | 693815  |

---

For the fiscal year ended December 31, 2025 for the following Accounts, the table below reflects the net amount of 12b-1 fees paid by Class R3 units of such Accounts in existence during the period under the Distribution Plan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS R3**<br>**Account** | <br>**Advertising** | <br>**Compensation <br>to underwriters** | <br>**Compensation <br>to broker-dealers** | <br>**Compensation <br>to sales personnel** | <br>**Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | <br>**Total 12b-1<br>expenses paid for<br>the period ended<br>December 31, 2025** |
| Total Global Stock Account | $1775154  | $—  | $—  | $8706706  | $3385926  | $13867786  |
| Global Equities Account | 383527  | —  | —  | 1871418  | 729158  | 2984103  |
| Growth Account | 486527  | —  | —  | 2364478  | 921314  | 3772319  |
| S&P 500 Index Account | 294906  | —  | —  | 1435253  | 559044  | 2289203  |
| Core Bond Account | 141420  | —  | —  | 690513  | 269035  | 1100968  |
| Inflation-Linked Bond Account | 99749  | —  | —  | 485505  | 189555  | 774809  |
| Responsible Balanced Account | 237263  | —  | —  | 1168361  | 453784  | 1859408  |
| Money Market Account | 127237  | —  | —  | 630408  | 245192  | 1002837  |

---

For the fiscal year ended December 31, 2025 for the following Accounts, the table below reflects the net amount of 12b-1 fees paid by Class R4 units of such Accounts in existence during the period under the Distribution Plan:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CLASS R4**<br>**Account** | <br>**Advertising** | <br>**Compensation <br>to underwriters** | <br>**Compensation <br>to broker-dealers** | <br>**Compensation <br>to sales personnel** | <br>**Other (includes but <br>is not limited to <br>rent & occupancy, <br>equipment, software <br>and telephone)** | <br>**Total 12b-1<br>expenses paid for<br>the period ended<br>December 31, 2025** |
| Total Global Stock Account | $2721  | $—  | $—  | $13730  | $7723  | $24174  |
| Global Equities Account | 1133  | —  | —  | 5715  | 2794  | 9642  |
| Growth Account | 592  | —  | —  | 3030  | 1014  | 4636  |
| S&P 500 Index Account | 1528  | —  | —  | 7209  | 1492  | 10229  |
| Core Bond Account | 434  | —  | —  | 2081  | 944  | 3459  |
| Inflation-Linked Bond Account | 473  | —  | —  | 2289  | 540  | 3302  |
| Responsible Balanced Account | 1053  | —  | —  | 5438  | 1808  | 8299  |
| Money Market Account | 389  | —  | —  | 1839  | 363  | 2591  |

---

### Personal trading policy
CREF and Services have adopted Codes of Ethics ("codes") under applicable SEC rules. These codes govern the personal trading activities and related conduct of certain employees, or "access persons" of CREF and Services, as well as members of

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;57

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their households. While access persons are generally permitted to invest in securities (excluding, for certain access persons, purchases of municipal securities as defined under Section 3(a)(29) of the Securities Exchange Act of 1934) that may also be purchased or held by CREF, they are also generally required to preclear and/or report all transactions involving reportable securities covered under the codes. In addition, access persons are required to maintain their accounts at approved brokers so that their reportable accounts, transactions and holdings information can be monitored by Compliance. Such reportable accounts, transactions and holdings are regularly reviewed, and certified to, by each access person.

### Information about the Accounts' portfolio management

#### Structure of compensation for portfolio managers
Portfolio managers are primarily compensated through a combination of base salary and variable compensation ("VC"). Portfolio managers have a VC target which is expressed as a percentage of their base salary. A portfolio manager's actual VC award could be higher or lower than the VC target depending on several factors, including (i) TIAA's total VC pool based on company performance, (ii) the portion of the pool allocated to the line of business/function across TIAA, (iii) individual performance rating, and (iv) individual total compensation relative to internal peers and external market.

To calibrate the performance review process, scorecards are utilized, when applicable, to provide a consistent approach across teams and sectors for evaluating individual portfolio manager performance ratings. The scorecard considers both quantitative and qualitative criteria. Quantitative metrics are weighted more heavily and focus on sustained, long-term fund performance by assessing one, three, and five-year performance results versus peer groups and benchmarks. Qualitative metrics are subject to manager discretion and internal peer reviews. Because a greater emphasis is placed on the quantitative metrics, positive Account performance generally results in better overall performance ratings and subsequently higher VC.

Once the VC award is determined, it is allocated to two components – annual cash award and TIAA Long Term Performance Plan ("LTPP") award; the portion of VC aligned to each of these components is based on a progressive rate scale with higher deferral percentages as a portfolio manager's total compensation increases. A portion of a portfolio manager's LTPP award may be allocated to the PM Plan – which is intended to align portfolio manager compensation to the performance of the Account(s) they manage. As a subplan to LTPP, the PM Plan awards follow LTPP vesting and payment terms, with payment amount based on the most recent annual valuations of the Account(s) preceding payment. Management reviews PM Plan Account alignments and allocation percentages on an annual basis to ensure portfolio managers are not incentivized to take undue risks with the Accounts they manage.

Additionally, portfolio managers may be included in the Profits Interest program, which is a long-term, equity-like compensation program based on the future value of the organization and is intended to drive desired behaviors that achieve strong investment results, grow the business, and manage costs. The Profits Interest program has a five-year vesting period that serves as an important retention mechanism.

There are generally no differences between the methods used to determine compensation with respect to the Accounts and the Other Accounts shown in the table below.

#### Additional information regarding portfolio managers
The following chart includes information relating to the portfolio managers listed in the Prospectus, such as other accounts (including registered investment companies and registered and unregistered pooled investment vehicles) managed by them, total assets in those accounts, and the dollar range of equity securities owned in each of the Accounts they manage, as of December 31, 2025.

58&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Number of other accounts managed** | **Number of other accounts managed** | **Number of other accounts managed** | **Total assets in other accounts managed (millions)** | **Total assets in other accounts managed (millions)** | **Total assets in other accounts managed (millions)** | | |
|  | <br>**Name of portfolio manager** | **Registered <br>investment <br>companies** | **Other pooled <br>investment <br>vehicles** | **<br>Other <br>accounts** | **Registered <br>investment <br>companies** | **Other pooled <br>investment <br>vehicles** | **<br>Other <br>accounts** | <br>**Dollar range of equity securities owned in Account** | <br>**\*** |
|  | **Total Global Stock Account** |  |  |  |  |  |  |  |  |
|  | Saira Malik  | 1  | 0  | 0  | $34068  | $0  | $0  | Over $1,000,000 |  |
|  | Willis Tsai  | 1  | 0  | 1  | $90–847  | $0  | $0  | $0 |  |
|  | John Cunniff  | 0 | 12  | 0  | $0  | $108  | $0  | Over $1,000,000 |  |
|  | **Global Equities Account** |  |  |  |  |  |  |  |  |
|  | John Tribolet  | 4  | 2  | 1  | $9121  | $113  | $20  | $500001 - $1000000 |  |
|  | Saira Malik  | 1  | 0  | 0  | $135248  | $0  | $0  | Over $1,000,000 |  |
|  | **Growth Account** |  |  |  |  |  |  |  |  |
|  | Karen Hiatt  | 3  | 1  | 0  | $9475  | $44  | $0  | $0 |  |
|  | Willis Tsai  | 1  | 0  | 1  | $1746  | $0  | $0  | $0 |  |
|  | Scott M. Tonneson  | 4  | 2  | 659  | $9626  | $66  | $590  | $0 |  |
|  | **S&P 500 Index Account** |  |  |  |  |  |  |  |  |
|  | Philip James (Jim) Campagna  | 26  | 6  | 9  | $185074  | $11045  | $3077  | $0 |  |
|  | Darren Tran  | 26  | 6  | 9  | $185074  | $11045  | $3077  | $0 |  |
|  | Nazar Romanyak  | 26  | 6  | 9  | $185074  | $11045  | $3077  | $0 |  |
|  | **Core Bond Account** |  |  |  |  |  |  |  |  |
|  | Jason O'Brien  | 3  | 1  | 94  | $10569  | $32  | $4285  | $50001 - $100000 |  |
|  | Joseph Higgins  | 4  | 2  | 34  | $14989  | $817  | $710  | $100001 - $500000 |  |
|  | Peter Agrimson  | 11  | 2  | 5  | $26022  | $328  | $537  | $0 |  |
|  | **Inflation-Linked Bond Account** |  |  |  |  |  |  |  |  |
|  | Chad Kemper  | 5  | 1  | 246  | $16303  | $296  | $15706  | $1 - $10000 |  |
|  | Peter Agrimson  | 11  | 2  | 5  | $30091  | $328  | $537  | $0 |  |
|  | **Responsible Balanced Account** |  |  |  |  |  |  |  |  |
|  | Stephen Liberatore  | 10  | 6  | 20  | $9676  | $867  | $4550  | Over $1,000,000 |  |
|  | Philip James (Jim) Campagna  | 26  | 6  | 9  | $190723  | $11045  | $3077  | $0 |  |
|  | Darren Tran  | 26  | 6  | 9  | $190723  | $11045  | $3077  | $0 |  |
|  | Nazar Romanyak  | 26  | 6  | 9  | $190723  | $11045  | $3077  | $0 |  |
|  | **Money Market Account** |  |  |  |  |  |  |  |  |
|  | Chad Kemper  | 5  | 1  | 246  | $13747  | $296  | $15706  | $100001 - $500000 |  |
|  | Andrew Hurst  | 2  | 0  | 0  | $2209  | $0  | $0  | $0 |  |
| \* | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. | Includes notional amounts awarded in connection with long-term compensation awards described above. |  |  |

---

#### Potential conflicts of interest of TCIM and portfolio managers
Certain portfolio managers of the Accounts also manage other registered investment companies or unregistered investment pools and investment accounts, including accounts for TIAA, its affiliated investment advisers, or other client or proprietary accounts (collectively "Portfolios"), which may raise potential conflicts of interest. TCIM has put in place policies and procedures designed to mitigate any such conflicts. Additionally, TIAA or its affiliates may be involved in certain investment opportunities that have the effect of restricting or limiting Account participation in such investment opportunities. Such conflicts and mitigating policies and procedures include the following:

**TIAA**. TIAA or its affiliates sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, an Account may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to a Portfolio's investments and/or the internal policies of TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when TCIM will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of TIAA or its affiliates may also limit the investment strategies and rights of the Accounts. For example, in certain circumstances where the Accounts invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by TIAA or its affiliates for the Accounts and Portfolios that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of TCIM, on behalf of the Accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, TCIM, on behalf of the Accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when TCIM, in its sole

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;59

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discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

**Conflicting Positions**. Investment decisions made by TCIM portfolio managers for one or more of the Accounts may differ from, and may conflict with, investment decisions made by TCIM portfolio managers or any of TCIM's affiliated investment advisers for the Portfolios due to differences in investment objectives, investment strategies, account benchmarks, client risk profiles and other factors. As a result of such differences, if a Portfolio were to sell a significant position in a security while an Account maintained its position in that security, the market price of such security could decrease and adversely impact an Account's performance. In the case of a short sale, the selling Portfolio would benefit from any decrease in price.

Conflicts may also arise in cases where one or more Accounts or Portfolios are invested in different parts of an issuer's capital structure. For example, an Account (or Portfolio) could acquire debt obligations of a company while a Portfolio (or an Account) acquires an equity investment in the same company. In negotiating the terms and conditions of any such investments, TCIM (or, in the case of a Portfolio, an affiliated investment adviser) may find that the interests of the debt-holding Account (or Portfolio) and the equity-holding Portfolio (or Account) may conflict. If that issuer encounters financial problems, decisions over the terms of the workout could raise conflicts of interest (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, debt-holding Accounts (or Portfolios) may be better served by a liquidation of an issuer in which they could be paid in full, while equity-holding Portfolios (or Accounts) might prefer a reorganization of the issuer that would have the potential to retain value for the equity holders. As another example, holders of an issuer's senior securities may be able to act to direct cash flows away from junior security holders, and both the junior and senior security holders may be an Account (or Portfolio). Any of the foregoing conflicts of interest will be discussed and resolved on a case-by-case basis pursuant to policies and procedures designed to mitigate any such conflicts. Any such discussions will factor in the interests of the relevant parties and applicable laws and regulations. TCIM may seek to avoid such conflicts, and as a result, TCIM may choose not to make such investments on behalf of the Accounts, which may adversely affect the Accounts' performance if similarly attractive opportunities are not available or identified.

**Allocation of Investment Opportunities**. Even where Portfolios have similar investment mandates as an Account, TCIM portfolio managers may determine that investment opportunities, strategies or particular purchases or sales are appropriate for one or more Portfolios, but not for the Account, or are appropriate for the Account but in different amounts, terms or timing than is appropriate for a Portfolio. As a result, the amount, terms or timing of an investment by an Account may differ from, and performance may be lower than, investments and performance of a Portfolio.

**Aggregation and Allocation of Orders**. TCIM and its affiliated investment advisers may aggregate orders of one or more Accounts and Portfolios, in each case consistent with the applicable adviser's policy to seek best execution for all orders. Although aggregating orders is a common means of reducing transaction costs for participating Accounts and Portfolios, TCIM may be perceived as causing one Account to participate in an aggregated transaction in order to increase TCIM's overall allocation of securities in that transaction or future transactions. Allocations of aggregated trades may also be perceived as creating an incentive for TCIM to disproportionately allocate securities expected to increase in value to certain Accounts at the expense of other Accounts or Portfolios. In addition, an Account may bear the risk of potentially higher transaction costs if aggregated trades are only partially filled or if orders are not aggregated at all.

TCIM and its affiliated investment advisers have adopted procedures designed to mitigate the foregoing conflicts of interest by treating each Account and Portfolio they advise fairly and equitably over time in the allocation of investment opportunities and the aggregation and allocation of orders. The procedures also are designed to mitigate conflicts in potentially inconsistent trading and provide guidelines for trading priority. Moreover, TCIM's trading activities are subject to supervisory review and compliance monitoring to help address and mitigate conflicts of interest and ensure that Accounts and Portfolios are being treated fairly and equitably over time.

For example, in allocating investment opportunities, a portfolio manager considers an Account's or Portfolio's investment objectives, investment restrictions, cash position, need for liquidity, sector concentration and other objective criteria. In addition, orders for the same single security are generally aggregated with other orders for the same single security received at the same time. If aggregated orders are fully executed, each participating Account or Portfolio is allocated its pro rata share on an average price and trading cost basis. In the event the order is only partially filled, each participating Account or Portfolio receives a pro rata share. Portfolio managers are also subject to restrictions on potentially inconsistent trading of single securities.

TCIM's procedures also address basket trades (orders comprised of more than a single security) used in quantitative and index strategies. Basket trades are commonly processed separately from other orders and are generally not aggregated with orders for the same security in other baskets, or with single security orders for the same name.

**Research**. TCIM allocates brokerage commissions to brokers who provide execution and research services for one or more Accounts and some or all of TCIM's affiliates' clients. Such research services may not always be utilized in connection with the Accounts or Portfolios that may have provided the commission or a portion of the commission paid to the broker providing the services. TCIM is authorized to pay, on behalf of the Accounts, higher brokerage fees than another broker might have charged in recognition of the value of brokerage or research services provided by the broker. TCIM has adopted procedures with respect to

60&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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these so-called "soft dollar" arrangements, including the use of brokerage commissions to pay for brokers' in-house and non-proprietary research, the process for allocating brokerage, and TCIM's practices regarding the use of third-party soft dollars.

**IPO Allocation**. TCIM has adopted procedures designed to ensure that it allocates IPOs to and among the Accounts in a fair and equitable manner, consistent with its fiduciary obligations to the Accounts.

**Compensation.** The compensation paid to TCIM for managing the Accounts is determined on an at-cost basis. However, no client currently pays TCIM a performance-based fee. Nevertheless, TCIM may be perceived as having an incentive to allocate securities that are expected to increase in value to the Accounts in which TCIM has a proprietary interest (if any) or to certain other Accounts in which TCIM receives a larger asset-based fee.

#### Custodian and fund account agent
State Street Bank and Trust Company ("State Street"), One Congress Street, Suite 1, Boston, MA 02114-2016, acts as custodian for CREF. As custodian, State Street is responsible for the safekeeping of CREF's portfolio securities. State Street also acts as fund accounting agent and securities lending agent for CREF.

#### Independent registered public accounting firm
PricewaterhouseCoopers LLP ("PwC"), 214 N Tryon Street, Suite 4200, Charlotte, NC 28202, serves as CREF's independent registered public accounting firm and has audited CREF's financial statements for the fiscal year ended December 31, 2025.

### Brokerage allocation
TCIM is responsible for decisions to buy and sell securities for the Accounts as well as for selecting brokers and, where applicable, negotiating the amount of the commission rate paid. It is the intention of TCIM to place brokerage orders with the objective of obtaining the best execution. In evaluating best execution for transactions, TCIM considers a number of factors, including, without limitation, the following: best price; the nature of the security being traded; the nature and character of the markets for the security to be purchased or sold; the likely market impact of the transaction based on the nature of the transaction; the skill of the executing broker; the liquidity being provided by the broker; the broker-dealer's settlement and clearance capability; the reputation and financial condition of the broker-dealer; the costs of processing information; the nature of price discovery in different markets; the laws and regulations governing investment advisers; and other factors deemed appropriate by TCIM. When purchasing or selling securities traded on the over-the-counter market, TCIM generally will execute the transactions with a broker engaged in making a market for such securities. When TCIM deems the purchase or sale of a security to be in the best interests of one or more Accounts, its personnel may, consistent with its fiduciary obligations, decide either to buy or to sell a particular security for the Account(s) at the same time as for funds or accounts that may be managed by its affiliated investment advisers. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made in an equitable manner.

Transactions on equity exchanges, commodities markets and other agency transactions involve the payment of negotiated brokerage commissions. Such commissions vary among different brokers. Transactions in foreign investments also have negotiated commission rates and they are for the most part the same for all brokers in a particular country with a few exceptions. Trades are regularly monitored for best execution purposes by the equity trading desk.

TCIM's fixed-income traders select the broker-dealers (sell-side) with whom they do business independent of any research, strategy pieces or trade recommendations provided to TCIM. The vast majority of institutional fixed-income trading is conducted over-the-counter rather than on exchanges, with set prices plus commissions. Fixed-income trading is based on the risk-taking practice of market making by sell-side firms, which attempt to capture the bid/ask spread on trades where capital is committed (principal model) or on a pre-negotiated spread concession for riskless principal trades (agency model).

TCIM does not use a voting system to rate fixed-income broker-dealers with the intent of using those rankings to direct or allocate trades. The directive to TCIM's fixed-income traders, and the conventional trading construct within the fixed-income market, is based on the practice of fiduciary efforts to achieve best execution. The research, credit opinions and relative value trade recommendations provided by TCIM's sell-side counterparts are evaluated, but there is no direct linkage between that evaluation and TCIM's selection of a particular broker-dealer for trade execution. When selecting a broker, the traders follow established trading protocols for data aggregation, price discovery, inventory mining and information protection and conduct an assessment of counterparty performance. The protocol incorporates TCIM's knowledge of and experience with select broker-dealers with respect to providing liquidity, namely the highest bid price or lowest offer price for a particular security.

Every broker is formally approved by the Equity or Fixed-Income Best Execution Committee, as appropriate, which is comprised of representatives from trading, portfolio management, compliance and law. Risk management also reviews the creditworthiness of all brokers.

Consistent with best execution, TCIM may place orders with brokers providing research services even if lower commissions may be available from brokers not providing such services. With respect to equity securities, TCIM has adopted a policy

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;61

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embodying the concepts of Section 28(e) under the Securities Exchange Act of 1934, which provides a safe harbor allowing an investment adviser to cause a client to pay a higher commission to a broker that also provides research services than the commission another broker would charge (generally referred to as the use of "soft dollars"). To utilize soft dollars, the adviser must determine in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and that, over time, each client paying soft dollars receives some benefit from the research obtained through the use of soft dollars. An adviser may make such a determination based upon either the particular transaction involved or the overall responsibilities of the adviser with respect to the accounts over which it exercises investment discretion. Therefore, specific research may not necessarily benefit all accounts paying commissions to such broker. Research obtained through soft dollars may be developed by the broker or a third party, where the obligation to pay is between the broker and the third party. In such cases the research will be paid for through a Commission Sharing Arrangement ("CSA") or similar arrangement.

With respect to the Accounts, TCIM may only use soft dollars to pay for research with intellectual content. Such research includes, but is not limited to, investment or market-related reports (including analyses and reports that relate to issuers, industries, securities, economic factors and trends, and portfolio strategies), access to investment or market-related conferences, meetings with company management, access to a broker's research staff and the use of investment or market-related consulting services. It does not include market data services or trading software or tools.

Fixed-income trades on behalf of the Accounts are not allocated to generate soft dollar credits, but, at times, a broker may send TCIM unsolicited proprietary research that was based on their assessment of the fixed-income trading volume executed with that broker. Similarly, trades on behalf of the Accounts that follow an index or quantitative strategy, or execution-only trades, will not generate soft dollars, but, at times, a broker may send TCIM unsolicited proprietary research that is based, in part, on such trading volume.

Additionally, TCIM will report to the Board, or a designated Committee of the Board, at least annually regarding soft dollar usage by the Accounts, including soft dollars attributable to each Account.

As part of Nuveen Equities (the integrated equity investment teams of TCIM and certain of its affiliated investment advisers, including Advisors (the "Nuveen Equities Affiliates")), soft dollar credits generated by Nuveen Equities Affiliates are aggregated into a single pool, and research is allocated among the respective Nuveen Equities Affiliates based on factors such as asset size of the team's equity strategy.

Research or services obtained for one Account may be used by TCIM in managing another Account. The research or services obtained may also be used by TCIM's affiliated investment advisers, including Advisors, for the benefit of their respective clients, and vice versa.

For the Accounts that utilized soft dollars during the fiscal year ended December 31, 2025, the table below shows the total amount of soft dollars paid by each Account in dollars and in basis points for that year:

---

| | | |
|:---|:---|:---|
| **Account** | **Soft dollars paid** | **Soft dollars <br>as a percent of <br>average net assets**  |
| Total Global Stock Account | $13278495  | 0.01% |
| Global Equities Account | 4003353  | 0.01 |
| Growth Account | 4862803  | 0.01 |

---

The aggregate amount of brokerage commissions paid by the following Accounts for the prior fiscal years ended December 31, 2025, December 31, 2024 and December 31, 2023, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Account** | **December 31, 2025** | **December 31, 2024** | **December 31, 2023** |
| Total Global Stock Account | $40839428  | $39521580  | $39018744  |
| Global Equities Account | 10538373  | 8282020  | 8027201  |
| Growth Account | 6304322  | 6705544  | 6408588  |
| S&P 500 Index Account | 524089  | 103359  | 128795  |
| Responsible Balanced Account | 537708  | 947985  | 348771  |

---

Brokerage commissions paid by the Accounts may vary substantially from year to year as a result of changing asset levels throughout the year, portfolio turnover rates, differences in participant purchase and redemption activity, varying market conditions and other factors.

During the fiscal year ended December 31, 2025, certain of the Accounts acquired securities of certain regular brokers or dealers (as such term is defined under Rule 10b-1 of the 1940 Act) or their parents. These entities and the value of the Account's aggregate holdings in the securities of those entities, as of December 31, 2025, are set forth below:

62&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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#### REGULAR BROKER OR DEALER BASED ON BROKERAGE COMMISSIONS PAID

---

| | | |
|:---|:---|:---|
| **Account** | **Broker** | **Holdings (US$)** |
| **Total Global Stock Account** | JPMORGAN CHASE & CO | 1335518445  |
|  | WELLS FARGO & CO | 861425512  |
|  | BANCO SANTANDER SA | 460947982  |
|  | CITIGROUP INC | 408505551  |
|  | BANK OF AMERICA CORP | 357947590  |
|  | SUMITOMO MITSUI FINANCIAL GR | 300763883  |
|  | GOLDMAN SACHS GROUP INC | 266718486  |
|  | FIFTH THIRD BANCORP | 249870142  |
|  | SOCIETE GENERALE SA | 238900299  |
|  | HSBC HOLDINGS PLC | 193100065  |
|  | ROYAL BANK OF CANADA | 167592621  |
|  | MORGAN STANLEY | 160007611  |
|  | SCHWAB (CHARLES) CORP | 151486140  |
|  | UBS GROUP AG-REG | 147346258  |
|  | BANK OF MONTREAL | 64946350  |
|  | BANCO BTG PACTUAL SA-UNIT | 63118277  |
|  | MACQUARIE GROUP LTD | 35132203  |
|  | PIPER JAFFRAY COS | 24371475  |
|  | STATE STREET CORP | 15890420  |
|  | RAYMOND JAMES FINANCIAL INC | 12065769  |
|  | JULIUS BAER GROUP LTD | 10588282  |
|  | STIFEL FINANCIAL CORP | 5260242  |
|  | JEFFERIES FINANCIAL GROUP INC | 3996012  |
|  | BANCO SANTANDER CHILE | 3293677  |
|  | SKANDINAVISKA ENSKILDA BAN-A | 1397806  |
| **Global Equities Account** | JPMORGAN CHASE & CO | 423272059  |
|  | WELLS FARGO & CO | 336182838  |
|  | BANCO SANTANDER SA | 205668046  |
|  | SUMITOMO MITSUI FINANCIAL GR | 133193371  |
|  | CITIGROUP INC | 102440284  |
|  | MORGAN STANLEY | 80935927  |
|  | SOCIETE GENERALE SA | 71044437  |
|  | FIFTH THIRD BANCORP | 66036786  |
|  | GOLDMAN SACHS GROUP INC | 58928160  |
|  | BANK OF AMERICA CORP | 56684760  |
|  | HSBC HOLDINGS PLC | 42966255  |
|  | BANCO BTG PACTUAL SA-UNIT | 2379985  |
|  | BANCO SANTANDER CHILE | 1117937  |
| **Growth Account** | WELLS FARGO & CO | 100740253  |
| **S&P 500 Index Account** | JPMORGAN CHASE & CO | 407245158  |
|  | BANK OF AMERICA CORP | 172370990  |
|  | WELLS FARGO & CO | 135666860  |
|  | GOLDMAN SACHS GROUP INC | 122981769  |
|  | MORGAN STANLEY | 99678834  |
|  | CITIGROUP INC | 97398809  |
|  | SCHWAB (CHARLES) CORP | 77034007  |
|  | STATE STREET CORP | 16807294  |
|  | FIFTH THIRD BANCORP | 14518590  |
|  | RAYMOND JAMES FINANCIAL INC | 13684034  |
| **Responsible Balanced Account** | JPMORGAN CHASE & CO | 215803945  |
|  | GOLDMAN SACHS GROUP INC | 121541088  |
|  | CITIGROUP INC | 115238960  |
|  | MORGAN STANLEY | 113282603  |
|  | HSBC HOLDINGS PLC | 68493054  |
|  | UBS GROUP AG-REG | 42705889  |
|  | SUMITOMO MITSUI FINANCIAL GR | 36303803  |
|  | SOCIETE GENERALE SA | 25214328  |
|  | MACQUARIE GROUP LTD | 19512785  |
|  | NOMURA HOLDINGS INC | 18388679  |

---

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;63

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#### REGULAR BROKER OR DEALER BASED ON ENTITIES ACTING AS PRINCIPALS

---

| | | |
|:---|:---|:---|
| **Account** | **Broker** | **Holdings (US$)** |
| **Total Global Stock Account** | BANK OF AMERICA CORP | 357947590  |
|  | GOLDMAN SACHS GROUP INC | 266718486  |
|  | JPMORGAN CHASE & CO | 1335518445  |
|  | MORGAN STANLEY | 160007611  |
|  | SKANDINAVISKA ENSKILDA BAN-A | 1397806  |
|  | UBS GROUP AG-REG | 147346258  |
| **Global Equities Account** | GOLDMAN SACHS GROUP INC | 58928160  |
|  | MORGAN STANLEY | 80935927  |
| **S&P 500 Index Account** | JPMORGAN CHASE & CO | 407245158  |
|  | MORGAN STANLEY | 99678834  |
| **Responsible Balanced Account** | JPMORGAN CHASE & CO | 215803945  |

---

#### Directed brokerage
In accordance with the 1940 Act, the Accounts have adopted a policy prohibiting the Accounts from compensating brokers or dealers for the sale or promotion of contracts by the direction of portfolio securities transactions for the Accounts to such brokers or dealers. In addition, TCIM has instituted policies and procedures so that TCIM's personnel do not violate this policy of the Accounts.

### Accumulation unit values
For each Account, AUVs are calculated for each class at the end of each Valuation Day as A divided by B, where A and B are defined as:

&nbsp;&nbsp;&nbsp;&nbsp;**A.** The value of the Account's accumulation fund attributable to such class as of the end of the Valuation Day.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** The total number of accumulation units held by all participants in that class of the Account as of the end of the Valuation Day.

The value of the Account's accumulation fund attributable to such class and the total number of accumulation units does not include the impact of funds or units added or subtracted as a result of transactions effective as of that Valuation Day.

#### Value of annuity units
Upon annuitization, all units will be converted to annuity units of each Account regardless of which class you owned prior to that date. Annuity units will be aggregated with Class R3 accumulation units for allocating income and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** The value of an annuity unit is defined in terms of a "basic annuity unit" which is established each year, as of the last Valuation Day in March, for each income change method of each Account then providing annuity payments.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** The value of the basic annuity unit is determined for each income change method of each Account as 1 divided by 2, where 1 and 2 are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** The Account's annuity fund for the income change method (i.e., annual or monthly) as of such last Valuation Day in March, reduced by the present value of the benefits payable under that income change method on April 1 under payout contracts of the Account as of such last Valuation Day in March.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** The discounted actuarial present value, expressed in units, of all future payments due on or after the next following May 1 under the income change method under pay-out contracts of the Account as of the last valuation date in March. This liability is calculated on the basis of interest at an effective annual rate of 4% and a mortality table designed to approximate the expected mortality rates of CREF annuitants.

For participants beginning annuity income, the initial value of the annuity unit is the interim annuity unit value as of the annuity starting date. A separate interim annuity unit value is calculated daily for each annuity fund of each Account as of each Valuation Day. The change in the interim annuity unit value reflects the actual investment and payment experience of the annuity fund to the current date, relative to the 4% assumed investment return. The interim annuity unit value also includes any changes expected to occur in the future because payments are revalued once a year or once a month, assuming the annuity fund earns the 4% assumed investment return in the future. At the end of each calendar quarter, the interim annuity unit value is also adjusted for mortality experience during the prior quarter.

For participants under the annual income change method, the value of the annuity unit will remain the same until the following April 1 payment. The value of the annuity unit for payments due on and after each May 1 is equal to the basic annuity unit value determined as of the last Valuation Day in March for those who have already begun receiving annuity income as of the preceding April 1 and is equal to the interim annuity unit value as of the date income begins for income that begins after April 1.

64&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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For participants under the monthly income change method, the value of the annuity unit is redetermined each month on the payment valuation date for the payment due on the first of the following month. The payment valuation date for the monthly income change method is the last Valuation Day on or before the 20th of each month.

When a participant or beneficiary receiving annuity income transfers annuity units under a particular income change method from one Account to another, the number of annuity units added to an Account(s) to which units are being transferred will be determined by multiplying the number of annuity units to be transferred by the interim annuity unit value for that income change method of the Account from which the annuity units are being transferred, and dividing by the interim annuity unit value for that income change method of the Account to which the annuity units are being transferred. Under the annual payment income change method, the total amount of annuity payments from all CREF and TIAA variable accounts will not change following a transfer until the May 1 following the last Valuation Day in March on or after the transfer date. Under the monthly income change method and for all transfers to or from the TIAA Traditional Annuity, your payments will change with the payment due after the first payment valuation date on or after the transfer date.

Switches between the monthly and the annual income change methods will be effective only on the last Valuation Day in March. When a participant or beneficiary receiving annuity income switches from a prior method to a new method in an Account, the number of annuity units for the new method added to the Account will be determined by multiplying the number of annuity units to be switched from the prior method by the basic annuity unit value for the prior method of the Account and dividing by the basic annuity unit value for the new method of the Account.

The value of annuity payments transferred from an Account under the annual income change method to TIAA is equal to **A** plus **B**, where **A** and **B** are defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**A.** The present value of the payments due after the first payment valuation date for the monthly income change method on or after the transfer date continuing to the following April 1, but not longer than such annuity units are payable.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** The present value of one interim annuity unit under the annual income change method multiplied by the number of annuity units, payable beginning on the following May 1 (or the May 1 of the following calendar year if the transfer is effective in April) continuing for as long as such annuity units are payable.

The value of annuity payments transferred from an Account under the monthly income change method to TIAA will be equal to the number of annuity units multiplied by the present value of one interim annuity unit under the monthly income change method payable beginning with the payment due after the first payment valuation date on or after the transfer date continuing for as long as such annuity units are payable.

The present values will be calculated assuming interest at an effective annual rate of 4%, and the same mortality assumptions then in use for participants or beneficiaries converting an accumulation to an income option or method of payment at the age(s) as of the transfer date of the person(s) on whose life (lives) the annuity payments are based.

#### Modification
CREF reserves the right, subject to approval by the Board of Trustees, to modify the manner in which the number and/or value of annuity units is calculated in the future. Any such modification, however, must be approved by the Superintendent of Financial Services of the NYDFS.

### Periodic reports
Prior to the time an entire accumulation has been applied to provide annuity payments, participants will be sent a statement each quarter that sets forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Premiums paid during the quarter; (2) the number and dollar value of accumulation units credited to the participant during the quarter and in total in each Account; (3) cash withdrawals from each Account during the quarter; (4) any transfer to a funding vehicle other than TIAA or CREF during the quarter, if an amount remains in the participant's accumulation after those transactions; (5) any transfers between Accounts or between CREF and TIAA during the quarter; (6) any conversions from one class of an Account to a different class of the same Account during the quarter; and (7) the amount from each Account applied to begin annuity payments during the quarter.

CREF also will make available to participants, at least semiannually, reports containing the financial statements of the Accounts and a schedule of investments held in each Account in which they have accumulations.

### Voting rights
How many votes a participant can cast on matters that require a vote of participants will be determined separately for each Account. You will have one vote per dollar of your assets in each Account's accumulation fund, and/or one vote per dollar of the assets underlying your annuity in each Account's annuity fund on the record date.

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;65

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Issues that affect all the Accounts in substantially the same way will be voted on by all participants, without regard to the individual Accounts. Issues that do not affect an Account will not be voted on by the Account. Issues that affect all Accounts, but in which their interests are not substantially the same, will be voted on separately by each Account. Each class will have exclusive voting rights on any matter submitted to participants that relates solely to such class. Each class will also have separate voting rights on any matter submitted to participants in which the interests of one class differ from the interests of any other class.

When the phrase "majority of outstanding voting securities" is used in the Prospectus and in this SAI, the phrase means the lesser of (a) 67% of the voting securities present, as long as the holders of at least half the voting securities are present or represented by proxy; or (b) 50% of the outstanding voting securities. Depending on what's being decided, the percentages may apply to CREF as a whole or to any Account(s). If a majority of outstanding voting securities isn't required to decide a question, we will generally require a quorum of 10% of those securities, with a simple majority required to decide the issue. If laws, regulations, or legal interpretations make it unnecessary to submit any issue to a vote, or otherwise restrict participant voting rights, we reserve the right to act as permitted.

### General matters

#### No assignment of contracts
No assignment, pledge, or transfer of a contract, or of any of the rights or benefits conferred thereunder, may be made and any such action will be void and of no effect, except that spousal transfers on separation or divorce, and the transfer of rights and benefits under a contract to a participant by an employer under a delayed vesting arrangement, may be permitted.

#### Payment to an estate, guardian, trustee, etc.
CREF reserves the right to pay in one sum the commuted value of any benefits due an estate, corporation, partnership, trustee or other entity not a natural person. CREF will not be responsible for the conduct of any executor, trustee, guardian, or other third party to whom payment is made.

#### Dissolved institutions
If your present or past employer dissolves or ceases operation, special rules will apply to your accumulation. For more information, contact us directly (see below).

#### Contacting CREF
CREF will not consider any notice, form, request or payment to have been received until it reaches our home office: College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206. You can ask questions by calling toll-free 800-842-2252 Monday through Friday, 8 a.m. through 10 p.m. ET.

#### Signature requirements
For some transactions, we may require your signature to be notarized or guaranteed by a commercial bank.

#### Overpayment of premiums
If your employer mistakenly sends more premiums on your behalf than you're entitled to under your retirement plan or the Internal Revenue Code ("IRC"), we will refund them to your employer as long as we're requested to do so (in writing) before you start receiving annuity income. Anytime there is a question about premium refunds, CREF will rely on information from your employer.

If you've withdrawn or transferred the amounts involved from your accumulation, we will not refund them.

#### Claims of creditors
Pursuant to CREF's Charter as enacted by the New York State Legislature, the rights and benefits accruing to participants or other persons under the contracts generally are exempt from the claims of creditors, subject to any contrary requirements of law.

#### Benefits based on incorrect information
If the amounts of benefits provided under a contract were based on information that is incorrect, benefits will be recalculated on the basis of the correct data. If any overpayments or underpayments have been made by CREF appropriate adjustments will be made.

66&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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#### Proof of survival
CREF reserves the right to require satisfactory proof that anyone named to receive benefits under a contract is living on the date payment is due. If this proof is not received after a request in writing, CREF will have the right to make reduced payments or to withhold payments entirely until such proof is received. CREF maintains audit procedures designed to assure that annuity benefits will be paid to living persons entitled to receive those benefits. If, however, under a survivor annuity option CREF has overpaid benefits because of a death of which it was not notified, subsequent payments will be reduced or withheld until the overpayment has been recovered. CREF reserves the right to pursue any other remedies available to it.

#### Legal proceedings
CREF is not a party to any legal actions that are considered by CREF to be material.

### State regulation
CREF is subject to regulation by the NYDFS as well as by the insurance regulatory authorities of certain other states and jurisdictions.

CREF must file with the NYDFS both quarterly and annual statements on forms promulgated by the NYDFS. CREF's books and assets are subject to review and examination by NYDFS and its agents at all times, and a full examination into the affairs of CREF is made at least every five years. In addition, a full examination of CREF's operations is usually conducted periodically by some other states.

CREF is also subject to the requirements of the New York State Not-For-Profit Corporation Law.

### Legal matters
All matters of applicable state law pertaining to the contracts, including CREF's right to issue the contracts thereunder, have been passed upon by Rachael M. Zufall, Managing Director, Associate General Counsel, of CREF. Dechert LLP serves as legal counsel to CREF and has provided advice to CREF related to certain matters under the federal securities laws.

### Experts
The financial statements incorporated in this SAI by reference to the [report on Form N-CSR of CREF](http://www.sec.gov/Archives/edgar/data/777535/000119312526096129/d855715dncsr.htm) for the year ended December 31, 2025 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

### Federal income taxes

#### Tax advice
The following discussion on federal and other taxes is for general informational purposes only—it is not meant to be used, and cannot be used, by individuals to avoid federal, state or local tax penalties. Taxation varies depending on an individual's circumstances, tax status and transactional type; in addition, foreign, state and local taxes may be assessed upon distribution. The general information provided below does not cover every situation. For comprehensive advice on your personal tax situation, check with a qualified tax advisor.

#### 403(b) plans
CREF contracts may be used as funding vehicles for retirement plans set up under section 403(b) of the IRC, under which total annual contributions to section 403(b) annuities for 2026 cannot exceed the lesser of (a) $72,000; or (b) 100% of your compensation reduced by the amount of other employer contributions for that year. For 2026, salary reduction contributions of up to $24,500 can be made to your 403(b) retirement plan ($32,500 if you are age 50 or older) reduced by the amount of other elective deferrals that the participant made for that year. Beginning in 2025, the Secure 2.0 Act increases the basic catch-up contribution limit to a 403(b) plan for an individual who reaches ages 60 to 63 in the plan year, to $11,250, allowing these 403(b) plan participants to save more for retirement. Certain long-term employees may be able to defer additional amounts to a 403(b) plan. Contact your qualified tax advisor for more information.

#### 401(a), 403(a) and 401(k) plans
CREF RA, GRA and RC contracts are also used as funding vehicles for 401(a) (including Keogh plans) and 403(a) retirement plans. CREF GRA, GSRA, RC and RCP contracts are available for 401(k) plans. Generally, for 2026 total annual contributions cannot exceed the lesser of (a) $72,000; or (b) 100% of your compensation reduced by the amount of other employer

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contributions for that year. For 2026, salary reduction contributions of up to $24,500 can be made to your 401(a), 403(a) and 401(k) retirement plans ($32,500 if you are age 50 or older) reduced by the amount of other elective deferrals that the participant made for that year. Beginning in 2025, the Secure 2.0 Act increases the basic catch-up contribution limit to a 401(a), 403(a) or 401(k) plan for an individual who reaches ages 60 to 63 in the plan year, to $11,250, allowing these plan participants to save more for retirement. Contact your qualified tax advisor for more information.

#### 457 (b) plans
The maximum contribution limit to a 457(b) non-qualified deferred compensation plan for employees of state and local governments for 2026 is the lesser of $24,500 or 100% of "includable compensation" (as defined by law) reduced by the amount of other elective deferrals that the participant made under all 457(b) plans for that year. Catch-up rules allow participants in governmental 457(b) plans, age 50 or older, to contribute the lesser of $32,500 or 100% of compensation reduced by the amount of other elective deferrals that the participant made for that year. Under the "Special Section 457 Three-Year catch-up" rule, if permitted by your plan, and you are within three calendar years of your normal retirement age, you may have the potential to contribute up to an additional $24,500 in 2026, for a total 2026 contribution of $49,000. For non-governmental employers, all investments in a 457(b) plan are owned by the employer and are subject to the claims of the general creditors of the sponsoring employer. Contact your qualified tax advisor for more information.

#### Individual retirement annuities
IRC sections 408 and 408A permit eligible individuals to make direct contributions to Traditional and Roth IRAs, respectively. For the 2026 tax year, the Traditional and Roth IRAs offer individuals the opportunity to set aside up to $7,500 of taxable compensation ($8,600 if they are age 50 or older). You must have a source of compensation income to contribute to a Traditional or Roth IRA, and you cannot put more into the account than you have earned. Making contributions after age 70½ may affect your ability to benefit from Qualified Charitable Distributions from your IRAs. Consult your qualified tax advisor for more information.

If you contribute to both a Traditional IRA and a Roth IRA in the same year, your aggregate limit is $7,500 ($8,600 if you are age 50 or older) for the year. The IRC generally does not limit the amount you can roll over to the Traditional or the Roth IRA. IRC section 408 generally permits funds from certain qualified retirement plans or IRAs to be rolled over to the Traditional IRA without losing their tax-deferred status. Consult your qualified tax advisor for more information.

In order to move funds held in a qualified retirement plan to a Roth IRA, the rollover must be a "qualified rollover contribution." Although funds rolled over to a Roth IRA from another IRA or qualified plan are subject to taxation, they may grow on a federal tax favored basis. CREF IRAs can accept only cash transfers. All noncash assets must therefore be liquidated prior to being transferred to us.

Note that the dollar limits above are for 2026; different dollar limits may apply in future years.

#### Roth IRA income level requirements
You also must meet certain income level requirements to make contributions to the Roth IRA or if you or your spouse is an active participant in an employer sponsored retirement plan, to make tax-deductible contributions to the Traditional IRA, up to the dollar limits stated above. In 2026 if you are married and file a joint tax return with your spouse and make a combined adjusted gross income of less than $242,000 a year you can elect to make the maximum annual contribution to a Roth IRA. If you are single and make an adjusted gross income of less than $153,000 a year you are also eligible to elect to make the maximum annual contribution to a Roth IRA. You can contribute less than the maximum contribution amount if you are married and file jointly and your combined adjusted gross income is between $242,000 and $252,000 a year or if you are single and your adjusted gross income is between $153,000 and $168,000 a year. If you are married filing separately and lived with your spouse at any time during the tax year, you cannot make a Roth IRA contribution if your adjusted gross income exceeds $10,000 per year. Please note that these limits assume your taxable compensation is at least equal to the amount contributed and you have made no contributions to a Traditional IRA.

#### Traditional IRA income level requirements
For 2026, if you are an active participant in an employer-sponsored retirement plan and you are married and file a joint tax return with your spouse and make a combined adjusted gross income of less than $129,000 a year, or you are single and make a modified adjusted gross income of $81,000 or less a year, you can make the maximum tax-deductible contribution to a Traditional IRA. If you are married and file jointly, your tax-deductible amount is less than the maximum contribution amount if your modified adjusted gross income is between $129,000 and $149,000 or if you are single, and your modified adjusted gross income is between $81,000 and $91,000. Different income-based eligibility rules apply if you are not an active participant in an employer-sponsored retirement plan but you have a spouse who is an active participant in an employer-sponsored retirement plan.

You can revoke an IRA up to 7 days after you establish it. Contact your qualified tax advisor for more tax information on IRAs.

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#### Taxation of annuity benefits
Once you take a cash withdrawal or begin annuity payments, the amount you receive is usually included in your gross income for the year and taxed at the rate for ordinary income. You can exclude from your gross income any part of your payment(s) that represents the return of premiums that were paid in after-tax dollars, but not the part that comes from the tax-deferred earnings of after-tax premiums unless those earnings are part of a qualified distribution from a Roth IRA or are on amounts contributed as Roth contributions to a 401(a) or 403(b) plan and certain criteria are met before the amounts (and income on the amounts) are withdrawn.

#### Withholding on distributions
We must withhold federal tax at the rate of 20% from the taxable part of "eligible rollover distributions" paid directly to you. If, however, you tell us to roll over the distribution directly to an IRA or to a 401(a)/403(a), 403(b) or governmental 457(b) employer plan (i.e., we send a check directly to the other investment company and not to you), we will not withhold any federal tax. The required 20% withholding does not apply to payments from IRAs, hardship withdrawals, lifetime annuity payments, substantially equal periodic payments over your life expectancy or over 10 or more years, distributions of after-tax contributions or minimum distribution payments ("non-eligible rollover distributions").

For the taxable portion of non-eligible rollover distributions, CREF will usually withhold federal income taxes unless you instruct CREF not to do so, and you are eligible to opt out of withholding. However, if you tell CREF not to withhold but we do not have the appropriate withholding election certificate with your taxpayer identification number on file, then CREF is still required to withhold taxes on the distribution. Nonresident non-citizens who pay U.S. taxes are subject to different withholding rules. Contact CREF for more information.

#### Early distributions
If you want to withdraw funds or begin income from any 401(a), 403(a), or 403(b) retirement plan or an IRA before you reach age 59½, you may have to pay an extra 10% "early distribution" tax on the taxable amount. Distributions that are not taxable such as distributions that you roll over to another qualified retirement plan, or a qualified distribution of your designated Roth contributions are not subject to this 10% tax.

There are certain exceptions to this penalty; you should consult with your qualified tax advisor for more information.

#### Minimum distribution requirements and taxes
In most cases, for employer-sponsored retirement plans, your required minimum distributions (RMDs) from qualified Contracts must begin by your required beginning date of April 1 of the year following the calendar year in which you reach your RMD Applicable Age (or retirement, if later for employer retirement plan accounts). For Traditional IRAs (other than Roth IRAs), and with respect to 5% or more owners of the business covered by a Keogh plan, your required beginning date is April 1 of the year following the calendar year in which you reach your RMD Applicable Age. Other minimum distribution requirements apply to beneficiaries of deceased participants. The changes in federal tax law enacted in Secure 2.0 has redefined your "RMD Applicable Age" as age 70½ if you were born before 7/1/1949; age 72 if you were born on or after 7/1/1949 or in 1950; age 73 if you were born between 1951 and 1959; and age 75 if you were born in or after 1960.

See the "Taxes" section of the Prospectus for more information. Under the terms of certain retirement plans, the plan administrator may direct us to make the minimum distributions required by law to you even if you do not elect to receive them. In addition, if you do not begin distributions on time, you will be subject to an excise tax of up to 25% on the amount you should have received but did not. However, if a failure to take a RMD is corrected within a correction window, the excise tax on the failure is further reduced to 10 percent. Other special distribution and tax rules may apply to 457(b) plans. Roth IRAs and designated Roth accounts under employer plans are not subject to RMD during your lifetime. Final regulations address many of the outstanding issues concerning interpretation of Secure 2.0 (see "Enacted Tax Legistlation" in the Prospectus). Surviving spouses may elect to determine RMD in the same manner as the deceased participant, using the Uniform Lifetime Table. Proposed regulations were issued alongside the final regulations to address the RMD of surviving spouses and certain other outstanding RMD issues under the final regulations. We cannot predict which proposed regulations will become final regulations. Consult your qualified tax advisor for more information.

#### Deferred compensation plans
RA and GSRA contracts are also available for deferred compensation plans. Special tax rules apply. Contact your qualified tax advisor for more information.

#### Diversification requirements
Section 817(h) of the IRC and the regulations under it provide that investments underlying a contract must be "adequately diversified" for it to qualify as an annuity contract under IRC section 72. CREF intends to comply with the diversification

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requirements under section 817(h) (currently except with respect to the Inflation-Linked Bond Account). This will affect how we make investments.

A money market fund that satisfies the applicable diversification requirements of Rule 2a-7 shall be deemed to have satisfied the diversification requirements of the 1940 Act and the rules adopted thereafter.

#### Responsible Balanced Account's Subsidiary
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Responsible Balanced Account may seek exposure to Regulation S securities and TEFRA Bonds through investment in the Subsidiary. A foreign corporation, such as the Subsidiary, will generally not be subject to U.S. federal income taxation unless it is deemed to be engaged in a U.S. trade or business. It is expected that the Subsidiary will conduct its activities in a manner so as to meet the requirements of a safe harbor under Section 864(b)(2) of the Code under which the Subsidiary may engage in trading in stocks or securities or certain commodities without being deemed to be engaged in a U.S. trade or business. However, if certain of the Subsidiary's activities were determined not to be of the type described in the safe harbor, then the activities of the Subsidiary may constitute a U.S. trade or business, or be taxed as such. In general, a foreign corporation, such as the Subsidiary, that does not conduct a U.S. trade or business is nonetheless subject to tax at a flat rate of 30 percent (or lower tax treaty rate), if applicable, generally payable through withholding, on the gross amount of certain U.S.-source income that is not effectively connected with a U.S. trade or business. There is presently no tax treaty in force between the U.S. and the Cayman Islands that would reduce this rate of withholding tax. It is not expected that the Subsidiary will derive income subject to such withholding tax.

The Subsidiary will be treated as a controlled foreign corporation and the Responsible Balanced Account will be treated as a "U.S. shareholder" of such subsidiary. As a result, the Account will be required to include in gross income for U.S. federal income tax purposes all of the Subpart F income of the Subsidiary, whether or not such income is distributed by the Subsidiary. The Account's recognition of such "Subpart F income" will increase the Account's tax basis in the Subsidiary. Distributions by the Subsidiary to the Account will be tax-free, to the extent of its previously undistributed "Subpart F income," and will correspondingly reduce the Account's tax basis in the Subsidiary. "Subpart F income" is generally treated as ordinary income, regardless of the character of the Subsidiary's underlying income. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Account, and such loss cannot be carried forward to offset taxable income of the Account or the Subsidiary in future periods.

### Additional information
A Registration Statement has been filed with the SEC under the 1933 Act with respect to the contracts discussed in the Prospectus and in this SAI. Not all of the information set forth in the Registration Statement, amendments and exhibits thereto has been included in the Prospectus or this SAI. Statements contained herein concerning the contents of the contracts and other legal instruments are intended to be summaries. For a complete statement of the terms of these documents, reference should be made to the instruments filed with the SEC.

### Financial statements
The audited financial statements for all of the Accounts are incorporated by reference from CREF's report on [Form N-CSR, for the year ended December 31, 2025](http://www.sec.gov/Archives/edgar/data/777535/000119312526096129/d855715dncsr.htm), which contains the Annual Report to participants. CREF will furnish you, without charge, a copy of the Annual Report on request. Write to College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206, Attention: Imaging Services, or call 877-518-9161.

70&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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### Appendix A Nuveen proxy voting guidelines and policies

#### Nuveen proxy voting guidelines

#### Applicability
These Guidelines apply to Nuveen associates acting on behalf of Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM") (each an "Adviser" and collectively referred to as the "Advisers")

I. Introduction

Our voting practices are guided by our fiduciary obligations to our clients.

These Guidelines set forth the manner in which the Advisers intend to vote on proxy matters involving publicly traded portfolio companies held in client portfolios, and serve to assist clients, portfolio companies and other interested parties in understanding how the Advisers intend to vote on proxy-related issues.

We vote proxies in accordance with what we believe is in the best interest of our clients. In making those decisions, we are principally guided by enhancing long-term shareholder value, and may take into account many factors, including input from our investment teams and third-party research.

As indicated in these Guidelines, we monitor portfolio companies' environmental, social and governance (ESG) practices in an effort to ensure that boards consider these factors in the context of their strategic deliberations consistent with the aim of preserving and enhancing long-term shareholder value. It is our belief that a one-size-fits-all approach to proxy voting is not appropriate and we may vote differently on the same proposal given the portfolio company's individual circumstances. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proxy proposal.

The Guidelines are implemented by Nuveen's Stewardship Group and applied in consideration of the facts and circumstances of the particular proxy proposal. The Stewardship Group relies on its professional judgment informed by proprietary research and reports provided by various third-party research providers. The portfolio managers of the Advisers maintain the ultimate decision-making authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager determines it is in the best interest of the respective Adviser's clients to do so. The rationale for votes submitted contrary to the Guidelines will be documented and maintained.

The Guidelines are applicable to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

II. Accountability and transparency

#### Board of directors
Elect directors

*General Policy*: We generally vote in favor of the board's nominees but will consider withholding or voting against some or all directors in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;● When we conclude that the actions of directors are unlawful, unethical, negligent, or do not meet fiduciary standards of care and loyalty, or are otherwise not in the best interest of shareholders. Such actions would include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Egregious compensation practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Lack of responsiveness to a failed vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Unequal treatment of shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Adoption of inappropriate antitakeover devices, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When a director has consistently failed to attend board and committee meetings without an appropriate rationale being provided

&nbsp;&nbsp;&nbsp;&nbsp;● Independence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When board independence is not in line with local market regulations or best practices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When a member of executive management sits on a key board committee that should be composed of only independent directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When directors have failed to disclose, resolve or eliminate conflicts of interest that affect their decisions

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&nbsp;&nbsp;&nbsp;&nbsp;● Board refreshment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When there is insufficient representation of different backgrounds, experiences, and perspectives on the board, and the company has not demonstrated its commitment to making the board more inclusive and reflective of a broad range of characteristics, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● When we determine that director tenure is excessive and there has been no recent board refreshment

Contested elections

*General Policy*: We will support the candidates we believe will represent the best interests of shareholders.

Majority vote for the election of directors

*General Policy*: We generally support shareholder resolutions asking that companies amend their governance documents to provide for director election by majority vote.

Establish specific board committees

*General Policy*: We generally vote against shareholder resolutions asking the company to establish specific board committees unless we believe specific circumstances dictate otherwise.

Annual election of directors

*General Policy*: We generally support shareholder resolutions asking that each member of the board of a publicly traded operating company stand for re-election annually.

Cumulative voting

*General Policy*: We generally do not support proposals asking that shareholders be allowed to cumulate votes in director elections, as this practice may encourage the election of special interest directors.

Separation of Chairman and Chief Executive Officer

*General Policy*: We will consider supporting shareholder resolutions asking that the roles of chairman and CEO be separated when we believe the company's board structure and operation has insufficient features of independent board leadership, such as the lack of a lead independent director. In addition, we may also support resolutions on a case-by-case basis where we believe, in practice, that there is not a bona fide lead independent director acting with robust responsibilities or the company's ESG practices or business performance suggest a material deficiency in independent influence into the company's strategy and oversight.

#### Shareholder rights
Proxy access

*General Policy*: We will consider on a case-by-case basis shareholder proposals asking that the company implement a form of proxy access. In making our voting decision, we will consider several factors, including, but not limited to: current performance of the company, minimum filing thresholds, holding periods, number of director nominees that can be elected, existing governance issues and board/management responsiveness to material shareholder concerns.

Ratification of auditor

*General Policy*: We will generally support the board's choice of auditor and believe that the auditor should be elected annually. However, we will consider voting against the ratification of an audit firm where non-audit fees are excessive, where the firm has been involved in conflict of interest or fraudulent activities in connection with the company's audit, where there has been a material restatement of financials or where the auditor's independence is questionable.

Supermajority vote requirements

*General Policy*: We will generally support shareholder resolutions asking for the elimination of supermajority vote requirements.

Dual-class common stock and unequal voting rights

*General Policy*: We will generally support shareholder resolutions asking for the elimination of dual classes of common stock or other forms of equity with unequal voting rights or special privileges.

Right to call a special meeting

*General Policy*: We will generally support shareholder resolutions asking for the right to call a special meeting. However, we believe a 25% ownership level is reasonable and generally would not be supportive of proposals to lower the threshold if it is already at that level.

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Right to act by written consent

*General Policy*: We will consider on a case-by-case basis shareholder resolutions requesting the right to act by written consent.

Antitakeover devices (poison pills)

*General Policy*: We will consider on a case-by-case basis proposals relating to the adoption or rescission of antitakeover devices with attention to the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;● Whether the company has demonstrated a need for antitakeover protection

&nbsp;&nbsp;&nbsp;&nbsp;● Whether the provisions of the device are in line with generally accepted governance principles

&nbsp;&nbsp;&nbsp;&nbsp;● Whether the company has submitted the device for shareholder approval

&nbsp;&nbsp;&nbsp;&nbsp;● Whether the proposal arises in the context of a takeover bid or contest for control

We will generally support shareholder resolutions asking to rescind or put to a shareholder vote antitakeover devices that were adopted without shareholder approval.

Reincorporation

*General Policy*: We will evaluate on a case-by-case basis proposals for reincorporation taking into account the intention of the proposal and the established laws of the new domicile and jurisprudence of the target domicile. We will not support the proposal if we believe the intention is to take advantage of laws or judicial interpretations that provide antitakeover protection or otherwise reduce shareholder rights.

Corporate political influence

*General Policies*:*

&nbsp;&nbsp;&nbsp;&nbsp;● We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's direct political contributions, including board oversight procedures.

&nbsp;&nbsp;&nbsp;&nbsp;● We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's charitable contributions and other philanthropic activities.

&nbsp;&nbsp;&nbsp;&nbsp;● We may consider not supporting shareholder resolutions that appear to promote a political agenda that is contrary to the long-term health of the corporation.

&nbsp;&nbsp;&nbsp;&nbsp;● We will evaluate on a case-by-case basis shareholder resolutions seeking disclosure of a company's lobbying expenditures.

Closed-end funds

We recognize that many exchange-listed closed-end funds ("CEFs") have adopted particular corporate governance practices that deviate from certain policies set forth in the Guidelines. We believe that the distinctive structure of CEFs can provide important benefits to investors but leaves CEFs uniquely vulnerable to opportunistic traders seeking short-term gains at the expense of long-term shareholders. Thus, to protect the interests of their long-term shareholders, many CEFs have adopted measures to defend against attacks from short-term oriented activist investors. As such, in light of the unique nature of CEFs and their differences in corporate governance practices from operating companies, we will consider on a case-by-case basis proposals involving the adoption of defensive measures by CEFs. This is consistent with our approach to proxy voting that recognizes the importance of case-by-case analysis to ensure alignment with investment team views, and voting in accordance with the best interest of our shareholders.

#### Compensation issues
Advisory votes on executive compensation (say on pay)

*General Policy*: We will consider on a case-by-case basis the advisory vote on executive compensation (say on pay). We expect well-designed plans that clearly demonstrate the alignment between pay and performance, and we encourage companies to be responsive to low levels of support by engaging with shareholders. We also prefer that companies offer an annual non-binding vote on executive compensation. In absence of an annual vote, companies should clearly articulate the rationale behind offering the vote less frequently.

We generally note the following red flags when evaluating executive compensation plans:

&nbsp;&nbsp;&nbsp;&nbsp;● *Undisclosed or Inadequate Performance Metrics*: We believe that performance goals for compensation plans should be disclosed meaningfully. Performance hurdles should not be too easily attainable. Disclosure of these metrics should enable shareholders to assess whether the plan will drive long-term value creation.

&nbsp;&nbsp;&nbsp;&nbsp;● *Excessive Equity Grants*: We will examine a company's past grants to determine the rate at which shares are being issued. We will also seek to ensure that equity is being offered to more than just the top executives at the company. A pattern of excessive grants can indicate failure by the board to properly monitor executive compensation and its costs.

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&nbsp;&nbsp;&nbsp;&nbsp;● *Lack of Minimum Vesting Requirements*: We believe that companies should establish minimum vesting guidelines for senior executives who receive stock grants. Vesting requirements help influence executives to focus on maximizing the company's long-term performance rather than managing for short-term gain.

&nbsp;&nbsp;&nbsp;&nbsp;● *Misalignment of Interests*: We support equity ownership requirements for senior executives and directors to align their interests with those of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;● *Special Award Grants*: We will generally not support mega-grants. A company's history of such excessive grant practices may prompt us to vote against the stock plans and the directors who approve them. Mega-grants include equity grants that are excessive in relation to other forms of compensation or to the compensation of other employees and grants that transfer disproportionate value to senior executives without relation to their performance. We also expect companies to provide a rationale for any other one-time awards such as a guaranteed bonus or a retention award.

&nbsp;&nbsp;&nbsp;&nbsp;● *Excess Discretion*: We will generally not support plans where significant terms of awards—such as coverage, option price, or type of awards—are unspecified, or where the board has too much discretion to override minimum vesting or performance requirements.

&nbsp;&nbsp;&nbsp;&nbsp;● *Lack of Clawback Policy*: We believe companies should establish clawback policies that permit recoupment from any senior executive who received compensation as a result of defective financial reporting, or whose behavior caused financial harm to shareholders or reputational risk to the company.

Equity-based compensation plans

*General Policy*: We will review equity-based compensation plans on a case-by-case basis, giving closer scrutiny to companies where plans include features that are not performance-based or where potential dilution or burn rate total is excessive. As a practical matter, we recognize that more dilutive broad-based plans may be appropriate for human-capital intensive industries and for small- or mid-capitalization firms and start-up companies.

We generally note the following red flags when evaluating equity incentive plans:

&nbsp;&nbsp;&nbsp;&nbsp;● *Evergreen Features*: We will generally not support option plans that contain evergreen features, which reserve a specified percentage of outstanding shares for award each year and lack a termination date.

&nbsp;&nbsp;&nbsp;&nbsp;● *Reload Options*: We will generally not support reload options that are automatically replaced at market price following exercise of initial grants.

&nbsp;&nbsp;&nbsp;&nbsp;● *Repricing Options*: We will generally not support plans that authorize repricing. However, we will consider on a case-by-case basis management proposals seeking shareholder approval to reprice options. We are likely to vote in favor of repricing in cases where the company excludes named executive officers and board members and ties the repricing to a significant reduction in the number of options.

&nbsp;&nbsp;&nbsp;&nbsp;● *Undisclosed or Inappropriate Option Pricing*: We will generally not support plans that fail to specify exercise prices or that establish exercise prices below fair market value on the date of grant.

Golden parachutes

*General Policy*: We will vote on a case-by-case basis on golden parachute proposals, taking into account the structure of the agreement and the circumstances of the situation. However, we would prefer to see a double trigger on all change-of-control agreements and no excise tax gross-up.

Shareholder resolutions on executive compensation

*General Policy*: We will consider on a case-by-case basis shareholder resolutions related to specific compensation practices. Generally, we believe specific practices are the purview of the board.

III. Guidelines for ESG shareholder resolutions

We generally support shareholder resolutions seeking reasonable disclosure of the environmental or social impact of a company's policies, operations or products. We believe that a company's management and directors should determine the strategic impact of environmental and social issues and disclose how they are dealing with these issues to mitigate risk and advance long-term shareholder value.

#### Environmental issues
Climate change

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure of greenhouse gas emissions, the impact of climate change on a company's business activities and products and strategies designed to reduce the company's long-term impact on the global climate.

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Use of natural resources

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's use of natural resources, the impact on its business of declining resources and its plans to improve the efficiency of its use of natural resources.

Impact on ecosystems

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's initiatives to reduce any harmful impacts or other hazards to local, regional or global ecosystems that result from its operations or activities.

Animal welfare

*General Policy*: We will generally support reasonable shareholder resolutions asking for reports on the company's impact on animal welfare.

#### Issues related to customers
Product responsibility

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure relating to the quality, safety and impact of a company's goods and services on the customers and communities it serves.

#### Issues related to employees and suppliers
Human capital

*General Policies*:

&nbsp;&nbsp;&nbsp;&nbsp;● We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's nondiscrimination policies and practices, or seeking to implement such policies, including equal employment opportunity standards.

&nbsp;&nbsp;&nbsp;&nbsp;● We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to a company's workforce, board composition in terms of varied backgrounds and perspectives, and gender pay equity policies and practices.

Global labor standards

*General Policy*: We will generally support reasonable shareholder resolutions seeking a review of a company's labor standards and enforcement practices, as well as the establishment of global labor policies based upon internationally recognized standards.

#### Issues related to communities
Corporate response to health risks

*General Policy*: We will generally support reasonable shareholder resolutions seeking disclosure or reports relating to significant public health impacts resulting from a company's operations and products, as well as the risks to a company's operations and long-term growth.

Global human rights codes of conduct

*General Policy*: We will generally support reasonable shareholder resolutions seeking a review of a company's human rights standards and the establishment of global human rights policies, especially regarding company operations in conflict zones or areas of weak governance.

#### Disclosures
Nuveen Asset Management, LLC, Teachers Advisors, LLC, and TIAA-CREF Investment Management, LLC are SEC registered investment advisers and subsidiaries of Nuveen, LLC

#### Nuveen proxy voting policy

#### Applicability
This Policy applies to Nuveen associates acting on behalf of Nuveen Asset Management, LLC, ("NAM"), Teachers Advisors, LLC, ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), (each an "Adviser" and, collectively, referred to as the "Advisers")

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#### Policy purpose and statement
Proxy voting is the primary means by which shareholders may influence a publicly traded company's governance and operations and thus create the potential for value and positive long-term investment performance. In certain cases, the Advisers may engage with Portfolio Companies as part of their process to make informed vote decisions and generally consider various factors including insights gained through engagement where that occurs. While the Advisers may generally share their views on a particular topic, these are not for the purpose of changing control of the issuer.

When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients' interests to its own. In their capacity as fiduciaries and investment advisers, Advisers vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen's Stewardship Group to administer the Advisers' proxy voting. The Stewardship Group adheres to the Advisers' Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers' clients.

#### Policy statement
Proxy voting is a key component of a Portfolio Company's corporate governance program and is the primary method for exercising shareholder rights and articulating Nuveen's position on the Portfolio Company's behavior in an effort to enhance long-term shareholder value. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the "Rule") of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and applicable laws and regulations (e.g., the Employee Retirement Income Security Act of 1974, "ERISA").

#### Enforcement
As provided in the TIAA Code of Business Conduct, all associates are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

#### Terms and definitions
**Advisory Personnel** includes the Adviser's portfolio managers and research analysts.

**Proxy Voting Guidelines** (the "Guidelines") are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager believes it is in the best interest of the respective Adviser's clients to do so.

**Portfolio Company** refers to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

#### Policy requirements
Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies. Portfolio Companies may obtain information on how many shares the Advisers hold through regulatory filings and in public reports.

The Nuveen Proxy Voting Committee (the "Committee"), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements outlined below under "Roles and Responsibilities."

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

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#### Roles and responsibilities

#### Nuveen Proxy Voting Committee
The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee's voting members will be comprised from Research, the Advisers, and the Stewardship Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment Risk. The Committee may invite others on a standing, routine and/or an ad hoc basis to attend Committee meetings. The CCOs of CREF, VA-1 and the Nuveen Funds shall be standing, non-voting invitees. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the Stewardship Group, subject to the Committee's ultimate oversight and responsibility as outlined in the Committee's Proxy Voting Charter.

#### Advisers
1. Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the Stewardship Group if such Advisory Personnel determines it is in the best interest of the Adviser's clients to do so. The rationale for all such contrary vote determinations will be documented and maintained.

2. When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained.

3. Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

#### Nuveen Stewardship Group
1. Performs day-to-day administration of the Advisers' proxy voting processes.

2. Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the best interests of clients. In applying the Guidelines, the Stewardship Group, on behalf of the Advisers, takes into account several factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Input from Advisory Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Third-party research

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.

3. Assists in the development of securities lending recall protocols in cooperation with the Securities Lending Committee.

4. Performs Form N-PX filings in accordance with regulatory requirements.

5. Delivers copies of the Advisers' Policy to clients and prospective clients upon request in a timely manner, as appropriate.

6. Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable regulations.

7. Prepares reports of proxies voted on behalf of the Advisers' investment company clients to their Boards or committees thereof, as applicable.

8. Performs an annual vote reconciliation for review by the Committee.

9. Arranges the annual service provider due diligence of proxy voting vendors, including a review of the service provider's potential conflicts of interests, and presents the results to the Committee.

10. Facilitates quarterly Committee meetings, including agenda and meeting minute preparation.

11. Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

12. Creates and retains certain records in accordance with Nuveen's Record Management program.

13. Oversees the proxy voting service provider with respect to its responsibilities, including making and retaining certain records as required under applicable regulation.

#### Nuveen Compliance
1. Seeks to ensure proper disclosure of Advisers' Policy to clients as required by regulation or otherwise.

2. Seeks to ensure proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.

3. Assists the Stewardship Group with arranging the annual service provider due diligence and presenting the results to the Committee.

4. Assesses regulatory developments, pronouncements and guidance notes in coordination with Legal partners to determine policy and process implications. Shares assessment results with the Committee.

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;77

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5. Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to Nuveen's Records Management program.

#### Nuveen Legal
1. Provides legal guidance as requested.

#### Governance

#### Review and approval
This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Owner, the Committee and the Nuveen Equity and Fixed Income ("NEFI") Compliance Committee are responsible for the review and approval of this Policy.

#### Implementation
Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

#### Exceptions
Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

#### Nuveen proxy voting conflicts of interest policy and procedures

#### Applicability
This Policy applies to Nuveen ("Nuveen") associates acting on behalf of Nuveen Asset Management, LLC ("NAM"), Teachers Advisors, LLC ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM") (each an "Adviser" and collectively referred to as the "Advisers").

#### Policy purpose and statement
Proxy voting by investment advisers is subject to U.S. Securities and Exchange Commission ("SEC") rules and regulations, and for accounts subject to ERISA, U.S. Department of Labor ("DOL") requirements. These rules and regulations require policies and procedures reasonably designed to ensure proxies are voted in the best interest of clients and that such procedures set forth how the adviser addresses material conflicts that may arise between the Adviser's interests and those of its clients. The purpose of this Proxy Voting Conflicts of Interest Policy and Procedures ("Policy") is to describe how the Advisers monitor and address the risks associated with Material Conflicts of Interest arising out of business and personal relationships that could affect proxy voting decisions.

Nuveen's Stewardship Group is responsible for providing vote recommendations, based on the Nuveen Proxy Voting Guidelines (the "Guidelines"), to the Advisers and for administering the voting of proxies on behalf of the Advisers. When determining how to vote proxies, the Nuveen Stewardship Group adheres to the Guidelines, which are reasonably designed to ensure that the Advisers vote proxies in the best interests of the Advisers' clients.

Advisers may face certain potential Material Conflicts of Interest when voting proxies. The procedures set forth below have been reasonably designed to identify, monitor, and address potential Material Conflicts of Interest to ensure that the Advisers' voting decisions are based on the best interest of their clients and are not the product of a conflict.

#### Policy statement
The Advisers have a fiduciary duty to vote proxies in the best interests of their clients and must not subrogate the interests of their clients to their own.

#### Enforcement
As provided in the TIAA Code of Business Conduct, all associates are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

#### Terms and definitions
**Advisory Personnel** includes the Adviser's portfolio managers and research analysts.

78&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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**Conflicts Watch List ("Watch List")** refers to a list maintained by the Stewardship Group based on the following:

1. The positions and relationships of the following categories of individuals are evaluated to assist in identifying a potential Material Conflict with a Portfolio Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The TIAA CEO,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The Nuveen Executive Management Team and the Nuveen Extended Leadership Team,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Stewardship Group members who provide proxy voting recommendations on behalf of the Advisers,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Advisory Personnel, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Household Members of the parties listed above in Nos. 1(i)–1(iv).

The following criteria constitute a potential Material Conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any individual identified above in 1(i)–1(v) who serves on a Portfolio Company's board of directors; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any individual identified above in 1(v) who serves as a senior executive\* of a Portfolio Company.

2. In addition, the following circumstances have been determined to constitute a potential Material Conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Voting proxies for funds sponsored by any Adviser and/or a Nuveen Affiliated Entity (i.e., registered investment funds and other funds that require proxy voting) held in client accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Voting proxies for Portfolio Companies that are direct advisory clients of the Advisers and/or the Nuveen Affiliated Entities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Voting proxies for Portfolio Companies that have a material distribution relationship<sup>†</sup> with regard to the products or strategies of the Advisers and/or the Nuveen Affiliated Entities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Voting proxies for Portfolio Companies that are institutional investment consultants with which the Advisers and/or the Nuveen Affiliated Entities have engaged for any material business opportunity<sup>†</sup> and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Any other circumstance where the Stewardship Group, the Nuveen Proxy Voting Committee (the "Committee"), the Advisers, Nuveen Legal or Nuveen Compliance are aware of in which the Adviser's duty to serve its clients' interests could be materially compromised.

In addition, certain conflicts may arise when a Proxy Service Provider or their affiliate(s) have determined and/or disclosed that a relationship exists with i) a Portfolio Company ii) an entity acting as a primary shareholder proponent with respect to a Portfolio Company or iii) another party. Such relationships include, but are not limited to, the products and services provided to, and the revenue obtained from, such Portfolio Company or its affiliates. The Proxy Service Provider is required to disclose such relationships to the Advisers, and the Stewardship Group reviews and evaluates the Proxy Service Provider's disclosed conflicts of interest and associated controls annually and reports its assessment to the Committee.

**Household Member** includes any of the following who reside or are expected to reside in your household for at least 90 days a year: i) spouse or Domestic Partner, ii) sibling, iii) child, stepchild, grandchild, parent, grandparent, stepparent, and in-laws (mother, father, son, daughter, brother, sister).

**Domestic Partner** is defined as an individual who is neither a relative of, or legally married to, a Nuveen associate but shares a residence and is in a mutual commitment similar to marriage with such Nuveen associate.

**Material Conflicts of Interest ("Material Conflict")** A conflict of interest that reasonably could have the potential to influence a recommendation based on the criteria described in this Policy.

**Nuveen Affiliated Entities** refers to TIAA and entities that are under common control with the Advisers and that provide investment advisory services. TIAA and the Advisers will undertake reasonable efforts to identify and manage any potential TIAA-related conflicts of interest.

**Portfolio Company** refers to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

**Proxy Service Provider(s)** refers to any independent third-party vendor(s) who provides proxy voting administrative, research and/or recordkeeping services to Nuveen.

**Proxy Voting Guidelines (the "Guidelines")** are a set of pre-determined principles setting forth the manner in which the Advisers generally intend to vote on specific voting categories and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager believes it is in the best interest of the respective Adviser's clients to do so.

**Proxy Voting Conflicts of Interest Escalation Form ("Escalation Form")** Used in limited circumstances as described below to formally document certain requests to deviate from the Guidelines, the rationale supporting the request, and the ultimate resolution.

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;79

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____

\* Senior executives are defined as "C-suite" positions such as CEO, CFO, COO, CAO, CMO, CIO, CTO, etc.

<sup>†</sup> Such criteria are defined in a separate standard operating procedure.

#### Policy requirements
The Advisers have a fiduciary duty to vote proxies in the best interests of their clients and must not subrogate the interests of their clients to their own.

The Stewardship Group and Advisory Personnel are prohibited from being influenced in their proxy voting decisions by any individual outside the established proxy voting process. The Stewardship Group and Advisory Personnel are required to report to Nuveen Compliance any individuals or parties seeking to influence proxy votes outside the established proxy voting process.

The Stewardship Group generally seeks to vote proxies in adherence to the Guidelines. In the event that a potential Material Conflict has been identified, the Committee, the Stewardship Group, Advisory Personnel and Nuveen Compliance are required to comply with the following:

Proxies are generally voted in accordance with the Guidelines. In instances where a proxy is issued by a Portfolio Company on the Watch List, and the Stewardship Group's vote direction is in support of company management and either contrary to the Guidelines or the Guidelines require a case-by-case review, then the Stewardship Group vote recommendation is evaluated using established criteria<sup>‡</sup> to determine whether a potential conflict exists. In instances where it is determined a potential conflict exists, the vote direction shall default to the recommendation of an independent third-party Proxy Service Provider based on such provider's benchmark policy. To the extent the Stewardship Group believes there is a justification to vote contrary to the Proxy Service Provider's benchmark recommendation in such an instance, then such requests are evaluated and mitigated pursuant to an Escalation Form review process as described in the Roles and Responsibilities section below. In all cases votes are intended to be in line with the Guidelines and in the best interests of clients.

The Advisers are required to adhere to the baseline standards and guiding principles governing client and personal conflicts as outlined in the TIAA Conflicts of Interest Policy to assist in identifying, escalating and addressing proxy voting conflicts in a timely manner.

____

<sup>‡</sup> Such criteria are defined in a separate standard operating procedure.

#### Roles and responsibilities

#### Nuveen Proxy Voting Committee
1. Annually, review and approve the criteria constituting a Material Conflict involving the individuals and entities named on the Watch List.

2. Review and approve the Policy annually, or more frequently as required.

3. Review Escalation Forms as described above to determine whether the rationale of the recommendation is clearly articulated and reasonable relative to the potential Material Conflict.

4. Review Stewardship Group Material Conflicts reporting.

5. Review and consider any other matters involving the Advisers' proxy voting activities that are brought to the Committee.

#### Nuveen Stewardship Group
1. Promptly disclose Stewardship Group members' Material Conflicts to Nuveen Compliance.

2. Stewardship Group members must recuse themselves from all decisions related to proxy voting for the Portfolio Company seeking the proxy for which they personally have disclosed, or are required to disclose, a Material Conflict.

3. Compile, administer and update the Watch List promptly based on the Watch List criteria described herein as necessary.

4. Evaluate vote recommendations for Portfolio Companies on the Watch List, based on established criteria to determine whether a vote shall default to the third-party Proxy Service Provider, or whether an Escalation Form is required.

5. In instances where an Escalation Form is required as described above, the Stewardship Group reviews and processes the Form, which is then routed to Committee members for prompt approval (including the approval response deadline). Committee members review the form to determine whether a Material Conflict exists and whether the recommendation rationale is clearly articulated and reasonable relative to the existing conflict. A majority vote is required.

6. Provide Nuveen Compliance with established reporting.

7. Prepare Material Conflicts reporting to the Committee and other parties, as applicable.

8. Retain Escalation Forms and responses thereto and all other relevant documentation in conformance with Nuveen's Record Management program.

80&nbsp;&nbsp;&nbsp;&nbsp; **Statement of Additional Information** College Retirement Equities Fund

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#### Advisory Personnel
1. Promptly disclose Material Conflicts to Nuveen Compliance.

2. Provide input and/or vote recommendations to the Stewardship Group upon request. Advisory Personnel are prohibited from providing the Stewardship Group with input and/or recommendations for any Portfolio Company for which they have disclosed, or are required to disclose, a Material Conflict.

3. From time to time as part of the Adviser's normal course of business, Advisory Personnel may initiate an action to override the Guidelines for a particular proposal. For a proxy vote issued by a Portfolio Company on the Watch List, if Advisory Personnel request a vote against the Guidelines and in favor of Portfolio Company management, then the request will be evaluated by the Stewardship Group in accordance with their established criteria and processes described above. To the extent an Escalation Form is required, the Committee reviews the Escalation Form to determine whether the rationale of the recommendation is clearly articulated and reasonable relative to the potential Material Conflict.

#### Nuveen Compliance
1. Determine criteria constituting a Material Conflict involving the individuals and entities named on the Watch List.

2. Determine parties responsible for collection of, and providing identified Material Conflicts to, the Stewardship Group for inclusion on the Watch List.

3. Perform periodic reviews of votes where Material Conflicts have been identified to determine whether the votes were cast in accordance with this Policy.

4. Develop and maintain, in consultation with the Stewardship Group, standard operating procedures to support the Policy.

5. Perform periodic monitoring to determine adherence to the Policy.

6. Administer training to the Advisers and the Stewardship Group, as applicable, to ensure applicable associates understand Material Conflicts and disclosure responsibilities.

7. Assist the Committee with the annual review of this Policy.

#### Nuveen Legal
1. Provide legal guidance as requested.

#### Governance

#### Review and approval
This Policy will be reviewed at least annually and will be updated sooner if changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

#### Implementation
Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

#### Exceptions
Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

College Retirement Equities Fund **[Statement of Additional Information](#document_3)** &nbsp;&nbsp;&nbsp;&nbsp;81

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<br> A10894 (5/26)

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**PART C**

**OTHER INFORMATION**

**Item 32.** **Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (1) [Charter of CREF (as amended)](https://www.sec.gov/Archives/edgar/data/777535/000093041303001419/c27832_ex99-2a.txt) <sup>(4)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [CREF Amended By-Laws December 3, 2013](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-2d.htm) <sup>(17)</sup>

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [CREF Constitution (as amended)](c116000_ex-b3.htm) <sup>[\*](c116000_ex-b3.htm)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (1) Indenture Agreement between CREF and Canada Permanent Trust Company (P)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Master Custodian Agreement dated November 20, 2007 between CREF, State Street Bank and Trust Company ("State Street") and certain other parties thereto](https://www.sec.gov/Archives/edgar/data/777535/000093041308001363/c52339_ex99-3h.htm) <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Custodial Undertaking In Connection with Master Repurchase Agreement dated March 8, 2010 between TIAA-CREF Investment Management, LLC ("TCIM"), Goldman, Sachs & Co. and The Bank of New York Mellon](https://www.sec.gov/Archives/edgar/data/777535/000093041310002128/c60416_ex99-3k.htm) <sup>(10)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Service and Subcontracting Agreement dated April 1, 2021 between Teachers Insurance and Annuity Association of America ("TIAA") and TIAA Shared Services, LLC ("TSS")](https://www.sec.gov/Archives/edgar/data/777535/000093041321000864/c101415_ex99-3d.htm) <sup>(20)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) [Form of April 29, 2022 Amended and Restated Administrative Services Agreement, originally dated January 1, 2009, by and between CREF and TIAA](https://www.sec.gov/Archives/edgar/data/777535/000093041322000911/c103425_ex-e1.htm) <sup>(21)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Form of April 29, 2022 Amended and Restated Principal Underwriting and Distribution Services Agreement, originally dated January 1, 2009, by and between CREF and TIAA-CREF Individual & Institutional Services, LLC ("Services")](https://www.sec.gov/Archives/edgar/data/777535/000093041322000911/c103425_ex-e2.htm) <sup>(21)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Schedule C (2026 Reimbursement Rates) effective May 1, 2026 to the Administrative Services Agreement between CREF and TIAA](c116000_ex-e3.htm) <sup>[\*](c116000_ex-e3.htm)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Schedule B (2026 Reimbursement Rates) effective May 1, 2026 to the Principal Underwriting and Distribution Services Agreement between CREF and Services](c116000_ex-e4.htm) <sup>[\*](c116000_ex-e4.htm)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (1) [Retirement Unit-Annuity Certificate](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Supplemental Retirement Unit-Annuity Certificate](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Deferred Unit-Annuity Endorsement](https://www.sec.gov/Archives/edgar/data/777535/000093041314002154/c76422_ex99-6bi.htm) <sup>(13)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Deferred Unit-Annuity Endorsement](https://www.sec.gov/Archives/edgar/data/777535/000093041314002154/c76422_ex99-6bii.htm) <sup>(13)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Deferred Unit-Annuity Endorsement - Minimum Distribution Unit-Annuity Election Endorsement](https://www.sec.gov/Archives/edgar/data/777535/000093041314002154/c76422_ex99-6biii.htm) <sup>(13)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Deferred Unit-Annuity Endorsement](https://www.sec.gov/Archives/edgar/data/777535/000093041314002154/c76422_ex99-6biv.htm) <sup>(13)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Form of Deferred Unit-Annuity Endorsement - Income Test Drive Unit-Annuity Election Endorsement (C-DA-OPT-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041318001514/c90836_ex99-6bv.htm) <sup>(17)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Form of Deferred Unit-Annuity Endorsement - Income Test Drive Unit-Annuity Election Endorsement (C-GDA-OPT-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041318001514/c90836_ex99-6bvi.htm) <sup>(17)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The following Unit-Annuity Certificates representing distinct Income Options available under RA and SRA Certificates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Life Unit-Annuity](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Life Unit-Annuity with Minimum Guaranteed Period](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Accumulation-Unit Deposit Certificate (payable as a death benefit only)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Group Retirement Annuity Contract (including Specimen of Group Retirement Unit-Annuity Certificate and Agreement with Trustee)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Form of Election Agreement between CREF and Employer (for Group Retirement Annuity Contract)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Group Retirement Unit-Annuity Contract (for use in Oregon)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Group Retirement Unit-Annuity Certificate (for use in Oregon)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Endorsement to Retirement Unit-Annuity and Supplemental Retirement Unit-Annuity Certificates (reflecting addition of Money
Market Account)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Rollover Individual Retirement Unit-Annuity Certificate](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Following Certificates representing CREF Income Options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Life Unit-Annuity](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Life Unit-Annuity with Minimum Guaranteed Period](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Last Survivor Life Unit-Annuity](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Joint and Survivor Life Unit-Annuity](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Last Survivor Life Unit-Annuity with Minimum Guaranteed Period](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Joint and Survivor Life Unit-Annuity with Minimum Guaranteed Period](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Unit-Annuity Certain](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Minimum Distribution Option](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Accumulation-Unit Deposit Certificate (payable as a death benefit only)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) (i) [Endorsement to in-force Supplemental Retirement Unit-Annuity Certificates (reflecting addition of Global Equities Account and IRC Withdrawal Restrictions)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Endorsement to in-force Supplemental Retirement Unit-Annuity Certificates (reflecting addition of Minimum Distribution Annuity)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Endorsement to new issues of the Supplemental Retirement Unit-Annuity Certificate (reflecting addition of Money Market, Bond Market, Social Choice, and Global Equities Accounts, Deletion of a CREF Account or Unit-Annuity, transfers to CREF or TIAA, addition of Minimum Distribution Annuity, addition of Spouse's Rights to Benefits, and IRC Withdrawal Restrictions)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) (i) [Endorsement to in-force Retirement Unit-Annuity Certificates (reflecting addition of Global Equities Account and IRC Withdrawal Restrictions)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Endorsement to in-force Retirement Unit-Annuity Certificates (reflecting addition of Minimum Distribution Annuity and availability of Unit-Annuity for a Fixed Period)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Endorsement to new issues of the Retirement Unit-Annuity Certificate (reflecting addition of Money Market, Bond Market, Social Choice and Global Equities Accounts, deletion of CREF Account or Unit-Annuity, availability of transfers to Approved Funding Vehicles, Cash Withdrawals, availability of Unit-Annuity for a Fixed Period, Right to Split Certificate, addition of Minimum Distribution Annuity, addition of Spouse's Rights to Benefits, and IRC Withdrawal Restrictions)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) (i) [Endorsement to in-force Group Supplemental Retirement Unit-Annuity Certificates (reflecting addition of the Global Equities Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Endorsement to in-force and some new issues of the Group Supplemental Retirement Unit-Annuity Certificate (reflecting addition of Minimum Distribution Annuity)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Endorsement to new issues of the Group Supplemental Retirement Unit-Annuity Certificate (reflecting addition of the Global Equities Account, and deletion of a CREF Account or Unit-Annuity and addition of the Minimum Distribution Annuity)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Endorsement to Group Supplemental Retirement Unit-Annuity certificates for 401(k) retirement plans (reflecting annuity starting date, availability of lump-sum benefits and IRC Withdrawal Restrictions)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Endorsement to CREF Group Supplemental Retirement Unit-Annuity Certificate <sup>(</sup>](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6jv.htm) <sup>12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) (i) [Endorsement to in-force Group Retirement Unit-Annuity Certificates Issued on or After 3/1/91 (reflecting addition of the Global Equities Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Endorsement to in-force Group Retirement Unit-Annuity Certificates Issued Before 3/1/91 (reflecting addition of the Global Equities Account and IRC Withdrawal Restrictions)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Endorsement to in-force Group Retirement Unit-Annuity Certificate (reflecting addition of Minimum Distribution Annuity and availability of Annuity for a Fixed Period)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Endorsement to in-force Group Retirement Unit-Annuity Certificate (reflecting addition of Minimum Distribution Annuity, availability of Annuity for a Fixed Period and IRC Withdrawal Restrictions)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Endorsement to Your CREF Minimum Distribution Annuity Certificate](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6kv.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) [Endorsement to new issues of Retirement Unit-Annuity Certificates and Supplemental Retirement Unit-Annuity Certificates (reflecting restatement of accumulation unit value on 12/21/86 and inclusion of net dividend income in value of accumulation unit beginning 1/1/87)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Endorsement to new and in-force issues of CREF Retirement Unit-Annuity Certificate, Supplemental Retirement Unit-Annuity Certificate, Group Retirement Unit-Annuity Certificate, Group Supplemental Retirement Unit-Annuity Certificate, Rollover IRA Certificate, Minimum Distribution Annuity Certificate and Accumulation-Unit Deposit Certificate (reflecting addition of the Growth Account and the Equity Index Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) [Endorsement to Group Retirement Unit-Annuity Certificate (reflecting addition of Social Choice Account payout option)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Endorsement to CREF Certificates (reflecting yearly transfer to Minimum Distribution Annuity Certificate)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Endorsement to CREF Certificates (reflecting allocation and transfer options, CREF's right to split certificate, and CREF's right to delete Bond Market or Social Choice Account or to stop providing Unit-Annuities thereunder)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) (i) [Endorsement to in-force Minimum Distribution Annuity Certificates (non-cashable) (reflecting addition of the Global Equities Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Endorsement to new issues of the Minimum Distribution Annuity Certificate (non-cashable) (reflecting addition of the Global Equities Account, definition of Annuity Unit, and deletion of a CREF account or Unit-Annuity)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) (i) [Endorsement to in-force Minimum Distribution Annuity Certificates (cashable) (reflecting addition of the Global Equities Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Endorsement of new issues of Minimum Distribution Annuity Certificates (cashable)(reflecting addition of the Global Equities Account, definition of Annuity Unit, and deletion of a CREF Account or Unit-Annuity)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) [Endorsement to new issues of Unit-Annuity Certificates (reflecting addition of the Global Equities Account and deletion of a Unity-Annuity)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) (i) [Endorsement to Retirement Unit-Annuity Certificate (reflecting addition of the Inflation-Linked Bond Account and Right to a Tax-Free Rollover)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Endorsement to Supplemental Retirement Unit-Annuity Certificate (reflecting addition of the Inflation-Linked Bond Account and Right to a Tax-Free Rollover)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Endorsement to Rollover Individual Retirement Unit-Annuity Certificate (reflecting addition of the Inflation-Linked Bond Account and Right to a Tax-Free Rollover)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Endorsement to Group Retirement Unit-Annuity Certificate (reflecting addition of the Inflation-Linked Bond Account and Right to a Tax-Free Rollover)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Endorsement to Group Supplemental Retirement Unit-Annuity Certificate (reflecting addition of the Inflation-Linked Bond Account and Right to a Tax-Free Rollover)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Endorsement to Minimum Distribution Annuity Certificate (reflecting addition of the Inflation-Linked Bond Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Endorsement to CREF Unit-Annuity Certificates (reflecting addition of the Inflation-Linked Bond Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Endorsement to CREF Accumulation-Unit Deposit Certificate (reflecting addition of the Inflation-Linked Bond Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [Endorsement to Group Supplemental Retirement Annuity Certificate (for participants in the Alternative Plan to Social Security)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [Forms of CREF Group Unit Annuity](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex99-6tx.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [Forms of CREF After-Tax Retirement Unit Annuity](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex99-6txi.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [Forms of CREF Individual Retirement Unit Annuity](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex99-6txii.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [Forms of CREF Roth Individual Retirement Unit Annuity](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex99-6txiii.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [Endorsement to Deferred Unit Annuity Certificate (clarifies determination of death benefit)](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex6txiv-ind.htm) <sup>(8)</sup>

(xv)(a) [Endorsement to CREF Retirement Unit-Annuity and CREF Group Retirement Unit-Annuity](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6txv.htm)<sup>(8)</sup>

(xv)(b) [Endorsement to CREF Supplemental Retirement Unit-Annuity and CREF Group Retirement Unit-Annuity (reflects changes resulting from EGTRRA of 2001)](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex99-6txvgra.htm)<sup>(8)</sup> <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [Endorsement to CREF Supplemental Retirement Unit-Annuity and CREF Group Retirement Unit-Annuity (internal transfers and guarantees for transfers to TIAA) – C996.2](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex99-6txvi.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [Endorsement to CREF Deferred Unit-Annuity Certificate (revises default premium allocation to employer retirement plan's rules, or if none, to the CREF Money Market Account)](https://www.sec.gov/Archives/edgar/data/777535/000093041309002263/c56753_ex6txvii.htm) <sup>(9)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [Endorsement to CREF Group Unit-Annuity Contract](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6txviii.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [Endorsement to Your CREF Accumulation-Unit Deposit Certificate](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6txix.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) [Endorsement to Your CREF Deferred Unit-Annuity Certificate <sup>(</sup>](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6txx.htm) <sup>12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) [Endorsement to Your CREF Immediate Unit-Annuity Certificate](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6txxi.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) [Endorsement to Your CREF Deferred Annuity Certificate (C-CERT-MULTI-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041315001958/c79697_ex99-6txxii.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) [Endorsement to Your CREF Deferred Annuity Certificate (C-GCERT-MULTI-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041315001958/c79697_ex99-6txxiii.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) [Endorsement to Your CREF Deferred Annuity Certificate (C-CONT-MULTI-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041315001958/c79697_ex99-6txiv.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) [Endorsement to Your CREF Group Supplemental Retirement Unit-Annuity Certificate (C-GSRA-PAL-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex99-6txvsra.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) [Endorsement to Your CREF Group Retirement Unit-Annuity Certificate (C-GRA- RPL-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041321000864/c101415_ex99-6txvi.htm) <sup>(20)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) [Endorsement to Your CREF Group Supplemental Retirement Annuity Certificate (C-GSRA-CPMS-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041321000864/c101415_ex99-6txvii.htm) <sup>(20)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) [Endorsement to Your CREF Annuity Certificate (C-IA-SECURE-E1-NY-1)](https://www.sec.gov/Archives/edgar/data/777535/000093041321000864/c101415_ex99-6txviii.htm) <sup>(20)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) [Endorsement to Your CREF Annuity Certificate (C-IA-SECURE-E1-NY-2)](https://www.sec.gov/Archives/edgar/data/777535/000093041321000864/c101415_ex99-6txix.htm) <sup>(20)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) [Endorsement to Your CREF Retirement Unit-Annuity Certificate (C-RA-RPL-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041321000864/c101415_ex99-6txx.htm) <sup>(20)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) [Endorsement to Your CREF Supplemental Retirement Unit-Annuity Certificate (C-SRA-RPL-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041321000864/c101415_ex99-6txxi.htm) <sup>(20)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) [Endorsement to Your CREF Deferred Annuity Certificate (Name Change of Bond Market Account) (C-DA-BOND-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041322000911/c103425_ex-f20xxxii.htm) <sup>(21)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) [Endorsement to Your CREF Deferred Annuity Contract (Name Change of Bond Market Account) (C-CONT-BOND-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041322000911/c103425_ex-f20xxxiii.htm) <sup>(21)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) [Endorsement to Your CREF Deferred Annuity Certificate (Name Change of Bond Market Account) (C-GCERT-BOND-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041322000911/c103425_ex-f20xxxiv.htm) <sup>(21)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) [Endorsement to Your CREF Unit-Annuity Certificate (Name Change of Bond Market Account) (C-IA-BOND-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041322000911/c103425_ex-f20xxxv.htm) <sup>(21)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) [Endorsement to Your CREF Group Supplemental Retirement Annuity Certificate (modifies provisions of your CREF GSRA) (C-GSRA-CPMS-E2)](https://www.sec.gov/Archives/edgar/data/777535/000093041322000911/c103425_ex-f20xxxvi.htm) <sup>(21)</sup>

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) [Endorsement to Your CREF Deferred Annuity Contract (C-GDA-NAME-E1)](c116000_ex-f20xxxvii.htm) <sup>[\*](c116000_ex-f20xxxvii.htm)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) [Endorsement to Your CREF Deferred Annuity Certificate (C-DA-NAME-E1)](c116000_ex-f20xxxviii.htm) <sup>[\*](c116000_ex-f20xxxviii.htm)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxix) [Endorsement to Your CREF Deferred Annuity Certificate (C-GDACERT-NAME-E1)](c116000_ex-f20xxxix.htm) <sup>[\*](c116000_ex-f20xxxix.htm)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) [Endorsement to Your CREF Unit-Annuity Certificate (C-IA-NAME-E1)](c116000_ex-f20xl.htm) <sup>[\*](c116000_ex-f20xl.htm)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) [Forms of Retirement Select, Retirement Select Plus and CREF Retirement Unit-Annuity Certificate Endorsements and Certificates](https://www.sec.gov/Archives/edgar/data/777535/000093041304002311/c31671_ex99-6u.txt) <sup>(5)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) [Forms of CREF Retirement Choice Annuity Contract and Retirement Choice Plus Annuity Contract](https://www.sec.gov/Archives/edgar/data/777535/000093041305003241/c36929_ex-6v.htm) <sup>(6)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Retirement Choice Annuity Certificate - Group Flexible Premium Deferred Variable Annuity Certificate (CIGRS-CERT2)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6vi.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Retirement Choice Annuity Certificate - Group Flexible Premium Deferred Variable Annuity Certificate (CIGRSP-CERT2)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6vii.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Retirement Choice Annuity Certificate](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6viii.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Retirement Choice Plus Annuity Certificate](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6viv.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [Endorsement to Your CREF Group Deferred Unit-Annuity Certificate](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6vv.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [Endorsement to Your CREF Group Unit-Annuity Contract](https://www.sec.gov/Archives/edgar/data/777535/000093041313002519/c72834_ex99-6vvi.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [Endorsement to Your CREF Annuity Certificate (CREF-72S-E2)](https://www.sec.gov/Archives/edgar/data/777535/000093041316006671/c84080_ex6-vvii.htm) <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [Retirement Choice Plus Annuity Certificate (CIGRSP-CERT3A)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vviii.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) [Retirement Choice Annuity Certificate (CIGRSP-CERT-TR)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vix.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [Endorsement to Your CREF Retirement Choice Plus Annuity Certificate (C-RCP-CERT-PAL-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vx.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) [Endorsement to Your CREF Retirement Choice Annuity Certificate (C-RC-PAL-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxi.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [Retirement Choice Plus Non-ERISA Annuity Certificate (CIGRSPNE-CERT1)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxii.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) [Retirement Choice Annuity Contract (GICRS-02)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxiii.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) [Endorsement to Your CREF Retirement Choice Annuity Contract (C-RC-PAL-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxiv.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) [Retirement Choice Plus Annuity Contract (CIGRSP-TR) <sup>(</sup>](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxv.htm) <sup>16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) [Retirement Choice Plus Annuity Contract (CIGRSP-02A)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxvi.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) [Endorsement to Your CREF Retirement Choice Plus Annuity Contract (C-RCP-PAL-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxvii.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) [Application for TIAA and CREF Retirement Choice Plus Annuity Contracts (RCPTRUST-APP)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxviii.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) [Application for CREF Retirement Choice Plus Non-ERISA Annuity Contract (CIGRSPNE-APP)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxix.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) [Retirement Choice Plus Non-ERISA Annuity Contract (CIGRSPNE-MC)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6vxx.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) [Endorsement to your CREF Retirement Choice Annuity Contract or Your CREF Retirement Choice Plus Annuity Contract (CIGRS-CPMS-E2)](https://www.sec.gov/Archives/edgar/data/777535/000093041319001303/c93312_ex99-6vxxi.htm) <sup>(18)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) [Endorsement to your CREF Retirement Choice Annuity Certificate or Your CREF Retirement Choice Plus Annuity Certificate (CIGRS-CRT-CPMS-E2)](https://www.sec.gov/Archives/edgar/data/777535/000093041319001303/c93312_ex99-6vxxii.htm) <sup>(18)</sup>

(xxii)(a) [Multiple Employer Plan Retirement Choice Annuity Contract Application, Contract and Certificate: <sup>(19)</sup>](https://www.sec.gov/Archives/edgar/data/777535/000093041320001148/c95480_ex99-6vxxiia.htm)

[Multiple Employer Plan Retirement Choice Annuity Contract Application, (APCIGRS-MEP-01-APP)](https://www.sec.gov/Archives/edgar/data/777535/000093041320001148/c95480_ex99-6vxxiia.htm)

[Multiple Employer Plan Retirement Choice Annuity Contract (CIGRS-MEP-01)](https://www.sec.gov/Archives/edgar/data/777535/000093041320001148/c95480_ex99-6vxxiia.htm)

[Multiple Employer Plan Retirement Choice Annuity Certificate (CIGRS-MEP-01-CERT)](https://www.sec.gov/Archives/edgar/data/777535/000093041320001148/c95480_ex99-6vxxiia.htm)

(xxii)(b) [Multiple Employer Plan Retirement Choice Plus Annuity Application, Contract and Certificate: <sup>(19)</sup>](https://www.sec.gov/Archives/edgar/data/777535/000093041320001148/c95480_ex99-6vxxiib.htm)

[Multiple Employer Plan Retirement Choice Plus Annuity Application (APCIGRSP-MEP-01-APP)](https://www.sec.gov/Archives/edgar/data/777535/000093041320001148/c95480_ex99-6vxxiib.htm)

[Multiple Employer Plan Retirement Choice Plus Annuity Contract (CIGRSP-MEP-01)](https://www.sec.gov/Archives/edgar/data/777535/000093041320001148/c95480_ex99-6vxxiib.htm)

[Multiple Employer Plan Retirement Choice Plus Annuity Certificate (CIGRSP-MEP-01-CERT)](https://www.sec.gov/Archives/edgar/data/777535/000093041320001148/c95480_ex99-6vxxiib.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) [Retirement Choice Annuity Contract (CIGRS-TR01)](https://www.sec.gov/Archives/edgar/data/777535/000093041323001406/c105938_exf22-xxiii.htm) <sup>(22)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) [Retirement Choice Annuity Certificate (CIGRS-TR01-CERT)](https://www.sec.gov/Archives/edgar/data/777535/000093041323001406/c105938_ex99-f22xxiv.htm) <sup>(22)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) [Retirement Choice Plus Annuity Contract (CIGRSP-TR01](https://www.sec.gov/Archives/edgar/data/777535/000093041323001406/c105938_exf22-xxv.htm) <u>)</u> <sup></sup> <sup>(22)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) [Retirement Choice Plus Annuity Certificate (CIGRSP-TR01-CERT)](https://www.sec.gov/Archives/edgar/data/777535/000093041323001406/c105938_ex99-f22xxvi.htm) <sup></sup> <sup>(22)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) [IRA Certificate for Individual Flexible Premium Deferred Variable Unit-Annuity (CREF-IRA-01)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6w.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Endorsement to Your CREF IRA Certificate Individual Flexible Premium Deferred Variable Unit-Annuity (CIRA-2007-LRM)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6wi.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [CREF Non-Qualified Deferred Annuity Certificate (CREF-IRA-02)](https://www.sec.gov/Archives/edgar/data/777535/000093041318001514/c90836_ex99-6wii.htm) <sup>(17)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) [Roth IRA Certificate for Individual Flexible Premium Deferred Variable Unit-Annuity (CREF-Roth-01)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6x.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Endorsement to Your CREF Roth IRA Certificate Individual Flexible Premium Deferred Variable Unit-Annuity (CROTH-2007-LRM)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6xi.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) [Endorsement to Your CREF Unit-Annuity Contract (CEW-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6y.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) [Endorsement to Your CREF Unit-Annuity Contract (CEW-CRT-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6z.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) [Group Accumulation Contract (CLC-CREF)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6aa.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) [Endorsement to Your CREF Retirement Choice Unit-Annuity Contract or CREF Retirement Choice Plus Unit-Annuity Contract (CIGRSP-EACCT-E2)](https://www.sec.gov/Archives/edgar/data/777535/000093041311003249/c64397_ex99-6bb.htm) <sup>(11)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) (i) [Endorsement to Your CREF Retirement Choice Annuity Contract or Your Retirement Choice Plus Annuity Contract (CIGRS-CPMS-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041316006671/c84080_ex6-bbi.htm) <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Endorsement to Your CREF Retirement Choice Annuity Certificate or CREF Retirement Choice Plus Annuity Certificate (CIGRS-CRT-CPMS-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041316006671/c84080_ex6-bbii.htm) <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) [Endorsement to Your CREF Unit-Annuity Contract (C-IA-MULTI-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041315001958/c79697_ex99-6cc.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) [Endorsement to Your CREF Funding Agreement (C-FA-MULTI-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041315001958/c79697_ex99-6dd.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) [Your CREF Deferred Unit-Annuity Endorsement – Minimum Distribution Unit-Annuity Election Endorsement (C-MD-NC-PO-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041315001958/c79697_ex99-6ee.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) [Your CREF Deferred Unit-Annuity Endorsement – Minimum Distribution Unit-Annuity Election Endorsement (C-MD-NC-NEW-PO-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041315001958/c79697_ex99-6ff.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) [Your CREF Deferred Unit-Annuity Endorsement – Minimum Distribution Unit-Annuity Election Endorsement (C-G-MD-NC-PO-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041315001958/c79697_ex99-6gg.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) [Your CREF Deferred Unit-Annuity Endorsement – Minimum Distribution Unit-Annuity Election Endorsement (C-G-MD-NEW-PO-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041315001958/c79697_ex99-6hh.htm) <sup>(14)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) [Minimum Distribution Unit – Annuity Election Endorsement (C-MD-NC-ATRA-PO-E1)](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-6ii.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (1) Application for Retirement Unit-Annuity Certificate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Application for Retirement Unit-Annuity Contracts](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Application for Retirement Unit-Annuity Contracts (for retirement plans not covered by ERISA)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Application for CREF Retirement Choice Annuity Contract (CIGRS-02-APP)](https://www.sec.gov/Archives/edgar/data/777535/000093041316006671/c84080_ex7-aiii.htm) <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Application for CREF Retirement Choice Plus Annuity Contract (CIGRSP-02-APP)](https://www.sec.gov/Archives/edgar/data/777535/000093041316006671/c84080_ex7-aiv.htm) <sup>(15)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Application for Supplemental Retirement Unit-Annuity Certificate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Application for Supplemental Retirement Annuity Contracts](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Application for Supplemental Retirement Annuity Contracts (for retirement plans not covered by ERISA)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) (i) [Application for Institutionally Owned Retirement Annuity Contracts](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Applications for Institutionally Owned Retirement Annuity Contracts with Delayed Vesting](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Application for Institutionally Owned Retirement Annuity Contracts with Delayed Vesting (for retirement plans not covered by ERISA)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Application for Group Retirement Unit-Annuity Contract in Oregon](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) (i) [Enrollment Form for Group Retirement Annuity Certificates](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Enrollment Form for Group Retirement Annuity Certificates (for retirement plans not covered by ERISA)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Application for Rollover Individual Retirement Annuity Contracts](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (i) Application for Retirement Annuity Contracts Under a Registered Pension Plan (RPP) (P)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Application for Retirement Annuity Contracts under a Registered Retirement Savings Plan (RRSP) in Canada (P)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) [Applications for Annuity Benefits](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) (i) [Enrollment Form for Group Supplemental Retirement Annuity Certificates](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Enrollment Form for Group Supplemental Retirement Annuity Certificates (for retirement plans not covered by ERISA)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) (i) [Enrollment Form for Institutionally Owned Group Retirement Annuity Certificates with Delayed Vesting](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Enrollment Form for Institutionally Owned Group Retirement Annuity Certificates with Delayed Vesting (for retirement plans not covered by ERISA)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) (i) [Enrollment Form for Two Sets of Group Retirement Annuity Certificates — One Set Providing for Delayed Vesting](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Enrollment Form for Two Sets of Group Retirement Annuity Certificates — One Set Providing for Delayed Vesting (for retirement plans not covered by ERISA)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) (i) [Enrollment Form for Two Sets of Group Retirement Annuity Certificates](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Enrollment Form for Two Sets of Group Retirement Annuity Certificates (for retirement plans not covered by ERISA)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) (i) [CREF Keogh Certificate](https://www.sec.gov/Archives/edgar/data/777535/000093041300000737/0000930413-00-000737.txt) <sup>(3)</sup>

(ii)(a) [Enrollment Forms for Keogh Certificates (employee)](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex7lii-emp.htm) <sup>(8)</sup>

(ii)(b) [Enrollment Forms for Keogh Certificates (business owner)](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex7lii-bus.htm)<sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) [Application for Traditional, Roth, and SEP IRA contracts](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex7m-1.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) (i) [Enrollment Forms in various combinations for the following contracts/certificates: Retirement Unit-Annuity, Supplemental Retirement Unit-Annuity, Group Retirement Unit-Annuity, and Group Supplemental Retirement Unit-Annuity](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex7n-1.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Enrollment Forms in various combinations for the following contracts/certificates: Retirement Unit-Annuity, Supplemental Retirement Unit-Annuity, Group Retirement Unit-Annuity, and Group Supplemental Retirement Unit-Annuity (with spousal waiver)](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex7n-no1.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) [Enrollment Form for Group Supplemental Retirement Annuity Certificates for institutionally owned deferred compensation plans](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex7o-1.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) [Enrollment Form for Group Retirement Annuity Certificates for institutionally owned deferred compensation plans](https://www.sec.gov/Archives/edgar/data/777535/000093041308002646/c52960_ex7p-2.htm) <sup>(8)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (1) [TIAA-CREF Non-Employee Trustee and Member Long-Term Compensation Plan](https://www.sec.gov/Archives/edgar/data/777535/000093041308001363/c52339_ex99-10c.htm) <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [TIAA-CREF Non-Employee Trustee and Member Deferred Compensation Plan](https://www.sec.gov/Archives/edgar/data/777535/000093041308001363/c52339_ex99-10d.htm) <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (1) [Investment Accounting Agreement dated as of November 20, 2007 between CREF, State Street and certain other parties thereto](https://www.sec.gov/Archives/edgar/data/777535/000093041308001363/c52339_ex99-11s.htm) <sup>(7)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Form of May 1, 2016 Amended and Restated Investment Management Services Agreement by and between CREF and TCIM](https://www.sec.gov/Archives/edgar/data/777535/000093041317001773/c87822_ex99-11bb.htm) <sup>(16)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Money Market Account Expense Waiver Recoupment Agreement between CREF and TIAA dated April 29, 2022](https://www.sec.gov/Archives/edgar/data/777535/000093041322000911/c103425_ex-k3.htm) <sup>(21)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Form of Investment Management Agreement by and between the subsidiary of CREF Social Choice Account and TCIM](https://www.sec.gov/Archives/edgar/data/777535/000093041325000770/c111900_ex-k5.htm) <sup>(24)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [CREF Social Choice Account Taxable Offshore Limited Appointment of Agent for Service of Process dated as of December 11, 2024](https://www.sec.gov/Archives/edgar/data/777535/000093041325000770/c111900_ex-k6.htm) <sup>(24)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) [Schedule B (2026 Reimbursement Rates) effective May 1, 2026 to the Amended and Restated Investment Management Services Agreement between CREF and TCIM](c116000_ex-k6.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (1) [Form of Trustee Indemnification Agreement dated May 14, 2020](c116000_ex-l1.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (1) [Opinion and Consent of Rachael M. Zufall, Esq.](c116000_ex-m1.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Consent of Dechert LLP](c116000_ex-m2.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [Consent of PricewaterhouseCoopers LLP](c116000_ex-n.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) None

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Contribution Agreement between CREF and TIAA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Contribution Agreement between CREF and TIAA (for Money Market Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Seed Money Agreement between CREF and TIAA (for Global Equities Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Seed Money Agreement between CREF and TIAA (for Equity Index and Growth Accounts)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-99-000124.txt) <sup>(2)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Seed Money Agreement between CREF and TIAA (for Inflation-Linked Bond Account)](https://www.sec.gov/Archives/edgar/data/777535/0000930413-97-000059.txt) <sup>(1)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) (1) [Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC ("Advisers") Employee Trading Supplemental Policy](https://www.sec.gov/Archives/edgar/data/777535/000093041318001514/c90836_ex99-16d.htm) <sup>(17)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Supplement to Nuveen Code of Ethics For Independent Trustees of the TIAA-CREF Funds Complex](https://www.sec.gov/Archives/edgar/data/777535/000093041318001514/c90836_ex99-16e.htm) <sup>(17)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Nuveen Code of Ethics effective January 6, 2026](c116000_ex-q3.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Form of Initial Summary Prospectuses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Summary Prospectus for New Investors for CREF dated as of May 1, 2026](c116000_ex-r1.htm) <sup>\*</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Schedules for Computation of Performance Quotations (N/A)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) (1) [Powers of Attorney for Forrest Berkley, Nancy A. Eckl, Howell E. Jackson and James M. Poterba](https://www.sec.gov/Archives/edgar/data/777535/000093041314002154/c76422_ex99-18b.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Power of Attorney for Janice C. Eberly](https://www.sec.gov/Archives/edgar/data/777535/000093041318001514/c90836_ex99-18a.htm) <sup>(12)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Powers of Attorney for Joseph A. Carrier and Nicole Thorne Jenkins](https://www.sec.gov/Archives/edgar/data/777535/000093041323001406/c105938_ex99-t4.htm) <sup></sup> <sup>(22)</sup>

\* Filed herewith. <br> (P) Paper filing

(1) Previously filed in Post-effective Amendment No. 26 to Form N-3 dated February 11, 1997 (File No. 033-00480) and incorporated
herein by reference.

(2) Previously filed in Post-effective Amendment No. 30 to Form N-3 dated February 19, 1999 (File No. 033-00480) and incorporated
herein by reference.

(3) Previously filed in Post-effective Amendment No. 32 to Form N-3 dated April 26, 2000 (File No. 033-00480) and incorporated
herein by reference.

(4) Previously filed in Post-effective Amendment No. 35 to Form N-3 dated April 29, 2003 (File No. 033-00480) and incorporated
herein by reference.

(5) Previously filed in Post-effective Amendment No. 36 to Form N-3 dated April 30, 2004 (File No. 033-00480) and incorporated
herein by reference.

(6) Previously filed in Post-effective Amendment No. 40 to Form N-3 dated May 1, 2007 (File No. 033-00480) and incorporated herein
by reference.

(7) Previously filed in Post-effective Amendment No. 41 to Form N-3 dated February 29, 2008 (File No. 033-00480) and incorporated
herein by reference.

(8) Previously filed in Post-effective Amendment No. 42 to Form N-3 dated May 1, 2008 (File No. 033-00480) and incorporated herein
by reference.

(9) Previously filed in Post-effective Amendment No. 43 to Form N-3 dated May 1, 2009 (File No. 033-00480) and incorporated herein
by reference.

(10) Previously filed in Post-effective Amendment No. 44 to Form N-3 dated May 1, 2010 (File No. 033-00480) and incorporated herein
by reference.

(11) Previously filed in Post-effective Amendment No. 45 to Form N-3 dated May 1, 2011 (File No. 033-00480) and incorporated herein
by reference.

(12) Previously filed in Post-effective Amendment No. 47 to Form N-3 dated May 1, 2013 (File No. 033-00480) and incorporated herein
by reference.

(13) Previously filed in Post-effective Amendment No. 48 to Form N-3 dated April 30, 2014 (File No. 033-00480) and incorporated
herein by reference.

(14) Previously filed in Post-effective Amendment No. 50 to Form N-3 dated April 24, 2015 (File No. 033-00480) and incorporated
herein by reference.

(15) Previously filed in Post-effective Amendment No. 51 to Form N-3 dated April 27, 2016 (File No. 033-00480) and incorporated
herein by reference.

(16) Previously filed in Post-effective Amendment No. 52 to Form N-3 dated April 27, 2017 (File No. 033-00480) and incorporated
herein by reference.

(17) Previously filed in Post-effective Amendment No. 53 to Form N-3 dated April 26, 2018 (File No. 033-00480) and incorporated
herein by reference.

(18) Previously filed in Post-effective Amendment No. 54 to Form N-3 dated April 25, 2019 (File No. 033-00480) and incorporated
herein by reference.

(19) Previously filed in Post-effective Amendment No. 55 to Form N-3 dated April 23, 2020 (File No. 033-00480) and incorporated
herein by reference.

(20) Previously filed in Post-effective Amendment No. 56 to Form N-3 dated April 23, 2021 (File No. 033-00480) and incorporated
herein by reference.

(21) Previously filed in Post-effective Amendment No. 60 to Form N-3 dated April 29, 2022 (File No. 033-00480) and incorporated
herein by reference.

(22) Previously filed in Post-effective Amendment No. 61 to Form N-3 dated April 27, 2023 (File No. 033-00480) and incorporated
herein by reference.

(23) Previously filed in Post-effective Amendment No. 62 to Form N-3 dated April 25, 2024 (File No. 033-00480) and incorporated
herein by reference.

(24) Previously filed in Post-effective Amendment No. 63 to Form N-3 dated February 28, 2025 (File No. 033-00480) and incorporated
herein by reference.

(25) Previously filed in Post-effective Amendment No. 64 to Form N-3 dated April 28, 2025 (File No. 033-00480) and incorporated
herein by reference.

**Item 33.** **Directors and Officers of the Insurance Company**

Not Applicable.

**Item 34.** **Persons Controlled by or Under Common Control with the Insurance Company or Registrant**

The Registrant disclaims any assertion that its investment adviser, TIAA-CREF Investment Management, LLC ("TCIM"), or the parent company or any affiliate of TCIM directly or indirectly controls the Registrant or is under common control with the Registrant. Additionally, all of the persons that serve on the Management Committee of TIAA Separate Account VA-1 ("VA-1"), which has an affiliate of TCIM as its investment adviser, also serve on the Board of the Registrant. In addition, the Registrant and VA-1 have some officers in common. Nonetheless, the Registrant takes the position that it is not under common control with VA-1 because the power residing in the respective board or management committee and officers arises as the result of an official position with the respective investment companies.

The Registrant, through the CREF Social Choice Account, wholly owns and controls CREF Social Choice Account Taxable Offshore Limited (the "Subsidiary"), a company organized under the laws of the Cayman Islands. The Subsidiary's financial statements will be included, on a consolidated basis, in, as applicable, the CREF Social Choice Account's annual and semi-annual reports to shareholders.

**Item 35.** **Indemnification**

Governors, Trustees, officers and employees of CREF may be indemnified against liabilities and expenses incurred in such capacity pursuant to Article Five of CREF's bylaws. Article Five provides that, to the extent permitted by laws, CREF will indemnify any person made or threatened to be made a party to any action, suit or proceeding by reason of the fact that such person is or was an governor, Trustee, officer or employee of CREF or, while an governor, Trustee, officer or employee of CREF, served any other organization in any capacity at CREF's request. Article Five also provides, however, that no person shall be indemnified for any liabilities or expenses arising by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of office. In addition, it provides that no person shall be indemnified unless such person acted in good faith and in the reasonable belief that such action was in the best interests of CREF and, with respect to any criminal action or proceeding, such person had no reasonable cause to believe the conduct was unlawful. Article Five provides reasonable and fair means for determining whether any person is entitled to indemnification. If certain conditions are met, CREF may pay liabilities or expenses in advance of the final disposition of the action, suit or proceeding. No indemnification payment may be made unless a notice concerning the payment has been filed with the New York State Superintendent of Insurance. CREF has in effect an insurance policy that will indemnify its governors, Trustees, officers and employees for liabilities arising from certain forms of conduct.

The Trustees have also entered into an indemnification agreement with CREF under which CREF has agreed to: (i) indemnify the Trustees against any expenses reasonably incurred by the Trustee in any proceeding arising out of or in connection with the Trustees' service to CREF to the maximum extent permitted by applicable law, and (ii) advance funds to the Trustees to cover such expenses, to the fullest extent permitted by applicable law, in each case subject to certain conditions and procedures. The indemnification rights and obligations included in the indemnification agreement are intended to set forth separate and uniform contractual rights and obligations, notwithstanding any differences in terms of indemnification across the organizational documents of the various registrants the Trustees serve, subject only to the laws applicable to each registrant. These rights and obligations are in addition to, and not exclusive of, those in CREF's bylaws.

In addition, CREF has in effect insurance policies that will indemnify its governors, Trustees, officers and employees for liabilities arising from certain forms of conduct.

**Item 36.** **Business and Other Connections of Investment Adviser**

Investment advisory services for CREF's investment accounts are provided by TCIM. In this connection, TCIM is registered as an investment adviser under the Investment Advisers Act of 1940.

The business and other connections of TCIM's officers are listed in Schedules A and D of Form ADV as currently on file with the Commission (File No. 801-38029), the text of which is hereby incorporated by reference.

**Item 37.** **Principal Underwriters**

TIAA-CREF Individual & Institutional Services, LLC ("Services") acts as the principal underwriter for CREF. The Managers of Services are Ross Abbott, Raymond Bellucci, Julian D'Ambrosi, James Deats, Derek Heaslip, Benjamin Lewis, Niladri Mukherjee, Shankar Saravanan and Christopher Stickrod. The executive officers of Services are as follows**:** 

---

| | | |
|:---|:---|:---|
| **Name and Principal<br> Business Address\*** | **Positions and Offices <br> with Underwriter** | **Positions and Offices<br> with Registrant** |
| Ross Abbott | Manager, Chief operating Officer | None |
| Julian D'Ambrosi | Manager, Chairman, Chief Executive Officer, President | None |
| Raymond Bellucci | Manager, Senior Managing Director | None |
| James Deats | Manager | None |
| Derek Heaslip | Manager | None |
| Benjamin Lewis | Manager | None |
| Shankar Saravanan | Manager | None |
| Christopher A. Baraks<br> Troy Burk | Vice President<br> Chief Anti-Money Laundering & Sanctions Officer | Senior Vice President <br> Managing Director, Chief Anti-Money Laundering & Sanctions Officer |
| Helen Barnhill | Director, Chief Legal Officer, Assistant Secretary | None |
| Christopher Beam | Assistant Treasurer | None |
| Scott Weinstein | Chief Compliance Officer, Senior Managing Director | None |
| Jennifer Mangano<br> Jeanne Zelnick<br> Jessica Martin | Chief Financial Officer<br> Secretary<br> Chief Risk Officer | None<br> None<br> None |
| Lisa Humphries | Chief Conflict of Interest Officer | None |
| Christopher J. Heald | Treasurer | None |
| Eloho Ovhori | Director | None |
| Niladri Mukherjee | Manager | None |
| Christopher Stickrod | Manager | Executive Vice President, General Manager, Principal Executive<br> Officer |

---

\* The business address of all directors and officers of Services is 730 Third Avenue, New York, NY 10017-3206.

Additional information about the officers of Services can be found on Schedule A of Form BD for Services, as currently on file with the Commission (File No. 8-44454).

**Item 38.** **Location of Accounts and Records**

See Item B.3 of the most recent [CREF N-CEN filing](https://www.sec.gov/Archives/edgar/data/777535/000119312526108240/xslFormN-CEN_X05/primary_doc.xml).

**Item 39.** **Management Services**

Not Applicable.

**Item 40.** **Fee Representation**

CREF hereby represents that the fees and charges deducted under the Certificates, in the aggregate, are reasonable in relation to the services rendered the expenses expected to be incurred, and the risks assumed by CREF.

REPRESENTATION UNDER RULE 6C-7

The undersigned registrant hereby represents that Rule 6c-7 under the Investment Company Act of 1940 is being relied on and that the provisions of paragraphs (a)-(d) of Rule 6c-7 are being complied with.

REPRESENTATION CONCERNING NO-ACTION LETTER ISSUED TO ACLI

CREF represents that the no-action letter issued by the Staff of the Division of Investment Management on November 28, 1988 to the American Council of Life Insurance and August 30, 2012 to ING Life Insurance and Annuity Company are being relied upon, and that the terms of those no-action positions have been complied with.

**SIGNATURES**

Pursuant to the requirements of the Securities Act and the Investment Company Act, CREF certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York, and State of New York on the 29<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| COLLEGE RETIREMENT EQUITIES FUND | COLLEGE RETIREMENT EQUITIES FUND |
| By: | /s/Christopher Stickrod |
|  | Name: Christopher Stickrod |
|  | Title: Principal Executive Officer and Executive Vice President |

---

As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| /s/Christopher Stickrod | Principal Executive Officer and Executive Vice President |  |
| Christopher Stickrod | (Principal Executive Officer) | April 29, 2026 |
| /s/Marc Cardella | Principal Financial Officer,<br> Principal Accounting Officer and Treasurer | April 29, 2026 |
| Marc Cardella | (Principal Financial and Accounting Officer) |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SIGNATURE OF<br> TRUSTEE** | **DATE** | **SIGNATURE OF<br> TRUSTEE** | **DATE** |
| \* | April 29, 2026 | \* | April 29, 2026 |
| Forrest Berkley |  | Howell E. Jackson |  |
| \* | April 29, 2026 | \* | April 29, 2026 |
| Joseph A. Carrier |  | Nicole Thorne Jenkins |  |
| \* | April 29, 2026 | \* | April 29, 2026 |
| Janice C. Eberly |  | James M. Poterba |  |
| \* | April 29, 2026 |  |  |
| Nancy A. Eckl |  |  |  |
| /s/Rachael M. Zufall | April 29, 2026 |  |  |
| Rachael M. Zufall<br> as attorney-in-fact |  |  |  |

---

\* Signed by Rachael M. Zufall pursuant to powers of attorney previously filed with the Securities and Exchange Commission.

**Exhibit List** 

(b)(3) [CREF Constitution (as amended)](c116000_ex-b3.htm)

(e)(3) [Schedule C (2026 Reimbursement Rates) effective May 1, 2026 to the Administrative Services Agreement between CREF and TIAA](c116000_ex-e3.htm)

(e)(4) [Schedule B (2026 Reimbursement Rates) effective May 1, 2026 to the Principal Underwriting and Distribution Services Agreement between CREF and Services](c116000_ex-e4.htm)

(f)(20)(xxxvii) [Endorsement to Your CREF Deferred Annuity Contract (C-GDA-NAME-E1)](c116000_ex-f20xxxvii.htm)

(f)(20) (xxxviii) [Endorsement to Your CREF Deferred Annuity Certificate (C-DA-NAME-E1)](c116000_ex-f20xxxviii.htm)<sup></sup>

(f)(20) (xxxix) [Endorsement to Your CREF Deferred Annuity Certificate (C-GDACERT-NAME-E1)](c116000_ex-f20xxxix.htm)<sup></sup>

 

(f)(20) (xl) [Endorsement to Your CREF Unit-Annuity Certificate (C-IA-NAME-E1)](c116000_ex-f20xl.htm)

(k)(6) [Schedule B (2026 Reimbursement Rates) effective May 1, 2026 to the Amended and Restated Investment Management Services Agreement between CREF and TCIM](c116000_ex-k6.htm)

(l)(1) [Form of Trustee Indemnification Agreement dated May 14, 2020](c116000_ex-l1.htm)

(m)(1) [Opinion and Consent of Rachael M. Zufall, Esq.](c116000_ex-m1.htm)

(m)(2) [Consent of Dechert LLP](c116000_ex-m2.htm)

(n) [Consent of PricewaterhouseCoopers LLP](c116000_ex-n.htm)

(q)(3) [Nuveen Code of Ethics dated January 6, 2026](c116000_ex-q3.htm)

(r)(1) [Summary Prospectus for New Investors for CREF dated as of May 1, 2026](c116000_ex-r1.htm)

## Ex-99.(B)(3)

**Exhibit (b)(3)**

**CONSTITUTION**

**OF**

**COLLEGE RETIREMENT EQUITIES FUND**

Adopted May 26, 1952

As Last Amended April 23, 2021

ARTICLE I

Principal Office

The principal office of the corporation shall be located in the City, County and State of New York, and its principal operations shall be conducted in the State of New York.

ARTICLE II

Members

Section 1. Qualifications. The corporation shall consist of seven members, known individually as "governors" and known collectively as the "CREF Board of Governors," who shall be the persons named in Section 1 of the act to incorporate College Retirement Equities Fund for the benefit of the teaching profession, Chapter 124 of the Laws of 1952 of the State of New York, namely, Laird Bell, Virgil M. Hancher, R. McAllister Lloyd, Irving S. Olds, Francis T. P. Plimpton, Henning W. Prentis, Jr., Henry M. Wriston and their successors. None but members of TIAA Board of Governors, a New York corporation, shall be eligible to become or to continue as members of the corporation.

Section 2. Term of Office. The term of membership of each of the first seven members shall expire in a different year at the close of annual meetings of the members to be held respectively in the years 1953 to 1959, inclusive. At each annual meeting, one member shall be elected for a seven-year term by the vote of at least four members to succeed the member whose term expires at the close of such annual meeting. If any member shall, by death, resignation, incapacity to act or otherwise, cease to be a member during his or her term, his or her successor may be elected by the vote of a majority of the remaining members to serve for the remainder of his term. Each member shall hold office after the expiration of his or her term until his or her successor shall be elected. A member may serve for more than one term or part of a term.

ARTICLE III

Meetings of Members and Policyholders

Section 1. Meetings. The members shall schedule a meeting of policyholders for the election of trustees and the transaction of such other business as shall properly come before the meeting. Any such meeting shall be held on the second Tuesday in July if not a legal holiday, or, if a legal holiday, then on the next preceding business day, or such other date within the months of June and July, time and place as the notice of meeting shall specify, provided that the Superintendent of Financial Services shall be notified of the date as soon as it is determined. If the president of the members or any three members shall so determine, such policyholders meeting may be held at a different date, time or place, provided notice thereof shall be given to all policyholders in person or by mail or electronic transmission at least ten and not more than fifty days in advance of any such meeting. The members shall schedule a meeting of policyholders for the election of trustees with such frequency as determined by the members; provided such meetings are held not less frequently than (i) as required to comply with the applicable provisions of the Investment Company Act of 1940, as amended, and (ii) as required to comply with the applicable provisions of the New York Not-for-Profit Corporation Law (the "NPCL"). The president of the members shall call an annual meeting of the

Section 2. Special Meetings. Special meetings of the members or special meetings of the policyholders may be called at any time by the president of the members or by any three members, or by the board of trustees, or by the chairman or president of the corporation, to be held at such time and place as shall be specified by notice.

Section 3. Notice of Meetings. Notice of the time, place and purpose or purposes of all meetings of policyholders or of the CREF Board of Governors shall be given to all policyholders of record as of the record date for the meeting or to all members, as the case may be, in person or by mail or electronic transmission at least ten and not more than fifty days in advance of any such meeting. No notice of any meeting need be given to any member or policyholder who is present at such meeting in person or by proxy or who waives notice in writing either before or after the meeting. Notice given by mail shall be sent to the member or policyholder at his or her address shown by the records of the corporation.

Section 4. Record Date. The board of trustees shall fix in advance a record date for determining the policyholders entitled to notice of and to vote at any meeting of policyholders. Such date shall be not more than fifty nor less than ten days before the date of the meeting. Only policyholders of record as shown by the books of the corporation as of the record date shall be entitled to notice of and to vote at the meeting.

Section 5. Voting. At all meetings of policyholders, policyholders shall be entitled to vote based on the value of their CREF contracts as of the record date. At all meetings of the members, each member shall be entitled to one vote. The CREF Board of Governors shall have power to define the term "policyholder of record," to specify the manner in which the value of the policyholders' CREF contracts shall be determined, and to resolve any questions with respect thereto which may arise. Members and policyholders may vote in person or by proxy appointed in writing, but no proxy shall be valid after the expiration of eleven months from the date of its execution.

Section 6. Policyholders Quorum and Vote. The vote in person or by proxy of ten percent of the total number of votes entitled to be cast shall constitute a quorum for purposes of policyholder meetings for the election of trustees and for such other matters for which no other quorum is specified or required by applicable law. Except as otherwise expressly provided by law or this constitution, all matters voted upon by policyholders shall be decided by a majority of the votes cast at a meeting at which a quorum shall be present. The above notwithstanding, any matters voted upon by policyholders which purportedly require the amendment of CREF's charter, constitution or bylaws shall be decided by a vote of more than fifty percent of all outstanding votes. If less than a quorum is present at any meeting, any person entitled to preside at or act as secretary at such meeting may adjourn the meeting from time to time until a quorum shall attend, and no notice need be given of any adjourned meeting other than by announcement at the meeting at which the adjournment is taken, unless after the adjournment is taken the board of trustees fixes a new record date for the adjourned meeting.

Section 7. Members Quorum and Vote. The presence in person or by proxy of four members shall constitute a quorum at any meeting of the CREF Board of Governors. Except as otherwise expressly provided by law or this constitution, the act of a majority of the members present at a meeting at which a quorum shall be present shall be the act of the members. If less than a quorum is present at any meeting, a majority of those present may adjourn the meeting from time to time until a quorum shall attend.

Section 8. Telephonic Participation. At all meetings of the CREF Board of Governors or any committee thereof, members may participate by means of a conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time. Participation by such means shall constitute presence in person at a meeting.

Section 9. Action Without a Meeting. Where time is of the essence, but not in lieu of a regularly scheduled meeting of the CREF Board of Governors, or any committee thereof, any action required or permitted to be taken by the board, or any committee thereof, may be taken without a meeting if all of the members of the board or all of the members of the committee consent in writing to the adoption of a resolution authorizing the action. The resolution and the written consents thereto by the members of the board or the members of the committee shall be filed with the minutes of the proceedings of the board or committee.

ARTICLE IV

President and Secretary of Members

Section 1. Election. At each annual meeting of the members, they shall elect a president and a secretary of the members, each to serve until the close of the next annual meeting of the members or until his or her successor shall be elected. The president of the members shall be chosen from among the members; the secretary of the members may but need not be chosen from among the members. The members may remove the president or the secretary of the members from office and may fill any vacancies occurring in such offices at any time.

Section 2. Duties. The president of the members shall preside at meetings of members. The secretary of the members shall give all required notices of meetings of members and shall attend and act as secretary at all meetings of members and keep the records thereof. In the absence of the president, another member shall be chosen to preside at meetings of the members, and in the absence of the secretary, the members shall designate someone else to act as secretary at meetings of members.

ARTICLE V

Board of Trustees

Section 1. General Powers. The general management of the property, business and affairs of the corporation shall be vested in the board of trustees.

Section 2. Number, Election and Term of Office. The board of trustees shall consist of at least five trustees and no more than twelve trustees, and all trustees shall be elected to a term not to exceed such term as is permitted under Section 703(b) of the NPCL as may be amended from time to time. In addition, the board of trustees may elect trustees to the extent permitted by the Investment Company Act of 1940, as amended. The term of office of each trustee so elected shall commence at the beginning of the meeting of the board of trustees next succeeding such election, and shall continue until the expiration of his or her term. If any trustee shall, by death, resignation, incapacity to act or otherwise, cease to be a trustee during his or her term, a successor may be elected to serve for the remainder of the trustee's term at any meeting of the board of trustees at which a quorum shall be present.

Section 3. Qualifications. Not more than two of the members of the corporation and not more than four officers and salaried employees of the corporation shall be eligible to serve at any one time on the board of trustees.

ARTICLE VI

Investments

Section 1. Investment Policy. The following statement of investment policy is a guide and not a limitation on the investment powers of the corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is desirable that the corporation keep its assets invested at all times exclusively in investments having equity characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is desirable that the corporation take advantage of the principle of dollar cost averaging by periodic purchases as funds become available, keeping as fully invested at all times as is practicable since:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the normal participant in the benefits of the corporation will make regular monthly contributions over a period of many years and will receive monthly retirement benefits for life;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there is no need to anticipate demand for large sums of cash at any one time since the certificates of participation do not provide for cash withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is desirable that the corporation's funds be diversified as to type of industry and growth and yield characteristics.

Section 2. Restrictions on Investments. The corporation, as set forth in its charter, shall not invest: (a) in any common stocks or shares of any corporation, joint-stock association, or business trust an amount in excess of such percentage, not to exceed ten percent except with the approval of the insurance department, of voting shares of such institution which would cause any such institution to be controlled by, or become a subsidiary of, the corporation, as defined in the insurance law; provided that the foregoing limitation shall not apply to any investment in any subsidiary corporation engaged in any business lawful under the laws of the jurisdictions in which subsidiaries are organized subject to such limitations as are provided in sections one thousand seven hundred one and one thousand seven hundred eight of the insurance law; and (b) shall not engage in transactions in foreign currency or in contracts for future delivery of, options and other rights to purchase, and options and other rights to purchase contracts for future delivery of, securities eligible for investment, except as provided in a statement of operations as filed in accordance with the procedures under subsection (e) of section four thousand two hundred forty of the insurance law and approved by the superintendent.

Section 3. Additional Funds. In addition to the fund with the investments as provided in Article VI, Section 2, the corporation may establish additional funds with investment objectives and limitations as described in the statement of operations of such funds filed with, and approved by, the insurance department.

ARTICLE VII

Committees and Expenses

Section 1. Committees. The members of the corporation may appoint from time to time such committees of members as they may deem advisable and provide for the reasonable compensation and expenses thereof.

Section 2. Expenses. Each member shall be reimbursed for transportation and other expenses incurred by him or her in serving the corporation.

ARTICLE VIII

Amendments

This constitution may be amended at any meeting of the members by the affirmative vote of four members at a duly constituted meeting of the CREF Board of Governors, provided that written notice of the proposed action at such meeting shall have been given by mail or otherwise to each member at least ten days prior to the meeting. No change in this constitution shall take effect until the Superintendent of Insurance of the State of New York has certified it as being lawful and equitable.

## Ex-99.(E)(3)

**Exhibit (e)(3)**

**Administrative Services Agreement**

**Between College Retirement Equities Fund and**

**Teachers Insurance and Annuity Association of America**

**<u>SCHEDULE C</u>**

**2026 Reimbursement Rates**

*For the period May 1, 2026 through April 30, 2027*

For the services rendered and expenses incurred in connection with the Administrative Services, as provided in the Agreement, the annual expense deduction amounts for each Class of each CREF Account (as a percentage of average net assets) will be as follows:

---

| | |
|:---|:---|
| Total Global Stock Account: | Class R1: 0.300% |
|  | Class R2: 0.170% |
|  | Class R3: 0.130% |
|  | Class R4: 0.005% |
| Global Equities Account: | Class R1: 0.300% |
|  | Class R2: 0.170% |
|  | Class R3: 0.130% |
|  | Class R4: 0.005% |
| Growth Account: | Class R1: 0.300% |
|  | Class R2: 0.170% |
|  | Class R3: 0.130% |
|  | Class R4: 0.005% |
| S&P 500 Index Account: | Class R1: 0.300% |
|  | Class R2: 0.170% |
|  | Class R3: 0.130% |
|  | Class R4: 0.005% |
| Core Bond Account: | Class R1: 0.300% |
|  | Class R2: 0.170% |
|  | Class R3: 0.130% |
|  | Class R4: 0.005% |
| Inflation-Linked Bond Account: | Class R1: 0.300% |
|  | Class R2: 0.170% |
|  | Class R3: 0.130% |
|  | Class R4: 0.005% |

---

---

| | |
|:---|:---|
| Responsible Balanced Account: | Class R1: 0.300% |
|  | Class R2: 0.170% |
|  | Class R3: 0.130% |
|  | Class R4: 0.005% |
| Money Market Account: | Class R1: 0.300% |
|  | Class R2: 0.170% |
|  | Class R3: 0.130% |
|  | Class R4: 0.005% |

---

Date: Effective May 1, 2026 in accordance with prior approval by the CREF Board on March 24, 2026.

## Ex-99.(E)(4)

**Exhibit (e)(4)**

**Principal Underwriting and Distribution Services Agreement**

**Between College Retirement Equities Fund and**

**TIAA-CREF Individual & Institutional Services, LLC**

**<u>SCHEDULE B</u>**

**2026 Reimbursement Rates**

*For the period May 1, 2026 through April 30, 2027*

For the services rendered and expenses incurred in connection with the Distribution Services, as provided in the Agreement, the annual expense deduction amounts for each Class of each CREF Account (as a percentage of average net assets) will be as follows:

---

| | |
|:---|:---|
| Total Global Stock Account: | Class R1: 0.035% |
|  | Class R2: 0.025% |
|  | Class R3: 0.020% |
|  | Class R4: 0.005% |
| Global Equities Account: | Class R1: 0.035% |
|  | Class R2: 0.025% |
|  | Class R3: 0.020% |
|  | Class R4: 0.005% |
| Growth Account: | Class R1: 0.035% |
|  | Class R2: 0.025% |
|  | Class R3: 0.020% |
|  | Class R4: 0.005% |
| S&P 500 Index Account: | Class R1: 0.035% |
|  | Class R2: 0.025% |
|  | Class R3: 0.020% |
|  | Class R4: 0.005% |
| Core Bond Account: | Class R1: 0.035% |
|  | Class R2: 0.025% |
|  | Class R3: 0.020% |
|  | Class R4: 0.005% |

---

---

| | |
|:---|:---|
| Inflation-Linked Bond Account: | Class R1: 0.035% |
|  | Class R2: 0.025% |
|  | Class R3: 0.020% |
|  | Class R4: 0.005% |
| Responsible Balanced Account: | Class R1: 0.035% |
|  | Class R2: 0.025% |
|  | Class R3: 0.020% |
|  | Class R4: 0.005% |
| Money Market Account: | Class R1: 0.035% |
|  | Class R2: 0.025% |
|  | Class R3: 0.020% |
|  | Class R4: 0.005% |

---

Date: Effective May 1, 2026 in accordance with prior approval by the CREF Board on March 24, 2026.

## Ex-99.(F)(20)Xxxvii)

**Exhibit (f)(20)(xxxvii)**

**College Retirement Equities Fund** **(CREF)**

[730 Third Avenue, New York, NY 10017]

[800-842-2733] [TIAA.org]

**Endorsement to Your CREF Deferred Annuity Contract**

Effective Date: [Attached at issue/Specific Date]

This endorsement modifies the provisions of your CREF Deferred Annuity Contract and becomes part of it. Please read this endorsement and attach it to your contract.

The purpose of this endorsement is to inform you that the names of three CREF Accounts will be changed on the Effective Date of this endorsement. Within your CREF Deferred Annuity Contract, any reference to a specific Account listed under **Existing Name** will be changed to the new Account name listed under **New Name**.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Existing Name** | &nbsp;&nbsp;**New Name** |
| &nbsp;&nbsp;CREF Stock Account | &nbsp;&nbsp;CREF Total Global Stock Account |
| &nbsp;&nbsp;CREF Equity Index Account | &nbsp;&nbsp;CREF S&P 500 Index Account |
| &nbsp;&nbsp;CREF Social Choice Account | &nbsp;&nbsp;CREF Responsible Balanced Account |

---

If you have any questions or need help to resolve a problem, you can contact us at the address or phone number above.

![](x1_c116000x35x1.jpg)

C-GDA-NAME-E1 Page E1

## Ex-99.(F)(20Xxxviii)

**Exhibit (f)(20)(xxxviii)**

**College Retirement Equities Fund** **(CREF)**

[730 Third Avenue, New York, NY 10017]

[800-842-2733] [TIAA.org]

**Endorsement to Your CREF Deferred Annuity Certificate**

Effective Date: [Attached at issue/Specific Date]

This endorsement modifies the provisions of your CREF Deferred Annuity Certificate and becomes part of it. Please read this endorsement and attach it to your certificate.

The purpose of this endorsement is to inform you that the names of three CREF Accounts will be changed on the Effective Date of this endorsement. Within your CREF Deferred Annuity Certificate, any reference to a specific Account listed under **Existing Name** will be changed to the new Account name listed under **New Name**.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Existing Name** | &nbsp;&nbsp;**New Name** |
| &nbsp;&nbsp;CREF Stock Account | &nbsp;&nbsp;CREF Total Global Stock Account |
| &nbsp;&nbsp;CREF Equity Index Account | &nbsp;&nbsp;CREF S&P 500 Index Account |
| &nbsp;&nbsp;CREF Social Choice Account | &nbsp;&nbsp;CREF Responsible Balanced Account |

---

If you have any questions or need help to resolve a problem, you can contact us at the address or phone number above.

![](x1_c116000x37x1.jpg)

C-DA-NAME-E1 Page E1

## Ex-99.(F)(20Xxxix)

**Exhibit (f)(20)(xxxix)**

**College Retirement Equities Fund** **(CREF)**

[730 Third Avenue, New York, NY 10017]

[800-842-2733] [TIAA.org]

**Endorsement to Your CREF Deferred Annuity Certificate**

Effective Date: [Attached at issue/Specific Date]

This endorsement modifies the provisions of your CREF Deferred Annuity Certificate and becomes part of it. Please read this endorsement and attach it to your certificate.

The purpose of this endorsement is to inform you that the names of three CREF Accounts will be changed on the Effective Date of this endorsement. Within your CREF Deferred Annuity Certificate, any reference to a specific Account listed under **Existing Name** will be changed to the new Account name listed under **New Name**.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Existing Name** | &nbsp;&nbsp;**New Name** |
| &nbsp;&nbsp;CREF Stock Account | &nbsp;&nbsp;CREF Total Global Stock Account |
| &nbsp;&nbsp;CREF Equity Index Account | &nbsp;&nbsp;CREF S&P 500 Index Account |
| &nbsp;&nbsp;CREF Social Choice Account | &nbsp;&nbsp;CREF Responsible Balanced Account |

---

If you have any questions or need help to resolve a problem, you can contact us at the address or phone number above.

![](x1_c116000x39x1.jpg)

C-GDACERT-NAME-E1 Page E1

## Ex-99.(F)(20)(Xl)

**Exhibit (f)(20)(xl)**

**College Retirement Equities Fund** **(CREF)**

[730 Third Avenue, New York, NY 10017]

[800-842-2733] [TIAA.org]

**Endorsement to Your CREF Unit-Annuity Certificate**

Effective Date: [Attached at issue/Specific Date]

This endorsement modifies the provisions of your CREF Unit-Annuity Certificate and becomes part of it. Please read this endorsement and attach it to your certificate.

The purpose of this endorsement is to inform you that the names of three CREF Accounts will be changed on the Effective Date of this endorsement. Within your CREF Deferred Annuity Certificate, any reference to a specific Account listed under **Existing Name** will be changed to the new Account name listed under **New Name**.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Existing Name** | &nbsp;&nbsp;**New Name** |
| &nbsp;&nbsp;CREF Stock Account | &nbsp;&nbsp;CREF Total Global Stock Account |
| &nbsp;&nbsp;CREF Equity Index Account | &nbsp;&nbsp;CREF S&P 500 Index Account |
| &nbsp;&nbsp;CREF Social Choice Account | &nbsp;&nbsp;CREF Responsible Balanced Account |

---

If you have any questions or need help to resolve a problem, you can contact us at the address or phone number above.

![](x1_c116000x40x1.jpg)

C-IA-NAME-E1 Page E1

## Ex-99.(K)(6)

**Exhibit (k)(6)**

**Amended and Restated Investment Management Services Agreement**

**Between College Retirement Equities Fund and<br> TIAA-CREF Investment Management, LLC**

**<u>SCHEDULE B</u>**

**2026 Reimbursement Rates**

**Annual Expense Deductions (as a percentage of average net assets)**

*For the period May 1, 2026 through April 30, 2027*

---

| | |
|:---|:---|
| Total Global Stock Account—All Classes | 0.090% |
| Global Equities Account—All Classes | 0.080% |
| Growth Account—All Classes | 0.050% |
| S&P 500 Index Account—All Classes | 0.015% |
| Core Bond Account—All Classes | 0.065% |
| Inflation-Linked Bond Account—All Classes | 0.015% |
| Responsible Balanced Account—All Classes | 0.060% |
| Money Market Account—All Classes | 0.010% |

---

Date: Effective May 1, 2026 in accordance with prior approval by the CREF Board on March 24, 2026.

## Ex-99.(L)(1)

**Exhibit (l)(1)**

**<u>FORM OF TRUSTEE INDEMNIFICATION AGREEMENT</u>**

This Indemnification Agreement (the "Agreement") is made as of the date set forth on the signature page by and between each of TIAA-CREF Funds ("TCF"), TIAA-CREF Life Funds ("TCLF"), College Retirement Equities Fund ("CREF") and TIAA Separate Account VA-1 ("VA-1" and collectively, the "TC Fund Complex" or the "Funds") and the member of the Funds' Boards of Trustees and Management Committee, as applicable (collectively, the "Board") whose name is set forth on the signature page (the "Trustee" and collectively with the other members of the Board, the "Trustees").

**WHEREAS**, the Trustee is a trustee or manager of the Funds, and each Fund wishes that the Trustee continues to serve in that capacity;

**WHEREAS**, the organizational documents of each Fund (as amended, amended and restated, supplemented, or otherwise modified from time to time, the "Organizational Documents") provide that such Fund shall indemnify the Trustee in accordance with the terms of such Organizational Documents and subject to applicable law; and

**WHEREAS,** the terms of the Organizational Documents of each Fund differ as to the indemnification rights and obligations arising thereunder; and

**WHEREAS**, the Board has determined that it is appropriate to enter into this Agreement in order to set forth separate and uniform contractual rights and obligations as to indemnification as to the Trustee, in the Trustee's capacity as a member of the Board of the TC Fund Complex, notwithstanding any such differences in the terms of the indemnification provisions in the Organizational Documents of the Funds, subject only to the laws applicable to each Fund; and

**WHEREAS**, the indemnification rights and obligations set forth herein are intended to be in addition to, and not exclusive of, those in the Organizational Documents; and

**WHEREAS**, the establishment of such separate and contractual rights and obligations as to indemnification as provided herein is not in contravention of the Organizational Documents of the Funds;

**NOW, THEREFORE**, in consideration of the foregoing recitals and the mutual agreements set forth herein, the parties hereby agree as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Definitions</u>.** For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Board" shall have the meaning set forth in the preamble to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Disabling Conduct" shall be as defined in Section 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Expenses" shall include without limitation all fees, costs, judgments, penalties, fines, amounts paid in settlement, and other liabilities incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or acting as a witness in a Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Final decision" or "final judgment" shall mean a final adjudication by court order or judgment of the court or other body before which a matter is pending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Independent Counsel" shall mean a law firm, or a member of a law firm, that is experienced in matters of investment company law and neither at the time of designation is, nor in the five years immediately preceding such designation was, retained to represent (A) a Fund or a Trustee in any matter material to either, or (B) any other party to the Proceeding giving rise to a claim for indemnification or advancements hereunder. Notwithstanding the foregoing, however, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either a Fund or a Trustee in an action to determine a Trustee's rights pursuant to this Agreement, regardless of when the Trustee's act or failure to act occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Independent Trustee" shall mean a trustee or manager of a Fund who is neither an "interested person" of such Fund as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), nor a party to the Proceeding with respect to which indemnification or advances are sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Proceeding" shall include without limitation any threatened, pending or completed claim, action, suit, or other proceeding, whether civil, criminal, administrative or investigative, whether before any court or administrative or legislative body, to which the Trustee may be or may have been subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Trustee's "service to a Fund" shall include without limitation the Trustee's service as a trustee, officer, employee or agent of such Fund, and his or her service at the request of the Fund as a director, officer, employee or agent of another organization in which the Fund has an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Indemnification</u>.** Each Fund shall indemnify and hold harmless the Trustee against any Expenses actually and reasonably incurred by the Trustee in any Proceeding arising out of or in connection with the Trustee's service to such Fund, to the maximum extent permitted by the Delaware Statutory Trust Act (the "Delaware Law") with respect to TCF and TCLF, the New York Business Corporation Law ("NYBCL") with respect to VA-1, the New York Not-for-Profit Corporation Law ("NYNFPCL") with respect to CREF, or the Investment Company Act, or other applicable law, subject to the conditions set forth in subparagraphs (a) and (b) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disabling Conduct</u>. The Trustee shall be indemnified pursuant to this Section 2 against any Expenses unless: (i) the Trustee incurred such Expenses by reason of the Trustee's willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office as defined in Section 17(h) of the Investment Company Act; (ii) with respect to TCF and TCLF, the Trustee engaged in any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing as provided in Section 3806(e)

of the Delaware Law, if applicable; (iii) with respect to VA-1, the Trustee (a) engaged in any act which is found to have been committed in bad faith or was the result of active and deliberate dishonesty and was material to the cause of action so adjudicated or (b) personally gained in fact a financial profit or other advantage to which the Trustee was not legally entitled as provided in Section 721 of the NYBCL; or (iv) with respect to CREF, the Trustee (a) engaged in any act which is found to have been committed in bad faith or was the result of active and deliberate dishonesty and was material to the cause of action so adjudicated or (b) personally gained in fact a financial profit or other advantage to which the Trustee was not legally entitled as provided in Section 721 of the NYNFPCL (the conduct described in the foregoing clauses (i), (ii), (iii) or (iv) (as applicable) shall hereinafter be referred to as "Disabling Conduct").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conditions to Indemnification</u>. The Trustee shall be indemnified pursuant to this Section 2 if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the court or other body before which the Proceeding relating to the Trustee's liability is brought shall have rendered a final decision on the merits, finding that the Trustee is not liable, is not liable by reason of Disabling Conduct, and/or is entitled to indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Proceeding against the Trustee shall have been dismissed for insufficiency of evidence of any Disabling Conduct with which the Trustee has been charged; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the absence of such a final decision, dismissal or withdrawal, a determination shall have been made that the Trustee is not liable by reason of Disabling Conduct, based upon a review of the available facts, by either the vote of a majority of a quorum of Independent Trustees or by Independent Counsel in a written opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Advancement of Expenses</u>.** Each Fund shall promptly advance funds to the Trustee to cover any and all Expenses the Trustee incurs with respect to any Proceeding arising out of or in connection with the Trustee's service to the Fund, to the fullest extent permitted by applicable law, subject to the provisions of subparagraphs (a) and (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Affirmation of Conduct and Undertaking</u>. A request by the Trustee for advancement of funds pursuant to this Section 3 shall be accompanied by the Trustee's (or on the Trustee's behalf) written undertaking to repay such advancements upon the occurrence of any of the events barring indemnification set forth in subparagraphs 2(a) and (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conditions to Advancement</u>. Funds shall be advanced to the Trustee pursuant to this Section 3 if (1) the relevant Fund(s) is/are insured against losses arising by reason of any such lawful advancements to the Trustee; (2) a determination is made by the vote of a majority of a quorum of Independent Trustees, or by Independent Counsel in a written opinion, based on a review of the readily available facts then known (as opposed to a full trial-type inquiry), that there is reason to believe that the Trustee ultimately will be found to be entitled to indemnification pursuant to Section 1; or (3) in the absence of insurance or of such a determination by Independent Trustees or Independent Counsel, such undertaking as required by Paragraph 3(a) above is secured by a surety bond or other appropriate security provided by the Trustee. In any such determination

by the Independent Trustees or Independent Counsel pursuant to subpart (2) of this subparagraph, the Trustee shall be afforded a rebuttable presumption that the Trustee did not engage in Disabling Conduct. Any determination regarding advancements of Expenses and indemnifications, including whether the process set forth in clause (1), (2) or (3) of the foregoing sentence will be utilized, shall be governed by the procedures set forth in Section 4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Procedure for Determination of Entitlement to Indemnification and Advancements</u>.** A request by the Trustee for indemnification or advancement of Expenses shall be made in writing, and shall be accompanied by such relevant documentation and information as is reasonably available to the Trustee. The Corporate Secretary of the relevant Fund(s) shall promptly advise the Board of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Methods of Determination</u>. Upon the Trustee's request for indemnification or advancement of Expenses, a determination with respect to the Trustee's entitlement thereto shall be made: (i) by a quorum of the Board consisting of Independent Trustees, or (if such a quorum is not obtainable or such Independent Trustees so direct) by Independent Counsel, or (ii) by Independent Counsel; provided in any event that with regard to advancements no such determination shall be necessary if the Trustee has provided an adequate security interest in addition to his or her undertaking to repay (as required by Paragraph 3(a) above). The Trustee shall cooperate with the person or persons making such determination, including without limitation providing to such persons upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and is reasonably available to the Trustee and reasonably necessary to such determination. Any Expenses incurred by the Trustee in so cooperating shall be borne by the relevant Fund(s), irrespective of the determination as to the Trustee's entitlement to indemnification or advancement of Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Independent Counsel</u>. If the determination of entitlement to indemnification or advancement of Expenses is to be made by Independent Counsel, the Independent Counsel shall be selected by the Board, and the relevant Fund(s) shall give written notice to the Trustee advising the Trustee of the identity of the Independent Counsel selected. The Trustee may, within five days after receipt of such written notice, deliver to the Fund(s) a written objection to such selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirement of independence set forth in the definition of Independent Counsel in Section 1, and shall set forth with particularity the factual basis of such assertion. Upon receipt of such objection, the Board shall select another Independent Counsel.

If within fourteen days after submission by the Trustee of a written request for indemnification or advancement of expenses no such Independent Counsel shall have been selected by the Board (whether or not an objection by the Trustee is the cause of the delay), then either the relevant Fund(s) or the Trustee may petition a court of competent jurisdiction in Delaware (with respect to TCF or TCLF) or New York (with respect to CREF or VA-1), for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection is favorably resolved or the person so appointed shall act as Independent Counsel.

The relevant Fund(s) shall pay all reasonable fees and Expenses charged or incurred by Independent Counsel in connection with his or her determinations pursuant to this Agreement, and shall pay all reasonable fees and Expenses incident to the procedures described in this paragraph, regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Failure to Make Timely Determination</u>. If the person or persons empowered or selected under subparagraphs (a) or (b) to determine whether the Trustee is entitled to indemnification or advancement of Expenses shall not have made such determination within thirty days after receipt by the relevant Fund(s) of the request therefore, the requisite determination of entitlement to indemnification or advancement of Expenses shall be deemed to have been made, and the Trustee shall be entitled to such indemnification or advancement, absent (i) an intentional misstatement by the Trustee of a material fact, or an intentional omission of a material fact necessary to make the Trustee's statement not materially misleading, in connection with the request for indemnification or advancement of Expenses, or (ii) a prohibition of such indemnification or advancements under applicable law; provided, however, that such period may be extended for a reasonable period of time, not to exceed an additional thirty days, if the person or persons making the determination in good faith require such additional time to obtain or evaluate documentation or information relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment Upon Determination of Entitlement</u>. If a determination is made pursuant to Sections 2, 3, and 4 (a) through (c) above that the Trustee is entitled to indemnification or advancement of Expenses, payment of any indemnification amounts or advancements owing to the Trustee shall be made within ten days after such determination (and, in the case of advancements of further Expenses, within ten days after submission of supporting information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Arbitration Upon Determination of Non-Entitlement</u>. If a determination is made that the Trustee is not entitled to indemnification or advancement of Expenses pursuant to Sections 2 through 4(c) above, the Trustee shall be entitled to an adjudication of the Trustee's entitlement to such indemnification or advancement by a single arbitrator appointed by the American Arbitration Association, New York City Office, in an arbitration conducted pursuant to that Association's then-existing commercial arbitration rules. The Trustee shall commence such arbitration seeking an adjudication within one year following the date on which the Trustee receives the determination denying indemnification or advancement. In any such proceeding, the Trustee and the relevant Fund(s) shall be bound by the determination of the arbitrator, subject to rights of appeal to a court of competent jurisdiction to review such an arbitration award and to vacate such an award only on one or more of the bases set forth in Sections 10 and 11 of the Federal Arbitration Act, 9 U.S.C. Sections 10 and 11. The relevant Fund(s) shall advance the costs of such an arbitration to the American Arbitration Association but the arbitrator shall, as part of the award, make a final award of such costs (including arbitrator's fees) to the prevailing party in the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>General Provisions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Indemnification if Otherwise Reimbursed</u>. In the event that the Trustee incurs Expenses in connection with a Proceeding (whether contemplated, threatened, pending, or

completed) and amounts in respect of such Expenses are otherwise paid or advanced to the Trustee pursuant to the Organizational Documents of one or more Funds, any insurance policy, other agreement, resolution of the Board, vote of shareholders or participants, or otherwise, the relevant Fund(s) shall not be liable under this Agreement to make any payment of or advance to the Trustee amounts in respect of such Expenses which are duplicative of those already so paid or advanced. Such limitation shall apply irrespective of whether the Expenses for which reimbursement is sought pursuant to this Agreement would otherwise be deemed to be subject to reimbursement under this Agreement had amounts in respect of such Expenses not otherwise been paid or advanced by the relevant Fund(s) pursuant to a separate obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Continuation of Provisions</u>. This Agreement shall be binding upon and inure to the benefit of all successors of each Fund, including without limitation any transferee of all or substantially all assets of the Fund and any successor by merger, consolidation, or operation of law, and shall inure to the benefit of the Trustee's spouse, heirs, assigns, devisees, executors, administrators and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Selection of Counsel</u>. In choosing Counsel to represent him/her in any Proceeding for which indemnification is claimed, the Trustee agrees to take into consideration the expected Expenses associated with such representation and balance the goal of vigorously defending the Trustee with the expectation that such Expenses be reasonable. In that regard, unless there is a reasonable basis not to obtain joint representation, the Trustee shall seek joint representation by Counsel with other Trustee defendants in any such Proceeding to the extent such Trustees' interests may be jointly represented by Counsel. Moreover, where the relevant Fund(s) and the Trustee are both defendants in a Proceeding and except in circumstances where there is a reasonable basis not to obtain joint representation, the Trustee and Fund(s) shall agree to be jointly represented by Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>D&O Insurance</u>. For a period of six years after the Trustee has ceased to provide services to the relevant Funds, the Funds shall purchase and maintain in effect one or more policies of insurance which collectively provide limits of coverage for claims made against the Trustee in the event of the insolvency of the Funds which are consistent with the limits of coverage available for the Trustee in such circumstances when he or she ended service as the Trustee, unless (1) such insurance is not reasonably available, or (2) (i) the limits of coverage which the Trustee had upon the termination of his or her service as the Trustee is in excess of that provided to any of the current Trustees and (ii) the current Board provides the coverage to the Trustee at least equal to the highest limit available to those current Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Subrogation</u>. In the event of any payment by a Fund pursuant to this Agreement, the Fund shall be subrogated to the extent of such payment to all of the rights of recovery of the Trustee, who shall, upon reasonable written request by the Fund and at the Fund's expense, execute all such documents and take all such reasonable actions as are necessary to enable the Fund to enforce such rights. Nothing in this Agreement shall be deemed to diminish or otherwise restrict the right of a Fund or the Trustee to proceed or collect against any insurers and to give such insurers any rights against the Funds under or with respect to this Agreement, including without limitation any right to be subrogated to the Trustee's rights hereunder, unless otherwise expressly agreed to

by a Fund in writing, and the obligation of such insurers to the Fund(s) and the Trustee shall not be deemed to be reduced or impaired in any respect by virtue of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Non-Exclusivity</u>. Subject only to section 5(a) herein with respect to duplicative payment, the Trustee's rights of indemnification and advancement of Expenses hereunder shall be in addition to, and not be deemed exclusive of any other rights to which the Trustee may at any time be entitled to under applicable law, the relevant Organizational Documents, any insurance policy, a vote of shareholders or participants (as applicable), a resolution of the Board, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notice of Proceedings</u>. The Trustee shall promptly notify each Fund in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document commencing any Proceeding which may be subject to indemnification or advancement of expense pursuant to this Agreement, but no delay in providing such notice shall in any way limit or affect the Trustee's rights or the Fund's obligations under this Agreement. Thereafter, the Trustee, and/or his/her Counsel, shall work with the representative(s) of the Funds to keep the Funds informed of the status of the Proceeding and the positions taken by the parties to the Proceeding as the matter progresses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Notices</u>. All notices, requests, demands and other communications to a party pursuant to this Agreement shall be in writing, addressed to such party (and/or designated representative) at the address(es) specified on the signature page of this Agreement (or such other address as may have been furnished by such party by notice in accordance with this paragraph), and shall be deemed to have been duly given when delivered personally (with a written receipt signed by the addressee or his/her representative) or two days after being sent (1) by certified or registered mail, postage prepaid, return receipt requested, or (2) by nationally recognized overnight courier service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Severability</u>. If any provision of this Agreement shall be held to be invalid, illegal, or unenforceable, in whole or in part, for any reason whatsoever, (1) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any provision that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (2) to the fullest extent possible, the remaining provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Modification and Waiver</u>. This Agreement supersedes any existing or prior agreement between the Funds and the Trustee pertaining to the subject matter of indemnification, advancement of expenses and insurance, but not any rights or obligations arising under the Organizational Documents of the relevant Fund, and any such superseded prior agreement shall be of no further force or effect. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by all parties or their respective successors or legal representatives. Any waiver by either party of any breach by the other party of any provision contained in this Agreement to be performed by the other party must be in writing and signed by the waiving party or such party's successor or legal representative, and no such waiver shall be deemed a waiver of similar or other provisions at the same or any prior or subsequent time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Obligations Several and Not Joint</u>. The obligations of each Fund arising hereunder are several and not joint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Headings</u>. The headings of the Sections of this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be an original, and all of which when taken together shall constitute one document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Applicable Law</u>. This Agreement shall be governed by and construed and enforce in accordance with the laws of the State of Delaware without reference to principles of conflict of laws of the State of Delaware.

***(The remainder of this page has been left intentionally blank. The signature page follows.)***

**IN WITNESS WHEREOF**, the undersigned have executed this Agreement as of the date set forth below.

Dated: May 14, 2020

**TIAA-CREF Funds**

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| By: |
| Name: |
| Title: |

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**TIAA-CREF Life Funds**

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| By: |
| Name: |
| Title: |

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**College Retirement Equities Fund**

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| By: |
| Name: |
| Title: |

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**TIAA Separate Account VA-1**

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| By: |
| Name: |
| Title: |

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**Trustee of TIAA-CREF Funds, TIAA-CREF Life Funds and College Retirement Equities Fund and Manager of TIAA Separate Account VA-1**

By:   <br> Name:

## Ex-99.(M)(1)

**Exhibit (m)(1)**

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| | |
|:---|:---|
| ![](x1_c116000x52x1.jpg) | **Rachael M. Zufall**<br> Managing Director, Associate General Counsel<br> 8500 Andrew Carnegie Blvd<br> Charlotte, NC 28262<br>**T** 704 988 4446<br> **Rachael.zufall@nuveen.com** |

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April 29, 2026

College Retirement Equities Fund<br> 730 Third Avenue<br> New York, New York 10017-3206

Re: College Retirement Equities Fund<br> Post-Effective Amendment No. 65 to<br> Registration Statement on Form N-3<br> (File Nos. 033-00480 and 811-04415)

Ladies and Gentlemen:

I hereby consent to the reference to my name under the heading "Legal matters" in the Statement of Additional Information filed by the College Retirement Equities Fund ("CREF") as part of Post-Effective Amendment No. 65 to the Registration Statement (File Nos. 033-00480 and 811-04415) on Form N-3 under the Securities Act of 1933 for certain individual, group, and tax-deferred variable annuity certificates offered and funded by CREF.

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| Sincerely, |
| /s/ Rachael M. Zufall |
| Rachael M. Zufall |

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## Ex-99.(M)(2)

**Exhibit (m)(2)**

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|:---|:---|
| ![](c116000x37x1.jpg) | 1900 K Street, NW<br>Washington, DC 20006-1110<br> +1 202 261 3300 Main<br>+1 202 261 3333 Fax<br>www.dechert.com |

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April 21, 2026

College Retirement Equities Fund

730 Third Avenue

New York, NY 10017-3206

Re: College Retirement Equities Fund ("CREF") <br> (File Nos. 033-00480 and 811-04415)

Dear Ladies and Gentlemen:

We hereby consent to the use of our name under the caption "Legal Matters" in the Statement of Additional Information filed as a part of Post-Effective Amendment No. 65 to CREF's Registration Statement, unless and until we revoke such consent. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the Securities Act of 1933, as amended, and the rules and regulations thereunder.

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|:---|
| Very truly yours, |
| /s/ Dechert LLP |
| Dechert LLP |

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## Ex-99.(N)

**Exhibit (n)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-3 of College Retirement Equities Fund of our report dated February 27, 2026, relating to the financial statements and financial highlights of CREF Total Global Stock Account, CREF Global Equities Account, CREF Growth Account, CREF S&P 500 Index Account, CREF Core Bond Account, CREF Inflation-Linked Bond Account, CREF Responsible Balanced Account and CREF Money Market Account, which appears in College Retirement Equities Fund's Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025. We also consent to the references to us under the headings "Experts" and "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

April 28, 2026

## Ex-99.(Q)(3)

**Exhibit (q)(3)**

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|:---|:---|
| ![](x1_c116000x56x1.jpg) | Nuveen Compliance \| 6 January 2026 |

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**Code of Ethics** *– Americas*

 

**SUMMARY AND SCOPE**

**What the Code is about**

Helping to ensure that Nuveen and TIAA Employees place the interests of Nuveen clients ahead of their own personal interests.

**Who the Code applies to and what the implications are**

This Code applies to individuals in the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;• Nuveen Employees based in the US or Canada (except employees of Nuveen Natural Capital, unless the local/designated Chief Compliance Officer and Nuveen Ethics Office determine otherwise).

• Employees of any US-registered investment adviser who are based outside the US.

• Consultants, interns, and temporary workers based in the US or Canada whose contract length is 90 days or more, unless the Nuveen Ethics Office determines otherwise.

• TIAA Employees, consultants, interns, and temporary workers designated as Access Persons by a Nuveen Funds Chief Compliance Officer or the Nuveen Ethics Office.

Independent directors and trustees of the CREF/VA-1 and Nuveen Fund Complex have their own Code of Ethics and are not subject to this one.

For individuals who are subject to the Code, there are two designations with different implications: Access Person and Investment Person.

**ACCESS PERSON**

All Nuveen Employees and TIAA Employees who are subject to the Code are considered Access Persons, since they have, or could have, access to non-public information about securities transactions and other investments, holdings, or recommendations for Affiliate-Advised Accounts or Portfolios.

**Key characteristics of this designation.** An individual may be considered an Access Person of multiple advisers affiliated with Nuveen, or of only one. If your regular duties give you access to non-public information, or you are an officer of a Nuveen sponsored or branded fund, your personal trading is generally monitored only against the trading activity of the specific adviser(s) or Affiliated Funds with which you are involved. For other employees, personal trading is typically monitored against the trading activities of all Nuveen US advisers.

You will generally not be permitted to execute transactions in a security on any day when an Affiliate-Advised Account or Portfolio managed by the adviser(s) that you are monitored against has a pending buy or sell order for that security at the time of your pre-clearance request.

**INVESTMENT PERSON**

An Access Person who meets any of the following criteria will in addition be considered an Investment Person:

&nbsp;&nbsp;&nbsp;&nbsp;• The Access Person is a Portfolio Manager, Research Analyst or Research Assistant, or they otherwise participate in making recommendations or decisions concerning the purchase or sale of securities in any Affiliate-Advised Account or Portfolio.

• The Access Person has been designated an Investment Person by the affiliate Chief Compliance Officer or the Nuveen Ethics Office.

**Key characteristics of this designation.** The vast majority of Investment Persons are employees of Nuveen's investment advisers.

An Investment Person is prohibited from transacting in securities during the period starting 7 calendar days before, and ending 7 calendar days after, any trade in an Affiliate-Advised Account or Portfolio for which he/she has responsibility. In addition, an Investment Person's personal transactions will be reviewed for conflicts in the period starting 7 calendar days before, and ending 7 calendar days after, all trades by their associated investment adviser(s). In some cases, the Investment Person may be required to reverse a trade and/or forfeit an appropriate portion of any profit as determined by the Nuveen Ethics Office. These consequences can apply regardless of whether the trade was pre-cleared.

The personal trading of Investment Persons is generally only monitored against the trading activity of the specific adviser(s) for which they have been designated an Investment Person.

**Important to understand**

**Some of our affiliated investment advisers may have supplemental policies of their own that impose additional rules on the same topics covered in this Code.** Check with your manager or local/designated Chief Compliance Officer if you have questions.

CONFIDENTIAL (C)

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**Personal trading is a privilege, not a right.** Nuveen and TIAA Employees are expected to follow the law and adhere to the highest standards of behavior—including with respect to personal trading. Any violation of the Code could have severe adverse effects on you, your co-workers, and Nuveen. You may be held personally liable for your conduct and be subject to fines, regulatory sanctions, and even criminal penalties.

Because Nuveen can restrict your trading or take actions such as forcing you to hold a position or to disgorge profits, personal trading carries risks beyond normal market risks.

**Some requirements in this Code apply to Household Members.** Each Household Member (see "Terms with Special Meanings" below) is subject to the same personal trading restrictions and requirements that apply to his/her related Nuveen and TIAA Employees.

**The Code does not address every ethical issue that might arise.** If you have any doubt at all after consulting the Code, contact the Nuveen Ethics Office for direction.

**The Code applies to appearance as well as substance.** Always consider how any action might appear to an outside observer (such as a client or regulator).

**You are expected to follow the Code both in letter and in spirit.** Literal compliance, such as pre-clearing a transaction, does not necessarily protect you from liability for conduct that violates the spirit of the Code. If you have questions about how to comply with this Code, consult the Nuveen Ethics Office.

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| &nbsp;&nbsp;**WHO TO CONTACT** |
| &nbsp;&nbsp; **Nuveen Ethics Office (Americas)**<br> nuveenethicsoffice@nuveen.com |

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| &nbsp;&nbsp;**TERMS WITH SPECIAL MEANINGS** |  |
| &nbsp;&nbsp; Within this policy, these terms are defined as follows:<br>**Affiliate-Advised Account or Portfolio** Any Affiliated Fund, or any portfolio or client account advised or sub-advised by Nuveen.<br>**Affiliated Fund** Any TIAA-CREF or Nuveen branded or sponsored open-end fund, closed-end fund, or Exchange Traded Fund (ETF), and any third-party fund advised or sub-advised by Nuveen.<br>**Automatic Investment Plan** Any program, such as a dividend reinvestment plan (DRIP), under which investment account purchases or withdrawals occur according to a predetermined schedule and allocation.<br>**Beneficial Ownership** Any interest by which you or any Household Member—directly or indirectly—derives a monetary benefit from purchasing, selling, or owning a security or account, or exercises investment discretion.<br>You have Beneficial Ownership of securities held in accounts in your own name, or any Household Member's name, and in all other accounts over which you or any Household Member exercises or may exercise investment decision-making powers, or other influence or control, including trust, partnership, estate, and corporate accounts or other joint ownership or pooling arrangements.<br>**Code** This Code of Ethics.<br>**Domestic Partner** An individual who is neither a relative of nor legally married to a Nuveen Employee, but shares a residence and is in a mutual commitment similar to marriage with such Nuveen Employee.<br>**Event Contract** A derivative contract whose payoff is based on a specified event, occurrence or value such as the value of a macroeconomic indicator or corporate earnings. Also known as a prediction or information contract. | **Federal Securities Laws** The applicable portions of any of the following laws, as amended, and of any rules adopted under them by the Securities and Exchange Commission or the Department of the Treasury:<br>• Securities Act of 1933.<br> • Securities Exchange Act of 1934.<br> • Investment Company Act of 1940.<br> • Investment Advisers Act of 1940.<br> • Sarbanes-Oxley Act of 2002.<br> • Title V of the Gramm-Leach-Bliley Act.<br> • The Bank Secrecy Act.<br>**Household Member** Any of the following who reside, or are expected to reside for at least 90 days a year, in the same household as a Nuveen Employee:<br>• Spouse or Domestic Partner.<br> • Sibling.<br> • Child, stepchild, grandchild.<br> • Parent, stepparent, grandparent.<br> • In-laws (mother, father, son, daughter, brother, sister).<br>**Independent Director** Any director or trustee of an Affiliated Fund who is not an "interested person" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended.<br>**Managed Account** Any account, including robo-advised accounts, in which you or a Household Member has Beneficial Ownership and for which you have delegated full investment discretion in writing to a third- party broker or investment manager.<br>**Nuveen** Nuveen, LLC and all of its direct or indirect subsidiaries worldwide.<br>**Nuveen Employee** Any full- or part-time employee of Nuveen, and any consultants, interns, or temporary workers designated by the Nuveen Ethics Office. |

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| &nbsp;&nbsp;**TERMS WITH SPECIAL MEANINGS (continued)** |  |
| &nbsp;&nbsp;&nbsp; **Private Placement** Any offering exempt from registration under the Securities Act of 1933, such as a private equity investment, hedge fund, or limited partnership. A private investment in public equity (PIPE) is also considered a Private Placement.<br>**Reportable Account** Any account for which you or a Household Member has Beneficial Ownership AND in which securities can be bought, sold, or held. This includes, among others:<br>• All brokerage, IRA, custodial, and trust accounts.<br> • All Managed Accounts.<br> • All 529 College Savings Plan accounts.<br> • Any TIAA 401(k) plan account.<br> • Any 401(k) plan account that permits transactions in any Reportable Security.<br> • Any direct holding in an Affiliated Fund.<br> • Any health savings account (HSA) that permits the purchase of any security.<br> • Any employee stock purchase plan (ESPP) or employee stock ownership plan (ESOP).<br>The following are NOT considered Reportable Accounts:<br>•  Charitable giving accounts.<br> •  Accounts held directly with a mutual fund complex or mutual fund-only platform, and not held at a bank or broker-dealer, in which open-end, non-Affiliated Funds are the only possible investment.<br> •  Any cash management account with a broker in which a security cannot be purchased or sold.<br> •  Any accounts that can invest only in cryptocurrency such as Bitcoin or Ethereum.<br>**Reportable Security** Any security EXCEPT:<br>•  Direct obligations of the US government (indirect obligations, such as Fannie Mae and Freddie Mac securities, are reportable). | &nbsp;&nbsp;&nbsp; •  Certificates of deposit, bankers' acceptances, commercial paper, and high quality short-term debt (including repurchase agreements).<br> •  Money market funds.<br> •  Open-end funds that are not Affiliated Funds.<br> •  Note that closed-end funds are Reportable Securities.<br> •  Note that direct investments in cryptocurrency, such as Bitcoin, are not considered to be a security and are therefore not reportable.<br>**Reportable Transaction** Any transaction involving a Reportable Security EXCEPT:<br>•  Transactions in Managed Accounts. Section 16 Persons: Transactions involving Nuveen closed-end funds in any of your Managed Accounts are reportable.<br> •  Transactions under an Automatic Investment Plan; note that transactions that override the pre-set schedule or allocation are reportable.<br> •  Dividends.<br> •  Interest Accrued.<br>**Section 16 Person** Section 16 of the Exchange Act and the rules thereunder impose certain obligations on persons specified in section 30(h) of the Investment Company Act of 1940, as well as insiders of any public company that trades on a national stock exchange (such as a Nuveen closed-end fund). For purposes of Section 16, an "insider" is:<br>•  A director of a public company.<br> •  A designated officer of a public company.<br> •  A person who beneficially owns 10% or more of any class of equity security that is registered under Section 12 of the Exchange Act.<br> •  A portfolio manager of a Nuveen closed-end fund.<br>Persons subject to Section 16 include, but are not limited to, portfolio managers of the Nuveen closed-end funds.<br>**TIAA Employee** Any full- or part-time employee of TIAA, and any consultants, interns, and temporary workers designated by the Nuveen Ethics Office. |

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**GENERAL RESTRICTIONS AND REQUIREMENTS**

**BASIC PRINCIPLES**

&nbsp;&nbsp;&nbsp;&nbsp;1. Never abuse a client's trust, rights, or interests.

This means you must never do any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any plan or action, or use any device, that would defraud or deceive a client.

• Make any material statements of fact that are incorrect or misleading, either as to what they include or omit.

• Engage in any manipulative practice.

• Use your position (including any knowledge or access to opportunities you have gained by virtue of your position) to personal advantage or to a client's disadvantage. This would include, for example, front-running or tailgating (trading directly before or after the execution of a large client trade order), or any attempt to influence a client's trading to enhance the value of your personal holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct personal trading in any way that could be inconsistent with your fiduciary duties to a client (even if it does not technically violate the Code).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Handle conflicts of interest appropriately.** This applies not only to actual conflicts of
interest, but also to any situation that might appear to an outside observer to be improper or a breach of fiduciary duty.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Keep confidential information confidential.** Always properly safeguard any confidential
information you obtain in the course of your work. This includes confidential information related to any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any Affiliate-Advised Account or Portfolio and any other financial product offered or serviced by Nuveen.

• New products, product changes, or business initiatives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Past, current, and prospective clients, including their identities, investments, and account activity.

"Keeping information confidential" means using discretion in disclosing information as well as guarding against unlawful or inappropriate access by others.

This includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making sure no confidential information is visible on your computer screen and desk when you are not there.

• Not sharing passwords with others.

• Using caution when discussing business in any location where your conversation could be overheard. Confidential information may be released only as required by law or as permitted under the applicable privacy policy(ies). Consult the Nuveen Ethics Office or your local/designated CCO before releasing any confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Handle Material Non-Public Information properly.** Follow all terms described in "Material Non-Public Information"
below. Be aware that any failure to handle such information properly is a serious offense and may lead to disciplinary action from Nuveen or
TIAA as well as serious civil or criminal liability.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Comply with Federal Securities Laws.** Any violation of these laws is punishable as a violation
of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Never do anything indirectly that, if done directly, would violate the Code.** Such actions will be considered the equivalent of direct Code violations.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Promptly alert the Nuveen Ethics Office or your local/designated CCO of any actual or suspected wrongdoing.** Examples of wrongdoing include violations of the Federal Securities Laws, misuse of corporate assets, misuse of
confidential information, or other violations of the Code. If you prefer to report confidentially, call the TIAA Confidential Helpline
at 1-877-774-6492. Note that failure to report suspected wrongdoing in a timely fashion is itself a violation of the Code.

**PRE-CLEARANCE AND HOLDING REQUIREMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Pre-clear any trade in Reportable Securities, including certain Affiliated Funds** (see box
on next page for additional information).

If your trade requires pre-clearance, request approval through the StarCompliance system (StarCompliance) before you or any Household Member places an order to buy or sell any Reportable Security. Any approval you receive expires at the end of the day it was granted; however, you may place after-hours trades in international markets until 11:59 PM local time on that day. When requesting pre-clearance, follow this process:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Request pre-clearance on the same day you want to trade, during standard US trading hours (9:30 AM to 4:00 PM ET). Be sure your pre-clearance request is accurate as to security and direction of trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wait for approval to be displayed before trading. If you receive approval, you may only trade that same day, and only within the scope of approval. If you do not receive approval, do not trade.

• Place day orders only. Do not place good-till-canceled orders or limit orders that expire beyond the day of pre-clearance approval. You may place orders for an after-hours trading session or in foreign markets using that day's pre-clearance approval, but you must not place any order that could remain open into the next day's trading session.

&nbsp;&nbsp;&nbsp;&nbsp;9. Hold positions in securities that are subject to pre-clearance for 60 calendar days, or be prepared
to forfeit any gains. Several things to note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may be required to surrender any gains realized (net of commissions) through a violation of this rule.

• The 60-day holding requirement is tested on a last-in-first-out basis, across all of your holdings (not just within individual accounts).

• The 60-day holding requirement extends to any options or other transactions that may have the same effect as a purchase or sale, and to all Reportable Securities except Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs), Unit Investment Trusts (UITs), and open-end Affiliated Funds. **Note that trading in single-stock ETFs is prohibited.** 

• Closed-end funds, including Nuveen branded or sponsored closed-end funds, are subject to the 60-day holding requirement.

• You may sell the security on the 60th day after purchase, provided you obtain pre-clearance or an approved exemption applies.

• You may re-purchase a security immediately after executing a sale of that same security subject to pre-clearance approval, which will trigger a new 60 calendar day holding period.

• You may close a position at a loss at any time provided pre-clearance approval has been obtained, or an approved exemption applies. If your pre-clearance has been denied, it is advisable that you contact the Nuveen Ethics Office if you are seeking to sell at a loss within 60 days of your purchase. Note that if there are conflicts with any other provisions of the Code, your pre-clearance denial will not be overridden.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Comply with trading restrictions described in the prospectuses for all Affiliated Funds.** This
includes restrictions on frequent trading in shares of any open-end Affiliated Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Pre-clear any transaction in a Managed Account that involves your influence.** You must
also immediately consult with the Nuveen Ethics Office to discuss whether the account in question can properly remain classified
as a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Obtain the required approvals before any transaction in a Private Placement, including PIPEs.** Participation and approval for all transactions in Private Placements advised or sub-advised by Nuveen, is

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facilitated by the Nuveen Employee Investment Program (NuveenEIP@nuveen.com).

For all other Private Placements, you must obtain approval for initial and subsequent commitments to invest but not

sales/redemptions. Be aware that sales/redemptions are Reportable Transactions. Approval is required even if the investment is made in a Managed Account.

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| &nbsp;&nbsp;**WHAT NEEDS TO BE PRE-CLEARED** |  |
| &nbsp;&nbsp; **Pre-clearance required**<br>• All actively initiated trades in Reportable Securities, except those listed here under "Pre-clearance not required."<br> • Note that all closed-end funds, regardless of the underlying investments or fund structure (e.g. trust), including Nuveen-branded or - sponsored closed-end funds, require pre-clearance.<br> • The sale of restricted stock or employee stock options accrued during prior employment or a Household Member's employment require pre-clearance. If pre-clearance is denied, you may contact the Nuveen Ethics Office to request reconsideration.<br> • You may liquidate a position recently acquired through inheritance or a spin-off, subject to pre-clearance approval. If your pre-clearance is denied, you may contact the Nuveen Ethics Office to seek an exemption.<br>Be aware that pre-clearance can be withdrawn even after it has been granted, and even after you have traded, if Nuveen later becomes aware of Affiliate-Advised Account or Portfolio trades whose existence would have resulted in denial of pre-clearance. In these cases, you may be required to reverse a trade and/or forfeit an appropriate portion of any profit, as determined by the Nuveen Ethics Office.<br>Be aware that trades initiated by a broker to address the financial standing of an account can result in violations and will generally not be protected by the Code's "actively initiated trade" language for trades requiring pre-clearances. Examples include, but are not limited to, brokers initiating trades in margin accounts, brokers initiating trades to cover account fees, and brokers initiating trades to remediate a minimum or negative cash balance<br> in an account. | **Pre-clearance not required**<br>• Shares of any open-end mutual fund (including open-end Affiliated Funds).<br> • ETFs, ETNs, UITs (including options on ETFs and ETNs). **Note that trading in single-stock ETFs is prohibited.**<br> • CDs and commercial paper.<br> • Securities acquired or disposed of through actions outside your control or issued pro rata to all holders of the same class of investment, such as automatic dividend reinvestments, stock splits, mergers, spin-offs, or rights subscriptions.<br> • The automatic exercise or liquidation by an exchange of a derivative instrument upon expiration or the delivery of securities pursuant to a written option that is exercised against you, and the assignment of options.<br> • Sales pursuant to a bona fide tender offer.<br> • Trades made through an Automatic Investment Plan that have been disclosed to the Nuveen Ethics Office in advance.<br> • Trades in a Managed Account (except that you must pre-clear any trades that involve your influence, any initial purchases of Private Placements, purchases in any security in an initial public offering, any sales or redemptions of Private Placements that are branded, sponsored, advised or sub-advised by Nuveen, and, if you are a Section 16 Person, and any trades in Nuveen closed-end funds).<br> • Foreign currencies, including futures.<br> • Commodity instruments.<br> • Index options and index futures.<br> • Direct investments in cryptocurrencies.<br> • Crypto instruments that are comprised of and invest solely in cryptocurrencies. |

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**OTHER RESTRICTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Never knowingly trade any security being traded or considered for trade by any Affiliate-Advised Account or Portfolio.** This applies to employee transactions in securities that are exempt from pre-clearance and includes equivalent
or related securities.

For example, if a company's common stock is being traded, you may face restrictions on trading any of the company's debt, preferred, or foreign equivalent securities, and from trading or exercising any options based on the company's securities.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Always prioritize client trades over personal trades.** Your fiduciary duties to the client are far more important than
your personal trading, which is a privilege and not a right. Never delay or in any way alter the timing or terms of a client trade
for your personal benefit.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Do not engage in trading that involves any single stock ETFs, options on single stock ETFs, or single stock futures.** Do not trade any financial instrument to obtain economic exposure to an individual security
that you could not otherwise trade directly.

&nbsp;&nbsp;&nbsp;&nbsp;16. Do not enter into any Event Contract involving any company, financial market, or economic indicator
or forecast (such as recession likelihood or GDP growth) using an online prediction market platform (e.g. Kalshi, Polymarket, Augur)
or any other means. This restriction does not apply to Event Contracts related to sports,
politics, culture, or other events not previously defined as prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;17. Do not engage in uncovered short sales of individual securities.

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&nbsp;&nbsp;&nbsp;&nbsp;**18.** **You may trade options on individual securities, subject to the 60-day holding period.** Options
traded must have an expiration of at least 60 days from the date that you enter into the contract. You are not permitted to close
an option at a profit within 60 days of having entered into the contract. The option contract can be closed in less than 60 days
at a loss, provided pre-clearance approval has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;19. Never participate in an investment club or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Do not engage in excessive or inappropriate trading activity. Never let personal trading interfere with your professional duties.** The Nuveen Ethics Office will monitor for potentially excessive or inappropriate trading and notify your manager and
your local/designated CCO for assessment.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Pre-clear the sale of securities in a margin account.** Margin accounts are permitted; however,
you

must obtain pre-clearance when selling to meet a margin call, even if the transaction is initiated by a broker.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Never purchase an IPO without advance approval.** This includes Managed Accounts. Equity
IPO participation is generally prohibited but approval may be granted in special circumstances, such as when:

&nbsp;&nbsp;&nbsp;&nbsp;• You already have equity in the company and are offered shares.

&nbsp;&nbsp;&nbsp;&nbsp;• You are a policy holder or depositor in a company that is demutualizing.

&nbsp;&nbsp;&nbsp;&nbsp;• A Household Member has been offered shares as an employee.

Purchases of initial offerings of SPACs, fixed income securities, convertible securities, preferred securities, open- and closed-end funds, commodity pools, and secondary equity offerings are generally permitted subject to pre-clearance in StarCompliance.

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| &nbsp;&nbsp;**MATERIAL NON-PUBLIC INFORMATION** |  |
| &nbsp;&nbsp; **What is Material Non-Public Information?**<br>Material Non-Public Information is defined as information regarding any security, securities-based derivatives or issuer of a security that is both material and non-public. Information is material if both of the following are true:<br>• A reasonable investor would likely consider it important when making an investment decision.<br> • Public release of the information would likely affect the price of a security.<br>Information is generally non-public if it has not been distributed through a widely used public medium, such as a press release or a report, filing or other periodic communication.<br>**Restrictions and requirements**<br>• Any time you think you might have, or may be about to, come into possession of Material Non-Public Information (whether in connection with your position at Nuveen or TIAA or not), alert the Nuveen Ethics Office. Alternatively, you may alert your local/designated CCO or Legal office, who in turn must promptly notify the Nuveen Ethics Office. Follow the instructions you are given. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Until you receive further instructions from the Nuveen Ethics Office, your local/designated CCO, or Legal, do not take any action in relation to the information, including trading or recommending the relevant securities or communicating the information to anyone else.<br> • Never make decisions on your own regarding potential Material Non-Public Information, including whether such information is actually Material Non-Public Information or what steps should be taken.<br> • If the Nuveen Ethics Office, your local/designated CCO and/or Legal determine that you have Material Non-Public Information:<br> –<br> Do not buy, sell, gift, or otherwise dispose of the issuer's securities, whether on behalf of an Affiliate-Advised Account or Portfolio, yourself, or anyone else.<br> –<br> Do not in any way recommend, encourage, or influence others to transact in the issuer's securities, even if you do not specifically disclose or reference the Material Non-Public Information.<br> –<br> Do not communicate the Material Non-Public Information to anyone, whether inside or outside Nuveen, except in discussions with the Nuveen Ethics Office and Legal and as expressly permitted by any confidentiality agreement or supplemental policies and procedures of your business unit.<br> • Please refer to Nuveen's Material Non-Public Information and Insider Trading Policy for detailed information. |

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**REPORTING REQUIREMENTS**

**UPON BECOMING AN EMPLOYEE**

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Within 10 calendar days of starting at Nuveen or TIAA, acknowledge receipt of the Code.** This
includes certifying that you have read the Code, understand it, recognize that you are
subject to it, have complied with all of its applicable requirements, and have submitted all Code-required reports.

&nbsp;&nbsp;&nbsp;&nbsp;24. Within 10 calendar days of starting at Nuveen or TIAA, use StarCompliance to report all of your
Reportable Accounts and holdings in Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) Report all **Reportable Accounts** using StarCompliance within 10 calendar days of starting
at Nuveen or TIAA, making sure that you include information about the broker, dealer, or bank through which the account is held
and the type of account. You must also upload the most recent statement in StarCompliance for each Reportable Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) If your account is not held with an approved broker or is not feed eligible as described in
 item 26 below, you must manually input an initial holding in StarCompliance for each **Reportable Security** within 10 calendar days of starting at Nuveen or
TIAA. For Reportable Accounts held with an approved broker that are feed-eligible, the statement upload will fulfill your initial
holdings reporting and manual entry is not required unless you wish to sell a Reportable Security prior to the establishment of
the account's electronic feed in StarCompliance. For each Reportable Security, provide the security name and type, a ticker
symbol or CUSIP, the number of shares or units held, and the principal amount (dollar value).

Note the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This information must be no older than 45 calendar days before your first day of employment.

• TIAA retirement plan accounts (other than those of Household Members) and TIAA HSAs administered by HealthEquity are not required to be manually added to StarCompliance as they are automatically added.

• There are separate procedures for Managed Accounts, as described below in item 28.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Within 10 calendar days of starting at Nuveen or TIAA, report all current investments in Private Placements (limited offerings).** Limited offerings are Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;26. Within 30 calendar days of starting
 at Nuveen or TIAA, move or close any Reportable Account **that is not at an approved firm.** This does not include
 Reportable Accounts that are commonly not feed-eligible, such as 401(k)s/403(b)s, HSAs,
 ESPP/ESOPs, Pension/

Annuity accounts, or 529 plans. See the definition of "Reportable Account" above and contact the Nuveen Ethics Office if you are unsure whether your account must be held with an approved firm. The list of approved firms is maintained by the Nuveen Ethics Office and is available in the document library of StarCompliance.

Under very limited circumstances, it may be possible to obtain a waiver to keep a Reportable Account at a non-approved firm. Examples include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An account owned by a Household Member who works at another financial firm with comparable restrictions.

• An account that holds securities that cannot be transferred.

• An account that cannot be moved because of a trust agreement.

To apply for an exception, complete the Approved Broker Exception Request Form in StarCompliance. For any account granted an exception, you are required to upload statements for the account in StarCompliance at least quarterly for the entire reporting period and manually enter all Reportable Transactions in StarCompliance within 5 days of execution.

Consultants, temporary workers, and employees based outside of the US are generally not required to move or close Reportable Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;**27.** **Within 30 calendar days of starting at Nuveen or TIAA, seek approval to liquidate any securities held prior to starting at Nuveen or TIAA that you do not wish to continue to hold.** If you wish to liquidate securities that
you held prior to joining Nuveen or TIAA, seek approval by contacting the Nuveen Ethics Office within 30 calendar days of starting
at Nuveen or TIAA. If you do not liquidate securities during this time, you will generally forfeit this special consideration for
liquidation and your trade requests to sell shares in these securities may be denied in the future.

**WHEN OPENING ANY MANAGED ACCOUNT**

&nbsp;&nbsp;&nbsp;&nbsp;**28.** **Get pre-approval for any new Managed Account before any trading activity commences** and
report the account within 10 calendar days of the date you or a Household Member opens the account or an account becomes a Reportable Account
through marriage, cohabitation, divorce, death, or another event. Using the appropriate form, which may be accessed in StarCompliance,
provide representations that support the classification of the account as a Managed Account. For an account to be classified as
a Managed Account, the account owner must have no direct or indirect influence or control over the securities in the account. The
form must be signed by the account's broker or investment manager and by all account owners. The broker or investment manager
may

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provide a Managed Account agreement or letter which substantiates the account as managed in lieu of signing the form. You may be asked periodically to confirm these representations or submit an updated form to confirm such.

Note that upon request, you are also responsible for providing duplicate statements for the Managed Account to the Nuveen Ethics Office.

**WHEN OPENING ANY NEW REPORTABLE ACCOUNT**

&nbsp;&nbsp;&nbsp;&nbsp;**29.** **Report any new Reportable Account, including Managed Accounts.** Do this in StarCompliance
within 10 calendar days of the date you or a Household member opens the account or an account becomes a Reportable Account through
marriage, cohabitation, divorce, death, or another event.

**EVERY QUARTER**

&nbsp;&nbsp;&nbsp;&nbsp;**30.** **Within 30 calendar days of the end of each calendar quarter, verify in StarCompliance that all Reportable Transactions made during that quarter have been reported.** StarCompliance will display all
 transactions of yours for which it has received notice (except transactions in your TIAA pension and retirement plan
 accounts, which you are not required to report because the firm accesses
this information directly). For any other Reportable Transactions not displayed, or displayed inaccurately, you are responsible
for making any necessary revisions in StarCompliance prior to completing your certification.

&nbsp;&nbsp;&nbsp;&nbsp;31. For each Reportable Transaction, you
 must provide, as applicable, the transaction date, security name and type, ticker symbol
 or CUSIP, interest rate (coupon) and maturity date, number of shares, price at which
 the transaction was effected, principal amount (dollar value), the nature of the trade
 (buy or sell), and the name of the broker, dealer, or bank that effected the transaction. It is very important that you carefully
 review and verify the transactions and related details displayed in StarCompliance, checking
 for accuracy and completeness. Once again, if you find any errors or omissions, correct
 or add to your list of transactions in StarCompliance.

**EVERY YEAR**

&nbsp;&nbsp;&nbsp;&nbsp;32. Within 45 calendar days of the end of each calendar year, acknowledge receipt of the most recent
version of the Code and certify in StarCompliance as to your annual Reportable Security holdings and Reportable Accounts.

The reporting must contain the information described in item 24 above and include your certification that you have reported all Reportable Accounts, and all holdings in Reportable Securities, at year end. If any of your Reportable Accounts and/or holdings in Reportable Securities are not displayed in StarCompliance or are displayed inaccurately, you are responsible for entering adjustments and trade confirms or making any necessary revisions in StarCompliance to complete your certification.

In addition, you must affirm each year through StarCompliance that each Managed Account is properly classified as a Managed Account, for yourself and on behalf of any Household Member. This affirmation does not require broker or investment manager involvement.

You also must acknowledge any amendments to the Code that occur during the course of the year.

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| |
|:---|
| &nbsp;&nbsp;**ADDITIONAL RULES FOR SECTION 16 PERSONS** |
| &nbsp;&nbsp; • Pre-clear transactions in all closed-end funds through StarCompliance. Any requests involving Nuveen closed-end funds will be reviewed by Legal.<br> • Pre-clear buy/sell transactions involving any Nuveen closed-end funds within your Managed Account(s).<br> • When selling for a gain any securities you buy that are issued by the entity of which you are a Section 16 Person, make sure it is at least 6 months after your most recent purchase of that security. This rule extends to any options or other transactions that may have the same effect as a purchase or sale and is tested on a last-in-first-out basis. You may be required to surrender any gains realized through a violation of this rule. Note that for any fund of which you are a Section 16 Person, no exception from pre-clearance is available.<br> • Promptly email to the appropriate contact in Legal the details of all executed transactions in Nuveen closed-end funds of which you are a Section 16 Person.<br> • See the Nuveen Funds Section 16 Policy and Procedures for additional information.<br> If you are unsure whether you are a Section 16 Person, contact Legal or the Nuveen Ethics Office. |

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CONFIDENTIAL (C)

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| | |
|:---|:---|
| **Code of Ethics – Americas** | Page 9 of 9 |

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| |
|:---|
| &nbsp;&nbsp;**CODE ADMINISTRATION** |
| &nbsp;&nbsp; **Training**<br> You will be required to participate in training on the Code when joining Nuveen or TIAA as well as periodically during the time you are subject to the Code.<br>**Exceptions**<br> The Code exists to prevent violations of law. The Nuveen Ethics Office may, under certain circumstances, grant waivers from a Code requirement. No waivers or exceptions that would violate any law will be granted.<br>**Monitoring**<br> The Nuveen Ethics Office is responsible for monitoring accounts, transactions, holdings and certifications for any violations of this Code.<br>**Consequences of violation**<br> Any individual who violates the Code is subject to penalty. Penalties could include, among other possibilities, a written warning, restriction of trading privileges, unwinding or reversing trades, disgorgement of trading profits, fines, and suspension or termination of employment.<br>**Applicable rules**<br> The Code has been adopted in recognition of Nuveen's fiduciary obligations to clients and in accordance with various provisions of Rule 204A-1 under the Investment Advisers Act of 1940 and Rule 17j-1 under the Investment Company Act of 1940. This Code is also adopted by the Affiliated Funds advised by Nuveen Fund Advisors, LLC, TIAA-CREF Investment Management, LLC and Teachers Advisors, LLC under Rule 17j-1.<br>Some elements of the Code also constitute part of Nuveen's response to Financial Industry Regulatory Authority (FINRA) requirements that apply to registered personnel of Nuveen Securities, LLC. |

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CONFIDENTIAL (C)

## Ex-99.(R)(1)

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| | |
|:---|:---|
| SUMMARY PROSPECTUS FOR NEW INVESTORS<br>**MAY 1, 2026** | ![](img_56ddc241f73b4.jpg) |

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## College Retirement Equities Fund (CREF)

#### Individual, group and tax-deferred variable annuity products
This Initial Summary Prospectus for New Investors describes key features of the individual, group and tax-deferred variable annuity products CREF offers and contains essential information about the contracts and your investment options. Please read it carefully before investing and keep this document for your future reference. Before you invest, you should also review the statutory prospectus ("Statutory Prospectus") and Statement of Additional Information ("SAI") for CREF, each dated May 1, 2026, as subsequently supplemented, which contain more information about its features, benefits and risks. The Statutory Prospectus and SAI are incorporated by reference into this Summary Prospectus. You can find these documents and other information about CREF online at www.tiaa.org/cref_pro. You can also obtain this information at no cost by calling 877-518-9161 or by sending an email request to disclosure@tiaa.org.

You should be aware that investing in a CREF variable annuity product involves financial risk and you could lose money. CREF does not guarantee the performance of your investments, and you bear all investment risks. This is an important consideration as you plan your financial future.

If you are an employee of a college, university, educational institution, research organization, governmental institution, or nonprofit organization, CREF offers you variable annuities and tax-deferred savings plans. CREF's main purpose is to invest for your retirement through our investment options.

When you invest with CREF, you can choose from eight different investment accounts (the "Accounts"). Each Account offers four classes (each, a "class") of accumulation or annuity units (collectively, "units"): Class R1, Class R2, Class R3, and Class R4. The class you select will determine specific aspects of your investment, including fees and features.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Accounts & Ticker Symbols** | **Class R1**  | **Class R2**  | **Class R3**  | **Class R4** |
| Total Global Stock Account (formerly Stock Account) | QCSTRX | QCSTPX | QCSTIX | QCSTFX |
| Global Equities Account | QCGLRX | QCGLPX | QCGLIX | QCGLFX |
| Growth Account | QCGRRX | QCGRPX | QCGRIX | QCGRFX |
| S&P 500 Index Account (formerly Equity Index Account) | QCEQRX | QCEQPX | QCEQIX | QCEQFX |
| Core Bond Account  | QCBMRX | QCBMPX | QCBMIX | QCBMFX |
| Inflation-Linked Bond Account | QCILRX | QCILPX | QCILIX | QCILFX |
| Responsible Balanced Account (formerly Social Choice Account) | QCSCRX | QCSCPX | QCSCIX | QSCCFX |
| Money Market Account | QCMMRX | QCMMPX | QCMMIX | QCMMFX |

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College Retirement Equities Fund ■ **Initial Summary Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 1

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You or your employer can purchase a CREF variable annuity in connection with certain types of retirement plans. CREF offers the following types of annuities and products:

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| | |
|:---|:---|
| **Retirement Product** | **Available Classes**  |
| RA (Retirement Annuity) | R1, R2, R3 |
| GRA (Group Retirement Annuity) | R1, R2, R3 |
| SRA (Supplemental Retirement Annuity) | R1, R2, R3 |
| GSRA (Group Supplemental Retirement Annuity) | R1, R2, R3 |
| Retirement Choice and Retirement Choice Plus Annuity | All Classes |
| GA (Group Annuity) and Institutionally Owned GSRAs | R1, R2, R3 |
| Traditional, Roth IRA and Rollover (Individual Retirement Annuity) including SEP IRAs (Simplified Employee Pension Plans) | R3 only |
| Keogh (no longer offered) | R1 only |
| ATRA (After-Tax Retirement Annuity) | R2 only |

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Subject to the terms of your Contract, if you are a new investor, you may be able to cancel your annuity within 10 days of receiving it without paying fees or penalties. Some states allow for a longer cancellation period. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Contract value, depending on the circumstances. You should review this Prospectus carefully or consult with your investment professional to understand specific cancellation terms that may apply.

Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's ("SEC") staff and is available at Investor.gov.

*The SEC has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Initial Summary Prospectus. Any representation to the contrary is a criminal offense. The CREF Accounts are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation ("FDIC") or any other governmental agency.*

#### Table of contents

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;[**Important information you should consider about the Contract**](#1)[**3**](#1)<br>[**Overview of the Contract**](#2)[**6**](#2)<br>[**Benefits available under the Contract**](#3)[**8**](#3)<br>[**Buying the Contract**](#4)[**9**](#4)<br>[Important information about procedures for opening a new account](#5)[11](#5)<br>[What this means for you](#6)[11](#6) | &nbsp;&nbsp;[**Making withdrawals: Accessing the money in your Contract**](#7)[**11**](#7)<br>[**Additional information about fees**](#8)[**12**](#8)<br>[**Appendix: Accounts available under the Contract**](#9)[**16**](#9) |

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2&nbsp;&nbsp;&nbsp;&nbsp; **Initial Summary Prospectus** ■ College Retirement Equities Fund

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### Important information you should consider about the Contract

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | | **Location in Statutory Prospectus** |
| **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** |  |
| **Charges for early withdrawals** | · None | · None | · None | How to transfer and withdraw your money |
| **Transaction charges** | · The Contract does not impose a transaction charge nor a transfer charge.<br>· Currently, Teachers Insurance and Annuity Association of America ("TIAA") does not charge CREF participants for transfers of their accumulations to the TIAA Traditional annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee. | · The Contract does not impose a transaction charge nor a transfer charge.<br>· Currently, Teachers Insurance and Annuity Association of America ("TIAA") does not charge CREF participants for transfers of their accumulations to the TIAA Traditional annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee. | · The Contract does not impose a transaction charge nor a transfer charge.<br>· Currently, Teachers Insurance and Annuity Association of America ("TIAA") does not charge CREF participants for transfers of their accumulations to the TIAA Traditional annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee. | Fee and expense tables of each Contract |
|  | · A $75 origination fee ($125 for residential loans) and a $25 annual maintenance fee will apply to Retirement Plan Loans. | · A $75 origination fee ($125 for residential loans) and a $25 annual maintenance fee will apply to Retirement Plan Loans. | · A $75 origination fee ($125 for residential loans) and a $25 annual maintenance fee will apply to Retirement Plan Loans. | Loans |
| **Ongoing fees and expenses (annual charges)** | The table below describes the fees and expenses (not including any fees of a financial advisor) that you may pay *each year*, depending on the options you choose. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected. | The table below describes the fees and expenses (not including any fees of a financial advisor) that you may pay *each year*, depending on the options you choose. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected. | The table below describes the fees and expenses (not including any fees of a financial advisor) that you may pay *each year*, depending on the options you choose. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected. | Fee and expense tables of each Contract |
|  | **Annual Fee** | **Minimum** | **Maximum** |  |
|  | Annual Contract Expenses (varies by investment Account and Class) (as a percentage of average annual net assets) | CREF Money Market Account, Class R4: 0.025% | CREF Total Global Stock Account, Class R1: 0.430% |  |
|  | Optional benefits available for an additional charge (for single optional benefit, if elected) | N/A | N/A |  |

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College Retirement Equities Fund ■ **Initial Summary Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 3

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| | | | |
|:---|:---|:---|:---|
| | | | **Location in Statutory Prospectus** |
|  | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost (not including any fees of a financial advisor) you could pay *each year*, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add charges for early withdrawals that substantially increase costs. | Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost (not including any fees of a financial advisor) you could pay *each year*, based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add charges for early withdrawals that substantially increase costs. |  |
|  | **Lowest Annual Cost: <br>CREF Money Market Account, Class R4: $24** | **Highest Annual Cost: <br>CREF Total Global Stock Account,<br>Class R1: $411** |  |
|  | Assumes:<br>· Investment of $100,000 <br>· 5% annual appreciation <br>· Least expensive combination of Contract Classes and Account management fees<br>· No optional benefits <br>· No sales charges <br>· No additional purchase payments, transfers, or withdrawals  | Assumes:<br>· Investment of $100,000 <br>· 5% annual appreciation <br>· Most expensive combination of Contract Classes, Account management fees, and optional benefits <br>· No sales charges <br>· No additional purchase payments, transfers, or withdrawals  |  |
| **RISKS** | **RISKS** | **RISKS** |  |
| **Risk of loss** | · You can lose money by investing in your Contract, including loss of principal. | · You can lose money by investing in your Contract, including loss of principal. | Principal risks of investing in the Contract |
| **Not a short-term investment** | · The Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash (except for the Money Market Account).<br>· The benefits of a tax deferral product, adding premiums over time to the value of your Contract and long-term income means the Contract is generally more beneficial to investors with a long-term horizon.<br>· Your employer's plan or the Internal Revenue Code ("IRC") may impose restrictions on your ability to redeem your accumulation under certain circumstances.<br>· If you make a withdrawal, it will reduce the value of your Contract and the amount of money you will receive when you annuitize. | · The Contract is not designed for short-term investing and is not appropriate for an investor who needs ready access to cash (except for the Money Market Account).<br>· The benefits of a tax deferral product, adding premiums over time to the value of your Contract and long-term income means the Contract is generally more beneficial to investors with a long-term horizon.<br>· Your employer's plan or the Internal Revenue Code ("IRC") may impose restrictions on your ability to redeem your accumulation under certain circumstances.<br>· If you make a withdrawal, it will reduce the value of your Contract and the amount of money you will receive when you annuitize. | Principal risks of investing in the Contract |

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4&nbsp;&nbsp;&nbsp;&nbsp; **Initial Summary Prospectus** ■ College Retirement Equities Fund

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| | | | |
|:---|:---|:---|:---|
| | | | **Location in Statutory Prospectus** |
|  | **Risks associated with investments** | · An investment in the Contract is subject to the risk of poor investment performance. Performance can vary depending on the performance of the Accounts you choose under the Contract.<br>· Each Account has its own unique risks.<br>· You should review the Accounts before making an investment decision. | Principal risks of investing in the Contract<br>Appendix B—Additional information about the Accounts available under the Contract |
|  | **Insurance risks** | · An investment in the Contract is subject to risks related to CREF, and any obligations, guarantees or benefits of the Contract are subject to CREF's claims-paying ability. CREF may not be able to meet its obligations to you. CREF is not an insurance company. | Principal risks of investing in the Contract |
| **RESTRICTIONS** | **RESTRICTIONS** | **RESTRICTIONS** |  |
|  | **Investments** | · Though the Accounts are available under the terms of your Contract, they may not be available under the terms of your employer's plan. You may only invest in those Accounts available under the terms of your employer's plan and this Prospectus. <br>· Your employer's plan may impose additional restrictions, including restrictions on allocations of premiums and transfers of accumulation. Please see your employer's plan.<br>· We have adopted policies and procedures to discourage market timing and excessive transaction activity.<br>· We reserve the right to add or close Accounts, substitute another Account without your consent, or combine Accounts. A substituted Account may have different fees and expenses. | Who we are and other related information<br>Market timing/excessive trading policy |

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College Retirement Equities Fund ■ **Initial Summary Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 5

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| | | |
|:---|:---|:---|
| | | **Location in Statutory Prospectus** |
| **Optional benefits** | · Certain optional benefits are subject to a minimum dollar amount. We reserve the right to cancel optional benefits at any time.<br>· There are restrictions on the frequency of transactions within a certain period.<br>· We may modify or terminate the transfer feature of the Contract at any time. | Benefits available under the Contract<br>Other features of the Contract |
| **TAXES** | **TAXES** |  |
| **Tax implications** | · You should consult with a qualified tax professional to determine the tax implications of an investment in the Accounts and annuity payments received under the Contract.<br>· Withdrawals on your Contract will be subject to ordinary income tax and may be subject to premature distribution taxes if taken before age 59½.<br>· Generally, you are not taxed until you make a withdrawal from the Contract. <br>· Premium taxes may apply with respect to the Contract.<br>· If you purchase the Contract through a tax-qualified plan or individual retirement account (IRA), you do not get any additional tax benefit. | Taxes |
| **CONFLICTS OF INTEREST** | **CONFLICTS OF INTEREST** |  |
| **Financial professional compensation** | · Some financial professionals may receive compensation for selling the Contract to you, in the form of an additional cash benefit (e.g., a bonus). Accordingly, your financial professional may have a financial incentive to offer or recommend the Contract over another investment. | Conflicts of interest |
| **Exchanges** | · Some financial professionals may have a financial incentive to offer you a new contract in place of the one you already own. You should only exchange your Contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable for you to purchase the new contract rather than continue to own the existing Contract. | How to transfer and withdraw your money |

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### Overview of the Contract

#### Purpose of the Contract
The Contract is a tax-deferred variable annuity contract designed for retirement planning and asset accumulation through investing in the Accounts. The Contract may be appropriate for you if you have a long investment time horizon and is not intended for individuals who may need to access invested funds within a short-term timeframe or on a frequent basis (except for the Money Market Account). In addition, the Contract is not intended for individuals who intend to engage in frequent transfers between the Accounts.

6&nbsp;&nbsp;&nbsp;&nbsp; **Initial Summary Prospectus** ■ College Retirement Equities Fund

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#### Phases of the Contract
The Contract has two phases: (1) an accumulation phase (for savings) and (2) an annuity phase (for income). Generally speaking, the longer your accumulation phase, the greater your accumulated value may be for setting your annuity payouts and optional benefits should you choose to annuitize.

#### Accumulation phase
During the accumulation phase, earnings grow tax deferred until withdrawal and are taxed as ordinary income when withdrawn. Premiums are subject to your employer's plan and IRC limits and may continue until the annuity starting date.

**You can allocate your premiums across one or more of the Accounts available under the Contract and your employer's plan. Amounts that you allocate to an Account will increase or decrease in dollar value depending on the investment performance of the Account. You bear the risk of any decline in the balance of your Contract resulting from the performance of the Accounts you have chosen. Your accumulation value could decline significantly, and there is a risk of loss of the entire amount invested. You should consider the investment objectives, risks, and charges and expenses of each Account carefully before making an investment decision. Additional information about each Account is provided in the Appendix at the end of this Prospectus.**

At the end of the accumulation phase, if you choose to annuitize, we use the accumulated value of your investments to calculate the payments that will be made during the annuity phase.

#### Annuity phase
The annuity phase occurs after the annuity starting date and when you (and your Annuity Partner, if you name one) begin receiving regular annuity payments from your Contract. You will receive a stream of annuity payments for the payout period you elect. Subject to the provisions under your Contract and your employer's plan, you can elect any one of the following options to receive annuity payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. One-life annuity with or without a guaranteed period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annuity for a fixed period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Two-life annuities with or without a guaranteed period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Required minimum distributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Retirement transition benefit (single-sum payments)

Upon annuitization, your Accumulation is converted to Annuity payments and you will no longer be able to make any withdrawals from your Contract. Your Annuity Units remain allocated to the Accounts you selected. CREF participants can decide to fully or partially annuitize their investments in CREF when they desire to receive income payments. Partial annuitization is when a participant converts less than all of their Accumulation Units to Annuitization Units. If you partially annuitize, only the elected portion is applied to an income option (allocated to Annuity Units of the Accounts you selected), and the remainder of your Accumulation Units stays

College Retirement Equities Fund ■ **Initial Summary Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 7

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invested in the Accounts you selected. If you fully annuitize your entire Accumulation, generally, you will no longer be able to make withdrawals from your Contract, and all Accumulation Phase benefits terminate, including the death benefits. Please see CREF's Statement of Additional Information ("SAI") for additional detail about how the value of your Annuity Units and/or Accumulation Units is determined.

Subject to the provisions of your employer's plan, you may elect an Income Test Drive, an optional feature that provides variable payments to you for a two-year period by taking withdrawals from your Contract.

#### Contract features
**Withdrawals*.*** Before your Contract is annuitized, you may take withdrawals. Withdrawals will reduce your account value and are subject to ordinary income tax and potential early withdrawal penalties if taken before age 59½.

**Tax treatment*.*** You can transfer money between Accounts tax-free, and if there are earnings on your investments, those earnings are generally tax deferred. You would be taxed when: (1) you make a withdrawal; (2) you surrender the Contract; (3) you receive an annuity payment from the Contract; (4) a death benefit is paid; or (5) if you default on a loan from your Contract.

**Death benefits*.*** The Contract includes a standard death benefit payable to your designated beneficiary at the time of your death.

**Loans*.*** Loans may be available for request under your employer's plan, subject to applicable conditions.

**Additional services*.*** The Contract offers systematic options for withdrawals, transfers between Accounts, and financial intermediary fee payments, all subject to minimum amounts and/or scheduling requirements. These transactions may affect your Contract value and have tax implications.

**Partial annuitization*.*** Partial annuitization is when a participant converts less than all of their accumulation units to annuitization units. Under the terms of the Contract, CREF participants can decide to fully or partially annuitize their investments in CREF when they desire to receive lifetime income.

### Benefits available under the Contract
The following table summarizes information about the benefits available under the Contract.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of benefit <br> Purpose** | **Name of benefit <br> Purpose** | **Standard/<br>Optional** | **Maximum fee** | **Brief description of restrictions/limitations** |
| **Death benefit** | **Death benefit** |  |  |  |
|  | The amount of the death benefit is the accumulation on the Valuation Day that we authorize payment of the death benefit. | Standard | No charge | &nbsp;&nbsp;Withdrawals could significantly reduce the death benefit.<br>Only available in accumulation phase. |

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8&nbsp;&nbsp;&nbsp;&nbsp; **Initial Summary Prospectus** ■ College Retirement Equities Fund

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| | | | |
|:---|:---|:---|:---|
| **Name of benefit <br> Purpose** | **Standard/<br>Optional** | **Maximum fee** | **Brief description of restrictions/limitations** |
| **Retirement transition benefit** | **Retirement transition benefit** |  |  |
| If your employer's plan allows, you may be able to receive a single-sum payment of up to 10% of the value of any part of an accumulation being converted to a one-life or two-life annuity on the annuity starting date. Such employer plan and 10% limitations do not apply to IRAs.<br>Subject to the provisions under your Contract, you may redeem accumulation units generally not less than $1,000 from one or more of the Accounts prior to annuitization. | Optional | No charge | &nbsp;&nbsp;Subject generally to a minimum amount of $1,000.<br>This benefit will not be available before the earliest date permitted under your employer's plan.<br>The portion of your accumulation available to you in this benefit may be limited by your employer's plan.<br>If you are married and if some or all of your accumulation is subject to ERISA, your right to receive this benefit is subject to the rights of your spouse.<br>Withdrawals may lower your Contract value, will be subject to ordinary tax and may be subject to a premature distribution tax if taken before age 59½. |

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### Buying the Contract
Generally, we will issue a Contract when we receive a completed application or enrollment form in good order. Good order means actual receipt of the transaction request along with all information and supporting legal documentation necessary to effect the transaction. This information and documentation generally includes your complete application (or complete request for redemptions, transfers, withdrawals, or payment of death or other benefits) and any other information or supporting documentation we may require. With respect to purchase requests, good order also generally includes receipt of sufficient funds by us to effect the purchase. We may, in our sole discretion, determine whether any particular transaction request (including, among others, a purchase, redemption, or withdrawal request or request to pay benefits) is in good order and reserve the right to change or waive any good order requirement at any time either in general or with respect to a particular plan, Contract or transaction.

There are no initial or subsequent minimum premiums.

If your application is incomplete and we do not receive the necessary information and signed application in good order within five business days of our receipt of the initial premium, we will return the initial premium at that time. In addition, it is also possible that if we are unable to reach you to obtain additional or missing information relating to incomplete applications, or transaction requests that are not in good order, the transaction may be cancelled.

If we receive premiums from your employer and (where applicable) a completed application from you before we receive your specific allocation instructions (or if

College Retirement Equities Fund ■ **Initial Summary Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 9

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your allocation instructions violate employer plan restrictions or do not total 100%), we will invest all premiums remitted on your behalf in the default option that your employer has designated. We consider your employer's designation of a default option to be an instruction to us to allocate your premiums to that option as described above. You should consult your plan documents or sales representative to determine your employer's designated default option and to obtain information about that option. Further, to the extent you hold an IRA Contract, the default option will be that fund or Account specified in your IRA forms.

When we receive complete allocation instructions from you in good order, we will follow your instructions for future premiums. However, if you want the premiums previously allocated to the default option (and earnings or losses on them) to be transferred to the options identified in your instructions, you must specifically request that we transfer these amounts from the default option to your investment option choices.

Currently, CREF does not restrict the amount or frequency of premiums contributed to your Contract, although it reserves the right to impose restrictions. Your employer's retirement plan may limit your premium amounts. There may also be restrictions on remitting premiums to an IRA. In addition, the IRC limits the total annual premiums to plans qualified for favorable tax treatment. If you want to directly contribute personal premiums under the contractual provisions of your RA Contract, you will be issued an ATRA Contract. Premiums and any earnings on the ATRA Contract will not be subject to your employer's retirement plan. The only restrictions relating to these premiums are in the Contract itself, or to any Contract used to fund a non-qualified deferred compensation arrangement. The Inflation-Linked Bond Account is not available as an investment choice in the ATRA Contract, and this restriction applies to premiums and also to transfers between Accounts under the Contract.

In most cases, CREF accepts premiums to a Contract during your accumulation phase. Once your first premium has been paid, your CREF Contract cannot lapse or be forfeited for nonpayment of premiums. CREF can stop accepting premiums to GRA, Retirement Choice/Retirement Choice Plus, GSRA, GA, Keogh and Institutional GSRA Contracts at any time. There are currently no minimum account values and we do not charge a low balance fee.

Note that we cannot accept credit cards, money orders, travelers' checks or digital (including virtual or crypto) currencies (e.g., Bitcoin). In addition, we will not accept a third-party check where the relationship of the payor to the Account owner cannot be identified from the face of the check.

For locations where a third party administers the receipt of mail, we will not be deemed to have received any premiums sent to the addresses designated for remitting premiums until the third-party service that administers the receipt of mail through those addresses has administered the payment on our behalf.

Financial intermediaries may have their own requirements for considering transactions to be in good order. If you hold your units through an intermediary, please contact the intermediary for their specific good order requirements.

10&nbsp;&nbsp;&nbsp;&nbsp; **Initial Summary Prospectus** ■ College Retirement Equities Fund

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#### I mportant information about procedures for opening a new account
To help the United States government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions, including us, to obtain, verify and record information that identifies each person who purchases a Contract.

#### What this means for you
When you apply for a Contract, we will ask for your name, street address (not a post office box), date of birth, Social Security number and other information, such as your home telephone number, that will allow us to identify you. Until you provide us with the information we need, we may not be able to issue a Contract or effect any transactions for you.

In certain circumstances, we may be required to block a Contract owner's ability to make certain transactions and may refuse to accept any premium payments or requests for transfers, withdrawals, surrenders, annuitization, or death benefits, until instructions are received from the appropriate regulator. We may also be required to provide additional information about you and your Contract to government regulators without notice or your consent.

### Making withdrawals: Accessing the money in your Contract
Generally, depending on the terms of your plan, Contracts, tax law and applicable governing documents, CREF allows you to withdraw some or all of your accumulation. You may redeem the entire current accumulation or withdraw a lesser amount from one or more of the investment accounts. Generally, withdrawals are not permitted less than $1,000. Such withdrawals will not be available before the earliest date permitted under your employer's plan. A portion of your account accumulation available to withdraw may be limited by your employer's plan.

If you are married and if some or all of your accumulation is subject to ERISA, your right to receive your entire account accumulation is subject to the rights of your spouse. Withdrawals may lower your Contract value, will be subject to ordinary tax and may be subject to a premature distribution tax if taken before age 59½.

#### Systematic withdrawals and transfers
If your employer's plan allows, you can set up a program to make cash withdrawals or transfers automatically by specifying that we withdraw or transfer from an Account accumulation any fixed number of accumulation units, dollar amount or percentage of accumulation until you tell us to stop or until your accumulation is exhausted. Currently, the program must be set up so that

College Retirement Equities Fund ■ **Initial Summary Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 11

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internal transfers must be at least $100. In the future, we may eliminate this minimum transfer amount. Each Account may from time to time, in its discretion, suspend, change or terminate the processes and procedures for systematic withdrawals and transfers, although the Accounts will notify you if this occurs.

### Additional information about fees
**The following tables describe the fees and estimated expenses you will pay when buying, owning, surrendering, or making withdrawals from the Contract. These estimates typically change from year to year. TIAA or subsidiaries of TIAA provide or arrange for the provision of services for CREF "at cost" to TIAA and its affiliates. Please refer to your plan documents for information about the specific fees you will pay each year based on the options you have elected.** 

**The first table describes the fees and estimated expenses you will pay *at the time* you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract value between Accounts. State premium taxes (which vary by state) may also be deducted. These fees and expenses do not reflect any advisory fees paid to financial intermediaries from your Contract value or other assets or any plan-level fees for TIAA recordkeeping. If such charges were reflected, the fees and expenses would be higher.**

**TRANSACTION EXPENSES** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Charge on all accounts** | **Charge on all accounts** | **Charge on all accounts** | **Charge on all accounts** |
| <br>**Expense type**  | **Class R1** | **Class R2** | **Class R3** | **Class R4** |
| Sales load imposed on purchases <br>(as a percentage of premiums) |  |  |  |  |
| Deferred sales load (or surrender charge) (as a percentage of premiums or amount surrendered, as applicable) |  |  |  |  |
| Exchange fee or Redemption fee<sup>1</sup> |  |  |  |  |
| General loan origination fee | $75 | $75 | $75 | $75 |
| Residential loan origination fee | $125 | $125 | $125 | $125 |
| Annual loan maintenance fee | $25 | $25 | $25 | $25 |

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<sup>1</sup> Currently, TIAA does not charge CREF participants for transfers of their accumulations to the TIAA Traditional Annuity product. However, TIAA reserves the right to charge CREF participants in the accumulation phase a fee on transfers to TIAA Traditional in the future. CREF participants will receive prior notice of the imposition of such a transfer fee.

**The next table describes the fees and expenses of each Account (not including any advisory fees paid to financial intermediaries) you will pay *each year* during the time you own the Contract. These fees and expenses typically change from year to year.**

12&nbsp;&nbsp;&nbsp;&nbsp; **Initial Summary Prospectus** ■ College Retirement Equities Fund

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**ESTIMATED ANNUAL CONTRACT EXPENSES** <br>(as a percentage of average net assets)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Base contract expenses** | **Management fees** | **Other <br>expenses: Administrative expenses** | **Other <br>expenses: Distribution expenses** | **Total other expenses** | **Total annual expense deductions** |
| **Total Global Stock Account** | **Total Global Stock Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.090% | 0.005% | 0.005% | 0.010% | 0.105% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | 0.005 | 0.090 | 0.130 | 0.020 | 0.150 | 0.245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 0.005 | 0.090 | 0.170 | 0.025 | 0.195 | 0.290 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 | 0.005 | 0.090 | 0.300 | 0.035 | 0.335 | 0.430 |
| **Global Equities Account** | **Global Equities Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.080% | 0.005% | 0.005% | 0.010% | 0.095% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | 0.005 | 0.080 | 0.130 | 0.020 | 0.150 | 0.235 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 0.005 | 0.080 | 0.170 | 0.025 | 0.195 | 0.280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 | 0.005 | 0.080 | 0.300 | 0.035 | 0.335 | 0.420 |
| **Growth Account** | **Growth Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.050% | 0.005% | 0.005% | 0.010% | 0.065% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | 0.005 | 0.050 | 0.130 | 0.020 | 0.150 | 0.205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 0.005 | 0.050 | 0.170 | 0.025 | 0.195 | 0.250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 | 0.005 | 0.050 | 0.300 | 0.035 | 0.335 | 0.390 |
| **S&P 500 Index Account** | **S&P 500 Index Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.015% | 0.005% | 0.005% | 0.010% | 0.030% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | 0.005 | 0.015 | 0.130 | 0.020 | 0.150 | 0.170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 0.005 | 0.015 | 0.170 | 0.025 | 0.195 | 0.215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 | 0.005 | 0.015 | 0.300 | 0.035 | 0.335 | 0.355 |
| **Core Bond Account** | **Core Bond Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.065% | 0.005% | 0.005% | 0.010% | 0.080% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | 0.005 | 0.065 | 0.130 | 0.020 | 0.150 | 0.220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 0.005 | 0.065 | 0.170 | 0.025 | 0.195 | 0.265 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 | 0.005 | 0.065 | 0.300 | 0.035 | 0.335 | 0.405 |
| **Inflation-Linked Bond Account** | **Inflation-Linked Bond Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.015% | 0.005% | 0.005% | 0.010% | 0.030% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | 0.005 | 0.015 | 0.130 | 0.020 | 0.150 | 0.170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 0.005 | 0.015 | 0.170 | 0.025 | 0.195 | 0.215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 | 0.005 | 0.015 | 0.300 | 0.035 | 0.335 | 0.355 |
| **Responsible Balanced Account** | **Responsible Balanced Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.060% | 0.005% | 0.005% | 0.010% | 0.075% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | 0.005 | 0.060 | 0.130 | 0.020 | 0.150 | 0.215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 0.005 | 0.060 | 0.170 | 0.025 | 0.195 | 0.260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 | 0.005 | 0.060 | 0.300 | 0.035 | 0.335 | 0.400 |

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College Retirement Equities Fund ■ **Initial Summary Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 13

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Base contract expenses** | **Management fees** | **Other <br>expenses: Administrative expenses** | **Other <br>expenses: Distribution expenses** | **Total other expenses** | **Total annual expense deductions** |
| **Money Market Account** | **Money Market Account** |  |  |  |  |  |
| Class R4 | 0.005% | 0.010% | 0.005% | 0.005% | 0.010% | 0.025% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | 0.005 | 0.010 | 0.130 | 0.020 | 0.150 | 0.165 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | 0.005 | 0.010 | 0.170 | 0.025 | 0.195 | 0.210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R1 | 0.005 | 0.010 | 0.300 | 0.035 | 0.335 | 0.350 |

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14&nbsp;&nbsp;&nbsp;&nbsp; **Initial Summary Prospectus** ■ College Retirement Equities Fund

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#### Example
**This example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual Contract expenses, and Account operating expenses. This example does not reflect any advisory fees paid to financial intermediaries from your Contract value or other assets or any plan-level fees for TIAA recordkeeping. If such charges were reflected, the costs of the Contract would be higher.**

**The example assumes that you invest $100,000 in the Contract for the time periods indicated and surrender your Contract at the end of each of these time periods. The example also assumes that your investment has a 5% return each year and assumes the most expensive combination of Account operating expenses. We do not impose a surrender charge when you make a withdrawal nor do we charge for any elected optional benefit under the Contract. As a result, your Contract value would be the same whether or not you surrender or annuitize at the end of the applicable time period. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| **Total Global Stock Account** | **Total Global Stock Account** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R4 | $108 | $339 | $593 | $1346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | $251 | $789 | $1379 | $3119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | $297 | $933 | $1631 | $3683 |
| Class R1 | $440 | $1381 | $2410 | $5422 |
| **Global Equities Account** | **Global Equities Account** |  |  |  |
| Class R4 | $97 | $307 | $537 | $1219 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | $241 | $757 | $1323 | $2993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | $287 | $901 | $1575 | $3558 |
| Class R1 | $430 | $1349 | $2354 | $5299 |
| **Growth Account** | **Growth Account** |  |  |  |
| Class R4 | $67 | $210 | $368 | $835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | $210 | $660 | $1155 | $2615 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | $256 | $805 | $1407 | $3182 |
| Class R1 | $399 | $1253 | $2188 | $4928 |
| **S&P 500 Index Account** | **S&P 500 Index Account** |  |  |  |
| Class R4 | $31 | $97 | $170 | $386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | $174 | $548 | $959 | $2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | $220 | $693 | $1211 | $2741 |
| Class R1 | $363 | $1141 | $1993 | $4494 |

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College Retirement Equities Fund ■ **Initial Summary Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 15

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| **Core Bond Account** | **Core Bond Account** |  |  |  |
| Class R4 | $82 | $258 | $452 | $1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | $225 | $709 | $1239 | $2804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | $271 | $853 | $1491 | $3370 |
| Class R1 | $414 | $1301 | $2271 | $5114 |
| **Inflation-Linked Bond Account** | **Inflation-Linked Bond Account** |  |  |  |
| Class R4 | $31 | $97 | $170 | $386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | $174 | $548 | $959 | $2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | $220 | $693 | $1211 | $2741 |
| Class R1 | $363 | $1141 | $1993 | $4494 |
| **Responsible Balanced Account** | **Responsible Balanced Account** |  |  |  |
| Class R4 | $77 | $242 | $424 | $963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | $220 | $693 | $1211 | $2741 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | $266 | $837 | $1463 | $3307 |
| Class R1 | $409 | $1285 | $2243 | $5052 |
| **Money Market Account** | **Money Market Account** |  |  |  |
| Class R4 | $26 | $81 | $142 | $322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R3 | $169 | $532 | $931 | $2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class R2 | $215 | $676 | $1183 | $2678 |
| Class R1 | $358 | $1125 | $1965 | $4432 |

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### Appendix: Accounts available under the Contract
The following is a list of the Accounts available under the Contract. Not all Accounts may be available under the terms of your employer's plan. You may only invest in those Accounts available under the terms of your employer's plan and this Prospectus. TIAA-CREF Investment Management, LLC ("TCIM") manages the assets of each Account under the supervision of the Board of Trustees of CREF.

More information about the Accounts is available in the Statutory Prospectus for the Contract, which can be requested at no cost by following the instructions on the front cover page. The current expenses and performance information below reflect Contract fees and expenses that are paid by each investor in CREF Class R3 units, but does not reflect the impact of any advisory fees paid to financial intermediaries or TIAA plan pricing arrangements. If such charges were reflected, the fees and expenses would be higher. Each Account's past performance is not necessarily an indication of future performance.

16&nbsp;&nbsp;&nbsp;&nbsp; **Initial Summary Prospectus** ■ College Retirement Equities Fund

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Average annual total returns <br>12/31/2025 (Class R3)** | **Average annual total returns <br>12/31/2025 (Class R3)** | **Average annual total returns <br>12/31/2025 (Class R3)** |
| <br>**Investment objective** | <br>**Account <br>Adviser** | <br>**Current <br>expenses <br>(Class R3****)** | **One <br>year** | **Five <br>years** | **Ten <br>years** |
| Seeks a favorable long-term rate of return through capital appreciation and investment income by investing primarily in a broadly diversified portfolio of common stocks. | **Total Global Stock Account <br>TCIM** | 0.245% | 21.46% | 10.94% | 11.89% |
| Seeks a favorable long-term rate of return through capital appreciation and income from a broadly diversified portfolio that consists primarily of foreign and domestic common stocks. | **Global Equities Account <br>TCIM** | 0.235 | 21.67 | 11.10 | 11.85 |
| Seeks a favorable long-term rate of return, mainly through capital appreciation, primarily from a diversified portfolio of common stocks that present the opportunity for exceptional growth. | **Growth Account <br>TCIM** | 0.205 | 16.81 | 12.92 | 16.23 |
| Seeks a favorable long-term rate of return from a diversified portfolio selected to track the overall market for common stocks publicly traded in the United States, as represented by a broad stock market index. | **S&P 500 Index Account <br>TCIM** | 0.170 | 17.11 | 13.02 | 14.10 |
| Seeks a favorable long-term rate of return, primarily through high current income consistent with preserving capital. | **Core Bond Account <br>TCIM** | 0.220 | 7.50 | 0.07 | 2.42 |
| Seeks a long-term rate of return that outpaces inflation, primarily through investment in inflation-indexed bonds—fixed-income securities whose returns are designed to track a specified inflation index over the life of the bond. | **Inflation-Linked Bond Account <br>TCIM** | 0.170 | 7.19 | 2.72 | 3.35 |
| Seeks a favorable long-term rate of return that reflects the investment performance of the financial markets while giving special consideration to certain social criteria. | **Responsible Balanced Account <br>TCIM** | 0.215 | 15.03 | 6.49 | 8.23 |
| Seeks high current income consistent with maintaining liquidity and preserving capital. | **Money Market Account <br>TCIM** | 0.165 | 4.20 | 3.09 | 1.99 |

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College Retirement Equities Fund ■ **Initial Summary Prospectus**&nbsp;&nbsp;&nbsp;&nbsp; 17

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More information about CREF is contained in its Statutory Prospectus, dated May 1, 2026, and its Statement of Additional Information ("SAI"), dated May 1, 2026, each of which is incorporated by reference into this Summary Prospectus. The Statutory Prospectus, SAI and [CREF's annual report for the year ended](http://www.sec.gov/Archives/edgar/data/777535/000119312526096129/d855715dncsr.htm) [December 31, 2025](http://www.sec.gov/Archives/edgar/data/777535/000119312526096129/d855715dncsr.htm) and [semi-annual report for the period ended June 30, 2025](http://www.sec.gov/Archives/edgar/data/777535/000119312525196738/d53660dncsrs.htm), which are incorporated by reference herein, are on file with the SEC. For a free copy of any of these documents, to request additional information about CREF or the Accounts or to make other investor inquiries, visit our website at www.tiaa.org, write to us at 730 Third Avenue, New York, NY 10017-3206, Attn: TIAA Imaging Services or call us at 877-518-9161.

You may also obtain reports and other information about CREF on the SEC's website at www.sec.gov and copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

### How to reach us

#### By mail
Send all notices, forms, requests or payments to:

TIAA<br>P.O. Box 1259<br>Charlotte, NC 28201

#### TIAA website
Account performance, personal account information and transactions, product descriptions, and information about investment choices and income options

**TIAA.org**<br>24 hours a day, 7 days a week

#### Automated telephone service
Check account performance and accumulation balances, change allocations, transfer funds and verify credited premiums

**800-842-2252**<br>24 hours a day, 7 days a week

#### National Contact Center
Retirement saving and planning, income options and payments, beneficiary services and tax reporting

**800-842-2252**<br>8 a.m. to 10 p.m. (ET), Monday–Friday

#### For the hearing- or speech-impaired
**800-842-2755**<br>8 a.m. to 10 p.m. (ET), Monday–Friday

#### TIAA Brokerage Services
Self-directed brokerage accounts for investing in stocks, bonds and mutual funds

**800-927-3059**<br>8 a.m. to 7 p.m. (ET), Monday–Friday

#### Advisor services
**888-842-0318**<br>8 a.m. to 7:30 p.m. (ET), Monday–Friday

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| | |
|:---|:---|
| ![](img_d5348568ec2e4.jpg) | ![](img_d0af07b883f84.jpg) |

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TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and the Securities Investor Protection Corporation ("SIPC"), distributes securities products. SIPC only protects customers' securities and cash held in brokerage accounts. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.©2026 Teachers Insurance and Annuity Association of America–College Retirement <br>Equities Fund, 730 Third Avenue, New York, NY 10017-3206

![](img_148e83cc21094.jpg)Printed on paper containing recycled fiber

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| | |
|:---|:---|
| EDGAR contract identifiers: C000154473, C000154474, C000154475, C000234671, C000154476, C000154477, C000154478, C000234672, C000154479, C000154480, C000154481, C000234673, C000154482, C000154483, C000154484, C000234674, C000154485, C000154486, C000154487, C000234675, C000154488, C000154489, C000154490, C000234676, C000154491, C000154492, C000154493, C000234677, C000154494, C000154495, C000154496, C000234678  | A41187 (5/26) |

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