Important information on BlackRock Strategic Completion ...

1 Important information onBlackRock Strategic Completion Non- lendable FundThe information provided on the following pages has been provided by BlackRock Institutional Trust Company, Neither TIAA nor its affiliates has independently verified the accuracy or completeness of this material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor s personal advisor based on the investor s own objectives and , insurance and annuity products are not FDIC-insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity and may lose Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc.

2 , and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. 2017 Teachers Insurance and Annuity Association of America-College Retirement Equities fund , New York, NY 10017116729141021024A14567 CNA0008 Portfolio AnalysisComposition as of 06-30-17% Style BoxEquity as of 06-30-17 LargeMidSmallValue Blend GrowthFixed Income as of 06-30-17 HighMedLowLtd Mod ExtTop 20 Holdings as of 06-30-17% TIPS Non- lendable fund REIT Index Non- lendable fund Select Commodity Index fund Super Sectors as of 06-30-17% Fundh Super World Regions as of 06-30-17% Five Countries as of 06-30-17% AssetsUnited InformationInvestment Objective and StrategyOperations and ManagementProduct Inception Date11-29-13 Strategy Inception Date09-01-11 Total fund Assets ($mil) ManagerBlackRock Institutional TrustCompany Turnover Ratio % and Expenses as of 01-01-17 Total Annual Operating Expense % Annual Operating Expense per $1000$ information for Total Annual Operating ExpenseThe Total Annual Operating Expense ratio noted above ("TAOE")reflects a management fee and administrative costs.

3 Effective1/1/17, administrative costs are capped at one (1) basis point( ) per year. The TAOE has been restated to reflect thecurrent administrative cost cap. The TAOE may also, ifapplicable, reflect certain third party acquired fund fees andexpenses. There may be other fees and expenses not reflectedin the TAOE that bear on the value of the investment. ThePortfolio Turnover Rate is that of the collective investment fundin which the fund invests exclusively, either directly fund provides long-term investors with an asset allocation strategy designed to provide a Strategic portfolio of diversifying and real return type asset fund is a collective investment trust maintained and managed by BlackRock Institutional Trust Company, ("BTC").The fund shall allocate its investments across a Strategic mix of asset classes, such as Treasury Inflation Protected Securities, real estate investment trusts, and commodities, with the objective of complementing a diversified portfolio of more traditional asset classes.

4 The asset classes in which the fund invests tend to have some "real return" characteristics and therefore may also provide a means to manage the effects of inflation on a diversified portfolio of more traditional asset fund shall be invested and reinvested in common stocks and other forms of equity securities, depositary receipts, investment company shares, fixed- income securities and other debt obligations, asset-backed securities, mortgage-backed securities, securities issued by publicly traded real estate companies, futures contracts, forward contracts, swaps, options, and other structured fund 's current asset class composition spans global real estate, Treasury Inflation Protected Securities and commodities. As new diversifying asset classes emerge, attain liquidity and market acceptance, the strategy will systemically fund 's Strategic asset allocation is guided by a holistic view of large defined benefit plans' asset allocations and utilizes BlackRock 's long-term capital market forecasts.

5 BTC employs a proprietary investment model (the "Model") that analyzes securities market data, including risk, correlation and expected return statistics, to recommend the portfolio allocation among the asset classes. Rather than choosing specific securities within each asset class, BTC selects among indices representing segments of the fund 's current asset class composition and invests in securities that comprise the chosen fund generally invests in a chosen index through one or a series of collective investment trusts maintained and managed by the event of a conflict between this summary description of the fund 's investment objective and principal investment strategies and the Trust Document under which the fund was established, the Trust Document will govern. For more information related to the fund , please see the fund 's Trust Document, Profile and most recent audited financial statements. The fund will not engage in securities Date: 06-30-2017 Strategic Completion Non- lendable fund M.

6 Primary BenchmarkCustom BenchmarkMorningstar CategoryOverall Morningstar Rating Morningstar ReturnMorningstar RiskCitigroup 3 Month Treasury BillIndexStrategic Completion FundCustom BenchmarkWorld AllocationQLowAverageSee disclosure for 2017 Morningstar, Inc., Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstarnor its content providers are responsible for any damages or losses arising from any use of information . Past performance is no guarantee of futureperformance. Visit our investment website at Page 1 of 4 Benchmark DescriptionThe Strategic Completion Non- lendable fund M's CustomBenchmark is a comparison benchmark for the performance ofthe fund . The Custom Benchmark is calculated using blendedreturns of third party indices that proportionally reflect therespective weightings of the fund 's asset classes.

7 The thirdparty index proportions of the Custom Benchmark are adjustedperiodically to reflect changes to the fund 's asset allocation. Asthe fund 's asset classes are re-defined or added over time, theindices used to calculate the Custom Benchmark will changeaccordingly. As of December 31, 2016, the indices used tocalculate the Custom Benchmark are: Bloomberg Barclays Inflation Protected Securities (TIPS) Index, FTSE EPRA/NAREIT Developed Index, and the Bloomberg Commodity IndexTotal AnalysisLowModerateHighInvestmentCategor yIn the past, this investment has shown a relatively small rangeof price fluctuations relative to other investments. Based on thismeasure, currently more than two-thirds of all investmentshave shown higher levels of risk. Consequently, this investmentmay appeal to investors looking for a conservative 3 Month ReturnWorst 3 Month (Jun '12 - Aug '12)(May '13 - Jul '13)PerformanceL1L2L3L4L5L6-3-2-101234 Total Return% as of 06-30-17 InvestmentPrimary BmarkCustom BmarkAverage annual, if greaterthan 1 yearSince Inception10 Year5 Year3 Year1 Return % Bmark Return % Bmark Return %.

8 Rating .. # of Funds in CategoryPerformance Disclosure: The fund s returns are net of an investment management fee, currently at an annual rateof The fund s performance reflects fund level administrative costs. Effective 1/1/17, the fund leveladministrative costs are capped at 1 basis point ( ) per year. Since its inception the fund has invested all of itsassets in Strategic Completion Non- lendable fund F. Returns shown for periods prior to the fund s inception arethose of the Strategic Completion Non- lendable fund F net of the fund s investment management RisksAny of the principal risks summarized below may adversely affect the fund 's net asset value, performance, and ability to meet itsinvestment objective. An investment in the fund is not a bank deposit, is not guaranteed by BlackRock , Inc. or any of its affiliates,and is not insured by the Federal Deposit Insurance Corporation or any other agency of the fund Risk 1: The investment objective and strategies of a collective investment trust in which the fund invests( Underlying fund ) may differ from the fund , and there is no assurance that an Underlying fund will achieve its Strategy Risk: Active strategies could result in underperformance as compared to funds with similar investment objectivesand Investment Risk: The price of an equity security fluctuates based on changes in the issuer s financial condition and overallmarket and economic conditions.

9 Equity securities are subject to changes in value that may be more volatile than other asset Bond Risk: The value of inflation-indexed bonds is expected to change in response to changes in real interestrates, which are tied to the relationship between nominal interest rates and inflation expectations. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflationfalls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on thesesecurities (calculated with respect to a smaller principal amount) will be Allocation Model Risk: The asset allocation model may not effectively maximize returns or minimize risk, or be appropriatefor every investor seeking a particular risk profile. The model developed by BTC could result in underperformance as compared tofunds with similar investment objectives and Investment Risk 1: Exposure to the commodity markets may subject the fund to greater volatility thaninvestments in traditional equity or fixed-income markets.

10 The value of commodity-linked derivative investments, such as commodityfutures, may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factorsaffecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic,political and regulatory Estate-Related Investment Risk 1: The main risk of real estate related securities is that the value of the underlying realestate may go down. Real estate values can be affected by many factors including both the general and local economies, the amountof new construction in a particular area, the laws and regulations (including zoning and tax laws) affecting real estate, the costs ofowning, maintaining and improving real estate, availability of mortgages, and changes in interest rates. If the fund 's real estaterelated investments are concentrated in one geographic area or in one property type, the fund will be particularly subject to therisks associated with that area or property type.