69% of TIAA-CREF Mutual Funds received a Morningstar overall rating of 4 or 5 stars (34.90% 4 stars and 33.33% 5 stars) based on risk adjusted returns as of June 30, 2018. Morningstar ratings based on the lowest cost share class for each mutual fund, based on U.S. open end mutual funds. For a fund with multiple share classes and the same pricing, the share class with the longest performance history is used. Morningstar ratings may be higher or lower on a monthly basis. Morningstar is an independent service that rates mutual funds. The top 10% of funds in an investment category receive five stars, the next 22.5% receive four stars and the next 35% receive three stars. Morningstar proprietary ratings reflect historical risk-adjusted performance and can change every month. They are calculated from the fund’s three-, five- and ten-year average annual returns in excess of 90-day Treasury bill returns with appropriate fee adjustments, and a risk factor that reflects fund performance below 90-day T-bill returns. The overall star ratings are Morningstar’s published ratings, which are weighted averages of its three-, five- and ten-year ratings for periods ended December 31, 2018 . Past performance cannot guarantee future results. For current performance and rankings, please visit https://www.tiaa.org/public/investment-performance.