Historical Performance

The performance data quoted represent past performance and are net of all fees and expenses, including the estimated expense ratio of the underlying mutual funds and the Program Manager Fee. Past performance is not a guarantee of future results. Your returns and the principal value of your Account will fluctuate so your investment may be worth more or less than the original value when you withdraw your money. Current performance may be lower or higher than the performance quoted above.

¹ All performance figures in the table, with the exception of the performance figures in the Year-to-Date column, represent the average annual compound rate of total return. All figures in the Year-to-Date column represent cumulative, non-annualized returns.

² Beneficiaries are moved from one Age Band to the next Age Band on the first “rolling date” following their fourth, eighth, twelfth, fifteenth and eighteenth birthdays. The “rolling dates” are March 20, June 20, September 20 and December 20 (or the first business day thereafter).

³ The Blended Indexes are customized benchmarks that combine the fund benchmarks of each underlying mutual fund held in an Investment Option (other than the Guaranteed Option) according to the Investment Option's asset allocation during the relevant time period. The Blended Indexes are used to compare the performance of the corresponding Investment Option. They are unmanaged and do not reflect the deduction of any fees or expenses.

⁴ Due to rounding, the illustrated returns for the Guaranteed Option may be slightly higher or lower than the figures derived from the effective annual interest rates credited for the same period.

Effective January 1, 2017, accumulations under the Funding Agreement for the Guaranteed Option as of December 31, 2016 will be credited to the Path2College 529 Plan with an effective annual interest rate of 1.65%, and are guaranteed to earn this rate through December 31, 2017, subject to the claims-paying ability of TIAA-CREF Life.

The Guaranteed Option does not pay the Program Manager Fee and it is not invested in mutual funds so there is no estimated annual expense ratio for this option.

⁵ For each Investment Option (with the exception of the Guaranteed Option), the figures in this column are based on a weighted average of the expenses of each underlying Fund’s expense ratio as reported in the applicable underlying Fund’s most recent prospectus available prior to the date of this Supplement, in accordance with the Investment Option’s asset allocation among its underlying Funds. Each Investment Option (with the exception of the Guaranteed Option) indirectly bears its pro rata portion of the underlying Funds’ expenses because when fees are deducted from an underlying Fund’s assets, the value of the underlying Fund’s shares is reduced.

⁶ Each Investment Option (with the exception of the Guaranteed Option) pays TFI an annualized Program Manager Fee equal to the stated percentage of the average daily net assets held by that Investment Option. However, for the Managed Allocation Option and the Active Equity Option, the percentages listed in this column may fluctuate because generally, if the underlying Fund expenses increase, then the Program Manager Fee decreases.