Fund Performance for the Period Ending December 31, 2018
The following tables show the returns of each Investment Option over the time period(s) indicated. For purposes of this discussion, each age band in the age-based Investment Option is considered a separate Investment Option. The tables below compare the average annual total return of an Investment Option (after deducting fees and expenses) to the returns of a benchmark. The benchmark included in the tables combines the benchmark(s) for the underlying investment(s) in which an Investment Option invests weighted according to the allocations to those underlying investment(s) and adjusted to reflect any changes in the allocations, benchmark(s) or both during the relevant time period. Benchmarks are not available for investment, are not managed and do not reflect the fees or expenses of investing. Past performance is not a guarantee of future results. Performance may be substantially affected over time by changes in the allocations and changes in the investments in which an Investment Option invests. Investment returns and the value of your Account will fluctuate, so that your Account, when redeemed, may be worth more or less than the amounts contributed to your Account.
| Investment Portfolio1 | Inception Date | Year to Date | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| Age Band 0-42,4,5 | 10/01/12 | -5.97% | -5.97% | 6.03% | 4.88% | - | 7.02% |
| Benchmark | -5.81% | -5.81% | 6.14% | 5.08% | - | 7.14% | |
| Age Band 5-82,4,5 | 10/01/12 | -5.19% | -5.19% | 5.51% | 4.54% | - | 6.25% |
| Benchmark | -5.04% | -5.04% | 5.71% | 4.77% | - | 6.39% | |
| Age Band 9-102,4,5 | 10/01/12 | -4.37% | -4.37% | 5.10% | 4.22% | - | 5.52% |
| Benchmark | -4.28% | -4.28% | 5.27% | 4.45% | - | 5.64% | |
| Age Band 11-122,4,5 | 10/01/12 | -3.74% | -3.74% | 4.85% | 4.03% | - | 5.12% |
| Benchmark | -3.80% | -3.80% | 5.05% | 4.29% | - | 5.27% | |
| Age Band 13-142,4,5 | 10/01/12 | -2.83% | -2.83% | 4.36% | 3.70% | - | 4.36% |
| Benchmark | -2.96% | -2.96% | 4.53% | 3.91% | - | 4.48% | |
| Age Band 152,4,5 | 10/01/12 | -2.84% | -2.84% | 3.92% | 3.40% | - | 3.87% |
| Benchmark | -2.38% | -2.38% | 4.18% | 3.67% | - | 4.04% | |
| Age Band 162,4,5 | 10/01/12 | -2.20% | -2.20% | 3.63% | 3.14% | - | 3.53% |
| Benchmark | -1.81% | -1.81% | 3.79% | 3.30% | - | 3.61% | |
| Age Band 172,4,5 | 10/01/12 | -1.54% | -1.54% | 3.31% | 2.85% | - | 3.15% |
| Benchmark | -1.12% | -1.12% | 3.35% | 2.90% | - | 3.14% | |
| Age Band 18+2,4,5 | 10/01/12 | -0.92% | -0.92% | 2.82% | 2.47% | - | 2.77% |
| Benchmark | -0.44% | -0.44% | 2.71% | 2.28% | - | 2.51% |
| Investment Portfolio1 | Inception Date | Year to Date | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| Age Band 0-42,4,5 | 10/01/12 | -7.43% | -7.43% | 6.78% | 5.46% | - | 8.42% |
| Benchmark | -7.38% | -7.38% | 6.97% | 5.67% | - | 8.61% | |
| Age Band 5-82,4,5 | 10/01/12 | -6.54% | -6.54% | 6.23% | 5.08% | - | 7.52% |
| Benchmark | -6.36% | -6.36% | 6.43% | 5.29% | - | 7.65% | |
| Age Band 9-102,4,5 | 10/01/12 | -5.69% | -5.69% | 5.86% | 4.78% | - | 6.79% |
| Benchmark | -5.58% | -5.58% | 6.01% | 4.99% | - | 6.91% | |
| Age Band 11-122,4,5 | 10/01/12 | -5.23% | -5.23% | 5.57% | 4.56% | - | 6.32% |
| Benchmark | -5.12% | -5.12% | 5.75% | 4.80% | - | 6.47% | |
| Age Band 13-142,4,5 | 10/01/12 | -4.86% | -4.86% | 5.27% | 4.37% | - | 5.87% |
| Benchmark | -4.66% | -4.66% | 5.49% | 4.61% | - | 6.02% | |
| Age Band 152,4,5 | 10/01/12 | -4.12% | -4.12% | 5.08% | 4.22% | - | 5.51% |
| Benchmark | -4.18% | -4.18% | 5.28% | 4.45% | - | 5.65% | |
| Age Band 162,4,5 | 10/01/12 | -3.73% | -3.73% | 4.82% | 4.05% | - | 5.13% |
| Benchmark | -3.60% | -3.60% | 5.00% | 4.26% | - | 5.25% | |
| Age Band 172,4,5 | 10/01/12 | -3.49% | -3.49% | 4.37% | 3.76% | - | 4.64% |
| Benchmark | -3.01% | -3.01% | 4.57% | 3.95% | - | 4.76% | |
| Age Band 18+2,4,5 | 10/01/12 | -2.10% | -2.10% | 3.62% | 3.12% | - | 3.71% |
| Benchmark | -1.67% | -1.67% | 3.68% | 3.13% | - | 3.62% |
| Investment Portfolio1 | Inception Date | Year to Date | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| Guaranteed Option3 | 04/26/02 | 1.79% | 1.79% | 1.65% | 1.45% | 1.84% | 2.37% |
| Investment Portfolio1 | Inception Date | Year to Date | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| Balanced Option4,5 | 05/01/02 | -3.97% | -3.97% | 4.97% | 4.12% | 7.47% | 5.64% |
| Benchmark | -3.90% | -3.90% | 5.11% | 4.33% | 7.86% | 5.96% | |
| 100% Fixed-Income Option4,5 | 12/11/07 | -0.69% | -0.69% | 2.34% | 2.19% | 3.78% | 3.31% |
| Benchmark | -0.34% | -0.34% | 2.67% | 2.53% | 4.19% | 3.88% |
| Investment Portfolio1 | Inception Date | Year to Date | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| 100% Equity Option4,5 | 04/26/02 | -5.36% | -5.36% | 8.81% | 7.72% | 12.88% | 7.11% |
| Benchmark | -5.24% | -5.24% | 8.97% | 7.91% | 13.18% | 7.55% | |
| Money Market4,5,6 | 03/10/08 | 1.67% | 1.67% | 0.78% | 0.47% | 0.20% | 0.33% |
| Benchmark | 1.42% | 1.42% | 0.66% | 0.40% | 0.23% | 0.35% |
The performance data quoted represent past performance and are net of all fees and expenses. 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. Investors cannot invest directly in a benchmark.
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 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.
4 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.
5 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.
6The Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the portfolio seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the portfolio.
316203
