Calculations are based on the backtested performance of a hypothetical portfolio that corresponds to a defined risk level. Historical performance data is obtained from Bloomberg for general asset classes and assigned allocation weights as defined by TIAA Personal Portfolios. Backtested returns are hypothetical, and do not reflect that actual investment results of any account or investor. Actual results will differ.

Backtested performance shows a hypothetical calculation of how a portfolio corresponding to the risk level selected would have performed over the relevant time period. The allocation of the assets and the indices used to represent the performance of each asset class in the backtested portfolios were selected with the full benefit of hindsight, after their performance over the period shown was known. It is not likely that similar results could be achieved in the future. Backtested performance has inherent limitations. Backtested results do not reflect actual trading or the effect that material economic and market factors may have had on the investment decision-making process. Backtested results also assume that asset allocations would not have changed over time and in response to market conditions, which might have occurred if an actual account had been managed during the time period shown. Differences in account size, timing of transactions and market conditions prevailing at the time of investment will lead to different results.

Backtested performance represents a backward-looking simulation of portfolio performance. The individual model portfolios shown for purposes of selecting risk levels were not available during the time period shown. Additionally, actual fund performance will always differ from benchmark performance - to a varying degree - depending on the nature and objectives of the fund, and fees.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. 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 based on the investor's own objectives and circumstances.

Investment products may be subject to market and other risk factors. See the applicable product literature or visit TIAA.org for details.