TIAA-CREF Asset Management. Discipline. Expertise. Forward thinking.

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1 TIAA-CREF Asset Management Discipline. Expertise. Forward thinking.

2 Investing looks better with a long-term view. Since 1918, TIAA-CREF s mission has been to help clients achieve their financial objectives and to serve them with integrity. We accomplish that by focusing relentlessly on our long-term performance capabilities and by staying true to the objectives of our investment strategies. We ve built expertise across multiple asset classes, from fixed income and equities to directly owned real estate and alternatives strategies designed to support a wide range of client needs.

3 We re committed to pursuing better outcomes for our clients. What distinguishes TIAA-CREF is our long-term perspective, gained by decades of experience in the capital markets through many market cycles. Our size and reputation give our portfolio managers ready access to investment opportunities throughout the world and deep insight into their return potential. Times have changed, but throughout our almost 100-year history we have remained committed to the success of our clients by putting their interests first. That s why millions of clients have trusted us for decades. Controlling costs is an inherent part of our heritage our fees are among the lowest in the industry. An independent risk management team oversees all we do. Some investors view risk management simply as attempting to guard against downside risk. While that s important, we ve learned from experience that skilled risk management can add value, too. TIAA-CREF has an independent risk management team, reporting directly to our CEO, who looks for unintended risk in individual investment areas while assessing cumulative risk across the organization. One of the goals is to see that gains in one part of the market are not offset by unexpected losses in another. We ve managed to put these oversight measures to good use over the years. We successfully navigated the collapse of the credit markets by minimizing TIAA-CREF s exposure to subprime securities in 2003 four years before the onset of the credit crisis. While risk management is a key strategy at TIAA-CREF, no strategy or investment policy can eliminate or anticipate all market risks. TIAA-CREF Asset Management 1

4 The results of our approach speak for themselves. The outcomes we ve delivered for investors over time have been validated by industry awards and ratings: Lipper Awarded the 2013 Best Overall Large Fund Company in the United States based on risk-adjusted performance versus that of 35 other large investment managers for the past three years Barron s/lipper Fund Family Survey Ranked among the top 10 of 62 mutual fund families based on one-year asset weighted total returns (as of 12/31/12). 2 Pensions & Investments One of the largest managers of equity assets based on institutional tax-exempt assets under management. 3 One of the largest managers of fixed-income assets based on institutional tax-exempt assets under management. 4 One of the largest real estate managers of U.S. institutional tax-exempt assets. 4 Awards are impressive, but the truest measure of our success is when our clients achieve better financial outcomes. For more on awards, rankings and recognition, visit 1 In calculating the awards, Lipper considered funds registered for sale in the United States with at least 36 months of performance as of the end of the calendar year of the respective evaluation year. Fund groups with at least five equity, five bond or three mixed-asset portfolios were eligible for an overall group award. The award is given to the group with the lowest average decile ranking of three years Consistent Return measure of the eligible funds over the threeyear period ended 11/30/12. A total of 36 companies were ranked. 2 TIAA-CREF ranked #10 among 62 fund families. The Barron s/lipper Fund Family survey uses an asset-weighted ranking system. Each fund s return was measured against all those in its Lipper category, and the resulting percentile ranking was then weighted by asset size relative to the fund family s other assets in its general category. The family s overall ranking was then determined by weighting the five fund categories in proportion to their overall importance within Lipper s fund universe. In the five-year overall ranking, TIAA-CREF is ranked 29th out of 53 mutual fund families. TIAA-CREF does not qualify for the 10-year ranking. Past performance is not an indicator of future results. 2 TIAA-CREF Asset Management

5 TIAA-CREF took a leading role in establishing the Principles for Responsible Investment in Farmland on September 6, A sound investment philosophy reflects our client commitment. The TIAA-CREF Asset Management philosophy is based on three core beliefs that underlie everything we do: Compete in the markets by thinking ahead of them Balancing proven strategies with innovative and sustainable opportunities drives potential growth at TIAA-CREF. Forward thinking is a fundamental part of how we have delivered the solid investment outcomes to our clients. Adhere to a disciplined investment approach Our consistent, prudent investment processes are aimed at producing competitive, risk-adjusted returns over time. Investment styles will fall in and out of favor, but we remain faithful to an approach that measures results by the long-term success of our clients. Align our interests closely with those of our clients From the beginning, TIAA-CREF put investors first. We ve expanded our capabilities to meet their changing needs, providing an array of investment options that few rival. Our proven ability to invest successfully across a variety of asset classes, combined with our heritage of integrity, have helped make long-term client relationships the hallmark of TIAA-CREF s reputation. TIAA-CREF Asset Management 3

6 Serving individuals and institutions around the globe Our long-term experience enables us to serve the financial needs of a wide range of clients, including institutional investors, intermediaries, plan sponsors, investment and pension consultants, and financial and individual investors. Our broad array of products offers saving and investing options to suit many different time horizons, investment preferences and attitudes towards risk. 4 TIAA-CREF Asset Brochure Management

7 Forward thinking drives our investment approach. We seek to meet the varying needs and preferences of our clients by continually innovating looking beyond what others in the industry are doing and applying our knowledge to develop practical investment solutions that can help clients achieve their financial objectives. Our broad array of solutions is drawn from our long experience as a world class asset manager. 9 DECADES TIAA TRADITIONAL ANNUITY The TIAA Traditional Annuity guarantees principal and provides a guaranteed rate of return 5 as well as the potential to earn additional amounts on a year-by-year basis. $14 billion Social Choice Assets We ve been at the forefront of Responsible Investing, having developed our program more than 20 years ago. With $14 billion in assets across our social choice product suite, 6 we ve expanded it to include a social choice bond fund CREF STOCK ACCOUNT The CREF Stock Account, the world s first variable annuity, is a broadly diversified equity holding that has helped clients pursue their long-term financial goals for more than 60 years. 60+ YEARS LIFECYCLE FUND We applied more than 60 years of asset allocation experience in developing the Lifecycle Funds, our target-date funds offering. Clients may benefit from our experience across asset classes, geographic boundaries and investment styles INFLATION-LINKED BOND FUND 65+ YEARS REAL ESTATE ACCOUNT TIAA-CREF took a lead role in helping the U.S. Treasury develop inflation-linked securities. Our goal was to provide clients with an investment vehicle that could help them keep pace with, or stay ahead of, inflation. The TIAA-CREF Real Estate Account is a variable annuity for our retirement investors that invests in directly-owned real estate yet offers daily liquidity. $4 billion Farmland Investment Today s smart portfolios extend far beyond stocks and bonds. At TIAA-CREF, alternative investments are a way of life. Through our $4 billion farmland platform, 6 we directed capital to land maintenance and development, making the investor community part of the solution to the financial challenges facing landowners. 5 The TIAA Traditional Annuity guarantees principal and a specified interest rate (based on TIAA s claims-paying ability). It also offers the potential for greater growth through additional amounts, which may be declared on a year-by-year basis by the TIAA Board of Trustees. These additional amounts, when declared, remain in effect for the declaration year, which begins each March 1. Guarantees are subject to the claims-paying ability of TIAA. TIAA-CREF Asset Management 5

8 Leadership and collaboration go hand in hand at TIAA-CREF. TIAA-CREF s portfolio management teams apply active repeatable portfolio-construction processes to their particular strategies with the overriding goal of seeking to deliver favorable, risk-adjusted returns over time. Their members come from a wide variety of backgrounds to offer our clients options that are as diverse as they are. In total, they consist of more than 300 investment management professionals, including 120 portfolio managers with an average of 17 years of investment experience and 10 years with TIAA-CREF. Portfolio managers collaborate with a centralized group of dedicated research analysts who are focused exclusively on fundamental, bottom-up analysis. This allows them to optimize their investment strategies and identify new opportunities. Decades of experience put to work every day At TIAA-CREF, we ve been investing in the capital markets for nearly 100 years. Our long-tenured experience, size and reputation give our portfolio managers and analysts ready access to companies and opportunities throughout the world. WW The Global Equity Team is responsible for a wide range of equity strategies, including fundamental active, quantitative and indexed approaches. WW The Fixed-Income Team manages a wide range of actively managed and indexed fixed-income strategies. WW The Lifecycle and Lifestyle Investment Team oversees asset allocation portfolios, including target-date and multi-asset class funds. WW The Global Real Estate Team provides expertise across every aspect of real estate investing. WW The Global Private Markets Team manages portfolios of nonpublic investment securities in natural resources, energy and infrastructure, private placements, private equity and high yield. 6 TIAA-CREF Asset Management

9 TIAA-CREF Asset Management TIAA-CREF offers a wide range of asset management capabilities across equity, fixed income, direct real estate and other alternative asset classes to support a variety of investment objectives. Our goal is to provide clients with smart answers to their investment challenges so they can pursue better financial outcomes. Global Equity Team Global Fixed- Income Team Lifecycle & Lifestyle Team Global Private Markets Team Global Real Estate Team TIAA-CREF Asset Management 7

10 3 Pensions & Investments, May 27, Rankings based on institutional tax-exempt assets under management as of December 31, 2012 reported by each responding asset manager. 4 Pensions & Investments, October 15, Rankings based on institutional tax-exempt assets under management as of June 30, 2012 reported by each responding asset manager. 6 Assets are as of March 31, TIAA s agriculture investments are one of the many investments of TIAA s General Account, an account solely owned by TIAA that is not available to individual investors and whose performance is not directly allocated to any specific contract or obligation. TIAA s General Account invests in a broad range of diversified investments to support TIAA s contractual guarantees and business operations. Past performance is not indicative of future results. The material is for informational purposes only and should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons. Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit tiaa-cref.org for details. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call or log on to for product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. TIAA-CREF Asset Management provides investment advice and portfolio management services to the TIAA-CREF group of companies through the following entities: Teachers Advisors, Inc., TIAA-CREF Investment Management, LLC, and Teachers Insurance and Annuity Association. (TIAA ). Teachers Advisors, Inc., is a registered investment advisor and wholly owned subsidiary of Teachers Insurance and Annuity Association of America (TIAA). TIAA-CREF is the name commonly used to refer to the companion organization for TIAA and CREF. TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF), 730 Third Avenue, New York, NY TIAA-CREF Asset Management

11 Learn how TIAA-CREF can help with your investment decisions. Contact a relationship manager or visit

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