Personal Annuity Select from TIAA-CREF Life Insurance Company

Real Estate Securities

The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity and fixed-income securities of companies principally engaged in or related to the real estate industry.

Unit value as of 08/26/2014 : $81.1076
Total return year-to-date as of 08/26/2014 : 17.86%
Net invested assets as of 06/30/2014 : $28.55 million
Expense charge 1 : 1.17%
Inception date : 10/28/2002
Investment class : Real Estate
Performance Comparison
  Performance Data
as of 08/26/2014
Average Annual Total Returns
as of 07/31/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
Real Estate Securities $81.1076 + 0.15% 17.86% 12.51% 10.04% 20.33% 8.09% 10.87%
FTSE NAREIT Equity Index 2 -- + 0.10% 19.53% 12.13% 11.52% 21.22% 8.99% 11.80%

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

The risks that the fund is subject to include real estate investing risk, active management risk, market risk, foreign investment risk, company risk, interest rate risk, industry concentration risk, mid-cap risk, and small-cap risk.

For a detailed discussion of risk, please consult the prospectus.

1.
Includes both separate account and fund level charges. A portion of the separate account charges has been waived. The maximum total annual expense charge without the waiver is 1.51%. TIAA-CREF Life will provide at least 3 months notice before it raises these charges.
2.
Effective April 1, 2009, the fund's benchmark changed from the Dow Jones Wilshire Real Estate Securities Index to the FTSE NAREIT Equity REITs Index. The NAREIT Index is an unmanaged, market capitalization weighted index of all publicly-traded REITs that invest predominantly in the equity ownership of real estate. The index is designed to reflect the performance of all publicly-traded equity REITs as a whole. You cannot invest directly in this index.

© 2014 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017