Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

Franklin Income VIP Fund

Seeks to maximize income while maintaining prospects for capital appreciation. The Portfolio normally invests in both equity and debt securities. The Portfolio seeks income by investing in corporate, foreign, and U.S. Treasury bonds as well as stocks with dividend yields the Portfolio’s manager believes are attractive.

Unit value as of 12/19/2014 : $25.41
Total return year-to-date as of 12/19/2014 : 4.25%
Expense charge 1 : 1.07%
Inception date : 02/05/2008
Investment class : Balanced
Performance Comparison
  Performance Data
as of 12/19/2014
Average Annual Total Returns
as of 11/30/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
Franklin Income VIP Fund $25.41 + 0.43% 4.25% 7.63% 11.49% 9.95% -- 6.25%
Standard & Poor's 500® Index 2 -- + 0.46% 14.28% 16.86% 20.93% 15.96% -- 8.98%

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 this fund is subject to include credit risk, high yield debt securities risk, market risk, interest rate risk, income risk, focus risk, foreign securities risk, value style investing risk, management risk, and prepayment risk.

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

1.
Includes both separate account and fund level charges. The maximum total annual expense charge without the waiver is 1.27%. Separate account charges reflect the highest possible mortality and expense risk charge although they may be lower. The unit value reflects the election of the Guaranteed Minimum Death Benefit. See the prospectus for additional information.

Franklin Income VIP Fund was formerly known as Franklin Income Securities Fund-Class 1
2.
The S&P 500® Index is a market capitalization-weighted index of 500 leading companies in leading industries of the U.S. economy. You cannot invest directly in this index. S&P 500 is a registered trademark and service mark of the McGraw-Hill Companies.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. Intelligent Variable Annuity is issued by TIAA-CREF Life Insurance Company, 730 Third Avenue, New York, NY 10017.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

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