Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

MFS Utilities Series - Initial Class

Seeks total return by normally investing at least 80% of the Portfolio’s net assets in securities of issuers in the utilities industry.

Unit value as of 10/24/2014 : $51.05
Total return year-to-date as of 10/24/2014 : 11.26%
Expense charge 1 : 1.40%
Inception date : 02/05/2008
Investment class : Sector Specific
Performance Comparison
  Performance Data
as of 10/24/2014
Average Annual Total Returns
as of 09/30/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
MFS Utilities Series - Initial Class $51.05 + 0.69% 11.26% 16.34% 17.75% 13.80% -- 7.53%
Standard & Poor's 500® Index 2 -- + 0.71% 8.03% 19.73% 22.99% 15.70% -- 8.39%

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 stock market/company risk, utilities concentration risk, interest rate risk, credit risk, foreign and emerging markets risk, currency risk, derivatives risk, leveraging risk, investment selection risk, counterparty and third party risk, and liquidity 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 1.60%. 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.
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