Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

Delaware VIP Small Cap Value Series - Standard Class

Seeks capital appreciation. Under normal circumstances, at least 80% of the Series net assets will be in investments of smaller capitalization companies defined as those having a market capitalization generally less than 3.5 times the dollar-weighted median market capitalization of the Russell 2000 Index at the time of purchase. The Series invests in companies, in the manager’s opinion, that are priced low relative to their underlying value or future earnings potential.

Unit value as of 11/24/2014 : $53.95
Total return year-to-date as of 11/24/2014 : 6.45%
Expense charge 1 : 1.41%
Inception date : 02/05/2008
Investment class : U.S. Equity
Performance Comparison
  Performance Data
as of 11/24/2014
Average Annual Total Returns
as of 10/31/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
Delaware VIP Small Cap Value Series - Standard Class $53.95 + 1.30% 6.45% 9.71% 16.71% 17.64% -- 10.30%
Russell 2000® Value Index 2 -- + 0.98% 2.78% 7.89% 17.94% 16.15% -- 8.50%

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 market risk, industry risk, small company risk, interest rate risk, foreign risk, liquidity risk, counterparty risk, and government and regulatory 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 1.61%. 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 Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. As of the latest reconstitution, the average market capitalization was approximately $530 million; the median market capitalization was approximately $410 million. The largest company in the index had an approximate market capitalization of $1.4 billion. The Russell 2000 Index and Russell 3000 Index are registered trademarks of the Frank Russell Company. Our accounts are not promoted or sponsored by or affiliated with Frank Russell Company. You cannot invest directly in this index.

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