Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

Delaware VIP Diversified Income Series - Standard Class

Seeks maximum long-term total return consistent with reasonable risk; allocates its investments principally among the following 3 sectors of the fixed income securities market: the U.S. high-yield sector, the U.S. investment grade sector and the international/emerging markets sector.

Unit value as of 08/20/2014 : $15.25
Total return year-to-date as of 08/20/2014 : 4.92%
Expense charge 1 : 1.27%
Inception date : 02/05/2008
Investment class : Fixed Income
Performance Comparison
  Performance Data
as of 08/20/2014
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
Delaware VIP Diversified Income Series - Standard Class $15.25 0.00% 4.92% 5.41% 3.22% 6.02% -- 5.98%
Barclays U.S. Aggregate Bond Index 2 -- -0.09% 4.27% 3.97% 3.04% 4.47% -- 4.49%

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, credit risk, interest rate risk, bank loans and other direct indebtedness risk, prepayment risk, foreign risk, currency risk, derivatives risk, high portfolio turnover risk, high yield risk, liquidity risk, valuation 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 1.47%. 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 Barclays U.S. Aggregate Bond Index measures the performance of the U.S. investment-grade, fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. You cannot invest directly in this index.

TIAA-CREF Individual & Institutional Services, member FINRA, distributes 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