Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

Western Asset Variable Global High Yield Bond Portfolio - Class 1

Seeks to maximize total return, consistent with the preservation of capital by investing in high yield fixed income securities issued by U.S. and foreign corporations and foreign governments and their agencies and instrumentalities.

Unit value as of 11/21/2014 : $15.15
Total return year-to-date as of 11/21/2014 : 1.30%
Expense charge 1 : 1.41%
Fund inception date : 02/05/2008
Inception date : 02/05/2008
Investment class : Fixed Income
Performance Comparison
  Performance Data
as of 10/9/2014
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
Western Asset Variable Global High Yield Bond Portfolio - Class 1 2 $15.31 -0.26% 2.36% 2.82% 8.26% 8.86% -- 7.27%
Barclays Global High Yield Index (Hedged) 3 -- -0.11% 4.31% 6.11% 10.06% 10.50% -- 9.98%

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 market and interest rate risk, credit risk, derivatives risk, leveraging risk, liquidity risk, foreign securities and emerging market risk, currency risk, prepayment or call risk, extension risk, valuation risk, cash management and defensive investing risk, and portfolio selection risk.

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

1.
Includes both separate account 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.

The Legg Mason Western Asset Variable Global High Yield Bond Portfolio was formally known as the Legg Mason Partners Variable Global High Yield Bond Portfolio.
2.
Formerly Legg Mason Western Asset Variable GL High Yield Bond Portfolio - Class I
3.
The Barclays Global High Yield Index represents the union of the U.S. High Yield, Pan-European High Yield, U.S. Emerging Markets High-Yield, commercial mortgage-backed securities (CMBS) High Yield, and Pan-European Emerging Markets High Yield Indices. 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