Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

Janus Aspen Perkins Mid Cap Value Portfolio - Institutional Shares

Formerly the Mid Cap Value Portfolio—Institutional Shares, this fund seeks capital appreciation by investing primarily in common stocks of mid-sized companies whose stock prices the portfolio managers believe to be undervalued. The Portfolio invests, under normal circumstances, at least 80% of its assets in equity securities of companies whose market capitalization falls, at the time of purchase, within the 12-month average of the capitalization range of the Russell Midcap Value Index. The Portfolio focuses on companies that have fallen out of favor with the market or that appear to be temporarily misunderstood by the investment community.

Unit value as of 07/29/2016 : $28.48
Total return year-to-date as of 07/29/2016 : 10.23%
Expense charge 1 : 1.22%
Inception date : 02/05/2008
Investment class : U.S. Equity
Performance Comparison
  Performance Data
as of 03/15/2016
Average Annual Total Returns
as of 02/29/2016
1 Year 3 Year 5 Year 10 Year Since Inception
Janus Aspen Perkins Mid Cap Value Portfolio - Institutional Shares $25.96 -0.12% 0.49% -8.69% 5.36% 4.79% -- 5.22%
Russell Midcap® Value Index 2 -- -0.63% 0.72% -- -- -- -- --

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 value investing risk, market risk, mid-sized companies risk, foreign exposure risk, derivatives risk, and securities lending risk.

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

Includes both separate account and fund level charges. The maximum total annual expense charge without the waiver is 1.42%. 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 Russell Midcap® Value Index measures the performance of those Russell Mid-cap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Index. The Russell Midcap Value Index and Russell 1000 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, 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