Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

Janus Aspen Overseas Portfolio - Institutional Shares

Formerly the International Growth Portfolio, this fund seeks long term growth of capital by investing under normal circumstances, at least 80% of its net assets in securities of issuers from countries outside the U.S. The Portfolio normally invests in securities of issuers from several different countries, excluding the U.S. Although it intends to invest substantially all of its assets in issuers located outside the U.S., it may at times invest in U.S. issuers, and it may, under unusual circumstances, invest all of its assets in a single country. The Portfolio may have significant exposure to emerging markets. Within the parameters of its specific investment policies, the Portfolio may invest without limit in foreign equity and debt securities, which may include investments in emerging markets.

Unit value as of 04/22/2014 : $60.16
Total return year-to-date as of 04/22/2014 : 0.31%
Expense charge 1 : 1.09%
Inception date : 02/05/2008
Investment class : International
Performance Comparison
  Performance Data
as of 04/22/2014
Average Annual Total Returns
as of 03/31/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
Janus Aspen Overseas Portfolio - Institutional Shares $60.16 + 0.22% 0.31% 15.22% -4.48% 13.26% -- -0.28%
MSCI AC World Index ex USA 2 -- + 0.56% 1.52% 12.31% 4.15% 15.52% -- 1.73%

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 foreign exposure risk, emerging markets risk, market risk, growth securities risk, derivatives risk, and securities lending 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 1.29%. 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 Morgan Stanley Capital International All Country World (ACWI) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. 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.

© 2013 and prior years, Teachers Insurance and Annuity Association - College Retirement Equities Fund (TIAA-CREF), New York, NY 10017