Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

Credit Suisse Trust-Commodity Return Strategy Portfolio

The Portfolio seeks total return. The portfolio is designed to achieve positive total return relative to the performance of the Dow Jones-UBS Commodity Index Total Return (“DJUBS Index”). The portfolio intends to invest its assets in a combination of commodity-linked derivative instruments and fixed income securities.

Unit value as of 11/25/2014 : $23.44
Total return year-to-date as of 11/25/2014 : -7.34%
Expense charge 1 : 1.65%
Inception date : 11/01/2013
Investment class : Sector Specific
Performance Comparison
  Performance Data
as of 11/25/2014
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
Credit Suisse Trust-Commodity Return Strategy Portfolio $23.44 + 0.34% -7.34% -- -- -- -- -6.04%
Bloomberg Commodity Index Total Return 2 -- + 0.40% -6.38% -- -- -- -- --

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 commodity exposure risk, correlation risk, credit risk, derivatives risk, exposure risk, fixed income risk, focus risk, futures contracts risk, interest rate risk, leveraging risk, liquidity risk, market risk, non-diversified risk, portfolio turnover risk, structured note risk, subsidiary risk, swap agreemenst risk, tax risk, and U.S. Government securities 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 2.13%. 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 Bloomberg Commodity Index Total Return* reflects no deductions for fees, expenses or taxes.
(*formerly the Dow Jones-UBS Commodity Index Total Return)

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