Intelligent Variable Annuity from TIAA-CREF Life Insurance Company

VY Clarion Global Real Estate Portfolio - Class 1

Seeks high total return by investing at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry.

Unit value as of 07/31/2014 : $37.46
Total return year-to-date as of 07/31/2014 : 11.18%
Expense charge 1 : 1.49%
Inception date : 05/01/2010
Investment class : Real Estate
Performance Comparison
  Performance Data
as of 07/30/2014
Average Annual Total Returns
as of 06/30/2014
  Unit
Values
Net
Change
YTD
Return
1 Year 3 Year 5 Year 10 Year Since Inception
VY Clarion Global Real Estate Portfolio - Class 1 $37.90 0.00% 12.47% 14.46% 8.53% -- -- 10.26%
S&P Developed Property Index 2 -- -0.22% 13.51% 15.30% 10.95% -- -- 12.59%

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.

The risks that this fund is subject to include company risk, concentration risk, convertible securities risk, currency risk, foreign investments/developing and emerging markets risk, initial public offerings risk, liquidity risk, market risk, market capitalization risk, other investment companies risk, real estate companies and real estate investment trusts 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 1.80%. 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 VY Clarion Global Real Estate Portfolio - Class 1 was formally known as the ING Clarion Global Real Estate Portfolio - Class 1.
2.
The Standard & Poors Developed Property Index is an investable index including approximately 400 stocks from 22 countries. The index is a sub-index of the S&P Global Property, which defines and measures the investable universe of publicly traded property companies. 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