TIAA-CREF Life Real Estate Securities

The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity and fixed-income securities of companies principally engaged in or related to the real estate industry.

Unit value as of 01/07/2009: $31.86
Total return year-to-date as of 01/07/2009: -3.95%
Expense charge*: 0.87%
Inception date: 10/28/2002
Investment class: Real Estate

Performance Comparison
	Performance Data as of 01/06/2009			Average Annual Total Returns as of 12/31/2008
	Unit Value	Net Change	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception
TIAA-CREF Life Real Estate	$33.17	+5.60%	-0.01%	-38.60%	-11.96%	-0.79%	--	5.71%
Dow Jones Wilshire RESI^†	--	+5.86%	0.11%	-39.83%	-12.42%	0.65%	--	6.85%

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 the fund is subject to include market risk, company risk, real estate investing risks, real estate securities risk, interest -rate risk, small-cap risk, income volatility risk, credit risk, and foreign investment risks.

†

The Dow Jones Wilshire Real Estate Securities Index is derived from the Dow Jones Wilshire Real Estate Index, which measures the performance of publicly traded real estate securities, and is designed to serve as a proxy for direct real estate investment by institutions. You cannot invest directly in this index.

Includes both separate account and fund level charges. A portion of the separate account charges has been waived. The maximum total annual expense charge without the waiver is 1.07%. 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.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. You should consider the investment objectives, risks, charges and expenses carefully before investing. Please click here or call 1 877 518-9161 for a prospectus that contains this and other information. Please read the prospectus carefully before investing. TIAA-CREF Life Insurance Company (TIAA-CREF Life), New York, NY issues after-tax annuities. Investment products are not FDIC insured, may lose value, and are not bank guaranteed.

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