Mutual Shares Securities Fund - Class 1

Seeks capital appreciation with income as a secondary goal. The Portfolio normally invests primarily in U.S. and foreign equity securities the manager believes are undervalued. The Portfolio also invests to a lessor extent in risk arbitrage securities and distressed companies.

Unit value as of 11/05/2009: $15.45
Total return year-to-date as of 11/05/2009: 20.77%
Expense charge*: 1.33%
Inception date: 02/05/2008
Investment class: U.S. Equity

Financial Performance
Performance Data as of 11/05/2009			Average Annual Total Returns as of 10/31/2009
Unit Value	Net Change	YTD Return	1 Year	3 Year	5 Year	10 Year	Since Inception
$15.45	+0.46%	20.77%	12.43%	--	--	--	-11.54%

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.

Investments which utilize arbitrage techniques are subject to additional risks not ordinarily associated with equity investments. Such investments may therefore be subject to increased volatility as well as increased costs which could lower performance.

Includes both separate account and fund level charges. The maximum total annual expense charge without the waiver is 1.53%. 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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