Large-Cap Value

Personal Annuity Select
After-Tax Annuity

Investment Objective
The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of large domestic companies.
Portfolio Strategy
Under normal circumstances, the Fund invests at least 80% of its assets in large-cap equity securities. The Fund invests primarily in equity securities of large domestic companies, as defined by the Fund’s benchmark index (the Russell 1000® Value Index) that Advisors believes appear undervalued by the market based on an evaluation of their potential worth. For purposes of the Fund’s 80% investment policy, “large-cap” securities are securities of issuers with a capitalization equal to or greater than the top 80% of issuers by capitalization within the Russell 1000® Index at the time of purchase. The Fund may invest up to 20% of its assets in foreign investments. The Fund may, on occasion, also invest a portion of its assets through quantitative techniques to maintain similar overall financial characteristics to the Fund’s benchmark index. These quantitative techniques, when used, may help Advisors control risk exposures by suggesting security selections that may fill unintended gaps in portfolio construction. Quantitative investment techniques may also be utilized to help the Fund remain fully invested in stocks at all times.
Top 10 holdingsas of 09/30/2014
  Company Name % Assets
1 General Electric Co 3.59
2 Johnson & Johnson 3.03
3 Wells Fargo & Co 2.74
4 Bank of America Corp 2.34
5 Microsoft Corp 2.28
6 Chevron Corp 2.26
7 Procter & Gamble Co 2.25
8 Exxon Mobil Corp 1.93
9 Merck & Co, Inc 1.76
10 AT&T, Inc 1.64
portfolio analysis
LPAS Large-Cap Value Charts


The fund is subject to substantial style risk and value investing risk in that value investing may fall out of favor with investors.

The holdings information provided above is as of the date indicated, and may not reflect the current holdings of this fund.

TIAA-CREF Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.