Small-Cap Equity

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 smaller domestic companies.
Portfolio Strategy
Under normal circumstances, the Fund invests at least 80% of its assets in small-cap equity securities. A small-cap equity security is a security within the capitalization range of the companies included in the Russell 2000® Index at the time of purchase. The Fund invests primarily in equity securities of smaller domestic companies, across a wide range of sectors, growth rates and valuations, that appear to have favorable prospects for significant long-term capital appreciation. The Fund seeks to add incremental return over its stated benchmark index, the Russell 2000® Index, while also managing the relative risk of the Fund versus its benchmark index. Advisors uses proprietary quantitative models based on financial and investment theories to evaluate and score a broad universe of stocks in which the Fund invests.
Top 10 holdingsas of 06/30/2014
 Company Name% Assets
1Prosperity Bancshares, Inc0.86
2Cavium Networks, Inc0.80
3WellCare Health Plans, Inc0.79
4Tenneco, Inc0.78
5Demandware, Inc0.74
6Ultimate Software Group, Inc0.73
7RLJ Lodging Trust0.72
8Synaptics, Inc0.72
9Brunswick Corp0.69
10DuPont Fabros Technology, Inc0.69
portfolio analysis
LPAS Small-Cap Value Charts


The risks that the fund is subject to include market risk, company risk and small-cap risk.

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.