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 03/31/2013
  Company Name % Assets
1 Omega Healthcare Investors, Inc 1.03
2 Brunswick Corp 0.95
3 Commvault Systems, Inc 0.95
4 Alaska Air Group, Inc 0.91
5 MAXIMUS, Inc 0.90
6 Bristow Group, Inc 0.87
7 Sunstone Hotel Investors, Inc 0.78
8 Teledyne Technologies, Inc 0.77
9 Rite Aid Corp 0.75
10 EnerSys 0.74
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.