Lifetime Variable Select
After-Tax Annuity

Investment Objective
The fund seeks as favorable a long-term total return through income as is consistent with preserving capital, primarily from investment-grade, fixed-income securities.
Portfolio Strategy
Under normal circumstances, the Fund invests at least 80% of its assets in bonds. The Fund primarily invests in a broad range of investment-grade bonds and fixed-income securities, including, but not limited to, U.S. Government securities, corporate bonds and mortgage-backed or other asset-backed securities. The Fund also invests in other fixed-income securities. Fixed-income securities may pay a fixed or variable rate of interest. The Fund does not rely exclusively on rating agencies when making investment decisions. Instead, Advisors also does its own credit analysis, paying particular attention to economic trends and other market events. Individual securities or sectors are then overweighted or underweighted relative to the Fund’s benchmark index, the Barclays Capital U.S. Aggregate Bond Index, when Advisors believes that the Fund can take advantage of what appear to be undervalued, overlooked or misunderstood issuers that offer the potential to boost returns above that of the index.
portfolio analysis
LPAS Bond Charts

The Fund is subject to interest rate risk, call risk as well as company 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.