International Equity

Lifetime Variable Select
After-Tax Annuity

Investment Objective
The fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of foreign issuers.
Portfolio Strategy
Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. The Fund has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. Advisors selects individual stocks, and lets the Fund’s country and regional asset allocations evolve from their stock selection. However, the Fund’s sector and country exposure is regularly managed against the Fund’s benchmark index, the Morgan Stanley Capital International EAFE® (Europe, Australasia, Far East) Index (the “MSCI EAFE® Index”), in order to control risk. The Fund may invest in emerging markets to varying degrees, depending on the prevalence of stock-specific opportunities. The Fund may sometimes hold a significant amount of stocks of smaller, lesser-known companies. 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 investment 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 at all times.
 
Top 10 holdingsas of 09/30/2014
 Company Name% Assets
1British Sky Broadcasting plc6.73
2Accor S.A.5.12
3Essilor International S.A.4.28
4Linde AG.4.20
5Mazda Motor Corp3.58
6Olympus Corp3.36
7Group 4 Securicor plc3.15
8Heineken NV3.11
9Eicher Motors Ltd2.92
10Compagnie de Saint-Gobain2.88
portfolio analysis
LPAS International Equity Charts
 

 

The risks that the fund is subject to include market risk, company risk, foreign investment risks 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.

C47348