Real Estate Securities

Lifetime Variable Select
After-Tax Annuity

Investment Objective
The fund seeks to obtain a favorable long-term total return through both capital appreciation and current income, by investing primarily in equity and fixed-income securities of companies principally engaged in or related to the real estate industry.
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Portfolio Strategy
Under normal circumstances, the Fund invests at least 80% of its assets in the securities of companies that are principally engaged in or related to the real estate industry (“real estate securities”), including those that own significant real estate assets, such as real estate investment trusts (“REITs”). The Fund invests primarily in equity securities of such companies. The Fund is actively managed using a research-oriented process with a focus on cash flows, asset values and Advisors’ belief in management’s ability to increase shareholder value. The Fund does not invest directly in real estate. The Fund concentrates its investments in the real estate industry. From time to time, the Fund may also invest in debt securities of companies principally engaged in or related to the real estate industry.
 
Top 10 holdingsas of 06/30/2014
 Company Name% Assets
1Simon Property Group, Inc 10.77
2Prologis, Inc4.62
3AvalonBay Communities, Inc4.01
4Boston Properties, Inc3.75
5Equity Residential3.53
6Ventas, Inc3.39
7Vornado Realty Trust3.39
8General Growth Properties, Inc3.27
9SL Green Realty Corp2.89
10American Tower Corp2.86
portfolio analysis
LPAS Real Estate Securities Charts
 

 

The risks that the fund is subject to include market risk, company risk, real estate investing risks, real estate securities risk, interest -rate risk, small-cap risk, income volatility risk, credit risk, and foreign investment risks.

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