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Here's a statement of the obvious: The opinions expressed here are those of the participants, not those of the Mutual Fund Observer. We cannot vouch for the accuracy or appropriateness of any of it, though we do encourage civility and good humor.
  • Portfolio Withdrawal Strategies
    In general, models like these are helpful to me, but I rarely do exactly what they recommend
    It is difficult I have found to accurately predict what your spending will be in retirement. I ran multiple [plans over the years but the reality in retirement has proven most of them were too high, especially when you look at just the necessities, ie food utilities rent and insurance
    One of the reasons we have adequate savings in retirement is we were rather frugal when we were working. We splured only on the kid's education which paid of. Small house, cheap cars camping vacations mean we don't have to worry about running out of money.
    M only regret about my early financial decisions is not having our retirement accounts 100 % inequities when I was in my 30s and 40s. But I wanted to sleep at night!
    sma3 in Other Investing
  • Portfolio Withdrawal Strategies
    "Investors have been conditioned for decades to believe they can withdraw only 4% a year
    through a theoretical 30-year retirement, adjusted for inflation."
    "But several studies and retirement experts now view 4% as too conservative and inflexible.
    J.P. Morgan, in a recent report, recommended about 5%.
    David Blanchett, who has a doctorate in personal financial planning and has studied retirement withdrawal rates for years, says 5% 'is a much better starting place, given today’s economic reality and people’s flexibility.'”
    "The inventor of the 4% rule agrees.
    Retired financial planner Bill Bengen tells Barron’s he is revising his benchmark in an upcoming book,
    and that a rate 'very close to 5%' may be warranted."
    This article (link below) places too much emphasis on bucket strategies.
    While a formal bucket strategy can be beneficial for certain investors, it is not essential.
    The "4% rule" is not an ironclad rule - it's only a decent starting point for retirement withdrawal rates.
    1) What are your thoughts regarding retirement withdrawal rates of ~5% for the general population?
    2) Which withdrawal strategy do you utilize and why:
    a) fixed real withdrawal amount (FRWA); b) FRWA which skips inflation adjustment after annual portfolio loss;
    c) RMD method using IRS Life Expectancy Tables; d) "guardrails" plan developed by Guyton and Klinger;
    e) other strategy.
    Portfolio Withdrawal Strategies
    Observant1 in Other Investing
  • WealthTrack Show
    Personal finance master Jonathan Clements is turning his recent terminal cancer diagnosis into an important teaching opportunity on money and life.


    Also,
    Previous Clements interview:
    bee bee in Other Investing
  • WealthTrack Show
    Personal finance master Jonathan Clements is turning his recent terminal cancer diagnosis into an important teaching opportunity on money and life.


    Also,
    Previous Clements interview:
    bee bee in Other Investing
  • Americans Are Really, Really Bullish on Stocks
    I’m tempted to delete all my posts in this thread. Never did I imagine that my attempt to mock today’s public stock market bullishness (which is accurately portrayed in the piece) by noting humorously that the writer describing said bullishness was only 8 when the NASDAQ began a 78% nose-dive and 16 during 2008’s market nadir would somehow be interpreted as disparaging of the writer or of youthful writers and investors. It was a literary gambit on my part which I fear has been greatly misunderstood. Certainly some young people can write and invest well. Conversely, age is no guarantee of intelligence or investment wisdom.
    I love reading the WSJ and willingly pay to read it along with several other financial publications to which I subscribe. Certainly, the fact that Gunjan Banerji’s work meets the Journal’s high standards is testament enough to her journalistic achievement. There never was any intent on my part to question her judgement, character, intelligence, balance or other. I’m especially saddened if anyone took my post as an unkind affront to a friend they know personally or an online personality they have close contact with. It wasn’t meant that way.
    hank in Other Investing
  • Americans Are Really, Really Bullish on Stocks
    Thanks for sharing your perspective @catch22. Possibly relevant - the front page of today’s print edition of the WSJ features a story on aging.
    ”The Crushing Financial Burden of Aging at Home” - by Clare Ansberry and Anne Tergesen
    It’s a sobering read detailing the story of seemingly hefty life savings wiped out in a few months, the difficulty of finding trustworthy trained in-home care workers, the burdens faced by care-giving relatives.
    I won’t try to link it. But if you have access to today’s WSJ, highly recommend.
    hank in Other Investing
  • Duke premier notes
    Any fresh thoughts re investing a few bucks here?
    A number of companies package up variable rate demand notes into bank account-like accounts. Features may vary slightly (e.g. min required, check writing ability, min transaction amount) but the underlying investments are similar as are the way these accounts work.
    Companies that offer these accounts seem to be rated BBB or A and are using these accounts as a relatively cheap way to get cash. Some BBBs: Duke, Dominion, GM, and Ford. Some As: Toyota, Mercedes-Benz (only accredited investors), and Caterpillar
    A couple of webpages from 2021 on these types of investments:
    MyMoneyBlog: https://www.mymoneyblog.com/big-list-of-car-demand-notes-non-fdic.html
    Bogleheads thread: https://www.bogleheads.org/forum/viewtopic.php?t=340088
    And a 2021 WSJ article cited in the Bogleheads thread (subscription or library card required):
    https://www.wsj.com/articles/car-maker-notes-attract-investors-seeking-short-term-yield-11605781801
    Called "variable denomination floating rate demand notes," the securities are basically unsecured bonds, paid by the company's cash from operations. There is no public market and investors can typically withdraw their money at will. Rates can be changed at any time by the company, which can call the securities at its discretion.
    What's the risk?
    For my money (pun intended), I'd rather go with a Treasury MMF yielding around 5.1%; since it's state tax exempt that's not much different from 5.5% fully taxable and a whole lot safer.
    https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf
    If I had to go with a single issuer, I'd look at the A rated companies.
    A nuclear accident that bankrupts the company?
    Not likely.
    [The] Price-Anderson [Act has since 1957 freed] nuclear plant operators and all firms involved in nuclear construction and maintenance of any liability for offsite accident damage. The only chance for additional compensation lies in the act’s declaration that if accident damages exceed the legal limit “Congress will thoroughly review the particular incident” and will “take whatever action is determined to be necessary” to provide full compensation to the public. In short, a Fukushima-level accident would toss the costs of compensation and cleanup unto the lap of Congress.
    https://thebulletin.org/2020/02/the-us-government-insurance-scheme-for-nuclear-power-plant-accidents-no-longer-makes-sense/
    This was recently extended (for another 40 years) and expanded with little publicity. It's a sizeable and relatively unknown industry subsidy.
    What was publicized were billions of dollars allocated in the Inflation Reduction Act for maintaining existing nuclear plants and building new ones.
    https://www.energy.gov/ne/articles/inflation-reduction-act-keeps-momentum-building-nuclear-power
    msf in Other Investing
  • Americans Are Really, Really Bullish on Stocks
    Thanks @Observant1 for the “probing” article on Americans’ current love affair with stocks. In reading I became curious about the author. From the linked article: “The typical salary for a journalist in the United States is $49,887 per year”. Had no idea they were so underpaid.
    Gunjan Banerji was born in 1992. For some perspective …. That year Louis Rukeyser’s Wall Street Week was completing its 22nd season on PBS. 5 years had passed since the global stock market “flash crash” of ‘87. She would have been 6 or 7 when the tech sector sizzled and 8 when the bubble burst in 2000. (Maybe some nervous playground banter?) She would have been 16 in 2008 during the depths of “the great financial crisis” (and subsequent 50%+ drop in the S&P). No doubt, this great unwinding of stock market mania was discussed / analyzed to extent in her high school business / social studies classes during these teen-age formative years.
    hank in Other Investing
  • RIP Bob Brinker (82)
    Many listened to his radio shows or subscribed to his newsletter "Marketimer" - despite its name, it didn't promote active timing. His approach was simple and steady investing and he focused on financial freedom. He rarely made big calls, but when he did, those moved the markets. I think that we was aware of this, so he made/published big calls rarely.
    From X/Twitter LINK,
    https://tipswatch.com/2024/09/04/remembering-bob-brinker-and-his-life-changing-advice/
    yogibearbull yogibearbull in Other Investing
  • Kotlikoff..."No one can safely use Fidelity's "Planning Tool" to plan their finances
    BF,
    No pension or any other safety net here.
    As to planning tools, the only one I use is the M* portfolio which I started using about 7 years ago when I realized that I had way more cash than I thought I had which meant I was unrealistically risk shy.
    I have only spent on what I needed and had worked when work was available. All the good things that happened to me are not because I planned any of them. My success rate of my long term planning is near zero if not zero. I do not plan for financial outcomes, and hence, I do not need to use any tools. May be I fall under your category of "wing it as man plans and God laughs."
    BaluBalu in Other Investing
  • 31 Years of Stock Market Returns
    Hi@Anna
    Yes, INDEED !!! 8,760 hours, one after the other.....
    Our house is completely and fully acknowledged that we are where we should be with financial comfort; from becoming informed investors and students of sound monetary practices starting in the late 1970's, and mental reasoning; which should include a large amount of prudence; or call it 'common sense'.
    catch22 catch22 in Fund Discussions
  • “Other” in Fido’s analytics tool?
    With 9% of my holdings being reported as “other,” I’m curious what all that includes.

    Just guessing    :
    - Precious metals, real estate / timberland / farmland?
    - Physical infrastructure - like buildings, toll roads, railroads, communications satellites?
    - Positions in non-dollar denominated currencies thru the FX markets?
    - Options to buy something?
    Other ideas?
    I think it’s significant in assessing risk because if these “other” assets are as risky (or riskier) than equities, than your portfolio might contain substantially more risk tied to the broader financial markets than a lower “equity” number might lead you to believe.
    hank in Other Investing
  • DJT in your portfolio - the first two funds reporting (edited)
    BaluBalu said
    "I have not been following this thread well. So, pardon my enquiry. Why are you guys following the price ticks of this thing? Is there are catalyst, such as vesting, dilution, etc., tied to a price level? "
    many reasons those fascinated with the financial sector are following djt.
    the history of scams in financial markets is endless, but never has such a influential and powerful politician continuously checked every box known to be a marker or EVIDENCE of a market scam.
    in summary, this is very different from any other meme event in history, and a substantial number of retail investors are still HOLDING and BUYING djt.
    am not going to recap the whole redflag history here of the controlling shareholder and the step-by-mistep evolution of djt.
    the complexity of the the lockup and lawsuits pose an amazing real life case of game theory, for those more interested in just the mathematics.
    i would end with the notion that out of those who had invested among the entire history of financial scams, one will find the label 'rube' quite apt. newsflash, many on the internet use much worse terminology daily, including the djt namesake.
    https://www.cnn.com/2022/11/10/politics/pence-book-excerpt-trump-power/index.html
    a2z in Fund Discussions
  • Market Broadening?
    ”I wonder where the hell they find these financial "journalists". I guess the same place they find the so-called "analysts" who simply follow each other around staying close to consensus "thinking". Maybe they recruit in middle schools!
    (Comment by “Mr. Skin” / Bill Fleckenstein’s Daily Market Rap - 8/29/24 / subscription required)
    My own thought is to apply a different twist to Marie-Antoinette’s famous “Let them eat cake”. In good times the media and their porn-star analysts deliver to the adoring masses that possessing the outer appearance of cake. Later there may occur a nasty case of indigestion.
    hank in Other Investing
  • SEC drops swing pricing proposal for mutual funds
    Passive ETFs require daily holding disclosures
    A common conception but the rule is actually the opposite. Based on the premise that investors already have a very good if not exact idea of what's in a fund that passively tracks an index, disclosure of such a fund's daily holdings is generally not required.
    From NASDAQ, under passive ETF listing requirements is this requirement, applicable only to leveraged ETFs. "Regular" passive ETFs need not comply.
    Passive ETFs which seek a return based upon a multiple (positive or inverse) of the underlying index performance, must disclose the following information regarding the portfolio on their website daily:
    • The identity and number of shares held of each specific equity security
    • The identity and amount held for each specific fixed income security
    • The specific types of financial instruments and characteristics of such financial instruments
    • Cash equivalents and the amount of cash held in the portfolio
    https://listingcenter.nasdaq.com/assets/ETP_Listing_Guide.pdf
    It's true that the vast majority of passively managed non-leveraged ETFs disclose portfolios daily. Vanguard is the notorious exception that proves the rule.
    While it discloses daily the holdings of its standalone ETFs, it discloses only monthly holdings of those ETFs that are share classes of its OEFs. For example, VYM (a share class of VHYAX) currently shows holdings as of July 31.
    Each Vanguard fund relying on Rule 6c-11 under the 1940 Act (e.g., standalone ETFs) generally will seek to disclose complete portfolio holdings, including other investment positions, at the beginning of each business day. These portfolio holdings, including other investment positions, will be disclosed online at vanguard.com. ... Each Vanguard index fund, other than those Vanguard index funds relying on Rule 6c-11 under the 1940 Act (e.g., standalone ETFs), generally will seek to disclose the fund’s complete portfolio holdings as of the end of the most recent month online at vanguard.com, 15 calendar days after the end of the month.
    Vanguard SAI supplement, July 19, 2024
    msf in Fund Discussions
  • US family finances as of 2y ago
    Quite frankly, while the overall government's policy may affect the financial condition of the country, this notion that the President in office is responsible for everything that happens is a real stretch. As someone who appreciates logic, it's appalling to me to see its absence in the 'thoughts' of so many around me!
    racqueteer in Other Investing
  • Covered calls - less than meets the eye?
    From the article,
    "In years where stocks declined, eg the global financial crisis in 2008 or the bear market in 2022, the call options expired worthless but did provide investors with additional income that reduced the drawdowns*."
    *(YBB Note) By tiny amounts. Basically, covered calls didn't provide downside protection unless some puts were bought using the covered call income.
    I will do this on positions with large gains that I wish to protect (ideally a zero-cost 'collar'), such as large dividend payers. I don't do it very often, but it can work well in that scenario. But CCs alone are rarely worth doing unless it's on a stock that doesn't really move very much -- which also means the premium you might get for the call makes it more trouble than it's worth.
    rforno in Fund Discussions
  • MDP Low Volatility Fund will be liquidated
    https://www.sec.gov/Archives/edgar/data/1437249/000158064224004810/mdp_497.htm
    497 1 mdp_497.htm 497
    MDP LOW VOLATILITY FUND
    Class A Shares - MDPMX
    Class I Shares – MDPLX
    Supplement dated August 26, 2024 to Prospectus and Statement of Additional Information dated May 31, 2024
    The Board of Trustees of Valued Advisers Trust (the “Board”) authorized an orderly liquidation of the MDP Low Volatility Fund (the “Fund”), a series of Valued Advisers Trust. The Board determined on August 23, 2024 that closing and liquidating the Fund was in the best interests of the Fund and the Fund’s shareholders.
    The Fund’s investment adviser informed the Board of its view that it no longer is economically feasible to continue managing the Fund because of the Fund’s small size and the difficulty encountered in attracting assets.
    The Fund is no longer accepting purchase orders for its shares, and it will close effective as of September 24, 2024 (“Closing Date”). Shareholders may redeem Fund shares at any time prior to this Closing Date. Procedures for redeeming your account, including reinvested distributions, are contained in the section “How to Redeem Shares” in the Fund’s Prospectus. Any shareholders that have not redeemed their shares of the Fund prior to the Closing Date will have their shares automatically redeemed as of that date, with proceeds being sent to the address of record. If your Fund shares were purchased through a broker-dealer or other financial intermediary and are held in a brokerage or other investment account, redemption proceeds may be forwarded by the Fund directly to the broker-dealer or other financial intermediary for deposit into your brokerage or other investment account.
    The Fund is no longer pursuing its investment objective. All holdings in the Fund’s portfolio are being liquidated, and the proceeds will be invested in money market instruments or held in cash. Shareholders may continue to reinvest dividends and distributions in the Fund or redeem their shares until the Closing Date. Any capital gains will be distributed as soon as practicable to shareholders and reinvested in additional Fund shares, unless you have requested payment in cash.
    IMPORTANT INFORMATION FOR RETIREMENT PLAN INVESTORS
    If you are a retirement plan investor, you should consult your tax adviser regarding the consequences of a redemption of Fund shares. If you receive a distribution from an Individual Retirement Account (IRA) or a Simplified Employee Pension (SEP) IRA, you must roll the proceeds into another IRA within 60 days of the date of the distribution to avoid having to include the distribution in your taxable income for the year. If you are the trustee of a qualified retirement plan or the custodian of a 403(b)(7) custodian account (tax-sheltered account) or a Keogh account, you may reinvest the proceeds in any way permitted by its governing instrument.
    For additional information regarding the liquidation, shareholders of the Fund may call (833) 914-3344.
    You should read this Supplement in conjunction with the Prospectus and Statement of Additional Information, each dated May 31, 2024, which provide information that you should know before investing in the Fund and should be retained for future reference. These documents are available upon request and without charge by calling the Fund at (833) 914-3344.
    PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
    TheShadow TheShadow in Fund Discussions
  • Covered calls - less than meets the eye?
    From the article,
    "In years where stocks declined, eg the global financial crisis in 2008 or the bear market in 2022, the call options expired worthless but did provide investors with additional income that reduced the drawdowns*."
    *(YBB Note) By tiny amounts. Basically, covered calls didn't provide downside protection unless some puts were bought using the covered call income.
    yogibearbull yogibearbull in Fund Discussions
  • Variable Annuities - Fidelity and TIAA
    These are two of the least expensive and most flexible VAs around. Fidelity charges 0.25% and 0.10% for over $1M in the VA. TIAA charges anywhere from 0.50% (under $100K) to 0.35% (up to $500K) and 0.25% (over $500K). But all those go down to 0.10% independent of value after ten years.
    Fidelity tends to include the second cheapest share class of VA portfolios (think "retail") while TIAA tends to include the cheapest share class (think "institutional"). All in, the two have similar costs for the first ten years, then TIAA becomes much cheaper.
    The real question, though, is how their underlying portfolios perform. I've looked up (via Financial Times search) all the portfolios open to new investors. Below is the table I built for myself (slightly edited for formatting here). Note: the M* ratings are for the portfolios themselves.
    On the VAs' websites you'll find different ratings. That's because what you're seeing are there the ratings of the funds including the annuity fees. Since the annuity fees of both of these VAs are so low, those star ratings tend to be mostly 4s and 5s. The ratings of the funds themselves, included here, give a better picture of the funds' performance.
    Since there are so many funds, I've split the table into two posts - broad equity in the first, sectors and fixed income in the second. 
    Fund					Class	ER	Ticker		M* 	Lipper	Annuity
    Allocation Portfolios
    Conservative Allocation
    Fidelity VIP FundsManager 20		Inv.	0.55%	0P00003EYS	4	3/2/5/5	Fidelity
    Fidelity VIP FundsManager 30		Inv.	0.57%	0P0001Q617	-	-	Fidelity
    Moderately Conservative Allocation
    Fidelity VIP FundsManager 40		Inv.	0.62%	0P0001Q618	-	-	Fidelity
    Franklin Income VIP			Cl 1	0.46%	0P00003BNK	5	4/3/4/5	TIAA
    Nuveen Life Funds Balanced			0.51%	TLBAX		5	4/4/4/5	TIAA
    Vanguard VIF Conservative Alloc.		0.13%	0P0000TNLX	4	5/5/5/5	TIAA
    Moderate Allocation
    Fidelity VIP Asset Manager		Inv.	0.61%	0P00003ESQ	2	3/3/4/4	Fidelity
    Fidelity VIP Balanced			Inv.	0.51%	0P00003ESS	5	5/5/2/5	Fidelity
    Fidelity VIP FundsManager 50		Inv.	0.70%	0P00003EYT	3	4/3/4/4	Fidelity
    Fidelity VIP FundsManager 60		Inv.	0.71%	0P00008YBH	3	2/2/3/4	Fidelity
    Vanguard VIF Balanced Portfolio			0.21%	0P00003BRZ	4	5/5/3/5	TIAA
    Vanguard VIF Moderate Alloc.			0.13%	0P0000TNLY	3	4/4/3/5	TIAA
    Moderately Aggressive Allocation
    Fidelity VIP Asset Manager: Growth	Inv.	0.72%	0P00003ESP	3	3/3/2/4	Fidelity
    Fidelity VIP FundsManager 70		Inv.	0.74%	0P00003EYU	3	4/4/2/4	Fidelity
    Aggressive Allocation
    Fidelity VIP FundsManager 85		Inv.	0.78%	0P00003EYW	4	4/4/1/4	Fidelity
    Target Date
    Fidelity VIP Investor Freedom 2010		0.44%	0P00003ET2	3	x/x/5/x	Fidelity
    Fidelity VIP Investor Freedom 2015		0.48%	0P00003ET4	4	x/x/5/x	Fidelity
    Fidelity VIP Investor Freedom 2020		0.51%	0P00003ET3	5	4/4/4/4	Fidelity
    Fidelity VIP Investor Freedom 2025		0.54%	0P00003ET5	5	5/5/3/4	Fidelity
    Fidelity VIP Investor Freedom 2030		0.58%	0P00003ET6	5	5/5/2/4	Fidelity
    Fidelity VIP Investor Freedom 2035		0.63%	0P0001OWHR	-	-	Fidelity
    Fidelity VIP Investor Freedom 2040		0.68%	0P0001OWHT	-	-	Fidelity
    Fidelity VIP Investor Freedom 2045		0.69%	0P0001OWHU	-	-	Fidelity
    Fidelity VIP Investor Freedom 2050		0.69%	0P0001OWHV	-	-	Fidelity
    Fidelity VIP Investor Freedom Inc.		0.40%	0P00003ET8	3	2/2/5/5	Fidelity
    Tactical Allocation
    Morgan Stanley VIF Global Strat.	Cl. I	0.90%	MIMPX		3	2/2/2/3	Fidelity
    PIMCO VIT All Asset Portfolio		Inst.	2.04%	0P00003EXR	3	3/4/4/1	TIAA
    Global Allocation
    BlackRock Global Allocation VI 		Cl. 2	0.92%	0P00003E89	4	3/3/3/3	Fidelity
    DFA VA Global Moderate Allocation	Inst.	0.28%	0P0000XY87	5	5/5/4/5	TIAA
    US Equity Portfolios
    Large Cap Blend					
    ClearBridge Variable Growth Port.	Cl. I	0.85%	QLMGOX		1	1/2/2/3	TIAA
    DFA Equity Allocation			Inst.	0.32%	0P00019RXP	2	5/5/4/5	TIAA
    Fidelity VIP Growth & Income		Inv.	0.57%	0P00003ES4	4	5/5/5/4	Fidelity
    Fidelity VIP Index 500			Init.	0.09%	0P00003BWH	4	5/5/5/5	Fidelity
    Fidelity VIP Total Market Index		Init.	0.11%	FVIDX		3	4/4/4/5	Fidelity
    Nuveen Life Core Equity Fund			0.52%	TLGWX		4	5/5/4/5	TIAA
    Nuveen Life Large Cap Resp. Equity		0.22%	TLCHX		3	3/3/4/5	TIAA
    Nuveen Life Stock Index Fund			0.08%	TLSTX		3	4/5/4/5	TIAA
    Vanguard VIF Capital Growth Port.		0.34%	0P00003DVM	4	4/4/5/5	TIAA
    Vanguard VIF Equity Index			0.14%	0P00003BS4	4	5/5/5/5	TIAA
    Vanguard VIF Total Stock Mkt Index		0.13%	0P00003DVK	3	4/4/4/5	TIAA
    Large Cap Growth
    Fidelity VIP Contrafund			Inv.	0.64%	0P00003ESR	4	4/4/4/4	Fidelity
    Fidelity VIP Dynamic Cap Apprec.	Inv.	0.70%	0P00003ESX	4	4/4/4/4	Fidelity
    Fidelity VIP Growth			Inv.	0.65%	0P00003ES7	5	5/5/4/5	Fidelity
    Fidelity VIP Growth Opportunities	Inv.	0.67%	0P00003ES3	4	5/5/1/5	Fidelity
    Janus Henderson VIT Forty Port.		Inst.	0.55%	JACAX		3	3/4/3/5	TIAA
    MFS VIT Mass. Inv. Growth Stock Port.	Init.	0.73%	0P00003CPY	3	3/3/4/4	TIAA
    Nuveen Life Growth Equity Fund			0.52%	TLGQX		3	2/3/3/5	TIAA
    PSF PGIM Jennison Blend Portfolio	Cl. II	0.86%	0P00003CBD	3	2/1/4/2	TIAA
    Large Cap Value
    DFA VA Large Value Portfolio		Inst.	0.21%	0P00003CUU	2	2/2/3/5	TIAA
    Fidelity VIP Equity-Income		Inv.	0.55%	0P00003ESO	4	4/5/5/5	Fidelity
    Franklin Mutual Shares VIP		Cl. 1	0.68%	0P00003CBB	1	1/1/4/4	TIAA
    Nuveen Life Large Cap Value Fund		0.52%	TLLVX		4	4/4/4/5	TIAA
    PSF PGIM Jennison Value Portfolio	Cl. II	0.82%	0P00003DP6	3	3/4/5/2	TIAA
    PVC Equity Income Account		Cl. 1	0.49%	0P00003CN9	3	3/2/4/5	TIAA
    Mid Cap Blend
    Fidelity VIP Mid Cap			Inv.	0.65%	0P00003ESF	4	5/5/3/5	Fidelity
    Vanguard VIF Mid-Cap Index			0.17%	0P00003C89	3	3/2/3/5	TIAA
    Mid Cap Growth
    Franklin Small-Mid Cap Growth VIP	Cl. 1	0.83%	0P00003DB4	3	2/3/1/4	TIAA
    PVC MidCap Account			Cl. 1	0.55%	0P00003BO4	5	5/3/3/5	TIAA
    Wanger Acorn					0.95%	WUSAX		2	1/1/1/3	TIAA
    Mid Cap Value
    Fidelity VIP Value			Inv.	0.68%	0P00003ESN	4	5/5/3/4	Fidelity
    Fidelity VIP Value Strategies		Inv.	0.67%	0P00003ESM	4	5/5/2/4	Fidelity
    Janus Henderson VIT Mid-Cap Value	Inst.	0.68%	JAMVX		3	3/2/4/5	TIAA
    Matson Money U.S. Equity VI Port.		0.98%	FMVUX		4	4/4/3/1	TIAA
    N-B AMT Mid Cap Intrinsic Value		Cl. I	1.02%	0P00003CPW	1	1/1/2/3	TIAA
    Small Cap Blend
    Fidelity VIP Disciplined  Small Cap 	Inv.	0.40%	0P00003EWG	3	5/5/2/5	Fidelity
    Fidelity VIP Extended Market Index	Init.	0.12%	FVIJX		3	3/3/1/5	Fidelity
    Nuveen Life Small Cap Equity Fund		0.53%	TLEQX		4	5/5/2/5	TIAA
    Small Cap Growth
    ClearBridge Variable Small Cap Gr	Cl. I	0.80%	QLMSIX		2	1/1/1/5	TIAA
    Small Cap Value
    DFA VA U.S. Targeted Value Port.	Inst.	0.29%	0P00003D0Y	4	5/5/1/5	TIAA
    Macquarie VIP Small Cap Value Ser.	Std.	0.78%	0P00003C1W	3	3/2/1/4	TIAA
    Royce Capital Fund - Sm Cap Port.	Inv.	1.15%	RCPFX		3	3/3/1/1	TIAA
    International Equity
    Diversified Emerging Markets						
    Fidelity VIP Emerging Markets		Inv.	0.97%	0P0000A9FS	4	5/5/2/4	Fidelity
    John Hancock Emerg Mkts Val Trust	NAV	1.03%	JHVTX		3	4/4/4/4	TIAA
    Lazard Retir. Emerging Markets Port.	Inv.	1.15%	0P00005XR9	3	4/2/3/3	Fidelity
    Morgan Stanley VIF Emerg. Mkts Eq.	Cl. I	1.25%	MEMEX		3	4/4/2/2	Fidelity
    Templeton Developing Mkts VIP Fund	Cl. 1	1.10%	0P00003CRI	3	4/4/2/3	TIAA
    Foreign Large Blend	
    Fidelity VIP International Index	Init.	0.16%	FVIGX		3	3/4/4/5	Fidelity
    Nuveen Life International Equity		0.60%	TLINX		3	4/3/3/4	TIAA
    Vanguard VIF Total Intl Stk Mkt Indx		0.11%	0P0001ANO3	3	3/3/4/5	TIAA
    Foreign Large Growth
    Fidelity VIP International Cap Ap	Inv.	0.86%	0P00003ESC	5	5/5/3/3	Fidelity
    Fidelity VIP Overseas			Inv.	0.81%	0P00003ESH	4	5/5/3/5	Fidelity
    Vanguard VIF International Port.		0.33%	0P00003CRA	3	4/2/1/5	TIAA
    Foreign Large Value
    DFA VA International Value Port.	Inst.	0.27%	0P00003CY8	4	5/5/3/5	TIAA
    Foreign Small/Mid Blend
    DFA VA International Small Port.	Inst.	0.40%	0P00003CN3	4	x/x/2/x	TIAA
    Foreign Small/Mid Growth
    Wanger International				1.14%	WSCAX		2	x/x/1/x	TIAA
    Foreign Small/Mid Value
    Matson Money Int'l Equity VI Port.		1.14%	FMVIX		3	3/3/3/1	TIAA
    Global Large Cap Blend
    Invesco V.I. Global Core Equity		Ser. I	0.98%	0P00003CZL	2	2/2/3/2	Fidelity
    MFS VIT Global Equities Series		Init.	0.92%	0P00003D4V	2	2/2/3/3	TIAA
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