Portfolio Net Assets
Gross / Net Expense Ratio
The Retail Class of the Fund has adopted a Distribution (12b-1) Plan that reimburses the Fund’s distributor, Teachers Personal Investors Services, Inc. (“TPIS”), for its expenses in providing distribution, promotional and shareholder services with respect to the Retail Class shares at the annual rate of up to 0.25% of average daily net assets attributable to Retail Class shares. Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage and other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed 0.70% of average daily net assets for Retail Class shares.
Overall Morningstar Rating
The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.
52 Week Range
|$3.10B||0.67% / 0.67%||2.52%|
OUT OF 930 FUNDS
|$10.53 - $10.82|
|As of close||As of||As of|
Based on risk adjusted returns
KEVIN LORENZ, CFA Managing Director, Global Public Markets
WILLIAM MARTIN Managing Director, Interim Head of Global Public Markets and Head of Fixed Income Portfolio Management
Kevin Lorenz is managing director and portfolio manager for the TIAA-CREF organization. Mr. Lorenz, a founding member of the high-yield team, is responsible for managing the organization's high-yield portfolios. Previously, he served as a director with the private placements team, investing in both high-grade and high-yield securities. He joined the TIAA-CREF organization in 1987 as a generalist focusing on the private placement market. Mr. Lorenz holds a B.S. in accounting from Rider University and an M.B.A. in finance from Indiana University. He is a member of the New York Society of Security Analysts.
John Cerra is a managing director and fixed income portfolio manager for the TIAA-CREF organization. Mr. Cerra is a member of the portfolio management team for several of the organization’s fixed-income portfolios. Since joining the TIAA-CREF organization in 1985, he has held several positions including managing the public asset-backed securities team and U.S. dollar-based derivative investment portfolio. He also served as an investment officer of the public markets structured finance team and bond group. In addition, Mr. Cerra worked as a quantitative fixed-income investment analyst. Mr. Cerra holds a B.A. in economics from Fordham University and an M.B.A. in finance from Rutgers University’s Graduate School of Management.
Bill Martin is a managing director, interim Head of Global Public Markets, and Head of fixed-income portfolio management for the TIAA-CREF organization. Mr. Martin is responsible for overseeing all of the organization’s public fixed-income investment activities, including Portfolio Management, Research, Trading, Derivatives and Quantitative Portfolio Management. In addition, he is responsible for public fixed income investment activities within the TIAA General Account, the CREF Accounts, the fixed income funds of the TIAA-CREF Funds, the fixed income funds of the TIAA-CREF Life Funds and the fixed income separate accounts. He is also lead portfolio manager and responsible for asset allocation for the TIAA-CREF Bond Plus Fund. Previously, he co-managed TIAA-CREF’s mortgage-backed securities (MBS) exposure across all accounts, with a primary focus on non-agency securities. Prior to that, he was a member of the MBS team with responsibility for analyzing and trading TIAA-CREF’s agency MBS portfolio. He joined TIAA-CREF in 2004 as a member of the Corporate Private Placement team responsible for both investment grade and alternative investment transactions. Mr. Martin has 19 years of investment experience. Previously, he was a vice president and founding member of Visible Markets, a broker dealer focused on structured finance transactions. He also served as a fixed-income consultant for Barra, a risk management firm, analyzing multi-sector portfolio risk.Mr. Martin earned a B.S. in managerial economics from the University of California at Davis and an M.B.A. from the Ross School of Business at the University of Michigan.
The portfolio management team believes that it can add value by identifying and investing in a broad spectrum of undervalued fixed-income securities, including high-yield and emerging markets debt, through a combination of:
The risks that the fund is subject to include Interest Rate Risk, Prepayment Risk, Extension Risk, Issuer Risk, Income Volatility Risk, Credit Risk, Call Risk, Fixed-Income Foreign Investment Risk, Active Management Risk, Market Volatility, Liquidity and Valuation Risk, Mortgage Roll Risk, Downgrade Risk, Non-Investment-Grade Securities Risk, Derivatives Risk