Portfolio Net Assets
Gross / Net Expense Ratio
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 commissions or other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed: 0.70% of average daily net assets for Retail Class shares of the Fund. These expense reimbursement arrangements will continue through at least July 31, 2015, unless changed with approval of the Board of Trustees.
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
|$2.87B||0.63% / 0.63%||2.38%|
OUT OF 930 FUNDS
|$10.57 - $10.90|
|As of close||As of||As of|
Based on risk adjusted returns
JOSEPH HIGGINS, CFA Managing Director, Global Public Markets
Joseph Higgins is a managing director and fixed income portfolio manager for the TIAA-CREF organization. Mr. Higgins is the lead portfolio manager and responsible for asset allocation for several of the organization’s bond funds and accounts. Previously, he managed structured credit investments and was an investment grade portfolio manager. In addition, he has served in various capacities at the organization including director of private placements, international bank analyst, international investment grade portfolio manager and co-head of corporate credit research. Mr. Higgins initiated the first securitization and co-developed the first collateralized debt obligation (CDO) for TIAA. He joined the TIAA-CREF organization in 1995.Mr. Higgins has 19 years of investment experience. He was previously a certified public accountant with PricewaterhouseCoopers.Mr. Higgins holds a B.S. in accounting with a minor in economics from The State University of New York at Albany, magna cum laude, and an M.B.A. from The Wharton School of the University of Pennsylvania with dual concentrations in finance and marketing. He is a member of the New York State Society of Securities Analysts and the CFA Institute. He was also a founding member of the User Advisory Council of the Financial Accounting Standards Board (FASB).
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.
The portfolio management team believes that it can deliver excess returns by focusing on undervalued, investment-grade securities, as identified 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.