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The Age-Based Investment Portfolios offer a diversified group of six Investment Portfolios designed to emphasize total return (and particularly capital appreciation) when the Designated Beneficiary of an Account is younger and increasingly emphasizes preservation of capital and income as the Designated Beneficiary approaches and reaches college age (presumed to be at age 18).
Amounts invested under the Age-Based Investment Portfolios will be allocated among several different mutual funds, as illustrated in the table below.
Allianz NFJ Dividend Value Fund
Investment Objective and Principal Strategies. The Fund seeks long-term growth of capital and income. The Fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of companies that pay or are expected to pay dividends. Under normal conditions, the Fund will invest primarily in common stocks of companies with market capitalizations greater than $3.5 billion. The Fund may also invest a portion of its assets in non-U.S. securities, including emerging market securities. The Portfolio Managers use a value investing style focusing on companies whose stock the portfolio managers believe have low valuations. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. In response to unfavorable market and other conditions, the Fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve its investment objective when it does so.
Principal Risks. Among the principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are market risk, issuer risk, equity securities risk, credit risk, currency risk, derivatives risk, emerging markets risk, focused investment risk, leveraging risk, liquidity risk, management risk, non-U.S. investment risk and turnover risk.
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Allianz NFJ International Value Fund
Investment Objective and Principal Strategies. The Fund seeks long-term growth of capital and income. The Fund seeks to achieve its investment objective by normally investing at least 65% of its net assets (plus borrowings made for investment purposes) in equity securities of non-U.S. companies with market capitalizations greater than $1 billion. The Fund normally invests a significant portion of its assets in equity securities that the portfolio managers expect will generate income (for example, by paying dividends). The Fund may invest up to 50% of its assets in emerging market securities. The Fund typically achieves its exposure to equity securities through investing in American Depositary Receipts (ADRs), but is not limited to investments in ADRs. The portfolio managers use a value investing style focusing on equity securities of companies whose stocks the portfolio managers believe have low valuations. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. In response to unfavorable market and other conditions, the Fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high quality fixed income securities, cash and cash equivalents. The Fund may not achieve its investment objective when it does so.
Principal Risks. Among the principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are market risk, issuer risk, equity securities risk, non-U.S. investment risk, emerging markets risk, smaller company risk, credit risk, currency risk, derivatives risk, leveraging risk, liquidity risk, management risk, and turnover risk.
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Allianz NFJ Small-Cap Value Fund
Investment Objective and Principal Strategies. The Fund seeks long-term growth of capital and income. The Fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in companies with smaller market capitalizations. The Fund currently considers smaller market capitalization companies to be companies with market capitalizations of between $100 million and $3.5 billion. The Fund normally invests a significant portion of its assets in common stocks of companies that the portfolio managers expect will generate income (for example, by paying dividends). The Fund may also invest a portion of its assets in real estate investment trusts (REITs) and non U.S. securities, including emerging markets securities. The portfolio managers use a value investing style focusing on companies whose stocks the portfolio managers believe have low valuations. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts, and other derivative instruments. In response to unfavorable market and other conditions, the Fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve its investment objective when it does so.
Principal Risks. Among the principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are market risk, issuer risk, equity securities risk, smaller company risk, credit risk, currency risk, derivatives risk, emerging markets risk, focused investment risk, leveraging risk, liquidity risk, management risk, non-U.S. investment risk, REIT risk, and turnover risk.
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Allianz NACM Growth Fund
Investment Objective and Principal Strategies. This Fund's investment objective is long-term capital appreciation. The Fund seeks to achieve its investment objective by normally investing at least 80% of its assets in equity securities in the Russell 1000 Growth Index. The Fund normally invests primarily in large capitalization equity securities, which it defines as equity securities of companies with market capitalizations of at least $5 billion at the time of purchase.
The Fund's portfolio managers attempt to identify the strongest investment opportunities in the U.S. large cap equity universe by applying a multidimensional research process that integrates a proprietary quantitative model overlaid with fundamental analysis. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. In response to unfavorable market and other conditions, the Fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve its investment objective when it does so.
Principal Risks. Among the principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are (in alphabetical order after the first three risks): market risk, issuer risk, equity securities risk, credit risk, derivatives risk, focused investment risk, leveraging risk, liquidity risk, management risk, and turnover risk.
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Allianz OCC Growth Fund
Investment Objective and Principal Strategies. This Fund seeks long-term growth of capital. Income is an incidental consideration. The Fund seeks to achieve its investment objective by normally investing at least 65% of its assets in common stocks of "growth" companies with market capitalizations of at least $5 billion. The portfolio managers consider "growth" companies to include companies they believe to have above-average growth prospects (relative to companies in the same industry or the market as a whole). In addition to investing in common stocks, the Fund may also invest in other kinds of equity securities, such as preferred stocks, convertible securities and warrants. The Fund may also invest in real estate investment trusts (REITs). The Fund may invest up to 15% of its assets in non-U.S. securities, except that it may invest without limit in American Depositary Receipts (ADRs). The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. In response to unfavorable market and other conditions, the Fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve its investment objective when it does so.
Principal Risks. Among the principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are (in alphabetical order after the first three risks): market risk, issuer risk, equity securities risk, credit risk, currency risk, derivatives risk, focused investment risk, leveraging risk, liquidity risk, management risk, non-U.S. investment risk, REIT risk, turnover risk.
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Allianz OCC Opportunity Fund
Investment Objective and Principal Strategies. The Fund seeks capital appreciation, with no consideration given to income. The Fund seeks to achieve its investment objective by normally investing at least 65% of its assets in common stocks of "growth" companies with market capitalizations of less than $2 billion. The portfolio managers' investment process focuses on bottom-up, fundamental analysis. The portfolio manager considers "growth" companies to include companies that he believes to have above-average growth prospects (relative to companies in the same industry or the market as a whole). The Fund may invest in other kinds of equity securities, including preferred stocks, convertible securities and warrants. The Fund may invest up to 15% of its assets in non-U.S. securities, except that it may invest without limit in American Depositary Receipts (ADRs). The Fund may invest a substantial portion of its assets in securities issued in initial public offerings (IPOs). The Fund has in the past invested a significant portion of its assets in technology or technology-related companies, although there is no assurance that it will continue to do so in the future. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. In response to unfavorable market and other conditions, the Fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve its investment objective when it does so.
Principal Risks. Among the principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are (in alphabetical order after first four risks): market risk, issuer risk, equity securities risk, smaller company risk, credit risk, currency risk, derivatives risk, focused investment risk, IPO risk, leveraging risk, liquidity risk, management risk, non-U.S. investment risk, and turnover risk.
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Allianz RCM Global Resources Fund
Investment Objective and Principle Strategies. The Fund seeks long-term capital appreciation. The Fund seeks to achieve its investment objective by normally investing at least 80% of its net assets (plus borrowings made for investment purposes) in equity securities of companies principally engaged in the research, development, manufacturing, extraction, distribution, or sale of materials, energy, or goods related to cyclical or commodity industries, such as oil & gas, minerals, base metals, precious metals, chemicals, fertilizers, paper products, coal, alternative energy and steel (the "natural resources industries"). Under normal circumstances, the Fund will invest a minimum of 1/3 of its assets in non-U.S. securities and will invest in companies organized or headquartered in at least four countries including the United States. The Fund's portfolio manager will evaluate the relative attractiveness of individual commodity cycles, including supply-demand fundamentals and pricing outlook. Stock selection and industry allocation will be based on specific commodity, end market and geographic exposure, operational and financial leverage as well as valuation. The Fund is "non-diversified," which means it may invest in a relatively small number of issuers, which may increase risk. The Fund may utilize foreign currency exchange contracts, options, stock index futures contracts and other derivative instruments. In response to unfavorable market and other conditions, the Fund may deviate from its principal strategies by making temporary investments of some or all of its assets in high-quality fixed income securities, cash and cash equivalents. The Fund may not achieve its investment objective when it does so.
Principal Risks. Among the principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are (in alphabetical order after the first six risks), market risk, issuer risk, equity securities risk, non-U.S. investment risk, emerging markets risk, smaller company risk, credit risk, currency risk, derivatives risk, focused investment risk, leveraging risk, liquidity risk, management risk, turnover risk.
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The Boston Company Small/Mid Cap Growth Fund
Investment Objective and Principal Strategies. The Fund seeks long-term growth of capital. The fund normally invests at least 80% of net assets in equity securities of small cap and mid cap U.S. companies. The fund focuses on companies with total market capitalizations equal to or less than the total market capitalization of the largest company included in the Russell 2500 Growth Index. This would correspond to companies with total market capitalization equal to or less than $14.1 billion as of December 31, 2007.The fund may also invest in equity index futures based on the Russell 2000 and S&P Midcap indices, and exchange traded funds based upon the Russell 2500 Growth Index.
Principal Risks. Among the principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are market risk, issuer risk, small and mid-cap companies risk, growth stock risk, market sector risk, foreign investment risk, emerging market risk, derivatives risk, leveraging risk, and IPO risk.
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ING Global Real Estate Fund
Investment Objective and Principal Strategies. The Fund seeks total return consisting of capital appreciation and
current income. Under normal market conditions, the Fund invests at least 80% of its net assets (plus
borrowings for investment purposes) in common and preferred stocks of U.S. real estate investment
trusts (ìREITSî) and real estate companies. For this Fund, real estate companies consist of companies
that are principally engaged in the real estate industry. A company shall be considered to be ìprincipally
engagedî in the real estate industry if: (i) it derives at least 50%of its revenues or profits from the
ownership, construction, management, financing, or sale of residential, commercial, or industrial real
estate; or (ii) it has at least 50% of the fair market value of its assets invested in residential, commercial,
or industrial real estate.The Sub-Adviser may invest in companies with any market capitalization;
however, the Sub-Adviser will generally not invest in companies with market capitalization of less than
$100 million at the time of purchase. The Fund may also invest in convertible securities, initial public
offerings and Rule 144A securities. The Fund is non-diversified, which means it may invest a significant
portion of assets in a single issuer.
Principal Risks. You could lose money on an investment in the Fund. The Fund may be affected by the
following risks, among others: concentration risk, convertible securities risk, initial public offerings (IPOs) risk, manager risk, market risk, non-diversification risk, price volatility risk, real estate risk, Rule
144A securities risk, inability to sell securities risk, and securities lending risk.
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PIMCO Commodity Real Return Fund
Investment Objective and Principal Strategies. The Fund seeks maximum real return consistent with prudent
investment management. The Fund seeks to achieve its investment objective by investing under normal
circumstances in commodity linked derivative instruments backed by a portfolio of inflation-indexed
securities and other Fixed Income Instruments. The Fund invests in commodity-linked derivative
instruments, including commodity index-linked notes, swap agreements, commodity options, futures
and options on futures that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities. Commodities are assets that have tangible properties,
such as oil, metals, and agricultural products. Assets not invested in commodity-linked derivative instruments or the Subsidiary may be invested in inflation indexed securities and other Fixed Income
Instruments, including derivative Fixed Income Instruments. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. In addition, the Fund
may concentrate its assets in particular sectors of the commodities market. The Fund may invest up to
10% of its total assets in high yield securities (ìjunk bondsî) rated B or higher by Moodyís, or
equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality.
The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies and
may invest beyond this limit in U.S. dollar denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar denominated
securities or currencies) to 20% of its total assets. The Fund may, without limitation, seek
to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy back or dollar rolls).
The Fund may also invest up to 10% of its total assets in preferred stocks.
Principal Risks. Under certain conditions, generally in a market where the value of both commodity-linked derivative instruments and fixed income securities are declining, the Fund may experience substantial losses. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, commodity risk, equity risk, mortgage-related and other asset-backed risk, foreign (non-U.S.) investment risk, emerging markets risk, currency risk, leveraging risk, management risk, and short sale risk.
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PIMCO Investment Grade Corporate Bond
Investment Objective and Principal Strategies. The Fund seeks maximum total return, consistent with
preservation of capital and prudent investment management. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of investment grade corporate fixed income securities of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. Assets not invested in investment grade corporate fixed income securities may be invested in other types of Fixed Income Instruments. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the duration of the Barclays Capital Credit Investment Grade Index. The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Fund may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The "total return" sought by the Fund consists of income earned on the Fund's investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred stocks.
Principal Risks. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, equity risk, mortgage-related and other asset-backed risk, foreign (non-U.S.) investment risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging risk, management risk, tax risk, subsidiary risk and short sale risk.
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PIMCO Money Market Fund
Investment Objective and Principal Strategies. The Fund seeks maximum current income, consistent with the preservation of capital and daily liquidity. The Fund seeks to achieve its investment objective by investing at least 95% of its assets in a diversified portfolio of money market securities that are in the highest rating category for short-term obligations. The Fund may also invest up to 5% of its assets in money market securities that are in the second-highest rating category for short-term obligations. The Fund may only invest in U.S. dollar-denominated securities that mature in 397 days or fewer from the date of purchase. The dollar-weighted average portfolio maturity of the Fund may not exceed 90 days. The Fund attempts to maintain a stable net asset value of $1.00 per share, although there is no assurance that it will be successful in doing so. The Fund may invest in the following: obligations of the U.S. Government (including its agencies and instrumentalities); short-term corporate debt securities of securities of domestic and foreign corporations; obligations of domestic and foreign commercial banks, savings banks, and savings and loan associations; and commercial paper. The Fund may invest more than 25% of its total assets in securities or obligations issued by U.S. banks. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions in order to earn income. The Fund's investments will comply with applicable rules governing the quality, maturity and diversification of securities held by money market funds.
Principal Risks. An investment in the Fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total
return, are: interest rate risk, credit risk, market risk, issuer risk, foreign (non-U.S.) investment risk,
management risk.
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PIMCO Real Return Fund
Investment Objective and Principal Strategies. The Fund seeks maximum real return, consistent with the preservation of real capital and prudent investment management. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations. The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's or S&P, or, if unrated, determined by PIMCO to be of comparable quality. The Fund may also invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure to 20% of its total assets. The Fund is non-diversified, which means that it may concentrate its assets in a smaller number of issuers than a diversified fund. The Fund may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. The Fund may also invest up to 10% of its total assets in preferred stocks. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions to earn income.
Principal Risks. The principal risks of investing in the Fund, which could adversely affect its net asset
value, yield and total return, are: interest rate risk, credit risk, high yield risk, market, risk, issuer risk,
liquidity risk, derivatives risk, equity risk, mortgage-related and other asset-backed risk, foreign (non-
U.S.), investment risk, emerging markets risk, currency risk, issuer non-diversification risk, leveraging
risk, management risk, and short sale risk.
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PIMCO Short Term Fund
Investment Objective and Principal Strategies. The Fund seeks maximum current income, consistent with
preservation of capital and daily liquidity. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. The average portfolio duration of this Fund will vary based on PIMCO's forecast for interest rates and will normally not exceed one year. For point of reference, the dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed three years. The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest up to 10% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar denominated securities or currencies) to 20% of its total assets. The Fund may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Fund may also invest up to 10% of its total assets in preferred stocks.
Principal Risks. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are interest rate risk, credit risk, high yield risk, market risk, issuer risk, liquidity risk, derivatives risk, equity risk, mortgage-related and other asset-backed risk, foreign (non-U.S.) investment risk, currency risk, leveraging risk, management risk, and short sale risk.
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PIMCO Total Return Fund
Investment Objective and Principal Strategies. This Fund seeks to maximize total return, consistent with the preservation of capital and prudent investment management. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its assets in a diversified portfolio of fixed income instruments of varying maturities. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the duration of the Barclays Capital U.S. Aggregate Index. The Fund invests primarily in investment grade debt securities, but may invest up to 10% of its assets in high yield securities ("junk bonds") rated B or higher by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure to 20% of its total assets. The Fund may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. The Fund may lend its portfolio securities to brokers, dealers and other financial institutions to earn income.
Principal Risks. The principal risks of investing in the Fund, which could adversely affect its net asset
value, yield and total return, are: interest rate risk, credit risk, high yield risk, market risk, issuer risk,
liquidity risk, derivatives risk, mortgage-related and other asset-backed risk, foreign (non-U.S.) investment
risk, emerging markets risk, currency risk, leveraging risk, management risk, and short sale risk.
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TIAA-CREF Mid-Cap Value Fund
Investment Objective and Principal Strategies. The Fund seeks a favorable long-term total return, mainly through capital appreciation, primarily from equity securities of medium sized domestic companies. Under normal circumstances, the Fund invests at least 80% of its net assets in mid-cap equity securities. The Fund will invest primarily in equity securities of medium-sized domestic companies, as defined by the Fund's benchmark index (the Russell MidcapÆ Value Index), that the Fund's investment adviser, Teachers Advisors, Inc. ("Advisors"), believes appear undervalued by the market based on an evaluation of their potential worth. The Fund uses a variety of comparative valuation criteria to determine whether shares of a particular company might be undervalued, including: analyses of historical valuations of the same security; valuations of comparable securities in the same sector or the overall market; various financial ratios such as stock price-to-book value, stock price-to earnings, and dividend yield; and free cash flow generated by the company. The Fund may invest up to 20% of its total assets in foreign investments. 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 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 in stocks at all times.
Principal Risks. The Fund is subject to market risk, company risk, mid-cap risk, quantitative analysis
risk, active management risk, and foreign investment risk. In addition, the Fund is subject to style risk and the risks of value investing. As with any mutual fund, you can lose money by investing in this Fund.
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TIAA-CREF Small Cap Blend Index
Investment Objective and Principal Strategies. The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities in smaller domestic companies based on a market index.
Principal Risks. In addition to the investment risks applicable to all of the Index Funds, the Small-Cap Blend Index Fund is subject to small-cap risk.
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TIAA-CREF S&P 500 Index Fund
Investment Objective and Principal Strategies. The Fund seeks a favorable long-term total return, mainly through capital appreciation, by investing primarily in a portfolio of equity securities of large domestic companies selected to track U.S. equity markets based on a market index.
Principal Risks. In addition to the investment risks applicable to all of the Index Funds, the S&P 500 Index Fund is subject to large cap risk.
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Thornburg International Value Fund
Investment Objective and Principal Strategies. The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types. This goal is a fundamental policy of the Fund and may be changed only with shareholder approval. The secondary, non-fundamental goal of the Fund is to seek some current income. The Fund may not achieve its investment goals. The Fund invests primarily in foreign securities, and under normal market conditions, invests at least 75% of its assets in foreign securities or depository receipts of foreign securities. The Fund may invest in developing countries. The Fund ordinarily invests in stocks that may be depressed or reflect unfavorable market perceptions of company or industry fundamentals. The Fund may invest in companies of any size, but invests primarily in the large and middle range of public company market capitalizations. The Fund may also invest in partnership interests. Debt obligations will be considered for investment when Thornburg believes them to be more attractive than equity alternatives. The Fund may purchase debt obligations of any maturity and of any quality.
Principal Risks. Among the principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are market risk, interest rate risk, issuer risk, management risk, foreign investment risk, currency risk, emerging markets risk, small- and mid-cap companies risk, and high yield risk.
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