Idea Transcript
Quarterly Investment Update
MARYVILLE UNIVERSITY DEFINED CONTRIBUTION RETIREMENT PLAN Investment Performance as of 3/31/2018 The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your mutual fund shares and annuity account accumulation units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. For performance current to the most recent month-end, call 800-842-2252 or visit TIAA.org/planinvestmentoptions and enter your plan ID. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative for periods less than one year.
Total Returns
Equities - Mutual Fund American Century Mid Cap Value Fund 1,2 Investor Class (ACMVX)
Morningstar Category Mid-Cap Value
Large Growth
3 Month
YTD
1 Year
3 Year
03/31/04
-2.31%
-2.31%
5.51%
9.09%
12.29%
11.11%
-2.50%
-2.50%
6.50%
7.23%
11.11%
9.81%
3.30%
3.30%
18.95%
10.55%
13.97%
10.48%
-0.76%
-0.76%
13.99%
10.78%
13.31%
9.49%
-0.91%
-0.91%
10.48%
8.46%
11.45%
10.44%
-0.77%
-0.77%
10.97%
8.96%
11.97%
10.90%
0.45%
0.45%
12.22%
10.23%
13.01%
10.92%
0.57%
0.57%
12.68%
10.76%
13.56%
11.35%
05/20/02
Benchmark: S&P 500 TR USD Columbia Mid Cap Index Fund Class A 1,2 (NTIAX)
Mid-Cap Blend
05/31/00
Benchmark: S&P MidCap 400 TR Columbia Small Cap Index Fund Class A 1 (NMSAX) Benchmark: S&P SmallCap 600 TR USD
Small Blend
10 Year/ Since 5 Year Inception
Inception Date
Benchmark: Russell Mid Cap Value TR USD American Funds AMCAP Fund Class R-4 1 (RAFEX)
Average Annual Total Returns
10/15/96
Total Annual Operating Expenses (%/Per $1000) Fee Waiver Shareholder Fees & Expiration Restrictions*
Gross
Net
1.01% $10.10
0.96% $9.60
07/31/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.72% $7.20
0.72% $7.20
- Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.56% $5.60
0.45% $4.50
06/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.45% $4.50
0.45% $4.50
- Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
Total Returns
Equities - Mutual Fund Hartford Small Cap Growth Fund Class R5 1 (HSLTX)
Inception Date
3 Month
YTD
1 Year
3 Year
Small Growth
12/22/06
2.12%
2.12%
17.00%
8.34%
13.18%
12.15%
2.30%
2.30%
18.63%
8.77%
12.90%
10.95%
-3.59%
-3.59%
2.07%
6.18%
9.48%
10.08%
-2.83%
-2.83%
6.95%
7.88%
10.78%
10.20%
-2.77%
-2.77%
15.29%
7.12%
8.74%
7.91%
-2.04%
-2.04%
13.92%
5.30%
6.04%
2.59%
-0.82%
-0.82%
15.10%
5.66%
6.44%
2.71%
-1.53%
-1.53%
14.80%
5.55%
6.50%
2.74%
-0.85%
-0.85%
13.62%
10.44%
12.95%
9.16%
-0.76%
-0.76%
13.99%
10.78%
13.31%
9.49%
-0.26%
-0.26%
14.58%
9.60%
11.77%
9.07%
-0.64%
-0.64%
13.81%
10.22%
13.03%
9.62%
-3.21%
-3.21%
7.42%
9.58%
-
12.04%
-2.64%
-2.64%
5.13%
7.87%
-
10.15%
3.22%
3.22%
21.54%
10.07%
12.71%
11.92%
2.38%
2.38%
19.92%
9.11%
13.37%
11.17%
Large Value
10/03/08
Benchmark: Russell 1000 Value TR USD Oakmark International Fund Investor Class 1,2 (OAKIX)
Foreign Large Blend
09/30/92
Benchmark: MSCI World ex USA NR USD TIAA-CREF International Equity Index Fund 2 (Retirement) (TRIEX)
Foreign Large Blend
10/01/02
Benchmark: MSCI EAFE Index TIAA-CREF S&P 500 Index Fund (Retirement) Large Blend 2 (TRSPX)
10/01/02
Benchmark: S&P 500 Index TIAA-CREF Social Choice Equity Fund 2,3,4 (Retirement) (TRSCX)
Large Blend
10/01/02 07/01/99
Benchmark: Russell 3000 Index Undiscovered Managers Behavioral Value 1,2 Fund Class I (UBVSX)
Small Value
04/30/13
Benchmark: Russell 2000 Value TR USD Wells Fargo Discovery Fund - Class Inst 1 (WFDSX) Benchmark: Russell 2500 Growth TR USD
10 Year/ Since 5 Year Inception
Morningstar Category
Benchmark: Russell 2000 Growth TR USD Invesco Diversified Dividend Fund Class Y 1,2 (LCEYX)
Average Annual Total Returns
Mid-Cap Growth
08/31/06
Total Annual Operating Expenses (%/Per $1000) Fee Waiver Shareholder Fees & Expiration Restrictions*
Gross
Net
0.87% $8.70
0.87% $8.70
- Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.60% $6.00
0.58% $5.80
06/30/19 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
1.00% $10.00
0.95% $9.50
01/28/19 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.31% $3.10
0.31% $3.10
02/28/19 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.31% $3.10
0.31% $3.10
02/28/19 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.43% $4.30
0.43% $4.30
02/28/19 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
1.20% $12.00
1.14% $11.40
12/31/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.88% $8.80
0.88% $8.80
- Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
Total Returns Morningstar Category
Real Estate - Variable Annuity TIAA Real Estate Account (QREARX)
5
Miscellaneous Sector
YTD
1 Year
3 Year
10 Year/ Since 5 Year Inception
0.95%
4.19%
5.20%
7.69%
Inception Date 3 Month 10/02/95
0.95%
Average Annual Total Returns
Total Returns
Fixed Income - Variable Annuity
Morningstar Category
CREF Inflation-Linked Bond Account (R2) 3,6,7,8 (QCILPX)
InflationProtected Bond
Inception Date 3 Month 04/24/15 05/01/97
Benchmark: Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index
Average Annual Total Returns
Fixed Income - Mutual Fund Metropolitan West Total Return Bond Fund 1 Class M (MWTRX)
IntermediateTerm Bond
1 Year
3 Year
-0.55%
-0.55%
0.14%
0.69%
-0.43%
2.42%
-0.40%
-0.40%
0.43%
1.24%
-0.06%
2.22%
Benchmark: BBgBarc US Agg Bond TR USD TIAA-CREF Bond Index Fund (Retirement) 2 (TBIRX) Benchmark: Bloomberg Barclays U.S. Aggregate Bond Index
IntermediateTerm Bond
09/14/09
Average Annual Total Returns
YTD
1 Year
3 Year
10 Year/ Since 5 Year Inception
-1.35%
-1.35%
0.94%
0.87%
1.80%
5.11%
-1.46%
-1.46%
1.20%
1.20%
1.82%
3.63%
-1.65%
-1.65%
0.73%
0.76%
1.42%
2.84%
-1.46%
-1.46%
1.20%
1.20%
1.82%
3.30%
Inception Date 3 Month 03/31/97
10 Year/ Since 5 Year Inception
YTD
Total Returns Morningstar Category
2.52%
Total Annual Operating Expenses (%/Per $1000)
Gross
Net
0.85% $8.50
0.85% $8.50
Fee Waiver Shareholder Fees & Expiration Restrictions* - Transfers out: Limit 1 per quarter. Limitations may apply to any transaction resulting in a balance > $150,000.
Total Annual Operating Expenses (%/Per $1000)
Gross
Net
0.35% $3.50
0.35% $3.50
Fee Waiver Shareholder Fees & Expiration Restrictions* - Round Trip: If a round trip is made within 60 calendar days, exchanges into the same account will be restricted for 90 calendar days.
Total Annual Operating Expenses (%/Per $1000) Fee Waiver Shareholder Fees & Expiration Restrictions*
Gross
Net
0.67% $6.70
0.67% $6.70
- Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.37% $3.70
0.37% $3.70
07/31/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
Total Returns
Average Annual Total Returns
YTD
1 Year
3 Year
10 Year/ Since 5 Year Inception
-0.44%
-0.44%
7.87%
5.01%
5.92%
5.41%
Benchmark: Lifecycle 2010 Fund Composite Index
-0.88%
-0.88%
6.78%
4.61%
5.74%
5.45%
Benchmark: S&P Target Date 2010 Index
-0.87%
-0.87%
6.09%
4.13%
5.01%
4.83%
-0.41%
-0.41%
8.69%
5.44%
6.48%
5.63%
Benchmark: Lifecycle 2015 Fund Composite Index
-0.89%
-0.89%
7.49%
5.02%
6.31%
5.67%
Benchmark: S&P Target Date 2015 Index
-0.90%
-0.90%
6.95%
4.76%
5.87%
5.35%
-0.38%
-0.38%
9.84%
5.97%
7.20%
5.91%
Benchmark: Lifecycle 2020 Fund Composite Index
-0.89%
-0.89%
8.45%
5.58%
7.06%
5.98%
Benchmark: S&P Target Date 2020 Index
-0.92%
-0.92%
7.80%
5.33%
6.63%
5.77%
-0.30%
-0.30%
11.16%
6.58%
8.00%
6.20%
Benchmark: Lifecycle 2025 Fund Composite Index
-0.89%
-0.89%
9.58%
6.22%
7.86%
6.30%
Benchmark: S&P Target Date 2025 Index
-0.93%
-0.93%
9.03%
6.01%
7.34%
6.12%
-0.22%
-0.22%
12.49%
7.19%
8.72%
6.43%
Benchmark: Lifecycle 2030 Fund Composite Index
-0.88%
-0.88%
10.72%
6.87%
8.64%
6.59%
Benchmark: S&P Target Date 2030 Index
-0.95%
-0.95%
10.19%
6.62%
8.02%
6.39%
-0.21%
-0.21%
13.81%
7.76%
9.41%
6.76%
Benchmark: Lifecycle 2035 Fund Composite Index
-0.86%
-0.86%
11.83%
7.48%
9.37%
6.99%
Benchmark: S&P Target Date 2035 Index
-0.94%
-0.94%
11.31%
7.21%
8.64%
6.64%
Multi Asset - Mutual Fund
Morningstar Category
TIAA-CREF Lifecycle 2010 Fund (Retirement) 2,9,10,11,12 (TCLEX)
Target-Date 2000-2010
TIAA-CREF Lifecycle 2015 Fund (Retirement) 2,9,11,12,13 (TCLIX)
TIAA-CREF Lifecycle 2020 Fund (Retirement) 2,9,12,14,15 (TCLTX)
TIAA-CREF Lifecycle 2025 Fund (Retirement) 2,9,12,15,16 (TCLFX)
TIAA-CREF Lifecycle 2030 Fund (Retirement) 2,9,12,15,17 (TCLNX)
TIAA-CREF Lifecycle 2035 Fund (Retirement) 2,9,12,15,18 (TCLRX)
Target-Date 2015
Target-Date 2020
Target-Date 2025
Target-Date 2030
Target-Date 2035
Inception Date 3 Month 10/15/04
10/15/04
10/15/04
10/15/04
10/15/04
10/15/04
Total Annual Operating Expenses (%/Per $1000) Fee Waiver Shareholder Fees & Expiration Restrictions*
Gross
Net
0.75% $7.50
0.63% $6.30
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.76% $7.60
0.64% $6.40
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.76% $7.60
0.65% $6.50
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.77% $7.70
0.66% $6.60
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.78% $7.80
0.67% $6.70
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.79% $7.90
0.68% $6.80
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
Total Returns
Average Annual Total Returns
YTD
1 Year
3 Year
10 Year/ Since 5 Year Inception
-0.07%
-0.07%
15.05%
8.33%
9.97%
7.09%
Benchmark: Lifecycle 2040 Fund Composite Index
-0.82%
-0.82%
12.94%
8.09%
9.97%
7.33%
Benchmark: S&P Target Date 2040 Index
-0.94%
-0.94%
12.07%
7.61%
9.07%
6.83%
-0.08%
-0.08%
15.63%
8.66%
10.16%
7.03%
Benchmark: Lifecycle 2045 Fund Composite Index
-0.81%
-0.81%
13.51%
8.45%
10.19%
7.44%
Benchmark: S&P Target Date 2045 Index
-0.94%
-0.94%
12.50%
7.88%
9.38%
6.89%
-0.08%
-0.08%
15.86%
8.80%
10.25%
7.04%
Benchmark: Lifecycle 2050 Fund Composite Index
-0.80%
-0.80%
13.69%
8.60%
10.28%
7.48%
Benchmark: S&P Target Date 2050 Index
-0.94%
-0.94%
12.83%
8.11%
9.68%
7.05%
0.00%
0.00%
16.11%
8.93%
10.33%
9.05%
Benchmark: Lifecycle 2055 Fund Composite Index
-0.80%
-0.80%
13.86%
8.74%
10.37%
9.33%
Benchmark: S&P Target Date 2055 Index
-0.91%
-0.91%
13.00%
8.24%
9.87%
8.74%
-0.08%
-0.08%
16.23%
9.04%
-
9.13%
Benchmark: Lifecycle 2060 Fund Composite Index
-0.79%
-0.79%
14.04%
8.89%
-
8.78%
Benchmark: S&P Target Date 2060+ Index
-0.90%
-0.90%
13.15%
8.32%
-
8.35%
-0.42%
-0.42%
7.50%
4.74%
5.44%
5.31%
Benchmark: Lifecycle Retirement Income Fund Composite Index
-0.89%
-0.89%
6.36%
4.35%
5.22%
5.38%
Benchmark: S&P Target Date Retirement Income Index
-0.80%
-0.80%
5.35%
3.54%
4.13%
4.27%
Multi Asset - Mutual Fund
Morningstar Category
TIAA-CREF Lifecycle 2040 Fund (Retirement) 2,9,12,15,19 (TCLOX)
Target-Date 2040
TIAA-CREF Lifecycle 2045 Fund (Retirement) 2,9,12,15,20 (TTFRX)
TIAA-CREF Lifecycle 2050 Fund (Retirement) 2,9,12,15,21 (TLFRX)
TIAA-CREF Lifecycle 2055 Fund (Retirement) 2,9,12,15,22 (TTRLX)
TIAA-CREF Lifecycle 2060 Fund (Retirement) 2,9,12,15,23 (TLXRX)
TIAA-CREF Lifecycle Retirement Income Fund 2,11,12,24 (Retirement) (TLIRX)
Target-Date 2045
Target-Date 2050
Target-Date 2055
Target-Date 2060+
Target-Date Retirement
Inception Date 3 Month 10/15/04
11/30/07
11/30/07
04/29/11
09/26/14
11/30/07
Total Annual Operating Expenses (%/Per $1000) Fee Waiver Shareholder Fees & Expiration Restrictions*
Gross
Net
0.80% $8.00
0.69% $6.90
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.82% $8.20
0.70% $7.00
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.82% $8.20
0.70% $7.00
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.86% $8.60
0.70% $7.00
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
1.45% $14.50
0.70% $7.00
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
0.79% $7.90
0.63% $6.30
09/30/18 Round Trip: You cannot exchange into the fund within 30 calendar days of exchanging out of the fund.
Total Returns
Money Market - Mutual Fund
Morningstar Category
TIAA-CREF Money Market Fund 2,3,4,25,26 (Retirement) (TIEXX)
Prime Money Market
Inception Date 03/31/06 07/01/99
Benchmark: iMoneyNet Money Fund Averages-All Government
Average Annual Total Returns
YTD
1 Year
3 Year
10 Year/ Since 5 Year Inception
0.25%
0.25%
0.70%
0.26%
0.16%
0.27%
0.24%
0.24%
0.66%
0.27%
0.16%
0.19%
7-Day Yield** 3 Month 1.19%
Total Annual Operating Expenses (%/Per $1000)
Gross
Net
0.39% $3.90
0.39% $3.90
Fee Waiver Shareholder Fees & Expiration Restrictions* 07/31/18 -
You could lose money by investing in a money market fund. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. A money market fund's sponsor has no legal obligation to provide support to a money market fund, and you should not expect that the sponsor will provide financial support to a money market fund at any time. **The current yield more closely reflects the earnings of this investment choice.
Total Returns
Guaranteed - Fixed Annuity TIAA Stable Value - Maryville University Defined 27,28 Contribution Retirement Plan
Average Annual Total Returns
Current Rates and Fees
Inception Date
3 Month
YTD
1 Year
3 Year
5 Year
10 Year
Since Inception
04/30/14
0.46%
0.46%
1.79%
1.74%
-
-
1.77%
Declared Rate
Total Contract Fee
2.10%
0.18%
Guaranteed Net Minimum Rate Rate 1.92%
1.00%
Additional Information: TIAA Stable Value is a guaranteed annuity product that credits interest at a net rate announced in advance of each semi-annual rate guarantee period beginning 1/1 or 7/1. Declared crediting rates (i.e. before deductions for contract fees) will not be less than the current minimum guaranteed rate. TIAA may declare additional amounts of interest above the minimum rate. When declared such amounts are in effect for the semi-annual period and are not guaranteed for future periods. The current net rate shown is credited to your existing balance and any contributions made during the period beginning January 1, 2018 and ending June 30, 2018. During this same period, the minimum declared interest rate is 1.00%. The current net rate shown may not reflect any recent changes to your plan's TIAA Stable Value contract fees, if any. Current rate of return information is available on your plan-specific website noted above or at 800-842-2733. All guarantees are subject to TIAA's claims paying ability. Any transfer to a competing fund must first be directed to a non-competing fund for a period of 90 days and transfers in may not be made for a period of 30 days following a transfer out. The Contract holder (typically your employer as the sponsor of your plan) has the right to request a transfer of the contract's entire accumulation. This might occur if your employer has elected to use a new recordkeeper and has also elected to terminate the annuity contract. In this case the TIAA Stable Value accumulation will be paid in a lump sum without any market value adjustments either within 90 days of the Discontinuance Date or two years from the Discontinuance Date based on a formula in the contract which references the movement of interest rates over time. Only if the two year payout applies a Discontinuance Fee of, at most, 0.75% will be assessed which reduces the crediting rate during such period. Please refer to your contract certificate for additional details. The TIAA Stable Value Inception Date shown above represents the date that the plan's TIAA Stable Value record was initiated on TIAA's recordkeeping system, which may be earlier than the date of the first deposit to the contract. "Since Inception" performance is calculated from this date. The TIAA Stable Value Declared Rate and Guaranteed Minimum Rate are subject to change every six months (January 1 and July 1). The Net Rate represents the Declared Interest Crediting Rate, less applicable Contract Fees.
A Note About Risk Equity funds and variable annuity accounts generally carry a higher degree of risk than fixed income funds and accounts. This risk is heightened for funds and accounts that invest in small and mid-cap stocks and foreign securities. Funds and variable annuity accounts that focus their investments in a specific sector (such as health care or technology) are more vulnerable to developments that affect those industries or sectors than more broadly diversified funds or variable annuity accounts. Fixed income funds and variable annuity accounts are not guaranteed and are subject to interest rate, inflation and credit risks. Funds and accounts that invest in non-investment grade securities (i.e. highyield) present special risks, including significantly higher interest rate and credit risk. Variable annuity accounts that invest in real estate securities are subject to various risks, including fluctuation in property values, higher expenses or lower income than expected, and potential environmental problems and liability. Guaranteed investments offer a guaranteed rate of return but such guarantees are subject to the claims-paying ability of the issuing insurance company. More detailed information on risks applicable to a particular investment option can be found in the prospectus or other product literature.
information. The Morningstar Category classifies a fund based on its investment style as measured by underlying portfolio holdings (portfolio statistics and compositions over the past three years). If the fund is new and has no portfolio, Morningstar estimates where it will fall before assigning a more permanent category. When necessary, Morningstar may change a category assignment based on current information.
Important Information 1
Accumulations in funds not managed by TIAA may be subject to administrative charges. These charges are subject to change. Please review current documents related to your plan.
2
The net expense ratio reflects a contractual arrangement that has the effect of reducing or limiting the fund's expenses. Without such an arrangement, currently or in the past, returns would have been lower. The arrangement will remain in effect until terminated. Please see the prospectus for details.
3
When more than one inception date is shown, the performance displayed for periods prior to the investment's inception date is hypothetical. The second inception date is that of the fund/account to which such performance is based. Please refer to the investment's performance disclosure for more details.
4
Performance shown for the Since Inception period and prior to the inception of the Retirement Class is based on the performance of the fund's Institutional Class. Performance has not been restated to reflect the higher expenses of the Retirement Class. If the expense differential had been reflected, performance for these periods would have been lower.
5
The total annual expense deduction, which includes investment management, administration, and distribution expenses, mortality and expense risk charges, and the liquidity guarantee, is estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small.
6
Total annual expense deductions, which include investment advisory, administrative, and distribution (12b-1) expenses, and mortality and expense risk charges, are estimated each year based on projected expense and asset levels. Differences between actual expenses and the estimate are adjusted quarterly and are reflected in current investment results. Historically, adjustments have been small.
7
The Account's total annual expense deduction appears in the Account's prospectus, and may be different than that shown herein due to rounding. Please refer to the prospectus for further details.
8
The performance shown for Class R2 that is prior to its inception date is based on the performance of the Account's Class R1. The performance for these periods has not been restated to reflect the lower expenses of Class R2. If these lower expenses had been reflected, the performance of Class R2 for these periods would have been higher.
9
Advisors has contractually agreed to waive the Fund's entire 0.10% Management fee. This waiver will remain in effect through September 30, 2020, unless changed with the approval of the Board of Trustees. The Management fee has been fully waived since the Fund's inception.
Fees and Expenses *Some Plans may allocate plan costs to participants to offset the cost of recordkeeping and other plan services. When the Plan allocates these costs at the investment-level there may be a plan services fee or credit displayed in the "Shareholder fees & restrictions" column. If the costs are allocated at the plan-level (regardless of investment) it is not displayed on the Quarterly Investment Update. Fee and expense information for the variable return investment options include the Total Annual Operating Expenses expressed as a percentage and a dollar amount based upon a $1,000 accumulation both as net (after) and gross (before) of expenses. Total Annual Operating Expenses is a measure of what it costs to operate an investment, expressed as a percentage of its assets, as a dollar amount or in basis points. These are costs the investor pays through a reduction in the investment's rate of return. For more information on the impact of fees and expenses associated with your plan, please visit TIAA.org/fees. Fees are only one of many factors to consider when making an investment decision.
About the Benchmark A benchmark provides an investor with a point of reference to evaluate an investment's performance. One common type of benchmark used to compare investment performance is called an index. Indexes are unmanaged portfolios of securities designed to track the performance of a particular segment of the market. For example, a large cap stock fund or account will usually be compared to an index that tracks a portfolio of large-cap stocks. Conversely, a bond fund or account is typically compared to an index that tracks a portfolio of bonds that is comparable to the fund or account's portfolio in terms of credit quality, maturity and liquidity. Each mutual fund or account shown in the table includes performance information for an index that the advisor determined provides a fair comparison of the fund or account's investment performance. Indexes are for comparison purposes only. You cannot invest directly in any index. Index returns do not reflect a deduction for fees or expenses.
Data Providers Unless otherwise noted, data on nonproprietary investment products, including performance, Morningstar Category and expenses, is provided by Morningstar, Inc. All other data provided by Teachers Insurance and Annuity Association of America - College Retirement Equities Fund. Benchmark performance shown across proprietary and nonproprietary funds/accounts is provided by TIAA with the exception of Since Inception periods calculated using a nonproprietary fund's inception date. TIAA reserves the rights to all proprietary data herein, and is not responsible for any damages or losses arising from any use of this information. Data Provided by Morningstar, Inc. © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Neither TIAA nor its affiliates has independently verified the accuracy or completeness of this
10 Previously, the Fund compared its performance to the Bloomberg Barclays U.S. Aggregate Bond Index instead of the S&P Target Date 2010 Index shown in the chart above. The returns of the S&P Target Date 2010 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 11 For the period ending 3/31/2018, the following average annualized total returns (%) for the Bloomberg Barclays U.S. Aggregate Bond Index are provided for informational/comparison purposes: -1.46 (3M), -1.46 (YTD), 1.20 (1 year), 1.20 (3 years), 1.82 (5 years), 3.63 (10 years).
12 As Target Retirement Date Funds are actively managed, their asset allocations are subject to change and may vary from those indicated. They invest in many underlying funds and are exposed to the risks of different areas of the market. Please note that, as with all mutual funds, the principal value of a Target Retirement Date Fund is not guaranteed. The higher a fund's allocation to stocks, the greater the risk. After the target date has been reached, some of these funds may be merged into a fund with a more stable asset allocation. In addition to the fund level expenses these funds are also subject to the expenses of their underlying investments. Please consult the prospectus for more complete information. 13 Previously, the Fund compared its performance to the Bloomberg Barclays U.S. Aggregate Bond Index instead of the S&P Target Date 2015 Index shown in the chart above. The returns of the S&P Target Date 2015 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 14 Previously, the Fund compared its performance to the Russell 3000 Index instead of the S&P Target Date 2020 Index shown in the chart above. The returns of the S&P Target Date 2020 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 15 For the period ending 3/31/2018, the following average annualized total returns (%) for the Russell 3000 Index are provided for informational/comparison purposes: -0.64 (3M), -0.64 (YTD), 13.81 (1 year), 10.22 (3 years), 13.03 (5 years), 9.62 (10 years). 16 Previously, the Fund compared its performance to the Russell 3000 Index instead of the S&P Target Date 2025 Index shown in the chart above. The returns of the S&P Target Date 2025 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 17 Previously, the Fund compared its performance to the Russell 3000 Index instead of the S&P Target Date 2030 Index shown in the chart above. The returns of the S&P Target Date 2030 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 18 Previously, the Fund compared its performance to the Russell 3000 Index instead of the S&P Target Date 2035 Index shown in the chart above. The returns of the S&P Target Date 2035 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 19 Previously, the Fund compared its performance to the Russell 3000 Index instead of the S&P Target Date 2040 Index shown in the chart above. The returns of the S&P Target Date 2040 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 20 Previously, the Fund compared its performance to the Russell 3000 Index instead of the S&P Target Date 2045 Index shown in the chart above. The returns of the S&P Target Date 2045 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 21 Previously, the Fund compared its performance to the Russell 3000 Index instead of the S&P Target Date 2050 Index shown in the chart above. The returns of the S&P Target Date 2050 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 22 Previously, the Fund compared its performance to the Russell 3000 Index instead of the S&P Target Date 2055 Index shown in the chart above. The returns of the S&P Target Date 2055 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund. 23 Previously, the Fund compared its performance to the Russell 3000 Index instead of the S&P Target Date 2060 Index shown in the chart above. The returns of the S&P Target Date 2060 Index are more appropriate for comparison purposes because they reflect multi-asset class exposure for the same target date as the Fund.
24 Previously, the Fund compared its performance to the Bloomberg Barclays U.S. Aggregate Bond Index instead of the S&P Target Date Retirement Income Index shown in the chart above. The returns of the S&P Target Date Retirement Income Index are more appropriate for comparison purposes because they reflect multi-asset class exposure. 25 iMoneyNet reports yields as of the last Tuesday of the month. Yields for the iMoneyNet Money Fund Report Averages-All Taxable and the fund(s) that track this industry average are calculated based on this date. 26 Beginning August 27, 2013, part or all of the investment management fees are being voluntarily waived. In addition, the fund's investment adviser is reimbursing certain other fund expenses. Beginning August 18, 2009 part or all of the service fees are being voluntarily waived. Without these changes, the 7-day current and effective net annualized yields and total returns for the fund would have been lower. The suspension of reimbursements and the addition of waivers are voluntary and may be discontinued at any time without notice. 27 The Current Rates, Minimum Guaranteed Rates and Fees (if applicable) shown for guaranteed annuities are the rates in effect as of the first day of the month following quarter end. Depending upon the contract, these may apply to new money only or to both new money and existing accumulations. See your annuity contract or certificate for details. 28 TIAA Stable Value is a guaranteed annuity contract issued by Teachers Insurance and Annuity Association (TIAA), New York, NY 10017. Contributions from different plans are pooled together and deposited in a non-unitized separate account of TIAA. This guaranteed annuity contract is not considered to be an "investment" or "security" under federal securities laws. In addition, the contract provides a guaranteed minimum rate of interest of between 1% and 3% (before deductions for contract fees). Contract fees are described in the annuity contract and are collected on a daily basis. Payment obligations and the fulfillment of the guarantees provided for in the contract during the accumulation phase are supported by the assets held in the separate account. If the assets in the separate account are insufficient to meet these obligations, the shortfall is supported by the General Account of TIAA and is therefore subject to TIAA's claims-paying ability. Lifetime annuity payments are provided by TIAA, are subject to TIAA's claims-paying ability and are not supported by the assets in the separate account. Past interest rates are not indicative of future interest rates. This product is not a mutual fund, variable annuity or bank product. The obligations of TIAA are not insured by the FDIC or any other federal governmental agency. As provided for in the annuity contract, restrictions may apply to certain plan sponsor and/or participant initiated transactions. Please refer to the annuity contract or certificate for further details.
This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor’s personal advisor based on the investor’s own objectives and circumstances. Mutual funds are offered through your plan sponsor's retirement plan, which is recordkept by TIAA. Funds are offered at that day's net asset value (NAV), and the performance is displayed accordingly. Performance at NAV does not reflect sales charges, which are waived through your retirement plan. If included, the sales charges would have reduced the performance as quoted.
Before making your investment choices and completing your enrollment form, you should consider the investment objectives, risks, charges and expenses carefully. Please call 877-518-9161 for paper copies of the product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing. Unless otherwise noted, annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. © 2018 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017. 456211