Strategy. Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. For these purposes, equity securities include equity securities of any type, including common stocks; preferred securities; warrants to purchase common stocks and preferred securities; convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities; common and preferred securities issued by master limited partnerships and real estate investment trusts; depositary receipts; and other securities with equity characteristics. The Fund has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. The Funds investment adviser, Teachers Advisors, LLC (Advisors), selects individual stocks, and lets the … Show more… Under normal circumstances, the Fund invests at least 80% of its assets in equity securities of foreign issuers. For these purposes, equity securities include equity securities of any type, including common stocks; preferred securities; warrants to purchase common stocks and preferred securities; convertible debt securities that are either in the money or immediately convertible into common stocks or preferred securities; common and preferred securities issued by master limited partnerships and real estate investment trusts; depositary receipts; and other securities with equity characteristics. The Fund has a policy of maintaining investments of equity securities of foreign issuers in at least three countries other than the United States. The Funds investment adviser, Teachers Advisors, LLC (Advisors), selects individual stocks, and lets the Funds country and regional asset allocations evolve from their stock selection. The Fund may invest in emerging markets to varying degrees, depending on the prevalence of stock specific opportunities. The Fund may invest in companies of all sizes, including smaller, lesser-known companies where Advisors believes it has some unique insights into the company. For purposes of the 80% investment policy, the term assets means net assets, plus the amount of any borrowings for investment purposes. Advisors typically invests in companies that can demonstrate an ability to generate free cash flow and strong market share. In addition, Advisors looks for companies with performance oriented management that focuses on growth through innovation, sustainable earnings growth and shareholder returns. Advisors will typically invest in these types of companies when Advisors believes that their stock prices do not fully reflect the stocks potential value, based on current earnings, assets and long-term growth prospects. The Fund is actively managed; however, Advisors regularly reviews the Funds sector and country exposure against the Funds benchmark index, the MSCI EAFE (Europe, Australasia, Far East) Index (the MSCI EAFE Index), to seek to control risk. The Fund may purchase and sell futures, options, swaps and other equity derivatives to carry out the Funds investment strategies. Show less