Investment objective & strategy
As of July 28, 2025 · prospectusObjective. The Fund seeks total return that corresponds with the total return of a short-term U.S. investment-grade bond market index.
Strategy. Under normal circumstances, the Fund invests at least 80% of its assets in bonds within its benchmark and portfolio tracking index, the Bloomberg U.S. 13 Year Government/Credit Bond Index (the Index). The Fund uses a sampling technique to create a portfolio that closely matches the overall investment characteristics of the Index (for example, duration, sector diversification and credit quality) without investing in all of the securities in the Index. At times the Fund may purchase securities not held in the Index, but which Teachers Advisors, LLC (Advisors) believes have similar investment characteristics to securities held in its index. Generally, the Fund intends to invest in a wide spectrum of public, investment-grade, taxable debt securities denominated in U.S. dollars including United … Under normal circumstances, the Fund invests at least 80% of its assets in bonds within its benchmark and portfolio tracking index, the Bloomberg U.S. 13 Year Government/Credit Bond Index (the Index). The Fund uses a sampling technique to create a portfolio that closely matches the overall investment characteristics of the Index (for example, duration, sector diversification and credit quality) without investing in all of the securities in the Index. At times the Fund may purchase securities not held in the Index, but which Teachers Advisors, LLC (Advisors) believes have similar investment characteristics to securities held in its index. Generally, the Fund intends to invest in a wide spectrum of public, investment-grade, taxable debt securities denominated in U.S. dollars including United States treasury debt, government-related debt, and corporate issues. The Fund has a policy of maintaining a dollar weighted average maturity of no more than three years. For purposes of the 80% investment policy, the term assets means net assets, plus the amount of any borrowings for investment purposes. The securities purchased by the Fund will mainly be high-quality instruments rated in the top four credit categories by a nationally recognized statistical rating organization (NRSRO) or deemed to be of the same quality by Advisors using its own credit quality analysis. The Fund may continue to hold instruments that were rated as high-quality when purchased, but which subsequently are downgraded to below-investment-grade status or have their ratings withdrawn by one or more rating agencies. Because the return of the Index is not reduced by investment and other operating expenses, the Funds ability to match the Index is negatively affected by the costs of buying and selling securities, as well as other fees and expenses. The use of this index by the Fund is not a fundamental policy of the Fund and may be changed without shareholder approval. The Fund may also invest in foreign securities, including emerging markets fixed-income securities and non-dollar-denominated instruments. Under most circumstances, the Funds investments in fixed-income securities of foreign issuers constitute less than 20% of the Funds assets. The Fund is classified as a diversified investment company, as defined under the Investment Company Act of 1940, as amended (the 1940 Act). However, the Fund may become non-diversified under the 1940 Act without the approval of Fund shareholders solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its benchmark index, the Bloomberg U.S. 13 Year Government/Credit Bond Index, which the Fund seeks to track.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| US TREASURY N/B | — | $104.14M | 4.21% |
| US TREASURY N/B | — | $102.44M | 4.14% |
| US TREASURY N/B | — | $91.42M | 3.70% |
| US TREASURY N/B | — | $86.30M | 3.49% |
| US TREASURY N/B | — | $85.10M | 3.44% |
| US TREASURY N/B | — | $81.15M | 3.28% |
| US TREASURY N/B | — | $78.82M | 3.19% |
| US TREASURY N/B | — | $78.40M | 3.17% |
| US TREASURY N/B | — | $76.13M | 3.08% |
| US TREASURY N/B | — | $76.08M | 3.08% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| WisdomTree 1-3 Year Laddered Treasury Fund · USSH | 43% | 0.15% |
| iShares iBonds Dec 2028 Term Treasury ETF · IBTI | 33% | 0.07% |
| State Street(R) SPDR(R) Portfolio Short Term Treasury ETF · SPTS | 31% | 0.03% |
Advisers
| Firm | Role |
|---|---|
| Teachers Advisors, LLC | Adviser |
Footnotes
- Expense ratio as of July 28, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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