UC Retirement Savings Plans Fund Fact Sheets (click on the fund name to reach the specific fund fact sheet) UC PATHWAY FUND UC Pathway Income Fund UC Pathway Fund 2020 UC Pathway Fund 2025 UC Pathway Fund 2030 UC Pathway Fund 2035 UC Pathway Fund 2040 UC Pathway Fund 2045 UC Pathway Fund 2050 UC Pathway Fund 2055 UC Pathway Fund 2060 UC Pathway Fund 2065 BOND INVESTMENTS Short Term UC Savings Fund Intermediate-Term UC Bond Fund Inflation-Protected UC Short Term TIPS Fund UC TIPS Fund FOREIGN STOCK INVESTMENTS Developed Markets UC International Equity Index Fund UC Diversified International Fund Emerging Markets UC Emerging Markets Equity Fund SPECIALTY STOCK INVESTMENTS UC Real Estate Fund UC Social Equity Fund DOMESTIC STOCK INVESTMENTS Broad Cap UC Domestic Equity Index Fund Large Cap UC Growth Company Fund Small Cap UC Domestic Small Cap Equity Fund For further information on available fund options please visit www.netbenefits.com.
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UC Retirement Savings Plans Fund Fact Sheets...indirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by
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UC Retirement Savings Plans Fund Fact Sheets
(click on the fund name to reach the specific fund fact sheet)
UC PATHWAY FUND UC Pathway Income Fund
UC Pathway Fund 2020
UC Pathway Fund 2025
UC Pathway Fund 2030
UC Pathway Fund 2035
UC Pathway Fund 2040
UC Pathway Fund 2045
UC Pathway Fund 2050
UC Pathway Fund 2055
UC Pathway Fund 2060
UC Pathway Fund 2065
BOND INVESTMENTS Short Term UC Savings Fund
Intermediate-Term UC Bond Fund
Inflation-Protected UC Short Term TIPS Fund
UC TIPS Fund
FOREIGN STOCK INVESTMENTS Developed Markets UC International Equity Index Fund
UC Diversified International Fund
Emerging Markets UC Emerging Markets Equity Fund
SPECIALTY STOCK INVESTMENTS UC Real Estate Fund UC Social Equity Fund
DOMESTIC STOCK INVESTMENTS Broad Cap UC Domestic Equity Index Fund
Large Cap UC Growth Company Fund
Small Cap UC Domestic Small Cap Equity Fund
For further information on available fund options please visit www.netbenefits.com.
Investment ObjectiveThe Fund seeks to provide long-term investment returns and limit downsiderisk by investing in intermediate-term debt securities.
Investment StrategyThe fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Bloomberg Barclays US Aggregate Bond Index.
Who May Want To InvestThe Bond Fund may be appropriate for investors interested in a fixed-income vehicle that seeks to provide long-term investment returns andlimit downside risk through a diversified portfolio of intermediate-termdebt securities. The Bond Fund may not be appropriate for investors withvery long time horizons needing a return that is higher than fixed incomeholdings can provide.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.01%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe bond market is volatile and bonds entail interest rate risk (as interest rates rise bond prices usually fall and vice versa). This effect is usually pronouncedfor longer-term securities. Bonds also entail the risk of issuer default, issuer credit risk and inflation risk."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors: available exclusively to UC Retirement Savings Program participants. Thisdescription is only intended to provide a brief overview of the fund. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged market value-weighted index for U.S. dollar denominated investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backedsecurities with maturities of at least one year.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Diversified International Fund Benchmark Morningstar Category
MSCI EAFE Index Foreign Large Growth
Investment Information
Investment ObjectiveSeeks capital growth by investing predominantly in international stocks.
Investment StrategyThe fund is a separate account invested in the Fidelity DiversifiedInternational Commingled Pool. The fund is a broadly diversifiedinternational equity strategy that seeks capital growth by investingprimarily in stocks from foreign developed markets. The fund seeks to
outperform its benchmark over time through an actively managedinvestment approach.
Who May Want To InvestSomeone who is seeking to complement a portfolio of domesticinvestments with international investments, which can behave differently.Someone who is willing to accept the higher degree of risk associated withinvesting overseas.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.48%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 10/02/17
Fund AUM ($M) 140.46
Total Number of Holdings 168
Annual Dividend Yield (%) 1.49
Beta 0.94
Standard Deviation (Risk) in % 20.38
Performance (Net of Fee Returns)
24
16
8
0
-8
-16
YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-1.67 21.79 8.52 — — — 4.35 Fund Return %
-11.34 14.88 -5.13 — — — -1.03 Benchmark Return %
9.67 6.91 13.65 — — — 5.38 Relative %
Click here for current performance
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskStock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economicdevelopments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in internationalequity. You may have a gain or loss when you sell your shares. "Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment returnbelow expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, it is true that high volatility on the downside results inloss, and therefore higher volatility is associated with higher risk. Volatility, however results in realized losses only if securities are sold after a fall in price. For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy.This fund is not screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account invested in the Fidelity® Diversified International Commingled Pool managed by Fidelity Management Trust Company. Thisdescription is only intended to provide a brief overview of the fund. The MSCI Europe, Australasia and Far East Index (net MA tax) is an unmanaged marketcapitalization-weighted index of equity securities of companies domiciled in various countries. The index is designed to represent performance of developedstock markets outside the United States and Canada and excludes certain market segments unavailable to U.S. based investors. The index returns for periodsafter 1/1/1997 are adjusted for tax withholding rates applicable to U.S.-based mutual funds organized as Massachusetts business trusts.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Domestic Equity Index Fund Benchmark Morningstar Category
Russell 3000Tobacco FreeIndex
Large Blend
Investment Information
Investment ObjectiveThe Fund seeks to provide broad and diversified exposure to the U.S. equitymarket including large, mid and small companies.
Investment StrategyThe fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Russell 3000 Tobacco Free (TF) Index.
Who May Want To InvestThe Domestic Equity Index Fund may be appropriate for investors seekinglong-term capital appreciation from a diversified U.S. equity portfolio.Investors who are seeking both growth- and value-style investments andwho are willing to accept the volatility associated with investing in thestock market. The Domestic Equity Index Fund may not be appropriate forinvestors with shorter time horizons or nearing retirement as the fundkeeps market risk steady and will not reduce risk as you approachretirement.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.005%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 07/01/05
Fund AUM ($M) 5,083.10
Total Number of Holdings 2,512
Annual Dividend Yield (%) 1.80
Beta 1.07
Standard Deviation (Risk) in % 23.34
Performance (Net of Fee Returns)
32
24
16
8
0
-8
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-3.35 22.26 6.75 10.46 10.27 13.85 8.65 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe value of the fund's domestic investments will vary from day to day in response to many factors, such as adverse issuer, political, regulatory, market, oreconomic developments. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions. You mayhave a gain or loss when you sell your shares."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. TheBenchmark is a customized benchmark consisting of the Russell 3000 Index excluding tobacco companies. The Russell 3000 Index is composed of shares of3,000 U.S. companies, as determined by market capitalization. The portfolio of securities represents approximately 98% of the investable U.S. equity market.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Domestic Small Cap Equity Fund Benchmark Morningstar Category
Russell 2000Tobacco FreeIndex
Small Blend
Investment Information
Investment ObjectiveThe investment seeks to track the performance of a benchmark index thatmeasures the investment return of small-capitalization stocks.
Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Russell 2000 Tobacco Free Index, a broadly diversifiedindex of stocks of small U.S. companies. The advisor attempts to replicate
the target index by investing all, or substantially all, of its assets in thestocks that make up the index, holding each stock in approximately thesame proportion as its weighting in the index.
Who May Want To InvestSomeone who is seeking the potential for long-term share-priceappreciation and, secondarily, dividend income. Someone who is seekingboth growth- and value-style investments and who is willing to accept thegenerally greater volatility of investments in smaller companies.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.01%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 10/02/17
Fund AUM ($M) 426.80
Total Number of Holdings 1,980
Annual Dividend Yield (%) 1.76
Beta 1.36
Standard Deviation (Risk) in % 30.64
Performance (Net of Fee Returns)
30
20
10
0
-10
-20
YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-12.83 25.57 -6.09 — — — 0.91 Fund Return %
-12.96 25.45 -6.59 — — — 0.63 Benchmark Return %
0.13 0.12 0.50 — — — 0.28 Relative %
Click here for current performance
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe securities of smaller, less well-known companies can be more volatile than those of larger companies. Value and growth stocks can perform differentlyfrom other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervalued by the market for long periods of time. Stockmarkets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. TheUniversity of California Spliced Small Cap Index is the Russell 2000 Tobacco Free Index since September 30th, 2018. Prior it was the CRSP Small Cap Indexsince January 30th, 2013, the MSCI US Small Cap Index since May 16th, 2003 and the Russell 2000 Index prior. It tracks the performance of US small capequities that fall between the bottom 2%-15% of investable market capitalization.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Emerging Markets Equity Fund Benchmark Morningstar Category
MSCI EmergingMarkets Index
Diversified EmergingMkts
Investment Information
Investment ObjectiveThe investment seeks to achieve long-term capital appreciation byinvesting in Emerging Market equities.
Investment StrategyThe fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the MSCI Emerging Markets Index.
Who May Want To InvestSomeone who is seeking to complement a portfolio of domesticinvestments with emerging market investments, which can behavedifferently. Someone who is willing to accept the higher degree of riskassociated with investing in less developed international markets.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.01%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 10/02/17
Fund AUM ($M) 184.58
Total Number of Holdings 1,393
Annual Dividend Yield (%) 2.55
Beta 1.21
Standard Deviation (Risk) in % 26.53
Performance (Net of Fee Returns)
24
16
8
0
-8
-16
YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-12.35 19.85 -6.51 — — — -2.10 Fund Return %
-9.78 18.08 -3.39 — — — -0.72 Benchmark Return %
-2.57 1.77 -3.12 — — — -1.38 Relative %
Click here for current performance
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskForeign securities are subject to interest-rate, currency-exchange-rate, economic, and political risks, all of which may be magnified in emerging markets. Stockmarkets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, economic or other developments."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. The MSCIEmerging Markets Index includes large and midcap equities in less developed markets as determined by MSCI.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Growth Company Fund Benchmark Morningstar Category
Russell 3000Growth Index
Large Growth
Investment Information
Investment ObjectiveSeeks capital appreciation by investing in growth companies predominantlyin the US.
Investment StrategyThe fund is a separate account invested in the Fidelity® Growth CompanyCommingled Pool Class 2. The fund normally invests primarily in commonstocks of domestic and foreign issuers with the potential for above-average
growth. Growth may be measured by factors such as earnings or revenue.Uses fundamental analysis of each issuer's financial condition and industryposition and market and economic conditions to select investments.
Who May Want To InvestSomeone who is seeking the potential for long-term share-priceappreciation. Someone who is willing to accept the generally greater pricevolatility associated with growth-oriented stocks.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.35%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 10/02/17
Fund AUM ($M) 1,359.93
Total Number of Holdings 435
Annual Dividend Yield (%) 0.39
Beta 1.10
Standard Deviation (Risk) in % 25.76
Performance (Net of Fee Returns)
50
40
30
20
10
0
YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
24.49 41.10 41.16 — — — 23.29 Fund Return %
8.98 27.99 21.94 — — — 17.58 Benchmark Return %
15.51 13.11 19.22 — — — 5.71 Relative %
Click here for current performance
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe value of the fund's domestic and foreign investments will vary from day to day in response to many factors, such as adverse issuer, political, regulatory,market, or economic developments. Stock values fluctuate in response to the activities of individual companies, and general market and economic conditions.You may have a gain or loss when you sell your shares. Foreign investments involve greater risks than those of U.S. investments, as well as exposure tocurrency fluctuations. 'Growth' stocks can perform differently from the market as a whole and other types of stocks and can be more volatile than other typesof stocks. You may have a gain or loss when you sell your units."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy.This fund is not screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account invested in the Fidelity® Growth Company Commingled Pool Class 2 managed by Fidelity Management Trust Company. Thisdescription is only intended to provide a brief overview of the fund. The Russell 3000 Growth Index is a market capitalization weighted index that focuses ongrowth oriented companies in the US and includes large, small and mid cap growth companies.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC International Equity Index Fund Benchmark Morningstar Category
MSCI World exUS IMI ex-Tobacco Index
Foreign Large Blend
Investment Information
Investment ObjectiveThe Fund seeks to provide broad and diversified exposure to developedcountry (ex-U.S.) equity markets.
Investment StrategyThe fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the MSCI World ex US IMI ex Tobacco Index. The Index is
designed to measure the performance of developed stock markets outsidethe United States.
Who May Want To InvestThe International Equity Index Fund may be appropriate for investorsseeking long-term capital appreciation from a diversified non-U.S. equityportfolio. The International Equity Index Fund may not be appropriate forinvestors with shorter time horizons or nearing retirement as the fundkeeps market risk steady and will not reduce risk as you approachretirement.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.01%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 07/01/05
Fund AUM ($M) 855.00
Total Number of Holdings 3,363
Annual Dividend Yield (%) 2.97
Beta 1.00
Standard Deviation (Risk) in % 21.44
Performance (Net of Fee Returns)
24
16
8
0
-8
-16
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-11.19 16.34 -4.54 1.35 2.39 5.76 4.33 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskStock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economicdevelopments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in internationalequity. You may have a gain or loss when you sell your shares."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. The MSCIWorld ex US IMI ex Tobacco Index is a market capitalization weighted index of equity securities of companies domiciled in various countries. The Index isdesigned to represent the performance of developed stock markets throughout the world and excludes certain market segments unavailable to U.S. basedinvestors.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2020 Benchmark Morningstar Category
UC Pathway 2020Policy Benchmark
Target-Date 2020
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2020 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Fund 2020 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.06%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 07/01/05
Fund AUM ($M) 1,554.97
Total Number of Fund Holdings 10
Annual Dividend Yield (%) 2.50
Beta 0.84
Standard Deviation (Risk) in % 11.78
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
12
9
6
3
0
-3
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-1.66 10.57 3.64 5.03 5.18 5.54 4.91 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2025 Benchmark Morningstar Category
UC Pathway 2025Policy Benchmark
Target-Date 2025
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2025 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Fund 2025 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.06%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 12/01/08
Fund AUM ($M) 1,635.57
Total Number of Fund Holdings 11
Annual Dividend Yield (%) 2.36
Beta 0.98
Standard Deviation (Risk) in % 13.68
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
16
12
8
4
0
-4
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-1.57 12.80 4.67 5.66 5.67 6.18 7.73 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2030 Benchmark Morningstar Category
UC Pathway 2030Policy Benchmark
Target-Date 2030
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2030 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Fund 2030 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.05%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 07/01/05
Fund AUM ($M) 1,585.76
Total Number of Fund Holdings 10
Annual Dividend Yield (%) 2.26
Beta 1.07
Standard Deviation (Risk) in % 14.91
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
16
12
8
4
0
-4
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-1.52 14.34 5.35 6.16 6.11 6.74 5.41 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2035 Benchmark Morningstar Category
UC Pathway 2035Policy Benchmark
Target-Date 2035
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2035 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the UC PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Fund 2035 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.04%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 12/01/08
Fund AUM ($M) 1,113.00
Total Number of Fund Holdings 9
Annual Dividend Yield (%) 2.26
Beta 1.17
Standard Deviation (Risk) in % 16.27
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
16
12
8
4
0
-4
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-2.32 15.47 4.89 6.21 6.26 7.17 8.55 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2040 Benchmark Morningstar Category
UC Pathway 2040Policy Benchmark
Target-Date 2040
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2040 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Fund 2040 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.04%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 07/01/05
Fund AUM ($M) 991.89
Total Number of Fund Holdings 7
Annual Dividend Yield (%) 2.26
Beta 1.26
Standard Deviation (Risk) in % 17.57
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
20
15
10
5
0
-5
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-3.16 16.50 4.31 6.19 6.37 7.57 5.73 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2045 Benchmark Morningstar Category
UC Pathway 2045Policy Benchmark
Target-Date 2045
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2045 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
The current underlying fund holdings and weights can be found under theComposition tab on netbenefits.com. Please refer to the individual Fundprofiles for further information on the specific investment objectives,strategies, benchmarks, returns and risks associated with those funds.
Who May Want To InvestThis UC Pathway Fund 2045 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.04%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 12/01/08
Fund AUM ($M) 740.84
Total Number of Fund Holdings 7
Annual Dividend Yield (%) 2.25
Beta 1.35
Standard Deviation (Risk) in % 18.81
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
20
15
10
5
0
-5
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-4.04 17.45 3.63 6.13 6.45 7.98 9.01 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2050 Benchmark Morningstar Category
UC Pathway 2050Policy Benchmark
Target-Date 2050
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2050 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Fund 2050 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.04%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 07/01/05
Fund AUM ($M) 608.90
Total Number of Fund Holdings 6
Annual Dividend Yield (%) 2.25
Beta 1.38
Standard Deviation (Risk) in % 19.32
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
20
15
10
5
0
-5
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-4.36 17.87 3.40 6.27 6.65 8.40 5.99 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2055 Benchmark Morningstar Category
UC Pathway 2055Policy Benchmark
Target-Date 2055
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2055 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Fund 2055 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.04%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 12/01/08
Fund AUM ($M) 300.27
Total Number of Fund Holdings 6
Annual Dividend Yield (%) 2.25
Beta 1.38
Standard Deviation (Risk) in % 19.32
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
20
15
10
5
0
-5
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-4.36 17.87 3.40 6.38 6.78 8.79 9.82 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2060 Benchmark Morningstar Category
UC Pathway 2060Policy Benchmark
Target-Date 2060+
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2060 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Fund 2060 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.04%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 12/01/08
Fund AUM ($M) 260.50
Total Number of Fund Holdings 6
Annual Dividend Yield (%) 2.25
Beta 1.38
Standard Deviation (Risk) in % 19.32
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
20
15
10
5
0
-5
YTD YTD YTD YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-4.36 17.87 3.40 6.38 6.78 9.10 10.05 Fund Return %
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Fund 2065 Benchmark Morningstar Category
UC Pathway 2065Policy Benchmark
Target-Date 2060+
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Fund 2065 is a diversified multi asset class fund. The Fundinvests in a combination of Funds and allocates its assets among theseFunds according to an asset allocation strategy managed by State StreetGlobal Advisors. As the Fund moves toward its target date, its assetallocation becomes more conservative. Once the target date is met, theasset mix will be similar to the UC Pathway Income Fund and the two Fundswill merge. The fund's asset allocation is comprised of Domestic Equity/
REITs, International Equity, Bonds, Commodities and Short Terminvestments. Both asset allocation and underlying Funds of the PathwayFunds may be adjusted from time to time to align with the Fund'sinvestment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Fund 2065 may be appropriate for those investorsplanning to begin drawing income from their 403(b), 457(b), or DC accountsat or around the vintage year.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.04%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 12/31/19
Fund AUM ($M) 2.24
Total Number of Fund Holdings 6
Annual Dividend Yield (%) 2.25
Beta —
Standard Deviation (Risk) in % —
Allocation of Assets Through Retirement Date
050 40 30 20 10 -10 -20 -30
10080
60
40
200
Years Until Retirement
AllocationNon-U.S. Stocks
U.S. Stocks
Other
Bonds
Cash
Performance (Net of Fee Returns)
20
15
10
5
0
-5
YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-4.21 17.85 — — — — -4.21 Fund Return %
-4.20 17.80 — — — — -4.20 Benchmark Return %
-0.01 0.05 — — — — -0.01 Relative %
Click here for current performance
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Pathway Income Fund Benchmark Morningstar Category
UC PathwayIncome PolicyBenchmark
Target-Date Retirement
Investment Information
Investment ObjectiveThe Fund is part of a series of Target Date Funds (TDFs) designed forinvestors who want a single, diversified approach to saving for retirement.The UC Pathway Funds are managed to adjust the investment risk levellower as each approaches its specified target date.
Investment StrategyThe UC Pathway Income Fund is a diversified multi asset class fund. TheFund invests in a combination of Funds and allocates its assets amongthese Funds according to an asset allocation strategy managed by StateStreet Global Advisors.
The fund's asset allocation is comprised of Domestic Equity/REITs,International Equity, Bonds, Commodities and Short Term investments.Both asset allocation and underlying Funds of the Pathway Funds may beadjusted from time to time to align with the Fund's investment objective.
Please refer to the individual Fund profiles for further information on thespecific investment objectives, strategies, benchmarks, returns and risksassociated with those funds.
Who May Want To InvestThis UC Pathway Income Fund may be appropriate for those investorscurrently drawing income from their 403(b), 457(b), or DC accounts.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.06%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe investment risk of each target date fund changes over time as its asset allocation changes. They are subject to the volatility of the financial markets,including that of equity and fixed income investments in the U.S. and abroad, and may be subject to risks associated with investing in high-yield, small-cap,and foreign securities. Principal invested is not guaranteed at any time, including at or after their target dates. "Risk" refers to the possibility of loss ofprincipal, or alternatively to a rate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, itis true that high volatility on the downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realizedlosses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is partially screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a custom strategy fund offered by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The custom benchmark is a weightedaverage of the underlying fund benchmarks.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Real Estate Fund Benchmark Morningstar Category
MSCI US REITIndex
Real Estate
Investment Information
Investment ObjectiveThe investment seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmarkindex that measures the performance of publicly traded equity Real EstateInvestment Trusts (REITS).
Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the MSCI US REIT Index. The index is composed of stocks of
publicly traded equity real estate investment trusts (known as REITs). Theadviser attempts to replicate the index by investing all, or substantially all,of its assets in the stocks that make up the index, holding each stock inapproximately the same proportion as its weighting in the index.
Who May Want To InvestSomeone who is willing to accept the potentially lower diversification andhigher risks associated with investing in a particular industry or sector.Someone who is seeking to complement his or her core holdings withinvestments concentrated in a particular sector or industry.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.01%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskReal Estate is a cyclical industry that is sensitive to interest rates, economic conditions (both nationally and locally) and other factors. Changes in real estatevalues or economic downturns can have a significant negative effect on issuers in the real estate industry. Sector funds can be more volatile because of theirnarrow concentration in a specific industry. "Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return belowexpectations or requirements. While volatility (price fluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, andtherefore higher volatility is associated with higher risk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy.This fund is not screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. TheUniversity of California Spliced REIT Index is the MSCI US REIT Index. It tracks the performance of equity Real Estate Investment Trusts (REITs) in the US.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
Investment ObjectiveThe Fund seeks to provide shorter term bond returns, with a strong focus ofprotecting principal.
Investment StrategyThe UC Savings Fund is an interest-income fund. The UC Office of the ChiefInvestment Officer of the Regents manages the Fund according to policiesestablished by the Regents of the University of California. The Fund investsin fixed income securities issued by the U.S. Treasury and U.S. governmentagencies, most of which are backed by the full faith and credit of the U.S.government. The Fund may also invest in Non-US government discountnotes (e.g. Government of Canada or World Bank), Commercial Paper ratedat least A-1, P-1, D-1, or F-1, Bank Deposits and Money Market Funds.
The Fund strives to exceed the income returns of two-year U.S. TreasuryNotes and to outpace inflation. The portfolio is optimized by adjusting theaverage maturity to respond to expected changes in interest rates.
Who May Want To InvestThe Savings Fund may be appropriate for investors seeking a stableinvestment with greater interest income than that normally offered by amoney market fund. The Savings Fund may not be appropriate as the soleinvestment for investors with longer time horizons.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.03%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskThe bond market is volatile and bonds entail interest rate risk (as interest rates rise bond prices usually fall and vice versa). This effect is usually pronouncedfor longer-term securities and less so for shorter term bonds."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by the University of California Office of the Chief Investment Officer of the Regents: available exclusively to UCRetirement Savings Program participants. This description is only intended to provide a brief overview of the fund. The Benchmark is a customized benchmarkconsisting of the income return of the two-year U.S. Tresury Notes.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Short Term TIPS Fund Benchmark Morningstar Category
BBG Barclays 1-3Year US TIPSIndex
Inflation-Protected Bond
Investment Information
Investment ObjectiveThe Fund seeks to provide returns more closely correlated with realizedinflation over the near term and to offer investors the potential for lessvolatility of returns relative to a longer duration TIPS fund.
Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Bloomberg Barclays 1-3 Year US TIPS Index.The Fund invests in inflation-indexed securities issued by the U.S. Treasury.Inflation-indexed securities are designed to protect future purchasing
power. The principal value is adjusted for changes in inflation, and interestis accrued on the inflation-adjusted principal.
Who May Want To InvestThe Fund may be suitable for participants with a long-term investmenthorizon wishing to allocate a portion of their portfolio to a fund that mayprotect from the effects of inflation; the fund may not be suitable forparticipants with a long term investment horizon looking for a single fundsolution. The fund may not be suitable for participants with a long terminvestment horizon looking for a single fund solution.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.01%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskWhen interest rates rise, the value of inflation-indexed securities will fall and the Fund's share value will decline. Interest rate risk should be moderate for theFund. The greatest risk occurs when interest rates rise and inflation declines."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors: available exclusively to UC Retirement Savings Program participants. Thisdescription is only intended to provide a brief overview of the fund. The Bloomberg Barclays 1-3 Year U.S. TIPS Index is an unmanaged index designed torepresent securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cashflows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index,total a minimum amount outstanding of 100 million U.S. dollars.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
UC Social Equity Fund Benchmark Morningstar Category
FTSE4Good USSelect Index
Large Blend
Investment Information
Investment ObjectiveThe investment seeks to track the performance of a benchmark index thatmeasures the investment return of socially screened large- and mid-capitalization stocks.
Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the FTSE4Good US Select Index. The index is composed ofthe stocks of companies that have been screened for certain social and
environmental criteria by the index sponsor, which is independent of StateStreet Global Advisors. The Advisor attempts to replicate the index byinvesting all, or substantially all, of its assets in the stocks that make up theindex.
Who May Want To InvestSomeone who is seeking the potential for long-term share-priceappreciation and, secondarily, dividend income. Someone who is seekingboth growth- and value-style investments and who is willing to accept thevolatility associated with investing in the stock market.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.01%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
Fund Characteristics
Inception Date 10/02/17
Fund AUM ($M) 462.12
Total Number of Holdings 486
Annual Dividend Yield (%) 1.59
Beta 1.05
Standard Deviation (Risk) in % 23.10
Performance (Net of Fee Returns)
32
24
16
8
0
-8
YTD YTD YTD YTD
Total Return %as of 06-30-20
Fund Return %Benchmark Return %
Average annual, if greaterthan 1 year
YTD 3 Mo 1 Year 3 Year 5 Year 10 Year Inception
-1.15 23.33 11.31 — — — 12.06 Fund Return %
-1.22 23.39 11.29 — — — 12.11 Benchmark Return %
0.07 -0.06 0.02 — — — -0.05 Relative %
Click here for current performance
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskValue and growth stocks can perform differently from other types of stocks. Growth stocks can be more volatile. Value stocks can continue to be undervaluedby the market for long periods of time. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market,economic or other developments. These risks may be magnified in foreign markets. The Fund's social responsibility criteria will affect the fund's exposure tocertain issuers, industries, sectors, regions and countries and could cause the fund to sell or avoid stocks that subsequently perform well. In addition,undervalued stocks that do not meet the social criteria could outperform those that do. "Risk" refers to the possibility of loss of principal, or alternatively to arate of investment return below expectations or requirements. While volatility (price fluctuation) is not synonymous with risk, it is true that high volatility onthe downside results in loss, and therefore higher volatility is associated with higher risk. Volatility, however results in realized losses only if securities are soldafter a fall in price. For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors. This description is only intended to provide a brief overview of the fund. TheUniversity of California Spliced Social Index is the FTSE 4Good US Select Index since December 16th, 2005 and the Calvert Social Index prior. The FTSE4GoodUS Select Index is composed of companies that have been screened for certain social and environmental criteria by the index sponsor.The information contained herein regarding the UC managed Funds has been provided by the University of California Office of the Chief InvestmentOfficer of the Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
Investment ObjectiveThe Fund seeks to provide long-term return and inflation protectionconsistent with an investment in U.S. Government inflation-indexedsecurities or TIPS.
Investment StrategyThe Fund is a separate account managed by State Street Global Advisors.The fund employs an indexing investment approach designed to track theperformance of the Bloomberg Barclays US TIPS Index.The Fund invests in inflation-indexed securities issued by the U.S. Treasury.Inflation-indexed securities are designed to protect future purchasing
power. The principal value is adjusted for changes in inflation, and interestis accrued on the inflation-adjusted principal.
Who May Want To InvestThe Fund may be suitable for participants with a long-term investmenthorizon wishing to allocate a portion of their portfolio to a fund that mayprotect from the effects of inflation. The fund may not be suitable forparticipants with a long term investment horizon looking for a single fundsolution.
Fees and Expenses as of 06-30-2020
Total Annual Operating ExpenseGross
0.01%
Gross expense ratio is a measure of what itcosts to invest in the fund, expressed as apercentage of its assets, as a dollar amount, orin basis points. These are costs the investorpays through a reduction in the investment’srate of return. This ratio also includesAcquired Fund Fees and Expenses, which areexpenses indirectly incurred by a fund throughits ownership of shares in underlying funds. The performance of Total Return Funds isdriven by a combination of price appreciationand income.
The performance data featured represents past performance, which is no guarantee of future results. Investmentreturn and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell yourshares. Current performance may be higher or lower than the performance data quoted. Fund returns reflect all itemsof income, gain and loss and the reinvestment of dividends and other income and are calculated in US dollars. Indexreturns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items ofincome, gain and loss and the reinvestment of dividends and other income. If performance for a time period is N/A,Fund's inception date is less than time period specified.
RiskWhen interest rates rise, the value of inflation-indexed securities will fall and the Fund's share value will decline. Interest rate risk for this Fund will be higherthan for short term TIPs. The greatest risk occurs when interest rates rise and inflation declines."Risk" refers to the possibility of loss of principal, or alternatively to a rate of investment return below expectations or requirements. While volatility (pricefluctuation) is not synonymous with risk, it is true that high volatility on the downside results in loss, and therefore higher volatility is associated with higherrisk. Volatility, however results in realized losses only if securities are sold after a fall in price.For more information on risk, see the "Investment Risk Factor Guide" available online in the "UCRSP Fund Menu" section at www.myucretirement.com.
Statement on SustainabilityDisclosure of UC’S Sustainability Investment Screening ProcessAs reflected in the UCRSP Investment Implementation Manual, the University believes that investing in businesses with principled ethics and soundenvironmental and social practices simply makes good business sense. While short-term gains can be garnered from businesses taking excessive risks ingovernance, environmental or social standards, such gains can erode quickly and drastically; therefore, we must take a measured approach to the risk andrewards available in the universe of investment options. The Office of the Chief Investment Officer of the Regents (OCIO) works with the investmentmanagers to screen for identified ESG risks, including, for example, the manufacturing of civil firearms. In selecting and monitoring the type of companiesincluded in the funds, the fund managers are responsible for complying with UC’s sustainable investing policy. Mutual funds and collective investment truststhat include assets from other organizations are not subject to UC’s sustainable investing policy. This fund is screened.Please access www.myUCretirement.com for more information about the University’s commitment to sustainability.
Fees and ExpensesGross expense ratio is a measure of what it costs to invest in the fund, expressed as a percentage of its assets, as a dollar amount, or in basis points. These arecosts the investor pays through a reduction in the investment’s rate of return. This ratio also includes Acquired Fund Fees and Expenses, which are expensesindirectly incurred by a fund through its ownership of shares in underlying funds. The performance of Total Return Funds is driven by a combination of priceappreciation and income.
Additional DisclosuresThe Fund is a separate account managed by State Street Global Advisors: available exclusively to UC Retirement Savings Program participants. Thisdescription is only intended to provide a brief overview of the fund. The Bloomberg Barclays U.S. TIPS Index is an unmanaged index designed to representsecurities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked toan inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimumamount outstanding of 100 million U.S. dollars.The information contained herein regarding the UC Funds has been provided by the University of California Office of the Chief Investment Officer ofthe Regents and is solely the responsibility of the University of California Office of the Chief Investment Officer of the Regents.This investment option is not a mutual fund.
Important DisclosuresWhen used as supplemental sales literature, the Investment Profile must bepreceded or accompanied by the fund’s current prospectus as well as thisdisclosure statement. The performance data given represents pastperformance and should not be considered indicative of future results.Principal value and investment return will fluctuate, so that an investor’sshares when redeemed may be worth more or less than the originalinvestment. Fund portfolio statistics change over time. The fund is notFDIC-insured, may lose value and is not guaranteed by a bank or otherfinancial institution.
Total Annual Operating ExpenseThis is the percentage of fund assets paid for operating expenses andmanagement fees. The expense ratio typically includes the following typesof fees: accounting, administrator, advisor, auditor, board of directors,custodial, distribution (12b-1), legal, organizational, professional,registration, shareholder reporting, sub-advisor, and transfer agency. Theexpense ratio does not reflect the fund’s brokerage costs or any investorsales charges.
Morningstar Style BoxTM
The Morningstar Style Box reveals a fund’s investment strategy as of thedate noted on this report. For equity funds the vertical axis shows the market capitalization of thelong stocks owned and the horizontal axis shows investment style (value,blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of thelong bonds owned and the horizontal axis shows interest rate sensitivity asmeasured by a bond’s effective duration. Morningstar seeks credit rating information from fund companies on aperiodic basis (e.g., quarterly). In compiling credit rating informationMorningstar accepts credit ratings reported by fund companies that havebeen issued by all Nationally Recognized Statistical Rating Organizations(NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally, Morningstar acceptsforeign credit ratings from widely recognized or registered rating agencies.If two rating organizations/agencies have rated a security, fund companiesare to report the lower rating; if three or more organizations/agencies haverated a security, fund companies are to report the median rating, and incases where there are more than two organization/agency ratings and amedian rating does not exist, fund companies are to use the lower of thetwo middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSROnor does it issue a credit rating on the fund. An NRSRO or rating agencyratings can change from time-to-time. For credit quality, Morningstar combines the credit rating informationprovided by the fund companies with an average default rate calculation tocome up with a weighted-average credit quality. The weighted-averagecredit quality is currently a letter that roughly corresponds to the scaleused by a leading NRSRO. Bond funds are assigned a style box placement of"low", "medium", or "high" based on their average credit quality. Funds witha low credit quality are those whose weighted-average credit quality isdetermined to be less than "BBB-"; medium are those less than "AA-", butgreater or equal to "BBB-"; and high are those with a weighted-averagecredit quality of "AA-" or higher. When classifying a bond portfolio,Morningstar first maps the NRSRO credit ratings of the underlying holdingsto their respective default rates (as determined by Morningstar's analysis ofactual historical default rates). Morningstar then averages these defaultrates to determine the average default rate for the entire bond fund. Finally,Morningstar maps this average default rate to its corresponding creditrating along a convex curve.
For interest-rate sensitivity, Morningstar obtains from fund companiesthe average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration ofthe Morningstar Core Bond Index (MCBI), which is currently three years.The classification of Limited will be assigned to those funds whose averageeffective duration is between 25% to 75% of MCBI's average effectiveduration; funds whose average effective duration is between 75% to 125% ofthe MCBI will be classified as Moderate; and those that are at 125% orgreater of the average effective duration of the MCBI will be classified asExtensive. For municipal bond funds, Morningstar also obtains from fundcompanies the average effective duration. In these cases static breakpointsare utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less;(ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive:more than 7 years. In addition, for non-US taxable and non-US domiciledfixed income funds static duration breakpoints are used: (i) Limited: lessthan or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equalto 6 years; (iii) Extensive: greater than 6 years.
Risk MeasuresR-squared reflects the percentage of an investment option's movementsthat are explained by movements in its benchmark index, showing thedegree of correlation between the investment option and the benchmark. Beta is a measure of an investment option's sensitivity to marketmovements. A portfolio with a beta greater than 1 is more volatile than themarket, and a portfolio with a beta less than 1 is less volatile than themarket. Alpha measures the difference between an investment option's actualreturns and its expected performance, given its level of risk (as measured bybeta). The Sharpe ratio uses standard deviation and excess return to determinereward per unit of risk. Standard deviation is a statistical measure of the volatility of theinvestment option's returns. Mean represents the annualized three-year geometric return.
Investment RiskForeign Securities Funds/Emerging Markets Funds: The investor shouldnote that funds that invest in foreign securities involve special additionalrisks. These risks include, but are not limited to, currency risk, political risk,and risk associated with varying accounting standards. Investing inemerging markets may accentuate these risks.
Sector Funds: The investor should note that funds that invest exclusively inone sector or industry involve additional risks. The lack of industrydiversification subjects the investor to increased industry-specific risks.
Non-Diversified Funds: The investor should note that funds that investmore of their assets in a single issuer involve additional risks, includingshare price fluctuations, because of the increased concentration ofinvestments.
Small Cap Funds: The investor should note that funds that invest in stocksof small companies involve additional risks. Smaller companies typicallyhave a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced agreater degree of market volatility than the overall market average.
Mid Cap Funds: The investor should note that funds that invest in
companies with market capitalizations below $10 billion involve additionalrisks. The securities of these companies may be more volatile and less liquidthan the securities of larger companies.
High-Yield Bond Funds: The investor should note that funds that invest inlower-rated debt securities (commonly referred to as junk bonds) involveadditional risks because of the lower credit quality of the securities in theportfolio. The investor should be aware of the possible higher level ofvolatility, and increased risk of default.
Tax-Free Municipal Bond Funds: The investor should note that the incomefrom tax-free municipal bond funds may be subject to state and localtaxation and the Alternative Minimum Tax.
For more information about the funds in your 401(k) plan, please view acurrent prospectus. Investment objectives, risks, charges, expenses, andother important information about a fund are contained in the prospectus.