The goals, strategies, and risks vary among the 20
separate core investment funds that make up the Voluntary Investment Program.
By spreading your investments over a combination of the funds, you have
the opportunity to create an investment portfolio that addresses your
current situation and future goals.
Find out more about each of the available VIP funds by clicking on a
fund name below (the core investment options are listed from lowest to
highest risk):
Citi Institutional Liquid Reserves Fund
Vanguard Short-Term Bond Index Fund
Vanguard Total Bond Market Index Fund
Dodge & Cox Stock Fund
Vanguard Institutional Index Fund
Vanguard Total Stock Market Index Fund
Fidelity Growth Company Fund
JP Morgan Small Cap Value Select Fund
Brown Capital Small Company Institutional
Artisan International Fund
Vanguard Target Retirement Income
Vanguard Target Retirement 2010
Vanguard Target Retirement 2015
Vanguard Target Retirement 2020
Vanguard Target Retirement 2025
Vanguard Target Retirement 2030
Vanguard Target Retirement 2035
Vanguard Target Retirement 2040
Vanguard Target Retirement 2045
Vanguard Target Retirement 2050
You may also learn about the performance of the Voluntary Investment
Program's funds by going to the Fund
Performance section of this Web site or by calling the
CalSTRS VIP Information Line at 800-699-4032 and
speaking with a Participant Service Representative.
Citi Institutional Liquid Reserves Fund
Manager: Salomon Smith Barney
Category: Money Market
Objective: Seeks liquidity and as high a level of current income as consistent
with the preservation of capital.
Strategy: The fund primarily invests in the highest-quality money market instruments.
Expenses*: 0.20 percent
* Represents the annual fees charged to the fund. As an example, if you
were to make a $1,000 investment returning 5 percent with an annual expense
of 0.20 percent, you would pay $2.10. Fees are provided by the fund manager
as of the latest quarter. Remember to request and read all fund literature
available, including sections in your plan document describing the funds,
before investing.
Click
here for more information on the Citi Institutional Liquid Reserves Fund.
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Vanguard Short-Term Bond Index Fund
Manager: Vanguard
Category: Bond
Objective: Vanguard Short-Term Bond Index Fund seeks a high level of interest income.
Strategy: The fund attempts to track the performance of the Lehman Brothers 1-5 Year
Government/Credit Index, which is made up of about 2,000 short-term bonds issued by the
U.S Treasury, federal agencies, and corporations. Because it is not practical nor cost-effective
to own every security in the index, the fund invests in a large sampling that matches key
characteristics of the index (such as market-sector weighting, coupon interest rates, credit
quality, and maturity). To boost returns, the fund holds a higher percentage than the index in
investment-grade corporate securities and a lower percentage in Treasury securities.
The fund will maintain an average maturity of 1 to 5 years. The fund (like the index) excludes
GNMAs and other mortgage-backed securities.
Expenses*: 0.10 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a $1,000
investment returning 5 percent with an annual expense of 0.10 percent, you would pay $1.05.
Fees are provided by the fund manager as of the latest quarter. Remember to request and read
all fund literature available, including sections in your plan document describing the funds,
before investing.
Click here for more information on the Vanguard Short-Term Bond Index Fund.
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Vanguard Total Bond Market Index Fund
Manager: Vanguard
Category: Intermediate Bond
Objective: Seeks current income.
Strategy: The fund invests in a mix of bonds - corporate, government,
and mortgage-backed - that represent the total universe of public investment-grade
bonds in the U.S. that have maturities greater than 1 year. This fund, which maintains
an average maturity of five to 10 years, tracks the Lehman Aggregate Bond Index.
Expenses*: 0.11 percent
* Represents the annual fees charged to the fund. As an example, if you
were to make a $1,000 investment returning 5 percent with an annual expense
of 0.11 percent, you would pay $1.16. Fees are provided by the fund manager
as of the latest quarter. Remember to request and read all fund literature
available, including sections in your plan document describing the funds, before investing.
Click here for more information on the Vanguard Total Bond Market Index Fund.
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Dodge & Cox Stock Fund
Manager: Dodge & Cox
Category: Large Cap Value
Objective: Seeks long-term growth of principal and income. A secondary
objective is to achieve a reasonable current income.
Strategy: The fund invests primarily in a broadly diversified portfolio
of common stock that appear to be temporarily undervalued by the stock
market, but have a favorable outlook for long-term growth.
Expenses*: 0.53 percent
* Represents the annual fees charged to the fund. As an example, if you
were to make a $1,000 investment returning 5 percent with an annual expense
of 0.53 percent, you would pay $5.57. Fees are provided by the fund manager
as of the latest quarter. Remember to request and read all fund literature
available, including sections in your plan document describing the funds,
before investing.
Click here
for more information on the Dodge & Cox Stock Fund.
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Vanguard Institutional Index Fund
Manager: Vanguard
Category: S&P 500 Index
Objective: Seeks to track the investment returns of the S&P 500 Index.
Strategy: The fund invests in a substantial portion of the nation's largest stocks.
Expenses*: 0.05 percent
* Represents the annual fees charged to the fund. As an example, if you
were to make a $1,000 investment returning 5 percent with an annual expense
of 0.05 percent, you would pay $0.53. Fees are provided by the fund manager
as of the latest quarter. Remember to request and read all fund literature
available, including sections in your plan document describing the funds, before investing.
Click here for more information on the Vanguard Institutional Index Fund.
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Vanguard Total Stock Market Index Fund
Manager: Vanguard
Category: Broad Index
Objective: Seeks to track the investment returns of the Wilshire 5000 Total Market Index.
Strategy: The fund invests in the same stocks as the Wilshire 5000 Total
Market Index, which includes virtually all regularly traded U.S. stocks.
Expenses*: 0.15 percent
* Represents the annual fees charged to the fund. As an example, if you
were to make a $1,000 investment returning 5 percent with an annual expense
of 0.15 percent, you would pay $1.58. Fees are provided by the fund manager
as of the latest quarter. Remember to request and read all fund literature
available, including sections in your plan document describing the funds, before investing.
Click here for more information on the Vanguard Total Stock Market Index Fund.
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Fidelity Growth Company Fund
Manager: Fidelity Management & Research Company
Category: Large Cap Growth
Objective: Seeks capital appreciation.
Strategy: The fund invests primarily in common stocks of domestic and
foreign issuers believed to have above-average growth potential. Growth
may be measured by factors such as earnings or revenue. Such companies
often have new products, technologies, distribution channels or other
opportunities, or have strong industry or market position.
Expenses*: 0.84 percent
* Represents the annual fees charged to the fund. As an example, if you
were to make a $1,000 investment returning 5 percent with an annual expense
of 0.84 percent, you would pay $8.82. Fees are provided by the fund manager
as of the latest quarter. Remember to request and read all fund literature
available, including sections in your plan document describing the funds, before investing.
Click here for more information on the Fidelity Growth Fund.
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JP Morgan Small Cap Value Select Fund
Manager: JP Morgan
Category: Small Cap Value Fund
Objective: The Fund seeks long-term capital growth primarily
by investing in equity securities of small-capitalization companies
Strategy: Invests primarily in companies with market capitalizations
of $100 million to $3 billion; selects companies with attractive price-to-earnings,
price-to-book and price-to-cash-flow ratios; provides extensive research into each
company’s balance sheet strength, management, market and industry position.
Expenses*: 1.00 percent
* Represents the annual fees charged to the fund. As an example, if you were to make
a $1,000 investment returning 5 percent with an annual expense of 1.00 percent, you
would pay $10.50. Fees are provided by the fund manager as of the latest quarter. Remember
to request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the JP Morgan Small Cap Value Select Fund.
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Brown Capital Small Company Institutional
Manager: Brown Capital Management
Category: Small Cap Growth
Objective: Seeks capital appreciation.
Strategy: The fund primarily invests in the common stocks of companies
with operating revenue of $250 million or less at the time of initial investment -
companies that the investment professionals believe are at the early stages of their success.
Expenses*: 1.18 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 1.18 percent, you would
pay $12.39. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Brown Capital Small Company Institutional Fund.
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Artisan International Fund
Manager: Artisan Partners
Category: International Stock
Objective: Seeks long-term capital growth.
Strategy: The fund invests in international equity markets, across capitalizations
and regions, with a focus on well-managed growth companies. The fund is
typically benchmarked against the MSCI EAFE Index.
Expenses*: 1.22 percent
* Represents the annual fees charged to the fund. As an example, if you
were to make a $1,000 investment returning 5 percent with an annual expense
of 1.22 percent, you would pay $12.81. Fees are provided by the fund manager
as of the latest quarter. Remember to request and read all fund literature
available, including sections in your plan document describing the funds, before investing.
Click here for more information on the Artisan International Fund.
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Vanguard Target Retirement Income
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement Income Fund seeks to provide current
income and some capital appreciation.
Strategy: The fund invests in other Vanguard mutual funds according to an
asset allocation strategy designed for investors currently in retirement. The fund’s indirect
bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government,
U.S. agency, and investment-grade corporate bonds, inflation-indexed bonds issued by the U.S.
government, as well as mortgage-backed securities. Its indirect stock holdings consist
substantially of large- capitalization U.S. stocks and, to a lesser extent, mid- and small-cap
U.S. stocks and international funds. The fund’s indirect money market holdings consist of
high-quality, short-term money market instruments.
Expenses*: 0.20 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a $1,000
investment returning 5 percent with an annual expense of 0.20 percent, you would pay $2.10.
Fees are provided by the fund manager as of the latest quarter. Remember to request and read
all fund literature available, including sections in your plan document describing the funds,
before investing.
Click here for more information on the Vanguard Target Retirement Income Fund.
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Vanguard Target Retirement 2010
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement 2010 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation.
Strategy: Vanguard Target Retirement 2010 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation. The fund
invests in other Vanguard® mutual funds using an asset allocation strategy designed for
investors planning to retire between 2008 and 2012. The fund’s asset allocation will become
more conservative over time. Within 5 years after 2010, the fund’s asset allocation should
resemble that of the Target Retirement Income Fund. The fund’s indirect stock holdings consist
substantially of large-capitalization U.S. stocks and, to a lesser extent, mid- and small-cap
U.S. stocks and international stocks. Its indirect bond holdings are a diversified mix of
investment-grade taxable U.S. government, U.S. agency, and corporate bonds, as well as
inflation-protected and mortgage-backed securities, all with maturities of more than 1 year.
Expenses*: 0.21 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 0.21 percent, you would
pay $2.21. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Vanguard Target Retirement 2010 Fund.
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Vanguard Target Retirement 2015
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement 2015 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation.
Strategy: The fund invests in other Vanguard mutual funds using an asset
allocation strategy designed for investors planning to retire between 2013 and 2017. The
fund’s asset allocation will become more conservative over time. Within five years after
2015, the fund’s asset allocation should resemble that of the Target Retirement Income Fund.
The fund’s indirect stock holdings consist substantially of large-capitalization U.S. stocks
and, to a lesser extent, mid- and small-cap U.S. stocks and international stocks. Its
indirect bond holdings are a diversified mix of investment-grade taxable U.S. government,
U.S. agency, and corporate bonds, as well as mortgage-backed securities, all with maturities
of more than 1 year.
Expenses*: 0.20 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 0.20 percent, you would
pay $2.10. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Vanguard Target Retirement 2015 Fund.
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Vanguard Target Retirement 2020
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement 2020 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation.
Strategy: The fund invests in other Vanguard® mutual funds using an
asset allocation strategy designed for investors planning to retire between 2018 and 2022.
The fund’s asset allocation will become more conservative over time. Within five years
after 2020, the fund’s asset allocation should resemble that of the Target Retirement Income
Fund. The fund’s indirect stock holdings consist substantially of large-capitalization U.S.
stocks and, to a lesser extent, mid- and small-cap U.S. stocks and international stocks. Its
indirect bond holdings are a diversified mix of investment-grade taxable U.S. government,
U.S. agency, and corporate bonds, as well as mortgage-backed securities, all with maturities
of more than 1 year.
Expenses*: 0.21 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 0.21 percent, you would
pay $2.21. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Vanguard Target Retirement 2020 Fund.
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Vanguard Target Retirement 2025
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement 2025 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation.
Strategy: The fund invests in other Vanguard mutual funds using an asset
allocation strategy designed for investors planning to retire between 2023 and 2027. The fund’s
asset allocation will become more conservative over time. Within five years after 2025, the
fund’s asset allocation should resemble that of the Target Retirement Income Fund. The fund’s
indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a
lesser extent, mid- and small-cap U.S. stocks and international stocks. Its indirect bond
holdings are a diversified mix of investment-grade taxable U.S. government, U.S. agency, and
corporate bonds, as well as mortgage-backed securities, all with maturities of more than 1 year.
Expenses*: 0.20 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 0.20 percent, you would
pay $2.10. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Vanguard Target Retirement 2025 Fund.
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Vanguard Target Retirement 2030
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement 2030 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation.
Strategy: The fund invests in other Vanguard® mutual funds using an
asset allocation strategy designed for investors planning to retire between 2028 and 2032.
The fund’s asset allocation will become more conservative over time. Within five years after
2030, the fund’s asset allocation should resemble that of the Target Retirement Income Fund.
The fund’s indirect stock holdings consist substantially of large-capitalization U.S. stocks
and, to a lesser extent, mid- and small-cap U.S. stocks and international stocks. Its indirect
bond holdings are a diversified mix of investment-grade taxable U.S. government, U.S. agency,
and corporate bonds, as well as mortgage-backed securities, all with maturities of more than
1 year.
Expenses*: 0.21 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 0.21 percent, you would
pay $2.21. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Vanguard Target Retirement 2030 Fund.
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Vanguard Target Retirement 2035
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement 2035 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation.
Strategy: The fund invests in other Vanguard mutual funds using an asset
allocation strategy designed for investors planning to retire between 2033 and 2037. The
fund’s asset allocation will become more conservative over time. Within five years after
2035, the fund’s asset allocation should resemble that of the Target Retirement Income Fund.
The fund’s indirect stock holdings consist substantially of large-capitalization U.S. stocks
and, to a lesser extent, mid- and small-cap U.S. stocks and international stocks. Its indirect
bond holdings are a diversified mix of investment-grade taxable U.S. government, U.S. agency,
and corporate bonds, as well as mortgage-backed securities, all with maturities of more than
1 year.
Expenses*: 0.21 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 0.21 percent, you would
pay $2.21. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Vanguard Target Retirement 2035 Fund.
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Vanguard Target Retirement 2040
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement 2040 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation.
Strategy: The fund invests in other Vanguard® mutual funds using an
asset allocation strategy designed for investors planning to retire between 2038 and 2042.
The fund’s asset allocation will become more conservative over time. Within five years
after 2040, the fund’s asset allocation should resemble that of the Target Retirement Income
Fund. The fund’s indirect stock holdings consist substantially of large-capitalization U.S.
stocks and, to a lesser extent, mid- and small-cap U.S. stocks and international stocks.
Its indirect bond holdings are a diversified mix of investment-grade taxable U.S. government,
U.S. agency, and corporate bonds, as well as mortgage-backed securities, all with maturities
of more than 1 year.
Expenses*: 0.21 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 0.21 percent, you would
pay $2.21. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Vanguard Target Retirement 2040 Fund.
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Vanguard Target Retirement 2045
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement 2045 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation.
Strategy: The fund invests in other Vanguard mutual funds using an asset
allocation strategy designed for investors planning to retire between 2043 and 2047. The
fund’s asset allocation will become more conservative over time. Within five years after
2045, the fund’s asset allocation should resemble that of the Target Retirement Income Fund.
The fund’s indirect stock holdings consist substantially of large-capitalization U.S. stocks
and, to a lesser extent, mid- and small-cap U.S. stocks and international stocks. Its indirect
bond holdings are a diversified mix of investment-grade taxable U.S. government, U.S. agency,
and corporate bonds, as well as mortgage-backed securities, all with maturities of more than
1 year.
Expenses*: 0.21 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 0.21 percent, you would
pay $2.21. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Vanguard Target Retirement 2045 Fund.
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Vanguard Target Retirement 2050
Manager: Vanguard
Category: Balanced
Objective: Vanguard Target Retirement 2050 Fund seeks to provide capital
appreciation and current income consistent with its current asset allocation.
Strategy: The fund invests in other Vanguard® mutual funds using an
asset allocation strategy designed for investors planning to retire between 2048 and 2053.
The fund’s asset allocation will become more conservative over time. Within five years
after 2050, the fund’s asset allocation should resemble that of the Target Retirement
Income Fund. The fund’s indirect stock holdings consist substantially of large-capitalization
U.S. stocks and, to a lesser extent, mid- and small-cap U.S. stocks and international stocks.
Its indirect bond holdings are a diversified mix of investment-grade taxable U.S. government,
U.S. agency, and corporate bonds, as well as mortgage-backed securities, all with maturities
of more than 1 year.
Expenses*: 0.21 percent
* Represents the annual fees charged to the fund. As an example, if you were to make a
$1,000 investment returning 5 percent with an annual expense of 0.21 percent, you would
pay $2.21. Fees are provided by the fund manager as of the latest quarter. Remember to
request and read all fund literature available, including sections in your plan document
describing the funds, before investing.
Click here for more information on the Vanguard Target Retirement 2050 Fund.
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