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Mutual Funds
Frequently asked questions
All FAQs about mutual funds
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TIAA Brokerage offers an array of mutual funds representing strategies for virtually every investment objective and risk profile. We offer mutual funds from many well-known fund families. This includes a variety of no-load funds for growth, income, income and growth, tax-exempt income and other financial objectives. A TIAA Brokerage consultant can show you how to use our online tools to find the funds that best match your investment goals.
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Many funds impose their own rules and restrictions. Mutual fund shares are offered by prospectus only. The prospectus contains the fund's investment objectives, risks, charges and expenses. Additionally, the prospectus contains other valuable information you should carefully consider before making a purchase. Some mutual funds are not available in all states.The following guidelines apply to mutual fund trading:
- Most mutual funds cannot be sold on or before the purchase settlement date.
- A prospectus will be sent to you at the following times: at your request, on execution of an initial purchase, annually, or when the prospectus is updated.
- All No Transaction Fee (NTF) funds held 90 days or less are subject to a short-term redemption fee of $50.00. This fee is in addition to any fees addressed in the fund's prospectus. For an order to be executed, your account must contain sufficient funds to cover the purchase and all fees.
- Cut-off times for the purchase and redemption of mutual fund shares can vary from 2 p.m. to 4 p.m. ET, and are subject to change at any time. Orders placed after the cut-off time will be processed on the following business day.
- Mutual fund purchases (buys) can only be made in dollar amounts. Any redemption (sale) or exchange of funds may be placed in a dollar amount or share quantity.
- Each mutual fund has minimum initial purchase requirements and may also have requirements for subsequent purchases. The required amount may vary if the account is an IRA.
- The shares being sold must be in good form in the account. Most mutual funds cannot be sold on or before the purchase settlement date.
- Settlement periods vary by fund and are subject to change without notice, typically between one to two days. Please contact TIAA Brokerage at 800-927-3059, Monday - Friday, 8 a.m. - 7 p.m. ET for settlement information on a specific fund. The settlement process may affect whether you can reinvest the proceeds in another security.
- Some funds may require a minimum holding period before allowing a redemption. Some funds charge an early redemption fee if they are sold before a stated time period. Please refer to the prospectus to see if these conditions apply.
- TIAA Brokerage allows you to choose whether to reinvest dividends and capital gains or receive as cash upon initial purchase. If you are utilizing an automatic investment plan, the instructions will apply to subsequent purchases. If you exchange the mutual fund for another within the same fund company, the initial instructions will carry over to the new fund. You may change these instructions online or by calling a TIAA Brokerage at 800-927-3059, Monday - Friday: 8 a.m. - 7 p.m. ET.
- To make regular purchases or redemptions from your mutual fund(s) you may set up an automatic investment plan. You may also set up recurring electronic funds transfers/ACH to fund an automatic purchase. You must have a bank account associated with your brokerage account; which can be done online.
All mutual fund trading in a client's account may be restricted if the client is banned from trading by more than one fund company for short-term trading (commonly known as market timing).Mutual fund information is subject to change at any time and without notice. Mutual fund companies update their information frequently. TIAA Brokerage cannot guarantee the accuracy of this information, but we will send you an updated prospectus if changes are made by the investment companies for the funds you hold in your account.All mutual fund orders are accepted on a best-effort basis. TIAA Brokerage is not responsible for failure of communications systems, including the postal service and other methods of transmitting instructions through interstate commerce.Before investing in a mutual fund, be sure to carefully consider the fund's investing objectives, risks, charges and expenses. For a prospectus containing this information, contact the fund or a TIAA Brokerage consultant. Please read the prospectus carefully before investing.For information about restrictions on a particular mutual fund please contact TIAA Brokerage at 800-927-3059 Monday - Friday 8 a.m. - 7 p.m. ET.
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The minimum initial mutual fund investment is the greater of $500 or the amount stated in the fund prospectus. Mutual fund minimums are provided when you view the Mutual Fund detail page in our Research section.
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To enter a mutual fund purchase, navigate to your brokerage account and select the Trade action button at the top of the screen. Select Mutual Funds from the drop down menu. Then follow the prompts to purchase a specific dollar amount of the mutual fund.
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Trasaction-fee mutual funds have an $8 exchange fee per trade, regardless of order size. No Transaction Fee Mutual Funds do not charge an exchange fee. Please note that the exchange fee amount must be available in the account or the transaction will be rejected.
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To enter a mutual fund exchange, navigate to the trade screen within your account online. Select Mutual Fund Exchange from the Type of Trade. Enter the ticker symbol and other details as requested.
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Mutual funds trade once per day, at the end of the market day. Mutual fund orders place prior to the fund cutoff time, will receive the closing Net Asset Value (NAV). Orders placed after the cutoff time will receive the NAV of the following business day. The NAV for your mutual fund order can be reviewed within the order details in Activity.
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Mutual funds often have short-term holding periods that serve to reduce the amount of frequent trading of mutual funds. Frequent trading of mutual funds can disrupt the fund's management and result in higher costs that are borne by all the fund's shareholders. At times, mutual fund company can charge a short-term redemption fee in addition to the short-term redemption fee charged by TIAA Brokerage, see the terms in the fund's prospectus. TIAA Brokerage may charge a short-term redemption fee of $50 for mutual fund shares sold prior to six months after purchase.
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