UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number File No. 811-09301
TIAA-CREF FUNDS
(Exact Name of Registrant as specified in charter)
730 Third Avenue, New York, New York 10017-3206
(Address of Principal Executive Offices) (Zip code)
Jeremy D. Franklin, Esq.
TIAA-CREF Funds
8500 Andrew Carnegie Blvd.
Charlotte, N.C. 28262-8500
(Name and address of agent for service)
Registrant’s telephone number, including area code: 704-595-1000
Date of fiscal year end: May 31
Date of reporting period: November 30, 2020
Item 1. Reports to Stockholders.
TIAA-CREF Funds | November 30, 2020 |
TIAA-CREF
Lifecycle Funds
The semiannual report contains the financial statements (unaudited).
Fund name | Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class |
Lifecycle Retirement Income Fund | TLRIX | TLRHX | TPILX | TLIRX | TLRRX |
Lifecycle 2010 Fund | TCTIX | TCLHX | TCTPX | TCLEX | — |
Lifecycle 2015 Fund | TCNIX | TCNHX | TCFPX | TCLIX | — |
Lifecycle 2020 Fund | TCWIX | TCWHX | TCWPX | TCLTX | — |
Lifecycle 2025 Fund | TCYIX | TCQHX | TCQPX | TCLFX | — |
Lifecycle 2030 Fund | TCRIX | TCHHX | TCHPX | TCLNX | — |
Lifecycle 2035 Fund | TCIIX | TCYHX | TCYPX | TCLRX | — |
Lifecycle 2040 Fund | TCOIX | TCZHX | TCZPX | TCLOX | — |
Lifecycle 2045 Fund | TTFIX | TTFHX | TTFPX | TTFRX | — |
Lifecycle 2050 Fund | TFTIX | TFTHX | TCLPX | TLFRX | — |
Lifecycle 2055 Fund | TTRIX | TTRHX | TTRPX | TTRLX | — |
Lifecycle 2060 Fund | TLXNX | TLXHX | TLXPX | TLXRX | — |
Lifecycle 2065 Fund | TSFTX | TSFHX | TSFPX | TCFRX | — |
Semiannual
Report
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.
If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.
Contents
This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended November 30, 2020. The report contains four main sections:
• | A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds. |
• | The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market index. |
• | The portfolios of investments list the underlying funds in which each fund had investments as of November 30, 2020. |
• | The financial statements provide detailed information about the operations and financial condition of each fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any fund, please read the latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 3 |
Global financial markets produced positive results for the six months ended November 30, 2020, as the economic implications of the COVID-19 pandemic moderated. U.S. equities posted double-digit gains amid a sharp recovery in economic growth during the period. Foreign stocks also soared, with emerging markets faring better than both international developed markets and domestic equities. U.S. fixed-income securities advanced more modestly as U.S. Treasury yields rose across longer-term maturities (bond prices move in the opposite direction of yields). These market conditions were reflected in the performance of the TIAA-CREF Lifecycle Funds by way of their investments in various asset classes through underlying funds.
• | All twelve TIAA-CREF Lifecycle Funds delivered strong gains for the period, and all outperformed their respective composite benchmarks. (All fund returns are for the Retirement Class.) |
• | Returns for the Retirement Class ranged from 10.4% for the Lifecycle Retirement Income Fund to 21.6% for the Lifecycle 2060 Fund. |
• | These results continued to support the solid performance of the TIAA-CREF Lifecycle Funds over longer periods of time. |
• | On September 30, 2020, the TIAA-CREF Lifecycle 2065 Fund commenced operations. |
U.S. and international equities recorded double-digit gains
U.S. equities advanced substantially for the six months as many businesses and restaurants resumed operations with the gradual easing of COVID-19 restrictions. The broad domestic stock market, as represented by the Russell 3000® Index, gained 22.6%. The U.S. economy contracted sharply in the second quarter of 2020 but expanded considerably during the third quarter. The Federal Reserve maintained the federal funds target rate at 0.00%–0.25%, after having reduced the key short-term interest-rate measure twice in March 2020.
International stocks surpassed their U.S. counterparts. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 26 emerging-markets countries, returned 23.7% in U.S.-dollar terms. As in the United States, economies in the 19-nation euro area saw sharp contractions in the second quarter followed by strong recoveries in the third. Foreign central banks responded with supportive monetary actions.
U.S. investment-grade bonds advanced as interest rates remained at historically low levels. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 1.8% for the period.
4 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Turning the page to a new year
To say that 2020 was a challenging year would be a tremendous understatement. The COVID-19 pandemic caused dramatic lifestyle changes as people and governments struggled to cope with the crisis. For investors, the economic and market turmoil that accompanied the pandemic added yet another layer of concern. However, as swiftly as the markets fell in a cascade of worry, they rose again as conditions improved and optimism returned.
Since risk and uncertainty are ever-present factors in investing, we believe that adhering to a long-term financial plan and staying invested in a diversified portfolio that includes multiple asset classes are wise investment approaches. The TIAA-CREF Lifecycle Funds use dynamic diversification strategies designed to help mitigate the effects of market volatility and keep you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.
As we welcome 2021, we thank you again for trusting us to manage your investments through the TIAA-CREF Lifecycle Funds. If you have any questions or concerns, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. You can also reach us online by visiting TIAA.org. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds
Brad Finkle
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 5 |
Portfolio holdings
The complete portfolios of investments for the Lifecycle Funds begin on page 42 of this report. You can obtain complete lists of the holdings of the Lifecycle Funds and of the underlying TIAA-CREF Funds in which the Lifecycle Funds invest as of the most recently completed fiscal quarter in the following ways:
• | By visiting our website at TIAA.org; or |
• | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the Lifecycle Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT filings are as of the last day of February or August 31. Copies of these forms are available:
• | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or |
• | From the SEC’s Office of Investor Education and Advocacy. |
Call 202-551-8090 for more information.
Proxy voting
A description of our proxy voting policies and procedures for the underlying TIAA-CREF Funds of the Lifecycle Funds can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the Lifecycle Funds’ underlying TIAA-CREF Funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.
Fund management
The Lifecycle Funds are managed by a portfolio management team of Teachers Advisors, LLC. The members of this team are responsible for the day-to-day investment management of the funds.
6 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Composite benchmark
Each Lifecycle Fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income, short-term fixed income and inflation-protected assets. A fund’s composite benchmark combines the following public indexes in proportions that correspond to the fund’s target allocations:
• | The Russell 3000® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. |
• | The MSCI ACWI ex USA Investable Market Index (IMI) (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 26 emerging-markets countries. The index is a free-float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States. |
• | The Bloomberg Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. |
• | The Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index (short-term fixed income) measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 3-year maturities. |
• | The Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index (inflation-protected assets) measures the performance of fixed-income securities with maturities between 1 and 10 years that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). |
Broad market indexes
The returns shown against the broad-based securities market index compare a fund’s average annual returns with a broad measure of market performance. The S&P Target Date Index Series represents a broadly derived consensus of asset class exposure for the target retirement dates in the series based on market observations acquired through an annual survey of target-date fund managers. The returns of the S&P Target Date Index Series reflect multi-asset class exposure for the same target dates as the Funds.
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 7 |
About the funds’ benchmarks
Russell 3000 is a trademark and service mark of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.
8 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020–November 30, 2020).
Actual expenses
The first line of the two lines listed for each fund in the tables uses the Fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. All of the funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second line in each Fund’s entry shows a hypothetical account value and hypothetical expenses based on the share class’ actual expense ratio for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the Fund’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 9 |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Lifecycle Funds Institutional Class | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | Effective expenses paid during period (6/1/20–11/30/20 | † ) | ||||||||
Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,105.79 | $ | 1.64 | $ | 1.85 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,023.51 | 1.57 | 1.78 | ||||||||||||
2010 Fund actual return | 1,000.00 | 1,106.48 | 1.64 | 1.85 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.51 | 1.57 | 1.78 | ||||||||||||
2015 Fund actual return | 1,000.00 | 1,116.42 | 1.70 | 1.96 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.46 | 1.62 | 1.88 | ||||||||||||
2020 Fund actual return | 1,000.00 | 1,126.39 | 1.71 | 1.97 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.46 | 1.62 | 1.88 | ||||||||||||
2025 Fund actual return | 1,000.00 | 1,143.43 | 1.77 | 2.10 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.41 | 1.67 | 1.98 | ||||||||||||
2030 Fund actual return | 1,000.00 | 1,159.84 | 1.84 | 2.17 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 2.03 | ||||||||||||
2035 Fund actual return | 1,000.00 | 1,177.76 | 1.86 | 2.24 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 2.08 | ||||||||||||
2040 Fund actual return | 1,000.00 | 1,193.19 | 1.87 | 2.25 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 2.08 | ||||||||||||
2045 Fund actual return | 1,000.00 | 1,210.35 | 1.94 | 2.38 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 2.18 | ||||||||||||
2050 Fund actual return | 1,000.00 | 1,212.45 | 1.94 | 2.33 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 2.13 | ||||||||||||
2055 Fund actual return | 1,000.00 | 1,214.96 | 1.94 | 2.39 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 2.18 | ||||||||||||
2060 Fund actual return | 1,000.00 | 1,216.74 | 1.94 | 2.39 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 2.18 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.31% for the Retirement Income Fund, 0.31% for the 2010 Fund, 0.32% for the 2015 Fund, 0.32% for the 2020 Fund, 0.33% for the 2025 Fund, 0.34% for the 2030 Fund, 0.34% for the 2035 Fund, 0.34% for the 2040 Fund, 0.35% for the 2045 Fund, 0.35% for the 2050 Fund, 0.35% for the 2055 Fund and 0.35% for the 2060 Fund. |
† | “Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses |
10 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Important information about expenses
(which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.35% for the Retirement Income Fund, 0.35% for the 2010 Fund, 0.37% for the 2015 Fund, 0.37% for the 2020 Fund, 0.39% for the 2025 Fund, 0.40% for the 2030 Fund, 0.41% for the 2035 Fund, 0.41% for the 2040 Fund, 0.43% for the 2045 Fund, 0.42% for the 2050 Fund, 0.43% for the 2055 Fund and 0.43% for the 2060 Fund. |
Expense examples
Six months ended November 30, 2020
Lifecycle Funds Advisor Class | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | Effective expenses paid during period (6/1/20–11/30/20 | † ) | ||||||||
Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,105.30 | $ | 2.01 | $ | 2.27 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,023.16 | 1.93 | 2.18 | ||||||||||||
2010 Fund actual return | 1,000.00 | 1,106.19 | 1.85 | 2.06 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 1.98 | ||||||||||||
2015 Fund actual return | 1,000.00 | 1,116.55 | 2.07 | 2.33 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.11 | 1.98 | 2.23 | ||||||||||||
2020 Fund actual return | 1,000.00 | 1,126.39 | 1.87 | 2.13 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 2.03 | ||||||||||||
2025 Fund actual return | 1,000.00 | 1,143.57 | 1.93 | 2.26 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.26 | 1.83 | 2.13 | ||||||||||||
2030 Fund actual return | 1,000.00 | 1,159.84 | 2.17 | 2.49 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.06 | 2.03 | 2.33 | ||||||||||||
2035 Fund actual return | 1,000.00 | 1,176.94 | 2.29 | 2.67 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.96 | 2.13 | 2.48 | ||||||||||||
2040 Fund actual return | 1,000.00 | 1,193.39 | 2.20 | 2.58 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.06 | 2.03 | 2.38 | ||||||||||||
2045 Fund actual return | 1,000.00 | 1,209.34 | 2.16 | 2.55 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.11 | 1.98 | 2.33 | ||||||||||||
2050 Fund actual return | 1,000.00 | 1,213.46 | 1.94 | 2.39 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 2.18 | ||||||||||||
2055 Fund actual return | 1,000.00 | 1,214.96 | 2.00 | 2.44 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.26 | 1.83 | 2.23 | ||||||||||||
2060 Fund actual return | 1,000.00 | 1,216.74 | 2.06 | 2.50 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.21 | 1.88 | 2.28 | ||||||||||||
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 11 |
Important information about expenses
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.38% for the Retirement Income Fund, 0.35% for the 2010 Fund, 0.39% for the 2015 Fund, 0.35% for the 2020 Fund, 0.36% for the 2025 Fund, 0.40% for the 2030 Fund, 0.42% for the 2035 Fund, 0.40% for the 2040 Fund, 0.39% for the 2045 Fund, 0.35% for the 2050 Fund, 0.36% for the 2055 Fund and 0.37% for the 2060 Fund. |
† | “Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.43% for the Retirement Income Fund, 0.39% for the 2010 Fund, 0.44% for the 2015 Fund, 0.40% for the 2020 Fund, 0.42% for the 2025 Fund, 0.46% for the 2030 Fund, 0.49% for the 2035 Fund, 0.47% for the 2040 Fund, 0.46% for the 2045 Fund, 0.43% for the 2050 Fund, 0.44% for the 2055 Fund and 0.45% for the 2060 Fund. |
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Important information about expenses
Expense examples
Six months ended November 30, 2020
Lifecycle Funds Premier Class | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | Effective expenses paid during period (6/1/20–11/30/20 | † ) | ||||||||
Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,105.05 | $ | 2.43 | $ | 2.64 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,022.76 | 2.33 | 2.54 | ||||||||||||
2010 Fund actual return | 1,000.00 | 1,105.87 | 2.43 | 2.64 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.76 | 2.33 | 2.54 | ||||||||||||
2015 Fund actual return | 1,000.00 | 1,115.99 | 2.49 | 2.76 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.71 | 2.38 | 2.64 | ||||||||||||
2020 Fund actual return | 1,000.00 | 1,125.63 | 2.50 | 2.77 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.71 | 2.38 | 2.64 | ||||||||||||
2025 Fund actual return | 1,000.00 | 1,142.14 | 2.58 | 2.90 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.66 | 2.43 | 2.74 | ||||||||||||
2030 Fund actual return | 1,000.00 | 1,159.64 | 2.65 | 2.98 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.61 | 2.48 | 2.79 | ||||||||||||
2035 Fund actual return | 1,000.00 | 1,176.29 | 2.67 | 3.06 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.61 | 2.48 | 2.84 | ||||||||||||
2040 Fund actual return | 1,000.00 | 1,192.96 | 2.69 | 3.08 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.61 | 2.48 | 2.84 | ||||||||||||
2045 Fund actual return | 1,000.00 | 1,208.72 | 2.77 | 3.21 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.56 | 2.54 | 2.94 | ||||||||||||
2050 Fund actual return | 1,000.00 | 1,211.67 | 2.77 | 3.22 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.56 | 2.54 | 2.94 | ||||||||||||
2055 Fund actual return | 1,000.00 | 1,214.29 | 2.78 | 3.22 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.56 | 2.54 | 2.94 | ||||||||||||
2060 Fund actual return | 1,000.00 | 1,216.24 | 2.78 | 3.22 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.56 | 2.54 | 2.94 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.46% for the Retirement Income Fund, 0.46% for the 2010 Fund, 0.47% for the 2015 Fund, 0.47% for the 2020 Fund, 0.48% for the 2025 Fund, 0.49% for the 2030 Fund, 0.49% for the 2035 Fund, 0.49% for the 2040 Fund, 0.50% for the 2045 Fund, 0.50% for the 2050 Fund, 0.50% for the 2055 Fund and 0.50% for the 2060 Fund. |
† | “Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses |
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 13 |
Important information about expenses
(which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.50% for the Retirement Income Fund, 0.50% for the 2010 Fund, 0.52% for the 2015 Fund, 0.52% for the 2020 Fund, 0.54% for the 2025 Fund, 0.55% for the 2030 Fund, 0.56% for the 2035 Fund, 0.56% for the 2040 Fund, 0.58% for the 2045 Fund, 0.58% for the 2050 Fund, 0.58% for the 2055 Fund and 0.58% for the 2060 Fund. |
Expense examples
Six months ended November 30, 2020
Lifecycle Funds Retirement Class | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | Effective expenses paid during period (6/1/20–11/30/20 | † ) | ||||||||
Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,103.85 | $ | 2.95 | $ | 3.16 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,022.26 | 2.84 | 3.04 | ||||||||||||
2010 Fund actual return | 1,000.00 | 1,105.34 | 2.96 | 3.17 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.26 | 2.84 | 3.04 | ||||||||||||
2015 Fund actual return | 1,000.00 | 1,115.42 | 3.02 | 3.29 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.21 | 2.89 | 3.14 | ||||||||||||
2020 Fund actual return | 1,000.00 | 1,124.32 | 3.04 | 3.30 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.21 | 2.89 | 3.14 | ||||||||||||
2025 Fund actual return | 1,000.00 | 1,141.55 | 3.11 | 3.44 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.16 | 2.94 | 3.24 | ||||||||||||
2030 Fund actual return | 1,000.00 | 1,159.07 | 3.19 | 3.52 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.11 | 2.99 | 3.29 | ||||||||||||
2035 Fund actual return | 1,000.00 | 1,175.62 | 3.22 | 3.60 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.11 | 2.99 | 3.35 | ||||||||||||
2040 Fund actual return | 1,000.00 | 1,192.17 | 3.24 | 3.63 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.11 | 2.99 | 3.35 | ||||||||||||
2045 Fund actual return | 1,000.00 | 1,207.74 | 3.32 | 3.76 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.06 | 3.04 | 3.45 | ||||||||||||
2050 Fund actual return | 1,000.00 | 1,211.89 | 3.33 | 3.72 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.06 | 3.04 | 3.40 | ||||||||||||
2055 Fund actual return | 1,000.00 | 1,213.71 | 3.33 | 3.77 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.06 | 3.04 | 3.45 | ||||||||||||
2060 Fund actual return | 1,000.00 | 1,215.74 | 3.33 | 3.78 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,022.06 | 3.04 | 3.45 | ||||||||||||
14 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Important information about expenses
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.56% for the Retirement Income Fund, 0.56% for the 2010 Fund, 0.57% for the 2015 Fund, 0.57% for the 2020 Fund, 0.58% for the 2025 Fund, 0.59% for the 2030 Fund, 0.59% for the 2035 Fund, 0.59% for the 2040 Fund, 0.60% for the 2045 Fund, 0.60% for the 2050 Fund, 0.60% for the 2055 Fund and 0.60% for the 2060 Fund. |
† | “Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.60% for the Retirement Income Fund, 0.60% for the 2010 Fund, 0.62% for the 2015 Fund, 0.62% for the 2020 Fund, 0.64% for the 2025 Fund, 0.65% for the 2030 Fund, 0.66% for the 2035 Fund, 0.66% for the 2040 Fund, 0.68% for the 2045 Fund, 0.67% for the 2050 Fund, 0.68% for the 2055 Fund and 0.68% for the 2060 Fund. |
Expense examples
Six months ended November 30, 2020
Lifecycle Funds Retail Class | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | Effective expenses paid during period (6/1/20–11/30/20 | † ) | ||||||||
Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,103.66 | $ | 2.95 | $ | 3.16 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,022.26 | 2.84 | 3.04 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of this fund may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the fund would be higher and its performance lower. The annualized expense ratio for the six-month period was 0.56% for the Retirement Income Fund. |
† | “Effective expenses paid during period” is based on the Fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.60% for the Retirement Income Fund. |
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 15 |
Investment results of the Lifecycle Funds
Performance for the six months ended November 30, 2020
All of the twelve TIAA-CREF Lifecycle Funds produced gains for the six-month period and outperformed their respective composite benchmarks. Returns for the Retirement Class ranged from 10.39% for the Lifecycle Retirement Income Fund to 21.57% for the Lifecycle 2060 Fund. The performance tables show returns for all share classes of the funds.
The margin of outperformance of the individual Lifecycle Funds, in relation to their respective composite benchmarks, ranged from 0.01 of a percentage point for the 2060 Fund to 0.43 of a percentage point for the 2010 Fund. (All results for the Lifecycle Funds are for the Retirement Class.)
Stocks and bonds advanced amid economic rebound
U.S. markets posted healthy gains for the period as the economic implications of the COVID-19 pandemic diminished. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, contracted at an annualized rate of 31.4% during the second quarter of 2020. GDP recovered dramatically during the third quarter, however, expanding at an annualized rate of 33.1%, according to the government’s “second” estimate. The unemployment rate, which began the period in double digits, eased over the six months to 6.7% in November. Core inflation, which includes all items except food and energy, rose to 1.6% over the twelve months ended November 30, 2020. Oil prices climbed higher over the period.
The Federal Reserve left the federal funds target rate unchanged throughout the period, maintaining the key short-term interest-rate measure at 0.00%—0.25%. Policymakers said they do not intend to raise the rate without ongoing signs of solid economic recovery.
Domestic and international equities generated strong gains for the period. The Russell 3000® Index, a broad measure of the U.S. stock market, advanced 22.59%. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 26 emerging-markets countries, rose 23.69% in U.S.-dollar terms.
U.S. investment-grade bonds posted steady gains for the period. The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 1.79%. Short-term bonds, as measured by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index, returned 0.55%.
Equity funds posted highest returns
The Lifecycle Funds may invest in up to six sectors of the investment markets, including U.S. equity (stocks), international equity (foreign stocks),
16 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
fixed income, short-term fixed income, inflation-protected assets and direct real estate. The Lifecycle Funds do this by investing in various underlying funds that, in turn, buy stocks, fixed-income instruments and commercial real estate in these six market sectors. (Other than the Nuveen Dividend Value Fund, all funds mentioned below are TIAA-CREF Funds.)
For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—were supported by strong gains in the domestic and international stock sectors as well as solid returns among fixed-income investments. Within the U.S. equity category, the Quant Small-Cap Equity Fund, the Quant Small/Mid-Cap Equity Fund and the Large-Cap Growth Fund performed best. The Emerging Markets Equity Fund was the leading performer among foreign stock funds, while the International Opportunities Fund and International Equity Fund also recorded impressive gains. Among fixed-income funds, the Emerging Markets Debt Fund and the High-Yield Fund advanced most. The Core Bond Fund and Core Plus Bond Fund recorded positive returns.
Foreign equity and fixed-income funds aided relative performance
All of the Lifecycle Funds outperformed their composite benchmarks, primarily due to the performance of underlying funds investing in international stocks and fixed-income securities. Among foreign equity funds, the International Opportunities Fund was the largest contributor to relative performance, followed by the International Equity Fund. Their impact was offset in part by the relative underperformance of the Quant International Equity Fund and the Quant International Small-Cap Equity Fund.
Among fixed-income funds, the Core Bond Fund and the Core Plus Bond Fund boosted relative performance most. Within the domestic equity category, the Growth & Income Fund had the strongest performance relative to its benchmark, but that impact was offset in part by the Nuveen Dividend Value Fund, which trailed its benchmark.
The Lifecycle Funds with larger stock allocations posted greater gains for the six-month period. For example, the 2045, 2050, 2055 and 2060 Funds, each of which seeks to invest at least 90% of its assets in equities, produced returns in excess of 20%. By comparison, the Retirement Income Fund, which invests about 35% of its assets in stocks, posted the smallest gain for the period. (Performance of the Lifecycle Funds’ underlying TIAA-CREF Funds can be found at TIAA.org/performance.)
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 17 |
Lifecycle Retirement Income Fund
Performance as of November 30, 2020
Lifecycle Retirement Income Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||
Institutional Class | 11/30/07 | 10.58 | % | 10.28 | % | 7.15 | % | 6.79 | % | 0.54 | % | 0.37 | % | ||||||||
Advisor Class | 12/4/15 | 10.53 | 10.09 | 7.09 | † | 6.63 | † | 0.63 | 0.47 | ||||||||||||
Premier Class | 9/30/09 | 10.51 | 10.02 | 6.99 | 6.62 | 0.69 | 0.52 | ||||||||||||||
Retirement Class | 11/30/07 | 10.39 | 9.94 | 6.86 | 6.52 | 0.78 | 0.62 | ||||||||||||||
Retail Class | 11/30/07 | 10.37 | 9.92 | 6.87 | 6.53 | 0.81 | 0.62 | ||||||||||||||
Lifecycle Retirement Income Fund Composite Index‡ | — | 10.14 | 11.29 | 7.37 | 6.80 | — | — | ||||||||||||||
Broad market index | |||||||||||||||||||||
S&P Target Date Retirement Income Index | — | 7.46 | 8.36 | 5.97 | 5.52 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Retirement Income Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000® Index; 12.0% MSCI All Country World Index ex USA Investable Market Index; 10.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
18 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle Retirement Income Fund
Asset allocation | ||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |
Equity | ||
U.S. equity | 26.08 | 24.50 |
International equity | 11.21 | 10.50 |
Fixed income | ||
Fixed income | 39.16 | 40.00 |
Short-term fixed income | 9.74 | 10.00 |
Inflation-protected assets | 9.78 | 10.00 |
Direct real estate | 3.84 | 5.00 |
Other assets & liabilities, net | 0.19 | — |
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 19 |
Performance as of November 30, 2020
Lifecycle 2010 Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||
Institutional Class | 1/17/07 | 10.65 | % | 10.29 | % | 7.33 | % | 7.19 | % | 0.52 | % | 0.37 | % | ||||||||
Advisor Class | 12/4/15 | 10.62 | 10.34 | 7.34 | † | 7.06 | † | 0.61 | 0.45 | ||||||||||||
Premier Class | 9/30/09 | 10.59 | 10.10 | 7.15 | 7.02 | 0.67 | 0.52 | ||||||||||||||
Retirement Class | 10/15/04 | 10.53 | 10.03 | 7.05 | 6.92 | 0.77 | 0.62 | ||||||||||||||
Lifecycle 2010 Fund Composite Index‡ | — | 10.10 | 11.21 | 7.53 | 7.22 | — | — | ||||||||||||||
Broad market index | |||||||||||||||||||||
S&P Target Date 2010 Index | — | 8.88 | 9.29 | 6.57 | 6.26 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2010 Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 27.7% Russell 3000® Index; 11.9% MSCI All Country World Index ex USA Investable Market Index; 10.4% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
20 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2010 Fund
Asset allocation | ||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |
Equity | ||
U.S. equity | 25.91 | 24.15 |
International equity | 11.11 | 10.35 |
Fixed income | ||
Fixed income | 39.18 | 40.00 |
Short-term fixed income | 10.11 | 11.00 |
Inflation-protected assets | 9.79 | 10.00 |
Direct real estate | 3.71 | 4.50 |
Other assets & liabilities, net | 0.19 | — |
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 21 |
Performance as of November 30, 2020
Lifecycle 2015 Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||
Institutional Class | 1/17/07 | 11.64 | % | 10.96 | % | 7.74 | % | 7.65 | % | 0.52 | % | 0.38 | % | ||||||||
Advisor Class | 12/4/15 | 11.65 | 10.82 | 7.68 | † | 7.49 | † | 0.60 | 0.46 | ||||||||||||
Premier Class | 9/30/09 | 11.60 | 10.69 | 7.56 | 7.48 | 0.68 | 0.53 | ||||||||||||||
Retirement Class | 10/15/04 | 11.54 | 10.63 | 7.46 | 7.38 | 0.77 | 0.63 | ||||||||||||||
Lifecycle 2015 Fund Composite Index‡ | — | 11.14 | 11.75 | 7.98 | 7.73 | — | — | ||||||||||||||
Broad market index | |||||||||||||||||||||
S&P Target Date 2015 Index | — | 9.90 | 9.50 | 7.05 | 6.94 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2015 Fund Composite Index consisted of: 39.1% Bloomberg Barclays U.S. Aggregate Bond Index; 31.2% Russell 3000® Index; 13.3% MSCI All Country World Index ex USA Investable Market Index; 8.2% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 8.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
22 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2015 Fund
Asset allocation | ||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |
Equity | ||
U.S. equity | 29.33 | 27.30 |
International equity | 12.56 | 11.70 |
Fixed income | ||
Fixed income | 38.21 | 39.20 |
Short-term fixed income | 7.93 | 8.40 |
Inflation-protected assets | 7.96 | 8.40 |
Direct real estate | 3.84 | 5.00 |
Other assets & liabilities, net | 0.17 | — |
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 23 |
Performance as of November 30, 2020
Lifecycle 2020 Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||
Institutional Class | 1/17/07 | 12.64 | % | 11.41 | % | 8.19 | % | 8.21 | % | 0.53 | % | 0.39 | % | ||||||||
Advisor Class | 12/4/15 | 12.64 | 11.40 | 8.17 | † | 8.05 | † | 0.61 | 0.47 | ||||||||||||
Premier Class | 9/30/09 | 12.56 | 11.33 | 8.04 | 8.04 | 0.68 | 0.54 | ||||||||||||||
Retirement Class | 10/15/04 | 12.43 | 11.11 | 7.92 | 7.93 | 0.78 | 0.64 | ||||||||||||||
Lifecycle 2020 Fund Composite Index‡ | — | 12.17 | 12.24 | 8.52 | 8.34 | — | — | ||||||||||||||
Broad market index | |||||||||||||||||||||
S&P Target Date 2020 Index | — | 10.58 | 9.49 | 7.48 | 7.52 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2020 Fund Composite Index consisted of: 38.1% Bloomberg Barclays U.S. Aggregate Bond Index; 34.7% Russell 3000® Index; 14.8% MSCI All Country World Index ex USA Investable Market Index; 6.2% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 6.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
24 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2020 Fund
Asset allocation
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |
Equity | ||
U.S. equity | 32.81 | 30.80 |
International equity | 14.05 | 13.20 |
Fixed income | ||
Fixed income | 37.13 | 38.20 |
Short-term fixed income | 5.97 | 6.40 |
Inflation-protected assets | 5.99 | 6.40 |
Direct real estate | 3.84 | 5.00 |
Other assets & liabilities, net | 0.21 | — |
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 25 |
Performance as of November 30, 2020
Lifecycle 2025 Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||
Institutional Class | 1/17/07 | 14.34 | % | 12.44 | % | 8.80 | % | 8.82 | % | 0.55 | % | 0.41 | % | ||||||||
Advisor Class | 12/4/15 | 14.36 | 12.30 | 8.76 | † | 8.66 | † | 0.63 | 0.49 | ||||||||||||
Premier Class | 9/30/09 | 14.21 | 12.18 | 8.63 | 8.66 | 0.70 | 0.56 | ||||||||||||||
Retirement Class | 10/15/04 | 14.16 | 12.09 | 8.53 | 8.55 | 0.80 | 0.66 | ||||||||||||||
Lifecycle 2025 Fund Composite Index‡ | — | 13.83 | 12.99 | 9.18 | 9.02 | — | — | ||||||||||||||
Broad market index | |||||||||||||||||||||
S&P Target Date 2025 Index | — | 12.68 | 10.27 | 8.13 | 8.13 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2025 Fund Composite Index consisted of: 40.1% Russell 3000® Index; 34.3% Bloomberg Barclays U.S. Aggregate Bond Index; 17.2% MSCI All Country World Index ex USA Investable Market Index; 4.2% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 4.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
26 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2025 Fund
Asset allocation | ||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |
Equity | ||
U.S. equity | 38.70 | 36.54 |
International equity | 16.58 | 15.66 |
Fixed income | ||
Fixed income | 32.66 | 34.00 |
Short-term fixed income | 4.02 | 4.40 |
Inflation-protected assets | 4.03 | 4.40 |
Direct real estate | 3.84 | 5.00 |
Other assets & liabilities, net | 0.17 | — |
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 27 |
Performance as of November 30, 2020
Lifecycle 2030 Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | |||||||||||||||
Institutional Class | 1/17/07 | 15.98 | % | 13.20 | % | 9.37 | % | 9.39 | % | 0.56 | % | 0.42 | % | ||||||||
Advisor Class | 12/4/15 | 15.98 | 13.15 | 9.33 | † | 9.24 | † | 0.64 | 0.50 | ||||||||||||
Premier Class | 9/30/09 | 15.96 | 13.15 | 9.22 | 9.24 | 0.71 | 0.57 | ||||||||||||||
Retirement Class | 10/15/04 | 15.91 | 12.95 | 9.11 | 9.13 | 0.81 | 0.67 | ||||||||||||||
Lifecycle 2030 Fund Composite Index‡ | — | 15.52 | 13.72 | 9.83 | 9.68 | — | — | ||||||||||||||
Broad market index | |||||||||||||||||||||
S&P Target Date 2030 Index | — | 14.65 | 10.82 | 8.69 | 8.66 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2030 Fund Composite Index consisted of: 45.7% Russell 3000® Index; 30.3% Bloomberg Barclays U.S. Aggregate Bond Index; 19.6% MSCI All Country World Index ex USA Investable Market Index; 2.2% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 2.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
28 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2030 Fund
Asset allocation | ||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |
Equity | ||
U.S. equity | 44.76 | 42.84 |
International equity | 19.18 | 18.36 |
Fixed income | ||
Fixed income | 27.91 | 29.00 |
Short-term fixed income | 2.08 | 2.40 |
Inflation-protected assets | 2.08 | 2.40 |
Direct real estate | 3.84 | 5.00 |
Other assets & liabilities, net | 0.15 | — |
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 29 |
Performance as of November 30, 2020
Lifecycle 2035 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 1/17/07 | 17.78 | % | 14.08 | % | 9.94 | % | 9.93 | % | 0.58 | % | 0.43 | % | |||||||||||||
Advisor Class | 12/4/15 | 17.69 | 13.95 | 9.88 | † | 9.76 | † | 0.66 | 0.51 | |||||||||||||||||
Premier Class | 9/30/09 | 17.63 | 13.91 | 9.76 | 9.76 | 0.73 | 0.58 | |||||||||||||||||||
Retirement Class | 10/15/04 | 17.56 | 13.75 | 9.66 | 9.65 | 0.83 | 0.68 | |||||||||||||||||||
Lifecycle 2035 Fund Composite Index‡ | – | 17.22 | 14.40 | 10.45 | 10.29 | – | – | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2035 Index | – | 16.85 | 11.49 | 9.24 | 9.15 | – | – |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2035 Fund Composite Index consisted of: 51.3% Russell 3000® Index; 26.3% Bloomberg Barclays U.S. Aggregate Bond Index; 22.0% MSCI All Country World Index ex USA Investable Market Index; 0.2% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 0.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
30 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2035 Fund
Asset allocation | ||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |||||
Equity | ||||||
U.S. equity | 50.74 | 49.14 | ||||
International equity | 21.77 | 21.06 | ||||
Fixed income | ||||||
Fixed income | 23.17 | 24.00 | ||||
Short-term fixed income | 0.15 | 0.40 | ||||
Inflation-protected assets | 0.15 | 0.40 | ||||
Direct real estate | 3.84 | 5.00 | ||||
Other assets & liabilities, net | 0.18 | – | ||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 31 |
Performance as of November 30, 2020
Lifecycle 2040 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 1/17/07 | 19.32 | % | 14.85 | % | 10.41 | % | 10.32 | % | 0.60 | % | 0.44 | % | |||||||||||||
Advisor Class | 12/4/15 | 19.34 | 14.81 | 10.38 | † | 10.15 | † | 0.68 | 0.52 | |||||||||||||||||
Premier Class | 9/30/09 | 19.30 | 14.68 | 10.25 | 10.15 | 0.75 | 0.59 | |||||||||||||||||||
Retirement Class | 10/15/04 | 19.22 | 14.61 | 10.15 | 10.04 | 0.85 | 0.69 | |||||||||||||||||||
Lifecycle 2040 Fund Composite Index‡ | – | 18.95 | 14.97 | 11.01 | 10.73 | – | – | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2040 Index | – | 18.32 | 11.92 | 9.62 | 9.49 | – | – |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2040 Fund Composite Index consisted of: 56.9% Russell 3000® Index; 24.4% MSCI All Country World Index ex USA Investable Market Index; and 18.7% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
32 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2040 Fund
Asset allocation | ||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |||||
Equity | ||||||
U.S. equity | 56.75 | 55.44 | ||||
International equity | 24.35 | 23.76 | ||||
Fixed income | 14.89 | 15.80 | ||||
Direct real estate | 3.85 | 5.00 | ||||
Other assets & liabilities, net | 0.16 | – | ||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 33 |
Performance as of November 30, 2020
Lifecycle 2045 Fund | Total return | Average annual total return | �� | Annual operating expenses*# | ||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 11/30/07 | 21.04 | % | 15.69 | % | 10.77 | % | 10.48 | % | 0.61 | % | 0.45 | % | |||||||||||||
Advisor Class | 12/4/15 | 20.93 | 15.66 | 10.74 | † | 10.33 | † | 0.69 | 0.53 | |||||||||||||||||
Premier Class | 9/30/09 | 20.87 | 15.54 | 10.60 | 10.31 | 0.76 | 0.60 | |||||||||||||||||||
Retirement Class | 11/30/07 | 20.77 | 15.40 | 10.49 | 10.20 | 0.86 | 0.70 | |||||||||||||||||||
Lifecycle 2045 Fund Composite Index‡ | – | 20.69 | 15.59 | 11.39 | 10.92 | – | – | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2045 Index | – | 19.22 | 12.14 | 9.84 | 9.71 | – | – |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2045 Fund Composite Index consisted of: 62.5% Russell 3000® Index; 26.8% MSCI All Country World Index ex USA Investable Market Index; and 10.7% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
34 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2045 Fund
Asset allocation | ||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |||||
Equity | ||||||
U.S. equity | 62.66 | 61.74 | ||||
International equity | 26.90 | 26.46 | ||||
Fixed income | 6.43 | 6.80 | ||||
Direct real estate | 3.85 | 5.00 | ||||
Other assets & liabilities, net | 0.16 | – | ||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 35 |
Performance as of November 30, 2020
Lifecycle 2050 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 11/30/07 | 21.24 | % | 15.88 | % | 10.88 | % | 10.54 | % | 0.62 | % | 0.45 | % | |||||||||||||
Advisor Class | 12/4/15 | 21.35 | 15.86 | 10.85 | † | 10.39 | † | 0.70 | 0.53 | |||||||||||||||||
Premier Class | 9/30/09 | 21.17 | 15.71 | 10.71 | 10.37 | 0.77 | 0.60 | |||||||||||||||||||
Retirement Class | 11/30/07 | 21.19 | 15.59 | 10.60 | 10.26 | 0.87 | 0.70 | |||||||||||||||||||
Lifecycle 2050 Fund Composite Index‡ | – | 21.01 | 15.72 | 11.51 | 10.98 | – | – | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2050 Index | – | 19.64 | 12.29 | 10.00 | 9.89 | – | – |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2050 Fund Composite Index consisted of: 63.8% Russell 3000® Index; 27.3% MSCI All Country World Index ex USA Investable Market Index; and 8.9% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
36 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2050 Fund
Asset allocation | ||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |||||
Equity | ||||||
U.S. equity | 63.86 | 63.70 | ||||
International equity | 27.41 | 27.30 | ||||
Fixed income | 4.68 | 4.00 | ||||
Direct real estate | 3.85 | 5.00 | ||||
Other assets & liabilities, net | 0.20 | – | ||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 37 |
Performance as of November 30, 2020
Lifecycle 2055 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 4/29/11 | 21.50 | % | 15.93 | % | 10.96 | % | 9.41 | % | 0.64 | % | 0.45 | % | |||||||||||||
Advisor Class | 12/4/15 | 21.50 | 15.92 | 10.94 | † | 9.28 | † | 0.72 | 0.53 | |||||||||||||||||
Premier Class | 4/29/11 | 21.43 | 15.76 | 10.79 | 9.25 | 0.79 | 0.60 | |||||||||||||||||||
Retirement Class | 4/29/11 | 21.37 | 15.61 | 10.69 | 9.14 | 0.89 | 0.70 | |||||||||||||||||||
Lifecycle 2055 Fund Composite Index‡ | – | 21.28 | 15.79 | 11.62 | 9.85§ | – | – | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2055 Index | – | 19.89 | 12.27 | 10.09 | 8.83§ | – | – |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2055 Fund Composite Index consisted of: 64.7% Russell 3000® Index; 27.7% MSCI All Country World Index ex USA Investable Market Index; and 7.6% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Retirement Class. |
38 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2055 Fund
Asset allocation | ||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |||||
Equity | ||||||
U.S. equity | 64.75 | 64.58 | ||||
International equity | 27.78 | 27.67 | ||||
Fixed income | 3.51 | 2.75 | ||||
Direct real estate | 3.84 | 5.00 | ||||
Other assets & liabilities, net | 0.12 | – | ||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 39 |
Performance as of November 30, 2020
Lifecycle 2060 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 9/26/14 | 21.67 | % | 16.04 | % | 11.05 | % | 9.52 | % | 0.72 | % | 0.45 | % | |||||||||||||
Advisor Class | 12/4/15 | 21.67 | 16.04 | 11.03 | † | 9.46 | † | 0.80 | 0.53 | |||||||||||||||||
Premier Class | 9/26/14 | 21.62 | 15.94 | 10.89 | 9.37 | 0.87 | 0.60 | |||||||||||||||||||
Retirement Class | 9/26/14 | 21.57 | 15.79 | 10.78 | 9.26 | 0.97 | 0.70 | |||||||||||||||||||
Lifecycle 2060 Fund Composite Index‡ | – | 21.56 | 15.87 | 11.73 | 9.84§ | – | – | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2060+ Index | – | 19.90 | 12.42 | 10.23 | 8.71§ | – | – |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and certain waivers will continue through at least September 30, 2021, and certain other waivers will remain in effect through at least September 30, 2023, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle 2060 Fund Composite Index consisted of: 65.5% Russell 3000® Index; 28.1% MSCI All Country World Index ex USA Investable Market Index; and 6.4% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Retirement Class. |
40 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Lifecycle 2060 Fund
Asset allocation | ||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | |||||
Equity | ||||||
U.S. equity | 65.42 | 65.45 | ||||
International equity | 28.09 | 28.05 | ||||
Fixed income | 2.31 | 1.50 | ||||
Direct real estate | 3.82 | 5.00 | ||||
Other assets & liabilities, net | 0.36 | – | ||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 41 |
Portfolio of investments (unaudited)
Lifecycle Retirement Income Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
2,068,396 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/03/20; cost $21,889,186) | $ | 22,173,202 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 22,173,202 | 3.8 | ||||||||||||
FIXED INCOME—39.2% | ||||||||||||||
10,364,587 | TIAA-CREF Core Bond Fund | 115,876,082 | 20.1 | |||||||||||
6,581,669 | TIAA-CREF Core Plus Bond Fund | 73,648,879 | 12.8 | |||||||||||
1,199,881 | TIAA-CREF Emerging Markets Debt Fund | 12,166,790 | 2.1 | |||||||||||
1,341,552 | TIAA-CREF High-Yield Fund | 12,717,910 | 2.2 | |||||||||||
1,131,861 | TIAA-CREF International Bond Fund | 11,793,989 | 2.0 | |||||||||||
TOTAL FIXED INCOME | 226,203,650 | 39.2 | ||||||||||||
INFLATION-PROTECTED ASSETS—9.8% | ||||||||||||||
4,619,124 | TIAA-CREF Inflation-Linked Bond Fund | 56,538,084 | 9.8 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 56,538,084 | 9.8 | ||||||||||||
INTERNATIONAL EQUITY—11.2% | ||||||||||||||
215,514 | Nuveen International Growth Fund | 11,622,689 | 2.0 | |||||||||||
661,430 | TIAA-CREF Emerging Markets Equity Fund | 9,233,568 | 1.6 | |||||||||||
1,463,810 | TIAA-CREF International Equity Fund | 18,385,449 | 3.2 | |||||||||||
796,144 | TIAA-CREF International Opportunities Fund | 14,211,164 | 2.4 | |||||||||||
375,549 | TIAA-CREF Quant International Equity Fund | 2,831,639 | 0.5 | |||||||||||
815,033 | TIAA-CREF Quant International Small-Cap Equity Fund | 8,508,943 | 1.5 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 64,793,452 | 11.2 | ||||||||||||
SHORT-TERM FIXED INCOME—9.7% | ||||||||||||||
5,356,167 | TIAA-CREF Short-Term Bond Fund | 56,293,320 | 9.7 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 56,293,320 | 9.7 | ||||||||||||
U.S. EQUITY—26.1% | ||||||||||||||
1,582,481 | Nuveen Dividend Value Fund | 20,920,394 | 3.6 | |||||||||||
371,798 | Nuveen Santa Barbara Dividend Growth Fund | 17,615,810 | 3.1 | |||||||||||
1,379,048 | TIAA-CREF Growth & Income Fund | 23,292,122 | 4.0 | |||||||||||
834,083 | TIAA-CREF Large-Cap Growth Fund | 25,122,571 | 4.3 | |||||||||||
415,767 | TIAA-CREF Large-Cap Growth Index Fund | 20,015,034 | 3.5 | |||||||||||
1,285,291 | TIAA-CREF Large-Cap Value Fund | 23,726,465 | 4.1 | |||||||||||
235,138 | TIAA-CREF Quant Large-Cap Growth Fund | 4,517,002 | 0.8 | |||||||||||
226,759 | TIAA-CREF Quant Large-Cap Value Fund | 2,133,804 | 0.4 | |||||||||||
371,185 | TIAA-CREF Quant Small-Cap Equity Fund | 6,324,985 | 1.1 | |||||||||||
525,879 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 7,036,265 | 1.2 | |||||||||||
TOTAL U.S. EQUITY | 150,704,452 | 26.1 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $500,835,935) | 576,706,160 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $500,835,935) | 576,706,160 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,100,853 | 0.2 | ||||||||||||
NET ASSETS | $ | 577,807,013 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $22,173,202 or 3.8% of net assets. |
42 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2010 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.7% | ||||||||||||||
4,230,579 | b | TIAA-CREF Real Property Fund LP (purchased 7/01/16–10/28/20; cost $44,319,840) | $ | 45,351,803 | 3.7 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 45,351,803 | 3.7 | ||||||||||||
FIXED INCOME—39.2% | ||||||||||||||
21,927,575 | TIAA-CREF Core Bond Fund | 245,150,291 | 20.1 | |||||||||||
13,931,327 | TIAA-CREF Core Plus Bond Fund | 155,891,552 | 12.8 | |||||||||||
2,545,207 | TIAA-CREF Emerging Markets Debt Fund | 25,808,401 | 2.1 | |||||||||||
2,842,919 | TIAA-CREF High-Yield Fund | 26,950,870 | 2.2 | |||||||||||
2,394,020 | TIAA-CREF International Bond Fund | 24,945,686 | 2.0 | |||||||||||
TOTAL FIXED INCOME | 478,746,800 | 39.2 | ||||||||||||
INFLATION-PROTECTED ASSETS—9.8% | ||||||||||||||
9,770,672 | TIAA-CREF Inflation-Linked Bond Fund | 119,593,025 | 9.8 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 119,593,025 | 9.8 | ||||||||||||
INTERNATIONAL EQUITY—11.1% | ||||||||||||||
452,689 | Nuveen International Growth Fund | 24,413,544 | 2.0 | |||||||||||
1,389,347 | TIAA-CREF Emerging Markets Equity Fund | 19,395,278 | 1.6 | |||||||||||
3,074,763 | TIAA-CREF International Equity Fund | 38,619,023 | 3.2 | |||||||||||
1,663,063 | TIAA-CREF International Opportunities Fund | 29,685,670 | 2.4 | |||||||||||
788,596 | TIAA-CREF Quant International Equity Fund | 5,946,015 | 0.5 | |||||||||||
1,696,222 | TIAA-CREF Quant International Small-Cap Equity Fund | 17,708,561 | 1.4 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 135,768,091 | 11.1 | ||||||||||||
SHORT-TERM FIXED INCOME—10.1% | ||||||||||||||
11,757,427 | TIAA-CREF Short-Term Bond Fund | 123,570,553 | 10.1 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 123,570,553 | 10.1 | ||||||||||||
U.S. EQUITY—25.9% | ||||||||||||||
3,324,981 | Nuveen Dividend Value Fund | 43,956,245 | 3.6 | |||||||||||
780,956 | Nuveen Santa Barbara Dividend Growth Fund | 37,001,707 | 3.0 | |||||||||||
2,896,753 | TIAA-CREF Growth & Income Fund | 48,926,156 | 4.0 | |||||||||||
1,752,386 | TIAA-CREF Large-Cap Growth Fund | 52,781,853 | 4.3 | |||||||||||
873,537 | TIAA-CREF Large-Cap Growth Index Fund | 42,052,073 | 3.4 | |||||||||||
2,699,414 | TIAA-CREF Large-Cap Value Fund | 49,831,189 | 4.1 | |||||||||||
493,750 | TIAA-CREF Quant Large-Cap Growth Fund | 9,484,938 | 0.8 | |||||||||||
476,164 | TIAA-CREF Quant Large-Cap Value Fund | 4,480,704 | 0.4 | |||||||||||
779,675 | TIAA-CREF Quant Small-Cap Equity Fund | 13,285,667 | 1.1 | |||||||||||
1,104,146 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 14,773,478 | 1.2 | |||||||||||
TOTAL U.S. EQUITY | 316,574,010 | 25.9 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,024,205,600) | 1,219,604,282 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $1,024,205,600) | 1,219,604,282 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 2,284,622 | 0.2 | ||||||||||||
NET ASSETS | $ | 1,221,888,904 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $45,351,803 or 3.7% of net assets. |
See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 43 |
Portfolio of investments (unaudited)
Lifecycle 2015 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
6,375,179 | b | TIAA-CREF Real Property Fund LP (purchased 11/28/16–11/03/20; cost $67,289,607) | $ | 68,341,920 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 68,341,920 | 3.8 | ||||||||||||
FIXED INCOME—38.2% | ||||||||||||||
31,108,633 | TIAA-CREF Core Bond Fund | 347,794,519 | 19.5 | |||||||||||
19,767,087 | TIAA-CREF Core Plus Bond Fund | 221,193,707 | 12.4 | |||||||||||
3,651,160 | TIAA-CREF Emerging Markets Debt Fund | 37,022,758 | 2.1 | |||||||||||
4,060,224 | TIAA-CREF High-Yield Fund | 38,490,924 | 2.2 | |||||||||||
3,399,400 | TIAA-CREF International Bond Fund | 35,421,745 | 2.0 | |||||||||||
TOTAL FIXED INCOME | 679,923,653 | 38.2 | ||||||||||||
INFLATION-PROTECTED ASSETS—8.0% | ||||||||||||||
11,576,635 | TIAA-CREF Inflation-Linked Bond Fund | 141,698,010 | 8.0 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 141,698,010 | 8.0 | ||||||||||||
INTERNATIONAL EQUITY—12.6% | ||||||||||||||
746,475 | Nuveen International Growth Fund | 40,257,412 | 2.3 | |||||||||||
2,289,723 | TIAA-CREF Emerging Markets Equity Fund | 31,964,529 | 1.8 | |||||||||||
5,070,719 | TIAA-CREF International Equity Fund | 63,688,227 | 3.6 | |||||||||||
2,729,478 | TIAA-CREF International Opportunities Fund | 48,721,187 | 2.7 | |||||||||||
1,299,976 | TIAA-CREF Quant International Equity Fund | 9,801,822 | 0.6 | |||||||||||
2,793,855 | TIAA-CREF Quant International Small-Cap Equity Fund | 29,167,841 | 1.6 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 223,601,018 | 12.6 | ||||||||||||
SHORT-TERM FIXED INCOME—7.9% | ||||||||||||||
13,424,986 | TIAA-CREF Short-Term Bond Fund | 141,096,608 | 7.9 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 141,096,608 | 7.9 | ||||||||||||
U.S. EQUITY—29.3% | ||||||||||||||
5,486,442 | Nuveen Dividend Value Fund | 72,530,761 | 4.1 | |||||||||||
1,287,764 | Nuveen Santa Barbara Dividend Growth Fund | 61,014,282 | 3.4 | |||||||||||
4,776,113 | TIAA-CREF Growth & Income Fund | 80,668,541 | 4.5 | |||||||||||
2,890,772 | TIAA-CREF Large-Cap Growth Fund | 87,070,048 | 4.9 | |||||||||||
1,440,428 | TIAA-CREF Large-Cap Growth Index Fund | 69,342,195 | 3.9 | |||||||||||
4,451,945 | TIAA-CREF Large-Cap Value Fund | 82,182,899 | 4.6 | |||||||||||
814,092 | TIAA-CREF Quant Large-Cap Growth Fund | 15,638,708 | 0.9 | |||||||||||
784,810 | TIAA-CREF Quant Large-Cap Value Fund | 7,385,064 | 0.4 | |||||||||||
1,285,518 | TIAA-CREF Quant Small-Cap Equity Fund | 21,905,219 | 1.2 | |||||||||||
1,822,166 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 24,380,578 | 1.4 | |||||||||||
TOTAL U.S. EQUITY | 522,118,295 | 29.3 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,575,852,713) | 1,776,779,504 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $1,575,852,713) | 1,776,779,504 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 3,095,326 | 0.2 | ||||||||||||
NET ASSETS | $ | 1,779,874,830 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $68,341,920 or 3.8% of net assets. |
44 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2020 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
13,835,300 | b | TIAA-CREF Real Property Fund LP (purchased 11/28/16–11/03/20; cost $146,468,756) | $ | 148,314,421 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 148,314,421 | 3.8 | ||||||||||||
FIXED INCOME—37.1% | ||||||||||||||
65,583,388 | TIAA-CREF Core Bond Fund | 733,222,275 | 19.0 | |||||||||||
41,755,384 | TIAA-CREF Core Plus Bond Fund | 467,242,750 | 12.1 | |||||||||||
7,735,576 | TIAA-CREF Emerging Markets Debt Fund | 78,438,741 | 2.0 | |||||||||||
8,602,336 | TIAA-CREF High-Yield Fund | 81,550,142 | 2.1 | |||||||||||
7,171,985 | TIAA-CREF International Bond Fund | 74,732,083 | 1.9 | |||||||||||
TOTAL FIXED INCOME | 1,435,185,991 | 37.1 | ||||||||||||
INFLATION-PROTECTED ASSETS—6.0% | ||||||||||||||
18,916,767 | TIAA-CREF Inflation-Linked Bond Fund | 231,541,227 | 6.0 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 231,541,227 | 6.0 | ||||||||||||
INTERNATIONAL EQUITY—14.1% | ||||||||||||||
1,813,129 | Nuveen International Growth Fund | 97,782,046 | 2.5 | |||||||||||
5,558,722 | TIAA-CREF Emerging Markets Equity Fund | 77,599,756 | 2.0 | |||||||||||
12,317,235 | TIAA-CREF International Equity Fund | 154,704,472 | 4.0 | |||||||||||
6,623,998 | TIAA-CREF International Opportunities Fund | 118,238,364 | 3.1 | |||||||||||
3,153,091 | TIAA-CREF Quant International Equity Fund | 23,774,308 | 0.6 | |||||||||||
6,781,187 | TIAA-CREF Quant International Small-Cap Equity Fund | 70,795,594 | 1.9 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 542,894,540 | 14.1 | ||||||||||||
SHORT-TERM FIXED INCOME—6.0% | ||||||||||||||
21,936,203 | TIAA-CREF Short-Term Bond Fund | 230,549,498 | 6.0 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 230,549,498 | 6.0 | ||||||||||||
U.S. EQUITY—32.8% | ||||||||||||||
13,318,115 | Nuveen Dividend Value Fund | 176,065,480 | 4.5 | |||||||||||
3,127,867 | Nuveen Santa Barbara Dividend Growth Fund | 148,198,319 | 3.8 | |||||||||||
11,598,344 | TIAA-CREF Growth & Income Fund | 195,896,023 | 5.1 | |||||||||||
7,015,466 | TIAA-CREF Large-Cap Growth Fund | 211,305,825 | 5.5 | |||||||||||
3,497,890 | TIAA-CREF Large-Cap Growth Index Fund | 168,388,441 | 4.3 | |||||||||||
10,808,378 | TIAA-CREF Large-Cap Value Fund | 199,522,652 | 5.2 | |||||||||||
1,974,887 | TIAA-CREF Quant Large-Cap Growth Fund | 37,937,573 | 1.0 | |||||||||||
1,903,312 | TIAA-CREF Quant Large-Cap Value Fund | 17,910,165 | 0.5 | |||||||||||
3,122,140 | TIAA-CREF Quant Small-Cap Equity Fund | 53,201,261 | 1.4 | |||||||||||
4,424,128 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 59,194,837 | 1.5 | |||||||||||
TOTAL U.S. EQUITY | 1,267,620,576 | 32.8 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,385,865,949) | 3,856,106,253 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $3,385,865,949) | 3,856,106,253 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 7,932,785 | 0.2 | ||||||||||||
NET ASSETS | $ | 3,864,039,038 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $148,314,421 or 3.8% of net assets. |
See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 45 |
Portfolio of investments (unaudited)
Lifecycle 2025 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
18,179,229 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/03/20; cost $193,338,346) | $ | 194,881,340 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 194,881,340 | 3.8 | ||||||||||||
FIXED INCOME—32.7% | ||||||||||||||
75,456,766 | TIAA-CREF Core Bond Fund | 843,606,643 | 16.6 | |||||||||||
48,264,702 | TIAA-CREF Core Plus Bond Fund | 540,082,020 | 10.7 | |||||||||||
9,071,549 | TIAA-CREF Emerging Markets Debt Fund | 91,985,512 | 1.8 | |||||||||||
10,082,465 | TIAA-CREF High-Yield Fund | 95,581,771 | 1.9 | |||||||||||
8,281,337 | TIAA-CREF International Bond Fund | 86,291,533 | 1.7 | |||||||||||
TOTAL FIXED INCOME | 1,657,547,479 | 32.7 | ||||||||||||
INFLATION-PROTECTED ASSETS—4.0% | ||||||||||||||
16,727,350 | TIAA-CREF Inflation-Linked Bond Fund | 204,742,760 | 4.0 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 204,742,760 | 4.0 | ||||||||||||
INTERNATIONAL EQUITY—16.6% | ||||||||||||||
2,809,310 | Nuveen International Growth Fund | 151,506,109 | 3.0 | |||||||||||
8,607,269 | TIAA-CREF Emerging Markets Equity Fund | 120,157,480 | 2.4 | |||||||||||
19,086,323 | TIAA-CREF International Equity Fund | 239,724,215 | 4.7 | |||||||||||
10,257,410 | TIAA-CREF International Opportunities Fund | 183,094,770 | 3.6 | |||||||||||
4,880,371 | TIAA-CREF Quant International Equity Fund | 36,797,999 | 0.7 | |||||||||||
10,533,712 | TIAA-CREF Quant International Small-Cap Equity Fund | 109,971,950 | 2.2 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 841,252,523 | 16.6 | ||||||||||||
SHORT-TERM FIXED INCOME—4.0% | ||||||||||||||
19,390,071 | TIAA-CREF Short-Term Bond Fund | 203,789,651 | 4.0 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 203,789,651 | 4.0 | ||||||||||||
U.S. EQUITY—38.7% | ||||||||||||||
20,639,889 | Nuveen Dividend Value Fund | 272,859,334 | 5.4 | |||||||||||
4,846,399 | Nuveen Santa Barbara Dividend Growth Fund | 229,622,382 | 4.5 | |||||||||||
17,967,196 | TIAA-CREF Growth & Income Fund | 303,465,942 | 6.0 | |||||||||||
10,867,593 | TIAA-CREF Large-Cap Growth Fund | 327,331,911 | 6.5 | |||||||||||
5,420,125 | TIAA-CREF Large-Cap Growth Index Fund | 260,924,801 | 5.1 | |||||||||||
16,742,800 | TIAA-CREF Large-Cap Value Fund | 309,072,082 | 6.1 | |||||||||||
3,055,598 | TIAA-CREF Quant Large-Cap Growth Fund | 58,698,033 | 1.2 | |||||||||||
2,945,479 | TIAA-CREF Quant Large-Cap Value Fund | 27,716,956 | 0.5 | |||||||||||
4,836,990 | TIAA-CREF Quant Small-Cap Equity Fund | 82,422,317 | 1.6 | |||||||||||
6,856,537 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 91,740,463 | 1.8 | |||||||||||
TOTAL U.S. EQUITY | 1,963,854,221 | 38.7 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,389,546,809) | 5,066,067,974 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $4,389,546,809) | 5,066,067,974 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 8,586,478 | 0.2 | ||||||||||||
NET ASSETS | $ | 5,074,654,452 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $194,881,340 or 3.8% of net assets. |
46 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2030 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
18,893,446 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/03/20; cost $201,512,762) | $ | 202,537,743 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 202,537,743 | 3.8 | ||||||||||||
FIXED INCOME—27.9% | ||||||||||||||
66,627,101 | TIAA-CREF Core Bond Fund | 744,890,986 | 14.1 | |||||||||||
42,831,128 | TIAA-CREF Core Plus Bond Fund | 479,280,326 | 9.1 | |||||||||||
8,240,900 | TIAA-CREF Emerging Markets Debt Fund | 83,562,724 | 1.6 | |||||||||||
9,148,859 | TIAA-CREF High-Yield Fund | 86,731,186 | 1.6 | |||||||||||
7,350,697 | TIAA-CREF International Bond Fund | 76,594,260 | 1.5 | |||||||||||
TOTAL FIXED INCOME | 1,471,059,482 | 27.9 | ||||||||||||
INFLATION-PROTECTED ASSETS—2.1% | ||||||||||||||
8,976,691 | TIAA-CREF Inflation-Linked Bond Fund | 109,874,697 | 2.1 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 109,874,697 | 2.1 | ||||||||||||
INTERNATIONAL EQUITY—19.2% | ||||||||||||||
3,374,026 | Nuveen International Growth Fund | 181,961,216 | 3.5 | |||||||||||
10,332,578 | TIAA-CREF Emerging Markets Equity Fund | 144,242,785 | 2.7 | |||||||||||
22,924,269 | TIAA-CREF International Equity Fund | 287,928,818 | 5.5 | |||||||||||
12,343,260 | TIAA-CREF International Opportunities Fund | 220,327,182 | 4.2 | |||||||||||
5,858,972 | TIAA-CREF Quant International Equity Fund | 44,176,651 | 0.8 | |||||||||||
12,679,806 | TIAA-CREF Quant International Small-Cap Equity Fund | 132,377,174 | 2.5 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 1,011,013,826 | 19.2 | ||||||||||||
SHORT-TERM FIXED INCOME—2.1% | ||||||||||||||
10,411,975 | TIAA-CREF Short-Term Bond Fund | 109,429,857 | 2.1 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 109,429,857 | 2.1 | ||||||||||||
U.S. EQUITY—44.7% | ||||||||||||||
24,797,038 | Nuveen Dividend Value Fund | 327,816,837 | 6.2 | |||||||||||
5,820,681 | Nuveen Santa Barbara Dividend Growth Fund | 275,783,869 | 5.2 | |||||||||||
21,575,339 | TIAA-CREF Growth & Income Fund | 364,407,478 | 6.9 | |||||||||||
13,054,148 | TIAA-CREF Large-Cap Growth Fund | 393,190,924 | 7.5 | |||||||||||
6,510,237 | TIAA-CREF Large-Cap Growth Index Fund | 313,402,815 | 6.0 | |||||||||||
20,104,023 | TIAA-CREF Large-Cap Value Fund | 371,120,265 | 7.0 | |||||||||||
3,664,730 | TIAA-CREF Quant Large-Cap Growth Fund | 70,399,464 | 1.3 | |||||||||||
3,535,712 | TIAA-CREF Quant Large-Cap Value Fund | 33,271,045 | 0.6 | |||||||||||
5,809,177 | TIAA-CREF Quant Small-Cap Equity Fund | 98,988,381 | 1.9 | |||||||||||
8,240,108 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 110,252,647 | 2.1 | |||||||||||
TOTAL U.S. EQUITY | 2,358,633,725 | 44.7 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,497,195,222) | 5,262,549,330 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $4,497,195,222) | 5,262,549,330 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 8,138,173 | 0.2 | ||||||||||||
NET ASSETS | $ | 5,270,687,503 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $202,537,743 or 3.8% of net assets. |
See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 47 |
Portfolio of investments (unaudited)
Lifecycle 2035 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
19,284,038 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/25/20; cost $205,676,591) | $ | 206,724,885 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 206,724,885 | 3.8 | ||||||||||||
FIXED INCOME—23.2% | ||||||||||||||
56,059,921 | TIAA-CREF Core Bond Fund | 626,749,914 | 11.7 | |||||||||||
36,283,575 | TIAA-CREF Core Plus Bond Fund | 406,013,209 | 7.5 | |||||||||||
7,199,570 | TIAA-CREF Emerging Markets Debt Fund | 73,003,642 | 1.4 | |||||||||||
7,989,102 | TIAA-CREF High-Yield Fund | 75,736,690 | 1.4 | |||||||||||
6,230,084 | TIAA-CREF International Bond Fund | 64,917,480 | 1.2 | |||||||||||
TOTAL FIXED INCOME | 1,246,420,935 | 23.2 | ||||||||||||
INFLATION-PROTECTED ASSETS—0.2% | ||||||||||||||
646,427 | TIAA-CREF Inflation-Linked Bond Fund | 7,912,261 | 0.2 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 7,912,261 | 0.2 | ||||||||||||
INTERNATIONAL EQUITY—21.8% | ||||||||||||||
3,904,668 | Nuveen International Growth Fund | 210,578,726 | 3.9 | |||||||||||
11,953,424 | TIAA-CREF Emerging Markets Equity Fund | 166,869,802 | 3.1 | |||||||||||
26,530,544 | TIAA-CREF International Equity Fund | 333,223,632 | 6.2 | |||||||||||
14,343,436 | TIAA-CREF International Opportunities Fund | 256,030,336 | 4.8 | |||||||||||
6,774,461 | TIAA-CREF Quant International Equity Fund | 51,079,432 | 0.9 | |||||||||||
14,692,903 | TIAA-CREF Quant International Small-Cap Equity Fund | 153,393,910 | 2.9 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 1,171,175,838 | 21.8 | ||||||||||||
SHORT-TERM FIXED INCOME—0.1% | ||||||||||||||
750,180 | TIAA-CREF Short-Term Bond Fund | 7,884,389 | 0.1 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 7,884,389 | 0.1 | ||||||||||||
U.S. EQUITY—50.7% | ||||||||||||||
28,695,373 | Nuveen Dividend Value Fund | 379,352,832 | 7.1 | |||||||||||
6,737,722 | Nuveen Santa Barbara Dividend Growth Fund | 319,233,253 | 5.9 | |||||||||||
24,965,238 | TIAA-CREF Growth & Income Fund | 421,662,877 | 7.8 | |||||||||||
15,102,409 | TIAA-CREF Large-Cap Growth Fund | 454,884,564 | 8.5 | |||||||||||
7,534,068 | TIAA-CREF Large-Cap Growth Index Fund | 362,690,027 | 6.7 | |||||||||||
23,260,918 | TIAA-CREF Large-Cap Value Fund | 429,396,540 | 8.0 | |||||||||||
4,236,362 | TIAA-CREF Quant Large-Cap Growth Fund | 81,380,521 | 1.5 | |||||||||||
4,087,895 | TIAA-CREF Quant Large-Cap Value Fund | 38,467,090 | 0.7 | |||||||||||
6,722,134 | TIAA-CREF Quant Small-Cap Equity Fund | 114,545,163 | 2.1 | |||||||||||
9,536,372 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 127,596,655 | 2.4 | |||||||||||
TOTAL U.S. EQUITY | 2,729,209,522 | 50.7 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,516,581,714) | 5,369,327,830 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $4,516,581,714) | 5,369,327,830 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 9,502,442 | 0.2 | ||||||||||||
NET ASSETS | $ | 5,378,830,272 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $206,724,885 or 3.8% of net assets. |
48 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2040 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.9% | ||||||||||||||
22,830,345 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/25/20; cost $242,771,435) | $ | 244,741,300 | 3.9 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 244,741,300 | 3.9 | ||||||||||||
FIXED INCOME—14.9% | ||||||||||||||
41,507,387 | TIAA-CREF Core Bond Fund | 464,052,584 | 7.3 | |||||||||||
27,591,106 | TIAA-CREF Core Plus Bond Fund | 308,744,475 | 4.8 | |||||||||||
6,031,602 | TIAA-CREF Emerging Markets Debt Fund | 61,160,447 | 1.0 | |||||||||||
6,665,046 | TIAA-CREF High-Yield Fund | 63,184,632 | 1.0 | |||||||||||
4,726,641 | TIAA-CREF International Bond Fund | 49,251,597 | 0.8 | |||||||||||
TOTAL FIXED INCOME | 946,393,735 | 14.9 | ||||||||||||
INTERNATIONAL EQUITY—24.3% | ||||||||||||||
5,160,931 | Nuveen International Growth Fund | 278,328,990 | 4.4 | |||||||||||
15,794,959 | TIAA-CREF Emerging Markets Equity Fund | 220,497,628 | 3.5 | |||||||||||
35,067,225 | TIAA-CREF International Equity Fund | 440,444,344 | 6.9 | |||||||||||
18,954,419 | TIAA-CREF International Opportunities Fund | 338,336,378 | 5.3 | |||||||||||
8,950,763 | TIAA-CREF Quant International Equity Fund | 67,488,750 | 1.0 | |||||||||||
19,422,598 | TIAA-CREF Quant International Small-Cap Equity Fund | 202,771,927 | 3.2 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 1,547,868,017 | 24.3 | ||||||||||||
U.S. EQUITY—56.7% | ||||||||||||||
37,935,369 | Nuveen Dividend Value Fund | 501,505,574 | 7.9 | |||||||||||
8,907,366 | Nuveen Santa Barbara Dividend Growth Fund | 422,031,010 | 6.6 | |||||||||||
32,997,826 | TIAA-CREF Growth & Income Fund | 557,333,289 | 8.8 | |||||||||||
19,958,130 | TIAA-CREF Large-Cap Growth Fund | 601,138,887 | 9.5 | |||||||||||
9,960,423 | TIAA-CREF Large-Cap Growth Index Fund | 479,494,746 | 7.5 | |||||||||||
30,739,631 | TIAA-CREF Large-Cap Value Fund | 567,453,588 | 8.9 | |||||||||||
5,594,361 | TIAA-CREF Quant Large-Cap Growth Fund | 107,467,670 | 1.7 | |||||||||||
5,400,832 | TIAA-CREF Quant Large-Cap Value Fund | 50,821,830 | 0.8 | |||||||||||
8,884,961 | TIAA-CREF Quant Small-Cap Equity Fund | 151,399,728 | 2.4 | |||||||||||
12,607,500 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 168,688,355 | 2.6 | |||||||||||
TOTAL U.S. EQUITY | 3,607,334,677 | 56.7 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $5,262,642,264) | 6,346,337,729 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $5,262,642,264) | 6,346,337,729 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 10,433,862 | 0.2 | ||||||||||||
NET ASSETS | $ | 6,356,771,591 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $244,741,300 or 3.9% of net assets. |
See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 49 |
Portfolio of investments (unaudited)
Lifecycle 2045 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
14,398,799 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/25/20; cost $154,134,942) | $ | 154,355,124 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 154,355,124 | 3.8 | ||||||||||||
FIXED INCOME—6.4% | ||||||||||||||
10,288,736 | TIAA-CREF Core Bond Fund | 115,028,066 | 2.9 | |||||||||||
7,528,431 | TIAA-CREF Core Plus Bond Fund | 84,243,143 | 2.1 | |||||||||||
2,198,917 | TIAA-CREF Emerging Markets Debt Fund | 22,297,021 | 0.5 | |||||||||||
2,412,458 | TIAA-CREF High-Yield Fund | 22,870,105 | 0.6 | |||||||||||
1,284,738 | TIAA-CREF International Bond Fund | 13,386,967 | 0.3 | |||||||||||
TOTAL FIXED INCOME | 257,825,302 | 6.4 | ||||||||||||
INTERNATIONAL EQUITY—26.9% | ||||||||||||||
3,596,007 | Nuveen International Growth Fund | 193,932,634 | 4.8 | |||||||||||
11,003,254 | TIAA-CREF Emerging Markets Equity Fund | 153,605,425 | 3.8 | |||||||||||
24,434,115 | TIAA-CREF International Equity Fund | 306,892,482 | 7.7 | |||||||||||
13,215,356 | TIAA-CREF International Opportunities Fund | 235,894,099 | 5.9 | |||||||||||
6,229,896 | TIAA-CREF Quant International Equity Fund | 46,973,414 | 1.2 | |||||||||||
13,569,687 | TIAA-CREF Quant International Small-Cap Equity Fund | 141,667,531 | 3.5 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 1,078,965,585 | 26.9 | ||||||||||||
U.S. EQUITY—62.7% | ||||||||||||||
26,436,631 | Nuveen Dividend Value Fund | 349,492,261 | 8.7 | |||||||||||
6,213,705 | Nuveen Santa Barbara Dividend Growth Fund | 294,405,349 | 7.4 | |||||||||||
22,987,001 | TIAA-CREF Growth & Income Fund | 388,250,441 | 9.7 | |||||||||||
13,901,138 | TIAA-CREF Large-Cap Growth Fund | 418,702,280 | 10.4 | |||||||||||
6,946,703 | TIAA-CREF Large-Cap Growth Index Fund | 334,414,285 | 8.3 | |||||||||||
21,414,811 | TIAA-CREF Large-Cap Value Fund | 395,317,407 | 9.9 | |||||||||||
3,894,757 | TIAA-CREF Quant Large-Cap Growth Fund | 74,818,285 | 1.9 | |||||||||||
3,758,988 | TIAA-CREF Quant Large-Cap Value Fund | 35,372,076 | 0.9 | |||||||||||
6,190,418 | TIAA-CREF Quant Small-Cap Equity Fund | 105,484,717 | 2.6 | |||||||||||
8,784,064 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 117,530,770 | 2.9 | |||||||||||
TOTAL U.S. EQUITY | 2,513,787,871 | 62.7 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,211,248,255) | 4,004,933,882 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $3,211,248,255) | 4,004,933,882 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 6,616,394 | 0.2 | ||||||||||||
NET ASSETS | $ | 4,011,550,276 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $154,355,124 or 3.8% of net assets. |
50 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2050 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
10,283,425 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/25/20; cost $110,458,990) | $ | 110,238,316 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 110,238,316 | 3.8 | ||||||||||||
FIXED INCOME—4.7% | ||||||||||||||
4,994,268 | TIAA-CREF Core Bond Fund | 55,835,916 | 2.0 | |||||||||||
3,920,568 | TIAA-CREF Core Plus Bond Fund | 43,871,156 | 1.5 | |||||||||||
1,332,975 | TIAA-CREF Emerging Markets Debt Fund | 13,516,371 | 0.5 | |||||||||||
1,457,956 | TIAA-CREF High-Yield Fund | 13,821,420 | 0.5 | |||||||||||
665,387 | TIAA-CREF International Bond Fund | 6,933,328 | 0.2 | |||||||||||
TOTAL FIXED INCOME | 133,978,191 | 4.7 | ||||||||||||
INTERNATIONAL EQUITY—27.4% | ||||||||||||||
2,618,094 | Nuveen International Growth Fund | 141,193,825 | 4.9 | |||||||||||
8,010,728 | TIAA-CREF Emerging Markets Equity Fund | 111,829,763 | 3.9 | |||||||||||
17,789,378 | TIAA-CREF International Equity Fund | 223,434,582 | 7.8 | |||||||||||
9,611,703 | TIAA-CREF International Opportunities Fund | 171,568,890 | 6.0 | |||||||||||
4,535,166 | TIAA-CREF Quant International Equity Fund | 34,195,155 | 1.2 | |||||||||||
9,874,956 | TIAA-CREF Quant International Small-Cap Equity Fund | 103,094,540 | 3.6 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 785,316,755 | 27.4 | ||||||||||||
U.S. EQUITY—63.9% | ||||||||||||||
19,251,898 | Nuveen Dividend Value Fund | 254,510,090 | 8.9 | |||||||||||
4,525,570 | Nuveen Santa Barbara Dividend Growth Fund | 214,421,527 | 7.5 | |||||||||||
16,735,415 | TIAA-CREF Growth & Income Fund | 282,661,154 | 9.9 | |||||||||||
10,120,778 | TIAA-CREF Large-Cap Growth Fund | 304,837,822 | 10.6 | |||||||||||
5,059,111 | TIAA-CREF Large-Cap Growth Index Fund | 243,545,610 | 8.5 | |||||||||||
15,590,172 | TIAA-CREF Large-Cap Value Fund | 287,794,572 | 10.0 | |||||||||||
2,835,039 | TIAA-CREF Quant Large-Cap Growth Fund | 54,461,094 | 1.9 | |||||||||||
2,736,610 | TIAA-CREF Quant Large-Cap Value Fund | 25,751,497 | 0.9 | |||||||||||
4,506,976 | TIAA-CREF Quant Small-Cap Equity Fund | 76,798,877 | 2.7 | |||||||||||
6,397,538 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 85,599,053 | 3.0 | |||||||||||
TOTAL U.S. EQUITY | 1,830,381,296 | 63.9 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $2,310,280,067) | 2,859,914,558 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $2,310,280,067) | 2,859,914,558 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 5,654,190 | 0.2 | ||||||||||||
NET ASSETS | $ | 2,865,568,748 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $110,238,316 or 3.8% of net assets. |
See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 51 |
Portfolio of investments (unaudited)
Lifecycle 2055 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
4,184,796 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/25/20; cost $45,396,489) | $ | 44,861,010 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 44,861,010 | 3.8 | ||||||||||||
FIXED INCOME—3.5% | ||||||||||||||
1,396,172 | TIAA-CREF Core Bond Fund | 15,609,201 | 1.3 | |||||||||||
1,195,033 | TIAA-CREF Core Plus Bond Fund | 13,372,423 | 1.2 | |||||||||||
478,895 | TIAA-CREF Emerging Markets Debt Fund | 4,855,994 | 0.4 | |||||||||||
521,960 | TIAA-CREF High-Yield Fund | 4,948,177 | 0.4 | |||||||||||
202,694 | TIAA-CREF International Bond Fund | 2,112,067 | 0.2 | |||||||||||
TOTAL FIXED INCOME | 40,897,862 | 3.5 | ||||||||||||
INTERNATIONAL EQUITY—27.8% | ||||||||||||||
1,080,544 | Nuveen International Growth Fund | 58,273,734 | 5.0 | |||||||||||
3,305,401 | TIAA-CREF Emerging Markets Equity Fund | 46,143,392 | 3.9 | |||||||||||
7,340,415 | TIAA-CREF International Equity Fund | 92,195,610 | 7.9 | |||||||||||
3,963,497 | TIAA-CREF International Opportunities Fund | 70,748,424 | 6.1 | |||||||||||
1,870,391 | TIAA-CREF Quant International Equity Fund | 14,102,750 | 1.2 | |||||||||||
4,089,849 | TIAA-CREF Quant International Small-Cap Equity Fund | 42,698,027 | 3.7 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 324,161,937 | 27.8 | ||||||||||||
U.S. EQUITY—64.8% | ||||||||||||||
7,947,317 | Nuveen Dividend Value Fund | 105,063,528 | 9.0 | |||||||||||
1,869,863 | Nuveen Santa Barbara Dividend Growth Fund | 88,594,106 | 7.6 | |||||||||||
6,905,424 | TIAA-CREF Growth & Income Fund | 116,632,617 | 10.0 | |||||||||||
4,175,416 | TIAA-CREF Large-Cap Growth Fund | 125,763,542 | 10.8 | |||||||||||
2,089,723 | TIAA-CREF Large-Cap Growth Index Fund | 100,599,276 | 8.6 | |||||||||||
6,431,631 | TIAA-CREF Large-Cap Value Fund | 118,727,912 | 10.2 | |||||||||||
1,169,655 | TIAA-CREF Quant Large-Cap Growth Fund | 22,469,066 | 1.9 | |||||||||||
1,128,560 | TIAA-CREF Quant Large-Cap Value Fund | 10,619,748 | 0.9 | |||||||||||
1,859,720 | TIAA-CREF Quant Small-Cap Equity Fund | 31,689,632 | 2.7 | |||||||||||
2,640,278 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 35,326,918 | 3.1 | |||||||||||
TOTAL U.S. EQUITY | 755,486,345 | 64.8 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $970,906,902) | 1,165,407,154 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $970,906,902) | 1,165,407,154 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,388,418 | 0.1 | ||||||||||||
NET ASSETS | $ | 1,166,795,572 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $44,861,010 or 3.8% of net assets. |
52 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle 2060 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.6%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
1,030,914 | b | TIAA-CREF Real Property Fund LP (purchased 8/01/16–11/25/20; cost $11,279,796) | $ | 11,051,395 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 11,051,395 | 3.8 | ||||||||||||
FIXED INCOME—2.3% | ||||||||||||||
184,590 | TIAA-CREF Core Bond Fund | 2,063,717 | 0.7 | |||||||||||
194,466 | TIAA-CREF Core Plus Bond Fund | 2,176,079 | 0.7 | |||||||||||
102,099 | TIAA-CREF Emerging Markets Debt Fund | 1,035,280 | 0.4 | |||||||||||
110,719 | TIAA-CREF High-Yield Fund | 1,049,616 | 0.4 | |||||||||||
32,764 | TIAA-CREF International Bond Fund | 341,404 | 0.1 | |||||||||||
TOTAL FIXED INCOME | 6,666,096 | 2.3 | ||||||||||||
INTERNATIONAL EQUITY—28.1% | ||||||||||||||
270,486 | Nuveen International Growth Fund | 14,587,312 | 5.1 | |||||||||||
826,252 | TIAA-CREF Emerging Markets Equity Fund | 11,534,482 | 4.0 | |||||||||||
1,837,161 | TIAA-CREF International Equity Fund | 23,074,739 | 8.0 | |||||||||||
994,174 | TIAA-CREF International Opportunities Fund | 17,746,000 | 6.1 | |||||||||||
466,939 | TIAA-CREF Quant International Equity Fund | 3,520,719 | 1.2 | |||||||||||
1,026,180 | TIAA-CREF Quant International Small-Cap Equity Fund | 10,713,324 | 3.7 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 81,176,576 | 28.1 | ||||||||||||
U.S. EQUITY—65.4% | ||||||||||||||
1,989,203 | Nuveen Dividend Value Fund | 26,297,263 | 9.1 | |||||||||||
468,152 | Nuveen Santa Barbara Dividend Growth Fund | 22,181,045 | 7.7 | |||||||||||
1,728,280 | TIAA-CREF Growth & Income Fund | 29,190,654 | 10.1 | |||||||||||
1,045,009 | TIAA-CREF Large-Cap Growth Fund | 31,475,669 | 10.9 | |||||||||||
523,174 | TIAA-CREF Large-Cap Growth Index Fund | 25,185,607 | 8.7 | |||||||||||
1,609,003 | TIAA-CREF Large-Cap Value Fund | 29,702,194 | 10.3 | |||||||||||
292,255 | TIAA-CREF Quant Large-Cap Growth Fund | 5,614,226 | 1.9 | |||||||||||
281,749 | TIAA-CREF Quant Large-Cap Value Fund | �� | 2,651,260 | 0.9 | ||||||||||
465,454 | TIAA-CREF Quant Small-Cap Equity Fund | 7,931,333 | 2.7 | |||||||||||
660,022 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 8,831,092 | 3.1 | |||||||||||
TOTAL U.S. EQUITY | 189,060,343 | 65.4 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $245,965,811) | 287,954,410 | 99.6 | |||||||||||
TOTAL PORTFOLIO | (Cost $245,965,811) | 287,954,410 | 99.6 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,033,169 | 0.4 | ||||||||||||
NET ASSETS | $ | 288,987,579 | 100.0 | % |
a | The Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $11,051,395 or 3.8% of net assets. |
See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 53 |
Portfolio of investments (unaudited)
Lifecycle 2065 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
DIRECT REAL ESTATE—3.8% | ||||||||||||||
19,717 | b | TIAA-CREF Real Property Fund LP (purchased 9/30/20–11/25/20; cost $211,377) | $ | 211,367 | 3.8 | % | ||||||||
TOTAL DIRECT REAL ESTATE | 211,367 | 3.8 | ||||||||||||
FIXED INCOME—1.3% | ||||||||||||||
2,280 | TIAA-CREF Core Bond Fund | 25,491 | 0.5 | |||||||||||
2,024 | TIAA-CREF Core Plus Bond Fund | 22,645 | 0.4 | |||||||||||
869 | TIAA-CREF Emerging Markets Debt Fund | 8,810 | 0.1 | |||||||||||
949 | TIAA-CREF High-Yield Fund | 8,999 | 0.2 | |||||||||||
348 | TIAA-CREF International Bond Fund | 3,629 | 0.1 | |||||||||||
TOTAL FIXED INCOME | 69,574 | 1.3 | ||||||||||||
INTERNATIONAL EQUITY—28.3% | ||||||||||||||
5,216 | Nuveen International Growth Fund | 281,317 | 5.1 | |||||||||||
15,816 | TIAA-CREF Emerging Markets Equity Fund | 220,794 | 4.0 | |||||||||||
34,992 | TIAA-CREF International Equity Fund | 439,504 | 8.0 | |||||||||||
18,960 | TIAA-CREF International Opportunities Fund | 338,435 | 6.2 | |||||||||||
8,301 | TIAA-CREF Quant International Equity Fund | 62,592 | 1.2 | |||||||||||
19,830 | TIAA-CREF Quant International Small-Cap Equity Fund | 207,028 | 3.8 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 1,549,670 | 28.3 | ||||||||||||
U.S. EQUITY—66.4% | ||||||||||||||
38,490 | Nuveen Dividend Value Fund | 508,835 | 9.3 | |||||||||||
9,122 | Nuveen Santa Barbara Dividend Growth Fund | 432,210 | 7.9 | |||||||||||
33,161 | TIAA-CREF Growth & Income Fund | 560,088 | 10.2 | |||||||||||
20,116 | TIAA-CREF Large-Cap Growth Fund | 605,903 | 11.0 | |||||||||||
10,185 | TIAA-CREF Large-Cap Growth Index Fund | 490,287 | 8.9 | |||||||||||
30,941 | TIAA-CREF Large-Cap Value Fund | 571,171 | 10.4 | |||||||||||
5,295 | TIAA-CREF Quant Large-Cap Growth Fund | 101,712 | 1.9 | |||||||||||
5,084 | TIAA-CREF Quant Large-Cap Value Fund | 47,839 | 0.9 | |||||||||||
8,966 | TIAA-CREF Quant Small-Cap Equity Fund | 152,772 | 2.8 | |||||||||||
12,780 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 170,993 | 3.1 | |||||||||||
TOTAL U.S. EQUITY | 3,641,810 | 66.4 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $5,042,713) | 5,472,421 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $5,042,713) | 5,472,421 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 11,537 | 0.2 | ||||||||||||
NET ASSETS | $ | 5,483,958 | 100.0 | % |
a | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. |
b | Restricted security. At 11/30/20, the total value of this security amounted to $211,367 or 3.8% of net assets. |
54 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
[This page intentionally left blank.]
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 55 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ November 30, 2020
Lifecycle Retirement Income Fund | Lifecycle 2010 Fund | Lifecycle 2015 Fund | Lifecycle 2020 Fund | Lifecycle 2025 Fund | Lifecycle 2030 Fund | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Affiliated investments, at value‡ | $ | 576,706,160 | $ | 1,219,604,282 | $ | 1,776,779,504 | $ | 3,856,106,253 | $ | 5,066,067,974 | $ | 5,262,549,330 | ||||||||||||
Cash | 1,085,952 | 2,345,770 | 4,393,056 | 9,855,697 | 14,667,649 | 16,494,136 | ||||||||||||||||||
Receivable from securities transactions | 8,283,955 | 17,668,974 | 26,010,963 | 55,798,414 | 71,159,671 | 67,198,875 | ||||||||||||||||||
Receivable from Fund shares sold | 251,557 | 419,675 | 694,517 | 2,019,200 | 2,176,829 | 2,379,845 | ||||||||||||||||||
Dividends receivable | 567,494 | 1,158,121 | 1,592,473 | 3,245,921 | 3,622,132 | 3,086,574 | ||||||||||||||||||
Due from affiliates | 79,299 | 143,507 | 204,591 | 429,449 | 555,710 | 578,224 | ||||||||||||||||||
Other | 31,982 | 100,617 | 150,150 | 245,034 | 263,669 | 257,757 | ||||||||||||||||||
Total assets | 587,006,399 | 1,241,440,946 | 1,809,825,254 | 3,927,699,968 | 5,158,513,634 | 5,352,544,741 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Management fees payable | 184,694 | 386,559 | 569,855 | 1,247,417 | 1,653,333 | 1,736,250 | ||||||||||||||||||
Service agreement fees payable | 38,772 | 76,221 | 103,407 | 204,130 | 241,929 | 240,741 | ||||||||||||||||||
Distribution fees payable | 29,450 | 9,427 | 13,544 | 30,791 | 38,301 | 41,367 | ||||||||||||||||||
Due to affiliates | 8,501 | 8,652 | 9,888 | 14,441 | 16,887 | 17,184 | ||||||||||||||||||
Payable for securities transactions | 8,765,498 | 18,693,947 | 28,385,963 | 61,067,069 | 81,170,326 | 79,110,421 | ||||||||||||||||||
Payable for Fund shares redeemed | 104,996 | 217,810 | 641,961 | 732,068 | 333,474 | 316,215 | ||||||||||||||||||
Payable for trustee compensation | 31,659 | 99,924 | 149,119 | 242,909 | 261,065 | 255,189 | ||||||||||||||||||
Accrued expenses and other payables | 35,816 | 59,502 | 76,687 | 122,105 | 143,867 | 139,871 | ||||||||||||||||||
Total liabilities | 9,199,386 | 19,552,042 | 29,950,424 | 63,660,930 | 83,859,182 | 81,857,238 | ||||||||||||||||||
NET ASSETS | $ | 577,807,013 | $ | 1,221,888,904 | $ | 1,779,874,830 | $ | 3,864,039,038 | $ | 5,074,654,452 | $ | 5,270,687,503 | ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in-capital | $ | 482,068,229 | $ | 948,120,179 | $ | 1,512,082,399 | $ | 3,223,198,706 | $ | 4,170,794,484 | $ | 4,241,415,105 | ||||||||||||
Total distributable earnings (loss) | 95,738,784 | 273,768,725 | 267,792,431 | 640,840,332 | 903,859,968 | 1,029,272,398 | ||||||||||||||||||
NET ASSETS | $ | 577,807,013 | $ | 1,221,888,904 | $ | 1,779,874,830 | $ | 3,864,039,038 | $ | 5,074,654,452 | $ | 5,270,687,503 | ||||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||||||||||
Net assets | $ | 234,674,010 | $ | 768,839,951 | $ | 1,161,230,754 | $ | 2,602,178,871 | $ | 3,559,537,696 | $ | 3,731,965,572 | ||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 18,557,263 | 61,637,747 | 108,136,288 | 233,493,569 | 310,197,107 | 321,319,995 | ||||||||||||||||||
Net asset value per share | $ | 12.65 | $ | 12.47 | $ | 10.74 | $ | 11.14 | $ | 11.48 | $ | 11.61 | ||||||||||||
ADVISOR CLASS: | ||||||||||||||||||||||||
Net assets | $ | 341,846 | $ | 163,826 | $ | 244,951 | $ | 120,743 | $ | 156,234 | $ | 466,035 | ||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 27,027 | 13,106 | 22,831 | 10,843 | 13,624 | 40,137 | ||||||||||||||||||
Net asset value per share | $ | 12.65 | $ | 12.50 | $ | 10.73 | $ | 11.14 | $ | 11.47 | $ | 11.61 | ||||||||||||
PREMIER CLASS: | ||||||||||||||||||||||||
Net assets | $ | 18,115,107 | $ | 76,697,120 | $ | 109,853,162 | $ | 250,453,643 | $ | 313,986,902 | $ | 340,314,248 | ||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,433,337 | 6,168,330 | 10,284,144 | 22,552,235 | 27,509,891 | 29,475,659 | ||||||||||||||||||
Net asset value per share | $ | 12.64 | $ | 12.43 | $ | 10.68 | $ | 11.11 | $ | 11.41 | $ | 11.55 | ||||||||||||
RETIREMENT CLASS: | ||||||||||||||||||||||||
Net assets | $ | 190,552,610 | $ | 376,188,007 | $ | 508,545,963 | $ | 1,011,285,781 | $ | 1,200,973,620 | $ | 1,197,941,648 | ||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 15,106,330 | 25,244,873 | 37,597,098 | 70,302,371 | 80,071,086 | 77,183,430 | ||||||||||||||||||
Net asset value per share | $ | 12.61 | $ | 14.90 | $ | 13.53 | $ | 14.38 | $ | 15.00 | $ | 15.52 | ||||||||||||
RETAIL CLASS: | ||||||||||||||||||||||||
Net assets | $ | 134,123,440 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 10,621,694 | — | — | — | — | — | ||||||||||||||||||
Net asset value per share | $ | 12.63 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
‡ Affiliated investments, cost | $ | 500,835,935 | $ | 1,024,205,600 | $ | 1,575,852,713 | $ | 3,385,865,949 | $ | 4,389,546,809 | $ | 4,497,195,222 |
56 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 57 |
Statements of assets and liabilities (unaudited) | concluded |
TIAA-CREF Funds ■ November 30, 2020
Lifecycle 2035 Fund | Lifecycle 2040 Fund | Lifecycle 2045 Fund | Lifecycle 2050 Fund | Lifecycle 2055 Fund | Lifecycle 2060 Fund | Lifecycle 2065 Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Affiliated investments, at value‡ | $ | 5,369,327,830 | $ | 6,346,337,729 | $ | 4,004,933,882 | $ | 2,859,914,558 | $ | 1,165,407,154 | $ | 287,954,410 | $ | 5,472,421 | ||||||||||||||
Cash | 16,777,384 | 16,485,365 | 13,139,855 | 9,322,398 | 4,339,510 | 1,446,954 | 15,747 | |||||||||||||||||||||
Receivable from securities transactions | 59,257,548 | 60,293,708 | 28,054,171 | 17,456,272 | 6,291,351 | 1,446,995 | 62,295 | |||||||||||||||||||||
Receivable from Fund shares sold | 4,303,155 | 2,062,602 | 2,794,806 | 2,690,153 | 995,053 | 552,996 | — | |||||||||||||||||||||
Dividends receivable | 2,466,805 | 1,848,847 | 486,220 | 253,235 | 75,468 | 11,869 | 212 | |||||||||||||||||||||
Due from affiliates | 630,443 | 789,765 | 492,507 | 379,566 | 181,245 | 51,153 | 19,905 | |||||||||||||||||||||
Other | 259,979 | 329,628 | 136,880 | 86,633 | 23,891 | 3,719 | — | |||||||||||||||||||||
Total assets | 5,453,023,144 | 6,428,147,644 | 4,050,038,321 | 2,890,102,815 | 1,177,313,672 | 291,468,096 | 5,570,580 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Management fees payable | 1,789,525 | 2,127,578 | 1,343,369 | 959,813 | 389,829 | 95,633 | 1,844 | |||||||||||||||||||||
Service agreement fees payable | 220,261 | 264,931 | 145,449 | 99,877 | 42,862 | 9,904 | — | |||||||||||||||||||||
Distribution fees payable | 43,346 | 49,363 | 32,595 | 21,363 | 9,319 | 1,805 | 66 | |||||||||||||||||||||
Due to affiliates | 17,335 | 19,345 | 14,174 | 11,754 | 8,248 | 6,475 | 5,544 | |||||||||||||||||||||
Payable for securities transactions | 71,626,326 | 68,281,933 | 36,584,218 | 23,251,780 | 9,852,421 | 2,323,125 | 66,292 | |||||||||||||||||||||
Payable for Fund shares redeemed | 103,118 | 158,229 | 149,308 | 42,083 | 81,950 | 22,780 | — | |||||||||||||||||||||
Payable for trustee compensation | 257,409 | 326,676 | 135,192 | 85,486 | 23,476 | 3,644 | — | |||||||||||||||||||||
Accrued expenses and other payables | 135,552 | 147,998 | 83,740 | 61,911 | 109,995 | 17,151 | 12,876 | |||||||||||||||||||||
Total liabilities | 74,192,872 | 71,376,053 | 38,488,045 | 24,534,067 | 10,518,100 | 2,480,517 | 86,622 | |||||||||||||||||||||
NET ASSETS | $ | 5,378,830,272 | $ | 6,356,771,591 | $ | 4,011,550,276 | $ | 2,865,568,748 | $ | 1,166,795,572 | $ | 288,987,579 | $ | 5,483,958 | ||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in-capital | $ | 4,225,870,556 | $ | 4,868,441,991 | $ | 2,965,727,436 | $ | 2,156,343,112 | $ | 926,015,999 | $ | 241,854,465 | $ | 5,008,454 | ||||||||||||||
Total distributable earnings (loss) | 1,152,959,716 | 1,488,329,600 | 1,045,822,840 | 709,225,636 | 240,779,573 | 47,133,114 | 475,504 | |||||||||||||||||||||
NET ASSETS | $ | 5,378,830,272 | $ | 6,356,771,591 | $ | 4,011,550,276 | $ | 2,865,568,748 | $ | 1,166,795,572 | $ | 288,987,579 | $ | 5,483,958 | ||||||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 3,922,252,883 | $ | 4,629,412,680 | $ | 3,013,257,974 | $ | 2,187,761,464 | $ | 874,086,439 | $ | 223,347,063 | $ | 3,841,722 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 330,778,335 | 388,304,043 | 207,809,497 | 149,764,660 | 52,238,898 | 16,168,055 | 350,788 | |||||||||||||||||||||
Net asset value per share | $ | 11.86 | $ | 11.92 | $ | 14.50 | $ | 14.61 | $ | 16.73 | $ | 13.81 | $ | 10.95 | ||||||||||||||
ADVISOR CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 427,268 | $ | 255,084 | $ | 187,878 | $ | 143,230 | $ | 147,184 | $ | 142,346 | $ | 547,442 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 36,089 | 21,422 | 12,957 | 9,806 | 8,797 | 10,311 | 50,000 | |||||||||||||||||||||
Net asset value per share | $ | 11.84 | $ | 11.91 | $ | 14.50 | $ | 14.61 | $ | 16.73 | $ | 13.81 | $ | 10.95 | ||||||||||||||
PREMIER CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 357,116,556 | $ | 405,181,857 | $ | 269,386,444 | $ | 176,416,349 | $ | 76,926,056 | $ | 14,945,207 | $ | 547,442 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 30,238,625 | 34,124,227 | 18,679,464 | 12,133,893 | 4,618,125 | 1,084,719 | 50,000 | |||||||||||||||||||||
Net asset value per share | $ | 11.81 | $ | 11.87 | $ | 14.42 | $ | 14.54 | $ | 16.66 | $ | 13.78 | $ | 10.95 | ||||||||||||||
RETIREMENT CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 1,099,033,565 | $ | 1,321,921,970 | $ | 728,717,980 | $ | 501,247,705 | $ | 215,635,893 | $ | 50,552,963 | $ | 547,352 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 67,828,164 | 78,936,203 | 50,734,021 | 34,651,287 | 12,960,274 | 3,676,449 | 50,000 | |||||||||||||||||||||
Net asset value per share | $ | 16.20 | $ | 16.75 | $ | 14.36 | $ | 14.47 | $ | 16.64 | $ | 13.75 | $ | 10.95 | ||||||||||||||
‡ Affiliated investments, cost | $ | 4,516,581,714 | $ | 5,262,642,264 | $ | 3,211,248,255 | $ | 2,310,280,067 | $ | 970,906,902 | $ | 245,965,811 | $ | 5,042,713 |
58 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 59 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period or year ended November 30, 2020
Lifecycle | ||||||||||||||||||||||||
Retirement | Lifecycle | Lifecycle | Lifecycle | Lifecycle | Lifecycle | |||||||||||||||||||
Income Fund | 2010 Fund | 2015 Fund | 2020 Fund | 2025 Fund | 2030 Fund | |||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||
Dividends from affiliated investments | $ | 4,649,174 | $ | 9,856,944 | $ | 13,742,854 | $ | 28,108,809 | $ | 32,363,347 | $ | 29,201,271 | ||||||||||||
Total income | 4,649,174 | 9,856,944 | 13,742,854 | 28,108,809 | 32,363,347 | 29,201,271 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Management fees | 1,155,164 | 2,463,518 | 3,646,949 | 7,947,827 | 10,498,607 | 11,041,254 | ||||||||||||||||||
Shareholder servicing – Institutional Class | 316 | 352 | 497 | 1,141 | 1,502 | 1,549 | ||||||||||||||||||
Shareholder servicing – Advisor Class | 119 | 31 | 83 | 30 | 24 | 138 | ||||||||||||||||||
Shareholder servicing – Premier Class | 30 | 39 | 46 | 92 | 98 | 107 | ||||||||||||||||||
Shareholder servicing – Retirement Class | 233,944 | 457,234 | 625,436 | 1,224,300 | 1,439,312 | 1,411,336 | ||||||||||||||||||
Shareholder servicing – Retail Class | 16,340 | — | — | — | — | — | ||||||||||||||||||
Distribution fees – Premier Class | 13,503 | 57,871 | 84,453 | 192,136 | 233,643 | 248,727 | ||||||||||||||||||
Distribution fees – Retail Class | 160,965 | — | — | — | — | — | ||||||||||||||||||
Registration fees | 36,410 | 31,727 | 33,185 | 40,464 | 33,164 | 34,940 | ||||||||||||||||||
Administrative service fees | 19,716 | 19,937 | 22,662 | 33,302 | 39,487 | 40,414 | ||||||||||||||||||
Professional fees | 7,674 | 8,233 | 8,695 | 10,961 | 12,647 | 12,884 | ||||||||||||||||||
Custody and accounting fees | 6,258 | 6,260 | 6,260 | 6,260 | 6,260 | 6,252 | ||||||||||||||||||
Trustee fees and expenses | 2,718 | 5,786 | 8,389 | 18,037 | 23,336 | 24,047 | ||||||||||||||||||
Other expenses | 23,374 | 106,339 | 140,905 | 292,350 | 371,036 | 371,776 | ||||||||||||||||||
Total expenses | 1,676,531 | 3,157,327 | 4,577,560 | 9,766,900 | 12,659,116 | 13,193,424 | ||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (70,169 | ) | (87,974 | ) | (90,467 | ) | (127,707 | ) | (144,372 | ) | (151,475 | ) | ||||||||||||
Fee waiver by investment adviser and Nuveen Securities | (328,749 | ) | (702,580 | ) | (1,010,927 | ) | (2,180,191 | ) | (2,839,225 | ) | (2,960,705 | ) | ||||||||||||
Net expenses | 1,277,613 | 2,366,773 | 3,476,166 | 7,459,002 | 9,675,519 | 10,081,244 | ||||||||||||||||||
Net investment income (loss) | 3,371,561 | 7,490,171 | 10,266,688 | 20,649,807 | 22,687,828 | 19,120,027 | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||
Net realized gain (loss) from affiliated investments | 24,182,566 | 67,401,971 | 55,040,650 | 131,062,778 | 184,216,479 | 205,755,725 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 27,916,197 | 45,663,382 | 125,741,497 | 290,306,233 | 434,885,323 | 507,134,510 | ||||||||||||||||||
Net realized and unrealized gain (loss) from affiliated investments | 52,098,763 | 113,065,353 | 180,782,147 | 421,369,011 | 619,101,802 | 712,890,235 | ||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 55,470,324 | $ | 120,555,524 | $ | 191,048,835 | $ | 442,018,818 | $ | 641,789,630 | $ | 732,010,262 | ||||||||||||
60 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 61 |
Statements of operations (unaudited) | concluded |
TIAA-CREF Funds ■ For the period or year ended November 30, 2020 | |
Lifecycle | Lifecycle | Lifecycle | Lifecycle | Lifecycle | Lifecycle | Lifecycle | ||||||||||||||||||||||
2035 Fund | 2040 Fund | 2045 Fund | 2050 Fund | 2055 Fund | 2060 Fund | 2065 Fund | § | |||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends from affiliated investments | $ | 25,560,826 | $ | 23,795,272 | $ | 10,759,709 | $ | 7,139,328 | $ | 2,680,650 | $ | 594,945 | $ | 967 | ||||||||||||||
Total income | 25,560,826 | 23,795,272 | 10,759,709 | 7,139,328 | 2,680,650 | 594,945 | 967 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Management fees | 11,463,842 | 13,702,391 | 8,563,911 | 6,067,507 | 2,422,187 | 574,194 | 3,834 | |||||||||||||||||||||
Shareholder servicing – Institutional Class | 1,632 | 1,810 | 6,073 | 1,186 | 163,470 | 566 | 406 | |||||||||||||||||||||
Shareholder servicing – Advisor Class | 155 | 68 | 30 | 5 | 12 | 15 | 379 | |||||||||||||||||||||
Shareholder servicing – Premier Class | 105 | 119 | 82 | 61 | 37 | 30 | 404 | |||||||||||||||||||||
Shareholder servicing – Retirement Class | 1,294,686 | 1,547,988 | 840,033 | 575,050 | 245,305 | 54,757 | 630 | |||||||||||||||||||||
Shareholder servicing – Retail Class | — | — | — | — | — | — | — | |||||||||||||||||||||
Distribution fees – Premier Class | 262,149 | 299,353 | 192,982 | 126,081 | 53,543 | 9,922 | 131 | |||||||||||||||||||||
Distribution fees – Retail Class | — | — | — | — | — | — | — | |||||||||||||||||||||
Registration fees | 32,264 | 32,789 | 32,220 | 31,788 | 30,558 | 28,798 | 19,848 | |||||||||||||||||||||
Administrative service fees | 40,670 | 45,144 | 33,412 | 27,818 | 19,455 | 15,098 | 5,545 | |||||||||||||||||||||
Professional fees | 12,964 | 13,722 | 11,516 | 10,321 | 8,421 | 7,368 | 6,681 | |||||||||||||||||||||
Custody and accounting fees | 6,254 | 6,254 | 6,254 | 6,254 | 6,250 | 6,259 | 2,292 | |||||||||||||||||||||
Trustee fees and expenses | 24,396 | 28,680 | 17,726 | 12,584 | 5,051 | 1,223 | 2 | |||||||||||||||||||||
Other expenses | 367,729 | 414,400 | 262,152 | 200,025 | 93,319 | 30,432 | 2,906 | |||||||||||||||||||||
Total expenses | 13,506,846 | 16,092,718 | 9,966,391 | 7,058,680 | 3,047,608 | 728,662 | 43,058 | |||||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (152,289 | ) | (168,658 | ) | (150,806 | ) | (137,243 | ) | (266,521 | ) | (75,820 | ) | (38,661 | ) | ||||||||||||||
Fee waiver by investment adviser and Nuveen Securities | (3,093,491 | ) | (3,909,015 | ) | (2,361,082 | ) | (1,724,017 | ) | (689,548 | ) | (165,272 | ) | (1,325 | ) | ||||||||||||||
Net expenses | 10,261,066 | 12,015,045 | 7,454,503 | 5,197,420 | 2,091,539 | 487,570 | 3,072 | |||||||||||||||||||||
Net investment income (loss) | 15,299,760 | 11,780,227 | 3,305,206 | 1,941,908 | 589,111 | 107,375 | (2,105 | ) | ||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||||||
Net realized gain (loss) from affiliated investments | 235,825,944 | 315,545,861 | 210,270,771 | 130,713,646 | 36,803,157 | 5,647,098 | 47,901 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 565,889,286 | 715,294,337 | 479,391,374 | 364,058,376 | 162,832,742 | 42,102,073 | 429,708 | |||||||||||||||||||||
Net realized and unrealized gain (loss) from affiliated investments | 801,715,230 | 1,030,840,198 | 689,662,145 | 494,772,022 | 199,635,899 | 47,749,171 | 477,609 | |||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 817,014,990 | $ | 1,042,620,425 | $ | 692,967,351 | $ | 496,713,930 | $ | 200,225,010 | $ | 47,856,546 | $ | 475,504 |
§ | For the period September 30, 2020 to November 30, 2020. |
62 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 63 |
Statement of changes in net assets
TIAA-CREF Funds ■ For the period or year ended
Lifecycle Retirement Income Fund | Lifecycle 2010 Fund | Lifecycle 2015 Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
(unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,371,561 | $ | 14,706,996 | $ | 7,490,171 | $ | 32,505,291 | $ | 10,266,688 | $ | 47,924,909 | ||||||||||||||
Net realized gain (loss) from investments | 24,182,566 | 2,997,209 | 67,401,971 | 21,816,028 | 55,040,650 | 4,350,408 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 27,916,197 | 12,579,050 | 45,663,382 | 16,049,528 | 125,741,497 | 54,691,770 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 55,470,324 | 30,283,255 | 120,555,524 | 70,370,847 | 191,048,835 | 106,967,087 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | (1,582,871 | ) | (8,374,807 | ) | — | (36,395,223 | ) | — | (50,045,203 | ) | ||||||||||||||||
Advisor Class | (2,101 | ) | (11,774 | ) | — | (7,261 | ) | — | (8,322 | ) | ||||||||||||||||
Premier Class | (109,863 | ) | (893,499 | ) | — | (3,961,923 | ) | — | (5,185,965 | ) | ||||||||||||||||
Retirement Class | (1,074,529 | ) | (6,877,611 | ) | — | (14,298,436 | ) | — | (17,751,257 | ) | ||||||||||||||||
Retail Class | (728,586 | ) | (4,547,608 | ) | — | — | — | — | ||||||||||||||||||
Total distributions | (3,497,950 | ) | (20,705,299 | ) | — | (54,662,843 | ) | — | (72,990,747 | ) | ||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 21,819,257 | 55,860,963 | 84,005,338 | 109,146,947 | �� | 65,134,257 | 108,723,437 | ||||||||||||||||||
Advisor Class | — | — | 3,689 | 3,618,336 | 35,000 | 55,000 | ||||||||||||||||||||
Premier Class | 2,574,941 | 7,223,588 | 5,972,042 | 12,884,799 | 5,809,407 | 15,236,370 | ||||||||||||||||||||
Retirement Class | 11,126,345 | 32,180,765 | 17,639,835 | 30,976,016 | 9,439,527 | 23,598,582 | ||||||||||||||||||||
Retail Class | 4,392,741 | 14,655,005 | — | — | — | — | ||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 1,571,855 | 8,326,784 | — | 36,377,668 | — | 49,958,348 | |||||||||||||||||||
Advisor Class | 1,366 | 7,575 | — | 1,862 | — | 3,626 | ||||||||||||||||||||
Premier Class | 109,755 | 892,453 | — | 3,961,923 | — | 5,185,965 | ||||||||||||||||||||
Retirement Class | 1,074,529 | 6,877,611 | — | 14,298,436 | — | 17,751,257 | ||||||||||||||||||||
Retail Class | 703,075 | 4,393,020 | — | — | — | — | ||||||||||||||||||||
Redemptions: | Institutional Class | (28,826,759 | ) | (41,609,186 | ) | (112,482,184 | ) | (106,402,474 | ) | (117,051,055 | ) | (146,537,165 | ) | |||||||||||||
Advisor Class | — | — | — | (3,614,560 | ) | — | — | |||||||||||||||||||
Premier Class | (3,646,513 | ) | (20,362,821 | ) | (10,039,191 | ) | (59,071,396 | ) | (15,124,366 | ) | (91,736,585 | ) | ||||||||||||||
Retirement Class | (17,991,980 | ) | (42,698,499 | ) | (31,304,225 | ) | (73,992,878 | ) | (47,876,140 | ) | (111,296,095 | ) | ||||||||||||||
Retail Class | (5,645,153 | ) | (16,322,482 | ) | — | — | — | — | ||||||||||||||||||
Net increase (decrease) from shareholder transactions | (12,736,541 | ) | 9,424,776 | (46,204,696 | ) | (31,815,321 | ) | (99,633,370 | ) | (129,057,260 | ) | |||||||||||||||
Net increase (decrease) in net assets | 39,235,833 | 19,002,732 | 74,350,828 | (16,107,317 | ) | 91,415,465 | (95,080,920 | ) | ||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 538,571,180 | 519,568,448 | 1,147,538,076 | 1,163,645,393 | 1,688,459,365 | 1,783,540,285 | ||||||||||||||||||||
End of period | $ | 577,807,013 | $ | 538,571,180 | $ | 1,221,888,904 | $ | 1,147,538,076 | $ | 1,779,874,830 | $ | 1,688,459,365 | ||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 1,800,633 | 4,816,566 | 7,141,516 | 9,555,803 | 6,478,324 | 11,084,291 | |||||||||||||||||||
Advisor Class | — | — | 320 | 312,042 | 3,597 | 5,510 | ||||||||||||||||||||
Premier Class | 212,882 | 630,222 | 510,938 | 1,148,850 | 578,919 | 1,604,581 | ||||||||||||||||||||
Retirement Class | 921,567 | 2,771,863 | 1,246,620 | 2,284,375 | 734,802 | 1,931,159 | ||||||||||||||||||||
Retail Class | 363,058 | 1,268,225 | — | — | — | — | ||||||||||||||||||||
Shares reinvested: | Institutional Class | 132,194 | 727,356 | — | 3,193,825 | — | 5,118,683 | |||||||||||||||||||
Advisor Class | 115 | 661 | — | 163 | — | 372 | ||||||||||||||||||||
Premier Class | 9,236 | 77,685 | — | 348,454 | — | 533,536 | ||||||||||||||||||||
Retirement Class | 90,576 | 600,183 | — | 1,048,272 | — | 1,440,849 | ||||||||||||||||||||
Retail Class | 59,225 | 383,309 | — | — | — | — | ||||||||||||||||||||
Shares redeemed: | Institutional Class | (2,384,232 | ) | (3,617,480 | ) | (9,478,501 | ) | (9,419,425 | ) | (11,535,385 | ) | (15,252,924 | ) | |||||||||||||
Advisor Class | — | — | — | (311,197 | ) | — | — | |||||||||||||||||||
Premier Class | (300,728 | ) | (1,762,127 | ) | (840,061 | ) | (5,137,686 | ) | (1,474,285 | ) | (9,375,291 | ) | ||||||||||||||
Retirement Class | (1,489,024 | ) | (3,740,843 | ) | (2,213,978 | ) | (5,477,167 | ) | (3,756,575 | ) | (9,217,811 | ) | ||||||||||||||
Retail Class | (467,789 | ) | (1,441,183 | ) | — | — | — | — | ||||||||||||||||||
Net increase (decrease) from shareholder transactions | (1,052,287 | ) | 714,437 | (3,633,146 | ) | (2,453,691 | ) | (8,970,603 | ) | (12,127,045 | ) |
64 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 65 |
Statement of changes in net assets | continued |
TIAA-CREF Funds ■ For the period or year ended |
Lifecycle 2020 Fund | Lifecycle 2025 Fund | Lifecycle 2030 Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
(unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 20,649,807 | $ | 98,766,006 | $ | 22,687,828 | $ | 117,946,291 | $ | 19,120,027 | $ | 113,914,992 | ||||||||||||||
Net realized gain (loss) from investments | 131,062,778 | 17,255,073 | 184,216,479 | 26,905,180 | 205,755,725 | 41,431,960 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 290,306,233 | 110,622,046 | 434,885,323 | 136,815,368 | 507,134,510 | 128,992,041 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 442,018,818 | 226,643,125 | 641,789,630 | 281,666,839 | 732,010,262 | 284,338,993 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | — | (112,429,895 | ) | — | (155,088,365 | ) | — | (164,151,998 | ) | |||||||||||||||||
Advisor Class | — | (9,991 | ) | — | (7,414 | ) | — | (8,075 | ) | |||||||||||||||||
Premier Class | — | (12,576,922 | ) | — | (15,741,468 | ) | — | (17,409,332 | ) | |||||||||||||||||
Retirement Class | — | (34,197,762 | ) | — | (41,100,056 | ) | — | (40,086,706 | ) | |||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Total distributions | — | (159,214,570 | ) | — | (211,937,303 | ) | — | (221,656,111 | ) | |||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 127,821,014 | 255,979,577 | 187,427,841 | 433,414,654 | 186,811,894 | 501,980,292 | |||||||||||||||||||
Advisor Class | 3,689 | 249,390 | 3,698 | 21,753 | 105,152 | 244,370 | ||||||||||||||||||||
Premier Class | 9,138,395 | 45,938,845 | 15,501,884 | 64,075,000 | 17,193,100 | 63,927,651 | ||||||||||||||||||||
Retirement Class | 24,257,974 | 50,859,094 | 36,262,076 | 84,243,325 | 36,243,112 | 91,695,792 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | — | 112,157,010 | — | 154,325,378 | — | 163,689,187 | |||||||||||||||||||
Advisor Class | — | 5,021 | — | 2,062 | — | 2,430 | ||||||||||||||||||||
Premier Class | — | 12,575,958 | — | 15,741,468 | — | 17,409,332 | ||||||||||||||||||||
Retirement Class | — | 34,196,137 | — | 41,099,334 | — | 40,085,948 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Redemptions: | Institutional Class | (197,167,693 | ) | (270,781,843 | ) | (219,235,400 | ) | (259,151,983 | ) | (216,859,419 | ) | (235,812,294 | ) | |||||||||||||
Advisor Class | (265,436 | ) | (113,123 | ) | — | (15,898 | ) | (15,731 | ) | (30,725 | ) | |||||||||||||||
Premier Class | (38,123,736 | ) | (222,775,468 | ) | (38,286,141 | ) | (288,750,168 | ) | (35,960,779 | ) | (292,982,851 | ) | ||||||||||||||
Retirement Class | (75,259,881 | ) | (195,522,535 | ) | (90,739,763 | ) | (179,121,829 | ) | (68,679,997 | ) | (154,743,530 | ) | ||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (149,595,674 | ) | (177,231,937 | ) | (109,065,805 | ) | 65,883,096 | (81,162,668 | ) | 195,465,602 | ||||||||||||||||
Net increase (decrease) in net assets | 292,423,144 | (109,803,382 | ) | 532,723,825 | 135,612,632 | 650,847,594 | 258,148,484 | |||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 3,571,615,894 | 3,681,419,276 | 4,541,930,627 | 4,406,317,995 | 4,619,839,909 | 4,361,691,425 | ||||||||||||||||||||
End of period | $ | 3,864,039,038 | $ | 3,571,615,894 | $ | 5,074,654,452 | $ | 4,541,930,627 | $ | 5,270,687,503 | $ | 4,619,839,909 | ||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 12,262,087 | 25,351,376 | 17,596,122 | 42,121,512 | 17,422,610 | 48,806,490 | |||||||||||||||||||
Advisor Class | 365 | 25,617 | 360 | 2,083 | 9,836 | 23,022 | ||||||||||||||||||||
Premier Class | 878,217 | 4,658,146 | 1,458,291 | 6,414,318 | 1,599,801 | 6,390,008 | ||||||||||||||||||||
Retirement Class | 1,779,802 | 3,950,850 | 2,567,956 | 6,330,219 | 2,505,343 | 6,736,189 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Shares reinvested: | Institutional Class | — | 11,115,660 | — | 14,968,514 | — | 15,784,878 | |||||||||||||||||||
Advisor Class | — | 498 | — | 200 | — | 235 | ||||||||||||||||||||
Premier Class | — | 1,248,854 | — | 1,532,762 | — | 1,686,950 | ||||||||||||||||||||
Retirement Class | — | 2,620,394 | — | 3,042,141 | — | 2,885,957 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Shares redeemed: | Institutional Class | (18,774,688 | ) | (27,478,152 | ) | (20,480,094 | ) | (25,877,663 | ) | (20,168,375 | ) | (23,539,755 | ) | |||||||||||||
Advisor Class | (25,089 | ) | (11,081 | ) | — | (1,632 | ) | (1,373 | ) | (3,404 | ) | |||||||||||||||
Premier Class | (3,601,760 | ) | (22,000,955 | ) | (3,541,205 | ) | (27,984,298 | ) | (3,303,643 | ) | (28,360,090 | ) | ||||||||||||||
Retirement Class | (5,584,084 | ) | (15,378,499 | ) | (6,512,123 | ) | (13,770,119 | ) | (4,827,174 | ) | (11,591,335 | ) | ||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (13,065,150 | ) | (15,897,292 | ) | (8,910,693 | ) | 6,778,037 | (6,762,975 | ) | 18,819,145 |
66 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 67 |
Statement of changes in net assets | continued |
TIAA-CREF Funds ■ For the period or year ended |
Lifecycle 2035 Fund | Lifecycle 2040 Fund | Lifecycle 2045 Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
(unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 15,299,760 | $ | 111,173,558 | $ | 11,780,227 | $ | 124,064,801 | $ | 3,305,206 | $ | 69,099,983 | ||||||||||||||
Net realized gain (loss) from investments | 235,825,944 | 59,474,335 | 315,545,861 | 90,622,015 | 210,270,771 | 70,509,586 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 565,889,286 | 120,333,513 | 715,294,337 | 134,324,800 | 479,391,374 | 57,807,701 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 817,014,990 | 290,981,406 | 1,042,620,425 | 349,011,616 | 692,967,351 | 197,417,270 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | — | (183,315,563 | ) | — | (225,412,596 | ) | — | (134,318,406 | ) | |||||||||||||||||
Advisor Class | — | (20,162 | ) | — | (11,862 | ) | — | (9,164 | ) | |||||||||||||||||
Premier Class | — | (20,653,531 | ) | — | (26,133,682 | ) | — | (16,183,219 | ) | |||||||||||||||||
Retirement Class | — | (39,472,208 | ) | — | (48,477,562 | ) | — | (35,705,959 | ) | |||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Total distributions | — | (243,461,464 | ) | — | (300,035,702 | ) | — | (186,216,748 | ) | |||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 188,489,705 | 526,447,739 | 190,989,006 | 589,037,036 | 178,257,757 | 514,722,289 | |||||||||||||||||||
Advisor Class | — | 254,534 | 11,000 | 104,698 | — | 40,379 | ||||||||||||||||||||
Premier Class | 14,858,143 | 69,367,394 | 13,380,197 | 70,118,830 | 12,103,910 | 59,130,694 | ||||||||||||||||||||
Retirement Class | 28,289,131 | 74,652,742 | 29,877,835 | 73,107,584 | 24,869,288 | 64,196,727 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | — | 182,804,884 | — | 224,953,060 | — | 133,930,001 | |||||||||||||||||||
Advisor Class | — | 13,988 | — | 5,405 | — | 1,979 | ||||||||||||||||||||
Premier Class | — | 20,653,531 | — | 26,133,682 | — | 16,183,219 | ||||||||||||||||||||
Retirement Class | — | 39,464,176 | — | 48,466,788 | — | 35,702,177 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Redemptions: | Institutional Class | (229,000,236 | ) | (203,660,302 | ) | (248,071,385 | ) | (230,760,496 | ) | (123,868,465 | ) | (115,582,820 | ) | |||||||||||||
Advisor Class | — | (2,644 | ) | — | (33,172 | ) | — | (1,979 | ) | |||||||||||||||||
Premier Class | (38,942,375 | ) | (333,644,459 | ) | (50,520,754 | ) | (425,313,568 | ) | (25,683,970 | ) | (291,540,374 | ) | ||||||||||||||
Retirement Class | (74,477,692 | ) | (137,997,608 | ) | (86,538,626 | ) | (161,191,151 | ) | (44,659,490 | ) | (80,272,924 | ) | ||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (110,783,324 | ) | 238,353,975 | (150,872,727 | ) | 214,628,696 | 21,019,030 | 336,509,368 | ||||||||||||||||||
Net increase (decrease) in net assets | 706,231,666 | 285,873,917 | 891,747,698 | 263,604,610 | 713,986,381 | 347,709,890 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 4,672,598,606 | 4,386,724,689 | 5,465,023,893 | 5,201,419,283 | 3,297,563,895 | 2,949,854,005 | ||||||||||||||||||||
End of period | $ | 5,378,830,272 | $ | 4,672,598,606 | $ | 6,356,771,591 | $ | 5,465,023,893 | $ | 4,011,550,276 | $ | 3,297,563,895 | ||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 17,298,520 | 50,647,268 | 17,602,880 | 57,080,976 | 13,556,264 | 41,478,971 | |||||||||||||||||||
Advisor Class | — | 23,989 | 1,025 | 9,877 | — | 3,161 | ||||||||||||||||||||
Premier Class | 1,364,581 | 6,821,213 | 1,233,887 | 7,050,707 | 929,209 | 4,862,316 | ||||||||||||||||||||
Retirement Class | 1,879,940 | 5,324,705 | 1,946,875 | 5,115,143 | 1,904,967 | 5,262,906 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Shares reinvested: | Institutional Class | — | 17,376,890 | — | 21,403,717 | — | 10,545,669 | |||||||||||||||||||
Advisor Class | — | 1,331 | — | 515 | — | 156 | ||||||||||||||||||||
Premier Class | — | 1,968,878 | — | 2,493,672 | — | 1,279,306 | ||||||||||||||||||||
Retirement Class | — | 2,738,666 | — | 3,274,783 | — | 2,831,259 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Shares redeemed: | Institutional Class | (21,035,475 | ) | (19,964,269 | ) | (22,850,345 | ) | (22,640,026 | ) | (9,441,764 | ) | (9,403,059 | ) | |||||||||||||
Advisor Class | — | (252 | ) | — | (3,137 | ) | — | (156 | ) | |||||||||||||||||
Premier Class | (3,499,350 | ) | (31,838,711 | ) | (4,543,298 | ) | (40,819,062 | ) | (1,915,267 | ) | (23,240,276 | ) | ||||||||||||||
Retirement Class | (5,037,457 | ) | (10,019,572 | ) | (5,721,315 | ) | (11,442,586 | ) | (3,478,217 | ) | (6,603,510 | ) | ||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Net increase (decrease) from shareholder transactions | (9,029,241 | ) | 23,080,136 | (12,330,291 | ) | 21,524,579 | 1,555,192 | 27,016,743 |
68 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 69 |
Statement of changes in net assets | continued |
TIAA-CREF Funds ■ For the period or year ended |
Lifecycle 2050 Fund | Lifecycle 2055 Fund | Lifecycle 2060 Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
(unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 1,941,908 | $ | 46,874,807 | $ | 589,111 | $ | 17,109,810 | $ | 107,375 | $ | 3,457,100 | ||||||||||||||
Net realized gain (loss) from investments | 130,713,646 | 46,695,925 | 36,803,157 | 15,658,564 | 5,647,098 | 2,990,328 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 364,058,376 | 40,545,583 | 162,832,742 | 15,144,174 | 42,102,073 | 2,451,647 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 496,713,930 | 134,116,315 | 200,225,010 | 47,912,548 | 47,856,546 | 8,899,075 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | — | (91,480,543 | ) | — | (30,385,948 | ) | — | (5,607,924 | ) | |||||||||||||||||
Advisor Class | — | (7,200 | ) | — | (6,801 | ) | — | (5,635 | ) | |||||||||||||||||
Premier Class | — | (10,929,088 | ) | — | (4,093,723 | ) | — | (567,784 | ) | |||||||||||||||||
Retirement Class | — | (23,778,848 | ) | — | (9,084,771 | ) | — | (1,492,657 | ) | |||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Total distributions | — | (126,195,679 | ) | — | (43,571,243 | ) | — | (7,674,000 | ) | |||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 149,416,551 | 450,009,845 | 96,790,811 | 251,263,792 | 41,052,777 | 85,299,732 | |||||||||||||||||||
Advisor Class | — | 647 | — | 1,000 | — | — | ||||||||||||||||||||
Premier Class | 9,859,305 | 52,994,395 | 6,549,077 | 29,559,086 | 2,866,485 | 11,872,766 | ||||||||||||||||||||
Retirement Class | 22,548,468 | 54,343,285 | 12,373,255 | 36,732,199 | 6,962,780 | 15,142,557 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | — | 91,386,755 | — | 30,293,881 | — | 5,600,373 | |||||||||||||||||||
Advisor Class | — | 37 | — | — | — | 167 | ||||||||||||||||||||
Premier Class | — | 10,927,652 | — | 4,092,975 | — | 562,463 | ||||||||||||||||||||
Retirement Class | — | 23,778,838 | — | 9,083,428 | — | 1,492,133 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Redemptions: | Institutional Class | (68,464,291 | ) | (72,388,271 | ) | (24,418,464 | ) | (30,246,298 | ) | (10,173,977 | ) | (16,637,126 | ) | |||||||||||||
Advisor Class | — | (556 | ) | — | — | — | (105 | ) | ||||||||||||||||||
Premier Class | (18,177,692 | ) | (244,238,489 | ) | (6,020,991 | ) | (112,876,550 | ) | (1,342,693 | ) | (21,115,091 | ) | ||||||||||||||
Retirement Class | (33,728,448 | ) | (54,437,980 | ) | (15,661,406 | ) | (20,965,693 | ) | (3,646,903 | ) | (5,219,950 | ) | ||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 61,453,893 | 312,376,158 | 69,612,282 | 196,937,820 | 35,718,469 | 76,997,919 | ||||||||||||||||||||
Net increase (decrease) in net assets | 558,167,823 | 320,296,794 | 269,837,292 | 201,279,125 | 83,575,015 | 78,222,994 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 2,307,400,925 | 1,987,104,131 | 896,958,280 | 695,679,155 | 205,412,564 | 127,189,570 | ||||||||||||||||||||
End of period | $ | 2,865,568,748 | $ | 2,307,400,925 | $ | 1,166,795,572 | $ | 896,958,280 | $ | 288,987,579 | $ | 205,412,564 | ||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 11,321,125 | 36,142,068 | 6,421,057 | 17,719,332 | 3,272,634 | 7,385,146 | |||||||||||||||||||
Advisor Class | — | 50 | — | 65 | — | — | ||||||||||||||||||||
Premier Class | 752,048 | 4,341,324 | 438,301 | 2,108,858 | 230,519 | 1,037,574 | ||||||||||||||||||||
Retirement Class | 1,723,216 | 4,430,908 | 818,252 | 2,621,233 | 555,859 | 1,320,228 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Shares reinvested: | Institutional Class | — | 7,145,172 | — | 2,069,254 | — | 463,991 | |||||||||||||||||||
Advisor Class | — | 3 | — | — | — | 14 | ||||||||||||||||||||
Premier Class | — | 857,743 | — | 280,533 | — | 46,639 | ||||||||||||||||||||
Retirement Class | — | 1,873,825 | — | 622,579 | — | 123,829 | ||||||||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Shares redeemed: | Institutional Class | (5,184,893 | ) | (5,789,237 | ) | (1,608,301 | ) | (2,090,141 | ) | (824,929 | ) | (1,451,132 | ) | |||||||||||||
Advisor Class | — | (53 | ) | — | — | — | (8 | ) | ||||||||||||||||||
Premier Class | (1,345,345 | ) | (19,377,435 | ) | (385,277 | ) | (7,827,560 | ) | (103,056 | ) | (1,797,075 | ) | ||||||||||||||
Retirement Class | (2,616,144 | ) | (4,453,736 | ) | (1,059,721 | ) | (1,501,051 | ) | (300,658 | ) | (459,990 | ) | ||||||||||||||
Retail Class | — | — | — | — | — | — | ||||||||||||||||||||
Net increase (decrease) from shareholder transactions | 4,650,007 | 25,170,632 | 4,624,311 | 14,003,102 | 2,830,369 | 6,669,216 |
70 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 71 |
Statement of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended |
Lifecycle 2065 Fund | ||||||
November 30, 2020§ | ||||||
(unaudited | ) | |||||
OPERATIONS | ||||||
Net investment income (loss) | ��$ | (2,105 | ) | |||
Net realized gain (loss) from investments | 47,901 | |||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 429,708 | |||||
Net increase (decrease) in net assets from operations | 475,504 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||
Institutional Class | — | |||||
Advisor Class | — | |||||
Premier Class | — | |||||
Retirement Class | — | |||||
Retail Class | — | |||||
Total distributions | — | |||||
SHAREHOLDER TRANSACTIONS | ||||||
Subscriptions: | Institutional Class | 3,508,473 | ||||
Advisor Class | 500,000 | |||||
Premier Class | 500,010 | |||||
Retirement Class | 500,041 | |||||
Retail Class | — | |||||
Reinvestments of distributions: | Institutional Class | — | ||||
Advisor Class | — | |||||
Premier Class | — | |||||
Retirement Class | — | |||||
Retail Class | — | |||||
Redemptions: | Institutional Class | (20 | ) | |||
Advisor Class | — | |||||
Premier Class | (10 | ) | ||||
Retirement Class | (40 | ) | ||||
Retail Class | — | |||||
Net increase (decrease) from shareholder transactions | 5,008,454 | |||||
Net increase (decrease) in net assets | 5,483,958 | |||||
NET ASSETS | ||||||
Beginning of period | — | |||||
End of period | $ | 5,483,958 | ||||
CHANGE IN FUND SHARES | ||||||
Shares sold: | Institutional Class | 350,790 | ||||
Advisor Class | 50,000 | |||||
Premier Class | 50,001 | |||||
Retirement Class | 50,004 | |||||
Retail Class | — | |||||
Shares reinvested: | Institutional Class | — | ||||
Advisor Class | — | |||||
Premier Class | — | |||||
Retirement Class | — | |||||
Retail Class | — | |||||
Shares redeemed: | Institutional Class | (2 | ) | |||
Advisor Class | — | |||||
Premier Class | (1 | ) | ||||
Retirement Class | (4 | ) | ||||
Retail Class | — | |||||
Net increase (decrease) from shareholder transactions | 500,788 |
§ | For the period September 30, 2020 to November 30, 2020. |
72 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements |
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TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 73 |
TIAA-CREF Funds
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE RETIREMENT INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $11.52 | $0.08 | $ 1.13 | $ 1.21 | $(0.08 | ) | $ — | $(0.08 | ) | $12.65 | 10.58 | %b | $234,674 | 0.44 | %c,g | 0.31 | %c,g | 1.34 | %c | 28 | %b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.29 | 0.33 | 0.36 | 0.69 | (0.29 | ) | (0.17 | ) | (0.46 | ) | 11.52 | 6.14 | 219,016 | 0.48 | g | 0.33 | g | 2.84 | 30 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.68 | 0.29 | (0.04 | ) | 0.25 | (0.32 | ) | (0.32 | ) | (0.64 | ) | 11.29 | 2.48 | 192,832 | 0.38 | f | 0.22 | f | 2.52 | 25 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.40 | 0.26 | 0.43 | 0.69 | (0.31 | ) | (0.10 | ) | (0.41 | ) | 11.68 | 6.02 | 202,413 | 0.15 | e | 0.00 | e | 2.24 | 18 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.87 | 0.24 | 0.72 | 0.96 | (0.27 | ) | (0.16 | ) | (0.43 | ) | 11.40 | 9.09 | 179,048 | 0.16 | e | 0.00 | e | 2.14 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.38 | 0.22 | (0.27 | ) | (0.05 | ) | (0.26 | ) | (0.20 | ) | (0.46 | ) | 10.87 | (0.29 | ) | 131,032 | 0.15 | e | 0.00 | e | 2.02 | 18 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 11.52 | 0.08 | 1.13 | 1.21 | (0.08 | ) | — | (0.08 | ) | 12.65 | 10.53 | b | 342 | 0.52 | c,g | 0.38 | c,g | 1.27 | c | 28 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.29 | 0.32 | 0.36 | 0.68 | (0.28 | ) | (0.17 | ) | (0.45 | ) | 11.52 | 6.04 | 310 | 0.57 | g | 0.42 | g | 2.74 | 30 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.68 | 0.30 | (0.05 | ) | 0.25 | (0.32 | ) | (0.32 | ) | (0.64 | ) | 11.29 | 2.43 | 296 | 0.47 | f | 0.31 | f | 2.68 | 25 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.41 | 0.25 | 0.43 | 0.68 | (0.31 | ) | (0.10 | ) | (0.41 | ) | 11.68 | 5.91 | 216 | 0.18 | e | 0.03 | e | 2.14 | 18 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.88 | 0.24 | 0.72 | 0.96 | (0.27 | ) | (0.16 | ) | (0.43 | ) | 11.41 | 9.07 | 107 | 0.17 | e | 0.02 | e | 2.14 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 11.10 | 0.08 | 0.08 | 0.16 | (0.18 | ) | (0.20 | ) | (0.38 | ) | 10.88 | 1.57 | b | 102 | 0.18 | c,e | 0.03 | c,e | 1.62 | c | 18 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 11.51 | 0.07 | 1.13 | 1.20 | (0.07 | ) | — | (0.07 | ) | 12.64 | 10.51 | b | 18,115 | 0.59 | c,g | 0.46 | c,g | 1.19 | c | 28 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.28 | 0.31 | 0.36 | 0.67 | (0.27 | ) | (0.17 | ) | (0.44 | ) | 11.51 | 5.97 | 17,410 | 0.63 | g | 0.48 | g | 2.69 | 30 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.67 | 0.27 | (0.03 | ) | 0.24 | (0.31 | ) | (0.32 | ) | (0.63 | ) | 11.28 | 2.33 | 28,947 | 0.53 | f | 0.37 | f | 2.40 | 25 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.40 | 0.25 | 0.42 | 0.67 | (0.30 | ) | (0.10 | ) | (0.40 | ) | 11.67 | 5.77 | 36,733 | 0.30 | e | 0.15 | e | 2.11 | 18 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.87 | 0.22 | 0.73 | 0.95 | (0.26 | ) | (0.16 | ) | (0.42 | ) | 11.40 | 8.93 | 37,047 | 0.31 | e | 0.15 | e | 2.01 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.37 | 0.20 | (0.26 | ) | (0.06 | ) | (0.24 | ) | (0.20 | ) | (0.44 | ) | 10.87 | (0.35 | ) | 30,459 | 0.30 | e | 0.15 | e | 1.87 | 18 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 11.49 | 0.07 | 1.12 | 1.19 | (0.07 | ) | — | (0.07 | ) | 12.61 | 10.39 | b | 190,553 | 0.69 | c,g | 0.56 | c,g | 1.09 | c | 28 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.26 | 0.30 | 0.36 | 0.66 | (0.26 | ) | (0.17 | ) | (0.43 | ) | 11.49 | 5.88 | 179,106 | 0.73 | g | 0.58 | g | 2.59 | 30 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.65 | 0.26 | (0.04 | ) | 0.22 | (0.29 | ) | (0.32 | ) | (0.61 | ) | 11.26 | 2.23 | 179,625 | 0.63 | f | 0.48 | f | 2.27 | 25 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.38 | 0.23 | 0.43 | 0.66 | (0.29 | ) | (0.10 | ) | (0.39 | ) | 11.65 | 5.68 | 192,819 | 0.40 | e | 0.25 | e | 2.00 | 18 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.85 | 0.21 | 0.72 | 0.93 | (0.24 | ) | (0.16 | ) | (0.40 | ) | 11.38 | 8.84 | 174,950 | 0.41 | e | 0.25 | e | 1.89 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.35 | 0.19 | (0.26 | ) | (0.07 | ) | (0.23 | ) | (0.20 | ) | (0.43 | ) | 10.85 | (0.45 | ) | 143,639 | 0.45 | e | 0.25 | e | 1.77 | 18 | ||||||||||||||||||||||||||||||||||||
Retail Class: | 11/30/20 | # | 11.51 | 0.07 | 1.12 | 1.19 | (0.07 | ) | — | (0.07 | ) | 12.63 | 10.37 | b | 134,123 | 0.72 | c,g | 0.56 | c,g | 1.09 | c | 28 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.27 | 0.30 | 0.37 | 0.67 | (0.26 | ) | (0.17 | ) | (0.43 | ) | 11.51 | 5.97 | 122,730 | 0.75 | g | 0.58 | g | 2.58 | 30 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.66 | 0.26 | (0.04 | ) | 0.22 | (0.29 | ) | (0.32 | ) | (0.61 | ) | 11.27 | 2.14 | 117,869 | 0.66 | f | 0.48 | f | 2.28 | 25 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.39 | 0.23 | 0.43 | 0.66 | (0.29 | ) | (0.10 | ) | (0.39 | ) | 11.66 | 5.76 | 115,783 | 0.43 | e | 0.25 | e | 2.00 | 18 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.86 | 0.21 | 0.72 | 0.93 | (0.24 | ) | (0.16 | ) | (0.40 | ) | 11.39 | 8.82 | 104,158 | 0.44 | e | 0.25 | e | 1.90 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.36 | 0.19 | (0.26 | ) | (0.07 | ) | (0.23 | ) | (0.20 | ) | (0.43 | ) | 10.86 | (0.45 | ) | 91,818 | 0.43 | e | 0.25 | e | 1.77 | 18 |
74 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 75 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2010 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $11.27 | $0.08 | $ 1.12 | $ 1.20 | $ — | $ — | $ — | $12.47 | 10.65 | %b | $768,840 | 0.44 | %c,g | 0.31 | %c,g | 1.33 | %c | 24 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 11.14 | 0.32 | 0.38 | 0.70 | (0.30 | ) | (0.27 | ) | (0.57 | ) | 11.27 | 6.29 | 720,990 | 0.46 | g | 0.33 | g | 2.85 | 28 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.65 | 0.28 | (0.06 | ) | 0.22 | (0.35 | ) | (0.38 | ) | (0.73 | ) | 11.14 | 2.26 | 675,843 | 0.35 | f | 0.23 | f | 2.50 | 22 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.48 | 0.26 | 0.47 | 0.73 | (0.33 | ) | (0.23 | ) | (0.56 | ) | 11.65 | 6.45 | 698,687 | 0.12 | e | 0.00 | e | 2.23 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.93 | 0.24 | 0.77 | 1.01 | (0.28 | ) | (0.18 | ) | (0.46 | ) | 11.48 | 9.59 | 639,496 | 0.12 | e | 0.00 | e | 2.11 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.58 | 0.22 | (0.30 | ) | (0.08 | ) | (0.27 | ) | (0.30 | ) | (0.57 | ) | 10.93 | (0.44 | ) | 536,150 | 0.12 | e | 0.00 | e | 2.02 | 19 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 11.30 | 0.08 | 1.12 | 1.20 | — | — | — | 12.50 | 10.62 | b | 164 | 0.48 | c,g | 0.35 | c,g | 1.28 | c | 24 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 11.15 | 0.19 | 0.53 | 0.72 | (0.30 | ) | (0.27 | ) | (0.57 | ) | 11.30 | 6.45 | 144 | 0.56 | g | 0.37 | g | 1.67 | 28 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.66 | 0.27 | (0.06 | ) | 0.21 | (0.34 | ) | (0.38 | ) | (0.72 | ) | 11.15 | 2.33 | 131 | 0.39 | f | 0.27 | f | 2.39 | 22 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.48 | 0.26 | 0.48 | 0.74 | (0.33 | ) | (0.23 | ) | (0.56 | ) | 11.66 | 6.44 | 117 | 0.13 | e | 0.01 | e | 2.24 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.93 | 0.24 | 0.77 | 1.01 | (0.28 | ) | (0.18 | ) | (0.46 | ) | 11.48 | 9.57 | 108 | 0.14 | e | 0.02 | e | 2.13 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 11.37 | 0.08 | 0.05 | 0.13 | (0.27 | ) | (0.30 | ) | (0.57 | ) | 10.93 | 1.39 | b | 103 | 0.15 | c,e | 0.03 | c,e | 1.59 | c | 19 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 11.24 | 0.07 | 1.12 | 1.19 | — | — | — | 12.43 | 10.59 | b | 76,697 | 0.59 | c,g | 0.46 | c,g | 1.18 | c | 24 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 11.11 | 0.31 | 0.37 | 0.68 | (0.28 | ) | (0.27 | ) | (0.55 | ) | 11.24 | 6.10 | 73,048 | 0.61 | g | 0.48 | g | 2.68 | 28 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.62 | 0.27 | (0.07 | ) | 0.20 | (0.33 | ) | (0.38 | ) | (0.71 | ) | 11.11 | 2.10 | 112,673 | 0.50 | f | 0.37 | f | 2.39 | 22 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.45 | 0.24 | 0.47 | 0.71 | (0.31 | ) | (0.23 | ) | (0.54 | ) | 11.62 | 6.31 | 147,851 | 0.27 | e | 0.15 | e | 2.09 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.90 | 0.22 | 0.78 | 1.00 | (0.27 | ) | (0.18 | ) | (0.45 | ) | 11.45 | 9.45 | 150,928 | 0.27 | e | 0.15 | e | 2.00 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.55 | 0.20 | (0.29 | ) | (0.09 | ) | (0.26 | ) | (0.30 | ) | (0.56 | ) | 10.90 | (0.58 | ) | 141,824 | 0.27 | e | 0.15 | e | 1.87 | 19 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 13.48 | 0.08 | 1.34 | 1.42 | — | — | — | 14.90 | 10.53 | b | 376,188 | 0.69 | c,g | 0.56 | c,g | 1.08 | c | 24 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 13.22 | 0.35 | 0.45 | 0.80 | (0.27 | ) | (0.27 | ) | (0.54 | ) | 13.48 | 6.02 | 353,355 | 0.71 | g | 0.58 | g | 2.58 | 28 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 13.68 | 0.30 | (0.07 | ) | 0.23 | (0.31 | ) | (0.38 | ) | (0.69 | ) | 13.22 | 2.01 | 374,999 | 0.60 | f | 0.48 | f | 2.26 | 22 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.39 | 0.27 | 0.55 | 0.82 | (0.30 | ) | (0.23 | ) | (0.53 | ) | 13.68 | 6.16 | 409,891 | 0.37 | e | 0.25 | e | 1.97 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.66 | 0.25 | 0.91 | 1.16 | (0.25 | ) | (0.18 | ) | (0.43 | ) | 13.39 | 9.42 | 434,448 | 0.37 | e | 0.25 | e | 1.90 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.33 | 0.22 | (0.35 | ) | (0.13 | ) | (0.24 | ) | (0.30 | ) | (0.54 | ) | 12.66 | (0.80 | ) | 422,969 | 0.42 | e | 0.25 | e | 1.76 | 19 |
76 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 77 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2015 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $ 9.62 | $0.06 | $ 1.06 | $ 1.12 | $ — | $ — | $ — | $10.74 | 11.64 | %b | $1,161,231 | 0.44 | %c,g | 0.32 | %c,g | 1.25 | %c | 23 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.45 | 0.27 | 0.34 | 0.61 | (0.26 | ) | (0.18 | ) | (0.44 | ) | 9.62 | 6.43 | 1,088,594 | 0.46 | g | 0.34 | g | 2.80 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.05 | 0.24 | (0.10 | ) | 0.14 | (0.30 | ) | (0.44 | ) | (0.74 | ) | 9.45 | 1.89 | 1,061,156 | 0.35 | f | 0.23 | f | 2.43 | 21 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 9.97 | 0.22 | 0.48 | 0.70 | (0.29 | ) | (0.33 | ) | (0.62 | ) | 10.05 | 7.09 | 1,070,488 | 0.12 | e | 0.00 | e | 2.18 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.61 | 0.20 | 0.77 | 0.97 | (0.26 | ) | (0.35 | ) | (0.61 | ) | 9.97 | 10.51 | 988,229 | 0.12 | e | 0.00 | e | 2.10 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.56 | 0.20 | (0.32 | ) | (0.12 | ) | (0.25 | ) | (0.58 | ) | (0.83 | ) | 9.61 | (0.79 | ) | 856,233 | 0.12 | e | 0.00 | e | 2.01 | 18 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 9.61 | 0.06 | 1.06 | 1.12 | — | — | — | 10.73 | 11.65 | b | 245 | 0.52 | c,g | 0.39 | c,g | 1.16 | c | 23 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.45 | 0.26 | 0.34 | 0.60 | (0.26 | ) | (0.18 | ) | (0.44 | ) | 9.61 | 6.29 | 185 | 0.55 | g | 0.39 | g | 2.66 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.05 | 0.23 | (0.09 | ) | 0.14 | (0.30 | ) | (0.44 | ) | (0.74 | ) | 9.45 | 1.88 | 126 | 0.38 | f | 0.26 | f | 2.38 | 21 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 9.96 | 0.22 | 0.49 | 0.71 | (0.29 | ) | (0.33 | ) | (0.62 | ) | 10.05 | 7.16 | 107 | 0.13 | e | 0.02 | e | 2.19 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.61 | 0.20 | 0.75 | 0.95 | (0.25 | ) | (0.35 | ) | (0.60 | ) | 9.96 | 10.38 | 106 | 0.15 | e | 0.03 | e | 2.10 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 10.35 | 0.07 | 0.02 | 0.09 | (0.25 | ) | (0.58 | ) | (0.83 | ) | 9.61 | 1.21 | b | 102 | 0.14 | c,e | 0.02 | c,e | 1.54 | c | 18 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 9.57 | 0.06 | 1.05 | 1.11 | — | — | — | 10.68 | 11.60 | b | 109,853 | 0.59 | c,g | 0.47 | c,g | 1.10 | c | 23 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.41 | 0.25 | 0.33 | 0.58 | (0.24 | ) | (0.18 | ) | (0.42 | ) | 9.57 | 6.14 | 107,025 | 0.61 | g | 0.49 | g | 2.61 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.01 | 0.22 | (0.09 | ) | 0.13 | (0.29 | ) | (0.44 | ) | (0.73 | ) | 9.41 | 1.83 | 173,266 | 0.49 | f | 0.37 | f | 2.31 | 21 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 9.92 | 0.21 | 0.49 | 0.70 | (0.28 | ) | (0.33 | ) | (0.61 | ) | 10.01 | 6.96 | 235,104 | 0.27 | e | 0.15 | e | 2.04 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.57 | 0.19 | 0.75 | 0.94 | (0.24 | ) | (0.35 | ) | (0.59 | ) | 9.92 | 10.28 | 256,577 | 0.27 | e | 0.15 | e | 1.97 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.52 | 0.18 | (0.31 | ) | (0.13 | ) | (0.24 | ) | (0.58 | ) | (0.82 | ) | 9.57 | (0.94 | ) | 227,814 | 0.27 | e | 0.15 | e | 1.87 | 18 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 12.13 | 0.06 | 1.34 | 1.40 | — | — | — | 13.53 | 11.54 | b | 508,546 | 0.69 | c,g | 0.57 | c,g | 1.00 | c | 23 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 11.82 | 0.31 | 0.41 | 0.72 | (0.23 | ) | (0.18 | ) | (0.41 | ) | 12.13 | 6.06 | 492,656 | 0.71 | g | 0.59 | g | 2.54 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.37 | 0.26 | (0.10 | ) | 0.16 | (0.27 | ) | (0.44 | ) | (0.71 | ) | 11.82 | 1.74 | 548,992 | 0.60 | f | 0.48 | f | 2.19 | 21 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.12 | 0.24 | 0.60 | 0.84 | (0.26 | ) | (0.33 | ) | (0.59 | ) | 12.37 | 6.87 | 635,454 | 0.37 | e | 0.25 | e | 1.93 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.56 | 0.22 | 0.92 | 1.14 | (0.23 | ) | (0.35 | ) | (0.58 | ) | 12.12 | 10.18 | 683,089 | 0.37 | e | 0.25 | e | 1.86 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.53 | 0.21 | (0.38 | ) | (0.17 | ) | (0.22 | ) | (0.58 | ) | (0.80 | ) | 11.56 | (1.09 | ) | 665,990 | 0.42 | e | 0.25 | e | 1.76 | 18 |
78 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 79 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2020 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $ 9.89 | $0.06 | $ 1.19 | $ 1.25 | $ — | $ — | $ — | $11.14 | 12.64 | %b | $2,602,179 | 0.44 | %c,g | 0.32 | %c,g | 1.17 | %c | 24 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.73 | 0.27 | 0.37 | 0.64 | (0.25 | ) | (0.23 | ) | (0.48 | ) | 9.89 | 6.43 | 2,374,405 | 0.47 | g | 0.35 | g | 2.75 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.43 | 0.23 | (0.13 | ) | 0.10 | (0.31 | ) | (0.49 | ) | (0.80 | ) | 9.73 | 1.45 | 2,247,877 | 0.36 | f | 0.24 | f | 2.33 | 23 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 10.22 | 0.22 | 0.61 | 0.83 | (0.30 | ) | (0.32 | ) | (0.62 | ) | 10.43 | 8.07 | 2,188,054 | 0.11 | e | 0.00 | e | 2.11 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.77 | 0.20 | 0.88 | 1.08 | (0.25 | ) | (0.38 | ) | (0.63 | ) | 10.22 | 11.57 | 1,894,346 | 0.11 | e | 0.00 | e | 2.04 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.72 | 0.20 | (0.36 | ) | (0.16 | ) | (0.25 | ) | (0.54 | ) | (0.79 | ) | 9.77 | (1.26 | ) | 1,521,819 | 0.12 | e | 0.00 | e | 1.98 | 14 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 9.89 | 0.06 | 1.19 | 1.25 | — | — | — | 11.14 | 12.64 | b | 121 | 0.47 | c,g | 0.35 | c,g | 1.17 | c | 24 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.73 | 0.26 | 0.38 | 0.64 | (0.25 | ) | (0.23 | ) | (0.48 | ) | 9.89 | 6.42 | 352 | 0.51 | g | 0.39 | g | 2.61 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.42 | 0.23 | (0.13 | ) | 0.10 | (0.30 | ) | (0.49 | ) | (0.79 | ) | 9.73 | 1.39 | 200 | 0.35 | f | 0.24 | f | 2.32 | 23 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 10.21 | 0.19 | 0.64 | 0.83 | (0.30 | ) | (0.32 | ) | (0.62 | ) | 10.42 | 8.17 | 226 | 0.17 | e | 0.06 | e | 1.85 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.76 | 0.21 | 0.87 | 1.08 | (0.25 | ) | (0.38 | ) | (0.63 | ) | 10.21 | 11.56 | 107 | 0.13 | e | 0.02 | e | 2.06 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 10.48 | 0.07 | (0.01 | ) | 0.06 | (0.24 | ) | (0.54 | ) | (0.78 | ) | 9.76 | 0.88 | b | 102 | 0.14 | c,e | 0.03 | c,e | 1.43 | c | 14 | |||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 9.87 | 0.05 | 1.19 | 1.24 | — | — | — | 11.11 | 12.56 | b | 250,454 | 0.59 | c,g | 0.47 | c,g | 1.02 | c | 24 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.70 | 0.25 | 0.38 | 0.63 | (0.23 | ) | (0.23 | ) | (0.46 | ) | 9.87 | 6.35 | 249,364 | 0.62 | g | 0.50 | g | 2.53 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.40 | 0.22 | (0.14 | ) | 0.08 | (0.29 | ) | (0.49 | ) | (0.78 | ) | 9.70 | 1.27 | 401,306 | 0.50 | f | 0.38 | f | 2.21 | 23 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 10.19 | 0.21 | 0.61 | 0.82 | (0.29 | ) | (0.32 | ) | (0.61 | ) | 10.40 | 7.94 | 503,806 | 0.26 | e | 0.15 | e | 1.97 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.74 | 0.19 | 0.87 | 1.06 | (0.23 | ) | (0.38 | ) | (0.61 | ) | 10.19 | 11.44 | 513,388 | 0.26 | e | 0.15 | e | 1.90 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.69 | 0.18 | (0.36 | ) | (0.18 | ) | (0.23 | ) | (0.54 | ) | (0.77 | ) | 9.74 | (1.42 | ) | 438,819 | 0.27 | e | 0.15 | e | 1.83 | 14 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 12.79 | 0.06 | 1.53 | 1.59 | — | — | — | 14.38 | 12.43 | b | 1,011,286 | 0.69 | c,g | 0.57 | c,g | 0.92 | c | 24 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 12.45 | 0.32 | 0.47 | 0.79 | (0.22 | ) | (0.23 | ) | (0.45 | ) | 12.79 | 6.21 | 947,495 | 0.72 | g | 0.60 | g | 2.50 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 13.10 | 0.27 | (0.16 | ) | 0.11 | (0.27 | ) | (0.49 | ) | (0.76 | ) | 12.45 | 1.18 | 1,032,037 | 0.60 | f | 0.49 | f | 2.09 | 23 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.69 | 0.24 | 0.76 | 1.00 | (0.27 | ) | (0.32 | ) | (0.59 | ) | 13.10 | 7.89 | 1,146,465 | 0.36 | e | 0.25 | e | 1.86 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.98 | 0.22 | 1.09 | 1.31 | (0.22 | ) | (0.38 | ) | (0.60 | ) | 12.69 | 11.33 | 1,151,160 | 0.36 | e | 0.25 | e | 1.80 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.96 | 0.21 | (0.44 | ) | (0.23 | ) | (0.21 | ) | (0.54 | ) | (0.75 | ) | 11.98 | (1.54 | ) | 1,033,003 | 0.42 | e | 0.25 | e | 1.73 | 14 |
80 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 81 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2025 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $10.04 | $0.05 | $ 1.39 | $ 1.44 | $ — | $ — | $ — | $11.48 | 14.34 | %b | $3,559,538 | 0.45 | %c,g | 0.33 | %c,g | 1.00 | %c | 27 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.89 | 0.27 | 0.40 | 0.67 | (0.25 | ) | (0.27 | ) | (0.52 | ) | 10.04 | 6.59 | 3,142,487 | 0.48 | g | 0.36 | g | 2.66 | 28 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.68 | 0.22 | (0.21 | ) | 0.01 | (0.30 | ) | (0.50 | ) | (0.80 | ) | 9.89 | 0.58 | 2,786,751 | 0.37 | f | 0.25 | f | 2.18 | 20 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 10.33 | 0.21 | 0.75 | 0.96 | (0.30 | ) | (0.31 | ) | (0.61 | ) | 10.68 | 9.46 | 2,580,691 | 0.11 | e | 0.00 | e | 2.00 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.76 | 0.20 | 1.01 | 1.21 | (0.24 | ) | (0.40 | ) | (0.64 | ) | 10.33 | 12.89 | 2,135,802 | 0.11 | e | 0.00 | e | 1.97 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.81 | 0.19 | (0.43 | ) | (0.24 | ) | (0.24 | ) | (0.57 | ) | (0.81 | ) | 9.76 | (1.96 | ) | 1,633,946 | 0.12 | e | 0.00 | e | 1.96 | 11 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 10.03 | 0.05 | 1.39 | 1.44 | — | — | — | 11.47 | 14.36 | b | 156 | 0.49 | c,g | 0.36 | c,g | 0.97 | c | 27 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.88 | 0.27 | 0.39 | 0.66 | (0.24 | ) | (0.27 | ) | (0.51 | ) | 10.03 | 6.55 | 133 | 0.54 | g | 0.42 | g | 2.66 | 28 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.68 | 0.22 | (0.22 | ) | 0.00 | (0.30 | ) | (0.50 | ) | (0.80 | ) | 9.88 | 0.53 | 125 | 0.40 | f | 0.28 | f | 2.18 | 20 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 10.33 | 0.21 | 0.75 | 0.96 | (0.30 | ) | (0.31 | ) | (0.61 | ) | 10.68 | 9.30 | 133 | 0.17 | e | 0.05 | e | 1.96 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.76 | 0.20 | 1.00 | 1.20 | (0.23 | ) | (0.40 | ) | (0.63 | ) | 10.33 | 12.86 | 125 | 0.15 | e | 0.04 | e | 1.97 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 10.54 | 0.06 | (0.03 | ) | 0.03 | (0.24 | ) | (0.57 | ) | (0.81 | ) | 9.76 | 0.54 | b | 102 | 0.14 | c,e | 0.02 | c,e | 1.31 | c | 11 | |||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 9.99 | 0.05 | 1.37 | 1.42 | — | — | — | 11.41 | 14.21 | b | 313,987 | 0.60 | c,g | 0.48 | c,g | 0.85 | c | 27 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.84 | 0.24 | 0.40 | 0.64 | (0.22 | ) | (0.27 | ) | (0.49 | ) | 9.99 | 6.41 | 295,668 | 0.63 | g | 0.51 | g | 2.39 | 28 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.63 | 0.21 | (0.22 | ) | (0.01 | ) | (0.28 | ) | (0.50 | ) | (0.78 | ) | 9.84 | 0.51 | 488,247 | 0.51 | f | 0.39 | f | 2.06 | 20 | |||||||||||||||||||||||||||||||||||||
5/31/18 | 10.28 | 0.20 | 0.75 | 0.95 | (0.29 | ) | (0.31 | ) | (0.60 | ) | 10.63 | 9.24 | 573,643 | 0.26 | e | 0.15 | e | 1.86 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.72 | 0.18 | 1.00 | 1.18 | (0.22 | ) | (0.40 | ) | (0.62 | ) | 10.28 | 12.67 | 573,869 | 0.26 | e | 0.15 | e | 1.84 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.76 | 0.18 | (0.42 | ) | (0.24 | ) | (0.23 | ) | (0.57 | ) | (0.80 | ) | 9.72 | (2.02 | ) | 469,798 | 0.27 | e | 0.15 | e | 1.82 | 11 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 13.14 | 0.05 | 1.81 | 1.86 | — | — | — | 15.00 | 14.16 | b | 1,200,974 | 0.70 | c,g | 0.58 | c,g | 0.76 | c | 27 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 12.79 | 0.32 | 0.51 | 0.83 | (0.21 | ) | (0.27 | ) | (0.48 | ) | 13.14 | 6.40 | 1,103,642 | 0.73 | g | 0.61 | g | 2.39 | 28 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 13.57 | 0.26 | (0.27 | ) | (0.01 | ) | (0.27 | ) | (0.50 | ) | (0.77 | ) | 12.79 | 0.33 | 1,131,196 | 0.61 | f | 0.50 | f | 1.95 | 20 | |||||||||||||||||||||||||||||||||||||
5/31/18 | 12.97 | 0.24 | 0.94 | 1.18 | (0.27 | ) | (0.31 | ) | (0.58 | ) | 13.57 | 9.12 | 1,220,041 | 0.36 | e | 0.25 | e | 1.75 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.10 | 0.22 | 1.26 | 1.48 | (0.21 | ) | (0.40 | ) | (0.61 | ) | 12.97 | 12.60 | 1,164,361 | 0.36 | e | 0.25 | e | 1.74 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.19 | 0.21 | (0.52 | ) | (0.31 | ) | (0.21 | ) | (0.57 | ) | (0.78 | ) | 12.10 | (2.17 | ) | 1,000,951 | 0.42 | e | 0.25 | e | 1.71 | 11 |
82 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 83 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2030 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $10.01 | $0.05 | $ 1.55 | $ 1.60 | $ — | $ — | $ — | $11.61 | 15.98 | %b | $3,731,966 | 0.46 | %c,g | 0.34 | %c,g | 0.83 | %c | 30 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.87 | 0.26 | 0.42 | 0.68 | (0.23 | ) | (0.31 | ) | (0.54 | ) | 10.01 | 6.69 | 3,244,106 | 0.49 | g | 0.37 | g | 2.57 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.78 | 0.21 | (0.29 | ) | (0.08 | ) | (0.30 | ) | (0.53 | ) | (0.83 | ) | 9.87 | (0.25 | ) | 2,793,594 | 0.38 | f | 0.26 | f | 2.03 | 20 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 10.33 | 0.20 | 0.90 | 1.10 | (0.31 | ) | (0.34 | ) | (0.65 | ) | 10.78 | 10.76 | 2,626,467 | 0.11 | e | 0.00 | e | 1.89 | 12 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.68 | 0.19 | 1.12 | 1.31 | (0.23 | ) | (0.43 | ) | (0.66 | ) | 10.33 | 14.06 | 2,139,891 | 0.11 | e | 0.00 | e | 1.90 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.81 | 0.19 | (0.49 | ) | (0.30 | ) | (0.24 | ) | (0.59 | ) | (0.83 | ) | 9.68 | (2.51 | ) | 1,645,188 | 0.12 | e | 0.00 | e | 1.93 | 12 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 10.01 | 0.04 | 1.56 | 1.60 | — | — | — | 11.61 | 15.98 | b | 466 | 0.53 | c,g | 0.40 | c,g | 0.75 | c | 30 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.87 | 0.20 | 0.47 | 0.67 | (0.22 | ) | (0.31 | ) | (0.53 | ) | 10.01 | 6.65 | 317 | 0.56 | g | 0.44 | g | 2.02 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.78 | 0.21 | (0.30 | ) | (0.09 | ) | (0.29 | ) | (0.53 | ) | (0.82 | ) | 9.87 | (0.32 | ) | 117 | 0.43 | f | 0.32 | f | 2.01 | 20 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 10.34 | 0.20 | 0.89 | 1.09 | (0.31 | ) | (0.34 | ) | (0.65 | ) | 10.78 | 10.63 | 124 | 0.15 | e | 0.04 | e | 1.88 | 12 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.68 | 0.19 | 1.12 | 1.31 | (0.22 | ) | (0.43 | ) | (0.65 | ) | 10.34 | 14.15 | 109 | 0.13 | e | 0.02 | e | 1.92 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 10.52 | 0.05 | (0.06 | ) | (0.01 | ) | (0.24 | ) | (0.59 | ) | (0.83 | ) | 9.68 | 0.15 | b | 102 | 0.14 | c,e | 0.03 | c,e | 1.19 | c | 12 | ||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 9.96 | 0.04 | 1.55 | 1.59 | — | — | — | 11.55 | 15.96 | b | 340,314 | 0.61 | c,g | 0.49 | c,g | 0.68 | c | 30 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.82 | 0.23 | 0.42 | 0.65 | (0.20 | ) | (0.31 | ) | (0.51 | ) | 9.96 | 6.52 | 310,511 | 0.64 | g | 0.52 | g | 2.26 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.73 | 0.20 | (0.30 | ) | (0.10 | ) | (0.28 | ) | (0.53 | ) | (0.81 | ) | 9.82 | (0.33 | ) | 505,271 | 0.52 | f | 0.40 | f | 1.90 | 20 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 10.28 | 0.19 | 0.89 | 1.08 | (0.29 | ) | (0.34 | ) | (0.63 | ) | 10.73 | 10.56 | 585,462 | 0.26 | e | 0.15 | e | 1.76 | 12 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.64 | 0.17 | 1.11 | 1.28 | (0.21 | ) | (0.43 | ) | (0.64 | ) | 10.28 | 13.85 | 562,680 | 0.26 | e | 0.15 | e | 1.76 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.77 | 0.18 | (0.50 | ) | (0.32 | ) | (0.22 | ) | (0.59 | ) | (0.81 | ) | 9.64 | (2.67 | ) | 458,645 | 0.27 | e | 0.15 | e | 1.80 | 12 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 13.39 | 0.04 | 2.09 | 2.13 | — | — | — | 15.52 | 15.91 | b | 1,197,942 | 0.71 | c,g | 0.59 | c,g | 0.58 | c | 30 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 13.04 | 0.31 | 0.54 | 0.85 | (0.19 | ) | (0.31 | ) | (0.50 | ) | 13.39 | 6.42 | 1,064,906 | 0.74 | g | 0.62 | g | 2.29 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 13.96 | 0.24 | (0.37 | ) | (0.13 | ) | (0.26 | ) | (0.53 | ) | (0.79 | ) | 13.04 | (0.54 | ) | 1,062,709 | 0.62 | f | 0.50 | f | 1.79 | 20 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 13.21 | 0.23 | 1.14 | 1.37 | (0.28 | ) | (0.34 | ) | (0.62 | ) | 13.96 | 10.43 | 1,139,069 | 0.36 | e | 0.25 | e | 1.64 | 12 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.20 | 0.21 | 1.43 | 1.64 | (0.20 | ) | (0.43 | ) | (0.63 | ) | 13.21 | 13.83 | 1,064,614 | 0.36 | e | 0.25 | e | 1.66 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.39 | 0.21 | (0.60 | ) | (0.39 | ) | (0.21 | ) | (0.59 | ) | (0.80 | ) | 12.20 | (2.73 | ) | 885,365 | 0.42 | e | 0.25 | e | 1.69 | 12 |
84 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 85 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2035 FUND | �� | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $10.07 | $0.04 | $ 1.75 | $ 1.79 | $ — | $ — | $ — | $11.86 | 17.78 | %b | $3,922,253 | 0.47 | %c,g | 0.34 | %c,g | 0.67 | %c | 33 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.97 | 0.25 | 0.44 | 0.69 | (0.23 | ) | (0.36 | ) | (0.59 | ) | 10.07 | 6.67 | 3,369,098 | 0.50 | g | 0.38 | g | 2.48 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.99 | 0.20 | (0.38 | ) | (0.18 | ) | (0.29 | ) | (0.55 | ) | (0.84 | ) | 9.97 | (1.08 | ) | 2,855,455 | 0.38 | f | 0.27 | f | 1.87 | 17 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 10.44 | 0.19 | 1.04 | 1.23 | (0.31 | ) | (0.37 | ) | (0.68 | ) | 10.99 | 11.98 | 2,729,789 | 0.11 | e | 0.00 | e | 1.76 | 13 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.68 | 0.18 | 1.24 | 1.42 | (0.21 | ) | (0.45 | ) | (0.66 | ) | 10.44 | 15.36 | 2,238,549 | 0.11 | e | 0.00 | e | 1.79 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.92 | 0.18 | (0.55 | ) | (0.37 | ) | (0.22 | ) | (0.65 | ) | (0.87 | ) | 9.68 | (3.08 | ) | 1,721,118 | 0.12 | e | 0.00 | e | 1.82 | 11 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 10.06 | 0.03 | 1.75 | 1.78 | — | — | — | 11.84 | 17.69 | b | 427 | 0.55 | c,g | 0.42 | c,g | 0.59 | c | 33 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.96 | 0.28 | 0.40 | 0.68 | (0.22 | ) | (0.36 | ) | (0.58 | ) | 10.06 | 6.64 | 363 | 0.58 | g | 0.46 | g | 2.74 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.98 | 0.20 | (0.38 | ) | (0.18 | ) | (0.29 | ) | (0.55 | ) | (0.84 | ) | 9.96 | (1.11 | ) | 110 | 0.40 | f | 0.29 | f | 1.89 | 17 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 10.43 | 0.19 | 1.04 | 1.23 | (0.31 | ) | (0.37 | ) | (0.68 | ) | 10.98 | 11.96 | 121 | 0.15 | e | 0.04 | e | 1.74 | 13 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.68 | 0.18 | 1.23 | 1.41 | (0.21 | ) | (0.45 | ) | (0.66 | ) | 10.43 | 15.24 | 114 | 0.13 | e | 0.02 | e | 1.82 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 10.60 | 0.04 | (0.09 | ) | (0.05 | ) | (0.22 | ) | (0.65 | ) | (0.87 | ) | 9.68 | (0.17 | )b | 102 | 0.14 | c,e | 0.03 | c,e | 0.99 | c | 11 | ||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 10.04 | 0.03 | 1.74 | 1.77 | — | — | — | 11.81 | 17.63 | b | 357,117 | 0.62 | c,g | 0.49 | c,g | 0.51 | c | 33 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.93 | 0.22 | 0.45 | 0.67 | (0.20 | ) | (0.36 | ) | (0.56 | ) | 10.04 | 6.59 | 324,978 | 0.65 | g | 0.53 | g | 2.14 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 10.95 | 0.18 | (0.38 | ) | (0.20 | ) | (0.27 | ) | (0.55 | ) | (0.82 | ) | 9.93 | (1.25 | ) | 550,501 | 0.52 | f | 0.41 | f | 1.75 | 17 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 10.41 | 0.18 | 1.03 | 1.21 | (0.30 | ) | (0.37 | ) | (0.67 | ) | 10.95 | 11.76 | 627,471 | 0.26 | e | 0.15 | e | 1.63 | 13 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.65 | 0.16 | 1.25 | 1.41 | (0.20 | ) | (0.45 | ) | (0.65 | ) | 10.41 | 15.25 | 592,434 | 0.26 | e | 0.15 | e | 1.65 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.90 | 0.17 | (0.56 | ) | (0.39 | ) | (0.21 | ) | (0.65 | ) | (0.86 | ) | 9.65 | (3.33 | ) | 467,084 | 0.27 | e | 0.15 | e | 1.68 | 11 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 13.78 | 0.03 | 2.39 | 2.42 | — | — | — | 16.20 | 17.56 | b | 1,099,034 | 0.72 | c,g | 0.59 | c,g | 0.42 | c | 33 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 13.44 | 0.31 | 0.58 | 0.89 | (0.19 | ) | (0.36 | ) | (0.55 | ) | 13.78 | 6.48 | 978,160 | 0.75 | g | 0.63 | g | 2.21 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.50 | 0.23 | (0.49 | ) | (0.26 | ) | (0.25 | ) | (0.55 | ) | (0.80 | ) | 13.44 | (1.37 | ) | 980,659 | 0.63 | f | 0.51 | f | 1.63 | 17 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 13.58 | 0.22 | 1.35 | 1.57 | (0.28 | ) | (0.37 | ) | (0.65 | ) | 14.50 | 11.67 | 1,038,703 | 0.36 | e | 0.25 | e | 1.51 | 13 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.40 | 0.20 | 1.61 | 1.81 | (0.18 | ) | (0.45 | ) | (0.63 | ) | 13.58 | 15.10 | 970,096 | 0.36 | e | 0.25 | e | 1.55 | 21 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.73 | 0.20 | (0.69 | ) | (0.49 | ) | (0.19 | ) | (0.65 | ) | (0.84 | ) | 12.40 | (3.36 | ) | 808,408 | 0.42 | e | 0.25 | e | 1.58 | 11 |
86 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 87 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | expenses | (loss) | rate | |||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2040 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $ 9.99 | $ 0.03 | $ 1.90 | $ 1.93 | $ — | $ — | $ — | $ 11.92 | 19.32 | %b | $4,629,413 | 0.48 | %c,g | 0.34 | %c,g | 0.46 | %c | 35 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.91 | 0.24 | 0.46 | 0.70 | (0.20 | ) | (0.42 | ) | (0.62 | ) | 9.99 | 6.74 | 3,930,425 | 0.51 | g | 0.39 | g | 2.36 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.15 | 0.18 | (0.47 | ) | (0.29 | ) | (0.29 | ) | (0.66 | ) | (0.95 | ) | 9.91 | (2.09 | ) | 3,346,627 | 0.39 | f | 0.27 | f | 1.68 | 18 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 10.51 | 0.18 | 1.20 | 1.38 | (0.32 | ) | (0.42 | ) | (0.74 | ) | 11.15 | 13.28 | 3,322,450 | 0.11 | e | 0.00 | e | 1.60 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.67 | 0.17 | 1.37 | 1.54 | (0.19 | ) | (0.51 | ) | (0.70 | ) | 10.51 | 16.65 | 2,799,289 | 0.11 | e | 0.00 | e | 1.67 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.05 | 0.17 | (0.62 | ) | (0.45 | ) | (0.21 | ) | (0.72 | ) | (0.93 | ) | 9.67 | (3.83 | ) | 2,177,059 | 0.11 | e | 0.00 | e | 1.70 | 11 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 9.98 | 0.02 | 1.91 | 1.93 | — | — | — | 11.91 | 19.34 | b | 255 | 0.54 | c,g | 0.40 | c,g | 0.39 | c | 35 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.90 | 0.23 | 0.47 | 0.70 | (0.20 | ) | (0.42 | ) | (0.62 | ) | 9.98 | 6.70 | 204 | 0.57 | g | 0.45 | g | 2.27 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.14 | 0.18 | (0.48 | ) | (0.30 | ) | (0.28 | ) | (0.66 | ) | (0.94 | ) | 9.90 | (2.13 | ) | 130 | 0.41 | f | 0.30 | f | 1.70 | 18 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 10.50 | 0.18 | 1.20 | 1.38 | (0.32 | ) | (0.42 | ) | (0.74 | ) | 11.14 | 13.27 | 117 | 0.14 | e | 0.03 | e | 1.62 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.67 | 0.17 | 1.36 | 1.53 | (0.19 | ) | (0.51 | ) | (0.70 | ) | 10.50 | 16.52 | 110 | 0.13 | e | 0.02 | e | 1.70 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 10.69 | 0.04 | (0.13 | ) | (0.09 | ) | (0.21 | ) | (0.72 | ) | (0.93 | ) | 9.67 | (0.60 | )b | 102 | 0.14 | c,e | 0.03 | c,e | 0.78 | c | 11 | ||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 9.95 | 0.02 | 1.90 | 1.92 | — | — | — | 11.87 | 19.30 | b | 405,182 | 0.63 | c,g | 0.49 | c,g | 0.31 | c | 35 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 9.87 | 0.20 | 0.48 | 0.68 | (0.18 | ) | (0.42 | ) | (0.60 | ) | 9.95 | 6.55 | 372,625 | 0.66 | g | 0.54 | g | 1.97 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | �� | 11.11 | 0.16 | (0.47 | ) | (0.31 | ) | (0.27 | ) | (0.66 | ) | (0.93 | ) | 9.87 | (2.28 | ) | 678,439 | 0.53 | f | 0.41 | f | 1.56 | 18 | |||||||||||||||||||||||||||||||||||
5/31/18 | 10.47 | 0.16 | 1.20 | 1.36 | (0.30 | ) | (0.42 | ) | (0.72 | ) | 11.11 | 13.17 | 781,576 | 0.26 | e | 0.15 | e | 1.48 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.65 | 0.15 | 1.36 | 1.51 | (0.18 | ) | (0.51 | ) | (0.69 | ) | 10.47 | 16.30 | 752,059 | 0.26 | e | 0.15 | e | 1.52 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.02 | 0.15 | (0.60 | ) | (0.45 | ) | (0.20 | ) | (0.72 | ) | (0.92 | ) | 9.65 | (3.89 | ) | 597,044 | 0.26 | e | 0.15 | e | 1.56 | 11 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 14.05 | 0.02 | 2.68 | 2.70 | — | — | — | 16.75 | 19.22 | b | 1,321,922 | 0.73 | c,g | 0.59 | c,g | 0.21 | c | 35 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 13.71 | 0.30 | 0.62 | 0.92 | (0.16 | ) | (0.42 | ) | (0.58 | ) | 14.05 | 6.51 | 1,161,770 | 0.76 | g | 0.64 | g | 2.08 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.03 | 0.21 | (0.62 | ) | (0.41 | ) | (0.25 | ) | (0.66 | ) | (0.91 | ) | 13.71 | (2.37 | ) | 1,176,223 | 0.63 | f | 0.52 | f | 1.44 | 18 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 13.93 | 0.20 | 1.60 | 1.80 | (0.28 | ) | (0.42 | ) | (0.70 | ) | 15.03 | 13.05 | 1,283,032 | 0.36 | e | 0.25 | e | 1.36 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.61 | 0.19 | 1.80 | 1.99 | (0.16 | ) | (0.51 | ) | (0.67 | ) | 13.93 | 16.29 | 1,182,985 | 0.36 | e | 0.25 | e | 1.43 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.10 | 0.19 | (0.78 | ) | (0.59 | ) | (0.18 | ) | (0.72 | ) | (0.90 | ) | 12.61 | (4.03 | ) | 1,000,745 | 0.41 | e | 0.25 | e | 1.47 | 11 |
88 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 89 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | expenses | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2045 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $11.98 | $ 0.02 | $ 2.50 | $ 2.52 | $ — | $ — | $ — | $ 14.50 | 21.04 | %b | $3,013,258 | 0.49 | %c,g | 0.35 | %c,g | 0.24 | %c | 38 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 11.89 | 0.28 | 0.55 | 0.83 | (0.22 | ) | (0.52 | ) | (0.74 | ) | 11.98 | 6.60 | 2,441,105 | 0.52 | g | 0.40 | g | 2.25 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.88 | 0.19 | (0.59 | ) | (0.40 | ) | (0.30 | ) | (0.29 | ) | (0.59 | ) | 11.89 | (2.79 | ) | 1,915,136 | 0.40 | f | 0.28 | f | 1.55 | 13 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 11.73 | 0.19 | 1.44 | 1.63 | (0.37 | ) | (0.11 | ) | (0.48 | ) | 12.88 | 13.96 | 1,756,138 | 0.11 | e | 0.00 | e | 1.52 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.42 | 0.18 | 1.55 | 1.73 | (0.14 | ) | (0.28 | ) | (0.42 | ) | 11.73 | 17.07 | 1,337,130 | 0.12 | e | 0.00 | e | 1.61 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.44 | 0.18 | (0.63 | ) | (0.45 | ) | (0.20 | ) | (0.37 | ) | (0.57 | ) | 10.42 | (3.71 | ) | 922,057 | 0.12 | e | 0.00 | e | 1.68 | 8 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 11.99 | 0.01 | 2.50 | 2.51 | — | — | — | 14.50 | 20.93 | b | 188 | 0.52 | c,g | 0.39 | c,g | 0.20 | c | 38 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 11.89 | 0.27 | 0.57 | 0.84 | (0.22 | ) | (0.52 | ) | (0.74 | ) | 11.99 | 6.66 | 155 | 0.56 | g | 0.44 | g | 2.23 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.88 | 0.20 | (0.60 | ) | (0.40 | ) | (0.30 | ) | (0.29 | ) | (0.59 | ) | 11.89 | (2.79 | ) | 117 | 0.39 | f | 0.28 | f | 1.57 | 13 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 11.73 | 0.19 | 1.44 | 1.63 | (0.37 | ) | (0.11 | ) | (0.48 | ) | 12.88 | 13.94 | 126 | 0.12 | e | 0.01 | e | 1.53 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.42 | 0.18 | 1.55 | 1.73 | (0.14 | ) | (0.28 | ) | (0.42 | ) | 11.73 | 17.05 | 115 | 0.13 | e | 0.01 | e | 1.64 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 11.08 | 0.04 | (0.13 | ) | (0.09 | ) | (0.20 | ) | (0.37 | ) | (0.57 | ) | 10.42 | (0.60 | )b | 102 | 0.15 | c,e | 0.03 | c,e | 0.73 | c | 8 | ||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 11.93 | 0.01 | 2.48 | 2.49 | — | — | — | 14.42 | 20.87 | b | 269,386 | 0.64 | c,g | 0.50 | c,g | 0.08 | c | 38 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 11.83 | 0.22 | 0.59 | 0.81 | (0.19 | ) | (0.52 | ) | (0.71 | ) | 11.93 | 6.50 | 234,573 | 0.67 | g | 0.55 | g | 1.81 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.82 | 0.17 | (0.59 | ) | (0.42 | ) | (0.28 | ) | (0.29 | ) | (0.57 | ) | 11.83 | (2.96 | ) | 435,004 | 0.54 | f | 0.42 | f | 1.41 | 13 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 11.68 | 0.17 | 1.43 | 1.60 | (0.35 | ) | (0.11 | ) | (0.46 | ) | 12.82 | 13.78 | 451,707 | 0.26 | e | 0.15 | e | 1.39 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.38 | 0.16 | 1.55 | 1.71 | (0.13 | ) | (0.28 | ) | (0.41 | ) | 11.68 | 16.88 | 390,630 | 0.27 | e | 0.15 | e | 1.47 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.40 | 0.16 | (0.62 | ) | (0.46 | ) | (0.19 | ) | (0.37 | ) | (0.56 | ) | 10.38 | (3.86 | ) | 280,898 | 0.27 | e | 0.15 | e | 1.55 | 8 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 11.89 | (0.00 | )d | 2.47 | 2.47 | — | — | — | 14.36 | 20.77 | b | 728,718 | 0.74 | c,g | 0.60 | c,g | (0.01 | )c | 38 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 11.80 | 0.24 | 0.56 | 0.80 | (0.19 | ) | (0.52 | ) | (0.71 | ) | 11.89 | 6.40 | 621,730 | 0.77 | g | 0.65 | g | 1.98 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.78 | 0.16 | (0.58 | ) | (0.42 | ) | (0.27 | ) | (0.29 | ) | (0.56 | ) | 11.80 | (3.00 | ) | 599,598 | 0.64 | f | 0.52 | f | 1.30 | 13 | ||||||||||||||||||||||||||||||||||||
5/31/18 | 11.65 | 0.16 | 1.42 | 1.58 | (0.34 | ) | (0.11 | ) | (0.45 | ) | 12.78 | 13.62 | 609,733 | 0.36 | e | 0.25 | e | 1.27 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.35 | 0.15 | 1.55 | 1.70 | (0.12 | ) | (0.28 | ) | (0.40 | ) | 11.65 | 16.82 | 532,695 | 0.37 | e | 0.25 | e | 1.38 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.37 | 0.15 | (0.63 | ) | (0.48 | ) | (0.17 | ) | (0.37 | ) | (0.54 | ) | 10.35 | (3.98 | ) | 402,825 | 0.42 | e | 0.25 | e | 1.45 | 8 |
90 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 91 |
Financial highlights | continued |
TIAA-CREF Funds | |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||
or year ended | beginning of period | income (loss | )a | on total investments | j | investment operations | investment income | realized gains | and distributions | end of period | Total return | period or year (in thousands | ) | Gross expenses | Net expenses | income (loss | ) | turnover rate | ||||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2050 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $12.05 | $ 0.01 | $ 2.55 | $ 2.56 | $ — | $ — | $ — | $14.61 | 21.24 | %b | $2,187,761 | 0.49 | %c,g | 0.35 | %c,g | 0.20 | %c | 37 | %b | |||||||||||||||||||||||||||||||||||||||
5/31/20 | 11.94 | 0.28 | 0.56 | 0.84 | (0.22 | ) | (0.51 | ) | (0.73 | ) | 12.05 | 6.70 | 1,730,080 | 0.52 | g | 0.40 | g | 2.24 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.95 | 0.19 | (0.61 | ) | (0.42 | ) | (0.30 | ) | (0.29 | ) | (0.59 | ) | 11.94 | (2.97 | ) | 1,267,704 | 0.40 | f | 0.28 | f | 1.52 | 12 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.77 | 0.19 | 1.47 | 1.66 | (0.37 | ) | (0.11 | ) | (0.48 | ) | 12.95 | 14.16 | 1,131,187 | 0.12 | e | 0.00 | e | 1.49 | 10 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.42 | 0.17 | 1.59 | 1.76 | (0.14 | ) | (0.27 | ) | (0.41 | ) | 11.77 | 17.29 | 819,879 | 0.12 | e | 0.00 | e | 1.59 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.42 | 0.17 | (0.61 | ) | (0.44 | ) | (0.20 | ) | (0.36 | ) | (0.56 | ) | 10.42 | (3.67 | ) | 550,907 | 0.13 | e | 0.00 | e | 1.66 | 9 | ||||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 12.04 | 0.01 | 2.56 | 2.57 | — | — | — | 14.61 | 21.35 | b | 143 | 0.50 | c,g | 0.35 | c,g | 0.20 | c | 37 | b | |||||||||||||||||||||||||||||||||||||||
5/31/20 | 11.95 | 0.28 | 0.54 | 0.82 | (0.22 | ) | (0.51 | ) | (0.73 | ) | 12.04 | 6.51 | 118 | 0.55 | g | 0.42 | g | 2.22 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.95 | 0.19 | (0.60 | ) | (0.41 | ) | (0.30 | ) | (0.29 | ) | (0.59 | ) | 11.95 | (2.90 | ) | 117 | 0.40 | f | 0.28 | f | 1.55 | 12 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.77 | 0.19 | 1.47 | 1.66 | (0.37 | ) | (0.11 | ) | (0.48 | ) | 12.95 | 14.15 | 127 | 0.13 | e | 0.01 | e | 1.50 | 10 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.42 | 0.18 | 1.58 | 1.76 | (0.14 | ) | (0.27 | ) | (0.41 | ) | 11.77 | 17.27 | 115 | 0.14 | e | 0.01 | e | 1.62 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 11.06 | 0.03 | (0.11 | ) | (0.08 | ) | (0.20 | ) | (0.36 | ) | (0.56 | ) | 10.42 | (0.55 | )b | 102 | 0.16 | c,e | 0.03 | c,e | 0.70 | c | 9 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 12.00 | 0.00 | d | 2.54 | 2.54 | — | — | — | 14.54 | 21.17 | b | 176,416 | 0.64 | c,g | 0.50 | c,g | 0.05 | c | 37 | b | ||||||||||||||||||||||||||||||||||||||
5/31/20 | 11.89 | 0.22 | 0.59 | 0.81 | (0.19 | ) | (0.51 | ) | (0.70 | ) | 12.00 | 6.50 | 152,698 | 0.67 | g | 0.55 | g | 1.74 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.89 | 0.17 | (0.60 | ) | (0.43 | ) | (0.28 | ) | (0.29 | ) | (0.57 | ) | 11.89 | (3.07 | ) | 319,987 | 0.55 | f | 0.43 | f | 1.38 | 12 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.72 | 0.17 | 1.46 | 1.63 | (0.35 | ) | (0.11 | ) | (0.46 | ) | 12.89 | 13.99 | 319,950 | 0.27 | e | 0.15 | e | 1.37 | 10 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.39 | 0.16 | 1.57 | 1.73 | (0.13 | ) | (0.27 | ) | (0.40 | ) | 11.72 | 16.99 | 269,303 | 0.27 | e | 0.15 | e | 1.45 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.38 | 0.16 | (0.60 | ) | (0.44 | ) | (0.19 | ) | (0.36 | ) | (0.55 | ) | 10.39 | (3.73 | ) | 180,517 | 0.28 | e | 0.15 | e | 1.53 | 9 | ||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 11.94 | (0.00 | )d | 2.53 | 2.53 | — | — | — | 14.47 | 21.19 | b | 501,248 | 0.74 | c,g | 0.60 | c,g | (0.05 | )c | 37 | b | ||||||||||||||||||||||||||||||||||||||
5/31/20 | 11.85 | 0.24 | 0.55 | 0.79 | (0.19 | ) | (0.51 | ) | (0.70 | ) | 11.94 | 6.33 | 424,505 | 0.77 | g | 0.65 | g | 1.95 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.85 | 0.16 | (0.60 | ) | (0.44 | ) | (0.27 | ) | (0.29 | ) | (0.56 | ) | 11.85 | (3.19 | ) | 399,296 | 0.65 | f | 0.53 | f | 1.27 | 12 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.68 | 0.16 | 1.46 | 1.62 | (0.34 | ) | (0.11 | ) | (0.45 | ) | 12.85 | 13.93 | 396,498 | 0.37 | e | 0.25 | e | 1.25 | 10 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.35 | 0.15 | 1.57 | 1.72 | (0.12 | ) | (0.27 | ) | (0.39 | ) | 11.68 | 16.95 | 338,305 | 0.37 | e | 0.25 | e | 1.35 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.35 | 0.15 | (0.62 | ) | (0.47 | ) | (0.17 | ) | (0.36 | ) | (0.53 | ) | 10.35 | (3.93 | ) | 243,273 | 0.43 | e | 0.25 | e | 1.44 | 9 |
92 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 93 |
Financial highlights | continued |
TIAA-CREF Funds | |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||
or year ended | beginning of period | income (loss | )a | on total investments | j | investment operations | investment income | realized gains | and distributions | end of period | Total return | period or year (in thousands | ) | Gross expenses | Net expenses | income (loss | ) | turnover rate | ||||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2055 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $13.77 | $ 0.01 | $ 2.95 | $ 2.96 | $ — | $ — | $ — | $16.73 | 21.50 | %b | $874,086 | 0.54 | %c,g | 0.35 | %c,g | 0.17 | %c | 36 | %b | |||||||||||||||||||||||||||||||||||||||
5/31/20 | 13.61 | 0.31 | 0.63 | 0.94 | (0.25 | ) | (0.53 | ) | (0.78 | ) | 13.77 | 6.56 | 653,177 | 0.54 | g | 0.40 | g | 2.24 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.69 | 0.21 | (0.70 | ) | (0.49 | ) | (0.33 | ) | (0.26 | ) | (0.59 | ) | 13.61 | (3.04 | ) | 404,603 | 0.43 | f | 0.29 | f | 1.49 | 10 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.31 | 0.21 | 1.67 | 1.88 | (0.39 | ) | (0.11 | ) | (0.50 | ) | 14.69 | 14.29 | 307,441 | 0.14 | e | 0.00 | e | 1.45 | 9 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.72 | 0.19 | 1.82 | 2.01 | (0.17 | ) | (0.25 | ) | (0.42 | ) | 13.31 | 17.43 | 182,552 | 0.16 | e | 0.00 | e | 1.56 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.77 | 0.19 | (0.67 | ) | (0.48 | ) | (0.22 | ) | (0.35 | ) | (0.57 | ) | 11.72 | (3.62 | ) | 97,784 | 0.19 | e | 0.00 | e | 1.62 | 24 | ||||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 13.77 | 0.01 | 2.95 | 2.96 | — | — | — | 16.73 | 21.50 | b | 147 | 0.52 | c,g | 0.36 | c,g | 0.16 | c | 36 | b | |||||||||||||||||||||||||||||||||||||||
5/31/20 | 13.61 | 0.31 | 0.63 | 0.94 | (0.25 | ) | (0.53 | ) | (0.78 | ) | 13.77 | 6.56 | 121 | 0.56 | g | 0.41 | g | 2.20 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.69 | 0.22 | (0.71 | ) | (0.49 | ) | (0.33 | ) | (0.26 | ) | (0.59 | ) | 13.61 | (3.05 | ) | 119 | 0.42 | f | 0.28 | f | 1.52 | 10 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.31 | 0.21 | 1.67 | 1.88 | (0.39 | ) | (0.11 | ) | (0.50 | ) | 14.69 | 14.28 | 128 | 0.15 | e | 0.01 | e | 1.47 | 9 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.72 | 0.20 | 1.80 | 2.00 | (0.16 | ) | (0.25 | ) | (0.41 | ) | 13.31 | 17.41 | 116 | 0.18 | e | 0.02 | e | 1.59 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 12.36 | 0.04 | (0.11 | ) | (0.07 | ) | (0.22 | ) | (0.35 | ) | (0.57 | ) | 11.72 | (0.44 | )b | 102 | 0.21 | c,e | 0.03 | c,e | 0.67 | c | 24 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 13.72 | 0.00 | d | 2.94 | 2.94 | — | — | — | 16.66 | 21.43 | b | 76,926 | 0.65 | c,g | 0.50 | c,g | 0.02 | c | 36 | b | ||||||||||||||||||||||||||||||||||||||
5/31/20 | 13.56 | 0.24 | 0.67 | 0.91 | (0.22 | ) | (0.53 | ) | (0.75 | ) | 13.72 | 6.37 | 62,637 | 0.69 | g | 0.55 | g | 1.68 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.63 | 0.19 | (0.69 | ) | (0.50 | ) | (0.31 | ) | (0.26 | ) | (0.57 | ) | 13.56 | (3.14 | ) | 135,603 | 0.57 | f | 0.43 | f | 1.35 | 10 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.26 | 0.19 | 1.67 | 1.86 | (0.38 | ) | (0.11 | ) | (0.49 | ) | 14.63 | 14.13 | 118,351 | 0.29 | e | 0.15 | e | 1.35 | 9 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.68 | 0.17 | 1.81 | 1.98 | (0.15 | ) | (0.25 | ) | (0.40 | ) | 13.26 | 17.27 | 84,446 | 0.31 | e | 0.15 | e | 1.42 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.73 | 0.17 | (0.66 | ) | (0.49 | ) | (0.21 | ) | (0.35 | ) | (0.56 | ) | 11.68 | (3.76 | ) | 45,977 | 0.34 | e | 0.15 | e | 1.49 | 24 | ||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 13.71 | (0.01 | ) | 2.94 | 2.93 | — | — | — | 16.64 | 21.37 | b | 215,636 | 0.75 | c,g | 0.60 | c,g | (0.08 | )c | 36 | b | ||||||||||||||||||||||||||||||||||||||
5/31/20 | 13.56 | 0.27 | 0.63 | 0.90 | (0.22 | ) | (0.53 | ) | (0.75 | ) | 13.71 | 6.28 | 181,024 | 0.79 | g | 0.65 | g | 1.95 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.63 | 0.17 | (0.68 | ) | (0.51 | ) | (0.30 | ) | (0.26 | ) | (0.56 | ) | 13.56 | (3.24 | ) | 155,354 | 0.67 | f | 0.53 | f | 1.24 | 10 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.26 | 0.17 | 1.67 | 1.84 | (0.36 | ) | (0.11 | ) | (0.47 | ) | 14.63 | 14.03 | 137,389 | 0.39 | e | 0.25 | e | 1.22 | 9 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.69 | 0.16 | 1.80 | 1.96 | (0.14 | ) | (0.25 | ) | (0.39 | ) | 13.26 | 17.06 | 101,070 | 0.41 | e | 0.25 | e | 1.31 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.73 | 0.16 | (0.66 | ) | (0.50 | ) | (0.19 | ) | (0.35 | ) | (0.54 | ) | 11.69 | (3.81 | ) | 60,056 | 0.49 | e | 0.25 | e | 1.33 | 24 |
94 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 95 |
Financial highlights | continued |
TIAA-CREF Funds | |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||
or year ended | beginning of period | income (loss | )a | on total investments | j | investment operations | investment income | realized gains | and distributions | end of period | Total return | period or year (in thousands | ) | Gross expenses | Net expenses | income (loss | ) | turnover rate | ||||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2060 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $11.35 | $ 0.01 | $ 2.45 | $ 2.46 | $ — | $ — | $ — | $13.81 | 21.67 | %b | $223,347 | 0.54 | %c,g | 0.35 | %c,g | 0.14 | %c | 37 | %b | |||||||||||||||||||||||||||||||||||||||
5/31/20 | 11.13 | 0.25 | 0.52 | 0.77 | (0.21 | ) | (0.34 | ) | (0.55 | ) | 11.35 | 6.60 | 155,744 | 0.62 | g | 0.39 | g | 2.18 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.02 | 0.18 | (0.59 | ) | (0.41 | ) | (0.27 | ) | (0.21 | ) | (0.48 | ) | 11.13 | (3.17 | ) | 81,477 | 0.55 | f | 0.29 | f | 1.54 | 36 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 10.81 | 0.16 | 1.39 | 1.55 | (0.29 | ) | (0.05 | ) | (0.34 | ) | 12.02 | 14.51 | 58,836 | 0.34 | e | 0.00 | e | 1.39 | 37 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.51 | 0.14 | 1.50 | 1.64 | (0.14 | ) | (0.20 | ) | (0.34 | ) | 10.81 | 17.52 | 19,932 | 0.75 | e | 0.00 | e | 1.44 | 79 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.48 | 0.16 | (0.55 | ) | (0.39 | ) | (0.19 | ) | (0.39 | ) | (0.58 | ) | 9.51 | (3.52 | ) | 5,533 | 1.15 | e | 0.00 | e | 1.67 | 54 | ||||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 11.35 | 0.01 | 2.45 | 2.46 | — | — | — | 13.81 | 21.67 | b | 142 | 0.57 | c,g | 0.37 | c,g | 0.12 | c | 37 | b | |||||||||||||||||||||||||||||||||||||||
5/31/20 | 11.13 | 0.25 | 0.51 | 0.76 | (0.20 | ) | (0.34 | ) | (0.54 | ) | 11.35 | 6.60 | 117 | 0.66 | g | 0.44 | g | 2.16 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.02 | 0.17 | (0.58 | ) | (0.41 | ) | (0.27 | ) | (0.21 | ) | (0.48 | ) | 11.13 | (3.20 | ) | 115 | 0.55 | f | 0.30 | f | 1.51 | 36 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 10.81 | 0.16 | 1.39 | 1.55 | (0.29 | ) | (0.05 | ) | (0.34 | ) | 12.02 | 14.47 | 133 | 0.38 | e | 0.04 | e | 1.41 | 37 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.51 | 0.15 | 1.48 | 1.63 | (0.13 | ) | (0.20 | ) | (0.33 | ) | 10.81 | 17.50 | 119 | 0.77 | e | 0.03 | e | 1.53 | 79 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 10.15 | 0.03 | (0.09 | ) | (0.06 | ) | (0.19 | ) | (0.39 | ) | (0.58 | ) | 9.51 | (0.39 | )b | 102 | 1.16 | c,e | 0.02 | c,e | 0.65 | c | 54 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 11.33 | (0.00 | )d | 2.45 | 2.45 | — | — | — | 13.78 | 21.62 | b | 14,945 | 0.69 | c,g | 0.50 | c,g | (0.01 | )c | 37 | b | ||||||||||||||||||||||||||||||||||||||
5/31/20 | 11.11 | 0.19 | 0.56 | 0.75 | (0.19 | ) | (0.34 | ) | (0.53 | ) | 11.33 | 6.48 | 10,846 | 0.77 | g | 0.55 | g | 1.68 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.00 | 0.16 | (0.59 | ) | (0.43 | ) | (0.25 | ) | (0.21 | ) | (0.46 | ) | 11.11 | (3.31 | ) | 18,553 | 0.70 | f | 0.44 | f | 1.39 | 36 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 10.80 | 0.15 | 1.38 | 1.53 | (0.28 | ) | (0.05 | ) | (0.33 | ) | 12.00 | 14.32 | 13,028 | 0.49 | e | 0.15 | e | 1.30 | 37 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.50 | 0.13 | 1.49 | 1.62 | (0.12 | ) | (0.20 | ) | (0.32 | ) | 10.80 | 17.41 | 5,826 | 0.90 | e | 0.15 | e | 1.32 | 79 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.47 | 0.15 | (0.56 | ) | (0.41 | ) | (0.17 | ) | (0.39 | ) | (0.56 | ) | 9.50 | (3.68 | ) | 2,527 | 1.30 | e | 0.15 | e | 1.52 | 54 | ||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 11.31 | (0.01 | ) | 2.45 | 2.44 | — | — | — | 13.75 | 21.57 | b | 50,553 | 0.79 | c,g | 0.60 | c,g | (0.11 | )c | 37 | b | ||||||||||||||||||||||||||||||||||||||
5/31/20 | 11.10 | 0.22 | 0.51 | 0.73 | (0.18 | ) | (0.34 | ) | (0.52 | ) | 11.31 | 6.32 | 38,705 | 0.87 | g | 0.65 | g | 1.91 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.99 | 0.15 | (0.59 | ) | (0.44 | ) | (0.24 | ) | (0.21 | ) | (0.45 | ) | 11.10 | (3.41 | ) | 27,045 | 0.79 | f | 0.53 | f | 1.27 | 36 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 10.79 | 0.13 | 1.39 | 1.52 | (0.27 | ) | (0.05 | ) | (0.32 | ) | 11.99 | 14.24 | 24,314 | 0.59 | e | 0.25 | e | 1.07 | 37 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.50 | 0.12 | 1.49 | 1.61 | (0.12 | ) | (0.20 | ) | (0.32 | ) | 10.79 | 17.23 | 10,908 | 1.00 | e | 0.25 | e | 1.20 | 79 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.47 | 0.15 | (0.56 | ) | (0.41 | ) | (0.17 | ) | (0.39 | ) | (0.56 | ) | 9.50 | (3.74 | ) | 4,652 | 1.45 | e | 0.25 | e | 1.55 | 54 |
96 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 97 |
Financial highlights | concluded |
TIAA-CREF Funds | |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||
or year ended | beginning of period | income (loss | )a | on total investments | j | investment operations | investment income | realized gains | and distributions | end of period | Total return | period or year (in thousands | ) | Gross expenses | Net expenses | income (loss | ) | turnover rate | ||||||||||||||||||||||||||||||||||||||||||
LIFECYCLE 2065 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | #,§ | $10.00 | $(0.00 | )d | $0.95 | $0.95 | $ — | $ — | $ — | $10.95 | 9.50 | %b | $3,842 | 4.78 | %c,g | 0.30 | %c,g | (0.19 | )%c | 39 | %b | ||||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | #,§ | 10.00 | (0.01 | ) | 0.96 | 0.95 | — | — | — | 10.95 | 9.50 | b | 547 | 4.87 | c,g | 0.45 | c,g | (0.34 | )c | 39 | b | ||||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | #,§ | 10.00 | (0.01 | ) | 0.96 | 0.95 | — | — | — | 10.95 | 9.50 | b | 547 | 5.33 | c,g | 0.45 | c,g | (0.34 | )c | 39 | b | ||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | #,§ | 10.00 | (0.01 | ) | 0.96 | 0.95 | — | — | — | 10.95 | 9.50 | b | 547 | 5.44 | c,g | 0.55 | c,g | (0.44 | )c | 39 | b |
# | Unaudited |
‡ | Advisor Class commenced operations on December 4, 2015. |
§ | The Fund commenced operations on September 30, 2020. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
d | Amount represents less than $0.01 per share. |
e | The Fund’s expenses do not include the expenses of the Underlying Funds. |
f | From June 1, 2018 through September 30, 2018, the Fund’s expenses do not include the expenses of the Underlying Funds. Beginning October 1, 2018, the Lifecycle Funds expenses include the expenses of the Underlying Funds, excluding the expenses of the Real Property Fund. |
g | The Fund’s expenses include the expenses of the Underlying Funds, excluding the expenses of the Real Property Fund. |
j | Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. |
98 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 99 |
Notes to financial statements (unaudited)
TIAA-CREF Lifecycle Funds
Note 1—organization
The Lifecycle Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Lifecycle 2065 Fund commenced operations on September 30, 2020.
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
Each Fund is a “fund of funds” that diversifies its assets by investing in Class W shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer up to five share classes, although any one Fund may not necessarily offer all five classes. The Funds may offer Institutional Class, Advisor Class, Premier Class, Retirement Class and Retail Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The
100 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 101 |
Notes to financial statements (unaudited)
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
• | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
• | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
• | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Investments in unregistered limited partnerships: Investments in unregistered limited partnerships are measured at fair value as of the valuation date using the NAV per share practical expedient and are not classified within the fair value hierarchy.
The following table summarizes the market value of the Funds’ investments as of November 30, 2020, based on the inputs used to value them:
Fund | Level 1 | Level 2 | Level 3 | Fair value using practical expedient | a | Total | ||||||||||||||
Lifecycle Retirement Income | ||||||||||||||||||||
Registered investment companies | $ | 554,532,958 | $ | — | $ | — | $ | — | $ | 554,532,958 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 22,173,202 | 22,173,202 | |||||||||||||||
Total | $ | 554,532,958 | $ | — | $ | — | $ | 22,173,202 | $ | 576,706,160 | ||||||||||
Lifecycle 2010 | ||||||||||||||||||||
Registered investment companies | $ | 1,174,252,479 | $ | — | $ | — | $ | — | $ | 1,174,252,479 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 45,351,803 | 45,351,803 | |||||||||||||||
Total | $ | 1,174,252,479 | $ | — | $ | — | $ | 45,351,803 | $ | 1,219,604,282 |
102 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Fund | Level 1 | Level 2 | Level 3 | Fair value using practical expedient | a | Total | ||||||||||||||
Lifecycle 2015 | ||||||||||||||||||||
Registered investment companies | $ | 1,708,437,584 | $ | — | $ | — | $ | — | $ | 1,708,437,584 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 68,341,920 | 68,341,920 | |||||||||||||||
Total | $ | 1,708,437,584 | $ | — | $ | — | $ | 68,341,920 | $ | 1,776,779,504 | ||||||||||
Lifecycle 2020 | ||||||||||||||||||||
Registered investment companies | $ | 3,707,791,832 | $ | — | $ | — | $ | — | $ | 3,707,791,832 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 148,314,421 | 148,314,421 | |||||||||||||||
Total | $ | 3,707,791,832 | $ | — | $ | — | $ | 148,314,421 | $ | 3,856,106,253 | ||||||||||
Lifecycle 2025 | ||||||||||||||||||||
Registered investment companies | $ | 4,871,186,634 | $ | — | $ | — | $ | — | $ | 4,871,186,634 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 194,881,340 | 194,881,340 | |||||||||||||||
Total | $ | 4,871,186,634 | $ | — | $ | — | $ | 194,881,340 | $ | 5,066,067,974 | ||||||||||
Lifecycle 2030 | ||||||||||||||||||||
Registered investment companies | $ | 5,060,011,587 | $ | — | $ | — | $ | — | $ | 5,060,011,587 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 202,537,743 | 202,537,743 | |||||||||||||||
Total | $ | 5,060,011,587 | $ | — | $ | — | $ | 202,537,743 | $ | 5,262,549,330 | ||||||||||
Lifecycle 2035 | ||||||||||||||||||||
Registered investment companies | $ | 5,162,602,945 | $ | — | $ | — | $ | — | $ | 5,162,602,945 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 206,724,885 | 206,724,885 | |||||||||||||||
Total | $ | 5,162,602,945 | $ | — | $ | — | $ | 206,724,885 | $ | 5,369,327,830 | ||||||||||
Lifecycle 2040 | ||||||||||||||||||||
Registered investment companies | $ | 6,101,596,429 | $ | — | $ | — | $ | — | $ | 6,101,596,429 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 244,741,300 | 244,741,300 | |||||||||||||||
Total | $ | 6,101,596,429 | $ | — | $ | — | $ | 244,741,300 | $ | 6,346,337,729 | ||||||||||
Lifecycle 2045 | ||||||||||||||||||||
Registered investment companies | $ | 3,850,578,758 | $ | — | $ | — | $ | — | $ | 3,850,578,758 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 154,355,124 | 154,355,124 | |||||||||||||||
Total | $ | 3,850,578,758 | $ | — | $ | — | $ | 154,355,124 | $ | 4,004,933,882 | ||||||||||
Lifecycle 2050 | ||||||||||||||||||||
Registered investment companies | $ | 2,749,676,242 | $ | — | $ | — | — | $ | 2,749,676,242 | |||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 110,238,316 | 110,238,316 | |||||||||||||||
Total | $ | 2,749,676,242 | $ | — | $ | — | $ | 110,238,316 | $ | 2,859,914,558 | ||||||||||
Lifecycle 2055 | ||||||||||||||||||||
Registered investment companies | $ | 1,120,546,144 | $ | — | $ | — | — | $ | 1,120,546,144 | |||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 44,861,010 | 44,861,010 | |||||||||||||||
Total | $ | 1,120,546,144 | $ | — | $ | — | $ | 44,861,010 | $ | 1,165,407,154 | ||||||||||
Lifecycle 2060 | ||||||||||||||||||||
Registered investment companies | $ | 276,903,015 | $ | — | $ | — | $ | — | $ | 276,903,015 | ||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 11,051,395 | 11,051,395 | |||||||||||||||
Total | $ | 276,903,015 | $ | — | $ | — | $ | 11,051,395 | $ | 287,954,410 |
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 103 |
Notes to financial statements (unaudited)
Fund | Level 1 | Level 2 | Level 3 | Fair value using practical expedient | a | Total | ||||||||||||||
Lifecycle 2065 | ||||||||||||||||||||
Registered investment companies | $ | 5,261,054 | $ | — | $ | — | $ | — | $5,261,054 | |||||||||||
TIAA-CREF Real Property Fund LP | — | — | — | 211,367 | 211,367 | |||||||||||||||
Total | $ | 5,261,054 | $ | — | $ | — | $ | 211,367 | $5,472,421 |
a | In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of assets and liabilities. |
Note 4—investments
Restricted securities: Restricted securities held by the Funds, if any, may not be sold except in exempt transactions or in a public offering registered under the Securities Act of 1933, as amended. The risk of investing in such securities is generally greater than the risk of investing in securities that are widely held and publicly traded.
Real Property Fund (“RPF”): The Funds invest in the RPF, which is an affiliated real estate limited partnership. The RPF is an unregistered open-end fund that intends to invest in direct real estate holdings and may invest a portion of its assets in REIT securities, mortgage related securitization and money market instruments in accordance with exemptive relief received from the SEC. The Funds are not liable for the debts of the RPF beyond the amounts the Funds have contributed. The Funds can redeem from RPF daily subject to certain approvals. Investments in the RPF are illiquid and the Funds may be unable to dispose of such investments at opportune times. As such, this investment has been designated as restricted and the value is reflected in the schedule of investments.
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2020 were as follows (dollar amounts are in thousands):
Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||
Lifecycle Retirement Income | $ | 156,992 | $ | 169,944 | ||||
Lifecycle 2010 | 282,093 | 321,045 | ||||||
Lifecycle 2015 | 390,734 | 478,512 | ||||||
Lifecycle 2020 | 900,016 | 1,030,008 | ||||||
Lifecycle 2025 | 1,314,789 | 1,400,496 | ||||||
Lifecycle 2030 | 1,496,592 | 1,555,788 | ||||||
Lifecycle 2035 | 1,639,032 | 1,732,763 | ||||||
Lifecycle 2040 | 2,040,162 | 2,177,548 | ||||||
Lifecycle 2045 | 1,389,911 | 1,362,906 | ||||||
Lifecycle 2050 | 1,011,970 | 948,057 | ||||||
Lifecycle 2055 | 440,483 | 368,607 | ||||||
Lifecycle 2060 | 126,541 | 89,933 | ||||||
Lifecycle 2065 | 6,498 | 1,504 |
104 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Note 5—income tax and other tax matters
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Net unrealized appreciation (depreciation): At November 30, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
Lifecycle Retirement Income | $ | 512,512 | $ | 75,870 | $ (11,676 | ) | $ | 64,194 | ||||||||
Lifecycle 2010 | 1,050,660 | 195,399 | (26,454 | ) | 168,945 | |||||||||||
Lifecycle 2015 | 1,606,994 | 200,927 | (31,141 | ) | 169,786 | |||||||||||
Lifecycle 2020 | 3,444,993 | 470,240 | (59,127 | ) | 411,113 | |||||||||||
Lifecycle 2025 | 4,463,944 | 676,521 | (74,397 | ) | 602,124 | |||||||||||
Lifecycle 2030 | 4,565,274 | 765,354 | (68,079 | ) | 697,275 | |||||||||||
Lifecycle 2035 | 4,580,597 | 854,185 | (65,454 | ) | 788,731 | |||||||||||
Lifecycle 2040 | 5,332,871 | 1,086,842 | (73,376 | ) | 1,013,466 | |||||||||||
Lifecycle 2045 | 3,264,183 | 795,341 | (54,590 | ) | 740,751 | |||||||||||
Lifecycle 2050 | 2,345,984 | 550,551 | (36,621 | ) | 513,930 | |||||||||||
Lifecycle 2055 | 984,357 | 195,036 | (13,985 | ) | 181,051 | |||||||||||
Lifecycle 2060 | 250,892 | 42,217 | (5,154 | ) | 37,063 | |||||||||||
Lifecycle 2065 | 5,043 | 430 | — | 430 |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 105 |
Notes to financial statements (unaudited)
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended May 31, 2020 was as follows:
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
Lifecycle Retirement Income | $ | 12,946,594 | $ | 7,758,705 | $ | 20,705,299 | ||||||
Lifecycle 2010 | 33,381,576 | 21,281,267 | 54,662,843 | |||||||||
Lifecycle 2015 | 43,063,258 | 29,927,489 | 72,990,747 | |||||||||
Lifecycle 2020 | 82,302,049 | 76,912,521 | 159,214,570 | |||||||||
Lifecycle 2025 | 100,377,682 | 111,559,621 | 211,937,303 | |||||||||
Lifecycle 2030 | 90,932,206 | 130,723,905 | 221,656,111 | |||||||||
Lifecycle 2035 | 91,038,059 | 152,423,405 | 243,461,464 | |||||||||
Lifecycle 2040 | 94,348,532 | 205,687,170 | 300,035,702 | |||||||||
Lifecycle 2045 | 55,442,955 | 130,773,793 | 186,216,748 | |||||||||
Lifecycle 2050 | 37,900,523 | 88,295,156 | 126,195,679 | |||||||||
Lifecycle 2055 | 13,951,395 | 29,619,848 | 43,571,243 | |||||||||
Lifecycle 2060 | 2,877,499 | 4,796,501 | 7,674,000 |
The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.
Note 6—investment adviser and other transactions with affiliates
Under the terms of its Investment Management Agreement, Advisors is entitled to a fee that is made up of two components, which are added together to create the total investment management fee. The first component, the asset allocation fee rate, is an annual rate of 0.10% of the average daily net assets of each Fund. The second component, the Underlying Funds fee rate, is calculated as follows: for each Underlying Fund of the Trust in which a Fund is invested, the effective Underlying Fund’s annual investment management agreement, net of any fee waivers or reimbursements applicable to the Underlying Fund (excluding the Class W shares investment management fee waiver and/or reimbursement) in proportion to the percentage of the Fund’s net assets invested in the Underlying Fund, applied to the average daily net assets of the Fund. Advisors has contractually agreed to waive in full the asset allocation fee rate component of the management fee on each Fund. This waiver will remain in effect through September 30, 2023, unless changed with approval of the Board. In addition, Advisors has voluntarily agreed to waive certain amounts of the Underlying Funds fee rate portion of each Fund’s management fee through September 30, 2021. As of November 30, 2020, Advisors received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:
106 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Fund | Investment management fee—effective rate | |||
Lifecycle Retirement Income | 0.31 | % | ||
Lifecycle 2010 | 0.31 | |||
Lifecycle 2015 | 0.32 | |||
Lifecycle 2020 | 0.32 | |||
Lifecycle 2025 | 0.33 | |||
Lifecycle 2030 | 0.34 | |||
Lifecycle 2035 | 0.35 | |||
Lifecycle 2040 | 0.36 | |||
Lifecycle 2045 | 0.37 | |||
Lifecycle 2050 | 0.37 | |||
Lifecycle 2055 | 0.37 | |||
Lifecycle 2060 | 0.37 | |||
Lifecycle 2065 | 0.34 |
The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of a Fund’s average daily net assets attributable to Retirement Class shares of a Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially, all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.
Under the terms of the distribution Rule 12b-1 plan, the Retirement Class of each Fund and the Retail Class of the Retirement Income Fund compensated Nuveen Securities for providing distribution, promotional and/or shareholder services to the Retirement Class of each Fund and the Retail Class of the Retirement Income Fund at the maximum annual rates of 0.05% and 0.25% of the average daily net assets attributable to each Fund’s Retirement Class and the Retirement Income Fund’s Retail Class, respectively. However, Nuveen Securities has agreed not to seek any reimbursements under the distribution Rule 12b-1 plan from the Retirement Class and the plan is suspended through September 30, 2021. This agreement may be terminated before this date with the approval of the Board. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensated Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of average daily net assets attributable to the Fund’s Premier Class.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses, extraordinary expenses and the management fees and certain other expenses originally attributable to Class W shares of the affiliated TIAA-CREF Funds) exceeds 0.00% of average daily net assets for the Institutional Class shares; 0.15% of average daily net assets for the Advisor Class shares; 0.15% of average
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 107 |
Notes to financial statements (unaudited)
daily net assets for the Premier Class shares; 0.25% of average daily net assets for the Retirement Class shares; and 0.25% of average daily net assets for the Retail Class shares of the Retirement Income Fund. The expense reimbursement arrangements will continue through at least September 30, 2021, unless changed with approval of the Board.
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended November 30, 2020, the Funds did not engage in security transactions with affiliated entities.
The following is the percentage of the Funds’ shares owned by TIAA and its registered separate account (“TIAA Access”) as of November 30, 2020:
Fund | TIAA | TIAA Access | ||||||
Lifecycle Retirement Income | — | % | 10 | % | ||||
Lifecycle 2010 | — | 10 | ||||||
Lifecycle 2015 | — | 11 | ||||||
Lifecycle 2020 | — | 12 | ||||||
Lifecycle 2025 | — | 12 | ||||||
Lifecycle 2030 | — | 13 | ||||||
Lifecycle 2035 | — | 13 | ||||||
Lifecycle 2040 | — | 13 | ||||||
Lifecycle 2045 | — | 14 | ||||||
Lifecycle 2050 | — | 17 | ||||||
Lifecycle 2055 | — | 13 | ||||||
Lifecycle 2060 | — | 14 | ||||||
Lifecycle 2065 | 100 | — |
108 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Investments in other investment companies advised by Advisors and Nuveen Fund Advisors LLC are deemed to be affiliated investments. The Funds invest their assets in the RPF, Class W shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands^):
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle Retirement Income Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 9,522 | $ | 11,516 | $ | 1,798 | $ | (373 | ) | $ | 2,053 | $ | 125 | $ | 20,920 | |||||||||||||
International Growth | — | 11,818 | 803 | (2 | ) | 610 | — | 11,623 | ||||||||||||||||||||
Santa Barbara Dividend Growth | — | 17,327 | 360 | (5 | ) | 654 | — | ^ | 17,616 | |||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 110,523 | 18,621 | 16,428 | 32 | 3,128 | 1,454 | 115,876 | |||||||||||||||||||||
Core Plus Bond | 69,398 | 11,101 | 9,455 | 39 | 2,566 | 1,077 | 73,649 | |||||||||||||||||||||
Emerging Markets Debt | 10,262 | 3,101 | 2,361 | (26 | ) | 1,191 | 287 | 12,167 | ||||||||||||||||||||
Emerging Markets Equity | 10,671 | 521 | 5,576 | 1,066 | 2,552 | — | 9,234 | |||||||||||||||||||||
Growth & Income | 28,967 | 3,714 | 15,012 | 2,936 | 2,687 | 205 | 23,292 | |||||||||||||||||||||
High-Yield | 12,155 | 2,691 | 2,853 | (85 | ) | 810 | 354 | 12,718 | ||||||||||||||||||||
Inflation-Linked Bond | 53,284 | 8,575 | 7,092 | 17 | 1,754 | 267 | 56,538 | |||||||||||||||||||||
International Bond | 11,125 | 1,850 | 1,660 | 16 | 463 | — | 11,794 | |||||||||||||||||||||
International Equity | 12,940 | 6,529 | 4,675 | 260 | 3,331 | — | 18,385 | |||||||||||||||||||||
International Opportunities | 12,090 | 2,987 | 4,248 | 545 | 2,837 | — | 14,211 | |||||||||||||||||||||
Large-Cap Growth | 29,241 | 7,333 | 17,884 | 6,046 | 387 | — | 25,123 | |||||||||||||||||||||
Large-Cap Growth Index | — | 19,748 | 430 | 3 | 694 | — | 20,015 | |||||||||||||||||||||
Large-Cap Value | 21,828 | 10,233 | 12,312 | 825 | 3,152 | — | 23,726 | |||||||||||||||||||||
Quant International Equity | 14,780 | 498 | 13,980 | 557 | 977 | — | 2,832 | |||||||||||||||||||||
Quant International Small-Cap Equity | 7,547 | 838 | 1,492 | (132 | ) | 1,748 | — | 8,509 | ||||||||||||||||||||
Quant Large-Cap Growth | 25,435 | 597 | 26,206 | 11,000 | (6,309 | ) | — | 4,517 | ||||||||||||||||||||
Quant Large-Cap Value | 9,539 | 2,844 | 11,248 | 1,144 | (145 | ) | — | 2,134 | ||||||||||||||||||||
Quant Small-Cap Equity | 5,999 | 1,797 | 2,907 | 375 | 1,061 | — | 6,325 | |||||||||||||||||||||
Quant Small/Mid-Cap Equity | 4,895 | 1,789 | 988 | 26 | 1,314 | — | 7,036 | |||||||||||||||||||||
Short-Term Bond | 53,211 | 10,056 | 7,599 | 4 | 621 | 548 | 56,293 | |||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 24,147 | 908 | 2,577 | (85 | ) | (220 | ) | 332 | 22,173 | |||||||||||||||||||
$ | 537,559 | $ | 156,992 | $ | 169,944 | $ | 24,183 | $ | 27,916 | $ | 4,649 | $ | 576,706 |
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 109 |
Notes to financial statements (unaudited)
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2010 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 20,290 | $ | 23,861 | $ | 4,429 | $ | (951 | ) | $ | 5,185 | $ | 269 | $ | 43,956 | |||||||||||||
International Growth | — | 24,060 | 861 | 1 | 1,213 | — | 24,413 | |||||||||||||||||||||
Santa Barbara Dividend Growth | — | 36,209 | 803 | (10 | ) | 1,606 | — | ^ | 37,002 | |||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 235,308 | 33,804 | 30,663 | 92 | 6,609 | 3,073 | 245,150 | |||||||||||||||||||||
Core Plus Bond | 147,990 | 18,518 | 16,131 | 93 | 5,421 | 2,276 | 155,891 | |||||||||||||||||||||
Emerging Markets Debt | 22,021 | 6,562 | 5,221 | (72 | ) | 2,518 | 607 | 25,808 | ||||||||||||||||||||
Emerging Markets Equity | 22,816 | 1,406 | 12,463 | 3,039 | 4,597 | — | 19,395 | |||||||||||||||||||||
Growth & Income | 61,891 | 3,626 | 28,770 | 9,638 | 2,541 | 436 | 48,926 | |||||||||||||||||||||
High-Yield | 25,788 | 5,800 | 6,172 | (98 | ) | 1,633 | 748 | 26,951 | ||||||||||||||||||||
Inflation-Linked Bond | 112,843 | 15,226 | 12,284 | 99 | 3,709 | 568 | 119,593 | |||||||||||||||||||||
International Bond | 23,674 | 3,619 | 3,359 | 33 | 979 | — | 24,946 | |||||||||||||||||||||
International Equity | 27,694 | 12,130 | 8,673 | 1,097 | 6,371 | — | 38,619 | |||||||||||||||||||||
International Opportunities | 25,808 | 4,495 | 7,727 | 1,289 | 5,821 | — | 29,686 | |||||||||||||||||||||
Large-Cap Growth | 62,625 | 3,665 | 27,460 | 15,351 | (1,399 | ) | — | 52,782 | ||||||||||||||||||||
Large-Cap Growth Index | — | 41,335 | 968 | 7 | 1,678 | — | 42,052 | |||||||||||||||||||||
Large-Cap Value | 46,663 | 10,470 | 16,554 | 2,033 | 7,219 | — | 49,831 | |||||||||||||||||||||
Quant International Equity | 31,592 | 1,419 | 30,317 | 2,383 | 869 | — | 5,946 | |||||||||||||||||||||
Quant International Small-Cap Equity | 16,166 | 1,216 | 3,089 | (317 | ) | 3,733 | — | 17,709 | ||||||||||||||||||||
Quant Large-Cap Growth | 54,477 | 1,636 | 56,637 | 29,305 | (19,296 | ) | — | 9,485 | ||||||||||||||||||||
Quant Large-Cap Value | 20,405 | 6,251 | 24,286 | 3,844 | (1,733 | ) | — | 4,481 | ||||||||||||||||||||
Quant Small-Cap Equity | 12,822 | 1,201 | 4,022 | 617 | 2,668 | — | 13,286 | |||||||||||||||||||||
Quant Small/Mid-Cap Equity | 10,463 | 3,697 | 2,359 | 119 | 2,853 | — | 14,773 | |||||||||||||||||||||
Short-Term Bond | 112,768 | 21,147 | 11,679 | 4 | 1,331 | 1,175 | 123,571 | |||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 51,387 | 740 | 6,118 | (194 | ) | (463 | ) | 705 | 45,352 | |||||||||||||||||||
$ | 1,145,491 | $ | 282,093 | $ | 321,045 | $ | 67,402 | $ | 45,663 | $ | 9,857 | $ | 1,219,604 |
110 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2015 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 34,333 | $ | 37,579 | $ | 6,389 | $ | (1,359 | ) | $ | 8,367 | $ | 442 | $ | 72,531 | |||||||||||||
International Growth | — | 39,504 | 1,260 | 2 | 2,011 | — | 40,257 | |||||||||||||||||||||
Santa Barbara Dividend Growth | — | 59,446 | 1,081 | (14 | ) | 2,663 | — | ^ | 61,014 | |||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 336,764 | 41,174 | 39,632 | 191 | 9,297 | 4,357 | 347,794 | |||||||||||||||||||||
Core Plus Bond | 211,612 | 23,721 | 21,960 | 176 | 7,645 | 3,230 | 221,194 | |||||||||||||||||||||
Emerging Markets Debt | 31,270 | 8,696 | 6,414 | (186 | ) | 3,657 | 868 | 37,023 | ||||||||||||||||||||
Emerging Markets Equity | 38,032 | 1,544 | 20,238 | 2,257 | 10,369 | — | 31,964 | |||||||||||||||||||||
Growth & Income | 103,931 | 2,786 | 46,243 | 10,354 | 9,841 | 726 | 80,669 | |||||||||||||||||||||
High-Yield | 36,786 | 7,275 | 7,742 | (891 | ) | 3,063 | 1,066 | 38,491 | ||||||||||||||||||||
Inflation-Linked Bond | 132,624 | 16,085 | 11,443 | 62 | 4,370 | 665 | 141,698 | |||||||||||||||||||||
International Bond | 33,890 | 4,574 | 4,476 | 48 | 1,386 | — | 35,422 | |||||||||||||||||||||
International Equity | 46,175 | 18,236 | 13,047 | (516 | ) | 12,840 | — | 63,688 | ||||||||||||||||||||
International Opportunities | 43,715 | 4,675 | 11,533 | 1,809 | 10,055 | — | 48,721 | |||||||||||||||||||||
Large-Cap Growth | 104,374 | 2,438 | 42,808 | 15,312 | 7,754 | — | 87,070 | |||||||||||||||||||||
Large-Cap Growth Index | — | 67,878 | 1,324 | 10 | 2,778 | — | 69,342 | |||||||||||||||||||||
Large-Cap Value | 77,891 | 16,079 | 27,066 | (151 | ) | 15,430 | — | 82,183 | ||||||||||||||||||||
Quant International Equity | 52,974 | 1,094 | 49,661 | (2,489 | ) | 7,884 | — | 9,802 | ||||||||||||||||||||
Quant International Small-Cap Equity | 27,053 | 848 | 4,393 | (601 | ) | 6,261 | — | 29,168 | ||||||||||||||||||||
Quant Large-Cap Growth | 91,264 | 307 | 92,561 | 33,823 | (17,194 | ) | — | 15,639 | ||||||||||||||||||||
Quant Large-Cap Value | 34,239 | 8,574 | 38,931 | (2,449 | ) | 5,952 | — | 7,385 | ||||||||||||||||||||
Quant Small-Cap Equity | 21,458 | 1,426 | 6,426 | (235 | ) | 5,682 | — | 21,905 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 17,511 | 5,611 | 3,666 | 80 | 4,845 | — | 24,381 | |||||||||||||||||||||
Short-Term Bond | 132,365 | 20,320 | 13,138 | 4 | 1,546 | 1,357 | 141,097 | |||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 75,515 | 864 | 7,080 | (196 | ) | (761 | ) | 1,032 | 68,342 | |||||||||||||||||||
$ | 1,683,776 | $ | 390,734 | $ | 478,512 | $ | 55,041 | $ | 125,741 | $ | 13,743 | $ | 1,776,780 |
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 111 |
Notes to financial statements (unaudited)
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2020 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
International Growth | $ | — | $ | 95,612 | $ | 2,702 | $ | 2 | $ | 4,870 | $ | — | $ | 97,782 | ||||||||||||||
Santa Barbara Dividend Growth | — | 143,856 | 2,080 | (27 | ) | 6,449 | — | ^ | 148,198 | |||||||||||||||||||
Dividend Value | 81,541 | 90,263 | 12,632 | (2,670 | ) | 19,564 | 1,062 | 176,066 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 691,856 | 95,254 | 73,477 | (33 | ) | 19,622 | 9,073 | 733,222 | ||||||||||||||||||||
Core Plus Bond | 435,050 | 54,944 | 38,947 | 21 | 16,175 | 6,734 | 467,243 | |||||||||||||||||||||
Emerging Markets Debt | 64,583 | 18,755 | 12,127 | (343 | ) | 7,571 | 1,815 | 78,439 | ||||||||||||||||||||
Emerging Markets Equity | 90,128 | 3,040 | 45,703 | 5,546 | 24,589 | — | 77,600 | |||||||||||||||||||||
Growth & Income | 246,974 | 4,090 | 103,546 | 23,004 | 25,374 | 1,741 | 195,896 | |||||||||||||||||||||
High-Yield | 76,323 | 15,519 | 14,830 | (1,644 | ) | 6,182 | 2,232 | 81,550 | ||||||||||||||||||||
Inflation-Linked Bond | 209,767 | 28,753 | 14,058 | 11 | 7,068 | 1,064 | 231,541 | |||||||||||||||||||||
International Bond | 69,674 | 10,085 | 8,010 | 67 | 2,916 | — | 74,732 | |||||||||||||||||||||
International Equity | 109,469 | 42,933 | 27,156 | (693 | ) | 30,151 | — | 154,704 | ||||||||||||||||||||
International Opportunities | 104,438 | 12,003 | 26,841 | 3,992 | 24,646 | — | 118,238 | |||||||||||||||||||||
Large-Cap Growth | 248,744 | 7,098 | 99,951 | 34,784 | 20,631 | — | 211,306 | |||||||||||||||||||||
Large-Cap Growth Index | — | 164,207 | 2,568 | 19 | 6,730 | — | 168,388 | |||||||||||||||||||||
Large-Cap Value | 185,302 | 37,054 | 59,587 | (396 | ) | 37,150 | — | 199,523 | ||||||||||||||||||||
Quant International Equity | 126,167 | 2,002 | 117,270 | (3,963 | ) | 16,838 | — | 23,774 | ||||||||||||||||||||
Quant International Small-Cap Equity | 64,483 | 1,338 | 8,604 | (1,223 | ) | 14,802 | — | 70,796 | ||||||||||||||||||||
Quant Large-Cap Growth | 216,894 | 549 | 219,233 | 80,356 | (40,628 | ) | — | 37,938 | ||||||||||||||||||||
Quant Large-Cap Value | 81,507 | 18,489 | 90,563 | (4,683 | ) | 13,160 | — | 17,910 | ||||||||||||||||||||
Quant Small-Cap Equity | 50,991 | 3,073 | 13,953 | (754 | ) | 13,844 | — | 53,201 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 41,424 | 12,705 | 6,790 | 103 | 11,753 | — | 59,195 | |||||||||||||||||||||
Short-Term Bond | 209,527 | 36,274 | 17,720 | (3 | ) | 2,472 | 2,182 | 230,550 | ||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 159,887 | 2,120 | 11,660 | (410 | ) | (1,623 | ) | 2,206 | 148,314 | |||||||||||||||||||
$ | 3,564,729 | $ | 900,016 | $ | 1,030,008 | $ | 131,063 | $ | 290,306 | $ | 28,109 | $ | 3,856,106 |
112 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2025 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 123,692 | $ | 138,374 | $ | 15,216 | $ | (3,244 | ) | $ | 29,253 | $ | 1,632 | $ | 272,859 | |||||||||||||
International Growth | — | 147,355 | 3,364 | — | ^ | 7,515 | — | 151,506 | ||||||||||||||||||||
Santa Barbara Dividend Growth | — | 221,688 | 1,970 | (25 | ) | 9,929 | — | ^ | 229,622 | |||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 762,951 | 128,564 | 69,702 | (191 | ) | 21,985 | 10,191 | 843,607 | ||||||||||||||||||||
Core Plus Bond | 480,090 | 78,053 | 36,192 | (67 | ) | 18,198 | 7,594 | 540,082 | ||||||||||||||||||||
Emerging Markets Debt | 71,335 | 26,595 | 14,168 | (361 | ) | 8,585 | 2,081 | 91,986 | ||||||||||||||||||||
Emerging Markets Equity | 136,689 | 4,506 | 67,004 | 7,996 | 37,970 | — | 120,157 | |||||||||||||||||||||
Growth & Income | 374,810 | 7,585 | 153,030 | 30,574 | 43,527 | 2,662 | 303,466 | |||||||||||||||||||||
High-Yield | 85,859 | 21,199 | 16,696 | (1,896 | ) | 7,116 | 2,572 | 95,582 | ||||||||||||||||||||
Inflation-Linked Bond | 176,753 | 31,740 | 9,804 | (20 | ) | 6,074 | 911 | 204,743 | ||||||||||||||||||||
International Bond | 76,920 | 14,023 | 8,003 | 36 | 3,316 | — | 86,292 | |||||||||||||||||||||
International Equity | 165,117 | 65,081 | 35,345 | (1,073 | ) | 45,944 | — | 239,724 | ||||||||||||||||||||
International Opportunities | 159,853 | 16,207 | 37,195 | 5,367 | 38,863 | — | 183,095 | |||||||||||||||||||||
Large-Cap Growth | 376,880 | 8,362 | 142,688 | 46,686 | 38,092 | — | 327,332 | |||||||||||||||||||||
Large-Cap Growth Index | — | 253,101 | 2,597 | 19 | 10,402 | — | 260,925 | |||||||||||||||||||||
Large-Cap Value | 281,002 | 55,002 | 83,359 | (2,558 | ) | 58,985 | — | 309,072 | ||||||||||||||||||||
Quant International Equity | 191,034 | 2,707 | 176,583 | (4,938 | ) | 24,578 | — | 36,798 | ||||||||||||||||||||
Quant International Small-Cap Equity | 97,628 | 2,230 | 10,657 | (1,569 | ) | 22,340 | — | 109,972 | ||||||||||||||||||||
Quant Large-Cap Growth | 329,052 | 523 | 331,526 | 118,151 | (57,502 | ) | — | 58,698 | ||||||||||||||||||||
Quant Large-Cap Value | 123,316 | 27,193 | 135,978 | (6,498 | ) | 19,684 | — | 27,717 | ||||||||||||||||||||
Quant Small-Cap Equity | 77,084 | 4,890 | 19,690 | (1,813 | ) | 21,951 | — | 82,422 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 62,792 | 20,111 | 9,379 | 23 | 18,193 | — | 91,740 | |||||||||||||||||||||
Short-Term Bond | 176,641 | 37,357 | 12,314 | (6 | ) | 2,112 | 1,880 | 203,790 | ||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 203,176 | 2,343 | 8,036 | (377 | ) | (2,225 | ) | 2,840 | 194,881 | |||||||||||||||||||
$ | 4,532,674 | $ | 1,314,789 | $ | 1,400,496 | $ | 184,216 | $ | 434,885 | $ | 32,363 | $ | 5,066,068 |
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 113 |
Notes to financial statements (unaudited)
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2030 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 145,607 | $ | 166,000 | $ | 14,810 | $ | (3,265 | ) | $ | 34,285 | $ | 1,943 | $ | 327,817 | |||||||||||||
International Growth | — | 175,992 | 3,011 | (3 | ) | 8,983 | — | 181,961 | ||||||||||||||||||||
Santa Barbara Dividend Growth | — | 264,751 | 803 | (10 | ) | 11,846 | — | ^ | 275,784 | |||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 656,966 | 136,026 | 66,906 | (236 | ) | 19,041 | 8,885 | 744,891 | ||||||||||||||||||||
Core Plus Bond | 414,620 | 83,009 | 34,109 | (96 | ) | 15,856 | 6,654 | 479,280 | ||||||||||||||||||||
Emerging Markets Debt | 62,217 | 27,818 | 13,778 | (334 | ) | 7,640 | 1,874 | 83,563 | ||||||||||||||||||||
Emerging Markets Equity | 161,262 | 5,688 | 77,206 | 8,727 | 45,772 | — | 144,243 | |||||||||||||||||||||
Growth & Income | 442,133 | 8,448 | 174,148 | 32,925 | 55,049 | 3,171 | 364,407 | |||||||||||||||||||||
High-Yield | 75,685 | 22,386 | 16,044 | (1,888 | ) | 6,592 | 2,320 | 86,731 | ||||||||||||||||||||
Inflation-Linked Bond | 88,651 | 22,365 | 4,239 | (9 | ) | 3,107 | 467 | 109,875 | ||||||||||||||||||||
International Bond | 66,501 | 14,854 | 7,691 | 31 | 2,899 | — | 76,594 | |||||||||||||||||||||
International Equity | 194,273 | 76,950 | 36,500 | (1,575 | ) | 54,781 | — | 287,929 | ||||||||||||||||||||
International Opportunities | 189,983 | 19,186 | 41,765 | 5,260 | 47,663 | — | 220,327 | |||||||||||||||||||||
Large-Cap Growth | 444,501 | 10,468 | 162,363 | 50,858 | 49,727 | — | 393,191 | |||||||||||||||||||||
Large-Cap Growth Index | — | 302,357 | 1,394 | 10 | 12,430 | — | 313,403 | |||||||||||||||||||||
Large-Cap Value | 332,225 | 64,265 | 92,573 | (4,747 | ) | 71,950 | — | 371,120 | ||||||||||||||||||||
Quant International Equity | 225,192 | 4,306 | 208,568 | (6,115 | ) | 29,362 | — | 44,177 | ||||||||||||||||||||
Quant International Small-Cap Equity | 115,004 | 3,822 | 11,120 | (2,182 | ) | 26,853 | — | 132,377 | ||||||||||||||||||||
Quant Large-Cap Growth | 387,692 | 600 | 389,655 | 137,846 | (66,084 | ) | — | 70,399 | ||||||||||||||||||||
Quant Large-Cap Value | 145,660 | 32,707 | 160,906 | (6,676 | ) | 22,486 | — | 33,271 | ||||||||||||||||||||
Quant Small-Cap Equity | 91,228 | 5,214 | 21,440 | (2,549 | ) | 26,535 | — | 98,988 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 74,436 | 23,525 | 9,433 | (69 | ) | 21,794 | — | 110,253 | ||||||||||||||||||||
Short-Term Bond | 88,601 | 25,001 | 5,248 | (2 | ) | 1,078 | 976 | 109,430 | ||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 206,417 | 854 | 2,078 | (145 | ) | (2,510 | ) | 2,911 | 202,538 | |||||||||||||||||||
$ | 4,608,854 | $ | 1,496,592 | $ | 1,555,788 | $ | 205,756 | $ | 507,135 | $ | 29,201 | $ | 5,262,549 |
114 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2035 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 167,949 | $ | 188,426 | $ | 12,734 | $ | (2,952 | ) | $ | 38,664 | $ | 2,246 | $ | 379,353 | |||||||||||||
International Growth | — | 202,633 | 2,386 | (7 | ) | 10,339 | — | 210,579 | ||||||||||||||||||||
Santa Barbara Dividend Growth | — | 305,622 | — | — | 13,611 | — | ^ | 319,233 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 542,727 | 136,082 | 67,632 | (228 | ) | 15,801 | 7,413 | 626,750 | ||||||||||||||||||||
Core Plus Bond | 343,453 | 83,179 | 33,777 | (101 | ) | 13,259 | 5,592 | 406,013 | ||||||||||||||||||||
Emerging Markets Debt | 51,606 | 29,102 | 13,966 | (246 | ) | 6,508 | 1,634 | 73,004 | ||||||||||||||||||||
Emerging Markets Equity | 185,549 | 6,346 | 87,767 | 9,964 | 52,778 | — | 166,870 | |||||||||||||||||||||
Growth & Income | 509,083 | 9,445 | 198,237 | 37,187 | 64,185 | 3,660 | 421,663 | |||||||||||||||||||||
High-Yield | 64,860 | 22,389 | 15,623 | (1,909 | ) | 6,020 | 2,029 | 75,737 | ||||||||||||||||||||
Inflation-Linked Bond | — | 7,967 | 90 | (1 | ) | 36 | 7 | 7,912 | ||||||||||||||||||||
International Bond | 55,122 | 14,906 | 7,566 | 29 | 2,426 | — | 64,917 | |||||||||||||||||||||
International Equity | 223,054 | 87,200 | 38,128 | (2,124 | ) | 63,222 | — | 333,224 | ||||||||||||||||||||
International Opportunities | 218,385 | 22,339 | 46,108 | 5,598 | 55,816 | — | 256,030 | |||||||||||||||||||||
Large-Cap Growth | 511,656 | 8,473 | 181,059 | 58,522 | 57,293 | — | 454,885 | |||||||||||||||||||||
Large-Cap Growth Index | — | 348,377 | — | — | 14,313 | — | 362,690 | |||||||||||||||||||||
Large-Cap Value | 382,664 | 73,137 | 103,845 | (6,571 | ) | 84,012 | — | 429,397 | ||||||||||||||||||||
Quant International Equity | 259,482 | 5,647 | 240,833 | (6,889 | ) | 33,672 | — | 51,079 | ||||||||||||||||||||
Quant International Small-Cap Equity | 132,520 | 4,669 | 12,239 | (2,528 | ) | 30,972 | — | 153,394 | ||||||||||||||||||||
Quant Large-Cap Growth | 446,669 | 798 | 448,777 | 158,874 | (76,184 | ) | — | 81,380 | ||||||||||||||||||||
Quant Large-Cap Value | 167,691 | 39,262 | 186,825 | (7,437 | ) | 25,776 | — | 38,467 | ||||||||||||||||||||
Quant Small-Cap Equity | 104,789 | 6,069 | 23,981 | (3,059 | ) | 30,727 | — | 114,545 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 85,334 | 26,551 | 9,317 | (175 | ) | 25,204 | — | 127,597 | ||||||||||||||||||||
Short-Term Bond | — | 8,076 | 205 | — | ^ | 13 | 26 | 7,884 | ||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 208,751 | 2,337 | 1,668 | (121 | ) | (2,574 | ) | 2,954 | 206,725 | |||||||||||||||||||
$ | 4,661,344 | $ | 1,639,032 | $ | 1,732,763 | $ | 235,826 | $ | 565,889 | $ | 25,561 | $ | 5,369,328 |
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 115 |
Notes to financial statements (unaudited)
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2040 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 220,112 | $ | 247,895 | $ | 13,534 | $ | (3,295 | ) | $ | 50,327 | $ | 2,962 | $ | 501,505 | |||||||||||||
International Growth | — | 266,667 | 1,945 | (9 | ) | 13,616 | — | 278,329 | ||||||||||||||||||||
Santa Barbara Dividend Growth | — | 404,103 | — | — | 17,928 | — | ^ | 422,031 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 382,591 | 126,426 | 55,991 | (189 | ) | 11,216 | 5,344 | 464,053 | ||||||||||||||||||||
Core Plus Bond | 245,615 | 77,250 | 23,706 | (111 | ) | 9,696 | 4,135 | 308,744 | ||||||||||||||||||||
Emerging Markets Debt | 37,409 | 34,425 | 15,686 | (192 | ) | 5,204 | 1,356 | 61,160 | ||||||||||||||||||||
Emerging Markets Equity | 243,166 | 8,428 | 113,518 | 12,557 | 69,865 | — | 220,498 | |||||||||||||||||||||
Growth & Income | 668,010 | 11,135 | 255,100 | 49,896 | 83,392 | 4,822 | 557,333 | |||||||||||||||||||||
High-Yield | 51,524 | 24,775 | 16,618 | (987 | ) | 4,491 | 1,704 | 63,185 | ||||||||||||||||||||
International Bond | 39,454 | 13,973 | 5,982 | 20 | 1,787 | — | 49,252 | |||||||||||||||||||||
International Equity | 291,459 | 115,683 | 46,910 | (3,165 | ) | 83,377 | — | 440,444 | ||||||||||||||||||||
International Opportunities | 287,250 | 30,499 | 60,390 | 7,624 | 73,353 | — | 338,336 | |||||||||||||||||||||
Large-Cap Growth | 671,026 | 7,851 | 229,881 | 77,341 | 74,802 | — | 601,139 | |||||||||||||||||||||
Large-Cap Growth Index | — | 460,678 | 24 | — | ^ | 18,841 | — | 479,495 | ||||||||||||||||||||
Large-Cap Value | 501,969 | 94,847 | 131,235 | (9,394 | ) | 111,267 | — | 567,454 | ||||||||||||||||||||
Quant International Equity | 340,216 | 10,736 | 318,582 | (9,212 | ) | 44,331 | — | 67,489 | ||||||||||||||||||||
Quant International Small-Cap Equity | 173,690 | 6,509 | 14,843 | (3,042 | ) | 40,458 | — | 202,772 | ||||||||||||||||||||
Quant Large-Cap Growth | 585,497 | 1,039 | 587,676 | 211,078 | (102,470 | ) | — | 107,468 | ||||||||||||||||||||
Quant Large-Cap Value | 220,226 | 48,722 | 242,319 | (8,422 | ) | 32,615 | — | 50,822 | ||||||||||||||||||||
Quant Small-Cap Equity | 137,485 | 6,188 | 28,713 | (4,511 | ) | 40,951 | — | 151,400 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 111,898 | 34,595 | 10,771 | (246 | ) | 33,212 | — | 168,688 | ||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 244,287 | 7,738 | 4,124 | (195 | ) | (2,965 | ) | 3,472 | 244,741 | |||||||||||||||||||
$ | 5,452,884 | $ | 2,040,162 | $ | 2,177,548 | $ | 315,546 | $ | 715,294 | $ | 23,795 | $ | 6,346,338 |
116 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2045 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 146,745 | $ | 175,953 | $ | 5,652 | $ | (1,509 | ) | $ | 33,955 | $ | 2,014 | $ | 349,492 | |||||||||||||
International Growth | — | 184,860 | 357 | (3 | ) | 9,433 | — | 193,933 | ||||||||||||||||||||
Santa Barbara Dividend Growth | — | 281,967 | — | — | 12,438 | — | ^ | 294,405 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 82,742 | 49,543 | 19,612 | (64 | ) | 2,419 | 1,202 | 115,028 | ||||||||||||||||||||
Core Plus Bond | 56,757 | 31,429 | 6,258 | (30 | ) | 2,345 | 1,035 | 84,243 | ||||||||||||||||||||
Emerging Markets Debt | 8,932 | 20,242 | 8,527 | (12 | ) | 1,662 | 485 | 22,297 | ||||||||||||||||||||
Emerging Markets Equity | 162,358 | 8,109 | 72,706 | 10,656 | 45,189 | — | 153,606 | |||||||||||||||||||||
Growth & Income | 444,984 | 12,290 | 159,708 | 24,447 | 66,238 | 3,269 | 388,251 | |||||||||||||||||||||
High-Yield | 16,862 | 13,401 | 8,719 | 131 | 1,195 | 625 | 22,870 | |||||||||||||||||||||
International Bond | 9,095 | 5,652 | 1,807 | 6 | 441 | — | 13,387 | |||||||||||||||||||||
International Equity | 194,341 | 81,849 | 23,902 | (446 | ) | 55,051 | — | 306,893 | ||||||||||||||||||||
International Opportunities | 192,501 | 25,304 | 37,263 | 2,686 | 52,666 | — | 235,894 | |||||||||||||||||||||
Large-Cap Growth | 447,444 | 6,320 | 138,229 | 41,204 | 61,963 | — | 418,702 | |||||||||||||||||||||
Large-Cap Growth Index | — | 321,347 | — | — | 13,067 | — | 334,414 | |||||||||||||||||||||
Large-Cap Value | 333,988 | 69,277 | 77,784 | (6,698 | ) | 76,534 | — | 395,317 | ||||||||||||||||||||
Quant International Equity | 226,521 | 11,721 | 214,992 | 1,767 | 21,956 | — | 46,973 | |||||||||||||||||||||
Quant International Small-Cap Equity | 115,556 | 8,330 | 7,664 | (1,880 | ) | 27,326 | — | 141,668 | ||||||||||||||||||||
Quant Large-Cap Growth | 389,323 | 3,327 | 391,119 | 142,580 | (69,293 | ) | — | 74,818 | ||||||||||||||||||||
Quant Large-Cap Value | 146,675 | 37,621 | 165,492 | (792 | ) | 17,360 | — | 35,372 | ||||||||||||||||||||
Quant Small-Cap Equity | 91,521 | 5,470 | 16,497 | (1,288 | ) | 26,279 | — | 105,485 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 74,661 | 24,929 | 4,665 | (376 | ) | 22,982 | — | 117,531 | ||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 147,261 | 10,970 | 1,953 | (108 | ) | (1,815 | ) | 2,130 | 154,355 | |||||||||||||||||||
$ | 3,288,267 | $ | 1,389,911 | $ | 1,362,906 | $ | 210,271 | $ | 479,391 | $ | 10,760 | $ | 4,004,934 |
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 117 |
Notes to financial statements (unaudited)
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2050 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 103,923 | $ | 129,700 | $ | 2,642 | $ | (713 | ) | $ | 24,242 | $ | 1,442 | $ | 254,510 | |||||||||||||
International Growth | — | 134,356 | 31 | — | ^ | 6,869 | — | 141,194 | ||||||||||||||||||||
Santa Barbara Dividend Growth | — | 205,353 | — | — | 9,069 | — | ^ | 214,422 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 43,270 | 27,102 | 15,721 | (37 | ) | 1,222 | 607 | 55,836 | ||||||||||||||||||||
Core Plus Bond | 30,642 | 17,175 | 5,189 | (29 | ) | 1,272 | 555 | 43,871 | ||||||||||||||||||||
Emerging Markets Debt | 4,933 | 14,053 | 6,467 | (8 | ) | 1,005 | 303 | 13,516 | ||||||||||||||||||||
Emerging Markets Equity | 115,140 | 7,627 | 50,957 | 6,660 | 33,360 | — | 111,830 | |||||||||||||||||||||
Growth & Income | 315,148 | 10,767 | 108,413 | 14,218 | 50,941 | 2,336 | 282,661 | |||||||||||||||||||||
High-Yield | 10,408 | 8,969 | 6,397 | 111 | 730 | 393 | 13,821 | |||||||||||||||||||||
International Bond | 4,910 | 3,100 | 1,315 | 4 | 234 | — | 6,933 | |||||||||||||||||||||
International Equity | 137,847 | 60,374 | 14,099 | (762 | ) | 40,075 | — | 223,435 | ||||||||||||||||||||
International Opportunities | 136,862 | 19,347 | 24,413 | 1,209 | 38,564 | — | 171,569 | |||||||||||||||||||||
Large-Cap Growth | 317,152 | 6,704 | 92,994 | 23,695 | 50,281 | — | 304,838 | |||||||||||||||||||||
Large-Cap Growth Index | — | 234,022 | — | — | 9,524 | — | 243,546 | |||||||||||||||||||||
Large-Cap Value | 237,007 | 51,766 | 51,452 | (4,736 | ) | 55,210 | — | 287,795 | ||||||||||||||||||||
Quant International Equity | 160,779 | 9,993 | 153,553 | 153 | 16,823 | — | 34,195 | |||||||||||||||||||||
Quant International Small-Cap Equity | 81,909 | 6,752 | 3,833 | (1,106 | ) | 19,373 | — | 103,095 | ||||||||||||||||||||
Quant Large-Cap Growth | 276,221 | 3,675 | 277,807 | 95,517 | (43,145 | ) | — | 54,461 | ||||||||||||||||||||
Quant Large-Cap Value | 103,995 | 28,169 | 118,355 | (2,120 | ) | 14,062 | — | 25,751 | ||||||||||||||||||||
Quant Small-Cap Equity | 65,073 | 4,437 | 10,751 | (997 | ) | 19,037 | — | 76,799 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 53,029 | 18,926 | 2,671 | (286 | ) | 16,601 | — | 85,599 | ||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 102,982 | 9,603 | 997 | (59 | ) | (1,291 | ) | 1,503 | 110,238 | |||||||||||||||||||
$ | 2,301,230 | $ | 1,011,970 | $ | 948,057 | $ | 130,714 | $ | 364,058 | $ | 7,139 | $ | 2,859,915 |
118 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2055 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 40,960 | $ | 55,475 | $ | 1,009 | $ | (268 | ) | $ | 9,905 | $ | 581 | $ | 105,063 | |||||||||||||
International Growth | — | 55,448 | — | — | 2,826 | — | 58,274 | |||||||||||||||||||||
Santa Barbara Dividend Growth | — | 84,862 | — | — | 3,732 | — | ^ | 88,594 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 11,078 | 9,960 | 5,728 | (10 | ) | 309 | 159 | 15,609 | ||||||||||||||||||||
Core Plus Bond | 8,375 | 6,656 | 2,011 | (11 | ) | 363 | 161 | 13,372 | ||||||||||||||||||||
Emerging Markets Debt | 1,406 | 5,593 | 2,490 | (3 | ) | 350 | 107 | 4,856 | ||||||||||||||||||||
Emerging Markets Equity | 45,394 | 4,345 | 19,685 | 1,957 | 14,132 | — | 46,143 | |||||||||||||||||||||
Growth & Income | 123,945 | 8,724 | 42,354 | 3,942 | 22,376 | 936 | 116,633 | |||||||||||||||||||||
High-Yield | 3,497 | 3,734 | 2,587 | 44 | 260 | 140 | 4,948 | |||||||||||||||||||||
International Bond | 1,342 | 1,229 | 527 | 1 | 67 | — | 2,112 | |||||||||||||||||||||
International Equity | 54,231 | 26,787 | 4,715 | (495 | ) | 16,388 | — | 92,196 | ||||||||||||||||||||
International Opportunities | 53,666 | 9,945 | 8,909 | 230 | 15,816 | — | 70,748 | |||||||||||||||||||||
Large-Cap Growth | 124,772 | 5,377 | 34,204 | 6,180 | 23,639 | — | 125,764 | |||||||||||||||||||||
Large-Cap Growth Index | — | 96,672 | — | — | 3,927 | — | 100,599 | |||||||||||||||||||||
Large-Cap Value | 93,204 | 23,830 | 18,862 | (1,930 | ) | 22,486 | — | 118,728 | ||||||||||||||||||||
Quant International Equity | 63,403 | 5,478 | 61,571 | (1,085 | ) | 7,878 | — | 14,103 | ||||||||||||||||||||
Quant International Small-Cap Equity | 32,310 | 3,868 | 842 | (284 | ) | 7,646 | — | 42,698 | ||||||||||||||||||||
Quant Large-Cap Growth | 108,902 | 3,602 | 111,024 | 31,796 | (10,807 | ) | — | 22,469 | ||||||||||||||||||||
Quant Large-Cap Value | 40,939 | 12,216 | 47,385 | (2,557 | ) | 7,407 | — | 10,620 | ||||||||||||||||||||
Quant Small-Cap Equity | 25,609 | 2,422 | 3,662 | (574 | ) | 7,895 | — | 31,690 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 20,886 | 8,641 | 839 | (115 | ) | 6,754 | — | 35,327 | ||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 39,976 | 5,619 | 203 | (15 | ) | (516 | ) | 597 | 44,861 | |||||||||||||||||||
$ | 893,895 | $ | 440,483 | $ | 368,607 | $ | 36,803 | $ | 162,833 | $ | 2,681 | $ | 1,165,407 |
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 119 |
Notes to financial statements (unaudited)
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2060 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 9,456 | $ | 14,789 | $ | 307 | $ | (86 | ) | $ | 2,445 | $ | 139 | $ | 26,297 | |||||||||||||
International Growth | — | 13,886 | — | — | 701 | — | 14,587 | |||||||||||||||||||||
Santa Barbara Dividend Growth | — | 21,256 | — | — | 925 | — | ^ | 22,181 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 1,222 | 2,343 | 1,531 | 1 | 29 | 18 | 2,064 | |||||||||||||||||||||
Core Plus Bond | 1,097 | 1,608 | 579 | (2 | ) | 52 | 24 | 2,176 | ||||||||||||||||||||
Emerging Markets Debt | 203 | 1,363 | 601 | (1 | ) | 71 | 22 | 1,035 | ||||||||||||||||||||
Emerging Markets Equity | 10,471 | 1,615 | 4,380 | 330 | 3,499 | — | 11,535 | |||||||||||||||||||||
Growth & Income | 28,600 | 4,122 | 9,813 | 651 | 5,631 | 223 | 29,191 | |||||||||||||||||||||
High-Yield | 672 | 952 | 636 | 8 | 54 | 29 | 1,050 | |||||||||||||||||||||
International Bond | 176 | 277 | 122 | — | ^ | 10 | — | 341 | ||||||||||||||||||||
International Equity | 12,514 | 7,855 | 1,106 | (134 | ) | 3,946 | — | 23,075 | ||||||||||||||||||||
International Opportunities | 12,351 | 3,578 | 2,007 | 8 | 3,816 | — | 17,746 | |||||||||||||||||||||
Large-Cap Growth | 28,823 | 3,340 | 7,780 | 819 | 6,274 | — | 31,476 | |||||||||||||||||||||
Large-Cap Growth Index | — | 24,208 | — | — | 978 | — | 25,186 | |||||||||||||||||||||
Large-Cap Value | 21,506 | 7,443 | 4,224 | (472 | ) | 5,449 | — | 29,702 | ||||||||||||||||||||
Quant International Equity | 14,652 | 2,407 | 15,140 | (388 | ) | 1,990 | — | 3,521 | ||||||||||||||||||||
Quant International Small-Cap Equity | 7,444 | 1,842 | 323 | (105 | ) | 1,855 | — | 10,713 | ||||||||||||||||||||
Quant Large-Cap Growth | 25,130 | 2,350 | 26,822 | 6,055 | (1,099 | ) | — | 5,614 | ||||||||||||||||||||
Quant Large-Cap Value | 9,445 | 3,399 | 11,347 | (827 | ) | 1,981 | — | 2,651 | ||||||||||||||||||||
Quant Small-Cap Equity | 5,908 | 1,050 | 797 | (192 | ) | 1,962 | — | 7,931 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 4,823 | 2,679 | 285 | (40 | ) | 1,654 | — | 8,831 | ||||||||||||||||||||
TIAA-CREF Real Property Fund LPa | 9,105 | 2,092 | 23 | (2 | ) | (121 | ) | 140 | 11,051 | |||||||||||||||||||
$ | 203,598 | $ | 124,454 | $ | 87,823 | $ | 5,623 | $ | 42,102 | $ | 595 | $ | 287,954 |
120 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifecycle 2065 Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | — | $ | 467 | $ | 1 | $ | — | ^ | $ | 43 | $ | — | $ | 509 | |||||||||||||
International Growth | — | 267 | — | — | 14 | — | 281 | |||||||||||||||||||||
Santa Barbara Dividend Growth | — | 414 | — | — | 18 | — | 432 | |||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | — | 33 | 8 | — | ^ | — | ^ | — | ^ | 25 | ||||||||||||||||||
Core Plus Bond | — | 28 | 5 | — | ^ | — | ^ | — | ^ | 23 | ||||||||||||||||||
Emerging Markets Debt | — | 13 | 4 | — | ^ | — | ^ | — | 9 | |||||||||||||||||||
Emerging Markets Equity | — | 272 | 82 | 6 | 25 | — | 221 | |||||||||||||||||||||
Growth & Income | — | 705 | 202 | 8 | 49 | — | 560 | |||||||||||||||||||||
High-Yield | — | 13 | 4 | — | ^ | — | ^ | — | ^ | 9 | ||||||||||||||||||
International Bond | — | 5 | 1 | — | ^ | — | ^ | — | 4 | |||||||||||||||||||
International Equity | — | 410 | 12 | — | ^ | 41 | — | 439 | ||||||||||||||||||||
International Opportunities | — | 317 | 11 | — | ^ | 32 | — | 338 | ||||||||||||||||||||
Large-Cap Growth | — | 656 | 93 | 2 | 41 | — | 606 | |||||||||||||||||||||
Large-Cap Growth Index | — | 471 | — | ^ | — | ^ | 19 | — | 490 | |||||||||||||||||||
Large-Cap Value | — | 589 | 91 | 5 | 68 | — | 571 | |||||||||||||||||||||
Quant International Equity | — | 343 | 291 | 6 | 5 | — | 63 | |||||||||||||||||||||
Quant International Small-Cap Equity | — | 193 | — | ^ | — | ^ | 14 | — | 207 | |||||||||||||||||||
Quant Large-Cap Growth | — | 552 | 467 | 11 | 6 | — | 102 | |||||||||||||||||||||
Quant Large-Cap Value | — | 249 | 215 | 9 | 5 | — | 48 | |||||||||||||||||||||
Quant Small-Cap Equity | — | 142 | 16 | 1 | 26 | — | 153 | |||||||||||||||||||||
Quant Small/Mid-Cap Equity | — | 147 | — | ^ | — | ^ | 24 | — | 171 | |||||||||||||||||||
TIAA-CREF Real Property Fund LPa | — | 212 | 1 | — | ^ | — | ^ | 1 | 211 | |||||||||||||||||||
$ | — | $ | 6,498 | $ | 1,504 | $ | 48 | $ | 430 | $ | 1 | $ | 5,472 |
^ | Some amounts represent less than $1,000. |
a | Restricted security |
Note 7—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended November 30, 2020, there were no inter-fund borrowing or lending transactions.
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 121 |
Notes to financial statements (unaudited) | concluded |
Note 8—line of credit
The Funds participate in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2020, there were no borrowings under this credit facility by the Funds.
122 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
Approval of investment management agreement (unaudited)
Board approval of the investment management agreement for the TIAA-CREF Lifecycle 2065 Fund
The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each series of the Trust. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to the initial approval of the Agreement with respect to the new TIAA-CREF Lifecycle 2065 Fund (the “Fund”).
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Agreement be approved by the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act. After an initial two-year period, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews the Agreement. None of the Trustees is an interested person of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.
Under normal circumstances, Section 15(c) requires this initial approval to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.
Overview of the approval process
The Board held a meeting via video-conference on May 14, 2020, in order to consider the approval of the Agreement for the Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 123 |
Approval of investment management agreement (unaudited)
As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the initial approval or renewal of the Agreement for series of the Trust, which included the proposed initial approval of the Agreement for the Fund.
Among other matters, the Board requested and reviewed reports with respect to the Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., an independent provider of investment company data. The Board considered that Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.
Based on guidance provided by the Operations Committee or certain of its designated members in consultation with legal counsel to the Trustees and others on behalf of the Board, Broadridge produced, among other information, comparative expense data for the Fund, including data relating to the Fund’s proposed management fee rate and anticipated total expense ratio. Broadridge compared this data for the Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of the Fund’s peer group as selected by Broadridge and use of the Institutional Class of Fund shares as the base share class for comparison purposes.
Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any potential profits to be earned by Advisors with respect to its services to the Fund pursuant to the Agreement.
In advance of the Board meeting held on May 14, 2020, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to approve the Agreement for the Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) a description of any proposed fee waiver or expense reimbursement arrangement; (2) a comparison of the Fund’s proposed management fee rate to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (3) any “fall-out” benefits that were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Fund in addition to the Fund’s direct fee payments to Advisors pursuant to the Agreement; (4) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Fund at foreseeable asset levels, insurance coverage and portfolio trading practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering services to the Fund; (5) information as to any potential profits to be earned by
124 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
continued
Advisors in connection with its services pursuant to the Agreement; (6) a copy of the Agreement and certain related agreements between the Fund or the Trust and affiliates of Advisors; and (7) proposed narrative explanations of reasons why the Board should approve the Agreement. The Trustees were given the opportunity to, and did, ask questions throughout their deliberations.
In considering whether to approve the Agreement for the Fund, the Board reviewed various factors, including: (1) the nature, extent and quality of services to be provided by Advisors to the Fund; (2) the costs of the services to be provided to the Fund and the potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (3) fees charged to comparable mutual funds by other advisers; (4) the extent to which economies of scale are anticipated to be realized as the Fund grows; (5) how any such economies of scale may be shared with the Fund for the benefit of its investors, such as through management fee breakpoints; (6) comparisons of the services expected to be provided by Advisors to, and the fee rates of, the Fund to other clients to whom Advisors provides comparable services; and (7) any other benefits anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As part of the Board’s review of these factors, the Board considered its ongoing receipt of information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Trust in particular including, among other information, the current and expected impact on the Trust’s operations. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to approve the Agreement.
In addition to the May 14, 2020 meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed approval of the Agreement for the Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the approval process under Section 15(c) of the 1940 Act and certain other legal authorities.
The Board considered that the oversight and evaluation of Advisors’ proposed services to the Fund by the Board and its Committees will be an ongoing process. The Board also took into account the information provided to the Board in connection with the March 2020 renewal of the investment advisory agreement for the existing series of the Trust. Additionally, the Board, as well as its Committees, had reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review during the period since the last annual renewal of the investment advisory agreement with respect to the existing series of the Trust. Many of these reports would apply to the proposed investment and operations of the Fund. Thus, in reaching its decisions regarding the approval of the Agreement for the Fund, the Board took into account the information described herein and other information provided to the Board and its Committees that would be applicable to the proposed operations of the Fund, as well as information that had been presented at other recent meetings.
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 125 |
Approval of investment management agreement (unaudited)
In deciding whether to approve the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to approve the Agreement for the Fund. At its meeting on May 14, 2020, all Board members voted unanimously to approve the Agreement for the Fund. Set forth below is a summary of the primary factors the Board considered with respect to the Fund.
The nature, extent and quality of services
The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the existing series of the Trust since their operations commenced. Investment professionals at Advisors also manage various other funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Fund (which is a fund of funds that may invest its assets in the securities of affiliated and unaffiliated investment companies or other investment pools, referred to as “Underlying Funds”), including conducting research, identifying investments and placing orders to buy and sell shares of Underlying Funds for the Fund’s investment portfolio; active daily monitoring of the Fund’s investment portfolio; reporting on the investment performance and other metrics of the Fund to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of the Fund’s service providers; and overseeing the provision of various administrative services to the Fund. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner for the existing series of the Trust, including other Lifecycle Funds. The Board also considered that Advisors has committed significant resources to supporting the existing series of the Trust. It also considered Advisors’ compliance program and resources and its compliance record with respect to the existing series of the Trust.
The Board also considered the nature and quality of non-portfolio management services currently provided to each existing series of the Trust and to be provided to the Fund by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.
During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Fund, including the impact of recent and anticipated regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources to be devoted to these services.
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Cost and profitability
The Board considered pro forma financial and profitability data relating to Advisors’ services to the Fund for the Fund’s first two years of operations. The Board considered Advisors’ projected loss calculations with respect to its services to the Fund both before and after taking into account the costs to be incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board considered that this data included the effect of the Fund’s unique fee structure where the Fund will invest in fee-waived Class W shares of the TIAA-CREF Underlying Funds and the Fund pays the equivalent of these Underlying Funds’ management fees and other expenses directly as part of the Fund’s management fee rate under the Agreement (the “Underlying Funds Fee Rate”), along with the Fund’s proposed annual management fee rate of 0.10% of average daily net assets (the “Asset Allocation Fee Rate”). The Board reviewed Advisors’ projection that the Fund would not be profitable to Advisors for several years. The Board also considered that the Broadridge fee comparisons would be affected because most of the Fund’s peers do not have a similar fee structure.
The Board acknowledged the reasonableness of having management fee rates that permit Advisors to maintain and improve the quality of services provided to the Fund and recognized the entrepreneurial and other risks to be assumed by Advisors in managing the Fund. The Board also noted Advisors’ waiver of the Fund’s entire 0.10% Asset Allocation Fee Rate, which will continue through at least September 30, 2023, as well as a waiver of a portion of the Fund’s Underlying Funds Fee Rate through at least September 30, 2021. The Board also acknowledged certain proposed fee waivers and reimbursements of expense above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the management fee to be charged to the Fund. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts.
Fees charged by other advisers
The Board considered comparative information regarding the Fund’s proposed contractual and effective management fee rates and the proposed contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the synopsis below. The Board acknowledged Advisors’ assertion that, while the Fund’s proposed expense structure makes the Fund’s proposed contractual and effective management fee rates appear higher as compared to its peers (most of whom have a traditional funds of funds fee structure), the Fund’s projected total expenses were favorable as compared to most of their peers. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Fund and its comparable mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 127 |
Approval of investment management agreement (unaudited)
how the Fund’s actual management fee rates compare to those of similar mutual funds. Based on all factors considered, the Board concluded that the Fund’s proposed management fee rate under the Agreement was reasonable in relation to those charged by appropriate groups of comparable mutual funds.
Economies of scale
The Board considered whether Advisors is anticipated to experience economies of scale in connection with the operation of the Fund, and whether any such economies will be shared with the Fund. The Board also considered that because Advisors is projected to operate the Fund at a loss for several years, and has proposed to waive 0.10% of its management fees for the Fund, there would be little opportunity to pass on economies of scale to Fund shareholders. Based on all factors considered, the Board concluded that the Fund’s management fee rate schedule was reasonable in light of current economies of scale considerations and projected asset levels.
Fee comparisons with other Advisors’ clients
The Board considered that Advisors provides similar investment management services to other investment companies. The Board noted that Advisors provides funds of funds management services to the TIAA-CREF Lifestyle Funds and the TIAA-CREF Life Balanced Fund, with annual management fee rates of 0.10% of average daily net assets, and the TIAA-CREF Managed Allocation Fund, for which Advisors receives no management fee. The Board also considered that Advisors also manages the TIAA-CREF Lifecycle Index Funds, which has the same fee structure as proposed for the Fund.
Other benefits
The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits could include, among others, other fees paid by the Fund to Advisors or its affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Fund shares investment resources and/or personnel with other clients of Advisors and the ability to incubate strategies within the Fund that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Fund will have with certain service providers. Advisors and/or its affiliates also may benefit to the extent that the Fund will add scale to the TIAA-CREF Underlying Funds. Also, Advisors and its affiliates will earn fees on the Fund’s investments in other affiliated products, such as Nuveen Funds and the TIAA-CREF Real Property Fund. Additionally, the Fund may be utilized as an investment option for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and Section 529 education savings plans. Also, Advisors and its affiliates may benefit from their relationship with the Fund to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a
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concluded
leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.
Synopsis of factors
The Board considered the following specific factors (among others) in connection with its determination to approve the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the lowest expenses). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee and expense factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally will have lower non-management expenses than the other classes of the Fund, the expenses of these other classes will differ from the expenses shown for the Institutional Class.
• | As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the fee-waived Class W shares of the TIAA-CREF Underlying Funds and pay such expenses directly as the Fund’s Underlying Funds Fee Rate. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual Asset Allocation Fee Rate of 0.10% of average daily net assets as part of its management fee rate. Per Advisors’ projections, the Fund’s effective management fee rate would be 0.36% of average daily net assets, which includes the effect of a voluntary Asset Allocation Fee Rate waiver of 0.10% through at least September 30, 2023, as well as an Underlying Funds Fee Rate waiver of 0.03% through at least September 30, 2021. |
• | The Fund’s projected total expense ratio was in the 1st quintile of the group of comparable funds selected by Broadridge for expense comparison purposes (“Expense Group”) and the Fund’s projected actual management fee rate (including the waiver) and contractual management fee rate each ranked 1 out of 3 funds in its Expense Group. |
• | The Fund’s projected total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 4th quintiles of the universe of comparable funds selected by Broadridge for expense comparison purposes, respectively. |
Based primarily on the foregoing factors and considerations, the Board approved the Agreement for the Fund.
TIAA-CREF Lifecycle Funds ■ 2020 Semiannual Report | 129 |
Additional information about index providers (unaudited)
Russell Indexes
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
MSCI Indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Bloomberg Barclays Indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Standard & Poor’s Index
The Indexes in the S&P Target Date Index Series are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed
130 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Funds |
concluded
for use by the funds. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the funds or any member of the public regarding the advisability of investing in securities generally or in the funds particularly or the ability of the S&P Target Date Index Series to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the funds with respect to the S&P Target Date Index Series is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes in the S&P Target Date Index Series are determined, composed and calculated by S&P Dow Jones Indices without regard to the funds. S&P Dow Jones Indices has no obligation to take the needs of the funds or the owners of the funds into consideration in determining, composing or calculating the S&P Target Date Index Series. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the funds or the timing of the issuance or sale of fund shares or in the determination or calculation of the equation by which fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the funds. There is no assurance that investment products based on the S&P Target Date Index Series will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P TARGET DATE INDEX SERIES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P TARGET DATE INDEX SERIES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUNDS, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
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Websites
TIAA.org
nuveen.com
Automated telephone service
800-842-2252
24 hours a day, 7 days a week
For the hearing- or speech-impaired
800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
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TIAA-CREF Funds | November 30, 2020 | |
TIAA-CREF
Lifecycle Index Funds
The semiannual report contains the financial statements (unaudited).
Fund name | Institutional Class | Advisor Class | Premier Class | Retirement Class |
Lifecycle Index Retirement Income Fund | TRILX | TLIHX | TLIPX | TRCIX |
Lifecycle Index 2010 Fund | TLTIX | TLTHX | TLTPX | TLTRX |
Lifecycle Index 2015 Fund | TLFIX | TLFAX | TLFPX | TLGRX |
Lifecycle Index 2020 Fund | TLWIX | TLWHX | TLWPX | TLWRX |
Lifecycle Index 2025 Fund | TLQIX | TLQHX | TLVPX | TLQRX |
Lifecycle Index 2030 Fund | TLHIX | TLHHX | TLHPX | TLHRX |
Lifecycle Index 2035 Fund | TLYIX | TLYHX | TLYPX | TLYRX |
Lifecycle Index 2040 Fund | TLZIX | TLZHX | TLPRX | TLZRX |
Lifecycle Index 2045 Fund | TLXIX | TLMHX | TLMPX | TLMRX |
Lifecycle Index 2050 Fund | TLLIX | TLLHX | TLLPX | TLLRX |
Lifecycle Index 2055 Fund | TTIIX | TTIHX | TTIPX | TTIRX |
Lifecycle Index 2060 Fund | TVIIX | TVIHX | TVIPX | TVITX |
Lifecycle Index 2065 Fund | TFITX | TFIHX | TFIPX | TFIRX |
Semiannual
Report
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.
If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.
Contents
This semiannual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended November 30, 2020. The report contains four main sections:
• | A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds. |
• | The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market index. |
• | The portfolios of investments list the underlying TIAA-CREF Funds in which each fund had investments as of November 30, 2020. |
• | The financial statements provide detailed information about the operations and financial condition of each fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any fund, please read the latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252. We urge you to read the prospectus carefully before investing.
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 3 |
Global financial markets produced positive results for the six months ended November 30, 2020, as the economic implications of the COVID-19 pandemic moderated. U.S. equities posted double-digit gains amid a sharp recovery in economic growth during the period. Foreign stocks also soared, with emerging markets faring better than both international developed markets and domestic equities. U.S. fixed-income securities advanced more modestly as U.S. Treasury yields rose across longer-term maturities (bond prices move in the opposite direction of yields). These market conditions were reflected in the performance of the TIAA-CREF Lifecycle Index Funds by way of their investments in various asset classes through underlying funds.
• | All twelve TIAA-CREF Lifecycle Index Funds delivered strong gains for the period and came close to matching the performance of their respective composite benchmarks. (All fund returns are for the Retirement Class.) |
• | Returns for the Retirement Class ranged from 9.8% for the Lifecycle Index 2010 Fund to 20.9% for the Lifecycle Index 2060 Fund. |
• | These results continued to support the solid performance of the TIAA-CREF Lifecycle Index Funds over longer periods of time. |
• | On September 30, 2020, the TIAA-CREF Lifecycle Index 2065 Fund commenced operations. |
U.S. and international equities recorded double-digit gains
U.S. equities advanced substantially for the six months as many businesses and restaurants resumed operations with the gradual easing of COVID-19 restrictions. The broad domestic stock market, as represented by the Russell 3000® Index, gained 22.6%. The U.S. economy contracted sharply in the second quarter of 2020 but expanded considerably during the third quarter. The Federal Reserve maintained the federal funds target rate at 0.00%–0.25%, after having reduced the key short-term interest-rate measure twice in March 2020.
International stocks surpassed their U.S. counterparts. The MSCI EAFE+Emerging Markets (EM) Index, which measures the performance of leading stocks in 21 developed-markets countries outside North America and 23 emerging-markets countries, returned 23.4% in U.S.-dollar terms. As in the United States, economies in the 19-nation euro area saw sharp contractions in the second quarter followed by strong recoveries in the third. Foreign central banks responded with supportive monetary actions.
U.S. investment-grade bonds advanced as interest rates remained at historically low levels. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 1.8% for the period.
4 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Brad Finkle
Turning the page to a new year
To say that 2020 was a challenging year would be a tremendous understatement. The COVID-19 pandemic caused dramatic lifestyle changes as people and governments struggled to cope with the crisis. For investors, the economic and market turmoil that accompanied the pandemic added yet another layer of concern. However, as swiftly as the markets fell in a cascade of worry, they rose again as conditions improved and optimism returned.
Since risk and uncertainty are ever-present factors in investing, we believe that adhering to a long-term financial plan and staying invested in a diversified portfolio that includes multiple asset classes are wise investment approaches. The TIAA-CREF Lifecycle Index Funds use dynamic diversification strategies designed to help mitigate the effects of market volatility and keep you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.
As we welcome 2021, we thank you again for trusting us to manage your investments through the TIAA-CREF Lifecycle Index Funds. If you have any questions or concerns, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. You can also reach us online by visiting TIAA.org. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 5 |
Portfolio holdings
The complete portfolios of investments for the Lifecycle Index Funds begin on page 40 of this report. You can obtain complete lists of the holdings of the Lifecycle Index Funds and of the underlying funds in which the Lifecycle Index Funds invest as of the most recently completed fiscal quarter in the following ways:
• | By visiting our website at TIAA.org; or |
• | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the Lifecycle Index Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT filings are as of the last day of February or August 31. Copies of these forms are available:
• | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or |
• | From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information. |
Proxy voting
A description of our proxy voting policies and procedures for the underlying funds of the Lifecycle Index Funds can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the Lifecycle Index Funds’ underlying funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.
Fund management
The Lifecycle Index Funds are managed by a portfolio management team of Teachers Advisors, LLC. The members of this team are responsible for the day-to-day investment management of the funds.
6 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Composite benchmarks
Each Lifecycle Index Fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income, short-term fixed income and inflation-protected assets. A fund’s composite benchmark combines the following public indexes in proportions that correspond to the fund’s target market sector allocations:
• | The Russell 3000® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. |
• | The MSCI EAFE+EM Index (international equity) measures the performance of the leading stocks in 21 developed-markets countries outside North America—in Europe, Australasia and the Far East—and in 23 emerging-markets countries in Europe, Asia, Africa, Latin America and the Middle East. |
• | The Bloomberg Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. |
• | The Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index (short-term fixed income) measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 3-year maturities. |
• | The Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index (inflation-protected assets) measures the performance of fixed-income securities with maturities between 1 and 10 years that are adjusted for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). |
Broad market indexes
The returns shown against the broad-based securities market index compare a fund’s average annual returns with a broad measure of market performance. The S&P Target Date Index Series represents a broadly derived consensus of asset class exposure for the target retirement dates in the series based on market observations acquired through an annual survey of target-date fund managers. The returns of the S&P Target Date Index Series reflect multi-asset class exposure for the same target dates as the Funds.
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 7 |
About the funds’ benchmarks
Russell 3000 is a trademark and service mark of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.
8 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020–November 30, 2020).
Actual expenses
The first line of the two lines listed for each fund in the tables uses the Fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. All of the funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second line in each Fund’s entry shows a hypothetical account value and hypothetical expenses based on the share class’ actual expense ratio for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the Fund’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 9 |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Lifecycle Index Funds Institutional Class | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | ||||||
Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,099.14 | $0.53 | |||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2010 Fund actual return | 1,000.00 | 1,098.94 | 0.53 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2015 Fund actual return | 1,000.00 | 1,109.31 | 0.53 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2020 Fund actual return | 1,000.00 | 1,119.68 | 0.53 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2025 Fund actual return | 1,000.00 | 1,135.46 | 0.54 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2030 Fund actual return | 1,000.00 | 1,152.06 | 0.54 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2035 Fund actual return | 1,000.00 | 1,168.73 | 0.54 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2040 Fund actual return | 1,000.00 | 1,185.90 | 0.55 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2045 Fund actual return | 1,000.00 | 1,202.61 | 0.55 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2050 Fund actual return | 1,000.00 | 1,205.30 | 0.55 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2055 Fund actual return | 1,000.00 | 1,207.96 | 0.55 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | |||||||||
2060 Fund actual return | 1,000.00 | 1,210.98 | 0.55 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.10% for the Retirement Income Fund, 0.10% for the 2010 Fund, 0.10% for the 2015 Fund, 0.10% for the 2020 Fund, 0.10% for the 2025 Fund, 0.10% for the 2030 Fund, 0.10% for the 2035 Fund, 0.10% for the 2040 Fund, 0.10% for the 2045 Fund, 0.10% for the 2050 Fund, 0.10% for the 2055 Fund and 0.10% for the 2060 Fund. |
10 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Lifecycle Index Funds Advisor Class | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | ||||||
Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,098.42 | $1.00 | |||||||
5% annual hypothetical return | 1,000.00 | 1,024.12 | 0.96 | |||||||||
2010 Fund actual return | 1,000.00 | 1,098.94 | 0.74 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.37 | 0.71 | |||||||||
2015 Fund actual return | 1,000.00 | 1,108.71 | 1.00 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.12 | 0.96 | |||||||||
2020 Fund actual return | 1,000.00 | 1,118.68 | 1.06 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
2025 Fund actual return | 1,000.00 | 1,135.14 | 1.07 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
2030 Fund actual return | 1,000.00 | 1,151.19 | 1.08 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
2035 Fund actual return | 1,000.00 | 1,168.48 | 1.09 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
2040 Fund actual return | 1,000.00 | 1,185.11 | 1.10 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
2045 Fund actual return | 1,000.00 | 1,201.94 | 1.10 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
2050 Fund actual return | 1,000.00 | 1,205.12 | 1.11 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
2055 Fund actual return | 1,000.00 | 1,207.60 | 1.11 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 | |||||||||
2060 Fund actual return | 1,000.00 | 1,210.20 | 1.11 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,024.07 | 1.01 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.19% for the Retirement Income Fund, 0.14% for the 2010 Fund, 0.19% for the 2015 Fund, 0.20% for the 2020 Fund, 0.20% for the 2025 Fund, 0.20% for the 2030 Fund, 0.20% for the 2035 Fund, 0.20% for the 2040 Fund, 0.20% for the 2045 Fund, 0.20% for the 2050 Fund, 0.20% for the 2055 Fund and 0.20% for the 2060 Fund. |
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 11 |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Lifecycle Index Funds Premier Class | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | ||||||
Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,098.40 | $1.32 | |||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2010 Fund actual return | 1,000.00 | 1,097.99 | 1.31 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2015 Fund actual return | 1,000.00 | 1,108.56 | 1.32 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2020 Fund actual return | 1,000.00 | 1,117.95 | 1.33 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2025 Fund actual return | 1,000.00 | 1,134.42 | 1.34 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2030 Fund actual return | 1,000.00 | 1,151.22 | 1.35 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2035 Fund actual return | 1,000.00 | 1,167.58 | 1.36 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2040 Fund actual return | 1,000.00 | 1,184.95 | 1.37 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2045 Fund actual return | 1,000.00 | 1,201.65 | 1.38 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2050 Fund actual return | 1,000.00 | 1,205.04 | 1.38 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2055 Fund actual return | 1,000.00 | 1,207.38 | 1.38 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | |||||||||
2060 Fund actual return | 1,000.00 | 1,209.74 | 1.38 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.25% for the Retirement Income Fund, 0.25% for the 2010 Fund, 0.25% for the 2015 Fund, 0.25% for the 2020 Fund, 0.25% for the 2025 Fund, 0.25% for the 2030 Fund, 0.25% for the 2035 Fund, 0.25% for the 2040 Fund, 0.25% for the 2045 Fund, 0.25% for the 2050 Fund, 0.25% for the 2055 Fund and 0.25% for the 2060 Fund. |
12 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Lifecycle Index Funds Retirement Class | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | ||||||
Retirement Income Fund actual return | $ | 1,000.00 | $ | 1,098.06 | $1.84 | |||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2010 Fund actual return | 1,000.00 | 1,097.92 | 1.84 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2015 Fund actual return | 1,000.00 | 1,108.35 | 1.85 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2020 Fund actual return | 1,000.00 | 1,118.42 | 1.86 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2025 Fund actual return | 1,000.00 | 1,133.99 | 1.87 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2030 Fund actual return | 1,000.00 | 1,150.88 | 1.89 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2035 Fund actual return | 1,000.00 | 1,167.33 | 1.90 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2040 Fund actual return | 1,000.00 | 1,184.21 | 1.92 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2045 Fund actual return | 1,000.00 | 1,201.07 | 1.93 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2050 Fund actual return | 1,000.00 | 1,203.99 | 1.93 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2055 Fund actual return | 1,000.00 | 1,206.67 | 1.94 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | |||||||||
2060 Fund actual return | 1,000.00 | 1,209.45 | 1.94 | |||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.35% for the Retirement Income Fund, 0.35% for the 2010 Fund, 0.35% for the 2015 Fund, 0.35% for the 2020 Fund, 0.35% for the 2025 Fund, 0.35% for the 2030 Fund, 0.35% for the 2035 Fund, 0.35% for the 2040 Fund, 0.35% for the 2045 Fund, 0.35% for the 2050 Fund, 0.35% for the 2055 Fund and 0.35% for the 2060 Fund. |
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 13 |
Investment results of the Lifecycle Index Funds
Performance for the six months ended November 30, 2020
All twelve of the TIAA-CREF Lifecycle Index Funds generated positive returns that generally approximated the performance of their respective composite benchmarks. Returns for the Retirement Class ranged from 9.79% for the 2010 Fund to 20.94% for the 2060 Fund. The performance tables show returns for all share classes of the funds.
While lower, the funds’ returns were generally similar to those of their composite benchmarks, which represent market performance without any fees or expenses. The difference between the individual Lifecycle Index Funds’ returns and those of their respective benchmarks ranged from 0.27 of a percentage point for the 2015 Fund to 0.55 of a percentage point for the 2050, 2055 and 2060 Funds. (All results for the Lifecycle Index Funds are for the Retirement Class.)
Stocks and bonds advanced amid economic rebound
U.S. markets posted healthy gains for the period as the economic implications of the COVID-19 pandemic diminished. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, contracted at an annualized rate of 31.4% during the second quarter of 2020. GDP recovered dramatically during the third quarter, however, expanding at an annualized rate of 33.1%, according to the government’s “second” estimate. The unemployment rate, which began the period in double digits, eased over the six months to 6.7% in November. Core inflation, which includes all items except food and energy, rose to 1.6% over the twelve months ended November 30, 2020. Oil prices climbed higher over the period.
The Federal Reserve left the federal funds target rate unchanged throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Policymakers said they do not intend to raise the rate without ongoing signs of solid economic recovery.
Domestic and international equities generated strong gains for the period. The Russell 3000® Index, a broad measure of the U.S. stock market, advanced 22.59%. The MSCI EAFE+Emerging Markets (EM) Index, which measures the performance of leading stocks in 21 developed-markets countries outside North America and 23 emerging-markets countries, rose 23.44% in U.S.-dollar terms.
U.S. investment-grade bonds posted steady gains for the period. The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 1.79%. Short-term bonds, as measured by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index, returned 0.55%.
14 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Equity funds produced highest returns
The Lifecycle Index Funds may invest in up to five sectors of the investment market: U.S. equity (stocks), international equity (foreign stocks), fixed income, short-term fixed income and inflation-protected assets. The Lifecycle Index Funds do this by investing in various underlying funds that are managed to track individual benchmark indexes.
For the six-month period, the funds’ absolute returns—that is, without regard to the performance of their respective composite benchmarks—benefited most from the gains achieved by U.S. and foreign stock funds. Fixed-income returns, while more modest, were all positive. The Emerging Markets Equity Index Fund turned in the best performance among all of the underlying funds. The Equity Index Fund and the International Equity Index Fund also generated strong returns. In the fixed-income category, the Inflation-Linked Bond Fund posted the best gain, followed by the Bond Index Fund and the Short-Term Bond Index Fund.
Funds with larger equity weightings posted greater returns
The Lifecycle Index Funds with larger equity allocations generated higher returns. As examples, the 2045, 2050, 2055 and 2060 Funds all allocated at least 90% of their assets to stocks and produced gains in excess of 20% for the period. By comparison, the Retirement Income Fund and 2010 Fund, each with 40% of their assets allocated to fixed-income sectors, returned just under 10%. (Performance of the Lifecycle Index Funds’ underlying funds can be found at TIAA.org/performance.)
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 15 |
Lifecycle Index Retirement Income Fund
Performance as of November 30, 2020
Lifecycle Index Retirement Income Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 9.91 | % | 11.23 | % | 7.28 | % | 6.80 | % | 0.26 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 9.84 | 11.09 | 7.23 | † | 6.65 | † | 0.37 | 0.22 | |||||||||||||||||
Premier Class | 9/30/09 | 9.84 | 11.07 | 7.13 | 6.65 | 0.41 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 9.81 | 10.97 | 7.02 | 6.54 | 0.51 | 0.35 | |||||||||||||||||||
Lifecycle Index Retirement Income Fund Composite Index‡ | — | 10.11 | 11.28 | 7.36 | 6.91 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date Retirement Income Index | — | 7.46 | 8.36 | 5.97 | 5.52 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index Retirement Income Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000® Index; 12.0% MSCI EAFE + Emerging Markets Index; 10.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; and 10.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1–10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
16 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index Retirement Income Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 28.79 | 28.00 | |||||
International equity | 12.29 | 12.00 | |||||
Fixed income | |||||||
Fixed income | 39.15 | 40.00 | |||||
Short-term fixed income | 9.75 | 10.00 | |||||
Inflation-protected assets | 9.79 | 10.00 | |||||
Other assets & liabilities, net | 0.23 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 17 |
Performance as of November 30, 2020
Lifecycle Index 2010 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 9.89 | % | 11.09 | % | 7.41 | % | 7.18 | % | 0.25 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 9.89 | 11.07 | 7.37 | † | 7.03 | † | 0.33 | 0.18 | |||||||||||||||||
Premier Class | 9/30/09 | 9.80 | 10.91 | 7.24 | 7.02 | 0.40 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 9.79 | 10.88 | 7.14 | 6.92 | 0.50 | 0.35 | |||||||||||||||||||
Lifecycle Index 2010 Fund Composite Index‡ | — | 10.08 | 11.19 | 7.53 | 7.30 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2010 Index | — | 8.88 | 9.29 | 6.57 | 6.26 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2010 Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 27.7% Russell 3000® Index; 11.9% MSCI EAFE + Emerging Markets Index; 10.4% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 10.0% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
18 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2010 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 28.49 | 27.30 | |||||
International equity | 12.16 | 11.70 | |||||
Fixed income | |||||||
Fixed income | 39.22 | 40.00 | |||||
Short-term fixed income | 10.14 | 11.00 | |||||
Inflation-protected assets | 9.80 | 10.00 | |||||
Other assets & liabilities, net | 0.19 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 19 |
Performance as of November 30, 2020
Lifecycle Index 2015 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 10.93 | % | 11.64 | % | 7.87 | % | 7.69 | % | 0.23 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 10.87 | 11.53 | 7.84 | † | 7.53 | † | 0.31 | 0.18 | |||||||||||||||||
Premier Class | 9/30/09 | 10.86 | 11.47 | 7.71 | 7.52 | 0.38 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 10.84 | 11.40 | 7.61 | 7.41 | 0.48 | 0.35 | |||||||||||||||||||
Lifecycle Index 2015 Fund Composite Index‡ | — | 11.11 | 11.74 | 7.97 | 7.79 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2015 Index | — | 9.90 | 9.50 | 7.05 | 6.94 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2015 Fund Composite Index consisted of: 39.1% Bloomberg Barclays U.S. Aggregate Bond Index; 31.2% Russell 3000® Index; 13.3% MSCI EAFE + Emerging Markets Index; 8.2% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 8.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
20 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2015 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 32.10 | 30.80 | |||||
International equity | 13.70 | 13.20 | |||||
Fixed income | |||||||
Fixed income | 38.22 | 39.20 | |||||
Short-term fixed income | 7.94 | 8.40 | |||||
Inflation-protected assets | 7.97 | 8.40 | |||||
Other assets & liabilities, net | 0.07 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
��
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 21 |
Performance as of November 30, 2020
Lifecycle Index 2020 Fund | Total return | Average annual | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 11.97 | % | 12.17 | % | 8.41 | % | 8.28 | % | 0.21 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 11.87 | 12.01 | 8.32 | † | 8.11 | † | 0.32 | 0.21 | |||||||||||||||||
Premier Class | 9/30/09 | 11.79 | 11.96 | 8.24 | 8.11 | 0.36 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 11.84 | 11.89 | 8.14 | 8.01 | 0.46 | 0.35 | |||||||||||||||||||
Lifecycle Index 2020 Fund Composite Index‡ | — | 12.14 | 12.23 | 8.51 | 8.39 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2020 Index | — | 10.58 | 9.49 | 7.48 | 7.52 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2020 Fund Composite Index consisted of: 38.1% Bloomberg Barclays U.S. Aggregate Bond Index; 34.7% Russell 3000® Index; 14.8% MSCI EAFE + Emerging Markets Index; 6.2% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 6.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
22 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2020 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 35.55 | 34.30 | |||||
International equity | 15.18 | 14.70 | |||||
Fixed income | |||||||
Fixed income | 37.13 | 38.20 | |||||
Short-term fixed income | 5.97 | 6.40 | |||||
Inflation-protected assets | 6.00 | 6.40 | |||||
Other assets & liabilities, net | 0.17 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 23 |
Performance as of November 30, 2020
Lifecycle Index 2025 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 13.55 | % | 12.90 | % | 9.07 | % | 8.94 | % | 0.20 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 13.51 | 12.79 | 8.98 | † | 8.76 | † | 0.30 | 0.20 | |||||||||||||||||
Premier Class | 9/30/09 | 13.44 | 12.69 | 8.90 | 8.77 | 0.35 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 13.40 | 12.60 | 8.78 | 8.66 | 0.46 | 0.35 | |||||||||||||||||||
Lifecycle Index 2025 Fund Composite Index‡ | — | 13.79 | 12.98 | 9.17 | 9.04 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2025 Index | — | 12.68 | 10.27 | 8.13 | 8.13 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2025 Fund Composite Index consisted of: 40.1% Russell 3000® Index; 34.3% Bloomberg Barclays U.S. Aggregate Bond Index; 17.2% MSCI EAFE + Emerging Markets Index; 4.2% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 4.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
24 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2025 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 40.95 | 39.48 | |||||
International equity | 17.49 | 16.92 | |||||
Fixed income | |||||||
Fixed income | 33.33 | 34.80 | |||||
Short-term fixed income | 4.02 | 4.40 | |||||
Inflation-protected assets | 4.03 | 4.40 | |||||
Other assets & liabilities, net | 0.18 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 25 |
Performance as of November 30, 2020
Lifecycle Index 2030 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 15.21 | % | 13.56 | % | 9.71 | % | 9.59 | % | 0.20 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 15.12 | 13.46 | 9.63 | † | 9.41 | † | 0.30 | 0.20 | |||||||||||||||||
Premier Class | 9/30/09 | 15.12 | 13.43 | 9.55 | 9.43 | 0.35 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 15.09 | 13.33 | 9.45 | 9.32 | 0.45 | 0.35 | |||||||||||||||||||
Lifecycle Index 2030 Fund Composite Index‡ | — | 15.47 | 13.72 | 9.82 | 9.70 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2030 Index | — | 14.65 | 10.82 | 8.69 | 8.66 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2030 Fund Composite Index consisted of: 45.7% Russell 3000® Index; 30.3% Bloomberg Barclays U.S. Aggregate Bond Index; 19.6% MSCI EAFE + Emerging Markets Index; 2.2% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 2.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
26 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2030 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 46.45 | 45.08 | |||||
International equity | 19.84 | 19.32 | |||||
Fixed income | |||||||
Fixed income | 29.36 | 30.80 | |||||
Short-term fixed income | 2.08 | 2.40 | |||||
Inflation-protected assets | 2.08 | 2.40 | |||||
Other assets & liabilities, net | 0.19 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 27 |
Performance as of November 30, 2020
Lifecycle Index 2035 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 16.87 | % | 14.23 | % | 10.35 | % | 10.21 | % | 0.19 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 16.85 | 14.15 | 10.29 | † | 10.04 | † | 0.29 | 0.20 | |||||||||||||||||
Premier Class | 9/30/09 | 16.76 | 14.06 | 10.18 | 10.04 | 0.34 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 16.73 | 13.97 | 10.07 | 9.94 | 0.44 | 0.35 | |||||||||||||||||||
Lifecycle Index 2035 Fund Composite Index‡ | — | 17.17 | 14.40 | 10.44 | 10.32 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2035 Index | — | 16.85 | 11.49 | 9.24 | 9.15 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2035 Fund Composite Index consisted of: 51.3% Russell 3000® Index; 26.3% Bloomberg Barclays U.S. Aggregate Bond Index; 22.0% MSCI EAFE + Emerging Markets Index; 0.2% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 0.2% Bloomberg Barclays U.S. Treasury Inflation Protected Securities (TIPS) 1-10 Year Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
28 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2035 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 51.96 | 50.68 | |||||
International equity | 22.19 | 21.72 | |||||
Fixed income | |||||||
Fixed income | 25.43 | 26.80 | |||||
Short-term fixed income | 0.15 | 0.40 | |||||
Inflation-protected assets | 0.15 | 0.40 | |||||
Other assets & liabilities, net | 0.12 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 29 |
Performance as of November 30, 2020
Lifecycle Index 2040 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 18.59 | % | 14.82 | % | 10.92 | % | 10.66 | % | 0.19 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 18.51 | 14.72 | 10.85 | † | 10.48 | † | 0.28 | 0.19 | |||||||||||||||||
Premier Class | 9/30/09 | 18.50 | 14.66 | 10.76 | 10.49 | 0.34 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 18.42 | 14.51 | 10.64 | 10.38 | 0.44 | 0.35 | |||||||||||||||||||
Lifecycle Index 2040 Fund Composite Index‡ | — | 18.89 | 14.98 | 11.00 | 10.75 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2040 Index | — | 18.32 | 11.92 | 9.62 | 9.49 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2040 Fund Composite Index consisted of: 56.9% Russell 3000® Index; 24.4% MSCI EAFE + Emerging Markets Index; and 18.7% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
30 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2040 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 57.41 | 56.28 | |||||
International equity | 24.52 | 24.12 | |||||
Fixed income | 17.93 | 19.60 | |||||
Other assets & liabilities, net | 0.14 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 31 |
Performance as of November 30, 2020
Lifecycle Index 2045 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 20.26 | % | 15.43 | % | 11.28 | % | 10.84 | % | 0.19 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 20.19 | 15.28 | 11.20 | † | 10.65 | † | 0.29 | 0.21 | |||||||||||||||||
Premier Class | 9/30/09 | 20.17 | 15.21 | 11.12 | 10.67 | 0.33 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 20.11 | 15.13 | 11.01 | 10.56 | 0.43 | 0.35 | |||||||||||||||||||
Lifecycle Index 2045 Fund Composite Index‡ | — | 20.62 | 15.61 | 11.38 | 10.95 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2045 Index | — | 19.22 | 12.14 | 9.84 | 9.71 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2045 Fund Composite Index consisted of: 62.5% Russell 3000® Index; 26.8% MSCI EAFE + Emerging Markets Index; and 10.7% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
32 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2045 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 62.83 | 61.88 | |||||
International equity | 26.83 | 26.52 | |||||
Fixed income | 10.24 | 11.60 | |||||
Other assets & liabilities, net | 0.10 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 33 |
Performance as of November 30, 2020
Lifecycle Index 2050 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||
Institutional Class | 9/30/09 | 20.53 | % | 15.54 | % | 11.40 | % | 10.90 | % | 0.19 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 20.51 | 15.45 | 11.32 | † | 10.71 | † | 0.28 | 0.20 | |||||||||||||||||
Premier Class | 9/30/09 | 20.50 | 15.39 | 11.24 | 10.74 | 0.34 | 0.25 | |||||||||||||||||||
Retirement Class | 9/30/09 | 20.40 | 15.27 | 11.13 | 10.62 | 0.44 | 0.35 | |||||||||||||||||||
Lifecycle Index 2050 Fund Composite Index‡ | — | 20.95 | 15.73 | 11.50 | 11.01 | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2050 Index | — | 19.64 | 12.29 | 10.00 | 9.89 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2050 Fund Composite Index consisted of: 63.8% Russell 3000® Index; 27.3% MSCI EAFE + Emerging Markets Index; and 8.9% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
34 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2050 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 64.01 | 63.70 | |||||
International equity | 27.34 | 27.30 | |||||
Fixed income | 8.56 | 9.00 | |||||
Other assets & liabilities, net | 0.09 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 35 |
Performance as of November 30, 2020
Lifecycle Index 2055 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 4/29/11 | 20.80 | % | 15.58 | % | 11.50 | % | 9.77 | % | 0.20 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 20.76 | 15.46 | 11.46 | † | 9.61 | † | 0.29 | 0.20 | |||||||||||||||||
Premier Class | 4/29/11 | 20.74 | 15.43 | 11.36 | 9.61 | 0.35 | 0.25 | |||||||||||||||||||
Retirement Class | 4/29/11 | 20.67 | 15.31 | 11.24 | 9.50 | 0.46 | 0.35 | |||||||||||||||||||
Lifecycle Index 2055 Fund Composite Index‡ | — | 21.22 | 15.81 | 11.61 | 9.88§ | — | — | |||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2055 Index | — | 19.89 | 12.27 | 10.09 | 8.83§ | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2055 Fund Composite Index consisted of: 64.7% Russell 3000® Index; 27.7% MSCI EAFE + Emerging Markets Index; and 7.6% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Retirement Class. |
36 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2055 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 64.84 | 64.58 | |||||
International equity | 27.68 | 27.67 | |||||
Fixed income | 7.40 | 7.75 | |||||
Other assets & liabilities, net | 0.08 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 37 |
Performance as of November 30, 2020
Lifecycle Index 2060 Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 9/26/14 | 21.10 | % | 15.71 | % | 11.64 | % | 9.80 | % | 0.26 | % | 0.10 | % | |||||||||||||
Advisor Class | 12/4/15 | 21.02 | 15.66 | 11.57 | † | 9.69 | † | 0.35 | 0.20 | |||||||||||||||||
Premier Class | 9/26/14 | 20.97 | 15.55 | 11.46 | 9.63 | 0.41 | 0.25 | |||||||||||||||||||
Retirement Class | 9/26/14 | 20.94 | 15.42 | 11.35 | 9.52 | 0.51 | 0.35 | |||||||||||||||||||
Lifecycle Index 2060 Fund Composite Index‡ | — | 21.49 | 15.89 | 11.72 | 9.89 | § | — | — | ||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
S&P Target Date 2060+ Index | — | 19.90 | 12.42 | 10.23 | 8.71 | § | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual waiver or reimbursement of various expenses. The expense reimbursements and waivers will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements and waivers, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Retirement Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Retirement Class. |
‡ | As of the close of business on November 30, 2020, the Lifecycle Index 2060 Fund Composite Index consisted of: 65.5% Russell 3000® Index; 28.1% MSCI EAFE + Emerging Markets Index; and 6.4% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Retirement Class. |
38 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Lifecycle Index 2060 Fund
Asset allocation | |||||||
% of net assets as of 11/30/20 | % of target allocation for 6/30/21 | ||||||
Equity | |||||||
U.S. equity | 65.60 | 65.45 | |||||
International equity | 28.02 | 28.05 | |||||
Fixed income | 6.11 | 6.50 | |||||
Other assets & liabilities, net | 0.27 | — | |||||
Total | 100.00 | 100.00 |
Target allocation
For June 30, 2021
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 39 |
Portfolio of investments (unaudited)
Lifecycle Index Retirement Income Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
FIXED INCOME—39.2% | ||||||||||||||
19,350,847 | TIAA-CREF Bond Index Fund | $ | 226,211,403 | 39.2 | % | |||||||||
TOTAL FIXED INCOME | 226,211,403 | 39.2 | ||||||||||||
INFLATION-PROTECTED ASSETS—9.8% | ||||||||||||||
4,619,249 | TIAA-CREF Inflation-Linked Bond Fund | 56,539,613 | 9.8 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 56,539,613 | 9.8 | ||||||||||||
INTERNATIONAL EQUITY—12.3% | ||||||||||||||
1,809,525 | TIAA-CREF Emerging Markets Equity Index Fund | 22,999,058 | 4.0 | |||||||||||
2,331,521 | TIAA-CREF International Equity Index Fund | 48,006,014 | 8.3 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 71,005,072 | 12.3 | ||||||||||||
SHORT-TERM FIXED INCOME—9.7% | ||||||||||||||
5,535,504 | TIAA-CREF Short-Term Bond Index Fund | 56,296,072 | 9.7 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 56,296,072 | 9.7 | ||||||||||||
U.S. EQUITY—28.8% | ||||||||||||||
6,158,865 | TIAA-CREF Equity Index Fund | 166,289,345 | 28.8 | |||||||||||
TOTAL U.S. EQUITY | 166,289,345 | 28.8 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $485,301,741) | 576,341,505 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $485,301,741) | 576,341,505 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,303,889 | 0.2 | ||||||||||||
NET ASSETS | $ | 577,645,394 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
40 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2010 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
FIXED INCOME—39.2% | ||||||||||||||
22,029,180 | TIAA-CREF Bond Index Fund | $ | 257,521,113 | 39.2 | % | |||||||||
TOTAL FIXED INCOME | 257,521,113 | 39.2 | ||||||||||||
INFLATION-PROTECTED ASSETS—9.8% | ||||||||||||||
5,259,560 | TIAA-CREF Inflation-Linked Bond Fund | 64,377,009 | 9.8 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 64,377,009 | 9.8 | ||||||||||||
INTERNATIONAL EQUITY—12.2% | ||||||||||||||
2,035,454 | TIAA-CREF Emerging Markets Equity Index Fund | 25,870,626 | 4.0 | |||||||||||
2,622,659 | TIAA-CREF International Equity Index Fund | 54,000,553 | 8.2 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 79,871,179 | 12.2 | ||||||||||||
SHORT-TERM FIXED INCOME—10.1% | ||||||||||||||
6,545,082 | TIAA-CREF Short-Term Bond Index Fund | 66,563,485 | 10.1 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 66,563,485 | 10.1 | ||||||||||||
U.S. EQUITY—28.5% | ||||||||||||||
6,927,902 | TIAA-CREF Equity Index Fund | 187,053,356 | 28.5 | |||||||||||
TOTAL U.S. EQUITY | 187,053,356 | 28.5 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $523,701,866) | 655,386,142 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $523,701,866) | 655,386,142 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,232,003 | 0.2 | ||||||||||||
NET ASSETS | $ | 656,618,145 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 41 |
Portfolio of investments (unaudited)
Lifecycle Index 2015 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—38.2% | ||||||||||||||
36,626,738 | TIAA-CREF Bond Index Fund | $ | 428,166,567 | 38.2 | % | |||||||||
TOTAL FIXED INCOME | 428,166,567 | 38.2 | ||||||||||||
INFLATION-PROTECTED ASSETS—8.0% | ||||||||||||||
7,294,653 | TIAA-CREF Inflation-Linked Bond Fund | 89,286,558 | 8.0 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 89,286,558 | 8.0 | ||||||||||||
INTERNATIONAL EQUITY—13.7% | ||||||||||||||
3,913,197 | TIAA-CREF Emerging Markets Equity Index Fund | 49,736,740 | 4.4 | |||||||||||
5,040,530 | TIAA-CREF International Equity Index Fund | 103,784,520 | 9.3 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 153,521,260 | 13.7 | ||||||||||||
SHORT-TERM FIXED INCOME—7.9% | ||||||||||||||
8,741,379 | TIAA-CREF Short-Term Bond Index Fund | 88,899,829 | 7.9 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 88,899,829 | 7.9 | ||||||||||||
U.S. EQUITY—32.1% | ||||||||||||||
13,316,106 | TIAA-CREF Equity Index Fund | 359,534,873 | 32.1 | |||||||||||
TOTAL U.S. EQUITY | 359,534,873 | 32.1 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $864,062,442) | 1,119,409,087 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $864,062,442) | 1,119,409,087 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 781,712 | 0.1 | ||||||||||||
NET ASSETS | $ | 1,120,190,799 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
42 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2020 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
FIXED INCOME—37.1% | ||||||||||||||
100,133,365 | TIAA-CREF Bond Index Fund | $ | 1,170,559,032 | 37.1 | % | |||||||||
TOTAL FIXED INCOME | 1,170,559,032 | 37.1 | ||||||||||||
INFLATION-PROTECTED ASSETS—6.0% | ||||||||||||||
15,446,581 | TIAA-CREF Inflation-Linked Bond Fund | 189,066,152 | 6.0 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 189,066,152 | 6.0 | ||||||||||||
INTERNATIONAL EQUITY—15.2% | ||||||||||||||
12,203,493 | TIAA-CREF Emerging Markets Equity Index Fund | 155,106,401 | 4.9 | |||||||||||
15,711,726 | TIAA-CREF International Equity Index Fund | 323,504,447 | 10.3 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 478,610,848 | 15.2 | ||||||||||||
SHORT-TERM FIXED INCOME—6.0% | ||||||||||||||
18,510,762 | TIAA-CREF Short-Term Bond Index Fund | 188,254,446 | 6.0 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 188,254,446 | 6.0 | ||||||||||||
U.S. EQUITY—35.5% | ||||||||||||||
41,513,340 | TIAA-CREF Equity Index Fund | 1,120,860,167 | 35.5 | |||||||||||
TOTAL U.S. EQUITY | 1,120,860,167 | 35.5 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $2,488,503,372) | 3,147,350,645 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $2,488,503,372) | 3,147,350,645 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 5,436,594 | 0.2 | ||||||||||||
NET ASSETS | $ | 3,152,787,239 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 43 |
Portfolio of investments (unaudited)
Lifecycle Index 2025 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
FIXED INCOME—33.3% | ||||||||||||||
131,909,626 | TIAA-CREF Bond Index Fund | $ | 1,542,023,526 | 33.3 | % | |||||||||
TOTAL FIXED INCOME | 1,542,023,526 | 33.3 | ||||||||||||
INFLATION-PROTECTED ASSETS—4.0% | ||||||||||||||
15,244,580 | TIAA-CREF Inflation-Linked Bond Fund | 186,593,662 | 4.0 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 186,593,662 | 4.0 | ||||||||||||
INTERNATIONAL EQUITY—17.5% | ||||||||||||||
20,638,453 | TIAA-CREF Emerging Markets Equity Index Fund | 262,314,743 | 5.7 | |||||||||||
26,552,865 | TIAA-CREF International Equity Index Fund | 546,723,498 | 11.8 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 809,038,241 | 17.5 | ||||||||||||
SHORT-TERM FIXED INCOME—4.0% | ||||||||||||||
18,268,416 | TIAA-CREF Short-Term Bond Index Fund | 185,789,786 | 4.0 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 185,789,786 | 4.0 | ||||||||||||
U.S. EQUITY—41.0% | ||||||||||||||
70,185,224 | TIAA-CREF Equity Index Fund | 1,895,001,042 | 41.0 | |||||||||||
TOTAL U.S. EQUITY | 1,895,001,042 | 41.0 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,669,869,924) | 4,618,446,257 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $3,669,869,924) | 4,618,446,257 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 8,377,706 | 0.2 | ||||||||||||
NET ASSETS | $ | 4,626,823,963 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
44 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2030 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.8%a | ||||||||||||||
FIXED INCOME—29.4% | ||||||||||||||
128,162,394 | TIAA-CREF Bond Index Fund | $ | 1,498,218,388 | 29.4 | % | |||||||||
TOTAL FIXED INCOME | 1,498,218,388 | 29.4 | ||||||||||||
INFLATION-PROTECTED ASSETS—2.1% | ||||||||||||||
8,692,268 | TIAA-CREF Inflation-Linked Bond Fund | 106,393,359 | 2.1 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 106,393,359 | 2.1 | ||||||||||||
INTERNATIONAL EQUITY—19.8% | ||||||||||||||
25,823,151 | TIAA-CREF Emerging Markets Equity Index Fund | 328,212,248 | 6.4 | |||||||||||
33,222,700 | TIAA-CREF International Equity Index Fund | 684,055,384 | 13.4 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 1,012,267,632 | 19.8 | ||||||||||||
SHORT-TERM FIXED INCOME—2.1% | ||||||||||||||
10,415,490 | TIAA-CREF Short-Term Bond Index Fund | 105,925,538 | 2.1 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 105,925,538 | 2.1 | ||||||||||||
U.S. EQUITY—46.4% | ||||||||||||||
87,802,150 | TIAA-CREF Equity Index Fund | 2,370,658,041 | 46.4 | |||||||||||
TOTAL U.S. EQUITY | 2,370,658,041 | 46.4 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,989,162,248) | 5,093,462,958 | 99.8 | |||||||||||
TOTAL PORTFOLIO | (Cost $3,989,162,248) | 5,093,462,958 | 99.8 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 9,475,601 | 0.2 | ||||||||||||
NET ASSETS | $ | 5,102,938,559 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 45 |
Portfolio of investments (unaudited)
Lifecycle Index 2035 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—25.4% | ||||||||||||||
103,637,896 | TIAA-CREF Bond Index Fund | $ | 1,211,527,002 | 25.4 | % | |||||||||
TOTAL FIXED INCOME | 1,211,527,002 | 25.4 | ||||||||||||
INFLATION-PROTECTED ASSETS—0.2% | ||||||||||||||
571,769 | TIAA-CREF Inflation-Linked Bond Fund | 6,998,454 | 0.2 | |||||||||||
TOTAL INFLATION-PROTECTED ASSETS | 6,998,454 | 0.2 | ||||||||||||
INTERNATIONAL EQUITY—22.2% | ||||||||||||||
26,956,111 | TIAA-CREF Emerging Markets Equity Index Fund | 342,612,172 | 7.2 | |||||||||||
34,708,049 | TIAA-CREF International Equity Index Fund | 714,638,733 | 15.0 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 1,057,250,905 | 22.2 | ||||||||||||
SHORT-TERM FIXED INCOME—0.1% | ||||||||||||||
685,746 | TIAA-CREF Short-Term Bond Index Fund | 6,974,039 | 0.1 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 6,974,039 | 0.1 | ||||||||||||
U.S. EQUITY—52.0% | ||||||||||||||
91,704,602 | TIAA-CREF Equity Index Fund | 2,476,024,245 | 52.0 | |||||||||||
TOTAL U.S. EQUITY | 2,476,024,245 | 52.0 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,650,313,784) | 4,758,774,645 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $3,650,313,784) | 4,758,774,645 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 5,831,890 | 0.1 | ||||||||||||
NET ASSETS | $ | 4,764,606,535 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
46 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2040 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—18.0% | ||||||||||||||
75,514,616 | TIAA-CREF Bond Index Fund | $ | 882,765,861 | 18.0 | % | |||||||||
TOTAL FIXED INCOME | 882,765,861 | 18.0 | ||||||||||||
INTERNATIONAL EQUITY—24.5% | ||||||||||||||
30,763,129 | TIAA-CREF Emerging Markets Equity Index Fund | 390,999,376 | 7.9 | |||||||||||
39,615,851 | TIAA-CREF International Equity Index Fund | 815,690,368 | 16.6 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 1,206,689,744 | 24.5 | ||||||||||||
U.S. EQUITY—57.4% | ||||||||||||||
104,659,320 | TIAA-CREF Equity Index Fund | 2,825,801,638 | 57.4 | |||||||||||
TOTAL U.S. EQUITY | 2,825,801,638 | 57.4 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $3,665,630,850) | 4,915,257,243 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $3,665,630,850) | 4,915,257,243 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 6,953,504 | 0.1 | ||||||||||||
NET ASSETS | $ | 4,922,210,747 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 47 |
Portfolio of investments (unaudited)
Lifecycle Index 2045 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—10.3% | ||||||||||||||
31,252,719 | TIAA-CREF Bond Index Fund | $ | 365,344,289 | 10.3 | % | |||||||||
TOTAL FIXED INCOME | 365,344,289 | 10.3 | ||||||||||||
INTERNATIONAL EQUITY—26.8% | ||||||||||||||
24,394,279 | TIAA-CREF Emerging Markets Equity Index Fund | 310,051,287 | 8.7 | |||||||||||
31,405,440 | TIAA-CREF International Equity Index Fund | 646,638,015 | 18.1 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 956,689,302 | 26.8 | ||||||||||||
U.S. EQUITY—62.8% | ||||||||||||||
82,980,474 | TIAA-CREF Equity Index Fund | 2,240,472,786 | 62.8 | |||||||||||
TOTAL U.S. EQUITY | 2,240,472,786 | 62.8 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $2,707,773,837) | 3,562,506,377 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $2,707,773,837) | 3,562,506,377 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 3,612,339 | 0.1 | ||||||||||||
NET ASSETS | $ | 3,566,118,716 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
48 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2050 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—8.6% | ||||||||||||||
21,063,914 | TIAA-CREF Bond Index Fund | $ | 246,237,153 | 8.6 | % | |||||||||
TOTAL FIXED INCOME | 246,237,153 | 8.6 | ||||||||||||
INTERNATIONAL EQUITY—27.3% | ||||||||||||||
20,060,290 | TIAA-CREF Emerging Markets Equity Index Fund | 254,966,288 | 8.8 | |||||||||||
25,818,588 | TIAA-CREF International Equity Index Fund | 531,604,733 | 18.5 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 786,571,021 | 27.3 | ||||||||||||
U.S. EQUITY—64.0% | ||||||||||||||
68,211,300 | TIAA-CREF Equity Index Fund | 1,841,705,102 | 64.0 | |||||||||||
TOTAL U.S. EQUITY | 1,841,705,102 | 64.0 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $2,205,636,353) | 2,874,513,276 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $2,205,636,353) | 2,874,513,276 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 2,675,216 | 0.1 | ||||||||||||
NET ASSETS | $ | 2,877,188,492 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 49 |
Portfolio of investments (unaudited)
Lifecycle Index 2055 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—7.4% | ||||||||||||||
8,609,010 | TIAA-CREF Bond Index Fund | $ | 100,639,322 | 7.4 | % | |||||||||
TOTAL FIXED INCOME | 100,639,322 | 7.4 | ||||||||||||
INTERNATIONAL EQUITY—27.7% | ||||||||||||||
9,603,715 | TIAA-CREF Emerging Markets Equity Index Fund | 122,063,223 | 9.0 | |||||||||||
12,362,586 | TIAA-CREF International Equity Index Fund | 254,545,640 | 18.7 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 376,608,863 | 27.7 | ||||||||||||
U.S. EQUITY—64.8% | ||||||||||||||
32,670,465 | TIAA-CREF Equity Index Fund | 882,102,567 | 64.8 | |||||||||||
TOTAL U.S. EQUITY | 882,102,567 | 64.8 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $1,077,372,674) | 1,359,350,752 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $1,077,372,674) | 1,359,350,752 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,043,883 | 0.1 | ||||||||||||
NET ASSETS | $ | 1,360,394,635 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
50 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifecycle Index 2060 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.7%a | ||||||||||||||
FIXED INCOME—6.1% | ||||||||||||||
2,522,883 | TIAA-CREF Bond Index Fund | $ | 29,492,508 | 6.1 | % | |||||||||
TOTAL FIXED INCOME | 29,492,508 | 6.1 | ||||||||||||
INTERNATIONAL EQUITY—28.0% | ||||||||||||||
3,448,044 | TIAA-CREF Emerging Markets Equity Index Fund | 43,824,645 | 9.1 | |||||||||||
4,440,025 | TIAA-CREF International Equity Index Fund | 91,420,109 | 18.9 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 135,244,754 | 28.0 | ||||||||||||
U.S. EQUITY—65.6% | ||||||||||||||
11,730,020 | TIAA-CREF Equity Index Fund | 316,710,548 | 65.6 | |||||||||||
TOTAL U.S. EQUITY | 316,710,548 | 65.6 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $394,440,065) | 481,447,810 | 99.7 | |||||||||||
TOTAL PORTFOLIO | (Cost $394,440,065) | 481,447,810 | 99.7 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 1,297,696 | 0.3 | ||||||||||||
NET ASSETS | $ | 482,745,506 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 51 |
Portfolio of investments (unaudited)
Lifecycle Index 2065 Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—5.2% | ||||||||||||||
24,090 | TIAA-CREF Bond Index Fund | $ | 281,610 | 5.2 | % | |||||||||
TOTAL FIXED INCOME | 281,610 | 5.2 | ||||||||||||
INTERNATIONAL EQUITY—28.1% | ||||||||||||||
39,640 | TIAA-CREF Emerging Markets Equity Index Fund | 503,823 | 9.2 | |||||||||||
50,305 | TIAA-CREF International Equity Index Fund | 1,035,781 | 18.9 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 1,539,604 | 28.1 | ||||||||||||
U.S. EQUITY—66.6% | ||||||||||||||
134,990 | TIAA-CREF Equity Index Fund | 3,644,719 | 66.6 | |||||||||||
TOTAL U.S. EQUITY | 3,644,719 | 66.6 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $4,995,707) | 5,465,933 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $4,995,707) | 5,465,933 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 7,303 | 0.1 | ||||||||||||
NET ASSETS | $ | 5,473,236 | 100.0 | % |
a | The Fund invests its assets in Class W shares of the affiliated TIAA-CREF Funds. |
52 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
[This page intentionally left blank.]
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 53 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Funds ■ November 30, 2020
Lifecycle Index Retirement Income Fund | Lifecycle Index 2010 Fund | Lifecycle Index 2015 Fund | Lifecycle Index 2020 Fund | Lifecycle Index 2025 Fund | Lifecycle Index 2030 Fund | |||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Affiliated investments, at value‡ | $ | 576,341,505 | $ | 655,386,142 | $ | 1,119,409,087 | $ | 3,147,350,645 | $ | 4,618,446,257 | $ | 5,093,462,958 | ||||||||||||
Cash | 570,092 | 2,748,841 | 654,579 | 3,946,045 | 7,234,686 | 7,846,009 | ||||||||||||||||||
Receivable from securities transactions | 8,243,968 | 9,183,285 | 16,940,509 | 47,230,207 | 67,939,845 | 67,078,167 | ||||||||||||||||||
Receivable from Fund shares sold | 1,771,485 | 1,026,791 | 1,184,714 | 5,517,649 | 6,789,726 | 10,468,363 | ||||||||||||||||||
Dividends receivable | 444,952 | 501,984 | 819,192 | 2,173,816 | 2,780,114 | 2,606,140 | ||||||||||||||||||
Due from affiliates | 67,078 | 74,393 | 109,213 | 262,894 | 353,793 | 358,328 | ||||||||||||||||||
Other | 11,650 | 21,317 | 39,502 | 82,684 | 98,850 | 104,411 | ||||||||||||||||||
Total assets | 587,450,730 | 668,942,753 | 1,139,156,796 | 3,206,563,940 | 4,703,643,271 | 5,181,924,376 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Management fees payable | 87,957 | 98,780 | 166,462 | 455,634 | 645,001 | 685,140 | ||||||||||||||||||
Service agreement fees payable | 9,361 | 16,685 | 25,521 | 65,277 | 94,788 | 97,049 | ||||||||||||||||||
Distribution fees payable | 3,613 | 4,630 | 11,228 | 35,092 | 50,078 | 48,582 | ||||||||||||||||||
Due to affiliates | 7,141 | 7,239 | 8,312 | 12,541 | 15,453 | 16,251 | ||||||||||||||||||
Payable for securities transactions | 8,664,748 | 11,758,607 | 17,260,882 | 50,110,789 | 72,254,174 | 75,710,987 | ||||||||||||||||||
Payable for Fund shares redeemed | 992,906 | 386,209 | 1,416,750 | 2,948,437 | 3,569,282 | 2,223,380 | ||||||||||||||||||
Payable for trustee compensation | 11,369 | 21,006 | 38,880 | 81,057 | 96,698 | 102,169 | ||||||||||||||||||
Accrued expenses and other payables | 28,241 | 31,452 | 37,962 | 67,874 | 93,834 | 102,259 | ||||||||||||||||||
Total liabilities | 9,805,336 | 12,324,608 | 18,965,997 | 53,776,701 | 76,819,308 | 78,985,817 | ||||||||||||||||||
NET ASSETS | $ | 577,645,394 | $ | 656,618,145 | $ | 1,120,190,799 | $ | 3,152,787,239 | $ | 4,626,823,963 | $ | 5,102,938,559 | ||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in-capital | $ | 490,341,266 | $ | 522,535,203 | $ | 856,861,787 | $ | 2,480,323,128 | $ | 3,666,069,206 | $ | 3,994,597,629 | ||||||||||||
Total distributable earnings (loss) | 87,304,128 | 134,082,942 | 263,329,012 | 672,464,111 | 960,754,757 | 1,108,340,930 | ||||||||||||||||||
NET ASSETS | $ | 577,645,394 | $ | 656,618,145 | $ | 1,120,190,799 | $ | 3,152,787,239 | $ | 4,626,823,963 | $ | 5,102,938,559 | ||||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||||||||||
Net assets | $ | 501,539,119 | $ | 536,057,844 | $ | 902,999,649 | $ | 2,542,907,758 | $ | 3,741,337,133 | $ | 4,223,201,839 | ||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 30,374,843 | 30,542,149 | 48,890,395 | 128,803,165 | 177,843,549 | 188,935,976 | ||||||||||||||||||
Net asset value per share | $ | 16.51 | $ | 17.55 | $ | 18.47 | $ | 19.74 | $ | 21.04 | $ | 22.35 | ||||||||||||
ADVISOR CLASS: | ||||||||||||||||||||||||
Net assets | $ | 1,294,509 | $ | 328,275 | $ | 760,469 | $ | 5,681,464 | $ | 8,374,512 | $ | 10,367,611 | ||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 78,405 | 18,701 | 41,199 | 288,369 | 398,864 | 464,633 | ||||||||||||||||||
Net asset value per share | $ | 16.51 | $ | 17.55 | $ | 18.46 | $ | 19.70 | $ | 21.00 | $ | 22.31 | ||||||||||||
PREMIER CLASS: | ||||||||||||||||||||||||
Net assets | $ | 29,605,315 | $ | 38,151,118 | $ | 91,953,852 | $ | 288,013,339 | $ | 414,507,421 | $ | 401,041,060 | ||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,794,448 | 2,182,653 | 5,003,813 | 14,676,099 | 19,804,415 | 18,043,203 | ||||||||||||||||||
Net asset value per share | $ | 16.50 | $ | 17.48 | $ | 18.38 | $ | 19.62 | $ | 20.93 | $ | 22.23 | ||||||||||||
RETIREMENT CLASS: | ||||||||||||||||||||||||
Net assets | $ | 45,206,451 | $ | 82,080,908 | $ | 124,476,829 | $ | 316,184,678 | $ | 462,604,897 | $ | 468,328,049 | ||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 2,743,612 | 4,723,700 | 6,799,985 | 16,177,078 | 22,216,030 | 21,173,493 | ||||||||||||||||||
Net asset value per share | $ | 16.48 | $ | 17.38 | $ | 18.31 | $ | 19.55 | $ | 20.82 | $ | 22.12 | ||||||||||||
‡ Affiliated investments, cost | $ | 485,301,741 | $ | 523,701,866 | $ | 864,062,442 | $ | 2,488,503,372 | $ | 3,669,869,924 | $ | 3,989,162,248 |
54 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 55 |
Statements of assets and liabilities (unaudited) | concluded |
TIAA-CREF Funds ■ November 30, 2020 |
Lifecycle Index 2035 Fund | Lifecycle Index 2040 Fund | Lifecycle Index 2045 Fund | Lifecycle Index 2050 Fund | Lifecycle Index 2055 Fund | Lifecycle Index 2060 Fund | Lifecycle Index 2065 Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Affiliated investments, at value‡ | $ | 4,758,774,645 | $ | 4,915,257,243 | $ | 3,562,506,377 | $ | 2,874,513,276 | $ | 1,359,350,752 | $ | 481,447,810 | $ | 5,465,933 | ||||||||||||||
Cash | 8,832,069 | 7,725,540 | 6,583,789 | 5,481,748 | 3,323,699 | 1,023,197 | 5,569 | |||||||||||||||||||||
Receivable from securities transactions | 52,927,650 | 42,236,099 | 18,032,219 | 10,577,250 | 3,895,903 | 1,437,604 | 33,295 | |||||||||||||||||||||
Receivable from Fund shares sold | 7,080,187 | 8,437,909 | 6,134,180 | 4,834,175 | 2,473,850 | 1,253,229 | — | |||||||||||||||||||||
Dividends receivable | 2,020,906 | 1,457,920 | 596,867 | 402,703 | 162,701 | 47,667 | 902 | |||||||||||||||||||||
Due from affiliates | 310,057 | 304,331 | 209,824 | 172,718 | 89,868 | 42,020 | 19,592 | |||||||||||||||||||||
Other | 96,795 | 105,285 | 63,660 | 46,991 | 17,686 | 4,373 | — | |||||||||||||||||||||
Total assets | 4,830,042,309 | 4,975,524,327 | 3,594,126,916 | 2,896,028,861 | 1,369,314,459 | 485,255,900 | 5,525,291 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Management fees payable | 618,297 | 622,429 | 439,091 | 352,269 | 165,376 | 57,921 | 665 | |||||||||||||||||||||
Service agreement fees payable | 86,445 | 81,939 | 61,299 | 53,686 | 29,208 | 10,272 | — | |||||||||||||||||||||
Distribution fees payable | 47,457 | 42,883 | 33,610 | 28,572 | 12,700 | 3,159 | 65 | |||||||||||||||||||||
Due to affiliates | 15,431 | 15,639 | 12,893 | 11,537 | 8,548 | 6,817 | 5,546 | |||||||||||||||||||||
Payable for securities transactions | 61,416,293 | 49,599,278 | 25,097,995 | 16,547,870 | 8,004,765 | 2,020,225 | 32,810 | |||||||||||||||||||||
Payable for Fund shares redeemed | 3,063,297 | 2,754,259 | 2,224,879 | 1,734,616 | 604,023 | 377,067 | — | |||||||||||||||||||||
Payable for trustee compensation | 94,799 | 103,248 | 62,336 | 45,974 | 17,247 | 4,261 | — | |||||||||||||||||||||
Accrued expenses and other payables | 93,755 | 93,905 | 76,097 | 65,845 | 77,957 | 30,672 | 12,969 | |||||||||||||||||||||
Total liabilities | 65,435,774 | 53,313,580 | 28,008,200 | 18,840,369 | 8,919,824 | 2,510,394 | 52,055 | |||||||||||||||||||||
NET ASSETS | $ | 4,764,606,535 | $ | 4,922,210,747 | $ | 3,566,118,716 | $ | 2,877,188,492 | $ | 1,360,394,635 | $ | 482,745,506 | $ | 5,473,236 | ||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in-capital | $ | 3,654,802,066 | $ | 3,679,316,190 | $ | 2,719,410,534 | $ | 2,215,241,214 | $ | 1,082,159,012 | $ | 398,164,494 | $ | 5,000,179 | ||||||||||||||
Total distributable earnings (loss) | 1,109,804,469 | 1,242,894,557 | 846,708,182 | 661,947,278 | 278,235,623 | 84,581,012 | 473,057 | |||||||||||||||||||||
NET ASSETS | $ | 4,764,606,535 | $ | 4,922,210,747 | $ | 3,566,118,716 | $ | 2,877,188,492 | $ | 1,360,394,635 | $ | 482,745,506 | $ | 5,473,236 | ||||||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 3,939,757,911 | $ | 4,160,897,397 | $ | 2,982,203,029 | $ | 2,371,953,430 | $ | 1,107,868,736 | $ | 404,579,747 | $ | 3,831,489 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 166,784,342 | 169,440,881 | 119,902,354 | 94,827,904 | 55,271,660 | 26,207,307 | 350,000 | |||||||||||||||||||||
Net asset value per share | $ | 23.62 | $ | 24.56 | $ | 24.87 | $ | 25.01 | $ | 20.04 | $ | 15.44 | $ | 10.95 | ||||||||||||||
ADVISOR CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 7,057,463 | $ | 6,074,257 | $ | 5,707,419 | $ | 4,984,169 | $ | 4,115,689 | $ | 2,488,421 | $ | 547,219 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 299,331 | 247,706 | 229,925 | 199,615 | 205,679 | 161,315 | 50,000 | |||||||||||||||||||||
Net asset value per share | $ | 23.58 | $ | 24.52 | $ | 24.82 | $ | 24.97 | $ | 20.01 | $ | 15.43 | $ | 10.94 | ||||||||||||||
PREMIER CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 395,441,863 | $ | 356,992,539 | $ | 280,646,046 | $ | 238,719,192 | $ | 105,984,647 | $ | 26,530,151 | $ | 547,219 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 16,842,037 | 14,626,426 | 11,346,791 | 9,602,344 | 5,307,555 | 1,722,360 | 50,000 | |||||||||||||||||||||
Net asset value per share | $ | 23.48 | $ | 24.41 | $ | 24.73 | $ | 24.86 | $ | 19.97 | $ | 15.40 | $ | 10.94 | ||||||||||||||
RETIREMENT CLASS: | ||||||||||||||||||||||||||||
Net assets | $ | 422,349,298 | $ | 398,246,554 | $ | 297,562,222 | $ | 261,531,701 | $ | 142,425,563 | $ | 49,147,187 | $ | 547,309 | ||||||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 18,075,354 | 16,387,129 | 12,093,345 | 10,575,518 | 7,153,744 | 3,200,238 | 50,017 | |||||||||||||||||||||
Net asset value per share | $ | 23.37 | $ | 24.30 | $ | 24.61 | $ | 24.73 | $ | 19.91 | $ | 15.36 | $ | 10.94 | ||||||||||||||
‡ Affiliated investments, cost | $ | 3,650,313,784 | $ | 3,665,630,850 | $ | 2,707,773,837 | $ | 2,205,636,353 | $ | 1,077,372,674 | $ | 394,440,065 | $ | 4,995,707 |
56 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 57 |
Statements of operations (unaudited)
TIAA-CREF Funds ■ For the period ended November 30, 2020
Lifecycle Index Retirement Income Fund | Lifecycle Index 2010 Fund | Lifecycle Index 2015 Fund | Lifecycle Index 2020 Fund | Lifecycle Index 2025 Fund | Lifecycle Index 2030 Fund | |||||||||||||||||||
INVESTMENT INCOME | �� | |||||||||||||||||||||||
Dividends from affiliated investments | $ | 3,032,136 | $ | 3,298,935 | $ | 5,599,131 | $ | 14,437,421 | $ | 17,897,403 | $ | 16,264,041 | ||||||||||||
Total income | 3,032,136 | 3,298,935 | 5,599,131 | 14,437,421 | 17,897,403 | 16,264,041 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Management fees | 511,847 | 556,642 | 984,289 | 2,660,488 | 3,708,694 | 3,890,530 | ||||||||||||||||||
Shareholder servicing — Institutional Class | 6,477 | 5,421 | 5,155 | 9,442 | 9,493 | 10,369 | ||||||||||||||||||
Shareholder servicing — Advisor Class | 562 | 41 | 304 | 2,739 | 3,037 | 4,105 | ||||||||||||||||||
Shareholder servicing — Premier Class | 33 | 30 | 40 | 105 | 136 | 130 | ||||||||||||||||||
Shareholder servicing — Retirement Class | 51,426 | 97,369 | 154,452 | 388,991 | 562,554 | 565,467 | ||||||||||||||||||
Distribution fees — Premier Class | 21,994 | 26,180 | 67,128 | 210,484 | 291,838 | 281,920 | ||||||||||||||||||
Registration fees | 31,244 | 31,051 | 31,406 | 33,982 | 35,467 | 34,113 | ||||||||||||||||||
Administrative service fees | 16,854 | 16,994 | 19,624 | 30,694 | 38,891 | 41,100 | ||||||||||||||||||
Professional fees | 7,851 | 7,837 | 8,563 | 11,630 | 13,885 | 14,420 | ||||||||||||||||||
Custody and accounting fees | 6,290 | 6,239 | 6,227 | 6,261 | 6,269 | 6,267 | ||||||||||||||||||
Trustee fees and expenses | 2,667 | 2,854 | 5,161 | 14,387 | 20,844 | 22,606 | ||||||||||||||||||
Other expenses | 43,397 | 48,514 | 71,652 | 182,249 | 262,838 | 274,760 | ||||||||||||||||||
Total expenses | 700,642 | 799,172 | 1,354,001 | 3,551,452 | 4,953,946 | 5,145,787 | ||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (84,015 | ) | (85,586 | ) | (90,637 | ) | (138,869 | ) | (190,499 | ) | (203,907 | ) | ||||||||||||
Fee waiver by investment adviser and Nuveen Securities | (279,241 | ) | (303,768 | ) | (513,550 | ) | (1,332,937 | ) | (1,770,872 | ) | (1,759,934 | ) | ||||||||||||
Net expenses | 337,386 | 409,818 | 749,814 | 2,079,646 | 2,992,575 | 3,181,946 | ||||||||||||||||||
Net investment income (loss) | 2,694,750 | 2,889,117 | 4,849,317 | 12,357,775 | 14,904,828 | 13,082,095 | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||
Realized gain (loss) from sale of affiliated investments | 1,861,983 | 4,059,065 | 11,360,959 | 18,814,765 | 14,277,706 | 9,960,685 | ||||||||||||||||||
Realized gain (loss) from sale of unaffiliated investments | (83,305 | ) | — | — | — | — | — | |||||||||||||||||
Net realized gain (loss) from investments | 1,778,678 | 4,059,065 | 11,360,959 | 18,814,765 | 14,277,706 | 9,960,685 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 46,909,028 | 49,653,646 | 95,206,587 | 303,470,000 | 513,290,228 | 633,534,521 | ||||||||||||||||||
Net realized and unrealized gain (loss) from investments | 48,687,706 | 53,712,711 | 106,567,546 | 322,284,765 | 527,567,934 | 643,495,206 | ||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 51,382,456 | $ | 56,601,828 | $ | 111,416,863 | $ | 334,642,540 | $ | 542,472,762 | $ | 656,577,301 |
58 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 59 |
Statements of operations (unaudited) | concluded |
TIAA-CREF Funds ■ For the period ended November 30, 2020 |
Lifecycle Index 2035 Fund | Lifecycle Index 2040 Fund | Lifecycle Index 2045 Fund | Lifecycle Index 2050 Fund | Lifecycle Index 2055 Fund | Lifecycle Index 2060 Fund | Lifecycle Index 2065 Fund§ | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends from affiliated investments | $ | 12,136,136 | $ | 8,632,915 | $ | 3,461,416 | $ | 2,390,792 | $ | 951,994 | $ | 270,108 | $ | 902 | ||||||||||||||
Total income | 12,136,136 | 8,632,915 | 3,461,416 | 2,390,792 | 951,994 | 270,108 | 902 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Management fees | 3,474,033 | 3,467,717 | 2,418,022 | 1,936,267 | 895,964 | 303,851 | 1,323 | |||||||||||||||||||||
Shareholder servicing — Institutional Class | 9,958 | 10,638 | 9,533 | 10,167 | 7,506 | 8,216 | 396 | |||||||||||||||||||||
Shareholder servicing — Advisor Class | 2,791 | 2,353 | 2,159 | 1,892 | 1,421 | 937 | 379 | |||||||||||||||||||||
Shareholder servicing — Premier Class | 127 | 123 | 102 | 89 | 76 | 52 | 395 | |||||||||||||||||||||
Shareholder servicing — Retirement Class | 505,672 | 475,239 | 349,160 | 307,576 | 166,259 | 54,634 | 622 | |||||||||||||||||||||
Distribution fees — Premier Class | 272,960 | 244,411 | 189,917 | 160,640 | 70,014 | 16,772 | 131 | |||||||||||||||||||||
Registration fees | 33,656 | 34,168 | 32,035 | 32,118 | 31,134 | 29,831 | 20,010 | |||||||||||||||||||||
Administrative service fees | 38,876 | 39,006 | 32,077 | 28,635 | 20,825 | 16,220 | 5,546 | |||||||||||||||||||||
Professional fees | 13,685 | 13,771 | 11,851 | 10,976 | 8,935 | 7,645 | 7,122 | |||||||||||||||||||||
Custody and accounting fees | 6,249 | 6,261 | 6,233 | 6,232 | 6,218 | 6,225 | 2,292 | |||||||||||||||||||||
Trustee fees and expenses | 20,883 | 21,277 | 15,306 | 12,392 | 5,783 | 2,011 | 2 | |||||||||||||||||||||
Other expenses | 245,771 | 246,970 | 186,192 | 161,577 | 82,832 | 36,853 | 2,871 | |||||||||||||||||||||
Total expenses | 4,624,661 | 4,561,934 | 3,252,587 | 2,668,561 | 1,296,967 | 483,247 | 41,089 | |||||||||||||||||||||
Less: Expenses reimbursed by the investment adviser | (197,521 | ) | (198,107 | ) | (167,359 | ) | (166,128 | ) | (121,587 | ) | (91,445 | ) | (39,245 | ) | ||||||||||||||
Fee waiver by investment adviser and Nuveen Securities | (1,491,412 | ) | (1,438,983 | ) | (971,028 | ) | (773,073 | ) | (353,357 | ) | (120,366 | ) | (522 | ) | ||||||||||||||
Net expenses | 2,935,728 | 2,924,844 | 2,114,200 | 1,729,360 | 822,023 | 271,436 | 1,322 | |||||||||||||||||||||
Net investment income (loss) | 9,200,408 | 5,708,071 | 1,347,216 | 661,432 | 129,971 | (1,328 | ) | (420 | ) | |||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||||||||||
Realized gain (loss) from sale of affiliated investments | 7,728,014 | 6,037,626 | (392,660 | ) | (1,051,975 | ) | (942,308 | ) | (339,765 | ) | 3,251 | |||||||||||||||||
Realized gain (loss) from sale of unaffiliated investments | — | — | — | — | — | — | — | |||||||||||||||||||||
Net realized gain (loss) from investments | 7,728,014 | 6,037,626 | (392,660 | ) | (1,051,975 | ) | (942,308 | ) | (339,765 | ) | 3,251 | |||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 653,355,592 | 740,394,752 | 579,313,512 | 473,076,460 | 222,662,319 | 76,654,786 | 470,226 | |||||||||||||||||||||
Net realized and unrealized gain (loss) from investments | 661,083,606 | 746,432,378 | 578,920,852 | 472,024,485 | 221,720,011 | 76,315,021 | 473,477 | |||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 670,284,014 | $ | 752,140,449 | $ | 580,268,068 | $ | 472,685,917 | $ | 221,849,982 | $ | 76,313,693 | $ | 473,057 | ||||||||||||||
§ For the period September 30, 2020 to November 30, 2020. |
60 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 61 |
Statements of changes in net assets
TIAA-CREF Funds ■ For the period or year ended
Lifecycle Index Retirement Income Fund | Lifecycle Index 2010 Fund | Lifecycle Index 2015 Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 2,694,750 | $ | 9,999,845 | $ | 2,889,117 | $ | 11,340,949 | $ | 4,849,317 | $ | 22,155,468 | ||||||||||||||
Net realized gain (loss) from investments | 1,778,678 | (1,901,952 | ) | 4,059,065 | (688,796 | ) | 11,360,959 | (1,405,140 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 46,909,028 | 23,290,186 | 49,653,646 | 26,877,289 | 95,206,587 | 51,478,456 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 51,382,456 | 31,388,079 | 56,601,828 | 37,529,442 | 111,416,863 | 72,228,784 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | (2,415,799 | ) | (8,965,127 | ) | — | (9,420,155 | ) | — | (19,014,280 | ) | ||||||||||||||||
Advisor Class | (4,986 | ) | (29,859 | ) | — | (2,781 | ) | — | (12,473 | ) | ||||||||||||||||
Premier Class | (132,591 | ) | (696,931 | ) | — | (764,977 | ) | — | (2,144,320 | ) | ||||||||||||||||
Retirement Class | (165,930 | ) | (839,397 | ) | — | (1,584,095 | ) | — | (2,790,646 | ) | ||||||||||||||||
Total distributions | (2,719,306 | ) | (10,531,314 | ) | — | (11,772,008 | ) | — | (23,961,719 | ) | ||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 93,559,305 | 218,936,807 | 115,200,318 | 150,337,322 | 126,103,183 | 275,486,482 | |||||||||||||||||||
Advisor Class | 230,349 | 1,932,945 | 186,604 | 3,001 | 145,122 | 441,470 | ||||||||||||||||||||
Premier Class | 1,909,306 | 4,136,935 | 6,667,371 | 6,402,768 | 7,009,902 | 9,883,404 | ||||||||||||||||||||
Retirement Class | 10,692,711 | 18,247,325 | 9,510,913 | 20,378,677 | 6,918,521 | 28,892,475 | ||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 2,232,710 | 8,308,363 | — | 9,130,272 | — | 18,485,431 | |||||||||||||||||||
Advisor Class | 4,425 | 27,086 | — | — | — | 9,565 | ||||||||||||||||||||
Premier Class | 117,102 | 627,297 | — | 576,947 | — | 1,736,116 | ||||||||||||||||||||
Retirement Class | 165,866 | 839,068 | — | 1,584,095 | — | 2,790,647 | ||||||||||||||||||||
Redemptions: | Institutional Class | (73,826,680 | ) | (114,157,477 | ) | (67,398,949 | ) | (72,350,030 | ) | (132,155,286 | ) | (164,612,219 | ) | |||||||||||||
Advisor Class | (30,946 | ) | (1,039,449 | ) | (201 | ) | — | (47,068 | ) | (33,853 | ) | |||||||||||||||
Premier Class | (4,152,323 | ) | (6,699,145 | ) | (3,326,745 | ) | (9,856,228 | ) | (9,571,075 | ) | (25,534,337 | ) | ||||||||||||||
Retirement Class | (5,131,540 | ) | (19,996,474 | ) | (9,316,810 | ) | (21,578,978 | ) | (17,776,500 | ) | (47,170,736 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 25,770,285 | 111,163,281 | 51,522,501 | 84,627,846 | (19,373,201 | ) | 100,374,445 | |||||||||||||||||||
Net increase (decrease) in net assets | 74,433,435 | 132,020,046 | 108,124,329 | 110,385,280 | 92,043,662 | 148,641,510 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 503,211,959 | 371,191,913 | 548,493,816 | 438,108,536 | 1,028,147,137 | 879,505,627 | ||||||||||||||||||||
End of period | $ | 577,645,394 | $ | 503,211,959 | $ | 656,618,145 | $ | 548,493,816 | $ | 1,120,190,799 | $ | 1,028,147,137 | ||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 5,927,396 | 14,694,972 | 6,854,619 | 9,534,748 | 7,166,797 | 16,668,093 | |||||||||||||||||||
Advisor Class | 14,570 | 129,393 | 11,029 | 215 | 8,307 | 26,702 | ||||||||||||||||||||
Premier Class | 120,871 | 279,073 | 399,608 | 413,105 | 408,280 | 603,597 | ||||||||||||||||||||
Retirement Class | 678,287 | 1,226,980 | 573,687 | 1,318,280 | 397,581 | 1,774,638 | ||||||||||||||||||||
Shares reinvested: | Institutional Class | 143,670 | 566,464 | — | 574,231 | — | 1,109,570 | |||||||||||||||||||
Advisor Class | 284 | 1,848 | — | — | — | 574 | ||||||||||||||||||||
Premier Class | 7,546 | 42,676 | — | 36,377 | — | 104,585 | ||||||||||||||||||||
Retirement Class | 10,682 | 57,036 | — | 100,386 | — | 168,619 | ||||||||||||||||||||
Shares redeemed: | Institutional Class | (4,652,275 | ) | (7,745,476 | ) | (3,999,416 | ) | (4,620,687 | ) | (7,489,200 | ) | (10,088,563 | ) | |||||||||||||
Advisor Class | (1,945 | ) | (76,923 | ) | (12 | ) | — | (2,682 | ) | (2,117 | ) | |||||||||||||||
Premier Class | (262,857 | ) | (452,497 | ) | (200,936 | ) | (632,796 | ) | (552,210 | ) | (1,562,217 | ) | ||||||||||||||
Retirement Class | (324,953 | ) | (1,345,058 | ) | (562,024 | ) | (1,380,562 | ) | (1,025,025 | ) | (2,887,454 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 1,661,276 | 7,378,488 | 3,076,555 | 5,343,297 | (1,088,152 | ) | 5,916,027 |
62 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 63 |
Statements of changes in net assets | continued |
TIAA-CREF Funds ■ For the period or year ended
Lifecycle Index 2020 Fund | Lifecycle Index 2025 Fund | Lifecycle Index 2030 Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 12,357,775 | $ | 57,841,070 | $ | 14,904,828 | $ | 77,287,473 | $ | 13,082,095 | $ | 82,287,548 | ||||||||||||||
Net realized gain (loss) from investments | 18,814,765 | (7,986,715 | ) | 14,277,706 | (10,762,047 | ) | 9,960,685 | (10,596,269 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 303,470,000 | 136,948,347 | 513,290,228 | 175,425,295 | 633,534,521 | 177,175,196 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 334,642,540 | 186,802,702 | 542,472,762 | 241,950,721 | 656,577,301 | 248,866,475 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | — | (47,265,526 | ) | — | (61,882,352 | ) | — | (68,257,501 | ) | |||||||||||||||||
Advisor Class | — | (106,244 | ) | — | (46,935 | ) | — | (84,189 | ) | |||||||||||||||||
Premier Class | — | (6,001,263 | ) | — | (7,669,546 | ) | — | (7,448,255 | ) | |||||||||||||||||
Retirement Class | — | (6,638,471 | ) | — | (8,988,441 | ) | — | (8,749,573 | ) | |||||||||||||||||
Total distributions | — | (60,011,504 | ) | — | (78,587,274 | ) | — | (84,539,518 | ) | |||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 371,033,103 | 830,193,214 | 540,254,447 | 1,244,518,379 | 591,962,438 | 1,302,791,628 | |||||||||||||||||||
Advisor Class | 1,320,402 | 4,320,846 | 4,975,849 | 1,923,615 | 3,838,789 | 4,556,025 | ||||||||||||||||||||
Premier Class | 15,356,191 | 32,790,549 | 33,996,989 | 49,154,107 | 27,064,093 | 43,562,836 | ||||||||||||||||||||
Retirement Class | 19,892,161 | 70,125,141 | 29,335,010 | 95,012,622 | 30,975,998 | 93,165,489 | ||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | — | 45,586,269 | — | 59,244,104 | — | 66,014,974 | |||||||||||||||||||
Advisor Class | — | 103,403 | — | 44,115 | — | 81,277 | ||||||||||||||||||||
Premier Class | — | 4,773,985 | — | 6,043,989 | — | 6,362,260 | ||||||||||||||||||||
Retirement Class | — | 6,638,471 | — | 8,988,441 | — | 8,749,573 | ||||||||||||||||||||
Redemptions: | Institutional Class | (318,048,601 | ) | (384,017,042 | ) | (388,068,292 | ) | (378,209,118 | ) | (358,344,594 | ) | (332,938,822 | ) | |||||||||||||
Advisor Class | (1,061,601 | ) | (384,918 | ) | (167,816 | ) | (230,073 | ) | (224,891 | ) | (280,697 | ) | ||||||||||||||
Premier Class | (26,995,803 | ) | (41,281,500 | ) | (26,191,165 | ) | (44,822,610 | ) | (23,296,192 | ) | (42,172,053 | ) | ||||||||||||||
Retirement Class | (41,985,859 | ) | (108,195,577 | ) | (46,719,579 | ) | (113,733,979 | ) | (44,900,204 | ) | (99,155,440 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 19,509,993 | 460,652,841 | 147,415,443 | 927,933,592 | 227,075,437 | 1,050,737,050 | ||||||||||||||||||||
Net increase (decrease) in net assets | 354,152,533 | 587,444,039 | 689,888,205 | 1,091,297,039 | 883,652,738 | 1,215,064,007 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 2,798,634,706 | 2,211,190,667 | 3,936,935,758 | 2,845,638,719 | 4,219,285,821 | 3,004,221,814 | ||||||||||||||||||||
End of period | $ | 3,152,787,239 | $ | 2,798,634,706 | $ | 4,626,823,963 | $ | 3,936,935,758 | $ | 5,102,938,559 | $ | 4,219,285,821 | ||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 19,813,015 | 47,406,231 | 27,234,813 | 67,266,664 | 28,244,157 | 66,948,983 | |||||||||||||||||||
Advisor Class | 70,828 | 247,404 | 253,822 | 105,983 | 182,924 | 232,187 | ||||||||||||||||||||
Premier Class | 839,984 | 1,896,433 | 1,751,169 | 2,710,168 | 1,324,787 | 2,280,482 | ||||||||||||||||||||
Retirement Class | 1,074,818 | 4,060,106 | 1,496,481 | 5,243,010 | 1,496,298 | 4,882,191 | ||||||||||||||||||||
Shares reinvested: | Institutional Class | — | 2,569,688 | — | 3,151,282 | — | 3,322,344 | |||||||||||||||||||
Advisor Class | — | 5,835 | — | 2,349 | — | 4,095 | ||||||||||||||||||||
Premier Class | — | 270,328 | — | 322,690 | — | 321,651 | ||||||||||||||||||||
Retirement Class | — | 376,972 | — | 481,954 | — | 443,916 | ||||||||||||||||||||
Shares redeemed: | Institutional Class | (16,996,952 | ) | (22,275,501 | ) | (19,531,066 | ) | (20,837,720 | ) | (17,091,931 | ) | (17,505,515 | ) | |||||||||||||
Advisor Class | (56,837 | ) | (21,412 | ) | (8,308 | ) | (12,295 | ) | (10,958 | ) | (15,196 | ) | ||||||||||||||
Premier Class | (1,460,251 | ) | (2,404,780 | ) | (1,342,404 | ) | (2,473,559 | ) | (1,126,736 | ) | (2,235,731 | ) | ||||||||||||||
Retirement Class | (2,267,213 | ) | (6,235,251 | ) | (2,377,467 | ) | (6,185,839 | ) | (2,151,988 | ) | (5,120,482 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 1,017,392 | 25,896,053 | 7,477,040 | 49,774,687 | 10,866,553 | 53,558,925 |
64 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 65 |
Statements of changes in net assets | continued |
TIAA-CREF Funds ■ For the period or year ended |
Lifecycle Index 2035 Fund | Lifecycle Index 2040 Fund | Lifecycle Index 2045 Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 9,200,408 | $ | 74,497,633 | $ | 5,708,071 | $ | 77,343,070 | $ | 1,347,216 | $ | 52,004,630 | ||||||||||||||
Net realized gain (loss) from investments | 7,728,014 | (7,128,597 | ) | 6,037,626 | (6,955,353 | ) | (392,660 | ) | (1,467,360 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 653,355,592 | 154,902,423 | 740,394,752 | 151,181,293 | 579,313,512 | 89,244,274 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 670,284,014 | 222,271,459 | 752,140,449 | 221,569,010 | 580,268,068 | 139,781,544 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | — | (62,098,684 | ) | — | (67,356,967 | ) | — | (44,810,822 | ) | |||||||||||||||||
Advisor Class | — | (65,909 | ) | — | (67,557 | ) | — | (49,289 | ) | |||||||||||||||||
Premier Class | — | (7,206,604 | ) | — | (6,397,082 | ) | — | (4,911,571 | ) | |||||||||||||||||
Retirement Class | — | (7,973,672 | ) | — | (7,569,623 | ) | — | (5,580,972 | ) | |||||||||||||||||
Total distributions | — | (77,344,869 | ) | — | (81,391,229 | ) | — | (55,352,654 | ) | |||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 554,299,736 | 1,163,653,447 | 538,267,286 | 1,072,690,067 | 419,427,775 | 864,379,658 | |||||||||||||||||||
Advisor Class | 2,944,415 | 2,804,473 | 2,520,684 | 1,545,264 | 2,627,700 | 1,467,232 | ||||||||||||||||||||
Premier Class | 27,977,427 | 45,246,452 | 24,862,983 | 42,977,457 | 21,406,393 | 38,116,232 | ||||||||||||||||||||
Retirement Class | 24,924,214 | 81,244,619 | 25,795,262 | 76,793,463 | 19,045,143 | 63,033,407 | ||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | — | 60,042,625 | — | 65,713,552 | — | 43,648,069 | |||||||||||||||||||
Advisor Class | — | 62,904 | — | 64,494 | — | 46,191 | ||||||||||||||||||||
Premier Class | — | 6,163,529 | — | 5,808,191 | — | 4,454,664 | ||||||||||||||||||||
Retirement Class | — | 7,973,672 | — | 7,569,623 | — | 5,580,972 | ||||||||||||||||||||
Redemptions: | Institutional Class | (317,757,220 | ) | (255,951,791 | ) | (308,032,364 | ) | (216,178,284 | ) | (189,208,867 | ) | (150,706,405 | ) | |||||||||||||
Advisor Class | (352,477 | ) | (327,459 | ) | (435,161 | ) | (560,337 | ) | (181,696 | ) | (261,189 | ) | ||||||||||||||
Premier Class | (19,801,282 | ) | (32,006,666 | ) | (14,771,343 | ) | (29,355,809 | ) | (12,884,192 | ) | (22,219,264 | ) | ||||||||||||||
Retirement Class | (36,572,001 | ) | (92,556,210 | ) | (39,131,235 | ) | (92,884,129 | ) | (28,753,755 | ) | (61,969,623 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 235,662,812 | 986,349,595 | 229,076,112 | 934,183,552 | 231,478,501 | 785,569,944 | ||||||||||||||||||||
Net increase (decrease) in net assets | 905,946,826 | 1,131,276,185 | 981,216,561 | 1,074,361,333 | 811,746,569 | 869,998,834 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 3,858,659,709 | 2,727,383,524 | 3,940,994,186 | 2,866,632,853 | 2,754,372,147 | 1,884,373,313 | ||||||||||||||||||||
End of period | $ | 4,764,606,535 | $ | 3,858,659,709 | $ | 4,922,210,747 | $ | 3,940,994,186 | $ | 3,566,118,716 | $ | 2,754,372,147 | ||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 25,284,590 | 57,272,985 | 23,759,656 | 51,278,553 | 18,423,702 | 41,322,794 | |||||||||||||||||||
Advisor Class | 135,799 | 138,659 | 111,692 | 74,728 | 116,542 | 72,286 | ||||||||||||||||||||
Premier Class | 1,303,352 | 2,268,052 | 1,124,278 | 2,092,134 | 965,873 | 1,861,972 | ||||||||||||||||||||
Retirement Class | 1,149,101 | 4,109,003 | 1,151,063 | 3,762,615 | 849,189 | 3,089,834 | ||||||||||||||||||||
Shares reinvested: | Institutional Class | — | 2,874,228 | — | 3,038,074 | — | 2,000,370 | |||||||||||||||||||
Advisor Class | — | 3,014 | — | 2,983 | — | 2,119 | ||||||||||||||||||||
Premier Class | — | 296,323 | — | 269,772 | — | 205,001 | ||||||||||||||||||||
Retirement Class | — | 384,830 | — | 352,732 | — | 257,901 | ||||||||||||||||||||
Shares redeemed: | Institutional Class | (14,428,673 | ) | (12,880,082 | ) | (13,541,450 | ) | (10,594,726 | ) | (8,272,136 | ) | (7,293,648 | ) | |||||||||||||
Advisor Class | (15,976 | ) | (16,382 | ) | (19,332 | ) | (26,637 | ) | (7,867 | ) | (12,242 | ) | ||||||||||||||
Premier Class | (927,307 | ) | (1,632,962 | ) | (663,908 | ) | (1,436,905 | ) | (581,697 | ) | (1,085,785 | ) | ||||||||||||||
Retirement Class | (1,671,034 | ) | (4,572,589 | ) | (1,730,716 | ) | (4,439,592 | ) | (1,267,138 | ) | (2,955,104 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 10,829,852 | 48,245,079 | 10,191,283 | 44,373,731 | 10,226,468 | 37,465,498 |
66 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 67 |
Statements of changes in net assets | continued |
TIAA-CREF Funds ■ For the period or year ended |
Lifecycle Index 2050 Fund | Lifecycle Index 2055 Fund | Lifecycle Index 2060 Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 661,432 | $ | 40,226,435 | $ | 129,971 | $ | 17,646,205 | $ | (1,328 | ) | $ | 4,931,860 | |||||||||||||
Net realized gain (loss) from investments | (1,051,975 | ) | (895,623 | ) | (942,308 | ) | (354,602 | ) | (339,765 | ) | (290,779 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 473,076,460 | 67,242,429 | 222,662,319 | 25,056,311 | 76,654,786 | 6,746,014 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 472,685,917 | 106,573,241 | 221,849,982 | 42,347,914 | 76,313,693 | 11,387,095 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | — | (33,967,239 | ) | — | (14,697,222 | ) | — | (4,203,800 | ) | |||||||||||||||||
Advisor Class | — | (53,022 | ) | — | (25,176 | ) | — | (19,937 | ) | |||||||||||||||||
Premier Class | — | (4,015,779 | ) | — | (1,545,016 | ) | — | (286,719 | ) | |||||||||||||||||
Retirement Class | — | (4,746,122 | ) | — | (2,397,731 | ) | — | (691,668 | ) | |||||||||||||||||
Total distributions | — | (42,782,162 | ) | — | (18,665,145 | ) | — | (5,202,124 | ) | |||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 329,904,093 | 753,846,142 | 187,537,192 | 407,584,379 | 103,332,153 | 181,794,482 | |||||||||||||||||||
Advisor Class | 1,960,260 | 1,551,422 | 2,226,307 | 800,606 | 1,045,966 | 732,456 | ||||||||||||||||||||
Premier Class | 21,005,927 | 37,059,256 | 14,070,386 | 26,046,960 | 6,302,675 | 10,430,273 | ||||||||||||||||||||
Retirement Class | 18,376,259 | 58,046,790 | 13,657,373 | 39,101,739 | 8,554,083 | 22,702,101 | ||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | — | 32,968,516 | — | 14,139,713 | — | 4,019,014 | |||||||||||||||||||
Advisor Class | — | 49,910 | — | 22,083 | — | 17,012 | ||||||||||||||||||||
Premier Class | — | 3,678,576 | — | 1,392,509 | — | 234,855 | ||||||||||||||||||||
Retirement Class | — | 4,746,122 | — | 2,397,372 | — | 691,392 | ||||||||||||||||||||
Redemptions: | Institutional Class | (131,473,388 | ) | (111,619,974 | ) | (60,649,390 | ) | (75,207,035 | ) | (29,653,879 | ) | (34,636,333 | ) | |||||||||||||
Advisor Class | (222,746 | ) | (313,433 | ) | (185,291 | ) | (80,329 | ) | (216,157 | ) | (73,883 | ) | ||||||||||||||
Premier Class | (10,696,516 | ) | (17,041,829 | ) | (5,227,435 | ) | (8,435,522 | ) | (1,974,835 | ) | (1,803,263 | ) | ||||||||||||||
Retirement Class | (20,536,653 | ) | (57,748,674 | ) | (10,421,672 | ) | (30,215,676 | ) | (4,955,836 | ) | (13,223,954 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 208,317,236 | 705,222,824 | 141,007,470 | 377,546,799 | 82,434,170 | 170,884,152 | ||||||||||||||||||||
Net increase (decrease) in net assets | 681,003,153 | 769,013,903 | 362,857,452 | 401,229,568 | 158,747,863 | 177,069,123 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 2,196,185,339 | 1,427,171,436 | 997,537,183 | 596,307,615 | 323,997,643 | 146,928,520 | ||||||||||||||||||||
End of period | $ | 2,877,188,492 | $ | 2,196,185,339 | $ | 1,360,394,635 | $ | 997,537,183 | $ | 482,745,506 | $ | 323,997,643 | ||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 14,449,959 | 35,975,444 | 10,272,575 | 24,185,539 | 7,338,698 | 14,134,700 | |||||||||||||||||||
Advisor Class | 86,447 | 73,996 | 122,873 | 48,310 | 74,579 | 57,311 | ||||||||||||||||||||
Premier Class | 946,057 | 1,806,790 | 785,805 | 1,594,984 | 453,667 | 822,237 | ||||||||||||||||||||
Retirement Class | 814,684 | 2,828,051 | 751,101 | 2,361,850 | 610,322 | 1,774,966 | ||||||||||||||||||||
Shares reinvested: | Institutional Class | — | 1,504,038 | — | 805,223 | — | 297,484 | |||||||||||||||||||
Advisor Class | — | 2,279 | — | 1,258 | — | 1,258 | ||||||||||||||||||||
Premier Class | — | 168,587 | — | 79,481 | — | 17,396 | ||||||||||||||||||||
Retirement Class | — | 218,514 | — | 137,071 | — | 51,290 | ||||||||||||||||||||
Shares redeemed: | Institutional Class | (5,728,031 | ) | (5,378,938 | ) | (3,312,001 | ) | (4,506,804 | ) | (2,108,507 | ) | (2,682,020 | ) | |||||||||||||
Advisor Class | (9,734 | ) | (14,202 | ) | (9,754 | ) | (4,802 | ) | (14,645 | ) | (5,752 | ) | ||||||||||||||
Premier Class | (478,121 | ) | (835,477 | ) | (285,987 | ) | (522,532 | ) | (139,256 | ) | (144,083 | ) | ||||||||||||||
Retirement Class | (895,758 | ) | (2,726,554 | ) | (566,478 | ) | (1,770,172 | ) | (346,369 | ) | (1,007,770 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 9,185,503 | 33,622,528 | 7,758,134 | 22,409,406 | 5,868,489 | 13,317,017 |
68 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 69 |
Statements of changes in net assets | concluded |
TIAA-CREF Funds ■ For the period or year ended
Lifecycle Index 2065 Fund | |||||||
November 30, 2020§ | |||||||
OPERATIONS | |||||||
Net investment income (loss) | $ | (420 | ) | ||||
Net realized gain (loss) from investments | 3,251 | ||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 470,226 | ||||||
Net increase (decrease) in net assets from operations | 473,057 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||
Institutional Class | — | ||||||
Advisor Class | — | ||||||
Premier Class | — | ||||||
Retirement Class | — | ||||||
Total distributions | — | ||||||
SHAREHOLDER TRANSACTIONS | |||||||
Subscriptions: | Institutional Class | 3,500,020 | |||||
Advisor Class | 500,000 | ||||||
Premier Class | 500,010 | ||||||
Retirement Class | 500,219 | ||||||
Reinvestments of distributions: | Institutional Class | — | |||||
Advisor Class | — | ||||||
Premier Class | — | ||||||
Retirement Class | — | ||||||
Redemptions: | Institutional Class | (20 | ) | ||||
Advisor Class | — | ||||||
Premier Class | (10 | ) | |||||
Retirement Class | (40 | ) | |||||
Net increase (decrease) from shareholder transactions | 5,000,179 | ||||||
Net increase (decrease) in net assets | 5,473,236 | ||||||
NET ASSETS | |||||||
Beginning of period | — | ||||||
End of period | $ | 5,473,236 | |||||
CHANGE IN FUND SHARES | |||||||
Shares sold: | Institutional Class | 350,002 | |||||
Advisor Class | 50,000 | ||||||
Premier Class | 50,001 | ||||||
Retirement Class | 50,021 | ||||||
Shares reinvested: | Institutional Class | — | |||||
Advisor Class | — | ||||||
Premier Class | — | ||||||
Retirement Class | — | ||||||
Shares redeemed: | Institutional Class | (2 | ) | ||||
Advisor Class | — | ||||||
Premier Class | (1 | ) | |||||
Retirement Class | (4 | ) | |||||
Net increase (decrease) from shareholder transactions | 500,017 | ||||||
§ | For the period September 30, 2020 to November 30, 2020. | ||||||
70 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements |
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TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 71 |
TIAA-CREF Funds
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX RETIREMENT INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $15.10 | $0.08 | $ 1.41 | $ 1.49 | $(0.08 | ) | $ — | $(0.08 | ) | $16.51 | 9.91 | %b | $501,539 | 0.23 | %c,g | 0.10 | %c,g | 1.02 | %c | 13 | %b | |||||||||||||||||||||||||||||||||||
5/31/20 | 14.31 | 0.34 | 0.82 | 1.16 | (0.35 | ) | (0.02 | ) | (0.37 | ) | 15.10 | 8.17 | 437,256 | 0.26 | g | 0.10 | g | 2.32 | 27 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.22 | 0.34 | 0.15 | 0.49 | (0.34 | ) | (0.06 | ) | (0.40 | ) | 14.31 | 3.66 | 306,742 | 0.24 | f | 0.07 | f | 2.39 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.81 | 0.29 | 0.43 | 0.72 | (0.29 | ) | (0.02 | ) | (0.31 | ) | 14.22 | 5.16 | 233,165 | 0.21 | e | 0.00 | e | 2.09 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.09 | 0.25 | 0.76 | 1.01 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 13.81 | 7.81 | 79,296 | 0.27 | e | 0.00 | e | 1.90 | 40 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.35 | 0.24 | (0.24 | ) | 0.00 | d | (0.24 | ) | (0.02 | ) | (0.26 | ) | 13.09 | 0.10 | 39,882 | 0.31 | e | 0.02 | e | 1.88 | 41 | |||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 15.10 | 0.07 | 1.41 | 1.48 | (0.07 | ) | — | (0.07 | ) | 16.51 | 9.84 | b | 1,295 | 0.33 | c,g | 0.20 | c,g | 0.92 | c | 13 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 14.31 | 0.36 | 0.79 | 1.15 | (0.34 | ) | (0.02 | ) | (0.36 | ) | 15.10 | 8.08 | 989 | 0.37 | g | 0.22 | g | 2.41 | 27 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.22 | 0.33 | 0.16 | 0.49 | (0.34 | ) | (0.06 | ) | (0.40 | ) | 14.31 | 3.64 | 160 | 0.27 | f | 0.10 | f | 2.33 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.82 | 0.30 | 0.41 | 0.71 | (0.29 | ) | (0.02 | ) | (0.31 | ) | 14.22 | 5.07 | 111 | 0.21 | e | 0.01 | e | 2.13 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.09 | 0.27 | 0.75 | 1.02 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 13.82 | 7.86 | 108 | 0.29 | e | 0.03 | e | 2.03 | 40 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 13.07 | 0.07 | 0.14 | 0.21 | (0.17 | ) | (0.02 | ) | (0.19 | ) | 13.09 | 1.68 | b | 103 | 0.34 | c,e | 0.03 | c,e | 1.20 | c | 41 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 15.09 | 0.07 | 1.41 | 1.48 | (0.07 | ) | — | (0.07 | ) | 16.50 | 9.84 | b | 29,605 | 0.38 | c,g | 0.25 | c,g | 0.87 | c | 13 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 14.30 | 0.32 | 0.82 | 1.14 | (0.33 | ) | (0.02 | ) | (0.35 | ) | 15.09 | 8.09 | 29,105 | 0.40 | g | 0.25 | g | 2.17 | 27 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.20 | 0.31 | 0.17 | 0.48 | (0.32 | ) | (0.06 | ) | (0.38 | ) | 14.30 | 3.44 | 29,443 | 0.39 | f | 0.22 | f | 2.20 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.81 | 0.28 | 0.40 | 0.68 | (0.27 | ) | (0.02 | ) | (0.29 | ) | 14.20 | 4.94 | 20,117 | 0.35 | e | 0.15 | e | 2.00 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.08 | 0.26 | 0.74 | 1.00 | (0.24 | ) | (0.03 | ) | (0.27 | ) | 13.81 | 7.73 | 11,670 | 0.41 | e | 0.15 | e | 1.95 | 40 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.34 | 0.24 | (0.26 | ) | (0.02 | ) | (0.22 | ) | (0.02 | ) | (0.24 | ) | 13.08 | (0.05 | ) | 12,694 | 0.46 | e | 0.17 | e | 1.87 | 41 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 15.07 | 0.06 | 1.41 | 1.47 | (0.06 | ) | — | (0.06 | ) | 16.48 | 9.81 | b | 45,206 | 0.48 | c,g | 0.35 | c,g | 0.77 | c | 13 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 14.28 | 0.31 | 0.81 | 1.12 | (0.31 | ) | (0.02 | ) | (0.33 | ) | 15.07 | 7.91 | 35,862 | 0.50 | g | 0.35 | g | 2.09 | 27 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.19 | 0.31 | 0.15 | 0.46 | (0.31 | ) | (0.06 | ) | (0.37 | ) | 14.28 | 3.40 | 34,847 | 0.49 | f | 0.32 | f | 2.19 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.79 | 0.26 | 0.42 | 0.68 | (0.26 | ) | (0.02 | ) | (0.28 | ) | 14.19 | 4.83 | 39,058 | 0.45 | e | 0.25 | e | 1.88 | 26 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.07 | 0.23 | 0.75 | 0.98 | (0.23 | ) | (0.03 | ) | (0.26 | ) | 13.79 | 7.57 | 37,211 | 0.51 | e | 0.25 | e | 1.70 | 40 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.33 | 0.21 | (0.23 | ) | (0.02 | ) | (0.22 | ) | (0.02 | ) | (0.24 | ) | 13.07 | (0.11 | ) | 22,078 | 0.61 | e | 0.27 | e | 1.65 | 41 | ||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2010 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | 15.97 | 0.09 | 1.49 | 1.58 | — | — | — | 17.55 | 9.89 | b | 536,058 | 0.23 | c,g | 0.10 | c,g | 1.02 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 15.11 | 0.36 | 0.87 | 1.23 | (0.35 | ) | (0.02 | ) | (0.37 | ) | 15.97 | 8.18 | 442,192 | 0.25 | g | 0.10 | g | 2.32 | 22 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.04 | 0.36 | 0.15 | 0.51 | (0.35 | ) | (0.09 | ) | (0.44 | ) | 15.11 | 3.57 | 335,348 | 0.22 | f | 0.07 | f | 2.40 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.59 | 0.32 | 0.45 | 0.77 | (0.29 | ) | (0.03 | ) | (0.32 | ) | 15.04 | 5.29 | 265,521 | 0.15 | e | 0.00 | e | 2.13 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.76 | 0.29 | 0.85 | 1.14 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.59 | 8.47 | 195,420 | 0.16 | e | 0.00 | e | 2.04 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.07 | 0.27 | (0.29 | ) | (0.02 | ) | (0.26 | ) | (0.03 | ) | (0.29 | ) | 13.76 | (0.07 | ) | 153,329 | 0.17 | e | 0.02 | e | 2.01 | 24 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 15.97 | 0.08 | 1.50 | 1.58 | — | — | — | 17.55 | 9.89 | b | 328 | 0.27 | c,g | 0.14 | c,g | 0.96 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 15.11 | 0.36 | 0.87 | 1.23 | (0.35 | ) | (0.02 | ) | (0.37 | ) | 15.97 | 8.16 | 123 | 0.26 | g | 0.12 | g | 2.30 | 22 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.05 | 0.39 | 0.11 | 0.50 | (0.35 | ) | (0.09 | ) | (0.44 | ) | 15.11 | 3.52 | 113 | 0.27 | f | 0.13 | f | 2.57 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.59 | 0.31 | 0.47 | 0.78 | (0.29 | ) | (0.03 | ) | (0.32 | ) | 15.05 | 5.28 | 177 | 0.17 | e | 0.02 | e | 2.06 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.77 | 0.29 | 0.84 | 1.13 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.59 | 8.38 | 109 | 0.18 | e | 0.02 | e | 2.04 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 13.84 | 0.08 | 0.14 | 0.22 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 13.77 | 1.65 | b | 103 | 0.20 | c,e | 0.03 | c,e | 1.19 | c | 24 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 15.92 | 0.07 | 1.49 | 1.56 | — | — | — | 17.48 | 9.80 | b | 38,151 | 0.38 | c,g | 0.25 | c,g | 0.87 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 15.06 | 0.35 | 0.86 | 1.21 | (0.33 | ) | (0.02 | ) | (0.35 | ) | 15.92 | 8.06 | 31,580 | 0.40 | g | 0.25 | g | 2.20 | 22 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.00 | 0.35 | 0.13 | 0.48 | (0.33 | ) | (0.09 | ) | (0.42 | ) | 15.06 | 3.42 | 32,634 | 0.36 | f | 0.21 | f | 2.35 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.54 | 0.30 | 0.47 | 0.77 | (0.28 | ) | (0.03 | ) | (0.31 | ) | 15.00 | 5.18 | 47,385 | 0.30 | e | 0.15 | e | 2.03 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.73 | 0.27 | 0.83 | 1.10 | (0.25 | ) | (0.04 | ) | (0.29 | ) | 14.54 | 8.19 | 32,513 | 0.31 | e | 0.15 | e | 1.92 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.04 | 0.25 | (0.29 | ) | (0.04 | ) | (0.24 | ) | (0.03 | ) | (0.27 | ) | 13.73 | (0.22 | ) | 26,787 | 0.32 | e | 0.17 | e | 1.86 | 24 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 15.83 | 0.06 | 1.49 | 1.55 | — | — | — | 17.38 | 9.79 | b | 82,081 | 0.48 | c,g | 0.35 | c,g | 0.77 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 14.98 | 0.32 | 0.87 | 1.19 | (0.32 | ) | (0.02 | ) | (0.34 | ) | 15.83 | 7.93 | 74,599 | 0.50 | g | 0.35 | g | 2.08 | 22 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.92 | 0.32 | 0.14 | 0.46 | (0.31 | ) | (0.09 | ) | (0.40 | ) | 14.98 | 3.32 | 70,013 | 0.47 | f | 0.32 | f | 2.16 | 19 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.47 | 0.28 | 0.46 | 0.74 | (0.26 | ) | (0.03 | ) | (0.29 | ) | 14.92 | 5.02 | 77,207 | 0.40 | e | 0.25 | e | 1.88 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.66 | 0.26 | 0.83 | 1.09 | (0.24 | ) | (0.04 | ) | (0.28 | ) | 14.47 | 8.15 | 68,843 | 0.41 | e | 0.25 | e | 1.83 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.97 | 0.23 | (0.28 | ) | (0.05 | ) | (0.23 | ) | (0.03 | ) | (0.26 | ) | 13.66 | (0.30 | ) | 50,981 | 0.47 | e | 0.27 | e | 1.74 | 24 |
72 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 73 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2015 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $16.65 | $0.08 | $ 1.74 | $ 1.82 | $ — | $ — | $ — | $18.47 | 10.93 | %b | $903,000 | 0.21 | %c,g | 0.10 | %c,g | 0.95 | %c | 13 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 15.76 | 0.38 | 0.92 | 1.30 | (0.38 | ) | (0.03 | ) | (0.41 | ) | 16.65 | 8.24 | 819,474 | 0.23 | g | 0.10 | g | 2.33 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.74 | 0.37 | 0.13 | 0.50 | (0.37 | ) | (0.11 | ) | (0.48 | ) | 15.76 | 3.40 | 654,257 | 0.20 | f | 0.07 | f | 2.38 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.15 | 0.34 | 0.58 | 0.92 | (0.30 | ) | (0.03 | ) | (0.33 | ) | 15.74 | 6.01 | 533,409 | 0.13 | e | 0.00 | e | 2.16 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 14.20 | 0.30 | 1.00 | 1.30 | (0.29 | ) | (0.06 | ) | (0.35 | ) | 15.15 | 9.28 | 377,197 | 0.14 | e | 0.01 | e | 2.05 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.57 | 0.29 | (0.34 | ) | (0.05 | ) | (0.28 | ) | (0.04 | ) | (0.32 | ) | 14.20 | (0.32 | ) | 263,164 | 0.15 | e | 0.03 | e | 2.05 | 22 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 16.65 | 0.08 | 1.73 | 1.81 | — | — | — | 18.46 | 10.87 | b | 760 | 0.30 | c,g | 0.19 | c,g | 0.86 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 15.76 | 0.39 | 0.90 | 1.29 | (0.37 | ) | (0.03 | ) | (0.40 | ) | 16.65 | 8.19 | 592 | 0.30 | g | 0.18 | g | 2.38 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.74 | 0.37 | 0.12 | 0.49 | (0.36 | ) | (0.11 | ) | (0.47 | ) | 15.76 | 3.31 | 164 | 0.24 | f | 0.11 | f | 2.38 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.16 | 0.33 | 0.58 | 0.91 | (0.30 | ) | (0.03 | ) | (0.33 | ) | 15.74 | 5.99 | 114 | 0.14 | e | 0.01 | e | 2.13 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 14.21 | 0.30 | 1.00 | 1.30 | (0.29 | ) | (0.06 | ) | (0.35 | ) | 15.16 | 9.25 | 110 | 0.15 | e | 0.02 | e | 2.07 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 14.31 | 0.08 | 0.13 | 0.21 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.21 | 1.55 | b | 103 | 0.17 | c,e | 0.04 | c,e | 1.16 | c | 22 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 16.58 | 0.07 | 1.73 | 1.80 | — | — | — | 18.38 | 10.86 | b | 91,954 | 0.36 | c,g | 0.25 | c,g | 0.80 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 15.69 | 0.36 | 0.91 | 1.27 | (0.35 | ) | (0.03 | ) | (0.38 | ) | 16.58 | 8.12 | 85,350 | 0.37 | g | 0.25 | g | 2.18 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.68 | 0.36 | 0.10 | 0.46 | (0.34 | ) | (0.11 | ) | (0.45 | ) | 15.69 | 3.19 | 94,174 | 0.34 | f | 0.21 | f | 2.31 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.10 | 0.32 | 0.57 | 0.89 | (0.28 | ) | (0.03 | ) | (0.31 | ) | 15.68 | 5.83 | 101,715 | 0.28 | e | 0.15 | e | 2.05 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 14.15 | 0.28 | 1.00 | 1.28 | (0.27 | ) | (0.06 | ) | (0.33 | ) | 15.10 | 9.15 | 71,489 | 0.29 | e | 0.16 | e | 1.92 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.52 | 0.27 | (0.35 | ) | (0.08 | ) | (0.25 | ) | (0.04 | ) | (0.29 | ) | 14.15 | (0.47 | ) | 61,129 | 0.30 | e | 0.18 | e | 1.91 | 22 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 16.52 | 0.06 | 1.73 | 1.79 | — | — | — | 18.31 | 10.84 | b | 124,477 | 0.46 | c,g | 0.35 | c,g | 0.70 | c | 13 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 15.64 | 0.33 | 0.91 | 1.24 | (0.33 | ) | (0.03 | ) | (0.36 | ) | 16.52 | 7.96 | 122,731 | 0.47 | g | 0.35 | g | 2.05 | 25 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.62 | 0.33 | 0.13 | 0.46 | (0.33 | ) | (0.11 | ) | (0.44 | ) | 15.64 | 3.09 | 130,910 | 0.45 | f | 0.32 | f | 2.14 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.05 | 0.29 | 0.58 | 0.87 | (0.27 | ) | (0.03 | ) | (0.30 | ) | 15.62 | 5.73 | 133,557 | 0.38 | e | 0.25 | e | 1.87 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 14.11 | 0.26 | 1.00 | 1.26 | (0.26 | ) | (0.06 | ) | (0.32 | ) | 15.05 | 9.03 | 118,186 | 0.39 | e | 0.26 | e | 1.81 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.48 | 0.24 | (0.33 | ) | (0.09 | ) | (0.24 | ) | (0.04 | ) | (0.28 | ) | 14.11 | (0.56 | ) | 87,677 | 0.45 | e | 0.28 | e | 1.75 | 22 | ||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2020 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | 17.63 | 0.08 | 2.03 | 2.11 | — | — | — | 19.74 | 11.97 | b | 2,542,908 | 0.20 | c,g | 0.10 | c,g | 0.88 | c | 11 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 16.65 | 0.40 | 0.99 | 1.39 | (0.39 | ) | (0.02 | ) | (0.41 | ) | 17.63 | 8.36 | 2,221,699 | 0.21 | g | 0.10 | g | 2.32 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.63 | 0.39 | 0.08 | 0.47 | (0.38 | ) | (0.07 | ) | (0.45 | ) | 16.65 | 3.07 | 1,636,541 | 0.19 | f | 0.08 | f | 2.34 | 12 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.87 | 0.36 | 0.73 | 1.09 | (0.31 | ) | (0.02 | ) | (0.33 | ) | 16.63 | 6.85 | 1,176,623 | 0.12 | e | 0.01 | e | 2.17 | 8 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 14.70 | 0.31 | 1.21 | 1.52 | (0.30 | ) | (0.05 | ) | (0.35 | ) | 15.87 | 10.50 | 710,053 | 0.13 | e | 0.02 | e | 2.07 | 9 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.15 | 0.30 | (0.43 | ) | (0.13 | ) | (0.29 | ) | (0.03 | ) | (0.32 | ) | 14.70 | (0.81 | ) | 431,790 | 0.13 | e | 0.04 | e | 2.08 | 15 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 17.61 | 0.07 | 2.02 | 2.09 | — | — | — | 19.70 | 11.87 | b | 5,681 | 0.30 | c,g | 0.20 | c,g | 0.78 | c | 11 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 16.64 | 0.43 | 0.94 | 1.37 | (0.38 | ) | (0.02 | ) | (0.40 | ) | 17.61 | 8.25 | 4,832 | 0.31 | g | 0.21 | g | 2.51 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.62 | 0.38 | 0.08 | 0.46 | (0.37 | ) | (0.07 | ) | (0.44 | ) | 16.64 | 2.95 | 708 | 0.27 | f | 0.16 | f | 2.30 | 12 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.86 | 0.36 | 0.72 | 1.08 | (0.30 | ) | (0.02 | ) | (0.32 | ) | 16.62 | 6.85 | 200 | 0.18 | e | 0.07 | e | 2.17 | 8 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 14.70 | 0.37 | 1.14 | 1.51 | (0.30 | ) | (0.05 | ) | (0.35 | ) | 15.86 | 10.42 | 244 | 0.18 | e | 0.06 | e | 2.44 | 9 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 14.83 | 0.08 | 0.10 | 0.18 | (0.28 | ) | (0.03 | ) | (0.31 | ) | 14.70 | 1.32 | b | 103 | 0.16 | c,e | 0.05 | c,e | 1.09 | c | 15 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 17.55 | 0.07 | 2.00 | 2.07 | — | — | — | 19.62 | 11.79 | b | 288,013 | 0.35 | c,g | 0.25 | c,g | 0.73 | c | 11 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 16.57 | 0.38 | 0.99 | 1.37 | (0.37 | ) | (0.02 | ) | (0.39 | ) | 17.55 | 8.25 | 268,403 | 0.36 | g | 0.25 | g | 2.16 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.55 | 0.37 | 0.07 | 0.44 | (0.35 | ) | (0.07 | ) | (0.42 | ) | 16.57 | 2.86 | 257,430 | 0.33 | f | 0.22 | f | 2.24 | 12 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.80 | 0.33 | 0.73 | 1.06 | (0.29 | ) | (0.02 | ) | (0.31 | ) | 16.55 | 6.75 | 250,375 | 0.27 | e | 0.16 | e | 2.02 | 8 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 14.64 | 0.30 | 1.19 | 1.49 | (0.28 | ) | (0.05 | ) | (0.33 | ) | 15.80 | 10.32 | 175,521 | 0.28 | e | 0.17 | e | 1.95 | 9 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.09 | 0.28 | (0.43 | ) | (0.15 | ) | (0.27 | ) | (0.03 | ) | (0.30 | ) | 14.64 | (0.95 | ) | 135,778 | 0.28 | e | 0.19 | e | 1.97 | 15 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 17.48 | 0.06 | 2.01 | 2.07 | — | — | — | 19.55 | 11.84 | b | 316,185 | 0.45 | c,g | 0.35 | c,g | 0.63 | c | 11 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 16.51 | 0.35 | 0.99 | 1.34 | (0.35 | ) | (0.02 | ) | (0.37 | ) | 17.48 | 8.10 | 303,700 | 0.46 | g | 0.35 | g | 2.05 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.49 | 0.34 | 0.09 | 0.43 | (0.34 | ) | (0.07 | ) | (0.41 | ) | 16.51 | 2.76 | 316,512 | 0.43 | f | 0.32 | f | 2.09 | 12 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.74 | 0.30 | 0.74 | 1.04 | (0.27 | ) | (0.02 | ) | (0.29 | ) | 16.49 | 6.66 | 318,125 | 0.37 | e | 0.26 | e | 1.86 | 8 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 14.60 | 0.28 | 1.18 | 1.46 | (0.27 | ) | (0.05 | ) | (0.32 | ) | 15.74 | 10.14 | 267,914 | 0.38 | e | 0.27 | e | 1.85 | 9 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.04 | 0.26 | (0.41 | ) | (0.15 | ) | (0.26 | ) | (0.03 | ) | (0.29 | ) | 14.60 | (0.96 | ) | 172,443 | 0.43 | e | 0.29 | e | 1.84 | 15 |
74 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 75 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2025 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $18.53 | $0.07 | $ 2.44 | $ 2.51 | $ — | $ — | $ — | $21.04 | 13.55 | %b | $3,741,337 | 0.19 | %c,g | 0.10 | %c,g | 0.74 | %c | 10 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 17.49 | 0.42 | 1.05 | 1.47 | (0.41 | ) | (0.02 | ) | (0.43 | ) | 18.53 | 8.35 | 3,152,216 | 0.20 | g | 0.11 | g | 2.31 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 17.51 | 0.40 | 0.02 | 0.42 | (0.39 | ) | (0.05 | ) | (0.44 | ) | 17.49 | 2.58 | 2,108,199 | 0.18 | f | 0.08 | f | 2.28 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 16.54 | 0.37 | 0.95 | 1.32 | (0.33 | ) | (0.02 | ) | (0.35 | ) | 17.51 | 7.99 | 1,456,072 | 0.12 | e | 0.01 | e | 2.14 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.14 | 0.33 | 1.44 | 1.77 | (0.31 | ) | (0.06 | ) | (0.37 | ) | 16.54 | 11.90 | 778,157 | 0.13 | e | 0.02 | e | 2.07 | 9 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.69 | 0.32 | (0.53 | ) | (0.21 | ) | (0.31 | ) | (0.03 | ) | (0.34 | ) | 15.14 | (1.26 | ) | 449,137 | 0.13 | e | 0.04 | e | 2.15 | 9 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 18.50 | 0.06 | 2.44 | 2.50 | — | — | — | 21.00 | 13.51 | b | 8,375 | 0.29 | c,g | 0.20 | c,g | 0.63 | c | 10 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 17.47 | 0.42 | 1.03 | 1.45 | (0.40 | ) | (0.02 | ) | (0.42 | ) | 18.50 | 8.23 | 2,837 | 0.30 | g | 0.21 | g | 2.30 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 17.50 | 0.40 | (0.00 | ) | 0.40 | (0.38 | ) | (0.05 | ) | (0.43 | ) | 17.47 | 2.51 | 1,001 | 0.28 | f | 0.18 | f | 2.28 | 11 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 16.53 | 0.31 | 1.00 | 1.31 | (0.32 | ) | (0.02 | ) | (0.34 | ) | 17.50 | 7.89 | 438 | 0.21 | e | 0.09 | e | 1.82 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.14 | 0.32 | 1.44 | 1.76 | (0.31 | ) | (0.06 | ) | (0.37 | ) | 16.53 | 11.82 | 140 | 0.15 | e | 0.04 | e | 2.06 | 9 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 15.32 | 0.07 | 0.08 | 0.15 | (0.30 | ) | (0.03 | ) | (0.33 | ) | 15.14 | 1.11 | b | 103 | 0.16 | c,e | 0.05 | c,e | 1.01 | c | 9 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 18.45 | 0.06 | 2.42 | 2.48 | — | — | — | 20.93 | 13.44 | b | 414,507 | 0.34 | c,g | 0.25 | c,g | 0.59 | c | 10 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 17.41 | 0.39 | 1.05 | 1.44 | (0.38 | ) | (0.02 | ) | (0.40 | ) | 18.45 | 8.24 | 357,784 | 0.35 | g | 0.26 | g | 2.15 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 17.44 | 0.38 | 0.01 | 0.39 | (0.37 | ) | (0.05 | ) | (0.42 | ) | 17.41 | 2.44 | 328,028 | 0.33 | f | 0.22 | f | 2.20 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 16.47 | 0.35 | 0.95 | 1.30 | (0.31 | ) | (0.02 | ) | (0.33 | ) | 17.44 | 7.84 | 299,291 | 0.27 | e | 0.16 | e | 2.01 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.09 | 0.31 | 1.42 | 1.73 | (0.29 | ) | (0.06 | ) | (0.35 | ) | 16.47 | 11.66 | 186,729 | 0.28 | e | 0.17 | e | 1.98 | 9 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.63 | 0.30 | (0.52 | ) | (0.22 | ) | (0.29 | ) | (0.03 | ) | (0.32 | ) | 15.09 | (1.34 | ) | 142,200 | 0.28 | e | 0.19 | e | 2.01 | 9 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 18.36 | 0.05 | 2.41 | 2.46 | — | — | — | 20.82 | 13.40 | b | 462,605 | 0.45 | c,g | 0.35 | c,g | 0.49 | c | 10 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 17.34 | 0.37 | 1.03 | 1.40 | (0.36 | ) | (0.02 | ) | (0.38 | ) | 18.36 | 8.05 | 424,099 | 0.46 | g | 0.36 | g | 2.05 | 17 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 17.36 | 0.35 | 0.03 | 0.38 | (0.35 | ) | (0.05 | ) | (0.40 | ) | 17.34 | 2.33 | 408,411 | 0.43 | f | 0.32 | f | 2.03 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 16.40 | 0.31 | 0.96 | 1.27 | (0.29 | ) | (0.02 | ) | (0.31 | ) | 17.36 | 7.76 | 372,112 | 0.37 | e | 0.26 | e | 1.84 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.04 | 0.29 | 1.41 | 1.70 | (0.28 | ) | (0.06 | ) | (0.34 | ) | 16.40 | 11.50 | 293,959 | 0.38 | e | 0.27 | e | 1.86 | 9 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.58 | 0.27 | (0.50 | ) | (0.23 | ) | (0.28 | ) | (0.03 | ) | (0.31 | ) | 15.04 | (1.41 | ) | 170,093 | 0.43 | e | 0.29 | e | 1.86 | 9 | ||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2030 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | 19.40 | 0.06 | 2.89 | 2.95 | — | — | — | 22.35 | 15.21 | b | 4,223,202 | 0.19 | c,g | 0.10 | c,g | 0.60 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 18.33 | 0.44 | 1.08 | 1.52 | (0.43 | ) | (0.02 | ) | (0.45 | ) | 19.40 | 8.25 | 3,449,438 | 0.20 | g | 0.10 | g | 2.30 | 15 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 18.42 | 0.41 | (0.04 | ) | 0.37 | (0.41 | ) | (0.05 | ) | (0.46 | ) | 18.33 | 2.13 | 2,291,258 | 0.18 | f | 0.08 | f | 2.24 | 10 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 17.23 | 0.38 | 1.19 | 1.57 | (0.35 | ) | (0.03 | ) | (0.38 | ) | 18.42 | 9.10 | 1,517,858 | 0.12 | e | 0.02 | e | 2.11 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.60 | 0.34 | 1.69 | 2.03 | (0.33 | ) | (0.07 | ) | (0.40 | ) | 17.23 | 13.20 | 818,138 | 0.13 | e | 0.03 | e | 2.09 | 6 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.25 | 0.34 | (0.62 | ) | (0.28 | ) | (0.33 | ) | (0.04 | ) | (0.37 | ) | 15.60 | (1.67 | ) | 487,539 | 0.13 | e | 0.05 | e | 2.19 | 7 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 19.38 | 0.05 | 2.88 | 2.93 | — | — | — | 22.31 | 15.12 | b | 10,368 | 0.29 | c,g | 0.20 | c,g | 0.50 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 18.31 | 0.42 | 1.09 | 1.51 | (0.42 | ) | (0.02 | ) | (0.44 | ) | 19.38 | 8.20 | 5,671 | 0.30 | g | 0.21 | g | 2.20 | 15 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 18.41 | 0.43 | (0.08 | ) | 0.35 | (0.40 | ) | (0.05 | ) | (0.45 | ) | 18.31 | 2.03 | 1,311 | 0.28 | f | 0.18 | f | 2.36 | 10 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 17.22 | 0.36 | 1.19 | 1.55 | (0.33 | ) | (0.03 | ) | (0.36 | ) | 18.41 | 9.00 | 165 | 0.21 | e | 0.11 | e | 2.00 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.60 | 0.32 | 1.70 | 2.02 | (0.33 | ) | (0.07 | ) | (0.40 | ) | 17.22 | 13.12 | 150 | 0.17 | e | 0.07 | e | 1.97 | 6 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 15.83 | 0.07 | 0.06 | 0.13 | (0.32 | ) | (0.04 | ) | (0.36 | ) | 15.60 | 0.93 | b | 103 | 0.16 | c,e | 0.07 | c,e | 0.93 | c | 7 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 19.31 | 0.05 | 2.87 | 2.92 | — | — | — | 22.23 | 15.12 | b | 401,041 | 0.34 | c,g | 0.25 | c,g | 0.45 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 18.24 | 0.41 | 1.09 | 1.50 | (0.41 | ) | (0.02 | ) | (0.43 | ) | 19.31 | 8.14 | 344,547 | 0.35 | g | 0.25 | g | 2.14 | 15 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 18.34 | 0.40 | (0.07 | ) | 0.33 | (0.38 | ) | (0.05 | ) | (0.43 | ) | 18.24 | 1.98 | 318,862 | 0.32 | f | 0.22 | f | 2.16 | 10 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 17.15 | 0.36 | 1.19 | 1.55 | (0.33 | ) | (0.03 | ) | (0.36 | ) | 18.34 | 8.95 | 307,155 | 0.27 | e | 0.17 | e | 1.97 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.54 | 0.32 | 1.67 | 1.99 | (0.31 | ) | (0.07 | ) | (0.38 | ) | 17.15 | 12.97 | 206,717 | 0.28 | e | 0.18 | e | 1.98 | 6 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.19 | 0.32 | (0.63 | ) | (0.31 | ) | (0.30 | ) | (0.04 | ) | (0.34 | ) | 15.54 | (1.82 | ) | 152,863 | 0.28 | e | 0.20 | e | 2.06 | 7 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 19.22 | 0.04 | 2.86 | 2.90 | — | — | — | 22.12 | 15.09 | b | 468,328 | 0.44 | c,g | 0.35 | c,g | 0.35 | c | 9 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 18.16 | 0.39 | 1.08 | 1.47 | (0.39 | ) | (0.02 | ) | (0.41 | ) | 19.22 | 8.02 | 419,628 | 0.45 | g | 0.35 | g | 2.04 | 15 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 18.26 | 0.36 | (0.05 | ) | 0.31 | (0.36 | ) | (0.05 | ) | (0.41 | ) | 18.16 | 1.88 | 392,792 | 0.42 | f | 0.32 | f | 2.01 | 10 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 17.08 | 0.33 | 1.19 | 1.52 | (0.31 | ) | (0.03 | ) | (0.34 | ) | 18.26 | 8.82 | 368,806 | 0.37 | e | 0.27 | e | 1.81 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.48 | 0.31 | 1.66 | 1.97 | (0.30 | ) | (0.07 | ) | (0.37 | ) | 17.08 | 12.90 | 287,818 | 0.38 | e | 0.28 | e | 1.92 | 6 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.13 | 0.29 | (0.61 | ) | (0.32 | ) | (0.29 | ) | (0.04 | ) | (0.33 | ) | 15.48 | (1.89 | ) | 154,906 | 0.43 | e | 0.30 | e | 1.93 | 7 |
76 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 77 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2035 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $20.21 | $0.05 | $ 3.36 | $ 3.41 | $ — | $ — | $ — | $23.62 | 16.87 | %b | $3,939,758 | 0.18 | %c,g | 0.10 | %c,g | 0.47 | %c | 8 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 19.12 | 0.46 | 1.11 | 1.57 | (0.46 | ) | (0.02 | ) | (0.48 | ) | 20.21 | 8.12 | 3,151,680 | 0.19 | g | 0.11 | g | 2.30 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.32 | 0.42 | (0.14 | ) | 0.28 | (0.42 | ) | (0.06 | ) | (0.48 | ) | 19.12 | 1.66 | 2,077,146 | 0.17 | f | 0.08 | f | 2.20 | 7 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 17.89 | 0.40 | 1.43 | 1.83 | (0.37 | ) | (0.03 | ) | (0.40 | ) | 19.32 | 10.17 | 1,453,606 | 0.12 | e | 0.02 | e | 2.09 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.01 | 0.35 | 1.95 | 2.30 | (0.34 | ) | (0.08 | ) | (0.42 | ) | 17.89 | 14.60 | 822,392 | 0.13 | e | 0.03 | e | 2.09 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.77 | 0.34 | (0.72 | ) | (0.38 | ) | (0.34 | ) | (0.04 | ) | (0.38 | ) | 16.01 | (2.18 | ) | 489,103 | 0.13 | e | 0.06 | e | 2.19 | 6 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 20.18 | 0.04 | 3.36 | 3.40 | — | — | — | 23.58 | 16.85 | b | 7,057 | 0.28 | c,g | 0.20 | c,g | 0.37 | c | 8 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 19.10 | 0.50 | 1.04 | 1.54 | (0.44 | ) | (0.02 | ) | (0.46 | ) | 20.18 | 8.02 | 3,623 | 0.29 | g | 0.20 | g | 2.51 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.31 | 0.40 | (0.13 | ) | 0.27 | (0.42 | ) | (0.06 | ) | (0.48 | ) | 19.10 | 1.52 | 1,036 | 0.27 | f | 0.18 | f | 2.12 | 7 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 17.88 | 0.38 | 1.44 | 1.82 | (0.36 | ) | (0.03 | ) | (0.39 | ) | 19.31 | 10.22 | 133 | 0.14 | e | 0.04 | e | 2.02 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.00 | 0.36 | 1.94 | 2.30 | (0.34 | ) | (0.08 | ) | (0.42 | ) | 17.88 | 14.59 | 115 | 0.14 | e | 0.04 | e | 2.13 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 16.29 | 0.06 | 0.02 | 0.08 | (0.33 | ) | (0.04 | ) | (0.37 | ) | 16.00 | 0.63 | b | 103 | 0.16 | c,e | 0.07 | c,e | 0.78 | c | 6 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 20.11 | 0.03 | 3.34 | 3.37 | — | — | — | 23.48 | 16.76 | b | 395,442 | 0.33 | c,g | 0.25 | c,g | 0.32 | c | 8 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 19.02 | 0.43 | 1.11 | 1.54 | (0.43 | ) | (0.02 | ) | (0.45 | ) | 20.11 | 8.02 | 331,062 | 0.34 | g | 0.26 | g | 2.15 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.22 | 0.40 | (0.14 | ) | 0.26 | (0.40 | ) | (0.06 | ) | (0.46 | ) | 19.02 | 1.46 | 295,473 | 0.32 | f | 0.23 | f | 2.10 | 7 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 17.81 | 0.37 | 1.41 | 1.78 | (0.34 | ) | (0.03 | ) | (0.37 | ) | 19.22 | 10.03 | 276,476 | 0.27 | e | 0.17 | e | 1.95 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.94 | 0.33 | 1.94 | 2.27 | (0.32 | ) | (0.08 | ) | (0.40 | ) | 17.81 | 14.45 | 184,167 | 0.28 | e | 0.18 | e | 1.98 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.71 | 0.32 | (0.74 | ) | (0.42 | ) | (0.31 | ) | (0.04 | ) | (0.35 | ) | 15.94 | (2.39 | ) | 131,478 | 0.28 | e | 0.21 | e | 2.06 | 6 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 20.02 | 0.02 | 3.33 | 3.35 | — | — | — | 23.37 | 16.73 | b | 422,349 | 0.43 | c,g | 0.35 | c,g | 0.22 | c | 8 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 18.94 | 0.41 | 1.10 | 1.51 | (0.41 | ) | (0.02 | ) | (0.43 | ) | 20.02 | 7.89 | 372,294 | 0.44 | g | 0.36 | g | 2.04 | 14 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.14 | 0.37 | (0.13 | ) | 0.24 | (0.38 | ) | (0.06 | ) | (0.44 | ) | 18.94 | 1.36 | 353,729 | 0.42 | f | 0.33 | f | 1.94 | 7 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 17.73 | 0.33 | 1.43 | 1.76 | (0.32 | ) | (0.03 | ) | (0.35 | ) | 19.14 | 9.97 | 331,850 | 0.37 | e | 0.27 | e | 1.78 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 15.88 | 0.31 | 1.93 | 2.24 | (0.31 | ) | (0.08 | ) | (0.39 | ) | 17.73 | 14.31 | 253,984 | 0.38 | e | 0.28 | e | 1.85 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.66 | 0.30 | (0.73 | ) | (0.43 | ) | (0.31 | ) | (0.04 | ) | (0.35 | ) | 15.88 | (2.51 | ) | 139,061 | 0.44 | e | 0.31 | e | 1.94 | 6 | ||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2040 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | 20.71 | 0.03 | 3.82 | 3.85 | — | — | — | 24.56 | 18.59 | b | 4,160,897 | 0.18 | c,g | 0.10 | c,g | 0.29 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 19.65 | 0.47 | 1.08 | 1.55 | (0.47 | ) | (0.02 | ) | (0.49 | ) | 20.71 | 7.81 | 3,297,735 | 0.19 | g | 0.10 | g | 2.28 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.96 | 0.42 | (0.25 | ) | 0.17 | (0.43 | ) | (0.05 | ) | (0.48 | ) | 19.65 | 1.08 | 2,269,054 | 0.17 | f | 0.08 | f | 2.14 | 6 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.30 | 0.39 | 1.68 | 2.07 | (0.38 | ) | (0.03 | ) | (0.41 | ) | 19.96 | 11.32 | 1,613,765 | 0.12 | e | 0.03 | e | 2.02 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.19 | 0.36 | 2.19 | 2.55 | (0.35 | ) | (0.09 | ) | (0.44 | ) | 18.30 | 16.02 | 953,151 | 0.13 | e | 0.04 | e | 2.08 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 17.08 | 0.35 | (0.84 | ) | (0.49 | ) | (0.35 | ) | (0.05 | ) | (0.40 | ) | 16.19 | (2.80 | ) | 607,811 | 0.13 | e | 0.06 | e | 2.20 | 4 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 20.69 | 0.02 | 3.81 | 3.83 | — | — | — | 24.52 | 18.51 | b | 6,074 | 0.28 | c,g | 0.20 | c,g | 0.19 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 19.63 | 0.47 | 1.07 | 1.54 | (0.46 | ) | (0.02 | ) | (0.48 | ) | 20.69 | 7.75 | 3,215 | 0.28 | g | 0.19 | g | 2.30 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.94 | 0.40 | (0.24 | ) | 0.16 | (0.42 | ) | (0.05 | ) | (0.47 | ) | 19.63 | 0.96 | 2,047 | 0.25 | f | 0.16 | f | 2.02 | 6 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.29 | 0.50 | 1.55 | 2.05 | (0.37 | ) | (0.03 | ) | (0.40 | ) | 19.94 | 11.29 | 547 | 0.23 | e | 0.14 | e | 2.53 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.19 | 0.55 | 1.99 | 2.54 | (0.35 | ) | (0.09 | ) | (0.44 | ) | 18.29 | 15.94 | 213 | 0.18 | e | 0.09 | e | 3.19 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 16.54 | 0.05 | (0.01 | ) | 0.04 | (0.34 | ) | (0.05 | ) | (0.39 | ) | 16.19 | 0.36 | b | 103 | 0.16 | c,e | 0.08 | c,e | 0.63 | c | 4 | |||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 20.60 | 0.02 | 3.79 | 3.81 | — | — | — | 24.41 | 18.50 | b | 356,993 | 0.33 | c,g | 0.25 | c,g | 0.14 | c | 7 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 19.55 | 0.44 | 1.07 | 1.51 | (0.44 | ) | (0.02 | ) | (0.46 | ) | 20.60 | 7.65 | 291,837 | 0.34 | g | 0.25 | g | 2.12 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.86 | 0.41 | (0.27 | ) | 0.14 | (0.40 | ) | (0.05 | ) | (0.45 | ) | 19.55 | 0.87 | 258,812 | 0.31 | f | 0.23 | f | 2.09 | 6 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.21 | 0.37 | 1.67 | 2.04 | (0.36 | ) | (0.03 | ) | (0.39 | ) | 19.86 | 11.24 | 264,272 | 0.27 | e | 0.18 | e | 1.88 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.12 | 0.33 | 2.18 | 2.51 | (0.33 | ) | (0.09 | ) | (0.42 | ) | 18.21 | 15.81 | 185,887 | 0.28 | e | 0.19 | e | 1.95 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 17.01 | 0.33 | (0.85 | ) | (0.52 | ) | (0.32 | ) | (0.05 | ) | (0.37 | ) | 16.12 | (2.95 | ) | 125,148 | 0.28 | e | 0.21 | e | 2.07 | 4 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 20.52 | 0.00 | d | 3.78 | 3.78 | — | — | — | 24.30 | 18.42 | b | 398,247 | 0.43 | c,g | 0.35 | c,g | 0.04 | c | 7 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 19.47 | 0.42 | 1.07 | 1.49 | (0.42 | ) | (0.02 | ) | (0.44 | ) | 20.52 | 7.58 | 348,208 | 0.44 | g | 0.35 | g | 2.02 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.78 | 0.37 | (0.25 | ) | 0.12 | (0.38 | ) | (0.05 | ) | (0.43 | ) | 19.47 | 0.77 | 336,720 | 0.42 | f | 0.33 | f | 1.89 | 6 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.15 | 0.33 | 1.67 | 2.00 | (0.34 | ) | (0.03 | ) | (0.37 | ) | 19.78 | 11.05 | 310,574 | 0.37 | e | 0.28 | e | 1.70 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.07 | 0.32 | 2.17 | 2.49 | (0.32 | ) | (0.09 | ) | (0.41 | ) | 18.15 | 15.73 | 229,150 | 0.38 | e | 0.29 | e | 1.89 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.96 | 0.31 | (0.84 | ) | (0.53 | ) | (0.31 | ) | (0.05 | ) | (0.36 | ) | 16.07 | (3.02 | ) | 133,347 | 0.43 | e | 0.31 | e | 1.94 | 4 |
78 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 79 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2045 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $20.68 | $0.01 | $ 4.18 | $ 4.19 | $ — | $ — | $ — | $24.87 | 20.26 | %b | $2,982,203 | 0.17 | %c,g | 0.10 | %c,g | 0.12 | %c | 4 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 19.69 | 0.47 | 1.02 | 1.49 | (0.48 | ) | (0.02 | ) | (0.50 | ) | 20.68 | 7.43 | 2,269,913 | 0.19 | g | 0.10 | g | 2.27 | 6 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 20.09 | 0.42 | (0.34 | ) | 0.08 | (0.43 | ) | (0.05 | ) | (0.48 | ) | 19.69 | 0.58 | 1,451,216 | 0.17 | f | 0.08 | f | 2.10 | 4 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.32 | 0.40 | 1.78 | 2.18 | (0.38 | ) | (0.03 | ) | (0.41 | ) | 20.09 | 11.97 | 982,189 | 0.13 | e | 0.03 | e | 2.02 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.13 | 0.35 | 2.27 | 2.62 | (0.35 | ) | (0.08 | ) | (0.43 | ) | 18.32 | 16.51 | 513,660 | 0.14 | e | 0.04 | e | 2.06 | 4 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 17.00 | 0.35 | (0.83 | ) | (0.48 | ) | (0.35 | ) | (0.04 | ) | (0.39 | ) | 16.13 | (2.73 | ) | 279,626 | 0.15 | e | 0.06 | e | 2.20 | 8 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 20.65 | 0.00 | d | 4.17 | 4.17 | — | — | — | 24.82 | 20.19 | b | 5,707 | 0.27 | c,g | 0.20 | c,g | 0.02 | c | 4 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 19.66 | 0.48 | 0.99 | 1.47 | (0.46 | ) | (0.02 | ) | (0.48 | ) | 20.65 | 7.37 | 2,504 | 0.29 | g | 0.21 | g | 2.31 | 6 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 20.08 | 0.42 | (0.37 | ) | 0.05 | (0.42 | ) | (0.05 | ) | (0.47 | ) | 19.66 | 0.41 | 1,162 | 0.27 | f | 0.18 | f | 2.10 | 4 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.32 | 0.37 | 1.79 | 2.16 | (0.37 | ) | (0.03 | ) | (0.40 | ) | 20.08 | 11.85 | 422 | 0.25 | e | 0.15 | e | 1.88 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.12 | 0.36 | 2.27 | 2.63 | (0.35 | ) | (0.08 | ) | (0.43 | ) | 18.32 | 16.57 | 117 | 0.15 | e | 0.05 | e | 2.11 | 4 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 16.46 | 0.04 | 0.00 | 0.04 | (0.34 | ) | (0.04 | ) | (0.38 | ) | 16.12 | 0.38 | b | 103 | 0.17 | c,e | 0.08 | c,e | 0.59 | c | 8 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 20.58 | (0.00 | )d | 4.15 | 4.15 | — | — | — | 24.73 | 20.17 | b | 280,646 | 0.32 | c,g | 0.25 | c,g | (0.03 | )c | 4 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 19.60 | 0.44 | 1.01 | 1.45 | (0.45 | ) | (0.02 | ) | (0.47 | ) | 20.58 | 7.28 | 225,642 | 0.34 | g | 0.25 | g | 2.12 | 6 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 20.00 | 0.41 | (0.35 | ) | 0.06 | (0.41 | ) | (0.05 | ) | (0.46 | ) | 19.60 | 0.43 | 195,595 | 0.32 | f | 0.22 | f | 2.05 | 4 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.24 | 0.36 | 1.79 | 2.15 | (0.36 | ) | (0.03 | ) | (0.39 | ) | 20.00 | 11.83 | 191,402 | 0.28 | e | 0.18 | e | 1.86 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.06 | 0.33 | 2.26 | 2.59 | (0.33 | ) | (0.08 | ) | (0.41 | ) | 18.24 | 16.37 | 133,862 | 0.29 | e | 0.19 | e | 1.96 | 4 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.94 | 0.33 | (0.85 | ) | (0.52 | ) | (0.32 | ) | (0.04 | ) | (0.36 | ) | 16.06 | (2.94 | ) | 93,446 | 0.30 | e | 0.21 | e | 2.06 | 8 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 20.49 | (0.01 | ) | 4.13 | 4.12 | — | — | — | 24.61 | 20.11 | b | 297,562 | 0.42 | c,g | 0.35 | c,g | (0.13 | )c | 4 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 19.51 | 0.42 | 1.01 | 1.43 | (0.43 | ) | (0.02 | ) | (0.45 | ) | 20.49 | 7.21 | 256,314 | 0.44 | g | 0.35 | g | 2.03 | 6 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.91 | 0.36 | (0.32 | ) | 0.04 | (0.39 | ) | (0.05 | ) | (0.44 | ) | 19.51 | 0.32 | 236,400 | 0.42 | f | 0.32 | f | 1.83 | 4 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.16 | 0.32 | 1.80 | 2.12 | (0.34 | ) | (0.03 | ) | (0.37 | ) | 19.91 | 11.71 | 219,919 | 0.38 | e | 0.28 | e | 1.66 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.00 | 0.32 | 2.24 | 2.56 | (0.32 | ) | (0.08 | ) | (0.40 | ) | 18.16 | 16.24 | 169,479 | 0.39 | e | 0.29 | e | 1.88 | 4 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.88 | 0.30 | (0.83 | ) | (0.53 | ) | (0.31 | ) | (0.04 | ) | (0.35 | ) | 16.00 | (3.00 | ) | 96,878 | 0.45 | e | 0.31 | e | 1.90 | 8 | ||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2050 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | 20.75 | 0.01 | 4.25 | 4.26 | — | — | — | 25.01 | 20.53 | b | 2,371,953 | 0.17 | c,g | 0.10 | c,g | 0.09 | c | 3 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 19.75 | 0.47 | 1.03 | 1.50 | (0.48 | ) | (0.02 | ) | (0.50 | ) | 20.75 | 7.46 | 1,786,312 | 0.19 | g | 0.10 | g | 2.26 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 20.17 | 0.42 | (0.35 | ) | 0.07 | (0.44 | ) | (0.05 | ) | (0.49 | ) | 19.75 | 0.47 | 1,066,667 | 0.18 | f | 0.08 | f | 2.08 | 5 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.36 | 0.39 | 1.84 | 2.23 | (0.39 | ) | (0.03 | ) | (0.42 | ) | 20.17 | 12.16 | 667,846 | 0.13 | e | 0.03 | e | 2.01 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.13 | 0.35 | 2.31 | 2.66 | (0.35 | ) | (0.08 | ) | (0.43 | ) | 18.36 | 16.75 | 346,490 | 0.15 | e | 0.04 | e | 2.06 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.99 | 0.35 | (0.83 | ) | (0.48 | ) | (0.34 | ) | (0.04 | ) | (0.38 | ) | 16.13 | (2.69 | ) | 184,432 | 0.16 | e | 0.06 | e | 2.18 | 10 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 20.72 | (0.00 | )d | 4.25 | 4.25 | — | — | — | 24.97 | 20.51 | b | 4,984 | 0.27 | c,g | 0.20 | c,g | (0.01 | )c | 3 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 19.73 | 0.50 | 0.97 | 1.47 | (0.46 | ) | (0.02 | ) | (0.48 | ) | 20.72 | 7.35 | 2,546 | 0.28 | g | 0.20 | g | 2.41 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 20.16 | 0.41 | (0.36 | ) | 0.05 | (0.43 | ) | (0.05 | ) | (0.48 | ) | 19.73 | 0.37 | 1,200 | 0.27 | f | 0.17 | f | 2.07 | 5 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.35 | 0.37 | 1.84 | 2.21 | (0.37 | ) | (0.03 | ) | (0.40 | ) | 20.16 | 12.08 | 212 | 0.19 | e | 0.09 | e | 1.90 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.13 | 0.55 | 2.10 | 2.65 | (0.35 | ) | (0.08 | ) | (0.43 | ) | 18.35 | 16.67 | 227 | 0.20 | e | 0.09 | e | 3.22 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 16.45 | 0.04 | 0.02 | 0.06 | (0.34 | ) | (0.04 | ) | (0.38 | ) | 16.13 | 0.49 | b | 103 | 0.19 | c,e | 0.07 | c,e | 0.57 | c | 10 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 20.63 | (0.01 | ) | 4.24 | 4.23 | — | — | — | 24.86 | 20.50 | b | 238,719 | 0.32 | c,g | 0.25 | c,g | (0.06 | )c | 3 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 19.65 | 0.44 | 1.01 | 1.45 | (0.45 | ) | (0.02 | ) | (0.47 | ) | 20.63 | 7.26 | 188,481 | 0.34 | g | 0.25 | g | 2.11 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 20.07 | 0.41 | (0.37 | ) | 0.04 | (0.41 | ) | (0.05 | ) | (0.46 | ) | 19.65 | 0.32 | 157,105 | 0.32 | f | 0.22 | f | 2.06 | 5 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.28 | 0.36 | 1.82 | 2.18 | (0.36 | ) | (0.03 | ) | (0.39 | ) | 20.07 | 11.97 | 148,822 | 0.28 | e | 0.18 | e | 1.83 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.06 | 0.33 | 2.30 | 2.63 | (0.33 | ) | (0.08 | ) | (0.41 | ) | 18.28 | 16.61 | 101,527 | 0.30 | e | 0.19 | e | 1.94 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.92 | 0.32 | (0.82 | ) | (0.50 | ) | (0.32 | ) | (0.04 | ) | (0.36 | ) | 16.06 | (2.84 | ) | 67,811 | 0.31 | e | 0.21 | e | 2.04 | 10 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 20.54 | (0.02 | ) | 4.21 | 4.19 | — | — | — | 24.73 | 20.40 | b | 261,532 | 0.43 | c,g | 0.35 | c,g | (0.16 | )c | 3 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 19.56 | 0.42 | 1.01 | 1.43 | (0.43 | ) | (0.02 | ) | (0.45 | ) | 20.54 | 7.19 | 218,846 | 0.45 | g | 0.35 | g | 2.04 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 19.98 | 0.36 | (0.34 | ) | 0.02 | (0.39 | ) | (0.05 | ) | (0.44 | ) | 19.56 | 0.21 | 202,199 | 0.42 | f | 0.32 | f | 1.83 | 5 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 18.20 | 0.33 | 1.82 | 2.15 | (0.34 | ) | (0.03 | ) | (0.37 | ) | 19.98 | 11.86 | 178,268 | 0.38 | e | 0.28 | e | 1.68 | 3 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 16.00 | 0.32 | 2.28 | 2.60 | (0.32 | ) | (0.08 | ) | (0.40 | ) | 18.20 | 16.49 | 128,210 | 0.40 | e | 0.29 | e | 1.89 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 16.86 | 0.30 | (0.81 | ) | (0.51 | ) | (0.31 | ) | (0.04 | ) | (0.35 | ) | 16.00 | (2.89 | ) | 69,550 | 0.46 | e | 0.31 | e | 1.93 | 10 |
80 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 81 |
Financial highlights | continued |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2055 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $16.59 | $ 0.01 | $ 3.44 | $ 3.45 | $ — | $ — | $ — | $20.04 | 20.80 | %b | $1,107,869 | 0.18 | %c,g | 0.10 | %c,g | 0.06 | %c | 3 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 15.80 | 0.37 | 0.82 | 1.19 | (0.38 | ) | (0.02 | ) | (0.40 | ) | 16.59 | 7.37 | 801,496 | 0.20 | g | 0.11 | g | 2.23 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.15 | 0.33 | (0.30 | ) | 0.03 | (0.35 | ) | (0.03 | ) | (0.38 | ) | 15.80 | 0.34 | 439,798 | 0.20 | f | 0.09 | f | 2.04 | 4 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.67 | 0.32 | 1.49 | 1.81 | (0.31 | ) | (0.02 | ) | (0.33 | ) | 16.15 | 12.35 | 239,571 | 0.18 | e | 0.03 | e | 2.02 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.84 | 0.28 | 1.86 | 2.14 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.67 | 16.95 | 99,158 | 0.24 | e | 0.04 | e | 2.05 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.51 | 0.25 | (0.61 | ) | (0.36 | ) | (0.27 | ) | (0.04 | ) | (0.31 | ) | 12.84 | (2.56 | ) | 43,460 | 0.33 | e | 0.06 | e | 1.97 | 36 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 16.57 | (0.00 | )d | 3.44 | 3.44 | — | — | — | 20.01 | 20.76 | b | 4,116 | 0.28 | c,g | 0.20 | c,g | (0.04 | )c | 3 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 15.79 | 0.35 | 0.82 | 1.17 | (0.37 | ) | (0.02 | ) | (0.39 | ) | 16.57 | 7.24 | 1,534 | 0.29 | g | 0.20 | g | 2.13 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.14 | 0.33 | (0.31 | ) | 0.02 | (0.34 | ) | (0.03 | ) | (0.37 | ) | 15.79 | 0.30 | 755 | 0.28 | f | 0.17 | f | 2.11 | 4 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.67 | 0.31 | 1.49 | 1.80 | (0.31 | ) | (0.02 | ) | (0.33 | ) | 16.14 | 12.27 | 142 | 0.19 | e | 0.05 | e | 1.95 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.83 | 0.29 | 1.86 | 2.15 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 14.67 | 17.02 | 118 | 0.26 | e | 0.05 | e | 2.10 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 13.08 | 0.03 | 0.03 | 0.06 | (0.27 | ) | (0.04 | ) | (0.31 | ) | 12.83 | 0.55 | b | 103 | 0.37 | c,e | 0.07 | c,e | 0.55 | c | 36 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 16.54 | (0.01 | ) | 3.44 | 3.43 | — | — | — | 19.97 | 20.74 | b | 105,985 | 0.33 | c,g | 0.25 | c,g | (0.09 | )c | 3 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 15.76 | 0.35 | 0.81 | 1.16 | (0.36 | ) | (0.02 | ) | (0.38 | ) | 16.54 | 7.19 | 79,521 | 0.35 | g | 0.26 | g | 2.09 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.11 | 0.34 | (0.33 | ) | 0.01 | (0.33 | ) | (0.03 | ) | (0.36 | ) | 15.76 | 0.20 | 57,625 | 0.34 | f | 0.23 | f | 2.10 | 4 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.64 | 0.28 | 1.50 | 1.78 | (0.29 | ) | (0.02 | ) | (0.31 | ) | 16.11 | 12.19 | 47,812 | 0.32 | e | 0.18 | e | 1.80 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.82 | 0.27 | 1.85 | 2.12 | (0.26 | ) | (0.04 | ) | (0.30 | ) | 14.64 | 16.77 | 23,295 | 0.39 | e | 0.19 | e | 1.95 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.49 | 0.24 | (0.61 | ) | (0.37 | ) | (0.26 | ) | (0.04 | ) | (0.30 | ) | 12.82 | (2.71 | ) | 11,080 | 0.48 | e | 0.21 | e | 1.88 | 36 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 16.50 | (0.02 | ) | 3.43 | 3.41 | — | — | — | 19.91 | 20.67 | b | 142,426 | 0.44 | c,g | 0.35 | c,g | (0.19 | )c | 3 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 15.73 | 0.34 | 0.79 | 1.13 | (0.34 | ) | (0.02 | ) | (0.36 | ) | 16.50 | 7.05 | 114,986 | 0.46 | g | 0.36 | g | 2.02 | 7 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.07 | 0.29 | (0.29 | ) | 0.00 | d | (0.31 | ) | (0.03 | ) | (0.34 | ) | 15.73 | 0.16 | 98,131 | 0.44 | f | 0.33 | f | 1.84 | 4 | |||||||||||||||||||||||||||||||||||||
5/31/18 | 14.61 | 0.26 | 1.50 | 1.76 | (0.28 | ) | (0.02 | ) | (0.30 | ) | 16.07 | 12.03 | 78,137 | 0.42 | e | 0.28 | e | 1.68 | 5 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.79 | 0.25 | 1.86 | 2.11 | (0.25 | ) | (0.04 | ) | (0.29 | ) | 14.61 | 16.74 | 50,546 | 0.49 | e | 0.28 | e | 1.80 | 11 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.48 | 0.23 | (0.63 | ) | (0.40 | ) | (0.25 | ) | (0.04 | ) | (0.29 | ) | 12.79 | (2.90 | ) | 20,472 | 0.64 | e | 0.31 | e | 1.84 | 36 | ||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2060 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | 12.75 | 0.00 | d | 2.69 | 2.69 | — | — | — | 15.44 | 21.10 | b | 404,580 | 0.21 | c,g | 0.10 | c,g | 0.04 | c | 2 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 12.14 | 0.28 | 0.63 | 0.91 | (0.29 | ) | (0.01 | ) | (0.30 | ) | 12.75 | 7.36 | 267,485 | 0.26 | g | 0.11 | g | 2.21 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.44 | 0.26 | (0.24 | ) | 0.02 | (0.27 | ) | (0.05 | ) | (0.32 | ) | 12.14 | 0.25 | 112,059 | 0.32 | f | 0.08 | f | 2.15 | 28 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.29 | 0.25 | 1.16 | 1.41 | (0.24 | ) | (0.02 | ) | (0.26 | ) | 12.44 | 12.44 | 58,145 | 0.42 | e | 0.03 | e | 2.04 | 32 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.89 | 0.21 | 1.47 | 1.68 | (0.22 | ) | (0.06 | ) | (0.28 | ) | 11.29 | 17.22 | 18,596 | 0.93 | e | 0.04 | e | 2.02 | 36 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.41 | 0.21 | (0.48 | ) | (0.27 | ) | (0.21 | ) | (0.04 | ) | (0.25 | ) | 9.89 | (2.46 | ) | 9,488 | 1.20 | e | 0.06 | e | 2.12 | 21 | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 12.75 | (0.00 | )d | 2.68 | 2.68 | — | — | — | 15.43 | 21.02 | b | 2,488 | 0.30 | c,g | 0.20 | c,g | (0.06 | )c | 2 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 12.15 | 0.27 | 0.62 | 0.89 | (0.28 | ) | (0.01 | ) | (0.29 | ) | 12.75 | 7.21 | 1,292 | 0.35 | g | 0.20 | g | 2.11 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.45 | 0.26 | (0.25 | ) | 0.01 | (0.26 | ) | (0.05 | ) | (0.31 | ) | 12.15 | 0.22 | 590 | 0.39 | f | 0.17 | f | 2.16 | 28 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.29 | 0.23 | 1.18 | 1.41 | (0.23 | ) | (0.02 | ) | (0.25 | ) | 12.45 | 12.52 | 157 | 0.42 | e | 0.05 | e | 1.92 | 32 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.89 | 0.22 | 1.46 | 1.68 | (0.22 | ) | (0.06 | ) | (0.28 | ) | 11.29 | 17.20 | 118 | 0.94 | e | 0.05 | e | 2.10 | 36 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 10.09 | 0.02 | 0.03 | 0.05 | (0.21 | ) | (0.04 | ) | (0.25 | ) | 9.89 | 0.61 | b | 103 | 1.29 | c,e | 0.07 | c,e | 0.53 | c | 21 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 12.73 | (0.01 | ) | 2.68 | 2.67 | — | — | — | 15.40 | 20.97 | b | 26,530 | 0.35 | c,g | 0.25 | c,g | (0.11 | )c | 2 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 12.13 | 0.27 | 0.61 | 0.88 | (0.27 | ) | (0.01 | ) | (0.28 | ) | 12.73 | 7.17 | 17,927 | 0.41 | g | 0.26 | g | 2.09 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.43 | 0.24 | (0.24 | ) | 0.00 | d | (0.25 | ) | (0.05 | ) | (0.30 | ) | 12.13 | 0.12 | 8,644 | 0.46 | f | 0.23 | f | 1.95 | 28 | |||||||||||||||||||||||||||||||||||||
5/31/18 | 11.28 | 0.18 | 1.21 | 1.39 | (0.22 | ) | (0.02 | ) | (0.24 | ) | 12.43 | 12.34 | 5,040 | 0.55 | e | 0.18 | e | 1.51 | 32 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.88 | 0.20 | 1.46 | 1.66 | (0.20 | ) | (0.06 | ) | (0.26 | ) | 11.28 | 17.05 | 1,810 | 1.07 | e | 0.19 | e | 1.92 | 36 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.41 | 0.20 | (0.49 | ) | (0.29 | ) | (0.20 | ) | (0.04 | ) | (0.24 | ) | 9.88 | (2.71 | ) | 1,049 | 1.35 | e | 0.21 | e | 2.02 | 21 | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 12.70 | (0.02 | ) | 2.68 | 2.66 | — | — | — | 15.36 | 20.94 | b | 49,147 | 0.45 | c,g | 0.35 | c,g | (0.22 | )c | 2 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 12.11 | 0.26 | 0.60 | 0.86 | (0.26 | ) | (0.01 | ) | (0.27 | ) | 12.70 | 7.01 | 37,293 | 0.51 | g | 0.36 | g | 2.00 | 16 | |||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.41 | 0.23 | (0.24 | ) | (0.01 | ) | (0.24 | ) | (0.05 | ) | (0.29 | ) | 12.11 | 0.05 | 25,636 | 0.56 | f | 0.33 | f | 1.89 | 28 | |||||||||||||||||||||||||||||||||||||
5/31/18 | 11.26 | 0.19 | 1.19 | 1.38 | (0.21 | ) | (0.02 | ) | (0.23 | ) | 12.41 | 12.29 | 15,437 | 0.65 | e | 0.28 | e | 1.59 | 32 | |||||||||||||||||||||||||||||||||||||||
5/31/17 | 9.88 | 0.18 | 1.46 | 1.64 | (0.20 | ) | (0.06 | ) | (0.26 | ) | 11.26 | 16.84 | 5,413 | 1.15 | e | 0.28 | e | 1.71 | 36 | |||||||||||||||||||||||||||||||||||||||
5/31/16 | 10.40 | 0.19 | (0.48 | ) | (0.29 | ) | (0.19 | ) | (0.04 | ) | (0.23 | ) | 9.88 | (2.72 | ) | 1,098 | 1.51 | e | 0.31 | e | 1.91 | 21 |
82 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 83 |
Financial highlights | concluded |
TIAA-CREF Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period or year ended | value, beginning of period | investment income (loss | )a | gain (loss on total investments | ) j | (loss) from investment operations | Net investment income | Net realized gains | dividends and distributions | value, end of period | Total return | at end of period or year (in thousands | ) | Gross expenses | Net expenses | investment income (loss | ) | Portfolio turnover rate | ||||||||||||||||||||||||||||||||||||||||
LIFECYCLE INDEX 2065 FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | #,§ | $10.00 | $ 0.00 | d | $0.95 | $0.95 | $ — | $ — | $ — | $10.95 | 9.50 | %b | $3,831 | 4.49 | %c,g | 0.10 | %c,g | 0.01 | %c | 1 | %b | ||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | #,§ | 10.00 | (0.01 | ) | 0.95 | 0.94 | — | — | — | 10.94 | 9.40 | b | 547 | 4.86 | c,g | 0.24 | c,g | (0.14 | )c | 1 | b | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | #,§ | 10.00 | (0.00 | )d | 0.94 | 0.94 | — | — | — | 10.94 | 9.40 | b | 547 | 5.02 | c,g | 0.24 | c,g | (0.14 | )c | 1 | b | ||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | #,§ | 10.00 | (0.00 | )d | 0.94 | 0.94 | — | — | — | 10.94 | 9.40 | b | 547 | 5.13 | c,g | 0.34 | c,g | (0.24 | )c | 1 | b |
# | Unaudited |
‡ | The Advisor Class commenced operations on December 4, 2015. |
§ | The Fund commenced operations on September 30, 2020. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
d | Amount represents less than $0.01 per share. |
e | The Fund’s expenses do not include the expenses of the Underlying Funds. |
f | From June 1, 2018 through September 30, 2018, the Fund’s expenses do not include the expenses of the Underlying Funds. Beginning October 1, 2018, the Lifecycle Index Fund’s expenses include the expenses of the Underlying Funds. |
g | The Fund’s expenses include the expenses of the Underlying Funds. |
j | Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. |
84 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 85 |
Notes to financial statements (unaudited)
TIAA-CREF Lifecycle Index Funds
Note 1—organization
The Lifecycle Index Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Lifecycle Index 2065 Fund commenced operations on September 30, 2020.
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC “(Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
Each Fund is a “fund of funds” that diversifies its assets by investing in Class W shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer Institutional Class, Advisor Class, Premier Class and Retirement Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
86 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
Indemnification: Under the Trust's organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds' normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
Note 3—valuation of investments
The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 87 |
Notes to financial statements (unaudited)
market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
• | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
• | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
• | Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
As of November 30, 2020, all of the investments in the Funds were valued based on Level 1 inputs.
Note 4—investments
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2020 were as follows (dollar amounts are in thousands):
Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||||
Lifecycle Index Retirement Income | $ | 96,471 | $ | 70,975 | ||||||
Lifecycle Index 2010 | 132,578 | 78,460 | ||||||||
Lifecycle Index 2015 | 141,319 | 155,420 | ||||||||
Lifecycle Index 2020 | 360,553 | 332,366 | ||||||||
Lifecycle Index 2025 | 570,427 | 412,133 | ||||||||
Lifecycle Index 2030 | 632,669 | 396,069 | ||||||||
Lifecycle Index 2035 | 575,962 | 331,364 | ||||||||
Lifecycle Index 2040 | 535,562 | 301,515 | ||||||||
Lifecycle Index 2045 | 369,745 | 136,690 | ||||||||
Lifecycle Index 2050 | 290,527 | 79,383 | ||||||||
Lifecycle Index 2055 | 172,897 | 30,204 | ||||||||
Lifecycle Index 2060 | 90,037 | 7,490 | ||||||||
Lifecycle Index 2065 | 5,040 | 47 |
88 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
Note 5—income tax and other tax matters
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Net unrealized appreciation (depreciation): At November 30, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation | ) | ||||||||||
Lifecycle Index Retirement Income | $ | 492,144 | $ | 91,040 | $ | (6,842 | ) | $ | 84,198 | |||||||
Lifecycle Index 2010 | 531,469 | 131,684 | (7,767 | ) | 123,917 | |||||||||||
Lifecycle Index 2015 | 877,597 | 255,347 | (13,535 | ) | 241,812 | |||||||||||
Lifecycle Index 2020 | 2,521,248 | 658,847 | (32,745 | ) | 626,102 | |||||||||||
Lifecycle Index 2025 | 3,705,313 | 948,576 | (35,443 | ) | 913,133 | |||||||||||
Lifecycle Index 2030 | 4,025,523 | 1,104,301 | (36,361 | ) | 1,067,940 | |||||||||||
Lifecycle Index 2035 | 3,679,358 | 1,108,468 | (29,051 | ) | 1,079,417 | |||||||||||
Lifecycle Index 2040 | 3,694,525 | 1,249,626 | (28,894 | ) | 1,220,732 | |||||||||||
Lifecycle Index 2045 | 2,721,354 | 854,733 | (13,580 | ) | 841,153 | |||||||||||
Lifecycle Index 2050 | 2,215,353 | 668,877 | (9,717 | ) | 659,160 | |||||||||||
Lifecycle Index 2055 | 1,081,543 | 281,978 | (4,170 | ) | 277,808 | |||||||||||
Lifecycle Index 2060 | 396,859 | 87,008 | (2,419 | ) | 84,589 | |||||||||||
Lifecycle Index 2065 | 4,996 | 470 | — | 470 |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 89 |
Notes to financial statements (unaudited)
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended May 31, 2020 was as follows:
5 /31/2020 | ||||||||||||
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
Lifecycle Index Retirement Income | $ | 10,281,606 | $ | 249,708 | $ | 10,531,314 | ||||||
Lifecycle Index 2010 | 11,556,368 | 215,640 | 11,772,008 | |||||||||
Lifecycle Index 2015 | 23,124,293 | 837,426 | 23,961,719 | |||||||||
Lifecycle Index 2020 | 58,674,748 | 1,336,756 | 60,011,504 | |||||||||
Lifecycle Index 2025 | 76,333,389 | 2,253,885 | 78,587,274 | |||||||||
Lifecycle Index 2030 | 81,703,376 | 2,836,142 | 84,539,518 | |||||||||
Lifecycle Index 2035 | 74,270,783 | 3,074,086 | 77,344,869 | |||||||||
Lifecycle Index 2040 | 77,729,094 | 3,662,135 | 81,391,229 | |||||||||
Lifecycle Index 2045 | 52,735,276 | 2,617,378 | 55,352,654 | |||||||||
Lifecycle Index 2050 | 40,799,549 | 1,982,613 | 42,782,162 | |||||||||
Lifecycle Index 2055 | 17,880,351 | 784,794 | 18,665,145 | |||||||||
Lifecycle Index 2060 | 5,024,752 | 177,372 | 5,202,124 |
The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.
Note 6—investment adviser and other transactions with affiliates
Under the terms of its Investment Management Agreement, Advisors is entitled to a fee that is made up of two components, which are added together to create the total investment management fee. The first component, the asset allocation fee rate, is an annual rate of 0.10% of the average daily net assets of each Fund. The second component, the Underlying Funds fee rate is calculated as follows: for each Underlying Fund of the Trust in which a Fund is invested, the effective Underlying Fund’s annual investment management fee rate, as determined pursuant to its investment management agreement, net of any fee waivers or reimbursements applicable to the Underlying Fund (excluding the Class W shares investment management fee waiver and/or reimbursement), in proportion to the percentage of the Fund’s net assets invested in the Underlying Fund, applied to the Fund’s average daily net assets. Advisors has contractually agreed to waive a portion of the asset allocation fee rate (and, for the Lifecycle Index Retirement Income and Lifecycle Index 2010 Funds, a portion of the Underlying Funds fee rate) equal to, on an annual basis, the following percentages of the average daily net assets of each Fund. In addition, as of November 30, 2020, Advisors received from the Funds the following effective annual rate as a percentage of average daily net assets of each Fund:
90 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
Investment management fee waiver | ||||||||||||
Investment management | Effective | Prior to | ||||||||||
Fund | fee — effective rate | 9/30/20 | * | 9/30/20 | ||||||||
Lifecycle Index Retirement Income | 0.09 | % | 0.104 | % | 0.102 | % | ||||||
Lifecycle Index 2010 | 0.09 | 0.104 | 0.102 | |||||||||
Lifecycle Index 2015 | 0.09 | 0.098 | 0.095 | |||||||||
Lifecycle Index 2020 | 0.09 | 0.092 | 0.089 | |||||||||
Lifecycle Index 2025 | 0.09 | 0.085 | 0.082 | |||||||||
Lifecycle Index 2030 | 0.09 | 0.078 | 0.075 | |||||||||
Lifecycle Index 2035 | 0.09 | 0.071 | 0.069 | |||||||||
Lifecycle Index 2040 | 0.09 | 0.067 | 0.065 | |||||||||
Lifecycle Index 2045 | 0.09 | 0.062 | 0.062 | |||||||||
Lifecycle Index 2050 | 0.09 | 0.062 | 0.061 | |||||||||
Lifecycle Index 2055 | 0.09 | 0.061 | 0.060 | |||||||||
Lifecycle Index 2060 | 0.09 | 0.061 | 0.060 | |||||||||
Lifecycle Index 2065 | 0.09 | 0.060 | N/A |
* | These waivers will remain in effect through September 30, 2021, unless changed with approval of the Board. |
The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its cost in providing certain administrative and compliance services to the Funds.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.
Under the terms of a distribution Rule 12b-1 plan, the Retirement Class and Premier Class of the Funds compensated Nuveen Securities for providing distribution, promotional and/or shareholder services to the Retirement Class and Premier Class at the annual rate of 0.05% and 0.15% of the average daily net assets attributable to the Retirement Class shares and Premier Class shares, respectively. However, Nuveen Securities has agreed not to seek any reimbursements under the distribution Rule 12b-1 plan from the Retirement Class and the plan is suspended through September 30, 2021. This agreement may be terminated before this date with the approval of the Board.
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 91 |
Notes to financial statements (unaudited)
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses, extraordinary expenses and the management fees and certain other expenses originally attributable to Class W shares of the affiliated TIAA-CREF Funds) exceeds the following percentages of average daily net assets for each class:
Maximum expense amounts | ||||||||||||||||||||||||||||||||
Institutional Class | Advisor Class | Premier Class | Retirement Class | |||||||||||||||||||||||||||||
Fund | Effective 9/30/20 | † | Prior to 9/30/20 | Effective 9/30/20 | † | Prior to 9/30/20 | Effective 9/30/20 | † | Prior to 9/30/20 | Effective 9/30/20 | † | Prior to 9/30/20 | ||||||||||||||||||||
Lifecycle Index Retirement Income | 0.000 | % | 0.000 | % | 0.150 | % | 0.150 | % | 0.150 | % | 0.150 | % | 0.250 | % | 0.250 | % | ||||||||||||||||
Lifecycle Index 2010 | 0.000 | 0.000 | 0.150 | 0.150 | 0.150 | 0.150 | 0.250 | 0.250 | ||||||||||||||||||||||||
Lifecycle Index 2015 | 0.002 | 0.005 | 0.152 | 0.155 | 0.152 | 0.155 | 0.252 | 0.255 | ||||||||||||||||||||||||
Lifecycle Index 2020 | 0.008 | 0.011 | 0.158 | 0.161 | 0.158 | 0.161 | 0.258 | 0.261 | ||||||||||||||||||||||||
Lifecycle Index 2025 | 0.015 | 0.018 | 0.165 | 0.168 | 0.165 | 0.168 | 0.265 | 0.268 | ||||||||||||||||||||||||
Lifecycle Index 2030 | 0.022 | 0.025 | 0.172 | 0.175 | 0.172 | 0.175 | 0.272 | 0.275 | ||||||||||||||||||||||||
Lifecycle Index 2035 | 0.029 | 0.031 | 0.179 | 0.181 | 0.179 | 0.181 | 0.279 | 0.281 | ||||||||||||||||||||||||
Lifecycle Index 2040 | 0.033 | 0.035 | 0.183 | 0.185 | 0.183 | 0.185 | 0.283 | 0.285 | ||||||||||||||||||||||||
Lifecycle Index 2045 | 0.038 | 0.038 | 0.188 | 0.188 | 0.188 | 0.188 | 0.288 | 0.288 | ||||||||||||||||||||||||
Lifecycle Index 2050 | 0.038 | 0.039 | 0.188 | 0.189 | 0.188 | 0.189 | 0.288 | 0.289 | ||||||||||||||||||||||||
Lifecycle Index 2055 | 0.039 | 0.040 | 0.189 | 0.190 | 0.189 | 0.190 | 0.289 | 0.290 | ||||||||||||||||||||||||
Lifecycle Index 2060 | 0.039 | 0.040 | 0.189 | 0.190 | 0.189 | 0.190 | 0.289 | 0.290 | ||||||||||||||||||||||||
Lifecycle Index 2065 | 0.040 | N/A | 0.190 | N/A | 0.190 | N/A | 0.290 | N/A |
† | The expense reimbursements arrangements will continue through at least September 30, 2021, unless changed with approval of the Board. |
The funds may purchase or sell investment securities in transactions with affiliated entities under procedure adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended November 30, 2020, the Funds did not engage in security transactions with affiliated entities.
The following is the percentage of the Funds’ shares owned by TIAA as of November 30, 2020:
Fund | TIAA |
Lifecycle Index 2065 | 100% |
92 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in the Class W shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/2020 | |||||||||||||||||||
Lifecycle Index Retirement Income Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 199,322 | $ | 42,355 | $ | 16,860 | $ | (61 | ) | $ | 1,456 | $ | 2,383 | $ | 226,212 | |||||||||||||
Emerging Markets Equity Index | 18,063 | 3,340 | 3,868 | 21 | 5,443 | — | 22,999 | |||||||||||||||||||||
Equity Index | 142,439 | 20,926 | 29,256 | 2,167 | 30,013 | — | 166,289 | |||||||||||||||||||||
Inflation-Linked Bond | 49,866 | 9,039 | 4,075 | — | 1,710 | 252 | 56,540 | |||||||||||||||||||||
International Equity Index | 42,701 | 5,218 | 8,044 | (259 | ) | 8,390 | — | 48,006 | ||||||||||||||||||||
Short-Term Bond Index | 49,767 | 10,729 | 4,091 | (6 | ) | (103 | ) | 397 | 56,296 | |||||||||||||||||||
$ | 502,158 | $ | 91,607 | $ | 66,194 | $ | 1,862 | $ | 46,909 | $ | 3,032 | $ | 576,342 | |||||||||||||||
Lifecycle Index 2010 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 217,213 | $ | 59,525 | $ | 20,771 | $ | (101 | ) | $ | 1,655 | $ | 2,592 | $ | 257,521 | |||||||||||||
Emerging Markets Equity Index | 19,751 | 4,246 | 4,061 | 66 | 5,869 | — | 25,871 | |||||||||||||||||||||
Equity Index | 155,760 | 29,512 | 33,616 | 4,095 | 31,302 | — | 187,053 | |||||||||||||||||||||
Inflation-Linked Bond | 54,120 | 13,659 | 5,280 | 27 | 1,851 | 271 | 64,377 | |||||||||||||||||||||
International Equity Index | 46,698 | 7,938 | 9,702 | (21 | ) | 9,088 | — | 54,001 | ||||||||||||||||||||
Short-Term Bond Index | 54,013 | 17,698 | 5,030 | (7 | ) | (111 | ) | 436 | 66,563 | |||||||||||||||||||
$ | 547,555 | $ | 132,578 | $ | 78,460 | $ | 4,059 | $ | 49,654 | $ | 3,299 | $ | 655,386 | |||||||||||||||
Lifecycle Index 2015 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 396,903 | $ | 67,576 | $ | 39,038 | $ | (126 | ) | $ | 2,851 | $ | 4,570 | $ | 428,166 | |||||||||||||
Emerging Markets Equity Index | 41,561 | 4,782 | 8,675 | 166 | 11,902 | — | 49,736 | |||||||||||||||||||||
Equity Index | 328,129 | 31,955 | 71,694 | 11,425 | 59,720 | — | 359,535 | |||||||||||||||||||||
Inflation-Linked Bond | 81,041 | 13,590 | 8,083 | 62 | 2,677 | 401 | 89,287 | |||||||||||||||||||||
International Equity Index | 98,402 | 7,062 | 19,742 | (154 | ) | 18,217 | — | 103,785 | ||||||||||||||||||||
Short-Term Bond Index | 80,906 | 16,354 | 8,188 | (12 | ) | (160 | ) | 628 | 88,900 | |||||||||||||||||||
$ | 1,026,942 | $ | 141,319 | $ | 155,420 | $ | 11,361 | $ | 95,207 | $ | 5,599 | $ | 1,119,409 | |||||||||||||||
Lifecycle Index 2020 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 1,049,991 | $ | 189,697 | $ | 76,312 | $ | (384 | ) | $ | 7,567 | $ | 12,304 | $ | 1,170,559 | |||||||||||||
Emerging Markets Equity Index | 125,812 | 12,916 | 20,603 | 48 | 36,933 | — | 155,106 | |||||||||||||||||||||
Equity Index | 993,356 | 79,095 | 169,114 | 20,690 | 196,834 | — | 1,120,861 | |||||||||||||||||||||
Inflation-Linked Bond | 165,036 | 28,152 | 9,745 | 3 | 5,620 | 830 | 189,066 | |||||||||||||||||||||
International Equity Index | 297,977 | 17,194 | 47,000 | (1,526 | ) | 56,860 | — | 323,505 | ||||||||||||||||||||
Short-Term Bond Index | 164,707 | 33,499 | 9,592 | (16 | ) | (344 | ) | 1,303 | 188,254 | |||||||||||||||||||
$ | 2,796,879 | $ | 360,553 | $ | 332,366 | $ | 18,815 | $ | 303,470 | $ | 14,437 | $ | 3,147,351 |
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 93 |
Notes to financial statements (unaudited)
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/2020 | |||||||||||||||||||
Lifecycle Index 2025 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 1,319,833 | $ | 292,907 | $ | 79,637 | $ | (623 | ) | $ | 9,543 | $ | 15,855 | $ | 1,542,023 | |||||||||||||
Emerging Markets | ||||||||||||||||||||||||||||
Equity Index | 204,769 | 27,059 | 30,739 | (613 | ) | 61,839 | — | 262,315 | ||||||||||||||||||||
Equity Index | 1,615,649 | 141,433 | 222,938 | 18,150 | 342,707 | — | 1,895,001 | |||||||||||||||||||||
Inflation-Linked Bond | 154,011 | 35,704 | 8,468 | (16 | ) | 5,363 | 791 | 186,594 | ||||||||||||||||||||
International Equity Index | 484,538 | 33,052 | 62,436 | (2,603 | ) | 94,172 | — | 546,723 | ||||||||||||||||||||
Short-Term Bond Index | 153,784 | 40,272 | 7,915 | (17 | ) | (334 | ) | 1,251 | 185,790 | |||||||||||||||||||
$ | 3,932,584 | $ | 570,427 | $ | 412,133 | $ | 14,278 | $ | 513,290 | $ | 17,897 | $ | 4,618,446 | |||||||||||||||
Lifecycle Index 2030 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 1,245,280 | $ | 315,781 | $ | 71,250 | $ | (625 | ) | $ | 9,033 | $ | 15,152 | $ | 1,498,219 | |||||||||||||
Emerging Markets Equity Index | 249,178 | 30,752 | 26,955 | (885 | ) | 76,122 | — | 328,212 | ||||||||||||||||||||
Equity Index | 1,966,372 | 184,742 | 224,809 | 14,776 | 429,577 | — | 2,370,658 | |||||||||||||||||||||
Inflation-Linked Bond | 81,440 | 25,129 | 3,068 | (9 | ) | 2,901 | 428 | 106,393 | ||||||||||||||||||||
International Equity Index | 589,786 | 48,886 | 67,417 | (3,291 | ) | 116,091 | — | 684,055 | ||||||||||||||||||||
Short-Term Bond Index | 81,311 | 27,379 | 2,570 | (5 | ) | (189 | ) | 684 | 105,926 | |||||||||||||||||||
$ | 4,213,367 | $ | 632,669 | $ | 396,069 | $ | 9,961 | $ | 633,535 | $ | 16,264 | $ | 5,093,463 | |||||||||||||||
Lifecycle Index 2035 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 982,813 | $ | 278,389 | $ | 56,319 | $ | (525 | ) | $ | 7,170 | $ | 12,114 | $ | 1,211,528 | |||||||||||||
Emerging Markets Equity Index | 255,125 | 34,465 | 24,703 | (884 | ) | 78,609 | — | 342,612 | ||||||||||||||||||||
Equity Index | 2,011,851 | 194,834 | 190,459 | 12,220 | 447,578 | — | 2,476,024 | |||||||||||||||||||||
Inflation-Linked Bond | — | 6,978 | 10 | — | 30 | 6 | 6,998 | |||||||||||||||||||||
International Equity Index | 603,304 | 54,305 | 59,863 | (3,083 | ) | 119,976 | — | 714,639 | ||||||||||||||||||||
Short-Term Bond Index | — | 6,991 | 10 | — | (7 | ) | 16 | 6,974 | ||||||||||||||||||||
$ | 3,853,093 | $ | 575,962 | $ | 331,364 | $ | 7,728 | $ | 653,356 | $ | 12,136 | $ | 4,758,775 | |||||||||||||||
Lifecycle Index 2040 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 691,654 | $ | 223,030 | $ | 36,591 | $ | (402 | ) | $ | 5,075 | $ | 8,633 | $ | 882,766 | |||||||||||||
Emerging Markets Equity Index | 288,317 | 44,267 | 29,593 | (1,331 | ) | 89,339 | — | 390,999 | ||||||||||||||||||||
Equity Index | 2,273,187 | 207,300 | 175,660 | 11,136 | 509,839 | — | 2,825,802 | |||||||||||||||||||||
International Equity Index | 681,619 | 60,965 | 59,671 | (3,365 | ) | 136,142 | — | 815,690 | ||||||||||||||||||||
$ | 3,934,777 | $ | 535,562 | $ | 301,515 | $ | 6,038 | $ | 740,395 | $ | 8,633 | $ | 4,915,257 | |||||||||||||||
Lifecycle Index 2045 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 271,438 | $ | 102,096 | $ | 9,997 | $ | (111 | ) | $ | 1,918 | $ | 3,461 | $ | 365,344 | |||||||||||||
Emerging Markets Equity Index | 220,798 | 35,701 | 15,015 | (929 | ) | 69,496 | — | 310,051 | ||||||||||||||||||||
Equity Index | 1,737,350 | 173,347 | 75,673 | 2,951 | 402,498 | — | 2,240,473 | |||||||||||||||||||||
International Equity Index | 520,944 | 58,601 | 36,005 | (2,304 | ) | 105,402 | — | 646,638 | ||||||||||||||||||||
$ | 2,750,530 | $ | 369,745 | $ | 136,690 | $ | (393 | ) | $ | 579,314 | $ | 3,461 | $ | 3,562,506 |
94 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
continued
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/2020 | |||||||||||||||||||
Lifecycle Index 2050 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 189,066 | $ | 62,978 | $ | 7,055 | $ | (87 | ) | $ | 1,335 | $ | 2,391 | $ | 246,237 | |||||||||||||
Emerging Markets Equity Index | 178,327 | 31,063 | 10,314 | (701 | ) | 56,591 | — | 254,966 | ||||||||||||||||||||
Equity Index | 1,403,245 | 146,757 | 39,070 | 1,228 | 329,545 | — | 1,841,705 | |||||||||||||||||||||
International Equity Index | 420,707 | 49,729 | 22,944 | (1,492 | ) | 85,605 | — | 531,605 | ||||||||||||||||||||
$ | 2,191,345 | $ | 290,527 | $ | 79,383 | $ | (1,052 | ) | $ | 473,076 | $ | 2,391 | $ | 2,874,513 | ||||||||||||||
Lifecycle Index 2055 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 73,538 | $ | 29,176 | $ | 2,558 | $ | (32 | ) | $ | 515 | $ | 952 | $ | 100,639 | |||||||||||||
Emerging Markets Equity Index | 82,065 | 18,440 | 4,633 | (327 | ) | 26,518 | — | 122,063 | ||||||||||||||||||||
Equity Index | 645,730 | 93,817 | 12,954 | 86 | 155,424 | — | 882,103 | |||||||||||||||||||||
International Equity Index | 193,605 | 31,464 | 10,059 | (669 | ) | 40,205 | — | 254,546 | ||||||||||||||||||||
$ | 994,938 | $ | 172,897 | $ | 30,204 | $ | (942 | ) | $ | 222,662 | $ | 952 | $ | 1,359,351 | ||||||||||||||
Lifecycle Index 2060 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | 19,877 | $ | 10,192 | $ | 706 | $ | (9 | ) | $ | 139 | $ | 270 | $ | 29,493 | |||||||||||||
Emerging Markets Equity Index | 26,974 | 8,983 | 1,083 | (82 | ) | 9,033 | — | 43,825 | ||||||||||||||||||||
Equity Index | 212,135 | 53,168 | 2,179 | (22 | ) | 53,609 | — | 316,711 | ||||||||||||||||||||
International Equity Index | 63,600 | 17,694 | 3,522 | (227 | ) | 13,874 | — | 91,419 | ||||||||||||||||||||
$ | 322,586 | $ | 90,037 | $ | 7,490 | $ | (340 | ) | $ | 76,655 | $ | 270 | $ | 481,448 | ||||||||||||||
Lifecycle Index 2065 Fund | ||||||||||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Bond Index | $ | — | $ | 284 | $ | 4 | $ | — | $ | 1 | $ | 1 | $ | 281 | ||||||||||||||
Emerging Markets Equity Index | — | 455 | 1 | — | 50 | — | 504 | |||||||||||||||||||||
Equity Index | — | 3,324 | 1 | — | 322 | — | 3,645 | |||||||||||||||||||||
International Equity Index | — | 977 | 41 | 3 | 97 | — | 1,036 | |||||||||||||||||||||
$ | — | $ | 5,040 | $ | 47 | $ | 3 | $ | 470 | $ | 1 | $ | 5,466 |
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 95 |
Notes to financial statements (unaudited) | concluded |
Note 7—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund's investment policies and limitations and authorized by its portfolio manager(s). During the period ended November 30, 2020, there were no inter-fund borrowing or lending transactions.
Note 8—line of credit
The Funds participate in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2020, there were no borrowings under this credit facility by the Funds.
96 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
Approval of investment management agreement (unaudited)
Board approval of the investment management agreement for the TIAA-CREF Lifecycle Index 2065 Fund
The Board of Trustees (the “Board” or the “Trustees”) of the TIAA-CREF Funds (the “Trust”) determines whether to initially approve and periodically renew the investment management agreement (the “Agreement”) between Teachers Advisors, LLC (“Advisors”) and the Trust on behalf of each series of the Trust. Under the Agreement, Advisors is responsible for providing investment advisory services to each series of the Trust and overseeing the everyday operations and other service providers of the Trust. Below is a summary of the process the Board undertook related to the initial approval of the Agreement with respect to the new TIAA-CREF Lifecycle Index 2065 Fund (the “Fund”).
Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires that the Agreement be approved by the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act. After an initial two-year period, the Agreement for the Fund will remain in effect only if the Board, including a majority of those Trustees who have no direct or indirect interest in the Agreement, and who are independent Trustees because they are not “interested persons” of the Trust, as that term is defined in the 1940 Act, annually renews the Agreement. None of the Trustees is an interested person of the Trust under the 1940 Act. Rather, they are all deemed to be independent Trustees.
Under normal circumstances, Section 15(c) requires this initial approval to be made at an in-person meeting of the Board. However, due to the COVID-19 pandemic, the Securities and Exchange Commission (“SEC”) issued a temporary, conditional exemptive order (the “SEC Order”), permitting mutual fund boards to vote to approve matters subject to the Section 15(c) in-person approval requirement at a meeting that is not held in person if the board determines that reliance on the SEC Order is necessary or appropriate due to prevailing circumstances related to the current or potential effects of COVID-19 and the board ratifies any action taken pursuant to the SEC Order at its next in-person meeting.
Overview of the approval process
The Board held a meeting via video-conference on May 14, 2020, in order to consider the approval of the Agreement for the Fund using the process established by the Board described further below. At the outset of the meeting, the Board considered reliance upon the SEC Order and determined that such reliance was necessary due to, among other considerations, COVID-19 pandemic related social distancing requirements, travel restrictions and other governmental mandates imposed for health and safety reasons. The Board noted that it would ratify actions taken at this meeting pursuant to the SEC Order at its next in-person meeting.
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 97 |
Approval of investment management agreement (unaudited)
As part of the Board’s established process, the Board delegated certain tasks to its Operations Committee. Among these tasks, the Operations Committee or certain of its designated members worked with Advisors, other Board members and legal counsel to the Trustees to develop guidance and specific requests relating to the types of information to be provided to the Board in connection with the initial approval or renewal of the Agreement for series of the Trust, which included the proposed initial approval of the Agreement for the Fund.
Among other matters, the Board requested and reviewed reports with respect to the Fund by the Board Reporting and Compliance unit of Broadridge Financial Solutions, Inc. (“Broadridge”), using data from Lipper, Inc., an independent provider of investment company data. The Board considered that Broadridge is widely recognized as a leading provider of comparative analyses used by independent directors and trustees of investment companies during their advisory contract review processes.
Based on guidance provided by the Operations Committee or certain of its designated members in consultation with legal counsel to the Trustees and others on behalf of the Board, Broadridge produced, among other information, comparative expense data for the Fund, including data relating to the Fund’s proposed management fee rate and anticipated total expense ratio. Broadridge compared this data for the Fund against a universe of investment companies and against a more selective peer group of mutual funds with similar investment objectives and strategies, each of which was selected by Broadridge (and not Advisors or the Board). The Board considered the propriety of the Fund’s peer group as selected by Broadridge and use of the Institutional Class of Fund shares as the base share class for comparison purposes.
Among other matters, the Board also requested and received additional information from Advisors to facilitate the Trustees’ evaluation of the reasonableness of any potential profits to be earned by Advisors with respect to its services to the Fund pursuant to the Agreement.
In advance of the Board meeting held on May 14, 2020, legal counsel for the Trustees requested on behalf of the Board, and Advisors provided, information that was designed to assist the Board in its consideration of whether to approve the Agreement for the Fund. In addition to the data provided by Broadridge as described above, this information included, but was not limited to, the following: (1) a description of any proposed fee waiver or expense reimbursement arrangement; (2) a comparison of the Fund’s proposed management fee rate to other accounts with comparable strategies managed by Advisors or certain of its affiliates; (3) any “fall-out” benefits that were identified as reasonably likely to accrue to Advisors or its affiliates due to their relationship with the Fund in addition to the Fund’s direct fee payments to Advisors pursuant to the Agreement; (4) information regarding Advisors’ financial resources, senior professional personnel, overall staffing levels, portfolio manager compensation arrangements, capacity to manage the Fund at foreseeable asset levels, insurance coverage and portfolio trading practices, and any actual and potential conflicts of interest identified by Advisors in connection with rendering
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continued
services to the Fund; (5) information as to any potential profits to be earned by Advisors in connection with its services pursuant to the Agreement; (6) a copy of the Agreement and certain related agreements between the Fund or the Trust and affiliates of Advisors; and (7) proposed narrative explanations of reasons why the Board should approve the Agreement. The Trustees were given the opportunity to, and did, ask questions throughout their deliberations.
In considering whether to approve the Agreement for the Fund, the Board reviewed various factors, including: (1) the nature, extent and quality of services to be provided by Advisors to the Fund; (2) the costs of the services to be provided to the Fund and the potential profits to be realized (if any) by Advisors and its affiliates from their relationship with the Fund; (3) fees charged to comparable mutual funds by other advisers; (4) the extent to which economies of scale are anticipated to be realized as the Fund grows; (5) whether the fee schedule set forth in the Agreement reflects any such economies of scale for the benefit of Fund investors; (6) comparisons of the services expected to be provided by Advisors to, and the fee rates of, the Fund to other clients to whom Advisors provides comparable services; and (7) any other benefits anticipated to be derived by Advisors or its affiliates from their relationship with the Fund. As part of the Board’s review of these factors, the Board considered its ongoing receipt of information from management on the impact of the COVID-19 pandemic on the Teachers Insurance and Annuity Association of America (“TIAA”) enterprise generally and the Trust in particular including, among other information, the current and expected impact on the Trust’s operations. As a general matter, the Board considered these factors, and any other factors deemed relevant by the Trustees, in their totality, and no single factor was identified as being the determining factor in deciding whether to approve the Agreement.
In addition to the May 14, 2020 meeting that included Advisors’ personnel, the Trustees met in private sessions, at which no Advisors representatives were present, to discuss the proposed approval of the Agreement for the Fund. The Board also received and considered information from its legal counsel as to certain relevant guidance that relates to the approval process under Section 15(c) of the 1940 Act and certain other legal authorities.
The Board considered that the oversight and evaluation of Advisors’ proposed services to the Fund by the Board and its Committees will be an ongoing process. The Board also took into account the information provided to the Board in connection with the March 2020 renewal of the investment advisory agreement for the existing series of the Trust. Additionally, the Board, as well as its Committees, had reviewed reports on various investment and operational topics that had been identified by the Board or its Committees for review during the period since the last annual renewal of the investment advisory agreement with respect to the existing series of the Trust. Many of these reports would apply to the proposed investment and operations of the Fund. Thus, in reaching its decisions regarding the approval of the Agreement for the Fund, the Board took into account the information described herein and other information provided to the Board and its Committees that would be applicable to the
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 99 |
Approval of investment management agreement (unaudited)
proposed operations of the Fund, as well as information that had been presented at other recent meetings.
In deciding whether to approve the Agreement for the Fund, each Trustee may have accorded different weight to different factors and, thus, may have had a different basis for his or her ultimate decision to vote to approve the Agreement for the Fund. At its meeting on May 14, 2020, all Board members voted unanimously to approve the Agreement for the Fund. Set forth below is a summary of the primary factors the Board considered with respect to the Fund.
The nature, extent and quality of services
The Board considered the level and depth of knowledge of Advisors, including the professional experience and qualifications of its personnel. The Board also considered that Advisors is an experienced investment adviser that has managed the existing series of the Trust since their operations commenced. Investment professionals at Advisors also manage various other funds and accounts of the College Retirement Equities Fund, the TIAA-CREF Life Funds and TIAA Separate Account VA-1, as well as advise and sub-advise other investment companies and vehicles. Under the Agreement, Advisors is responsible for, among other duties: managing the assets of the Fund (which is a fund of funds that may invest its assets in the securities of affiliated and unaffiliated investment companies or other investment pools, referred to as “Underlying Funds”), including conducting research, identifying investments and placing orders to buy and sell shares of Underlying Funds for the Fund’s investment portfolio; active daily monitoring of the Fund’s investment portfolio; reporting on the investment performance and other metrics of the Fund to the Board on a regular basis; responding to Fund flows; compliance monitoring; coordinating the activities of the Fund’s service providers; and overseeing the provision of various administrative services to the Fund. The Board considered that Advisors has carried out these responsibilities in a competent and professional manner for the existing series of the Trust, including other Lifecycle Funds. The Board also considered that Advisors has committed significant resources to supporting the existing series of the Trust. It also considered Advisors’ compliance program and resources and its compliance record with respect to the existing series of the Trust.
The Board also considered the nature and quality of non-portfolio management services currently provided to each existing series of the Trust and to be provided to the Fund by Advisors and its affiliates. In this regard, the Board considered its ongoing review of the performance of certain affiliated and unaffiliated service providers, including the quality of services provided by those firms and Advisors’ oversight of those service providers and the outsourcing of certain services to other firms.
During its review, the Board noted its ongoing efforts to examine the level of personnel and other resources available to Advisors to provide portfolio management and other services to the Fund, including the impact of recent and anticipated
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regulatory requirements and operational changes on such resources, so as to assess the adequacy of the resources to be devoted to these services.
Cost and profitability
The Board considered pro forma financial and profitability data relating to Advisors’ services to the Fund for the Fund’s first two years of operations. The Board considered Advisors’ projected loss calculations with respect to its services to the Fund both before and after taking into account the costs to be incurred directly or indirectly by Advisors in connection with the distribution of shares of the Fund. The Board considered that this data included the effect of the Fund’s unique fee structure where the Fund will invest in fee-waived Class W shares of the TIAA-CREF Underlying Funds and the Fund pays the equivalent of these Underlying Funds’ management fees and other expenses directly as part of the Fund’s management fee rate under the Agreement (the “Underlying Funds Fee Rate”), along with the Fund’s proposed annual management fee rate of 0.10% of average daily net assets (the “Asset Allocation Fee Rate”). The Board reviewed Advisors’ projection that the Fund would not be profitable to Advisors for several years. The Board also considered that the Broadridge fee comparisons would be affected because most of the Fund’s peers do not have a similar fee structure.
The Board acknowledged the reasonableness of having management fee rates that permit Advisors to maintain and improve the quality of services provided to the Fund and recognized the entrepreneurial and other risks to be assumed by Advisors in managing the Fund. The Board also noted Advisors’ waiver of 0.066% of the Fund’s 0.10% Asset Allocation Fee Rate, which will continue through at least September 30, 2021. The Board also acknowledged certain proposed fee waivers and reimbursements of expense above specified amounts undertaken by Advisors with respect to many of the Underlying Funds which, in turn, reduce the management fee to be charged to the Fund. The Board also recognized Advisors’ commitment to reimburse Fund expenses to the extent that total annual operating expenses exceeded certain specified amounts.
Fees charged by other advisers
The Board considered comparative information regarding the Fund’s proposed contractual and effective management fee rates and the proposed contractual and effective management fee rates paid by similar mutual funds to other advisers, as analyzed by Broadridge and reflected in the synopsis below. The Board acknowledged Advisors’ assertion that, while the Fund’s proposed expense structure makes the Fund’s contractual and effective management fee rates appear higher as compared to its peers (most of whom have a traditional funds of funds fee structure), the Fund’s projected total expenses were favorable as compared to most of their peers. In this connection, the Board also considered the inherent limitations of such comparisons in light of uncertainty as to how the fees of such similar mutual funds are set and potentially material differences between the Fund and its comparable
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Approval of investment management agreement (unaudited)
mutual funds. The Board considered Broadridge’s treatment of all fund fee waivers, regardless of their type, as management fee waivers, which could materially impact how the Fund’s actual management fee rates compare to those of similar mutual funds. Based on all factors considered, the Board concluded that the Fund’s proposed management fee rate under the Agreement was reasonable in relation to those charged by appropriate groups of comparable mutual funds.
Economies of scale
The Board considered whether Advisors is anticipated to experience economies of scale in connection with the operation of the Fund, and whether any such economies will be shared with the Fund. The Board also considered that because Advisors is projected to operate the Fund at a loss for several years, and has proposed to waive 0.066% of its management fees for the Fund, there would be little opportunity to pass on economies of scale to Fund shareholders. Based on all factors considered, the Board concluded that the Fund’s management fee rate schedule was reasonable in light of current economies of scale considerations and projected asset levels.
Fee comparisons with other Advisors clients
The Board considered that Advisors provides similar investment management services to other investment companies. The Board noted that Advisors provides funds of funds management services to the TIAA-CREF Lifestyle Funds and the TIAA-CREF Life Balanced Fund, with annual management fee rates of 0.10% of average daily net assets, and the TIAA-CREF Managed Allocation Fund, for which Advisors receives no management fee. The Board also considered that Advisors also manages the TIAA-CREF Lifecycle Funds, which has the same fee structure as proposed for the Fund.
Other benefits
The Board also considered additional “fall-out benefits” to Advisors and its affiliates arising from the Agreement. Such benefits could include, among others, other fees paid by the Fund to Advisors or its affiliates for other services, such as distribution and administration, and investment-related benefits, such as economies of scale to the extent the Fund shares investment resources and/or personnel with other clients of Advisors and the ability to incubate strategies within the Fund that could be subsequently utilized to manage other non-Fund products. Advisors and its affiliates may also benefit from the level of business and relationships the Fund will have with certain service providers. Advisors and/or its affiliates also may benefit to the extent that the Fund will add scale to the TIAA-CREF Underlying Funds. Also, Advisors and its affiliates will earn fees on the Fund’s investments in other affiliated products, such as Nuveen Funds and the TIAA-CREF Real Property Fund. Additionally, the Fund may be utilized as an investment option for other products and businesses of Advisors and its affiliates, such as variable products, fund of funds and Section 529 education savings plans. Also, Advisors and its affiliates may benefit from their
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concluded
relationship with the Fund to the extent that this relationship results in potential investors viewing TIAA, of which Advisors is an indirect, wholly-owned subsidiary, as a leading retirement plan provider in the academic and non-profit markets and as a single source for all their financial service needs.
Synopsis of factors
The Board considered the following specific factors (among others) in connection with its determination to approve the Agreement with respect to the Fund. If the Fund is described in the following discussions as being in the “1st” quintile, it is in the best of five groups (that is, the group has the lowest expenses). References below to quintiles are based on data provided to the Board in the reports prepared by Broadridge. The specific management fee and expense factors outlined below are based on the Institutional Class shares of the Fund. Because the Institutional Class generally will have lower non-management expenses than the other classes of the Fund, the expenses of these other classes will differ from the expenses shown for the Institutional Class.
• | As discussed above, instead of incurring the TIAA-CREF Underlying Fund expenses indirectly, the Fund would invest in the fee-waived Class W shares of the TIAA-CREF Underlying Funds and pay such expenses directly as the Fund’s Underlying Funds Fee Rate. These expenses may fluctuate daily based upon the Fund’s actual allocations to the Underlying Funds. The Fund also incurs an annual Asset Allocation Fee Rate of 0.10% of average daily net assets as part of its management fee rate. Per Advisors’ projections, the Fund’s effective management fee rate would be 0.080% of average daily net assets, which includes the effect of a voluntary Asset Allocation Fee Rate waiver of 0.066% through at least September 30, 2021. |
• | The Fund’s projected total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 4th quintiles of the group of comparable funds selected by Broadridge for expense comparison purposes, respectively. |
• | The Fund’s projected total expense ratio, actual management fee rate (including the waiver) and contractual management fee rate were in the 1st, 4th and 2nd quintiles of the universe of comparable funds selected by Broadridge for expense comparison purposes, respectively. |
Based primarily on the foregoing factors and considerations, the Board approved the Agreement for the Fund.
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 103 |
Additional information about index providers (unaudited)
Russell Indexes
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
MSCI Indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Bloomberg Barclays Indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
Standard & Poor’s Index
The Indexes in the S&P Target Date Index Series are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed for use by the funds. Standard & Poor’s® and S&P® are registered
104 | 2020 Semiannual Report ■ TIAA-CREF Lifecycle Index Funds |
concluded
trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). It is not possible to invest directly in an index. The funds are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices does not make any representation or warranty, express or implied, to the owners of the funds or any member of the public regarding the advisability of investing in securities generally or in the funds particularly or the ability of the S&P Target Date Index Series to track general market performance. Past performance of an index is not an indication or guarantee of future results. S&P Dow Jones Indices’ only relationship to the funds with respect to the S&P Target Date Index Series is the licensing of the Indexes and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Indexes in the S&P Target Date Index Series are determined, composed and calculated by S&P Dow Jones Indices without regard to the funds. S&P Dow Jones Indices has no obligation to take the needs of the funds or the owners of the funds into consideration in determining, composing or calculating the S&P Target Date Index Series. S&P Dow Jones Indices is not responsible for and has not participated in the determination of the prices, and amount of the funds or the timing of the issuance or sale of fund shares or in the determination or calculation of the equation by which fund shares are to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the funds. There is no assurance that investment products based on the S&P Target Date Index Series will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment or tax advisor. A tax advisor should be consulted to evaluate the impact of any tax-exempt securities on portfolios and the tax consequences of making any particular investment decision. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P TARGET DATE INDEX SERIES OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY THE FUNDS, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P TARGET DATE INDEX SERIES OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND THE FUNDS, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
TIAA-CREF Lifecycle Index Funds ■ 2020 Semiannual Report | 105 |
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Websites
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nuveen.com
Automated telephone service
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For the hearing- or speech-impaired
800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
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TIAA-CREF Funds | November 30, 2020 |
TIAA-CREF
Lifestyle Funds
The semiannual report contains the financial statements (unaudited).
Fund name | Institutional Class | Advisor Class | Premier Class | Retirement Class | Retail Class | |||||
Lifestyle Income Fund | TSITX | TSIHX | TSIPX | TLSRX | TSILX | |||||
Lifestyle Conservative Fund | TCSIX | TLSHX | TLSPX | TSCTX | TSCLX | |||||
Lifestyle Moderate Fund | TSIMX | TSMHX | TSMPX | TSMTX | TSMLX | |||||
Lifestyle Growth Fund | TSGGX | TSGHX | TSGPX | TSGRX | TSGLX | |||||
Lifestyle Aggressive Growth Fund | TSAIX | TSAHX | TSAPX | TSARX | TSALX |
Semiannual
Report
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.
If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.
Contents
Portfolios of investments | 26 |
Financial statements (unaudited) | |
Statements of assets and liabilities | 32 |
Statements of operations | 34 |
Statements of changes in net assets | 36 |
Financial highlights | 44 |
Notes to financial statements | 54 |
Additional information about index providers | 66 |
How to reach us | Inside back cover |
This annual report contains information about certain TIAA-CREF Funds and describes their results for the six months ended November 30, 2020. The report contains four main sections:
• | A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds. |
• | The fund performance section compares each fund’s investment returns with those of its composite benchmark and broad market index. |
• | The portfolios of investments list the underlying funds in which each fund had investments as of November 30, 2020. |
• | The financial statements provide detailed information about the operations and financial condition of each fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in any fund, please read the latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 3 |
Global financial markets produced positive results for the six months ended November 30, 2020, as the economic implications of the COVID-19 pandemic moderated. U.S. equities posted double-digit gains amid a sharp recovery in economic growth during the period. Foreign stocks also soared, with emerging markets faring better than both international developed markets and domestic equities. U.S. fixed-income securities advanced more modestly as U.S. Treasury yields rose across longer-term maturities (bond prices move in the opposite direction of yields). These market conditions were reflected in the performance of the TIAA-CREF Lifestyle Funds by way of their investments in various asset classes through underlying funds.
• | All five TIAA-CREF Lifestyle Funds delivered strong gains for the period, and all outperformed their respective composite benchmarks. (All fund returns are for the Institutional Class.) |
• | Returns for the Institutional Class ranged from 7.2% for the Lifestyle Income Fund to 23.5% for the Lifestyle Aggressive Growth Fund. |
• | These results continued to support the solid performance of the TIAA-CREF Lifestyle Funds over longer periods of time. |
U.S. and international equities recorded double-digit gains
U.S. equities advanced substantially for the six months as many businesses and restaurants resumed operations with the gradual easing of COVID-19 restrictions. The broad domestic stock market, as represented by the Russell 3000® Index, gained 22.6%. The U.S. economy contracted sharply in the second quarter of 2020 but expanded considerably during the third quarter. The Federal Reserve maintained the federal funds target rate at 0.00%–0.25%, after having reduced the key short-term interest-rate measure twice in March 2020.
International stocks surpassed their U.S. counterparts. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 26 emerging-markets countries, returned 23.7% in U.S.-dollar terms. As in the United States, economies in the 19-nation euro area contracted substantially in the second quarter of 2020 and then recovered with strong growth during the third quarter of the year. Foreign central banks responded with supportive monetary actions.
U.S. investment-grade bonds advanced as interest rates remained at historically low levels. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 1.8% for the period.
4 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Brad Finkle
Turning the page to a new year
To say that 2020 was a challenging year would be a tremendous understatement. The COVID-19 pandemic caused dramatic lifestyle changes as people and governments struggled to cope with the crisis. For investors, the economic and market turmoil that accompanied the pandemic added yet another layer of concern. However, as swiftly as the markets fell in a cascade of worry, they rose again as conditions improved and optimism returned.
Since risk and uncertainty are ever-present factors in investing, we believe that adhering to a long-term financial plan and staying invested in a diversified portfolio that includes multiple asset classes are wise investment approaches. The TIAA-CREF Lifestyle Funds use dynamic diversification strategies designed to help mitigate the effects of market volatility and keep you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.
As we welcome 2021, we thank you again for trusting us to manage your investments through the TIAA-CREF Lifestyle Funds. If you have any questions or concerns, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. You can also reach us online by visiting TIAA.org. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 5 |
Portfolio holdings
The complete portfolios of investments for the Lifestyle Funds begin on page 26 of this report. You can obtain complete lists of the holdings of the Lifestyle Funds and of the underlying TIAA-CREF Funds in which the Lifestyle Funds invest as of the most recently completed fiscal quarter in the following ways:
• | By visiting our website at TIAA.org; or |
• | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the Lifestyle Funds’ portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT filings are as of the last day of February or August 31. Copies of these forms are available:
• | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or |
• | From the SEC’s Office of Investor Education and Advocacy. Call 202-551-8090 for more information. |
Proxy voting
A description of our proxy voting policies and procedures for the underlying TIAA-CREF Funds of the Lifestyle Funds can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the Lifestyle Funds’ underlying TIAA-CREF Funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.
Fund management
The Lifestyle Funds are managed by a portfolio management team of Teachers Advisors, LLC. The members of this team are responsible for the day-to-day investment management of the funds.
6 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Composite benchmarks
Each Lifestyle Fund uses a composite benchmark that represents the general market sectors in which that fund invests. These may include U.S. equity (stocks), international equity (foreign stocks), fixed income and short-term fixed income. A fund’s composite benchmark may combine the following public indexes in proportions that reflect the fund’s target market sector allocations:
• | The Russell 3000® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. |
• | The MSCI ACWI ex USA Investable Market Index (IMI) (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 26 emerging-markets countries. The index is a free-float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States. |
• | The Bloomberg Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. |
• | The Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index (short-term fixed income) measures the performance of U.S. Treasury and agency securities and corporate bonds with 1- to 3-year maturities. |
Broad market indexes
The returns shown against the broad-based securities market index compare a fund’s average annual returns with a broad measure of market performance. The Morningstar Target Risk Index Series is an asset allocation index series comprised of constituent Morningstar indexes and reflects global equity market exposures of 20%, 40%, 60%, 80% or 95% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Target Risk Index Series reflect multi-asset class exposure and similar risk profiles as the Funds.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark indexes, please read the funds’ latest prospectus.
Russell 3000 is a trademark and service mark of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 7 |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense examples that appear in this report are intended to help you understand your ongoing costs only (in U.S. dollars) and do not reflect transactional costs. The examples are designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the funds would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The examples are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020–November 30, 2020).
Actual expenses
The first line of the two lines listed for each fund in the tables uses the Fund’s actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. All of the funds have a contractual fee reimbursement. Had these not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second line in each Fund’s entry shows a hypothetical account value and hypothetical expenses based on the share class’ actual expense ratio for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the Fund’s actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
8 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Beginning | Ending | Effective | ||||||||||||||
account | account | Expenses paid | expenses paid | |||||||||||||
Lifestyle Funds | value | value | during period | * | during period | † | ||||||||||
Institutional Class | (6/1/20 | ) | (11/30/20 | ) | (6/1/20–11/30/20 | ) | (6/1/20–11/30/20 | ) | ||||||||
Income Fund actual return | $ | 1,000.00 | $ | 1,072.18 | $0.52 | $2.13 | ||||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.08 | ||||||||||||
Conservative Fund actual return | 1,000.00 | 1,115.14 | 0.53 | 2.39 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.28 | ||||||||||||
Moderate Fund actual return | 1,000.00 | 1,159.65 | 0.49 | 2.60 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,024.62 | 0.46 | 2.43 | ||||||||||||
Growth Fund actual return | 1,000.00 | 1,196.37 | 0.50 | 2.81 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,024.62 | 0.46 | 2.59 | ||||||||||||
Aggressive Growth Fund actual return | 1,000.00 | 1,234.73 | 0.50 | 3.03 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,024.62 | 0.46 | 2.74 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such reimbursement, the expenses of the affected share classes would be higher and their performance lower. The expense ratio for the period was 0.10% for the Income Fund, 0.10% for the Conservative Fund, 0.09% for the Moderate Fund, 0.09% for the Growth Fund and 0.09% for the Aggressive Growth Fund. |
† | “Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.41% for the Income Fund, 0.45% for the Conservative Fund, 0.48% for the Moderate Fund, 0.51% for the Growth Fund and 0.54% for the Aggressive Growth Fund. |
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 9 |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Beginning | Ending | Effective | ||||||||||||||
account | account | Expenses paid | expenses paid | |||||||||||||
Lifestyle Funds | value | value | during period | * | during period | † | ||||||||||
Advisor Class | (6/1/20 | ) | (11/30/20 | ) | (6/1/20–11/30/20 | ) | (6/1/20–11/30/20 | ) | ||||||||
Income Fund actual return | $ | 1,000.00 | $ | 1,072.12 | $ | 0.52 | $ | 2.13 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,024.57 | 0.51 | 2.08 | ||||||||||||
Conservative Fund actual return | 1,000.00 | 1,114.59 | 1.01 | 2.86 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,024.12 | 0.96 | 2.74 | ||||||||||||
Moderate Fund actual return | 1,000.00 | 1,159.16 | 0.92 | 2.98 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,024.22 | 0.86 | 2.79 | ||||||||||||
Growth Fund actual return | 1,000.00 | 1,195.83 | 0.94 | 3.25 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,024.22 | 0.86 | 2.99 | ||||||||||||
Aggressive Growth Fund actual return | 1,000.00 | 1,234.08 | 1.01 | 3.53 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,024.17 | 0.91 | 3.19 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.10% for the Income Fund, 0.19% for the Conservative Fund, 0.17% for the Moderate Fund, 0.17% for the Growth Fund and 0.18% for the Aggressive Growth Fund. |
† | “Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.41% for the Income Fund, 0.54% for the Conservative Fund, 0.55% for the Moderate Fund, 0.59% for the Growth Fund and 0.63% for the Aggressive Growth Fund. |
10 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Beginning | Ending | Effective | ||||||||||||||
account | account | Expenses paid | expenses paid | |||||||||||||
Lifestyle Funds | value | value | during period | * | during period | † | ||||||||||
Premier Class | (6/1/20 | ) | (11/30/20 | ) | (6/1/20–11/30/20 | ) | (6/1/20–11/30/20 | ) | ||||||||
Income Fund actual return | $ | 1,000.00 | $ | 1,070.40 | $ | 1.30 | $ | 2.91 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 2.84 | ||||||||||||
Conservative Fund actual return | 1,000.00 | 1,114.24 | 1.33 | 3.18 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.82 | 1.27 | 3.04 | ||||||||||||
Moderate Fund actual return | 1,000.00 | 1,158.46 | 1.30 | 3.41 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.87 | 1.22 | 3.19 | ||||||||||||
Growth Fund actual return | 1,000.00 | 1,195.02 | 1.32 | 3.63 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.87 | 1.22 | 3.35 | ||||||||||||
Aggressive Growth Fund actual return | 1,000.00 | 1,233.48 | 1.34 | 3.86 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.87 | 1.22 | 3.50 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.25% for the Income Fund, 0.25% for the Conservative Fund, 0.24% for the Moderate Fund, 0.24% for the Growth Fund and 0.24% for the Aggressive Growth Fund. |
† | “Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.56% for the Income Fund, 0.60% for the Conservative Fund, 0.63% for the Moderate Fund, 0.66% for the Growth Fund and 0.69% for the Aggressive Growth Fund. |
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 11 |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Beginning | Ending | Effective | ||||||||||||||
account | account | Expenses paid | expenses paid | |||||||||||||
Lifestyle Funds | value | value | during period | * | during period | † | ||||||||||
Retirement Class | (6/1/20 | ) | (11/30/20 | ) | (6/1/20–11/30/20 | ) | (6/1/20–11/30/20 | ) | ||||||||
Income Fund actual return | $ | 1,000.00 | $ | 1,069.99 | $ | 1.82 | $ | 3.42 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,023.31 | 1.78 | 3.35 | ||||||||||||
Conservative Fund actual return | 1,000.00 | 1,114.07 | 1.80 | 3.66 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 3.50 | ||||||||||||
Moderate Fund actual return | 1,000.00 | 1,158.49 | 1.84 | 3.95 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 3.70 | ||||||||||||
Growth Fund actual return | 1,000.00 | 1,195.14 | 1.87 | 4.18 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 3.85 | ||||||||||||
Aggressive Growth Fund actual return | 1,000.00 | 1,233.05 | 1.90 | 4.42 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.36 | 1.72 | 4.00 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.35% for the Income Fund, 0.34% for the Conservative Fund, 0.34% for the Moderate Fund, 0.34% for the Growth Fund and 0.34% for the Aggressive Growth Fund. |
† | “Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.66% for the Income Fund, 0.69% for the Conservative Fund, 0.73% for the Moderate Fund, 0.76% for the Growth Fund and 0.79% for the Aggressive Growth Fund. |
12 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Important information about expenses
Expense examples
Six months ended November 30, 2020
Beginning | Ending | Effective | ||||||||||||||
account | account | Expenses paid | expenses paid | |||||||||||||
Lifestyle Funds | value | value | during period | * | during period | † | ||||||||||
Retail Class | (6/1/20 | ) | (11/30/20 | ) | (6/1/20–11/30/20 | ) | (6/1/20–11/30/20 | ) | ||||||||
Income Fund actual return | $ | 1,000.00 | $ | 1,069.92 | $ | 1.92 | $ | 3.58 | ||||||||
5% annual hypothetical return | 1,000.00 | 1,023.21 | 1.88 | 3.50 | ||||||||||||
Conservative Fund actual return | 1,000.00 | 1,113.85 | 1.96 | 3.82 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.21 | 1.88 | 3.65 | ||||||||||||
Moderate Fund actual return | 1,000.00 | 1,157.61 | 2.00 | 4.11 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.21 | 1.88 | 3.85 | ||||||||||||
Growth Fund actual return | 1,000.00 | 1,194.73 | 2.09 | 4.40 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.16 | 1.93 | 4.05 | ||||||||||||
Aggressive Growth Fund actual return | 1,000.00 | 1,232.86 | 2.18 | 4.76 | ||||||||||||
5% annual hypothetical return | 1,000.00 | 1,023.11 | 1.98 | 4.31 |
* | “Expenses paid during period” is based on each fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The expense charges of one or more of the fund’s share classes may at times reflect a waiver or reimbursement. Please see the prospectus for an explanation, including the date on which this waiver or reimbursement is scheduled to end. Without such waiver or reimbursement, the expenses of the affected share classes would be higher and their performance lower. The annualized expense ratio for the six-month period was 0.37% for the Income Fund, 0.37% for the Conservative Fund, 0.37% for the Moderate Fund, 0.38% for the Growth Fund and 0.39% for the Aggressive Growth Fund. |
† | “Effective expenses paid during period” is based on each fund’s total expense ratio for the most recent fiscal half-year, which includes the fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.69% for the Income Fund, 0.72% for the Conservative Fund, 0.76% for the Moderate Fund, 0.80% for the Growth Fund and 0.85% for the Aggressive Growth Fund. |
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 13 |
Investment results of the Lifestyle Funds
Performance for the six months ended November 30, 2020
All of the five Lifestyle Funds produced gains for the six-month period and outperformed their respective composite benchmarks. Institutional Class returns ranged from 7.22% for the Lifestyle Income Fund to 23.47% for the Lifestyle Aggressive Growth Fund. The performance tables show returns for all share classes of the funds.
The margin of outperformance of individual Lifestyle Funds, in relation to their respective composite benchmarks, ranged from 0.53 of a percentage point for the Lifestyle Aggressive Growth Fund to 1.85 percentage points for the Lifestyle Income Fund. (All results for the Lifestyle Funds are for the Institutional Class.)
Stocks and bonds advanced amid economic rebound
U.S. markets posted healthy gains for the period as the economic implications of the COVID-19 pandemic diminished. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, contracted at an annualized rate of 31.4% during the second quarter of 2020. GDP recovered dramatically during the third quarter, however, expanding at an annualized rate of 33.1%, according to the government’s “second” estimate. The unemployment rate, which began the period in double digits, eased over the six months to 6.7% in November. Core inflation, which includes all items except food and energy, rose to 1.6% over the twelve months ended November 30, 2020. Oil prices climbed higher over the period.
The Federal Reserve left the federal funds target rate unchanged throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Policymakers said they do not intend to raise the rate without ongoing signs of solid economic recovery.
Domestic and international equities generated strong gains for the period. The Russell 3000® Index, a broad measure of the U.S. stock market, advanced 22.59%. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 26 emerging-markets countries, rose 23.69% in U.S.-dollar terms.
U.S. investment-grade bonds posted steady gains for the period. The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 1.79%. Short-term bonds, as measured by the Bloomberg Barclays U.S. 1–3 Year Government/Credit Index, returned 0.55%.
14 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Equity funds posted largest gains
The Lifestyle Funds may invest in up to four sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks), fixed income and short-term fixed income. The Lifestyle Funds do this by investing in various underlying funds that, in turn, buy stocks, bonds and other securities in these market sectors. (Other than the Nuveen Dividend Value Fund and the Nuveen International Growth Fund, all funds mentioned below are TIAA-CREF Funds.)
For the six months, the domestic and international equity sectors both recorded strong results that contributed most to the funds’ absolute returns—that is, without regard to performance relative to their respective composite benchmarks. Within the U.S. equity category, the Quant Small-Cap Equity Fund, the Quant Small/Mid-Cap Equity Fund and the Large-Cap Growth Fund performed best. Among foreign stock funds, the Emerging Markets Equity Fund posted a sizable double-digit gain, followed by the International Opportunities Fund. Within fixed income, the Core Plus Bond Fund produced a solid return. (All fund returns are for the Institutional Class.)
U.S. bond and international stock funds benefited relative performance
All of the Lifestyle Funds outperformed their respective composite benchmarks, primarily due to the relative strength of underlying funds investing in fixed income and international equities.
In the fixed-income sector, the Core Plus Bond Fund was a substantial contributor to the relative performance of all Lifestyle Funds except the Lifestyle Aggressive Growth Fund, which has a target allocation of 100% equities. The Short-Term Bond Fund and the Core Bond Fund also benefited the performance of the Lifestyle Income Fund and the Lifestyle Conservative Fund.
In the foreign stock category, the International Equity Fund contributed most to the Lifestyle Funds’ relative performance, followed by the International Opportunities Fund and the Emerging Markets Equity Fund. However, these positive effects were partly offset by the relative underperformance of the Quant International Equity Fund, the Quant International Small-Cap Equity Fund and the Nuveen International Growth Fund.
Within U.S. equities, the Growth & Income Fund was the largest contributor to relative performance across all Lifestyle Funds. The Large-Cap Value Fund and the Large-Cap Growth Fund also enhanced the Funds’ relative performance. In contrast, the Nuveen Dividend Value Fund and the Quant Large-Cap Growth Fund detracted most from the relative performance of all Lifestyle Funds. (Performance of the Lifestyle Funds’ underlying TIAA-CREF Funds can be found at TIAA.org/performance.)
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 15 |
Performance as of November 30, 2020
Lifestyle Income Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 12/9/11 | 7.22 | % | 8.16 | % | 5.32 | % | 5.06 | % | 0.69 | % | 0.43 | % | |||||||||||||
Advisor Class | 12/4/15 | 7.21 | 8.13 | 5.29 | † | 5.04 | † | 0.77 | 0.51 | |||||||||||||||||
Premier Class | 12/9/11 | 7.04 | 7.90 | 5.15 | 4.89 | 0.85 | 0.58 | |||||||||||||||||||
Retirement Class | 12/9/11 | 7.00 | 7.80 | 5.04 | 4.78 | 0.93 | 0.68 | |||||||||||||||||||
Retail Class | 12/9/11 | 6.99 | 7.78 | 5.02 | 4.75 | 0.96 | 0.71 | |||||||||||||||||||
Lifestyle Income Fund Composite Index‡ | — | 5.37 | 8.04 | 5.16 | 4.62 | § | — | — | ||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
Morningstar Conservative Target Risk Index | — | 6.50 | 9.20 | 5.81 | 4.74 | § | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
‡ | As of the close of business on November 30, 2020, the Lifestyle Income Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 40.0% Bloomberg Barclays U.S. 1–3 Year Government/Credit Bond Index; 14.0% Russell 3000® Index; and 6.0% MSCI All Country World Index ex USA Investable Market Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Institutional Class. |
16 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Income Fund
Asset allocation
% of net assets as of 11/30/20 | |||
Equity | |||
U.S. equity | 14.56 | ||
International equity | 6.26 | ||
Fixed income | |||
Fixed income | 39.63 | ||
Short-term fixed income | 39.44 | ||
Other assets & liabilities, net | 0.11 | ||
Total | 100.00 |
Target allocation
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 17 |
Performance as of November 30, 2020
Lifestyle Conservative Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | ||||||||||||||||||||
Institutional Class | 12/9/11 | 11.51 | % | 11.18 | % | 7.16 | % | 7.17 | % | 0.56 | % | 0.47 | % | |||||||||||||
Advisor Class | 12/4/15 | 11.46 | 11.08 | 7.10 | † | 7.13 | † | 0.66 | 0.57 | |||||||||||||||||
Premier Class | 12/9/11 | 11.42 | 11.01 | 7.01 | 7.00 | 0.72 | 0.62 | |||||||||||||||||||
Retirement Class | 12/9/11 | 11.41 | 10.95 | 6.91 | 6.90 | 0.80 | 0.72 | |||||||||||||||||||
Retail Class | 12/9/11 | 11.39 | 10.91 | 6.88 | 6.87 | 0.82 | 0.74 | |||||||||||||||||||
Lifestyle Conservative Fund Composite Index‡ | — | 9.78 | 10.87 | 7.22 | 6.81 | § | — | — | ||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||
Morningstar Moderately Conservative Target Risk Index | — | 10.36 | 11.10 | 7.51 | 6.71 | § | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees Without these reimbursements, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
‡ | As of the close of business on November 30, 2020, the Lifestyle Conservative Fund Composite Index consisted of: 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; 28.0% Russell 3000® Index; 20.0% Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index; and 12.0% MSCI All Country World Index ex USA Investable Market Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Institutional Class. |
18 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Conservative Fund
Asset allocation | |
% of net assets as of 11/30/20 | |
Equity | |
U.S. equity | 28.80 |
International equity | 12.36 |
Fixed income | |
Fixed income | 39.24 |
Short-term fixed income | 19.51 |
Other assets & liabilities, net | 0.09 |
Total | 100.00 |
Target allocation
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 19 |
Performance as of November 30, 2020
Lifestyle Moderate Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | |||||||||||||||
Institutional Class | 12/9/11 | 15.97 | % | 14.22 | % | 8.97 | % | 9.26 | % | 0.58 | % | 0.52 | % | ||||||||
Advisor Class | 12/4/15 | 15.92 | 14.11 | 8.90 | † | 9.22 | † | 0.68 | 0.62 | ||||||||||||
Premier Class | 12/9/11 | 15.85 | 14.01 | 8.82 | 9.09 | 0.74 | 0.67 | ||||||||||||||
Retirement Class | 12/9/11 | 15.85 | 13.95 | 8.69 | 8.99 | 0.83 | 0.77 | ||||||||||||||
Retail Class | 12/9/11 | 15.76 | 13.85 | 8.68 | 8.95 | 0.85 | 0.79 | ||||||||||||||
Lifestyle Moderate Fund Composite Index‡ | — | 14.27 | 13.46 | 9.20 | 8.96 | § | — | — | |||||||||||||
Broad market index | |||||||||||||||||||||
Morningstar Moderate Target Risk Index | — | 14.32 | 11.77 | 8.79 | 8.28 | § | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
‡ | As of the close of business on November 30, 2020, the Lifestyle Moderate Fund Composite Index consisted of: 42.0% Russell 3000® Index; 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; and 18.0% MSCI All Country World Index ex USA Investable Market Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Institutional Class. |
20 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Moderate Fund
Asset allocation | |
% of net assets as of 11/30/20 | |
Equity | |
U.S. equity | 42.73 |
International equity | 18.36 |
Fixed income | 38.82 |
Other assets & liabilities, net | 0.09 |
Total | 100.00 |
Target allocation
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 21 |
Performance as of November 30, 2020
Lifestyle Growth Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | |||||||||||||||
Institutional Class | 12/9/11 | 19.64 | % | 15.95 | % | 10.16 | % | 10.73 | % | 0.67 | % | 0.56 | % | ||||||||
Advisor Class | 12/4/15 | 19.58 | 15.88 | 10.08 | † | 10.69 | † | 0.76 | 0.66 | ||||||||||||
Premier Class | 12/9/11 | 19.50 | 15.79 | 9.97 | 10.55 | 0.82 | 0.71 | ||||||||||||||
Retirement Class | 12/9/11 | 19.51 | 15.69 | 9.87 | 10.45 | 0.91 | 0.81 | ||||||||||||||
Retail Class | 12/9/11 | 19.47 | 15.64 | 9.83 | 10.41 | 0.94 | 0.84 | ||||||||||||||
Lifestyle Growth Fund Composite Index‡ | — | 18.57 | 15.00 | 10.65 | 10.67 | § | — | — | |||||||||||||
Broad market index | |||||||||||||||||||||
Morningstar Moderately Aggressive Target Risk Index | — | 18.45 | 12.22 | 10.01 | 9.76 | § | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
‡ | As of the close of business on November 30, 2020, the Lifestyle Growth Fund Composite Index consisted of: 56.0% Russell 3000® Index; 24.0% MSCI All Country World Index ex USA Investable Market Index; and 20.0% Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Institutional Class. |
22 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Growth Fund
Asset allocation | |
% of net assets as of 11/30/20 | |
Equity | |
U.S. equity | 56.42 |
International equity | 24.22 |
Fixed income | 19.25 |
Other assets & liabilities, net | 0.11 |
Total | 100.00 |
Target allocation
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 23 |
Lifestyle Aggressive Growth Fund
Performance as of November 30, 2020
Lifestyle Aggressive Growth Fund | Total return | Average annual total return | Annual operating expenses*# | ||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | since inception | gross | net | |||||||||||||||
Institutional Class | 12/9/11 | 23.47 | % | 17.95 | % | 11.31 | % | 12.21 | % | 0.75 | % | 0.60 | % | ||||||||
Advisor Class | 12/4/15 | 23.41 | 17.75 | 11.25 | † | 12.17 | † | 0.83 | 0.69 | ||||||||||||
Premier Class | 12/9/11 | 23.35 | 17.71 | 11.14 | 12.04 | 0.89 | 0.75 | ||||||||||||||
Retirement Class | 12/9/11 | 23.31 | 17.58 | 11.03 | 11.92 | 0.99 | 0.85 | ||||||||||||||
Retail Class | 12/9/11 | 23.29 | 17.55 | 10.96 | 11.85 | 1.04 | 0.90 | ||||||||||||||
Lifestyle Aggressive Growth Fund Composite Index‡ | — | 22.94 | 16.25 | 12.00 | 12.32 | § | — | — | |||||||||||||
Broad market index | |||||||||||||||||||||
Morningstar Aggressive Target Risk Index | — | 21.50 | 11.77 | 10.73 | 10.79 | § | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. |
Without these reimbursements, expenses would be higher and returns lower. | |
# | These expenses include underlying fund expenses. |
† | The performance shown for the Advisor Class that is prior to its inception date is based on performance of the Institutional Class. The performance for these periods has not been restated to reflect the actual expenses of the Advisor Class. If these actual expenses had been reflected, the performance of the Advisor Class shown for these periods would have been different because the Advisor Class has different expenses than the Institutional Class. |
‡ | As of the close of business on November 30, 2020, the Lifestyle Aggressive Growth Fund Composite Index consisted of: 70.0% Russell 3000® Index; and 30.0% MSCI All Country World Index ex USA Investable Market Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
§ | Performance is calculated from the inception date of the Institutional Class. |
24 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Lifestyle Aggressive Growth Fund
Asset allocation | |
% of net assets as of 11/30/20 | |
Equity | |
U.S. equity | 69.93 |
International equity | 30.06 |
Other assets & liabilities, net | 0.01 |
Total | 100.00 |
Target allocation
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 25 |
Portfolio of investments (unaudited)
Lifestyle Income Fund ■ November 30, 2020
Shares | Security | Value | % of net Assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—39.6% | ||||||||||||||
1,632,322 | TIAA-CREF Core Bond Fund | $ | 18,249,356 | 19.8 | % | |||||||||
1,631,836 | TIAA-CREF Core Plus Bond Fund | 18,260,247 | 19.8 | |||||||||||
TOTAL FIXED INCOME | 36,509,603 | 39.6 | ||||||||||||
INTERNATIONAL EQUITY—6.3% | ||||||||||||||
19,164 | Nuveen International Growth Fund | 1,033,491 | 1.1 | |||||||||||
59,363 | TIAA-CREF Emerging Markets Equity Fund | 822,176 | 0.9 | |||||||||||
134,134 | TIAA-CREF International Equity Fund | 1,676,678 | 1.8 | |||||||||||
71,066 | TIAA-CREF International Opportunities Fund | 1,261,425 | 1.4 | |||||||||||
28,143 | TIAA-CREF Quant International Equity Fund | 211,355 | 0.3 | |||||||||||
73,046 | TIAA-CREF Quant International Small-Cap Equity Fund | 757,487 | 0.8 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 5,762,612 | 6.3 | ||||||||||||
SHORT-TERM FIXED INCOME—39.4% | ||||||||||||||
3,457,079 | TIAA-CREF Short-Term Bond Fund | 36,333,899 | 39.4 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 36,333,899 | 39.4 | ||||||||||||
U.S. EQUITY—14.6% | ||||||||||||||
134,739 | Nuveen Dividend Value Fund | 1,781,247 | 1.9 | |||||||||||
33,068 | Nuveen Santa Barbara Dividend Growth Fund | 1,566,765 | 1.7 | |||||||||||
124,823 | TIAA-CREF Growth & Income Fund | 2,107,019 | 2.3 | |||||||||||
79,676 | TIAA-CREF Large-Cap Growth Fund | 2,391,076 | 2.6 | |||||||||||
37,011 | TIAA-CREF Large-Cap Growth Index Fund | 1,780,973 | 1.9 | |||||||||||
122,685 | TIAA-CREF Large-Cap Value Fund | 2,256,172 | 2.5 | |||||||||||
12,081 | TIAA-CREF Quant Large-Cap Growth Fund | 231,360 | 0.3 | |||||||||||
11,722 | TIAA-CREF Quant Large-Cap Value Fund | 110,191 | 0.1 | |||||||||||
32,994 | TIAA-CREF Quant Small-Cap Equity Fund | 560,572 | 0.6 | |||||||||||
47,346 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 630,654 | 0.7 | |||||||||||
TOTAL U.S. EQUITY | 13,416,029 | 14.6 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $84,796,388) | 92,022,143 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $84,796,388) | 92,022,143 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 99,395 | 0.1 | ||||||||||||
NET ASSETS | $ | 92,121,538 | 100.0 | % |
a | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
26 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifestyle Conservative Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—39.2% | ||||||||||||||
2,936,141 | TIAA-CREF Core Bond Fund | $ | 32,826,052 | 9.8 | % | |||||||||
8,807,648 | TIAA-CREF Core Plus Bond Fund | 98,557,581 | 29.4 | |||||||||||
TOTAL FIXED INCOME | 131,383,633 | 39.2 | ||||||||||||
INTERNATIONAL EQUITY—12.4% | ||||||||||||||
137,908 | Nuveen International Growth Fund | 7,437,362 | 2.2 | |||||||||||
426,660 | TIAA-CREF Emerging Markets Equity Fund | 5,909,239 | 1.8 | |||||||||||
964,876 | TIAA-CREF International Equity Fund | 12,060,950 | 3.6 | |||||||||||
508,991 | TIAA-CREF International Opportunities Fund | 9,034,587 | 2.7 | |||||||||||
201,191 | TIAA-CREF Quant International Equity Fund | 1,510,943 | 0.5 | |||||||||||
524,342 | TIAA-CREF Quant International Small-Cap Equity Fund | 5,437,426 | 1.6 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 41,390,507 | 12.4 | ||||||||||||
SHORT-TERM FIXED INCOME—19.5% | ||||||||||||||
6,217,819 | TIAA-CREF Short-Term Bond Fund | 65,349,279 | 19.5 | |||||||||||
TOTAL SHORT-TERM FIXED INCOME | 65,349,279 | 19.5 | ||||||||||||
U.S. EQUITY—28.8% | ||||||||||||||
969,951 | Nuveen Dividend Value Fund | 12,822,748 | 3.8 | |||||||||||
237,911 | Nuveen Santa Barbara Dividend Growth Fund | 11,272,219 | 3.4 | |||||||||||
897,298 | TIAA-CREF Growth & Income Fund | 15,146,389 | 4.5 | |||||||||||
572,439 | TIAA-CREF Large-Cap Growth Fund | 17,178,881 | 5.1 | |||||||||||
266,267 | TIAA-CREF Large-Cap Growth Index Fund | 12,812,785 | 3.8 | |||||||||||
881,511 | TIAA-CREF Large-Cap Value Fund | 16,210,991 | 4.9 | |||||||||||
86,391 | TIAA-CREF Quant Large-Cap Growth Fund | 1,654,386 | 0.5 | |||||||||||
83,383 | TIAA-CREF Quant Large-Cap Value Fund | 783,799 | 0.2 | |||||||||||
237,097 | TIAA-CREF Quant Small-Cap Equity Fund | 4,028,275 | 1.2 | |||||||||||
341,175 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 4,544,451 | 1.4 | |||||||||||
TOTAL U.S. EQUITY | 96,454,924 | 28.8 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $295,583,923) | 334,578,343 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $295,583,923) | 334,578,343 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 314,566 | 0.1 | ||||||||||||
NET ASSETS | $ | 334,892,909 | 100.0 | % |
a | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 27 |
Portfolio of investments (unaudited)
Lifestyle Moderate Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—38.8% | ||||||||||||||
19,517,561 | TIAA-CREF Core Plus Bond Fund | $ | 218,401,513 | 38.8 | % | |||||||||
TOTAL FIXED INCOME | 218,401,513 | 38.8 | ||||||||||||
INTERNATIONAL EQUITY—18.4% | ||||||||||||||
343,885 | Nuveen International Growth Fund | 18,545,734 | 3.3 | |||||||||||
1,062,224 | TIAA-CREF Emerging Markets Equity Fund | 14,711,805 | 2.6 | |||||||||||
2,405,211 | TIAA-CREF International Equity Fund | 30,065,143 | 5.4 | |||||||||||
1,272,974 | TIAA-CREF International Opportunities Fund | 22,595,283 | 4.0 | |||||||||||
499,875 | TIAA-CREF Quant International Equity Fund | 3,754,063 | 0.7 | |||||||||||
1,311,191 | TIAA-CREF Quant International Small-Cap Equity Fund | 13,597,053 | 2.4 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 103,269,081 | 18.4 | ||||||||||||
U.S. EQUITY—42.7% | ||||||||||||||
2,418,077 | Nuveen Dividend Value Fund | 31,966,982 | 5.7 | |||||||||||
593,248 | Nuveen Santa Barbara Dividend Growth Fund | 28,108,073 | 5.0 | |||||||||||
2,235,883 | TIAA-CREF Growth & Income Fund | 37,741,697 | 6.7 | |||||||||||
1,425,957 | TIAA-CREF Large-Cap Growth Fund | 42,792,980 | 7.6 | |||||||||||
663,869 | TIAA-CREF Large-Cap Growth Index Fund | 31,945,400 | 5.7 | |||||||||||
2,196,135 | TIAA-CREF Large-Cap Value Fund | 40,386,920 | 7.2 | |||||||||||
214,657 | TIAA-CREF Quant Large-Cap Growth Fund | 4,110,683 | 0.7 | |||||||||||
206,842 | TIAA-CREF Quant Large-Cap Value Fund | 1,944,315 | 0.3 | |||||||||||
591,063 | TIAA-CREF Quant Small-Cap Equity Fund | 10,042,159 | 1.8 | |||||||||||
851,118 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 11,336,893 | 2.0 | |||||||||||
TOTAL U.S. EQUITY | 240,376,102 | 42.7 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $476,772,154) | 562,046,696 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $476,772,154) | 562,046,696 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 532,221 | 0.1 | ||||||||||||
NET ASSETS | $ | 562,578,917 | 100.0 | % |
a | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
28 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements |
Portfolio of investments (unaudited)
Lifestyle Growth Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—19.3% | ||||||||||||||
4,903,533 | TIAA-CREF Core Plus Bond Fund | $ | 54,870,534 | 19.3 | % | |||||||||
TOTAL FIXED INCOME | 54,870,534 | 19.3 | ||||||||||||
INTERNATIONAL EQUITY—24.2% | ||||||||||||||
230,179 | Nuveen International Growth Fund | 12,413,545 | 4.3 | |||||||||||
710,459 | TIAA-CREF Emerging Markets Equity Fund | 9,839,853 | 3.4 | |||||||||||
1,609,915 | TIAA-CREF International Equity Fund | 20,123,935 | 7.1 | |||||||||||
850,252 | TIAA-CREF International Opportunities Fund | 15,091,982 | 5.3 | |||||||||||
334,167 | TIAA-CREF Quant International Equity Fund | 2,509,591 | 0.9 | |||||||||||
874,285 | TIAA-CREF Quant International Small-Cap Equity Fund | 9,066,334 | 3.2 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 69,045,240 | 24.2 | ||||||||||||
U.S. EQUITY—56.4% | ||||||||||||||
1,619,252 | Nuveen Dividend Value Fund | 21,406,507 | 7.5 | |||||||||||
397,122 | Nuveen Santa Barbara Dividend Growth Fund | 18,815,653 | 6.6 | |||||||||||
1,496,271 | TIAA-CREF Growth & Income Fund | 25,257,062 | 8.9 | |||||||||||
954,093 | TIAA-CREF Large-Cap Growth Fund | 28,632,324 | 10.0 | |||||||||||
444,345 | TIAA-CREF Large-Cap Growth Index Fund | 21,381,858 | 7.5 | |||||||||||
1,469,273 | TIAA-CREF Large-Cap Value Fund | 27,019,933 | 9.5 | |||||||||||
143,501 | TIAA-CREF Quant Large-Cap Growth Fund | 2,748,047 | 1.0 | |||||||||||
138,166 | TIAA-CREF Quant Large-Cap Value Fund | 1,298,762 | 0.4 | |||||||||||
395,669 | TIAA-CREF Quant Small-Cap Equity Fund | 6,722,417 | 2.3 | |||||||||||
569,769 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 7,589,317 | 2.7 | |||||||||||
TOTAL U.S. EQUITY | 160,871,880 | 56.4 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $235,388,563) | 284,787,654 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $235,388,563) | 284,787,654 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 324,583 | 0.1 | ||||||||||||
NET ASSETS | $ | 285,112,237 | 100.0 | % |
a | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 29 |
Portfolio of investments (unaudited)
Lifestyle Aggressive Growth Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—100.0%a | ||||||||||||||
INTERNATIONAL EQUITY—30.1% | ||||||||||||||
194,252 | Nuveen International Growth Fund | $ | 10,476,008 | 5.4 | % | |||||||||
599,224 | TIAA-CREF Emerging Markets Equity Fund | 8,299,256 | 4.3 | |||||||||||
1,358,424 | TIAA-CREF International Equity Fund | 16,980,301 | 8.7 | |||||||||||
720,190 | TIAA-CREF International Opportunities Fund | 12,783,376 | 6.6 | |||||||||||
281,490 | TIAA-CREF Quant International Equity Fund | 2,113,990 | 1.1 | |||||||||||
741,000 | TIAA-CREF Quant International Small-Cap Equity Fund | 7,684,166 | 4.0 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 58,337,097 | 30.1 | ||||||||||||
U.S. EQUITY—69.9% | ||||||||||||||
1,366,583 | Nuveen Dividend Value Fund | 18,066,230 | 9.3 | |||||||||||
335,321 | Nuveen Santa Barbara Dividend Growth Fund | 15,887,527 | 8.2 | |||||||||||
1,262,146 | TIAA-CREF Growth & Income Fund | 21,305,026 | 11.0 | |||||||||||
804,396 | TIAA-CREF Large-Cap Growth Fund | 24,139,920 | 12.4 | |||||||||||
375,062 | TIAA-CREF Large-Cap Growth Index Fund | 18,048,002 | 9.3 | |||||||||||
1,239,148 | TIAA-CREF Large-Cap Value Fund | 22,787,932 | 11.7 | |||||||||||
120,808 | TIAA-CREF Quant Large-Cap Growth Fund | 2,313,476 | 1.2 | |||||||||||
116,339 | TIAA-CREF Quant Large-Cap Value Fund | 1,093,583 | 0.6 | |||||||||||
333,749 | TIAA-CREF Quant Small-Cap Equity Fund | 5,670,398 | 2.9 | |||||||||||
481,019 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 6,407,178 | 3.3 | |||||||||||
TOTAL U.S. EQUITY | 135,719,272 | 69.9 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $156,102,428) | 194,056,369 | 100.0 | |||||||||||
TOTAL PORTFOLIO | (Cost $156,102,428) | 194,056,369 | 100.0 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 11,752 | 0.0 | ||||||||||||
NET ASSETS | $ | 194,068,121 | 100.0 | % |
a | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
30 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements |
[This page intentionally left blank.]
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 31 |
Statements of assets and liabilities (unaudited)
TIAA-CREF Lifestyle Funds ■ November 30, 2020
Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Affiliated investments, at value‡ | $ | 92,022,143 | $ | 334,578,343 | $ | 562,046,696 | $ | 284,787,654 | $ | 194,056,369 | ||||||||||
Cash | 90,737 | 382,907 | 446,914 | 212,008 | 266,195 | |||||||||||||||
Receivable from securities transactions | 921,091 | 4,814,929 | 7,788,626 | 2,761,336 | 886,888 | |||||||||||||||
Receivable from Fund shares sold | 63,748 | 218,344 | 492,809 | 290,814 | 69,177 | |||||||||||||||
Dividends receivable | 117,803 | 350,126 | 457,040 | 113,562 | — | |||||||||||||||
Due from affiliates | 18,350 | 22,154 | 28,358 | 22,791 | 22,606 | |||||||||||||||
Other | 4,018 | 10,816 | 15,920 | 7,580 | 5,323 | |||||||||||||||
Total assets | 93,237,890 | 340,377,619 | 571,276,363 | 288,195,745 | 195,306,558 | |||||||||||||||
LIABILITIES | ||||||||||||||||||||
Management fees payable | 7,413 | 27,059 | 45,336 | 22,851 | 15,453 | |||||||||||||||
Service agreement fees payable | 4,739 | 12,313 | 24,595 | 11,504 | 11,427 | |||||||||||||||
Distribution fees payable | 11,360 | 46,230 | 75,159 | 37,492 | 19,808 | |||||||||||||||
Due to affiliates | 7,412 | 7,932 | 8,415 | 7,818 | 7,613 | |||||||||||||||
Payable for securities transactions | 1,033,983 | 5,206,923 | 8,126,269 | 2,799,257 | 956,987 | |||||||||||||||
Payable for Fund shares redeemed | 27,617 | 131,363 | 328,405 | 141,957 | 182,499 | |||||||||||||||
Payable for trustee compensation | 3,982 | 10,645 | 15,512 | 7,442 | 5,252 | |||||||||||||||
Accrued expenses and other payables | 19,846 | 42,245 | 73,755 | 55,187 | 39,398 | |||||||||||||||
Total liabilities | 1,116,352 | 5,484,710 | 8,697,446 | 3,083,508 | 1,238,437 | |||||||||||||||
NET ASSETS | $ | 92,121,538 | $ | 334,892,909 | $ | 562,578,917 | $ | 285,112,237 | $ | 194,068,121 | ||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||
Paid-in-capital | $ | 83,916,290 | $ | 287,624,085 | $ | 458,996,500 | $ | 223,897,279 | $ | 148,886,575 | ||||||||||
Total distributable earnings (loss) | 8,205,248 | 47,268,824 | 103,582,417 | 61,214,958 | 45,181,546 | |||||||||||||||
NET ASSETS | $ | 92,121,538 | $ | 334,892,909 | $ | 562,578,917 | $ | 285,112,237 | $ | 194,068,121 | ||||||||||
INSTITUTIONAL CLASS: | ||||||||||||||||||||
Net assets | $ | 12,050,405 | $ | 43,054,653 | $ | 64,592,026 | $ | 38,567,287 | $ | 34,431,112 | ||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,010,383 | 3,093,080 | 4,047,247 | 2,168,146 | 1,793,730 | |||||||||||||||
Net asset value per share | $ | 11.93 | $ | 13.92 | $ | 15.96 | $ | 17.79 | $ | 19.20 | ||||||||||
ADVISOR CLASS: | ||||||||||||||||||||
Net assets | $ | 116,463 | $ | 7,198,672 | $ | 13,348,096 | $ | 9,240,031 | $ | 8,103,371 | ||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 9,766 | 517,255 | 836,513 | 520,102 | 422,215 | |||||||||||||||
Net asset value per share | $ | 11.93 | $ | 13.92 | $ | 15.96 | $ | 17.77 | $ | 19.19 | ||||||||||
PREMIER CLASS: | ||||||||||||||||||||
Net assets | $ | 346,295 | $ | 737,339 | $ | 642,926 | $ | 1,646,298 | $ | 384,617 | ||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 29,017 | 52,935 | 40,199 | 92,630 | 20,000 | |||||||||||||||
Net asset value per share | $ | 11.93 | $ | 13.93 | $ | 15.99 | $ | 17.77 | $ | 19.23 | ||||||||||
RETIREMENT CLASS: | ||||||||||||||||||||
Net assets | $ | 23,743,920 | $ | 55,791,888 | $ | 111,267,386 | $ | 49,604,656 | $ | 52,064,855 | ||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,992,879 | 4,013,536 | 6,982,187 | 2,803,085 | 2,725,652 | |||||||||||||||
Net asset value per share | $ | 11.91 | $ | 13.90 | $ | 15.94 | $ | 17.70 | $ | 19.10 | ||||||||||
RETAIL CLASS: | ||||||||||||||||||||
Net assets | $ | 55,864,455 | $ | 228,110,357 | $ | 372,728,483 | $ | 186,053,965 | $ | 99,084,166 | ||||||||||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 4,688,656 | 16,416,685 | 23,400,146 | 10,530,705 | 5,197,830 | |||||||||||||||
Net asset value per share | $ | 11.91 | $ | 13.90 | $ | 15.93 | $ | 17.67 | $ | 19.06 | ||||||||||
‡ Affiliated investments, cost | $ | 84,796,388 | $ | 295,583,923 | $ | 476,772,154 | $ | 235,388,563 | $ | 156,102,428 |
32 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 33 |
Statements of operations (unaudited)
TIAA-CREF Lifestyle Funds ■ For the period ended November 30, 2020
Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Dividends from affiliated investments | $ | 715,861 | $ | 2,245,502 | $ | 3,105,995 | $ | 925,302 | $ | 194,011 | ||||||||||
Total income | 715,861 | 2,245,502 | 3,105,995 | 925,302 | 194,011 | |||||||||||||||
EXPENSES | ||||||||||||||||||||
Management fees | 42,499 | 157,307 | 264,636 | 133,133 | 88,045 | |||||||||||||||
Shareholder servicing – Institutional Class | 174 | 497 | 188 | 173 | 422 | |||||||||||||||
Shareholder servicing – Advisor Class | 2 | 3,346 | 4,808 | 3,684 | 3,560 | |||||||||||||||
Shareholder servicing – Premier Class | 12 | 14 | 9 | 13 | 1 | |||||||||||||||
Shareholder servicing – Retirement Class | 26,486 | 63,055 | 129,838 | 57,880 | 58,603 | |||||||||||||||
Shareholder servicing – Retail Class | 7,176 | 23,688 | 43,028 | 28,343 | 24,353 | |||||||||||||||
Distribution fees – Premier Class | 248 | 529 | 451 | 1,127 | 261 | |||||||||||||||
Distribution fees – Retail Class | 66,479 | 272,651 | 440,853 | 218,089 | 113,758 | |||||||||||||||
Administrative service fees | 17,150 | 18,438 | 19,594 | 18,149 | 17,633 | |||||||||||||||
Registration fees | 35,369 | 38,402 | 37,838 | 35,989 | 36,584 | |||||||||||||||
Trustee fees and expenses | 434 | 1,519 | 2,558 | 1,288 | 875 | |||||||||||||||
Other expenses | 18,607 | 43,164 | 73,430 | 56,235 | 43,591 | |||||||||||||||
Total expenses | 214,636 | 622,610 | 1,017,231 | 554,103 | 387,686 | |||||||||||||||
Less: Expenses reimbursed by the investment adviser | (72,054 | ) | (106,088 | ) | (134,297 | ) | (112,219 | ) | (99,388 | ) | ||||||||||
Fee waiver by investment adviser and Nuveen Securities | (886 | ) | (3,255 | ) | (14,544 | ) | (7,315 | ) | (8,000 | ) | ||||||||||
Net expenses | 141,696 | 513,267 | 868,390 | 434,569 | 280,298 | |||||||||||||||
Net investment income (loss) | 574,165 | 1,732,235 | 2,237,605 | 490,733 | (86,287 | ) | ||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||||||||||||||||||
Realized gain (loss) from sale of affiliated investments | 1,482,346 | 8,147,304 | 18,510,526 | 11,349,554 | 8,266,580 | |||||||||||||||
Realized gain (loss) from sale of unaffiliated investments | 294 | — | — | — | — | |||||||||||||||
Net realized gain (loss) from investments | 1,482,640 | 8,147,304 | 18,510,526 | 11,349,554 | 8,266,580 | |||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 3,678,314 | 23,811,954 | 56,554,105 | 35,430,092 | 28,692,836 | |||||||||||||||
Net realized and unrealized gain (loss) from investments | 5,160,954 | 31,959,258 | 75,064,631 | 46,779,646 | 36,959,416 | |||||||||||||||
Net increase (decrease) in net assets from operations | $ | 5,735,119 | $ | 33,691,493 | $ | 77,302,236 | $ | 47,270,379 | $ | 36,873,129 |
34 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 35 |
Statements of changes in net assets
TIAA-CREF Lifestyle Funds ■ For the period or year ended
Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
(unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 574,165 | $ | 1,641,189 | $ | 1,732,235 | $ | 5,624,279 | $ | 2,237,605 | $ | 8,756,441 | ||||||||||||||
Net realized gain (loss) from investments | 1,482,640 | 460,714 | 8,147,304 | 2,650,111 | 18,510,526 | 5,968,147 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 3,678,314 | 1,704,131 | 23,811,954 | 6,132,044 | 56,554,105 | 10,223,187 | ||||||||||||||||||||
Net increase (decrease) in net assets from operations | 5,735,119 | 3,806,034 | 33,691,493 | 14,406,434 | 77,302,236 | 24,947,775 | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | (79,994 | ) | (283,593 | ) | (257,116 | ) | (1,246,088 | ) | (312,681 | ) | (2,262,993 | ) | ||||||||||||||
Advisor Class | (929 | ) | (3,938 | ) | (43,402 | ) | (87,884 | ) | (68,563 | ) | (259,983 | ) | ||||||||||||||
Premier Class | (2,446 | ) | (12,383 | ) | (4,305 | ) | (23,165 | ) | (2,841 | ) | (34,321 | ) | ||||||||||||||
Retirement Class | (144,694 | ) | (585,654 | ) | (286,914 | ) | (1,635,540 | ) | (445,858 | ) | (4,382,431 | ) | ||||||||||||||
Retail Class | (366,184 | ) | (1,674,077 | ) | (1,209,748 | ) | (5,953,830 | ) | (1,468,654 | ) | (11,666,976 | ) | ||||||||||||||
Total distributions | (594,247 | ) | (2,559,645 | ) | (1,801,485 | ) | (8,946,507 | ) | (2,298,597 | ) | (18,606,704 | ) | ||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 3,723,384 | 3,511,997 | 10,895,814 | 17,762,239 | 8,783,737 | 21,604,803 | |||||||||||||||||||
Advisor Class | 6 | 1,992 | 510,403 | 1,010,365 | 539,767 | 1,002,866 | ||||||||||||||||||||
Premier Class | 12,916 | 28,048 | 1,107 | 12,731 | — | 452 | ||||||||||||||||||||
Retirement Class | 4,096,477 | 6,182,077 | 6,600,011 | 8,763,699 | 8,820,928 | 10,579,881 | ||||||||||||||||||||
Retail Class | 3,765,200 | 8,692,775 | 11,342,527 | 20,954,305 | 10,241,010 | 25,150,555 | ||||||||||||||||||||
Fund reorganization:‡ | Institutional Class | — | — | — | — | — | — | |||||||||||||||||||
Advisor Class | — | — | — | 8,131,840 | — | 17,748,392 | ||||||||||||||||||||
Premier Class | — | — | — | — | — | — | ||||||||||||||||||||
Retirement Class | — | — | — | — | — | — | ||||||||||||||||||||
Retail Class | — | — | — | 47,414,432 | — | 128,111,049 | ||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | 79,899 | 283,196 | 257,026 | 1,245,624 | 312,600 | 2,262,319 | |||||||||||||||||||
Advisor Class | 29 | 231 | 40,282 | 76,795 | 65,058 | 244,911 | ||||||||||||||||||||
Premier Class | 708 | 4,742 | 2,678 | 14,262 | 1,426 | 21,261 | ||||||||||||||||||||
Retirement Class | 144,613 | 585,285 | 286,838 | 1,635,105 | 445,794 | 4,381,791 | ||||||||||||||||||||
Retail Class | 357,096 | 1,638,191 | 1,170,304 | 5,868,063 | 1,430,244 | 11,429,389 | ||||||||||||||||||||
Redemptions: | Institutional Class | (594,278 | ) | (4,380,122 | ) | (6,599,256 | ) | (12,584,139 | ) | (4,959,369 | ) | (11,713,906 | ) | |||||||||||||
Advisor Class | — | (4,769 | ) | (612,611 | ) | (3,054,206 | ) | (2,127,079 | ) | (6,718,950 | ) | |||||||||||||||
Premier Class | — | (542,803 | ) | (2,981 | ) | (78,104 | ) | (397 | ) | (496,775 | ) | |||||||||||||||
Retirement Class | (1,525,361 | ) | (2,858,598 | ) | (2,450,690 | ) | (9,394,796 | ) | (6,292,180 | ) | (15,437,146 | ) | ||||||||||||||
Retail Class | (2,368,298 | ) | (8,439,810 | ) | (12,619,345 | ) | (30,086,703 | ) | (19,719,452 | ) | (53,162,619 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 7,692,391 | 4,702,432 | 8,822,107 | 57,691,512 | (2,457,913 | ) | 135,008,273 | |||||||||||||||||||
Net increase (decrease) in net assets | 12,833,263 | 5,948,821 | 40,712,115 | 63,151,439 | 72,545,726 | 141,349,344 | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 79,288,275 | 73,339,454 | 294,180,794 | 231,029,355 | 490,033,191 | 348,683,847 | ||||||||||||||||||||
End of period | $ | 92,121,538 | $ | 79,288,275 | $ | 334,892,909 | $ | 294,180,794 | $ | 562,578,917 | $ | 490,033,191 |
36 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 37 |
Statements of changes in net assets | continued |
TIAA-CREF Lifestyle Funds ■ For the period or year ended |
Lifestyle Income Fund | Lifestyle Conservative Fund | Lifestyle Moderate Fund | ||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||
(unaudited | ) | (unaudited | ) | (unaudited | ) | |||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 321,070 | 312,649 | �� | 816,095 | 1,409,735 | 594,012 | 1,536,021 | ||||||||||||||||||
Advisor Class | 1 | 177 | 38,717 | 80,042 | 36,037 | 72,160 | ||||||||||||||||||||
Premier Class | 1,105 | 2,503 | 83 | 991 | — | 32 | ||||||||||||||||||||
Retirement Class | 350,732 | 554,999 | 493,633 | 698,531 | 601,794 | 752,785 | ||||||||||||||||||||
Retail Class | 323,771 | 773,394 | 856,794 | 1,670,687 | 682,362 | 1,809,034 | ||||||||||||||||||||
Shares from fund reorganization:‡ | Institutional Class | — | — | — | — | — | — | |||||||||||||||||||
Advisor Class | — | — | — | 651,653 | — | 1,281,261 | ||||||||||||||||||||
Premier Class | — | — | — | — | — | — | ||||||||||||||||||||
Retirement Class | — | — | — | — | — | — | ||||||||||||||||||||
Retail Class | — | — | — | 3,804,454 | — | 9,262,047 | ||||||||||||||||||||
Shares reinvested: | Institutional Class | 6,962 | 25,689 | 19,743 | 101,284 | 21,524 | 164,683 | |||||||||||||||||||
Advisor Class | 2 | 21 | 3,095 | 6,413 | 4,485 | 17,989 | ||||||||||||||||||||
Premier Class | 62 | 429 | 206 | 1,157 | 98 | 1,535 | ||||||||||||||||||||
Retirement Class | 12,618 | 53,099 | 22,060 | 132,721 | 30,755 | 318,276 | ||||||||||||||||||||
Retail Class | 31,160 | 148,466 | 90,118 | 477,792 | 98,760 | 831,842 | ||||||||||||||||||||
Shares redeemed: | Institutional Class | (51,243 | ) | (392,946 | ) | (495,420 | ) | (1,011,987 | ) | (331,229 | ) | (842,949 | ) | |||||||||||||
Advisor Class | — | (451 | ) | (46,419 | ) | (247,179 | ) | (141,684 | ) | (485,904 | ) | |||||||||||||||
Premier Class | — | (48,541 | ) | (222 | ) | (6,260 | ) | (27 | ) | (35,206 | ) | |||||||||||||||
Retirement Class | (131,239 | ) | (256,120 | ) | (186,506 | ) | (772,340 | ) | (420,659 | ) | (1,122,066 | ) | ||||||||||||||
Retail Class | (204,697 | ) | (766,007 | ) | (954,092 | ) | (2,430,297 | ) | (1,324,830 | ) | (3,879,675 | ) | ||||||||||||||
Net increase (decrease) from shareholder transactions | 660,304 | 407,361 | 657,885 | 4,567,397 | (148,602 | ) | 9,681,865 |
38 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 39 |
Statements of changes in net assets | continued |
TIAA-CREF Lifestyle Funds ■ For the period or year ended |
Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | |||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||||
(unaudited | ) | (unaudited | ) | |||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $ | 490,733 | $ | 3,965,089 | $ | (86,287 | ) | $ | 2,256,612 | |||||||||||||||||
Net realized gain (loss) from investments | 11,349,554 | 3,862,533 | 8,266,580 | 1,734,228 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 35,430,092 | 4,008,989 | 28,692,836 | 2,990,561 | ||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 47,270,379 | 11,836,611 | 36,873,129 | 6,981,401 | ||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Institutional Class | — | (2,046,831 | ) | — | (1,656,950 | ) | ||||||||||||||||||||
Advisor Class | — | (171,898 | ) | — | (81,293 | ) | ||||||||||||||||||||
Premier Class | — | (71,803 | ) | — | (22,195 | ) | ||||||||||||||||||||
Retirement Class | — | (2,131,844 | ) | — | (2,464,215 | ) | ||||||||||||||||||||
Retail Class | — | (5,657,002 | ) | — | (3,168,673 | ) | ||||||||||||||||||||
Total distributions | — | (10,079,378 | ) | — | (7,393,326 | ) | ||||||||||||||||||||
SHAREHOLDER TRANSACTIONS | ||||||||||||||||||||||||||
Subscriptions: | Institutional Class | 3,570,248 | 15,120,483 | 5,199,313 | 12,697,075 | |||||||||||||||||||||
Advisor Class | 319,809 | 641,744 | 271,798 | 1,238,277 | ||||||||||||||||||||||
Premier Class | 24,561 | 83,326 | — | 8,235,685 | ||||||||||||||||||||||
Retirement Class | 3,089,055 | 6,565,838 | 3,578,447 | 6,437,842 | ||||||||||||||||||||||
Retail Class | 4,564,747 | 14,590,401 | 3,317,663 | 8,207,062 | ||||||||||||||||||||||
Fund reorganization:‡ | Institutional Class | — | — | — | — | |||||||||||||||||||||
Advisor Class | — | 12,805,475 | — | 7,717,718 | ||||||||||||||||||||||
Premier Class | — | — | — | — | ||||||||||||||||||||||
Retirement Class | — | — | — | — | ||||||||||||||||||||||
Retail Class | — | 80,141,179 | — | 39,932,063 | ||||||||||||||||||||||
Reinvestments of distributions: | Institutional Class | — | 2,046,203 | — | 1,655,989 | |||||||||||||||||||||
Advisor Class | — | 141,521 | — | 49,081 | ||||||||||||||||||||||
Premier Class | — | 55,513 | — | 3,581 | ||||||||||||||||||||||
Retirement Class | — | 2,131,045 | — | 2,463,292 | ||||||||||||||||||||||
Retail Class | — | 5,595,567 | — | 3,140,086 | ||||||||||||||||||||||
Redemptions: | Institutional Class | (5,332,458 | ) | (17,594,605 | ) | (3,612,654 | ) | (12,654,034 | ) | |||||||||||||||||
Advisor Class | (1,555,802 | ) | (5,003,703 | ) | (821,840 | ) | (2,138,365 | ) | ||||||||||||||||||
Premier Class | (1,536 | ) | (361,683 | ) | (889 | ) | (8,268,956 | ) | ||||||||||||||||||
Retirement Class | (4,004,968 | ) | (7,556,845 | ) | (3,984,035 | ) | (8,648,485 | ) | ||||||||||||||||||
Retail Class | (11,715,746 | ) | (23,632,882 | ) | (7,029,882 | ) | (15,611,749 | ) | ||||||||||||||||||
Net increase (decrease) from shareholder transactions | (11,042,090 | ) | 85,768,577 | (3,082,079 | ) | 44,456,162 | ||||||||||||||||||||
Net increase (decrease) in net assets | 36,228,289 | 87,525,810 | 33,791,050 | 44,044,237 | ||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of period | 248,883,948 | 161,358,138 | 160,277,071 | 116,232,834 | ||||||||||||||||||||||
End of period | $ | 285,112,237 | $ | 248,883,948 | $ | 194,068,121 | $ | 160,277,071 |
‡ | Refer to Note 2—significant accounting policies for further details. |
40 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 41 |
Statements of changes in net assets | concluded |
TIAA-CREF Lifestyle Funds ■ For the period or year ended |
Lifestyle Growth Fund | Lifestyle Aggressive Growth Fund | |||||||||||||||||||||||||
November 30, 2020 | May 31, 2020 | November 30, 2020 | May 31, 2020 | |||||||||||||||||||||||
(unaudited | ) | (unaudited | ) | |||||||||||||||||||||||
CHANGE IN FUND SHARES | ||||||||||||||||||||||||||
Shares sold: | Institutional Class | 218,796 | 987,740 | 302,931 | 792,907 | |||||||||||||||||||||
Advisor Class | 18,991 | 41,923 | 15,591 | 83,798 | ||||||||||||||||||||||
Premier Class | 1,510 | 5,451 | — | 500,123 | ||||||||||||||||||||||
Retirement Class | 189,310 | 465,419 | 205,875 | 411,685 | ||||||||||||||||||||||
Retail Class | 280,646 | 985,938 | 191,487 | 524,599 | ||||||||||||||||||||||
Shares from fund reorganization:‡ | Institutional Class | — | — | — | — | |||||||||||||||||||||
Advisor Class | — | 855,350 | — | 490,942 | ||||||||||||||||||||||
Premier Class | — | — | — | — | ||||||||||||||||||||||
Retirement Class | — | — | — | — | ||||||||||||||||||||||
Retail Class | — | 5,373,025 | — | 2,554,015 | ||||||||||||||||||||||
Shares reinvested: | Institutional Class | — | 135,302 | — | 104,266 | |||||||||||||||||||||
Advisor Class | — | 9,142 | — | 2,981 | ||||||||||||||||||||||
Premier Class | — | 3,669 | — | 225 | ||||||||||||||||||||||
Retirement Class | — | 141,311 | — | 155,993 | ||||||||||||||||||||||
Retail Class | — | 369,806 | — | 198,290 | ||||||||||||||||||||||
Shares redeemed: | Institutional Class | (335,609 | ) | (1,145,058 | ) | (212,020 | ) | (821,452 | ) | |||||||||||||||||
Advisor Class | (95,810 | ) | (333,131 | ) | (46,780 | ) | (137,606 | ) | ||||||||||||||||||
Premier Class | (94 | ) | (23,890 | ) | (50 | ) | (503,799 | ) | ||||||||||||||||||
Retirement Class | (243,235 | ) | (504,713 | ) | (233,039 | ) | (558,541 | ) | ||||||||||||||||||
Retail Class | (724,445 | ) | (1,612,063 | ) | (412,684 | ) | (1,022,226 | ) | ||||||||||||||||||
Net increase (decrease) from shareholder transactions | (689,940 | ) | 5,755,221 | (188,689 | ) | 2,776,200 |
42 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 43 |
TIAA-CREF Lifestyle Funds
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | e | expenses | e | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||
LIFESTYLE INCOME FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $11.22 | $0.09 | $ 0.72 | $0.81 | $ (0.10 | ) | $ — | $ (0.10 | ) | $11.93 | 7.22 | %b | $12,050 | 0.27 | %c | 0.10 | %c | 1.58 | %c | 14 | %b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.02 | 0.26 | 0.33 | 0.59 | (0.27 | ) | (0.12 | ) | (0.39 | ) | 11.22 | 5.53 | 8,234 | 0.36 | 0.10 | 2.37 | 27 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.08 | 0.28 | 0.05 | 0.33 | (0.29 | ) | (0.10 | ) | (0.39 | ) | 11.02 | 3.26 | 8,683 | 0.36 | 0.10 | 2.57 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.04 | 0.24 | 0.13 | 0.37 | (0.27 | ) | (0.06 | ) | (0.33 | ) | 11.08 | 3.25 | 3,498 | 0.36 | 0.10 | 2.19 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.77 | 0.22 | 0.38 | 0.60 | (0.26 | ) | (0.07 | ) | (0.33 | ) | 11.04 | 5.72 | 1,455 | 0.39 | 0.10 | 2.03 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.04 | 0.21 | (0.12 | ) | 0.09 | (0.25 | ) | (0.11 | ) | (0.36 | ) | 10.77 | 0.89 | 796 | 0.37 | 0.10 | 1.91 | 33 | ||||||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 11.22 | 0.09 | 0.72 | 0.81 | (0.10 | ) | — | (0.10 | ) | 11.93 | 7.21 | b | 116 | 0.27 | c | 0.10 | c | 1.59 | c | 14 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.02 | �� | 0.26 | 0.33 | 0.59 | (0.27 | ) | (0.12 | ) | (0.39 | ) | 11.22 | 5.47 | 110 | 0.41 | 0.15 | 2.31 | 27 | ||||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.07 | 0.28 | 0.06 | 0.34 | (0.29 | ) | (0.10 | ) | (0.39 | ) | 11.02 | 3.24 | 110 | 0.37 | 0.13 | 2.53 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.04 | 0.24 | 0.12 | 0.36 | (0.27 | ) | (0.06 | ) | (0.33 | ) | 11.07 | 3.24 | 105 | 0.37 | 0.11 | 2.17 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.77 | 0.22 | 0.38 | 0.60 | (0.26 | ) | (0.07 | ) | (0.33 | ) | 11.04 | 5.70 | 104 | 0.40 | 0.12 | 2.03 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 10.86 | 0.10 | 0.08 | 0.18 | (0.16 | ) | (0.11 | ) | (0.27 | ) | 10.77 | 1.67 | b | 102 | 0.39 | c | 0.12 | c | 1.95 | c | 33 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 11.23 | 0.08 | 0.71 | 0.79 | (0.09 | ) | — | (0.09 | ) | 11.93 | 7.04 | b | 346 | 0.42 | c | 0.25 | c | 1.44 | c | 14 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.02 | 0.25 | 0.34 | 0.59 | (0.26 | ) | (0.12 | ) | (0.38 | ) | 11.23 | 5.47 | 313 | 0.52 | 0.25 | 2.15 | 27 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.09 | 0.27 | 0.04 | 0.31 | (0.28 | ) | (0.10 | ) | (0.38 | ) | 11.02 | 3.02 | 810 | 0.51 | 0.25 | 2.44 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.05 | 0.23 | 0.12 | 0.35 | (0.25 | ) | (0.06 | ) | (0.31 | ) | 11.09 | 3.10 | 255 | 0.52 | 0.25 | 2.04 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.77 | 0.21 | 0.37 | 0.58 | (0.23 | ) | (0.07 | ) | (0.30 | ) | 11.05 | 5.46 | 234 | 0.55 | 0.25 | 1.89 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.04 | 0.21 | (0.13 | ) | 0.08 | (0.24 | ) | (0.11 | ) | (0.35 | ) | 10.77 | 0.76 | 215 | 0.53 | 0.25 | 1.89 | 33 | ||||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 11.21 | 0.08 | 0.70 | 0.78 | (0.08 | ) | — | (0.08 | ) | 11.91 | 7.00 | b | 23,744 | 0.52 | c | 0.35 | c | 1.34 | c | 14 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.00 | 0.24 | 0.34 | 0.58 | (0.25 | ) | (0.12 | ) | (0.37 | ) | 11.21 | 5.35 | 19,742 | 0.60 | 0.35 | 2.11 | 27 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.06 | 0.25 | 0.06 | 0.31 | (0.27 | ) | (0.10 | ) | (0.37 | ) | 11.00 | 2.92 | 15,504 | 0.60 | 0.35 | 2.29 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.03 | 0.21 | 0.12 | 0.33 | (0.24 | ) | (0.06 | ) | (0.30 | ) | 11.06 | 3.00 | 16,847 | 0.61 | 0.35 | 1.93 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.76 | 0.20 | 0.37 | 0.57 | (0.23 | ) | (0.07 | ) | (0.30 | ) | 11.03 | 5.44 | 15,646 | 0.64 | 0.35 | 1.80 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.04 | 0.19 | (0.13 | ) | 0.06 | (0.23 | ) | (0.11 | ) | (0.34 | ) | 10.76 | 0.56 | 13,734 | 0.62 | 0.35 | 1.76 | 33 | ||||||||||||||||||||||||||||||||||||||||
Retail Class: | 11/30/20 | # | 11.21 | 0.08 | 0.70 | 0.78 | (0.08 | ) | — | (0.08 | ) | 11.91 | 6.99 | b | 55,864 | 0.55 | c | 0.37 | c | 1.31 | c | 14 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 11.01 | 0.23 | 0.33 | 0.56 | (0.24 | ) | (0.12 | ) | (0.36 | ) | 11.21 | 5.23 | 50,890 | 0.63 | 0.38 | 2.09 | 27 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 11.07 | 0.25 | 0.05 | 0.30 | (0.26 | ) | (0.10 | ) | (0.36 | ) | 11.01 | 2.98 | 48,233 | 0.63 | 0.38 | 2.27 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/18 | 11.03 | 0.21 | 0.13 | 0.34 | (0.24 | ) | (0.06 | ) | (0.30 | ) | 11.07 | 2.97 | 50,449 | 0.63 | 0.37 | 1.91 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 10.76 | 0.19 | 0.38 | 0.57 | (0.23 | ) | (0.07 | ) | (0.30 | ) | 11.03 | 5.43 | 48,011 | 0.66 | 0.38 | 1.77 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 11.04 | 0.19 | (0.14 | ) | 0.05 | (0.22 | ) | (0.11 | ) | (0.33 | ) | 10.76 | 0.52 | 37,209 | 0.65 | 0.38 | 1.75 | 33 |
44 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 45 |
Financial highlights | continued |
TIAA-CREF Lifestyle Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | e | expenses | e | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||
LIFESTYLE CONSERVATIVE FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $12.57 | $0.09 | $ 1.35 | $ 1.44 | $(0.09 | ) | $ — | $(0.09 | ) | $13.92 | 11.51 | %b | $43,055 | 0.17 | %c | 0.10 | %c | 1.33 | %c | 22 | %b | |||||||||||||||||||||||||||||||||||
5/31/20 | 12.26 | 0.28 | 0.49 | 0.77 | (0.23 | ) | (0.23 | ) | (0.46 | ) | 12.57 | 6.44 | 34,603 | 0.19 | 0.10 | 2.25 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.58 | 0.29 | (0.10 | ) | 0.19 | (0.33 | ) | (0.18 | ) | (0.51 | ) | 12.26 | 1.68 | 27,635 | 0.20 | 0.10 | 2.34 | 24 | ||||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.22 | 0.26 | 0.49 | 0.75 | (0.32 | ) | (0.07 | ) | (0.39 | ) | 12.58 | 6.17 | 18,299 | 0.25 | 0.10 | 2.05 | 13 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.64 | 0.23 | 0.78 | �� | 1.01 | (0.28 | ) | (0.15 | ) | (0.43 | ) | 12.22 | 8.87 | 5,087 | 0.22 | 0.10 | 1.96 | 15 | ||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.13 | 0.22 | (0.27 | ) | (0.05 | ) | (0.27 | ) | (0.17 | ) | (0.44 | ) | 11.64 | (0.28 | ) | 2,749 | 0.23 | 0.10 | 1.88 | 26 | ||||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 12.57 | 0.08 | 1.35 | 1.43 | (0.08 | ) | — | (0.08 | ) | 13.92 | 11.46 | b | 7,199 | 0.26 | c | 0.19 | c | 1.23 | c | 22 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 12.26 | 0.30 | 0.46 | 0.76 | (0.22 | ) | (0.23 | ) | (0.45 | ) | 12.57 | 6.33 | 6,559 | 0.29 | 0.20 | 2.45 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.58 | 0.26 | (0.08 | ) | 0.18 | (0.32 | ) | (0.18 | ) | (0.50 | ) | 12.26 | 1.62 | 379 | 0.27 | 0.18 | 2.16 | 24 | ||||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.23 | 0.25 | 0.48 | 0.73 | (0.31 | ) | (0.07 | ) | (0.38 | ) | 12.58 | 6.07 | 172 | 0.22 | 0.12 | 2.00 | 13 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.64 | 0.23 | 0.78 | 1.01 | (0.27 | ) | (0.15 | ) | (0.42 | ) | 12.23 | 8.94 | 107 | 0.24 | 0.12 | 1.97 | 15 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 11.86 | 0.09 | 0.04 | 0.13 | (0.18 | ) | (0.17 | ) | (0.35 | ) | 11.64 | 1.25 | b | 102 | 0.25 | c | 0.12 | c | 1.70 | c | 26 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 12.58 | 0.08 | 1.35 | 1.43 | (0.08 | ) | — | (0.08 | ) | 13.93 | 11.42 | b | 737 | 0.32 | c | 0.25 | c | 1.18 | c | 22 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 12.27 | 0.26 | 0.49 | 0.75 | (0.21 | ) | (0.23 | ) | (0.44 | ) | 12.58 | 6.27 | 665 | 0.35 | 0.25 | 2.05 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.59 | 0.27 | (0.10 | ) | 0.17 | (0.31 | ) | (0.18 | ) | (0.49 | ) | 12.27 | 1.62 | 699 | 0.35 | 0.25 | 2.17 | 24 | ||||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.23 | 0.24 | 0.49 | 0.73 | (0.30 | ) | (0.07 | ) | (0.37 | ) | 12.59 | 5.93 | 269 | 0.38 | 0.25 | 1.91 | 13 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.63 | 0.22 | 0.77 | 0.99 | (0.24 | ) | (0.15 | ) | (0.39 | ) | 12.23 | 8.77 | 256 | 0.39 | 0.25 | 1.84 | 15 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.12 | 0.22 | (0.29 | ) | (0.07 | ) | (0.25 | ) | (0.17 | ) | (0.42 | ) | 11.63 | (0.43 | ) | 243 | 0.39 | 0.25 | 1.85 | 26 | ||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 12.55 | 0.07 | 1.36 | 1.43 | (0.08 | ) | — | (0.08 | ) | 13.90 | 11.41 | b | 55,792 | 0.41 | c | 0.34 | c | 1.09 | c | 22 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 12.25 | 0.25 | 0.48 | 0.73 | (0.20 | ) | (0.23 | ) | (0.43 | ) | 12.55 | 6.11 | 46,255 | 0.43 | 0.33 | 1.98 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.57 | 0.26 | (0.10 | ) | 0.16 | (0.30 | ) | (0.18 | ) | (0.48 | ) | 12.25 | 1.51 | 44,397 | 0.44 | 0.35 | 2.08 | 24 | ||||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.21 | 0.23 | 0.49 | 0.72 | (0.29 | ) | (0.07 | ) | (0.36 | ) | 12.57 | 5.83 | 42,506 | 0.45 | 0.35 | 1.81 | 13 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.62 | 0.20 | 0.79 | 0.99 | (0.25 | ) | (0.15 | ) | (0.40 | ) | 12.21 | 8.70 | 33,907 | 0.47 | 0.35 | 1.71 | 15 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.11 | 0.20 | (0.28 | ) | (0.08 | ) | (0.24 | ) | (0.17 | ) | (0.41 | ) | 11.62 | (0.53 | ) | 26,300 | 0.48 | 0.35 | 1.71 | 26 | ||||||||||||||||||||||||||||||||||||||
Retail Class: | 11/30/20 | # | 12.55 | 0.07 | 1.35 | 1.42 | (0.07 | ) | — | (0.07 | ) | 13.90 | 11.39 | b | 228,110 | 0.44 | c | 0.37 | c | 1.06 | c | 22 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 12.24 | 0.25 | 0.49 | 0.74 | (0.20 | ) | (0.23 | ) | (0.43 | ) | 12.55 | 6.16 | 206,100 | 0.45 | 0.37 | 1.99 | 29 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.56 | 0.25 | (0.10 | ) | 0.15 | (0.29 | ) | (0.18 | ) | (0.47 | ) | 12.24 | 1.41 | 157,919 | 0.46 | 0.37 | 2.06 | 24 | ||||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.20 | 0.22 | 0.49 | 0.71 | (0.28 | ) | (0.07 | ) | (0.35 | ) | 12.56 | 5.90 | 163,097 | 0.47 | 0.37 | 1.79 | 13 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.62 | 0.20 | 0.77 | 0.97 | (0.24 | ) | (0.15 | ) | (0.39 | ) | 12.20 | 8.59 | 139,697 | 0.49 | 0.37 | 1.70 | 15 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.11 | 0.20 | (0.28 | ) | (0.08 | ) | (0.24 | ) | (0.17 | ) | (0.41 | ) | 11.62 | (0.56 | ) | 103,657 | 0.51 | 0.38 | 1.71 | 26 |
46 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 47 |
Financial highlights | continued |
TIAA-CREF Lifestyle Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | e | expenses | e | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||
LIFESTYLE MODERATE FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $13.84 | $0.08 | $ 2.12 | $ 2.20 | $(0.08 | ) | $ — | $(0.08 | ) | $15.96 | 15.97 | %b | $ 64,592 | 0.15 | %c | 0.09 | %c | 1.08 | %c | 29 | %b | |||||||||||||||||||||||||||||||||||
5/31/20 | 13.55 | 0.29 | 0.67 | 0.96 | (0.28 | ) | (0.39 | ) | (0.67 | ) | 13.84 | 7.23 | 52,090 | 0.16 | 0.10 | 2.10 | 31 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.18 | 0.29 | (0.30 | ) | (0.01 | ) | (0.36 | ) | (0.26 | ) | (0.62 | ) | 13.55 | 0.14 | 39,367 | 0.17 | 0.10 | 2.16 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.44 | 0.26 | 0.94 | 1.20 | (0.37 | ) | (0.09 | ) | (0.46 | ) | 14.18 | 9.04 | 24,246 | 0.18 | 0.10 | 1.88 | 10 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.48 | 0.27 | 1.21 | 1.48 | (0.30 | ) | (0.22 | ) | (0.52 | ) | 13.44 | 12.19 | 10,416 | 0.19 | 0.10 | 2.10 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.25 | 0.21 | (0.42 | ) | (0.21 | ) | (0.29 | ) | (0.27 | ) | (0.56 | ) | 12.48 | (1.45 | ) | 1,779 | 0.21 | 0.10 | 1.67 | 17 | ||||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 13.84 | 0.08 | 2.12 | 2.20 | (0.08 | ) | — | (0.08 | ) | 15.96 | 15.92 | b | 13,348 | 0.22 | c | 0.17 | c | 1.01 | c | 29 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 13.55 | 0.37 | 0.58 | 0.95 | (0.27 | ) | (0.39 | ) | (0.66 | ) | 13.84 | 7.12 | 12,977 | 0.26 | 0.20 | 2.64 | 31 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.18 | 0.28 | (0.29 | ) | (0.01 | ) | (0.36 | ) | (0.26 | ) | (0.62 | ) | 13.55 | 0.09 | 707 | 0.23 | 0.16 | 2.02 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.44 | 0.26 | 0.93 | 1.19 | (0.36 | ) | (0.09 | ) | (0.45 | ) | 14.18 | 8.96 | 163 | 0.26 | 0.18 | 1.86 | 10 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.48 | 0.24 | 1.23 | 1.47 | (0.29 | ) | (0.22 | ) | (0.51 | ) | 13.44 | 12.15 | 161 | 0.23 | 0.14 | 1.85 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 12.88 | 0.08 | — | 0.08 | (0.21 | ) | (0.27 | ) | (0.48 | ) | 12.48 | 0.76 | b | 102 | 0.23 | c | 0.13 | c | 1.44 | c | 17 | ||||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 13.87 | 0.07 | 2.12 | 2.19 | (0.07 | ) | — | (0.07 | ) | 15.99 | 15.85 | b | 643 | 0.30 | c | 0.24 | c | 0.93 | c | 29 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 13.58 | 0.24 | 0.70 | 0.94 | (0.26 | ) | (0.39 | ) | (0.65 | ) | 13.87 | 7.03 | 557 | 0.32 | 0.25 | 1.72 | 31 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.21 | 0.28 | (0.30 | ) | (0.02 | ) | (0.35 | ) | (0.26 | ) | (0.61 | ) | 13.58 | 0.01 | 1,001 | 0.32 | 0.25 | 2.06 | 23 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.47 | 0.21 | 0.96 | 1.17 | (0.34 | ) | (0.09 | ) | (0.43 | ) | 14.21 | 8.79 | 310 | 0.34 | 0.25 | 1.53 | 10 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.48 | 0.23 | 1.24 | 1.47 | (0.26 | ) | (0.22 | ) | (0.48 | ) | 13.47 | 12.10 | 292 | 0.36 | 0.25 | 1.79 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.25 | 0.23 | (0.46 | ) | (0.23 | ) | (0.27 | ) | (0.27 | ) | (0.54 | ) | 12.48 | (1.59 | ) | 250 | 0.36 | 0.25 | 1.81 | 17 | ||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 13.82 | 0.06 | 2.12 | 2.18 | (0.06 | ) | — | (0.06 | ) | 15.94 | 15.85 | b | 111,267 | 0.40 | c | 0.34 | c | 0.83 | c | 29 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 13.53 | 0.25 | 0.68 | 0.93 | (0.25 | ) | (0.39 | ) | (0.64 | ) | 13.82 | 6.95 | 93,587 | 0.41 | 0.35 | 1.81 | 31 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.17 | 0.26 | (0.31 | ) | (0.05 | ) | (0.33 | ) | (0.26 | ) | (0.59 | ) | 13.53 | (0.11 | ) | 92,295 | 0.42 | 0.35 | 1.87 | 23 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.43 | 0.23 | 0.94 | 1.17 | (0.34 | ) | (0.09 | ) | (0.43 | ) | 14.17 | 8.70 | 93,842 | 0.43 | 0.35 | 1.68 | 10 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.46 | 0.22 | 1.23 | 1.45 | (0.26 | ) | (0.22 | ) | (0.48 | ) | 13.43 | 12.00 | 74,577 | 0.44 | 0.35 | 1.69 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.24 | 0.21 | (0.46 | ) | (0.25 | ) | (0.26 | ) | (0.27 | ) | (0.53 | ) | 12.46 | (1.77 | ) | 54,776 | 0.46 | 0.35 | 1.67 | 17 | ||||||||||||||||||||||||||||||||||||||
Retail Class: | 11/30/20 | # | 13.82 | 0.06 | 2.11 | 2.17 | (0.06 | ) | — | (0.06 | ) | 15.93 | 15.76 | b | 372,728 | 0.42 | c | 0.37 | c | 0.81 | c | 29 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 13.52 | 0.27 | 0.67 | 0.94 | (0.25 | ) | (0.39 | ) | (0.64 | ) | 13.82 | 7.01 | 330,823 | 0.43 | 0.37 | 1.95 | 31 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 14.16 | 0.25 | (0.30 | ) | (0.05 | ) | (0.33 | ) | (0.26 | ) | (0.59 | ) | 13.52 | (0.20 | ) | 215,314 | 0.43 | 0.37 | 1.85 | 23 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 13.42 | 0.23 | 0.93 | 1.16 | (0.33 | ) | (0.09 | ) | (0.42 | ) | 14.16 | 8.76 | 213,691 | 0.44 | 0.37 | 1.67 | 10 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 12.46 | 0.21 | 1.23 | 1.44 | (0.26 | ) | (0.22 | ) | (0.48 | ) | 13.42 | 11.90 | 174,595 | 0.47 | 0.37 | 1.64 | 19 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 13.23 | 0.20 | (0.45 | ) | (0.25 | ) | (0.25 | ) | (0.27 | ) | (0.52 | ) | 12.46 | (1.73 | ) | 131,501 | 0.48 | 0.38 | 1.65 | 17 |
48 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 49 |
Financial highlights | continued |
TIAA-CREF Lifestyle Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | e | expenses | e | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||
LIFESTYLE GROWTH FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $14.87 | $0.05 | $ 2.87 | $ 2.92 | $ — | $ — | $ — | $17.79 | 19.64 | %b | $ 38,567 | 0.19 | %c | 0.09 | %c | 0.60 | %c | 34 | %b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 14.66 | 0.28 | 0.78 | 1.06 | (0.28 | ) | (0.57 | ) | (0.85 | ) | 14.87 | 7.18 | 33,985 | 0.21 | 0.10 | 1.87 | 35 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.75 | 0.26 | (0.63 | ) | (0.37 | ) | (0.36 | ) | (0.36 | ) | (0.72 | ) | 14.66 | (2.07 | ) | 33,809 | 0.23 | 0.10 | 1.76 | 29 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.53 | 0.25 | 1.49 | 1.74 | (0.42 | ) | (0.10 | ) | (0.52 | ) | 15.75 | 12.02 | 18,485 | 0.24 | 0.10 | 1.59 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.09 | 0.19 | 1.76 | 1.95 | (0.17 | ) | (0.34 | ) | (0.51 | ) | 14.53 | 15.24 | 4,899 | 0.29 | 0.10 | 1.36 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.19 | 0.20 | (0.64 | ) | (0.44 | ) | (0.25 | ) | (0.41 | ) | (0.66 | ) | 13.09 | (2.96 | ) | 1,887 | 0.29 | 0.10 | 1.55 | 35 | ||||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 14.86 | 0.04 | 2.87 | 2.91 | — | — | — | 17.77 | 19.58 | b | 9,240 | 0.26 | c | 0.17 | c | 0.52 | c | 34 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 14.65 | 0.38 | 0.66 | 1.04 | (0.26 | ) | (0.57 | ) | (0.83 | ) | 14.86 | 7.03 | 8,870 | 0.30 | 0.20 | 2.57 | 35 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.74 | 0.22 | (0.60 | ) | (0.38 | ) | (0.35 | ) | (0.36 | ) | (0.71 | ) | 14.65 | (2.13 | ) | 346 | 0.29 | 0.17 | 1.45 | 29 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.52 | 0.22 | 1.52 | 1.74 | (0.42 | ) | (0.10 | ) | (0.52 | ) | 15.74 | 12.03 | 195 | 0.31 | 0.17 | 1.41 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.09 | 0.22 | 1.72 | 1.94 | (0.17 | ) | (0.34 | ) | (0.51 | ) | 14.52 | 15.12 | 123 | 0.32 | 0.14 | 1.60 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 13.79 | 0.05 | (0.09 | ) | (0.04 | ) | (0.25 | ) | (0.41 | ) | (0.66 | ) | 13.09 | (0.16 | )b | 102 | 0.31 | c | 0.13 | c | 0.87 | c | 35 | ||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 14.87 | 0.04 | 2.86 | 2.90 | — | — | — | 17.77 | 19.50 | b | 1,646 | 0.34 | c | 0.24 | c | 0.45 | c | 34 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 14.65 | 0.25 | 0.79 | 1.04 | (0.25 | ) | (0.57 | ) | (0.82 | ) | 14.87 | 7.02 | 1,356 | 0.36 | 0.25 | 1.64 | 35 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.75 | 0.24 | (0.64 | ) | (0.40 | ) | (0.34 | ) | (0.36 | ) | (0.70 | ) | 14.65 | (2.24 | ) | 1,553 | 0.38 | 0.25 | 1.63 | 29 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.53 | 0.22 | 1.51 | 1.73 | (0.41 | ) | (0.10 | ) | (0.51 | ) | 15.75 | 11.93 | 361 | 0.42 | 0.25 | 1.39 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.07 | 0.20 | 1.72 | 1.92 | (0.12 | ) | (0.34 | ) | (0.46 | ) | 14.53 | 15.01 | 327 | 0.46 | 0.25 | 1.46 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.18 | 0.20 | (0.67 | ) | (0.47 | ) | (0.23 | ) | (0.41 | ) | (0.64 | ) | 13.07 | (3.19 | ) | 267 | 0.44 | 0.25 | 1.47 | 35 | ||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 14.81 | 0.03 | 2.86 | 2.89 | — | — | — | 17.70 | 19.51 | b | 49,605 | 0.43 | c | 0.34 | c | 0.35 | c | 34 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 14.60 | 0.23 | 0.78 | 1.01 | (0.23 | ) | (0.57 | ) | (0.80 | ) | 14.81 | 6.87 | 42,326 | 0.45 | 0.35 | 1.55 | 35 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.69 | 0.23 | (0.64 | ) | (0.41 | ) | (0.32 | ) | (0.36 | ) | (0.68 | ) | 14.60 | (2.34 | ) | 40,228 | 0.47 | 0.35 | 1.52 | 29 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.48 | 0.19 | 1.52 | 1.71 | (0.40 | ) | (0.10 | ) | (0.50 | ) | 15.69 | 11.83 | 45,329 | 0.49 | 0.35 | 1.26 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.06 | 0.18 | 1.72 | 1.90 | (0.14 | ) | (0.34 | ) | (0.48 | ) | 14.48 | 14.86 | 30,614 | 0.54 | 0.35 | 1.33 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.15 | 0.16 | (0.63 | ) | (0.47 | ) | (0.21 | ) | (0.41 | ) | (0.62 | ) | 13.06 | (3.18 | ) | 23,506 | 0.54 | 0.35 | 1.24 | 35 | ||||||||||||||||||||||||||||||||||||||
Retail Class: | 11/30/20 | # | 14.79 | 0.03 | 2.85 | 2.88 | — | — | — | 17.67 | 19.47 | b | 186,054 | 0.47 | c | 0.38 | c | 0.32 | c | 34 | b | |||||||||||||||||||||||||||||||||||||
5/31/20 | 14.58 | 0.27 | 0.74 | 1.01 | (0.23 | ) | (0.57 | ) | (0.80 | ) | 14.79 | 6.85 | 162,347 | 0.48 | 0.38 | 1.79 | 35 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 15.67 | 0.22 | (0.64 | ) | (0.42 | ) | (0.31 | ) | (0.36 | ) | (0.67 | ) | 14.58 | (2.32 | ) | 85,422 | 0.50 | 0.38 | 1.44 | 29 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 14.46 | 0.19 | 1.51 | 1.70 | (0.39 | ) | (0.10 | ) | (0.49 | ) | 15.67 | 11.73 | 89,044 | 0.52 | 0.38 | 1.25 | 18 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.04 | 0.18 | 1.71 | 1.89 | (0.13 | ) | (0.34 | ) | (0.47 | ) | 14.46 | 14.83 | 70,977 | 0.58 | 0.39 | 1.30 | 22 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 14.13 | 0.16 | (0.63 | ) | (0.47 | ) | (0.21 | ) | (0.41 | ) | (0.62 | ) | 13.04 | (3.19 | ) | 52,668 | 0.58 | 0.40 | 1.23 | 35 |
50 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 51 |
Financial highlights | concluded |
TIAA-CREF Lifestyle Funds |
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | and unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | �� | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | |||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | e | expenses | e | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||
LIFESTYLE AGGRESSIVE GROWTH FUND | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $15.55 | $ 0.01 | $ 3.64 | $ 3.65 | $ | — | $ — | $ — | $19.20 | 23.47 | %b | $34,431 | 0.22 | %c | 0.09 | %c | 0.13 | %c | 43 | %b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 15.40 | 0.25 | 0.87 | 1.12 | (0.17 | ) | (0.80 | ) | (0.97 | ) | 15.55 | 7.14 | 26,474 | 0.25 | 0.10 | 1.56 | 33 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.95 | 0.23 | (0.98 | ) | (0.75 | ) | (0.37 | ) | (0.43 | ) | (0.80 | ) | 15.40 | (4.11 | ) | 25,052 | 0.28 | 0.10 | 1.42 | 24 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.28 | 0.18 | 2.12 | 2.30 | (0.44 | ) | (0.19 | ) | (0.63 | ) | 16.95 | 15.14 | 15,252 | 0.30 | 0.10 | 1.09 | 38 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.47 | 0.16 | 2.21 | 2.37 | (0.12 | ) | (0.44 | ) | (0.56 | ) | 15.28 | 18.09 | 4,376 | 0.40 | 0.10 | 1.13 | 20 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.14 | 0.10 | (0.82 | ) | (0.72 | ) | (0.20 | ) | (0.75 | ) | (0.95 | ) | 13.47 | (4.53 | ) | 2,755 | 0.41 | 0.10 | 0.75 | 41 | ||||||||||||||||||||||||||||||||||||||
Advisor Class: | 11/30/20 | # | 15.55 | 0.00 | d | 3.64 | 3.64 | — | — | — | 19.19 | 23.41 | b | 8,103 | 0.30 | c | 0.18 | c | 0.04 | c | 43 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 15.40 | 0.37 | 0.72 | 1.09 | (0.14 | ) | (0.80 | ) | (0.94 | ) | 15.55 | 7.01 | 7,051 | 0.33 | 0.19 | 2.39 | 33 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.94 | 0.18 | (0.93 | ) | (0.75 | ) | (0.36 | ) | (0.43 | ) | (0.79 | ) | 15.40 | (4.10 | ) | 205 | 0.30 | 0.14 | 1.08 | 24 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.28 | 0.19 | 2.09 | 2.28 | (0.43 | ) | (0.19 | ) | (0.62 | ) | 16.94 | 15.04 | 164 | 0.35 | 0.15 | 1.14 | 38 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.47 | 0.18 | 2.19 | 2.37 | (0.12 | ) | (0.44 | ) | (0.56 | ) | 15.28 | 18.07 | 115 | 0.41 | 0.12 | 1.27 | 20 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | ‡ | 14.63 | 0.02 | (0.23 | ) | (0.21 | ) | (0.20 | ) | (0.75 | ) | (0.95 | ) | 13.47 | (1.21 | )b | 102 | 0.43 | c | 0.12 | c | 0.26 | c | 41 | ||||||||||||||||||||||||||||||||||
Premier Class: | 11/30/20 | # | 15.59 | $(0.00 | )d | 3.64 | 3.64 | — | — | — | 19.23 | 23.35 | b | 385 | 0.36 | c | 0.24 | c | (0.02 | )c | 43 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 15.43 | 0.03 | 1.06 | 1.09 | (0.13 | ) | (0.80 | ) | (0.93 | ) | 15.59 | 7.00 | 313 | 0.39 | 0.25 | 0.17 | 33 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.99 | 0.20 | (0.99 | ) | (0.79 | ) | (0.34 | ) | (0.43 | ) | (0.77 | ) | 15.43 | (4.31 | ) | 363 | 0.43 | 0.25 | 1.22 | 24 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.32 | 0.17 | 2.10 | 2.27 | (0.41 | ) | (0.19 | ) | (0.60 | ) | 16.99 | 14.93 | 390 | 0.46 | 0.25 | 1.01 | 38 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.47 | 0.15 | 2.21 | 2.36 | (0.07 | ) | (0.44 | ) | (0.51 | ) | 15.32 | 17.95 | 375 | 0.56 | 0.25 | 1.08 | 20 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.12 | 0.15 | (0.87 | ) | (0.72 | ) | (0.18 | ) | (0.75 | ) | (0.93 | ) | 13.47 | (4.55 | ) | 269 | 0.56 | 0.25 | 1.11 | 41 | ||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 15.49 | (0.01 | ) | 3.62 | 3.61 | — | — | — | 19.10 | 23.31 | b | 52,065 | 0.46 | c | 0.34 | c | (0.12 | )c | 43 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 15.35 | 0.20 | 0.87 | 1.07 | (0.13 | ) | (0.80 | ) | (0.93 | ) | 15.49 | 6.85 | 42,644 | 0.49 | 0.35 | 1.29 | 33 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.89 | 0.18 | (0.96 | ) | (0.78 | ) | (0.33 | ) | (0.43 | ) | (0.76 | ) | 15.35 | (4.33 | ) | 42,107 | 0.52 | 0.35 | 1.09 | 24 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.24 | 0.15 | 2.09 | 2.24 | (0.40 | ) | (0.19 | ) | (0.59 | ) | 16.89 | 14.82 | 46,425 | 0.55 | 0.35 | 0.90 | 38 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.44 | 0.13 | 2.20 | 2.33 | (0.09 | ) | (0.44 | ) | (0.53 | ) | 15.24 | 17.79 | 27,905 | 0.65 | 0.35 | 0.95 | 20 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.10 | 0.11 | (0.86 | ) | (0.75 | ) | (0.16 | ) | (0.75 | ) | (0.91 | ) | 13.44 | (4.77 | ) | 17,752 | 0.66 | 0.35 | 0.81 | 41 | ||||||||||||||||||||||||||||||||||||||
Retail Class: | 11/30/20 | # | 15.46 | (0.01 | ) | 3.61 | 3.60 | — | — | — | 19.06 | 23.29 | b | 99,084 | 0.52 | c | 0.39 | c | (0.17 | )c | 43 | b | ||||||||||||||||||||||||||||||||||||
5/31/20 | 15.33 | 0.24 | 0.82 | 1.06 | (0.13 | ) | (0.80 | ) | (0.93 | ) | 15.46 | 6.80 | 83,795 | 0.54 | 0.40 | 1.56 | 33 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 16.88 | 0.17 | (0.97 | ) | (0.80 | ) | (0.32 | ) | (0.43 | ) | (0.75 | ) | 15.33 | (4.45 | ) | 48,507 | 0.57 | 0.40 | 1.04 | 24 | ||||||||||||||||||||||||||||||||||||||
5/31/18 | 15.22 | 0.14 | 2.10 | 2.24 | (0.39 | ) | (0.19 | ) | (0.58 | ) | 16.88 | 14.84 | 52,360 | 0.60 | 0.41 | 0.85 | 38 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 13.43 | 0.13 | 2.18 | 2.31 | (0.08 | ) | (0.44 | ) | (0.52 | ) | 15.22 | 17.64 | 35,262 | 0.72 | 0.42 | 0.91 | 20 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 15.08 | 0.10 | (0.85 | ) | (0.75 | ) | (0.15 | ) | (0.75 | ) | (0.90 | ) | 13.43 | (4.78 | ) | 24,905 | 0.74 | 0.43 | 0.76 | 41 |
# | Unaudited |
‡ | The Advisor Class commenced operations on December 4, 2015. |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
e | The Fund’s expenses do not include the expenses of the Underlying Funds. |
j | Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. |
52 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds | See notes to financial statements | See notes to financial statements | TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 53 |
Notes to financial statements (unaudited)
TIAA-CREF Lifestyle Funds
Note 1—organization
The Lifestyle Funds (collectively the “Funds,” each individually referred to as a “Fund”) are a sub-family of mutual funds offered by the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Funds.
The Funds offer their shares, without a sales load, through their principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
Each Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Funds offer Institutional Class, Advisor Class, Premier Class, Retirement Class and Retail Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—-Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as
54 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions.
Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of a Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Trustee compensation: The Funds pay the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Funds until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statements of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statements of operations.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Fund reorganizations: During the prior fiscal period, the Funds’ Board approved the following Fund reorganizations (each the “Reorganization” and collectively, the “Reorganizations”).
The following Reorganizations were effective at the close of business on October 18, 2019:
Target Fund | Acquiring Fund | |
Nuveen Strategy Conservative Allocation Fund | à | TIAA-CREF Lifestyle Conservative Fund |
Nuveen Strategy Balanced Allocation Fund | à | TIAA-CREF Lifestyle Moderate Fund |
Nuveen Strategy Growth Allocation Fund | à | TIAA-CREF Lifestyle Growth Fund |
Nuveen Strategy Aggressive Growth Allocation Fund | à | TIAA-CREF Lifestyle Aggressive Growth Fund |
Upon the closing of a Reorganization, the Target Funds transferred all of their assets and liabilities to the Acquiring Funds in exchange for Acquiring Fund shares of equal
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 55 |
Notes to financial statements (unaudited)
value. Shares of the Acquiring Funds were then distributed to shareholders of the Target Funds and the Target Funds were terminated. As a result of a Reorganization, shareholders of the Target Funds became shareholders of the Acquiring Funds. The shareholders of the Target Funds received Acquiring Fund shares with a total value equal to the total value of their Target Fund shares immediately prior to the closing of the Reorganization. For accounting and performance reporting purposes, each Acquiring Fund is the survivor.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
Note 3—valuation of investments
The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
• | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
• | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
• | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
56 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
As of November 30, 2020, all of the investments in the Funds were valued based on Level 1 inputs.
Note 4—investments
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for all of the Funds for the period ended November 30, 2020 were as follows (dollar amounts are in thousands):
Fund | Non-U.S. government purchases | Non-U.S. government sales | ||||||
Lifestyle Income | $ | 19,105 | $ | 11,493 | ||||
Lifestyle Conservative | 76,104 | 67,633 | ||||||
Lifestyle Moderate | 154,400 | 157,268 | ||||||
Lifestyle Growth | 88,685 | 98,819 | ||||||
Lifestyle Aggressive Growth | 75,738 | 78,923 |
Note 5—income tax and other tax matters
Income taxes: Each Fund is treated separately for income tax purposes. The Funds intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that they distribute all taxable income each year and comply with various other Code requirements. The Funds file income tax returns in U.S. federal and applicable state and local jurisdictions. A fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Funds’ tax positions taken for all open federal income tax years and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to a Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Net unrealized appreciation (depreciation): At November 30, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):
Fund | Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation) | Net unrealized appreciation (depreciation) | ||||||||||||
Lifestyle Income | $ | 86,024 | $ | 7,226 | $ | (1,228 | ) | $ | 5,998 | |||||||
Lifestyle Conservative | 301,035 | 38,994 | (5,451 | ) | 33,543 | |||||||||||
Lifestyle Moderate | 486,126 | 85,275 | (9,354 | ) | 75,921 | |||||||||||
Lifestyle Growth | 241,160 | 49,399 | (5,771 | ) | 43,628 | |||||||||||
Lifestyle Aggressive Growth | 160,826 | 37,954 | (4,724 | ) | 33,230 |
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 57 |
Notes to financial statements (unaudited)
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended May 31, 2020 was as follows:
Fund | Ordinary income | Long-term capital gains | Total | |||||||||
Lifestyle Income | $ | 1,695,266 | $ | 864,379 | $ | 2,559,645 | ||||||
Lifestyle Conservative | 4,471,869 | 4,474,638 | 8,946,507 | |||||||||
Lifestyle Moderate | 8,440,472 | 10,166,232 | 18,606,704 | |||||||||
Lifestyle Growth | 3,823,626 | 6,255,752 | 10,079,378 | |||||||||
Lifestyle Aggressive Growth | 1,444,218 | 5,949,108 | 7,393,326 |
The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.
Note 6—investment adviser and other transactions with affiliates
Under the terms of its Investment Management Agreement, each Fund pays Advisors a monthly fee based on the annual rate of 0.10% of the Fund’s average daily net assets for the management of the Fund’s investment portfolio. The Funds have entered into an Administrative Service Agreement with Advisors under which the Funds pay Advisors for its costs in providing certain administrative and compliance services to the Funds.
Under the terms of a Retirement Class Service Agreement with respect to each Fund, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of a Fund’s average daily net assets attributable to Retirement Class shares of a Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially, all of the Retirement Class shareholder servicing fees reported on the Statements of operations are paid to Advisors under the Service Agreement.
Under the terms of a distribution Rule 12b-1 plan, the Retail Class of each Fund compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class. The Premier Class of each Fund is subject to a distribution Rule 12b-1 plan that compensates Nuveen Securities for providing distribution, promotional and/or shareholder services to the Premier Class of the Fund at the annual rate of 0.15% of the average daily net assets attributable to the Fund’s Premier Class.
Advisors has agreed to reimburse each Fund if its total expense ratio (excluding interest, taxes, brokerage commissions or other transactional expenses, acquired
58 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
fund fees and expenses and extraordinary expenses) exceeds certain percentages. As of September 30, 2020, the maximum expense amounts (after waivers and reimbursements) are equal to the following noted annual percentage of average daily net assets for each class:
Investment | Maximum expense amounts‡ | |||||||||||||||||||||||
management | Institutional | Advisor | Premier | Retirement | Retail | |||||||||||||||||||
Fund | fee | Class | Class | Class | Class | Class | ||||||||||||||||||
Lifestyle Income | 0.010 | %a | 0.094 | %a | 0.244 | %a | 0.244 | %a | 0.344 | %a | 0.484 | %a | ||||||||||||
Lifestyle Conservative | 0.010 | a | 0.094 | a | 0.244 | a | 0.244 | a | 0.335 | a | 0.484 | a | ||||||||||||
Lifestyle Moderate | 0.010 | b | 0.084 | b | 0.234 | b | 0.234 | b | 0.334 | b | 0.474 | b | ||||||||||||
Lifestyle Growth | 0.010 | b | 0.084 | b | 0.234 | b | 0.234 | b | 0.334 | b | 0.474 | b | ||||||||||||
Lifestyle Aggressive Growth | 0.010 | c | 0.074 | c | 0.224 | c | 0.224 | c | 0.324 | c | 0.464 | c |
‡ | Maximum expense amounts reflect all expenses excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses and extraordinary expenses. The expense reimbursement arrangements will continue through at least April 30, 2021. The reimbursement arrangements can only be changed with the approval of the Board of Trustees. |
a | Effective September 30, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Lifestyle Income Fund and the Lifestyle Conservative Fund. The investment management fee after the waiver is 0.094% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to September 30, 2020, the expense caps were 0.10% for Institutional Class, 0.25% for the Advisor Class, 0.25% for Premier Class, 0.335% for the Retirement Class, and 0.49% for the Retail Class. |
b | Effective September 30, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Lifestyle Moderate Fund and the Lifestyle Growth Fund. The investment management fee after the waiver is 0.084% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to September 30, 2020, the expense caps were 0.10% for Institutional Class, 0.25% for the Advisor Class, 0.25% for Premier Class, 0.335% for the Retirement Class, and 0.49% for the Retail Class. |
c | Effective September 30, 2020, Advisors agreed to voluntarily waive a portion of the investment management fee for the Lifestyle Aggressive Growth Fund. The investment management fee after the waiver is 0.074% of daily average net assets. This waiver is voluntary in nature and can be discontinued at any time without prior notice to shareholders upon Board approval. Prior to September 30, 2020, the expense caps were 0.10% for Institutional Class, 0.25% for the Advisor Class, 0.25% for Premier Class, 0.335% for the Retirement Class, and 0.49% for the Retail Class. |
The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board, pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions. For the period ended November 30, 2020, the Funds did not engage in security transactions with affiliated entities.
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 59 |
Notes to financial statements (unaudited)
Investments in other investment companies advised by Advisors and Nuveen Fund Advisors LLC are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifestyle Income Fund | �� | |||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 458 | $ | 1,303 | $ | 127 | $ | (23 | ) | $ | 170 | $ | 6 | $ | 1,781 | |||||||||||||
International Growth | — | 1,025 | 44 | — | ^ | 52 | — | 1,033 | ||||||||||||||||||||
Santa Barbara Dividend | — | 1,544 | 45 | (1 | ) | 69 | — | ^ | 1,567 | |||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 15,778 | 2,525 | 518 | 3 | 462 | 188 | 18,250 | |||||||||||||||||||||
Core Plus Bond | 15,778 | 2,356 | 478 | 2 | 602 | 224 | 18,260 | |||||||||||||||||||||
Emerging Markets Equity | 904 | 71 | 456 | 83 | 221 | — | 823 | |||||||||||||||||||||
Growth & Income | 2,585 | 178 | 1,171 | 229 | 286 | 13 | 2,107 | |||||||||||||||||||||
International Equity | 1,321 | 426 | 415 | 48 | 297 | — | 1,677 | |||||||||||||||||||||
International Opportunities | 965 | 344 | 317 | 86 | 183 | — | 1,261 | |||||||||||||||||||||
Large-Cap Growth | 3,262 | 188 | 1,767 | 644 | 64 | — | 2,391 | |||||||||||||||||||||
Large-Cap Growth Index | — | 1,762 | 54 | — | ^ | 73 | — | 1,781 | ||||||||||||||||||||
Large-Cap Value | 2,427 | 596 | 1,222 | 64 | 391 | — | 2,256 | |||||||||||||||||||||
Quant International Equity | 1,035 | 52 | 982 | (6 | ) | 112 | — | 211 | ||||||||||||||||||||
Quant International Small-Cap Equity | 632 | 110 | 120 | (8 | ) | 143 | — | 757 | ||||||||||||||||||||
Quant Large-Cap Growth | 1,439 | 20 | 1,474 | 398 | (152 | ) | — | 231 | ||||||||||||||||||||
Quant Large-Cap Value | 457 | 97 | 496 | (46 | ) | 98 | — | 110 | ||||||||||||||||||||
Quant Small-Cap Equity | 277 | 291 | 123 | 3 | 113 | — | 561 | |||||||||||||||||||||
Quant Small/Mid-Cap Equity | 435 | 171 | 100 | 5 | 120 | — | 631 | |||||||||||||||||||||
Short-Term Bond | 31,496 | 5,674 | 1,211 | 1 | 374 | 285 | 36,334 | |||||||||||||||||||||
$ | 79,249 | $ | 18,733 | $ | 11,120 | $ | 1,482 | $ | 3,678 | $ | 716 | $ | 92,022 |
60 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Notes to financial statements (unaudited) | continued |
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifestyle Conservative Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 3,377 | $ | 8,973 | $ | 589 | $ | (111 | ) | $ | 1,173 | $ | 44 | $ | 12,823 | |||||||||||||
International Growth | — | 7,290 | 228 | — | ^ | 375 | — | 7,437 | ||||||||||||||||||||
Santa Barbara Dividend | — | 10,970 | 193 | (3 | ) | 498 | — | ^ | 11,272 | |||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Bond | 29,124 | 4,169 | 1,311 | 4 | 840 | 346 | 32,826 | |||||||||||||||||||||
Core Plus Bond | 87,431 | 11,119 | 3,295 | 3 | 3,300 | 1,235 | 98,558 | |||||||||||||||||||||
Emerging Markets Equity | 6,576 | 164 | 3,019 | 478 | 1,710 | — | 5,909 | |||||||||||||||||||||
Growth & Income | 19,090 | 419 | 8,140 | 1,167 | 2,610 | 96 | 15,146 | |||||||||||||||||||||
International Equity | 9,455 | 2,289 | 2,133 | 136 | 2,314 | — | 12,061 | |||||||||||||||||||||
International Opportunities | 7,518 | 1,413 | 1,979 | 424 | 1,659 | — | 9,035 | |||||||||||||||||||||
Large-Cap Growth | 23,986 | 577 | 12,578 | 3,859 | 1,335 | — | 17,179 | |||||||||||||||||||||
Large-Cap Growth Index | — | 12,525 | 236 | 2 | 522 | — | 12,813 | |||||||||||||||||||||
Large-Cap Value | 17,925 | 3,497 | 8,522 | (118 | ) | 3,429 | — | 16,211 | ||||||||||||||||||||
Quant International Equity | 7,618 | 153 | 7,032 | (10 | ) | 782 | — | 1,511 | ||||||||||||||||||||
Quant International Small-Cap Equity | 4,666 | 316 | 528 | (54 | ) | 1,037 | — | 5,437 | ||||||||||||||||||||
Quant Large-Cap Growth | 10,104 | 2 | 10,181 | 2,687 | (958 | ) | — | 1,654 | ||||||||||||||||||||
Quant Large-Cap Value | 3,382 | 619 | 3,594 | (317 | ) | 695 | — | 785 | ||||||||||||||||||||
Quant Small-Cap Equity | 2,544 | 1,346 | 751 | 18 | 871 | — | 4,028 | |||||||||||||||||||||
Quant Small/Mid-Cap Equity | 3,216 | 971 | 558 | (20 | ) | 935 | — | 4,544 | ||||||||||||||||||||
Short-Term Bond | 58,136 | 9,292 | 2,766 | 2 | 685 | 525 | 65,349 | |||||||||||||||||||||
$ | 294,148 | $ | 76,104 | $ | 67,633 | $ | 8,147 | $ | 23,812 | $ | 2,246 | $ | 334,578 |
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 61 |
Notes to financial statements (unaudited)
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifestyle Moderate Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 8,410 | $ | 21,933 | $ | 1,018 | $ | (212 | ) | $ | 2,854 | $ | 111 | $ | 31,967 | |||||||||||||
International Growth | — | 17,960 | 345 | — | ^ | 931 | — | 18,546 | ||||||||||||||||||||
Santa Barbara Dividend | — | 27,019 | 139 | (2 | ) | 1,230 | — | ^ | 28,108 | |||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Plus Bond | 193,091 | 31,520 | 13,510 | 97 | 7,204 | 2,752 | 218,402 | |||||||||||||||||||||
Emerging Markets Equity | 16,270 | 707 | 7,693 | 1,056 | 4,372 | — | 14,712 | |||||||||||||||||||||
Growth & Income | 47,494 | 983 | 20,179 | 2,408 | 7,036 | 243 | 37,742 | |||||||||||||||||||||
International Equity | 23,354 | 4,774 | 4,114 | 95 | 5,956 | — | 30,065 | |||||||||||||||||||||
International Opportunities | 18,995 | 2,120 | 3,817 | 792 | 4,505 | — | 22,595 | |||||||||||||||||||||
Large-Cap Growth | 59,606 | 941 | 30,760 | 8,913 | 4,093 | — | 42,793 | |||||||||||||||||||||
Large-Cap Growth Index | — | 30,851 | 202 | 2 | 1,294 | — | 31,945 | |||||||||||||||||||||
Large-Cap Value | 44,509 | 8,675 | 21,082 | (566 | ) | 8,851 | — | 40,387 | ||||||||||||||||||||
Quant International Equity | 18,924 | 285 | 17,385 | 62 | 1,868 | — | 3,754 | |||||||||||||||||||||
Quant International Small-Cap Equity | 11,587 | 656 | 1,105 | (97 | ) | 2,556 | — | 13,597 | ||||||||||||||||||||
Quant Large-Cap Growth | 24,196 | 24 | 24,362 | 6,690 | (2,437 | ) | — | 4,111 | ||||||||||||||||||||
Quant Large-Cap Value | 8,402 | 1,610 | 9,016 | (776 | ) | 1,724 | — | 1,944 | ||||||||||||||||||||
Quant Small-Cap Equity | 7,056 | 2,261 | 1,557 | 90 | 2,192 | — | 10,042 | |||||||||||||||||||||
Quant Small/Mid-Cap Equity | 7,957 | 2,082 | 985 | (42 | ) | 2,325 | — | 11,337 | ||||||||||||||||||||
$ | 489,851 | $ | 154,401 | $ | 157,269 | $ | 18,510 | $ | 56,554 | $ | 3,106 | $ | 562,047 |
62 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
continued
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifestyle Growth Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 5,648 | $ | 14,342 | $ | 330 | $ | (86 | ) | $ | 1,833 | $ | 75 | $ | 21,407 | |||||||||||||
International Growth | — | 11,890 | 91 | — | ^ | 615 | — | 12,414 | ||||||||||||||||||||
Santa Barbara Dividend | — | 18,004 | — | — | 812 | — | ^ | 18,816 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Plus Bond | 48,728 | 9,321 | 5,005 | 50 | 1,777 | 688 | 54,871 | |||||||||||||||||||||
Emerging Markets Equity | 10,903 | 484 | 5,155 | 670 | 2,937 | — | 9,839 | |||||||||||||||||||||
Growth & Income | 31,905 | 290 | 13,198 | 1,427 | 4,833 | 162 | 25,257 | |||||||||||||||||||||
International Equity | 15,626 | 3,097 | 2,598 | (62 | ) | 4,061 | — | 20,124 | ||||||||||||||||||||
International Opportunities | 12,822 | 1,261 | 2,553 | 482 | 3,080 | — | 15,092 | |||||||||||||||||||||
Large-Cap Growth | 40,044 | 133 | 20,169 | 5,776 | 2,848 | — | 28,632 | |||||||||||||||||||||
Large-Cap Growth Index | — | 20,534 | 9 | — | 857 | — | 21,382 | |||||||||||||||||||||
Large-Cap Value | 29,945 | 5,303 | 13,710 | (521 | ) | 6,003 | — | 27,020 | ||||||||||||||||||||
Quant International Equity | 12,722 | 287 | 11,781 | (43 | ) | 1,325 | — | 2,510 | ||||||||||||||||||||
Quant International Small-Cap Equity | 7,781 | 296 | 650 | (74 | ) | 1,713 | — | 9,066 | ||||||||||||||||||||
Quant Large-Cap Growth | 15,916 | — | 15,965 | 4,305 | (1,508 | ) | — | 2,748 | ||||||||||||||||||||
Quant Large-Cap Value | 5,641 | 1,028 | 5,996 | (531 | ) | 1,157 | — | 1,299 | ||||||||||||||||||||
Quant Small-Cap Equity | 5,106 | 1,148 | 1,063 | 2 | 1,529 | — | 6,722 | |||||||||||||||||||||
Quant Small/Mid-Cap Equity | 5,355 | 1,267 | 546 | (45 | ) | 1,558 | — | 7,589 | ||||||||||||||||||||
$ | 248,142 | $ | 88,685 | $ | 98,819 | $ | 11,350 | $ | 35,430 | $ | 925 | $ | 284,788 |
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 63 |
Notes to financial statements (unaudited)
Issue | Value at 5/31/20 | Purchases cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Lifestyle Aggressive Growth Fund | ||||||||||||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 4,512 | $ | 12,329 | $ | 137 | $ | (35 | ) | $ | 1,397 | $ | 61 | $ | 18,066 | |||||||||||||
International Growth | — | 10,747 | 821 | (2 | ) | 552 | — | 10,476 | ||||||||||||||||||||
Santa Barbara Dividend | — | 15,276 | — | — | 612 | — | ^ | 15,888 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Emerging Markets Equity | 8,745 | 686 | 4,150 | 587 | 2,431 | — | 8,299 | |||||||||||||||||||||
Growth & Income | 25,617 | 1,089 | 10,515 | 1,066 | 4,048 | 133 | 21,305 | |||||||||||||||||||||
International Equity | 12,476 | 4,404 | 3,279 | (49 | ) | 3,428 | — | 16,980 | ||||||||||||||||||||
International Opportunities | 10,368 | 2,447 | 3,033 | 529 | 2,472 | — | 12,783 | |||||||||||||||||||||
Large-Cap Growth | 32,212 | 1,056 | 16,161 | 3,941 | 3,092 | — | 24,140 | |||||||||||||||||||||
Large-Cap Growth Index | — | 17,371 | — | — | 677 | — | 18,048 | |||||||||||||||||||||
Large-Cap Value | 24,073 | 5,343 | 11,118 | (688 | ) | 5,178 | — | 22,788 | ||||||||||||||||||||
Quant International Equity | 10,253 | 545 | 9,750 | (69 | ) | 1,136 | — | 2,115 | ||||||||||||||||||||
Quant International Small-Cap Equity | 6,284 | 1,250 | 1,223 | (193 | ) | 1,566 | — | 7,684 | ||||||||||||||||||||
Quant Large-Cap Growth | 12,667 | 78 | 12,705 | 3,509 | (1,236 | ) | — | 2,313 | ||||||||||||||||||||
Quant Large-Cap Value | 4,526 | 913 | 4,875 | (269 | ) | 799 | — | 1,094 | ||||||||||||||||||||
Quant Small-Cap Equity | 4,236 | 1,050 | 871 | (31 | ) | 1,286 | — | 5,670 | ||||||||||||||||||||
Quant Small/Mid-Cap Equity | 4,313 | 1,153 | 285 | (29 | ) | 1,255 | — | 6,407 | ||||||||||||||||||||
$ | 160,282 | $ | 75,737 | $ | 78,923 | $ | 8,267 | $ | 28,693 | $ | 194 | $ | 194,056 |
^ | Some amounts represent less than $1,000. |
Note 7—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, the Funds may participate in an inter-fund lending program. This program allows the Funds to lend cash to and/or borrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that no Fund may borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended November 30, 2020, there were no inter-fund borrowing or lending transactions.
Note 8—line of credit
The Funds participate in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an
64 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
concluded
affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Funds are not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2020, there were no borrowings under this credit facility by the Funds.
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 65 |
Additional information about index providers (unaudited)
Russell Indexes
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
MSCI Indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Bloomberg Barclays Indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
66 | 2020 Semiannual Report ■ TIAA-CREF Lifestyle Funds |
Additional information about index providers (unaudited)
Morningstar Index
©2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
TIAA-CREF Lifestyle Funds ■ 2020 Semiannual Report | 67 |
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Websites
TIAA.org
nuveen.com
Automated telephone service
800-842-2252
24 hours a day, 7 days a week
For the hearing- or speech-impaired
800-842-2755
8 a.m. to 10 p.m. (ET), Monday–Friday
You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional, Advisor, Premier and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
©2021 Teachers Insurance and Annuity Association of America—College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017-3206
730 Third Avenue New York, NY 10017-3206 | PRESORTED STANDARD U.S. POSTAGE PAID TIAA |
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1415994 | A13443 (1/21) |
730 Third Avenue New York, NY 10017-3206 |
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TIAA-CREF Funds | November 30, 2020 |
TIAA-CREF
Managed Allocation Fund
The semiannual report contains the financial statements (unaudited).
Fund name | Institutional Class | Retirement Class | Retail Class |
Managed Allocation Fund | TIMIX | TITRX | TIMRX |
Semiannual
Report
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the TIAA-CREF Funds’ (the “Funds”) annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, they will be made available on TIAA’s website, TIAA.org, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by either updating your account settings at TIAA.org/eDelivery, if you invest in the Funds directly or hold your Fund shares through a TIAA-affiliated financial intermediary, account or retirement plan (each, a “TIAA Account”), or by contacting your financial intermediary (such as a broker/dealer or bank) through which you hold Fund shares.
If you invest directly with the Funds or through a TIAA Account, you may elect to continue to receive all future shareholder reports in paper free of charge by updating your account settings at TIAA.org/eDelivery or by calling 800-842-2252 during regular business hours. If you invest through another financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with the fund complex if you invest directly with the Funds or through a TIAA Account, or to all funds held through your financial intermediary.
Contents
This semiannual report contains information about the Managed Allocation Fund and describes the Fund’s results for the six months ended November 30, 2020. The report contains four main sections:
• | A letter from Brad Finkle, Chief Operating Officer, Nuveen; President of the TIAA-CREF Funds and TIAA-CREF Life Funds. |
• | The Fund performance section compares the Fund’s investment returns with those of its composite benchmark and broad market index. |
• | The portfolio of investments lists the underlying funds in which the Fund had investments as of November 30, 2020. |
• | The financial statements provide detailed information about the operations and financial condition of the Fund. |
The views and opinions expressed in this report are through the end of the period, as stated on the cover of this report. They are subject to change at any time based on a variety of factors. As such, they are not guarantees of future performance or investment results and should not be taken as investment advice. To see the risks of investing in the Fund, please read the latest prospectus.
As always, you should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other important information, please visit our website at TIAA.org, or call 800-842-2252 for the Institutional and Retirement classes or 800-223-1200 for the Retail Class. We urge you to read the prospectus carefully before investing.
TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 3 |
Global financial markets produced positive results for the six months ended November 30, 2020, as the economic implications of the COVID-19 pandemic moderated. U.S. equities posted double-digit gains amid a sharp recovery in economic growth during the period. Foreign stocks also soared, with emerging markets faring better than both international developed markets and domestic equities. U.S. fixed-income securities advanced more modestly as U.S. Treasury yields rose across longer-term maturities (bond prices move in the opposite direction of yields). These market conditions were reflected in the performance of the TIAA-CREF Managed Allocation Fund by way of its investments in various asset classes through underlying funds.
• | The Fund’s Institutional Class gained 16.0%, outperforming the 14.3% return of its composite benchmark. |
• | Relative outperformance of the Fund’s underlying funds, particularly within international equity, contributed to its result. |
• | This result continued to support the solid performance of the TIAA-CREF Managed Allocation Fund over longer periods of time. |
U.S. and international equities recorded double-digit gains
U.S. equities advanced substantially for the six months as many businesses and restaurants resumed operations with the gradual easing of COVID-19 restrictions. The broad domestic stock market, as represented by the Russell 3000® Index, gained 22.6%. The U.S. economy contracted sharply in the second quarter of 2020 but expanded considerably during the third quarter. The Federal Reserve maintained the federal funds target rate at 0.00%–0.25%, after having reduced the key short-term interest-rate measure twice in March 2020.
International stocks surpassed their U.S. counterparts. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 26 emerging-markets countries, returned 23.7% in U.S.-dollar terms. As in the United States, economies in the 19-nation euro area contracted substantially in the second quarter of 2020 and then recovered with strong growth during the third quarter of the year. Foreign central banks responded with supportive monetary actions.
U.S. investment-grade bonds advanced as interest rates remained at historically low levels. The domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, gained 1.8% for the period.
4 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Brad Finkle
Turning the page to a new year
To say that 2020 was a challenging year would be a tremendous understatement. The COVID-19 pandemic caused dramatic lifestyle changes as people and governments struggled to cope with the crisis. For investors, the economic and market turmoil that accompanied the pandemic added yet another layer of concern. However, as swiftly as the markets fell in a cascade of worry, they rose again as conditions improved and optimism returned.
Since risk and uncertainty are ever-present factors in investing, we believe that adhering to a long-term financial plan and staying invested in a diversified portfolio that includes multiple asset classes are wise investment approaches. The TIAA-CREF Managed Allocation Fund uses a dynamic diversification strategy designed to help mitigate the effects of market volatility and keep you on track to achieve your financial goals. Of course, diversification does not guarantee against market losses, and past performance cannot guarantee future results.
As we welcome 2021, we thank you again for trusting us to manage your investments through the TIAA-CREF Managed Allocation Fund. If you have any questions or concerns, please consult your financial advisor or call a TIAA financial consultant at 800-842-2252. You can also reach us online by visiting TIAA.org. We always stand ready to assist you.
/s/ Brad Finkle
Brad Finkle
Chief Operating Officer, Nuveen
President of the TIAA-CREF Funds and TIAA-CREF Life Funds
TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 5 |
Portfolio holdings
The complete portfolio of investments for the Managed Allocation Fund appears on page 13 of this report. You can obtain a complete list of the holdings of the Managed Allocation Fund and of the underlying TIAA-CREF Funds in which the Managed Allocation Fund invests as of the most recently completed fiscal quarter in the following ways:
• | By visiting our website at TIAA.org; or |
• | By calling us at 800-842-2252 to request a copy, which will be provided free of charge. |
You can also obtain a complete list of the Managed Allocation Fund’s portfolio holdings as of the most recently completed fiscal quarter, and for prior quarter-ends, from our Securities and Exchange Commission (SEC) Form N-CSR and Form N-PORT filings. Form N-CSR filings are as of May 31 or November 30; Form N-PORT filings are as of the last day of February or August 31. Copies of these forms are available:
• | Through the Electronic Data Gathering and Retrieval System (EDGAR) on the SEC’s website at sec.gov; or |
• | From the SEC’s Office of Investor Education and Advocacy. |
Call 202-551-8090 for more information. |
Proxy voting
A description of our proxy voting policies and procedures for the underlying TIAA-CREF Funds of the Managed Allocation Fund can be found on our website at TIAA.org or on the SEC’s website at sec.gov. You can also call us at 800-842-2252 to request a free copy. A report of how the Managed Allocation Fund’s underlying TIAA-CREF Funds voted during the most recently completed twelve-month period ended June 30 can be found on our website or on Form N-PX at sec.gov.
Contacting TIAA
There are three easy ways to contact us: by email, using the Contact Us link at the top of our home page; by mail at TIAA, 730 Third Avenue, New York, NY 10017-3206; or by phone at 800-842-2252.
Fund management
The Managed Allocation Fund is managed by a portfolio management team of Teachers Advisors, LLC. The members of this team are responsible for the day-to-day investment management of the Fund.
6 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Composite benchmark
The Managed Allocation Fund uses a composite benchmark that combines the following public indexes in proportions that reflect the Fund's target market sector allocations:
• | The Russell 3000® Index (U.S. equity) measures the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. |
• | The MSCI ACWI ex USA Investable Market Index (IMI) (international equity) measures the performance of large-, mid- and small-cap equities across 22 of 23 developed-markets countries (excluding the United States) and 26 emerging-markets countries. The index is a free-float-adjusted market capitalization index that covers approximately 99% of the global equity opportunity set outside the United States. |
• | The Bloomberg Barclays U.S. Aggregate Bond Index (fixed income) measures the performance of the domestic investment-grade fixed-rate bond market, including government and corporate securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-backed securities. |
Broad market index
The returns shown against the broad-based securities market index compare the Fund’s average annual returns with a broad measure of market performance. The Morningstar Moderate Target Risk Index is an asset allocation index comprised of constituent Morningstar indexes and reflects global equity market exposure of 60% based on an asset allocation methodology from Ibbotson Associates, a Morningstar company. The returns of the Morningstar Moderate Target Risk Index reflect multi-asset class exposure and a similar risk profile as the Fund.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses. For additional details about the benchmark index, please read the Fund’s latest prospectus.
Russell 3000 is a trademark and service mark of Frank Russell Company. TIAA products are not promoted or sponsored by, or affiliated with, Frank Russell Company. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. This report is not approved, reviewed or produced by MSCI.
TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 7 |
Important information about expenses
All shareholders of the TIAA-CREF Funds incur ongoing costs, including management fees and other fund expenses. They may also incur transactional costs for redemptions or account maintenance fees.
The expense example that appears in this report is intended to help you understand your ongoing costs only (in U.S. dollars) and does not reflect transactional costs. The example is designed to help you compare these ongoing costs with the ongoing costs of investing in other mutual funds.
The expenses shown do not include redemption fees or account maintenance fees, which may or may not be applicable, as described in the prospectus. If such fees were included, your total costs for investing in the Fund would be higher. Note also that shareholders of the TIAA-CREF Funds do not incur a sales charge for purchases, reinvested dividends or other distributions.
The example is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (June 1, 2020–November 30, 2020).
Actual expenses
The first line of the two lines listed for each share class in the table uses that class’ actual expenses and its actual rate of return. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six-month period.
Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses paid during period” to estimate the expenses you paid during the six-month period. The fund has a contractual fee reimbursement. Had it not been in effect, fund expenses would have been higher.
Hypothetical example for comparison purposes
The second line in each share class’ entry shows hypothetical account values and expenses based on the share class’ actual expense ratio for the six-month period and an assumed 5%-per-year rate of return before expenses. This was not the share class’ actual return.
This hypothetical example cannot be used to estimate the actual expenses you paid for the period, but rather allows you to compare the ongoing costs of investing in the Fund with the costs of other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
8 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Important information about expenses
Expense example
Six months ended November 30, 2020
Managed Allocation Fund | Beginning account value (6/1/20 | ) | Ending account value (11/30/20 | ) | Expenses paid during period (6/1/20–11/30/20 | * ) | Effective expenses paid during period (6/1/20–11/30/20 | † ) | ||||||||
Actual return | ||||||||||||||||
Institutional Class | $1,000.00 | $1,160.45 | $0.00 | $2.33 | ||||||||||||
Retirement Class | 1,000.00 | 1,158.34 | 1.35 | 3.68 | ||||||||||||
Retail Class | 1,000.00 | 1,158.51 | 1.35 | 3.68 | ||||||||||||
5% annual hypothetical return | ||||||||||||||||
Institutional Class | 1,000.00 | 1,025.07 | 0.00 | 2.18 | ||||||||||||
Retirement Class | 1,000.00 | 1,023.82 | 1.27 | 3.45 | ||||||||||||
Retail Class | 1,000.00 | 1,023.82 | 1.27 | 3.45 |
* | “Expenses paid during period” is based on the Fund’s actual expense ratio for the most recent fiscal half-year, multiplied by the average account value over the six-month period, multiplied by 183/365. There were 183 days in the six months ended November 30, 2020. The Fund’s annualized six-month expense ratios for that period were 0.00% for the Institutional Class, 0.25% for the Retirement Class and 0.25% for the Retail Class. The expense charges of one or more of the Fund’s share classes may reflect a waiver and/or reimbursement. Please see the prospectus for an explanation, including the date on which this reimbursement is scheduled to end. Without such waiver and/or reimbursement, the expenses of the affected share classes would be higher and their performance lower. |
† | “Effective expenses paid during period” is based on the Fund’s total expense ratio for the most recent fiscal half-year, which includes the Fund’s own expense ratio plus its pro rata share of its underlying funds’ expenses (which the Fund bears through its investment in the underlying funds). For the six-month period, the total annualized weighted average expense ratio was 0.43% for the Institutional Class, 0.68% for the Retirement Class and 0.68% for the Retail Class. |
TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 9 |
Performance for the six months ended November 30, 2020
The Managed Allocation Fund returned 16.04% for the Institutional Class, compared with the 14.27% return of its benchmark, the Managed Allocation Fund Composite Index. For the one-year period ended November 30, 2020, the Fund returned 14.11%, versus 13.46% for the index. The performance table shows returns for all share classes of the Fund.
Stocks and bonds advanced amid economic rebound
U.S. markets posted healthy gains for the period as the economic implications of the COVID-19 pandemic diminished. Real gross domestic product (GDP), which measures the value of all goods and services produced in the United States, contracted at an annualized rate of 31.4% during the second quarter of 2020. GDP recovered dramatically during the third quarter, however, expanding at an annualized rate of 33.1%, according to the government’s “second” estimate. The unemployment rate, which began the period in double digits, eased over the six months to 6.7% in November. Core inflation, which includes all items except food and energy, rose to 1.6% over the twelve months ended November 30, 2020. Oil prices climbed higher over the period.
The Federal Reserve left the federal funds target rate unchanged throughout the period, maintaining the key short-term interest-rate measure at 0.00%–0.25%. Policymakers said they do not intend to raise the rate without ongoing signs of solid economic recovery.
Domestic and international equities generated strong gains for the period. The Russell 3000® Index, a broad measure of the U.S. stock market, advanced 22.59%. The MSCI ACWI ex USA Investable Market Index (IMI), which measures the performance of large-, mid- and small-cap equities in 22 of 23 developed-markets countries (excluding the United States) and 26 emerging-markets countries, rose 23.69% in U.S.-dollar terms.
U.S. investment-grade bonds posted steady gains for the period. The broad domestic investment-grade fixed-rate bond market, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, returned 1.79%.
10 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Equity funds posted largest gains
The Managed Allocation Fund may invest in up to three sectors of the investment markets: U.S. equity (stocks), international equity (foreign stocks) and fixed income. The Fund does this by investing in various underlying funds that, in turn, buy stocks, bonds and other securities in these market sectors. (Other than the Nuveen Dividend Value Fund and the Nuveen International Growth Fund, all funds mentioned below are TIAA-CREF Funds.)
For the six months, domestic and international equity sectors both produced strong results that contributed most to the Fund’s absolute return—that is, without regard to the performance of its composite benchmark. Within the U.S. equity category, the Quant Small-Cap Equity Fund, the Quant Small/Mid-Cap Equity Fund and the Large-Cap Growth Fund performed best. Among foreign stock funds, the Emerging Markets Equity Fund posted a sizable double-digit gain, followed by the International Opportunities Fund. Within fixed income, the Core Plus Bond Fund produced a solid positive return. (All fund returns are for the Institutional Class.)
U.S. bond and international stock funds benefited relative performance
For the six months, the Fund outperformed its composite benchmark primarily due to the relative strength of underlying funds investing in bonds and international equities. The Core Plus Bond Fund was by far the largest single contributor to the Fund’s relative performance among all underlying funds.
In the foreign stock category, the International Opportunities Fund contributed most to the Fund’s relative performance, followed by the International Equity Fund and the Emerging Markets Equity Fund. However, these positive effects were partly offset by the relative underperformance of the Quant International Equity Fund, the Quant International Small-Cap Equity Fund and the Nuveen International Growth Fund.
Within U.S. equities, the Growth & Income Fund was the largest contributor to relative performance. The Large-Cap Value Fund and the Large-Cap Growth Fund also enhanced the Fund’s relative performance. In contrast, the Nuveen Dividend Value Fund detracted most from relative performance, followed by the Quant Large-Cap Growth Fund. (Performance of the Managed Allocation Fund’s underlying TIAA-CREF Funds can be found at TIAA.org/performance.)
TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 11 |
Managed Allocation Fund
Performance as of November 30, 2020
Managed Allocation Fund | Total return | Average annual total return | Annual operating expenses*# | |||||||||||||||||||||||||
Inception date | 6 months | 1 year | 5 years | 10 years | gross | net | ||||||||||||||||||||||
Institutional Class | 3/31/06 | 16.04 | % | 14.11 | % | 9.07 | % | 8.76 | % | 0.45 | % | 0.42 | % | |||||||||||||||
Retirement Class | 3/31/06 | 15.83 | 13.74 | 8.81 | 8.49 | 0.70 | 0.67 | |||||||||||||||||||||
Retail Class | 3/31/06 | 15.85 | 13.76 | 8.80 | 8.50 | 0.74 | 0.67 | |||||||||||||||||||||
Managed Allocation Fund Composite Index‡ | — | 14.27 | 13.46 | 9.20 | 8.66 | — | — | |||||||||||||||||||||
Broad market index | ||||||||||||||||||||||||||||
Morningstar Moderate Target Risk Index | — | 14.32 | 11.77 | 8.79 | 7.88 | — | — |
The returns in this report show past performance, which is no guarantee of future results. The returns do not reflect taxes that a shareholder would pay on fund distributions or on the sale of fund shares. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your shares. For current performance information, including performance to the most recent month-end, please visit TIAA.org. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance would be lower.
You cannot invest directly in any index. Index returns do not include a deduction for fees or expenses.
* | The gross and net annual operating expenses are taken from the Fund’s prospectus. The net annual operating expenses may at times reflect a contractual reimbursement of various expenses. The expense reimbursement will continue through at least September 30, 2021, unless changed with the approval of the Board of Trustees. Without these reimbursements, expenses would be higher and returns lower. |
# | These expenses include underlying fund expenses. |
‡ | As of the close of business on November 30, 2020, the Managed Allocation Fund Composite Index consisted of: 42.0% Russell 3000® Index; 40.0% Bloomberg Barclays U.S. Aggregate Bond Index; and 18.0% MSCI All Country World Index ex USA Investable Market Index. The Fund’s benchmark, the components that make up the composite benchmark and the method of calculating the composite benchmark’s performance may vary over time. |
Asset allocation | ||||
% of net assets as of 11/30/20 | ||||
Equity | ||||
U.S. equity | 42.74 | |||
International equity | 18.32 | |||
Fixed income | 38.87 | |||
Other assets & liabilities, net | 0.07 | |||
Total | 100.00 |
Target allocation
12 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Portfolio of investments (unaudited)
Managed Allocation Fund ■ November 30, 2020
Shares | Security | Value | % of net assets | |||||||||||
AFFILIATED INVESTMENT COMPANIES—99.9%a | ||||||||||||||
FIXED INCOME—38.9% | ||||||||||||||
32,934,387 | TIAA-CREF Core Plus Bond Fund | $ | 368,535,795 | 38.9 | % | |||||||||
TOTAL FIXED INCOME | 368,535,795 | 38.9 | ||||||||||||
INTERNATIONAL EQUITY—18.3% | ||||||||||||||
579,548 | Nuveen International Growth Fund | 31,255,031 | 3.3 | |||||||||||
1,790,163 | TIAA-CREF Emerging Markets Equity Fund | 24,793,757 | 2.6 | |||||||||||
3,953,432 | TIAA-CREF International Equity Fund | 49,417,902 | 5.2 | |||||||||||
2,134,444 | TIAA-CREF International Opportunities Fund | 37,886,387 | 4.0 | |||||||||||
1,011,000 | TIAA-CREF Quant International Equity Fund | 7,592,606 | 0.8 | |||||||||||
2,190,062 | TIAA-CREF Quant International Small-Cap Equity Fund | 22,710,943 | 2.4 | |||||||||||
TOTAL INTERNATIONAL EQUITY | 173,656,626 | 18.3 | ||||||||||||
U.S. EQUITY—42.7% | ||||||||||||||
4,259,900 | Nuveen Dividend Value Fund | 56,315,875 | 5.9 | |||||||||||
999,798 | Nuveen Santa Barbara Dividend Growth Fund | 47,370,449 | 5.0 | |||||||||||
3,709,258 | TIAA-CREF Growth & Income Fund | 62,612,282 | 6.6 | |||||||||||
2,250,767 | TIAA-CREF Large-Cap Growth Fund | 67,545,531 | 7.1 | |||||||||||
1,118,850 | TIAA-CREF Large-Cap Growth Index Fund | 53,839,067 | 5.7 | |||||||||||
3,466,512 | TIAA-CREF Large-Cap Value Fund | 63,749,155 | 6.7 | |||||||||||
631,744 | TIAA-CREF Quant Large-Cap Growth Fund | 12,097,892 | 1.3 | |||||||||||
608,713 | TIAA-CREF Quant Large-Cap Value Fund | 5,721,900 | 0.6 | |||||||||||
1,000,435 | TIAA-CREF Quant Small-Cap Equity Fund | 16,997,384 | 1.8 | |||||||||||
1,421,986 | TIAA-CREF Quant Small/Mid-Cap Equity Fund | 18,940,856 | 2.0 | |||||||||||
TOTAL U.S. EQUITY | 405,190,391 | 42.7 | ||||||||||||
TOTAL AFFILIATED INVESTMENT COMPANIES | (Cost $758,982,403) | 947,382,812 | 99.9 | |||||||||||
TOTAL PORTFOLIO | (Cost $758,982,403) | 947,382,812 | 99.9 | |||||||||||
OTHER ASSETS & LIABILITIES, NET | 647,654 | 0.1 | ||||||||||||
NET ASSETS | $ | 948,030,466 | 100.0 | % |
a | The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 shares of the affiliated Nuveen Funds. |
See notes to financial statements | TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 13 |
Statement of assets and liabilities (unaudited)
Managed Allocation Fund ■ November 30, 2020
ASSETS | ||||
Affiliated investments, at value‡ | $ | 947,382,812 | ||
Cash | 1,069,757 | |||
Receivable from securities transactions | 12,724,097 | |||
Receivable from Fund shares sold | 309,991 | |||
Dividends receivable | 769,529 | |||
Due from affiliates | 51,024 | |||
Other | 93,563 | |||
Total assets | 962,400,773 | |||
LIABILITIES | ||||
Service agreement fees payable | 15,925 | |||
Distribution fees payable | 171,261 | |||
Due to affiliates | 6,639 | |||
Payable for securities transactions | 13,608,884 | |||
Payable for Fund shares redeemed | 335,957 | |||
Payable for trustee compensation | 93,081 | |||
Accrued expenses and other payables | 138,560 | |||
Total liabilities | 14,370,307 | |||
NET ASSETS | $ | 948,030,466 | ||
NET ASSETS CONSIST OF: | ||||
Paid-in-capital | $ | 696,447,884 | ||
Total distributable earnings (loss) | 251,582,582 | |||
NET ASSETS | $ | 948,030,466 | ||
INSTITUTIONAL CLASS: | ||||
Net assets | $ | 18,508,945 | ||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 1,302,649 | |||
Net asset value per share | $ | 14.21 | ||
RETIREMENT CLASS: | ||||
Net assets | $ | 79,123,558 | ||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 5,576,085 | |||
Net asset value per share | $ | 14.19 | ||
RETAIL CLASS: | ||||
Net assets | $ | 850,397,963 | ||
Outstanding shares of beneficial interest, unlimited shares authorized ($.0001 par value) | 59,665,172 | |||
Net asset value per share | $ | 14.25 | ||
‡ Affiliated investments, cost | $ | 758,982,403 |
14 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund | See notes to financial statements |
Statement of operations (unaudited)
Managed Allocation Fund ■ For the period ended November 30, 2020
INVESTMENT INCOME | ||||
Dividends from affiliated investments | $ | 5,393,412 | ||
Total income | 5,393,412 | |||
EXPENSES | ||||
Shareholder servicing — Institutional Class | 52 | |||
Shareholder servicing — Retirement Class | 92,750 | |||
Shareholder servicing — Retail Class | 155,431 | |||
Distribution fees — Retail Class | 1,003,019 | |||
Administrative service fees | 15,234 | |||
Trustee fees and expenses | 4,284 | |||
Other expenses | 71,778 | |||
Total expenses | 1,342,548 | |||
Less: Expenses reimbursed by the investment adviser | (246,813 | ) | ||
Net expenses | 1,095,735 | |||
Net investment income (loss) | 4,297,677 | |||
NET REALIZED AND UNREALIZED GAIN (LOSS) ON TOTAL INVESTMENTS | ||||
Net realized gain (loss) from investments | 57,073,201 | |||
Net change in unrealized appreciation (depreciation) from affiliated investments | 69,695,193 | |||
Net realized and unrealized gain (loss) from investments | 126,768,394 | |||
Net increase (decrease) in net assets from operations | $ | 131,066,071 |
See notes to financial statements | TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 15 |
Statements of changes in net assets
Managed Allocation Fund ■ For the period or year ended
November 30, 2020 | May 31, 2020 | ||||||||
(unaudited | ) | ||||||||
OPERATIONS | |||||||||
Net investment income (loss) | $ | 4,297,677 | $ | 16,887,839 | |||||
Net realized gain (loss) from investments | 57,073,201 | 19,932,836 | |||||||
Net change in unrealized appreciation (depreciation) from affiliated investments | 69,695,193 | 18,788,498 | |||||||
Net increase (decrease) in net assets from operations | 131,066,071 | 55,609,173 | |||||||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||||
Institutional Class | (104,728 | ) | (1,048,523 | ) | |||||
Retirement Class | (350,664 | ) | (4,053,827 | ) | |||||
Retail Class | (3,787,512 | ) | (41,755,875 | ) | |||||
Total distributions | (4,242,904 | ) | (46,858,225 | ) | |||||
SHAREHOLDER TRANSACTIONS | |||||||||
Subscriptions: | Institutional Class | 2,681,722 | 5,567,619 | ||||||
Retirement Class | 4,118,278 | 7,298,040 | |||||||
Retail Class | 12,784,043 | 28,727,109 | |||||||
Reinvestments of distributions: | Institutional Class | 102,231 | 1,025,027 | ||||||
Retirement Class | 350,664 | 4,053,827 | |||||||
Retail Class | 3,625,360 | 40,142,425 | |||||||
Redemptions: | Institutional Class | (3,701,544 | ) | (8,065,771 | ) | ||||
Retirement Class | (6,330,990 | ) | (11,472,317 | ) | |||||
Retail Class | (30,666,810 | ) | (71,498,083 | ) | |||||
Net increase (decrease) from shareholder transactions | (17,037,046 | ) | (4,222,124 | ) | |||||
Net increase (decrease) in net assets | 109,786,121 | 4,528,824 | |||||||
NET ASSETS | |||||||||
Beginning of period | 838,244,345 | 833,715,521 | |||||||
End of period | $ | 948,030,466 | $ | 838,244,345 | |||||
CHANGE IN FUND SHARES | |||||||||
Shares sold: | Institutional Class | 201,170 | 443,102 | ||||||
Retirement Class | 307,834 | 575,538 | |||||||
Retail Class | 962,321 | 2,284,052 | |||||||
Shares reinvested: | Institutional Class | 7,930 | 81,998 | ||||||
Retirement Class | 27,223 | 323,956 | |||||||
Retail Class | 280,126 | 3,193,075 | |||||||
Shares redeemed: | Institutional Class | (285,494 | ) | (650,617 | ) | ||||
Retirement Class | (478,658 | ) | (942,245 | ) | |||||
Retail Class | (2,308,124 | ) | (5,788,917 | ) | |||||
Net increase (decrease) from shareholder transactions | (1,285,672 | ) | (480,058 | ) |
16 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund | See notes to financial statements |
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TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 17 |
Managed Allocation Fund
Selected per share data | Ratios and supplemental data | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) from investment operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized | Ratios to average net assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the | Net asset | Net | & unrealized | Total gain | Less distributions from | Total | Net asset | Net assets | Net | |||||||||||||||||||||||||||||||||||||||||||||||||
period | value, | investment | gain (loss | ) | (loss) from | Net | Net | dividends | value, | at end of | investment | Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||
or year | beginning | income | on total | investment | investment | realized | and | end of | Total | period or year | Gross | Net | income | turnover | ||||||||||||||||||||||||||||||||||||||||||||
ended | of period | (loss | )a | investments | j | operations | income | gains | distributions | period | return | (in thousands | ) | expenses | e | expenses | e | (loss | ) | rate | ||||||||||||||||||||||||||||||||||||||
Institutional Class: | 11/30/20 | # | $12.32 | $0.08 | $ 1.89 | $ 1.97 | $(0.08 | ) | $ — | $(0.08 | ) | $14.21 | 16.04 | %b | $ 18,509 | 0.02 | %c | 0.00 | %c | 1.21 | %c | 32 | %b | |||||||||||||||||||||||||||||||||||
5/31/20 | 12.18 | 0.28 | 0.58 | 0.86 | (0.28 | ) | (0.44 | ) | (0.72 | ) | 12.32 | 7.09 | 16,997 | 0.03 | 0.00 | 2.21 | 27 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.89 | 0.29 | (0.29 | ) | 0.00 | d | (0.35 | ) | (0.36 | ) | (0.71 | ) | 12.18 | 0.40 | 18,320 | 0.03 | 0.00 | 2.34 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.32 | 0.27 | 0.84 | 1.11 | (0.36 | ) | (0.18 | ) | (0.54 | ) | 12.89 | 9.04 | 17,468 | 0.03 | 0.00 | 2.09 | 12 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.52 | 0.24 | 1.14 | 1.38 | (0.29 | ) | (0.29 | ) | (0.58 | ) | 12.32 | 12.39 | 13,288 | 0.03 | 0.00 | 2.02 | 21 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.42 | 0.25 | (0.44 | ) | (0.19 | ) | (0.29 | ) | (0.42 | ) | (0.71 | ) | 11.52 | (1.28 | ) | 12,625 | 0.03 | 0.00 | 2.12 | 17 | ||||||||||||||||||||||||||||||||||||||
Retirement Class: | 11/30/20 | # | 12.31 | 0.06 | 1.88 | 1.94 | (0.06 | ) | — | (0.06 | ) | 14.19 | 15.83 | b | 79,124 | 0.27 | c | 0.25 | c | 0.96 | c | 32 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 12.16 | 0.25 | 0.59 | 0.84 | (0.25 | ) | (0.44 | ) | (0.69 | ) | 12.31 | 6.91 | 70,404 | 0.28 | 0.25 | 1.98 | 27 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.87 | 0.25 | (0.28 | ) | (0.03 | ) | (0.32 | ) | (0.36 | ) | (0.68 | ) | 12.16 | 0.14 | 70,068 | 0.28 | 0.25 | 2.03 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.31 | 0.23 | 0.84 | 1.07 | (0.33 | ) | (0.18 | ) | (0.51 | ) | 12.87 | 8.70 | 72,981 | 0.28 | 0.25 | 1.83 | 12 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.51 | 0.21 | 1.14 | 1.35 | (0.26 | ) | (0.29 | ) | (0.55 | ) | 12.31 | 12.13 | 64,068 | 0.28 | 0.25 | 1.82 | 21 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.41 | 0.21 | (0.43 | ) | (0.22 | ) | (0.26 | ) | (0.42 | ) | (0.68 | ) | 11.51 | (1.53 | ) | 50,168 | 0.28 | 0.25 | 1.84 | 17 | ||||||||||||||||||||||||||||||||||||||
Retail Class: | 11/30/20 | # | 12.36 | 0.06 | 1.89 | 1.95 | (0.06 | ) | — | (0.06 | ) | 14.25 | 15.85 | b | 850,398 | 0.31 | c | 0.25 | c | 0.96 | c | 32 | b | |||||||||||||||||||||||||||||||||||
5/31/20 | 12.21 | 0.25 | 0.59 | 0.84 | (0.25 | ) | (0.44 | ) | (0.69 | ) | 12.36 | 6.87 | 750,844 | 0.32 | 0.25 | 1.97 | 27 | |||||||||||||||||||||||||||||||||||||||||
5/31/19 | 12.92 | 0.25 | (0.28 | ) | (0.03 | ) | (0.32 | ) | (0.36 | ) | (0.68 | ) | 12.21 | 0.14 | 745,328 | 0.32 | 0.25 | 2.00 | 20 | |||||||||||||||||||||||||||||||||||||||
5/31/18 | 12.35 | 0.23 | 0.85 | 1.08 | (0.33 | ) | (0.18 | ) | (0.51 | ) | 12.92 | 8.75 | 779,099 | 0.31 | 0.25 | 1.83 | 12 | |||||||||||||||||||||||||||||||||||||||||
5/31/17 | 11.55 | 0.21 | 1.14 | 1.35 | (0.26 | ) | (0.29 | ) | (0.55 | ) | 12.35 | 12.07 | 737,685 | 0.32 | 0.25 | 1.80 | 21 | |||||||||||||||||||||||||||||||||||||||||
5/31/16 | 12.45 | 0.21 | (0.43 | ) | (0.22 | ) | (0.26 | ) | (0.42 | ) | (0.68 | ) | 11.55 | (1.53 | ) | 687,189 | 0.33 | 0.25 | 1.84 | 17 |
# | Unaudited |
a | Based on average shares outstanding. |
b | The percentages shown for this period are not annualized. |
c | The percentages shown for this period are annualized. |
d | Amount represents less than $0.01 per share. |
e | The Fund’s expenses do not include the expenses of the Underlying Funds. |
j | Short-term and long-term capital gain distributions received from the underlying Funds are presented in net realized and unrealized gain (loss) on total investments for all periods presented. |
18 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund | See notes to financial statements | See notes to financial statements | TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 19 |
Notes to financial statements (unaudited)
Managed Allocation Fund
Note 1—organization
The Managed Allocation Fund (the “Fund”) is one of the investment portfolios of the TIAA-CREF Funds (the “Trust”), a Delaware statutory trust, that is registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.
Teachers Advisors, LLC (“Advisors”), a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”), is registered with the SEC as an investment adviser and provides investment management services for the Fund.
The Fund offers its shares, without a sales load, through its principal underwriter, Nuveen Securities, LLC (“Nuveen Securities”), which is a wholly owned indirect subsidiary of TIAA.
The Fund is a “fund of funds” that diversifies its assets by investing in Institutional Class shares of other funds of the Trust and potentially other investment pools or investment products. The Fund offers three share classes: Institutional Class, Retirement Class and Retail Class shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.
Note 2—significant accounting policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. The Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing transactions. The following is a summary of the significant accounting policies consistently followed by the Fund.
Investments and investment income: Securities transactions are accounted for as of the trade date for financial reporting purposes. Interest income is recorded on an accrual basis and includes accretion of discounts and amortization of premiums. Dividend income is recorded on the ex-dividend date. Realized gains and losses on securities transactions are based upon the specific identification method. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions.
20 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
Multiclass operations and allocations: Income, expenses, realized gains and losses and unrealized appreciation and depreciation of the Fund are allocated on a pro rata basis to each class of shares, except for service agreement fees, distribution fees and transfer agency fees and expenses, which are unique to each class of shares. Most expenses of the Trust can be directly attributed to a fund. Expenses that cannot be directly attributed are allocated to each fund in the Trust based upon the average net assets of each fund.
Distributions to shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Trustee compensation: The Fund pays the members of the Board of Trustees (“Board”), all of whom are independent, certain remuneration for their services, plus travel and other expenses. Trustees may elect to participate in a deferred compensation plan and defer all or a portion of their compensation. In addition, trustees participate in a long-term compensation plan. Amounts deferred are retained by the Fund until paid. Amounts payable to the trustees for compensation are included separately in the accompanying Statement of assets and liabilities. Trustees’ fees, including any deferred and long-term compensation incurred, are reflected in the Statement of operations.
Indemnification: Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Other matters: The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Fund’s normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
Note 3—valuation of investments
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous
TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 21 |
Notes to financial statements (unaudited)
market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
• | Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
• | Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
• | Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Fund’s major classifications of assets and liabilities measured at fair value follows:
Investments in registered investment companies: Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
As of November 30, 2020, all of the investments in the Fund were valued based on Level 1 inputs.
Note 4—investments
Purchases and sales: Purchases and sales of securities (other than short-term instruments) for the Fund for the period ended November 30, 2020 were as follows (dollar amounts are in thousands):
Non-U.S. government purchases | Non-U.S. government sales |
$282,845 | $300,182 |
Note 5—Income tax and other tax matters
Income taxes: The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (“Code”) and will not be subject to income taxes to the extent that the Fund distributes all taxable income each year and complies with various other Code requirements. The Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. The Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed the Fund’s tax positions taken for all open federal income
22 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
continued
tax years and has concluded that no provision for federal income tax is required in the Fund’s financial statements.
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. Reclassifications are made to the Fund’s capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
Net unrealized appreciation (depreciation): At November 30, 2020, net unrealized appreciation (depreciation) based on the aggregate cost of all investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows (dollar amounts are in thousands):
Tax cost | Gross unrealized appreciation | Gross unrealized (depreciation | ) | Net unrealized appreciation (depreciation) | |||||||||
$772,270 | $188,400 | $(13,288 | ) | $175,112 |
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized in income and/or capital gains for tax reporting.
Distributions to shareholders: The tax character of distributions paid to shareholders during the year ended May 31, 2020 was as follows:
Ordinary income | Long-term capital gains | Total |
$17,101,766 | $29,756,459 | $46,858,225 |
The tax character of the fiscal year 2021 distributions will be determined at the end of the fiscal year.
Note 6—investment adviser and affiliates
Under the terms of its Investment Management Agreement, the Fund does not pay Advisors a fee for the management of the Fund’s investment portfolio. The Fund has entered into an Administrative Service Agreement with Advisors under which the Fund pays Advisors for its costs in providing certain administrative and compliance services to the Fund.
Under the terms of the Fund’s Retirement Class Service Agreement, the Retirement Class of the Fund pays Advisors a monthly fee based on the annual rate of 0.25% of the Fund’s average daily net assets attributable to Retirement Class shares of the Fund for providing certain administrative services related to the maintenance of Retirement Class shares on retirement plan or other platforms. Substantially, all of the Retirement Class shareholder servicing fees reported on the Statement of operations are paid to Advisors under the Service Agreement.
TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 23 |
Notes to financial statements (unaudited)
Under the terms of a distribution Rule 12b-1 plan, the Retail Class of the Fund compensated Nuveen Securities for providing distribution, promotional and/or shareholder services to the Retail Class of the Fund at the annual rate of 0.25% of the average daily net assets attributable to the Fund’s Retail Class.
Advisors has agreed to reimburse the Fund if its total expense ratio (excluding interest, taxes, brokerage commissions and other transactional expenses, acquired fund fees and expenses and extraordinary expenses) exceeds 0.00% of average daily net assets for the Institutional Class shares; and 0.25% of average daily net assets for the Retirement and Retail Class shares. The expense reimbursement arrangements will continue through at least September 30, 2021, unless changed with approval of the Board.
Investments in other investment companies advised by Advisors and Nuveen Fund Advisors LLC are deemed to be affiliated investments. The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds. Information regarding transactions with affiliated companies is as follows (dollar amounts are in thousands):
Issue | Value at 5/31/20 | Purchase cost | Sales proceeds | Realized gain (loss | ) | Change in unrealized appreciation (depreciation | ) | Dividend income | Value at 11/30/20 | |||||||||||||||||||
Nuveen Funds: | ||||||||||||||||||||||||||||
Dividend Value | $ | 25,143 | $ | 28,102 | $ | 2,644 | $ | (559 | ) | $ | 6,274 | $ | 329 | $ | 56,316 | |||||||||||||
International Growth | — | 30,759 | 1,007 | (32 | ) | 1,535 | — | 31,255 | ||||||||||||||||||||
Santa Barbara Dividend | — | 45,297 | 227 | (3 | ) | 2,303 | — | 47,370 | ||||||||||||||||||||
TIAA-CREF Funds: | ||||||||||||||||||||||||||||
Core Plus Bond | 330,320 | 66,110 | 40,182 | (196 | ) | 12,484 | 4,679 | 368,536 | ||||||||||||||||||||
Emerging Markets Equity | 27,694 | 916 | 12,987 | 1,862 | 7,309 | — | 24,794 | |||||||||||||||||||||
Growth & Income | 76,107 | 1,432 | 30,165 | 6,765 | 8,473 | 385 | 62,612 | |||||||||||||||||||||
International Equity | 33,380 | 16,609 | 9,542 | 166 | 8,805 | — | 49,418 | |||||||||||||||||||||
International Opportunities | 32,493 | 4,321 | 7,801 | 1,089 | 7,784 | — | 37,886 | |||||||||||||||||||||
Large-Cap Growth | 76,524 | 6,917 | 33,372 | 11,506 | 5,971 | — | 67,546 | |||||||||||||||||||||
Large-Cap Growth Index | — | 51,456 | 335 | 3 | 2,715 | — | 53,839 | |||||||||||||||||||||
Large-Cap Value | 57,160 | 15,825 | 20,956 | 1,662 | 10,058 | — | 63,749 | |||||||||||||||||||||
Quant International Equity | 38,796 | 211 | 35,269 | 405 | 3,450 | — | 7,593 | |||||||||||||||||||||
Quant International Small-Cap Equity | 19,793 | 1,688 | 2,870 | (424 | ) | 4,524 | — | 22,711 | ||||||||||||||||||||
Quant Large-Cap Growth | 69,997 | — | 70,226 | 29,880 | (17,553 | ) | — | 12,098 | ||||||||||||||||||||
Quant Large-Cap Value | 25,088 | 4,301 | 26,418 | 4,596 | (1,845 | ) | — | 5,722 | ||||||||||||||||||||
Quant Small-Cap Equity | 12,670 | 4,796 | 4,480 | 308 | 3,703 | — | 16,997 | |||||||||||||||||||||
Quant Small/Mid-Cap Equity | 12,786 | 4,105 | 1,700 | 45 | 3,705 | — | 18,941 | |||||||||||||||||||||
$ | 837,951 | $ | 282,845 | $ | 300,181 | $ | 57,073 | $ | 69,695 | $ | 5,393 | $ | 947,383 |
24 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
concluded
Note 7—inter-fund lending program
Pursuant to an exemptive order issued by the SEC, the Fund may participate in an inter-fund lending program. This program allows the Fund to lend cash to and/orborrow cash from certain other affiliated Funds for temporary purposes, (e.g., to satisfy redemption requests or to cover unanticipated cash shortfalls). The program is subject to a number of conditions, including the requirement that the Fund may not borrow or lend money under the program unless it receives a more favorable interest rate than is available from a bank or other financial institution for a comparable transaction. In addition, the Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations and authorized by its portfolio manager(s). During the period ended November 30, 2020, there were no inter-fund borrowing or lending transactions.
Note 8—line of credit
The Fund participates in a $1 billion unsecured revolving credit facility that can be used for temporary purposes, including, without limitation, the funding of shareholder redemptions. The current facility was entered into on June 16, 2020 expiring on June 15, 2021, replacing the previous facility, which expired June 2020. Certain affiliated accounts and mutual funds, each of which is managed by Advisors, or an affiliate of Advisors, also participate in this facility. An annual commitment fee for the credit facility is borne by the participating accounts and mutual funds on a pro rata basis. Interest associated with any borrowing under the facility is charged to the borrowing accounts or mutual funds at a specified rate of interest. The Fund is not liable for borrowings under the facility by other affiliated accounts or mutual funds. For the period ended November 30, 2020, there were no borrowings under this credit facility by the Fund.
TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 25 |
Additional information about index providers (unaudited)
Russell Indexes
Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and/or Russell ratings or underlying data and no party may rely on any Russell Indexes and/or Russell ratings and/or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.
MSCI Indexes
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Bloomberg Barclays Indexes
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
26 | 2020 Semiannual Report ■ TIAA-CREF Managed Allocation Fund |
concluded
Morningstar Index
©2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
TIAA-CREF Managed Allocation Fund ■ 2020 Semiannual Report | 27 |
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Websites
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For the hearing- or speech-impaired
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You should carefully consider the investment objectives, risks, charges and expenses of any fund before investing. For a prospectus that contains this and other information, please visit TIAA.org, or call 800-842-2252 for the Institutional and Retirement classes or 800-223-1200 for the Retail Class. Please read the prospectus carefully before investing. Investment, insurance and annuity products are not Federal Deposit Insurance Corporation (FDIC) insured, are not bank guaranteed, are not bank deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value. Nuveen, a subsidiary of TIAA, provides investment advice and portfolio management services through a dozen affiliated registered investment advisers. Nuveen Securities, LLC and TIAA-CREF Individual & Institutional Services, LLC, members FINRA, distribute securities products.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
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Item 2. Code of Conduct.
Not Applicable.
Item 3. Audit Committee Financial Expert.
Not Applicable.
Item 4. Principal Accountant Fees and Services.
Not Applicable.
Item 5. Audit Committee of Listed Registrants.
Not Applicable.
Item 6. Schedule of Investments.
Not Applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not Applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not Applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 11. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing date of the report under the supervision of the Registrant’s management, including the principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on that evaluation, the Registrant’s management, including the principal executive officer and principal financial officer, concluded that the Registrant’s disclosure controls and procedures were effective for this semi-annual reporting period.
(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s semi-annual period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable.
Item 13. Exhibits.
13(a)(2)(i) Section 302 certification of the principal executive officer
13(a)(2)(ii) Section 302 certification of the principal financial officer
13(b) Section 906 certification of principal executive officer and principal financial officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TIAA-CREF FUNDS | |||
Dated: January 19, 2021 | By: | /s/Bradley Finkle | |
Bradley Finkle | |||
Principal Executive Officer and President |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Dated: January 19, 2021 | By: | /s/Bradley Finkle | |
Bradley Finkle | |||
Principal Executive Officer and President (principal executive officer) |
Dated: January 19, 2021 | By: | /s/E. Scott Wickerham | |
E. Scott Wickerham | |||
Principal Financial Officer, Principal Accounting Officer and Treasurer | |||
(principal financial officer) |