0000930413-14-001913.txt : 20140424 0000930413-14-001913.hdr.sgml : 20140424 20140424120635 ACCESSION NUMBER: 0000930413-14-001913 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140228 FILED AS OF DATE: 20140424 DATE AS OF CHANGE: 20140424 EFFECTIVENESS DATE: 20140424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TIAA-CREF FUNDS CENTRAL INDEX KEY: 0001084380 IRS NUMBER: 134055167 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09301 FILM NUMBER: 14780806 BUSINESS ADDRESS: STREET 1: 730 THIRD AVE. CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129166746 MAIL ADDRESS: STREET 1: 730 THIRD AVE. CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: TIAA CREF INSTITUTIONAL MUTUAL FUNDS DATE OF NAME CHANGE: 19990415 0001084380 S000005375 TIAA-CREF Lifecycle 2010 Fund C000014639 Retirement Class TCLEX C000047972 Institutional Class TCTIX C000079559 Premier Class TCTPX 0001084380 S000005376 TIAA-CREF Lifecycle 2015 Fund C000014640 Retirement Class TCLIX C000047973 Institutional Class TCNIX C000079560 Premier Class TCFPX 0001084380 S000005377 TIAA-CREF Lifecycle 2020 Fund C000014641 Retirement Class TCLTX C000047974 Institutional Class TCWIX C000079561 Premier Class TCWPX 0001084380 S000005378 TIAA-CREF Lifecycle 2025 Fund C000014642 Retirement Class TCLFX C000047975 Institutional Class TCYIX C000079562 Premier Class TCQPX 0001084380 S000005379 TIAA-CREF Lifecycle 2030 Fund C000014643 Retirement Class TCLNX C000047976 Institutional Class TCRIX C000079563 Premier Class TCHPX 0001084380 S000005380 TIAA-CREF Lifecycle 2035 Fund C000014644 Retirement Class TCLRX C000047977 Institutional Class TCIIX C000079564 Premier Class TCYPX 0001084380 S000005382 TIAA-CREF Lifecycle 2040 Fund C000014647 Retirement Class TCLOX C000047978 Institutional Class TCOIX C000079566 Premier Class TCZPX 0001084380 S000012194 TIAA-CREF Managed Allocation Fund C000033271 Retail Class TIMRX C000033272 Retirement Class TITRX C000033273 Institutional Class TIMIX 0001084380 S000019659 TIAA-CREF Lifecycle 2045 Fund C000054991 Institutional Class TTFIX C000054992 Retirement Class TTFRX C000079575 Premier Class TTFPX 0001084380 S000019660 TIAA-CREF Lifecycle 2050 Fund C000054993 Institutional Class TFTIX C000054994 Retirement Class TLFRX C000079576 Premier Class TCLPX 0001084380 S000019661 TIAA-CREF Lifecycle Retirement Income Fund C000054995 Retail Class TLRRX C000054996 Institutional Class TLRIX C000054997 Retirement Class TLIRX C000079577 Premier Class TPILX 0001084380 S000026498 TIAA-CREF Lifecycle Index 2010 Fund C000079517 Institutional Class TLTIX C000079518 Premier Class TLTPX C000079519 Retirement Class TLTRX 0001084380 S000026499 TIAA-CREF Lifecycle Index Retirement Income Fund C000079520 Institutional Class TRILX C000079521 Premier Class TLIPX C000079522 Retirement Class TRCIX 0001084380 S000026501 TIAA-CREF Lifecycle Index 2015 Fund C000079527 Institutional Class TLFIX C000079528 Premier Class TLFPX C000079529 Retirement Class TLGRX 0001084380 S000026502 TIAA-CREF Lifecycle Index 2020 Fund C000079530 Institutional Class TLWIX C000079531 Premier Class TLWPX C000079532 Retirement Class TLWRX 0001084380 S000026503 TIAA-CREF Lifecycle Index 2025 Fund C000079533 Institutional Class TLQIX C000079534 Premier Class TLVPX C000079535 Retirement Class TLQRX 0001084380 S000026504 TIAA-CREF Lifecycle Index 2030 Fund C000079536 Institutional Class TLHIX C000079537 Premier Class TLHPX C000079538 Retirement Class TLHRX 0001084380 S000026505 TIAA-CREF Lifecycle Index 2035 Fund C000079539 Institutional Class TLYIX C000079540 Premier Class TLYPX C000079541 Retirement Class TLYRX 0001084380 S000026506 TIAA-CREF Lifecycle Index 2040 Fund C000079542 Institutional Class TLZIX C000079543 Premier Class TLPRX C000079544 Retirement Class TLZRX 0001084380 S000026507 TIAA-CREF Lifecycle Index 2045 Fund C000079545 Institutional Class TLXIX C000079546 Premier Class TLMPX C000079547 Retirement Class TLMRX 0001084380 S000026508 TIAA-CREF Lifecycle Index 2050 Fund C000079548 Institutional Class TLLIX C000079549 Premier Class TLLPX C000079550 Retirement Class TLLRX 0001084380 S000031926 TIAA-CREF Lifecycle Index 2055 Fund C000099413 Retirement Class TTIRX C000099414 Institutional Class TTIIX C000099415 Premier Class TTIPX 0001084380 S000031927 TIAA-CREF Lifecycle 2055 Fund C000099416 Retirement Class TTRLX C000099417 Institutional Class TTRIX C000099418 Premier Class TTRPX 0001084380 S000034958 TIAA-CREF Lifestyle Aggressive Growth Fund C000107517 Institutional Class TSAIX C000107518 Premier Class TSAPX C000107519 Retail Class TSALX C000107520 Retirement Class TSARX 0001084380 S000034959 TIAA-CREF Lifestyle Conservative Fund C000107521 Institutional Class TCSIX C000107522 Premier Class TLSPX C000107523 Retail Class TSCLX C000107524 Retirement Class TSCTX 0001084380 S000034960 TIAA-CREF Lifestyle Growth Fund C000107525 Premier Class TSGPX C000107526 Retail Class TSGLX C000107527 Retirement Class TSGRX C000107528 Institutional Class TSGGX 0001084380 S000034961 TIAA-CREF Lifestyle Income Fund C000107529 Institutional Class TSITX C000107530 Premier Class TSIPX C000107531 Retail Class TSILX C000107532 Retirement Class TLSRX 0001084380 S000034962 TIAA-CREF Lifestyle Moderate Fund C000107533 Institutional Class TSIMX C000107534 Premier Class TSMPX C000107535 Retail Class TSMLX C000107536 Retirement Class TSMTX N-Q 1 c76987_nq.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

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)

 

Michael G. Phillips, Esq.
c/o TIAA-CREF
730 Third Avenue
New York, New York 10017-3206

 

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 212-490-9000

 

Date of fiscal year end: May 31

 

Date of reporting period: February 28, 2014

 

Item 1. Schedule of Investments.

 

TIAA-CREF LIFECYCLE FUNDS – Lifecycle Retirement Income Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE RETIREMENT INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.2%(a)     
           
FIXED INCOME - 39.1%     
 6,519,140   TIAA-CREF Bond Fund  $67,994,633 
 2,790,168   TIAA-CREF Bond Plus Fund   29,603,686 
 1,044,152   TIAA-CREF High-Yield Fund   10,859,184 
     TOTAL FIXED INCOME   108,457,503 
           
INFLATION-PROTECTED ASSETS - 5.0%     
 1,194,846   TIAA-CREF Inflation-Linked Bond Fund   13,704,881 
     TOTAL INFLATION-PROTECTED ASSETS   13,704,881 
           
INTERNATIONAL EQUITY - 12.6%     
 616,399   TIAA-CREF Emerging Markets Equity Fund   6,601,629 
 1,039,503   TIAA-CREF Enhanced International Equity Index Fund   8,586,298 
 184,136   TIAA-CREF Global Natural Resources Fund   1,826,624 
 749,147   TIAA-CREF International Equity Fund   9,072,174 
 777,028   TIAA-CREF International Opportunities Fund   8,873,655 
     TOTAL INTERNATIONAL EQUITY   34,960,380 
           
SHORT-TERM FIXED INCOME - 14.6%     
 27,890   TIAA-CREF Money Market Fund   27,890 
 3,884,370   TIAA-CREF Short-Term Bond Fund   40,513,975 
     TOTAL SHORT-TERM FIXED INCOME   40,541,865 
           
U.S. EQUITY - 27.9%     
 1,316,661   TIAA-CREF Enhanced Large-Cap Growth Index Fund   15,049,441 
 1,357,896   TIAA-CREF Enhanced Large-Cap Value Index Fund   14,135,700 
 999,376   TIAA-CREF Growth & Income Fund   12,262,344 
 951,885   TIAA-CREF Large-Cap Growth Fund   14,839,888 
 797,700   TIAA-CREF Large-Cap Value Fund   14,023,565 
 16,418   TIAA-CREF Mid-Cap Growth Fund   398,624 
 10,987   TIAA-CREF Mid-Cap Value Fund   257,426 
 320,103   TIAA-CREF Small-Cap Equity Fund   6,193,994 
     TOTAL U.S. EQUITY   77,160,982 
           
     TOTAL TIAA-CREF FUNDS   274,825,611 
     (Cost $244,691,088)     
           
     TOTAL INVESTMENTS - 99.2%   274,825,611 
     (Cost $244,691,088)     
     OTHER ASSETS & LIABILITIES, NET - 0.8%   2,223,763 
     NET ASSETS - 100.0%  $277,049,374 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
1

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2010 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.7%(a)     
           
FIXED INCOME - 38.0%     
 22,898,957   TIAA-CREF Bond Fund  $238,836,125 
 10,363,952   TIAA-CREF Bond Plus Fund   109,961,531 
 3,894,455   TIAA-CREF High-Yield Fund   40,502,335 
     TOTAL FIXED INCOME   389,299,991 
           
INFLATION-PROTECTED ASSETS - 5.0%     
 4,469,209   TIAA-CREF Inflation-Linked Bond Fund   51,261,830 
     TOTAL INFLATION-PROTECTED ASSETS   51,261,830 
           
INTERNATIONAL EQUITY - 14.6%     
 2,567,475   TIAA-CREF Emerging Markets Equity Fund   27,497,661 
 4,522,190   TIAA-CREF Enhanced International Equity Index Fund   37,353,286 
 792,190   TIAA-CREF Global Natural Resources Fund   7,858,523 
 3,230,075   TIAA-CREF International Equity Fund   39,116,203 
 3,286,066   TIAA-CREF International Opportunities Fund   37,526,870 
     TOTAL INTERNATIONAL EQUITY   149,352,543 
           
SHORT-TERM FIXED INCOME - 9.6%     
 58,956   TIAA-CREF Money Market Fund   58,956 
 9,441,488   TIAA-CREF Short-Term Bond Fund   98,474,719 
     TOTAL SHORT-TERM FIXED INCOME   98,533,675 
           
U.S. EQUITY - 32.5%     
 5,635,158   TIAA-CREF Enhanced Large-Cap Growth Index Fund   64,409,856 
 5,855,375   TIAA-CREF Enhanced Large-Cap Value Index Fund   60,954,450 
 4,300,695   TIAA-CREF Growth & Income Fund   52,769,533 
 4,102,083   TIAA-CREF Large-Cap Growth Fund   63,951,470 
 3,433,549   TIAA-CREF Large-Cap Value Fund   60,361,800 
 88,534   TIAA-CREF Mid-Cap Growth Fund   2,149,613 
 65,534   TIAA-CREF Mid-Cap Value Fund   1,535,468 
 1,380,144   TIAA-CREF Small-Cap Equity Fund   26,705,792 
     TOTAL U.S. EQUITY   332,837,982 
           
     TOTAL TIAA-CREF FUNDS   1,021,286,021 
     (Cost $877,854,547)     
           
     TOTAL INVESTMENTS - 99.7%   1,021,286,021 
     (Cost $877,854,547)     
     OTHER ASSETS & LIABILITIES, NET - 0.3%   3,520,031 
     NET ASSETS - 100.0%  $1,024,806,052 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
2

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2015 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.7%(a)     
           
FIXED INCOME - 36.1%     
 33,030,208   TIAA-CREF Bond Fund  $344,505,069 
 16,216,613   TIAA-CREF Bond Plus Fund   172,058,268 
 6,078,683   TIAA-CREF High-Yield Fund   63,218,307 
     TOTAL FIXED INCOME   579,781,644 
           
INFLATION-PROTECTED ASSETS - 5.0%     
 7,001,640   TIAA-CREF Inflation-Linked Bond Fund   80,308,807 
     TOTAL INFLATION-PROTECTED ASSETS   80,308,807 
           
INTERNATIONAL EQUITY - 16.4%     
 4,412,763   TIAA-CREF Emerging Markets Equity Fund   47,260,696 
 8,012,585   TIAA-CREF Enhanced International Equity Index Fund   66,183,955 
 1,410,647   TIAA-CREF Global Natural Resources Fund   13,993,618 
 5,697,978   TIAA-CREF International Equity Fund   69,002,508 
 5,785,435   TIAA-CREF International Opportunities Fund   66,069,670 
     TOTAL INTERNATIONAL EQUITY   262,510,447 
           
SHORT-TERM FIXED INCOME - 5.7%     
 143,145   TIAA-CREF Money Market Fund   143,145 
 8,712,362   TIAA-CREF Short-Term Bond Fund   90,869,933 
     TOTAL SHORT-TERM FIXED INCOME   91,013,078 
           
U.S. EQUITY - 36.5%     
 9,883,526   TIAA-CREF Enhanced Large-Cap Growth Index Fund   112,968,698 
 10,279,247   TIAA-CREF Enhanced Large-Cap Value Index Fund   107,006,963 
 7,572,169   TIAA-CREF Growth & Income Fund   92,910,516 
 7,229,755   TIAA-CREF Large-Cap Growth Fund   112,711,885 
 6,045,453   TIAA-CREF Large-Cap Value Fund   106,279,057 
 178,801   TIAA-CREF Mid-Cap Growth Fund   4,341,291 
 139,399   TIAA-CREF Mid-Cap Value Fund   3,266,120 
 2,434,711   TIAA-CREF Small-Cap Equity Fund   47,111,651 
     TOTAL U.S. EQUITY   586,596,181 
           
     TOTAL TIAA-CREF FUNDS   1,600,210,157 
     (Cost $1,455,503,172)     
           
     TOTAL INVESTMENTS - 99.7%   1,600,210,157 
     (Cost $1,455,503,172)     
     OTHER ASSETS & LIABILITIES, NET - 0.3%   5,334,826 
     NET ASSETS - 100.0%  $1,605,544,983 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds
3

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2020 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.6%(a)     
           
FIXED INCOME - 32.0%     
 37,509,312   TIAA-CREF Bond Fund  $391,222,128 
 22,860,690   TIAA-CREF Bond Plus Fund   242,551,918 
 9,184,897   TIAA-CREF High-Yield Fund   95,522,929 
     TOTAL FIXED INCOME   729,296,975 
           
INFLATION-PROTECTED ASSETS - 3.4%     
 6,777,797   TIAA-CREF Inflation-Linked Bond Fund   77,741,338 
     TOTAL INFLATION-PROTECTED ASSETS   77,741,338 
           
INTERNATIONAL EQUITY - 18.8%     
 7,030,595   TIAA-CREF Emerging Markets Equity Fund   75,297,676 
 13,147,720   TIAA-CREF Enhanced International Equity Index Fund   108,600,166 
 2,268,680   TIAA-CREF Global Natural Resources Fund   22,505,310 
 9,305,137   TIAA-CREF International Equity Fund   112,685,204 
 9,431,602   TIAA-CREF International Opportunities Fund   107,708,893 
     TOTAL INTERNATIONAL EQUITY   426,797,249 
           
SHORT-TERM FIXED INCOME - 3.3%     
 191,587   TIAA-CREF Money Market Fund   191,587 
 7,238,106   TIAA-CREF Short-Term Bond Fund   75,493,449 
     TOTAL SHORT-TERM FIXED INCOME   75,685,036 
           
U.S. EQUITY - 42.1%     
 16,190,828   TIAA-CREF Enhanced Large-Cap Growth Index Fund   185,061,163 
 16,703,119   TIAA-CREF Enhanced Large-Cap Value Index Fund   173,879,469 
 12,326,420   TIAA-CREF Growth & Income Fund   151,245,173 
 11,742,418   TIAA-CREF Large-Cap Growth Fund   183,064,303 
 9,832,281   TIAA-CREF Large-Cap Value Fund   172,851,497 
 328,519   TIAA-CREF Mid-Cap Growth Fund   7,976,433 
 267,242   TIAA-CREF Mid-Cap Value Fund   6,261,485 
 3,976,303   TIAA-CREF Small-Cap Equity Fund   76,941,461 
     TOTAL U.S. EQUITY   957,280,984 
           
     TOTAL TIAA-CREF FUNDS   2,266,801,582 
     (Cost $2,019,586,958)     
           
     TOTAL INVESTMENTS - 99.6%   2,266,801,582 
     (Cost $2,019,586,958)     
     OTHER ASSETS & LIABILITIES, NET - 0.4%   8,966,377 
     NET ASSETS - 100.0%  $2,275,767,959 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
4

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2025 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.4%(a)     
           
FIXED INCOME - 28.0%     
 27,152,022   TIAA-CREF Bond Fund  $283,195,591 
 22,044,004   TIAA-CREF Bond Plus Fund   233,886,886 
 11,279,142   TIAA-CREF High-Yield Fund   117,303,080 
     TOTAL FIXED INCOME   634,385,557 
           
INFLATION-PROTECTED ASSETS - 1.4%     
 2,815,287   TIAA-CREF Inflation-Linked Bond Fund   32,291,343 
     TOTAL INFLATION-PROTECTED ASSETS   32,291,343 
           
INTERNATIONAL EQUITY - 21.2%     
 7,752,057   TIAA-CREF Emerging Markets Equity Fund   83,024,535 
 14,828,099   TIAA-CREF Enhanced International Equity Index Fund   122,480,096 
 2,538,721   TIAA-CREF Global Natural Resources Fund   25,184,109 
 10,603,532   TIAA-CREF International Equity Fund   128,408,770 
 10,640,610   TIAA-CREF International Opportunities Fund   121,515,771 
     TOTAL INTERNATIONAL EQUITY   480,613,281 
           
SHORT-TERM FIXED INCOME - 1.4%     
 187,740   TIAA-CREF Money Market Fund   187,740 
 2,994,923   TIAA-CREF Short-Term Bond Fund   31,237,042 
     TOTAL SHORT-TERM FIXED INCOME   31,424,782 
           
U.S. EQUITY - 47.4%     
 18,145,689   TIAA-CREF Enhanced Large-Cap Growth Index Fund   207,405,228 
 18,760,024   TIAA-CREF Enhanced Large-Cap Value Index Fund   195,291,851 
 13,806,098   TIAA-CREF Growth & Income Fund   169,400,819 
 13,177,622   TIAA-CREF Large-Cap Growth Fund   205,439,124 
 11,039,128   TIAA-CREF Large-Cap Value Fund   194,067,865 
 404,215   TIAA-CREF Mid-Cap Growth Fund   9,814,331 
 333,552   TIAA-CREF Mid-Cap Value Fund   7,815,128 
 4,536,900   TIAA-CREF Small-Cap Equity Fund   87,789,022 
     TOTAL U.S. EQUITY   1,077,023,368 
           
     TOTAL TIAA-CREF FUNDS   2,255,738,331 
     (Cost $1,969,929,308)     
           
     TOTAL INVESTMENTS - 99.4%   2,255,738,331 
     (Cost $1,969,929,308)     
     OTHER ASSETS & LIABILITIES, NET - 0.6%   13,327,155 
     NET ASSETS - 100.0%  $2,269,065,486 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
5

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2030 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.5%(a)      
           
FIXED INCOME - 22.9%     
 17,946,620   TIAA-CREF Bond Fund  $187,183,243 
 17,508,948   TIAA-CREF Bond Plus Fund   185,769,936 
 12,261,606   TIAA-CREF High-Yield Fund   127,520,701 
     TOTAL FIXED INCOME   500,473,880 
           
INTERNATIONAL EQUITY - 23.6%     
 8,163,852   TIAA-CREF Emerging Markets Equity Fund   87,434,852 
 15,980,884   TIAA-CREF Enhanced International Equity Index Fund   132,002,105 
 2,721,851   TIAA-CREF Global Natural Resources Fund   27,000,759 
 11,422,930   TIAA-CREF International Equity Fund   138,331,683 
 11,381,258   TIAA-CREF International Opportunities Fund   129,973,968 
     TOTAL INTERNATIONAL EQUITY   514,743,367 
           
SHORT-TERM FIXED INCOME - 0.0%     
 180,563   TIAA-CREF Money Market Fund   180,563 
     TOTAL SHORT-TERM FIXED INCOME   180,563 
           
U.S. EQUITY - 53.0%     
 19,449,755   TIAA-CREF Enhanced Large-Cap Growth Index Fund   222,310,702 
 20,099,716   TIAA-CREF Enhanced Large-Cap Value Index Fund   209,238,045 
 14,807,748   TIAA-CREF Growth & Income Fund   181,691,067 
 14,124,184   TIAA-CREF Large-Cap Growth Fund   220,196,032 
 11,844,162   TIAA-CREF Large-Cap Value Fund   208,220,369 
 461,336   TIAA-CREF Mid-Cap Growth Fund   11,201,237 
 387,347   TIAA-CREF Mid-Cap Value Fund   9,075,547 
 4,855,276   TIAA-CREF Small-Cap Equity Fund   93,949,592 
     TOTAL U.S. EQUITY   1,155,882,591 
           
     TOTAL TIAA-CREF FUNDS   2,171,280,401 
     (Cost $1,851,669,587)     
           
     TOTAL INVESTMENTS - 99.5%   2,171,280,401 
     (Cost $1,851,669,587)     
     OTHER ASSETS & LIABILITIES, NET - 0.5%   10,832,626 
     NET ASSETS - 100.0%  $2,182,113,027 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
6

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2035 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.5%(a)     
           
FIXED INCOME - 15.2%     
 7,809,427   TIAA-CREF Bond Fund  $81,452,320 
 12,076,129   TIAA-CREF Bond Plus Fund   128,127,728 
 12,518,528   TIAA-CREF High-Yield Fund   130,192,695 
     TOTAL FIXED INCOME   339,772,743 
           
INTERNATIONAL EQUITY - 25.9%     
 9,096,238   TIAA-CREF Emerging Markets Equity Fund   97,420,710 
 18,058,022   TIAA-CREF Enhanced International Equity Index Fund   149,159,265 
 3,066,362   TIAA-CREF Global Natural Resources Fund   30,418,316 
 12,870,732   TIAA-CREF International Equity Fund   155,864,569 
 12,788,849   TIAA-CREF International Opportunities Fund   146,048,652 
     TOTAL INTERNATIONAL EQUITY   578,911,512 
           
SHORT-TERM FIXED INCOME - 0.0%     
 186,513   TIAA-CREF Money Market Fund   186,513 
     TOTAL SHORT-TERM FIXED INCOME   186,513 
           
U.S. EQUITY - 58.4%     
 21,879,886   TIAA-CREF Enhanced Large-Cap Growth Index Fund   250,087,093 
 22,627,416   TIAA-CREF Enhanced Large-Cap Value Index Fund   235,551,396 
 16,680,359   TIAA-CREF Growth & Income Fund   204,668,002 
 15,913,313   TIAA-CREF Large-Cap Growth Fund   248,088,555 
 13,338,473   TIAA-CREF Large-Cap Value Fund   234,490,361 
 547,906   TIAA-CREF Mid-Cap Growth Fund   13,303,163 
 463,030   TIAA-CREF Mid-Cap Value Fund   10,848,800 
 5,474,375   TIAA-CREF Small-Cap Equity Fund   105,929,150 
     TOTAL U.S. EQUITY   1,302,966,520 
           
     TOTAL TIAA-CREF FUNDS   2,221,837,288 
     (Cost $1,855,916,740)     
           
     TOTAL INVESTMENTS - 99.5%   2,221,837,288 
     (Cost $1,855,916,740)     
     OTHER ASSETS & LIABILITIES, NET - 0.5%   10,935,883 
     NET ASSETS - 100.0%  $2,232,773,171 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
7

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2040 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.5%(a)     
           
FIXED INCOME - 9.7%     
 10,761,541   TIAA-CREF Bond Plus Fund  $114,179,947 
 16,552,863   TIAA-CREF High-Yield Fund   172,149,773 
     TOTAL FIXED INCOME   286,329,720 
           
INTERNATIONAL EQUITY - 27.6%     
 12,689,963   TIAA-CREF Emerging Markets Equity Fund   135,909,509 
 25,586,991   TIAA-CREF Enhanced International Equity Index Fund   211,348,542 
 4,327,022   TIAA-CREF Global Natural Resources Fund   42,924,060 
 18,178,017   TIAA-CREF International Equity Fund   220,135,781 
 18,035,500   TIAA-CREF International Opportunities Fund   205,965,416 
     TOTAL INTERNATIONAL EQUITY   816,283,308 
           
SHORT-TERM FIXED INCOME - 0.0%     
 273,442   TIAA-CREF Money Market Fund   273,442 
     TOTAL SHORT-TERM FIXED INCOME   273,442 
           
U.S. EQUITY - 62.2%     
 30,882,629   TIAA-CREF Enhanced Large-Cap Growth Index Fund   352,988,453 
 31,894,085   TIAA-CREF Enhanced Large-Cap Value Index Fund   332,017,429 
 23,512,991   TIAA-CREF Growth & Income Fund   288,504,401 
 22,454,785   TIAA-CREF Large-Cap Growth Fund   350,070,099 
 18,852,065   TIAA-CREF Large-Cap Value Fund   331,419,307 
 800,814   TIAA-CREF Mid-Cap Growth Fund   19,443,758 
 678,127   TIAA-CREF Mid-Cap Value Fund   15,888,505 
 7,733,488   TIAA-CREF Small-Cap Equity Fund   149,642,989 
     TOTAL U.S. EQUITY   1,839,974,941 
           
     TOTAL TIAA-CREF FUNDS   2,942,861,411 
     (Cost $2,415,757,961)     
           
     TOTAL INVESTMENTS - 99.5%   2,942,861,411 
     (Cost $2,415,757,961)     
     OTHER ASSETS & LIABILITIES, NET - 0.5%   13,720,860 
     NET ASSETS - 100.0%  $2,956,582,271 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
8

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2045 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.3%(a)     
           
FIXED INCOME - 9.8%     
 3,304,661   TIAA-CREF Bond Plus Fund  $35,062,451 
 4,935,320   TIAA-CREF High-Yield Fund   51,327,330 
     TOTAL FIXED INCOME   86,389,781 
           
INTERNATIONAL EQUITY - 27.5%     
 3,811,099   TIAA-CREF Emerging Markets Equity Fund   40,816,869 
 7,655,074   TIAA-CREF Enhanced International Equity Index Fund   63,230,912 
 1,297,065   TIAA-CREF Global Natural Resources Fund   12,866,881 
 5,427,639   TIAA-CREF International Equity Fund   65,728,705 
 5,387,616   TIAA-CREF International Opportunities Fund   61,526,576 
     TOTAL INTERNATIONAL EQUITY   244,169,943 
           
SHORT-TERM FIXED INCOME - 0.0%     
 81,020   TIAA-CREF Money Market Fund   81,020 
     TOTAL SHORT-TERM FIXED INCOME   81,020 
           
U.S. EQUITY - 62.0%     
 9,251,993   TIAA-CREF Enhanced Large-Cap Growth Index Fund   105,750,275 
 9,538,598   TIAA-CREF Enhanced Large-Cap Value Index Fund   99,296,807 
 7,057,739   TIAA-CREF Growth & Income Fund   86,598,458 
 6,717,247   TIAA-CREF Large-Cap Growth Fund   104,721,880 
 5,631,558   TIAA-CREF Large-Cap Value Fund   99,002,792 
 236,549   TIAA-CREF Mid-Cap Growth Fund   5,743,419 
 202,178   TIAA-CREF Mid-Cap Value Fund   4,737,031 
 2,315,097   TIAA-CREF Small-Cap Equity Fund   44,797,118 
     TOTAL U.S. EQUITY   550,647,780 
           
     TOTAL TIAA-CREF FUNDS   881,288,524 
     (Cost $730,655,953)     
           
     TOTAL INVESTMENTS - 99.3%   881,288,524 
     (Cost $730,655,953)     
     OTHER ASSETS & LIABILITIES, NET - 0.7%   6,644,378 
     NET ASSETS - 100.0%  $887,932,902 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
9

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2050 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
      
TIAA-CREF FUNDS - 99.3%(a)     
           
FIXED INCOME - 9.7%     
 1,860,717   TIAA-CREF Bond Plus Fund  $19,742,212 
 2,775,810   TIAA-CREF High-Yield Fund   28,868,419 
     TOTAL FIXED INCOME   48,610,631 
           
INTERNATIONAL EQUITY - 27.5%     
 2,149,406   TIAA-CREF Emerging Markets Equity Fund   23,020,137 
 4,304,705   TIAA-CREF Enhanced International Equity Index Fund   35,556,867 
 726,772   TIAA-CREF Global Natural Resources Fund   7,209,581 
 3,048,901   TIAA-CREF International Equity Fund   36,922,188 
 3,028,120   TIAA-CREF International Opportunities Fund   34,581,131 
     TOTAL INTERNATIONAL EQUITY   137,289,904 
           
SHORT-TERM FIXED INCOME - 0.0%     
 41,882   TIAA-CREF Money Market Fund   41,882 
     TOTAL SHORT-TERM FIXED INCOME   41,882 
           
U.S. EQUITY - 62.1%     
 5,198,759   TIAA-CREF Enhanced Large-Cap Growth Index Fund   59,421,820 
 5,372,499   TIAA-CREF Enhanced Large-Cap Value Index Fund   55,927,710 
 3,967,924   TIAA-CREF Growth & Income Fund   48,686,429 
 3,778,042   TIAA-CREF Large-Cap Growth Fund   58,899,670 
 3,166,481   TIAA-CREF Large-Cap Value Fund   55,666,743 
 132,780   TIAA-CREF Mid-Cap Growth Fund   3,223,901 
 113,486   TIAA-CREF Mid-Cap Value Fund   2,658,979 
 1,301,905   TIAA-CREF Small-Cap Equity Fund   25,191,864 
     TOTAL U.S. EQUITY   309,677,116 
           
     TOTAL TIAA-CREF FUNDS   495,619,533 
     (Cost $414,211,422)     
           
     TOTAL INVESTMENTS - 99.3%   495,619,533 
     (Cost $414,211,422)     
     OTHER ASSETS & LIABILITIES, NET - 0.7%   3,526,883 
     NET ASSETS - 100.0%  $499,146,416 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
10

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2055 Fund

 

TIAA-CREF LIFECYCLE FUNDS

LIFECYCLE 2055 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE  
          
TIAA-CREF FUNDS - 99.2%(a)     
           
FIXED INCOME - 9.9%     
 247,801   TIAA-CREF Bond Plus Fund  $2,629,167 
 378,797   TIAA-CREF High-Yield Fund   3,939,486 
     TOTAL FIXED INCOME   6,568,653 
           
INTERNATIONAL EQUITY - 27.4%     
 285,473   TIAA-CREF Emerging Markets Equity Fund   3,057,419 
 572,763   TIAA-CREF Enhanced International Equity Index Fund   4,731,022 
 96,847   TIAA-CREF Global Natural Resources Fund   960,718 
 405,192   TIAA-CREF International Equity Fund   4,906,879 
 402,996   TIAA-CREF International Opportunities Fund   4,602,213 
     TOTAL INTERNATIONAL EQUITY   18,258,251 
           
SHORT-TERM FIXED INCOME - 0.0%     
 6,591   TIAA-CREF Money Market Fund   6,591 
     TOTAL SHORT-TERM FIXED INCOME   6,591 
           
U.S. EQUITY - 61.9%     
 691,288   TIAA-CREF Enhanced Large-Cap Growth Index Fund   7,901,422 
 713,551   TIAA-CREF Enhanced Large-Cap Value Index Fund   7,428,061 
 527,719   TIAA-CREF Growth & Income Fund   6,475,115 
 502,839   TIAA-CREF Large-Cap Growth Fund   7,839,256 
 420,941   TIAA-CREF Large-Cap Value Fund   7,400,138 
 17,613   TIAA-CREF Mid-Cap Growth Fund   427,639 
 15,061   TIAA-CREF Mid-Cap Value Fund   352,872 
 172,913   TIAA-CREF Small-Cap Equity Fund   3,345,875 
     TOTAL U.S. EQUITY   41,170,378 
           
     TOTAL TIAA-CREF FUNDS   66,003,873 
     (Cost $58,803,126)     
           
     TOTAL INVESTMENTS - 99.2%   66,003,873 
     (Cost $58,803,126)     
     OTHER ASSETS & LIABILITIES, NET - 0.8%   538,051 
     NET ASSETS - 100.0%  $66,541,924 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
11

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

 

Note 1—organization and significant accounting policies

 

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 Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

 

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 their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer up to four share classes, although any one Fund may not necessarily offer all four classes. The Funds may offer Institutional, Retirement, Retail and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

 

The accompanying schedules of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

 

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

 

Investment transactions: Securities transactions are accounted for as of the trade date for financial reporting purposes.

 

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees (“Board”), pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

 

Note 2—valuation of investments

 

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

 

• Level 1 – quoted prices in active markets for identical securities
   
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
   
• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

12

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

 

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

 

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

 

Transfers between levels are recognized at the end of the reporting period. For the period ended February 28, 2014, there were no transfers between levels by the Funds.

 

As of February 28, 2014, all of the investments in the Funds were valued based on Level 1 inputs.

 

Note 3—affiliates

 

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

 

Issue  Value at
May 31, 2013		  Purchases
cost		  Sales proceeds  Realized gain (loss)   Dividend income  Value at
February 28, 2014		 
Lifecycle Retirement Income Fund                          
TIAA-CREF Bond  $83,575,611  $9,523,058  $24,057,747  $(1,014,168)  $1,842,609  $67,994,633 
TIAA-CREF Bond Plus   1,130,120   28,808,268   734,128   (19,165)   451,320   29,603,686 
TIAA-CREF Emerging Markets Equity   6,537,626   1,202,453   958,906   (76,067)   44,506   6,601,629 
TIAA-CREF Enhanced International Equity Index   7,297,000   3,023,606   2,481,646   187,199    500,123   8,586,298 
TIAA-CREF Enhanced Large-Cap Growth Index   11,252,000   4,120,691   1,471,501   (26,888)   1,056,238   15,049,441 
TIAA-CREF Enhanced Large-Cap Value Index   12,190,046   3,171,469   2,035,475   40,610    1,034,064   14,135,700 
TIAA-CREF Global Natural Resources   2,798,757   392,753   1,451,595   (70,187)   30,896   1,826,624 
TIAA-CREF Growth & Income   10,467,054   2,688,585   1,670,780   29,779    1,229,997   12,262,344 
TIAA-CREF High-Yield   5,697,995   5,551,559   372,918   (14,881)   572,584   10,859,184 
TIAA-CREF Inflation-Linked Bond   10,797,949   17,762,381   14,270,001   (245,195)   327,207   13,704,881 
TIAA-CREF International Equity   9,585,972   1,917,826   4,094,253   529,162    131,617   9,072,174 
TIAA-CREF International Opportunities   1,695,347   7,061,473   641,339   8,198    29,322   8,873,655 
TIAA-CREF Large-Cap Growth   11,482,605   3,007,623   1,717,650   34,156    937,279   14,839,888 
TIAA-CREF Large-Cap Value   12,389,440   2,908,993   2,030,303   26,533    1,026,984   14,023,565 
TIAA-CREF Mid-Cap Growth   573,132   408,047   658,645   95,898    42,894   398,624 
TIAA-CREF Mid-Cap Value   710,770   139,838   663,877   168,624    17,507   257,426 
TIAA-CREF Money Market   742,186   5,686   719,983   —    2   27,890 
TIAA-CREF Short-Term Bond   34,312,701   19,182,280   12,822,330   (187,501)   335,708   40,513,975 
TIAA-CREF Small-Cap Equity   5,150,985   1,397,082   1,025,094   26,246    505,814   6,193,994 
   $228,387,296  $112,273,671  $73,878,171  $(507,647)  $10,116,671  $274,825,611 

13

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

 

Issue  Value at
May 31, 2013		  Purchases
cost		  Sales proceeds  Realized gain (loss)   Dividend income  Value at
February 28, 2014		 
Lifecycle 2010 Fund                          
TIAA-CREF Bond  $318,107,409  $22,317,328  $97,522,751  $(3,358,448)  $6,866,288  $238,836,125 
TIAA-CREF Bond Plus   7,838,148   104,771,217   4,088,420   (55,905)   1,773,495   109,961,531 
TIAA-CREF Emerging Markets Equity   30,345,106   3,371,094   5,423,980   (291,992)   193,888   27,497,661 
TIAA-CREF Enhanced International Equity Index   35,636,936   8,419,586   10,274,272   1,110,664    2,278,294   37,353,286 
TIAA-CREF Enhanced Large-Cap Growth Index   54,315,479   11,493,231   6,657,202   260,928    4,761,685   64,409,856 
TIAA-CREF Enhanced Large-Cap Value Index   58,640,965   9,740,455   11,151,969   1,178,400    4,665,266   60,954,450 
TIAA-CREF Global Natural Resources   13,047,961   901,085   6,523,032   (202,809)   139,898   7,858,523 
TIAA-CREF Growth & Income   50,233,038   7,759,732   8,747,781   1,120,108    5,593,650   52,769,533 
TIAA-CREF High-Yield   26,348,542   15,440,309   1,093,594   (34,767)   2,291,603   40,502,335 
TIAA-CREF Inflation-Linked Bond   44,623,959   36,830,209   28,091,179   (628,646)   941,769   51,261,830 
TIAA-CREF International Equity   45,850,953   4,043,987   18,366,721   3,650,954    597,956   39,116,203 
TIAA-CREF International Opportunities   7,994,147   28,832,507   2,412,686   (5,691)   132,156   37,526,870 
TIAA-CREF Large-Cap Growth   53,835,122   8,568,967   7,938,443   632,386    4,235,597   63,951,470 
TIAA-CREF Large-Cap Value   58,139,832   8,364,022   9,691,539   987,365    4,640,629   60,361,800 
TIAA-CREF Mid-Cap Growth   2,926,880   1,446,297   2,574,138   538,013    251,378   2,149,613 
TIAA-CREF Mid-Cap Value   3,585,300   404,765   2,793,848   917,407    106,924   1,535,468 
TIAA-CREF Money Market   3,216,212   22,124   3,179,380   —    8   58,956 
TIAA-CREF Short-Term Bond   85,643,179   36,167,061   22,970,390   (329,714)   927,206   98,474,719 
TIAA-CREF Small-Cap Equity   24,520,217   4,194,091   5,116,179   531,399    2,297,046   26,705,792 
   $924,849,385  $313,088,067  $254,617,504  $6,019,652   $42,694,736  $1,021,286,021 
                           
Lifecycle 2015 Fund                          
TIAA-CREF Bond  $429,565,327  $35,975,828  $115,892,151  $2,256,800   $9,685,177  $344,505,069 
TIAA-CREF Bond Plus   19,573,642   154,987,945   4,500,308   100,813    2,814,127   172,058,268 
TIAA-CREF Emerging Markets Equity   50,504,931   5,926,496   7,930,994   730,281    334,136   47,260,696 
TIAA-CREF Enhanced International Equity Index   61,155,958   14,907,610   16,176,318   3,226,117    4,048,217   66,183,955 
TIAA-CREF Enhanced Large-Cap Growth Index   92,164,500   22,016,915   10,411,466   3,150,312    8,352,621   112,968,698 
TIAA-CREF Enhanced Large-Cap Value Index   99,566,848   13,810,183   12,754,054   4,235,571    8,230,257   107,006,963 
TIAA-CREF Global Natural Resources   21,677,967   1,801,445   10,275,904   222,845    244,311   13,993,618 
TIAA-CREF Growth & Income   84,818,631   12,613,947   10,628,828   4,001,189    9,780,017   92,910,516 
TIAA-CREF High-Yield   47,329,501   17,581,482   1,215,102   140,263    3,676,789   63,218,307 
TIAA-CREF Inflation-Linked Bond   69,068,996   24,709,226   10,672,583   855,622    1,034,977   80,308,807 
TIAA-CREF International Equity   76,620,389   8,760,217   29,427,584   8,265,243    1,045,309   69,002,508 
TIAA-CREF International Opportunities   13,560,317   50,355,370   3,305,355   432,711    229,641   66,069,670 
TIAA-CREF Large-Cap Growth   92,252,243   16,594,514   12,595,163   6,337,851    7,436,932   112,711,885 
TIAA-CREF Large-Cap Value   99,645,543   13,787,888   13,222,958   4,834,601    8,109,253   106,279,057 
TIAA-CREF Mid-Cap Growth   5,180,942   2,456,569   3,912,872   1,191,159    507,402   4,341,291 
TIAA-CREF Mid-Cap Value   6,289,369   607,356   4,231,164   1,422,192    225,166   3,266,120 
TIAA-CREF Money Market   4,765,963   4,470   4,627,289   —    12   143,145 
TIAA-CREF Short-Term Bond   71,207,184   23,449,674   3,546,346   157,231    982,237   90,869,933 
TIAA-CREF Small-Cap Equity   41,483,737   7,050,427   6,775,777   2,807,969    4,012,145   47,111,651 
   $1,386,431,988  $427,397,562  $282,102,216  $44,368,770   $70,748,726  $1,600,210,157 

14

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

 

Issue  Value at
May 31, 2013		  Purchases
cost		  Sales proceeds  Realized gain (loss)   Dividend income  Value at
February 28, 2014		 
Lifecycle 2020 Fund                          
TIAA-CREF Bond  $446,266,526  $53,575,126  $103,779,741  $1,514,717   $10,564,160  $391,222,128 
TIAA-CREF Bond Plus   51,212,604   194,668,041   5,436,095   190,181    4,087,169   242,551,918 
TIAA-CREF Emerging Markets Equity   74,682,972   11,351,169   8,863,152   982,315    519,360   75,297,676 
TIAA-CREF Enhanced International Equity Index   93,460,287   27,521,712   22,257,674   4,850,680    6,491,153   108,600,166 
TIAA-CREF Enhanced Large-Cap Growth Index   139,954,497   40,653,898   9,997,846   3,886,296    13,299,808   185,061,163 
TIAA-CREF Enhanced Large-Cap Value Index   151,149,214   27,484,716   14,672,556   5,572,268    13,001,507   173,879,469 
TIAA-CREF Global Natural Resources   32,067,020   3,189,916   14,003,235   402,102    390,067   22,505,310 
TIAA-CREF Growth & Income   128,279,547   23,511,766   9,931,714   3,922,570    15,536,157   151,245,173 
TIAA-CREF High-Yield   79,903,196   17,472,541   1,025,232   150,443    5,721,799   95,522,929 
TIAA-CREF Inflation-Linked Bond   55,048,452   27,353,993   2,429,662   259,243    857,905   77,741,338 
TIAA-CREF International Equity   114,118,991   14,970,805   36,600,819   10,871,087    1,669,008   112,685,204 
TIAA-CREF International Opportunities   20,360,567   81,915,799   3,448,994   467,044    364,670   107,708,893 
TIAA-CREF Large-Cap Growth   138,496,927   29,866,089   11,001,345   5,829,636    11,872,495   183,064,303 
TIAA-CREF Large-Cap Value   149,655,699   28,603,143   14,449,897   5,380,831    13,029,941   172,851,497 
TIAA-CREF Mid-Cap Growth   8,163,985   3,826,706   4,984,609   1,554,780    919,364   7,976,433 
TIAA-CREF Mid-Cap Value   9,837,430   1,393,679   5,908,061   1,983,351    439,635   6,261,485 
TIAA-CREF Money Market   6,270,815   9,731   6,088,959   —    16   191,587 
TIAA-CREF Short-Term Bond   56,870,648   19,765,160   976,898   43,103    826,689   75,493,449 
TIAA-CREF Small-Cap Equity   62,578,229   13,816,278   7,630,507   3,456,431    6,401,922   76,941,461 
   $1,818,377,606  $620,950,268  $283,486,996  $51,317,078   $105,992,825  $2,266,801,582 
                           
Lifecycle 2025 Fund                          
TIAA-CREF Bond  $312,737,397  $44,486,365  $70,590,056  $847,563   $7,542,581  $283,195,591 
TIAA-CREF Bond Plus   85,012,645   153,749,584   6,228,629   223,233    4,279,968   233,886,886 
TIAA-CREF Emerging Markets Equity   81,478,739   12,954,502   9,399,128   1,232,948    572,169   83,024,535 
TIAA-CREF Enhanced International Equity Index   104,442,692   29,704,880   22,710,156   5,191,764    7,333,720   122,480,096 
TIAA-CREF Enhanced Large-Cap Growth Index   155,785,407   44,520,222   9,019,354   3,726,004    14,899,737   207,405,228 
TIAA-CREF Enhanced Large-Cap Value Index   168,121,592   30,282,627   14,089,155   5,619,923    14,588,949   195,291,851 
TIAA-CREF Global Natural Resources   34,886,249   3,672,697   14,718,456   448,081    437,701   25,184,109 
TIAA-CREF Growth & Income   142,047,824   24,277,239   7,325,537   3,086,281    17,388,044   169,400,819 
TIAA-CREF High-Yield   95,641,776   23,765,016   1,095,021   145,867    6,958,885   117,303,080 
TIAA-CREF Inflation-Linked Bond   19,370,682   14,314,068   614,080   19,489    323,215   32,291,343 
TIAA-CREF International Equity   125,150,022   16,931,614   35,956,534   10,940,870    1,871,853   128,408,770 
TIAA-CREF International Opportunities   22,574,620   91,339,058   2,393,592   326,495    407,348   121,515,771 
TIAA-CREF Large-Cap Growth   153,926,390   31,798,840   8,905,961   4,859,360    13,366,109   205,439,124 
TIAA-CREF Large-Cap Value   166,402,066   30,198,740   12,475,402   4,655,883    14,618,556   194,067,865 
TIAA-CREF Mid-Cap Growth   9,348,682   4,455,451   5,074,439   1,675,588    1,125,685   9,814,331 
TIAA-CREF Mid-Cap Value   11,191,388   1,507,528   5,947,973   2,063,190    543,205   7,815,128 
TIAA-CREF Money Market   6,138,167   9,207   5,959,635   —    16   187,740 
TIAA-CREF Short-Term Bond   20,112,164   11,764,531   588,898   5,269    323,307   31,237,042 
TIAA-CREF Small-Cap Equity   69,383,222   15,198,375   5,855,539   2,875,805    7,178,307   87,789,022 
   $1,783,751,724  $584,930,544  $238,947,545  $47,943,613   $113,759,355  $2,255,738,331 

15

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

 

Issue  Value at
May 31, 2013		  Purchases
cost		  Sales proceeds  Realized gain (loss)   Dividend income  Value at
February 28, 2014		 
Lifecycle 2030 Fund                          
TIAA-CREF Bond  $175,315,885  $58,563,674  $44,733,354  $(271,459)  $4,601,811  $187,183,243 
TIAA-CREF Bond Plus   100,287,296   96,265,638   11,387,186   345,154    3,813,312   185,769,936 
TIAA-CREF Emerging Markets Equity   85,645,615   13,208,673   9,243,900   1,183,769    608,201   87,434,852 
TIAA-CREF Enhanced International Equity Index   111,840,167   32,020,845   23,627,573   5,488,004    7,966,473   132,002,105 
TIAA-CREF Enhanced Large-Cap Growth Index   165,773,346   47,052,303   7,748,860   3,264,632    16,034,349   222,310,702 
TIAA-CREF Enhanced Large-Cap Value Index   178,829,225   32,000,482   13,321,847   5,391,533    15,729,538   209,238,045 
TIAA-CREF Global Natural Resources   36,479,991   3,996,835   14,796,487   407,840    472,804   27,000,759 
TIAA-CREF Growth & Income   150,972,557   26,410,758   6,794,893   2,966,292    18,758,352   181,691,067 
TIAA-CREF High-Yield   100,931,130   29,501,600   1,888,454   216,854    7,540,234   127,520,701 
TIAA-CREF International Equity   131,975,290   17,280,688   34,586,168   10,726,294    2,020,613   138,331,683 
TIAA-CREF International Opportunities   24,014,100   97,673,777   2,685,211   353,408    439,420   129,973,968 
TIAA-CREF Large-Cap Growth   164,489,862   34,032,908   8,895,334   5,117,731    14,427,207   220,196,032 
TIAA-CREF Large-Cap Value   177,470,325   30,214,498   9,931,027   3,785,889    15,752,776   208,220,369 
TIAA-CREF Mid-Cap Growth   10,159,137   4,238,919   4,346,587   1,566,597    1,302,286   11,201,237 
TIAA-CREF Mid-Cap Value   12,117,154   957,883   5,187,031   1,906,006    629,195   9,075,547 
TIAA-CREF Money Market   5,863,894   10,226   5,693,557   —    15   180,563 
TIAA-CREF Small-Cap Equity   73,643,232   15,295,276   4,625,167   2,381,429    7,756,713   93,949,592 
   $1,705,808,206  $538,724,983  $209,492,636  $44,829,973   $117,853,299  $2,171,280,401 
                           
Lifecycle 2035 Fund                          
TIAA-CREF Bond  $42,782,515  $56,738,574  $17,839,904  $(324,819)  $1,622,533  $81,452,320 
TIAA-CREF Bond Plus   101,203,549   39,538,884   12,281,403   365,501    2,919,733   128,127,728 
TIAA-CREF Emerging Markets Equity   94,594,114   14,725,177   9,401,451   1,168,250    675,371   97,420,710 
TIAA-CREF Enhanced International Equity Index   125,484,765   35,755,302   25,365,172   6,089,372    9,004,924   149,159,265 
TIAA-CREF Enhanced Large-Cap Growth Index   185,180,843   52,751,258   7,297,820   3,105,054    17,986,563   250,087,093 
TIAA-CREF Enhanced Large-Cap Value Index   199,809,557   37,578,884   15,009,894   6,132,532    17,699,150   235,551,396 
TIAA-CREF Global Natural Resources   40,303,873   4,689,729   16,086,758   494,781    531,223   30,418,316 
TIAA-CREF Growth & Income   168,141,734   30,808,574   6,679,764   2,979,918    21,119,651   204,668,002 
TIAA-CREF High-Yield   101,792,402   31,641,546   2,224,338   250,807    7,676,693   130,192,695 
TIAA-CREF International Equity   145,987,401   20,531,047   37,018,123   11,708,776    2,272,263   155,864,569 
TIAA-CREF International Opportunities   26,767,938   109,360,277   2,431,826   366,124    492,456   146,048,652 
TIAA-CREF Large-Cap Growth   183,399,227   40,972,629   10,486,942   5,833,589    16,239,403   248,088,555 
TIAA-CREF Large-Cap Value   198,042,205   32,377,834   7,617,594   3,235,610    17,660,784   234,490,361 
TIAA-CREF Mid-Cap Growth   11,536,062   4,818,244   4,321,398   1,618,812    1,556,829   13,303,163 
TIAA-CREF Mid-Cap Value   13,717,313   1,556,421   5,732,221   2,095,524    753,908   10,848,800 
TIAA-CREF Money Market   5,706,777   14,201   5,534,465   —    15   186,513 
TIAA-CREF Small-Cap Equity   82,049,743   16,336,781   3,200,404   1,670,900    8,733,316   105,929,150 
   $1,726,500,018  $530,195,362  $188,529,477  $46,790,731   $126,944,815  $2,221,837,288 

16

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

 

Issue  Value at
May 31, 2013		  Purchases
cost		  Sales proceeds  Realized gain (loss)   Dividend income  Value at
February 28, 2014		 
Lifecycle 2040 Fund                          
TIAA-CREF Bond Plus  $90,328,914  $41,189,717  $16,874,166  $281,883   $2,483,963  $114,179,947 
TIAA-CREF Emerging Markets Equity   133,374,861   19,349,644   13,257,291   1,563,562    951,298   135,909,509 
TIAA-CREF Enhanced International Equity Index   178,254,309   48,672,590   34,434,050   8,419,615    12,780,699   211,348,542 
TIAA-CREF Enhanced Large-Cap Growth Index   262,609,814   72,518,488   9,452,622   4,028,372    25,518,439   352,988,453 
TIAA-CREF Enhanced Large-Cap Value Index   283,365,227   48,896,394   18,779,778   7,656,588    25,093,185   332,017,429 
TIAA-CREF Global Natural Resources   56,610,060   6,481,803   22,227,769   640,901    753,643   42,924,060 
TIAA-CREF Growth & Income   238,243,202   42,461,190   9,636,307   4,292,387    29,981,548   288,504,401 
TIAA-CREF High-Yield   136,933,719   41,844,224   5,208,258   526,557    10,252,162   172,149,773 
TIAA-CREF International Equity   205,893,929   28,086,007   50,934,585   16,212,080    3,224,302   220,135,781 
TIAA-CREF International Opportunities   37,911,006   153,234,590   2,816,604   423,401    696,727   205,965,416 
TIAA-CREF Large-Cap Growth   259,744,245   54,355,059   12,438,201   6,964,464    23,049,804   350,070,099 
TIAA-CREF Large-Cap Value   280,496,335   45,975,659   11,403,916   4,990,060    25,054,863   331,419,307 
TIAA-CREF Mid-Cap Growth   16,501,708   6,826,929   5,717,508   2,262,525    2,250,683   19,443,758 
TIAA-CREF Mid-Cap Value   19,595,356   2,330,561   7,928,032   2,941,750    1,088,731   15,888,505 
TIAA-CREF Money Market   7,692,364   41,175   7,460,097   —    20   273,442 
TIAA-CREF Small-Cap Equity   116,267,537   22,479,802   4,328,587   2,258,825    12,368,725   149,642,989 
   $2,323,822,586  $634,743,832  $232,897,771  $63,462,970   $175,548,792  $2,942,861,411 
                           
Lifecycle 2045 Fund                          
TIAA-CREF Bond Plus  $23,037,275  $15,444,553  $3,369,616  $(124,080)  $696,126  $35,062,451 
TIAA-CREF Emerging Markets Equity   34,192,423   8,962,060   1,419,976   (90,815)   271,597   40,816,869 
TIAA-CREF Enhanced International Equity Index   45,699,423   21,141,657   8,783,670   436,521    3,663,442   63,230,912 
TIAA-CREF Enhanced Large-Cap Growth Index   66,999,976   32,397,693   1,204,192   (35,023)   7,330,636   105,750,275 
TIAA-CREF Enhanced Large-Cap Value Index   72,367,455   23,418,082   1,473,688   (46,209)   7,180,400   99,296,807 
TIAA-CREF Global Natural Resources   14,544,872   3,024,942   5,300,757   (341,960)   216,281   12,866,881 
TIAA-CREF Growth & Income   60,744,812   22,429,143   1,252,239   (27,716)   8,568,814   86,598,458 
TIAA-CREF High-Yield   35,217,279   17,018,692   621,063   (28,272)   2,884,306   51,327,330 
TIAA-CREF International Equity   52,450,275   14,416,242   11,523,963   1,013,177    921,750   65,728,705 
TIAA-CREF International Opportunities   9,742,424   47,064,330   375,835   (176)   200,156   61,526,576 
TIAA-CREF Large-Cap Growth   67,211,738   25,961,866   1,883,885   (38,356)   6,542,650   104,721,880 
TIAA-CREF Large-Cap Value   72,388,174   23,150,069   961,670   (18,057)   7,166,853   99,002,792 
TIAA-CREF Mid-Cap Growth   4,219,050   2,670,324   1,650,766   92,871    645,222   5,743,419 
TIAA-CREF Mid-Cap Value   5,011,201   1,144,889   1,931,381   236,830    310,402   4,737,031 
TIAA-CREF Money Market   2,004,612   20,938   1,944,530   —    6   81,020 
TIAA-CREF Small-Cap Equity   29,783,095   11,362,455   463,585   (22,941)   3,555,803   44,797,118 
   $595,614,084  $269,627,935  $44,160,816  $1,005,794   $50,154,444  $881,288,524 

17

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

 

Issue  Value at
May 31, 2013		  Purchases
cost		  Sales proceeds  Realized gain (loss)   Dividend income  Value at
February 28, 2014		 
Lifecycle 2050 Fund                          
TIAA-CREF Bond Plus  $12,512,483  $8,690,715  $1,438,413  $(56,744)  $386,465  $19,742,212 
TIAA-CREF Emerging Markets Equity   18,734,601   5,403,673   622,902   (28,909)   151,167   23,020,137 
TIAA-CREF Enhanced International Equity Index   25,043,057   12,499,769   4,840,857   229,081    2,039,155   35,556,867 
TIAA-CREF Enhanced Large-Cap Growth Index   36,694,091   19,287,768   726,805   (12,970)   4,083,614   59,421,820 
TIAA-CREF Enhanced Large-Cap Value Index   39,650,596   14,393,487   853,914   (8,039)   3,999,473   55,927,710 
TIAA-CREF Global Natural Resources   7,966,483   1,792,092   2,889,508   (173,540)   120,287   7,209,581 
TIAA-CREF Growth & Income   33,235,345   13,361,737   484,317   (5,594)   4,768,781   48,686,429 
TIAA-CREF High-Yield   19,190,857   10,206,330   372,468   (16,613)   1,600,694   28,868,419 
TIAA-CREF International Equity   28,664,588   8,628,339   6,137,241   528,506    513,106   36,922,188 
TIAA-CREF International Opportunities   5,337,165   26,613,541   179,392   337    111,388   34,581,131 
TIAA-CREF Large-Cap Growth   36,841,092   15,602,965   966,279   (20,790)   3,645,842   58,899,670 
TIAA-CREF Large-Cap Value   39,673,334   14,311,519   735,668   982    3,992,383   55,666,743 
TIAA-CREF Mid-Cap Growth   2,312,362   1,541,587   909,330   48,693    359,072   3,223,901 
TIAA-CREF Mid-Cap Value   2,746,851   624,425   994,894   115,336    172,922   2,658,979 
TIAA-CREF Money Market   1,092,776   9,004   1,059,898   —    3   41,882 
TIAA-CREF Small-Cap Equity   16,322,873   6,850,445   253,391   (9,512)   1,978,905   25,191,864 
   $326,018,554  $159,817,396  $23,465,277  $590,224   $27,923,257  $495,619,533 
                           
Lifecycle 2055 Fund                          
TIAA-CREF Bond Plus  $1,291,213  $1,485,706  $153,403  $(5,549)  $46,935  $2,629,167 
TIAA-CREF Emerging Markets Equity   1,900,421   1,309,251   100,547   (15,627)   19,567   3,057,419 
TIAA-CREF Enhanced International Equity Index   2,535,500   2,313,862   438,751   1,317    263,837   4,731,022 
TIAA-CREF Enhanced Large-Cap Growth Index   3,695,533   3,843,871   111,866   (8,086)   527,814   7,901,422 
TIAA-CREF Enhanced Large-Cap Value Index   4,001,939   3,265,291   128,253   (8,995)   516,925   7,428,061 
TIAA-CREF Global Natural Resources   801,521   368,434   247,944   (16,405)   15,519   960,718 
TIAA-CREF Growth & Income   3,343,702   2,971,072   113,817   (10,531)   611,395   6,475,115 
TIAA-CREF High-Yield   1,966,828   2,042,065   61,260   (2,711)   196,787   3,939,486 
TIAA-CREF International Equity   2,873,148   1,889,136   538,604   7,864    66,119   4,906,879 
TIAA-CREF International Opportunities   543,009   3,795,938   96,213   (1,985)   14,399   4,602,213 
TIAA-CREF Large-Cap Growth   3,743,487   3,412,205   180,864   (7,518)   471,329   7,839,256 
TIAA-CREF Large-Cap Value   4,034,798   3,208,195   83,494   (6,979)   516,526   7,400,138 
TIAA-CREF Mid-Cap Growth   233,017   279,338   114,521   1,729    46,866   427,639 
TIAA-CREF Mid-Cap Value   277,072   161,463   117,646   4,461    22,351   352,872 
TIAA-CREF Money Market   109,458   3,278   106,145   —    —   6,591 
TIAA-CREF Small-Cap Equity   1,649,970   1,506,537   56,194   (4,521)   255,647   3,345,875 
   $33,000,616  $31,855,642  $2,649,522  $(73,536)  $3,592,016  $66,003,873 

18

TIAA-CREF Lifecycle Funds – Notes to Schedules of Investments (unaudited)

 

Note 4—investments

 

Net unrealized appreciation (depreciation): At February 28, 2014, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

 

Fund  Book
cost		   Gross unrealized appreciation   Gross unrealized (depreciation)   Net unrealized appreciation (depreciation) 
Lifecycle Retirement Income  $244,691,088   $30,134,523   $—   $30,134,523 
Lifecycle 2010   877,854,547    143,431,474    —    143,431,474 
Lifecycle 2015   1,455,503,172    154,469,983    (9,762,998)   144,706,985 
Lifecycle 2020   2,019,586,958    258,255,751    (11,041,127)   247,214,624 
Lifecycle 2025   1,969,929,308    295,266,757    (9,457,734)   285,809,023 
Lifecycle 2030   1,851,669,587    326,235,972    (6,625,158)   319,610,814 
Lifecycle 2035   1,855,916,740    370,523,763    (4,603,215)   365,920,548 
Lifecycle 2040   2,415,757,961    532,877,563    (5,774,113)   527,103,450 
Lifecycle 2045   730,655,953    150,632,571    —    150,632,571 
Lifecycle 2050   414,211,422    81,408,111    —    81,408,111 
Lifecycle 2055   58,803,126    7,200,747    —    7,200,747 
19

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index Retirement Income Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX RETIREMENT INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.9%(a)     
         
FIXED INCOME - 49.6%     
1,472,930  TIAA-CREF Bond Index Fund  $15,789,812 
   TOTAL FIXED INCOME   15,789,812 
         
INFLATION-PROTECTED ASSETS - 9.8%     
272,224  TIAA-CREF Inflation-Linked Bond Fund   3,122,411 
   TOTAL INFLATION-PROTECTED ASSETS   3,122,411 
         
INTERNATIONAL EQUITY - 12.0%     
82,580  TIAA-CREF Emerging Markets Equity Index Fund   824,970 
154,468  TIAA-CREF International Equity Index Fund   3,004,397 
   TOTAL INTERNATIONAL EQUITY   3,829,367 
         
U.S. EQUITY - 28.5%     
633,486  TIAA-CREF Equity Index Fund   9,071,523 
   TOTAL U.S. EQUITY   9,071,523 
         
   TOTAL TIAA-CREF FUNDS   31,813,113 
   (Cost $28,047,363)     
         
   TOTAL INVESTMENTS - 99.9%   31,813,113 
   (Cost $28,047,363)     
   OTHER ASSETS & LIABILITIES, NET - 0.1%   46,036 
   NET ASSETS - 100.0%  $31,859,149 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
1

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2010 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2010 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.6%(a)     
         
FIXED INCOME - 45.6%     
6,301,887  TIAA-CREF Bond Index Fund  $67,556,224 
   TOTAL FIXED INCOME   67,556,224 
         
INFLATION-PROTECTED ASSETS - 7.2%     
928,906  TIAA-CREF Inflation-Linked Bond Fund   10,654,549 
   TOTAL INFLATION-PROTECTED ASSETS   10,654,549 
         
INTERNATIONAL EQUITY - 14.0%     
445,748  TIAA-CREF Emerging Markets Equity Index Fund   4,453,024 
837,013  TIAA-CREF International Equity Index Fund   16,279,906 
   TOTAL INTERNATIONAL EQUITY   20,732,930 
         
U.S. EQUITY - 32.8%     
3,389,700  TIAA-CREF Equity Index Fund   48,540,498 
   TOTAL U.S. EQUITY   48,540,498 
         
   TOTAL TIAA-CREF FUNDS   147,484,201 
   (Cost $126,615,252)     
         
   TOTAL INVESTMENTS - 99.6%   147,484,201 
   (Cost $126,615,252)     
   OTHER ASSETS & LIABILITIES, NET - 0.4%   559,419 
   NET ASSETS - 100.0%  $148,043,620 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
2

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2015 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2015 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.7%(a)     
         
FIXED INCOME - 41.7%     
10,382,447  TIAA-CREF Bond Index Fund  $111,299,835 
   TOTAL FIXED INCOME   111,299,835 
         
INFLATION-PROTECTED ASSETS - 5.3%     
1,226,837  TIAA-CREF Inflation-Linked Bond Fund   14,071,820 
   TOTAL INFLATION-PROTECTED ASSETS   14,071,820 
         
INTERNATIONAL EQUITY - 15.7%     
901,075  TIAA-CREF Emerging Markets Equity Index Fund   9,001,743 
1,685,446  TIAA-CREF International Equity Index Fund   32,781,929 
   TOTAL INTERNATIONAL EQUITY   41,783,672 
         
U.S. EQUITY - 37.0%     
6,883,891  TIAA-CREF Equity Index Fund   98,577,320 
   TOTAL U.S. EQUITY   98,577,320 
         
   TOTAL TIAA-CREF FUNDS   265,732,647 
   (Cost $226,050,596)     
         
   TOTAL INVESTMENTS - 99.7%   265,732,647 
   (Cost $226,050,596)     
   OTHER ASSETS & LIABILITIES, NET - 0.3%   776,756 
   NET ASSETS - 100.0%  $266,509,403 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
3

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2020 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2020 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.7%(a)     
         
FIXED INCOME - 35.7%     
12,655,708  TIAA-CREF Bond Index Fund  $135,669,185 
   TOTAL FIXED INCOME   135,669,185 
         
INFLATION-PROTECTED ASSETS - 3.3%     
1,101,578  TIAA-CREF Inflation-Linked Bond Fund   12,635,100 
   TOTAL INFLATION-PROTECTED ASSETS   12,635,100 
         
INTERNATIONAL EQUITY - 18.1%     
1,479,650  TIAA-CREF Emerging Markets Equity Index Fund   14,781,700 
2,767,642  TIAA-CREF International Equity Index Fund   53,830,644 
   TOTAL INTERNATIONAL EQUITY   68,612,344 
         
U.S. EQUITY - 42.6%     
11,283,801  TIAA-CREF Equity Index Fund   161,584,029 
   TOTAL U.S. EQUITY   161,584,029 
         
   TOTAL TIAA-CREF FUNDS   378,500,658 
   (Cost $318,700,113)     
         
   TOTAL INVESTMENTS - 99.7%   378,500,658 
   (Cost $318,700,113)     
   OTHER ASSETS & LIABILITIES, NET - 0.3%   1,218,918 
   NET ASSETS - 100.0%  $379,719,576 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
4

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2025 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2025 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.9%(a)     
         
FIXED INCOME - 29.8%     
10,625,700  TIAA-CREF Bond Index Fund  $113,907,505 
   TOTAL FIXED INCOME   113,907,505 
         
INFLATION-PROTECTED ASSETS - 1.4%     
462,352  TIAA-CREF Inflation-Linked Bond Fund   5,303,178 
   TOTAL INFLATION-PROTECTED ASSETS   5,303,178 
         
INTERNATIONAL EQUITY - 20.6%     
1,692,342  TIAA-CREF Emerging Markets Equity Index Fund   16,906,498 
3,178,631  TIAA-CREF International Equity Index Fund   61,824,378 
   TOTAL INTERNATIONAL EQUITY   78,730,876 
         
U.S. EQUITY - 48.1%     
12,870,101  TIAA-CREF Equity Index Fund   184,299,852 
   TOTAL U.S. EQUITY   184,299,852 
         
   TOTAL TIAA-CREF FUNDS   382,241,411 
   (Cost $317,045,176)     
         
   TOTAL INVESTMENTS - 99.9%   382,241,411 
   (Cost $317,045,176)     
   OTHER ASSETS & LIABILITIES, NET - 0.1%   541,549 
   NET ASSETS - 100.0%  $382,782,960 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
5

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2030 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2030 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.6%(a)     
         
FIXED INCOME - 23.1%     
8,551,490  TIAA-CREF Bond Index Fund  $91,671,969 
   TOTAL FIXED INCOME   91,671,969 
         
INTERNATIONAL EQUITY - 23.0%     
1,959,474  TIAA-CREF Emerging Markets Equity Index Fund   19,575,147 
3,689,000  TIAA-CREF International Equity Index Fund   71,751,050 
   TOTAL INTERNATIONAL EQUITY   91,326,197 
         
U.S. EQUITY - 53.5%     
14,819,926  TIAA-CREF Equity Index Fund   212,221,337 
   TOTAL U.S. EQUITY   212,221,337 
         
   TOTAL TIAA-CREF FUNDS   395,219,503 
   (Cost $319,691,014)     
         
   TOTAL INVESTMENTS - 99.6%   395,219,503 
   (Cost $319,691,014)     
   OTHER ASSETS & LIABILITIES, NET - 0.4%   1,512,098 
   NET ASSETS - 100.0%  $396,731,601 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
6

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2035 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2035 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.6%(a)     
         
FIXED INCOME - 15.3%     
5,541,442  TIAA-CREF Bond Index Fund  $59,404,261 
   TOTAL FIXED INCOME   59,404,261 
         
INTERNATIONAL EQUITY - 25.4%     
2,127,498  TIAA-CREF Emerging Markets Equity Index Fund   21,253,703 
3,977,846  TIAA-CREF International Equity Index Fund   77,369,110 
   TOTAL INTERNATIONAL EQUITY   98,622,813 
         
U.S. EQUITY - 58.9%     
15,948,065  TIAA-CREF Equity Index Fund   228,376,294 
   TOTAL U.S. EQUITY   228,376,294 
         
   TOTAL TIAA-CREF FUNDS   386,403,368 
   (Cost $306,538,350)     
         
   TOTAL INVESTMENTS - 99.6%   386,403,368 
   (Cost $306,538,350)     
   OTHER ASSETS & LIABILITIES, NET - 0.4%   1,458,865 
   NET ASSETS - 100.0%  $387,862,233 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
7

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2040 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2040 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.6%(a)     
         
FIXED INCOME - 9.8%     
4,202,312  TIAA-CREF Bond Index Fund  $45,048,789 
   TOTAL FIXED INCOME   45,048,789 
         
INTERNATIONAL EQUITY - 27.1%     
2,692,341  TIAA-CREF Emerging Markets Equity Index Fund   26,896,484 
5,044,014  TIAA-CREF International Equity Index Fund   98,106,079 
   TOTAL INTERNATIONAL EQUITY   125,002,563 
         
U.S. EQUITY - 62.7%     
20,205,109  TIAA-CREF Equity Index Fund   289,337,154 
   TOTAL U.S. EQUITY   289,337,154 
         
   TOTAL TIAA-CREF FUNDS   459,388,506 
   (Cost $354,605,500)     
         
   TOTAL INVESTMENTS - 99.6%   459,388,506 
   (Cost $354,605,500)     
   OTHER ASSETS & LIABILITIES, NET - 0.4%   1,699,421 
   NET ASSETS - 100.0%  $461,087,927 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
8

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2045 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2045 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.4%(a)     
         
FIXED INCOME - 9.9%     
1,795,625  TIAA-CREF Bond Index Fund  $19,249,103 
   TOTAL FIXED INCOME   19,249,103 
         
INTERNATIONAL EQUITY - 27.0%     
1,134,612  TIAA-CREF Emerging Markets Equity Index Fund   11,334,775 
2,128,849  TIAA-CREF International Equity Index Fund   41,406,121 
   TOTAL INTERNATIONAL EQUITY   52,740,896 
         
U.S. EQUITY - 62.5%     
8,522,314  TIAA-CREF Equity Index Fund   122,039,539 
   TOTAL U.S. EQUITY   122,039,539 
         
   TOTAL TIAA-CREF FUNDS   194,029,538 
   (Cost $155,987,267)     
         
   TOTAL INVESTMENTS - 99.4%   194,029,538 
   (Cost $155,987,267)     
   OTHER ASSETS & LIABILITIES, NET - 0.6%   1,154,308 
   NET ASSETS - 100.0%  $195,183,846 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
9

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2050 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2050 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.4%(a)     
         
FIXED INCOME - 9.9%     
1,125,357  TIAA-CREF Bond Index Fund  $12,063,822 
   TOTAL FIXED INCOME   12,063,822 
         
INTERNATIONAL EQUITY - 27.0%     
713,132  TIAA-CREF Emerging Markets Equity Index Fund   7,124,188 
1,335,543  TIAA-CREF International Equity Index Fund   25,976,314 
   TOTAL INTERNATIONAL EQUITY   33,100,502 
         
U.S. EQUITY - 62.5%     
5,350,806  TIAA-CREF Equity Index Fund   76,623,549 
   TOTAL U.S. EQUITY   76,623,549 
         
   TOTAL TIAA-CREF FUNDS   121,787,873 
   (Cost $97,013,959)     
         
   TOTAL INVESTMENTS - 99.4%   121,787,873 
   (Cost $97,013,959)     
   OTHER ASSETS & LIABILITIES, NET - 0.6%   743,869 
   NET ASSETS - 100.0%  $122,531,742 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
10

TIAA-CREF LIFECYCLE INDEX FUNDS – Lifecycle Index 2055 Fund

 

TIAA-CREF LIFECYCLE INDEX FUNDS

LIFECYCLE INDEX 2055 FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES  SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.5%(a)     
         
FIXED INCOME - 9.8%     
227,940  TIAA-CREF Bond Index Fund  $2,443,515 
   TOTAL FIXED INCOME   2,443,515 
         
INTERNATIONAL EQUITY - 27.1%     
145,126  TIAA-CREF Emerging Markets Equity Index Fund   1,449,811 
271,441  TIAA-CREF International Equity Index Fund   5,279,536 
   TOTAL INTERNATIONAL EQUITY   6,729,347 
         
U.S. EQUITY - 62.6%     
1,088,143  TIAA-CREF Equity Index Fund   15,582,211 
   TOTAL U.S. EQUITY   15,582,211 
         
   TOTAL TIAA-CREF FUNDS   24,755,073 
   (Cost $20,722,566)     
         
   TOTAL INVESTMENTS - 99.5%   24,755,073 
   (Cost $20,722,566)     
   OTHER ASSETS & LIABILITIES, NET - 0.5%   121,692 
   NET ASSETS - 100.0%  $24,876,765 

 

 

 

(a) The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
11

TIAA-CREF Lifecycle Index Funds – Notes to Schedules of Investments (unaudited)

 

Note 1—organization and significant accounting policies

 

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 Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

 

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 their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Retirement and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

 

The accompanying schedules of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

 

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

 

Investment transactions: Securities transactions are accounted for as of the trade date for financial reporting purposes.

 

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees (“Board”), pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

 

Note 2—valuation of investments

 

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

 

• Level 1 – quoted prices in active markets for identical securities
   
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)
   
• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

12

TIAA-CREF Lifecycle Index Funds – Notes to Schedules of Investments (unaudited)

 

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

 

Transfers between levels are recognized at the end of the reporting period. For the period ended February 28, 2014, there were no transfers between levels by the Funds.

 

As of February 28, 2014, all of the investments in the Funds were valued based on Level 1 inputs.

 

Note 3—affiliates

 

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

 

Issue  Value at
May 31, 2013		   Purchases
cost		   Sales
proceeds		   Realized
gain (loss)		   Dividend
income		   Value at
February 28, 2014		 
Lifecycle Index Retirement Income Fund                              
TIAA-CREF Bond Index  $12,888,761   $ 4,820,913   $1,851,562   $(68,768)  $223,672   $15,789,812 
TIAA-CREF Emerging Markets Equity Index   617,278    400,553    172,917    (9,452)   14,927    824,970 
TIAA-CREF Equity Index   7,936,920    2,176,525    2,225,997    113,077    167,604    9,071,523 
TIAA-CREF Inflation-Linked Bond   2,536,557    1,059,891    371,735    (37,317)   38,593    3,122,411 
TIAA-CREF International Equity Index   1,914,193    1,328,688    567,562    13,731    77,131    3,004,397 
   $25,893,709   $ 9,786,570   $5,189,773   $11,271   $521,927   $31,813,113 
Lifecycle Index 2010 Fund                              
TIAA-CREF Bond Index  $54,624,002   $ 18,914,009   $5,681,297   $(227,175)  $917,523   $67,556,224 
TIAA-CREF Emerging Markets Equity Index   3,366,450    1,893,118    680,767    (75,756)   76,412    4,453,024 
TIAA-CREF Equity Index   43,210,182    8,970,067    9,721,274    954,749    858,659    48,540,498 
TIAA-CREF Inflation-Linked Bond   8,406,463    3,493,443    912,288    (93,727)   124,012    10,654,549 
TIAA-CREF International Equity Index   10,450,490    6,121,450    1,976,373    25,840    395,134    16,279,906 
   $120,057,587   $ 39,392,087   $18,971,999   $583,931   $2,371,740   $147,484,201 
Lifecycle Index 2015 Fund                              
TIAA-CREF Bond Index  $89,537,381   $31,732,342   $9,510,813   $(377,635)  $1,531,909   $111,299,835 
TIAA-CREF Emerging Markets Equity Index   6,887,932    3,751,768    1,373,513    (170,994)   161,231    9,001,743 
TIAA-CREF Equity Index   88,462,731    17,282,307    19,734,289    1,432,749    1,810,338    98,577,320 
TIAA-CREF Inflation-Linked Bond   10,952,912    4,705,517    1,155,066    (119,565)   162,024    14,071,820 
TIAA-CREF International Equity Index   21,439,375    11,776,802    3,871,298    22,786    833,115    32,781,929 
   $217,280,331   $69,248,736   $35,644,979   $787,341   $4,498,617   $265,732,647 
Lifecycle Index 2020 Fund                              
TIAA-CREF Bond Index  $103,316,245   $38,670,945   $5,873,103   $(230,612)  $1,838,845   $135,669,185 
TIAA-CREF Emerging Markets Equity Index   10,677,043    5,730,487    1,205,610    (150,108)   263,676    14,781,700 
TIAA-CREF Equity Index   137,763,410    24,724,850    21,074,882    1,390,169    2,960,620    161,584,029 
TIAA-CREF Inflation-Linked Bond   9,048,049    4,378,831    439,797    (48,086)   139,083    12,635,100 
TIAA-CREF International Equity Index   33,109,382    18,637,847    3,444,730    35,074    1,362,474    53,830,644 
   $293,914,129   $92,142,960   $32,038,122   $996,437   $6,564,698   $378,500,658 
Lifecycle Index 2025 Fund                              
TIAA-CREF Bond Index  $83,114,599   $ 36,525,521   $5,428,638   $(210,764)  $1,526,080   $113,907,505 
TIAA-CREF Emerging Markets Equity Index   11,705,206    7,164,338    1,491,457    (187,661)   297,712    16,906,498 
TIAA-CREF Equity Index   151,490,405    33,531,883    23,384,802    1,198,752    3,342,769    184,299,852 
TIAA-CREF Inflation-Linked Bond   3,182,118    2,409,608    168,638    (19,343)   52,510    5,303,178 
TIAA-CREF International Equity Index   36,301,879    23,193,782    3,884,228    24,866    1,538,343    61,824,378 
   $285,794,207   $ 102,825,132   $34,357,763   $805,850   $6,757,414   $382,241,411 

13

TIAA-CREF Lifecycle Index Funds – Notes to Schedules of Investments (unaudited)

 

Issue  Value at
May 31, 2013		   Purchases
cost		   Sales
proceeds		   Realized
gain (loss)		   Dividend
income		   Value at
February 28, 2014		 
Lifecycle Index 2030 Fund                              
TIAA-CREF Bond Index  $65,901,186   $30,376,771   $4,373,443   $(166,974)  $1,218,875   $91,671,969 
TIAA-CREF Emerging Markets Equity Index   13,562,490    7,900,201    1,328,630    (161,191)   343,301    19,575,147 
TIAA-CREF Equity Index   176,080,869    34,347,456    24,088,112    1,352,415    3,849,906    212,221,337 
TIAA-CREF International Equity Index   42,064,935    25,245,665    2,657,496    34,690    1,771,518    71,751,050 
   $297,609,480   $97,870,093   $32,447,681   $1,058,940   $7,183,600   $395,219,503 
Lifecycle Index 2035 Fund                              
TIAA-CREF Bond Index  $40,816,439   $20,959,907   $2,247,265   $(84,634)  $785,807   $59,404,261 
TIAA-CREF Emerging Markets Equity Index   14,417,759    8,581,376    1,130,451    (158,891)   375,787    21,253,703 
TIAA-CREF Equity Index   187,586,485    36,891,875    24,109,439    1,147,464    4,222,794    228,376,294 
TIAA-CREF International Equity Index   44,782,566    27,099,344    2,162,737    9,496    1,944,621    77,369,110 
   $287,603,249   $93,532,502   $29,649,892   $913,435   $7,329,009   $386,403,368 
Lifecycle Index 2040 Fund                              
TIAA-CREF Bond Index  $33,938,226   $13,840,739   $2,579,269   $(93,975)  $618,667   $45,048,789 
TIAA-CREF Emerging Markets Equity Index   18,378,061    10,322,496    1,010,171    (139,935)   482,582    26,896,484 
TIAA-CREF Equity Index   239,073,787     39,338,734    24,774,501    1,511,098    5,416,409    289,337,154 
TIAA-CREF International Equity Index   57,066,016    33,624,140    2,308,857    7,113    2,493,407    98,106,079 
   $348,456,090   $ 97,126,109   $30,672,798   $1,284,301   $9,011,065   $459,388,506 
Lifecycle Index 2045 Fund                              
TIAA-CREF Bond Index  $13,197,246   $7,094,117   $997,488   $(38,551)  $253,152   $19,249,103 
TIAA-CREF Emerging Markets Equity Index   7,159,994    4,954,035    463,181    (64,676)   199,338    11,334,775 
TIAA-CREF Equity Index   93,117,195     24,337,532    10,057,053    287,192    2,238,210    122,039,539 
TIAA-CREF International Equity Index   22,206,624    16,306,821    1,103,938    (4,700)   1,030,022    41,406,121 
   $135,681,059   $ 52,692,505   $12,621,660   $179,265   $3,720,722   $194,029,538 
Lifecycle Index 2050 Fund                              
TIAA-CREF Bond Index  $8,709,213   $3,921,182   $531,599   $(20,243)  $163,499   $12,063,822 
TIAA-CREF Emerging Markets Equity Index   4,718,994    2,951,769    358,780    (57,427)   126,739    7,124,188 
TIAA-CREF Equity Index   61,290,258     11,811,810    5,996,481    210,873    1,424,146    76,623,549 
TIAA-CREF International Equity Index   14,634,307    9,413,690    684,712    1,847    655,482    25,976,314 
   $89,352,772   $ 28,098,451   $7,571,572   $135,050   $2,369,866   $121,787,873 
Lifecycle Index 2055 Fund                              
TIAA-CREF Bond Index  $1,657,177   $896,332   $104,502   $(3,910)  $32,042   $2,443,515 
TIAA-CREF Emerging Markets Equity Index   896,230    659,566    64,595    (14,946)   25,593    1,449,811 
TIAA-CREF Equity Index   11,656,488    3,144,683    1,062,780    35,073    287,363    15,582,211 
TIAA-CREF International Equity Index   2,779,713    2,097,810    99,810    (293)   132,244    5,279,536 
   $16,989,608   $6,798,391   $1,331,687   $15,924   $477,242   $24,755,073 
14

TIAA-CREF Lifecycle Index Funds – Notes to Schedules of Investments (unaudited)

 

Note 4—investments

 

Net unrealized appreciation (depreciation): At February 28, 2014, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

 

Fund  Book
cost		   Gross unrealized
appreciation		   Gross unrealized
(depreciation)		   Net unrealized
appreciation
(depreciation)		 
Lifecycle Index Retirement Income  $28,047,363   $3,782,766   $(17,016)  $3,765,750 
Lifecycle Index 2010   126,615,252    20,934,746    (65,797)   20,868,949 
Lifecycle Index 2015   226,050,596    39,982,337    (300,286)   39,682,051 
Lifecycle Index 2020   318,700,113    60,458,745    (658,200)   59,800,545 
Lifecycle Index 2025   317,045,176    65,772,714    (576,479)   65,196,235 
Lifecycle Index 2030   319,691,014    76,182,719    (654,230)   75,528,489 
Lifecycle Index 2035   306,538,350    80,611,889    (746,871)   79,865,018 
Lifecycle Index 2040   354,605,500    105,771,605    (988,599)   104,783,006 
Lifecycle Index 2045   155,987,267    38,410,233    (367,962)   38,042,271 
Lifecycle Index 2050   97,013,959    24,990,336    (216,422)   24,773,914 
Lifecycle Index 2055   20,722,566    4,134,932    (102,425)   4,032,507 
15

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Income Fund

 

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE INCOME FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

           

SHARES   SECURITY  VALUE 
       
TIAA-CREF FUNDS - 99.6%(a)      
           
FIXED INCOME - 39.6%     
 606,580   TIAA-CREF Bond Fund  $6,326,629 
 658,393   TIAA-CREF Bond Plus Fund   6,985,551 
 67,674   TIAA-CREF High-Yield Fund   703,805 
     TOTAL FIXED INCOME   14,015,985 
           
INTERNATIONAL EQUITY - 6.7%     
 49,138   TIAA-CREF Emerging Markets Equity Fund   526,273 
 47,527   TIAA-CREF Enhanced International Equity Index Fund   392,574 
 11,911   TIAA-CREF Global Natural Resources Fund   118,160 
 59,593   TIAA-CREF International Equity Fund   721,673 
 53,149   TIAA-CREF International Opportunities Fund   606,960 
     TOTAL INTERNATIONAL EQUITY   2,365,640 
           
SHORT-TERM FIXED INCOME - 39.4%     
 2,993   TIAA-CREF Money Market Fund   2,993 
 1,335,452   TIAA-CREF Short-Term Bond Fund   13,928,762 
     TOTAL SHORT-TERM FIXED INCOME   13,931,755 
           
U.S. EQUITY - 13.9%     
 40,744   TIAA-CREF Enhanced Large-Cap Growth Index Fund   465,699 
 41,893   TIAA-CREF Enhanced Large-Cap Value Index Fund   436,109 
 86,395   TIAA-CREF Growth & Income Fund   1,060,070 
 82,321   TIAA-CREF Large-Cap Growth Fund   1,283,391 
 68,956   TIAA-CREF Large-Cap Value Fund   1,212,252 
 1,556   TIAA-CREF Mid-Cap Growth Fund   37,783 
 1,093   TIAA-CREF Mid-Cap Value Fund   25,618 
 21,195   TIAA-CREF Small-Cap Equity Fund   410,116 
     TOTAL U.S. EQUITY   4,931,038 
           
     TOTAL TIAA-CREF FUNDS   35,244,418 
     (Cost $34,115,790)     
           
     TOTAL INVESTMENTS - 99.6%   35,244,418 
     (Cost $34,115,790)     
     OTHER ASSETS & LIABILITIES, NET - 0.4%   127,574 
     NET ASSETS - 100.0%  $35,371,992 

 

 

 

(a)The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
1

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Conservative Fund

 

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE CONSERVATIVE FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

           

SHARES   SECURITY  VALUE 
             
TIAA-CREF FUNDS - 99.7%(a)    
         
FIXED INCOME - 39.4%     
 506,577   TIAA-CREF Bond Fund  $5,283,598 
 1,836,257   TIAA-CREF Bond Plus Fund   19,482,689 
 126,847   TIAA-CREF High-Yield Fund   1,319,205 
     TOTAL FIXED INCOME   26,085,492 
           
INTERNATIONAL EQUITY - 12.6%     
 148,638   TIAA-CREF Emerging Markets Equity Fund   1,591,912 
 196,493   TIAA-CREF Enhanced International Equity Index Fund   1,623,030 
 44,294   TIAA-CREF Global Natural Resources Fund   439,398 
 216,187   TIAA-CREF International Equity Fund   2,618,019 
 183,500   TIAA-CREF International Opportunities Fund   2,095,567 
     TOTAL INTERNATIONAL EQUITY   8,367,926 
           
SHORT-TERM FIXED INCOME - 19.7%     
 4,722   TIAA-CREF Money Market Fund   4,722 
 1,249,402   TIAA-CREF Short-Term Bond Fund   13,031,264 
     TOTAL SHORT-TERM FIXED INCOME   13,035,986 
           
U.S. EQUITY - 28.0%     
 160,177   TIAA-CREF Enhanced Large-Cap Growth Index Fund   1,830,828 
 165,374   TIAA-CREF Enhanced Large-Cap Value Index Fund   1,721,540 
 321,274   TIAA-CREF Growth & Income Fund   3,942,036 
 306,126   TIAA-CREF Large-Cap Growth Fund   4,772,502 
 256,440   TIAA-CREF Large-Cap Value Fund   4,508,223 
 7,433   TIAA-CREF Mid-Cap Growth Fund   180,470 
 6,115   TIAA-CREF Mid-Cap Value Fund   143,265 
 76,976   TIAA-CREF Small-Cap Equity Fund   1,489,488 
     TOTAL U.S. EQUITY   18,588,352 
           
     TOTAL TIAA-CREF FUNDS   66,077,756 
     (Cost $62,531,901)     
           
     TOTAL INVESTMENTS - 99.7%   66,077,756 
     (Cost $62,531,901)     
     OTHER ASSETS & LIABILITIES, NET - 0.3%   171,931 
     NET ASSETS - 100.0%  $66,249,687 

 

 

 

(a)The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
2

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Moderate Fund

 

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE MODERATE FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE 
             
TIAA-CREF FUNDS - 99.7%(a)    
         
FIXED INCOME - 39.1%     
 3,059,027   TIAA-CREF Bond Plus Fund  $32,456,278 
 167,099   TIAA-CREF High-Yield Fund   1,737,825 
     TOTAL FIXED INCOME   34,194,103 
           
INTERNATIONAL EQUITY - 18.7%     
 270,143   TIAA-CREF Emerging Markets Equity Fund   2,893,227 
 398,117   TIAA-CREF Enhanced International Equity Index Fund   3,288,446 
 86,836   TIAA-CREF Global Natural Resources Fund   861,412 
 427,761   TIAA-CREF International Equity Fund   5,180,186 
 360,579   TIAA-CREF International Opportunities Fund   4,117,815 
     TOTAL INTERNATIONAL EQUITY   16,341,086 
           
SHORT-TERM FIXED INCOME - 0.0%     
 6,346   TIAA-CREF Money Market Fund   6,346 
     TOTAL SHORT-TERM FIXED INCOME   6,346 
           
U.S. EQUITY - 41.9%     
 312,156   TIAA-CREF Enhanced Large-Cap Growth Index Fund   3,567,944 
 321,992   TIAA-CREF Enhanced Large-Cap Value Index Fund   3,351,941 
 629,848   TIAA-CREF Growth & Income Fund   7,728,238 
 600,147   TIAA-CREF Large-Cap Growth Fund   9,356,291 
 502,739   TIAA-CREF Large-Cap Value Fund   8,838,157 
 20,007   TIAA-CREF Mid-Cap Growth Fund   485,764 
 16,949   TIAA-CREF Mid-Cap Value Fund   397,122 
 152,332   TIAA-CREF Small-Cap Equity Fund   2,947,616 
     TOTAL U.S. EQUITY   36,673,073 
           
     TOTAL TIAA-CREF FUNDS   87,214,608 
     (Cost $81,205,973)     
           
     TOTAL INVESTMENTS - 99.7%   87,214,608 
     (Cost $81,205,973)     
     OTHER ASSETS & LIABILITIES, NET - 0.3%   272,605 
     NET ASSETS - 100.0%  $87,487,213 

 

 

 

(a)The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
3

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Growth Fund

 

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014 

 

SHARES   SECURITY  VALUE 
     
TIAA-CREF FUNDS - 99.8%(a)    
         
FIXED INCOME - 19.3%     
 712,461   TIAA-CREF Bond Plus Fund  $7,559,209 
 83,656   TIAA-CREF High-Yield Fund   870,027 
     TOTAL FIXED INCOME   8,429,236 
           
INTERNATIONAL EQUITY - 24.7%     
 171,637   TIAA-CREF Emerging Markets Equity Fund   1,838,232 
 268,000   TIAA-CREF Enhanced International Equity Index Fund   2,213,683 
 57,523   TIAA-CREF Global Natural Resources Fund   570,623 
 285,167   TIAA-CREF International Equity Fund   3,453,374 
 239,880   TIAA-CREF International Opportunities Fund   2,739,433 
     TOTAL INTERNATIONAL EQUITY   10,815,345 
           
SHORT-TERM FIXED INCOME - 0.0%     
 3,306   TIAA-CREF Money Market Fund   3,306 
     TOTAL SHORT-TERM FIXED INCOME   3,306 
           
U.S. EQUITY - 55.8%     
 206,158   TIAA-CREF Enhanced Large-Cap Growth Index Fund   2,356,383 
 212,612   TIAA-CREF Enhanced Large-Cap Value Index Fund   2,213,287 
 417,219   TIAA-CREF Growth & Income Fund   5,119,278 
 397,545   TIAA-CREF Large-Cap Growth Fund   6,197,721 
 333,018   TIAA-CREF Large-Cap Value Fund   5,854,455 
 14,841   TIAA-CREF Mid-Cap Growth Fund   360,351 
 12,885   TIAA-CREF Mid-Cap Value Fund   301,904 
 101,836   TIAA-CREF Small-Cap Equity Fund   1,970,524 
     TOTAL U.S. EQUITY   24,373,903 
           
     TOTAL TIAA-CREF FUNDS   43,621,790 
     (Cost $38,360,891)     
           
     TOTAL INVESTMENTS - 99.8%   43,621,790 
     (Cost $38,360,891)     
     OTHER ASSETS & LIABILITIES, NET - 0.2%   109,091 
     NET ASSETS - 100.0%  $43,730,881 

 

 

 

(a)The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
4

TIAA-CREF LIFESTYLE FUNDS – Lifestyle Aggressive Growth Fund

 

TIAA-CREF LIFESTYLE FUNDS

LIFESTYLE AGGRESSIVE GROWTH FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE 
     
TIAA-CREF FUNDS - 100.5%(a)    
         
INTERNATIONAL EQUITY - 30.8%     
 193,355   TIAA-CREF Emerging Markets Equity Fund  $2,070,828 
 312,663   TIAA-CREF Enhanced International Equity Index Fund   2,582,598 
 66,411   TIAA-CREF Global Natural Resources Fund   658,801 
 334,526   TIAA-CREF International Equity Fund   4,051,108 
 275,829   TIAA-CREF International Opportunities Fund   3,149,963 
     TOTAL INTERNATIONAL EQUITY   12,513,298 
           
SHORT-TERM FIXED INCOME - 0.0%     
 4,048   TIAA-CREF Money Market Fund   4,048 
     TOTAL SHORT-TERM FIXED INCOME   4,048 
           
U.S. EQUITY - 69.7%     
 238,143   TIAA-CREF Enhanced Large-Cap Growth Index Fund   2,721,972 
 245,881   TIAA-CREF Enhanced Large-Cap Value Index Fund   2,559,620 
 483,754   TIAA-CREF Growth & Income Fund   5,935,665 
 460,215   TIAA-CREF Large-Cap Growth Fund   7,174,748 
 385,276   TIAA-CREF Large-Cap Value Fund   6,773,149 
 18,359   TIAA-CREF Mid-Cap Growth Fund   445,747 
 16,077   TIAA-CREF Mid-Cap Value Fund   376,689 
 118,436   TIAA-CREF Small-Cap Equity Fund   2,291,735 
     TOTAL U.S. EQUITY   28,279,325 
           
     TOTAL TIAA-CREF FUNDS   40,796,671 
     (Cost $34,515,203)     
           
     TOTAL INVESTMENTS - 100.5%   40,796,671 
     (Cost $34,515,203)     
     OTHER ASSETS & LIABILITIES, NET - (0.5)%   (207,408)
     NET ASSETS - 100.0%  $40,589,263 

 

 

 

(a)The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
5

TIAA-CREF Lifestyle Funds - Notes to Schedules of Investments (unaudited)

 

Note 1—organization and significant accounting policies

 

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 Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

 

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 their shares, without a sales load, through their principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Funds. The Funds offer Institutional, Retirement, Retail and Premier Classes of shares. Each class differs by the allocation of class-specific expenses and voting rights in matters affecting a single class.

 

The accompanying schedules of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Funds.

 

Security valuation: The Funds’ investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedules of investments.

 

Investment transactions: Securities transactions are accounted for as of the trade date for financial reporting purposes.

 

Transactions with affiliates: The Funds may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees (“Board”), pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

 

Note 2—valuation of investments

 

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

 

• Level 1 – quoted prices in active markets for identical securities

 

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)

 

• Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

A description of the valuation techniques applied to the Funds’ major categories of assets and liabilities measured at fair value follows:

6

TIAA-CREF Lifestyle Funds - Notes to Schedules of Investments (unaudited)

 

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

 

Transfers between levels are recognized at the end of the reporting period. For the period ended February 28, 2014, there were no transfers between levels by the Funds.

 

As of February 28, 2014, all of the investments in the Funds were valued based on Level 1 inputs.

 

Note 3—affiliates

 

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Funds invest their assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

 

Issue  Value at May 31, 2013  Purchase cost  Sales proceeds  Realized
gain (loss)		  Dividend
income		  Value at
February 28, 2014		 
TIAA-CREF Lifestyle Income Fund                         
TIAA-CREF Bond  $4,121,201  $2,664,914  $441,250  $(21,831) $139,864  $6,326,629 
TIAA-CREF Bond Plus   4,588,052   2,848,670   446,631   (19,283)  137,581    6,985,551 
TIAA-CREF Emerging Markets Equity   409,204   183,346   53,675   (3,985)  3,331   526,273 
TIAA-CREF Enhanced International Equity Index   300,634   235,572   172,405   30,656   21,253    392,574 
TIAA-CREF Enhanced Large-Cap Growth Index   237,703   233,090   35,572   1,612   30,638   465,699 
TIAA-CREF Enhanced Large-Cap Value Index   260,947   201,608   46,294   2,341   29,955   436,109 
TIAA-CREF Global Natural Resources   43,152   112,493   42,515   (359)  1,883   118,160 
TIAA-CREF Growth & Income   696,245   434,634   129,043   3,701   99,741   1,060,070 
TIAA-CREF High-Yield   464,498   289,495   46,711   (1,384)  37,793   703,805 
TIAA-CREF International Equity   742,456   270,766   423,144   105,836   9,637   721,673 
TIAA-CREF International Opportunities   84,320   501,888   25,143   (318)  1,878    606,960 
TIAA-CREF Large-Cap Growth   730,882   530,831   138,877   14,641   76,193   1,283,391 
TIAA-CREF Large-Cap Value   790,893   500,511   133,846   8,411   83,495   1,212,252 
TIAA-CREF Mid-Cap Growth   42,927   34,383   44,610   6,091   3,816   37,783 
TIAA-CREF Mid-Cap Value   52,121   15,738   47,178   8,479   1,511   25,618 
TIAA-CREF Money Market   77,992   928   75,926   —   —   2,993 
TIAA-CREF Short-Term Bond   9,287,620   5,631,375   965,317   (13,399)  142,287    13,928,762 
TIAA-CREF Small-Cap Equity   256,418   164,425   47,950   3,164   30,984   410,116 
   $23,187,265  $14,854,667  $3,316,087  $124,373  $851,840  $35,244,418 
7

TIAA-CREF Lifestyle Funds - Notes to Schedules of Investments (unaudited)

 

Issue  Value at May 31, 2013  Purchase cost  Sales proceeds  Realized
gain (loss)		  Dividend
income		  Value at
February 28, 2014		 
TIAA-CREF Lifestyle Conservative Fund                         
TIAA-CREF Bond  $2,643,574  $2,730,436  $90,630  $(5,169) $109,138  $5,283,598 
TIAA-CREF Bond Plus   9,965,714   9,718,686   247,497   (11,808)  360,588    19,482,689 
TIAA-CREF Emerging Markets Equity   1,000,827   642,313   26,820   (2,069)  9,811   1,591,912 
TIAA-CREF Enhanced International Equity Index   983,232   830,779   314,303   64,726   86,365   1,623,030 
TIAA-CREF Enhanced Large-Cap Growth Index   775,983   965,222   22,945   1,273   117,342   1,830,828 
TIAA-CREF Enhanced Large-Cap Value Index   845,193   843,508   36,764   4,360   114,988   1,721,540 
TIAA-CREF Global Natural Resources   85,593   447,266   107,713   (2,869)  6,799    439,398 
TIAA-CREF Growth & Income   2,028,602   1,815,244   99,286   2,914   358,296   3,942,036 
TIAA-CREF High-Yield   677,708   663,100   20,629   (911)  66,464   1,319,205 
TIAA-CREF International Equity   1,917,657   1,045,526   766,539   195,322   34,761   2,618,019 
TIAA-CREF International Opportunities   247,481   1,772,117   85,188   533   6,483   2,095,567 
TIAA-CREF Large-Cap Growth   2,245,581   2,025,673   53,559   2,772   275,338   4,772,502 
TIAA-CREF Large-Cap Value   2,420,696   1,969,611   57,721   2,651   301,641   4,508,223 
TIAA-CREF Mid-Cap Growth   124,326   163,071   127,532   23,852   19,409   180,470 
TIAA-CREF Mid-Cap Value   151,236   100,665   128,383   29,355   8,671   143,265 
TIAA-CREF Money Market   98,581   1,469   95,328   —   —   4,722 
TIAA-CREF Short-Term Bond   6,732,464   6,455,609   148,165   (2,172)  123,867   13,031,264 
TIAA-CREF Small-Cap Equity   750,322   706,405   89,675   (1,727)  111,840   1,489,488 
   $33,694,770  $32,896,700  $2,518,677  $301,033  $2,111,801  $66,077,756 
TIAA-CREF Lifestyle Moderate Fund                         
TIAA-CREF Bond Plus  $13,676,416  $19,417,682  $781,731  $(29,260) $564,295  $32,456,278 
TIAA-CREF Emerging Markets Equity   1,536,827   1,423,322   31,117   (3,475)  17,469   2,893,227 
TIAA-CREF Enhanced International Equity Index   1,684,722   1,889,801   509,251   89,568   172,452   3,288,446 
TIAA-CREF Enhanced Large-Cap Growth Index   1,306,176   2,110,481   44,217   1,016   224,757   3,567,944 
TIAA-CREF Enhanced Large-Cap Value Index   1,419,426   1,897,454   77,192   1,395   220,196   3,351,941 
TIAA-CREF Global Natural Resources   93,205   789,778   45,259   (2,651)  13,106    861,412 
TIAA-CREF Growth & Income   3,298,387   4,257,633   141,525   6,276   686,922   7,728,238 
TIAA-CREF High-Yield   737,799   1,043,568   44,214   (2,052)  83,051   1,737,825 
TIAA-CREF International Equity   2,996,225   2,516,830   1,065,533   203,499   67,071   5,180,186 
TIAA-CREF International Opportunities   406,027   3,497,660   93,355   (127)  12,290   4,117,815 
TIAA-CREF Large-Cap Growth   3,685,065   4,810,266   123,550   8,777   530,742    9,356,291 
TIAA-CREF Large-Cap Value   3,972,080   4,732,804   134,217   2,323   581,589   8,838,157 
TIAA-CREF Mid-Cap Growth   224,723   383,594   156,993   35,106   49,859   485,764 
TIAA-CREF Mid-Cap Value   268,398   258,188   165,154   39,231   23,520   397,122 
TIAA-CREF Money Market   114,478   2,801   110,933   —   —   6,346 
TIAA-CREF Small-Cap Equity   1,220,410   1,646,683   124,336   (2,729)  215,927   2,947,616 
   $36,640,364  $50,678,545  $3,648,577  $346,897  $3,463,246  $87,214,608 
8

TIAA-CREF Lifestyle Funds - Notes to Schedules of Investments (unaudited)

 

Issue  Value at
May 31, 2013		  Purchase cost  Sales proceeds  Realized
gain (loss)		  Dividend
income		  Value at
February 28, 2014		 
TIAA-CREF Lifestyle Growth Fund                         
TIAA-CREF Bond Plus  $4,525,453  $3,431,856  $399,957  $(17,000) $144,206  $7,559,209 
TIAA-CREF Emerging Markets Equity   1,395,916   628,389   149,757   (8,096)  11,316   1,838,232 
TIAA-CREF Enhanced International Equity Index   1,608,760   921,231   491,528   95,127   118,549   2,213,683 
TIAA-CREF Enhanced Large-Cap Growth Index   1,240,964   1,037,002   72,556   1,887   151,257   2,356,383 
TIAA-CREF Enhanced Large-Cap Value Index   1,345,997   879,907   107,750   6,513   148,170   2,213,287 
TIAA-CREF Global Natural Resources   66,002   534,857   47,026   (2,917)  8,848   570,623 
TIAA-CREF Growth & Income   3,079,899   1,970,922   184,337   4,023   467,692   5,119,278 
TIAA-CREF High-Yield   520,335   402,378   49,684   (1,939)  44,226   870,027 
TIAA-CREF International Equity   2,765,701   1,036,065   875,515   221,787   45,242   3,453,374 
TIAA-CREF International Opportunities   369,190   2,174,840   22,078   (396)  8,233   2,739,433 
TIAA-CREF Large-Cap Growth   3,452,311   2,200,332   187,202   25,358   358,312   6,197,721 
TIAA-CREF Large-Cap Value   3,718,242   2,211,694   302,135   13,497   392,631   5,854,455 
TIAA-CREF Mid-Cap Growth   220,443   206,741   94,017   23,592   37,969   360,351 
TIAA-CREF Mid-Cap Value   261,023   129,033   115,842   24,086   18,322   301,904 
TIAA-CREF Money Market   78,860   945   76,499   —   —   3,306 
TIAA-CREF Small-Cap Equity   1,139,242   751,607   84,086   (802)  145,767   1,970,524 
   $25,788,338  $18,517,799  $3,259,969  $384,720  $2,100,740  $43,621,790 
TIAA-CREF Lifestyle Aggressive Growth Fund                         
TIAA-CREF Emerging Markets Equity  $1,597,498  $713,345  $194,226  $(8,697) $13,055  $2,070,828 
TIAA-CREF Enhanced International Equity Index   1,914,704   1,016,811   554,079   104,451   141,829    2,582,598 
TIAA-CREF Enhanced Large-Cap Growth Index   1,422,057   1,220,408   98,476   3,283   178,776   2,721,972 
TIAA-CREF Enhanced Large-Cap Value Index   1,539,921   1,017,866   115,081   6,400   175,115   2,559,620 
TIAA-CREF Global Natural Resources   60,530   622,009   43,280   (1,476)  10,504   658,801 
TIAA-CREF Growth & Income   3,497,691   2,440,877   307,241   11,512   552,903   5,935,665 
TIAA-CREF International Equity   3,189,405   1,131,201   878,415   202,305   53,779   4,051,108 
TIAA-CREF International Opportunities   440,163   2,474,178   26,148   (300)  9,702   3,149,963 
TIAA-CREF Large-Cap Growth   3,906,314   2,705,275   293,261   22,128   424,097   7,174,748 
TIAA-CREF Large-Cap Value   4,209,735   2,733,501   440,889   25,151   464,483    6,773,149 
TIAA-CREF Mid-Cap Growth   256,924   240,736   82,737   18,393   47,648   445,747 
TIAA-CREF Mid-Cap Value   302,783   149,005   108,760   25,708   23,435   376,689 
TIAA-CREF Money Market   69,616   1,729   67,297   —   —   4,048 
TIAA-CREF Small-Cap Equity   1,289,504   899,395   88,750   8,957   172,637   2,291,735 
   $23,696,845  $17,366,336  $3,298,640  $417,815  $2,267,963  $40,796,671 
9

TIAA-CREF Lifestyle Funds - Notes to Schedules of Investments (unaudited)

 

Note 4—investments

 

Net unrealized appreciation (depreciation): At February 28, 2014, net unrealized appreciation (depreciation) based on the aggregate cost of portfolio investments for federal income tax purposes, consisting of gross unrealized appreciation and gross unrealized depreciation, was as follows:

 

Fund  Book
cost		  Gross unrealized
appreciation		  Gross unrealized
(depreciation)		  Net unrealized
appreciation
(depreciation)		 
TIAA-CREF Lifestyle Income  $34,115,790  $1,142,735  $(14,107) $1,128,628 
TIAA-CREF Lifestyle Conservative   62,531,901   3,555,293   (9,438)  3,545,855 
TIAA-CREF Lifestyle Moderate   81,205,973   6,008,635   —   6,008,635 
TIAA-CREF Lifestyle Growth   38,360,891   5,260,899   —   5,260,899 
TIAA-CREF Lifestyle Aggressive Growth   34,515,203   6,281,468   —   6,281,468 
10

TIAA-CREF Funds – Managed Allocation Fund

 

TIAA-CREF FUNDS

MANAGED ALLOCATION FUND

SCHEDULE OF INVESTMENTS (unaudited)

February 28, 2014

 

SHARES   SECURITY  VALUE 
         
TIAA-CREF FUNDS - 99.9%(a) 
           
FIXED INCOME - 39.2%     
 25,483,247   TIAA-CREF Bond Plus Fund  $270,377,251 
 1,392,200   TIAA-CREF High-Yield Fund   14,478,883 
     TOTAL FIXED INCOME   284,856,134 
           
INTERNATIONAL EQUITY - 18.7%     
 2,243,996   TIAA-CREF Emerging Markets Equity Fund   24,033,199 
 4,195,517   TIAA-CREF Enhanced International Equity Index Fund   34,654,971 
 720,098   TIAA-CREF Global Natural Resources Fund   7,143,374 
 2,969,752   TIAA-CREF International Equity Fund   35,963,693 
 3,031,023   TIAA-CREF International Opportunities Fund   34,614,282 
     TOTAL INTERNATIONAL EQUITY   136,409,519 
           
SHORT-TERM FIXED INCOME - 0.0%     
 73,544   TIAA-CREF Money Market Fund   73,544 
     TOTAL SHORT-TERM FIXED INCOME   73,544 
           
U.S. EQUITY - 42.0%     
 5,135,002   TIAA-CREF Enhanced Large-Cap Growth Index Fund   58,693,074 
 5,349,867   TIAA-CREF Enhanced Large-Cap Value Index Fund   55,692,117 
 3,917,814   TIAA-CREF Growth & Income Fund   48,071,577 
 3,752,069   TIAA-CREF Large-Cap Growth Fund   58,494,749 
 3,145,432   TIAA-CREF Large-Cap Value Fund   55,296,693 
 105,217   TIAA-CREF Mid-Cap Growth Fund   2,554,680 
 85,115   TIAA-CREF Mid-Cap Value Fund   1,994,250 
 1,269,032   TIAA-CREF Small-Cap Equity Fund   24,555,769 
     TOTAL U.S. EQUITY   305,352,909 
           
     TOTAL TIAA-CREF FUNDS   726,692,106 
     (Cost $624,592,312)     
           
     TOTAL INVESTMENTS - 99.9%   726,692,106 
     (Cost $624,592,312)     
     OTHER ASSETS & LIABILITIES, NET - 0.1%   659,578 
     NET ASSETS - 100.0%  $727,351,684 

 

 
(a)The Fund invests it’s assets in Institutional Class shares of the affiliated TIAA-CREF Funds.
1

TIAA-CREF Managed Allocation Fund – Notes to Schedule of Investments (unaudited)

  

Note 1—organization and significant accounting policies

 

The TIAA-CREF 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 Securities and Exchange Commission (“Commission”) under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company.

 

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 its shares, without a sales load, through its principal underwriter, Teachers Personal Investors Services, Inc. (“TPIS”), which is a wholly owned indirect subsidiary of Teachers Insurance and Annuity Association of America (“TIAA”). Teachers Advisors, Inc. (“Advisors”), a wholly owned indirect subsidiary of TIAA, is registered with the Commission as an investment adviser and provides investment management services for the Fund. The Fund offers three share classes: Institutional, Retirement and Retail Classes of shares. Each class differs by the allocation of class specific expenses and voting rights in matters affecting a single class.

 

The accompanying schedules of investments 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. Actual results may differ from those estimates. The following is a summary of the significant accounting policies consistently followed by the Fund.

 

Security valuation: The Fund’s investments in securities are recorded at their estimated fair value as described in the valuation of investments note to the schedule of investments.

 

Investment transactions: Securities transactions are accounted for as of the trade date for financial reporting purposes.

 

Transactions with affiliates: The Fund may purchase or sell investment securities in transactions with affiliated entities under procedures adopted by the Board of Trustees (“Board”), pursuant to the 1940 Act. These transactions are effected at market rates without incurring broker commissions.

 

Note 2—valuation of investments

 

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board. U.S. GAAP establishes a hierarchy that prioritizes market inputs to valuation methods. The three levels of inputs are:

 

• Level 1 – quoted prices in active markets for identical securities

 

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.)

 

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value follows:

2

TIAA-CREF Managed Allocation Fund – Notes to Schedule of Investments (unaudited)

 

Investments in registered investment companies: These investments are valued at their net asset value on the valuation date. These investments are categorized in Level 1 of the fair value hierarchy.

 

Transfers between levels are recognized at the end of the reporting period. For the period ended February 28, 2014, there were no transfers between levels by the Fund.

 

As of February 28, 2014, all of the investments in the Fund were valued based on Level 1 inputs.

 

Note 3—affiliates

 

Investments in other investment companies advised by Advisors are deemed to be affiliated investments. The Fund invests its assets in Institutional Class shares of the affiliated TIAA-CREF Funds. Information regarding transactions with affiliated companies is as follows:

 

Issue  Value at
May 31, 2013		  Purchases
cost		  Sales
proceeds		  Realized
gain (loss)		  Dividend
income		  Value at
February 28, 2014		 
Managed Allocation                         
TIAA-CREF Bond Plus  $241,420,872  $43,459,430  $13,042,414  $(455,399) $6,122,813  $270,377,251 
TIAA-CREF Emerging Markets Equity   26,075,520   2,603,310   3,962,477   (238,258)  168,370   24,033,199 
TIAA-CREF Enhanced International Equity Index   32,450,184   6,433,712   7,523,370   (1,164,083)  2,089,594   34,654,971 
TIAA-CREF Enhanced Large-Cap Growth Index   50,680,829   8,212,783   5,068,321   441,685   4,305,105   58,693,074 
TIAA-CREF Enhanced Large-Cap Value Index   54,723,929   6,669,552   9,150,235   808,062   4,247,091   55,692,117 
TIAA-CREF Global Natural Resources   1,595,189   6,400,805   1,044,320   (5,391)  125,656   7,143,374 
TIAA-CREF Growth & Income   46,375,544   5,929,064   7,496,637   1,408,844   5,050,525   48,071,577 
TIAA-CREF High-Yield   13,018,324   2,278,695   678,941   (20,735)  879,765   14,478,883 
TIAA-CREF International Equity   39,837,298   2,928,892   13,466,242   (2,044,843)  541,143   35,963,693 
TIAA-CREF International Opportunities   7,084,276   25,523,776   914,068   4,361   118,074   34,614,282 
TIAA-CREF Large-Cap Growth   49,648,612   6,603,975   6,423,110   1,386,403   3,833,264   58,494,749 
TIAA-CREF Large-Cap Value   53,758,500   6,715,874   8,396,487   1,996,941   4,181,441   55,296,693 
TIAA-CREF Mid-Cap Growth   2,957,928   1,142,391   1,878,092   503,245   296,107   2,554,680 
TIAA-CREF Mid-Cap Value   3,567,100   257,284   2,156,971   668,174   135,195   1,994,250 
TIAA-CREF Money Market   2,191,973   8,966   2,127,395   —   5   73,544 
TIAA-CREF Small-Cap Equity   22,632,824   3,211,067   4,144,142   597,986   2,071,074   24,555,769 
   $648,018,902  $128,379,576  $87,473,222  $3,886,992  $34,165,222  $726,692,106 

 

Note 4—investments

 

Net unrealized appreciation (depreciation): At February 28, 2014, the cost of portfolio investments for federal income tax purposes was $624,592,312. Net unrealized appreciation (depreciation) of portfolio investments for federal income tax purposes was $102,099,794, consisting of gross unrealized appreciation of $102,766,208, and gross unrealized depreciation of $(666,414).

3

Item 2. 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 quarterly reporting period.

 

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

3(a) Section 302 certification of the principal executive officer

 

3(b) Section 302 certification of the 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  
       
Date: April 16, 2014 By: /s/ Robert G. Leary  
    Robert G. Leary  
    President and Principal Executive Officer

 

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.

 

Date: April 16, 2014 By: /s/ Robert G. Leary  
    Robert G. Leary  
    President and Principal Executive Officer
(principal executive officer)

 

Date: April 16, 2014 By: /s/ Phillip G. Goff  
    Phillip G. Goff  
    Principal Financial Officer, Principal Accounting
    Officer and Treasurer
(principal financial officer)
 

EXHIBIT LIST

 

Item 3. Exhibits.

 

3(a) Section 302 certification of the principal executive officer

3(b) Section 302 certification of the principal financial officer

 
 EX-99.CERT 2 c76987_ex99cert.htm

Exhibit 3(a)

 

CERTIFICATION

 

I, Robert G. Leary, certify that:

 

1. I have reviewed this report on Form N-Q of the TIAA-CREF Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: April 16, 2014 By: /s/ Robert G. Leary  
    Robert G. Leary  
    President and Principal Executive Officer
(principal executive officer)
 

Exhibit 3(b)

 

CERTIFICATION

 

I, Phillip G. Goff, certify that:

 

1. I have reviewed this report on Form N-Q of the TIAA-CREF Funds;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5. The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

Date: April 16, 2014 By: /s/ Phillip G. Goff  
    Phillip G. Goff  
    Principal Financial Officer, Principal
    Accounting Officer and Treasurer
(principal financial officer)