NPORT-EX 2 c95490_nportex.htm

TIAA-CREF LIFECYCLE FUNDS – Lifecycle Retirement Income Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE RETIREMENT INCOME FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—100.1%a
       
DIRECT REAL ESTATE—4.5%     
 2,264,467b TIAA-CREF Real Property Fund LP (purchased 8/01/16-2/27/20; cost $24,139,282)  $25,135,581 
     TOTAL DIRECT REAL ESTATE   25,135,581 
           
FIXED INCOME—40.6%     
 10,933,309   TIAA-CREF Bond Fund   119,829,072 
 6,722,910   TIAA-CREF Bond Plus Fund   73,817,546 
 1,173,218   TIAA-CREF Emerging Markets Debt Fund   11,872,965 
 865,712   TIAA-CREF High-Yield Fund   8,250,233 
 1,159,872   TIAA-CREF International Bond Fund   11,795,900 
     TOTAL FIXED INCOME   225,565,716 
           
INFLATION-PROTECTED ASSETS—10.2%     
 4,807,171   TIAA-CREF Inflation-Linked Bond Fund   56,484,257 
     TOTAL INFLATION-PROTECTED ASSETS   56,484,257 
           
INTERNATIONAL EQUITY—10.9%     
 921,743   TIAA-CREF Emerging Markets Equity Fund   10,397,256 
 1,233,006   TIAA-CREF International Equity Fund   12,305,401 
 981,057   TIAA-CREF International Opportunities Fund   12,596,777 
 2,589,168   TIAA-CREF Quant International Equity Fund   17,684,015 
 824,205   TIAA-CREF Quant International Small-Cap Equity Fund   7,582,688 
     TOTAL INTERNATIONAL EQUITY   60,566,137 
           
SHORT-TERM FIXED INCOME—10.3%     
 5,475,851   TIAA-CREF Short-Term Bond Fund   57,386,920 
     TOTAL SHORT-TERM FIXED INCOME   57,386,920 
           
U.S. EQUITY—23.6%     
 804,495   Nuveen Dividend Value Fund   10,209,040 
 2,103,264   TIAA-CREF Growth & Income Fund   28,309,931 
 1,265,324   TIAA-CREF Large-Cap Growth Fund   26,888,139 
 1,441,654   TIAA-CREF Large-Cap Value Fund   23,340,383 
 1,665,006   TIAA-CREF Quant Large-Cap Growth Fund   23,443,289 
 1,199,988   TIAA-CREF Quant Large-Cap Value Fund   10,247,897 
 249,602   TIAA-CREF Quant Small-Cap Equity Fund   3,609,238 
 467,070   TIAA-CREF Quant Small/Mid-Cap Equity Fund   5,109,747 
     TOTAL U.S. EQUITY   131,157,664 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   556,296,275 
     (Cost $510,034,165)     
           
     TOTAL INVESTMENTS—100.1%   556,296,275 
     (Cost $510,034,165)     
     OTHER ASSETS & LIABILITIES, NET—(0.1)%   (831,193)
     NET ASSETS—100.0%  $555,465,082 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $25,135,581 or 4.5% of net assets.

  

 

1

 TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2010 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2010 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.9%a
       
DIRECT REAL ESTATE—4.5%     
 4,773,986b TIAA-CREF Real Property Fund LP (purchased 7/01/16-2/27/20; cost $50,380,359)  $52,991,239 
     TOTAL DIRECT REAL ESTATE   52,991,239 
           
FIXED INCOME—40.4%     
 23,056,805   TIAA-CREF Bond Fund   252,702,585 
 14,148,922   TIAA-CREF Bond Plus Fund   155,355,168 
 2,478,003   TIAA-CREF Emerging Markets Debt Fund   25,077,386 
 1,825,837   TIAA-CREF High-Yield Fund   17,400,224 
 2,449,841   TIAA-CREF International Bond Fund   24,914,884 
     TOTAL FIXED INCOME   475,450,247 
           
INFLATION-PROTECTED ASSETS—10.0%     
 9,991,274   TIAA-CREF Inflation-Linked Bond Fund   117,397,466 
     TOTAL INFLATION-PROTECTED ASSETS   117,397,466 
           
INTERNATIONAL EQUITY—11.0%     
 1,976,542   TIAA-CREF Emerging Markets Equity Fund   22,295,395 
 2,634,829   TIAA-CREF International Equity Fund   26,295,590 
 2,099,028   TIAA-CREF International Opportunities Fund   26,951,525 
 5,509,177   TIAA-CREF Quant International Equity Fund   37,627,682 
 1,755,725   TIAA-CREF Quant International Small-Cap Equity Fund   16,152,673 
     TOTAL INTERNATIONAL EQUITY   129,322,865 
           
SHORT-TERM FIXED INCOME—10.1%     
 11,380,243   TIAA-CREF Short-Term Bond Fund   119,264,947 
     TOTAL SHORT-TERM FIXED INCOME   119,264,947 
           
U.S. EQUITY—23.9%     
 1,714,152   Nuveen Dividend Value Fund   21,752,594 
 4,488,578   TIAA-CREF Growth & Income Fund   60,416,262 
 2,710,856   TIAA-CREF Large-Cap Growth Fund   57,605,700 
 3,085,903   TIAA-CREF Large-Cap Value Fund   49,960,763 
 3,560,846   TIAA-CREF Quant Large-Cap Growth Fund   50,136,716 
 2,560,834   TIAA-CREF Quant Large-Cap Value Fund   21,869,521 
 551,016   TIAA-CREF Quant Small-Cap Equity Fund   7,967,692 
 1,000,598   TIAA-CREF Quant Small/Mid-Cap Equity Fund   10,946,542 
     TOTAL U.S. EQUITY   280,655,790 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   1,175,082,554 
     (Cost $1,025,803,505)     
           
     TOTAL INVESTMENTS—99.9%   1,175,082,554 
     (Cost $1,025,803,505)     
     OTHER ASSETS & LIABILITIES, NET—0.1%   1,414,934 
     NET ASSETS—100.0%  $1,176,497,488 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $52,991,239 or 4.5% of net assets.

  

 

2

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2015 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2015 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.8%a
       
DIRECT REAL ESTATE—4.5%     
 7,089,959b TIAA-CREF Real Property Fund LP (purchased 11/28/16-2/27/20; cost $75,240,543)  $78,698,549 
     TOTAL DIRECT REAL ESTATE   78,698,549 
           
FIXED INCOME—39.5%     
 33,378,944   TIAA-CREF Bond Fund   365,833,229 
 20,523,489   TIAA-CREF Bond Plus Fund   225,347,907 
 3,604,467   TIAA-CREF Emerging Markets Debt Fund   36,477,210 
 2,609,247   TIAA-CREF High-Yield Fund   24,866,125 
 3,535,689   TIAA-CREF International Bond Fund   35,957,962 
     TOTAL FIXED INCOME   688,482,433 
           
INFLATION-PROTECTED ASSETS—8.0%     
 11,841,348   TIAA-CREF Inflation-Linked Bond Fund   139,135,844 
     TOTAL INFLATION-PROTECTED ASSETS   139,135,844 
           
INTERNATIONAL EQUITY—12.5%     
 3,328,029   TIAA-CREF Emerging Markets Equity Fund   37,540,171 
 4,450,547   TIAA-CREF International Equity Fund   44,416,455 
 3,541,264   TIAA-CREF International Opportunities Fund   45,469,823 
 9,130,617   TIAA-CREF Quant International Equity Fund   62,362,114 
 2,973,588   TIAA-CREF Quant International Small-Cap Equity Fund   27,357,011 
     TOTAL INTERNATIONAL EQUITY   217,145,574 
           
SHORT-TERM FIXED INCOME—8.1%     
 13,545,397   TIAA-CREF Short-Term Bond Fund   141,955,759 
     TOTAL SHORT-TERM FIXED INCOME   141,955,759 
           
U.S. EQUITY—27.2%     
 2,904,104   Nuveen Dividend Value Fund   36,853,081 
 7,588,087   TIAA-CREF Growth & Income Fund   102,135,657 
 4,571,648   TIAA-CREF Large-Cap Growth Fund   97,147,521 
 5,212,458   TIAA-CREF Large-Cap Value Fund   84,389,703 
 6,005,378   TIAA-CREF Quant Large-Cap Growth Fund   84,555,720 
 4,321,691   TIAA-CREF Quant Large-Cap Value Fund   36,907,240 
 991,355   TIAA-CREF Quant Small-Cap Equity Fund   14,334,996 
 1,685,988   TIAA-CREF Quant Small/Mid-Cap Equity Fund   18,444,709 
     TOTAL U.S. EQUITY   474,768,627 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   1,740,186,786 
     (Cost $1,673,470,989)     
           
     TOTAL INVESTMENTS—99.8%   1,740,186,786 
     (Cost $1,673,470,989)     
     OTHER ASSETS & LIABILITIES, NET—0.2%   3,294,762 
     NET ASSETS—100.0%  $1,743,481,548 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $78,698,549 or 4.5% of net assets.

 

  

3

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2020 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2020 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.7%a
       
DIRECT REAL ESTATE—4.5%     
 14,980,130b TIAA-CREF Real Property Fund LP (purchased 11/28/16-2/27/20; cost $159,394,745)  $166,279,441 
     TOTAL DIRECT REAL ESTATE   166,279,441 
           
FIXED INCOME—38.2%     
 68,209,116   TIAA-CREF Bond Fund   747,571,909 
 41,912,792   TIAA-CREF Bond Plus Fund   460,202,454 
 7,413,481   TIAA-CREF Emerging Markets Debt Fund   75,024,424 
 5,311,097   TIAA-CREF High-Yield Fund   50,614,754 
 7,223,868   TIAA-CREF International Bond Fund   73,466,742 
     TOTAL FIXED INCOME   1,406,880,283 
           
INFLATION-PROTECTED ASSETS—6.0%     
 18,673,018   TIAA-CREF Inflation-Linked Bond Fund   219,407,964 
     TOTAL INFLATION-PROTECTED ASSETS   219,407,964 
           
INTERNATIONAL EQUITY—14.0%     
 7,946,270   TIAA-CREF Emerging Markets Equity Fund   89,633,925 
 10,627,324   TIAA-CREF International Equity Fund   106,060,694 
 8,457,264   TIAA-CREF International Opportunities Fund   108,591,268 
 21,432,036   TIAA-CREF Quant International Equity Fund   146,380,803 
 7,095,726   TIAA-CREF Quant International Small-Cap Equity Fund   65,280,682 
     TOTAL INTERNATIONAL EQUITY   515,947,372 
           
SHORT-TERM FIXED INCOME—6.1%     
 21,460,558   TIAA-CREF Short-Term Bond Fund   224,906,645 
     TOTAL SHORT-TERM FIXED INCOME   224,906,645 
           
U.S. EQUITY—30.9%     
 6,937,546   Nuveen Dividend Value Fund   88,037,453 
 18,110,847   TIAA-CREF Growth & Income Fund   243,771,998 
 10,912,131   TIAA-CREF Large-Cap Growth Fund   231,882,783 
 12,424,614   TIAA-CREF Large-Cap Value Fund   201,154,497 
 14,336,253   TIAA-CREF Quant Large-Cap Growth Fund   201,854,441 
 10,344,957   TIAA-CREF Quant Large-Cap Value Fund   88,345,933 
 2,530,622   TIAA-CREF Quant Small-Cap Equity Fund   36,592,789 
 4,026,879   TIAA-CREF Quant Small/Mid-Cap Equity Fund   44,054,061 
     TOTAL U.S. EQUITY   1,135,693,955 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   3,669,115,660 
     (Cost $3,509,226,152)     
           
     TOTAL INVESTMENTS—99.7%   3,669,115,660 
     (Cost $3,509,226,152)     
     OTHER ASSETS & LIABILITIES, NET—0.3%   12,493,158 
     NET ASSETS—100.0%  $3,681,608,818 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $166,279,441 or 4.5% of net assets.

  

 

4

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2025 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2025 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.7%a
       
DIRECT REAL ESTATE—4.5%     
 18,821,279b TIAA-CREF Real Property Fund LP (purchased 8/01/16-2/27/20; cost $200,934,515)  $208,916,199 
     TOTAL DIRECT REAL ESTATE   208,916,199 
           
FIXED INCOME—33.4%     
 74,545,796   TIAA-CREF Bond Fund   817,021,929 
 45,884,647   TIAA-CREF Bond Plus Fund   503,813,422 
 8,250,710   TIAA-CREF Emerging Markets Debt Fund   83,497,186 
 5,489,631   TIAA-CREF High-Yield Fund   52,316,179 
 7,909,082   TIAA-CREF International Bond Fund   80,435,368 
     TOTAL FIXED INCOME   1,537,084,084 
           
INFLATION-PROTECTED ASSETS—3.9%     
 15,420,885   TIAA-CREF Inflation-Linked Bond Fund   181,195,401 
     TOTAL INFLATION-PROTECTED ASSETS   181,195,401 
           
INTERNATIONAL EQUITY—16.7%     
 11,904,287   TIAA-CREF Emerging Markets Equity Fund   134,280,355 
 15,929,287   TIAA-CREF International Equity Fund   158,974,285 
 12,710,361   TIAA-CREF International Opportunities Fund   163,201,030 
 31,426,017   TIAA-CREF Quant International Equity Fund   214,639,698 
 10,614,436   TIAA-CREF Quant International Small-Cap Equity Fund   97,652,809 
     TOTAL INTERNATIONAL EQUITY   768,748,177 
           
SHORT-TERM FIXED INCOME—4.1%     
 17,970,123   TIAA-CREF Short-Term Bond Fund   188,326,889 
     TOTAL SHORT-TERM FIXED INCOME   188,326,889 
           
U.S. EQUITY—37.1%     
 10,374,540   Nuveen Dividend Value Fund   131,652,912 
 27,082,661   TIAA-CREF Growth & Income Fund   364,532,613 
 16,405,903   TIAA-CREF Large-Cap Growth Fund   348,625,445 
 18,647,023   TIAA-CREF Large-Cap Value Fund   301,895,299 
 21,426,904   TIAA-CREF Quant Large-Cap Growth Fund   301,690,812 
 15,457,420   TIAA-CREF Quant Large-Cap Value Fund   132,006,365 
 4,093,588   TIAA-CREF Quant Small-Cap Equity Fund   59,193,289 
 6,032,745   TIAA-CREF Quant Small/Mid-Cap Equity Fund   65,998,232 
     TOTAL U.S. EQUITY   1,705,594,967 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   4,589,865,717 
     (Cost $4,385,662,156)     
           
     TOTAL INVESTMENTS—99.7%   4,589,865,717 
     (Cost $4,385,662,156)     
     OTHER ASSETS & LIABILITIES, NET—0.3%   13,200,320 
     NET ASSETS—100.0%  $4,603,066,037 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $208,916,199 or 4.5% of net assets.

  

 

5

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2030 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2030 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.7%a
       
DIRECT REAL ESTATE—4.5%     
 18,992,345b TIAA-CREF Real Property Fund LP (purchased 8/01/16-2/27/20; cost $202,807,690)  $210,815,030 
     TOTAL DIRECT REAL ESTATE   210,815,030 
           
FIXED INCOME—28.5%     
 64,161,486   TIAA-CREF Bond Fund   703,209,891 
 39,349,200   TIAA-CREF Bond Plus Fund   432,054,219 
 7,232,873   TIAA-CREF Emerging Markets Debt Fund   73,196,673 
 4,299,641   TIAA-CREF High-Yield Fund   40,975,575 
 6,800,593   TIAA-CREF International Bond Fund   69,162,027 
     TOTAL FIXED INCOME   1,318,598,385 
           
INFLATION-PROTECTED ASSETS—1.9%     
 7,474,712   TIAA-CREF Inflation-Linked Bond Fund   87,827,872 
     TOTAL INFLATION-PROTECTED ASSETS   87,827,872 
           
INTERNATIONAL EQUITY—19.4%     
 14,017,788   TIAA-CREF Emerging Markets Equity Fund   158,120,654 
 18,642,465   TIAA-CREF International Equity Fund   186,051,799 
 14,884,546   TIAA-CREF International Opportunities Fund   191,117,575 
 36,319,471   TIAA-CREF Quant International Equity Fund   248,061,989 
 12,438,422   TIAA-CREF Quant International Small-Cap Equity Fund   114,433,479 
     TOTAL INTERNATIONAL EQUITY   897,785,496 
           
SHORT-TERM FIXED INCOME—2.1%     
 9,074,547   TIAA-CREF Short-Term Bond Fund   95,101,253 
     TOTAL SHORT-TERM FIXED INCOME   95,101,253 
           
U.S. EQUITY—43.3%     
 12,153,490   Nuveen Dividend Value Fund   154,227,789 
 31,751,651   TIAA-CREF Growth & Income Fund   427,377,218 
 19,210,734   TIAA-CREF Large-Cap Growth Fund   408,228,090 
 21,839,732   TIAA-CREF Large-Cap Value Fund   353,585,265 
 25,141,027   TIAA-CREF Quant Large-Cap Growth Fund   353,985,656 
 18,112,765   TIAA-CREF Quant Large-Cap Value Fund   154,683,014 
 5,075,996   TIAA-CREF Quant Small-Cap Equity Fund   73,398,905 
 7,083,378   TIAA-CREF Quant Small/Mid-Cap Equity Fund   77,492,158 
     TOTAL U.S. EQUITY   2,002,978,095 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   4,613,106,131 
     (Cost $4,399,928,020)     
           
     TOTAL INVESTMENTS—99.7%   4,613,106,131 
     (Cost $4,399,928,020)     
     OTHER ASSETS & LIABILITIES, NET—0.3%   12,660,332 
     NET ASSETS—100.0%  $4,625,766,463 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $210,815,030 or 4.5% of net assets.

  

 

6

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2035 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2035 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.6%a
       
DIRECT REAL ESTATE—4.6%     
 19,232,568b TIAA-CREF Real Property Fund LP (purchased 8/01/16-1/31/20; cost $205,400,175)  $213,481,506 
     TOTAL DIRECT REAL ESTATE   213,481,506 
           
FIXED INCOME—23.4%     
 52,513,131   TIAA-CREF Bond Fund   575,543,920 
 32,417,694   TIAA-CREF Bond Plus Fund   355,946,284 
 6,200,188   TIAA-CREF Emerging Markets Debt Fund   62,745,901 
 4,332,226   TIAA-CREF High-Yield Fund   41,286,109 
 5,597,351   TIAA-CREF International Bond Fund   56,925,060 
     TOTAL FIXED INCOME   1,092,447,274 
           
INTERNATIONAL EQUITY—22.1%     
 16,146,976   TIAA-CREF Emerging Markets Equity Fund   182,137,891 
 21,500,389   TIAA-CREF International Equity Fund   214,573,887 
 17,178,516   TIAA-CREF International Opportunities Fund   220,572,146 
 41,392,984   TIAA-CREF Quant International Equity Fund   282,714,080 
 14,347,856   TIAA-CREF Quant International Small-Cap Equity Fund   132,000,277 
     TOTAL INTERNATIONAL EQUITY   1,031,998,281 
           
U.S. EQUITY—49.5%     
 14,030,238   Nuveen Dividend Value Fund   178,043,716 
 36,601,180   TIAA-CREF Growth & Income Fund   492,651,887 
 22,169,871   TIAA-CREF Large-Cap Growth Fund   471,109,756 
 25,199,532   TIAA-CREF Large-Cap Value Fund   407,980,430 
 28,995,514   TIAA-CREF Quant Large-Cap Growth Fund   408,256,840 
 20,885,098   TIAA-CREF Quant Large-Cap Value Fund   178,358,739 
 6,078,247   TIAA-CREF Quant Small-Cap Equity Fund   87,891,456 
 8,166,859   TIAA-CREF Quant Small/Mid-Cap Equity Fund   89,345,441 
     TOTAL U.S. EQUITY   2,313,638,265 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   4,651,565,326 
     (Cost $4,415,554,190)     
           
     TOTAL INVESTMENTS—99.6%   4,651,565,326 
     (Cost $4,415,554,190)     
     OTHER ASSETS & LIABILITIES, NET—0.4%   16,449,232 
     NET ASSETS—100.0%  $4,668,014,558 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $213,481,506 or 4.6% of net assets.

  

 

7

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2040 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2040 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.8%a
       
DIRECT REAL ESTATE—4.6%     
 22,554,125b TIAA-CREF Real Property Fund LP (purchased 8/01/16-1/24/20; cost $240,376,571)  $250,350,789 
     TOTAL DIRECT REAL ESTATE   250,350,789 
           
FIXED INCOME—14.3%     
 37,473,860   TIAA-CREF Bond Fund   410,713,501 
 23,114,610   TIAA-CREF Bond Plus Fund   253,798,415 
 4,955,781   TIAA-CREF Emerging Markets Debt Fund   50,152,502 
 2,529,595   TIAA-CREF High-Yield Fund   24,107,041 
 3,996,812   TIAA-CREF International Bond Fund   40,647,583 
     TOTAL FIXED INCOME   779,419,042 
           
INTERNATIONAL EQUITY—24.9%     
 21,214,179   TIAA-CREF Emerging Markets Equity Fund   239,295,941 
 28,260,686   TIAA-CREF International Equity Fund   282,041,649 
 22,605,304   TIAA-CREF International Opportunities Fund   290,252,099 
 54,004,065   TIAA-CREF Quant International Equity Fund   368,847,764 
 18,882,130   TIAA-CREF Quant International Small-Cap Equity Fund   173,715,596 
     TOTAL INTERNATIONAL EQUITY   1,354,153,049 
           
U.S. EQUITY—56.0%     
 18,447,949   Nuveen Dividend Value Fund   234,104,470 
 48,152,119   TIAA-CREF Growth & Income Fund   648,127,519 
 29,133,870   TIAA-CREF Large-Cap Growth Fund   619,094,729 
 33,131,387   TIAA-CREF Large-Cap Value Fund   536,397,161 
 38,154,867   TIAA-CREF Quant Large-Cap Growth Fund   537,220,525 
 27,484,883   TIAA-CREF Quant Large-Cap Value Fund   234,720,899 
 8,226,356   TIAA-CREF Quant Small-Cap Equity Fund   118,953,108 
 10,733,092   TIAA-CREF Quant Small/Mid-Cap Equity Fund   117,420,026 
     TOTAL U.S. EQUITY   3,046,038,437 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   5,429,961,317 
     (Cost $5,130,946,538)     
           
     TOTAL INVESTMENTS—99.8%   5,429,961,317 
     (Cost $5,130,946,538)     
     OTHER ASSETS & LIABILITIES, NET—0.2%   10,896,480 
     NET ASSETS—100.0%  $5,440,857,797 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $250,350,789 or 4.6% of net assets.

  

 

8

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2045 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2045 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.8%a
       
DIRECT REAL ESTATE—4.6%     
 13,403,153b TIAA-CREF Real Property Fund LP (purchased 8/01/16-2/03/20; cost $143,834,300)  $148,774,997 
     TOTAL DIRECT REAL ESTATE   148,774,997 
           
FIXED INCOME—5.7%     
 8,852,368   TIAA-CREF Bond Fund   97,021,958 
 5,459,916   TIAA-CREF Bond Plus Fund   59,949,879 
 1,461,535   TIAA-CREF Emerging Markets Debt Fund   14,790,735 
 279,517   TIAA-CREF High-Yield Fund   2,663,796 
 944,064   TIAA-CREF International Bond Fund   9,601,129 
     TOTAL FIXED INCOME   184,027,497 
           
INTERNATIONAL EQUITY—27.5%     
 13,929,712   TIAA-CREF Emerging Markets Equity Fund   157,127,154 
 18,512,757   TIAA-CREF International Equity Fund   184,757,313 
 14,791,025   TIAA-CREF International Opportunities Fund   189,916,758 
 35,137,654   TIAA-CREF Quant International Equity Fund   239,990,174 
 12,351,153   TIAA-CREF Quant International Small-Cap Equity Fund   113,630,605 
     TOTAL INTERNATIONAL EQUITY   885,422,004 
           
U.S. EQUITY—62.0%     
 12,093,028   Nuveen Dividend Value Fund   153,460,530 
 31,543,121   TIAA-CREF Growth & Income Fund   424,570,409 
 19,083,177   TIAA-CREF Large-Cap Growth Fund   405,517,502 
 21,696,313   TIAA-CREF Large-Cap Value Fund   351,263,314 
 25,001,708   TIAA-CREF Quant Large-Cap Growth Fund   352,024,048 
 17,994,350   TIAA-CREF Quant Large-Cap Value Fund   153,671,749 
 5,500,381   TIAA-CREF Quant Small-Cap Equity Fund   79,535,509 
 7,026,763   TIAA-CREF Quant Small/Mid-Cap Equity Fund   76,872,788 
     TOTAL U.S. EQUITY   1,996,915,849 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   3,215,140,347 
     (Cost $2,950,073,688)     
           
     TOTAL INVESTMENTS—99.8%   3,215,140,347 
     (Cost $2,950,073,688)     
     OTHER ASSETS & LIABILITIES, NET—0.2%   7,453,370 
     NET ASSETS—100.0%  $3,222,593,717 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $148,774,997 or 4.6% of net assets.

 

  

9

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2050 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2050 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.8%a
       
DIRECT REAL ESTATE—4.6%     
 9,260,634b TIAA-CREF Real Property Fund LP (purchased 8/01/16-2/11/20; cost $99,706,021)  $102,793,033 
     TOTAL DIRECT REAL ESTATE   102,793,033 
           
FIXED INCOME—4.4%     
 4,722,896   TIAA-CREF Bond Fund   51,762,945 
 2,919,414   TIAA-CREF Bond Plus Fund   32,055,167 
 740,280   TIAA-CREF Emerging Markets Debt Fund   7,491,635 
 189,816   TIAA-CREF High-Yield Fund   1,808,942 
 503,660   TIAA-CREF International Bond Fund   5,122,218 
     TOTAL FIXED INCOME   98,240,907 
           
INTERNATIONAL EQUITY—27.9%     
 9,757,758   TIAA-CREF Emerging Markets Equity Fund   110,067,511 
 12,964,713   TIAA-CREF International Equity Fund   129,387,834 
 10,360,180   TIAA-CREF International Opportunities Fund   133,024,713 
 24,612,683   TIAA-CREF Quant International Equity Fund   168,104,626 
 8,645,234   TIAA-CREF Quant International Small-Cap Equity Fund   79,536,157 
     TOTAL INTERNATIONAL EQUITY   620,120,841 
           
U.S. EQUITY—62.9%     
 8,477,389   Nuveen Dividend Value Fund   107,578,070 
 22,110,854   TIAA-CREF Growth & Income Fund   297,612,096 
 13,369,598   TIAA-CREF Large-Cap Growth Fund   284,103,966 
 15,204,164   TIAA-CREF Large-Cap Value Fund   246,155,412 
 17,519,993   TIAA-CREF Quant Large-Cap Growth Fund   246,681,503 
 12,608,385   TIAA-CREF Quant Large-Cap Value Fund   107,675,610 
 3,864,634   TIAA-CREF Quant Small-Cap Equity Fund   55,882,611 
 4,927,734   TIAA-CREF Quant Small/Mid-Cap Equity Fund   53,909,410 
     TOTAL U.S. EQUITY   1,399,598,678 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   2,220,753,459 
     (Cost $2,073,073,752)     
           
     TOTAL INVESTMENTS—99.8%   2,220,753,459 
     (Cost $2,073,073,752)     
     OTHER ASSETS & LIABILITIES, NET—0.2%   4,581,783 
     NET ASSETS—100.0%  $2,225,335,242 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $102,793,033 or 4.6% of net assets.

 

  

10

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2055 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2055 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.6%a
       
DIRECT REAL ESTATE—4.6%     
 3,490,568b TIAA-CREF Real Property Fund LP (purchased 8/01/16-2/11/20; cost $37,997,173)  $38,745,302 
     TOTAL DIRECT REAL ESTATE   38,745,302 
           
FIXED INCOME—3.1%     
 1,255,677   TIAA-CREF Bond Fund   13,762,221 
 776,180   TIAA-CREF Bond Plus Fund   8,522,459 
 177,851   TIAA-CREF Emerging Markets Debt Fund   1,799,848 
 71,403   TIAA-CREF High-Yield Fund   680,466 
 133,900   TIAA-CREF International Bond Fund   1,361,767 
     TOTAL FIXED INCOME   26,126,761 
           
INTERNATIONAL EQUITY—28.2%     
 3,726,295   TIAA-CREF Emerging Markets Equity Fund   42,032,611 
 4,965,366   TIAA-CREF International Equity Fund   49,554,348 
 3,953,226   TIAA-CREF International Opportunities Fund   50,759,422 
 9,420,541   TIAA-CREF Quant International Equity Fund   64,342,294 
 3,302,964   TIAA-CREF Quant International Small-Cap Equity Fund   30,387,266 
     TOTAL INTERNATIONAL EQUITY   237,075,941 
           
U.S. EQUITY—63.7%     
 3,250,361   Nuveen Dividend Value Fund   41,247,081 
 8,463,797   TIAA-CREF Growth & Income Fund   113,922,710 
 5,104,618   TIAA-CREF Large-Cap Growth Fund   108,473,129 
 5,815,227   TIAA-CREF Large-Cap Value Fund   94,148,531 
 6,702,877   TIAA-CREF Quant Large-Cap Growth Fund   94,376,514 
 4,820,201   TIAA-CREF Quant Large-Cap Value Fund   41,164,515 
 1,480,360   TIAA-CREF Quant Small-Cap Equity Fund   21,406,001 
 1,886,058   TIAA-CREF Quant Small/Mid-Cap Equity Fund   20,633,472 
     TOTAL U.S. EQUITY   535,371,953 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   837,319,957 
     (Cost $822,771,653)     
           
     TOTAL INVESTMENTS—99.6%   837,319,957 
     (Cost $822,771,653)     
     OTHER ASSETS & LIABILITIES, NET—0.4%   3,219,900 
     NET ASSETS—100.0%  $840,539,857 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $38,745,302 or 4.6% of net assets.

  

 

11

TIAA-CREF LIFECYCLE FUNDS – Lifecycle 2060 Fund

 

TIAA-CREF LIFECYCLE FUNDS
LIFECYCLE 2060 FUND
SCHEDULE OF INVESTMENTS (unaudited)
February 29, 2020
       
SHARES  SECURITY  VALUE
       
AFFILIATED INVESTMENT COMPANIES—99.6%a
       
DIRECT REAL ESTATE—4.6%     
 755,744b TIAA-CREF Real Property Fund LP (purchased 8/01/16-2/27/20; cost $8,327,052)  $8,388,757 
     TOTAL DIRECT REAL ESTATE   8,388,757 
           
FIXED INCOME—1.8%     
 153,723   TIAA-CREF Bond Fund   1,684,804 
 94,985   TIAA-CREF Bond Plus Fund   1,042,930 
 16,439   TIAA-CREF Emerging Markets Debt Fund   166,365 
 14,514   TIAA-CREF High-Yield Fund   138,316 
 16,391   TIAA-CREF International Bond Fund   166,693 
     TOTAL FIXED INCOME   3,199,108 
           
INTERNATIONAL EQUITY—28.6%     
 813,653   TIAA-CREF Emerging Markets Equity Fund   9,178,011 
 1,087,747   TIAA-CREF International Equity Fund   10,855,719 
 866,232   TIAA-CREF International Opportunities Fund   11,122,420 
 2,059,437   TIAA-CREF Quant International Equity Fund   14,065,954 
 722,227   TIAA-CREF Quant International Small-Cap Equity Fund   6,644,490 
     TOTAL INTERNATIONAL EQUITY   51,866,594 
           
U.S. EQUITY—64.6%     
 709,507   Nuveen Dividend Value Fund   9,003,638 
 1,849,470   TIAA-CREF Growth & Income Fund   24,893,860 
 1,115,509   TIAA-CREF Large-Cap Growth Fund   23,704,574 
 1,271,579   TIAA-CREF Large-Cap Value Fund   20,586,869 
 1,464,357   TIAA-CREF Quant Large-Cap Growth Fund   20,618,148 
 1,053,281   TIAA-CREF Quant Large-Cap Value Fund   8,995,023 
 324,117   TIAA-CREF Quant Small-Cap Equity Fund   4,686,737 
 412,014   TIAA-CREF Quant Small/Mid-Cap Equity Fund   4,507,438 
     TOTAL U.S. EQUITY   116,996,287 
           
     TOTAL AFFILIATED INVESTMENT COMPANIES   180,450,746 
     (Cost $185,341,898)     
           
     TOTAL INVESTMENTS—99.6%   180,450,746 
     (Cost $185,341,898)     
     OTHER ASSETS & LIABILITIES, NET—0.4%   803,463 
     NET ASSETS—100.0%  $181,254,209 
           
  
aThe Fund invests its assets in the affiliated TIAA-CREF Real Property Fund LP, Class W shares of the affiliated TIAA-CREF Funds and Class R6 of the affiliated Nuveen Funds.
bRestricted security. At 2/29/20, the total value of this security amounted to $8,388,757 or 4.6% of net assets.

 

  

12

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

 

Organization and significant accounting policies

 

Part F of Form N-PORT was prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission ("Commission") related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report. For a full set of financial statement notes, please refer to the most recently filed annual or semiannual report.

 

Valuation of investments

 

Portfolio investments are valued at fair value utilizing various valuation methods approved by the Board of Trustees ("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 as Level 3. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

In accordance with ASC 820, certain portfolio investments that are measured at fair value using the net asset value (“NAV”) per share practical expedient are not categorized within the fair value hierarchy. These investments will be disclosed at their fair value to allow reconciliation back to the schedules of investments.

 

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 NAV on the valuation date. These investments are categorized as Level 1 of the fair value hierarchy.

 

Investments in unregistered limited partnerships: These investments are measured at fair value as of the valuation date using the NAV per share practical expedient and are not categorized within the fair value hierarchy.

 

13

The following table summarizes the market value of the Funds' investments as of February 29, 2020, based on the inputs used to value them:

 

 

Fund  Level 1  Level 2  Level 3  Fair value using practical expedienta  Total
Lifecycle Retirement Income                         
Registered investment companies  $531,160,694   $—     $—     $—     $531,160,694 
TIAA-CREF Real Property Fund LP   —      —      —      25,135,581    25,135,581 
Total  $531,160,694   $—     $—     $25,135,581   $556,296,275 
Lifecycle 2010                         
Registered investment companies  $1,122,091,315   $—     $—     $—     $1,122,091,315 
TIAA-CREF Real Property Fund LP   —      —      —      52,991,239    52,991,239 
Total  $1,122,091,315   $—     $—     $52,991,239   $1,175,082,554 
Lifecycle 2015                         
Registered investment companies  $1,661,488,237   $—     $—     $—     $1,661,488,237 
TIAA-CREF Real Property Fund LP   —      —      —      78,698,549    78,698,549 
Total  $1,661,488,237   $—     $—     $78,698,549   $1,740,186,786 
Lifecycle 2020                         
Registered investment companies  $3,502,836,219   $—     $—     $—     $3,502,836,219 
TIAA-CREF Real Property Fund LP   —      —      —      166,279,441    166,279,441 
Total  $3,502,836,219   $—     $—     $166,279,441   $3,669,115,660 
Lifecycle 2025                         
Registered investment companies  $4,380,949,518   $—     $—     $—     $4,380,949,518 
TIAA-CREF Real Property Fund LP   —      —      —      208,916,199    208,916,199 
Total  $4,380,949,518   $—     $—     $208,916,199   $4,589,865,717 
Lifecycle 2030                         
Registered investment companies  $4,402,291,101   $—     $—     $—     $4,402,291,101 
TIAA-CREF Real Property Fund LP   —      —      —      210,815,030    210,815,030 
Total  $4,402,291,101   $—     $—     $210,815,030   $4,613,106,131 
Lifecycle 2035                         
Registered investment companies  $4,438,083,820   $—     $—     $—     $4,438,083,820 
TIAA-CREF Real Property Fund LP   —      —      —      213,481,506    213,481,506 
Total  $4,438,083,820   $—     $—     $213,481,506   $4,651,565,326 
Lifecycle 2040                         
Registered investment companies  $5,179,610,528   $—     $—     $—     $5,179,610,528 
TIAA-CREF Real Property Fund LP   —      —      —      250,350,789    250,350,789 
Total  $5,179,610,528   $—     $—     $250,350,789   $5,429,961,317 
Lifecycle 2045                         
Registered investment companies  $3,066,365,350   $—     $—     $—     $3,066,365,350 
TIAA-CREF Real Property Fund LP   —      —      —      148,774,997    148,774,997 
Total  $3,066,365,350   $—     $—     $148,774,997   $3,215,140,347 
Lifecycle 2050                         
Registered investment companies  $2,117,960,426   $—     $—     $—     $2,117,960,426 
TIAA-CREF Real Property Fund LP   —      —      —      102,793,033    102,793,033 
Total  $2,117,960,426   $—     $—     $102,793,033   $2,220,753,459 
Lifecycle 2055                         
Registered investment companies  $798,574,655   $—     $—     $—     $798,574,655 
TIAA-CREF Real Property Fund LP   —      —      —      38,745,302    38,745,302 
Total  $798,574,655   $—     $—     $38,745,302   $837,319,957 
Lifecycle 2060                         
Registered investment companies  $172,061,989   $—     $—     $—     $172,061,989 
TIAA-CREF Real Property Fund LP   —      —      —      8,388,757    8,388,757 
Total  $172,061,989   $—     $—     $8,388,757   $180,450,746 
a  In accordance with ASC 820, certain investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the schedules of investments.

 

 

14