Mutual Fund Summary Prospectus (497k)
2013年4月8日 - 9:21PM
Edgar (US Regulatory)
SUMMARY PROSPECTUS
OCTOBER
1, 2012, AMENDED AND RESTATED APRIL 8, 2013
TIAA-CREF LIFECYCLE INDEX 2010 FUND
of the TIAA-CREF Funds
Class
Ticker
: Institutional
TLTIX
Retirement
TLTRX
Premier
TLTPX
Before
you invest, you may want to review the Funds prospectus, which contains more information about
the Fund and its risks. You can find the Funds prospectus and other information about the
Fund online at www.tiaa-cref.org/lcx_pro. You can also get this information at no cost by calling 800
223-1200 or by sending an e-mail request to disclosure@tiaa-cref.org. The Funds prospectus and
Statement of Additional Information (SAI), each dated October 1, 2012, as subsequently supplemented,
and the sections of the Funds shareholder report dated May 31, 2012 when available, from Portfolio
of Investments through Notes to Financial Statements, are incorporated into this Summary
Prospectus by reference and may be obtained free of charge at the website, phone number or e-mail address
noted above.
INVESTMENT OBJECTIVE
The Lifecycle Index 2010 Fund seeks high total return over time
through a combination of capital appreciation and income.
FEES AND EXPENSES
This table describes the fees and expenses
that you may pay if you buy and hold shares of the Fund.
SHAREHOLDER
FEES
(deducted directly
from gross amount of transaction)
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Retirement
Class
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Premier
Class
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Institutional
Class
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Maximum Sales Charge Imposed on Purchases
(percentage
of offering price)
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0%
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0%
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0%
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Maximum
Deferred Sales Charge
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0%
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0%
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0%
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Maximum
Sales Charge Imposed on Reinvested
Dividends and Other Distributions
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0%
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0%
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0%
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Redemption or Exchange Fee
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0%
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0%
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0%
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Maximum Account Fee
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0%
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0%
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0%
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TIAA-CREF
Lifecycle Index 2010 Fund
■
Summary Prospectus
1
ANNUAL FUND OPERATING EXPENSES
(expenses that
you pay each year as a percentage of the value of your investment)
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Retirement
Class
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Premier Class
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Institutional
Class
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Management
Fees
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0.10%
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0.10%
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0.10%
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Distribution
(Rule 12b-1) Fees
1
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0.05%
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0.15%
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Other
Expenses
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0.41%
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0.16%
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0.16%
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Acquired
Fund Fees and Expenses
2
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0.12%
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0.12%
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0.12%
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Total
Annual Fund Operating Expenses
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0.68%
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0.53%
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0.38%
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Waivers and Expense Reimbursements
3,4
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(0.26)%
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(0.21)%
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(0.21)%
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Total Annual Fund Operating
Expenses After Fee Waiver and/or Expense Reimbursement
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0.42%
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0.32%
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0.17%
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1
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The Retirement Class of the
Fund has adopted a Distribution (12b-1) Plan that compensates the Funds distributor, Teachers Personal
Investors Services, Inc. (TPIS), for its expenses in providing distribution, promotional
and/or shareholder services to Retirement Class shares at the annual rate of 0.05% of average daily net
assets attributable to Retirement Class shares. In addition, TPIS has contractually agreed not to seek
payment of this fee under the Plan for Retirement Class shares through September 30, 2013, unless changed
with approval of the Board of Trustees.
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2
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Acquired Fund Fees and Expenses are the Funds proportionate amount
of the expenses of any investment companies or pools in which it invests. These expenses are not paid
directly by Fund shareholders. Instead, Fund shareholders bear these expenses indirectly because they
reduce Fund performance. Because Acquired Fund Fees and Expenses are included in the chart
above, the Funds operating expenses here will not correlate with the expenses included in the Financial
Highlights in this Prospectus and the Funds annual report.
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3
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Under the Funds expense reimbursement arrangements, the Funds
investment adviser, Teachers Advisors, Inc. (Advisors), has contractually agreed to reimburse
the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions
or other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed:
(i) 0.35% of average daily net assets for Retirement Class shares; (ii) 0.25% of average daily net assets
for Premier Class shares; and (iii) 0.10% of average daily net assets for Institutional Class shares
of the Fund. These expense reimbursement arrangements will continue through at least September 30, 2013,
unless changed with approval of the Board of Trustees.
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4
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In addition to the expense reimbursement arrangements, Advisors
has contractually agreed to waive a portion of the Funds Management Fees equal to, on an annual
basis, 0.05%. This waiver will remain in effect through April 30, 2014, unless changed with approval
of the Board of Trustees.
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Example
This example is intended
to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual
funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then
redeem all your shares at the end of those periods. The example also assumes that your investment has
a 5% return each year and that the Funds operating expenses, before expense reimbursements, remain
the same. The example assumes that the Funds fee waiver and/or expense reimbursement agreement
will remain in place through September 30, 2013 but that there will be no waiver or expense reimbursement
agreement in effect thereafter. Although your actual costs may be higher or lower, based on these assumptions
your costs would be:
2
Summary
Prospectus
■
TIAA-CREF Lifecycle
Index 2010 Fund
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Retirement Class
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Premier
Class
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Institutional Class
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1 Year
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$
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44
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$
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34
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$
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18
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3
Years
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$
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192
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$
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150
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$
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102
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5
Years
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$
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354
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$
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276
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$
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193
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10 Years
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$
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823
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$
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646
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$
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461
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PORTFOLIO
TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities
(or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which
are not reflected in annual fund operating expenses or in the example, affect the Funds performance.
During the fiscal year ended May 31, 2012 the Funds portfolio turnover rate was 25% of the average
value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
The Fund is a fund
of funds that invests in Institutional Class shares of other funds of the Trust and potentially
in other investment pools or investment products (collectively, the Underlying Funds). In
general, the Fund is designed for investors who have recently retired or have an approximate target retirement
year within a few years, and the Funds investments are adjusted from more aggressive to more conservative
over time as the target retirement year approaches and for approximately seven to ten years afterwards.
The Fund invests in Underlying Funds according to an asset allocation strategy designed for investors
who retired in 2010 or plan to retire within a few years of 2010. The Fund has a policy of investing
at least 80% of its assets (net assets, plus the amount of any borrowings for investment purposes) in
Underlying Funds that are managed to seek investment returns that track particular market indices.
The
Fund expects to allocate approximately 47.00% of its assets to equity Underlying Funds and 53.00% of
its assets to fixed-income Underlying Funds. These allocations represent targets for equity and fixed-income
asset classes. Target allocations will change over time and actual allocations may vary up to 10% from
the targets. The target allocations along the investment glidepath, illustrated in the chart below, gradually
become more conservative. The Fund had target allocations of approximately 50% equity/50% fixed-income
in the Funds target retirement year of 2010 and will reach the Funds final target allocation
of approximately 40% equity/60% fixed-income at some point from 2017 to 2020. Within the equity and fixed-income
asset classes, the Fund allocates its investments to particular market sectors (U.S. equity, international
equity, fixed-income and inflation-protected assets) represented by various Underlying Funds. These market
sector allocations may vary by up to 10% from the Funds target market sector allocations. The Funds
current target market sector allocations for June 30, 2013, which will change over time, are
TIAA-CREF Lifecycle Index 2010
Fund
■
Summary Prospectus
3
approximately
as follows: U.S. Equity: 35.25%; International Equity: 11.75%; Fixed-Income: 45.80%; and Inflation-Protected
Assets: 7.20%.
The Funds target market sector allocations to Underlying
Funds may include the TIAA-CREF Equity Index Fund (U.S. Equity); International Equity Index Fund and
Emerging Markets Equity Index Fund (International Equity); Bond Index Fund (Fixed-Income); and Inflation-Linked
Bond Fund (Inflation-Protected Assets).
Additional or replacement Underlying Funds
for each market sector, as well as additional or replacement market sectors, may be included when making
future allocations if Advisors believes that such Underlying Funds and/or market sectors are appropriate
in light of the Funds desired levels of risk and potential return at the particular time. The Funds
portfolio management team may also add a new market sector if it believes that will help to achieve the
Funds investment objective. The relative allocations among Underlying Funds within a market sector
may be changed at any time without notice to shareholders. If 10% or more of a Funds assets are
expected to be invested in any Underlying Fund or market sectors not listed above, shareholders will
receive prior notice of such change.
The Funds asset class allocations, market
sector allocations within each asset class, and Underlying Fund allocations within each market sector,
as of June 30, 2012, are listed in the chart below. These allocations will change over time.
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Asset Class
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Allocation
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Market Sector
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Allocation
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Underlying Funds
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Allocation
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EQUITY
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49.06%
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U.S.
Equity
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36.61%
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l
Equity
Index Fund
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36.61%
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International
Equity
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12.45%
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l
International Equity Index Fund
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9.21%
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l
Emerging Markets Equity Index Fund
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3.24%
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FIXED-INCOME
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50.94%
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Fixed-Income
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44.39%
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l
Bond
Index Fund
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44.39%
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Inflation-Protected
Assets
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6.55%
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l
Inflation-Linked Bond Fund
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6.55%
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Total
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100.00%
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100.00%
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100.00%
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The
following chart shows how the investment glidepath for the Fund is expected to gradually move the Funds
target allocations over time between the different target market sector allocations. The actual market
sector allocations of the Fund may differ from this chart. The Fund seeks to achieve its final target
market sector allocations approximately seven to ten years following the target date.
4
Summary Prospectus
■
TIAA-CREF Lifecycle Index 2010 Fund
The Fund is designed to accommodate investors who invest in a fund
up to their target retirement date, and plan to make gradual systematic withdrawals in retirement. In
addition, investors should note that the Fund will continue to have a significant level of equity exposure
up to, through and after its target retirement date, and this exposure could cause significant fluctuations
in the value of the Fund depending on the performance of the equity markets generally.
Approximately
seven to ten years after the Fund enters its target retirement year, the Board of Trustees may authorize
the merger of the Fund into the Lifecycle Index Retirement Income Fund or other similar fund. Fund shareholders
will receive prior notice of any such merger. The Lifecycle Index Retirement Income Fund is designed
to maintain a relatively stable allocation among the Underlying Funds reflecting the resting point on
the glidepath described in the chart above. More detailed information about the Lifecycle Index Retirement
Income Fund is contained in the prospectus for that fund.
PRINCIPAL INVESTMENT RISKS
You could lose money over short or long periods
by investing in this Fund. Accordingly, an investment in the Fund, or the Underlying Funds, typically
is subject to the following principal investment risks:
·
Asset Allocation Risk
The risk that the Fund may not
achieve its target allocations. In addition, there is the risk that the asset allocations may not achieve
the desired risk-return characteristic or that the selection of Underlying Funds and the allocations
among them will result in the Fund underperforming other similar funds or cause an investor to lose money.
·
Index Risk
The risk that the
Funds performance will not correspond to its benchmark index for any period of time and may underperform
such index or the overall stock market.
Additionally, to the extent that the Funds investments vary from the composition
of its benchmark index,
the
Funds performance could potentially vary from the indexs performance
to a greater extent than if
the
Fund merely attempted to replicate the index.
TIAA-CREF Lifecycle Index 2010
Fund
■
Summary Prospectus
5
·
Underlying Funds Risk
The
Fund is exposed to the risks of the Underlying Funds in which it invests in direct proportion to the
amount of assets the Fund allocates to each Underlying Fund.
·
Equity Underlying Funds Risks
The risks of investing
in equity Underlying Funds include risks specific to their investment strategies, such as style risk,
capitalization risk, and foreign investment risk, among others, as well as risks related to the equity
markets in general.
·
Fixed-Income
Underlying Funds Risks
The risks of investing in fixed-income Underlying Funds include credit
risk, interest rate risk, and market volatility, liquidity and valuation risk, among others.
·
Active Management Risk
The risk that the strategy, investment
selection or trading execution of Advisors could cause the Fund or an Underlying Fund to underperform
its benchmark index or mutual funds with similar investment objectives.
·
Fund of Funds Risk
The ability of the Fund to achieve
its investment objective will depend in part upon the ability of the Underlying Funds to achieve their
investment objectives. There can be no guarantee that any Underlying Fund will achieve its investment
objective.
There can be no assurances that the Fund will achieve its investment objective.
You should not consider the Fund to be a complete investment program. Please see the non-summary portion
of the prospectus for more detailed information about the risks described above, including the risks
of the Underlying Funds.
PAST PERFORMANCE
The following chart and table help illustrate some of the risks
of investing in the Fund by showing changes in the Funds performance from year to year. The bar
chart shows the annual total returns of the Retirement Class of the Fund, before taxes, in each full
calendar year since inception of the class. Because the expenses vary across share classes, the performance
of the Retirement Class will vary from the other share classes. Below the bar chart are the best and
worst returns for a calendar quarter since inception of the Retirement Class. The performance table following
the bar chart shows the Funds average annual total returns for the Retirement, Institutional and
Premier Classes over the one-year, five-year, ten-year and since-inception periods (where applicable)
ended December 31, 2011, and how those returns compare to those of a broad-based securities market index
and a composite index based on the Funds target allocations. After-tax performance is shown only
for the Retirement Class shares, and after-tax returns for the other Classes of shares will vary from
the after-tax returns presented for Retirement Class shares.
The returns shown below
reflect previous agreements by Advisors to waive or reimburse the Fund and certain Underlying Funds for
certain fees and expenses. Without these waivers and reimbursements, the returns of the Fund would have
been lower. Past performance of the Fund (before and after taxes) is not necessarily an indication of
how it will perform in the future. The indices
6
Summary Prospectus
■
TIAA-CREF Lifecycle
Index 2010 Fund
listed
below are unmanaged, and you cannot invest directly in an index. The returns for the indices reflect
no deduction for fees, expenses or taxes.
For current performance information of each
share class, including performance to the most recent month-end, please visit www.tiaa-cref.org.
ANNUAL
TOTAL RETURNS FOR THE RETIREMENT CLASS SHARES (%)
Lifecycle Index 2010 Fund
The year-to-date return
as of the most recent calendar quarter, which ended on June 30, 2012, was 5.26%.
Best quarter: 7.77%, for the quarter ended September 30, 2010. Worst
quarter: -6.63%, for the quarter ended September 30, 2011.
TIAA-CREF Lifecycle Index 2010
Fund
■
Summary Prospectus
7
AVERAGE
ANNUAL TOTAL RETURNS
For the Periods Ended December 31, 2011
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Inception Date
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One Year
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Since Inception
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Retirement Class
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9/30/09
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$
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Return Before Taxes
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3.07
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%
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7.12
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%
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Return After Taxes on Distributions
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2.49
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%
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6.64
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%
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Return After Taxes on Distributions
and Sale of
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Fund Shares
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2.17
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%
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5.88
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%
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Institutional Class
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9/30/09
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Return Before Taxes
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3.33
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%
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7.40
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%
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Premier Class
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9/30/09
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Return
Before Taxes
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3.14
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%
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7.23
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%
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Barclays U.S. Aggregate Bond Index
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(reflects no deductions for fees, expenses or
taxes)
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7.84
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%
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6.46
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%
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Lifecycle Index 2010 Fund Composite Index
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(reflects
no deductions for fees, expenses or taxes)
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3.40
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%
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7.61
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%
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Current
performance of the Funds shares may be higher or lower than that shown above.
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Performance is calculated from the inception date of the Retirement
Class.
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As of the close of business on December 31, 2011, the Lifecycle
Index 2010 Fund Composite Index consisted of: 44.9% Barclays U.S. Aggregate Bond Index; 36.4% Russell
3000
®
Index; 12.1% MSCI EAFE + Emerging Markets Index; and 6.6% Barclays U.S. Treasury
Inflation Protected Securities Index (Series-L). The Funds composite benchmark, the components
that make up a composite benchmark and the method of calculating a composite benchmarks performance
may vary over time.
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After-tax returns are calculated using the historical highest individual
federal marginal income tax rates in effect during the periods shown and do not reflect the impact of
state and local taxes. Actual after-tax returns depend on the investors tax situation and may differ
from those shown. The after-tax returns shown are not relevant to investors who hold their Fund shares
through tax-deferred arrangements such as 401(a), 401(k) or 403(b) plans or Individual Retirement Accounts
(IRAs). After-tax returns are shown for only one class, and after-tax returns for other classes will
vary.
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PORTFOLIO
MANAGEMENT
Investment
Adviser.
The Funds investment adviser is Teachers Advisors, Inc.
Portfolio Managers.
The following
persons manage the Fund on a day-to-day basis:
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Name:
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Hans Erickson, CFA
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John Cunniff, CFA
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Title:
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Managing
Director
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Managing
Director
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Experience on Fund:
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since
2009
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since 2009
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PURCHASE AND SALE OF FUND SHARES
Retirement
Class and Premier Class shares are generally available for purchase through employee benefit plans or
other types of savings plans or
8
Summary Prospectus
■
TIAA-CREF Lifecycle
Index 2010 Fund
accounts.
Institutional Class shares are available for purchase directly from the Fund by certain eligible investors
or through financial intermediaries.
·
There is no minimum initial or subsequent investment
for Retirement Class shares. Retirement Class shares are primarily offered through employer-sponsored
employee benefit plans.
·
There is a $100 million aggregate plan size and $5 million
initial minimum plan-level investment requirement for Premier Class shares. Premier Class shares are
primarily offered through certain financial intermediaries and employer-sponsored employee benefit plans.
·
The
minimum initial investment is $2 million and the minimum subsequent investment is $1,000 for Institutional
Class shares, unless an investor purchases shares by or through financial intermediaries that have entered
into an appropriate agreement with the Fund or its affiliates.
Redeeming or Exchanging Shares.
You can redeem (sell) or
exchange your shares of the Fund on any business day. Exchanges may be made for shares of the same share
class of other funds offered by the Trust. If your shares are held through a third party, please
contact that entity for applicable redemption or exchange requirements. If your shares are held directly
with the Fund, contact the Fund directly in writing or by telephone.
TAX INFORMATION
The Fund
intends to make distributions to shareholders that may be taxed as ordinary income or capital gains.
Distributions made to tax-exempt shareholders or shareholders who hold Fund shares in a tax-deferred
account are generally not subject to income tax in the current year, but redemptions made from tax-deferred
accounts may be subject to income tax.
PAYMENTS TO BROKER-DEALERS AND OTHER
FINANCIAL INTERMEDIARY COMPENSATION
If
you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund
and/or its related companies may pay the intermediary for the sale of Fund shares and related services
or for other investor services. These payments may create a conflict of interest by influencing
the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediarys website for more information.
TIAA-CREF
Lifecycle Index 2010 Fund
■
Summary Prospectus
9
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SGS-SFICOC-US10/81462
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Printed on paper containing
recycled fiber
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A12004 (4/13)
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A12004
(4/13)