Asset Management

TIAA-CREF Mutual Funds

TIAA-CREF Tax-Exempt Bond Fund (Institutional)TITIX

Daily NAV

 

Day's Change

 

Portfolio Net Assets

 

Gross / Net Expense Ratio

 

30 Day
SEC Yield

 
The fund's 30-day SEC yield is based on yield to maturity of a fund's investments over a 30-day period and not on the dividends paid by the fund, which may differ.
 
 

Overall Morningstar Rating

 
The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.
 
 

52 Week Range

$10.62
 
0.01 (0.09%)
 
$337.64M
 
0.35% / 0.35%
 
1.51%
 
OVERALL
OUT OF 251 FUNDS
 
$10.33 - $11.20
As of close 04/15/2014As of 03/31/2014As of 04/14/2014 
As of 03/31/2014
Based on risk adjusted returns
 
09/05/2013
 
 
 
05/01/2013

Hypothetical Growth of $10,000 
The chart illustrates the performance of a hypothetical $10,000 investment made on the date indicated. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.
 

03/31/2011 - 03/31/2014

  • 3 Month
  • 6 Month
  • 1 Year
  • 3 Years
  • 5 Years
  • Since Inception

Portfolio Overview

  • Investment Strategy
  • Management Team
  • Video
  • Share Class

    Institutional Class

  • Dividend Frequency

    Monthly

  • Redemption Fee

    --

  • Inception Date

    03/31/2006

  • Ticker

    TITIX

  • CUSIP

    886315860

The fund seeks a high level of current income that is exempt from regular federal income tax, consistent with preservation of capital. It typically invests at least 80% of its assets in tax-exempt bonds. The fund pursues superior returns using historical yield spread and credit analysis to identify and invest in undervalued market sectors and individual securities. Although the fund may invest in fixed-income securities of any maturity, it strives to maintain an average duration within 15% of that of its benchmark. The fund can invest up to 20% of its assets in private activity bonds (tax-exempt bonds whose proceeds are used to finance private, for-profit organizations) and up to 20% in securities rated below investment-grade, which are usually called high-yield bonds.


Barnet Sherman

Director


Stephen Liberatore, CFA

Managing Director, Global Public Markets

Performance Returns 
Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Also, it is the average annual profit or loss realized by an investment at the end of a specified calendar period, stated as the percentage gained or lost per dollar invested.
 

  • Monthly
  • Quarterly

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative for funds that have less than one year of performance history. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

Portfolio Composition

 
Portfolio Composition provides details for the investments that constitute a particular fund.
 

Sector Weightings

As of 03/31/2014
% of
Net Assets
Municipal Bonds103.59%
Short-Term Investments, Other Assets & Liabilities, Net-3.59%

Top 10 Holdings 
The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments. Money market instruments and/or futures contracts, if applicable, are excluded. The holdings may not include the fund's entire investment portfolio and should not be considered a recommendation to buy or sell a particular security.
 

As of 03/31/2014
Market Value ($)% of
Net Assets
City of Orlando FL 5.000%, 11/01/446.4M1.89%
Commonwealth of Massachusetts 5.250%, 08/01/226.4M1.89%
City Public Service Board of San Antonio TX 5.250%, 02/01/246.1M1.80%
State of Washington 5.000%, 02/01/236.0M1.79%
State of Minnesota 5.000%, 10/01/236.0M1.78%
Rhode Island Health & Educational Building Corp 5.000%, 09/01/215.9M1.76%
New York State Dormitory Authority 5.000%, 12/15/225.9M1.76%
New York State Urban Development Corp 5.000%, 03/15/225.9M1.75%
Texas Transportation Commission State Highway Fund 5.000%, 04/01/185.8M1.71%
State of Wisconsin 5.000%, 05/01/195.8M1.71%

The risks that the fund is subject to include Interest Rate Risk, Credit Risk, State and Municipal Investment Risk, Market Volatility, Liquidity and Valuation Risks, Issuer Risk, Active Management Risk, Call Risk, Non-Investment-Grade Securities Risk

1The Barclays 10-Year Municipal Bond Index is an unmanaged index. You cannot invest directly in this index.

Morningstar is an independent service that rates mutual funds and variable annuities.

For each fund/account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's/account's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Where applicable, Morningstar's performance rankings are based on linked performance that considers the differences in expense ratios, while actual performance data shown does not reflect such differences.

The top 10 percent of funds/accounts in a category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars, the next 22.5 percent receive two stars and the bottom 10 percent receive one star. (Each share class is counted as a fraction of one fund/account within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar proprietary ratings on U.S.-domiciled funds/accounts reflect historical risk-adjusted performance, are subject to change every month. They are derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Please note, Morningstar now rates group variable annuities within the open-end mutual fund universe.

The information contained in these reports is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. Additionally, Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from use of this information. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933.

TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Morningstar

 
A research company that rates the performance of Mutual Funds and Variable Annuities.
 

Morningstar Rating

  • OVERALL
    OUT OF 251 FUNDS
  • 3 YEAR
    OUT OF 251 FUNDS
  • 5 YEAR
    OUT OF 210 FUNDS
  • 10 YEAR
    OUT OF 153 FUNDS

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

Morningstar Category

Muni National Interm

Morningstar Risk Measures

RETURN VS. CATEGORY*AVG
  •  
  •  
  •  
  • LOW
  • AVG
  • HIGH

Investment Risk

 
Investment risk is usually related to the performance of an investment—riskier investments offer potentially higher returns—but are more volatile in the short-term. Beta (past price fluctuations), R-Squared (performance against benchmark index), and Standard Deviation (past volatility) are all used to calculate the degree of risk associated with individual investments.
 
 
LOWER
RISK
HIGHER
RISK

Level of risk is defined using the 3 Year Standard Deviation of the Investment.

Following risk measures below are based on a 3 Year period.

  • Standard Deviation

    4.44
  • R-Squared

    0.96
  • Sharpe Ratio

    1.07
  • Beta

    1.01
LEARN MORE ABOUT INVESTMENT RISK  
C12280